Group 1: 嘉元科技 - Shipment target for 2026 is 17wt, with expected capacity of 13-14wt by the end of 2025, considering cautious expansion due to current profits [1] - Solid copper foil shipments are projected at approximately 100t in 2025 and 1kt in 2026 [1] - Single order prices have increased by 1-2k, while long-term contracts with major clients have not yet adjusted; net profit per ton is expected to be 2-3k next year, potentially higher if price increases are realized [1] Group 2: 中一科技 - Lithium battery and electronic shipments are targeted at 6wt+ and 1-1.5wt for 2025, with 6-6.5wt and 2wt for 2026; current capacities are 4wt and 1.5wt [1] - Price increases of 1-2k have been implemented for small clients, while major clients' prices are determined through semi-annual bidding; a planned price increase of 2k is expected in December [1] - The company aims to establish a self-generated negative electrode pilot line by mid-2026 [1] Group 3: 诺德股份 - Monthly shipments have increased from 5-5.5kt before August to 6k in September and 7kt in October, with projections of 8kt+ in November and December [1] - Total capacity is currently 14wt, with an expected increase of 1.5wt next year; price increases are anticipated due to supply-demand gaps [1] - High-end products, particularly 4.5μm, accounted for over 60% in H1 2025 and are expected to exceed 70% currently [1] Group 4: 天际股份 - Shipment target for next year is over 5wt, with current shipments between 3.8w-3.9wt and monthly shipments around 3.8-4k [2] - Some core clients have accepted monthly price negotiations, with December prices expected to be no lower than 15w [2] - Lithium sulfide production is expected to reach 20-30 tons next year, with a unit price exceeding 200w [2] Group 5: 安达科技 - Shipment targets are set at 11wt for 2025 and 15wt for 2026, with full production expected by Q1 2026 [2] - The company plans to finalize pricing for H1 2026 by mid-December, with small clients currently paying 2-3k more than large clients [2] - Expected processing fee for iron lithium in 2026 is around 1.6w, with a price increase of 2k anticipated [2] Group 6: 英联股份 - A procurement agreement for composite aluminum foil for solid-state applications has been signed, with expected production of 2kw in 2026 and 3kw in 2027 [2] - The total value of the agreement is estimated at 3-4 billion, with the first batch expected to ship in December [2] - The lithium metal negative electrode production line is set to begin installation in December, with plans for batch product supply by Q1 2026 [2]

Core Viewpoint - Baoding Technology (002552) has demonstrated strong financial performance in Q3 2025, driven by its dual business model of "electronic materials + gold mining," which provides robust growth momentum [1][5][6] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 2.172 billion yuan, a year-on-year increase of 3.13%, and a net profit of 539.425 million yuan, up 28.02% [1] - In Q3 2025, revenue reached 777 million yuan, reflecting a year-on-year growth of 24.16%, while net profit surged to 29.936 million yuan, marking an impressive increase of 183.45% [1] Business Segments - The company operates in two main sectors: electronic materials, including electronic copper foil and copper-clad laminates (CCL), and gold mining [2][3] - Baoding Technology's subsidiary, Jinbao Electronics, is one of the few domestic companies with integrated capabilities in the design, R&D, and production of electronic copper foil and CCL, establishing itself as a key supplier in the PCB industry [2] - The electronic materials segment is expected to generate revenue of 2.529 billion yuan in 2024, a growth of 7.27% [2] Market Trends - The global PCB market for servers and data storage is projected to grow significantly, with an expected market size of 10.916 billion USD in 2024, up 33.1%, and a compound annual growth rate (CAGR) of 11.6% from 2024 to 2029 [1] - The rising demand for data centers and servers, driven by the AI development wave, is expected to bolster the company's electronic materials business [5] Gold Mining Operations - Baoding Technology's subsidiary, Hexi Gold Mine, has completed the first phase of its resource integration project, which is now in production with an annual capacity of 300,000 tons [3] - The gold mining segment is projected to achieve revenue of 334 million yuan in 2024, a year-on-year increase of 27.43%, with a gross margin of 54.91% [4] - The company benefits from a strong gold market, with predictions of gold prices reaching 4,980 USD per ounce in the next 12 months, a 27% increase from current levels [4] Strategic Outlook - The dual business model of electronic materials and gold mining is expected to enhance Baoding Technology's profitability and competitive edge in high-growth sectors [5][6] - The company's integrated approach in the electronic materials sector and the expansion of its gold mining operations are anticipated to provide sustained revenue growth and profitability [6]

