南亚新材 20260228 摘要 近期铜价与电子电路铜箔加工费的变化趋势如何，供需格局与"量价齐升"的 表现是什么？ 本次对覆铜板行业的梳理主要聚焦哪些核心结论，覆铜板的定义、结构与在 PCB 制造中的功能是什么？ 覆铜板是 PCB 制造中最核心的原材料之一，产品结构通常以木浆纸或玻纤布等 作为增强材料，浸渍树脂后在单面或双面覆以铜箔，并通过热压成型。覆铜板 作为电子工业基础材料，主要用于后续加工制造 PCB 及各类印制电路板，需要 在覆铜板上完成蚀刻、钻孔、镀铜等工序，最终形成单层、双层或多层 PCB。 覆铜板在 PCB 制造中承担导电、绝缘与支撑三项核心功能，按大类可分为刚性 覆铜板与挠性覆铜板。 中国大陆覆铜板市场规模的历史与最新预测数据如何，覆铜板的下游应用结构 是什么？ 中国大陆市场正逐步成为全球覆铜板制造中心，2018 年以来市场规模呈稳步 增长趋势。2022 年中国大陆覆铜板市场规模为 694 亿元，预计 2023 年为 712 亿元。覆铜板经与电子元器件表面贴装后，广泛应用于通信、计算机、消 费电子、汽车电子、服务器等领域；其中通信约占 32%，计算机约占 24%， 消费电子约占 15%，汽车 ...

2月27日，中一科技跌5.01%，截至发稿，报46.04元/股，成交2.59亿元，换手率2.49%，总市值107.38亿 元。 资料显示，湖北中一科技股份有限公司位于湖北省云梦县经济开发区梦泽大道南47号，成立日期2007年 9月13日，上市日期2022年4月21日，公司主营业务涉及各类单、双面光高性能电解铜箔系列产品的研 发、生产与销售,下辖云梦、安陆两大电解铜箔生产基地。主营业务收入构成为：锂电铜箔78.92%，电 子电路铜箔20.67%，其他0.41%。 汇安量化优选A（005599）成立日期2018年7月26日，最新规模189.24万。今年以来收益22.76%，同类 排名260/8891；近一年收益27.39%，同类排名3515/8137；成立以来收益22.14%。 汇安量化优选A（005599）基金经理为王明路。 截至发稿，王明路累计任职时间116天，现任基金资产总规模3.01亿元，任职期间最佳基金回报 23.52%， 任职期间最差基金回报5.7%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以 ...

◎记者 王凯丰 临近春节，在逸豪新材无菌无尘的封闭式生产车间内，一条条自动化生产线正高速运转，工人们熟练地 操作着设备，开足马力完成订单。 "公司目前在手订单充足，铜箔产线持续处于满产状态。"逸豪新材总经理刘磊向上海证券报记者介绍， 公司是国内少数实现"铜箔—覆铜板—PCB"全产业链布局的企业，电解铜箔年产能位居行业前列。 近年来，随着AI服务器等应用领域的高速发展，铜箔下游需求稳步增长。刘磊表示，随着今年公司1万 吨高精度电解铜箔项目落地投产，公司将持续加码高端铜箔产能布局，充分发挥垂直一体化产业链的协 同效应，提升高附加值产品的比重，在新能源赛道加速卡位。 技术创新筑牢根基 产品矩阵适配市场需求 "当时全国铜箔企业不超过10家，逸豪新材便是其中之一。"刘磊介绍，成立于2003年的逸豪新材是国内 较早开展电子电路铜箔业务的企业，近年来构建起从电解铜箔、铝基覆铜板到印制电路板的全产业链布 局，并于2022年9月在创业板上市。 在高端铜箔领域，技术创新是企业核心竞争力的关键。作为行业内为数不多的具有PCB垂直一体化产业 链布局的企业，逸豪新材拥有电子电路铜箔、铝基覆铜板和PCB生产核心技术，形成了独特的技术协同 ...

