证券代码：002812 股票简称：恩捷股份 公告编号：2026-005 云南恩捷新材料（集团）股份有限公司 关于2026年第一次临时股东会决议的公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形。 1、会议召开时间： （1）现场会议召开时间：2026 年 1 月 16 日（星期五）下午 14:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2026 年 1 月 16 日（星期五）上午 9:15-9:25、9:30-11:30，下午 13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为 2026 年 1 月 16 日（星期 五）上午 09:15 至下午 15:00 期间的任意时间。 2、会议召开地点：云南省玉溪市高新区九龙片区春景路 8 号云南红塔塑胶 有限公司三楼会议室。 3、会议召开方式：现场投票与网络投票相结合的方式 4、会议召集人：公司董事会 5、会议主持人：公司董事长 Paul Xiaoming Lee 先生 6、会议召开的合法、合规性：本次股东会的召开符 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% over the next six months [5]. Core Insights - In December 2025, the production and sales of new energy vehicles (NEVs) and batteries showed year-on-year growth but a month-on-month decline, primarily due to consumer hesitation during a subsidy policy gap [4]. - The penetration rate of NEVs reached 52.3% in December, a decrease of 0.9 percentage points month-on-month, while the annual penetration rate for 2025 was 47.9%, an increase of 7 percentage points year-on-year [4]. - The battery production and sales in December 2025 saw significant growth, with production at 201.7 GWh (up 14.4% month-on-month, 62.1% year-on-year) and sales at 199.3 GWh (up 11.1% month-on-month, 57.5% year-on-year) [4]. - The demand for power batteries is expected to weaken in the short term due to the traditional off-season for the NEV market and adjustments in the vehicle purchase tax [4]. - The solid-state battery industry is progressing towards commercialization, which will create incremental demand for materials and equipment in the industry chain [4]. Summary by Sections New Energy Vehicle Market - December 2025 saw NEV production and sales of 171.8 million and 171 million units, respectively, with year-on-year growth of 12.3% and 7.2%, but month-on-month declines of 8.6% and 6.2% [4]. - For the entire year of 2025, NEV production and sales reached 16.626 million and 16.49 million units, with year-on-year growth of 29% and 28.2% [4]. Battery Production and Sales - In December 2025, the production of power and energy storage batteries was 201.7 GWh, with a year-on-year increase of 62.1% [4]. - The sales of power batteries accounted for 72.1% of total sales, with a month-on-month increase of 7.3% and a year-on-year increase of 49.2% [4]. Export and Market Dynamics - Battery exports in December 2025 reached 32.6 GWh, with a year-on-year increase of 49.2% [4]. - The report anticipates stable demand in the energy storage market and potential short-term support for demand due to adjustments in export tax policies [4]. Investment Recommendations - The report suggests focusing on the recovery pace of the industry chain and prioritizing sectors benefiting from solid-state battery advancements, including core materials and equipment [4]. - Key stocks to watch include CATL, EVE Energy, and others listed in the report [4].

Core Viewpoint - The lithium battery industry is expected to enter a new growth cycle in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological iterations, leading to a spiral growth pattern of "increased volume and price + technological leap" [3] Group 1: Market Outlook - Global lithium battery production is projected to reach 2250 GWh by 2025, with a growth rate of 30% in 2026, and the energy storage sector is anticipated to grow by 48.3%, driven by both domestic and international demand [5] - There is a significant supply gap in battery cells and various materials, making supply chain stability and efficiency crucial for capitalizing on this growth opportunity [5] Group 2: Conference Details - The 2026 Lithium Key Materials and Applications Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4] - The conference will focus on three core topics: 1. In-depth discussions on cutting-edge technologies and market supply-demand dynamics 2. Announcement and award ceremony for the "Top Ten Lithium Material Brands of 2025" based on shipment volume, market share, and customer reputation 3. B2B procurement matching to connect top battery manufacturers and material suppliers [5][6][7] Group 3: Key Topics and Invited Speakers - The main forum will cover topics such as the outlook for lithium ore resource supply, operational strategies for lithium carbonate in the current market environment, and advancements in high-energy-density power battery technology [9] - Sub-forums will address various aspects of battery materials, including solid-state battery technology, market trends, and the impact of policies on energy storage projects [10][11]

Core Viewpoint - The company Enjie Co., Ltd. (002812) indicates that the price of lithium sulfide products has potential for further decline due to advancements in technology and processes, improved supply chain of raw materials, and scaled production capabilities [1] Group 1: Lithium Sulfide Products - The company expects that the price of lithium sulfide products will continue to decrease as technology and processes mature [1] - The improvement in the supply chain for raw materials is contributing to the potential price decline [1] - The scaling of product supply is also a factor that may lead to lower prices in the future [1] Group 2: Wet Process Diaphragms - The company reports that the capacity utilization rate for wet process diaphragms remains high due to rapid growth in downstream demand, particularly in the energy storage market [1] - It is anticipated that by 2026, the demand for wet process diaphragms will grow in tandem with the increasing demand for energy storage batteries and power batteries [1]

