Core Viewpoint - Hailiang Co., Ltd. demonstrated strong strategic resilience and operational strength in the face of international political and economic challenges, achieving solid financial performance and significant growth in emerging sectors during the first half of 2025 [1][2]. Financial Performance - The company reported a revenue of 44.476 billion yuan, a year-on-year increase of 1.17%, with copper processing business revenue reaching 34.070 billion yuan, up 13.59% [2]. - Profitability improved significantly, with total profit reaching 0.815 billion yuan, a 24.53% increase year-on-year; net profit attributable to shareholders was 0.711 billion yuan, up 15.03% [2]. - Operating cash flow saw a substantial increase of 72.13% year-on-year, indicating improved financial health [2]. Sales and Product Development - Hailiang sold 526,200 tons of copper and copper alloy products, a 3.79% increase year-on-year, with high-value products like copper foil and copper bars seeing significant sales growth of 72.33% and 33.44%, respectively [2]. - The company is shifting its growth focus from quantity to quality and structural optimization [2]. Global Expansion - The company’s strategic global capacity layout began to yield results, particularly in the U.S. market, where revenue from copper processing reached 2.469 billion yuan, a 50.77% increase year-on-year [3]. - Hailiang's Texas facility is expected to reach an annual capacity of 90,000 tons by the end of 2025, contributing to a projected 30% growth in U.S. market sales [3]. - The company is expanding its global footprint with operations in Vietnam, Thailand, and Indonesia, and is making progress in Morocco [3]. Emerging Markets and Technology - Hailiang is focusing on the new energy sector and high-end thermal management materials, achieving significant sales growth in copper foil products [5]. - The company has established partnerships with major global battery and electronics manufacturers, ensuring long-term supply agreements [5]. - Hailiang is innovating in advanced materials for solid-state batteries and has developed over 14 new products, enhancing its technological barriers [6]. Market Trends - The demand for copper-based materials in cooling solutions is increasing, driven by the growth of AI and data centers, with the liquid cooling server market in China projected to reach $3.39 billion in 2025 [7]. - Hailiang's copper materials are critical components in these cooling systems, with a significant increase in orders for thermal copper materials [8]. Management and Innovation - The company has initiated 88 cost-reduction and efficiency-enhancing projects and has filed numerous patents, indicating a strong commitment to innovation [9]. - A new management team has been established, characterized by youth, international experience, and a focus on technology, positioning the company for sustainable growth [9]. Future Outlook - Hailiang plans to continue expanding its global presence and enhancing its production capabilities in the U.S., Indonesia, and Morocco while advancing its digital transformation efforts [10].

Core Insights - Company demonstrates strong strategic resilience and operational strength amid international economic challenges, achieving solid financial performance in the first half of 2025 [1] Financial Performance - In H1 2025, the company reported revenue of 44.476 billion yuan, a year-on-year increase of 1.17%, with copper processing business revenue reaching 34.070 billion yuan, up 13.59% [2] - Profitability improved significantly, with total profit of 0.815 billion yuan, a 24.53% increase year-on-year, and net profit attributable to shareholders of 0.711 billion yuan, up 15.03% [2] - Sales volume of copper and copper alloy products reached 526,200 tons, a 3.79% increase year-on-year, with high-value products like copper foil and copper bars seeing substantial growth [2] Global Expansion - The company’s proactive global capacity layout has begun to yield results, particularly in the U.S. market, where revenue from copper processing reached 2.469 billion yuan, a 50.77% increase year-on-year [3] - The U.S. market is expected to see sales growth of no less than 30% in 2025, with production capacity in Texas projected to reach 90,000 tons by year-end [3] - The company is expanding its global footprint with operations in Vietnam, Thailand, and Indonesia, and is progressing with a new materials technology industrial park in Morocco [3] Emerging Markets and Technologies - The company is focusing on emerging sectors such as new energy and high-end thermal management, with significant growth in copper foil business driven by dual-base collaboration [5] - The company has developed over 14 new products targeting advanced applications in solid-state batteries and cooling solutions for data centers, with a notable increase in orders from leading global cooling enterprises [5] Future Outlook - The company is well-positioned to navigate uncertainties in geopolitical, currency, and trade policies through a clear strategic layout and diversified product structure [6] - Plans include accelerating the construction and capacity release of facilities in the U.S., Indonesia, and Morocco, while enhancing R&D in new energy copper foil and high-end thermal materials [7]

智通财经APP讯，海亮股份(002203.SZ)发布2025年半年度报告，该公司营业收入为444.76亿元，同比增 长1.17%。归属于上市公司股东的净利润为7.11亿元，同比增长15.03%。归属于上市公司股东的扣除非 经常性损益的净利润为8.12亿元，同比增长30.56%。基本每股收益为0.36元。此外，拟向全体股东每10 股派发现金红利1.00元(含税)。报告期内，公司实现铜及铜合金等有色金属加工产品销售数量52.62万 吨，同比增长3.79%(其中，铜箔销量2.44万吨，增长72.33%;铜排销量2.35万吨，增长33.44%;铜加工产 品境外销量同比增长6.33%);实现营业收入444.76亿元，同比增长1.17%;其中铜加工营业收入340.70亿 元，同比增长13.59%(铜加工境外收入139.84亿元，同比增长25.35%);境外市场贡献进一步提升。实现利 润总额8.15亿元，同比增长24.53%;归属于上市公司股东的净利润7.11亿元，同比增长15.03%。 ...

Core Viewpoint - Hailiang Co., Ltd. reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating strong performance in the copper processing segment and growth in international markets [1] Financial Performance - The company achieved an operating revenue of 44.476 billion yuan, a year-on-year increase of 1.17% [1] - Net profit attributable to shareholders was 711 million yuan, reflecting a year-on-year growth of 15.03% [1] - The net profit excluding non-recurring gains and losses was 812 million yuan, up 30.56% year-on-year [1] - Basic earnings per share were 0.36 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 1.00 yuan (including tax) for every 10 shares to all shareholders [1] Sales Performance - The total sales volume of copper and copper alloy processing products reached 526,200 tons, a year-on-year increase of 3.79% [1] - Sales of copper foil amounted to 24,400 tons, growing by 72.33% [1] - Sales of copper bars reached 23,500 tons, an increase of 33.44% [1] - International sales of copper processing products grew by 6.33% year-on-year [1] Revenue Breakdown - The operating revenue from copper processing was 34.070 billion yuan, a year-on-year increase of 13.59% [1] - Revenue from international markets in copper processing reached 13.984 billion yuan, reflecting a growth of 25.35% [1] Profitability - The total profit amounted to 815 million yuan, a year-on-year increase of 24.53% [1]