Group 1 - The company expects a positive net profit for the fiscal year 2025, indicating a turnaround from previous losses [3][4] - The performance forecast period is from January 1, 2025, to December 31, 2025 [2] - The preliminary profit forecast is based on initial calculations by the company's finance department and has not yet been audited by an accounting firm [3][5] Group 2 - Significant recovery in downstream market demand has led to a notable increase in the shipment volume of the company's main products [4] - The company has been continuously upgrading its product offerings, resulting in a higher proportion of high-value products like lithium battery copper foil and electronic circuit copper foil, which has improved overall profitability [4] - Increased production scale has led to a substantial rise in capacity utilization, positively impacting cost reduction during the reporting period [4]

Group 1 - The company expects a positive net profit for the fiscal year 2025, indicating a turnaround from previous losses [1] - The performance forecast period is from January 1, 2025, to December 31, 2025 [1] - The financial data provided is preliminary and has not been audited by an accounting firm; the final audited figures will be disclosed in the 2025 annual report [1][3] Group 2 - Significant recovery in downstream market demand has led to a notable increase in the shipment volume of the company's main products [2] - The company has been continuously upgrading its product offerings, resulting in a higher proportion of high-value products such as lithium battery copper foil and electronic circuit copper foil, which has improved overall profitability [2] - Increased production scale has led to a substantial rise in capacity utilization, positively impacting cost reduction through economies of scale [2]

Core Viewpoint - The article emphasizes the AIPCB wave and highlights the investment opportunities arising from the upgrade of M9 materials, focusing on four main lines of development [1]. Group 1: Low Dielectric Electronic Fabrics - The transition from LDK to second-generation fabrics is underway, with M9 paired with Q fabrics evolving towards third-generation products [17]. - The market for low dielectric electronic fabrics is expected to grow rapidly, driven by AI server demand, with a projected compound annual growth rate of 23.8% from 2024 to 2033 [20][23]. Group 2: Electronic Resins - The use of hydrocarbon resins in M9 is expected to increase significantly, with a ratio of hydrocarbon resins to PPO rising to 2:1, enhancing the value of materials [31][34]. - New types of resins are becoming mainstream, with hydrocarbon resins being the preferred choice for next-generation high-frequency CCLs [31][39]. Group 3: Fillers - The proportion of spherical silica micro-powder in M9 is expected to increase significantly, with high-performance spherical silica micro-powder filling ratios expanding to over 40% [36][40]. - Liquid-phase preparation methods for silica are becoming the industry standard, meeting the requirements for M7 and above [40]. Group 4: Other Upstream PCB Materials - Attention is drawn to electronic-grade fluorinated copper powder and PCB-specific electronic chemicals, which are essential for the upgrade trends in high-end PCBs [3][43]. - The supply of high-end materials, including Low Dk electronic fabrics and HVLP copper foil, is facing shortages, with major manufacturers accelerating production to meet demand [7][29]. Group 5: Market Performance - The demand for high-end CCL driven by AI is accelerating the upgrade of upstream materials, with significant performance improvements observed in various AIPCB sub-sectors since mid-2025 [5][8]. - The average increase in AIPCB sub-sector indices from May to August 2025 shows substantial growth, particularly in electronic fabrics and copper foil [6]. Group 6: Investment Recommendations - Companies to watch include: 1. Low dielectric electronic fabrics: Honghe Technology, Feilihua, Zhongcai Technology [4]. 2. HVLP networks: Gangguan Copper Foil, Rongfu Technology, Longyang Electronics [4]. 3. Electronic resins: Dongcai Technology, Shengnong Group, Hongchang Electronics, Tongzi New Materials [4]. 4. Other upstream materials: Jiangnan New Materials for electronic-grade oxidized copper powder, Tiancheng Technology for PCB-specific electronic chemicals [4].

