Core Viewpoint - The lithium battery separator industry is experiencing a wave of mergers and acquisitions, with companies like Enjie and Fospower actively pursuing integration to enhance their market positions and profitability [1][2]. Group 1: Mergers and Acquisitions - Enjie plans to acquire 100% of Zhongke Hualian through a share issuance, aiming to leverage synergies across the supply chain and enhance its product matrix [2]. - Fospower's acquisition of Jinli has been approved by the Shenzhen Stock Exchange, allowing it to enter the lithium battery separator market and improve profitability [2]. - The current merger activity is driven by the industry's bottom position, allowing leading companies to acquire quality assets at lower costs [2][3]. Group 2: Price Increases and Demand - The separator industry has seen a tightening supply since late October, with leading companies operating at full capacity and orders spilling over to smaller manufacturers [4]. - The demand for separators is supported by the continuous growth in downstream markets, particularly in power batteries and energy storage [5]. - The average price of 5μm separators is significantly higher than that of 7μm products, indicating a strong market for high-performance separators [9]. Group 3: Supply and Demand Balance - The separator industry is expected to reach a supply-demand balance as the demand for power batteries is projected to grow significantly, with global demand reaching 1704 GWh by 2026 [5]. - The willingness to expand production in the separator industry is low due to high capital investment and long payback periods, leading to a scarcity of quality production capacity [6]. - The industry is shifting focus from expansion to optimizing existing capacity, with many companies halting expansion plans to avoid oversupply [7]. Group 4: Competitive Landscape and Differentiation - The competition in the separator industry is evolving from scale and price competition to a focus on technological innovation and product performance [8]. - The industry is moving towards ultra-thin and high-strength separators, with 5μm products becoming a key area of competition [9]. - Companies are increasingly looking to expand their overseas presence, as international markets offer higher margins and growth potential [10][11].

Core Viewpoint - The article discusses the rise and fall of Enjie Co., Ltd., a key player in the lithium battery separator market, highlighting the company's strategic decisions, market dynamics, and the impact of recent industry downturns on its financial performance and the wealth of its founders. Company Overview - Enjie Co., Ltd. specializes in lithium battery separators, crucial for battery safety and energy density, with a focus on reducing the thickness of these separators to enhance performance [1][7]. - The company was founded by Paul Xiaoming Lee and his brother Li Xiaohua, who returned to China after studying polymer materials in the U.S. [6][7]. Market Performance - As of December 26, Enjie Co., Ltd. reached a stock price of 56.71 yuan per share, with a year-to-date increase of over 70%, resulting in a market capitalization of 557 billion yuan [1]. - However, the stock price has dropped significantly from its peak, losing 80% of its value and over 250 billion yuan in market capitalization [4]. Financial Growth and Challenges - Enjie Co., Ltd. experienced rapid growth from 2016 to 2021, with revenue soaring from less than 1.2 billion yuan to 8 billion yuan and net profit increasing from 1.7 billion yuan to over 2.7 billion yuan [9]. - The company set an ambitious target of reaching a separator production capacity of 15 billion square meters by 2025, despite the global production being only 7.6 billion square meters at that time [10]. Industry Downturn - The lithium battery industry faced a downturn in 2023, with lithium carbonate prices plummeting from 500,000 yuan per ton to 100,000 yuan, leading to reduced demand and price cuts for separators [10]. - Enjie Co., Ltd. reported a 119.46% year-on-year decline in net profit in the first half of 2025, marking its first loss since its listing [11]. Debt and Cash Flow Issues - The company has significant construction projects totaling 3.32 billion yuan, with high fixed asset depreciation becoming a burden amid low industry operating rates [11]. - Accounts receivable reached 5.25 billion yuan, representing 51.67% of 2024 revenue, with extended turnover days indicating cash flow pressures [11]. Wealth Impact on Founders - The wealth of the Lee family has drastically decreased, with their net worth dropping from 72.5 billion yuan in 2021 to 10 billion yuan in 2025, reflecting a loss of 62.5 billion yuan [12][13]. Capital Operations and Strategic Moves - Between 2020 and 2022, the Lee family engaged in significant share sell-offs, totaling 3.517 billion yuan, during a period of high stock prices [15]. - In 2025, the Lee family committed to repurchasing shares, acquiring 42.77% of the company at a significantly lower price than their previous sell-off [16]. Future Strategies - Enjie Co., Ltd. is focusing on global expansion, with plans for production bases in Hungary, the U.S., and Malaysia, alongside a commitment to technological innovation [17]. - The company announced plans to acquire a manufacturer of separator equipment, aiming to strengthen its technological capabilities and market position [17]. Market Recovery Signs - In late 2025, there are indications of a recovery in lithium battery demand, with separator prices beginning to rebound, and the Ministry of Industry and Information Technology discussing measures to stabilize the industry [18].

