Core Viewpoint - Hailiang Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange after 18 years of being listed on the A-share market, aiming to raise funds for expansion and development despite facing challenges such as low profit margins and high debt levels [2][6]. Group 1: Company Overview - Hailiang Co., Ltd. is a leading provider of copper-based material solutions, with products including HVAC and industrial copper processing products, lithium battery and PCB copper foil products, AI application copper-based materials, and aluminum-based products [3]. - The company has maintained the highest export volume of copper pipes in China for 17 consecutive years from 2009 to 2025, and is projected to continue leading globally in copper pipe shipments from 2020 to 2025 [3]. - As of Q3 2025, Hailiang operates 23 production bases with a total area of approximately 1.2 million square meters, serving a global customer base [3]. Group 2: Financial Performance - In the reporting periods of 2023, 2024, and the first three quarters of 2025, Hailiang's revenues were 757.34 billion, 875.42 billion, and 650.18 billion respectively, while profits were 11.69 billion, 6.24 billion, and 9.31 billion, indicating a significant drop in profit despite revenue growth [6]. - The company has experienced a "revenue without profit" situation, with profit margins severely impacted by high operating costs and low gross margins, which were only 4.1%, 3.3%, and 3.8% during the reporting periods [6]. - Hailiang's operating cash flow was negative for 2023 and 2024, with net outflows of 8.54 billion and 23.54 billion respectively, indicating increased financial pressure [7]. Group 3: Market and Risk Factors - The company faces risks from geopolitical tensions and trade frictions, particularly due to U.S. tariffs on Chinese goods, which could negatively impact its supply chain and pricing structure [4]. - Hailiang is also exposed to foreign exchange risks, as overseas operations are typically settled in local currencies, affecting revenue and profit margins [5]. - The company's leverage ratio exceeded 100% during the reporting periods, indicating high debt levels, with a leverage ratio of 109.2%, 131.3%, and 117.8% [7]. Group 4: Strategic Initiatives - The funds raised from the Hong Kong listing will be used for expanding production bases in Morocco and Indonesia, enhancing R&D capabilities, seeking strategic investments, and general corporate purposes [2]. - Hailiang aims to improve its product value and reduce reliance on a single processing fee model to enhance profitability amid rising raw material costs [6][9].

证券日报网讯2月4日，海亮股份（002203）在互动平台回答投资者提问时表示，公司将密切关注国际金 融市场动态和外汇市场走势，通过树立风险规避意识，完善风险识别和应对机制，建立风险决策和操作 流程，有效控制汇率波动风险。关于具体的财务数据，公司将依据信息披露标准在指定媒体公告。 ...

Core Viewpoint - Zhejiang Hailiang Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to leverage its position as a leading supplier of copper-based material solutions globally [2]. Group 1: Company Overview - Hailiang Co. was established in August 2000 and specializes in advanced thermal management materials and conductor materials [2]. - The company offers a range of products including HVAC and industrial copper processing products, lithium battery and PCB copper foil products, AI application copper-based material solutions, and aluminum-based products [2]. - As of September 30, 2025, Hailiang plans to have 23 production bases across Asia, Europe, North America, and Africa, serving a global customer base [2]. Group 2: Market Position - According to Frost & Sullivan, Hailiang has maintained the highest national copper tube export volume for 17 consecutive years from 2009 to 2025 [2]. - The company has also been the global leader in copper tube shipments for six consecutive years from 2020 to 2025 [2]. - In 2024, Hailiang's copper-based material solutions are projected to have a shipment volume exceeding 1 million tons [2]. Group 3: Financial Performance - For the fiscal year 2023, Hailiang reported revenues of 75.73 billion RMB and a profit of 1.17 billion RMB [4]. - The projected revenues for 2024 are 87.54 billion RMB, with an expected profit of 623.91 million RMB [4]. - In the first nine months of 2025, the company recorded revenues of 65.02 billion RMB, a decrease of 4.55% year-on-year, while profits increased by 18.56% to 9.31 billion RMB [3]. Group 4: Leadership - The board of directors consists of ten members, including five executive directors, one non-executive director, and four independent non-executive directors [6]. - The chairman and CEO, Feng Luming, has over ten years of experience in corporate management and governance [8]. - Feng Luming's total pre-tax remuneration for 2023 and 2024 is reported to be 2.505 million RMB and 2.688 million RMB, respectively [9][10].

