Sanfu New Science faces revenue collapse and losses

🔑 增強重點摘要

•Sanfu New Science (Guangzhou Sanfu New Materials Technology Co., Ltd., stock code 688359) operates as a surface finishing technology solutions provider, with its specialized chemicals and equipment serving diverse industries including PCB manufacturing, 3C products, automotive parts, hardware, sanitary ware, and new energy.
•The company reported a net loss of 22.31 million yuan in the first half of 2025, with operating revenue decreasing by 23.26% year-on-year. More recently, it recorded a net profit loss of CNY 29.05 million in the most recent quarter, accompanied by a 16.91% decrease in net sales.
•Sanfu New Science has developed and achieved mass production and delivery of a "one-step all-wet" composite copper foil process, in addition to offering "Two-Step Process Composite Copper Foil Water Electroplating Equipment Technology".
•Despite the reported low sales of composite copper foil equipment, the company indicated in May 2026 that it possesses a "robust backlog of orders for its equipment products," including high-end panel VCP electroplating equipment, with some units already delivered, suggesting a broader equipment business beyond just composite copper foil.
•The global market for composite copper foil is projected for substantial growth, with an estimated increase from US$225 million in 2024 to US$9216 million by 2031, demonstrating a compound annual growth rate (CAGR) of 71.0%.

🛠️ 技術深入

Composite copper foil is a next-generation battery current collector material characterized by a sandwich-structured design. Key technical details include:

Structure: An organic polymer layer, typically polyethylene terephthalate (PET) or polypropylene (PP), forms the core, flanked by thin copper-plated surfaces on both sides.
Production Process: The manufacturing primarily involves physical vapor deposition (PVD), specifically magnetron sputtering, to deposit a thin layer of metal (tens of nanometers) onto the PET surface. This is followed by water electroplating to thicken the metal layer to about 1 μm, resulting in a total thickness of approximately 6-8 μm for the composite foil. Sanfu New Science also highlights a "one-step all-wet process" designed to reduce equipment, raw material costs, process difficulty, and energy consumption, while improving product performance.
Advantages over Traditional Foils:
- Superior Safety: Significantly reduces the risk of short circuits by eliminating copper burr formation during electrode cutting.
- Increased Energy Density: Achieves approximately a 7% improvement in overall energy density due to a roughly 60% reduction in current collector weight.
- Extended Cycle Life: Enhances battery durability and lifespan through improved mechanical flexibility and structural resilience.
- Lower Manufacturing Cost: Can lead to up to a 70% reduction in production costs at scale by reducing copper consumption.
Sanfu's Equipment Capabilities: Sanfu's composite copper foil water electroplating equipment technology boasts a yield rate over 95% using a new cathode roll-to-roll conductive technology. It features a pinch point-free design, eliminating the need for edge trimming and improving yield by 6-10%. The equipment supports large-width film production up to 1650mm (compared to a market width of 1200-1350mm) and achieves production speeds of up to 15m/min (versus a market average of 3-7m/min), significantly enhancing production efficiency.

🔮 前景展望AI analysis grounded in cited sources

Sanfu New Science will likely intensify its focus on diversifying its new energy equipment offerings beyond composite copper foil.

Given the reported revenue collapse and low sales of composite copper foil equipment, the company's existing 'robust backlog' in other equipment products, such as high-end panel VCP electroplating equipment, suggests a strategic shift to leverage its broader surface finishing technology expertise in other high-growth new energy sectors.

The company may face continued financial pressure if the broader chemical industry downturn persists.

The global chemical industry entered a period of widespread weakness in May 2026 due to overcapacity, soaring costs, and sluggish demand, which could negatively impact Sanfu New Science's other chemical and equipment segments.

Sanfu New Science is positioned to benefit from the long-term growth of the composite copper foil market, provided it can overcome current sales challenges.

The global composite copper foil market is projected to experience rapid growth at a CAGR of 71.0% through 2031, indicating a strong underlying demand for this technology in next-generation batteries.

⏳ 時間線

2024

Sanfu New Materials achieved mass production and delivery of its self-developed "one-step all-wet" composite copper foil process and led a national R&D project.

2025-08-25

Sanfu Technology (688359.SH) released its semi-annual report for 2025, reporting a net loss of 22.31 million yuan and a 23.26% year-on-year decrease in operating revenue.

2026-05-22

Sanfu New Materials stated it has a "robust backlog of orders for its equipment products," including high-end panel VCP electroplating equipment, with some units already delivered.

2026-06-03

Guangzhou Sanfu New Materials Technology Co., Ltd. stock declined, reporting a net profit loss of CNY 29.05 million in the most recent quarter and a 16.91% decrease in net sales.