Official Denial: No Ties with NVIDIA

Baoding Technology (Stock Code: 002552.SZ) has issued an official announcement refuting circulating market rumors. The company explicitly stated that it has had no contact with NVIDIA and has not engaged in any form of business cooperation. Online claims regarding its products entering NVIDIA's supply chain are entirely false.

Current Status of Core Product Lines

The company provided detailed clarifications on the market positioning and applications of its main products:

  • Circuit Board Laminates: Its primary products are conventional types such as FR-4 and composite boards. It currently does not manufacture laminates specifically designed for Artificial Intelligence (AI) applications, and its products are not used in AI servers or computing power fields. The company confirmed no sales, orders, or revenue from high-speed laminates like M7 and M9.
  • Electronic Copper Foil: The main product is HTE (High-Temperature Elongation) electrolytic copper foil, a generic standard product. This type of foil cannot be applied in high-performance AI servers and computing domains, and it maintains a relatively low profit margin.

Advanced Product Development and Uncertainties

The announcement updated the progress of its high-end foil products:

  • Ultra-Low Profile Copper Foil (HVLP): The HVLP1-3 series is currently in the stage of customer certification and market exploration. It has not been certified for any AI server supply chain, has not achieved mass production, and there are no immediate plans for capacity expansion. Future order acquisition remains uncertain.
  • Next-Gen HVLP4: This product is in the very early stages of R&D. Test samples have not yet been produced, and there is significant uncertainty regarding its successful development.

Minimal Impact on Financial Performance

The announcement quantified the actual contribution of this business segment: In Q1 2026, revenue from HVLP copper foil was only approximately RMB 100,000, accounting for a mere 0.01% of the company's total revenue. Its sales volume represented only 0.03% of the company's total copper foil sales. This revenue primarily came from samples provided for customer certification, not from formal orders, and there were no international sales. Consequently, this segment's contribution to the company's overall operating performance in the short term is extremely limited.