证券日报网2月5日讯 ，安集科技在接受调研者提问时表示，目前，公司关键磨料的总体国产化用量尚 不高，在逐步提升中，因为这需要一个持续的过程。公司高度重视核心原材料的自主可控能力建设，目 前通过自研自建或合作等方式，已经解决了多款关键磨料从研发到生产的规模化，并顺利应用到公司部 分产品进入客户端使用。公司对于原材料自主可控的品类是有选择性的，重点在于强化核心原材料自主 可控的能力，提升自身产品的稳定性和竞争力，并确保战略供应。对毛利率的影响，这是一个逐步、长 期的过程。短期内，自研投入可能会增加研发费用；从长期来看，可能对产品毛利率的提升有正向影 响。 （文章来源：证券日报） ...

Core Viewpoint - Defu Technology (301511.SZ) is accelerating its efforts to become a leader in the global copper foil industry through a planned A-share issuance to raise up to 1.93 billion yuan for strategic acquisitions and operational enhancements [1][2]. Group 1: Fundraising and Strategic Initiatives - The company plans to issue shares to no more than 35 specific investors, raising a maximum of 1.93 billion yuan, with net proceeds allocated entirely to the acquisition of 100% equity in Luxembourg Copper Foil, electronic chemical products for copper foil additives, and to supplement working capital [2][3]. - Of the total fundraising, 1.43 billion yuan will be directed towards the acquisition of Luxembourg Copper Foil, which is a leading global high-end electronic circuit copper foil company [2][3]. - The electronic chemical products project has a total investment of 400 million yuan, with 200 million yuan from the fundraising, aimed at producing 4,400 tons of electronic chemicals annually, enhancing the company's control over upstream raw materials [3]. Group 2: Financial Performance and Growth - In the first half of 2025, the company achieved revenue of 5.299 billion yuan, a year-on-year increase of 66.82%, and a net profit of 38.71 million yuan, marking a 136.71% increase and a turnaround from previous losses [1][5]. - The company's total assets reached 17.6 billion yuan by the end of June 2025, reflecting a year-on-year growth of 16.71% and setting a historical high [1][6]. - The company has shown a consistent trend of revenue growth and improving profitability, with revenues of 6.381 billion yuan, 6.531 billion yuan, and 7.805 billion yuan projected for 2022, 2023, and 2024 respectively [5]. Group 3: Research and Development - Defu Technology has invested a total of 546 million yuan in research and development over the past three and a half years, with R&D expenditures increasing each year, representing 1.73% to 2.35% of total revenue during this period [4][5]. - The company has successfully developed new products such as porous copper foil and atomized copper foil, which are now being tested and supplied to multiple downstream customers [5]. Group 4: Market Position and Capacity - The company's production capacity has reached 175,000 tons per year, placing it among the top tier in the domestic industry, with a continuously increasing market share [6]. - From 2020 to 2024, the company's total assets grew from 2.994 billion yuan to 14.88 billion yuan, a remarkable increase of 396.99% [6].

Core Viewpoint - Xianhe Co., Ltd. plans to invest 11 billion yuan to establish an integrated high-performance paper base new material project using bamboo pulp, aiming to enhance production capacity and reduce reliance on imported raw materials [1][2]. Investment Details - The investment will be executed in two phases, with each phase costing approximately 5.5 billion yuan, leading to a total investment of 11 billion yuan [1]. - Upon completion, the project is expected to add an annual production capacity of 800,000 tons of bamboo pulp and 1.2 million tons of high-performance paper base materials, generating an estimated annual output value of 5.15 billion yuan and tax revenue of about 450 million yuan, while creating around 2,000 jobs [1]. Strategic Rationale - The investment aims to extend the industrial chain, achieve raw material self-sufficiency, and control costs, addressing the current dependency on imported wood pulp, which poses risks to cost management and supply chain stability [2][5]. - In 2024, the daily consumer series, which includes specialty paper, is projected to account for 47.05% of total revenue, highlighting the critical need for stable raw material supply [2]. Financial Implications - The total investment of 11 billion yuan represents 136% of Xianhe's net assets for 2024, with a current debt-to-asset ratio of 65.11%, indicating potential financial strain from large-scale financing [7]. - The company plans to finance the first phase of 5.5 billion yuan in batches, adjusting based on future demand and market conditions [7]. Market Conditions - The bamboo pulp production capacity utilization rate is expected to be only 85% in 2024, raising concerns about the feasibility of absorbing the new production capacity without facing impairment risks [7]. - Xianhe Co. faces competitive pressures from peers like Qingshan Paper Industry, which is also expanding its bamboo pulp capacity, potentially leading to increased price competition in the industry [7][8].