Core Viewpoint - Jiangxi Tongbo Technology Co., Ltd. (Tongbo Technology), a provider of electrolytic copper foil solutions, has filed for an IPO on the Hong Kong Stock Exchange, with its profitability largely supported by government subsidies exceeding its pre-tax profits during the reporting period from 2023 to the first three quarters of 2025 [1][5]. Financial Performance - Tongbo Technology's revenues for the years 2023, 2024, and the first three quarters of 2025 were 3.163 billion, 3.212 billion, and 2.849 billion yuan respectively, indicating a growth trend [4]. - The company's profits and total comprehensive income for the same periods were 63.06 million, 20.58 million, and 41.71 million yuan, showing instability in profitability [4]. - Government subsidies and grants for 2023, 2024, and the first three quarters of 2025 were 57.11 million, 109 million, and 27.42 million yuan, significantly higher than the pre-tax profits of 73.20 million, 21.35 million, and 44.10 million yuan respectively [5]. Operational Efficiency - Despite a low gross margin, Tongbo Technology maintained profitability due to substantial government support, with operating expenses decreasing from 145 million yuan in 2023 to 76.60 million yuan in the first three quarters of 2025, representing a decline from 4.6% to 2.7% of total revenue [5][6]. Customer Dependency - The company has a high dependency on its largest customer, with revenues from the top five customers accounting for 85.8%, 87.3%, and 82.0% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [10]. - The first major customer accounted for 48.5%, 62.2%, and 58.0% of total revenue during the same periods, indicating significant reliance [10][11]. Shareholder Structure - The local state-owned assets supervision and administration commission in Fuzhou has invested in Tongbo Technology, holding approximately 3.4% of the company’s shares after a capital injection of 100 million yuan [7][8]. - Notably, Ningde Times is an indirect shareholder of Tongbo Technology through its investment in Yibin Chengdao, which holds about 3.1% of the company [12].

电解铜箔解决方案提供商江西铜博科技股份有限公司（以下简称铜博科技）近期递表港交所。记者注意 到，铜博科技在报告期内（2023年至2025年前三季度，下同）持续盈利背后，政府补助及补贴之和高于 除税前溢利之和。 在高额政府补助及补贴之外，铜博科技注册所在地抚州市的国资委也通过股权投资与铜博科技进一步捆 绑。铜博科技还给予了投资者多项特殊权利，部分投资者的特殊权利后续通过补充协议被终止，部分投 资者的特殊权利则要在满足特定条件后才将被终止。 此外，铜博科技在2024年和2025年前三季度对第一大客户的收入占比达到约六成，这样的依赖性也带来 了毛利率仅为个位数等问题。 持续盈利背后：政府补助及补贴整体高于除税前溢利 根据招股书，铜博科技是一家中国领先的电解铜箔解决方案提供商，主要从事高性能电解铜箔的设计、 研发、生产和销售，其产品主要包括锂电池铜箔和电子电路铜箔。 2023年、2024年、2024年前三季度和2025年前三季度，铜博科技的收入分别为31.63亿元、32.12亿元、 22.90亿元和28.49亿元，在报告期内保持了增长状态。不过，铜博科技在各年/期内的溢利及全面收益总 额分别为6305.7万元、205 ...

Group 1 - Zhongyi Technology's stock increased by 5.15%, reaching 41.25 CNY per share, with a trading volume of 304 million CNY and a turnover rate of 3.36%, resulting in a total market capitalization of 9.621 billion CNY [1] - The company, established on September 13, 2007, and listed on April 21, 2022, is located in Yunmeng County, Hubei Province, and specializes in the research, production, and sales of high-performance electrolytic copper foil products [1] - The main business revenue composition includes lithium battery copper foil at 78.92%, electronic circuit copper foil at 20.67%, and other products at 0.41% [1] Group 2 - Fuyong Fund has a significant holding in Zhongyi Technology, with Fuyong Fuxin Mixed A Fund (004794) holding 23,800 shares, accounting for 6.37% of the fund's net value, making it the second-largest holding [2] - The fund has generated an estimated floating profit of approximately 48,100 CNY today [2] - Fuyong Fuxin Mixed A Fund was established on February 13, 2018, with a current scale of 1.1148 million CNY, and has achieved a year-to-date return of 13.69% [2]

