HAILIANG(SZ:002203)2022-12-03 09:56Group 1: Company Overview - Zhejiang Hailiang Co., Ltd. operates under a "sales-driven production" model, earning stable processing fees without engaging in copper speculation [2] - The company focuses on copper processing, with a strategic vision to become an international leader in non-ferrous materials manufacturing [3] Group 2: Industry Status - The copper processing industry in China has made significant progress but faces challenges such as structural inefficiencies, weak innovation capabilities, and environmental pollution [2] - The industry is transitioning from traditional copper processing to modern precision copper processing, with a focus on high-tech, high-precision, and high-value-added products [3] Group 3: Development Strategy - Hailiang's 2025 strategic goals include expanding its core copper processing business, extending upstream to quality resources, diversifying into alloy and other non-ferrous materials, and developing a second core business [3] - The company aims to enhance its production capacity and efficiency through a comprehensive risk control system for raw material price fluctuations [4] Group 4: Production and Sales Performance - In 2017, Hailiang sold 553,000 tons of processed copper materials, a year-on-year increase of 23.47%, with 105,700 tons from commissioned processing [6] - The company has established production bases both domestically and internationally, with new facilities in the southwest region of China [6] Group 5: Risk Management - Hailiang has implemented a robust risk management system to control raw material price risks, utilizing various pricing methods and futures hedging [4] - The company maintains strict credit evaluation and accounts receivable management to mitigate financial risks [4]