Core Viewpoint - The acquisition of Circuit Foil Luxembourg (CFL) by Jiujiang Defu Technology marks a significant step in the global copper foil industry, enhancing Defu Technology's position as a leader in the lithium battery copper foil sector and expanding its strategic layout in the electronic circuit copper foil market [2][5]. Group 1: Acquisition Details - On July 29, Jiujiang Defu Technology signed a 100% equity acquisition agreement for CFL, indicating a new phase in its global copper foil strategy [2]. - The acquisition is seen as a practical example of cooperation under the "Belt and Road" initiative and RCEP, integrating Korean precision manufacturing, Chinese industrial chain capabilities, and European market resources [2][3]. Group 2: Company Background - Defu Technology, established in 1985, specializes in electrolytic copper foil and has developed core technologies such as high-end RTF reverse copper foil and HVLP ultra-low profile copper foil [3][5]. - The company has established a strong customer base, including global leaders in lithium batteries like CATL, ATL, LG Chem, and BYD, positioning itself as a leading player in the global lithium battery copper foil market [3][5]. Group 3: Market Impact - Post-acquisition, Defu Technology's total copper foil production capacity will increase from 175,000 tons per year to 191,000 tons per year, solidifying its status as the world's largest electrolytic copper foil manufacturer [5]. - The acquisition will enable Defu Technology to fill the domestic high-end electronic circuit copper foil market gap and accelerate the introduction of products to core domestic electronic terminal customers [5]. Group 4: Future Strategy - The company plans to leverage the acquisition as a springboard to penetrate the global high-end electronic circuit market and is preparing for capacity expansion in Southeast Asia [5]. - Defu Technology aims to strengthen its global development strategy, focusing on both the Asia-Pacific and European-American markets [5].

Core Viewpoint - The acquisition of Circuit Foil Luxembourg (CFL) by Jiujiang Defu Technology Co., Ltd. marks a significant milestone in the global copper foil industry, enhancing Defu's leadership position in lithium battery copper foil and solidifying its strategic advantage in the electronic circuit copper foil sector, transitioning from a "follower" to a "leader" [1][4]. Group 1: Strategic Acquisition and Market Position - The acquisition enables Defu Technology to complement its technology and establish a dual-driven strategy in the high-end electronic circuit copper foil market, which has been dominated by Japanese and Taiwanese companies [2][3]. - Defu Technology has a strong market presence, with 2024 revenue exceeding 7.8 billion yuan and a production capacity of 175,000 tons per year, making it the leading player in China's lithium battery copper foil market [2][3]. Group 2: Capacity Expansion and Global Strategy - Following the acquisition, Defu's total production capacity will increase from 175,000 tons per year to 191,000 tons per year, confirming its position as the world's largest producer of electrolytic copper foil [4][5]. - The acquisition of CFL's production base in Luxembourg (16,800 tons per year) will serve as a key point for Defu's global strategy, establishing a "Asia-Pacific + Europe and America" production and sales system [5]. Group 3: Financial Performance and Market Impact - The acquisition is expected to significantly enhance Defu's financial performance and market valuation, leveraging CFL's high processing fee income and Defu's cost optimization capabilities [7]. - CFL's high-end products command a premium in the market, with processing fees significantly higher than domestic counterparts, contributing to Defu's revenue growth and profitability [7]. Group 4: Technological Integration and Innovation - The merger represents a deep integration of technologies, with Defu's extensive experience in lithium battery copper foil and CFL's advanced high-end products creating a strong collaborative innovation environment [8][9]. - Defu's commitment to R&D is evident, with a 30.45% increase in R&D investment in 2024 and a focus on developing cutting-edge technologies in the copper foil industry [9]. Group 5: Future Vision and Global Leadership - Defu Technology aims to redefine the global copper foil industry, transitioning from "Made in China" to "Intelligent Manufacturing Globally," with plans to strengthen its presence in Southeast Asia and further develop its global market strategy [11][12]. - The company is positioned to lead the technological revolution in the copper foil sector, focusing on high-value products and performance improvements rather than price competition [13][14].

