近年来，英联股份易开盖板块持续增长，现代化的产线让英联股份易开盖产品产能始终能跟得上市场扩 张的步伐，在易开盖的竞争中，不仅取得了规模优势，而且保证了产品的高品质。 ● 本报记者 万宇 在英联股份（002846）的展厅里，一张用银色易拉罐瓶盖拼成的世界地图横亘于墙，上面点缀着红色的 易拉罐瓶盖，代表着公司易开盖产品已经进入的国家和地区，红色印记遍布各大洲。凭借领先的核心技 术和优质设备，英联股份已经成为全球易开盖龙头企业。 在传统主业稳健发展的同时，英联股份顺应新能源产业发展的时代潮流，进军复合集流体领域，并成功 在该行业站稳脚跟。英联股份董事长翁伟武在接受中国证券报记者专访时介绍，将以技术创新为动力， 紧抓市场机遇，持续推动"快消品金属包装+新能源材料复合集流体"双驱动发展战略，全力将复合集流 体产业打造成为企业发展的第二增长曲线。 传统主业根基稳固 引领行业发展 凭借着在制造业领域深厚的积累和经验，以及敢为人先的魄力，英联股份从生产易开盖的小工厂，发展 成为全球领先的专业易开盖制造商，是唯一一家在A股市场上市的易开盖制造商，可以为客户提供用于 饮料、食品、婴儿配方奶粉等易开盖产品，是雀巢、亨氏、可口可乐、 ...

这个智能化生产基地不仅实现了产线的自动化，整个基地的物流也实现了自动化，原材料从仓库到产 线，制成成品后再进入仓库形成了无人化、自动化生产，而且智能高效，五分钟必达。 ● 本报记者 万宇 在英联股份的展厅里，一张用银色易拉罐瓶盖拼成的世界地图横亘于墙，上面点缀着红色的易拉罐瓶 盖，代表着公司易开盖产品已经进入的国家和地区，红色印记遍布各大洲。凭借领先的核心技术和优质 设备，英联股份已经成为全球易开盖龙头企业。 在传统主业稳健发展的同时，英联股份顺应新能源产业发展的时代潮流，进军复合集流体领域，并成功 在该行业站稳脚跟。英联股份董事长翁伟武在接受中国证券报记者专访时介绍，将以技术创新为动力， 紧抓市场机遇，持续推动"快消品金属包装+新能源材料复合集流体"双驱动发展战略，全力将复合集流 体产业打造成为企业发展的第二增长曲线。 传统主业根基稳固 引领行业发展 凭借着在制造业领域深厚的积累和经验，以及敢为人先的魄力，英联股份从生产易开盖的小工厂，发展 成为全球领先的专业易开盖制造商，是唯一一家在A股市场上市的易开盖制造商，可以为客户提供用于 饮料、食品、婴儿配方奶粉等易开盖产品，是雀巢、亨氏、可口可乐、百事可乐、百威 ...

Group 1 - The company has confirmed that composite copper foil and composite aluminum foil can be used in lithium batteries, which is considered a cutting-edge technology in the lithium battery materials field [2]

Group 1: Investment and Expansion Plans - The company plans to raise up to 1.5 billion RMB for investments in composite current collector projects, canned easy-open lid manufacturing projects, and supplementary flow [4][13] - The subsidiary Shantou Yinglian will introduce investors through a capital increase of up to 200 million RMB, primarily for its easy-open lid business [2][3] Group 2: Production Capacity and Financial Performance - The company has a project plan for composite current collectors with a total investment of 3.089 billion RMB, aiming for a production capacity of 1 billion square meters of composite aluminum foil and 500 million square meters of composite copper foil [3][4] - The revenue from canned easy-open lids increased by 29% year-on-year, contributing to the overall performance improvement [7][13] Group 3: Strategic Partnerships and Market Opportunities - The investment partner, Guangdong Provincial Yuecai Industrial Technology Equity Investment Fund, focuses on supporting quality projects in new energy, new materials, and intelligent manufacturing [6] - The implementation of the new national standard GB 38031-2025 for electric vehicle batteries is expected to accelerate the application of composite current collectors due to their safety and lightweight advantages [9] Group 4: Future Business Strategy - The company will continue to promote the synergistic development of the metal packaging products sector and the composite current collector sector, adhering to a "dual main business" strategy [11][12] - The company is actively pursuing the development of solid-state battery materials, with ongoing testing and collaboration with leading automotive and battery manufacturers [15][16]

