New stock news | Zhejiang Hailiang (002203.SZ) submits documents to HKEx, the company's copper tube shipment volume has ranked first in the world for six consecutive years.

According to the disclosure of the Hong Kong Stock Exchange on January 30th, Zhejiang Hailiang Limited (referred to as Zhejiang Hailiang, 002203.SZ) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC and GF SEC as its joint sponsors. According to Frost & Sullivan data, Zhejiang Hailiang's copper tube export volume has ranked first in China for 17 consecutive years, and its shipment volume has ranked first globally for six consecutive years. Company Overview The prospectus shows that Zhejiang Hailiang is a leading global provider of copper-based material solutions, offering advanced thermal management materials and conductor materials to help global customers improve energy efficiency. The company has a global footprint and a wide production scale, with 23 production bases in Asia, Europe, North America, and Africa as of September 30, 2025, serving a global customer base. Zhejiang Hailiang's products include (i) HVAC and industrial copper processing products; (ii) lithium battery and PCB copper foil products; (iii) AI application copper-based material solutions; and (iv) aluminum-based products, among others. The company's copper material supply network is extensive, complemented by intensive supply chain management to promote inventory turnover and alleviate raw material stockpiling pressure, thus generating revenue in the copper trading sector. Zhejiang Hailiang's business is based on a diversified portfolio of copper processing products, including copper pipes, copper rods, copper bars, and copper fittings, providing comprehensive thermal management and electrical conductivity solutions for HVAC and industrial applications. Leveraging deep expertise in copper processing technology and continuous R&D investment, the company strategically expands its product portfolio to serve high-growth emerging areas such as lithium batteries for new energy vehicles and energy storage systems, copper foil for consumer electronics PCBs, and AI application copper-based thermal management solutions, driving the green and smart transformation of various industries. The company leverages copper's excellent thermal and electrical conductivity, natural antimicrobial and non-toxic properties, and outstanding mechanical strength and durability to provide copper processing products that ensure energy transmission efficiency for modern infrastructure and safe and hygienic water transport. The diversified product portfolio includes copper tubes, copper bars, copper rods, and copper fittings widely used in HVAC and industrial applications. According to Frost & Sullivan data, Zhejiang Hailiang's copper tube export volume has ranked first in China for 17 consecutive years, and its shipment volume has been the highest globally for six consecutive years. The company focuses on producing high-performance electrolytic copper foil, critical for lithium batteries in new energy vehicles and energy storage systems, as well as consumer electronics PCBs. The company's copper foil is an essential negative electrode collector for lithium batteries, playing a crucial role in determining energy density, charging speed, service life, and overall safety of the battery. According to Frost & Sullivan data, based on the 2024 shipment volume, the company ranked sixth globally in the lithium battery copper foil market, with a market share of 3.6%. Additionally, Zhejiang Hailiang is the first Chinese copper supplier to successfully build and operate large-scale copper foil production facilities overseas. Based on overseas capacity in 2024, the company ranks first among Chinese copper foil suppliers. Zhejiang Hailiang has built a global sales network that integrates internal sales and marketing teams with distributor channels to strengthen global market presence and brand awareness. By strategically locating production facilities near target markets and allocating resources to serve customers, the company can closely monitor market dynamics, rapidly respond to customer needs, and efficiently collaborate with direct sales customers and end-users. As of the last practicable date, the company has established robust long-term relationships with over 10,000 customers in more than 100 countries and regions, significantly enhancing the brand's global recognition and reputation. Financial Information Revenue For the fiscal years 2023, 2024, the nine months ended September 30, 2024, and