Core Viewpoint - Baoding Technology's subsidiary Hexi Gold Mine has completed the construction acceptance of its resource integration and development project, which will enhance gold production capacity and revenue, positively impacting the company's profitability and competitive strength [1][3] Group 1: Gold Mining Operations - The Hexi Gold Mine has received a safety production license for an annual output of 300,000 tons, marking the project’s entry into formal production [1] - The mine's gold reserves are substantial, with a total ore volume of 1.6017 million tons corresponding to 4.54 tons of gold metal, and a resource volume of 3.865 million tons corresponding to 10.96 tons of gold metal, indicating a solid resource foundation [3] - The average ore grade is 2.84 grams per ton, and the company is expected to quickly release its production capacity of 300,000 tons per year following the safety license issuance [3] Group 2: Financial Performance - The precious metals sector is experiencing high demand, with Baoding Technology's mining operations projected to generate revenue of 334 million yuan in 2024, a year-on-year increase of 27.43%, and a gross margin of 54.91%, up 15.16% [2] - In the first half of 2025, the mining segment is expected to achieve revenue of 175 million yuan, reflecting a year-on-year growth of 20.09% and a gross margin of 61.57%, indicating continuous improvement in profitability [2] Group 3: Market Trends and Price Projections - International gold prices have surged, with forecasts from major banks predicting prices could reach $5,000 per ounce by 2026, driven by ongoing macroeconomic support factors [2] - The price of gold futures reached a historical high of $4,390 per ounce, with a cumulative increase of over 10% in October alone, and a year-to-date increase of 60% [1][2] Group 4: Diversification and Technological Advancements - Baoding Technology's growth is not limited to precious metals; its subsidiary Jinbao Electronics is also experiencing significant growth due to the demand for electronic copper foil and printed circuit boards (PCBs) in emerging industries [4] - The company has completed the construction of a 2,000 tons per year high-frequency copper foil project, which is expected to enhance its profitability in the high-end materials sector [4][5] - Jinbao Electronics has established a strong technological foundation with over 30 major national and provincial projects, enhancing its position as a core supplier in the PCB industry [4]

Investment Rating - The report gives a "Buy" rating for Tongling Nonferrous Metals Group Co., Ltd. with a target price of 6.14 CNY per share based on a 15x PE for 2026 [1][4]. Core Views - The company is expected to see significant growth in its resource self-sufficiency rate due to the production ramp-up of the Mirador Phase II project, enhancing profitability [2][14]. - The processing segment is targeting high-end markets, with a product structure moving towards high-end development, supported by five major copper processing bases [2][67]. Summary by Sections Financial Performance - Revenue is projected to grow from 137.45 billion CNY in 2023 to 182.07 billion CNY in 2027, with a CAGR of approximately 18.7% from 2024 to 2025 [3]. - Net profit is expected to increase from 26.99 billion CNY in 2023 to 57.32 billion CNY in 2027, reflecting a significant growth rate of 54.1% in 2026 [3][13]. Resource Segment - The self-sufficiency rate is expected to rise to 10.3% in 2025, 12.0% in 2026, and 15.4% in 2027, driven by the Mirador Phase II project [10]. - The company produced 176.80 thousand tons of cathode copper in 2024, with a self-sufficiency rate of 8.8%, a notable increase from 2022 [2][49]. Processing Segment - The company has established a comprehensive processing capability for copper materials, including rods, wires, cables, sheets, and foils, with a focus on high-end markets [2][67]. - The production capacity for electronic copper foil is projected to reach 80 thousand tons per year by the end of 2024, with specific capacities for PCB and lithium battery copper foils [2][67]. Valuation and Target Price - The report compares Tongling Nonferrous with peers like Zijin Mining and Luoyang Molybdenum, concluding a target price of 6.14 CNY per share based on a 15x PE for 2026 [17].

