铜箔专家交流会 20260228 摘要 国内线路板铜箔产能集中度高，头部企业产能达 5 万吨/年，但高阶产能 仍显紧张，海外厂商逐渐将产能转向 HVIP，导致 RTF 市场缺口扩大， HTE 铜箔海外基本停产，加剧了高阶紧缺、中阶偏紧、低阶供给收缩的 局面。 2026 年 3 月，HVIP、RTF 与 HTE 等主要品类电子铜箔预计将迎来行业 普涨，主要体现为加工费上调，而非原料铜价传导，预计加价幅度不低 于 5 个百分点，高阶 HVIP 的绝对涨幅将明显高于普通 RTF 与 HTE。 本轮涨价具备较强的落地确定性，主要由于当前供需关系下，在手订单 交付压力较大，国内外价差持续扩大，国内产品性能稳定、交期更快， 加工费水平具备上调的现实基础与可执行性。 线路板用铜箔扩产逻辑与锂电池用铜箔存在差异，高阶 RTF 与 HVIP 等 所需后处理线主要依赖海外设备采购，即使现在下单，2026 年内也难 以新增高阶产能实现达产，一年内难以完成有效释放。 RTF 本轮涨价具备全覆盖特征，各代产品均将受益，当前出货结构以高 阶为主，RTF 一代与二代出货占比较小，主要出货集中在三代、四代等 更高阶产品，月度出货量在 1,0 ...

Summary of the Conference Call for JiaYuan Technology Company Overview - **Company**: JiaYuan Technology - **Industry**: Copper foil production, particularly for lithium batteries and PCB applications Key Points and Arguments Financial Performance - In the first half of 2025, JiaYuan Technology achieved revenue of approximately 39.63 billion yuan, a year-on-year increase of 63.55% [3] - Net profit for the same period was around 37 million yuan, marking a turnaround from losses [3] - The company’s total production capacity reached 130,000 tons, with six production bases [3] Growth Drivers - The growth in performance was attributed to an increase in sales orders, improved capacity utilization, and reduced unit costs [4] - The introduction and expansion of overseas customer orders since the second quarter contributed significantly to revenue [4] Product Development - The company is accelerating the R&D of high-performance electrolytic copper foil, aiming for domestic substitution of high-end electronic circuit copper foil products [2] - New products under development include high specific surface area copper foil and double-sided nickel-plated copper foil for solid-state batteries [2][5] Market Outlook - For the second half of 2025, the company plans to adjust its production target from 90,000 tons to approximately 100,000 tons based on market demand and funding reserves [7] - The company expects to ship between 24,000 to 25,000 tons in the third quarter, with a total overseas order volume anticipated to be around 3,000 tons for the year [8] Strategic Initiatives - JiaYuan Technology plans to expand its overseas market presence, targeting 3,000 tons in 2025 and increasing to 20,000 tons in 2026, focusing on North America, Japan, South Korea, and Europe [12] - The company is evaluating the feasibility of establishing factories or cutting and packaging plants overseas to mitigate tariff impacts [15] Production Capacity and Future Plans - The total expected shipment for 2026 is projected to be 150,000 tons, with 130,000 tons for the domestic market and 20,000 tons for overseas [19] - The company’s production capacity is expected to increase to over 140,000 tons in 2026, with significant contributions from the Jiangxi Longnan base [24] Competitive Position - JiaYuan Technology is currently the only company exporting lithium battery copper foil on a large scale, actively exploring overseas markets [20] - The company is also focusing on enhancing its high-end product offerings to improve profitability [21] Challenges and Considerations - The company faces challenges in the PCB sector due to relatively weaker technical reserves compared to competitors, but it is increasing R&D investments in this area [11] - The profitability of high-end PCB products is uncertain and will depend on market conditions and pricing strategies [22] New Business Ventures - JiaYuan Technology is exploring new growth avenues in emerging fields such as low-altitude economy, AI computing, robotics, and semiconductors [28] - The company is cautious about mergers and acquisitions, focusing on projects that complement its core business and provide long-term benefits [29] Solid-State Battery Developments - The company is involved in three technology routes for solid-state batteries and expects to ship over 100 tons in 2025 [30] - Collaborations with leading manufacturers in the solid-state battery sector are ongoing to ensure product development aligns with market needs [31] Additional Important Information - The company’s copper wire and rod business, which previously faced losses, has turned profitable in 2025, contributing approximately 400 million yuan to revenue [26] - JiaYuan Technology is also working on the Kobalt business, with plans for mass production expected by the end of 2026 [32][33]