长江商报消息●长江商报记者 张璐 曾两度筹备A股创业板上市的江西铜博科技股份有限公司（下称"铜博科技"）转战港股，1月28日正式 递交港交所上市申请。 长江商报记者注意到，这家2016年成立、主营高性能电解铜箔的企业，此番赴港IPO之路暗藏多重经营 与财务风险，业绩增长背后的隐忧已逐步显现。 招股书显示，铜博科技业务高度依赖锂电铜箔，客户也高度集中。2023年—2025年前三季度（下称"报 告期"），公司营收稳步增长，但盈利端波动。2025年前三季度公司毛利率仅4.8%。 铜博科技流动性紧绷，资产负债率从2023年的115.7%攀升至2025年前三季度的172.7%。公司造血能力 承压，经营活动现金流自2024年起由正转负，2024年及2025年前三季度合计净流出达10.64亿元，期末 贸易应收款项达15.01亿元。 经营及财务的双重压力，让铜博科技的港股闯关之路充满了不确定性。 超八成营收依赖锂电铜箔 资料显示，铜博科技成立于2016年，专注于高性能电解铜箔的设计、研发、生产和销售。李衔洋、李思 洋兄弟二人及珠海鑫岩（由李思洋控制的有限合伙企业）共同有权行使该公司已发行股本总额约71.1% 的投票权，并被视 ...

在新能源汽车渗透率持续提升、储能产业加速扩张、5G/6G通信技术快速迭代的产业浪潮中，电解铜箔作为锂电池与印刷电路板的核心基础材料，市场需求 迎来快速增长。高性能电解铜箔的技术门槛与供应稳定性，已成为产业链上下游关注的核心焦点。 在此行业风口下，中国领先的电解铜箔解决方案提供商铜博科技，于1月28日正式向港交所主板递交上市申请，拟通过上市募资进一步巩固市场地位。这家 深耕行业近十年的企业，既手握技术与客户资源的核心优势，也面临着行业周期与财务结构的多重考验。 中国高性能锂电铜箔第二大生产商 招股书显示，铜博科技成立于2016年，公司是一家电解铜箔解决方案提供商，专注于高性能电解铜箔的设计、研发、生产和销售。根据弗若斯特沙利文的资 料，2024年按销量计，公司是中国第九大电解铜箔生产商，市场份额约为4%。按2024年销售量计算，公司亦是中国高性能锂电铜箔第二大生产商，市场份 额为13%。 | 排名 | 公司 | 銷量 (千噸) | | --- | --- | --- | | 1 | 公司D | 24.8 | | 2 | 本公司 | 22.6 | | 3 | 公司B | 19.3 | | 4 | 公司A | 17 ...

1月28日，江西铜博科技股份有限公司（简称"铜博科技"）向港交所递交上市申请书。财务数据显示，2024年及2025年前三季度，公司在经营活动中产生 净现金流出，分别为7.15亿元、3.49亿元，而2023年为产生净现金流入1.06亿元。 国内第九大电解铜箔生产商 招股书显示，铜博科技是一家电解铜箔解决方案提供商，专注于高性能电解铜箔的设计、研发、生产和销售。根据弗若斯特沙利文的资料，按2024年销量 计，公司是中国第九大电解铜箔生产商，市场份额约为4%。 来源：招股书 曾撤回IPO辅导备案 过去几年，铜博科技的资本动作频频。 据披露，铜博科技的产品组合包括两大核心类别：一是标准及高性能锂电池铜箔，作为锂离子电池中不可或缺的负极集流体；二是电子电路铜箔，用于生 产印刷电路板（PCB）和覆铜板（CCL）。 铜博科技的收入主要来自销售各类铜箔产品，即锂电池铜箔及电子电路铜箔。2023年、2024年以及2025年前三季度，公司销售铜箔的收入分别占总收入的 99.3%、99.7%及99.6%，销售锂电铜箔的收入分别占公司同期总收入的89.1%、88.8%及86.8%。 财务数据显示，铜博科技毛利率水平存在一定的波动。据 ...

