Group 1 - The core viewpoint is that Defo Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil production [1] - Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual production capacity of 16,800 tons [1] - Defo Technology's total production capacity for electrolytic copper foil has increased to 191,000 tons per year, making it the largest in the world [1] Group 2 - Luxembourg Copper Foil is projected to generate revenue of €134 million in 2024, with a net profit of -€370,000 [1] - In Q1 2025, Luxembourg Copper Foil is expected to achieve revenue of €45 million and a net profit of €1.67 million, indicating a quarterly turnaround [1] - Defo Technology plans to invest ¥183 million in R&D in 2024, resulting in 17 new invention patents, focusing on high-frequency, high-speed, ultra-thin, and functional technology strategies [1]

调研纪要：德福科技收购卢森堡铜箔，跻身全球高端IT铜箔头部企业。卢森堡铜箔成立于1960年，是全 球唯一的非日系高端IT铜箔龙头厂商，拥有1.68万吨/年产能，核心产品包括HVLP和DTH。2024年营收 1.34亿欧元，净利润-37万欧元；2025年Q1营收0.45亿欧元，净利润167万欧元，实现季度性扭亏。德福 科技电解铜箔总产能跃升至19.1万吨/年，跻身全球第一，将加快技术资源整合，提升盈利能力。德福 科技2024年研发投入1.83亿元，新增17件发明专利，持续深化高频高速、超薄化、功能化技术战略。 根据市场公开信息及7月31日披露的机构调研信息，知名私募景领投资近期对1家上市公司进行了调研， 相关名单如下： 1）德福科技 （上海景领投资管理有限公司参与公司路演活动） 上海景领投资管理有限公司于2015年04月13日在自贸区市场监督管理局登记成立。法定代表人张训苏， 公司经营范围包括投资管理，资产管理。【依法须经批准的项目，经相关部门批准后方可开展经营活 动】等。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 机构简介： ...

Group 1: 德福科技 (Defu Technology) - Defu Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil production [1] - Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual capacity of 16,800 tons [1] - Projected revenue for Luxembourg Copper Foil in 2024 is €134 million, with a net profit of -€370,000; however, it is expected to achieve a quarterly profit of €1.67 million in Q1 2025 [1] - Defu Technology's total production capacity for electrolytic copper foil has increased to 191,000 tons per year, making it the largest globally [1] - The company plans to invest ¥183 million in R&D in 2024, aiming to deepen its technology strategy with 17 new invention patents [1] Group 2: 新坐标 (New Coordinates) - In 2024, overseas revenue is expected to account for 43.17% of New Coordinates' total revenue, driven by the expansion of domestic self-owned brand customers [2] - Over 90% of the company's clients are automotive manufacturers, covering both domestic and international passenger and commercial vehicle markets [2] - The company is recognized as a high-tech enterprise with comprehensive R&D capabilities across the entire industry chain [2] - New Coordinates is actively enhancing market share and communication with overseas clients while addressing operational challenges through improved internal controls [2] Group 3: 恒帅股份 (Hengshuai Co., Ltd.) - Hengshuai Co., Ltd. highlighted the advantages of its harmonic magnetic field motor technology, including lightweight design and cost optimization [3] - The company provides customized solutions in the humanoid robot sector, which is anticipated to be a significant growth area [3] - While traditional cleaning services do not face disruptive innovation, the technology has been successfully applied in advanced autonomous driving scenarios [3] - The company has sufficient land and factory space, with intelligent production lines that can shorten capacity expansion cycles [3]

机构简介： 1）德福科技 （上海于翼资产管理合伙企业(有限合伙)参与公司路演活动） 调研纪要：德福科技收购卢森堡铜箔，跻身全球高端IT铜箔头部企业。卢森堡铜箔成立于1960年，是全 球唯一的非日系高端IT铜箔龙头厂商，拥有1.68万吨/年产能，核心产品包括HVLP和DTH。2024年营收 1.34亿欧元，净利润-37万欧元；2025年Q1营收0.45亿欧元，净利润167万欧元，实现季度性扭亏。德福 科技电解铜箔总产能跃升至19.1万吨/年，跻身全球第一，将加快技术资源整合，提升盈利能力。德福 科技2024年研发投入1.83亿元，新增17件发明专利，持续深化高频高速、超薄化、功能化技术战略。 根据市场公开信息及7月31日披露的机构调研信息，知名私募于翼资产近期对1家上市公司进行了调研， 相关名单如下： 上海于翼资产管理合伙企业（有限合伙）（以下简称"于翼资产"）成立于2016年2月25日，注册资本金 20上海于翼资产管理合伙企业（有限合伙）（以下简称"于翼资产"）成立于2016年2月25日，注册资本 金2000万，私募管理人登记编号：P1031848，基金业协会观察会员。xa0于翼资产以主观股票多头策略 为主， ...

