Summary of Conference Call on Tongguan Copper Foil Company Overview - The company has a total copper foil production capacity of 80,000 tons, with 35,000 tons for PCB film and 45,000 tons for lithium battery copper foil [2][23] - In 2024, the total shipment volume was 54,000 tons, with approximately 55% being PCB film [1][2] Key Points and Arguments - **Product Structure Optimization**: The proportion of high-end, high-frequency, and high-speed copper foil in PCB film increased from 25% in 2024 to 30% in 2025, indicating ongoing product structure optimization [1][2] - **Production Capacity and Transition**: The company plans to transition 20,000 tons of lithium battery copper foil capacity to high-frequency and high-speed RTF or HVLP fields, with the first production line expected to be delivered by the end of June [1][2] - **Market Demand**: Downstream customers plan to purchase fourth-generation HVLP copper foil in Q4 2025, although there are currently no orders for the fourth-generation products [1][4] - **Profitability Challenges**: The average processing fee for lithium battery copper foil is approximately 15,000 yuan/ton, but the company has not yet achieved breakeven [7][22] - **Gross Margin Insights**: RTF copper foil has a gross margin of several thousand yuan per ton, while HVLP gross margin details were not disclosed. HTE copper foil is at a micro-margin level, and lithium battery copper foil is currently at a negative margin [1][22] Industry Dynamics - **Production Challenges**: HVLP production faces challenges in surface roughness control and subsequent processing techniques, including coupling agents and sulfurization [8][21] - **Market Position**: The company ranks third in domestic copper foil PCB shipment volume and first in the domestic KTV copper foil segment [23] - **Future Projections**: PCB copper foil shipment volume is expected to reach 35,000 tons in 2025, with the potential for increased total volume due to the transition of lithium battery copper foil [3][12] Additional Important Information - **Order Trends**: Orders for HVRP products are continuously increasing, and the company plans to accelerate production adjustments to increase RDF and HLV synchronous production [3][19] - **Customer Base**: Major customers for lithium battery copper foil include BYD, while PCB film customers are primarily leading Taiwanese CCL manufacturers [2][23] - **Production Equipment**: The company relies on imported surface treatment equipment, with a procurement cycle of over a year, plus additional time for customs clearance and installation [21] Conclusion The company is strategically optimizing its product offerings and transitioning production capacities to meet market demands, despite facing profitability challenges and production difficulties. The outlook for HVLP products appears promising, with anticipated growth in market share and production capabilities.

Core Viewpoint - 德福科技 reported significant growth in revenue and net profit for Q1 2025, indicating a strong recovery and operational improvement compared to the previous year [1][2]. Financial Performance - The company's revenue for Q1 2025 was 2.501 billion yuan, a year-on-year increase of 110.04% [1]. - The net profit attributable to shareholders was 18.2 million yuan, up 119.21% from the previous year [1]. - The net profit after deducting non-recurring gains and losses was 5.89 million yuan, reflecting a growth of 105.66% [1]. - Basic earnings per share were 0.03 yuan, compared to a loss of 0.21 yuan in the same period last year, marking a 114.29% improvement [1]. Profitability Metrics - The gross margin for the company was 6.47%, an increase of 9.57 percentage points year-on-year [2]. - The net profit margin was 1.25%, up 12.65 percentage points compared to the same period last year [2]. Expense Analysis - Total operating expenses for the period were 164 million yuan, an increase of 45.8 million yuan year-on-year [2]. - The expense ratio was 6.56%, a decrease of 3.37 percentage points from the previous year [2]. - Sales expenses increased by 39.53%, management expenses rose by 11.13%, R&D expenses grew by 43.53%, and financial expenses surged by 55.34% [2]. Company Background - 德福科技, established in 1985, specializes in the research, production, and sales of high-performance electrolytic copper foil [5]. - The company was listed on August 17, 2023 [5]. Executive Compensation - The total compensation for the general manager, 罗佳, in 2024 was 2.866 million yuan, which is higher than the chairman's compensation of 2.67 million yuan, reflecting a 26.81% increase from 2023 [4].

