证券代码：301511 证券简称：德福科技 公告编号：2026-007 九江德福科技股份有限公司 关于收购子公司部分股权的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、交易事项概述 （一）前次交易情况 二、交易对方基本情况 名称：九江市现代产业引导基金（有限合伙） 类型：有限合伙企业 执行事务合伙人：江西国控私募基金管理有限公司，九江鼎汇泓盈基金管理 有限公司 成立时间：2022 年 12 月 29 日 九江德福科技股份有限公司（以下简称"公司"、"德福科技"）于 2025 年 8 月 25 日召开第三届董事会第十六次会议，审议通过了《关于全资子公司增 资扩股引入战略投资者并拟签署<投资协议>的议案》，同意公司全资子公司九 江琥珀新材料有限公司（以下简称"琥珀新材"）以增资扩股的方式引入九江市 现代产业引导基金（有限合伙）（以下简称"引导基金"），增资金额为人民币 50,000 万元。该次增资完成后，琥珀新材注册资本为 167,218.72 万元，公司持有 琥珀新材 73.68%股权，引导基金持有琥珀新材 26.32%股权。 （二）本次收购基本情况 ...

Core Viewpoint - The company, Defu Technology (301511.SZ), is currently operating at full capacity and is one of the largest manufacturers of electrolytic copper foil in the country. It has implemented hedging strategies to mitigate the adverse effects of rising copper prices on its operations [1]. Group 1: Production and Financial Performance - The company reported a 100% utilization rate of its production capacity [1]. - It is anticipated that the company's revenue will grow by over 50% and profit margins will increase by over 100% compared to the previous year [1]. Group 2: Risk Management Strategies - To address fluctuations in copper raw material prices, the company engages in futures hedging for part of its copper procurement and inventory [1]. - A risk management protocol for futures hedging transactions was established on October 28, 2023, to standardize the process and ensure the safety of hedging funds [1].

Core Viewpoint - Jiujiang Defu Technology Co., Ltd. has signed an equity acquisition agreement to acquire 51% of Anhui Huiru Technology Co., Ltd., marking a significant strategic move in the electrolytic copper foil industry and enhancing its control in the global copper foil market [1] Group 1: Acquisition Details - The acquisition allows Defu Technology to gain a controlling stake in Anhui Huiru, a well-known manufacturer of electrolytic copper foil in Anhui Province, which has an annual production capacity of 20,000 tons [1] - Anhui Huiru's production base in Chuzhou benefits from significant electricity cost advantages due to the dual peak-valley pricing system in Anhui Province, which provides opportunities for cost reduction [2] Group 2: Strategic Advantages - The strategic location of Anhui Huiru in the Yangtze River Delta economic circle offers a natural advantage for rapid response to customer needs, enhancing Defu Technology's service capabilities in the East China region [2] - Defu Technology has maintained a 100% high operating rate since the fourth quarter of 2025, indicating that existing capacity is fully saturated, necessitating the acquisition to expand production capacity and revenue [2] Group 3: Market Position and Growth Strategy - Defu Technology has achieved revenue of 8.5 billion yuan and a production capacity of 175,000 tons per year in the first three quarters of 2025, maintaining the largest market share in lithium copper foil globally [3] - The company aims to drive growth through both internal expansion and external acquisitions, enhancing its scale advantages and technological barriers in the copper foil industry [3]

德福科技终止收购卢森堡铜箔 德福科技 【文/观察者网 潘昱辰 编辑/高莘】1月11日，九江德福科技股份有限公司（以下简称"德福科技"）董事 会披露公告称，因卢森堡经济部出具的决定限制，德福科技拟收购卢森堡铜箔（Circuit Foil Luxembourg S.a.r.l.）100%股权的交易终止。 卢森堡铜箔为全球高端IT铜箔龙头企业之一，也是全球自主掌握高端IT铜箔核心技术与量产能力的唯一 非日系龙头厂商，市场份额行业领先。2024年度，其HVLP和DTH产品的收入占比合计约53%，与全球 头部覆铜板和PCB企业保持长期稳固合作关系，HVLP3和DTH产品已量产应用于国际顶尖厂商产品。 德福科技表示，近年来，随着AI服务器、5G通信等需求快速增长，带动HVLP、DTH等高端IT铜箔需求 不断增长。而长期以来，尽管国内电子电路铜箔产业市场规模较大，但高端IT铜箔产品一直被海外少数 企业垄断，导致贸易逆差巨大且集中于高端产品，尤其在当下国际形势动荡、贸易冲突加剧的背景下， 不利于国内产业链安全。 德福科技表示，本次交易终止不会影响公司的正常生产经营，不会对公司的财务状况产生不利影响；公 司将继续围绕既定发展战 ...

