Core Viewpoint - Hailiang Co., Ltd. announced the mandatory redemption of its convertible bonds, "Hailiang Convertible Bonds," if not converted by September 26, 2025, leading to their delisting from the Shenzhen Stock Exchange [1] Group 1 - The company has set a deadline for bondholders to convert their "Hailiang Convertible Bonds" before the mandatory redemption occurs [1] - Bondholders are advised to resolve any pledges or freezes on their "Hailiang Convertible Bonds" before the conversion deadline to avoid being forced into redemption [1]

Core Viewpoint - Zhejiang Hailiang Co., Ltd. has announced the early redemption of its convertible bonds, "Hailiang Convertible Bonds," due to the stock price meeting the necessary conditions for redemption [2][6]. Group 1: Convertible Bond Overview - The total issuance of the convertible bonds is 3.15 billion yuan, with a term of six years [2]. - The initial conversion price was set at 9.83 yuan per share, which has been adjusted multiple times, currently standing at 9.20 yuan per share as of July 4, 2025 [2][5]. Group 2: Redemption Conditions - The company’s board approved the early redemption based on the stock price being at least 130% of the conversion price for 15 trading days [6]. - The redemption price is set at 101.710 yuan per bond, which includes accrued interest [7]. Group 3: Redemption Process - The redemption will be executed on September 29, 2025, with the last trading day for the bonds being September 26, 2025 [8]. - Holders of the bonds must process their conversion through the securities company that holds their bonds [9].

| 证券代码：002203 | 证券简称：海亮股份 | 公告编号：2025-078 | | --- | --- | --- | | 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"的第七次提示性公告 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： 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：全部赎回 10. 最后一个交易日可转债简称：Z 亮转债 11. 根据安排，截至 2025 年 9 月 26 日收市后仍未转股的"海亮转债" 将被强制赎回。本次赎回完成后，"海亮转债"将在深圳证券交易所摘牌，特 提醒"海亮转债"债券持有人注意在限期内转股。债券持有人持有的"海亮转 债"如存在被质押或被冻结的，建议在停止转股日前解除质押或冻结，以免出 现因无法转股而被赎回的情形。 1. "海亮转债" 赎回价格：101.710 元/张（含当期应计利息，当期年利 ...

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

Core Viewpoint - 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, leading to their delisting from the Shenzhen Stock Exchange [1] Group 1 - The company has set a deadline for bondholders to convert their "Hailiang Convertible Bonds" before the forced redemption occurs [1] - Bondholders are advised to resolve any pledges or freezes on their "Hailiang Convertible Bonds" before the conversion deadline to avoid being redeemed without conversion [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in H1 2025 showed significant improvement, with revenue reaching 44.5 billion yuan, a year-on-year increase of 1.1%, and a net profit of 710 million yuan, up 15% year-on-year [7] - The company is actively expanding its overseas operations, particularly in the U.S. market, where it achieved a revenue of 2.47 billion yuan, a year-on-year increase of 50.8% [7] - The company is expected to benefit from the rapid expansion of production capacity in the U.S., with a projected increase in capacity from 30,000 tons to 90,000 tons by the end of 2025 [7] - New product lines, including copper foil, are expected to reach breakeven by 2026, with significant sales growth in H1 2025 [7] - The company's net profit forecasts for 2025-2027 are 1.66 billion, 3.15 billion, and 3.94 billion yuan, respectively, with corresponding P/E ratios of 15.6, 8.2, and 6.6 [7] Financial Summary - Total revenue forecast for 2025 is 103.39 billion yuan, with a year-on-year growth of 18.1% [1] - The company's net profit for 2025 is projected to be 1.66 billion yuan, representing a year-on-year increase of 135.92% [1] - The latest diluted EPS for 2025 is estimated at 0.78 yuan per share [1] - The company's P/E ratio at the current price is 15.59 [1]

