中诚信国际维持海亮股份及“海亮转债”信用等级为AA，展望稳定

Group 1 - The core viewpoint of the report is that Hailiang Co., Ltd. maintains its position as a giant in the copper processing industry, with significant capacity expansion and a strong global competitive advantage [1][2] - Hailiang Group, the controlling shareholder, increased its stake in the company to 30.62% as of March 2025, indicating stable governance and a clear strategic direction [1][2] - The company has become the largest manufacturer of copper pipes and rods globally, with plans for further expansion through self-built and acquisition strategies [1][2] Group 2 - Hailiang Co., Ltd. primarily engages in the research, production, and sales of copper pipes, rods, foils, and other related products, serving various industries including air conditioning, refrigeration, and electric power [2] - As of March 2025, the company's total copper processing capacity reached 1.4705 million tons per year, with 37.03% of this capacity located overseas, showcasing a strong global competitive edge [2] - The company effectively manages raw material price volatility through a strict net inventory management system and 100% hedging of net inventory [2] Group 3 - The total amount raised from the Hailiang convertible bonds was 3.15 billion yuan, with 2.725 billion yuan allocated for production line upgrades and the remainder for liquidity support [3] - As of the end of 2024, 2.814 billion yuan of the raised funds had been utilized, aligning with the intended use [3] - The credit rating agency maintains a stable credit outlook for Hailiang Co., Ltd. and the Hailiang convertible bonds, both rated AA [3]