Core Viewpoint - Baoding Technology (002552) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 1.395 billion yuan, a decrease of 5.77% year-on-year [1] - Net profit attributable to shareholders was 21.98 million yuan, down 78.29% year-on-year [1] - The gross profit margin was 14.23%, an increase of 2.35% year-on-year, while the net profit margin plummeted to 0.72%, a decrease of 90.43% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 110 million yuan, representing 7.87% of revenue, an increase of 13.83% year-on-year [1] - Earnings per share dropped to 0.05 yuan, a decline of 79.17% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable accounted for 337.19% of the latest annual net profit, indicating a large volume of outstanding payments [1] - Operating cash flow per share was -0.48 yuan, a decrease of 229.76% year-on-year, highlighting cash flow challenges [1] Changes in Key Financial Metrics - Cash and cash equivalents decreased by 5.31% due to a reduction in bank deposits [11] - Accounts receivable increased by 15.48% primarily due to an increase in receivables from Jinbao Electronics [2] - Inventory rose by 12.68%, also attributed to Jinbao Electronics [2] - Interest-bearing liabilities increased by 31.61%, with short-term borrowings up by 7.61% and long-term borrowings up by 33.84% [4] Revenue Breakdown - Revenue from copper-clad laminate business decreased by 8.97%, while electronic copper foil revenue increased by 5.74% and finished gold business revenue grew by 20.18% [6] Expense Analysis - Sales expenses surged by 39.69%, driven by increased costs at Jinbao Electronics [7] - Financial expenses rose by 21.02%, while management expenses decreased by 4.68% [8] Tax and Investment Insights - Income tax expenses decreased by 45.51% due to reduced tax liabilities at the parent company [9] - Research and development expenses increased by 7.27%, reflecting higher direct material costs [9] Historical Performance Context - The company's historical financial performance has been weak, with a median Return on Invested Capital (ROIC) of 2.21% over the past decade and two years of losses since its listing [12]

Group 1 - The stock price of Tongguan Copper Foil is 30.57 yuan, down 2.11 yuan from the previous trading day [1] - The stock opened at 32.40 yuan, reached a high of 33.42 yuan, and a low of 30.31 yuan, with a trading volume of 486,438 hands and a transaction amount of 1.526 billion yuan [1] - Tongguan Copper Foil is primarily engaged in the research, production, and sales of electronic copper foil, which is widely used in the electronic information and new energy sectors [1] Group 2 - On August 21, the stock experienced rapid fluctuations, with a rebound of over 2% within 5 minutes at 9:35 AM, followed by a decline of over 2% within 5 minutes at 9:40 AM [1] - Data shows that on August 21, the net outflow of main funds from Tongguan Copper Foil was 161.18 million yuan, accounting for 0.64% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds reached 233.06 million yuan, representing 0.92% of the circulating market value [1]

Fundraising Overview - The company raised a total of RMB 357,927.46 million by issuing 20,725.39 million shares at a price of RMB 17.27 per share, with actual funds received amounting to RMB 343,012.47 million after deducting issuance costs of RMB 14,914.99 million [1][2] - As of June 30, 2025, the company has utilized RMB 283,923.15 million of the raised funds, leaving a balance of RMB 60,389.39 million [2][5] - The company earned a total of RMB 5,183.21 million in interest and RMB 5,213.50 million in investment income from the special account for the raised funds, with a total balance of RMB 70,786.10 million in the account as of June 30, 2025 [2][5] Fund Management - The company has established a fundraising management system to ensure the proper storage, use, and supervision of the raised funds, adhering to principles of regulation, safety, efficiency, and transparency [3][4] - The company signed tripartite and quadripartite supervision agreements with its sponsor and banks to manage the raised funds in dedicated accounts [4] Fund Utilization - The company has invested RMB 263,923.15 million into relevant projects as of June 30, 2025, with no changes in the implementation location or method of the fundraising projects [5][6] - The company approved the use of RMB 5,636.08 million of raised funds to replace pre-invested self-raised funds for fundraising projects [7] - As of June 30, 2025, the company has not used idle raised funds to temporarily supplement working capital [8] Surplus and Excess Fund Usage - The company has permanently supplemented working capital with surplus funds amounting to RMB 25,419.90 million from a completed project [8] - The company has used part of the excess funds, totaling RMB 66,900.00 million, to permanently supplement working capital and for electronic copper foil construction projects [9][10] Profit Distribution - The company proposed a mid-year profit distribution plan to distribute cash dividends of RMB 0.2 per 10 shares, totaling RMB 16,520,312.88 million, with no stock dividends or capital reserve transfers [26][49] - The company reported a net profit of RMB 3,495.40 million for the first half of 2025, with retained earnings of RMB 36,088.38 million [53][54] Board and Supervisory Meetings - The company held board and supervisory meetings on August 15, 2025, to review and approve the mid-year report, profit distribution plan, and fundraising usage report [21][41][47] - All resolutions were passed unanimously, indicating strong support from the board and supervisory committee [24][43][31]