Group 1 - The core viewpoint of the report is that global lithium battery demand is expected to grow at a rate of 26% year-on-year by 2026, driven by both power storage and electric vehicle sectors [1][4] - In the electric vehicle sector, the registration of global electric vehicles reached 17.1 million units from January to October 2025, representing a year-on-year increase of 25.5%, primarily due to the resumption of subsidies in Europe and vehicle replacement policies in China [1][4] - The global energy storage battery shipments reached 428 GWh from January to September 2025, showing a significant year-on-year increase of 90.7%, supported by the scaling of independent storage projects in China and market demand in the U.S. [1][4] Group 2 - The lithium battery materials supply side is undergoing optimization due to previous overcapacity leading to low-price competition, resulting in many companies facing continuous losses and high debt levels [2][3] - Companies are focusing on improving existing production efficiency and cost optimization rather than blind expansion, leading to a significant weakening of expansion capabilities and intentions among lithium battery material companies [2][3] - The tightening of environmental policies and energy consumption controls is raising industry entry barriers, causing smaller companies to exit the market, thus enhancing the rigidity of supply constraints [2][3] Group 3 - Technological upgrades are driving supply-side optimization, with advancements in high-pressure lithium iron phosphate and high-strength separators, which require higher production precision and R&D investment [3][4] - Leading companies are leveraging continuous R&D investment to scale up high-end product capacity, while smaller firms struggle to upgrade their products and processes, leading to market elimination [3][4] - The supply structure is evolving towards a "few but excellent" model, with resources concentrating on leading enterprises, which is expected to restore market share and profitability for these companies [3][4] Group 4 - The report indicates a strong certainty of profit recovery in lithium battery materials, driven by supply-side constraints, high demand growth, and industry restructuring [4] - The consensus among companies to scientifically release capacity has led to a continued limitation of supply over the next 1-2 years, while demand is experiencing rapid growth from both power storage and electric vehicle sectors [4] - Core material prices, such as lithium hexafluorophosphate, have started to rebound, and the overall capacity utilization rate in the industry is expected to continue its upward trend in 2026 [4] Group 5 - Investment recommendations suggest prioritizing attention on lithium hexafluorophosphate and lithium iron phosphate sectors, with specific companies like Tianqi Materials and Hunan Youneng being highlighted [5] - Other companies to watch include Duofu Technology, Fulian Precision, Longpan Technology, Defang Nano, Tianji Co., Shida Shenghua, and Wanrun New Energy, particularly in the context of price recovery [5] - For long-cycle, heavy-asset sectors like copper foil and separators, companies such as Enjie, Xingyuan Materials, Fusheng Technology, Defu Technology, Jiayuan Technology, and Nord are recommended for attention [5]

Core Viewpoint - Defu Technology has shifted its acquisition strategy from "high-end breakthrough" to "scale expansion" following the termination of its acquisition of Luxembourg-based CircuitFoil due to regulatory restrictions [1][2]. Group 1: Acquisition Strategy - The initial acquisition target was CircuitFoil, a leading high-end IT copper foil manufacturer with an annual production capacity of 16,800 tons, which aligns with Defu Technology's high-end strategy [2]. - The acquisition agreement was signed on July 29, 2025, with a total enterprise value of €215 million and a share purchase price of €174 million [2]. - The acquisition was supported by a fundraising plan of up to 1.93 billion yuan, aimed at financing the overseas acquisition and other projects [3]. Group 2: Regulatory Challenges - The Luxembourg Ministry of Economy imposed strict conditions on the investment approval, limiting Defu Technology's voting rights and decision-making power, which led to the abandonment of the acquisition [3][4]. Group 3: Domestic Acquisition Focus - Following the termination of the Luxembourg acquisition, Defu Technology quickly announced plans to acquire Anhui Huiru Technology through cash purchase and capital increase to gain at least 51% control [4]. - The acquisition of Huiru Technology, which has an existing production capacity of 20,000 tons per year, aims to address the company's near-saturation production capacity and meet the growing demand in the lithium battery and energy storage sectors [5]. - Despite the strategic shift, investor sentiment was negative, resulting in a 9.10% drop in Defu Technology's stock price on January 12, despite a broader market rally [1][5].

Core Viewpoint - The company has terminated its acquisition of Circuit Foil Luxembourg S.a.r.l. due to fundamental conflicts with its strategic goals arising from additional restrictions imposed by the Luxembourg Ministry of Economy, while simultaneously planning to acquire at least 51% of Anhui Huiru Technology Co., Ltd. to quickly address its production capacity nearing saturation [3][5][6]. Group 1: Acquisition Details - The company signed a letter of intent to acquire at least 51% of Anhui Huiru Technology Co., Ltd. through cash purchase and capital increase, aiming to quickly enter a production capacity of 20,000 tons per year of electrolytic copper foil [3][10]. - The specific terms and transaction amount of the acquisition will be clarified after due diligence is completed and a formal agreement is signed [4][11]. - The acquisition is not classified as a related party transaction and is not expected to constitute a major asset restructuring [4][11]. Group 2: Termination of Previous Acquisition - The company has decided to terminate the acquisition of Circuit Foil Luxembourg S.a.r.l. as the conditions for approval included restrictions that conflicted with the company's strategic objectives [5][6][13]. - The company has not made any payments beyond the contract deposit for the terminated acquisition, and the counterparty has agreed to refund the deposit [5][12]. Group 3: Strategic Implications - The acquisition of Anhui Huiru Technology is aligned with the company's strategy to integrate existing advanced production lines and equipment, enabling rapid capacity expansion to meet growing downstream demand [4][12]. - The company aims to leverage its scale advantages, supply chain capabilities, and advanced technology to enhance its business scale and profitability [4][12]. - The company will continue to pursue a dual-driven strategy of "lithium battery copper foil + electronic circuit copper foil," focusing on domestic capacity integration and technological advancements [6][13]. Group 4: Market Analysis - Analysts note that the company's strategic shift effectively mitigates overseas investment policy risks while addressing domestic capacity bottlenecks through industry consolidation, aligning with industry trends and long-term interests [7][14]. - The acquisition remains in the planning stage, and the finalization of the deal is uncertain, necessitating attention to the progress of due diligence and the signing of the formal agreement [7][14].

