国泰海通证券股份有限公司 1 | 项目 | 工作内容 | | --- | --- | | （2）现场检查报告是否按照本所规定报送 | 不适用 | | （3）现场检查发现的主要问题及整改情况 | 不适用 | | 6.发表专项意见情况 | | | （1）发表专项意见次数 | 3次 | | （2）发表非同意意见所涉问题及结论意见 | 无 | | 7.向本所报告情况（现场检查报告除外） | | | （1）向本所报告的次数 | 0次 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8.关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 否 | | （2）关注事项的主要内容 | 不适用 | | （3）关注事项的进展或者整改情况 | 不适用 | | 9.保荐业务工作底稿记录、保管是否合规 | 是 | | 10.对上市公司培训情况 | | | （1）培训次数 | 0次，拟于2025年下半年开展 | | （2）培训日期 | 不适用 | | （3）培训的主要内容 | 不适用 | | 11.上市公司特别表决权事项（如有） | | | （1）持有特别表决权股份 ...

国泰海通证券股份有限公司 关于九江德福科技股份有限公司 接受关联方担保的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 九江德福科技股份有限公司（以下简称"德福科技"或"公司"）首次公开发行 股票并在创业板上市的保荐机构及持续督导机构，根据《证券发行上市保荐业务 管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 自律监管指引第 2 号——创业板上市公司规范运作》等有关法律法规和规范性文 件的要求，就德福科技在全资子公司增资扩股引入战略投资者交易中接受关联方 担保事项进行了核查，具体情况如下： 一、本次交易概述 （一）本次交易基本情况 为适应子公司发展需要，增强资金实力，公司全资子公司九江琥珀新材料有 限公司（以下简称"琥珀新材"）拟实施增资扩股，九江市现代产业引导基金（有 限合伙）（以下简称"引导基金"、"投资人"）拟以现金对琥珀新材增资人民 币 50,000 万元，其中 44,004.93 万元计入注册资本，5,995.07 万元计入资本公积， 公司放弃本次增资的优先认购权。同时，公司实际控制人马科先生承诺为投资人 的合格退出承担连带责任。 本次增资完成后 ...

九江德福科技股份有限公司 2025 年半年度报告全文 证券代码：301511 证券简称：德福科技 公告编号：2025-066 九江德福科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 九江德福科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、董事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责 任。 公司负责人马科、主管会计工作负责人范帆及会计机构负责人(会计主管 人员)范帆声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。公司在经营管理中可能面临的风险与应对措施已在本报 告中第三节"管理层讨论与分析"之"十、公司面临的风险和应对措施"部分 予以描述。敬请广大投资者关注，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重要提示、目录和释义 ...

Core Viewpoint - The report from Minsheng Securities highlights "speed" and "power" as the two core contradictions in current AI development, with PCB (Printed Circuit Board) being a crucial component in the AI industry chain, benefiting significantly from the ongoing advancements in PCB technology and processes [1] Group 1: PCB Industry Trends - The PCB industry is experiencing rapid development in advanced packaging and high-density interconnect technologies, transitioning from traditional HDI and substrate technologies to mSAP processes capable of sub-10μm line widths to meet the demands of high-speed signal transmission and large-scale integration [1] - New technologies such as CoWoP (Chip-on-Wafer-on-Panel) are changing the form of packaging substrates by using large-size PCBs to carry multiple chips, thereby reducing costs and enhancing interconnect density [1] Group 2: Upstream Material Demand - Driven by AI demand, leading PCB manufacturers like Shenghong Technology, Huitian Technology, and Pengding Holdings are actively expanding production, creating a resonance between material upgrades and capacity expansion [2] - Key upstream materials for PCBs include copper foil, electronic cloth, and resin, with upgrades in these materials to meet the requirements of high-speed signal transmission and lightweight designs [2] Group 3: Equipment Supply and Domestic Substitution - The core processes of PCB manufacturing, including drilling, electroplating, and etching, are critical for determining interconnect density, signal integrity, and production yield, with increasing demands for precision and reliability in these processes [3] - Domestic equipment manufacturers such as Dazhu CNC, Dingtai High-Tech, and Dongwei Technology are accelerating their layouts in advanced process equipment for high-layer boards, HDI, and mSAP, reflecting the industry's shift towards domestic substitution [3] Group 4: Investment Recommendations - Recommended PCB leading manufacturers include Shenghong Technology (300476.SZ), Pengding Holdings (002938.SZ), Huitian Technology (002463.SZ), Shenzhen South Circuit (002916.SZ), Guanghe Technology (001389.SZ), and Jingwang Electronics (603228.SH) [4] - In the materials sector, companies with core technologies and customer resources such as Honghe Technology (603256.SH), Zhongcai Technology (002080.SZ), Feilihua (300395.SZ), Defu Technology (301511.SZ), Longyang Electronics (301389.SZ), and Meilian New Materials (300586.SZ) are recommended [4] - For equipment, focus on domestic substitution in core segments with companies like Dazhu CNC (301200.SZ), Xinqi Microelectronics (688630.SH), Dingtai High-Tech (301377.SZ), and Dongwei Technology (688700.SH) [4]

