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The investor relations activity record sheet released by Jiayuan Technology on June 26 showed:
1. Many companies in the same industry are currently facing losses. What are your expectations for the second half of this year?
Jiayuan Technology replied: The company achieved revenue of 1.981 billion yuan in the first quarter of 2025, representing an increase of 113% compared to the same period last year, and realized a net profit attributable to shareholders of 24.4564 million yuan, achieving a turnaround from losses to profits. The first quarter has shown significant improvement compared to previous periods.The company expects that the processing fees for some high-end customized products will still have room for increase this year. The extent of the increase will need to be comprehensively judged based on factors such as market supply and demand conditions, customer order situations, etc. in the second half of the year.The company will continue to strengthen communication and cooperation with customers to enhance its competitiveness and profitability. At the same time, the company will also continuously optimize its product structure and improve product quality and service levels. In the second half of this year, with the increase in the proportion of high-value-added products, the introduction of overseas customers, and the expansion of sales, it will bring more profit growth points to the company, continuously enhancing its profitability and market competitiveness.
2. What is the current product structure of the company's copper foil?
Jiayuan Technology replied: In terms of lithium battery copper foil, the company has achieved mass production of high-tech products such as ultra-high strength, extra-high strength, and ultra-high elongation copper foils based on the downstream market and customer demands, as well as the future development route of copper foil, continuously increasing the shipments of high-value-added products.
In terms of electronic circuit copper foil, the company has promoted the domestic substitution process of high-end electronic circuit copper foil and achieved technological breakthroughs in high-performance electronic circuit copper foils such as high-grade RTF (Reverse Treated Foil), HTE (High Temperature Elongation Foil), HVLP (Hyper Very Low Profile Foil), IC packaging ultra-thin copper foil, and high-density interconnection circuit (HDI) copper foil. Ultra-thin copper foil (UTF) for PCBs has been mass-produced, and positive progress has been made in the development of electronic circuit copper foil products such as RTF/HVLP for high-frequency high-speed circuits and IC packaging applications. Among them, RTF has passed the certification tests of top-tier enterprises and possesses mass production capabilities, while other products have also passed the laboratory verification stage and are undergoing testing with downstream customers.
Additionally, the company has carried out R&D on cutting-edge new technologies related to copper foil, composite copper foil, microporous copper foil, monocrystalline copper foil, carrier copper foil, and new-type special copper foil required for solid-state batteries, greatly enriching the company's product structure.
3. What breakthroughs has the company made in the R&D of copper foil for solid-state batteries?
Reply from Jiayuan Technology: The company keeps a close eye on the development trends of all-solid-state batteries, collaborates with downstream enterprises, and simultaneously conducts research and sample delivery work on new-type negative current collector products required for different technical routes of all-solid-state batteries.
In 2024, the company launched high-specific-surface-area boundary-expanding copper foil, which specifically addresses the issues of insufficient solid-solid interface contact area and high interfacial impedance of negative current collectors in solid-state batteries. In the same year, the company introduced special alloy copper foil using multi-metal composite technology, overcoming the challenges of structural instability and interfacial failure of current collectors in solid-state batteries under high energy density, high temperature, and high voltage conditions. In 2025, the company will introduce double-sided nickel-plated copper foil, which specifically addresses the issues of poor high-temperature and corrosion resistance of negative current collectors in solid-state batteries, and is currently compatible with semi-solid/solid-state battery technologies. Meanwhile, the company has developed porous copper foil since 2017, progressing from the first generation of mechanical punching, the second generation of laser drilling, to the current third generation. Through a three-dimensional porous framework structure, it addresses the risks of uneven lithium metal deposition and dendrite penetration in the negative electrode of solid-state batteries. The composite copper foil launched in 2023, adopting a polymer substrate-metal coating composite structure, can solve the synergistic challenges of lightweight and inherent safety in solid-state batteries, providing core material support for the industrialization of high-safety, long-life solid-state battery metal negative electrode systems.
Currently, the company is one of the few that has made commercial progress in the field of solid-state batteries, with its copper foil products covering the copper foil required for both semi-solid and all-solid-state batteries. At present, the company has supplied products in bulk and small batches to five enterprises, and has also sent samples for testing to multiple enterprises, achieving phased results.The company's solid-state battery copper foil products are used not only in NEVs but also in the low-altitude economy. High-temperature-resistant copper foil is used in solid-state batteries and integrated into eVTOLs (electric vertical takeoff and landing aircraft) released by leading producers.
4. In the field of solid-state batteries, within the semi-solid and all-solid-state systems, what products does your company have that are suitable for these two systems?
Reply from Jiayuan Technology: The company started early in the R&D of negative current collectors required for solid-state batteries. Based on the pain points of solid-state batteries, such as small solid-solid interface contact area (compared to liquid-state), high interfacial impedance (compared to liquid-state), slow ion migration rate (compared to liquid-state), poor high-temperature and corrosion resistance, and lightweight requirements, the company has developed a full range of new-type negative current collector products, including high-temperature-resistant, corrosion-resistant, high-specific-surface-area copper foil, microporous copper foil, alloy copper foil, etc., to meet different technical routes of solid-state batteries. Meanwhile, the company's strong innovative R&D capabilities and large capacity scale can support the industrialization of new technologies. Some products have already achieved bulk shipments within the year and are being tested in eVTOL electric aircraft released by leading producers and sample vehicles of mainstream automakers. The company keeps a close eye on the development trends of all-solid-state batteries and collaborates with downstream enterprises to conduct research and sample delivery on new-type negative current collector products required for different technical routes of all-solid-state batteries.
