海亮股份上半年扣非净利同比增长30.56% AI散热订单翻倍

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]