Financial Performance - The company reported a revenue of 299.72 million yuan, representing a year-on-year increase of 44.80% [1] - The net profit attributable to shareholders reached 34.95 million yuan, a significant increase of 159.47% compared to the previous year [1] - The net profit after deducting non-recurring gains and losses was 24.27 million yuan, up 135.43% year-on-year [1] - Basic and diluted earnings per share improved to 0.04 yuan, compared to a loss of 0.07 yuan in the same period last year, marking a 157.14% increase [1] - The weighted average return on equity rose to 0.65%, an increase of 1.71 percentage points from the previous year [1] Operational Highlights - The increase in revenue was primarily driven by the release of new production capacity and increased sales [2] - The company produced 35,078 tons of copper foil during the reporting period, with steady growth in the production of lithium battery copper foil of 5μm and below [2] - High-frequency and high-speed substrate copper foil experienced a supply-demand imbalance, with its production accounting for over 30% of the total PCB copper foil output [2] - The production of high-end HVLP copper foil grew rapidly, surpassing the total production level expected for the entire year of 2024 in the first half of the year [2] - As of the report date, the company has a total production capacity of 80,000 tons per year for electronic copper foil products [2] - The company has established long-term partnerships with well-known enterprises in the PCB copper foil and lithium battery copper foil sectors, obtaining supplier certifications from these companies [2]

Core Viewpoint - The significant increase in the stock price of Copper Crown Copper Foil is driven by the rapid growth in the electric vehicle and consumer electronics markets, which boosts the demand for lithium batteries and PCB copper foil [1] Group 1: Market Performance - As of 14:40, Copper Crown Copper Foil's stock price increased by 20.02%, reaching 29.92 yuan, with a total market capitalization of 24.804 billion yuan [1] - The stock has a sealing fund of 578 million yuan, a trading volume of 2.451 billion yuan, and a turnover rate of 11.02% [1] Group 2: Industry Drivers - The demand for lithium batteries and PCB copper foil is continuously rising due to the rapid development of the electric vehicle and consumer electronics markets, linking to the new energy materials industry and lithium battery supply chain themes [1] - The global transition to green energy is accelerating, expanding the application scenarios for electronic copper foil, benefiting from the high prosperity in the 5G communication and energy storage sectors [1] Group 3: Company Involvement - Copper Crown Copper Foil is primarily involved in sectors related to PCB concepts, new energy materials, AI concepts, lithium batteries, and power equipment [1]

Group 1 - The stock of Copper Crown Copper Foil reached a limit increase of 20.02% on August 13, trading at 29.66 yuan per share with a transaction volume of 2.36 billion yuan and a turnover rate of 10.65%, resulting in a total market capitalization of 24.589 billion yuan [1] - Copper Crown Copper Foil is a high-tech enterprise located in Chizhou, Anhui Province, primarily engaged in the production of electronic copper foil, holding a significant position and reputation in the industry [1] - As of the end of 2021, the company's electronic copper foil production capacity was 45,000 tons per year, with an additional 10,000 tons under construction, making it one of the largest electronic copper foil producers in China [1] Group 2 - As of July 18, the number of shareholders for Copper Crown Copper Foil was 48,500, with an average of 4,724 circulating shares per person [2] - For the first quarter of 2025, Copper Crown Copper Foil achieved an operating income of 1.395 billion yuan, representing a year-on-year growth of 56.29%, and a net profit attributable to shareholders of 4.7515 million yuan, which is a year-on-year increase of 117.16% [2]