Summary of Key Points Core Viewpoint - Hai Liang Co., Ltd. experienced a significant block trade on September 22, with a transaction volume of 324,000 shares and a transaction value of 4.03 million yuan, at a price of 12.44 yuan per share, indicating institutional trading activity [2]. Trading Activity - The recent block trade represents one of 11 such transactions in the last three months, totaling 179 million yuan [2]. - The closing price of Hai Liang Co., Ltd. on the same day was 12.44 yuan, reflecting a slight decline of 0.08% [2]. - The stock's turnover rate for the day was 1.42%, with a total trading volume of 375 million yuan [2]. - There was a net outflow of 13.99 million yuan in main capital for the day, and the stock has seen a cumulative decline of 0.96% over the past five days, with a total net outflow of 119 million yuan [2]. Margin Financing - The latest margin financing balance for Hai Liang Co., Ltd. stands at 1.396 billion yuan, having increased by 72 million yuan over the past five days, which is a growth of 5.44% [2].

Group 1 - On September 22, Hailiang Co., Ltd. executed a block trade of 324,000 shares, with a transaction amount of 4.0306 million yuan, accounting for 1.06% of the total transaction amount for the day [1][2] - The transaction price was 12.44 yuan, which remained stable compared to the market closing price of 12.44 yuan [1][2]

Investment Rating - The report rates the liquid cooling industry as "Overweight," indicating that it is expected to outperform the overall market [3]. Core Insights - The MLCP (Micro-Channel Liquid Cooling Plate) technology is highlighted as an innovative solution to address the cooling challenges posed by ultra-high power chips, with expected power consumption exceeding 2000W [3][5]. - The report emphasizes the importance of micro-channel design, forced convection, and optimized fluid dynamics in achieving high heat exchange efficiency [5]. - Key companies in the industry are recommended for attention, including Jiangshun Technology, Yingweike, and Kangsheng Co., among others, due to their advancements in liquid cooling technology [5]. Summary by Sections Industry Overview - The MLCP technology utilizes micro-scale fluid channels to achieve efficient heat exchange, capable of handling extreme thermal loads [5]. - The manufacturing processes for micro-channels include etching, 3D printing, and stamping, each with its advantages and limitations [5]. Key Companies and Valuations - Jiangshun Technology: Market cap of 48.74 billion, projected net profit of 1.55 billion in 2024 [6]. - Yingweike: Market cap of 756.61 billion, projected net profit of 4.53 billion in 2024 [6]. - Kangsheng Co.: Market cap of 54.89 billion, with a projected net profit of -0.98 billion in 2024 [6]. - Other notable companies include Nanfeng Co., Huazhu High-Tech, and Yinhong Co., with varying market caps and profit projections [6].

| 证券代码：002203 | 证券简称：海亮股份 | 公告编号：2025-090 | | --- | --- | --- | | 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" 实施暨即将停止交易的 重要提示性公告 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 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。 重要内容提示： 1. 最后交易日：2025 年 9 月 23 日 2025 年 9 月 23 日是"海亮转债"最后一个交易日，当日"海亮转债"简 称为"Z 亮转债"；2025 年 9 月 23 日收市后"海亮转债"将停止交易。 2. 最后转股日：2025 年 9 月 26 日 2025 年 9 月 26 日是"海亮转债"最后一个转股日，当日收市前，持有 "海亮转债"的投资者仍可进行转股；2025 年 9 月 26 日收市后，未转股的 "海亮转债"将停止转股。 3. 截至 2025 年 9 月 19 日收市后，距离"海亮转债"停止交 ...

Core Viewpoint - Zhejiang Hailiang Co., Ltd. has positioned its new energy business as a core growth engine, with rapid growth in demand for 5G communication PCB copper foil, achieving a 72.33% increase in copper foil sales in the first half of 2025 [1] Group 1: New Energy and Copper Foil Business - The company focuses on the new energy industry chain, particularly in lithium battery copper foil and electronic circuit copper foil, which have become key growth drivers [2] - In lithium battery copper foil, the company has achieved industry leadership in high-strength, ultra-thin, and safety-focused products, with new products like nickel-plated copper foil and porous copper foil ready for mass production [2] - In electronic circuit copper foil, the demand for high-end copper foil has surged due to the rapid development of 5G communication and AI, with sales of standard copper foil reaching 2,151 tons in the first half of 2025, showing significant year-on-year growth [3] Group 2: International Expansion and Production Capacity - Hailiang's Indonesian base has passed audits from several global key customers and has signed supply agreements with major battery and 3C digital clients, laying a solid foundation for future international development [3] - The Texas base has rapidly increased production capacity to 50,000 tons as of August 2025, with expectations to expand to 90,000 tons by the end of 2025, benefiting from a favorable policy environment due to tariffs on imported copper products [4] Group 3: Market Performance and Financials - The Southeast Asian market, particularly in Vietnam and Thailand, has shown strong performance, with revenue growth of 13% and 25% respectively in the first half of 2025, driven by rising demand in the air conditioning sector in India [5] - Overall, the company reported a revenue of 44.476 billion yuan in the first half of 2025, a year-on-year increase of 1.17%, with net profit rising by 15.03% [6] Group 4: Strategic Management and Future Outlook - The company adheres to a pricing model based on "sales determine production" and has implemented strict inventory management to mitigate copper price volatility [7] - Hailiang is becoming a leading player in the global copper processing and new materials sector, with strong growth potential in new energy, 5G communication, and AI computing, supported by international expansion and technological innovation [7]