Group 1 - The company approved a guarantee limit of up to 1.6 billion yuan for the year 2025, with a specific limit of 500 million yuan for Baotou Chang Aluminum [1] - The financing lease business is authorized for a total amount not exceeding 500 million yuan, with the ability to use the amount cyclically within the authorized period [2] - Baotou Chang Aluminum signed a financing lease contract with Jiangsu Financial Leasing Co., Ltd. for a principal amount of 100 million yuan, with a lease term of 24 months [2][3] Group 2 - The company holds 100% equity in Baotou Chang Aluminum, which has total assets of approximately 1.88 billion yuan and net assets of approximately 694.79 million yuan as of March 31, 2025 [7] - Baotou Chang Aluminum reported a total revenue of approximately 899.16 million yuan for the first quarter of 2025, with a net loss of approximately 14.82 million yuan [7] - The company has no overdue guarantees and has provided guarantees only within the scope of consolidated financial statements [8]

Key Points - Juhua Co., Ltd. expects a net profit of 1.97 billion to 2.13 billion yuan for the first half of 2025, representing a year-on-year increase of 136% to 155% [1] - The main reasons for the significant profit growth include the continuous recovery in the prices of fluorinated refrigerants and stable growth in production and sales of core products [2] - Haida Group anticipates a net profit of 2.5 billion to 2.8 billion yuan for the first half of 2025, reflecting a year-on-year increase of 17.64% to 31.76% [3][4] - Huagong Technology expects a net profit of 890 million to 950 million yuan for the first half of 2025, indicating a year-on-year growth of 42.43% to 52.03% [5][6] - Yun Aluminum Co., Ltd. forecasts a net profit of 2.7 billion to 2.8 billion yuan for the first half of 2025, showing a year-on-year increase of 7.19% to 11.16% [7][8] - Saint Farm anticipates a net profit of 850 million to 950 million yuan for the first half of 2025, representing a year-on-year increase of 732.89% to 830.88% [13] - Dinglong Co., Ltd. expects a net profit of 290 million to 320 million yuan for the first half of 2025, reflecting a year-on-year increase of 33.12% to 46.9% [14] - Yuxiu Capital forecasts a net profit of 1.473 billion to 1.575 billion yuan for the first half of 2025, indicating a year-on-year growth of 45% to 55% [15] - Haohua Technology expects a net profit of 590 million to 650 million yuan for the first half of 2025, representing a year-on-year increase of 59.30% to 75.50% [16] - Huace Navigation anticipates a net profit of 320 million to 335 million yuan for the first half of 2025, indicating a year-on-year growth of 27.37% to 33.34% [18] - Dajin Heavy Industry expects a net profit of 510 million to 570 million yuan for the first half of 2025, reflecting a year-on-year increase of 193.32% to 227.83% [20] - Shandong Steel anticipates a net profit of approximately 12.71 million yuan for the first half of 2025, marking a turnaround from loss to profit [22]

Core Viewpoint - The company, Jia Yuan Technology, has announced its plans for solid-state battery copper foil production, projecting an output of approximately 100 tons by 2025, which will represent about 0.1% of its total output [1] Group 1: Product Development - The company has developed high specific surface area copper foil and double-sided nickel-plated copper foil for semi/full solid-state batteries [1] - Some of these products have already achieved mass and small batch supply [1] - The company has sent samples of its copper foil products for solid-state batteries to multiple enterprises for testing and has obtained preliminary results [1] Group 2: Strategic Partnerships - In addition to mass supply and sample testing, the company has established strategic agreements with several clients to jointly develop next-generation copper foil products for solid-state batteries [1]

Group 1 - The "You Point, I Help" initiative by Anhui Province's market regulation department aims to enhance product quality through a structured support model involving enterprises, regulatory bodies, and technical experts [1][2] - As of June, the initiative has assisted 1,301 enterprises, resolving 401 quality issues and contributing approximately 340 million yuan to industrial output [1] - The initiative has led to significant technological breakthroughs, such as the development of new products with improved performance characteristics in the copper industry [1] Group 2 - The program allows industrial product manufacturers to submit quality assistance requests through both online and offline channels, ensuring that the most pressing quality issues are addressed [2] - Anhui Province has promoted mutual assistance among enterprises, with 62 industrial product manufacturers participating in this initiative to enhance quality through collaboration [2] - Future efforts will focus on increasing awareness and effectiveness of the "You Point, I Help" program and encouraging enterprise collaboration to further improve product quality [2]

