Company Overview - Zhejiang Hailiang Co., Ltd. is a leading global supplier of copper-based material solutions, providing advanced thermal management and conductor materials to enhance energy efficiency for global clients [3][4] - The company has established 23 production bases across Asia, Europe, North America, and Africa by September 30, 2025, serving a diverse global customer base [3] - Hailiang's product offerings include HVAC and industrial copper processing products, lithium battery and PCB copper foil products, AI application copper-based material solutions, and aluminum-based products [3][4] Market Position - Hailiang has ranked first in China's copper pipe exports for 17 consecutive years and has been the world's largest exporter for six years [4] - The company is the first Chinese supplier to successfully build and operate a large copper foil production base overseas, ranking first among Chinese copper foil suppliers based on overseas production capacity as of 2024 [4] Financial Performance - For the fiscal year 2023, the company reported revenues of approximately 75.73 billion RMB, with projected revenues of 87.54 billion RMB for 2024 [6] - The gross profit for 2023 was approximately 3.09 billion RMB, with a gross margin of 4.1% [7] - The net profit for 2023 was approximately 1.17 billion RMB, with earnings per share of 0.57 RMB [9][10] Industry Overview - The global copper-based materials market is projected to grow from approximately 28.27 million tons in 2020 to about 31.84 million tons by 2024, with a compound annual growth rate (CAGR) of 3.0% [11] - The market for lithium battery and PCB copper foils is expected to expand significantly, with a projected growth from 73.5 thousand tons in 2020 to 152.3 thousand tons by 2024, reflecting a CAGR of 20.0% [16] - The demand for high-end copper-based materials is driven by emerging fields such as 5G communications and AI technology, with the market expected to reach 36.93 million tons by 2030 [11]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of ZHE JIANG HAI LIANG CO., LTD. 浙江海亮股份有限公司 (A joint stock company incorporated in the People's Republic of China with ...

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Core Insights - The company reported a revenue of 912 million yuan for the first half of 2025, representing a year-on-year growth of 17.7% [1] - Gross profit reached 474 million yuan, with a year-on-year increase of 22.1%, and the net profit excluding non-recurring items was 260 million yuan, up 54.4% year-on-year [1] - The gross margin improved to 52.0%, an increase of 1.9 percentage points from the same period last year, attributed to lower raw material costs and an optimized product mix [1] Business Performance - Sales revenue from core pearlescent pigment products was approximately 851 million yuan, growing by 21.4%, outpacing overall revenue growth [1] - Revenue from mica functional fillers and related products increased by 20% to 49.03 million yuan, indicating effective diversification [1] - The company has a cash and cash equivalents balance of 3.587 billion yuan as of June 30, 2025, providing a financial buffer for operations and future investments [1] Product Development - The company has seen a continuous increase in the proportion of high-end products since its deep integration with South Korea's CQV, with all four categories of high-end products showing year-on-year growth [2] - Specific growth rates for high-end products include approximately 18% for glass-based products, 9% for silica-based products, 5% for alumina-based products, and 12% for aluminum-based products [2] Capacity Expansion and Globalization - Significant progress has been made in capacity expansion, with the second phase of the Seven Color Pearlescent project ramping up production as expected [2] - The construction of a 100,000-ton high-performance mica production base in Tonglu has reached the stage of equipment installation [2] - The acquisition of Merck's surface solutions business in Germany was completed by the end of July 2025, enhancing the company's product matrix and global market channels [2] Future Directions - The company aims to increase R&D investment, deepen core technology barriers in synthetic mica and pearlescent materials, and accelerate the commercialization of active ingredients in cosmetics and new energy materials [3] - It plans to build an application ecosystem covering various sectors, including industrial, consumer electronics, and high-end cosmetics, to enhance global competitiveness [3] - The overarching goal is to become a leader in the global surface performance materials sector through innovation, capacity upgrades, and globalization [3]