Core Viewpoint - The introduction of Nvidia's new product Rubin is expected to significantly increase the demand for PCB copper foil, benefiting companies like Tongguang, which is a major customer of Nvidia [1] Group 1: Company Performance - In the first half of 2025, the company achieved a revenue of 2.997 billion yuan, representing a year-on-year growth of 44.80%, indicating a strong growth trend [1] - The current market conditions have led to a robust demand for high-frequency and high-speed copper foil orders [1] Group 2: Production Capacity and Expansion - The company possesses multiple complete production lines for HVLP copper foil and has recently purchased several surface treatment machines to expand HVLP copper foil production [1] - The company is prepared to meet the anticipated growth in market demand [1]

Group 1 - The company held an online investor reception event on September 15, 2025, to engage with both retail and institutional investors [1] - The company reported a strong demand for copper foil, particularly high-frequency and high-speed copper foil, and is currently managing production and delivery efficiently, although specific order amounts were not disclosed [2] - The company has no current plans for mergers or acquisitions but will announce any future plans promptly [3] Group 2 - The company aims to focus on its core business by optimizing operations and implementing cost-reduction measures while advancing products towards special functionalities and high-end applications [3] - The company acknowledged that stock price fluctuations are influenced by multiple factors and carry uncertainties, with product prices being adjusted based on market conditions [3] - The company has achieved batch supply of HVLP copper foil to downstream customers and is expanding production capacity to meet future demand [3]

Group 1: Company Orders and Production - The company has a full order book, primarily for high-frequency and high-speed copper foil, with ongoing production and delivery [1] - The company has achieved batch supply of HVLP copper foil to downstream customers, with HVLP4 currently undergoing certification with multiple CCL manufacturers [3] Group 2: Mergers and Acquisitions - The company currently has no plans for mergers or acquisitions, and any future plans will be announced promptly [1] Group 3: Pricing and Market Conditions - Product prices will be adjusted based on market conditions, with no specific price increases confirmed at this time [2] - The company is monitoring the market for potential price adjustments for HVLP series copper foil [2] Group 4: Future Development and Strategy - The company aims to focus on its core business, optimize production operations, and implement multiple measures to reduce costs and increase efficiency [1] - The company is advancing the technical research and industrialization of IC packaging carrier copper foil and has made progress in the development of HVLP5 copper foil [3] Group 5: Customer Relationships - The company has established stable cooperative relationships with well-known customers in both Taiwanese and domestic sectors, primarily in the fields of copper-clad laminates and lithium batteries [2]

Group 1 - The company, Tongguan Copper Foil, has confirmed that its high-frequency and high-speed copper foil can be applied in various fields, including servers, data centers, and switches, particularly in 5G communication technology and new smart devices for the Internet of Things [2]

格隆汇9月4日丨铜冠铜箔(301217.SZ)于投资者互动平台表示，公司深耕铜箔生产多年，已经积累众多 优质的客户资源和核心技术，拥有丰富的制造经验。公司高频高速铜箔已批量向下游客户供应，在新产 品研发过程中，公司依靠自身资源自主创新，并与客户保持密切沟通和合作，推进产品创新。 ...

截至2025年8月18日15时，中一科技股价报31.11元，较前一交易日下跌2.14%，成交额达5.25亿元。 中一科技主营业务为高性能电子材料研发与生产，产品涵盖高频高速铜箔等，应用于电池、电子电路等 领域。 公司表示，高频高速铜箔产品已实现生产和销售，并计划持续进行高端产品技术的研发和升级。此外， 数据显示，中一科技最新股东户数为18402户，较上期减少14.16%，股东户数连续三期下降。 风险提示：市场有风险，投资需谨慎。 中一科技当日主力资金净流出2012.28万元，近五日主力资金净流入2347.23万元。 ...

Summary of Conference Call on Defu Technology's Acquisition of Luxembourg Copper Foil Company Industry Overview - The conference call discusses the copper foil industry, particularly focusing on high-frequency and high-speed copper foil technology, which is critical for applications in AI servers and electronic circuits. Key Points and Arguments Acquisition Details - Defu Technology has acquired Luxembourg Copper Foil Company, adding 16,800 tons of production capacity, bringing total capacity to 191,000 tons, making it the largest copper foil manufacturer globally [1][10] - Luxembourg Copper Foil Company has a strong reputation in high-frequency copper foil technology and is the sole supplier for NVIDIA's LHVIP3 products, with plans to mass-produce HVRP45 products [1][2][4] Market Position and Strategy - The acquisition is expected to enhance Defu Technology's market share and production efficiency, focusing on cost reduction and high-value product output [1][11][12] - Defu Technology aims to transition from a follower to a leader in the AI materials sector over the next decade, with a focus on domestic substitution and industry guidance [1][14] Competitive Landscape - The high-speed copper foil market has an annual import value of several billion dollars, with a domestic production rate of less than 10%. The market is expected to grow at a compound annual growth rate (CAGR) of over 10% due to the development of AI servers [2][29] - Domestic manufacturers lag behind international leaders in high-end products, with significant gaps in technology and production capabilities [5][30] Technological Advantages - Luxembourg Copper Foil Company possesses advanced R&D capabilities, including material design and electrochemistry, which are crucial for producing high-performance products [4][5] - The company has a robust production capacity and quality control, making it a leader in the industry [4] Future Development Plans - Defu Technology plans to leverage Luxembourg's R&D and market resources to strengthen its position in electronic circuits, PCB applications, and AI servers [2][11] - The integration of Luxembourg's production capabilities is expected to enhance customer service and meet growing demand in the AI sector [12][13] Financial Implications - The acquisition is anticipated to improve Defu Technology's profitability and market competitiveness by optimizing production costs and enhancing product quality [11][12] - Luxembourg's financial performance is expected to improve significantly in the upcoming quarters, driven by increased demand for high-end products [34][42] Challenges and Considerations - The integration of Luxembourg's operations and the need for technological upgrades pose challenges, particularly in maintaining production quality and meeting high customer standards [5][31] - The company must navigate the competitive landscape and address the technological gaps to achieve its growth objectives [30][32] Customer Feedback and Product Performance - Customer feedback indicates that Defu Technology's products meet or exceed competitive standards in terms of performance and reliability [18] - The company is developing solutions tailored to various applications, including AI servers, to enhance signal transmission and reduce losses [15][17] Additional Important Content - The call highlighted the importance of signal integrity simulation and the future role of AI in enhancing manufacturing processes [26] - The discussion included insights into the evolving requirements for copper foil in high-performance computing and the implications for material development [21][25] This summary encapsulates the key insights from the conference call regarding Defu Technology's strategic acquisition and its implications for the copper foil industry.