5. What is the shipment situation of copper foil in solid-state batteries?
Jiayuan Technology replied: The company's copper foil products have covered the copper foil requirements for both semi-solid-state and all-solid-state batteries. Currently, the company has supplied copper foil in bulk and small quantities to five enterprises, and has also sent samples for testing to multiple enterprises, achieving phased results. The company keeps a close eye on the development trends of all-solid-state batteries and collaborates with downstream enterprises to conduct research and sample delivery on new-type negative current collector products required for different technical routes of all-solid-state batteries.
6. What is the situation of the company's overseas market expansion?
Jiayuan Technology replied: The overseas top-tier battery enterprise clients developed by the company have started to increase their orders since this year, and the gross profit margin of the products is better than that in the domestic market. This year, the company will actively enter overseas emerging markets, continuously explore high-quality overseas client resources, expand business coverage, and increase the market share of its products in overseas markets. Currently, the company has introduced overseas clients from Japan, South Korea, Europe, and the United States, and will accelerate the introduction of strategic customers in Southeast Asia in the next step. The company will continuously adjust its product structure according to overseas market demands and enhance its bulk delivery capabilities.
7. What are the subsequent arrangements for the company's convertible bonds? Why hasn't the conversion price of the convertible bonds been lowered despite being relatively high?
Jiayuan Technology replied: The current share price of the company does not accurately reflect the intrinsic value of the company's long-term development. Currently, the company's production and operation are normal, with a robust cash flow, good credit status, and strong repayment capabilities. During the duration of the convertible bonds, the company will continue to strengthen its management to consolidate the foundation for conversion, manage production and operation well, actively promote the implementation of strategies, enhance market communication, further increase market recognition of the company's value, and safeguard the interests of investors.
When asked, "What specific products or key layouts does the company have in the low-altitude economy?", Jiayuan Technology responded on the investor interaction platform on June 20: The batteries for low-altitude vehicles such as eVTOL aircraft and drones must simultaneously meet high energy density and high safety performance requirements, necessitating copper foil that is thin, lightweight, and highly tough. The company has developed new-type negative current collectors with a full technical matrix, including high-temperature-resistant, corrosion-resistant, high-specific-surface-area copper foil, micro-porous copper foil, and alloy copper foil, to adapt to different technical routes of solid-state batteries. Some products have achieved bulk shipments within the year and are being tested in eVTOL electric aircraft and sample NEVs released by leading automakers. The company has already arranged battery copper foil projects for the low-altitude economy, such as ultra-thin copper foil with a thickness of less than 4.5μm, composite copper foil, micro-perforated copper foil, and other copper foil products.
Jiayuan Technology disclosed its 2025 Q1 report on April 29th, showing that in the first quarter of this year, the company achieved a total operating revenue of 1.981 billion yuan, up 113.00% YoY; and a net profit attributable to shareholders of 24.4564 million yuan, turning from a loss to a profit YoY.
Regarding the reasons for the increase in operating revenue in the first quarter, Jiayuan Technology's Q1 report stated: It was mainly due to the increase in revenue from copper foil product sales, Jiayuan Longyuan's high-precision copper alloy business, and Jiayuan New Energy's PV EPC business. Jiayuan Technology stated: The increase in net profit in the first quarter was mainly due to the rise in gross profit margin during the reporting period, leading to an increase in net profit.
Jiayuan Technology's 2024 annual report showed: In 2024, the company achieved a copper foil production of approximately 67,000 mt, up 15.57% YoY; copper foil sales of 67,700 mt, up 17.52% YoY; a total operating revenue of 6.522 billion yuan, up 31.27% YoY; and a net loss attributable to shareholders of 239 million yuan, compared to a profit of 19.0305 million yuan in the same period last year.
Jiayuan Technology's annual report indicated that the main reasons for the company's performance changes in 2024 were as follows:Firstly, affected by the fierce competition in the lithium battery copper foil industry, copper foil processing fees dropped significantly, and the gross profit margin of products decreased YoY, impacting the company's profits; Secondly, credit impairment losses were accrued for receivables in accordance with accounting standards, with a significant increase, mainly due to the increase in sales volume and the moderate relaxation of credit policies for major customers during the reporting period; Thirdly, impairment provisions were made for assets showing signs of impairment; Fourthly, the company's loans from financial institutions increased, leading to a year-on-year increase in interest expenses during the current period.
Jiayuan Technology also introduced its main products and their applications in its 2024 annual report: The company's main products are electronic circuit copper foil, lithium battery copper foil, and high-performance precision copper wire. The main product specifications include various high-performance lithium battery copper foils with a thickness of 3.0-20μm and various electronic circuit copper foil products with a thickness of 9-140μm. Copper foil products are mainly applied in the lithium-ion battery, copper clad laminate (CCL), and printed circuit board industries; high-performance precision copper wire products are mainly bare copper stranded wires and tinned stranded wires with a diameter of 0.08-0.254mm, mainly applied in the power, telecommunications, automotive, new energy, and other fields.
Regarding business plans, Jiayuan Technology introduced in its 2024 annual report: As a high-tech enterprise focusing on the R&D, production, and sales of copper foil,in 2025, the company will take "focusing on the copper foil main business, diversifying and expanding business formats, and strengthening management to enhance efficiency" as its core strategy, adhering to the development philosophy of innovation-driven and quality-first, deeply cultivating the copper foil main business, while actively exploring diversified growth paths, strengthening internal management, and striving to achieve cost reduction and efficiency enhancement. The main goal for 2025 is to achieve a total copper foil capacity of over 120,000 mt, with both production and sales exceeding 100,000 mt.
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