Londian Wason New Energy Tech (FOIL) Registration filing summary

Company overview and business model

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

• Supplies LiB copper foil and PCB-grade copper foil, with products used in electric vehicles (EVs), energy storage systems (ESS), and electronics.

• Customer base includes top global battery and electronics manufacturers, such as LG Energy Solution, Panasonic, SK On, Samsung SDI, ATL, CATL, and BYD.

• Operates seven manufacturing facilities in China, with a designed production capacity of 180,500 metric tons per annum as of December 31, 2025.

• Business model emphasizes long-term customer relationships, high R&D investment, and a diversified product portfolio targeting high-margin, high-performance applications.

Financial performance and metrics

• Revenue increased by 24.9% from RMB8,762.3 million in 2024 to RMB10,942.1 million (US$1,564.7 million) in 2025.

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

• Adjusted EBITDA rose from RMB502.8 million in 2024 to RMB868.9 million (US$124.2 million) in 2025, with margins increasing from 5.7% to 7.9%.

• For Q1 2026, revenue grew 113.7% year-over-year to RMB4,072.7 million, with net income of RMB134.5 million and adjusted EBITDA margin of 9.3%.

• As of December 31, 2025, total assets were RMB18,244.8 million, with cash and equivalents of RMB2,810.4 million (US$401.9 million), and total liabilities of RMB12,677.9 million.

Use of proceeds and capital allocation

• Net proceeds of approximately US$69.1 million (or US$79.5 million if the over-allotment is exercised) expected from the IPO.

• 45% allocated to global production expansion and upgrades, 40% to R&D on advanced technologies and product portfolio, and 15% for general corporate purposes.

• Plans include overseas facility construction, equipment purchases, and potential strategic investments or acquisitions.