Core Viewpoint - The article discusses the rise and fall of Enjie Co., Ltd., focusing on the company's strategic decisions in the lithium battery separator market and the impact of market fluctuations on its financial performance [1][10]. Group 1: Company Overview - Enjie Co., Ltd. specializes in lithium battery separators, which are crucial for battery safety and energy density [1]. - The company was founded by Paul Xiaoming Lee and his brother Li Xiaohua, who returned to China after studying polymer materials in the U.S. [5]. - Enjie initially entered the BOPP film market for cigarette packaging before pivoting to lithium battery separators in 2010, recognizing the potential for domestic production [5][9]. Group 2: Market Performance - Enjie’s stock price surged over 70% in 2023, reaching a market capitalization of 557 billion yuan [1]. - However, the stock has lost 80% of its value from its peak, with a market cap decline of over 250 billion yuan [3]. - The company’s revenue skyrocketed from less than 1.2 billion yuan in 2016 to 8 billion yuan in 2021, with net profit increasing 16-fold during the same period [9]. Group 3: Strategic Decisions - Enjie adopted a strategy of significant prepayments to secure equipment supply from Japanese manufacturers, creating a competitive barrier [6][7]. - The company aimed for an ambitious production target of 15 billion square meters of separators by 2025, despite the global production being only 7.6 billion square meters at that time [10]. - Enjie’s gross margin peaked at over 50% in 2021, aided by its large-scale production capabilities [7]. Group 4: Financial Challenges - The lithium battery market faced a downturn in 2023, with lithium carbonate prices plummeting from 500,000 yuan per ton to 100,000 yuan, leading to reduced demand and price cuts for separators [10]. - Enjie reported a 119.46% year-on-year decline in net profit in the first half of 2025, marking its first loss since going public [10][11]. - The company’s accounts receivable reached 5.251 billion yuan, representing over 51% of its 2024 revenue, indicating cash flow pressures [11]. Group 5: Capital Operations - The Lee brothers engaged in significant share sell-offs between 2020 and 2022, totaling 3.517 billion yuan, which raised concerns about their commitment to the company [12]. - In 2025, they initiated a share buyback program, acquiring shares at a significantly lower price than during their sell-off, demonstrating a strategic financial maneuver [12][13]. - Enjie is expanding internationally, with plans for production bases in Hungary, the U.S., and Malaysia, alongside a focus on technological innovation [13][14].

Core Viewpoint - The article discusses the rise and fall of Enjie Co., Ltd., a key player in the lithium battery separator market, highlighting its innovative strategies, rapid growth, and subsequent challenges in a changing industry landscape. Group 1: Company Overview - Enjie Co., Ltd. specializes in lithium battery separators, which are crucial for battery safety and energy density [1] - The company was founded by the "Li brothers," Paul Xiaoming Lee and Li Xiaohua, who returned to China after studying polymer materials in the U.S. [5] - Enjie initially focused on BOPP film for cigarette packaging before pivoting to lithium battery separators in 2010, recognizing the potential in a market dominated by foreign giants [6] Group 2: Growth and Achievements - Enjie's revenue surged from less than 1.2 billion yuan in 2016 to 8 billion yuan in 2021, with net profit increasing from 1.7 billion yuan to over 2.7 billion yuan during the same period [9] - The company's market capitalization reached 300 billion yuan in 2021, making the Li brothers among the wealthiest individuals in China [9] - Enjie achieved a gross margin exceeding 50% in 2021, a remarkable feat in the capital-intensive manufacturing sector [7] Group 3: Challenges and Decline - By 2023, the lithium battery industry's super cycle ended, leading to a significant drop in lithium carbonate prices and a slowdown in battery production growth [10] - Enjie faced a 119.46% year-on-year decline in net profit in the first half of 2025, marking its first cumulative loss since its listing [10] - The company's stock price plummeted from a peak of 319 yuan to below 24.40 yuan, resulting in a market value loss of over 250 billion yuan [2][13] Group 4: Strategic Responses - In response to the downturn, Enjie is expanding internationally, with plans for production bases in Hungary, the U.S., and Malaysia, totaling an investment of approximately 7.7 billion yuan [15] - The company is also pursuing technological innovation, including a planned acquisition of a separator equipment manufacturer to strengthen its competitive edge [15] - As of late 2025, the lithium separator market showed signs of recovery, with price increases reported by several companies [16]

