On February 4, Jintian Copper responded to investor inquiries on the interactive platform, stating that the company focuses on its internationalization strategic goal, continuously expanding its overseas business scale and international brand influence. Currently, the Vietnam capacity expansion project continues to broaden business cooperation, and the construction of the new Thailand production site is progressing smoothly. The company is deepening product applications in high-end industries and emerging sectors. By the end of 2025, the proportion of high-voltage flat wires for NEVs increased to 47%, and copper semis sales in the chip semiconductor field exceeded 40,000 mt, of which over 14,000 mt were in computing power heat dissipation, with a YoY growth rate of nearly 60%, continuously expanding market share. Meanwhile, the company seized opportunities in green and low-carbon development, further strengthening technical reserves and business cooperation in the secondary copper field, helping to continuously enhance the company's overall profitability.
On February 4, Jintian Copper responded to investor inquiries on the interactive platform, stating that the company's copper processing products adopt a "raw material price + processing fee" pricing model and strictly follow the "Hedging Management System" for hedging operations to reduce the impact of raw material price fluctuations on the company's net profit. Currently, fluctuations in copper prices have a relatively small impact on the company's operating performance, and the company's production and operations are normal and orderly.
Jintian Copper recently announced that on February 3, 2026, the company repurchased 850,000 shares for the first time via centralized bidding, accounting for 0.05% of the company's current total shares. The transaction price range was 11.3 to 11.64 yuan per share, with a total payment of 9.7058 million yuan (excluding transaction fees).
Jintian Copper released its 2025 annual performance forecast, showing that based on preliminary calculations by the finance department, the company expects to achieve a net profit attributable to owners of the parent company of 70 million to 80 million yuan for the full year of 2025, compared with the legally disclosed data from the same period last year, an increase of 23.79574 million to 33.79574 million yuan, up 51.50% to 73.14% YoY.It is expected to achieve a net profit attributable to owners of the parent company after deducting non-recurring gains and losses of 44 million to 52.8 million yuan for the full year of 2025, compared with the legally disclosed data from the same period last year, an increase of 10.14004 million to 18.94004 million yuan, up 29.95% to 55.94% YoY.
Regarding the main reasons for the expected performance growth in this period, Jintian Copper stated: In 2025, the company implemented the "dual upgrade of products and clients" strategy, deepening product applications in high-end fields; strengthened overseas client expansion, with overseas market sales continuing to grow; and through digitalization, improved management efficiency, leading to a YoY increase in the company's product gross margin level and profitability.
On January 29, Jintian Co., Ltd. stated on the interactive platform in response to investor inquiries that the company's raw material inventory is maintained to meet normal production and operational needs, and it effectively reduces the impact of raw material fluctuations on operations through hedging tools. Currently, the company is not involved in copper mine business.
On January 23, Jintian Co., Ltd. stated on the interactive platform in response to investor inquiries that in H1 2025, sales of the company's copper busbar products used in the heat dissipation sector increased 72% YoY, and the strong growth trend continued.
On January 23, Jintian Co., Ltd. stated on the interactive platform in response to investor inquiries that Phase I of the company's Baotou base has commenced production, raising the annual capacity of rare earth permanent magnets to 9,000 mt. The company is actively advancing Phase II of the Baotou base to further increase capacity to 13,000 mt. The company has a solid client base and technical reserves in the robotics sector, and some rare earth permanent magnet materials have been applied in robotics. The company will closely monitor and follow market demand in the robotics sector, further improve the product portfolio, and enhance product competitiveness.
On January 23, Jintian Co., Ltd. stated on the interactive platform in response to investor inquiries that the company continues to expand its technological leadership in high-voltage electromagnetic flat wires. Among these, the company's flat wire products for 1,000V drive motors have become an industry benchmark as supporting materials for the "megawatt (MW) flash charging" technology in the NEV sector, while customer-related certification for 1,200V drive motor flat wires is being advanced in an orderly manner.
On January 23, Jintian Co., Ltd. stated on the interactive platform in response to investor inquiries that the high-precision, easy-to-cut copper billet developed by the company, with its excellent properties such as high strength and wear resistance, has been applied in airborne structural components of low-altitude aircraft. The company's PEEK material products provide high-voltage drive stability solutions for the load-carrying flight market in the low-altitude economy, and the company has initiated R&D collaborations with several domestic top-tier enterprises. The company will closely monitor and follow market demand in the above sectors, further improve the product portfolio, and enhance product competitiveness. For details, please refer to the company's periodic reports.
On January 23, Jintian Co., Ltd. stated on the interactive platform in response to investor inquiries that the company is one of the enterprises in China with the largest utilization volume and the highest comprehensive utilization rate of secondary copper, and it is also one of the few companies globally capable of achieving a closed-loop entire industry chain for secondary copper. The overall gross margin of green products in the secondary copper sector is relatively high. The company has launched multiple low-carbon secondary copper materials and collaborates with several world-renowned clients to provide high-quality, complete one-stop green and low-carbon copper semis solutions for clients in sectors such as consumer electronics and new energy, meeting their product performance and carbon reduction needs.
