Core Viewpoint - The company emphasizes the integration of market demand and technological innovation, focusing on functional, differentiated, and high-end product development [1] Group 1: Product Development and Innovation - The company is actively promoting product iteration and new product research and development, as well as the industrialization of technology [1] - Current products such as MLCC release films, composite current collectors, and newly developed carrier copper foil are catering to emerging industry demands like AI terminals and new energy vehicles [1] Group 2: Market Strategy - The company maintains good cooperative relationships with several leading enterprises both domestically and internationally [1] - In terms of international market expansion, the company will continue to strengthen strategic cooperation with customers and deepen the implementation of a "tripod" marketing strategy to actively expand overseas markets and enhance international market share [1]

证券日报网讯双星新材（002585）9月4日在互动平台回答投资者提问时表示，公司积极推进复合集流体 项目，持续加大研发投入，优化产品结构，提升产品技术含量和质量，以满足市场的多样化需求。2025 年上半年，公司新研发的载体铜箔产品在技术研发与应用层面取得重要突破，其性能与品质已能够满足 客户当前在触控用柔性线路板方面的使用要求。未来，公司将继续深化技术开发，推动载体铜箔的应用 及市场拓展。 ...

证券日报网讯双星新材（002585）9月4日在互动平台回答投资者提问时表示，公司复合铜箔项目正常推 进，2025年半年报披露的载体铜箔产品是公司新研发的产品，在研发与技术创新层面已取得阶段性进 展，其性能能够有效满足特定应用场景的要求。公司相关信息均遵循相关法律法规及制度指引进行公开 披露。 ...

Core Viewpoint - The company, Hengtong Co., Ltd. (亨通股份), is actively engaged in the production and sales of electrolytic copper foil, veterinary pharmaceuticals, feed additives, and related thermal power supply services, focusing on high-end copper foil products [1] Group 1: Business Overview - The main business areas of the company include electrolytic copper foil, veterinary pharmaceuticals, feed additives, and thermal power supply [1] - The company is advancing in the electrolytic copper foil sector by developing ultra-low profile copper foil products such as HVLPⅢ, RTF-Ⅲ, and carrier copper foil [1] Group 2: Product Development - The company is committed to high-end copper foil product development and has successfully mass-produced high-value-added products like reverse copper foil (RTF), low-profile copper foil (LP), and high-temperature extended copper foil (HTE) [1] - These high-value products have already been applied to downstream customers, indicating successful market integration [1]

双星新材（002585.SZ）9月4日在投资者互动平台表示，公司新研发的载体铜箔产品在技术研发与应用 层面取得重要突破，其性能与品质已能够满足客户当前在触控用柔性线路板方面的使用要求。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵司的载体铜箔是否有正式订单？可以应用在哪 些领域？ ...

格隆汇9月4日丨双星新材(002585.SZ)在投资者互动平台表示，公司新研发的载体铜箔产品在技术研发 与应用层面取得重要突破，其性能与品质已能够满足客户当前在触控用柔性线路板方面的使用要求。 ...

Core Viewpoint - The company, Jia Yuan Technology, is making a strategic investment of 500 million yuan to acquire a 13.59% stake in Wuhan Endatong Technology Co., Ltd., marking its entry into the rapidly growing optical module sector [2][6]. Group 1: Investment Details - Jia Yuan Technology plans to invest 500 million yuan through a combination of equity transfer (150 million yuan) and capital increase (350 million yuan) to acquire the stake in Endatong [6]. - The investment is part of Jia Yuan's strategy to seek external growth opportunities and expand its business and revenue scale [6][7]. Group 2: Company Profile of Endatong - Founded in 2017, Endatong is recognized as a national-level "specialized and innovative" small giant enterprise, focusing on optical communication products such as high-speed optical modules and active/passive devices [5][7]. - Endatong's projected revenue for 2024 is 1.477 billion yuan, with a net profit of 97.942 million yuan, and it has shown significant growth in the first half of 2025, with revenue exceeding 1.316 billion yuan and net profit reaching 121 million yuan [5][8]. Group 3: Market Position and Strategy - Endatong primarily targets the overseas optical module market, with over 90% of its products sold to the U.S., including major clients like "Company O" [6][10]. - The company has a strong focus on high-margin North American markets while potentially exploring opportunities in the Chinese market in the future [6][10]. Group 4: Synergies and Future Outlook - The investment is expected to enhance Jia Yuan's revenue and profit, improving its financial statements, as Endatong's growth trajectory aligns with Jia Yuan's strategic goals [9][11]. - There are significant synergy opportunities between Jia Yuan and Endatong in areas such as customer base, product offerings, and production management, particularly in high-speed copper cable markets [10][11]. - Jia Yuan aims to leverage its experience and resources to support Endatong in financing and management, while continuing to invest in AI new infrastructure for future growth [11].

