Core Viewpoint - Guangdong Hengjin Metal Co., Ltd. has completed its IPO counseling work and is transitioning to a public offering on the Beijing Stock Exchange, shifting from its original plan to list on the Shenzhen Stock Exchange [5]. Financial Performance - In the first half of 2025, the company achieved a revenue of 674.38 million yuan, representing a year-on-year growth of 37.94% [3][4]. - The net profit attributable to shareholders reached 70.30 million yuan, an increase of 9.47% compared to the previous year [3][4]. - The gross profit margin decreased to 21.14% from 24.75% in the same period last year [4]. - The weighted average return on equity was 9.63%, down from 10.56% year-on-year [4]. Company Overview - Hengjin Metal specializes in the research, production, and sales of customized piping, valves, and other components for refrigeration systems used in air conditioning and cold chain logistics [3]. - The company's product offerings include copper fittings, aluminum fittings, and shut-off valves [3]. IPO Counseling - The IPO counseling was initiated on October 28, 2022, with Zhongtai Securities Co., Ltd. as the counseling institution [3]. - The company has decided to change its listing strategy to issue shares to unspecified qualified investors on the Beijing Stock Exchange [5].

Core Viewpoint - Guangdong Hengjin Metal Co., Ltd. has completed its IPO counseling work and is preparing for its listing on the Beijing Stock Exchange [1][3]. Group 1: Company Overview - Hengjin Metal specializes in the research, production, and sales of customized refrigeration system components, valves, and other accessories used in air conditioning and cold chain logistics [3]. - The company's main products include copper fittings, aluminum fittings, and shut-off valves [3]. Group 2: Financial Performance - In the first half of 2025, Hengjin Metal achieved a revenue of 674 million CNY, representing a year-on-year growth of 37.94% [4]. - The net profit attributable to shareholders was approximately 70 million CNY, with a year-on-year increase of 9.47% [4]. - The gross profit margin decreased to 21.14% from 24.75% in the same period last year [4]. - The weighted average return on equity was 9.63%, down from 10.56% year-on-year [4]. Group 3: Shareholding Structure - The actual controllers of the company are Sun Zhiheng, Sun Lingfeng, and Xiao Weiping, who collectively control 87.98% of the company through their holding in Junhui International [5][6]. - Sun Lingfeng serves as the chairman of the company and has held various positions within the group since 2004 [6][7]. - Sun Zhiheng and Xiao Weiping also hold significant shares in Junhui International, further consolidating their control over Hengjin Metal [5][6].

Core Viewpoint - Guangdong Hengjin Metal Co., Ltd. has completed its IPO counseling work and addressed issues related to the approval of fundraising investment projects [1][3] Group 1: IPO Counseling and Approval Status - The IPO counseling for Hengjin Metal started on October 28, 2022, with Zhongtai Securities as the counseling institution [1] - The counseling report highlighted issues with incomplete procedures for fundraising investment projects, specifically the "Energy Storage Liquid Cooling Plate Production Project" and the "Information System and Digital Factory Construction Project" [1][3] - As of the report date, all necessary approval procedures for the fundraising investment projects have been completed, including obtaining project filing and environmental impact assessment approvals [1] Group 2: Company Profile - Hengjin Metal is a high-tech enterprise focused on the research, production, and sales of customized fittings, valves, and other components used in refrigeration systems for air conditioning and cold chain logistics [3] - The company's main products include copper fittings, aluminum fittings, and shut-off valves [3]

