HAILIANG(SZ:002203) Sou Hu Cai Jing·2026-02-13 05:21Core Viewpoint - Hailiang Co., a leading global copper processing company, has submitted its main board listing application to the Hong Kong Stock Exchange, marking a strategic shift from traditional manufacturing to becoming a technology-driven global materials solution provider [1][8] Business Matrix Redefinition - The prospectus outlines four key business segments: HVAC and industrial copper processing products (core), lithium battery and PCB copper foil products (growth point one), AI application copper-based material solutions (growth point two), and aluminum-based products [3] - The independent listing of "AI application copper-based material solutions" signifies a shift in the company's strategic focus and the visibility of its core technological value [3] Challenges and Opportunities - Historically, Hailiang has been associated with "cyclical" and "thin profit margin" labels due to its traditional business model of "raw material cost + processing fee," which is sensitive to commodity price fluctuations [3] - In 2024, while revenue is expected to grow, profit pressures indicate challenges in this model, but recent technological advancements and customer breakthroughs suggest a clear second growth curve in high-end precision thermal management solutions [3][6] Technological Transformation - The transformation is driven by the demand for extreme cooling efficiency in AI and high-performance computing, where traditional cooling methods have reached their limits [6] - Hailiang's proprietary high-performance copper-based materials have become integral to top-tier computing chip cooling solutions, with a significant increase in order volume in the first half of 2025 [6] Capital Infusion for R&D - The funds raised from the Hong Kong listing will partially enhance the company's R&D capabilities in advanced copper-based material solutions, allowing for greater investment in new alloy materials, precision processing techniques, and structural design simulations [6] Global Manufacturing Network - Hailiang's manufacturing network is evolving from "capacity output" to "strategic layout," with its Texas plant serving as a key strategic asset amid changing global trade dynamics [7] - The local production capacity in the U.S. acts as a "passport" and profit stabilizer, reflecting the company's deep and flexible global operations [7] Dual-Driven Strategy - The Hong Kong listing is seen as an accelerator for Hailiang's "dual-driven" strategy, focusing on "technology-driven" growth and "global operations" [7] - The company aims to attract long-term technology-focused capital to support advanced materials R&D and to optimize its financial structure for robust overseas localization [7] Identity Transformation - Hailiang is striving to transition from a "Chinese leader" to a "global value-oriented enterprise," with the success of its H-share listing being a crucial milestone in this transformation process [8]