After a period of capacity rationalization, the copper foil sector is experiencing a robust recovery in the first half of 2026, marked by simultaneous gains in both volume and pricing across core products. Riding this wave of industry momentum, Londian Wason New Energy Tech Inc (NYSE: FOIL), a leading enterprise in the copper foil space, officially listed on the New York Stock Exchange on August 12, marking a significant step in its capital market strategy. As a critical base material for lithium batteries and high-end electronic circuits, electrolytic copper foil is benefiting from the dual engines of global energy transition and AI computing infrastructure build-out, with demand steadily expanding and a clear trend toward high-end applications.

Simultaneously, as domestic manufacturers achieve continuous technological upgrades, the long-standing dominance of Japanese and Korean companies in the high-end electrolytic copper foil market is gradually being dismantled, opening a strategic window for import substitution. With over two decades of industry dedication, sustained R&D investment, and forward-looking strategic positioning, Londian Wason has evolved into a global copper foil powerhouse, constructing formidable competitive barriers across technology, production capacity, and customer relationships. The company is now entering a phase where multiple positive catalysts are converging, making its investment merits worthy of in-depth examination.

Driving Technological Advancement and Pioneering Next-Generation Battery Solutions

As next-generation battery technologies rapidly evolve, the demands on lithium battery current collector materials have intensified, requiring thinner profiles, higher strength, improved toughness, superior charge-discharge performance, and extended lifespan, thereby raising the technical entry barrier. Londian Wason has consistently remained at the industry's technological forefront, repeatedly breaking foreign monopolies. It has achieved pioneering R&D breakthroughs and mass production capabilities in several high-performance products, including 6μm high-strength lithium battery copper foil, 5μm high-modulus copper foil, and the complete 4μm series of advanced copper foils. Looking ahead to next-generation battery architectures, the company has strategically positioned itself across multiple frontier areas. In the realm of high-strength, high-toughness copper foil, it has secured dual advantages in tensile strength and resistivity, meeting the stringent requirements of next-gen power batteries for high energy density, extended cycle life, and high-rate fast charging. In the solid-state battery sector, Londian Wason is targeting the most commercially viable sulfide solid-state technology, developing specialized foils that offer superior corrosion resistance for enhanced battery cycle life. Furthermore, in ultra-thin technology, the company has successfully developed high-performance copper foils below 4μm, effectively boosting cell energy density, with customizable product performance tailored to diverse applications spanning power batteries, energy storage systems, and 3C consumer electronics.

To date, Londian Wason has established a multi-layered product portfolio covering ultra-thin lithium battery foil, high-performance foil, micro-porous foil, solid-state battery-specific foil, and chromium-free eco-friendly foil, broadly addressing emerging sectors like new energy and green storage. This profound technical expertise and continuous product iteration capability not only secure the company's high ground in the advanced copper foil segment but also lay a solid foundation for flexible capacity expansion and rapid responsiveness to customer needs.

Deepening Ties with Global Giants and Accelerating Scale Advantages

As a large-scale industry leader integrating R&D, manufacturing, and sales of new energy and electronic materials, Londian Wason has constructed an efficient "1+2+7" industrial matrix. This comprises one centralized sourcing and sales platform for global supply chain management, two copper foil technology research institutes driving continuous innovation, and seven major production bases supporting capacity release. Its manufacturing footprint spans Lingbao in Henan, Nanjing in Jiangsu, Nanning in Guangxi, Dongying in Shandong, and Baoji in Shaanxi, creating a nationwide supply network, while a new facility in Malaysia is under accelerated construction to advance overseas capacity. In 2025, the company's annual copper foil production capacity surpassed 180,000 tons, maintaining its industry-leading position in both scale and market share for consecutive years.

