Guangdong Jiayuan Technology Co.,Ltd.: history, ownership, mission, how it works & makes money

From its founding in September 2001 to its 2019 STAR Market debut under stock code 688388, Guangdong Jiayuan Technology Co., Ltd. has grown into a leading maker of high-performance electrolytic copper foil, reporting an annual revenue of 6.52 billion yuan (up 31.27% year-on-year) in 2024 and an eye-catching 6.54 billion yuan (up 50.71% YoY) in the first three quarters of 2025; today the company operates six copper foil production bases and one copper alloy wire and rod base with an annual capacity exceeding 150,000 tons of copper foil (and over 20,000 tons of alloy wire/rod), employs more than 2,900 people, completed a strategic minority stake acquisition of Wuhan Endatong for 150 million yuan in August 2025, and-backed by controller Liao Pingyuan, national technology center recognitions, more than 40 research projects, long-term partnerships with major lithium‑ion battery manufacturers, and a 2021 convertible bond issuance of 12.4 million units raising about 1.225 billion yuan-stands at the intersection of industrial scale, R&D depth and market demand that this article will unpack in detail

Guangdong Jiayuan Technology Co.,Ltd. (688388.SS): Intro

• Founded in September 2001 to research, develop, manufacture and sell high-performance electrolytic copper foils.
• July 2019: Listed on the Shanghai Stock Exchange STAR Market (stock code 688388).
• August 2025: Acquired a minority stake in Wuhan Endatong Technology Co., Ltd. for ¥150 million to expand technological capabilities.
• By late 2025: Workforce of over 2,900 employees across six copper foil production bases and one copper alloy wire & rod production base.

• Publicly traded entity on STAR Market since July 2019 (688388.SS), subject to Chinese capital market disclosure and governance norms.
• Major shareholders typically include founder management, strategic investors and institutional funds (post-IPO shareholding disclosures available in filings).
• Access to public equity has supported capacity expansion, R&D investment and strategic acquisitions such as the 2025 minority stake.

• Products: High-performance electrolytic copper foils (various thicknesses, surface finishes), copper alloy wires and rods.
• Applications: Printed circuit boards (PCBs), lithium-ion battery current collectors, electric vehicle (EV) power electronics, telecommunications and consumer electronics.
• Production footprint: Six dedicated copper foil production bases plus one copper alloy wire & rod base, enabling scale and proximity to downstream manufacturers.

• Direct product sales: Selling copper foils and copper alloy products to PCB makers, battery manufacturers and other electronics suppliers.
• Value-added grades and services: Premium thin foils, coated foils, and technical support command higher margins.
• Capacity utilization and scale: Higher utilization and expanded capacity translate to lower unit costs and improved gross margins.
• Strategic investments and partnerships: Minority stakes (e.g., Wuhan Endatong) and collaborations to secure supply chains and access new tech.

• EV and battery electrification raises demand for high-spec copper current collectors and foils.
• 5G, data center expansion and consumer electronics growth increase PCB-related copper consumption.
• Technological upgrades (thinner foils, higher conductivity) allow premium pricing and differentiation.

• Capital allocation focuses on capacity expansion, R&D for advanced foil grades, environmental compliance and selective M&A.
• Operational KPIs: capacity utilization, yield rates, average selling price by grade, and gross/net margin trends.
• Investments such as the ¥150 million stake in Aug 2025 indicate focus on tech integration and downstream collaboration.

Guangdong Jiayuan Technology Co.,Ltd. (688388.SS): History

Guangdong Jiayuan Technology Co.,Ltd. (688388.SS) is a publicly listed high-tech enterprise with a strong R&D pedigree and industry-university-research partnerships. Its development history is marked by public listing, major financing events and national-level innovation recognitions that underpin its mission to commercialize advanced technologies.

• Listing: Shanghai Stock Exchange, stock code 688388.
• Actual controller: Liao Pingyuan.
• 2021 financing: issued 12.4 million convertible bonds, raising ≈1.225 billion yuan.
• National recognitions: designated a National Enterprise Technology Center and a National Technology Innovation Demonstration Enterprise.
• R&D footprint: undertaken >40 scientific research projects, including national key new product projects and provincial major projects.
• Collaborations: stable industry-university-research cooperation with multiple well-known Chinese colleges and universities.

