Investment Rating - The investment rating for the company is "Buy" (maintained) [4][9]. Core Insights - The company reported a revenue of 9.62 billion yuan for the first half of 2025, representing a year-on-year increase of 14.68%, while the net profit attributable to the parent company was 0.98 billion yuan, down 18.78% year-on-year [5]. - The second quarter of 2025 saw a record high revenue of 5.48 billion yuan, up 15.19% year-on-year and 32.41% quarter-on-quarter, with a net profit of 0.65 billion yuan, down 4.69% year-on-year but up 92.03% quarter-on-quarter [5][6]. - The company is benefiting from the recovery in demand, particularly in the new energy and smart manufacturing sectors, as well as the increasing demand for AI terminal applications [6][7]. Financial Performance Summary - Revenue projections for the company are as follows: 1,572 million yuan in 2023, 1,817 million yuan in 2024, 2,311 million yuan in 2025, 2,741 million yuan in 2026, and 3,434 million yuan in 2027, with growth rates of 21%, 16%, 27%, 19%, and 25% respectively [4]. - The net profit attributable to the parent company is forecasted to be 256 million yuan in 2023, 202 million yuan in 2024, 254 million yuan in 2025, 361 million yuan in 2026, and 499 million yuan in 2027, with year-on-year growth rates of 54%, -21%, 26%, 42%, and 38% respectively [4]. - The earnings per share (EPS) are projected to be 0.59 yuan in 2023, 0.47 yuan in 2024, 0.59 yuan in 2025, 0.84 yuan in 2026, and 1.16 yuan in 2027 [4]. Market and Industry Outlook - The company is expanding its overseas production bases, with ongoing projects in the Philippines and Malaysia, and is also upgrading its production lines in Jiangxi [8]. - The company has seen significant growth in its film materials segment, with a revenue of 1.16 billion yuan, up 61.29% year-on-year, and has successfully supplied products to major clients [8]. - The company plans to increase production lines for composite aluminum and copper foils, anticipating further growth in the high-end server market [8].

Core Viewpoint - Jiangsu Yinglian Composite Fluid Co., Ltd. has signed a strategic cooperation agreement with a well-known cylindrical battery company to enhance the performance of composite fluid battery materials and promote industrial development [1] Company Summary - Jiangsu Yinglian is a high-tech enterprise focused on the research, production, and sales of composite aluminum foil and composite copper foil for new energy vehicle power lithium batteries [1] - The cylindrical battery company specializes in consumer batteries and power batteries, indicating a strong technological foundation in the battery sector [1] Industry Summary - The collaboration aims to leverage the strengths of both companies to validate and improve the performance of composite fluid battery materials [1] - The partnership is focused on the preparation and technical development of high-performance composite fluid materials, contributing to the industrialization of composite fluid technology [1]

Investment Rating - Overweight (Maintain) on new lithium battery materials, with expectations for accelerated industrialization [1] Core Viewpoints - Composite current collectors are a new type of material for lithium batteries, offering advantages in cost and performance compared to traditional copper and aluminum foils [4][18] - The transition from traditional copper foils to composite copper foils is expected to be the largest cost reduction segment in battery materials over the next 2-3 years [28] - The industrialization of composite current collectors is anticipated to accelerate, benefiting leading companies in the sector [66] Summary by Sections 1. Introduction to Composite Current Collectors - Composite current collectors differ from traditional materials by using a "metal-polymer substrate-metal" sandwich structure [15] - They are designed to reduce costs and improve safety, with composite copper foils reducing raw material costs by over 50% compared to traditional copper foils [19][23] 2. Advantages of Composite Current Collectors - Composite current collectors provide lower manufacturing costs, enhanced safety, lightweight properties, improved energy density, and extended cycle life [18][29][33] - The material's structure helps mitigate risks of thermal runaway in batteries, thus enhancing safety [29] 3. Application in Solid-State Batteries - The industrialization of solid-state batteries is accelerating, with composite current collectors being increasingly integrated into their applications [36][37] - Solid-state batteries have stringent requirements for current collectors, which composite materials can meet effectively [37] 4. Market Growth Potential - The market for composite current collectors is projected to grow significantly, with estimates suggesting a market size of 140 billion yuan by 2025 and over 700 billion yuan by 2030 [38] - The penetration rate of PET composite copper foils is expected to reach 25% by 2030, indicating strong demand [38] 5. Industry Chain Analysis - The industry chain includes upstream materials like PET and PP, core equipment for manufacturing, and downstream applications in various battery types [41][43] - The main manufacturing process for composite copper foils is the two-step method, which is currently the most mature and cost-effective [49][66] 6. Industrialization Acceleration - The production cost of composite copper foils is approaching that of traditional copper foils, with significant improvements in yield rates expected [66] - New national standards for battery safety are likely to create further opportunities for the adoption of composite current collectors in the market [67]

