Nuode

What Nuode does

Nuode New Materials Co., Ltd. (诺德新材料股份有限公司, Shanghai Stock Exchange: 600110) is China's first independent developer and manufacturer of electrolytic copper foil, founded in 1989 and originating from the Chinese Academy of Sciences Changchun Institute of Applied Chemistry. Listed on the Shanghai Stock Exchange in 1997, the company controls four major electrolytic copper foil production bases in Huizhou (Guangdong), Qinghai (Xining), Hubei (Huangshi), and Jiangxi (Guixi), with combined planned capacity exceeding 250,000 tons. Its product portfolio spans 3-6 micron ultra-thin lithium battery copper foil, high tensile strength/high elongation copper foil, porous copper foil, HVLP/RTF/HTE copper foils for high-frequency PCB applications, ultra-thick electrolytic copper foil (3oz-14oz), and composite current collectors (composite copper/aluminum foil) for next-generation batteries.

The company's revenue model is B2B manufacturing of copper foil materials sold on a transaction basis via long-term supply contracts to lithium battery manufacturers (CATL, BYD, CALB, Tesla, LG New Energy, SK On, Guoxuan High-Tech) and electronic circuit board producers. Pricing is quote-based and not publicly disclosed. A complementary revenue stream runs through majority-owned Nuode Smart Energy Management Co., Ltd., which invests in and operates solar PV, wind power, energy storage, and integrated smart energy projects. The company's competitive positioning rests on ~200 national technology patents, status as Fourth Term Chairman Unit of the China Copper Foil Association, multiple technical indicators codified as national lithium battery copper foil industry standards, and inclusion in the Ministry of Industry and Information Technology's Key New Materials First Application Demonstration Guidance Catalog.

Recent financial trajectory shows revenue of approximately $723M in 2024 growing to $1.05B in 2025 (~45% YoY), reflecting ramp of new Qinghai capacity and surging EV/ESS demand. However, profitability has been pressured — operating income was negative in 2024, and net losses persisted in both 2024 and 2025, reflecting copper price volatility, capacity ramp costs at Hubei and Jiangxi mega-projects, and competitive pricing pressure in the lithium battery materials segment.

Name

Nuode

Legal name

诺德新材料股份有限公司

Website

https://ndgf.net

Company type

Public

Founded year

1989

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Electrolytic Copper Foil Manufacturing

NAICS

Copper Rolling, Drawing, Extruding, and Alloying (33142), Copper Rolling, Drawing, Extruding, and Alloying (331420), Electroplating, Plating, Polishing, Anodizing, and Coloring (332813)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Current Collectors & Foils (Copper, Aluminum) Manufacturing (EUAFABAF)

akta.pro secondary industry

Electroplating & Metal Finishing (Anodizing/Galvanizing/Passivation) (IMAIAKAE)

Keywords

• Electrolytic copper foil
• Lithium battery materials
• Composite current collectors
• PCB copper foil
• Battery anode materials

Headquarters

HQ city

Shenzhen

HQ country

China

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Electrolytic Copper Foil Manufacturing & Sales: B2B manufacturing and sales of electrolytic copper foil products to lithium battery manufacturers and electronic circuit board producers. Revenue generated through long-term supply contracts and transactional sales of copper foil materials.
2. New Energy Project Investment & Operations: Nuode Smart Energy Management Co., Ltd. invests, constructs and operates solar photovoltaic, wind power, energy storage power stations and smart energy projects, providing green electricity supply and integrated solutions for high energy-consuming production enterprises.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Nuode develops, manufactures, and distributes electrolytic copper foil products primarily for lithium battery manufacturers and electronic circuit board producers. The company's core product line includes 3-6 micron ultra-thin copper foil, high tensile strength/high elongation dual-function copper foil, porous copper foil, ultra-thick electrolytic copper foil, composite current collectors, and specialized copper foils for high-frequency/high-speed PCB applications (HVLP, RTF, HTE). All products are manufactured at four major production bases across China.

Product overview

Nuode New Materials Co., Ltd. (诺德新材料股份有限公司, stock code 600110) is a high-tech new materials enterprise and the first in China to independently develop and manufacture electrolytic copper foil. The company operates four major electrolytic copper foil production bases (Huizhou, Qinghai, Hubei, and Jiangxi) and has become an internationally renowned lithium battery copper foil leading supplier. Its core products include ultra-thin copper foil (3-6 microns), high tensile strength/high elongation copper foil, porous copper foil, ultra-thick electrolytic copper foil, composite current collectors (composite copper/aluminum foil), HVLP ultra-low profile copper foil, RTF reverse copper foil, and HTE high-temperature ductile electrolytic copper foil. The company holds approximately 200 national technical patents and has participated in formulating national lithium battery copper foil industry standards.