Core Viewpoint - The company reported a narrowed loss in the first half of 2025, with revenue of 2.626 billion yuan and a net profit attributable to shareholders of -149 million yuan, indicating operational challenges due to price fluctuations and weak downstream demand [1] Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 2.626 billion yuan and a net profit of -149 million yuan, showing an improvement in losses compared to the same period last year [1] - The company's performance was impacted by cyclical fluctuations in product sales prices and the transition of new projects to solid status [1] Group 2: Business Growth and Market Position - The MLCC release film business saw significant growth, with sales volume increasing by 118.6% and sales revenue rising by 144.4% year-on-year in the first half of 2025 [2] - The company successfully broke into the market with its high-smooth release film, replacing imports and achieving stable supply to major domestic clients [2] - The MLCC release film project is progressing steadily, with a planned capacity of 500 million square meters to be completed within the year, and an overall project scale expected to reach 2 billion square meters [2] Group 3: Industry Trends and Policy Impact - The domestic "anti-involution" policy is expected to improve the BOPET industry outlook, alleviating supply-demand imbalances and price pressures [3] - The policy aims to promote self-discipline in the industry and accelerate the upgrade of domestic manufacturers towards high-end and specialized products [3] Group 4: Research and Development - The company invested 106 million yuan in R&D in the first half of 2025, focusing on quality improvement, product variety, and structural adjustment, resulting in 39 new patent applications and 15 patents granted [3] - The company was recognized in the "Top 100 Science and Technology Enterprises in China's Light Industry" list due to its R&D efforts and patent achievements [3] Group 5: Product Diversification - The company made significant progress in the carrier copper foil sector, receiving initial customer recognition and preparing for a second procurement contract [4] - The company has established a diverse product range, with over 60 series, 100 types, and more than 500 specifications across five major fields [4] - The company is well-positioned to capitalize on industry opportunities arising from the "anti-involution" policy and ongoing technological innovations [4]

Core Viewpoint - Jiemai Technology (002859.SZ) announced on the investor interaction platform that Ruozhen Technology will acquire Jiangxi Hongmei, focusing on the development of carrier copper foil for PCBs, PET copper foil, and ultra-thin copper foil products [1] Group 1 - Jiemai Technology is involved in the acquisition process of Jiangxi Hongmei by Ruozhen Technology [1] - The strategic focus post-acquisition includes the production of various types of copper foil products [1]

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 31.29 CNY, based on a 48 times PE for 2025 [5][3]. Core Views - The company reported a revenue of 9.62 billion CNY for the first half of 2025, representing a year-on-year growth of 14.67%. However, the net profit attributable to shareholders decreased by 18.78% to 0.98 billion CNY, primarily due to fluctuations in management and financial expenses [1][2]. - The demand in the industry continues to rise, driven by sectors such as new energy, smart manufacturing, and 5G commercial technology, alongside the introduction of AI terminal applications. This has led to a steady increase in the company's order volume [2][3]. - The company is expanding into the composite fluid field and has developed new PCB carrier copper foil products, enhancing its product offerings and market potential [3]. Financial Summary - The company expects revenues of 21.84 billion CNY, 27.08 billion CNY, and 36.02 billion CNY for the years 2025, 2026, and 2027, respectively. The projected net profits for the same years are 2.81 billion CNY, 3.93 billion CNY, and 5.58 billion CNY [3][12]. - The financial metrics indicate a net profit margin of 12.9% for 2025, with a projected increase in net profit margin to 15.5% by 2027 [12][13].