Core Viewpoint - The acquisition of Circuit Foil Luxembourg (CFL) by Jiujiang Defu Technology Co., Ltd. marks a significant milestone in the global copper foil industry, enhancing Defu's leadership position in lithium battery copper foil and solidifying its strategic advantage in the electronic circuit copper foil sector, transitioning from a "follower" to a "leader" [1][4]. Group 1: Strategic Acquisition and Market Position - The acquisition of CFL allows Defu Technology to complement its technology and establish a dual-driven strategy in the high-end electronic circuit copper foil market, which has been dominated by Japanese and Taiwanese companies [2][3]. - Defu Technology has a strong presence in the lithium battery copper foil market, with a revenue exceeding 7.8 billion yuan in 2024 and a production capacity of 175,000 tons per year, making it the leading company in China's lithium battery copper foil market [2][5]. Group 2: Capacity Expansion and Global Leadership - Following the acquisition, Defu's total production capacity will increase from 175,000 tons per year to 191,000 tons per year, confirming its position as the world's largest producer of electrolytic copper foil [5]. - Defu operates three production bases in China, with a manufacturing network that supports the domestic new energy and electronic circuit markets [5]. Group 3: Financial Performance and Market Value - The acquisition is expected to significantly enhance Defu's financial performance and market value, leveraging CFL's high processing fee income and Defu's cost optimization capabilities [7]. - CFL's average processing fee income is substantially higher than that of domestic IT copper foil, contributing to Defu's revenue growth and market competitiveness [7]. Group 4: Technological Integration and Innovation - The merger represents a deep integration of technologies, with Defu's advanced lithium battery copper foil technology complementing CFL's high-end products, such as HVLP and DTH copper foils [8][9]. - Both companies are committed to innovation, with Defu increasing its R&D investment by 30.45% in 2024 and CFL receiving significant support for its research projects [9]. Group 5: Future Strategy and Global Expansion - Defu Technology aims to establish a global sales network, using the acquisition as a springboard to penetrate high-end electronic circuit markets worldwide [10]. - The company is focused on domestic high-end electronic circuit copper foil replacement, addressing the current reliance on Japanese and Taiwanese suppliers [11]. Group 6: High-End Product Development and Market Leadership - Defu plans to continue developing high-end products for lithium batteries and electronic circuits, aiming to provide solutions for next-generation technologies [12]. - The company emphasizes a value system based on technological barriers and product differentiation, moving from "manufacturing" to "intelligent manufacturing" [12][13].

21世纪经济报道记者 林典驰 实习生林绮蓓 深圳报道 锂电铜箔行业因中低端产能严重过剩、价格博弈白热化陷入困境，德福科技（301511）（301511.SZ） 迎来了盈利拐点。 从一家传统电子电路铜箔企业，转型成为全球锂电铜箔市占率第二的行业龙头，德福科技用了七年。在 此期间，其铜箔产能从2.6万吨跃升至15万吨，锂电行业客户名单覆盖宁德时代（300750）、比亚迪 （002594）、LGES等头部电池厂商。 近日，在CIBF 2025举办期间，德福科技副总经理宋铁峰接受21世纪经济报道专访，探讨如何穿越周期 迷雾，在产能过剩的铜箔红海中突出重围。 宋铁峰谈到，德福科技正推动铜箔向薄型化、高性能化发展，薄型铜箔的推广不仅可以帮客户降本，也 能提升铜箔企业盈利能力，达到双赢效果。研发并量产超高强铜箔，多孔铜箔、雾化铜箔以及芯箔等新 产品，助力下游半/全固态电池产品落地。 同时，他表示产能过剩问题短期内难以迅速化解，高端产品的加速应用将加快行业出清，头部企业将凭 借技术、规模等优势，使市场份额进一步集中。 率先扭亏 2017年，德福科技看到了新能源市场的机会，发力锂电铜箔打造第二增长曲线。尽管2019年和2020 ...