How it works & makes money:

• Commercializes proprietary technologies developed through in-house R&D and collaborative projects with universities.
• Generates revenue from product sales, technology licensing and project-based government/industry contracts tied to national and provincial programs.
• Uses capital markets (e.g., the 2021 convertible bond issuance) to fund scaling, new product development and industrialization of research outcomes.

Further reading: Guangdong Jiayuan Technology Co.,Ltd.: History, Ownership, Mission, How It Works & Makes Money

Guangdong Jiayuan Technology Co.,Ltd. (688388.SS): Ownership Structure

• Mission and Values

• Guangdong Jiayuan Technology Co.,Ltd. (688388.SS) is committed to the research and development of core technologies related to copper foil manufacturing, focusing on high-performance, high-reliability products for advanced electronics and new energy applications.
• The company aims to contribute to the revitalization and development of the Soviet Area in the Bay Area, aligning industrial development with regional economic renewal programs.
• Jiayuan Technology strives to help Guangdong take the lead nationally and create new brilliance in the new journey of comprehensively building a socialist modernized country, emphasizing local industrial upgrading.
• Technological innovation is central: the company has been recognized as a National Technology Innovation Demonstration Enterprise and a National Intellectual Property Demonstration Enterprise.
• The firm has established a Guangdong Provincial Key Laboratory for Enterprises and a Guangdong Provincial Engineering Technology R&D Center to institutionalize applied research and commercialization.

• How It Operates & Makes Money

• Main revenue drivers: production and sale of copper foil for PCBs, lithium-ion battery foils (for EVs and ESS), and specialty foil for high-frequency/advanced electronics.
• Vertical integration across R&D, pilot production and scaled manufacturing reduces input costs and shortens time-to-market for new foil grades.
• Commercial model: B2B long-term supply contracts with electronics and battery manufacturers + project-based customized development fees.
• Monetization of IP: licensing and cross-licensing agreements, plus government-supported R&D contracts and subsidies tied to strategic manufacturing upgrades.

• Ownership highlights

• Major shareholders typically include founding management, strategic industry investors and institutional investors from the STAR Market investor base; shareholding concentration supports continuity of R&D strategy while allowing external capital for expansion.
• Governance emphasizes synergy with provincial industrial policy-partnerships with local government-backed development funds and technology platforms are common.

Guangdong Jiayuan Technology Co.,Ltd. (688388.SS): Mission and Values

• Core values: product quality, long-term OEM partnerships, technology-driven innovation, sustainable manufacturing.
• Strategic aim: deepen integration with lithium-ion battery manufacturers and upscale product mix toward microporous and single-crystal copper foils.

• Manufacturing footprint: six copper foil production bases and one copper alloy wire & rod production base.
• Annual manufacturing capacity:
  • Over 150,000 tonnes of copper foil
  • Over 20,000 tonnes of copper alloy wire and rod
• Primary end-markets: lithium-ion batteries (anode/cell current collectors and cell tabbing), copper-clad laminates (for PCBs), and printed circuit boards.
• Customer relationships: long-term cooperative contracts with major domestic large-scale lithium-ion battery manufacturers supporting steady offtake and co-development.

• Key R&D breakthroughs:
  • Microporous copper foil - improved electrolyte wettability and adhesion for battery cells
  • Single crystal copper foil - enhanced electrical/thermal conductivity and mechanical stability
  • High-grade RTF (rolled thin foil) copper foil - for high-density PCBs and advanced CCL
• Recognitions: National Enterprise Technology Center; National Technology Innovation Demonstration Enterprise - credentials that support government and industrial collaboration.

• Scale: multiple production bases and >150 kt foil capacity enable volume leverage and customer supply security.
• Technology moat: proprietary processes for microporous and single-crystal foils raise technical barriers to entry.
• Integrated supply reliability: dedicated wire/rod base complements foil business for diversified conductive-material offerings.
• Market positioning: alignment with EV and energy storage supply chains supports demand growth from battery manufacturers.

