一、长期股权激励计划的概况 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及全体董事会成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 1、实施背景 广东英联包装股份有限公司（以下简称"公司"、"英联股份"）于2023年1月16日召开2023年第一次临时 股东大会，审议通过《关于对外投资建设新能源汽车动力锂电池复合铜箔、铝箔项目的议案》，对外投 资30.89亿元建设新能源汽车动力锂电池复合铜箔、复合铝箔项目（以下简称"复合集流体项目"），达 产后年产能预计达到5亿㎡复合铜箔、1亿㎡复合铝箔。 公司于2023年2月在江苏省扬州高邮市成立控股子公司江苏英联复合集流体有限公司（以下简称"江苏英 联"）作为复合集流体项目实施主体，搭建了一支由博士、硕士领衔，覆盖真空物理、光学膜、柔性材 料等方面专业经验的技术开发团队，保障复合集流体产品研发工作的有序推进；在供应端方面积极推动 产业链协同，积极推动产业交流、共享。 截至目前，在产能建设方面，江苏英联已具备5条日本爱发科复合铝箔生产线，5条复合铜箔生产线。公 司有序推进复合集流体项目，筹备量产的生产条件，全方位运营管理，为产业化发展 ...

Group 1 - The core point of the news is the announcement of the progress of the long-term equity incentive plan for Jiangsu Yinglian Recombined Fluid Co., Ltd., a subsidiary of Guangdong Yinglian Packaging Co., Ltd. [2][4] - The long-term equity incentive plan aims to motivate and retain core talents, aligning their interests with the company's long-term development goals [4][13] - The company has established a technical development team for the Recombined Fluid Project, which includes experts in various fields to ensure the orderly advancement of product research and development [2][3] Group 2 - The first phase of the equity incentive plan is currently in progress, with adjustments made due to some participants no longer meeting the eligibility criteria [7] - The second phase of the equity incentive plan has been approved, with a total of 500 million yuan in registered capital, of which 1% will be allocated to the incentive plan [8][9] - The performance assessment criteria for the second phase will include both company-level and individual-level metrics, ensuring that the incentive plan is closely tied to performance [11]

Core Viewpoint - Jiangsu Yinglian Composite Fluid Co., Ltd. has signed a strategic agreement with LG Chem to establish a joint laboratory, aiming to enhance collaboration in the development of innovative polymer materials for composite fluids used in lithium batteries, thereby accelerating the global lithium battery innovation materials market [2][3]. Group 1: Project Overview - Jiangsu Yinglian is focused on the research, production, and sales of composite aluminum and copper foils for new energy vehicle lithium batteries, with a total planned investment of 3.089 billion RMB, targeting an annual production capacity of 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil [3]. - The composite aluminum and copper foil products have been tested by downstream clients in various battery applications, including power batteries, consumer batteries, and energy storage batteries, with some achieving deeper cooperation with leading clients [3]. Group 2: Cooperation Background - LG Chem, established in 1947, is a diversified global leader in science and is a subsidiary of LG Group, ranking fourth among the "25 Most Valuable Chemical Brands" in 2025, with a projected global sales revenue of approximately 48.9 trillion KRW in 2024 [4]. - The joint laboratory aims to leverage the strengths of both companies to develop next-generation polymer materials for composite fluids, focusing on high-performance applications in lithium batteries [10]. Group 3: Agreement Details - The joint laboratory will be established with locations in both Gaoyou (for Jiangsu Yinglian) and Wuxi (for LG Chem), facilitating resource sharing and collaborative research on new products and technologies [7]. - The cooperation will include research on industry-leading technologies for lithium battery materials, addressing key performance indicators and development directions for next-generation products [10]. Group 4: Impact on the Company - The establishment of the joint laboratory is expected to positively influence the company's future development and aligns with its strategic planning, although it is not anticipated to have a significant impact on the current year's financial performance [11]. - The collaboration is designed to enhance the innovation and application of composite fluid materials, responding to the increasing market demand for high safety, high energy density, and high cycle life batteries [11].

Group 1 - The core viewpoint of the news is the strategic partnership between Yinglian Co., Ltd. and LG Chem to develop innovative polymer materials for next-generation composite current collectors in lithium batteries [1][2] - Yinglian's subsidiary, Jiangsu Yinglian, is investing 3.089 billion yuan in a project to produce composite aluminum and copper foils, with an expected annual capacity of 100 million square meters of aluminum foil and 500 million square meters of copper foil [1] - Jiangsu Yinglian is also developing lithium metal anode materials and specialized composite copper foils for solid-state batteries, collaborating with leading automotive and battery companies for testing and optimization [1][2] Group 2 - The establishment of the joint laboratory will focus on the development of high-performance polymer-based materials and innovative processing technologies for composite current collectors [2] - The collaboration aims to address the increasing demand for batteries with high safety, energy density, and cycle life in the renewable energy and energy storage markets [2] - Yinglian Co., Ltd. has reported a strong performance in 2025, with a projected net profit of 32 million to 42 million yuan, representing a year-on-year growth of 180.66% to 205.87% [2][3] Group 3 - The company has experienced continuous revenue growth and has turned a profit, primarily driven by its fast-moving consumer goods metal packaging segment [3] - The company has improved its lean production capabilities and product quality, leading to an increase in market share for its metal packaging easy-open lid business [3] - The optimization of product structure and implementation of lean management measures have contributed to cost reduction and efficiency improvement, resulting in a year-on-year increase in overall gross margin [3]