Group 1 - The event theme is "Battery Swap City, Smart Two-Wheelers," organized by Qidian Lithium Battery and related entities, scheduled for July 11, 2025, in Shenzhen [2] - The event will feature sponsorship and collaboration from various companies in the battery and electric vehicle sectors, including Yadi Technology Group and Aima Technology [2] - Jiangsu Yinglian Composite Conductor Co., Ltd. has launched a new headquarters with an investment exceeding 3 billion yuan, focusing on advanced composite copper and aluminum foils for electric vehicle batteries [3] Group 2 - The Yinglian project aims to achieve an annual production capacity of 500 million square meters of composite copper foil and 100 million square meters of composite aluminum foil, with projected annual sales of 3.6 billion yuan and tax contributions exceeding 300 million yuan [3] - The project is expected to enhance the competitiveness of the local new energy industry and contribute to the establishment of a significant composite conductor industry base in Gaoyou [3] - Yinglian plans to collaborate with leading domestic and international companies to facilitate large-scale orders by 2025-2026, aiming to become a standard setter in technology [3]

Core Viewpoint - The company has developed composite aluminum and copper foil products that are currently being tested in solid-state batteries by well-known domestic clients [1] Group 1 - The composite aluminum and copper foil products are applicable in solid-state batteries [1] - The company has also developed lithium metal/composite current collector integrated materials for use in solid-state batteries [1]

Group 1 - The core viewpoint of the article highlights the significant investment and expansion of Yinglian Co., as it prepares for large-scale production of composite materials, marking a strategic move into the composite fluid market [2] - The headquarters of Jiangsu Yinglian Composite Fluid Co., a subsidiary of Yinglian Co., was inaugurated in Yangzhou, Jiangsu, indicating the company's commitment to this new venture [2] - The total investment for the Jiangsu Yinglian headquarters project is 3.089 billion yuan, with plans to establish 10 production lines for composite aluminum foil and 134 production lines for composite copper foil [2] Group 2 - Upon reaching full production capacity, the expected annual output will be 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil [2]

Core Viewpoint - The company, Yinglian Co., Ltd. (002846.SZ), is experiencing a significant recovery in performance, with a notable increase in stock price following the announcement of its half-year earnings forecast, indicating strong growth in both revenue and net profit [2][3][6]. Financial Performance - For the first half of 2025, Yinglian expects revenue between 1.07 billion to 1.13 billion yuan, representing a year-on-year growth of 9.85% to 16.01% [3][4]. - The projected net profit for the same period is between 23 million to 28 million yuan, reflecting a substantial increase of 360.57% to 460.70% compared to the previous year [3][4]. - The company also anticipates a non-recurring net profit of 17.5 million to 22.5 million yuan, marking a growth of 638.58% to 849.61% year-on-year [3]. Business Segments - Yinglian is actively developing its dual business model, focusing on fast-moving consumer goods metal packaging and new energy materials, particularly in the easy-open lid segment [3][4]. - The easy-open lid segment has shown steady revenue growth and improved operational efficiency, benefiting from the company's global development strategy and technological advancements [4][5]. Market Expansion - The company has achieved significant growth in its export business, with overseas sales reaching 671 million yuan in 2024, an increase of 43.62% [10]. - The easy-open lid products have gained a competitive edge in the market, with revenue from canned easy-open lids increasing by 37.49% to 769 million yuan in 2024 [11]. Research and Development - Yinglian continues to invest in R&D, with expenses reaching 60.05 million yuan in 2024, a year-on-year increase of 4.96% [9]. - The company has established a joint research institute with a leading manufacturer in the field of composite flow battery technology, focusing on the development of solid-state battery materials [12][13]. Stock Performance - Since 2025, Yinglian's stock price has increased by approximately 100%, reflecting investor confidence in the company's recovery and growth prospects [2][13].

