------收购安徽慧儒51%股权，领衔行业集中度提升开启高质量发展新征程 2026年1月9日，九江德福科技股份有限公司（以下简称"德福科技"）与安徽慧儒科技有限公司（以下简 称"安徽慧儒"）正式签署股权收购协议，德福科技将以战略投资方式收购安徽慧儒51%股权，实现对其 控股经营。此次收购是德福科技持续深耕电解铜箔行业的重大战略举措，标志着公司在全球铜箔产业整 合中再下一城。通过整合国内优质产能，德福科技电解铜箔总产能将进一步提升，持续拉大与追随者的 差距，多维夯实全球电解铜箔绝对龙头地位。此次并购更将充分发挥龙头企业的规模效应与示范效应， 引领中国铜箔行业从"小而散"向"集中度高、竞争力强"的高质量发展格局加速演进。 技术层面，德福科技将依托"珠峰实验室""夸父实验室"等创新平台，向安徽慧儒开放技术资源，重点支 持其RTF反转铜箔、HVLP超低轮廓铜箔等高端产品的研发与量产，帮助安徽慧儒切入高附加值市场。 这种技术共享与协同创新，将最大化发挥德福科技的研发溢出效应，实现"1+1>2"的整合价值。 安徽慧儒科技有限公司作为此次战略收购标的，展现出独特的区域价值与发展潜力。公司成立于2021 年，是安徽省内知名 ...

面对下一代电池技术的变革浪潮，九江德福科技以前瞻性的战略眼光，积极布局高端产品领域。在锂电 铜箔方面，公司提前布局PCF多孔铜箔、雾化铜箔、芯箔等高端产品，为全固态/半固态电池提供关键 材料支持；在电子电路铜箔领域，紧密围绕AI芯片、光模块、存储芯片、精细电路、5G等多场景需 求，精心打造高性能解决方案，在高频高速、超薄铜箔等前沿方向形成清晰的技术布局与产品验证体 系。 未来，九江德福科技将致力于引领铜箔产业创新升级，以"高附加值"产品打破"价格战"困局，以"性能 跃升"取代"成本压榨"模式，推动产业从传统"制造"向智能"智造"实现质变跃迁。 民营经济作为推动高质量发展的关键力量，其发展壮大离不开资本市场的有力支撑。在"十四五"这一关 键时期，江西民营经济活力迸发，民营上市公司在资本市场助力下，于传统产业深耕细作、新兴产业开 拓进取、未来产业积极探索，市场功能愈发完善，韧性显著增强，生态持续优化。站在"十四五"收官 与"十五五"开篇的关键节点，江西民营上市公司正以昂扬姿态，勇立时代潮头。 为生动呈现江西民营上市公司在"十四五"期间高质量发展的鲜活图景，江西省上市公司协会携手江西日 报传媒集团，面向市值靠前的江 ...

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].

Core Viewpoint - The lithium battery copper foil industry is facing challenges due to severe overcapacity and intense price competition, but Defu Technology has reached a turning point in profitability. Company Overview - Defu Technology has transformed from a traditional electronic circuit copper foil company to the second-largest player in the global lithium battery copper foil market over seven years, increasing its production capacity from 26,000 tons to 150,000 tons [1] - The company has established partnerships with leading battery manufacturers such as CATL, BYD, and LGES, enhancing its market position [1][3] Production Capacity and Market Dynamics - Defu Technology's total production capacity is expected to reach 175,000 tons per year by the end of 2025, positioning it among the top domestic copper foil manufacturers [2] - The overall domestic copper foil production capacity is projected to be 185,000 tons in 2024, with 64,700 tons dedicated to lithium battery copper foil, indicating a significant overcapacity issue [2] - The industry is experiencing a low utilization rate of 61.2% for electrolytic copper foil, leading to intensified market competition and overall losses across the sector [2] Profitability and Product Development - Defu Technology reported a net profit of 18.2 million yuan in Q1 2025, becoming the first copper foil listed company to achieve quarterly profitability this year [3] - The company is focusing on developing high-performance products such as ultra-thin copper foil, which can enhance battery energy density and reduce material costs [5] - The market share of ultra-thin copper foil is expected to increase from 15% to 30%-40% by the end of 2025, reflecting a shift towards higher value products rather than price competition [5] Industry Trends and Mergers - The copper foil industry is witnessing a trend of consolidation, with leading companies achieving profitability while smaller firms continue to incur losses [6] - Defu Technology announced its intention to acquire a foreign electronic circuit copper foil company, which is expected to further concentrate market share among leading firms [7] - The global demand for lithium battery copper foil is anticipated to grow, particularly in regions with low penetration rates for electric vehicles, such as Southeast Asia, Europe, and the United States [7]