德福科技近期资本运作频繁，一方面计划通过定增募资19.3亿元，另一方面却出现重要股东大幅减持，这种"一边定增、一边减持"的现象引人关注。 德福科技于 2025 年 9 月 16 日披露定增预案，拟发行不超过 1.89 亿股，募资 19.3 亿元，其中 14.3 亿元用于收购卢森堡铜箔 100% 股权，2 亿元用于电子化学品项目，3 亿元补 从减持情况看，自2024年以来，公司多家原始股东陆续减持套现。根据公开数据，LG化学在2024年三、四季度和2025年一季度合计减持德福科技1284万股股份；赣锋锂业也于2024年三季度、 8月22日，德福科技合并持股5%以上股东九江富和建设投资集团有限公司及其一致行动人九江昆泰股权投资基金管理有限公司-九江德福股权投资中心（有限合伙），计划自本公告披露之日起 值得注意的是，很多减持行动多数发生在德福科技股价大幅上涨之后。数据显示，德福科技2025年以来股价涨幅高达170%，尤其在6月20日至8月13日期间累计上涨172.99% 责任编辑：AI观察员 9月25日，德福科技实际控制人马科也宣布高位减持套现。德福科技控股股东、实际控制人、董事马科直接持有公司股份 192，588 ...

MACD金叉信号形成，这些股涨势不错！ 责任编辑：AI观察员 值得关注的是，进取管理公司是福莱新材控股股东及实际控制人夏厚君实际控制的公司，是实控人一致 行动人。进取管理公司此次减持完毕后，公司实控人和一致行动人进取管理公司的持股比例降至50%以 下。 此次减持并非孤立事件，而是2025年以来一系列减持行为的最新表现。更引人关注的是，公司董事及高 管也加入了减持行列。2025年4月，公司董事涂大记、李耀邦、聂胜和高级管理人员毕立林因"个人资金 需求"宣布减持计划，随后在6月份，这些高管顺利完成减持，累计套现超过5380万元。 这种定增与减持并行的现象引发了市场对公司资本运作策略合理性的质疑。从表面看，公司宣称定增是 为了扩大业务规模、推动产业升级，但重要股东和高管的连续减持行为却似乎传递出另一种信号——内 部人对公司当前估值或未来前景可能存在保守判断。 深入分析时间线可以发现，福莱新材在资本运作节奏把握上显得颇为巧妙。公司股价近一年来表现强 劲，累计上涨398%（从去年9.24行情至今年9.24），接近4倍，这为股东减持创造了有利的市场环境。 与此同时，公司选择在股价高位时推出定增计划，有利于以较小稀释度募集 ...

Core Viewpoint - Defu Technology is undergoing significant capital operations, including a planned private placement to raise 1.93 billion yuan while simultaneously witnessing substantial share reductions by major shareholders, raising concerns about the implications of this "simultaneous placement and reduction" phenomenon [1][3]. Group 1: Capital Operations - Defu Technology plans to issue up to 189 million shares in a private placement to raise 1.93 billion yuan, with 1.43 billion yuan allocated for acquiring 100% equity of a Luxembourg copper foil company, 200 million yuan for electronic chemical projects, and 300 million yuan for working capital [1]. - The private placement price will not be lower than 80% of the average stock price over the 20 trading days prior to the pricing date, which sets a lower limit of approximately 28.32 yuan per share based on the current stock price of 35.4 yuan [1][3]. Group 2: Shareholder Reductions - Since 2024, several original shareholders have been reducing their stakes, with LG Chem reducing 12.84 million shares and Ganfeng Lithium reducing nearly 2.3 million shares [1]. - In July 2025, Gansu Tuozhen Equity Investment Fund and its concerted parties announced plans to reduce up to 21.44 million shares, representing 3.4% of the total share capital, potentially cashing out around 527 million yuan at a stock price of 24.6 yuan [1]. Group 3: Stock Performance and Market Reaction - Defu Technology's stock price has surged by 170% since the beginning of 2025, with a notable increase of 172.99% from June 20 to August 13 [2]. - The simultaneous high-level reductions by shareholders and the upcoming private placement may indicate that the current stock price is overvalued, as the significant price increase has prompted investors to seek optimal exit strategies [3]. Group 4: Financial Performance - In the first half of the year, Defu Technology reported revenue of 5.299 billion yuan, a year-on-year increase of 66.82%, and a net profit attributable to shareholders of 38.71 million yuan, marking a turnaround from previous losses [4]. - Despite the apparent improvement in performance, the company has reported negative net cash flow from operating activities for several consecutive years, indicating insufficient actual cash generation capacity [4].