Core Viewpoint - CCL (Copper Clad Laminate) is experiencing a price surge, with major manufacturers like 建滔积层板 issuing price increase notices, followed by second-tier companies such as 宏瑞兴 and 威利邦 [1] Group 1: Price Increases and Market Dynamics - 建滔积层板 announced a price increase of 10 yuan per sheet for products like CEM-1/22F/V0/HB/FR-4 starting August 15 [1] - 威利邦 and 宏瑞兴 also followed suit, with 威利邦 raising prices by 5 yuan per sheet due to rising copper prices, and 宏瑞兴 increasing prices by 10 yuan for various copper-clad laminates [1] Group 2: CCL and PCB Cost Structure - CCL is a core material for PCBs, accounting for 30% of the total PCB cost, with overall raw material costs making up 60% of PCB expenses [2] - The cost structure of CCL includes significant contributions from copper foil (42.1%), resin (26.1%), and fiberglass (19.1%) [3] Group 3: Demand Drivers and Supply Constraints - The rapid development of AI technology is driving strong demand for AI servers, which in turn boosts PCB demand [4] - The PCB industry is experiencing simultaneous increases in volume and price, leading to supply shortages in high-end materials such as LowDk electronic cloth and HVLP copper foil [5] Group 4: Key Material Suppliers - Recommended companies for AIPCB upstream materials include: - Electronic Cloth: 宏和科技 and 中材科技 [8] - Copper Foil: 铜冠铜箔, 德福科技, 隆扬电子, 嘉元科技, and 方邦股份 [8] - Electronic Resins: 东材科技, 圣泉集团, 宏昌电子, and 同宇新材 [8] - Functional Fillers: 联瑞新材 [8] - PCB-specific Electronic Chemicals: 天承科技 [9] - Copper Balls/Oxidized Copper Powder: 江南新材 [9]

Group 1 - The core point of the article is that Defu Technology (301511) announced a plan for a significant share reduction by its shareholder, Jiujiang Fuhe Construction Investment Group Co., Ltd., and its concerted party, Jiujiang Kuntai Equity Investment Fund Management Co., Ltd. [1] - The shareholders plan to reduce their holdings by up to 9.4548 million shares, which represents 1.5% of the company's total share capital [1]

德福科技(301511.SZ)公告称，公司合并持股5%以上股东富和集团及其一致行动人德福股权计划自本公 告披露之日起15个交易日后的3个月内以集中竞价或大宗交易方式减持公司股份不超过9,454,830股，即 不超过公司总股本的1.5%。减持原因为股东自身资金需求，减持股份来源为公司首次公开发行股票上 市前持有的公司股份。 ...