| | √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系活动类 | | | 别 | □新闻发布会 □路演活动 | | | √现场参观 □电话会议 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 信达证券股份有限公司 | | 时间 | 年 月 日 2025 7 8 | | 地点 | 广东和胜工业铝材股份有限公司 | | 上市公司 | 董事会秘书：李江 | | 接待人员姓名 | 投资者关系主管：成雨萱 | | | 1、公司目前在新能源业务和消费电子业务上的资源分 | | | 配策略是怎样的？未来是否会根据市场变化调整侧重 | | | 方向？ | | | 答：公司始终坚持消费电子和新能源业务"双轮驱 | | | 动"战略，致力于推动高端工业铝合金材料在新能源和消 | | | 费电子行业的应用。公司紧抓新能源汽车行业增长红利 | | 投资者关系活动主 | 和消费电子行业产品迭代的历史机遇，续开拓市场，巩 | | 要内容介绍 | 固和扩大市场份额。一方面，公司将深化与现有战略客 | | | 户之间的合作，配合战略客户完成新项目、新产品开发， ...

Core Insights - Tongling, a city in Anhui province, is a significant hub for the copper industry in China, with its copper-based new materials industry generating over 70 billion yuan in output value last year [2] - The "Vibrant China Research Tour" highlighted the advancements in the copper industry, focusing on the full industrial chain from copper wire production to innovative applications [2][21] Company Highlights - Jingda Special Electromagnetic Wire Co., Ltd. is the leading company in China's special electromagnetic wire sector, holding a 35% share of the global market [4] - The company has transitioned from serving household appliances to becoming a champion in the special electromagnetic wire industry, with new products being developed for future industries like smart robotics [13] - Jin Guan Copper Industry, part of Tongling Nonferrous Metals Group, is the largest single copper smelting plant in China, actively implementing smart technology to enhance efficiency and promote green development [9][21] Industry Developments - The copper industry in Tongling is undergoing a transformation through innovation, focusing on sustainable practices and energy efficiency [20] - The production facilities are equipped with advanced technology, allowing for real-time monitoring and improvements in production processes [7][9] - The industry is increasingly connected to market demands and research, facilitating the integration of new production capabilities [7]

Group 1 - The State Intellectual Property Office of China has granted a patent for a "sintering device and method for cathode materials" to several companies including Guangdong Bangpu Recycling Technology Co., Ltd. and Hunan Bangpu Recycling Technology Co., Ltd. [1] - Guangdong Bangpu Recycling Technology Co., Ltd. was established in 2005, located in Foshan, with a registered capital of 1,474.7326875 million RMB. The company has invested in 13 enterprises and participated in 105 bidding projects, holding 2,366 patents and 326 administrative licenses [1]. - Hunan Bangpu Recycling Technology Co., Ltd. was founded in 2008, located in Changsha, with a registered capital of 60 million RMB. The company has invested in 3 enterprises and participated in 93 bidding projects, holding 2,354 patents and 233 administrative licenses [1]. Group 2 - Hunan Bangpu Automotive Recycling Co., Ltd. was also established in 2008, located in Changsha, with a registered capital of 53.13 million RMB. The company has invested in 1 enterprise and participated in 29 bidding projects, holding 644 patents and 36 administrative licenses [2]. - Ningde Bangpu Recycling Technology Co., Ltd. was established in 2019, located in Ningde, with a registered capital of 1,290 million RMB. The company has participated in 20 bidding projects, holding 63 patents and 331 administrative licenses [2].

Core Viewpoint - Longyang Electronics is currently engaged in product validation and testing of its HVLP5 grade copper foil with customers, focusing on high-end market segments [1] Company Summary - Longyang Electronics (301389.SZ) is not competing in the HVLP3 grade copper foil market and below, as its production process does not have a cost advantage in this segment [1] - The company has a competitive edge in producing ultra-thin and ultra-flat copper foil, which is why it has chosen to enter the market starting with HVLP5 grade products [1] Industry Summary - The primary competitors in the HVLP5 copper foil market are mainly Japanese companies, indicating a competitive landscape dominated by established players [1]