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 [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] - 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, resulting in 17 new invention patents, focusing on high-frequency, high-speed, ultra-thin, and functional technology strategies [1] Group 2: 新坐标 (New Coordinates) - In 2024, overseas revenue is expected to account for 43.17% of New Coordinates' total revenue, with growth driven by the expansion of domestic self-owned brand customers [2] - The company reported normal operating conditions in Q2 2024 and has set revenue and profit assessment targets for 2025 in its recent equity incentive draft [2] - Over 90% of New Coordinates' 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, emphasizing high precision and material utilization in cold forming technology [2] - New Coordinates is actively expanding its customer base and market share while enhancing communication with overseas clients [2] - The company is addressing annual decline issues through improved internal control systems and strengthened on-site management [2] - New Coordinates is collaborating with Zhejiang Tuoman Intelligent Technology Co., Ltd. and Mr. Sun Lishong on products currently in the R&D phase [2]

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 - 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].