the nine months ended September 30, 2025, the company achieved revenues of approximately RMB 75.736 billion, RMB 87.542 billion, RMB 68.118 billion, and RMB 65.018 billion, respectively. Gross profit and gross profit margin For the fiscal years 2023, 2024, the nine months ended September 30, 2024, and the nine months ended September 30, 2025, the company recorded gross profits of approximately RMB 3.092 billion, RMB 2.903 billion, RMB 2.192 billion, and RMB 2.485 billion, with corresponding gross profit margins of 4.1%, 3.3%, 3.2%, and 3.8%, respectively. Net profit for the year/period For the fiscal years 2023, 2024, the nine months ended September 30, 2024, and the nine months ended September 30, 2025, the company recorded net profits for the year/period of approximately RMB 1.169 billion, RMB 624 million, RMB 785 million, and RMB 931 million, respectively. Industry Overview The market demand for copper-based materials is closely related to the macroeconomic situation. Driven by stable development in basic application fields and strong expansion in emerging application areas, the global copper material industry is showing a sustained growth trend. The global market size of the copper material industry increased from approximately 28.273 million tons in 2020 to about 31.843 million tons in 2024, with a compound annual growth rate of 3.0%. Driven by new fields such as 5G communication and AI technology, the market demand for high-end copper-based materials continues to rise, with the global market size expected to reach 36.927 million tons by 2030, with a compound annual growth rate of 2.5% from 2024 to 2030. In 2020, the global market size of copper processing products in the HVAC and industrial sectors was approximately 4.269 million tons, growing to around 4.768 million tons by 2024, with a compound annual growth rate of 2.8% from 2020 to 2024. It is expected that by 2030, with the continuous promotion of energy efficiency standards, equipment upgrades, and building energy-saving renovations, the market size may reach 6.031 million tons, with a compound annual growth rate of 4.0% from 2024 to 2030. Driven by upgrades in building and industrial systems, as well as improvements in energy efficiency and compliance standards, the market size for copper processing products in the HVAC and industrial sectors in Europe and North America reached 1.327 million tons and 473,000 tons, respectively, in 2024. In the same year, the market size for copper processing products in the HVAC and industrial sectors in Southeast Asia and India was 403,000 tons. Looking ahead, with the continuous push for energy-saving renovations and system upgrades, it is estimated that the market sizes for the copper processing industries in Europe and North America will grow to 1.829 million tons and 640,000 tons, respectively, by 2030, with a compound annual growth rate of about 5.5% and 5.2% from 2024 onwards. With the sustained demand release from new projects in Southeast Asia and India, the market size for copper processing products in the HVAC and industrial sectors is expected to reach 650,000 tons by 2030, with a compound annual growth rate of about 8.3% from 2024. As core foundational materials for energy transmission and information interconnection, lithium battery copper foil and PCB copper foil markets continue to expand steadily due to the dual drivers of the green energy revolution and smart computing upgrades. The global market size for lithium battery and PCB copper foils increased from approximately 735,000 tons in 2020 to 1.523 million tons in 2024, with a compound annual growth rate of 20.0% from 2020 to 2024. With rapid development in downstream markets, the global market size for lithium battery and PCB copper foils is expected to reach 3.300 million tons by 2030, with a compound annual growth rate of 13.8% from 2024 to 2030. Driven by the continuous expansion of the new energy vehicle market, large-scale deployment of energy storage systems, and rising demand for smart devices, the market size of lithium battery copper foils increased from 225,000 tons in 2020 to 930,000 tons in 2024, with a compound annual growth rate of 42.6%. It is expected to reach 2.466 million tons by 2030, with a compound annual growth rate of approximately 17.6% from 2024. Additionally, with the upgrade demand for high-frequency high-speed circuits in 5G communication and AI computing, the market size for PCB copper foils is projected to increase from 510,000 tons in 2020 to 593,000 tons in 2024, with a compound annual growth rate of 3.8%. By 