Group 1 - The core viewpoint of the news is the strategic partnership between Jiangsu Yinglian and LG Chem to establish a joint laboratory aimed at developing innovative polymer materials for composite electrolytes and lithium battery innovations [1] - Jiangsu Yinglian has a long-standing cooperative relationship with LG Chem, which has led to the decision to deepen their collaboration through the establishment of the "Yinglian-LG Chem Joint Laboratory" [1] - The joint laboratory will focus on accelerating the development of next-generation polymer materials for composite electrolytes and expanding into the global lithium battery innovation market [1] Group 2 - Jiangsu Yinglian is investing a total of 3.089 billion RMB in the construction of composite aluminum foil and copper foil projects for new energy vehicle power lithium batteries, with an expected annual production capacity of 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil upon reaching full capacity [2] - The products from Jiangsu Yinglian have been tested by downstream customers in power batteries, consumer batteries, and energy storage batteries, including liquid and solid-state batteries, leading to further deep cooperation with some leading clients [2] - Jiangsu Yinglian is also developing lithium metal anode materials and composite copper foil specifically for sulfide solid-state batteries, leveraging its expertise in vapor deposition technology, and is currently testing and optimizing these materials with automotive companies and leading battery manufacturers [2]

Core Viewpoint - The company is actively progressing in its composite materials business, particularly in the battery sector, with recent developments indicating a strong demand for its products in various battery types [1] Group 1: Business Operations - The company's production and operational status in the easy-open lid segment is reported to be normal [1] - The composite aluminum foil and composite copper foil are crucial materials for batteries, including liquid, semi-solid, and solid-state batteries [1] Group 2: Market Developments - The company has recently received bulk orders for its composite aluminum foil from semi-solid battery customers [1] - There is ongoing development of lithium metal anode materials and composite copper foil specifically for sulfide solid-state batteries, with testing and optimization being conducted in collaboration with leading automotive and battery companies [1]

Summary of the Conference Call for Yinglian Co., Ltd. Industry and Company Overview - **Company**: Yinglian Co., Ltd. operates in two main sectors: fast-moving consumer goods (FMCG) metal packaging and composite current collectors for solid-state batteries. The company has been in the FMCG metal packaging sector since its establishment in 2006 and is the only A-share listed easy-open lid supplier in China. In 2022, it entered the composite current collector industry, planning a project in Gaoyou, Jiangsu Province with an investment of 3.089 billion RMB, targeting a production capacity of 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil [doc id='5'][doc id='20']. Key Points and Arguments - **Strategic Procurement Agreement**: Yinglian has signed a strategic procurement agreement with a domestic new energy technology company for 50 million square meters of composite aluminum foil, with deliveries scheduled for 2026 (20 million square meters) and 2027 (30 million square meters). The total order value is estimated between 3.3 billion to 3.4 billion RMB, with the first batch expected to be delivered in December this year, generating revenue in Q1 of next year [doc id='2'][doc id='4'][doc id='7']. - **Financial Impact**: The large-scale order is expected to significantly enhance Yinglian's future financial performance, with an estimated gross margin of about 40% for the composite aluminum foil segment. The contract's annual execution will contribute to stable revenue growth over the next two years [doc id='8']. - **Research and Development**: Yinglian is developing lithium metal anode materials and specialized composite copper foil for sulfide solid-state batteries. The company is conducting tests on various thickness structures to enhance technical capabilities and broaden market applications [doc id='9'][doc id='10']. - **Client Base**: The client for the recent order is a leading company in the quasi-solid and semi-solid battery field, indicating a strong purchasing capability that will positively impact Yinglian's future business growth [doc id='11']. - **Production Capacity**: Yinglian has established production capacity for composite aluminum foil and has modified equipment to meet usage requirements, with approximately 3 to 5 GWh of equipment available for production. The company has also ordered additional production lines, aiming for a total capacity of 100 million square meters [doc id='12'][doc id='20']. Additional Important Information - **Testing and Validation**: Yinglian is currently validating composite copper foil with domestic and international clients, with some clients entering application testing phases, indicating potential positive developments soon [doc id='3'][doc id='22']. - **Market Outlook**: The company is optimistic about the market for solid-state and quasi-solid batteries, driven by national policies and government funding support, which is expected to accelerate industry development [doc id='17][doc id='18']. - **Cost Structure and Future Projections**: The current cost of Yinglian's pumps is 3.8 RMB, with potential for cost reduction as production volume increases and through optimization of second-generation equipment and processes [doc id='19']. - **Application of Composite Foils**: Composite aluminum foil is primarily used in high-value-added scenarios, with ongoing development in energy storage applications. The company is focusing on mature battery enterprises rather than startups [doc id='14']. - **Technical Advantages**: Yinglian's composite current collectors are designed to withstand the expansion of high-capacity anode materials, enhancing cycle life and performance in solid-state battery applications [doc id='22']. - **Future Production Plans**: The lithium metal anode production line is expected to begin installation in December, with batch deliveries anticipated in Q1 2026, gradually scaling up to industrial levels by mid-2027 [doc id='28']. This summary encapsulates the key insights from the conference call, highlighting Yinglian's strategic initiatives, financial outlook, and advancements in technology and production capabilities.