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]

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。 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 金融界消息 截至2025年7月30日收盘，德福科技（301511）报收于35.4元，上涨3.66%，换手率 19.53%，成交量73.15万手，成交金额25.10亿元。 资金流向方面，今日主力资金净流入3.48亿元，占比成交额13.85%。其中，超大单净流入1.75亿元、占 成交额6.96%，大单净流入1.73亿元、占成交额6.89% ...

Core Viewpoint - Jiujiang Defu Technology Co., Ltd. plans to acquire 100% equity of Circuit Foil Luxembourg S.a.r.l., a leading global high-end IT copper foil manufacturer, enhancing its position in the high-end copper foil market [2]. Group 1: Acquisition Details - The acquisition targets Circuit Foil Luxembourg, recognized as a leader in high-end IT copper foil with proprietary core technology and mass production capabilities, being the only non-Japanese leader in the market [2]. - In 2024, the combined revenue share of HVLP (Ultra-Low Profile Copper Foil) and DTH (Carrier Copper Foil) products is expected to be approximately 53%, indicating strong market positioning and long-term partnerships with top PCB manufacturers [2]. Group 2: Strategic Implications - This transaction is categorized as a horizontal merger, aligning with Defu Technology's long-term strategy to develop high-end IT copper foil products, particularly HVLP and DTH, supported by significant R&D and market investments [2]. - Post-acquisition, Defu Technology aims to become a global leader in high-end IT copper foil, leveraging synergies from both companies to accelerate technology integration and market expansion, while enhancing profitability through scale advantages and improved supply chain capabilities [2].

Group 1 - The core viewpoint of the article is that Defu Technology has signed a share purchase agreement with Volta Energy Solutions to acquire a leading global high-end copper foil company, enhancing its position in the high-end IT copper foil market [1][2] - The acquisition price is set at €1.74 million, based on a comprehensive due diligence process that considered the target company's market position, technology reserves, customer resources, and synergy effects [1] - Following the acquisition, Defu Technology aims to leverage the combined resources to accelerate technology integration and expand into emerging markets, positioning itself as a global leader in high-end IT copper foil [2] Group 2 - The target company, Volta, has an estimated enterprise value of €2.15 billion, with a production capacity of 16,800 tons per year [1] - Financial data indicates that Volta is projected to generate revenue of €13.37 million in 2024, with an EBITDA of €1.49 million, but is expected to incur a net loss of €370,000 due to high European electricity prices and other factors [2] - The demand for high-end IT copper foil products has been increasing due to the rapid growth in AI servers and 5G communications, highlighting a significant market opportunity for Defu Technology post-acquisition [2]

Core Viewpoint - Defu Technology has signed a share purchase agreement to acquire 100% of Circuit Foil Luxembourg for €174 million, marking a significant move into the global high-end copper foil market [1][2]. Group 1: Acquisition Details - The enterprise value of Circuit Foil Luxembourg is set at €215 million, with the acquisition price determined after adjustments [2]. - Defu Technology must establish a wholly-owned subsidiary in Luxembourg prior to the acquisition to facilitate local compliance [2]. - The acquisition is based on comprehensive due diligence, considering the target company's market position, technology, customer resources, and synergy effects [2]. Group 2: Financial Performance - Circuit Foil Luxembourg is projected to generate €13.37 million in revenue and €1.49 million in EBITDA for 2024, despite a net loss of €370,000 due to high European electricity prices and other factors [3]. - The company has already turned a profit in Q1 2025, with revenues of €4.499 million and a net profit of €167,000, indicating a positive trend in performance [3]. Group 3: Industry Context - The demand for high-end IT copper foils, such as HVLP and DTH, is increasing due to the growth of AI servers and 5G communications [4]. - The domestic market for electronic circuit copper foils has been dominated by a few overseas companies, leading to significant trade deficits in high-end products [4]. - The acquisition is strategically important for addressing the long-standing challenges in the domestic supply chain and breaking the import monopoly in critical materials [4].

Core Viewpoint - Defu Technology (301511) is acquiring 100% of Circuit Foil Luxembourg S.a.r.l. (CFL) for a total enterprise value of €215 million, with a net purchase price of €174 million after adjustments, aiming to enhance its position in the high-end electronic circuit copper foil market [1][2] Group 1: Acquisition Details - The acquisition agreement was signed on July 29, 2025, and Defu Technology plans to establish a wholly-owned subsidiary in Luxembourg to manage the acquisition [1] - CFL is recognized as a "hidden champion" in the global copper foil sector, holding advanced technologies in HVLP (Ultra-Low Profile Copper Foil) and DTH (Carrier Copper Foil) [2] - The acquisition will increase Defu Technology's total copper foil production capacity from 175,000 tons per year to 191,000 tons per year, positioning it as the largest producer globally [2] Group 2: Market Position and Strategy - Defu Technology aims to break the long-standing dominance of Japanese and Taiwanese companies in the high-end electronic circuit copper foil market through this acquisition [2] - The acquisition will enable Defu Technology to penetrate international markets and compete with Japanese firms, facilitating domestic substitution in high-end electronic circuit copper foil [2][4] - CFL's production facility in Luxembourg will serve as a strategic base for Defu Technology's global operations, supporting a "Asia-Pacific + Europe and America" sales system [3] Group 3: Financial Implications - CFL's average processing fee income is significantly higher than that of domestic IT copper foil, primarily due to its high-end product offerings [3] - The acquisition is expected to enhance Defu Technology's revenue through higher processing fees and potential improvements in product gross margins via technological innovations [3]

（文章来源：证券日报） 证券日报网讯 7月29日晚间，德福科技发布公告称，公司第三届董事会第十五次会议审议通过了《关于 收购境外公司股权并签署的议案》。 ...