Guangdong Jiayuan Technology Co.,Ltd. (688388.SS): How It Works

• Core product lines: high-performance electrolytic copper foil for lithium-ion batteries, copper-clad laminates (CCL) substrates, and printed circuit board (PCB) foils.
• Advanced product portfolio: microporous copper foil, single-crystal copper foil, high-grade RTF (rolled-treated-foil) copper foil.
• Customers: long-term cooperative relationships with major domestic large-scale lithium-ion battery manufacturers and electronics suppliers.

• Raw material procurement: purchase of electrolytic copper anodes and refined copper feedstock.
• Electro-deposition or precision rolling: production routes for foil thickness ranges from ultra-thin (e.g., <6 μm for certain battery foils) to thicker CCL/PCB grades.
• Post-treatment & functionalization: surface treatments (microporousization, coating) for improved adhesion, wettability and cycling stability in batteries.
• Quality control & certification: in-line thickness/roughness measurement, electrical and mechanical testing, and customer-specific qualification programs.

• Primary revenue stream: sale of electrolytic copper foil (battery foil, CCL/PCB foil) to industrial customers on contract and spot terms.
• Value-added services: custom surface treatments, RTF processing, and co-development agreements for new foil variants.
• R&D-driven premium products: newer high-margin lines such as microporous and single-crystal foils command price premiums and strategic long-term supply partnerships.

• Deep customer ties: long-term cooperative relationships with major domestic large-scale lithium-ion battery manufacturers secure recurring demand and co-development revenue.
• Product differentiation: breakthroughs in microporous, single-crystal and high-grade RTF foils enable entry into higher-value segments of the battery and electronics supply chains.
• Institutional recognition: designation as a National Enterprise Technology Center and National Technology Innovation Demonstration Enterprise supports preferential access to projects and funding.
• Project pipeline: involvement in national/provincial projects enhances credibility and creates licensing/technology-transfer opportunities.

• R&D focus: enhancing microscopic pore structures for anode/cathode performance, reducing contamination, improving tensile and conductivity metrics for ultra-thin foils.
• Projects & output: >40 scientific research projects including national key new product initiatives; outcomes include pilot lines and commercial rollouts of microporous and single-crystal foils.
• Recognition: National Enterprise Technology Center and National Technology Innovation Demonstration Enterprise status, which aids government-supported projects and partner validation.

• Contractual models: long-term supply agreements with volume/price formulas tied to copper price indices for major battery customers.
• Qualify-to-supply cycles: multi-stage qualification (sample → pilot batches → qualification → scale-up) that create lead times but lock in high-volume contracts once completed.
• After-sales & technical collaboration: co-development clauses, dedicated engineering teams for cell/pack integration and failure analysis services.

Guangdong Jiayuan Technology Co.,Ltd. (688388.SS): How It Makes Money

• Core product sales: foil for lithium-ion batteries (including microporous, single crystal, and high-grade RTF copper foils).
• Industrial applications: copper foil for CCLs and PCBs sold to domestic electronics and PCB manufacturers.
• Long-term supply contracts: stable, multi-year agreements with major domestic large-scale lithium-ion battery manufacturers.
• R&D commercialization and licensing: revenues from proprietary processes, specialized grade foils, and technical services.

• Recognized as a National Enterprise Technology Center and a National Technology Innovation Demonstration Enterprise.
• Undertaken more than 40 scientific research projects, including national key new product projects and provincial major projects.
• Strategic customers include multiple major domestic lithium-ion battery manufacturers (long-term cooperative relationships underpin recurring revenue).

• Product differentiation: breakthroughs in microporous, single crystal and high-grade RTF copper foils expand addressable applications and command premium pricing.
• Customer stickiness: long-term cooperative relationships with major battery manufacturers reduce sales volatility and support capacity utilization.
• R&D depth: more than 40 scientific research projects and national/provincial project participation strengthen technological barriers to entry.
• Market demand tailwinds: electrification and energy storage growth drive sustained demand for battery-grade copper foil.