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World's largest maker of copper tubes and copper alloy products, used mainly in air conditioning and refrigeration.
World's largest maker of copper tubes and copper alloy products, used mainly in air conditioning and refrigeration.
Prices its copper tubes at the copper cost plus a processing charge, so profit depends on tonnes shipped and the processing charge rather than the copper price itself, though a higher copper price ties up more working cash. Sales go mainly to makers of air conditioners and refrigerators.
In one line: A Chinese Mueller Industries for copper tube.
Moat: narrow (scale, cost advantage). Largest global copper-tube capacity gives procurement and manufacturing cost scale.
Headquarters: Ningbo, China · Founded: 1989 · Employees: 9,367
Size Zhejiang Hailiang (002203.SZ) is a China Materials company (Steel) with a market value of $4.53B, the 564th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥13.91 on 6 Nov 2026.
Performance Over six months the shares fell 22.7%, against -13.7% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 10.4% over the last twelve months (peer median +4.7%); the operating margin is 2.4% (peer median 4.8%).
Valuation It trades at 17.6× forward earnings against a peer median of 13.0× (6th most expensive of 21).
Capital Return on invested capital runs 1.2 points below its cost of capital (5.8% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥93.2B | CN¥83.3B | CN¥87.4B | CN¥75.6B | CN¥74.0B |
| Revenue growth | — | -5% | +16% | +2% | — |
| Gross profit | CN¥5.03B | CN¥3.01B | CN¥2.73B | CN¥2.90B | CN¥2.99B |
| EBITDA | n/a | CN¥2.40B | CN¥2.20B | CN¥2.35B | CN¥2.13B |
| Net income | CN¥1.17B | CN¥943M | CN¥703M | CN¥1.12B | CN¥1.21B |
| Free cash flow | -CN¥10.7B | -CN¥2.59B | -CN¥3.41B | -CN¥2.99B | -CN¥1.69B |
| Capital expenditure | CN¥1.81B | CN¥986M | CN¥1.27B | CN¥2.22B | CN¥2.57B |
| Total debt | CN¥32.5B | CN¥23.4B | CN¥23.4B | CN¥20.0B | CN¥15.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zhejiang Hailiang 002203.SZ | $4.53B | -23% | +10% | 2% | 17.6× | n/a |
| Mueller Industries MLI | $11.5B | -25% | +21% | 20% | 12.0× | 0.0% |
| Ningbo Jintian Copper (Group) 601609.SS | $2.36B | -11% | +25% | 1% | 15.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002203.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.3% | -4.6% | 2nd lowest of 21 |
| 6-month return | -22.7% | -13.7% | 8th lowest of 21 |
| Distance from 52-week high | -48.5% | -27.6% | 4th lowest of 21 |
| Revenue growth (TTM) | +10.4% | +4.7% | 10th highest of 21 |
| Operating margin | 2.4% | 4.8% | 8th lowest of 21 |
| Forward P/E | 17.6× | 13.0× | 6th most expensive of 21 |
| ROIC minus cost of capital | -1.2 pp | -1.2 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |
| Nanjing Iron & Steel 600282.SS | China | $3.99B | -20% | +12% | 5% | 9.5× | -4.2% | +1.8% |
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |
| Vallourec VK.PA | France | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% | +3.3% |
| Beijing Shougang 000959.SZ | China | $3.50B | -34% | -2% | 1% | 27.4× | -9.7% | +5.2% |
| Hunan Valin Steel 000932.SZ | China | $3.49B | -27% | -7% | 1% | 20.0× | 6.4% | +0.9% |
| TA Chen Stainless Pipe 2027.TW | Taiwan | $3.46B | +21% | +24% | 18% | 8.0× | -10.1% | +11.4% |
| Jindal Stainless JSL.NS | India | $6.10B | -9% | +12% | 10% | 16.9× | 21.0% | +28.7% |
| Salzgitter SZG.DE | Germany | $3.29B | -14% | -6% | -1% | 10.5× | n/a | n/a |
| Mineral Resources MIN.AX | Australia | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% | +11.6% |
| APL Apollo Tubes APLAPOLLO.NS | India | $6.42B | +11% | +16% | 7% | 39.8× | 22.1% | +22.1% |
| Cleveland-Cliffs CLF | United States | $6.54B | +4% | +8% | -1% | 6.6× | n/a | n/a |
| Jfe 5411.T | Japan | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% | +7.1% |
| Commercial Metals CMC | United States | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% | +6.9% |
| HBIS 000709.SZ | China | $2.96B | -16% | -6% | 5% | 12.2× | n/a | n/a |
| Yongxing Special Materials Technology 002756.SZ | China | $2.88B | -59% | +30% | 16% | 11.2× | -2.3% | +8.4% |
| Shanxi Taigang Stainless Steel 000825.SZ | China | $2.78B | -24% | +1% | -1% | 65.0× | 7.4% | +6.1% |