Group 1 - Greeenmei signed a memorandum of understanding with ASCENDELEMENTS to develop a leading lithium battery recycling system in Europe, focusing on resource recovery and material remanufacturing [1] - This collaboration aims to enhance the lifecycle value chain of new energy in Europe and solidify Greeenmei's position in the global battery recycling market [1] - The memorandum outlines the framework for cooperation but acknowledges uncertainties in specific implementation [1] Group 2 - Hailiang Co. has achieved mass production capability for new nickel-plated copper foil products suitable for solid-state batteries, indicating significant innovation in the copper foil sector [2] - The company has received positive feedback from leading battery manufacturers regarding its advanced copper foil products [2] Group 3 - The average transaction price of multi-crystalline silicon N-type raw materials increased by 8.57% week-on-week, reaching 53,200 RMB per ton [3] - The market is experiencing a temporary supply tightness as leading enterprises have reached their sales limits, while secondary enterprises are beginning to secure orders [3] - Optimistic market sentiment, influenced by national industrial policies, is supporting silicon material prices [3]

Group 1 - GreeMe signed a memorandum of understanding with ASCENDELEMENTS to explore collaboration in the European battery recycling and materials sector, aiming to establish a leading lithium battery recycling system in Europe [1] - The collaboration is expected to enhance the lifecycle value chain of new energy in Europe and strengthen GreeMe's position in the global battery recycling market [1] - The memorandum outlines the framework for cooperation but acknowledges uncertainties in specific implementation [1] Group 2 - Hailiang Co. has achieved mass production capability for new nickel-plated copper foil products suitable for solid-state batteries, receiving positive feedback from leading battery manufacturers [2] - The company continues to innovate in the copper foil sector, particularly with ultra-thin and high-performance copper foil products, demonstrating its competitiveness in the new energy battery materials market [2] Group 3 - The average transaction price of multi-crystalline silicon N-type recycled materials increased by 8.57% week-on-week, reaching 53,200 RMB per ton [3] - The market remains stable in terms of transaction volume, but the number of mainstream signing enterprises has increased to six, indicating a tightening supply situation [3] - The price increase is attributed to first-tier companies reaching their sales limits, leading to a temporary supply tightness, while optimistic market sentiment supported by national policies is expected to maintain a strong price trend [3]

Core Viewpoint - Zhejiang Hailiang Co., Ltd. has announced the early redemption of its convertible bonds, "Hailiang Convertible Bonds," due to the fulfillment of redemption conditions based on the company's stock performance [2][9]. Summary by Sections Convertible Bond Basic Information - The company issued 31.50 billion yuan worth of convertible bonds on November 21, 2019, with a maturity of six years [3]. - The bonds were listed on the Shenzhen Stock Exchange on December 16, 2019, under the code "128081" [4]. Conversion Terms and Price Adjustments - The initial conversion price was set at 9.83 yuan per share, which has been adjusted multiple times due to annual profit distribution, with the latest adjustment bringing it to 9.20 yuan per share as of July 4, 2025 [5][6][7][8]. Redemption Conditions - The redemption was triggered as the stock price exceeded 130% of the conversion price for 15 trading days within the specified period [8][10]. - The board of directors approved the early redemption on August 25, 2025, and authorized management to handle the related matters [9]. Redemption Implementation Arrangements - The redemption price is set at 101.710 yuan per bond, which includes accrued interest [13][14]. - The bonds will stop trading on September 24, 2025, with the redemption date set for September 29, 2025 [17][18]. - Investors will receive the redemption amount in their accounts by October 14, 2025 [18]. Other Relevant Information - The company has confirmed that there were no transactions of the convertible bonds by major shareholders or executives in the six months leading up to the redemption conditions being met [19]. - Holders of the convertible bonds must process conversion requests through their respective securities companies [20].