Group 1 - Since July, over 680 listed companies have received institutional research, with more than 200 companies being visited more than twice [1][2] - The top three companies by the number of institutional visits are Defu Technology, New Yisheng, and Zhongji Xuchuang, receiving 144, 139, and 130 visits respectively [2] - Ice Wheel Environment leads in research frequency with 19 visits from 63 institutions, focusing on energy integration and environmental control technologies [2][3] Group 2 - Over 70% of the companies that were researched have seen positive stock performance since July, with Hengli Drilling leading with a 190% increase [4] - Other companies like Tongguan Copper Foil and Yokogawa Precision have also doubled their stock prices, receiving 18 and 3 institutional visits respectively [4] - Companies such as Lianhuan Pharmaceutical, Meidisi, and Pengding Holdings have shown significant stock performance, with increases over 60% [6] Group 3 - Hai Da Group reported a revenue of 58.83 billion yuan, a 12.5% increase year-on-year, and a net profit of 2.639 billion yuan, a 24.16% increase, attracting 98 institutional visits [8] - New Yisheng expects a net profit of 3.7 to 4.2 billion yuan for the first half of 2025, a growth of 327.68% to 385.47% year-on-year, leading to over a hundred institutional visits [8] - Institutions are focusing on high-performing stocks due to their solid fundamentals and stable growth, which provide both growth potential and investment value [9]

Market Overview - The Shanghai Composite Index fell by 1.18% on July 31, with only 2 sectors rising, namely Computer and Communication, which increased by 0.39% and 0.06% respectively. The sectors with the largest declines were Steel and Non-ferrous Metals, down by 4.08% and 3.19% respectively. The Electric Equipment sector also saw a decline of 2.41% [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 56.934 billion yuan, with only 3 sectors seeing net inflows: Computer sector with 3.869 billion yuan, Banking sector with 1.702 billion yuan, and Media sector with 222 million yuan. In contrast, 28 sectors faced net outflows, with Non-ferrous Metals leading at 7.944 billion yuan, followed by Non-bank Financials at 7.660 billion yuan [1] Electric Equipment Sector Performance - The Electric Equipment sector declined by 2.41%, with a total net outflow of 6.922 billion yuan. Out of 359 stocks in this sector, 60 stocks rose, including 3 that hit the daily limit. Conversely, 296 stocks fell. Notably, 84 stocks in this sector saw net inflows, with 6 stocks exceeding 100 million yuan in net inflow, led by Nord Shares with 796 million yuan [2] Top Gainers in Electric Equipment Sector - The top gainers in the Electric Equipment sector included: - Nord Shares (600110) with a rise of 10.02% and a net inflow of 796.38 million yuan - Good Faith Shares (002706) with a rise of 10.05% and a net inflow of 163.41 million yuan - Defu Technology (301511) with a rise of 1.50% and a net inflow of 153.37 million yuan [2] Top Losers in Electric Equipment Sector - The top losers in the Electric Equipment sector included: - Ningde Times (300750) with a decline of 4.50% and a net outflow of 1.591 billion yuan - Electric Wind Power (688660) with a decline of 16.61% and a net outflow of 340.04 million yuan - Tongwei Shares (600438) with a decline of 6.50% and a net outflow of 337.80 million yuan [4]