Leveraging its superior technology and reliable large-scale delivery capabilities, Londian Wason has earned widespread industry recognition, cultivating a high-quality, high-retention global customer base. The company has forged deep partnerships with leading global battery manufacturers, copper clad laminate (CCL) producers, and printed circuit board (PCB) makers, including LG Energy Solution, CATL, SK On, Samsung SDI, ATL, and Panasonic Industrial Materials. Through its exceptional products and services, the company has repeatedly garnered prestigious accolades from international clients. Since 2015, it has been a primary copper foil supplier to LG Energy Solution and received the supplier's highest global honor, the "Level S Supplier Award," in 2024, validating its world-class quality and service standards. In the PCB copper foil domain, Londian Wason has maintained a twelve-year stable and deep collaboration with Panasonic Industrial Materials. Given Panasonic's close cooperation with Nvidia in high-performance AI computing applications, Londian Wason's PCB foils are now substantively embedded in the underlying material supply chain for global AI computing infrastructure, further broadening its long-term growth prospects. Additionally, strategic equity investments from international industrial capital like SK Inc. create a dual-binding advantage of "industrial capital plus deep business synergy," reinforcing the company's foundational strength.

Financial Performance Surges as Industry Cycle Turns

These competitive moats in technology, customers, and capacity continue to solidify the company's fundamentals. With the industry cycle's full reversal, Londian Wason has achieved significant performance improvements, with profit levels consistently being unlocked. According to its prospectus, the company's 2025 revenue grew 24% year-on-year to RMB 10.942 billion, with gross profit reaching RMB 727 million and adjusted EBITDA rising from RMB 500 million to RMB 869 million. In the first quarter of 2026, quarterly revenue jumped to RMB 4.073 billion, more than doubling from RMB 1.91 billion in the same period last year. Profitability improved markedly, with net profit hitting RMB 134.5 million, surpassing its entire 2025 full-year profit in a single quarter.

The positive industry trajectory, ongoing product mix upgrades, and a medium-to-long-term supply-demand gap are driving continued earnings growth across the copper foil sector in the first half of 2026. Among leading domestic listed companies, Jiayuan Technology (688388.SH) projects H1 2026 revenue between RMB 7.2 billion and RMB 7.8 billion, representing a year-on-year increase of 81.68% to 96.82%, with net profit expected between RMB 360 million and RMB 390 million, a substantial surge of 879.48% to 961.11%. Tongguan Copper Foil (301217.SZ) anticipates H1 net profit between RMB 205 million and RMB 225 million, up 486.49% to 543.70% year-on-year. Zhongyi Technology forecasts H1 profits between RMB 150 million and RMB 180 million, an increase of 879.55% to 1075.46%. Nuode New Materials recorded a net profit of RMB 103 million for the half-year, successfully returning to profitability. Dongwu Securities projects that global power and storage battery demand will grow 38% in 2026, driving actual lithium battery copper foil demand to 1.63 million tons (up 29% year-on-year), further rising to 1.97 million tons by 2027 (up 21%). In contrast, global new copper foil capacity additions are expected to be only 210,000 tons and 230,000 tons in those respective years, indicating limited expansion and tightening supply-demand dynamics, pushing the industry into a new upward cycle.

Concurrently, the accelerated deployment of AI computing infrastructure is creating a second growth curve for copper foil. Estimates suggest that global demand for high-end copper foil in AI servers will reach approximately 24,000 tons in 2026, a staggering 260% year-on-year increase. This is projected to grow to 50,000 tons by 2027 and exceed 110,000 tons by 2030, establishing itself as a crucial incremental demand source for the copper foil market.

As the global leader in the high-end lithium battery copper foil sector, Londian Wason's two-decade growth trajectory mirrors the evolution of China's high-end copper foil industry from a laggard to a frontrunner. Against the backdrop of sustained robust demand from AI and new energy sectors, and fortified by its deep moats in technology, capacity, and customers, Londian Wason is well-positioned to leverage its overseas expansion advantages, continuously lead Chinese materials companies in capturing global market share, and potentially experience a "Davis Double Play" in both earnings and valuation. Mr. Guanran Wang, Chairman and Co-CEO of Londian Wason, stated, "Listing on the NYSE is a significant milestone in our globalization strategy. Moving forward, we will continue to advance our strategic initiatives, expanding our core product line of ultra-thin, high-tensile lithium battery foil while offering VLP, RTF, and HVLP copper foil solutions to high-end CCL and PCB customers." This NYSE listing not only injects fresh international capital momentum into Londian Wason's global development but also provides the market with an investment window to participate in this high-end leader's long-term growth, with future growth dividends expected to be progressively realized.