Summary of Hailiang Co., Ltd. Conference Call Company Overview - **Company**: Hailiang Co., Ltd. - **Date**: September 17, 2025 Key Industry Insights - **Impact of U.S. Tariff Policy**: The U.S. tariff policy implemented on July 31 positively affected Hailiang's revenue, leading to significant growth in overseas orders, particularly from the Houston plant, which turned profitable with earnings exceeding 10 million RMB in July 2025. The overall performance for the year is expected to surpass last year's results, although August's performance was slightly lower than July's, indicating a generally positive trend [2][12][13]. Core Points and Arguments - **Market Growth**: Hailiang's overseas market growth is primarily driven by the U.S. market, while the domestic market remains stable. The company is introducing new products such as corrosion-resistant copper tubes, AI-related products, and aluminum products to reduce copper usage and increase processing fees, seeking new profit growth points [2][7][8]. - **Emerging Fields**: Hailiang is actively expanding into emerging fields, including micro-alloyed copper tubes, solid-state batteries, and liquid cooling technology. The solid-state battery copper foil is currently in the third generation sampling phase, while the liquid cooling technology has high processing fees of 50,000 RMB, with hopes to increase profits through expanded production [2][10][11]. - **Production Capacity Plans**: The company plans to increase the production capacity of anchor pipes at the Houston plant from 50,000 tons to 90,000 tons by the end of the year, although local construction faces certain restrictions that need time to resolve [2][13][17]. Financial Performance - **Revenue and Gross Margin**: In the first half of 2025, Hailiang's overseas market performance was strong, with significant contributions from Southeast Asia and the U.S. The cancellation of export tax rebates at the end of 2024 relieved some pressure on overseas operations. The increase in order volume has improved yield and marginal benefits, with overseas prices historically being higher than domestic prices, contributing to revenue and gross margin improvements [3][4][7]. - **Cost Structure**: The processing fee for Hailiang in the first half of 2025 was approximately 14,000 RMB, compared to last year's manufacturing cost of 9,000 to 9,200 RMB per ton. The proportion of differentiated products increased from 1% last year to 52% by June 2025, indicating a significant change in product structure [4][30][31]. Additional Important Insights - **Export Dynamics**: The growth in overseas orders is partly related to export competition, with the U.S. market being a significant focus. Vietnam and Thailand also contribute to revenue, although profit data may be obscured by internal transactions [5][6]. - **Future Projections**: Hailiang expects a conservative production forecast of 20,000 tons in the U.S. for 2025 due to personnel configuration and production yield issues. The company anticipates that the Tongbo project will break even in 2026, potentially generating 300 to 400 million RMB in revenue [4][23][22]. - **Product Development**: Recent product launches include corrosion-resistant copper tubes and aluminum products, with plans to develop high-value-added small-batch deep-processing products. The company is also focusing on solid-state battery and silicon-carbon negative electrode projects, which are still in the early stages of development [8][10][11]. Conclusion Hailiang Co., Ltd. is positioned for growth in the overseas market, particularly in the U.S., driven by favorable tariff policies and strategic product innovations. The company is actively expanding its production capacity and exploring new technologies, while maintaining a focus on improving its product mix and profitability.

Group 1 - 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]

Core Viewpoint - Hailiang Co., Ltd. (002203.SZ) is focusing on continuous innovation in advanced copper foil technology, achieving industry-leading indicators in ultra-thin and high-resistance copper foils, with new nickel-plated copper foil products suitable for solid-state batteries ready for mass production and receiving positive feedback from leading battery companies [1] Group 1: Product Development - The company has made breakthroughs in high-end copper foil products such as RTF and HVLP, with expected sales of over 2,000 tons in the first half of 2025 [1] - New types of copper foil products, including nickel-plated copper foil for solid-state batteries, have been developed and are ready for mass production [1] Group 2: Market Demand and Growth - The demand for copper-based materials for cooling applications is expected to surge due to the explosive growth in global computing power and AI economy, with a more than 100% increase in order volume compared to the same period last year [1] - The company has established long-term partnerships with leading cooling enterprises in the US, China, and Taiwan, which are driving the demand for its products [1] Group 3: Product Offerings - The company provides a variety of products for data centers and AI computing fields, including self-developed heat pipe materials, oxygen-free copper, and customized copper bars [1]