Core Viewpoint - Jiemai Technology (002859.SZ) highlights the advantages of Ningbo Rouchuang's nanofiber membrane over polyolefin separators, emphasizing its larger pore size, higher porosity, better wettability, and thermal stability, making it suitable as a skeleton membrane for solid-state batteries [1] Group 1: Company Collaboration - Rouchuang Nako has received support from the Ministry of Industry and Information Technology for high-quality manufacturing development and from Ningbo's key R&D program [1] - Rouchuang collaborates with several well-known domestic solid-state battery manufacturers across polymer, oxide, and sulfide systems [1] - Rouchuang and Jiemai Technology produce different components for batteries, indicating a complementary rather than competitive relationship [1] Group 2: Product Applications - Rouchuang focuses on nanofiber membranes, which are essential for solid-state battery applications [1] - Jiemai Technology specializes in new energy battery anode and cathode materials, including composite aluminum foil, composite copper foil, and carbon-coated composite aluminum foil, which are also applicable in solid-state batteries [1] - The products from both companies serve different roles within the battery structure, reinforcing their non-competitive nature [1]

Summary of Solid-State Battery Conference Call Industry Overview - The solid-state battery technology has disruptive potential and is expected to address battery performance bottlenecks. The Ministry of Industry and Information Technology (MIIT) may provide subsidies to leading solid-state battery manufacturers such as CATL, BYD, and Guoxuan High-Tech to accelerate industry development [1][2]. Key Points and Arguments - **Equipment Development**: The equipment sector has largely converged, with both solid-state and semi-solid-state equipment being relatively standardized. Semi-solid production lines can be reused, and only minor upgrades are needed in specific processes. Once industry signals are clear, production expansion will accelerate [3][4]. - **Material Pathways**: The oxide pathway is considered more certain than the sulfide pathway for material selection, with expectations that the cobalt oxide semi-solid battery market could reach 40-50 GWh by 2027. This could drive the entire solid-state battery industry forward [5]. - **Emerging Current Collector Materials**: Companies like Yuanhang and Nord, along with traditional copper foil manufacturers such as Jiayuan and Defu Zhongyi, are developing new current collector materials to address the negative electrode expansion issue inherent in solid-state batteries [6]. - **Investment Opportunities**: The core issue in cost reduction for both oxide and sulfide materials lies in solid-solid interface contact problems. The resolution of these issues may present new investment opportunities [9][13]. Notable Companies and Equipment Suppliers - **Equipment Suppliers**: Companies to watch include Hanbuking, Xian Dao Intelligent, and Liyuanheng as complete line suppliers. Specific companies like Honggong, Naknor, Amanster, and Xianhui are noted for their advantages in particular processes. Hai Moxing is highlighted for its growth potential due to a strong order backlog [7][8]. Additional Insights - **Emerging Current Collector Directions**: The focus on composite aluminum foil and new iron-based/copper-based nickel-plated products is crucial. Composite aluminum foil is rapidly applied in consumer electronics, while new nickel-plated products are essential for addressing corrosion issues in sulfide systems [10][12]. - **Competitive Advantages**: Companies like Yinglian and Kecuan have competitive advantages in the composite aluminum foil industry, with Yinglian leading in capacity layout and Kecuan having strong client progress [14]. Conclusion - The solid-state battery sector is poised for significant growth, driven by technological advancements and supportive government policies. The focus on equipment standardization and material innovation will be critical in shaping the future landscape of the industry.

Core Viewpoints - Solid-state batteries are no longer a distant future technology but are becoming a disruptive force in the energy landscape [2] - The report emphasizes that oxide and sulfide are the two most feasible technical routes for solid-state batteries, with composite aluminum foil being a key material to address core bottlenecks [7][14] - The industry is entering a golden window for commercialization, with 2027 being a critical milestone for solid-state battery production [16] Technical Route Assessment - **Oxide Route (Short to Medium Term Certainty)**: Achieved semi-solid state battery commercialization with energy density reaching 350Wh/kg, compatible with existing lithium battery production lines. The demand for oxide semi-solid state batteries is expected to reach 45GWh by 2027, corresponding to a market size of approximately 5.4 billion [9][36] - **Sulfide Route (Long-Term Potential)**: Known for ultra-high ionic conductivity (>10mS/cm), it faces challenges such as high costs (lithium sulfide prices at 3-5 million per ton), complex manufacturing processes, and interface stability issues. The market demand for sulfide solid-state batteries is projected to exceed 200 billion by 2030 [9][10] Key Material Opportunities - **Composite Aluminum Foil**: Utilizes a "metal-polymer-metal" sandwich structure to absorb volume expansion during charge/discharge, enhancing energy density by approximately 4.2%. Companies like Yinglian and Kecuan Technology have validated their products with leading clients [9][10] - **New Collectors**: Iron-based collectors and nickel-plated copper foil effectively address sulfide corrosion issues, offering a balance of safety and performance at a lower cost compared to stainless steel and pure nickel [10] Market Potential - The report forecasts that by 2030, the demand for solid-state batteries (including both power and consumer applications) will reach 150GWh, corresponding to a total market size of 229.2 billion. The market sizes for key materials are projected as follows: - Sulfide solid electrolyte: 178.4 billion - Composite aluminum foil: 48.5 billion - Oxide solid electrolyte: 9.9 billion [14][16] Policy Support - The government has allocated 6 billion yuan in special subsidies to support the R&D of solid-state batteries, accelerating the production timelines for major manufacturers from 2030 to 2026-2027 [5][36]

