Core Viewpoint - Hai Liang Co., Ltd. reported a revenue of 44.534 billion yuan for the first half of 2025, reflecting a year-on-year increase of 1.14%, and a net profit of 711 million yuan, up 15.03% year-on-year [1] Financial Performance - Total revenue for Q2 2025 reached 24.003 billion yuan, marking an 8.21% increase year-on-year - Net profit for Q2 2025 was 367 million yuan, showing a 20.8% year-on-year growth - Gross margin stood at 3.73%, a decrease of 0.25% year-on-year, while net margin improved to 1.54%, an increase of 17.1% year-on-year - Total operating expenses (selling, administrative, and financial) amounted to 643 million yuan, representing 1.44% of revenue, down 32.5% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased to 9.239 billion yuan, a rise of 10.57% year-on-year, with accounts receivable to net profit ratio at 1313.65% - Interest-bearing liabilities rose to 24.89 billion yuan, an increase of 8.49% year-on-year - Cash and cash equivalents decreased to 6.514 billion yuan, down 2.59% year-on-year [1][3] Cash Flow Analysis - Operating cash flow per share was -0.59 yuan, a significant improvement of 72.17% year-on-year - The company has a negative average operating cash flow to current liabilities ratio of -3.3% over the past three years [3] Business Operations - The company operates 23 production bases globally, with significant presence in the U.S. and various countries in Europe and Asia - The U.S. base is currently in a stable ramp-up phase, with a healthy order book and potential for improved management and profitability [4]

Core Viewpoint - The company has announced its half-year report for 2025, detailing its financial performance, profit distribution plan, and ongoing projects in the U.S., Morocco, and Indonesia, as well as the early redemption of its convertible bonds [1][12][17]. Financial Performance - The company reported a net profit attributable to shareholders of approximately 711.40 million yuan for the first half of 2025 [54]. - The total distributable profit as of June 30, 2025, was approximately 8.85 billion yuan, with the parent company having 2.01 billion yuan available for distribution [54][56]. Profit Distribution Plan - The profit distribution plan approved by the board proposes a cash dividend of 1.00 yuan per 10 shares (including tax), with no bonus shares issued [3][56]. - The distribution will be based on the total share capital after deducting repurchased shares as of the record date [56]. Ongoing Projects - The U.S. Texas base project is progressing, with an expected annual output of 20,000 tons in 2025, and a target capacity of 90,000 tons by the end of 2025 [8]. - The Morocco project is also advancing, with a 50,000-ton copper and copper alloy production line under construction, expected to commence production in Q4 2025 [9][10]. - In Indonesia, the project for a 100,000-ton high-performance electrolytic copper foil is nearing completion, having passed audits from major global clients [11]. Convertible Bond Redemption - The company has decided to exercise its right to early redeem the "Hailiang Convertible Bonds" due to market conditions, with a redemption price set at 101.710 yuan per bond [15][17]. - The redemption will occur on September 29, 2025, with the last trading day for the bonds being September 24, 2025 [16][30]. Management Changes - A new management team has been appointed, characterized by youth, international experience, and technical expertise, aimed at driving the company's global and digital transformation [13].

