HAILIANG(SZ:002203)2022-12-03 09:46Group 1: Business Model and Strategy - The company operates on a "sales-driven production" model, with pricing based on "raw material cost + processing fee," ensuring stable processing fee profits [2] - Vision: To become an international giant in non-ferrous material manufacturing, with strategic goals for 2025 including expanding copper processing, extending upstream to quality resources, horizontal development in alloy and other non-ferrous materials, and building a second main business [2] Group 2: Risk Management - The company has established a comprehensive risk control system to manage raw material price fluctuations, including strict adherence to a procurement and inventory risk management policy [3] - The company employs various pricing methods and integrates futures hedging to manage copper price volatility, maintaining inventory within manageable limits [3] Group 3: Production Capacity and Performance - The company's copper processing production bases are located both domestically and internationally, with domestic bases in Zhejiang, Shanghai, Anhui, and Guangdong, and international bases in Vietnam and Thailand [3] - In 2017, the company sold 553,000 tons of copper processing materials, a year-on-year increase of 23.47%, with 105,700 tons from commissioned processing [4]