Differentiator

Problem solved

Functional benefit

Products and services

• 3-6 Micron Ultra-Thin Copper Foil Electrolytic copper foil with thickness of 3-6 microns used in new energy vehicle power batteries and energy storage battery manufacturing. Nuode is the first in mainland China to develop and mass produce 6 micron, 4.5 micron, 3.5 micron, and 3 micron ultra-thin copper foil.
• High Tensile Strength and High Elongation Copper Foil 3 micron ultra-thin dual-function copper foil with both high elongation and high tensile strength for lithium battery applications. Tensile strength can reach over 600 MPa; high elongation avoids foil breakage during cylindrical battery expansion.
• Porous Copper Foil (Micro-Pore Copper Foil) Porous electrolytic copper foil produced using PCB manufacturing processes, based on 6-15 micron lithium battery copper foil with secondary deep processing, resulting in lighter weight and higher flexibility with improved overall performance.
• Ultra-Thick Electrolytic Copper Foil Ultra-low profile high-temperature ductile thick copper foil ranging from 3oz-14oz (thickness 105µm-500µm), supplied in sheet form with maximum specification of 1295x1295mm.
• Composite Current Collectors (Composite Copper Foil and Composite Aluminum Foil) New-type battery current collector material providing dual improvement in battery safety and energy density. Features high safety, high specific capacity, long lifespan, and high compatibility.
• HVLP Ultra-Low Profile Copper Foil Ultra-low roughness electrolytic copper foil with finer crystal structure, equiaxed crystals (no columnar crystals), flat edges, surface roughness of 0.55 micrometers, better dimensional stability, and higher hardness. Used in flexible circuit boards and high-frequency circuits.
• RTF Reverse Copper Foil Glossy surface treated copper foil with good etchability, effective process reduction, speed improvement and fast micro-etching, which can improve the yield rate of printed circuit boards. Mainly used in multi-layer boards and high-frequency boards.
• HTE High-Temperature Ductile Electrolytic Copper Foil Fine grain, low surface roughness, high strength, high-temperature high-ductility copper foil with uniform fine grains, high elongation rate to prevent cracks caused by thermal stress, suitable for multi-layer board inner and outer layers.
• High-Temperature Resistant Electrolytic Copper Foil Current Collectors for Solid-State Batteries High-temperature resistant electrolytic copper foil current collectors engineered for solid-state battery applications, addressing thermal stability requirements of next-generation battery technology.
• Porous Copper Foil Current Collectors for Solid-State Batteries Porous copper foil current collectors designed for solid-state battery applications, leveraging Nuode's proprietary porous foil technology for next-generation battery architectures.

Quantifiable outcome

• 3 micron ultra-thin copper foil thickness is equivalent to 1/23 of human hair diameter
• +3 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Three partnerships are on record, tiered core and strategic.

• CALB (中创新航)coreStrategic or Co-development Partner · 11 September 2024Nuode to supply copper foil to a unit of India's biggest energy storage battery maker, expanding into international markets with strategic battery manufacturer partnerships.
• IM (Korean smartphone camera module company)strategicStrategic or Co-development Partner · 7 August 2024IM, a smartphone camera module company based in Hwaseong, Gyeonggi-do, Korea, signed a technology exchange agreement with Chinese copper foil specialist NuoDe (Nuode). IM plans to start mass production of composite copper foil for secondary batteries by year-end using its vacuum deposition and electrolytic plating equipment, with projected annual production capacity of 8 million square meters. CATL and BYD have invested in IM's Chinese partners Nuode and Huachuang.
• Chinese Universities (Joint R&D)strategicStrategic or Co-development PartnerNuode jointly developed new ultra-thin copper foil with both ultra-high strength and good ductility with universities, systematically breaking through the industry-wide technical bottleneck of difficulty in coordinated improvement of strength and ductility.

Scale indicators8 records

Recent moves15 records

Expansion highlights8 records

Direct peers

• SK Nexilis: Korean electrolytic copper foil manufacturer and global leader in high-end lithium battery foil. Direct competitor for premium OEM accounts including LG Energy Solution and SK On's own supply chains.
• Tongling Jingxin (Jingxin Copper Foil): Subsidiary of Tongling Nonferrous Metals, producing electrolytic copper foil for lithium batteries and electronics. Directly comparable in product range and serves overlapping battery and PCB customers.
• Lingbao Wason Copper Foil: Henan-based Chinese electrolytic copper foil manufacturer and one of Nuode's closest direct competitors in lithium battery foil. Competes for the same CATL/BYD-tier customer accounts with overlapping 3-6 micron product lines.
• Jiujiang Defu Technology: Jiangxi-based electrolytic copper foil producer and major competitor in lithium battery foil. Comparable capacity scale and product mix focused on 4.5-6 micron foil for Chinese battery OEMs.
• Solus Advanced Materials: Korean copper foil maker (formerly KCC/Furukawa joint venture) producing electrolytic foil for EV batteries. Directly comparable ultra-thin foil product range serving global battery OEMs.
• Zhongyi Technology: Hubei-based electrolytic copper foil specialist with lithium battery focus. Comparable 3-6 micron product portfolio and competing for the same downstream battery OEM customers in China.

Emerging players

• Co-Tech Development: Taiwan-based copper foil manufacturer focused on high-end applications. Smaller-scale player compared to Nuode but competes in the high-frequency/high-speed PCB foil segment where Nuode's HVLP/RTF products compete.

Broad incumbents

• Furukawa Electric: Japanese diversified materials company with significant electrolytic copper foil operations (via Furukawa Electric and subsidiaries). A broader incumbent with longer history but comparable lithium battery foil product lines.
• Mitsui Mining & Smelting: Japanese nonferrous metals major with electrolytic copper foil production. Operates as a broader incumbent in the foil market with overlapping high-end product offerings for advanced electronics and batteries.
• Kingboard Copper Foil (Kingboard Holdings): Hong Kong-listed copper clad laminate and copper foil producer under the broader Kingboard Holdings group. Competes in PCB-grade foil and overlaps in battery-grade foil at scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/nuode-investment-co-ltd

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nuode