Core Viewpoint - Yinglian Co., Ltd. is accelerating its development in the new energy materials sector, marking a significant step in its dual-driven strategy of "fast-moving consumer goods metal packaging + new energy materials composite current collectors" [1][2] Group 1: Business Development - The headquarters of Jiangsu Yinglian Recycled Current Collector Co., Ltd. was inaugurated, establishing a foundation for large-scale production and aiming to become a global leader in composite current collector solutions [3] - Yinglian Co. is a leading manufacturer of easy-open lids in China and was the first to be listed in this sector on the Shenzhen Stock Exchange in 2017 [1] - The company is focusing on the dual main business model of fast-moving consumer goods metal packaging and new energy materials [1] Group 2: Product Development - Jiangsu Yinglian has developed composite copper foil and composite aluminum foil, which are currently undergoing testing with downstream customers in various battery applications [2] - The company has secured a bulk order from South Korean client U&SENERGY, expected to be fulfilled by December 2024 [1] - The total investment for the new energy power lithium battery composite current collector project is 3.089 billion yuan, with plans for 10 aluminum foil production lines and 134 copper foil production lines, aiming for an annual production capacity of 100 million square meters of aluminum foil and 500 million square meters of copper foil [1] Group 3: Strategic Partnerships - Jiangsu Yinglian signed a strategic cooperation agreement with a well-known automotive company in Guangzhou to develop integrated new materials for next-generation battery technology by March 2025 [2] - The company is advancing the application of composite current collector products in solid-state batteries, leveraging its expertise in vacuum deposition technology and innovative material development [2] Group 4: Industry Collaboration - The inauguration event gathered industry experts and upstream and downstream enterprises, facilitating deep exchanges on material processes and production equipment, thereby enhancing the international competitiveness of domestic materials [3]

Core Viewpoint - The establishment of Jiangsu Yinglian's production base marks a significant step in the commercialization of composite conductive materials, reflecting a broader trend in the lithium battery materials industry towards large-scale commercialization and technological innovation [4][12]. Group 1: Investment and Production Capacity - Jiangsu Yinglian's new facility in Yangzhou has an investment scale of 3.089 billion yuan, with plans for 10 composite aluminum foil and 134 composite copper foil production lines, targeting an annual production capacity of 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil [4][5]. - The production capacity aligns with the core demands of the power battery industry for cost reduction and efficiency improvement, addressing the limitations of traditional copper foil in terms of weight and safety [5][12]. Group 2: Market Validation and Commercialization - Jiangsu Yinglian's products have undergone successful validation with overseas clients, including U&S ENERGY in South Korea, indicating the commercial viability of composite conductive materials [6][7]. - The dual validation of "technical feasibility + commercial certainty" signals that the commercialization window for composite conductive materials has opened [7]. Group 3: Technological Advancements and Competitive Edge - Jiangsu Yinglian has established a professional team for technology development, covering key areas such as vacuum physics and flexible materials, which supports innovation [9]. - The company has formed a collaborative innovation system with top global evaporation equipment manufacturers, ensuring efficient integration of technology research and industrial application [10]. - The production processes for composite aluminum and copper foils have been optimized for stability and efficiency, with successful validation on five production lines [11]. Group 4: Industry Impact and Standardization - The establishment of Jiangsu Yinglian's production capacity is expected to accelerate price restructuring and reshape the competitive landscape of the composite conductive materials industry [12]. - As the leading unit for the group standard of "Composite Copper Foil for Lithium-Ion Batteries," Jiangsu Yinglian is actively involved in setting industry standards, which will redefine technical barriers and production norms, promoting high-quality development in the industry [12].

Core Viewpoint - The establishment of the composite flow battery headquarters by Guangdong Yinglian Packaging Co., Ltd. marks a significant step in enhancing the company's competitiveness in the composite flow field and its future development plans [1][2]. Group 1: Company Developments - The headquarters of Jiangsu Yinglian, a subsidiary of Yinglian, was inaugurated on July 2, showcasing the company's core competitiveness in the composite flow field and its commitment to high-quality battery technology research and industrialization [1]. - Yinglian has invested a total of 3.089 billion yuan in projects for lithium battery composite aluminum and copper foils, planning to build 10 production lines for composite aluminum foil and 134 for composite copper foil, with an expected annual production capacity of 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil [2]. - The establishment of the headquarters is seen as a new phase for Jiangsu Yinglian in terms of technological innovation and industrial upgrading, positioning the company as a global leader in composite flow solutions [3]. Group 2: Industry Insights - The composite flow materials are critical for the safety and efficiency of products in the fields of new energy batteries and electronic devices, indicating the importance of Jiangsu Yinglian's advancements in this area [3]. - The event gathered industry experts and partners, facilitating deep exchanges on material processes, production equipment, and application scenarios, which promotes collaborative innovation within the composite flow industry [1].