隆扬电子（昆山）股份有限公司 投资者关系活动记录表 说明 息泄露等情况。 编号：2026-001 | 活动类别 | 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 _ | | 参与单位名称 | 天弘基金申宗航、哲云私募吴雅婷、东吴自营程颙、相聚资 | | | 本李慧丰、华宝信托张卿隆、长信基金陈宇哲、凯恩投资兰 | | | 云池、国泰海通陈思靖、趣时资产冯珺、阳光天泓资产林永 | | | 祥、信泰保险刘跃、东吴证券刘玥娇、解承堯 | | | （以上排名不分先后） | | 时间 2026 | 年 2 月 26 日 | | 地点 | 公司会议室 | | 上市公司接待人员姓 | 董事长 傅青炫 | | 名 | 董事会秘书 金卫勤 | | | 证券事务代表 施翌 | | | 第一部分：公司介绍 | | | 上市公司介绍了基本情况、发展历程、核心业务、发展 | | | 战略等。公司主要产品为电磁屏蔽材料及部分绝缘材料、散 | | | 热材料，产品主要应用于 3C 消费电子行业及新能源汽车行业 ...

Core Viewpoint - Ningde Times has achieved mass production of composite aluminum foil, applying it to some high-nickel ternary products, while composite copper foil still awaits commercialization [1][2] Group 1: Composite Materials - Composite current collectors enhance safety, energy density, and cost reduction advantages, with Ningde Times leading the development since a patent filing in 2017 [2] - The rise in copper prices may drive battery manufacturers to seek copper-saving solutions, focusing on cost reduction [2] Group 2: Technical Developments - The technical route for composite copper foil has narrowed, with PP-based films and a two-step method becoming the industry consensus [3] - PP is now the mainstream base film due to its high corrosion resistance, lower cost, and mature processing advantages, despite needing surface modification for better adhesion with copper layers [3] - The two-step method, combining magnetron sputtering and water electroplating, has emerged as the mainstream production process for composite copper foil [3] Group 3: Market Opportunities - Longyang Electronics is expanding into the HVLP5 copper foil market, leveraging its expertise in electromagnetic shielding materials and advanced coating technologies [4] - The global leader in HVLP copper foil, Mitsui Mining, anticipates a significant increase in sales, with plans to double production capacity by 2028 [4] Group 4: Investment Recommendations - Companies to watch in the composite current collector manufacturing segment include Baoming Technology, Putailai, Yinglian Co., and others [5] - In the upstream materials segment, Jiangnan New Materials and Tongfeng Electronics are recommended, while upstream equipment companies include Dongwei Technology and others [5]

Group 1 - The company is currently in the process of verifying its HVLP5 copper foil products with downstream customers [2] - There are no confirmed orders or intention contracts for the HVLP5 copper foil at this time [2] - The interaction took place on an investor communication platform, indicating investor interest in the company's product pipeline [2]

Group 1 - The company has completed the construction of its first HVLP5 copper foil cell factory, and equipment installation is currently underway [2] - An investor inquired about the planned production capacity of the first cell factory and the construction timeline for the second cell factory [2]

Core Viewpoint - Longyang Electronics is currently advancing the verification of its HVLP5 copper foil products with downstream customers, specifically targeting CCL manufacturers for application scenarios determined by customer needs [1] Company Summary - Longyang Electronics is in the process of validating its HVLP5 copper foil products with downstream clients [1] - The customers receiving samples are CCL manufacturers, indicating a focus on the specific requirements of these clients for end products [1]

Key Points - The article discusses significant recent developments in various sectors, including government policies, international trade, and corporate earnings [4][8][9][10]. Government Policies - The Central Committee of the Communist Party of China and the State Council released an opinion on promoting high-quality urban development, emphasizing the transition from rapid urbanization to stable development, with goals set for 2030 and 2035 [9]. - The National Development and Reform Commission announced a press conference scheduled for August 29, focusing on economic policies [3][11]. International Trade - The European Commission proposed legislative measures to eliminate certain tariffs on U.S. goods, aiming to enhance transatlantic trade relations. This includes reducing U.S. tariffs on EU automobiles from 27.5% to 15% and implementing zero or near-zero tariffs on various products [8]. - The Chinese Ministry of Commerce expressed a willingness to engage in dialogue with the U.S. to maintain stable economic relations following a recent meeting with Canadian officials [9]. Corporate Earnings - Companies such as Gree Electric reported a net profit of 14.41 billion yuan for the first half of the year, a year-on-year increase of 1.95% [14]. - Semiconductor companies like SMIC reported a net profit of $321 million for the first half of the year, up 35.6% year-on-year [14]. - The new materials sector is expected to experience growth due to increasing demand and technological innovations, with the new materials index PE ratio at 28.22, indicating a potential growth cycle [19].

