Summary of Conference Call Notes Company Overview - **Company**: 嘉元科技 (Jia Yuan Technology) - **Stock Code**: 688388 - **Industry**: Lithium Battery Copper Foil and Optical Modules Key Points Financial Performance - **2025 Revenue Forecast**: Expected to be between 9.5 billion to 9.75 billion CNY, representing a year-on-year increase of 45.65% to 49.49% [1] - **Net Profit**: Projected net profit for 2025 is between 50 million to 65 million CNY, marking a return to profitability compared to the previous year [1] - **Q4 2025 Performance**: Anticipated net profit of 17 million CNY, a year-on-year turnaround and a quarter-on-quarter increase of 303% [1] - **Q4 2025 Shipment Volume**: Expected to reach 28,300 tons, a year-on-year increase of 29% and a quarter-on-quarter increase of 5% [1] Production Capacity and Expansion - **End of 2025 Capacity**: Estimated production capacity of approximately 140,000 tons [1] - **2026 Expansion Plans**: Planned capacity increase of 35,000 tons, with a total expected shipment of 170,000 tons in 2026 (15,000 tons domestic and 2,000 tons overseas) [1] Industry Dynamics - **Profit Margins**: Anticipated increase in profit per ton due to improved capacity utilization, yield rates, and upgraded order structures [2] - **Market Conditions**: The lithium battery copper foil industry is expected to experience a tightening market, leading to potential increases in processing fees [2] - **Product Development**: Company has developed various copper foil solutions, including high specific surface area copper foil and double-sided nickel-plated copper foil, with successful testing by leading companies [2] Future Outlook - **2026 Profit Forecast**: Expected profit of 6.5 billion CNY, not accounting for price increases; a 1,000 CNY increase in domestic processing fees could enhance profits by 1.5 billion CNY [2] - **Optical Module Business**: Progress in the optical module sector is promising, with potential for significant performance elasticity in the future [2] - **Investment Recommendation**: Given the upward recovery in the copper foil industry, leading advancements in solid-state copper foil, and the low implied market value of optical modules, the company is recommended for investment [2]

对于业绩变动原因，嘉元科技表示，2025年公司紧密围绕年度经营目标，深耕铜箔主业，通过质量提 升、研发创新和降本增效等措施推动业绩改善。一方面，下游市场需求回暖带动铜箔产品产销量显著增 长；另一方面，公司优化产品结构，提升高附加值产品占比，推动平均加工费上涨，同时产能利用率提 升及成本优化共同驱动毛利率上升。(王珞) 1月28日，嘉元科技(688388)发布2025年年度业绩预告称，公司预计2025年实现营业收入95亿元至97.5亿 元，同比增长45.65%至49.49%；归属于母公司所有者的净利润为5000万元至6500万元，上年同期 为-2.39亿元，实现扭亏为盈；归属于母公司所有者的扣除非经常性损益后的净利润预计为800万元至 1200万元，上年同期为-2.84亿元。 ...

公司业绩回暖的背后，是主营产品产销量提升与市场环境改善的共同作用。公告指出，报告期内公司销 售订单同比增加，产能利用率同比上升，除原材料外的单位生产成本有所降低。 市场环境的改善为业绩回暖提供了坚实基础。依据中国汽车动力电池产业创新联盟的数据，1-10月，国 内动力电池累计装车量达578.0GWh，累计同比增长42.4%。同时国内新型储能装机规模更是加速放量， 根据国家能源局的数据，截至2025年9月底，我国新型储能装机规模超过1亿千瓦，其中锂离子电池储能 占据主导地位，装机超过9800万千瓦，占比96.1%。头部电池企业订单饱满，排产计划已至长期。 下游需求量大幅增加，产品毛利率较去年同期的明显提升，共同推动了盈利能力的修复。 产品结构优化，高端化战略成效显现 近日，广东嘉元科技股份有限公司发布了2025年年度业绩预告，预计全年实现营业收入95亿元至97.5亿 元，同比增长45.65%至49.49%；实现归属于母公司所有者的净利润5000万元至6500万元，成功实现扭 亏为盈。这一业绩拐点标志着公司在经历行业周期性波动后，正依托技术升级与产品结构优化重拾增长 动能。 作为国内高性能电解铜箔领域的领军企业，嘉 ...

多举措改善公司业绩 嘉元科技是国内高性能锂电铜箔行业领先企业之一，出货量位居行业前列，规模与技术均处于行业第一 梯队。通过领先的产品技术、稳定的产能，嘉元科技深度绑定产业链核心客户，成为宁德时代 （300750）锂电铜箔的核心供应商。 中证报中证网讯(记者李嫒嫒)1月28日晚，嘉元科技披露2025年年度业绩预告，预计2025年营收95亿 元-97.5亿元，同比增长45.65%-49.49%；预计归母净利润为5000万元-6500万元，扣非归母净利润为800 万元-1200万元，归母净利润、扣非归母净利润同比均实现扭亏为盈。 切入光模块赛道 同时，嘉元科技还利用自身资金和资源优势，积极寻找第二增长曲线，切入光模块赛道。 2025年8月30日，嘉元科技公告称，公司拟投资5亿元，通过"股权转让+增资"组合方式获得光模块公司 武汉恩达通科技有限公司(简称"恩达通")13.59%股权。 公告显示，恩达通成立于2017年11月，是一家从事光通信领域光电子器件研发、生产、销售的高新技术 企业。公司的产品包括高速光模块、有源器件、无源器件等系列产品，广泛应用于电信运营商的传输系 统、数据中心、AI算力中心、人工智能、激光雷达 ...

