Jihechang (Investment Research Notes): Lithium Battery Copper Foil Additive SPS Domestic Substitution + Environmental Electroplating Leader

English summary

### Jihechang (Investment Research Notes): Lithium Battery Copper Foil Additive SPS Domestic Substitution + Environmental Electroplating Leader

Time: 2026-07-30 12:03:25

Content:

1. Business Breakdown

New Energy Materials: Focused on lithium battery copper foil additives (core product SPS), directly benefiting from the ultra-thinning trend of copper foil (4.5μm→6μm), increasing demand for additives. Currently supplying several leading copper foil manufacturers in small batches, with significant growth potential.

Surface Engineering Chemicals: Electroplating additives and intermediates (JC-801, OX-401, etc.), covering PCB, automotive, and hardware. Demand is rigid, customer structure is stable, providing cash flow for the company.

2. Technical Highlights

Three core systems: epoxy derivatives, sultone derivatives, and acetylene derivatives. Platform technology enables rapid horizontal expansion (photovoltaic cutting fluid, semiconductor cleaning agents).

Environmental product line: phosphorus-free degreasers, trivalent chromium passivation, compliant with ROHS and ESG trends, potentially benefiting from stricter environmental access in the industry.

3. Key Tracking Points

Progress of new customer introduction for lithium battery copper foil additives and changes in per-ton pricing. ...