Group 1: Company Performance - Nengke Technology reported a net profit growth of 18.75% year-on-year in its mid-year report, focusing on smart manufacturing and developing a comprehensive product system that includes AI applications across various industrial scenarios [2][3] - Jianye Technology achieved a net profit growth of 51.12% year-on-year, supplying high-speed optical modules to Microsoft, with 800G products in small batch delivery [2] - Lianhua Technology, a leader in custom production of pesticide intermediates, reported a staggering net profit growth of 1481.94% year-on-year [2] - Xianggang Technology, a provider of integrated solutions in printing and packaging, saw a net profit increase of 432.14% year-on-year [2] - Dongpeng Holdings, primarily engaged in ceramics and sanitary ware, reported a net profit growth of 3.85% year-on-year, significantly up from the first quarter [2] - Aonong Bio reported a net profit of 361 million, marking a turnaround from losses [2] - Qiming Information, under FAW Group, reported a net profit growth of 2568.5% year-on-year, focusing on digital operations and smart marketing [2] Group 2: Industry Trends - The State Council issued an opinion on the implementation of the "Artificial Intelligence +" initiative, aiming for over 70% penetration of new intelligent terminals and applications by 2027 [2][4] - The demand for liquid cooling solutions in data centers is increasing, with companies like Huangma Technology focusing on organic silicon modified polyether as a supplier for immersion cooling liquids [4] - The agricultural sector is seeing significant developments, with Aonong Co. reporting a net profit of 361 million, indicating a recovery in the agricultural products market [5] Group 3: Strategic Partnerships and Collaborations - Ge'ern Automotive has entered a strategic partnership with NVIDIA to develop control systems for robots, covering the entire range of NVIDIA's Jetson series [3] - Magmi Technology has formed a partnership with NVIDIA to become a designated supplier of data center components, actively participating in the design and construction of NVIDIA's Blackwell architecture [4]

Core Viewpoint - Longyang Electronics is currently engaged in product validation and testing of its HVLP5 grade copper foil with customers, focusing on high-end market segments [1] Company Summary - Longyang Electronics (301389.SZ) is not competing in the HVLP3 grade copper foil market and below, as its production process does not have a cost advantage in this segment [1] - The company has a competitive edge in producing ultra-thin and ultra-flat copper foil, which is why it has chosen to enter the market starting with HVLP5 grade products [1] Industry Summary - The primary competitors in the HVLP5 copper foil market are mainly Japanese companies, indicating a competitive landscape dominated by established players [1]

Group 1: Company Overview and Business Model - The company primarily exports products through domestic bonded zones, with bonded zone business accounting for 26.04% in 2024 [2] - Direct overseas exports represent 6.39% in 2024, mainly targeting Southeast Asia [2] - The impact of tariff changes on the company's operations is minimal due to its current business model [2] Group 2: Strategic Acquisitions - The acquisition of Weisi Shuanglian is aimed at optimizing supply chain management and reducing production costs [3] - Weisi Shuanglian has strong capabilities in polymer materials and absorbing materials, enhancing the company's R&D competitiveness [3] - The acquisition will allow for resource synergy while maintaining independent operational systems for both companies [3] Group 3: Project Developments - The DeYou project aims to enhance the company's self-developed material system in shock absorption and protection, broadening the product structure [3] - The company is actively advancing the restructuring work related to the DeYou project, with transaction plans under careful consideration [3] Group 4: Customer Engagement - The company is currently testing HVLP5 copper foil products with direct downstream customers, but cannot disclose specific client names due to commercial policies [3]

Group 1: Company Overview and Financial Performance - In Q1 2025, the company achieved operating revenue of ¥73,378,588.42, representing a year-on-year increase of 24.18% [2] - The net profit attributable to shareholders was ¥30,675,888.02, with a year-on-year growth of 72.26% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥27,783,878.81, reflecting a year-on-year increase of 63.18% [2] Group 2: Mergers and Acquisitions - The company has engaged intermediaries to conduct due diligence and evaluation for potential acquisitions, with no formal transaction documents signed yet [3] - The acquisition of Deyou New Materials is aimed at enhancing the company's self-developed material system for shock absorption and protection, thereby expanding its customer base and development in new materials for 3C consumer electronics and automotive electronics [3] Group 3: Market Trends and Growth Drivers - The company's growth in Q1 is attributed to the gradual recovery of the consumer electronics industry and increased demand, alongside the expansion of its electromagnetic shielding materials to new models and customers [3]