Summary of Zhongyi Technology Conference Call Company Overview - Zhongyi Technology primarily engages in the production of electrolytic copper foil, with products categorized into lithium battery copper foil and electronic circuit copper foil. Major clients include CATL, BYD, and Envision AESC for lithium battery copper foil, and Shengyi Technology, Founder, and Nanya for electronic circuit copper foil [3][4]. Key Points and Arguments Production Capacity and Utilization - The nominal production capacity is 55,500 tons, with utilization rates exceeding 100% in recent years. In 2025, shipments reached 61,000 tons, and 2026 shipments are projected to reach 69,000 tons, including 53,500 tons of lithium battery copper foil and 14,200 tons of electronic circuit copper foil [2][3][10]. - A new high-end electronic circuit foil production line with a capacity of 10,000 tons is expected to start shipments in Q1 2026, although actual output may be slightly below expectations due to equipment debugging challenges [10][12]. Financial Performance - The estimated profit for 2025 is between 60 million and 80 million yuan. In Q4 2026, the total shipment was approximately 19,000 tons, generating a profit of around 30 million yuan, with non-recurring gains primarily from government subsidies and financial investments [2][8][4]. - The net profit forecast, excluding non-recurring gains, is between 25 million and 35 million yuan for Q4 2026 [8]. Pricing and Cost Structure - Processing fees increased in Q1 2026, particularly for small clients and high-end products, rising by approximately 4,000 to 5,000 yuan. The overall increase is not significant, with limited changes from Q3 to Q4 [6][9]. - Price increases for lithium battery foil are concentrated between 2,000 to 5,000 yuan per ton, with 70% of business from lithium foil and 30% from standard foil, maintaining similar net profit per ton [9][10]. Technological Innovations - Zhongyi Technology is collaborating with Huazhong University of Science and Technology to develop self-generating negative electrode technology, which features a 3D skeletal structure suitable for solid-state, semi-solid, and liquid batteries. This technology is expected to replace silicon-carbon and lithium metal electrodes due to its high energy density, safety, and long cycle life [2][5]. Market Strategy and Client Development - The company is actively expanding its high-end PCB client base, with core clients including Taiguang, Shengyi, and Nanya New Materials. New clients targeted for 2026 include Guanghe and Shenghong [13]. - The company is also exploring various acquisition opportunities, focusing on targets with strong profitability and technological capabilities that align with its core business [11][22]. Future Outlook - For 2026, the company anticipates a total shipment of 80,000 tons, with 55,000 tons of lithium foil and 25,000 tons of electronic circuit foil. The production target is set conservatively, with potential for actual output to exceed 60,000 tons [10][19]. - The company does not foresee significant reductions in costs, such as electricity prices or equipment depreciation, in the near term [21]. Industry Dynamics - The price increases in the industry are attributed to changes in supply and demand dynamics, with a recovery in industry sentiment following previous price declines [17]. - Copper price fluctuations impact Zhongyi Technology's business, as most client orders are priced based on current copper prices plus processing fees. The company does not stockpile raw materials or engage in futures market hedging [24]. Solid-State Battery Developments - Progress in solid-state lithium metal negative electrode technology remains limited, but the company continues to monitor developments closely [25]. Additional Important Information - The self-generating negative electrode technology's product price guidance remains unchanged at approximately 30 yuan per square meter, which is higher than existing copper foil prices [15]. - The thickness of the copper-lithium alloy layer in the self-generating negative electrode technology is adjustable based on performance requirements, with no standardized thickness currently established [14].