On January 23, Jintian Co., Ltd. responded to investor inquiries on the interactive platform, stating that the company is committed to advancing its international layout. Currently, the construction of the "80,000 mt annual precision copper pipe & tube production project" in Thailand is progressing smoothly. The overall gross margin of the company's copper semis products exported overseas is relatively high. In H1 2025, the company's overseas main business revenue was up 21.86% YoY and maintained a good growth trend. For more details, please refer to the company's regular reports.
On January 20, Jintian Co., Ltd. responded to investor inquiries on the interactive platform, stating that copper has become a core material in advanced AI industry chip interconnection and heat dissipation for computing facilities due to its excellent electrical and thermal conductivity. The company has a solid client base and technical reserves in the computing field, with its high-precision oxygen-free copper busbar products already applied in multiple top-tier GPU cooling solutions by several first-tier global cooling module enterprises. The company will closely monitor and follow market demand in the computing field, further improve its product range, and enhance product competitiveness. For more specific information, please refer to the regular reports.
The investor relations activity record form (January 8-12, 2026) announced by Jintian Co., Ltd. shows:
The company introduced to investors the basic situation regarding its development strategy, capacity layout, product applications, and operational highlights.
1. The company's industry position and competitive advantages.
Jintian Co., Ltd. responded: The company has been focusing on the copper processing industry for 39 years and is one of the largest and most complete industry chain enterprises in China. In 2024, the company achieved a total production of 1.9162 million mt of copper and copper alloy materials, ranking first globally in terms of total copper semis production. The company offers a wide variety of copper products, meeting clients' one-stop procurement needs for rods, pipes, plates, strips, and wires. The company's copper products have been widely used in NEVs, clean energy, communication technology, power and electricity, and chip semiconductors. The company has now formed a profound cultural heritage and outstanding organizational capabilities, possessing a significant market size and a global industrial layout; it boasts leading manufacturing and R&D capabilities, has established a specialized product matrix, and has built a stable group of top-tier industry clients. Additionally, the company has constructed a green and regenerative technology barrier for the future, laying a solid foundation for becoming a world-class base for copper products and advanced materials.
2. The construction progress and business status of the company's new energy electromagnetic flat wire.
Jintian Co., Ltd. responded: The company is actively engaging in deep cooperation with world-class host manufacturers and motor suppliers on new energy electromagnetic flat wire projects. In H1 2025, the company's new energy electromagnetic flat wire development project had achieved mass production of over 100 items, with 42 new NEV drive motor designated projects added, including 23 new designations for the 800V high-voltage platform, and has already realized multiple batch deliveries. The company's share of high-voltage flat wire shipments continues to increase. The company's 1000V flat wire products for drive motors have become an industry benchmark for supporting materials in the "megawatt (MW) flash charging" technology within the NEV sector, while also advancing customer-related certifications for 1200V drive motor flat wires in an orderly manner.
3. Capacity and business status of the company's rare earth permanent magnet products.
Jintian Copper's response: Since 2001, the company has been developing its magnetic material business, and after more than 20 years of dedicated development, it has become one of the enterprises with advanced technology and a comprehensive product system among domestic peers.Currently, the company has two magnetic material production sites in Ningbo and Baotou. The first phase of the Baotou site has been put into operation, and the annual capacity of the company's rare earth permanent magnet materials has been increased to 9,000 mt. The company is actively promoting the second phase of the Baotou site to further increase capacity to 13,000 mt.At the same time, the company is accelerating its international layout and increasing its international market share through its newly established German subsidiary.Recently, the company has obtained a general export license for rare earth permanent magnet products and continues to advance export-related business. The company's rare earth permanent magnet products are widely used in many high-end fields, including NEVs, wind power generation, high-efficiency energy-saving motors, robotics, consumer electronics, and medical devices.
4. Business development in the chip computing power sector.
Jintian Copper's response: Copper, with its excellent electrical and thermal conductivity, has become a core material for chip interconnects and heat dissipation in computing power facilities within the advanced AI industry, and the transformation of copper-based materials toward high value-added applications is accelerating further. The company has a solid client base and technical reserves in the chip computing power sector. Among these, the company's high-precision special-shaped oxygen-free copper busbar products have been applied in multiple top-tier GPU cooling solutions by several first-tier cooling module enterprises globally. The company's self-developed copper heat pipes, liquid-cooled copper pipes, and other products have been supplied in bulk to computing power server products of several top-tier enterprises. The company will closely monitor and follow market demand in the chip computing power sector, further improve its product portfolio, and enhance its product competitive advantages.