Group 1: AI Demand Surge - The demand for AI has led to significant revenue growth for several companies in the industry chain, with notable performances from companies like Demingli, which expects a revenue increase of 115.82% to 136.77% in 2025, reaching between 10.3 billion to 11.3 billion yuan [3] - Demingli also anticipates a net profit of 650 million to 800 million yuan in 2025, marking a year-on-year increase of 85.42% to 128.21%, with a remarkable quarterly net profit growth of over 1000% in Q4 2025 [3] - Tianfu Communication, a core supplier of optical modules, expects a net profit of 1.881 billion to 2.15 billion yuan in 2025, driven by the acceleration of AI development and global data center construction [3] Group 2: Consumer Electronics and Materials Recovery - The consumer electronics market is experiencing a recovery, positively impacting upstream materials and equipment companies, such as Jin'an Guoji, which forecasts a net profit of 280 million to 360 million yuan in 2025, reflecting a substantial increase of 655.53% to 871.40% [5] - The growth in Jin'an Guoji's performance is attributed to improved market conditions for copper-clad laminates and increased sales volume and prices [5] - Baiao Intelligent, a supplier of smart manufacturing equipment, expects a net profit of 90 million to 120 million yuan in 2025, representing a year-on-year increase of 228.34% to 337.79%, driven by rising demand in the consumer electronics and industrial markets [6] Group 3: Turnaround Stories - Defu Technology anticipates a net profit of 97 million to 125 million yuan in 2025, marking a turnaround from previous losses, attributed to significant demand recovery in the downstream market and an increase in high-value product shipments [6] - Qianfang Technology expects to achieve a net profit of 250 million to 320 million yuan in 2025, recovering from a loss of 1.193 billion yuan in the previous year, driven by market expansion and product innovation in the smart IoT sector [7] - Tongfei Co. forecasts a net profit of 240 million to 268 million yuan in 2025, with a growth rate of 56.43% to 74.68%, primarily due to the rapid growth of temperature control products in power electronic devices [7]

对于业绩变动原因，公司说明主要得益于三方面因素： 一是报告期内下游市场需求显著回暖，公司凭借客户与技术积累，主营产品出货量同比实现显著增长； 德福科技于1月21日发布了2025年度业绩预告，预计2025年归属于上市公司股东的净利润为9,700万元至12,500万元，与上年同期 的-24,511万元相比，实现扭亏为盈，同比增长139.57%至151%。扣除非经常性损益后的净利润预计为7,000万元至9,300万元，较上 年同期的-23,675.78万元亦大幅增长，同比增长129.57%至139.28%。 二是公司持续推进产品迭代升级，锂电铜箔和电子电路铜箔等高附加值产品出货占比提升，产品结构优化带动平均加工费提高，增 强了整体盈利能力； 三是随着产销规模扩大，公司产能利用率大幅提升，规模化效应对成本下降产生了积极影响。 ...