浙江海亮股份有限公司 关于控股股东及一致行动人持股比例被动稀释触及 1%整数倍的 公告 | 证券代码：002203 | 证券简称：海亮股份 | 公告编号：2025-077 | | --- | --- | --- | | 债券代码：128081 | 债券简称：海亮转债 | | | 是否为第一大股东或实际控制人 | 是√ 否□ | | | | | --- | --- | --- | --- | --- | | 2．本次权益变动情况 | | | | | | 股份种类（A 股、B 股 | 增持/减持/其他变动股数（万股） | | 增持/减持/其他变动比例 | | | 等） | | | （%） | | | A 股 | 海亮集团持股数量未发生变化，持股 | | 0.8114（被动稀释） | | | 数为 | 611,821,334 股。 | | | | | A 股 | 冯海良持股数量未发生变化，持股数 | | 0.0794（被动稀释） | | | 为 | 59,840,466 股。 | | | | | A 股 | 冯橹铭持股数量未发生变化，持股数 | | | | | 为 | 18,883,900 股。 | | 0.025 ...

Core Viewpoint - Hailiang Co., Ltd. reported a significant improvement in its performance for the first half of the year, with a net profit attributable to shareholders of 711 million yuan, representing a year-on-year increase of 15.03% [1] Financial Performance - The company achieved a sales volume of 526,200 tons for copper processing products, marking a year-on-year growth of 3.79% [1] - Copper foil sales reached 24,400 tons, with a remarkable year-on-year increase of 72.33% [1] - Copper busbar sales amounted to 23,500 tons, reflecting a year-on-year growth of 33.44% [1] - The overall revenue from the copper processing segment was 34.07 billion yuan, up 13.59% year-on-year [1] Capacity and Investment - Currently, the company has 30,000 tons of production capacity in operation [1] - An additional 60,000 tons of capacity is under construction, with an investment amount of 1.15 billion yuan; 1.09 billion yuan has already been invested [1] - The new capacity is expected to be operational soon, with North American production anticipated to ramp up gradually from the second half of 2025 to 2026 [1] Market Position and Valuation - The company is recognized as the largest copper tube and rod processing enterprise globally, benefiting from economies of scale and strong operational quality [1] - The copper tube business is expected to benefit directly from changes in North American tariff policies [1] - The current valuation of the company is considered undervalued, and a "buy" rating is maintained based on the ongoing progress in production and the copper foil segment [1]

| 证券代码：002203 | 证券简称：海亮股份 | 公告编号：2025-076 | | --- | --- | --- | | 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"的第六次提示性公告 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 （二）可转债上市情况 8. 投资者赎回款到账日：2025 年 10 月 14 日 ...

Core Viewpoint - The signing of a strategic cooperation agreement between the Guizhou Qianan Prefecture Guiding County People's Government and Hailiang Education Technology Service Group aims to enhance the quality of education in Guiding County, establishing a model for rural education revitalization [1][3][6]. Group 1: Cooperation Details - The cooperation will focus on two schools: Guiding County Shuren Middle School and Guiding County No. 2 Middle School, implementing a three-year deep educational collaboration [3]. - The reform will encompass five dimensions: school management, innovative talent cultivation, teaching and research, teacher development, and student development [3]. - Hailiang Group will leverage its educational resources and management experience to improve the quality of education in Guiding County [5][7]. Group 2: Local Government Support - The local government emphasizes the importance of integrating high-quality teaching resources and advanced educational concepts to meet the rising educational demands of the area [6]. - The county government has committed to providing comprehensive support to ensure the project is implemented effectively and yields early results [6]. - The cooperation is part of a broader strategic framework involving Hailiang Group and Qianan Prefecture, promoting a collaborative model across the region [6][7]. Group 3: Educational Context - Guiding County covers an area of 1,631 square kilometers and has a GDP of 13.964 billion yuan in 2024, with a growth rate of 4.2% [9]. - The county has significant transportation advantages, being only 10 kilometers from Guiyang and having multiple highways and railway stations [6][9]. - Guiding County Shuren Middle School has received several educational quality awards, indicating its commitment to excellence in education [9].