Group 1 - The stock price of Hailiang Co., Ltd. decreased by 2.01% on September 23, trading at 12.19 yuan per share with a total market capitalization of 27.665 billion yuan [1] - Year-to-date, Hailiang's stock price has increased by 15.25%, with a recent decline of 3.33% over the last five trading days [1] - The company has a main business revenue composition of 61.25% from copper pipes, 23.03% from raw materials, and smaller contributions from copper rods, foils, and other products [1] Group 2 - As of June 30, Hailiang Co., Ltd. reported a total revenue of 44.534 billion yuan for the first half of 2025, reflecting a year-on-year growth of 1.14% [2] - The net profit attributable to shareholders for the same period was 711 million yuan, showing a year-on-year increase of 15.03% [2] - The company has distributed a total of 2.265 billion yuan in dividends since its A-share listing, with 844 million yuan distributed over the last three years [3] Group 3 - As of June 30, 2025, the number of shareholders for Hailiang Co., Ltd. decreased by 16.55% to 16,700 [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with the latter being a new shareholder [3] - Hailiang Co., Ltd. has been listed since January 16, 2008, and is primarily engaged in the research, production, and sales of copper-related products [1]

Core Viewpoint - Hailiang Co., Ltd. has announced the temporary use of idle raised funds to supplement working capital, with a total amount of up to 80 million yuan [1] Group 1: Fund Usage Announcement - On August 28, 2025, the third meeting of the ninth board of directors approved the proposal to use part of the idle raised funds to temporarily supplement working capital [1] - The company will use no more than 80 million yuan (including the principal) of idle raised funds for this purpose, with a usage period not exceeding twelve months from the date of board approval [1] - The announcement regarding this decision was disclosed on August 30, 2025, in various financial newspapers and on the Giant Tide Information Network [1] Group 2: Fund Return Status - As of September 22, 2025, the company has fully returned the 80 million yuan of idle raised funds to the special account for raised funds, within the stipulated usage period [1] - The company has notified the sponsor institution, GF Securities Co., Ltd., and the sponsor representative about the return of the raised funds [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：2025-091 | | --- | --- | --- | | 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： 股东及其一致行动人法定期限内不 减持公司股份的承诺 不适用 7．备查文件 1．中国证券登记结算有限责任公司持股变动明细 2．相关书面承诺文件 3．律师的书面意见 4．深交所要求的其他文件 □ □ □ √ 注：表格中如出现合计数与所列数值不符的情况，均为四舍五入计算所致。 二、其他相关说明 本次权益变动不会导致公司控制权发生变更，不会影响公司治理结构和持 续经营。公司可转换公司债券"海亮转债"目前处于转股期，公司将持续关注 股东的权益变动情况，并按照相关法律法规的规定及时履行信息披露义务。 1、本次权益变动系浙江海亮股份有限公司（以下简称"公司"）可转债转 股导致公司总股本发生变化，致使控股股东及一致行动人合计权益比例由 31.97 ...

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 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 | 证券代码：002203 | 证券简称：海亮股份 | 公告编号：2025-093 | | --- | --- | --- | | 债券代码：128081 | 债券简称：海亮转债 | | 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 22 日收市后，距离"海亮转债"停止交易仅剩 1 个 交易日，距离"海亮转债"停止转股并赎回仅剩 4 个交易日。本公司特别提醒 "海亮转债"持有人务必认真 ...

| 证券代码：002203 | 证券简称：海亮股份 公告编号：2025-092 | | --- | --- | | 债券代码：128081 | 债券简称：海亮转债 | 浙江海亮股份有限公司 浙江海亮股份有限公司 董事会 二〇二五年九月二十三日 根据公司的资金使用安排，公司实际用于暂时补充流动资金的闲置募集资金 金额为人民币 8,000 万元。截至 2025 年 9 月 22 日，公司已将上述用于暂时补充 流动资金的 8,000 万元闲置募集资金全部归还至募集资金专用账户，使用期限未 超过十二个月。公司已将上述募集资金的归还情况通知了公司保荐机构广发证券 股份有限公司及保荐代表人。 特此公告 关于归还暂时补充流动资金的募集资金的公告 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。 浙江海亮股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开的第 九届董事会第三次会议审议通过了《关于使用部分闲置募集资金暂时补充流动资 金的议案》，同意公司使用不超过 8,000 万元（含本数）闲置募集资金暂时补充 流动资金，使用期限自董事会审议通过之 ...

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]