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 lift any pledges or freezes on their "Hailiang Convertible Bonds" before the conversion deadline to avoid being redeemed due to inability to convert [2]

Group 1: Industry Events - The 2025 High-Performance Lithium Battery Annual Conference will be held from November 18-20, 2025, at JW Marriott Hotel in Shenzhen [1] Group 2: Company Developments - Sichuan Yahua Industrial Group has confirmed the synthesis process for lithium sulfide and plans to establish a pilot line by 2026, with sample production expected by the end of this year [4] - EVE Energy has successfully entered the battery supply system for Xiaopeng's MONA model, providing traditional square batteries which offer better adaptability and lower development costs compared to BYD's blade batteries [5] - Greeenme has signed a strategic cooperation framework agreement with Lvtong Technology to focus on the recycling and utilization of new energy vehicles and power batteries, creating a closed-loop industrial chain [8] - Xingheng Power and Niu Electric have signed a strategic cooperation agreement for micro-blade electric motorcycle lithium batteries, with a collaboration scale of 3 GWh [9] - Tianqi Lithium has commenced the construction of a pilot project for 50 tons of lithium sulfide, utilizing new technology for rapid mass production [11] - Hebei Kuntian New Energy has launched its first phase of a silicon-carbon anode material production line, with plans for a second phase to reach an annual capacity of 5,000 tons [12][14] - Hailiang Co. has developed new copper foil products suitable for solid-state batteries, which are now ready for mass production [16] Group 3: International Developments - InoBat has received €53.8 million in subsidies and a €456,000 loan from the Spanish government to support the construction of a battery factory in Valladolid, with a total investment of approximately €712 million [17][19]

Group 1 - A total of 83 stocks experienced block trades in the A-share market on September 18, with a total transaction value of 11.257 billion yuan [1] - The top three stocks by transaction value were Pudong Development Bank (6.368 billion yuan), Shenghong Technology (3.073 billion yuan), and Haoyuan Pharmaceutical (276 million yuan) [1] - Among the stocks, 21 were traded at par, 8 at a premium, and 54 at a discount; the highest premium rates were for Bangyan Technology (12.72%), Pudong Development Bank (3.29%), and Huayu Pharmaceutical-W (2.99%) [1] Group 2 - The top stocks by institutional buy amounts included Shenghong Technology (2.499 billion yuan), Dameng Data (70.342 million yuan), and Yinzhijie (54.357 million yuan) [1] - The top stocks by institutional sell amounts were Sanhua Intelligent Controls (9.11 million yuan), New Industry (7.968 million yuan), and Hailiang Co. (4.9551 million yuan) [2]

关于提前赎回"海亮转债" 实施暨即将停止交易的 重要提示性公告 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。 重要内容提示： 1. 最后交易日：2025 年 9 月 23 日 | 证券代码：002203 | 证券简称：海亮股份 | 公告编号：2025-089 | | --- | --- | --- | | 债券代码：128081 | 债券简称：海亮转债 | | 浙江海亮股份有限公司 2025 年 9 月 23 日是"海亮转债"最后一个交易日，当日"海亮转债"简 称为"Z 亮转债"；2025 年 9 月 23 日收市后"海亮转债"将停止交易。 2. 最后转股日：2025 年 9 月 26 日 2025 年 9 月 26 日是"海亮转债"最后一个转股日，当日收市前，持有 "海亮转债"的投资者仍可进行转股；2025 年 9 月 26 日收市后，未转股的 "海亮转债"将停止转股。 3. 截至 2025 年 9 月 18 日收市后，距离"海亮转债"停止交易仅剩 3 个 交易日，距离"海亮转债"停止转股并赎回仅剩 6 个交易日。本公司特别提醒 "海亮转债"持有人务必认真 ...

Group 1 - On September 18, Hailiang Co., Ltd. executed a block trade of 400,900 shares, with a transaction amount of 4.9551 million yuan, accounting for 0.76% of the total transaction amount for the day [1] - The transaction price was 12.36 yuan, which remained unchanged compared to the market closing price of 12.36 yuan [1][2] - The block trade was conducted through an institutional special account [2]