Company Overview - Hailiang Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on October 29, 2001. The company was listed on January 16, 2008. Its main business involves the research, production, and sales of copper pipes, copper rods, copper fittings, copper-aluminum composite conductors, and aluminum profiles [1][2]. Financial Performance - As of June 30, 2025, Hailiang Co. achieved a revenue of 44.534 billion yuan, representing a year-on-year growth of 1.14%. The net profit attributable to shareholders was 711 million yuan, reflecting a year-on-year increase of 15.03% [2]. - The company has cumulatively distributed 2.265 billion yuan in dividends since its A-share listing, with 844 million yuan distributed over the past three years [3]. Stock Performance - On September 15, Hailiang Co.'s stock price decreased by 2.04%, trading at 12.48 yuan per share, with a total market capitalization of 27.435 billion yuan. The stock has increased by 17.99% year-to-date, with a 3.48% rise over the last five trading days, a 6.02% decline over the last 20 days, and a 28.97% increase over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) once this year, with the most recent appearance on August 4 [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Hailiang Co. was 16,700, a decrease of 16.55% from the previous period. The average number of circulating shares per person increased by 20.01% to 115,906 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 23.7841 million shares, an increase of 2.3802 million shares from the previous period. Southern CSI 500 ETF is a new entrant in the top ten, holding 17.804 million shares [3].

Summary of Conference Call Records Industry Overview: Non-Ferrous Metals - The non-ferrous metals sector is benefiting from the global macro cycle, with U.S. interest rate cuts and Trump-era policies releasing liquidity, driving resource prices into an upward cycle [1][2] - The anticipated interest rate cuts in Q4 2025 and the increase in the U.S. debt ceiling are expected to have significant impacts on the sector [1][2] Key Insights on Gold Stocks - Gold stocks have shown high certainty in the current market, experiencing a 20% pullback despite gold price fluctuations [4] - Historical data indicates that prior to price increases, gold stocks typically see a rise in both EPS and PE [4] - The average gold price in 2025 is projected to be significantly higher than in 2024, suggesting strong performance for companies like Shandong Gold, Chifeng Jilong Gold, and Zhongjin Gold [4] Electrolytic Aluminum Sector - The supply of electrolytic aluminum is constrained, with actual new capacity in early 2025 expected to be around 500,000 to 600,000 tons, lower than the anticipated 1 million tons [5] - Global PMI recovery is expected to gradually restore demand for electrolytic aluminum, with price expectations increasing [5] - The sector's valuation is at historical lows, with mainstream stocks valued at less than 10 times earnings, indicating significant room for recovery [6] Copper Sector Outlook - The copper sector presents investment opportunities driven by financial and industrial attributes, with expectations of price increases due to U.S. interest rate cuts and improved demand from China [7][8] - Supply disruptions from global mining events are contributing to a tightening supply situation, while demand is expected to grow due to macroeconomic factors [7][8] Tungsten Market Dynamics - The rise in tungsten prices is driven by supply contraction, export controls, and its strategic importance [3][9] - China's tungsten product exports have significantly decreased, leading to shortages in overseas markets [10] - The impact of export quotas on prices is critical, with expectations of a potential price increase if the second batch of quotas is reduced [12] Companies to Watch - Recommended companies include Shandong Gold, Chifeng Jilong Gold, Zhongjin Gold, Xiamen Tungsten, China Tungsten High-Tech, and Anyuan Coal Industry, which are seen as having investment potential in the current market environment [4][14]

