TGCF(SZ:301217) Ju Chao Zi Xun·2025-10-26 14:15Core Viewpoint - The report highlights significant growth in both revenue and net profit for the company in the third quarter of 2025, driven by strong demand in the copper foil industry, particularly in AI server substrates and high-value lithium battery copper foils [1] Financial Performance - In Q3 2025, the company reported revenue of 1.737 billion yuan, a year-on-year increase of 51.34% [1] - Net profit for Q3 2025 reached 27.77 million yuan, reflecting a year-on-year growth of 166.77% [1] - For the first three quarters of 2025, total revenue was 4.735 billion yuan, up 47.13% year-on-year [1] - Net profit for the first three quarters was 62.72 million yuan, showing a year-on-year increase of 162.49% [1] Industry Trends - The copper foil industry is experiencing diversified growth, with a surge in demand for HVLP copper foil as a substrate for AI servers [1] - Competition in lithium battery copper foil is shifting towards high-value products such as 4.5μm and 5μm foils [1] - Companies in the industry are actively restructuring their product offerings to focus on high-value markets to enhance profitability [1] Production and Market Position - The company produced over 35,078 tons of copper foil during the reporting period, with steady growth in the production of lithium battery copper foils measuring 5μm and below [1] - There is a supply-demand imbalance for high-frequency, high-speed substrate copper foils, with their production now exceeding 30% of the total PCB copper foil output [1] - The production of high-end HVLP copper foil has accelerated, surpassing the total production level for the entire year of 2024 in the first half of 2025 [1] - The company has established long-term partnerships with well-known enterprises in both PCB copper foil and lithium battery copper foil sectors, obtaining supplier certifications from these companies [1]