随着海外市场份额的不断扩大，恩捷股份在全球锂电池隔膜市场的话语权持续增强。未来，公司将继续 深化 "技术 +产能" 双轮驱动，让恩捷的产品与服务覆盖更多国家和地区，为全球新能源产业的高质量 发展提供核心材料支撑。 产品品质管控上，恩捷股份已近乎严苛的品控标准，赢得海内外客户信任的关键。以玉溪基地为例，公 司构建了一套完善的质量管控体系，对从原材料采购到成品出厂的全流程进行严格把控。在试生产阶段 和产线异常阶段，实行全指标全面检验；进入稳定运行阶段后，对关键指标进行全程全检。每一卷隔膜 都拥有唯一身份标识，实现全流程可追溯，确保每一件产品都能保持质量的稳定性和一致性，让客户放 心使用。 作为锂电池隔膜领域的领军企业，恩捷股份近年来在海外市场的突破持续不断。去年12月，公司匈牙利 子公司就与Ultium Cells LLC 达成合作，约定2025年供应价值不超过6625万美元的锂电池隔离膜。短短 数月内多份订单的成功落地，意味恩捷股份全球竞争优势愈发显著。 在技术创新方面，恩捷股份在李晓明提出带领下，组建了由国内外专家构成的跨国研发团队。在湿法隔 膜领域，5μm隔膜的针刺强度突破500gf，高安全隔膜系列通过分子 ...

Group 1: Overseas Expansion - The company's Hungary Phase I project is operational, and it is shipping to overseas customers [2] - The U.S. facility is completed, and equipment installation is underway, with samples being sent to overseas clients [2] Group 2: Impact of Solid-State Batteries - Semi-solid batteries still require separators, and some products have been supplied to relevant clients [2] - Full solid-state battery commercialization will take time, needing collaboration across the supply chain and ongoing technological advancements [2] Group 3: Profit Improvement Strategies - The company aims to enhance profitability through global capacity expansion and increasing overseas customer share [3] - Product structure optimization by increasing the proportion of coated films and developing high-value-added products [3] - Implementation of refined management practices to reduce costs and improve operational efficiency [3] Group 4: Key Clients for Overseas Bases - Major clients include LGES, Ultium Cells, and a large overseas automotive company [4] - Contracts include a supply agreement with Ultium Cells for up to $66.25 million worth of separators in 2025 [4] - A supply agreement with LGES for approximately 3.55 billion square meters of separators from 2025 to 2027 [4] - A contract with a well-known U.S. automotive company for about 973 million square meters of separators from 2026 to 2030 [4] Group 5: Industry Landscape and Company Position - The separator industry is undergoing consolidation due to price competition, with the company maintaining steady sales growth [5] - The company is positioned as a global leader in the separator market, focusing on accelerating globalization and enhancing competitiveness [6] Group 6: Solid-State Battery Developments - The company has established capabilities for mass production of semi-solid battery separators [7] - Research and production efforts are underway for lithium sulfide and solid electrolyte membranes in the full solid-state sector [7] Group 7: Competitive Barriers in Overseas Markets - The company has established overseas production capacity and a strong customer base, along with a robust intellectual property framework [8] - It was one of the first in the Chinese lithium battery industry to establish overseas production, with significant capacity in Hungary and the U.S. [8] - Long-term partnerships with global battery manufacturers enhance its market position [8]

Group 1: Company Overview - Securities Code: 002812, Securities Abbreviation: Enjie Co., Ltd. [1] - Bond Code: 128095, Bond Abbreviation: Enjie Convertible Bond [1] - Company Name: Yunnan Enjie New Materials Co., Ltd. [1] Group 2: Investor Relations Activity - Activity Type: Specific Object Research conducted on July 16, 2025 [2] - Participating Institutions: Huatai Bairui, Morgan Huaxin, Shenwan Hongyuan, among others [2] - Location: Hunan Enjie Conference Room 3 [2] Group 3: Key Technical Insights - Lithium Sulfide Preparation Method: The company chose the carbon thermal reduction method due to its safety and cost-effectiveness [2][3] - Role of Sulfide Solid Electrolyte: Used in composite cathodes and electrolyte membranes, requiring fine particle size and uniform distribution for effective lithium ion transport [3] Group 4: Production and Industrialization Progress - Production Capacity: The company is establishing a pilot production line for sulfide solid electrolyte materials in Yuxi, Yunnan, with a total investment of approximately 250 million CNY [3] - Current Status: The 10-ton pilot line is in equipment debugging phase, with plans for active production [3] - Solid-State Battery Industrialization: The company acknowledges that industrialization will take time and is currently in the early stages without significant revenue generation [3]

债券代码：128095 债券简称：恩捷转债 证券代码：002812 股票简称：恩捷股份 公告编号：2025-116 云南恩捷新材料股份有限公司 关于股东减持计划实施完毕的公告 本公司股东上海恒邹企业管理事务所（有限合伙）保证向本公司提供的 信息内容真实、准确和完整，没有虚假记载、误导性陈述或者重大遗漏。 本公司及全体董事保证本公告内容与信息披露义务人提供的信息一致。 云南恩捷新材料股份有限公司（以下简称"公司"）于 2025 年 6 月 13 日在指 定信息披露媒体《中国证券报》《上海证券报》《证券时报》《证券日报》及巨 潮资讯网（www.cninfo.com.cn）披露了《关于股东减持股份的预披露公告》（公 告编号：2025-090 号）。 1、股东减持股份情况 | | | | | | 股） | | （股） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 上海恒邹 | 减持方式 大宗交易 | 2025 日 | 减持时间 年 7 | 月 14 | 减持均价（元/ | 26.28 | 减持股数 6,460,57 ...

