HAILIANG(SZ:002203) Quan Jing Wang·2025-10-31 14:02Core Viewpoint - Hailiang Co., Ltd. is transitioning from a traditional copper supplier to a "technology co-creation materials service provider," focusing on AI computing power chips, data centers, robotics, and new energy vehicles, aiming to enhance its technological barriers and value chain in high-performance non-ferrous metals and new materials [1][2] Financial Performance - For the first three quarters of 2025, the net profit attributable to shareholders reached 925 million yuan, a year-on-year increase of 5.21% - The net profit after deducting non-recurring gains and losses was 995 million yuan, showing a significant year-on-year growth of 46.59% - The net cash flow from operating activities was 77 million yuan, up 102.30% year-on-year [1] Strategic Initiatives - The establishment of a wholly-owned subsidiary, Hangzhou Hailiang Precision Technology Co., Ltd., with a registered capital of 300 million yuan, aims to provide customized solutions in precision cooling for emerging fields [1][2] - The company is committed to becoming a "co-development partner" and "technical problem solver" for clients in the materials sector, enhancing customer stickiness and building a robust technological barrier [2] Market Trends - The demand for cooling solutions in sectors such as consumer electronics, data centers, new energy vehicles, and humanoid robots is diversifying and upgrading [2] - Copper, known for its excellent thermal conductivity and reliability, is becoming a core material in thermal management systems across various fields, with its application depth and breadth expanding with technological iterations [2] Industry Outlook - Goldman Sachs predicts that by 2030, global power grid and infrastructure construction will contribute 60% of the growth in copper demand, with AI computing infrastructure expected to drive an additional 120,000 tons of copper demand in 2025 [3] - Hailiang Co., Ltd. is actively involved in the research and development of copper materials for new energy vehicles, energy storage batteries, and AI data centers, promoting technological innovation and efficient development [3] Global Expansion Strategy - The company has defined a global development strategy, becoming the largest and most competitive manufacturer of copper pipes and rods globally [4] - Hailiang Co., Ltd. is leveraging opportunities in the Indian market and has obtained BIS certification for its factories in Vietnam and Thailand, enhancing its global footprint [4] - The company has seen over 100% growth in order volume in the first half of the year compared to the same period last year, driven by the surge in demand for copper-based materials for cooling solutions [4]