Group 1 - The core point of the announcement is that Hailiang Co., Ltd. will forcibly redeem the "Hailiang Convertible Bonds" that have not been converted by the close of trading on September 26, 2025 [2] - After the redemption is completed, the "Hailiang Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [2] - Bondholders are advised to pay attention to the conversion deadline and to lift any pledges or freezes on their "Hailiang Convertible Bonds" before the conversion cessation date to avoid being redeemed due to inability to convert [2]

| 证券代码：002203 | 证券简称：海亮股份 | 公告编号：2025-085 | | --- | --- | --- | | 债券代码：128081 | 债券简称：海亮转债 | | 浙江海亮股份有限公司 关于提前赎回"海亮转债"的第十四次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1. "海亮转债" 赎回价格：101.710 元/张（含当期应计利息，当期年利 率为 2.00%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责 任公司深圳分公司（以下简称"中登公司"）核准的价格为准。 2. 赎回条件满足日：2025 年 8 月 25 日 3. "海亮转债"停止交易日：2025 年 9 月 24 日 4. "海亮转债"赎回登记日：2025 年 9 月 26 日 5. "海亮转债"停止转股日：2025 年 9 月 29 日 6. "海亮转债"赎回日：2025 年 9 月 29 日 7. 发行人（公司）资金到账日：2025 年 10 月 10 日 8. 投资者赎回款到账日：2025 年 10 月 14 日 浙江海亮股份有限公 ...

Core Viewpoint - Zhejiang Hailiang Co., Ltd. has decided to exercise its early redemption rights for the "Hailiang Convertible Bonds" due to market conditions and the company's situation, with the redemption price set at 101.710 yuan per bond, including accrued interest [4][10][13]. Group 1: Bond Redemption Details - The redemption price for "Hailiang Convertible Bonds" is 101.710 yuan per bond, which includes accrued interest calculated at a 2.00% annual rate [2][14]. - The redemption conditions are met as the company's stock price has been above 130% of the current conversion price for 15 trading days [10][11]. - The redemption will occur on September 29, 2025, with the last trading day being September 24, 2025 [3][19]. Group 2: Bond Issuance and Trading Information - The "Hailiang Convertible Bonds" were issued on November 21, 2019, with a total issuance of 315 million bonds, amounting to 3.15 billion yuan [4]. - The bonds were listed for trading on the Shenzhen Stock Exchange starting December 16, 2019, under the code "128081" [4]. Group 3: Conversion Price Adjustments - The initial conversion price was set at 9.83 yuan per share, which has been adjusted multiple times due to annual profit distributions, with the latest adjustment bringing it to 9.20 yuan per share as of July 4, 2025 [6][9][10]. Group 4: Redemption Process and Timeline - The redemption registration date is September 26, 2025, and the funds will be credited to bondholders' accounts by October 14, 2025 [19][20]. - The company will provide daily announcements regarding the redemption process leading up to the redemption date [17].

Core Points - Zhejiang Hailiang Co., Ltd. has announced the early redemption of its convertible bonds, "Hailiang Convertible Bonds," with a redemption price of 101.710 CNY per bond, including accrued interest at an annual rate of 2.00% [1][9][13] - The redemption conditions will be met on August 25, 2025, with the bonds ceasing to trade on September 24, 2025, and the redemption date set for September 29, 2025 [1][17][18] - The company has triggered the conditional redemption clause due to the stock price being above 130% of the conversion price for 15 trading days [8][10] Convertible Bond Details - The company issued 31.50 billion CNY worth of convertible bonds on November 21, 2019, with a maturity of six years [3][4] - The initial conversion price was set at 9.83 CNY per share, which has been adjusted multiple times due to annual profit distribution [5][6][7][8] - The current conversion price is 9.20 CNY per share as of July 4, 2025 [8] Redemption Implementation - The redemption price is calculated based on the bond's face value plus accrued interest, with the accrued interest for each bond being approximately 1.710 CNY [13][14] - The redemption process includes a series of announcements leading up to the redemption date, with the final trading day for the bonds being September 24, 2025 [17][18] - The funds from the redemption will be credited to bondholders' accounts by October 14, 2025 [18] Other Considerations - Bondholders are advised to ensure that any pledged or frozen bonds are released before the conversion stop date to avoid forced redemption [1][21] - The company will publish the results of the redemption and the delisting announcement in accordance with regulatory requirements [18][22]

