Londian Wason New Energy Tech (FOIL) Registration filing summary

Company overview and business model

• Leading global manufacturer of electrolytic copper foil, with the largest global market share for lithium-ion battery (LiB) copper foil in 2025 (7.6%).

• Supplies copper foil for LiBs, PCB-grade copper foil, and flexible copper clad laminates (FCCL), serving EVs, energy storage, and electronics markets.

• Operates through subsidiaries in China, with a Cayman Islands holding structure and no variable interest entity (VIE) arrangements.

• Maintains long-term relationships with top-tier global customers, including LG Energy Solution, Panasonic, SK On, Samsung SDI, ATL, CATL, and BYD.

• Strong R&D focus, with 428 professionals and 634 patents as of December 2025, pioneering ultra-thin and high-strength copper foil technologies.

Financial performance and metrics

• Revenue grew 24.9% from RMB8.76 billion in 2024 to RMB10.94 billion (US$1.56 billion) in 2025.

• Net income swung from a loss of RMB292.9 million in 2024 to a profit of RMB20.3 million (US$2.9 million) in 2025.

• Adjusted EBITDA increased from RMB502.8 million in 2024 to RMB868.9 million (US$124.2 million) in 2025.

• Gross profit margin improved from 4.3% in 2024 to 6.6% in 2025, driven by higher-value product mix and industry demand recovery.

• As of December 2025, total assets were RMB18.24 billion (US$2.61 billion), with cash and equivalents of RMB2.81 billion (US$401.9 million).

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for global production expansion and upgrades, R&D on advanced technologies and broader product portfolio, and general corporate purposes.

• Plans include building new manufacturing facilities in North America and Southeast Asia and potential strategic investments or acquisitions.