HAILIANG(SZ:002203) Quan Jing Wang·2025-09-19 02:06Core 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]