Defu Technology bets US$426.3M on AI copper foil capacity expansion
The signal: Defu's pivot illustrates how quickly AI infrastructure demand is reshuffling China's materials sector — a company classified as a mature lithium-battery copper foil producer on Dealroom is now staking its future on a segment that barely registered in its revenue mix last year. With electronic circuit foil contributing just 14% of 2025 sales at razor-thin 3.67% margins, the US$426.3M expansion is less a natural scaling move than a wholesale business-model reset, one that hinges on margins jumping from single digits to as high as 60% before new capacity even comes online.
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