Jiujiang Defu Technology Co., Ltd.
2026 Annual Plan for Issuing A Shares to Specific Objects: Analysis Report
Jiujiang Defu Technology Co., Ltd. plans to issue A shares to specific objects. The company has compiled the "Analysis Report on the Justification of the Plan for Issuing A Shares to Specific Objects in 2026."
Unless otherwise specified in this report, the terms used herein have the same meaning as defined in the "Pre-plan for Jiujiang Defu Technology Co., Ltd. Issuing A Shares to Specific Objects in 2026."
I. Background and Objectives of the Issuance
(I) Background of the Issuance
1. Policy Support for Innovation in the Electronic Information Industry Chain and Breakthroughs in Key Materials
In March 2026, the state issued the "Outline of the 14th Five-Year Plan for National Economic and Social Development," proposing to promote innovation throughout the electronic information industry chain and accelerate breakthroughs in key components, devices, and special materials. In August 2025, the Ministry of Industry and Information Technology, jointly with the State Administration for Market Regulation, issued the "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry in 2025-2026," emphasizing strengthening the tackling of key core technologies, enhancing the resilience and security of key industrial chains and supply chains, and improving the reliability and safety of components and parts.
Copper foil for electronic circuits is a fundamental material in the electronic information industry chain, widely used in consumer electronics, automotive electronics, communication radar, AI servers, and other electronic information industries. High-end products are mainly used in emerging industries such as AI servers and data centers. The raised funds from this issuance will be invested in the production capacity construction of high-end electronic circuit AI copper foil. The company will leverage the capital market to deepen the development of its main electronic circuit copper foil business, serve industry chain innovation and breakthroughs in key materials, and ensure the security of the domestic supply chain.
2. The AI Wave Reshapes the Electronic Circuit Industry Landscape, with Explosive Growth in Downstream Demand
Currently, artificial intelligence is leading a new round of technological revolution and industrial transformation. In March 2026, the "14th Five-Year Plan" explicitly proposed the comprehensive implementation of the "Artificial Intelligence +" initiative, with China's AI-related industry scale expected to exceed 10 trillion yuan by the end of the "15th Five-Year Plan." With the explosive growth in computing power demand driven by artificial intelligence, the electronic circuit industry is ushering in a new growth cycle driven by AI. AI servers have significantly higher requirements for the number of layers, material properties, and signal transmission rates of PCBs, evolving towards higher layers, higher density, higher frequency, higher speed, and higher reliability. The value of PCBs for a single server is 5-8 times that of traditional servers. Driven by the growing demand in downstream industries such as high-speed networks, artificial intelligence, and server/data storage, according to Prismark data, the global PCB market value was US$85.152 billion in 2025, a year-on-year increase of 15.80%. It is projected that by 2030, the global PCB market size will reach US$1,233.48 billion. Among them, driven by strong demand from AI servers and the recovery of the electronics market, the growth of 18-layer and above multilayer boards and HDI in 2025 is expected to reach 72.8% and 26.0% respectively. From 2025 to 2030, the compound annual growth rates of 18-layer and above multilayer boards, HDI, and substrate materials are expected to reach 21.7%, 9.2%, and 10.9% respectively.
As a core material for PCBs, copper foil for electronic circuits directly affects signal transmission rate, signal integrity, and other factors. The investment demand from the artificial intelligence industry directly drives the rapid growth of orders for upstream RTF, HVLP, and carrier copper foil, leading to a current shortage of high-end products that is difficult to alleviate in the short term.