分析师 1: 好的。 袁澎 长江证券金属分析师: 好的，各位投者，大家下午好，我是长江金属王浩涛团队的于峰。那今天 3 点钟我们也是 邀请到咱海亮股份的董秘彭总跟我们做个最新的开门红的电话会议，也祝愿咱开门大吉， 金马腾飞。下面有请童总这边先大致回顾一下我们整个 25 年经营情况，然后也可以对我 们 26 年以及 27 年做一个大致掌握。 海亮股份董秘彭总: 各位老师，叶叶老师新年好，祝大家开工大吉。25 年你给我出了个小难题，叫我回顾 25 年的，咱不是今天，现在是在说这个开工的情况吗？我没有特别去准备，然后确实也不太 方便。但是我想其实结合着，要不就结合着这个，我本来给你准备的，因为方便你了解我 们这个今年 26 年的整个几个板块的一些情况，然后再结合着 25 年我们大概来说一下，你 看这样可以吗？哦。好的，那我们好的。对，是的，反正我们长江做做这个研究都是很扎 实的，所以我还是很认真的去跟我们的几个板块，那我是在昨天，因为想着初期，就是跟 大家把这个一二月份的情况，还有过年的一个情况，可以跟大家先做一下报告。 那么还是分成几块吧，就是，因为海亮现在我们主要是一个铜管铜棒，对吧？然后还有一 个铜箔。那我其 ...

Investment Rating - The report initiates coverage on the company with a "Buy" investment rating [10] Core Views - The copper foil business is showing signs of improvement, which is a key driver for revenue growth [6] - The company reported a 45.8% year-on-year increase in revenue for the first half of 2025, primarily due to increased sales of copper foil products [5][6] - The net profit attributable to shareholders increased by 8.91% year-on-year, driven by profit growth from the steam business and increased investment income [5][6] Financial Performance - In H1 2025, the company achieved revenue of 818 million yuan, with a significant contribution from the copper foil segment, which saw a 131.33% increase in sales volume [5][6] - The revenue from copper foil products reached 550 million yuan, accounting for 67.59% of total revenue [6] - The company’s financial expenses increased due to higher borrowing costs, while R&D expenses rose significantly due to increased investment in copper foil and biological synthesis product development [7] Business Strategy - The company is focusing on its core business and actively advancing its copper foil projects, with ongoing construction of production capacity for electronic circuit copper foil and lithium battery copper foil [8][9] - The company plans to enhance its R&D capabilities and expand its market presence both domestically and internationally [8] Profit Forecast - The company forecasts net profits attributable to shareholders of 278 million yuan, 347 million yuan, and 434 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36.7, 29.4, and 23.5 [10][12]