HAILIANG(SZ:002203) Xin Lang Cai Jing·2025-10-30 15:05Core Viewpoint - Hailiang Co., Ltd. is a leading player in the copper processing industry, with significant revenue and profit rankings, but faces challenges in debt levels and profitability compared to industry averages [1][2][3]. Company Overview - Hailiang Co., Ltd. was established on October 29, 2001, and listed on the Shenzhen Stock Exchange on January 16, 2008. The company is headquartered in Zhejiang Province and is the largest copper tube and rod processing enterprise globally [1]. - The company specializes in the research, production, and sales of copper tubes, rods, fittings, copper-aluminum composite conductors, and aluminum profiles, categorized under the non-ferrous metals industry [1]. Financial Performance - For Q3 2025, Hailiang reported revenue of 649.33 billion yuan, ranking 8th among 16 companies in the industry. The top competitor, Jiangxi Copper, achieved revenue of 3960.47 billion yuan [2]. - The main business segments include copper tubes (272.42 billion yuan, 61.25%), raw materials (102.42 billion yuan, 23.03%), copper rods (32.24 billion yuan, 7.25%), copper foils (20.05 billion yuan, 4.51%), and others [2]. - The net profit for the same period was 9.16 billion yuan, also ranking 8th in the industry, with the leading company, Zijin Mining, reporting a net profit of 457.01 billion yuan [2]. Financial Ratios - As of Q3 2025, Hailiang's debt-to-asset ratio was 59.61%, down from 62.12% year-on-year, but still above the industry average of 54.12% [3]. - The gross profit margin was reported at 3.68%, an increase from 3.06% year-on-year, yet below the industry average of 10.36% [3]. Shareholder Information - As of June 30, 2025, the number of A-share shareholders decreased by 16.55% to 16,700, while the average number of circulating A-shares held per shareholder increased by 20.01% to 115,900 [5]. - The top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 33.6 million shares [5]. Business Highlights - Hailiang is actively expanding its overseas operations, with growth in copper processing revenue and sales outpacing domestic figures. The Texas plant is expected to reach a production capacity of 90,000 tons by the end of 2025 [5]. - New product developments are promising, with expectations for the copper foil business to break even by 2026 and a significant increase in demand for heat dissipation copper-based materials [5][6].