Core Viewpoint - Hailiang Co., Ltd. demonstrated strong strategic resilience and operational strength in the face of international political and economic challenges, achieving solid financial performance and significant growth in emerging sectors during the first half of 2025 [1][2]. Financial Performance - The company reported a revenue of 44.476 billion yuan, a year-on-year increase of 1.17%, with copper processing business revenue reaching 34.070 billion yuan, up 13.59% [2]. - Profitability improved significantly, with total profit reaching 0.815 billion yuan, a 24.53% increase year-on-year; net profit attributable to shareholders was 0.711 billion yuan, up 15.03% [2]. - Operating cash flow saw a substantial increase of 72.13% year-on-year, indicating improved financial health [2]. Sales and Product Development - Hailiang sold 526,200 tons of copper and copper alloy products, a 3.79% increase year-on-year, with high-value products like copper foil and copper bars seeing significant sales growth of 72.33% and 33.44%, respectively [2]. - The company is shifting its growth focus from quantity to quality and structural optimization [2]. Global Expansion - The company’s strategic global capacity layout began to yield results, particularly in the U.S. market, where revenue from copper processing reached 2.469 billion yuan, a 50.77% increase year-on-year [3]. - Hailiang's Texas facility is expected to reach an annual capacity of 90,000 tons by the end of 2025, contributing to a projected 30% growth in U.S. market sales [3]. - The company is expanding its global footprint with operations in Vietnam, Thailand, and Indonesia, and is making progress in Morocco [3]. Emerging Markets and Technology - Hailiang is focusing on the new energy sector and high-end thermal management materials, achieving significant sales growth in copper foil products [5]. - The company has established partnerships with major global battery and electronics manufacturers, ensuring long-term supply agreements [5]. - Hailiang is innovating in advanced materials for solid-state batteries and has developed over 14 new products, enhancing its technological barriers [6]. Market Trends - The demand for copper-based materials in cooling solutions is increasing, driven by the growth of AI and data centers, with the liquid cooling server market in China projected to reach $3.39 billion in 2025 [7]. - Hailiang's copper materials are critical components in these cooling systems, with a significant increase in orders for thermal copper materials [8]. Management and Innovation - The company has initiated 88 cost-reduction and efficiency-enhancing projects and has filed numerous patents, indicating a strong commitment to innovation [9]. - A new management team has been established, characterized by youth, international experience, and a focus on technology, positioning the company for sustainable growth [9]. Future Outlook - Hailiang plans to continue expanding its global presence and enhancing its production capabilities in the U.S., Indonesia, and Morocco while advancing its digital transformation efforts [10].

Core Insights - Zhejiang Hailiang Co., Ltd. reported a revenue of 44.476 billion yuan for the first half of 2025, a year-on-year increase of 1.17%, with copper processing business revenue reaching 34.070 billion yuan, up 13.59% [1] - The net profit attributable to shareholders was 711 million yuan, reflecting a 15.03% increase, while the non-recurring net profit rose by 30.56% to 812 million yuan [1] - The company sold 526,200 tons of copper and copper alloy products, marking a 3.79% increase, with significant growth in high-value-added products such as copper foil and copper bars [1] Global Market Expansion - Hailiang's overseas market achieved copper processing business revenue of 13.984 billion yuan, a 25.35% increase, with the U.S. market contributing 2.469 billion yuan, up 50.77% [2] - The company has expanded its global footprint, gaining BIS certification for factories in Vietnam and Thailand, and successfully entering the Indian market [2] - The first phase of a 100,000-ton high-performance electrolytic copper foil project in Indonesia has been completed, and a new materials technology industrial park in Morocco is under steady progress [2] Strategic Focus on Emerging Industries - Hailiang is targeting the new energy and high-end heat dissipation sectors, leveraging synergies between its "Lanzhou + Indonesia" dual-base strategy [3] - The company has established supply agreements with five of the top ten global power battery clients and two of the top three digital clients, ensuring stable future shipments [3] - Hailiang has developed over 14 new products in advanced technology areas, including nickel-plated copper foil and porous copper foil, which are ready for mass production [3] Technological Advancements - The demand for liquid cooling servers driven by the global AI computing economy has surged, with key cooling components heavily relying on copper materials [3] - Hailiang has built a product matrix for heat dissipation copper materials, including oxygen-free copper and thermal pipe materials, with a significant increase in orders from leading cooling enterprises [3] Leadership Transition - In July 2025, Hailiang successfully completed a board restructuring, with President Feng Luming taking over as Chairman, marking a new phase of development focused on international vision and technology-driven growth [4]