证券代码：301511 证券简称：德福科技 公告编号：2025-065 九江德福科技股份有限公司 关于合并持股 5%以上股东及其一致行动人股份减持计划 的预披露公告 一、股东基本情况 截至本公告披露日，本次减持计划的股东的基本情况如下： | 序号 | 股东名称 | 持股数量 | 占公司总股本 | | --- | --- | --- | --- | | | | （股） | 比例 | | 1 | 九江富和建设投资集团有 | 24,180,737 | 3.84% | | | 限公司 | | | 1 | | 九江昆泰股权投资基金管 | | | | --- | --- | --- | --- | | 2 | 理有限公司－九江德福股 | 16,687,224 | 2.65% | | | 权投资中心（有限合伙） | | | | | 合计 | 40,867,961 | 6.48% | 注：表格中合计数与明细数直接相加之和在尾数上如有差异，是由于四舍五 入所造成。 合并持股 5%以上股东九江富和建设投资集团有限公司及其一致行动人 九江昆泰股权投资基金管理有限公司－九江德福股权投资中心（有限合伙） 保证向本公司提供的信息内容真实 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - CCL is experiencing a price increase trend, with major manufacturers like Jiantao and Hongruixing announcing price hikes for various products [5] - CCL is a core raw material for PCBs, accounting for 30% of PCB total costs, with raw material costs making up 60% of the total PCB cost [5][10] - The demand for PCBs is driven by the rapid growth of AI technology, leading to a strong demand for AI servers and an upward trend in PCB market conditions [5] - The supply of upstream materials for AIPCB is facing shortages, particularly in high-performance materials such as Low Dk electronic cloth and HVLP copper foil [5] - The report suggests focusing on companies like Honghe Technology, Tongguan Copper Foil, and Defu Technology, which are key players in the upstream materials for AIPCB [6] Summary by Sections Price Trends - Major manufacturers have announced price increases for CCL products, with Jiantao raising prices by 10 yuan per sheet and other manufacturers following suit due to rising copper prices [5] Cost Structure - CCL's cost structure shows that upstream raw materials account for approximately 90% of its costs, with copper foil, resin, and fiberglass being the primary components [5][12] Market Demand - The rapid development of AI technology is significantly boosting the demand for PCBs, particularly for high-performance materials required for AI server upgrades [5] Supply Constraints - The report highlights a tightening supply of high-end materials in the PCB industry, including Low Dk electronic cloth and HVLP copper foil, which are critical for meeting the growing demand [5] Investment Recommendations - The report recommends monitoring companies such as Honghe Technology, Tongguan Copper Foil, and Defu Technology for potential investment opportunities in the AIPCB upstream materials sector [6]

Group 1 - The A-share market has seen a significant increase, with the Shanghai Composite Index surpassing 3,800 points, reaching a nearly ten-year high [1] - There has been a notable wave of share reductions, particularly in July and August, with 428 A-share listed companies' shareholders reducing their stakes, totaling approximately 600 billion yuan [1][2] - The number of reduction events in the first half of 2025 has doubled compared to the same period in 2024, indicating a strong trend in shareholder exits [1][2] Group 2 - Venture capital funds are key participants in the reduction wave, marking a significant operational phase for these funds as they seek to exit investments [2][3] - The improvement in market conditions has allowed venture capital funds to realize returns, reflecting a recovery in the capital market's exit function [2][3] Group 3 - Venture capital funds typically have a lifespan of 8-10 years, necessitating timely exits to distribute returns to limited partners (LPs) [3][4] - The recent market recovery has provided a rare opportunity for these funds to exit investments, which had been delayed due to previous market volatility [3][4] Group 4 - Specific examples include DeFu Technology and Shangwei New Materials, where venture capital funds have begun to reduce their stakes following significant stock price increases [5][6] - The reduction actions are not short-term but rather part of a long-term investment strategy, demonstrating a complete cycle of fundraising, investment, management, and exit [5][6] Group 5 - The reduction process must consider market capacity and the needs of the companies involved, emphasizing compliance and gradual exit strategies to avoid market disruption [7][8] - Effective communication and expectation management are crucial to mitigate market concerns regarding sudden or opaque reductions [7][8] Group 6 - The short-term impact of reductions on stock prices can be managed through compliance and transparency, with long-term value being determined by the company's fundamentals [8][9] - Some venture capital funds choose to maintain a stake in companies post-IPO to benefit from continued growth, particularly in sectors like hard technology and new energy [8][9] Group 7 - The relationship between venture capital funds and companies can extend beyond equity, fostering collaboration and resource synergy through continued investment [9][10] - The ability to maintain long-term relationships post-IPO is often limited by the fund's lifecycle and the need for cash flow to LPs [10]