Group 1 - The article discusses the potential catalysts for the non-ferrous metal industry, particularly focusing on copper resources and strategic reserves [1][5]. - The Non-Ferrous Metals Industry Association emphasizes the need to improve copper resource reserves and expand national strategic reserves, suggesting the inclusion of copper concentrate in reserve considerations [5]. - Key companies involved in copper mining and processing are listed, including Zijin Mining, Luoyang Copper, Jiangxi Copper, and others, indicating a competitive landscape in the copper sector [6].

Core Viewpoint - Hailiang Co., Ltd. has submitted an application for a secondary listing on the Hong Kong Stock Exchange after 18 years of being listed on A-shares, aiming to raise funds for expansion and development while facing challenges related to low profit margins and high debt levels [1][11]. Group 1: Company Overview - Hailiang is one of the largest copper processing companies globally, with a projected revenue exceeding 87 billion yuan in 2024 [1]. - The company specializes in copper-based material solutions, including HVAC and industrial copper products, lithium battery and PCB copper foil products, and AI application copper-based materials [2]. - Hailiang has established 23 production bases with a total area of approximately 1.2 million square meters, serving a global customer base [2]. Group 2: Financial Performance - Revenue for Hailiang in 2023, 2024, and the first three quarters of 2025 was 757.34 billion yuan, 875.42 billion yuan, and 650.18 billion yuan, respectively, while profits were 11.69 billion yuan, 6.24 billion yuan, and 9.31 billion yuan, indicating a significant drop in profit despite revenue growth [5][6]. - The company's gross profit margins were notably low, at 4.1%, 3.3%, and 3.8% during the same periods, primarily due to high operating costs driven by raw material prices [7]. - Hailiang's cash flow from operating activities was negative for 2023 and 2024, with net outflows of 8.54 billion yuan and 23.54 billion yuan, respectively, turning positive in the first three quarters of 2025 with 667.8 million yuan [7]. Group 3: Market Challenges - Hailiang faces significant challenges from geopolitical tensions and trade protectionism, with over 30% of its revenue coming from overseas markets [1][3]. - The company is exposed to risks from trade frictions, including tariffs imposed by the U.S. on Chinese metal products, which could impact its supply chain and pricing structure [3][5]. - The reliance on a pricing model based on raw material costs and processing fees makes Hailiang vulnerable to fluctuations in raw material prices, particularly copper and zinc [7]. Group 4: Strategic Initiatives - The funds raised from the Hong Kong listing will be used for expanding production bases in Morocco and Indonesia, enhancing R&D capabilities, seeking strategic investments, and global brand promotion [1][11]. - Hailiang aims to improve its international brand image and competitiveness through this secondary listing, which is part of its broader globalization strategy [11][13].