Core Insights - The company reported steady growth in H1 2025, with Q2 performance showing continued improvement [1] - The main products include new energy battery materials and automation equipment, contributing to overall revenue growth [2][3] Financial Performance - H1 2025 revenue reached 7.088 billion yuan, a year-on-year increase of 11.95%, with net profit attributable to shareholders at 1.055 billion yuan, up 23.03% [1] - Q2 2025 revenue was 3.873 billion yuan, reflecting a year-on-year growth of 17.46% and a quarter-on-quarter increase of 20.46% [1] - Gross margin for H1 2025 was 32.10%, up 2.55 percentage points year-on-year, while net margin was 16.50%, an increase of 0.8 percentage points [1] Business Segments - The new energy battery materials segment generated 5.378 billion yuan in H1 2025, a 15.59% increase year-on-year, with significant growth in membrane materials and coating processing [2] - The automation equipment segment achieved revenue of 1.844 billion yuan in H1 2025, with new orders exceeding 2.4 billion yuan, indicating a strong recovery in demand [3] - New products such as composite copper foil and solid-state electrolytes are in preparation for mass production, which is expected to drive future growth [2] Future Outlook - The company anticipates improved performance in the automation equipment segment in the second half of 2025, supported by new orders and product launches [3] - The introduction of high-capacity and fast-charging products in the negative electrode materials segment is expected to enhance profitability [2]

Group 1 - The company's stock experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 20% over two consecutive trading days (September 1 and 2, 2025) [1] - The board confirmed that there were no corrections or supplements needed for previously disclosed information, and no significant changes in the company's operational environment [2][3] - The company is currently planning a capital increase for its wholly-owned subsidiary, with specific details still under evaluation and no formal agreements signed yet [2] Group 2 - The company reported a revenue of 1.081 billion yuan for the first half of 2025, representing a year-on-year growth of 10.97%, and a net profit attributable to shareholders of 25.18 million yuan, up 404.18% [5] - The company is expanding its metal packaging product line and enhancing its production capabilities, particularly in the easy-open can segment, which saw a revenue increase of 29% [6] - The company is also advancing its composite fluid projects, with five production lines for composite copper and aluminum foil already established, focusing on product testing and technological development [6][7] Group 3 - The company plans to invest approximately 918 million yuan in a new easy-open can manufacturing project to meet market demand and enhance economic efficiency [7] - The board emphasized the importance of adhering to information disclosure regulations and maintaining transparency with investors [7][8]

Core Viewpoint - The company is planning a capital increase for its wholly-owned subsidiary and is currently in the feasibility study phase for issuing shares to specific investors, with no formal agreements signed yet [1] Group 1: Capital Increase and Share Issuance - The company is in the process of planning a capital increase for its wholly-owned subsidiary, with the specific plan still under evaluation [1] - The company is also exploring the possibility of issuing shares to specific investors, which is still in the preliminary feasibility study stage [1] - No formal agreements have been signed, and the company will comply with relevant legal and regulatory requirements for disclosure [1] Group 2: Composite Current Collector Projects - The company is focusing on the industrialization of composite copper foil and composite aluminum foil projects as a strategic development priority [1] - Currently, there are 5 production lines for composite copper foil and 5 for composite aluminum foil, with planning and construction of self-owned factories completed [1] - The company is initiating lean management processes to prepare for mass production, while product samples are undergoing testing and feedback [1] - Continuous investment in R&D is being made to develop integrated products related to solid-state batteries, enhancing product competitiveness [1]