Core Insights - Company demonstrates strong strategic resilience and operational strength amid international economic challenges, achieving solid financial performance in the first half of 2025 [1] Financial Performance - In H1 2025, the company reported revenue of 44.476 billion yuan, a year-on-year increase of 1.17%, with copper processing business revenue reaching 34.070 billion yuan, up 13.59% [2] - Profitability improved significantly, with total profit of 0.815 billion yuan, a 24.53% increase year-on-year, and net profit attributable to shareholders of 0.711 billion yuan, up 15.03% [2] - Sales volume of copper and copper alloy products reached 526,200 tons, a 3.79% increase year-on-year, with high-value products like copper foil and copper bars seeing substantial growth [2] Global Expansion - The company’s proactive global capacity layout has begun to yield results, particularly in the U.S. market, where revenue from copper processing reached 2.469 billion yuan, a 50.77% increase year-on-year [3] - The U.S. market is expected to see sales growth of no less than 30% in 2025, with production capacity in Texas projected to reach 90,000 tons by year-end [3] - The company is expanding its global footprint with operations in Vietnam, Thailand, and Indonesia, and is progressing with a new materials technology industrial park in Morocco [3] Emerging Markets and Technologies - The company is focusing on emerging sectors such as new energy and high-end thermal management, with significant growth in copper foil business driven by dual-base collaboration [5] - The company has developed over 14 new products targeting advanced applications in solid-state batteries and cooling solutions for data centers, with a notable increase in orders from leading global cooling enterprises [5] Future Outlook - The company is well-positioned to navigate uncertainties in geopolitical, currency, and trade policies through a clear strategic layout and diversified product structure [6] - Plans include accelerating the construction and capacity release of facilities in the U.S., Indonesia, and Morocco, while enhancing R&D in new energy copper foil and high-end thermal materials [7]

Core Viewpoint - Hailiang Co., Ltd. reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating strong operational performance despite a modest revenue growth rate [1] Financial Performance - The company's operating revenue reached 44.476 billion yuan, a year-on-year increase of 1.17% [1] - Net profit attributable to shareholders was 711 million yuan, reflecting a year-on-year growth of 15.03% [1] - The net profit excluding non-recurring gains and losses was 812 million yuan, up 30.56% year-on-year [1] - Basic earnings per share stood at 0.36 yuan [1] Dividend Distribution - The company proposed a cash dividend of 1.00 yuan (including tax) for every 10 shares to all shareholders [1] Sales Performance - The total sales volume of copper and copper alloy processing products was 526,200 tons, an increase of 3.79% year-on-year [1] - Sales of copper foil reached 24,400 tons, growing by 72.33% [1] - Sales of copper bars amounted to 23,500 tons, up 33.44% [1] - Overseas sales of copper processing products increased by 6.33% year-on-year [1] Revenue Breakdown - The revenue from copper processing was 34.070 billion yuan, marking a year-on-year increase of 13.59% [1] - Revenue from overseas copper processing reached 13.984 billion yuan, reflecting a growth of 25.35% [1] - The contribution from overseas markets has further increased [1] Profitability - The total profit amounted to 815 million yuan, a year-on-year increase of 24.53% [1]

Core Viewpoint - Hailiang Co., Ltd. reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating strong performance in the copper processing segment and growth in international markets [1] Financial Performance - The company achieved an operating revenue of 44.476 billion yuan, a year-on-year increase of 1.17% [1] - Net profit attributable to shareholders was 711 million yuan, reflecting a year-on-year growth of 15.03% [1] - The net profit excluding non-recurring gains and losses was 812 million yuan, up 30.56% year-on-year [1] - Basic earnings per share were 0.36 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 1.00 yuan (including tax) for every 10 shares to all shareholders [1] Sales Performance - The total sales volume of copper and copper alloy processing products reached 526,200 tons, a year-on-year increase of 3.79% [1] - Sales of copper foil amounted to 24,400 tons, growing by 72.33% [1] - Sales of copper bars reached 23,500 tons, an increase of 33.44% [1] - International sales of copper processing products grew by 6.33% year-on-year [1] Revenue Breakdown - The operating revenue from copper processing was 34.070 billion yuan, a year-on-year increase of 13.59% [1] - Revenue from international markets in copper processing reached 13.984 billion yuan, reflecting a growth of 25.35% [1] Profitability - The total profit amounted to 815 million yuan, a year-on-year increase of 24.53% [1]