证券代码：002812 股票简称：恩捷股份 公告编号：2025-115 债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 关于实际控制人完成购回公司股份的公告 公司实际控制人保证向本公司提供的信息内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 本公司及董事会全体成员保证本公告内容与信息披露义务人提供的信息 一致。 本次实际控制人履行购回承诺事项不会导致公司股权分布不具备上市条件， 不会对公司治理结构及持续经营产生重大影响，不会导致公司控股股东及实际控 制人发生变化，不存在损害中小股东利益的情形。公司将进一步督促相关股东认 真学习相关法律法规、规范性文件，加强规范意识，严格规范买卖公司股票行为， 及时履行信息披露义务。 特此公告。 云南恩捷新材料股份有限公司董事会 二零二五年七月十五日 云南恩捷新材料股份有限公司（以下简称"公司"）于 2024 年 7 月 24 日在指 定信息披露媒体《证券时报》《证券日报》《上海证券报》《中国证券报》和巨 潮资讯网（www.cninfo.com.cn）披露了《关于实际控制人违规减持致歉并承诺购 回的公告》（公告编号：2024-168 号） ...

Core Viewpoint - The discussion on solid-state batteries highlights the significant expectations for their "ultimate battery" technology potential, juxtaposed with the harsh realities of "industrialization and cost" challenges [1][3]. Group 1: Technical Challenges and Innovations - The industry is currently experiencing a "route dispute" and "engineering challenges," with various materials like oxides, sulfides, and polymers being explored, indicating that solid-state batteries are still in a phase of "hundreds of schools of thought contending" [2]. - The solid-solid interface issue is recognized as the primary challenge, leading to a dual-line battle focusing on improving the performance of primary materials and employing advanced interface engineering techniques [2][3]. - The industry is engaged in a fierce competition between "performance leaps" and "cost bottlenecks," with energy density targets ranging from 400-500 Wh/kg and significant breakthroughs in ionic conductivity [2][3]. Group 2: Material Development and Performance - Solid-state batteries are seen as a crucial direction for future energy storage, with core advantages in safety and energy density, achieving energy densities of up to 400 Wh/kg [6]. - High-voltage solid-state electrolytes enable the use of high-voltage cathode materials, with short-term dominance of high-nickel ternary materials like NCM811, which has a practical specific capacity exceeding 200 mAh/g [6]. - Long-term prospects favor lithium-rich manganese-based materials, with theoretical specific capacities reaching 350 mAh/g and voltage platforms of 4.5V, viewed as ideal for all-solid-state batteries [6]. Group 3: Industry Trends and Strategic Goals - The global industrialization process is accelerating, with China focusing on semi-solid-state technologies in the short term and sulfide routes in the long term, while Japan, Europe, and the U.S. set clear energy density and commercialization goals [7]. - Leading companies in China, such as Rongbai Technology and Ningxia Hanyao, have made technological breakthroughs in high-nickel ternary and lithium-rich manganese-based materials, expediting the industrialization of solid-state battery cathode materials [7]. Group 4: Key Material Innovations - Ganfeng Lithium has achieved significant breakthroughs in both sulfide and oxide solid-state battery technologies, developing high ionic conductivity materials and successfully producing thin electrolyte ceramics [14][15]. - Xiamen Tungsten has focused on optimizing cathode materials to enhance mechanical performance and interface stability, employing various coating technologies to reduce interface resistance [17]. - MOFs (Metal-Organic Frameworks) are emerging as innovative materials in solid-state batteries, showing potential in enhancing battery performance through their unique structural properties [25][26].

债券代码：128095 债券简称：恩捷转债 证券代码：002812 股票简称：恩捷股份 公告编号：2025-114 云南恩捷新材料股份有限公司 关于实际控制人权益变动超过 1%的公告 公司实际控制人保证向本公司提供的信息内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 | 公司股票合计 1,672,763 股； | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | （2）李晓华先生于 2024 年 7 | | | 月 23 | 日至 | 2025 | 年 | 7 月 11 日期间累计 | | 购回公司股票 股； 5,869,712 | | | | | | | | | （3）公司于 2023 年 7 19 | 月 | | 日至 | 2025 年 | 3 月 | 21 | 日期间，累计回购 | | 注销 2022 年股票期权与限制性股票激励计划及 | | | | | 2024 | | 年限制性股票激励 | | 计划部分限制性股票合计 2,433,046 | | | | 股，详见公司分别于 | | | 年 月 2023 ...