Group 1: Report Industry Investment Rating - No industry investment rating is provided in the report Group 2: Core Viewpoints - The decline in copper prices during the week was mainly due to the adjustment of the US copper tariff policy. The US will impose a 50% import tariff on copper tubes, copper fittings, and other semi - finished copper products from this Friday, and expand it to a large number of copper - using finished products such as cables and electrical components. However, the tariff does not cover raw materials. [2] - The price of SHFE copper is still closely linked to LME copper. The weakness in downstream demand is expected to become apparent this week. [2] - The price of SHFE copper is expected to decline slightly, with a weekly price range of 77,700 - 78,500 yuan per ton. [2] Group 3: Summary by Related Catalogs 1. Copper Futures Market - **Price and Volume Data**: The latest price of SHFE copper main contract was 78,400 yuan/ton, with a weekly decline of 0.76%. The international copper was at 69,530 yuan/ton, down 0.73%. LME copper 3 - month was at 9,633, down 1.66%, and COMEX copper was at 444.3, down 23.45%. [4] 2. Copper Spot Market - **Spot Price and Premium**: The spot prices of various copper products in Shanghai, Guangdong, and other places all declined. For example, the price of Shanghai Non - ferrous 1 copper was 78,330 yuan/ton, down 1.41%. The premiums of different regions showed different degrees of change, with the Shanghai Non - ferrous premium rising by 40% to 175 yuan/ton. [7] 3. Copper Advanced Data - **Advanced Indicators**: The copper import loss narrowed to - 249.88 yuan/ton, with a week - on - week change of - 48.21%. The copper - to - aluminum ratio decreased to 3.8095, down 0.45%. The refined - scrap copper price difference dropped to 805.43 yuan/ton, down 4.2%. [8] 4. Copper Inventory - **Inventory Changes**: SHFE copper inventory decreased to 72,543 tons, down 1.2%. LME copper inventory increased to 141,750 tons, up 10.33%. COMEX copper inventory rose to 259,681 tons, up 4.44%. [13] 5. Copper Mid - stream Production - **Monthly Output**: In June 2025, the monthly output of refined copper was 1.302 million tons, with a year - on - year increase of 14.2%. The monthly output of copper products was 2.214 million tons, with a year - on - year increase of 6.8%. [17] 6. Copper Mid - stream Capacity Utilization - **Capacity Utilization Rates**: In June 2025, the capacity utilization rate of refined copper rods was 62.32%, that of scrap copper rods was 32.01%, that of copper strips was 68.73%, that of copper bars was 51.52%, and that of copper tubes was 72.25%. [20] 7. Copper Element Imports - **Monthly Import Data**: In June 2025, the import of copper concentrates was 2.34969 million tons, up 2% year - on - year; the import of anode copper was 68,548 tons, up 2% year - on - year; the import of cathode copper was 300,506 tons, up 5% year - on - year; the import of scrap copper was 183,244 tons, up 8% year - on - year; and the import of copper products was 460,000 tons, up 6.5% year - on - year. [24]

Core Insights - In 2024, the company achieved a revenue of 87.39 billion yuan, a year-on-year increase of 15.61%, with a net profit attributable to shareholders of 703 million yuan [1] - The company plans a total cash dividend and share repurchase amounting to 599 million yuan, representing 85.12% of the net profit for the year [1] - In Q1 2025, the company reported a revenue of 20.50 billion yuan and a net profit of 345 million yuan, reflecting a year-on-year growth of 9.46% [1] Group 1: Production and International Expansion - The company operates 23 production bases globally, with domestic locations in Zhejiang, Shanghai, and Anhui, and international sites in the USA, Germany, and Vietnam [2] - In 2024, the company surpassed one million tons in sales, with the successful launch of its copper foil project in Indonesia, marking a significant milestone in its internationalization strategy [2] - The company is investing 288 million USD in a new materials technology industrial park in Morocco, aiming for an annual production capacity of 50,000 tons of non-forged copper and copper alloy materials [2] Group 2: Technological Innovation and Product Development - In 2024, the company applied for 48 patents and obtained 106, establishing a comprehensive innovation system from technological breakthroughs to standard-setting [3] - The company is focusing on advanced technology innovation in its copper foil segment, with plans for nearly 20 new product development projects [4] - The company has achieved a 15% reduction in electricity consumption per ton and a 90% reduction in carbon emissions per ton through its low-carbon technology initiatives [4] Group 3: Talent Development and Digital Transformation - The company emphasizes talent management and development, establishing a research and innovation incubator and collaborating with major research institutions [5] - The company is advancing its digital capabilities, integrating AI and big data into production processes, and achieving record production efficiency at its facilities [5] - The establishment of a joint innovation laboratory with Huawei highlights the company's commitment to exploring AI advancements [5] Group 4: Strategic Vision and Future Plans - The company aims to become a global leader in green intelligent manufacturing, focusing on optimizing R&D efficiency and product development [6] - The company plans to enhance its traditional copper processing products and expand into high-value aluminum materials for the new energy sector [6] - With ongoing projects in Indonesia and Morocco, the company is expected to improve its profitability while adapting to global trade uncertainties [6]