Core Viewpoint - Sanfu New Science has made significant progress in the research and development of 3D composite current collectors for lithium batteries, aiming to accelerate the industrialization process and enhance market penetration in high-end manufacturing [1][4]. Group 1: Product Innovation - The newly launched 3D composite current collector features a "3D porous structure + flame-retardant fiber-based membrane," differing from traditional structures, and aims to improve battery energy density, charging rates, and safety [3]. - The technology is expected to enhance the performance of lithium batteries, making it suitable for high-end consumer electronics, power batteries, and specialized energy storage systems [3]. Group 2: Industrialization and Market Strategy - Sanfu New Science plans to expedite the application and implementation of the 3D composite current collector, having already received small batch orders from battery manufacturers [5]. - The company aims to lower costs in upstream raw materials and manufacturing processes while continuing to focus on technological innovation and R&D strength [5]. Group 3: R&D and Recognition - In 2025, the company achieved a successful trial production of the 3D composite current collector, marking a significant milestone in its industrialization journey [4]. - Sanfu New Science has been recognized for its advancements in surface engineering technology, winning the "First Prize for Scientific and Technological Progress" for its project on aluminum/magnesium/titanium alloy surface conversion films [6]. - The company has invested 32.9 million yuan in R&D in the first half of the year, representing 14.48% of its revenue, and holds 91 invention patents and 97 utility model patents as of June 2025 [7].

Core Viewpoint - Sanfu New Science has made significant progress in the research and development of 3D composite current collectors for lithium batteries, aiming to accelerate the industrialization process and enhance market penetration in high-end manufacturing [1][2][3]. Group 1: 3D Composite Current Collector Innovation - The 3D composite current collector was officially launched at a product release event, featuring a unique structure that combines a 3D porous design with a flame-retardant fiber-based membrane, differing from traditional metal-polymer-metal structures [2]. - This innovation improves key performance metrics such as energy density, charging rate, and safety, making it suitable for high-end consumer electronics, power batteries, and specialized energy storage systems [2]. - The technology is expected to enhance lithium battery performance and adapt to advanced applications like solid-state batteries and silicon-carbon anode batteries, supporting the evolution of traditional liquid lithium batteries and next-generation battery technologies [2]. Group 2: Industrialization and Market Demand - Sanfu New Science, established in 1997, focuses on surface engineering technology and has developed a range of environmentally friendly surface engineering chemicals and equipment, with applications across various industries [3]. - The company plans to begin trial production of the 3D composite current collector by November 2025 and is currently conducting sample tests with several leading clients, having already secured small batch orders from battery manufacturers [3]. - The ongoing demand for composite copper foil in the new energy sector is driving the acceleration of the industrialization process, with the company committed to reducing costs in upstream raw materials and manufacturing [3]. Group 3: R&D Investment and Achievements - Sanfu New Science has been recognized for its contributions to surface engineering, winning a first-class award for a project on surface conversion films for aluminum, magnesium, and titanium alloys, showcasing its technological advancements [4]. - The company emphasizes research and development as a primary productivity driver, having built a professional R&D team focused on various industries, including PCB, new energy, and aerospace [4][5]. - In the first half of the year, the company invested 32.9 million yuan in R&D, representing 14.48% of its revenue, and holds 91 invention patents and 97 utility model patents as of June 2025 [5].

Core Insights - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue at 342 million yuan, down 20.52% year-on-year, and a net loss of 29.05 million yuan, down 71.33% year-on-year [1] Group 1: Financial Performance - The decrease in revenue was primarily due to a substantial drop in equipment component sales, leading to a decline in gross profit from equipment sales [1] - The net loss widened because the previous year included gains from the transfer of subsidiary equity, which were not present in the current reporting period [1] - The company generated a positive net cash flow from operating activities of 22.82 million yuan, a turnaround from negative cash flow, attributed to improved collection of accounts receivable [1] Group 2: Business Development and Strategy - The company is deepening its technical layout in high-end PCB manufacturing, achieving breakthroughs in electroless copper plating and pulse plating technology for AI servers and smart automotive HDI multilayer boards [2] - A collaborative sales model combining "chemicals + equipment" is being implemented to drive the large-scale sales of electronic chemicals and equipment [2] - The company has established a strategic cooperation with an automotive parts surface treatment enterprise in Uzbekistan, marking a significant step in its international technical expansion [2] Group 3: Product Innovation and Market Position - The commercialization of new products has made progress, translating into orders and market advantages, with specialized chemicals being successfully applied in mainstream high-end production lines in the PCB sector [2] - In the new energy sector, the composite copper foil plating equipment is fully capable of mass production, and advanced 3D composite copper foil materials are undergoing testing with several leading battery manufacturers [2] - The company is actively conducting customer sampling and certification testing for its 3D composite copper foil products, with positive feedback reported from multiple downstream manufacturers [2]