Company Overview - Enjie Co., Ltd. (stock code: 002812) was listed on the A-share market in China in September 2016, focusing on "new energy" and "packaging" business sectors [1] - The company offers three main product categories: membrane products, packaging printing products, and paper packaging, serving large global lithium battery manufacturers, cigarette producers, food and beverage companies, plastic packaging firms, and printing enterprises [1] Financial Performance - Enjie Co., Ltd. has experienced a decline in stock price, with a cumulative drop of -2.83% over four consecutive trading days as of July 14 [1] - The fund "Quanguo Xuyuan Three-Year Holding Period Mixed A" under Quanguo Fund has increased its holdings in Enjie Co., Ltd. during the first quarter of this year, achieving a year-to-date return of 2.25%, ranking 3560 out of 4561 in its category [1] Fund Management - The fund manager of "Quanguo Xuyuan Three-Year Holding Period Mixed A" is Zhao Yi, who has a background in engineering and extensive experience in investment management [2][3] - Zhao Yi has managed the fund since October 2022, with the fund currently having a total scale of 115.61 billion and a return of -23.23% during his tenure [3]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [4]. Core Insights - In June 2025, the production and sales of new energy vehicles (NEVs) continued to show rapid growth year-on-year, with production reaching 1.268 million units and sales at 1.329 million units, representing year-on-year growth of 26.4% and 26.7% respectively [3]. - The penetration rate of new energy vehicles in June was 45.8%, a decrease of 2.9 percentage points from the previous month, while the cumulative penetration rate for the first half of the year was 44.3% [3]. - The global power battery installation volume from January to May 2025 was 401.3 GWh, a year-on-year increase of 38.5%, with the top five companies holding a combined market share of 73.9% [3]. - In June 2025, the installation volume of lithium iron phosphate batteries reached 47.4 GWh, a year-on-year increase of 49.7%, accounting for 81.5% of the total installation volume [3]. Summary by Sections New Energy Vehicle Sales - In June 2025, NEV sales reached 1.329 million units, with pure electric vehicle sales at 859,000 units (up 40.4% year-on-year) and plug-in hybrid sales at 470,000 units (up 7.8% year-on-year) [3]. - Cumulatively, from January to June 2025, NEV production and sales were 6.968 million and 6.937 million units, reflecting year-on-year growth of 41.4% and 40.3% respectively [3]. Battery Installation Volume - The total power battery installation volume in June 2025 was 58.2 GWh, with a year-on-year increase of 35.9% [3]. - Cumulatively, from January to June 2025, the total installation volume was 299.6 GWh, representing a year-on-year growth of 47.3% [3]. Export Data - In June 2025, power battery exports reached 15.8 GWh, accounting for 65% of total exports, with a year-on-year increase of 16.6% [3]. - Cumulatively, from January to June 2025, power battery exports totaled 81.6 GWh, reflecting a year-on-year growth of 26.5% [3]. Investment Recommendations - The report suggests focusing on leading companies in the battery and materials sectors that show fundamental improvements, particularly those with technological and capacity advantages in solid-state electrolytes and new types of electrodes [3]. - Key investment targets include CATL, EVE Energy, Keda Technology, and others [3].

Investment Rating - The report maintains a "Recommended" rating for the solid-state battery equipment sector, indicating an expectation of significant growth in the coming months [1]. Core Insights - The solid-state battery industry has achieved a milestone with the delivery of full solid-state production lines by Li Yuanheng, marking a rapid development in China's solid-state battery production capacity [7]. - The electric power equipment and new energy sector saw a weekly increase of 2.68%, outperforming the CSI 300 index by 1.86 percentage points [8]. - The report highlights a positive outlook for the electric vehicle sector, driven by the end of inventory reduction and anticipated growth in both European and domestic markets [4]. Summary by Sections Solid-State Battery Progress - The first engineering samples from a GWh-level solid-state battery production line developed by Anhui Anwa New Energy have successfully rolled off the production line, with a design capacity of 1.25 GWh [7]. - The number of GWh-level solid-state battery production lines in China is expected to increase to seven, with over 30 pilot lines in development [7]. Market Performance Review - The electric new energy sector ranked 10th among 30 industry sectors, with a 2.68% increase, while the CSI 300 index rose by 0.82% during the same period [8]. - The top-performing sub-sectors included solar energy (7.95%), fuel cells (2.99%), and distribution equipment (2.58%) [8]. New Energy Vehicle Industry Tracking - Lithium battery supply chain prices showed mixed trends, with battery-grade lithium carbonate increasing by 2.26% to 63,400 CNY/ton, while nickel sulfate decreased by 2.11% [29]. - Key announcements from listed companies included performance forecasts and stock reduction disclosures, indicating ongoing activity in the sector [41]. Valuation Situation - As of July 11, 2025, the electric new energy sector's valuation stood at 62x, significantly higher than the CSI 300's 13x, with specific segments like electric motors and energy storage showing even higher valuations [19]. - Notable companies in the sector include CATL, with a market cap of 124.91 billion CNY and a projected PE ratio of 22.8x for 2023 [28].