Core Insights - The article emphasizes the critical role of electrolytic copper foil in supporting the electric vehicle, smartphone, and AI industries, highlighting its importance as a core material in the new energy and electronic information sectors [1] - DeFu Technology, a leader in the electrolytic copper foil industry, has achieved significant milestones, including a successful listing on the Shenzhen Stock Exchange in 2023 and a record annual revenue of 7.8 billion yuan in 2024, marking a 20% year-on-year growth [2] Industry Leadership - In 2024, China's electrolytic copper foil production capacity reached 1.85 million tons, accounting for over 80% of global capacity, maintaining its position as the world's largest producer [2] - DeFu Technology's annual production capacity of 150,000 tons and sales volume of nearly 100,000 tons demonstrate its absolute leading advantage in the industry [2] Technological Innovation - DeFu Technology focuses on independent innovation, transitioning the domestic electrolytic copper foil industry from an equipment precision-oriented approach to an electrochemical process-oriented approach [3] - The company has developed high-strength copper foil materials with tensile strengths exceeding 700 MPa, which have been applied in high-end foldable smartphones [3][4] - DeFu Technology has pioneered the development of various three-dimensional electrolytic copper foils for solid-state batteries, enhancing its competitive edge in the market [4] Product Development - The company has customized solutions for silicon-based and lithium metal anodes, addressing the challenges posed by volume changes during battery cycling [8][9] - DeFu Technology's ultra-high-strength lithium battery copper foil series can achieve tensile strengths greater than 700 MPa and elongation rates of at least 4.5%, ensuring safety and performance in high-silicon anode applications [8] Advanced Circuit Copper Foil - The demand for advanced electronic circuit copper foil is expected to grow, driven by the needs of 5G and AI technologies [12] - DeFu Technology has established the KuaFu Laboratory to develop and mass-produce advanced electronic circuit copper foil solutions, becoming the only domestic supplier covering various high-frequency and high-density interconnect applications [13] Market Positioning - DeFu Technology's innovative approaches have positioned it as a leader in the domestic copper foil industry, with a focus on high-end applications and a commitment to replacing imported products [16] - The company aims to contribute to global technological advancements and the development of the copper foil industry, transitioning from "Made in China" to "Created in China" [16]

Core Viewpoint - The article discusses the current state and future directions of the solid-state battery industry, particularly focusing on the innovations in current collectors and the challenges faced in achieving commercial viability. It highlights the complexity of transitioning from traditional materials to advanced solutions that meet the demands of next-generation battery technologies [1][18][20]. Group 1: Current Trends in Solid-State Battery Technology - The enthusiasm for sulfide solid-state batteries is high, with the industry claiming it has entered the "last mile" of commercialization [1]. - The innovation in current collectors has shifted from traditional attributes to more complex requirements such as 3D structures, high-temperature resistance, and corrosion resistance [1][5]. Group 2: Challenges in Material Performance - The chemical corrosion of copper by sulfide electrolytes and the volume expansion of silicon-based and lithium metal anodes are significant bottlenecks for solid-state battery technology [2]. - The introduction of nickel-plated copper foil by Nord Co. aims to address these challenges, providing a solution that balances performance and cost [3][5]. Group 3: Innovations in Current Collector Design - The development of 3D metal mesh current collectors using materials like foam copper and foam nickel is a promising direction, providing buffer space for high-expansion anodes and reducing local current density [9][10]. - The exploration of porous carbon-based current collectors represents a cutting-edge approach, aiming to eliminate metal while achieving high corrosion resistance and low mass density [11][12]. Group 4: Manufacturing Process Challenges - The introduction of dry electrode processes presents challenges for traditional current collectors, necessitating innovations that ensure strong adhesion between the dry film and the current collector [14][17]. - Equipment companies are leading the way in proposing solutions, such as the "dry powder direct coating technology," which alters the traditional manufacturing process [15][19]. Group 5: Industry Dynamics and Future Outlook - The article emphasizes the multi-dimensional challenges faced by the industry, including material performance competition and manufacturing process compatibility [17][20]. - The ongoing innovation race in current collectors reflects the industry's need for solutions that balance performance, cost, and reliability, with no clear leader emerging yet [18][20].