Market Overview - In August, the A-share market showed a strong upward trend, with the ChiNext Index rising over 24% and the Shanghai Composite Index surpassing 3800 points, reaching a 10-year high [1] - The STAR 50 Index experienced a significant increase of 28% during the month [1] Sector Performance - The main market focus was on computing power and semiconductor sectors, with stocks like Xinyisheng reaching historical highs and Industrial Fulian's market capitalization exceeding 1 trillion [1] - In the semiconductor sector, Cambrian's stock price doubled, surpassing Kweichow Moutai to become the "king" of A-shares [1] Individual Stock Highlights - Over 4000 stocks recorded monthly gains, with 14 stocks (excluding newly listed and ST stocks) rising over 100%, led by Gebijia from the Beijing Stock Exchange, which surged 155% [1] Bond Market Activity - In July, the bond market issued a total of 77,536.2 billion yuan in various bonds, including 12,226.5 billion yuan in government bonds and 13,496.8 billion yuan in corporate credit bonds [2][3] Banking Sector Performance - Industrial and Commercial Bank of China reported a net profit of 168.1 billion yuan for the first half of the year, a decrease of 1.4% year-on-year, with total assets exceeding 52 trillion yuan [4] - Bank of China announced a net profit of 117.59 billion yuan for the same period, down 0.9% year-on-year [5] - Agricultural Bank of China achieved a net profit of 139.5 billion yuan, reflecting a growth of 2.7% year-on-year [6] Corporate Financial Results - Hailiang Co. reported a net profit of 711 million yuan for the first half of the year, up 15.03% year-on-year, and proposed a cash dividend of 1 yuan per 10 shares [7] - Postal Savings Bank of China recorded a net profit of 49.23 billion yuan, a year-on-year increase of 0.85%, and proposed a cash dividend of 1.23 yuan per 10 shares [8] - Pianzaihuang's net profit decreased by 16.22% year-on-year to 1.442 billion yuan, with a proposed cash dividend of 14 yuan per 10 shares [9] - Haowei Group reported a net profit of 2.028 billion yuan, up 48.34% year-on-year [10] - Yuxin Technology achieved a net profit of 220 million yuan, reflecting a growth of 35.26% year-on-year [11]