5. The company's position advantages and business achievements in the secondary copper field.
Jintian Copper's response: The company continues to innovate new green development paths for copper-based advanced materials and has become one of the enterprises with the largest secondary copper utilization volume and the highest comprehensive utilization rate domestically, as well as one of the few companies globally in the industry to achieve a closed-loop entire industry chain from secondary copper recycling, purification, to deep processing. The company's self-developed low-carbon secondary copper products significantly reduce product carbon emissions while ensuring performance, providing downstream clients in the industry chain with high-quality, complete one-stop green copper semi solutions. In H1 2025, sales of the company's green, high-end, low-carbon secondary copper products increased 61% YoY. The product matrix already covers copper strips, copper wires, electromagnetic wires, copper pipes & tubes, copper busbars, copper billets, etc., and is applied in high-end consumer electronics, automotive industry, power and electrical sectors, specifically including scenarios such as laptop cooling modules, mobile phone vibration motors, NEV power battery connections, and AC/DC power supplies. It has achieved mass production in products of several world-renowned clients, forming new performance-driving elements represented by "green and low-carbon secondary copper products."
When asked, "It is reported that NVIDIA plans to adopt a "long-arm management" model for the toll processing business of next-generation Vera Rubin architecture AI server cabinets and may finalise water-cooling plate suppliers in the near future. Due to extremely high power consumption in the next-generation architecture, the coverage rate of the liquid cooling section will be better, and parts such as power supplies and storage will also adopt liquid cooling. If able to become the cold plate module contractor for the NVIDIA-L10 solution, stable large orders will be secured. If these changes are implemented next year, they will significantly enhance the competitive advantages and shipment expectations of core enterprises within the existing supply chain system. Does your company have the competitive capability to enter the liquid cooling supply chain?" Jin Tian shares replied to investor inquiries on the interactive platform on November 24, Copper, with its excellent electrical and thermal conductivity, has become a core material for chip interconnection in advanced AI industries and heat dissipation in computing power facilities. The company has a solid client base and technical reserves in the chip computing power sector, with its high-precision special-shaped oxygen-free copper busbar products already applied in multiple top-tier GPU cooling solutions from several global leading cooling module enterprises. The company will closely monitor and follow market demands in the chip computing power sector, further improve its product lineup, and enhance product competitive advantages.
The performance preview commentary for Jin Tian shares in 2025 released by Aijian Securities indicates: Share repurchases demonstrate long-term development confidence, and capital structure optimisation is progressing steadily. The company's high-end copper-based materials are accelerating their penetration into overseas clients in the computing power heat dissipation sector, with rapidly increasing sales and significantly improved profitability. 1) In terms of profitability, the processing fee rate for copper busbars used in computing power is relatively high, and product structure upgrades are expected to continuously elevate the company's gross profit level; 2) Regarding shipment progress, in H1 2025, the company's copper busbar sales in the heat dissipation sector increased by 72% YoY. High-precision special-shaped oxygen-free copper busbars have entered the GPU cooling solutions of several global leading cooling module enterprises, and the company's copper heat pipes, liquid-cooled copper pipes, and other products have also achieved bulk supply in the computing power servers of several top-tier enterprises. Copper price fluctuations have limited impact on the company's profits. 1) The company's product pricing follows a "copper price + processing fee" model, with core revenue and profits derived from processing fees rather than copper prices themselves. Processing fees are determined through negotiation between the company and clients based on factors such as product specifications and process complexity, with a certain historical stickiness; 2) The company achieves effective hedging against copper prices through futures, with the main impact of upstream raw material price fluctuations borne by downstream entities, having a relatively small effect on the company's profits; 3) Rapid fluctuations in copper prices may temporarily affect the willingness of downstream customers to place orders and extend the ordering cycle, but given the essential nature of copper applications, the total demand is minimally affected, only altering the pace of copper product orders. The company’s overall operational stability is strong. The company is actively positioning itself in the "aluminum as a substitute for copper" direction, optimizing its gross profit structure while enhancing its ability to hedge against copper price volatility. 1) On a per-ton basis, the absolute value of processing fees for aluminum products is typically lower than that for copper (under equivalent performance levels, high-precision aluminum extrusion processing fees are about 10,000 yuan/mt, while copper semis are around 20,000 yuan/mt); however, due to the significantly lower per-ton price of aluminum (usually about one-fourth that of copper), the base cost of materials is lower, increasing the proportion of processing fees in the total product value. The processing fee rate for aluminum solutions is approximately 13–14pct higher than that for copper, providing positive support for the company's overall gross margin; 2) Supply progress: The company's electromagnetic aluminum flat wire and 3D bent aluminum busbars for vehicles have entered the certification and mass production supply stage, and the inner-grooved aluminum pipe for air conditioners has begun small-scale supply. Risk warnings: There is a risk that new energy downstream demand or capacity release may fall short of expectations, along with risks of rising copper prices and changes in overseas trade policies.