Group 1: Company Overview and Investor Relations - The company is Yunnan Enjie New Materials (Group) Co., Ltd., with stock code 002812 and bond code 128095 [1] - The investor relations activity took place on January 14, 2026, at Hunan Enjie Frontier New Materials Technology Co., Ltd. [2] - Participants included various institutional investors such as Millennium Partners, Perseverance, and others [2] Group 2: Solid-State Battery Materials - The company is focusing on solid-state battery materials, considering half-solid and full-solid batteries as transitional and future products, respectively [2] - Full-solid batteries are expected to be used in "deep space, deep sea, and deep earth" applications, coexisting with liquid and half-solid batteries [2] - The company has established production capabilities for half-solid battery separators through its subsidiary Jiangsu Sanhe Battery Material Technology Co., Ltd. [3] Group 3: Lithium Sulfide Production Processes - Three main production routes for lithium sulfide are identified: 1. Solid-phase method (carbon thermal reduction): Safe and suitable for mass production, but raw material reduction may be insufficient [4] 2. Gas-phase method: Simple process but involves flammable and toxic materials, making expansion difficult [4] 3. Liquid-phase method: Compatible with existing solid-phase equipment but faces environmental challenges [4] Group 4: Price Trends and Production Capacity - Future price reductions for lithium sulfide are anticipated due to technological advancements and improved supply chain integration [5] - The company currently has a production capacity of 10 tons per year for solid electrolytes, with plans for expansion based on market demand [6] Group 5: Separator Production and Market Demand - The utilization rate of the company's wet separator production capacity remains high due to increasing demand in the energy storage market [7] - Wet separator demand is expected to grow in line with the rising needs for energy storage and power batteries in 2026 [8]

Core Viewpoint - The Chinese separator market is expected to see significant growth, with a projected shipment volume of 34.5 billion square meters by 2025, reflecting a year-on-year increase of 58.7% [1] Market Landscape - Enjie Co., Ltd. maintains a market share of over 30%, with the top four companies holding more than 72.5% of the total market share, indicating stability in market dynamics [2] - The share of dry separators has decreased to approximately 17.6%, with expectations that it will drop below 15% by 2026 due to the transition to wet separators in the downstream market [2] Production Capacity and Utilization - The overall new capacity investment in the separator industry has slowed down, with major players like Enjie, Xingyuan Materials, and Hebei Jinli continuing limited capacity additions [4] - The average capacity utilization rate in the Chinese separator industry is 75%, with wet separator utilization exceeding 80% and dry separator utilization below 50% [4] - The wet separator industry is expected to maintain over 90% utilization in 2026 due to strong demand from the battery market [4] Industry Performance - After three years of decline, the separator industry has experienced a turnaround, shifting from oversupply to a state of demand exceeding supply, leading to price increases [5] - Major manufacturers have returned to profitability, and market consolidation efforts, such as the acquisition of Hebei Jinli by Foshan Plastics Group, are improving competitive dynamics [5] Price Trends - Separator prices experienced a "V-shaped" recovery in 2025, rebounding significantly after reaching historical lows in the second and third quarters [6] - The price of wet separators with a thickness of 7um decreased by 7.1% in 2025, while the price of 7+2+1um wet separators increased by 1.7% [6] - By December 2025, the price of 7um wet separators rose by 14.7% compared to its lowest point earlier in the year [6] Industry Trends - Demand for dry separators is expected to continue declining, while wet separator demand will expand as major manufacturers switch to wet processes [8] - The application of 5um ultra-thin wet separators is anticipated to grow, with leading companies expected to exceed a 50% application rate by 2026, although supply constraints remain [8] - The consensus on reducing internal competition has been reached, with a significant optimization of the supply-demand structure, leading to expected double-digit price increases for wet separators in 2026 [8]

Group 1 - The core viewpoint of the article is that humanoid robots are one of the downstream application scenarios for solid-state batteries, but the solid-state battery industry is still in the development stage and has not yet achieved large-scale commercialization [1] Group 2 - Enjie Co., Ltd. (stock code: 002812) responded to investor inquiries on an interactive platform regarding the application of humanoid robots [1] - The company indicates that the solid-state battery industry is currently not at a stage of large-scale commercial application [1]

Core Viewpoint - The company believes that solid-state batteries can be applied in niche markets such as deep space, although its solid-state battery materials business is still in the early stages and has not yet generated significant revenue [2] Group 1: Company Insights - The company's solid-state battery materials are considered one of the core components of solid-state batteries [2] - The ceramic-coated separator is a key material for liquid lithium batteries, offering advantages such as high thermal stability, good mechanical strength, and enhanced safety [2]

Group 1 - The core point of the article is that Enjie Co., Ltd. has changed its name to align with its strategic development towards a group operation model [1][3]. - The company's full name has been changed from "Yunnan Enjie New Material Co., Ltd." to "Yunnan Enjie New Material (Group) Co., Ltd." [1][3]. - The English name has also been updated accordingly, reflecting the new group structure [1][3].

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological advancements, leading to a "spiral rise" in both volume and price [3]. Group 1: Conference Overview - The 2026 Lithium Battery Key Materials and Applications Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit aims to address the supply-demand dynamics in the lithium battery sector, focusing on the critical materials needed for battery production and the expected supply shortages [5]. Group 2: Key Topics of Discussion - The conference will feature three main topics: 1. In-depth discussions on cutting-edge technologies and market supply-demand [5]. 2. Announcement of the "Top Ten Lithium Battery Material Brands of 2025," evaluated based on shipment volume, market share, and customer reputation [6]. 3. B2B procurement matchmaking to connect top battery manufacturers and material suppliers, enhancing resource matching and reducing procurement costs [7]. Group 3: Proposed Discussion Topics - Proposed topics for the main forum include: - Outlook on lithium ore resource supply for 2026 [9]. - Market environment discussions on lithium carbonate operations [9]. - Research and application of high-energy density power battery technology [9]. - Additional topics will cover trends in the global new energy vehicle market and the impact of policies on the lithium market [10][11]. Group 4: Participation and Costs - The participation fee for the conference is set at 2800 yuan per person, with a limited-time free attendance option available for the first 200 registrants [17].