Core Viewpoint - Defu Technology announced the termination of its planned acquisition of Circuit Foil Luxembourg due to the lack of unconditional approval from foreign authorities, reflecting the challenges faced by Chinese companies in global expansion and strategic adjustments [1][2][3] Group 1: Acquisition Details - The original plan was to acquire 100% of Circuit Foil Luxembourg for €174 million (approximately RMB 1.413 billion), but the deal was called off after six months, resulting in the return of a €17.4 million deposit [1][3] - Concurrently, Defu Technology revealed a new acquisition plan to obtain at least 51% of Huiru Technology, a manufacturer of electrolytic copper foil, which will become a subsidiary upon completion [1][2] Group 2: Financial Performance and Capacity - Defu Technology's current capacity utilization is nearing saturation, with revenue of RMB 8.5 billion and a net profit of RMB 66.59 million for the first three quarters of 2025, indicating potential performance constraints due to capacity bottlenecks [4][5] - The acquisition of Huiru Technology is expected to increase Defu Technology's total capacity to 195,000 tons per year, reinforcing its position as the largest electrolytic copper foil producer globally [2][5] Group 3: Market Reaction and Strategic Shift - Following the announcement of the terminated acquisition, Defu Technology's stock price opened at RMB 31.44 per share, a decrease of 11.41% from the previous closing price, indicating negative market sentiment [2][5] - The case of Defu Technology highlights the difficulties of cross-border acquisitions in high-tech sectors, suggesting that domestic industry consolidation and organic growth may be more prudent strategies [2][5]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301511 | 德福科技 | 32.26 | -9.10% | 80.69万 | 25.60亿 | | 300619 | 金银河 | 45.38 | -4.98% | 17.87万 | 8.22亿 | | 600884 | 杉杉股份 | 13.33 | -3.82% | 138.41万 | 18.55 亿 | | 300450 | 先导智能 | 56.24 | -3.70% | 135.95万 | 76.42 亿 | | 603659 | 璞泰来 | 26.95 | -2.74% | 48.21万 | 12.98 Z | | 002850 | 科达利 | 162.13 | -2.69% | 8.56万 | 13.74亿 | | 001283 | 蒙腊科技 | 70.99 | -2.42% | 5.42万 | 3.84亿 | | 301358 | 湖南裕能 | 62.08 | -2.37% | 28.50万 | 17.74亿 | | 300953 ...

Group 1 - The core point of the news is that the company, 德福科技, has decided to terminate its acquisition of Volta Energy Solutions due to conditional approval from the Luxembourg Ministry of Economy, which imposed restrictions on voting rights and decision-making powers [1] - The acquisition was initially announced on July 29, 2025, with a total enterprise value of €215 million, and the final purchase price calculated at €174 million after adjustments [1] - The company has stated that the termination of this acquisition will not adversely affect its normal operations or financial status, as it has not made any payments beyond the contract deposit [1] Group 2 - Concurrently, the company has finalized a domestic acquisition plan, signing a letter of intent to acquire at least 51% of 安徽慧儒科技 through cash purchase and capital increase, making it a subsidiary [2] - 安徽慧儒科技, established in November 2021, focuses on the R&D, production, and sales of high-performance electrolytic copper foil, with an annual production capacity of 20,000 tons [2] - The acquisition aligns with the company's current capacity layout needs, as it aims to expand production capacity to meet growing downstream demand [2] Group 3 - The company's financial performance has been unstable in recent years, with revenues of ¥6.381 billion, ¥6.531 billion, and ¥7.805 billion from 2022 to 2024, while net profits have shown a declining trend, even resulting in a loss of ¥-2.45 billion in 2024 [3] - However, due to a significant increase in copper foil sales and improved capacity utilization, the company has turned a profit, with revenues of ¥8.5 billion in the first three quarters of 2025, a year-on-year increase of 59.14% [3] - The net profit for the first three quarters of 2025 reached ¥66.59 million, reflecting a year-on-year growth of 132.63% [3]