金融界消息 截至2025年7月31日收盘，德福科技（301511）报收于35.93元，上涨1.5%，换手率 21.63%，成交量81.02万手，成交金额29.77亿元。 通过天眼查大数据分析，九江德福科技股份有限公司共对外投资了9家企业，参与招投标项目38次，知 识产权方面有商标信息2条，专利信息429条，此外企业还拥有行政许可15个。 来源：金融界 德福科技最新一期业绩显示，截至2025一季报，公司营业总收入25.01亿元、同比增长110.04%，归属净 利润1820.09万元，同比增长119.21%，扣非净利润588.70万元，同比增长105.66%，流动比率1.019、速 动比率0.868、资产负债率73.54%。 天眼查商业履历信息显示，九江德福科技股份有限公司，成立于1985年，位于九江市，是一家以从事有 色金属冶炼和压延加工业为主的企业。企业注册资本63032.2万人民币，实缴资本25420.593万人民币。 公司法定代表人为马科。 资金流向方面，今日主力资金净流入1.93亿元，占比成交额6.5%。其中，超大单净流入4388.73万元、 占成交额1.47%，大单净流入1.49亿元、占成交额5.02 ...

Group 1 - The core point of the article is that Defu Technology (301511) plans to acquire 100% of a Luxembourg copper foil company, which is part of a strategic move to enhance its position in the high-end IT copper foil market [1] - This acquisition will increase Defu Technology's total electrolytic copper foil production capacity from 175,000 tons per year to 191,000 tons per year, making it the largest producer of electrolytic copper foil in the world [1] - After the completion of the acquisition, Defu Technology will send a team to Luxembourg to leverage its engineering and manufacturing expertise to reduce costs at the European facility [1]

Acquisition Overview - The company signed a share purchase agreement to acquire 100% of Circuit Foil Luxembourg for a total enterprise value of €215 million, with a net purchase price of €174 million after adjustments [2][3] - The acquisition was approved by the board on July 29, 2025, and management is authorized to handle necessary approvals and share transfer [2][3] Target Company Profile - Circuit Foil Luxembourg, established in 1960, is a leading non-Japanese manufacturer of high-end IT copper foil, with a production capacity of 16,800 tons per year [2][3] - The company has a clear ownership structure with no encumbrances or legal disputes, and it has developed 17 patents filling several industry technology gaps [3][4] Financial Performance - In 2024, Circuit Foil Luxembourg reported revenues of €13.4 million, with a net loss of €370,000 due to low high-end product ratios and high operational costs [3][4] - The company achieved a quarterly turnaround in 2025, driven by increased production and sales of high-end products [3][4] Strategic Synergies Post-Acquisition - The acquisition will enhance the company's position in the global high-end copper foil market, leveraging both companies' resources for technological integration and market expansion [3][4] - The company plans to strengthen sales and service capabilities in the Asia-Pacific region, capitalizing on the growing demand for high-end copper foil products [3][4] Research and Development - The company invested €183 million in R&D in 2024, marking a 30.45% increase year-on-year, focusing on high-frequency, ultra-thin, and functional copper foil technologies [4] - The target company has a strong R&D background, having developed several advanced products, including HVLP and DTH copper foils, which are critical for AI servers and 5G applications [3][4]

Core Viewpoint - Defu Technology's stock price has shown an upward trend, reflecting positive market sentiment following its announcement of a significant acquisition in the high-end copper foil sector [1] Company Summary - Defu Technology's stock price reached 35.40 yuan as of July 30, 2025, marking an increase of 1.25 yuan from the previous trading day [1] - The company specializes in the research, production, and sales of electrolytic copper foil, which is widely used in the electronic circuit field [1] - Defu Technology is a key player in the domestic electrolytic copper foil industry, having established strong competitiveness through continuous technological innovation and market expansion [1] Acquisition Details - On July 29, Defu Technology announced its intention to acquire 100% of CircuitFoil Luxembourg S.a.r.l. for 1.74 billion euros [1] - CircuitFoil Luxembourg is recognized as a global leader in high-end IT copper foil and is the only non-Japanese company with core technology and mass production capabilities in this sector [1] - In the fiscal year 2024, CircuitFoil Luxembourg's HVLP and DTH products accounted for approximately 53% of its revenue, maintaining long-term stable partnerships with leading PCB and copper-clad laminate companies [1] - In the first quarter of 2025, CircuitFoil Luxembourg reported a net profit of 1.67 million euros [1] Market Activity - On July 30, 2025, Defu Technology experienced a net inflow of 34.77 million yuan in principal funds, representing 2.62% of its circulating market value [1]