（编辑 王雪儿） 证券日报网讯 1月28日，嘉元科技发布公告称，公司预计2025年年度实现营业收入950000.00万元至 975000.00万元，同比增加45.65%至49.49%；预计实现归属于母公司所有者的净利润5000.00万元到 6500.00万元，同比扭亏为盈。 ...

Core Viewpoint - The company, Jia Yuan Technology (688388.SH), forecasts a turnaround in its financial performance for the year 2025, expecting a net profit attributable to shareholders of the parent company between 50 million to 65 million yuan, compared to a loss in the previous year [1] Group 1: Performance Drivers - The significant improvement in performance is attributed to a recovery in downstream market demand, allowing the company to capitalize on market opportunities and achieve notable growth in the production and sales of copper foil products [1] - The company has enriched its copper foil product matrix based on downstream customer needs, increasing the proportion of high value-added products, which has driven up average processing fees [1] - Enhanced capacity utilization has positively impacted cost reduction, while ongoing efforts to optimize production processes have effectively improved product quality, collectively driving an increase in gross margin and overall profitability [1]

Core Viewpoint - The company, Jia Yuan Technology, is expected to turn a profit in 2025, projecting a net profit attributable to shareholders of between 50 million and 65 million yuan, compared to a loss in the previous year [1] Group 1: Performance Drivers - The recovery in downstream market demand has allowed the company to seize market opportunities, leading to significant growth in the production and sales volume of copper foil products [1] - The company has enriched its copper foil product matrix based on downstream customer needs, increasing the proportion of high value-added products, which has driven up average processing fees [1] - A substantial increase in production capacity utilization has positively impacted cost reduction, while ongoing efforts to enhance cost efficiency and optimize production processes have improved product quality, collectively driving up the gross profit margin and overall profitability [1]

（一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 | 证券代码：688388 | 证券简称：嘉元科技 | 公告编号：2026-005 | | --- | --- | --- | | 转债代码：118000 | 转债简称：嘉元转债 | | 广东嘉元科技股份有限公司 2025 年年度业绩预告公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （1）经广东嘉元科技股份有限公司（以下简称"公司"）财务部门初步测 算，预计 2025 年年度实现营业收入 950,000.00 万元至 975,000.00 万元，与上 年同期（法定披露数据）相比，将增加 297,773.10 万元至 322,773.10 万元，同 比增加 45.65%至 49.49%。 （2）经公司财务部门初步测算，预计 2025 年年度实现归属于母公司所有者 的净利润与上年同期（法定披露数据）相比，将实现扭亏为盈，实现归属于母公 司所有者的净利润 5,000.00 万元到 6,500. ...

Core Viewpoint - The company, Jia Yuan Technology (688388.SH), expects significant revenue growth and a return to profitability in 2025, driven by increased demand and product optimization [1] Financial Performance - The company anticipates achieving an operating revenue of 9.5 billion to 9.75 billion yuan in 2025, representing an increase of 2.978 billion to 3.228 billion yuan compared to the previous year, which corresponds to a year-on-year growth of 45.65% to 49.49% [1] - The net profit attributable to the parent company is projected to be between 50 million to 65 million yuan, marking a turnaround from a loss in the previous year [1] - The net profit after deducting non-recurring gains and losses is expected to be between 8 million to 12 million yuan [1] Market and Product Strategy - The company has benefited from a recovery in downstream market demand, leading to a significant increase in the production and sales volume of copper foil products [1] - The company has diversified its copper foil product matrix in response to customer needs, increasing the proportion of high-value-added products, which has driven up average processing fees [1] - Enhanced capacity utilization and ongoing cost reduction initiatives have positively impacted production costs, contributing to an increase in gross margin and overall profitability [1]

南财智讯1月28日电，嘉元科技发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 5000.00万元—6500.00万元，预计同比扭亏；预计2025年全年归属于上市公司股东的扣除非经常性损益 的净利润为800.00万元—1200.00万元。2025年，公司紧密围绕年度发展战略和经营目标，深耕铜箔主 业，开展质量提升、研发创新、降本增效等工作，使得公司经营业绩实现了扭亏为盈。报告期内，公司 业绩变动的主要原因如下：1、报告期内，得益于下游市场需求回暖，公司积极把握市场机遇，凭借优 质的产品和深厚的客户积累，实现了铜箔产品产销量的显著增长；2、报告期内，公司根据下游客户需 求不断丰富公司铜箔产品矩阵，提升高附加值产品占比，推动平均加工费上涨。同时，公司产能利用率 大幅提升，对成本下降也产生积极影响。此外，公司持续深化降本增效工作，持续优化生产工艺，有效 提升产品品质，共同驱动毛利率上升，进而提升公司整体盈利能力。 ...