Company Overview - Zhejiang Hailiang Co., Ltd. is a leading global supplier of copper-based material solutions, providing advanced thermal management and conductor materials to enhance energy efficiency for global clients [3][4] - The company has established 23 production bases across Asia, Europe, North America, and Africa by September 30, 2025, serving a diverse global customer base [3] - Hailiang's product offerings include HVAC and industrial copper processing products, lithium battery and PCB copper foil products, AI application copper-based material solutions, and aluminum-based products [3][4] Market Position - Hailiang has ranked first in China's copper pipe exports for 17 consecutive years and has been the world's largest exporter for six years [4] - The company is the first Chinese supplier to successfully build and operate a large copper foil production base overseas, ranking first among Chinese copper foil suppliers based on overseas production capacity as of 2024 [4] Financial Performance - For the fiscal year 2023, the company reported revenues of approximately 75.73 billion RMB, with projected revenues of 87.54 billion RMB for 2024 [6] - The gross profit for 2023 was approximately 3.09 billion RMB, with a gross margin of 4.1% [7] - The net profit for 2023 was approximately 1.17 billion RMB, with earnings per share of 0.57 RMB [9][10] Industry Overview - The global copper-based materials market is projected to grow from approximately 28.27 million tons in 2020 to about 31.84 million tons by 2024, with a compound annual growth rate (CAGR) of 3.0% [11] - The market for lithium battery and PCB copper foils is expected to expand significantly, with a projected growth from 73.5 thousand tons in 2020 to 152.3 thousand tons by 2024, reflecting a CAGR of 20.0% [16] - The demand for high-end copper-based materials is driven by emerging fields such as 5G communications and AI technology, with the market expected to reach 36.93 million tons by 2030 [11]

证券代码：002203 证券简称：海亮股份 公告编号：2026-014 浙江海亮股份有限公司 关于向香港联交所递交 H 股发行上市申请并刊发申请资料的公 告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中的 虚假记载、误导性陈述或者重大遗漏承担责任。 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行上市的相 关信息而作出。本公告以及本公司刊登于香港联交所网站的申请资料均不构成也 不得视作对任何个人或实体收购、购买或认购公司本次发行上市的 H 股股票的要 约或要约邀请。 公司本次发行上市尚需取得中国证券监督管理委员会、香港证监会和香港联 交所等相关政府机关、监管机构、证券交易所的批准、核准或备案，该事项仍存 在不确定性。公司将根据该事项的进展情况依法及时履行信息披露义务，敬请广 大投资者注意投资风险。 特此公告。 浙江海亮股份有限公司 浙江海亮股份有限公司（以下简称"公司"）已于 2026 年 1 月 30 日向香港 联合交易所有限公司（以下简称"香港联交所"）递交了公开发行 H 股股票并在 香港联交所主板上市（以下简称"本次发行上市"）的申请，并于同日在香港联 交所网站刊登了本次发 ...

海亮股份公告，公司已于2026年1月30日向香港联合交易所有限公司递交了公开发行H股股票并在香港 联交所主板上市的申请，并于同日在香港联交所网站刊登了本次发行的申请材料。该等申请材料为公司 按照香港证券及期货事务监察委员会及香港联交所的要求编制和刊发，为草拟版本，其所载内容可能会 适时作出更新及修订，投资者不应根据其中的资料作出任何投资决定。 ...

智通财经APP获悉，据港交所1月30日披露，浙江海亮股份有限公司(简称：海亮股份,002203.SZ)向港 交所主板递交上市申请，中金公司、广发证券为其联席保荐人。招股书显示，海亮股份是全球领先的铜 基材料解决方案供应商，提供先进的热管理材料和导体材料，助力全球客户实现能源效率提升。海亮股 份致力于利用公司在铜加工方面的深厚底蕴，最大限度提升能源在不同用途中的使用效率。根据弗若斯 特沙利文的资料，公司的铜管出口量已连续17年位居中国第一，出货量连续六年位居全球第一。 ZHE JIANG HAI LIANG CO., LTD. 浙江海亮股份有限公司 (於中華人民共和國註冊成立的股份有限公司) [编纂] 「編纂]數目 :「編纂]股H股(可予重新分配) 「編纂]數目 .. [編纂]股H股(可予重新分配及視 乎[编纂]行使與否而定) 每股H股[編纂]港元,另加1.0%經紀 最高[編纂] : 佣金、0.0027%證監會交易徵費、 0.00015%會財局交易徵費 (須於[編纂]時以港元繳足, 每股H股人民幣1.00元 面值 : [編纂] : [編纂] 使與否而定) 0.00565%香港聯交所交易費及 多繳款項可予退還) ...

36氪获悉，据港交所，浙江海亮股份有限公司向港交所提交上市申请书，联席保荐人为中金公司、广发 证券。 ...