调研纪要：上半年公司试验设备与试验服务需求端保持良好趋势，通过加大市场推广力度、强化客户管 理和加快项目实施，实现了业绩增长。公司对下半年保持乐观，将继续聚焦新兴产业，推进资源整合。 毛利率下降主要因市场竞争加剧和成本压力，公司将通过技术创新和精细化管理来应对。集成电路板块 处于产能爬坡阶段，毛利率受竞争和成本影响，未来将加快市场推广和产能扩充。真空试验设备研发取 得进展，宇航业务有望进一步提升。实验室业绩差异主要由订单结构和确认端的脉冲式波动引起。行业 专业化、集约化、规模化趋势明显，资源向优势企业集中。试验设备端第三方检测机构需求恢复，试验 服务领域特殊行业需求良好，新能源汽车需求放缓。资本开支将重点布局新兴行业，强化技术储备和试 验服务能力。 2)德福科技（301511）(银河基金管理有限公司参与公司路演活动) 调研纪要：德福科技收购卢森堡铜箔，跻身全球高端IT铜箔头部企业。卢森堡铜箔成立于1960年，是全 球唯一的非日系高端IT铜箔龙头厂商，拥有1.68万吨/年产能，核心产品包括HVLP和DTH。2024年营收 1.34亿欧元，净利润-37万欧元；2025年Q1营收0.45亿欧元，净利润167万欧元， ...

调研纪要：德福科技收购卢森堡铜箔，跻身全球高端IT铜箔头部企业。卢森堡铜箔成立于1960年，是全 球唯一的非日系高端IT铜箔龙头厂商，拥有1.68万吨/年产能，核心产品包括HVLP和DTH。2024年营收 1.34亿欧元，净利润-37万欧元；2025年Q1营收0.45亿欧元，净利润167万欧元，实现季度性扭亏。德福 科技电解铜箔总产能跃升至19.1万吨/年，跻身全球第一，将加快技术资源整合，提升盈利能力。德福 科技2024年研发投入1.83亿元，新增17件发明专利，持续深化高频高速、超薄化、功能化技术战略。 根据市场公开信息及7月31日披露的机构调研信息，知名私募玖鹏资产近期对3家上市公司进行了调研， 相关名单如下： 1）德福科技 （上海玖鹏资产管理中心(有限合伙)参与公司路演活动） 机构简介： 上海玖鹏资产管理中心（有限合伙）于2016年2月17日成立，注册资本1500万人民币；公司于2016年9月 19日在中国证券投资基金业协会备案成功，并于2017年5月成为基金业协会观察会员； 2）新坐标 （上海玖鹏资产参与公司特定对象调研&分析师会议&现场参观） 调研纪要：2024年度，公司海外营业收入占公司营业收入 ...

Group 1: 德福科技 (Defu Technology) - Defu Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil production [1] - Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual capacity of 16,800 tons [1] - Projected revenue for Luxembourg Copper Foil in 2024 is €134 million, with a net profit of -€370,000; however, it is expected to achieve a quarterly profit of €1.67 million in Q1 2025 [1] - Defu Technology's total production capacity for electrolytic copper foil has increased to 191,000 tons per year, making it the largest globally [1] - The company plans to invest ¥183 million in R&D in 2024, aiming to deepen its technology strategy with 17 new invention patents [1] Group 2: 新坐标 (New Coordinates) - In 2024, overseas revenue is expected to account for 43.17% of New Coordinates' total revenue, driven by the expansion of domestic self-owned brand customers [2] - Over 90% of the company's clients are automotive manufacturers, covering both domestic and international passenger and commercial vehicle markets [2] - The company is recognized as a high-tech enterprise with comprehensive R&D capabilities across the entire industry chain [2] - New Coordinates is actively enhancing market share and communication with overseas clients while addressing operational challenges through improved internal controls [2] Group 3: 恒帅股份 (Hengshuai Co., Ltd.) - Hengshuai Co., Ltd. highlighted the advantages of its harmonic magnetic field motor technology, including lightweight design and cost optimization [3] - The company provides customized solutions in the humanoid robot sector, which is anticipated to be a significant growth area [3] - While traditional cleaning services do not face disruptive innovation, the technology has been successfully applied in advanced autonomous driving scenarios [3] - The company has sufficient land and factory space, with intelligent production lines that can shorten capacity expansion cycles [3]