2030, it is expected to reach 834,000 tons, with a compound annual growth rate of approximately 5.8%. AI-driven copper-based material solutions are vital for efficient heat dissipation and stable power supply in high-powered AI computing systems. The global market for AI-driven copper-based material solutions is expanding rapidly with the explosive growth in demand for AI computing power. In 2020, the global market size for AI-driven copper-based material solutions was approximately 35,000 tons and increased to 331,000 tons by 2024, with a high compound annual growth rate of 75.4%. Due to increased AI computing capital input and deepening penetration of liquid cooling technology, the market size is expected to reach 2.336 million tons by 2030, with a compound annual growth rate of approximately 38.5%. Copper-based material solutions supporting stable power supply for high-powered drive systems and efficient heat management for whole machines in intelligent Siasun Robot & Automation are crucial foundations. The market size for copper-based material solutions in the global intelligent Siasun Robot & Automation sector was approximately 258,000 tons in 2020, increasing to 348,000 tons by 2024, with a compound annual growth rate of 7.8%. With increases in computing power configuration, joint drive power continues to rise, and the promotion of scale production, it is estimated that the market size will reach 806,000 tons by 2030, with a compound annual growth rate of approximately 15.0% from 2024. Board of Directors Information The board of directors comprises ten members, including five executive directors, one non-executive director, and four independent non-executive directors. Apart from one staff representative director elected by the staff representative assembly, all directors are elected by the shareholders' meeting for a term of three years, with the possibility of re-election and reappointment. The main powers and functions of the board of directors include but are not limited to convening shareholder meetings, presenting reports to shareholder meetings, implementing resolutions passed at shareholder meetings and investment plans of the group, determining the basic management system of the group, devising profit distribution plans and loss compensation plans for the group, and exercising other powers and functions conferred by the company's articles of association. Ownership Structure Mr. Feng Hailiang directly holds 2.61% of the shares, holding 27.23% through Hailiang Group and Zhejiang Zhengmao, totaling 29.84%. Hailiang Group directly holds 26.70% of the shares, with an additional 0.54% held through Zhejiang Zhengmao, totaling 27.24%. Z&P holds 9.30%, while other A-share shareholders collectively hold 60.85%. As of the last practicable date, Hailiang Group is owned by (i) Mr. Feng Hailiang with a 41.24% interest, (ii) Ningbo Zhetong Investment Holding Co., Ltd. (owned by Mr. Feng Hailiang and Zhejiang Bei Zhe Group Co., Ltd. with 58.84% and 31.60% interests, respectively, and controlled by Mr. Feng Hailiang) with a 38.05% interest, and (iii) Ningbo Dunshi Investment Co., Ltd. (controlled by Mr. Feng Hailiang) with an 8.79% interest. Therefore, under the Securities and Futures Ordinance, Mr. Feng Hailiang is considered as having an interest in all the shares held by Hailiang Group. As of the last practicable date, Zhejiang Zhengmao is owned by (i) Hailiang Group with a 58.47% interest and (ii) Hailiang Metal Trading Group Co., Ltd. (a wholly-owned subsidiary of Hailiang Group) with a 40.04% interest. Therefore, under the Securities and Futures Ordinance, Mr. Feng Hailiang and Hailiang Group are considered to have an interest in all the shares held by Zhejiang Zhengmao. As of the last practicable date, Z&P is a wholly-owned subsidiary of Maxida International Company Limited (Maxida Limited), fully owned by HU Yuanqing. Therefore, under the Securities and Futures Ordinance, HU Yuanqing and Maxida Limited are considered to have an interest in all the shares held by Z&P. Intermediary Team Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, GF Securities (Hong Kong) Brokerage Limited Company Legal Advisor: Regarding Hong Kong and U.S. laws: Gallant Y.T. Ho & Co.; Regarding Chinese law: Guo Hui Law Firm (Hangzhou) Legal Advisors for Joint Sponsors: Regarding Hong Kong and U.S. laws: Howse Williams Limited Liability Partnership; Regarding Chinese law: Jin Tiancheng Law Firm (Shanghai) Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd., Shanghai Branch Compliance Consultant: Mizuho Capital Limited