Group 1: Company Overview - The company, Anhui Tongguan Copper Foil Group Co., Ltd., has a total copper foil production capacity of 80,000 tons per year, which includes PCB copper foil and lithium battery copper foil [2][3]. Group 2: Product Structure - The PCB copper foil product structure consists of HTE copper foil and high-frequency high-speed copper foil, with high-frequency high-speed copper foil accounting for 25.33% of the total PCB copper foil production in 2024, showing an increasing trend [2][3]. - In the lithium battery copper foil segment, copper foil specifications of 6um and below represent over 95% of the product mix, with a steady increase in the proportion of medium, high tensile, and ultra-thin copper foil products [2][3]. Group 3: Pricing and Risk Management - The company employs a pricing model based on "copper price + processing fee" and adjusts product prices according to copper price fluctuations and order conditions. It also engages in hedging activities to mitigate risks from price volatility [3]. Group 4: HVLP Copper Foil Development - HVLP (High Voltage Low Profile) copper foil, characterized by low surface roughness and excellent signal transmission performance, is crucial for high-frequency circuit boards and is being developed for applications in 5G and AI [3][4]. - The company has successfully integrated HVLP copper foil into the supply chains of several leading CCL manufacturers, with a focus on producing the second generation of HVLP copper foil [3][4]. Group 5: Production Capacity and Challenges - The company has proactively established multiple complete production lines for HVLP copper foil and has recently acquired additional surface treatment machines to meet future demand [4]. - Production challenges for HVLP copper foil include high precision requirements, long ordering cycles, complex manufacturing processes, and stringent customer certification standards [5]. Group 6: Import and Market Dynamics - In 2023, China imported 79,000 tons of electronic copper foil, with a projected import of 76,000 tons in 2024, primarily for high-frequency high-speed copper foil, indicating limited domestic production in this area [6]. - The company is accelerating the domestic replacement process for high-frequency high-speed copper foil as its output in this segment increases [6].

Group 1 - The core viewpoint of the article is that the company has successfully achieved production and sales of its high-frequency, high-speed copper foil products, indicating a significant milestone in its operational capabilities [1] - The company plans to continue its efforts in technological innovation, research and development, and iterative upgrades related to these products, showcasing its commitment to maintaining a competitive edge in the market [1]

Core Viewpoint - The Chinese electronic circuit copper foil industry is experiencing rapid development and transformation, driven by the growth of emerging industries such as 5G communication, new energy vehicles, and the Internet of Things, with a projected sales volume of 440,000 tons in 2024, representing a year-on-year increase of 7.32% [1][12]. Industry Overview - Electronic circuit copper foil is a cathodic electrolytic material used as a core conductor in printed circuit boards (PCBs), facilitating electrical connections between electronic components [2]. - The industry can be categorized into electrolytic copper foil and rolled copper foil based on production processes [2]. Industry Development History - The industry has evolved through four stages: 1. Initial stage (1950s-1970s) focused on manual production with low product variety and quality [4]. 2. Localization stage (1980s-1990s) marked by increased demand and technology imports, leading to improved production techniques [4]. 3. Rapid development stage (2000s-2010s) where China became the largest producer globally, emphasizing technological innovation [5]. 4. High-end transformation stage (2010s-present) driven by new industries, with a focus on high-performance materials like ultra-thin copper foil [6]. Industry Supply Chain - The supply chain includes raw materials such as copper and sulfuric acid, production equipment like cathode rollers and foil machines, and downstream applications in communication devices, consumer electronics, and automotive electronics [8]. Market Size - The demand for electronic circuit copper foil is on the rise, with a projected sales volume of 440,000 tons in 2024, reflecting a 7.32% increase year-on-year [12]. Key Companies' Performance - The industry features leading companies such as Jiantao Copper Foil, Nanya Copper Foil, and Copper Crown Copper Foil, with 14 companies reporting sales over 10,000 tons, and five exceeding 20,000 tons [14][16]. - Notable companies include: - Jiantao Copper Foil: Largest domestic producer with advanced technology and a complete supply chain [16]. - Nanya Copper Foil: Strong in high-end copper foil technology [16]. - Copper Crown Copper Foil: Leader in RTF copper foil production, with significant revenue growth [16][18]. Industry Development Trends 1. **Technological Upgrades and High-end Development** - The industry is focusing on high-frequency, high-speed copper foil and ultra-thin products, with domestic companies achieving significant breakthroughs [20]. 2. **Market Demand Changes and New Application Areas** - The growth of 5G communication and new energy vehicles is driving demand for electronic circuit copper foil, particularly in high-performance applications [21][22]. 3. **Industry Chain Collaboration and Global Layout** - Companies are increasingly collaborating within the supply chain and expanding globally to enhance competitiveness and market presence [23].