Core Viewpoint - Hailiang Co., Ltd. (002203.SZ) is focusing on continuous innovation in advanced copper foil technology, achieving industry-leading indicators in ultra-thin and high-resistance copper foils, particularly for lithium batteries [1] Group 1: Product Development - The company has developed new copper foil products, including nickel-plated copper foil suitable for solid-state batteries, which are now ready for mass production and have received positive feedback from leading battery manufacturers [1] - Breakthroughs have been made in high-end copper foil products such as RTF and HVLP, with expected sales of over 2,000 tons in the first half of 2025 [1] Group 2: Market Demand - The demand for copper-based materials for heat dissipation is expected to surge in 2025 due to the explosive growth of global computing power and AI economy, with the company's order volume in the first half of the year increasing by over 100% compared to the same period last year [1] - The company is providing a variety of products, including self-developed heat pipe materials, oxygen-free copper, and custom-shaped copper bars, particularly in the data center and AI computing sectors [1]

Group 1: Company Overview and Development - Zhejiang Hailiang Co., Ltd. has a strong focus on innovation in copper foil products, particularly for the new energy sector and 5G communication PCB applications [1] - The company has achieved industry-leading technical indicators in lithium battery copper foil, including nickel-plated copper foil for solid-state batteries, which is now ready for mass production [1] Group 2: Product Development and Market Demand - In the first half of 2025, the company sold over 2,000 tons of high-end copper foil products, driven by the surge in demand for RTF and HVLP copper foils [2] - The company has established supply agreements with five of the top ten global power battery customers and two of the top three 3C digital customers, set to commence in 2026 [2] Group 3: Regional Market Performance - The Southeast Asia market, particularly India, has shown significant growth potential due to urbanization and infrastructure development, increasing demand for copper pipes and fittings [4] - Hailiang's operations in Vietnam and Thailand reported revenue growth of 13% and 25% respectively in the first half of 2025, indicating a positive regional development trend [5] Group 4: Production Capacity and Future Outlook - The Texas facility's production capacity increased to 50,000 tons by August 2025, with expectations to reach 90,000 tons by the end of 2025 [3] - The company plans to enhance production of high-value-added products and expand its product lines in response to market demands [4]

| 证券代码：002203 | 证券简称：海亮股份 | 公告编号：2025-088 | | --- | --- | --- | | 债券代码：128081 | 债券简称：海亮转债 | | 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 浙江海亮股份有限公司 关于提前赎回"海亮转债"的第十七次提示性公告 一、可转换公司债券基本情况 （一）可转债发行情况 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：2 ...

Market Overview - On September 17, the industrial metals sector rose by 0.21% compared to the previous trading day, with Electric Alloy leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Gainers in Industrial Metals - Electric Alloy (300697) closed at 19.49, up 11.88% with a trading volume of 721,400 shares and a transaction value of 1.317 billion yuan [1] - Yiqiu Resources (601388) closed at 3.26, up 10.14% with a trading volume of 2,584,200 shares and a transaction value of 814 million yuan [1] - Liyuan Co. (002501) closed at 2.74, up 10.04% with a trading volume of 1,663,200 shares and a transaction value of 439 million yuan [1] - Northern Copper (000737) closed at 15.25, up 10.03% with a trading volume of 2,801,700 shares and a transaction value of 4.067 billion yuan [1] - Other notable gainers include Yian Technology (300328) and Wanshun New Materials (300057) with increases of 8.14% and 7.85% respectively [1] Top Losers in Industrial Metals - Xingye Silver Tin (000426) closed at 25.00, down 4.58% with a trading volume of 620,700 shares and a transaction value of 1.559 billion yuan [2] - Shengda Resources (000603) closed at 21.20, down 3.37% with a trading volume of 323,700 shares and a transaction value of 685 million yuan [2] - Hailiang Co. (002203) closed at 12.21, down 3.17% with a trading volume of 443,300 shares and a transaction value of 546 million yuan [2] Capital Flow Analysis - On the same day, the industrial metals sector experienced a net outflow of 653 million yuan from institutional investors, while retail investors saw a net inflow of 740 million yuan [2] - The capital flow data indicates that Northern Copper (000737) had a net inflow of 48.216 million yuan from institutional investors, while it faced a net outflow of 191 million yuan from speculative funds [3] - Yiqiu Resources (601388) and Liyuan Co. (002501) also showed significant net outflows from speculative funds, indicating a shift in investor sentiment [3]