Group 1 - Hailiang Co., Ltd. achieved a revenue of 44.476 billion yuan, a year-on-year increase of 1.17%, and a net profit of 711 million yuan, a year-on-year increase of 15.03% [1] - Yinfai Storage reported a revenue of 543 million yuan, a year-on-year decrease of 18.97%, and a net profit of 62.347 million yuan, a year-on-year decrease of 20.05% [1] - Huamao Technology achieved a revenue of 1.108 billion yuan, a year-on-year increase of 14.42%, and a net profit of 137 million yuan, a year-on-year increase of 3.21% [2] Group 2 - Postal Savings Bank reported a revenue of 179.446 billion yuan, a year-on-year increase of 1.5%, and a net profit of 49.228 billion yuan, a year-on-year increase of 0.85% [4] - Bright Dairy achieved a revenue of 12.472 billion yuan, a year-on-year decrease of 1.9%, and a net profit of 217 million yuan, a year-on-year decrease of 22.53% [6] - Pianzaihuang reported a revenue of 5.379 billion yuan, a year-on-year decrease of 4.81%, and a net profit of 1.442 billion yuan, a year-on-year decrease of 16.22% [7] Group 3 - Great Wall Motors achieved a revenue of 92.335 billion yuan, a year-on-year increase of 0.99%, and a net profit of 6.337 billion yuan, a year-on-year decrease of 10.21% [9] - Haowei Group reported a revenue of 13.956 billion yuan, a year-on-year increase of 15.42%, and a net profit of 2.028 billion yuan, a year-on-year increase of 48.34% [10] - Batian Co., Ltd. achieved a revenue of 2.543 billion yuan, a year-on-year increase of 63.93%, and a net profit of 456 million yuan, a year-on-year increase of 203.71% [12] Group 4 - Yuxin Technology reported a revenue of 1.415 billion yuan, a year-on-year decrease of 5.01%, and a net profit of 220 million yuan, a year-on-year increase of 35.26% [14] - Zhongti Industry reported a revenue of 787 million yuan, a year-on-year decrease of 25.24%, and a net loss of 24.3955 million yuan [15] - Kemei Diagnostics achieved a revenue of 165 million yuan, a year-on-year decrease of 27.03%, and a net profit of 24.3408 million yuan, a year-on-year decrease of 68.24% [16] Group 5 - Huatai Co., Ltd. reported a revenue of 6.409 billion yuan, a year-on-year decrease of 1.86%, and a net profit of 67.6382 million yuan, a year-on-year decrease of 63.13% [17] - Fudan Fuhua reported a revenue of 326 million yuan, a year-on-year increase of 2.20%, and a net loss of 711.58 million yuan [19] - Haili Co., Ltd. achieved a revenue of 12.426 billion yuan, a year-on-year increase of 13.16%, and a net profit of 333.546 million yuan, a year-on-year increase of 693.76% [21] Group 6 - Xintong New Science reported a revenue of 61.852 million yuan, a year-on-year increase of 8.49%, and a net loss of 30.393 million yuan [22] - Newzhisoft achieved a revenue of 897 million yuan, a year-on-year decrease of 3.40%, and a net profit of 30.3531 million yuan, a year-on-year increase of 42.84% [24] - Maolai Optics reported a revenue of 319 million yuan, a year-on-year increase of 32.26%, and a net profit of 32.7555 million yuan, a year-on-year increase of 110.36% [25] Group 7 - Qianjin Pharmaceutical achieved a revenue of 1.818 billion yuan, a year-on-year decrease of 5.52%, and a net profit of 128 million yuan, a year-on-year increase of 8.50% [28] - Quanfeng Automotive reported a revenue of 1.218 billion yuan, a year-on-year increase of 18.90%, and a net loss of 167 million yuan [29] - Zhongjin Lingnan's application for a specific issuance of A-shares has been accepted by the Shenzhen Stock Exchange [31] Group 8 - Zhonglv Electric achieved a revenue of 2.333 billion yuan, a year-on-year increase of 29.30%, and a net profit of 618 million yuan, a year-on-year increase of 33.06% [33] - Sanhuan Group reported a revenue of 4.149 billion yuan, a year-on-year increase of 21.05%, and a net profit of 1.237 billion yuan, a year-on-year increase of 20.63% [35] - China Energy Construction achieved a revenue of 212.091 billion yuan, a year-on-year increase of 9.18%, and a net profit of 28.02 billion yuan, a year-on-year increase of 0.72% [37] Group 9 - Liou Co., Ltd. reported a revenue of 9.635 billion yuan, a year-on-year decrease of 9.62%, and a net profit of 478 million yuan, turning from a loss to profit [38] - Suzhou Bank achieved a revenue of 6.504 billion yuan, a year-on-year increase of 1.81%, and a net profit of 3.134 billion yuan, a year-on-year increase of 6.15% [40] - Shunxin Agriculture reported a revenue of 4.593 billion yuan, a year-on-year decrease of 19.24%, and a net profit of 173 million yuan, a year-on-year decrease of 59.09% [43] Group 10 - Tongfu Microelectronics achieved a revenue of 13.038 billion yuan, a year-on-year increase of 17.67%, and a net profit of 412 million yuan, a year-on-year increase of 27.72% [44] - Weidao Nano reported a revenue of 1.05 billion yuan, a year-on-year increase of 33.42%, and a net profit of 192 million yuan, a year-on-year increase of 348.95% [44] - ZTE Corporation achieved a revenue of 715.53 billion yuan, a year-on-year increase of 14.51%, and a net profit of 50.58 billion yuan, a year-on-year decrease of 11.77% [46]

| 公告编号：2025-071 | | --- | | 证券简称：海亮股份 | | 证券代码：002203 | 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 2025 年半年度利润分配预案的公告 三、现金分红合理性说明 公司 2025 年半年度利润分配预案符合中国证券监督管理委员会《关于进一 步落实上市公司现金分红有关事项的通知》《上市公司监管指引第 3 号——上 市公司现金分红》《公司章程》等规定和要求，并符合公司 2023 年度股东大会 批准的《关于 <浙江海亮股份有限公司未来三年 ensp="ensp" 年="年" 股东分红回="股东分红回"> 报规划>的议案》，符合公司经营实际情况。综合考虑了公司经营情况、战略规 划与股东回报，不存在损害投资者利益的情况，具备合法性、合规性、合理性。 四、备查文件 特此公告 浙江海亮股份有限公司 董事会 二〇二五年八月三十日 浙江海亮股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开了 第九届董事会第三次会议，审议通过了《关于 2025 年半年度利润分配预案的议 案》。鉴于公司于 2025 年 5 月 20 日召开的 20 ...