Group 1: Company Overview and Competitive Advantage - The company has nearly 40 years of experience in the copper foil industry, with a strong R&D team and advanced equipment, enabling it to conduct research and development based on electrochemistry and materials science [1] - The company has developed a comprehensive R&D system that integrates basic research, simulation analysis, modular development, and product testing [1] - The company possesses strong capabilities in autonomous production line design and optimization, supported by experienced management and technical personnel [1] Group 2: Product Development and Market Position - The company is currently advancing its high-end RTF and HVLP products in line with expectations, with specific updates available in company announcements [2] - As of May 20, 2025, the number of shareholders is 26,136 [3] - The company has implemented futures hedging strategies to mitigate raw material price fluctuations, ensuring the safety of hedging funds [4] Group 3: Product Applications and Collaborations - The company has developed various new copper foil solutions for semi/fully solid-state batteries, with some products already achieving mass shipments within the year [5][7] - The company has established deep strategic partnerships with leading lithium battery clients, focusing on providing advanced copper foil solutions [7] - The company's products are widely used in lithium batteries and electronic circuits, impacting industries such as robotics, new energy vehicles, consumer electronics, and AI servers [8] Group 4: Future Projections - The company expects to ship thousands of tons of HVLP1-4 and RTF1-3 products in the high-frequency, high-speed PCB and AI application sectors by 2025 [6]

Core Viewpoint - The 17th Shenzhen International Battery Technology Exchange Conference/Exhibition (CIBF2025) showcased significant advancements in lithium battery copper foil technology, particularly by Jiujiang Defu Technology Co., Ltd. (Defu Technology), highlighting its innovative products and applications in solid-state/half-solid-state batteries, lithium metal batteries, and specialized lithium-ion batteries for low-altitude aircraft [1][2]. Group 1: Event Overview - CIBF2025 took place from May 15 to 17, 2025, at the Shenzhen International Convention and Exhibition Center, serving as a global platform for the battery industry to promote innovation and showcase cutting-edge technological achievements [1]. - The event attracted industry associations and enterprises from the upstream and downstream supply chain, focusing on the forefront of battery technology and providing opportunities for participants to explore industry trends and development opportunities [1]. Group 2: Company Highlights - Defu Technology presented a diverse range of high-performance copper foil products, particularly innovative solutions for applications in robotics, drones, and new energy vehicles [2]. - The company showcased newly developed products such as PCF porous lithium battery copper foil and atomized copper foil, which are designed for solid-state/half-solid-state batteries, lithium metal batteries, and specialized lithium-ion batteries for low-altitude aircraft [2]. - Defu Technology has established a robust research and development system, with over 500 patents filed and a team of PhD researchers from prestigious universities, enabling comprehensive R&D capabilities across core additives, specialized consumables, and production equipment [2]. Group 3: Industry Trends - The shift towards solid-state and half-solid-state batteries has gained momentum due to the limitations of liquid electrolyte lithium-ion batteries, which have reached theoretical energy density limits [3]. - The use of multi-structured copper foil collectors, which feature a porous three-dimensional structure, enhances adhesion, reduces electrode peeling, and improves electrolyte wettability, thereby increasing battery consistency and safety [3]. - Defu Technology aims to continue its focus on the copper foil sector, providing advanced collector solutions while ensuring stable and efficient production quality, and seizing opportunities for domestic production [3].

机构简介： 根据市场公开信息及4月23日披露的机构调研信息，知名私募鸿道投资近期对1家上市公司进行了调研， 相关名单如下： 1）德福科技 （北京鸿道投资管理有限责任公司参与公司业绩说明会） 调研纪要：德福科技2024年营收78.05亿元，净亏损2.45亿元，2025Q1扭亏为盈，实现营收25亿元，净 利润1820万元。2024年电解铜箔销售9.27万吨，增长17.18%，2025Q1销售2.96万吨，增长102%。公司 产能15万吨/年，预计Q2新增2.5万吨。2025Q1盈利改善得益于高开工率、销量翻倍、高附加值锂电铜箔 占比40%以上、电子电路铜箔加工费上调、新产品批量导入。公司产品未直接出口美国，海外客户主要 在日韩和欧洲，正筹备欧洲建厂和东南亚销售布点。珠峰实验室与电芯客户合作，开发匹配全固态/半 固态电池、锂金属电池等的铜箔，如PCF多孔铜箔、雾化铜箔、芯箔等。研发投入加大，新增17件发明 专利，与多家CCL和PCB厂商合作，RTF-3、HVLP1-2已批量供货，3μm超薄载体铜箔已供货。未来将 优化管理架构，整合资源，推动集团化发展，持续升级铜箔材料性能，发展颠覆性制造技术，降低能 耗。 北京鸿道 ...