Group 1: Profit Forecasts - Limin Co. expects a net profit of 465 million to 500 million yuan for 2025, representing a year-on-year increase of 471.55% to 514.57% [1] - Guohui Energy anticipates a net profit of 1.32 billion to 1.47 billion yuan for 2025, reflecting a decline of 50.03% to 55.13% year-on-year [2] - Jiajia Yue forecasts a net profit of 198 million to 228 million yuan for 2025, indicating a growth of 50.06% to 72.79% year-on-year [3] - Xianghe Industry projects a net profit of 120 million to 148 million yuan for 2025, with an expected increase of 59.17% to 96.31% year-on-year [4] - Aojie Technology predicts a net profit of 90 million to 120 million yuan for 2025, showing a growth of 228.34% to 337.79% year-on-year [14] - Shanghai Electric expects a net profit of 1.1 billion to 1.32 billion yuan for 2025, representing an increase of approximately 47% to 76% year-on-year [15] - Tianfu Communication anticipates a net profit of 1.881 billion to 2.15 billion yuan for 2025, reflecting a growth of 40% to 60% year-on-year [16] - Yichang Technology forecasts a net profit of 150 million to 225 million yuan for 2025, indicating a year-on-year increase of 58% to 138% [29] - Shanghai Yizhong expects a net profit of 60 million to 70 million yuan for 2025, representing a significant increase of 760.18% to 903.54% year-on-year [41] Group 2: Loss Forecasts - Kexin Electromechanical anticipates a net profit of 55 million to 70 million yuan for 2025, reflecting a decline of 58.65% to 67.51% year-on-year [11][12] - Kexin Technology expects a net loss of 900 million to 1.2 billion yuan for 2025, which is an increase in loss of 78.67% to 84% year-on-year [10] - Tianyang New Materials forecasts a net loss of 250 million to 180 million yuan for 2025, compared to a loss of 213 million yuan in the previous year [20] - Bo Rui Data anticipates a net loss of 90 million to 100 million yuan for 2025, which is an increase in loss of 15.17 million to 25.17 million yuan year-on-year [19] - Xinlian Integrated expects a net loss of 577 million yuan for 2025, which is a reduction in loss of approximately 40.02% compared to the previous year [40] - Fangshilong forecasts a net loss of 4 million to 6 million yuan for 2025 [30] Group 3: Strategic Developments - Lianlong signed a strategic framework agreement with Runyinglian to enhance the reliability and efficiency of the lubricant additive supply chain in China and the Asia-Pacific region [7] - Han Jian Heshan is planning to acquire a 52.51% stake in Liaoning Xingfu New Materials Co., Ltd., with stock suspension expected for up to 9 trading days [13] - Kai Zhong Precision plans to invest 116 million yuan in a technical transformation and expansion project to meet future capacity demands [34] - Tianfu Communication is expected to engage in clinical trials for its ABA001 injection, which has received approval from the National Medical Products Administration [17]

报告期内，下游市场需求显著回暖，公司凭借客户与技术积累，主营产品出货量实现同比显著增长。 德福科技（301511）(301511.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润9700 万元至1.25亿元，扭亏为盈;扣除非经常性损益后的净利润7000万元至9300万元。 ...

报告期内，下游市场需求显著回暖，公司凭借客户与技术积累，主营产品出货量实现同比显著增长。 智通财经APP讯，德福科技(301511.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 9700万元至1.25亿元，扭亏为盈;扣除非经常性损益后的净利润7000万元至9300万元。 ...

Core Viewpoint - Defu Technology (301511) expects a turnaround in profitability with a projected net profit attributable to shareholders of 97 million to 125 million yuan for 2025, compared to a loss of 245 million yuan in the same period last year [1] Group 1: Financial Performance - The company anticipates a significant improvement in net profit, indicating a recovery from previous losses [1] - The expected profit range for 2025 represents a substantial increase, reflecting a positive shift in financial health [1] Group 2: Market Demand and Product Performance - There is a notable recovery in downstream market demand, contributing to the company's improved performance [1] - The company has achieved a significant increase in the shipment volume of its main products year-on-year, driven by customer relationships and technological advancements [1] Group 3: Product Development and Profitability - Continuous product iteration and upgrades have been a focus for the company, enhancing its product offerings [1] - The proportion of high-value products, such as lithium battery copper foil and electronic circuit copper foil, has significantly increased, leading to improved average processing fees and overall profitability [1]

证券代码：301511 证券简称：德福科技 公告编号：2026-010 九江德福科技股份有限公司 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为正值且属于扭亏为盈情形 3、业绩预告情况表 单位：万元 | 项 目 | 本报告期 | | 上年同期 | | --- | --- | --- | --- | | 归属于上市公司股东的净利 | 9,700-12,500 | | -24,511 | | 润 | 比上年同期增长 | 139.57%-151.00% | | | 扣除非经常性损益后的净利 | | 7,000-9,300 | -23,675.78 | | 润 | 比上年同期增长 | 129.57%-139.28% | | 二、与会计师事务所沟通情况 本次业绩预告数据是公司财务部门初步测算的结果，未经过会计师事务所审计。 具体财务数据以公司正式披露的经审计后的 2025 年年度报告为准。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、本期业绩预计情况 2025 年度业绩预告 四、其他相关说明 ...