Core Viewpoint - The article highlights the transformation of Hailiang Co., Ltd. from a "copper processing leader" to a "global leader in green intelligent manufacturing" during the "14th Five-Year Plan" period, emphasizing its strategic shift towards high-end materials and digital transformation [1][14]. Group 1: Transformation and Innovation - Hailiang summarizes its five-year journey with "new technology, new digital, new fields," focusing on advancements such as the fifth-generation continuous casting and rolling production line, digital transformation, and entry into the new energy sector [2][3]. - The company has developed ultra-thin copper foil, achieving a thickness of 3.5-6 microns, which enhances battery energy density by 3%-5% for every 1-micron reduction [3][6]. Group 2: Digital Transformation - In 2021, Hailiang initiated a comprehensive digital transformation, establishing the "Hailiang Brain" and a digital cockpit, and collaborating with Huawei to create the first joint innovation laboratory in the non-ferrous metal industry [6][11]. - The introduction of AI for quality inspection and process optimization has significantly improved production efficiency and product yield [6]. Group 3: Global Strategy and Market Position - Hailiang's competitive edge lies in its strong R&D capabilities and strategic capacity layout, addressing market demands through innovation and collaboration with academic institutions [7][8]. - The company employs a "global capacity + regional deep cultivation" strategy to mitigate risks from international trade barriers and supply chain fluctuations, with production bases in the U.S., Morocco, Southeast Asia, and Europe [8][11]. Group 4: Shareholder Returns and Future Outlook - Since its listing in 2008, Hailiang has distributed cash dividends 19 times, totaling 2.472 billion yuan, with a cumulative payout ratio of 108.71% over the past three years [11][13]. - The company plans to enhance its international presence and invest in technological innovation, focusing on high-end alloys for new energy vehicles and 5G communications [14].

Core Points - Hailiang Co., Ltd. announced that the "Hailiang Convertible Bonds" will be forcibly redeemed if not converted by the close of trading on September 26, 2025 [2] - Following the redemption, the "Hailiang Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [2] - Bondholders are advised to convert their bonds before the deadline, especially if their bonds are pledged or frozen, to avoid being forced to redeem them [2]

| 证券代码：002203 | 证券简称：海亮股份 | 公告编号：2025-084 | | --- | --- | --- | | 债券代码：128081 | 债券简称：海亮转债 | | 浙江海亮股份有限公司 关于提前赎回"海亮转债"的第十三次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1. "海亮转债" 赎回价格：101.710 元/张（含当期应计利息，当期年利 率为 2.00%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责 任公司深圳分公司（以下简称"中登公司"）核准的价格为准。 2. 赎回条件满足日：2025 年 8 月 25 日 3. "海亮转债"停止交易日：2025 年 9 月 24 日 4. "海亮转债"赎回登记日：2025 年 9 月 26 日 5. "海亮转债"停止转股日：2025 年 9 月 29 日 6. "海亮转债"赎回日：2025 年 9 月 29 日 7. 发行人（公司）资金到账日：2025 年 10 月 10 日 8. 投资者赎回款到账日：2025 年 10 月 14 日 9. 赎回类别：全 ...

Core Points - Zhejiang Hailiang Co., Ltd. announced the thirteenth notice for the early redemption of "Hailiang Convertible Bonds" [1] - The redemption conditions will be met on August 25, 2025, with a redemption price of 101.710 yuan per bond, including accrued interest [1] - Trading of "Hailiang Convertible Bonds" will cease on September 24, with the redemption registration date set for September 26 [1] - The bonds will stop conversion on September 29, and funds will be credited to the company on October 10, with investors receiving redemption payments by October 14 [1] - This redemption will be total, and after completion, "Hailiang Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [1] - The company advises bondholders to convert their bonds within the specified period, as failure to do so may result in losses [1] - There have been no transactions involving "Hailiang Convertible Bonds" by relevant personnel in the six months prior to the fulfillment of the redemption conditions [1]