在锂电池的结构中，正极与负极之间维持着一种危险的平衡。为了防止两极直接接触造成短路，它们必须被一层布满微孔的高分子薄膜物理隔开。这层膜， 就是隔膜。 隔膜的厚度通常以微米计量，7微米到9微米。但恩捷股份（002812.SZ）创始人，董事长Paul Xiaoming Lee（李晓明）和副董事长兼总经理李晓华这对"李氏 兄弟"的目标是将这个间隙做得更薄。 这种近乎透明的薄膜，决定了电池的安全性与能量密度，也决定着一个家族在财富榜上的地位。 12月26日，锂电产业链再掀小高潮，恩捷股份盘中一度触及涨停。截至收盘，恩捷股份报56.71元/股，涨幅9.10%，市值557亿元。年初至今，该股涨幅超过 70%。 但如果将时间线拉长，恩捷股份股价较巅峰时期已跌去八成，市值蒸发超过2500亿元。 回顾李氏兄弟的商业起点，是典型的技术精英归国创业。 1996年，在马萨诸塞大学深耕高分子材料研究的李晓明带着弟弟李晓华回国创业，彼时的李晓华同样拥有麻省大学高分子材料专业背景。 李氏兄弟二人的技术基因为后来的创业埋下伏笔。他们所选的第一个赛道是卷烟包装BOPP薄膜。在云南这个烟草大省，这几乎是一门躺着赚钱的生意。 但李晓明很快意识到， ...

Core Viewpoint - The company emphasizes that its stock price is influenced by multiple factors including operational performance, market sentiment, and overall industry development [2] Group 1: Company Operations - The company is committed to improving its main business and enhancing its fundamental performance [2] - The company aims to continuously strengthen its competitiveness and solidify its position in the industry [2] Group 2: Shareholder Interests - The company is focused on maintaining the common interests of its shareholders [2]

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。 证券代码：002812 股票简称：恩捷股份 公告编号：2025-213 云南恩捷新材料股份有限公司 关于公司合并报表范围内提供担保的进展公告 一、担保情况概述 云南恩捷新材料股份有限公司（以下简称"公司"）于 2024 年 12 月 27 日召 开第五届董事会第三十五次会议，审议通过了《关于公司 2025 年度合并报表范 围内担保额度的议案》，详见公司于 2024 年 12 月 31 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）刊登的《关于公司 2025 年度合并报表范围内担保额度的 公告》（公告编号：2024-253 号）。公司于 2025 年 1 月 16 日召开 2025 年第一 次临时股东会审议通过了上述事项。 二、担保进展情况 近日，公司向招商银行股份有限公司上海分行（以下简称"招行上海分行"） 出具《最高额不可撤销担保书》（编号：121XY251203T000297），对控股子公 司上海恩捷新材料科技有限公司（以下简称"上海恩捷 ...

Market Overview - The battery sector increased by 1.24% compared to the previous trading day, with Haike Xinyuan leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Top Gainers in the Battery Sector - Haike Xinyuan (301292) closed at 72.00, up 20.00%, with a trading volume of 414,100 shares and a transaction value of 2.752 billion [1] - Baosheng Lithium Battery (688353) closed at 122.82, up 11.87%, with a trading volume of 224,200 shares and a transaction value of 2.637 billion [1] - Fengyuan Co., Ltd. (002805) closed at 18.88, up 10.02%, with a trading volume of 120,200 shares and a transaction value of 227 million [1] - Tianji Co., Ltd. (002759) closed at 49.50, up 10.00%, with a trading volume of 1,248,700 shares and a transaction value of 6.145 billion [1] - Enjie Co., Ltd. (002812) closed at 56.71, up 9.10%, with a trading volume of 645,100 shares and a transaction value of 3.608 billion [1] Market Capital Flow - The battery sector saw a net inflow of 5.34 billion from main funds, while retail funds experienced a net outflow of 2.488 billion and 2.852 billion respectively [2][3] - The top stocks with significant main fund inflows include: - Tianji Co., Ltd. (002759) with a net inflow of 1.024 billion, accounting for 16.66% of the total [3] - Enjie Co., Ltd. (002812) with a net inflow of 604 million, accounting for 16.73% of the total [3] - Hunan YN (301358) with a net inflow of 485 million, accounting for 16.62% of the total [3]

Group 1: Market Performance - The chemical sector continued to surge on December 26, with the chemical ETF (516020) reaching an intraday high of 2.23% and closing up 1.88% [1] - Key stocks in the lithium battery sector saw significant gains, with Enjie Co., Ltd. rising over 9%, and other companies like Duofluoride, Xingyuan Material, and Guangwei Composite increasing by over 8% [1][2] Group 2: Capital Inflows - The basic chemical sector experienced a substantial net inflow of over 8.7 billion yuan from major funds on the same day, ranking third among 30 sectors [1] - Over the past five trading days, the basic chemical sector has seen net inflows exceeding 44 billion yuan, placing it second among the 30 sectors [1] Group 3: Industry Insights - The lithium carbonate market is facing intensified competition, with some companies halting production for maintenance due to significant discrepancies between long-term contract prices and spot prices [3] - Analysts suggest that recent actions by leading companies in the lithium battery materials sector may trigger a chain reaction in pricing and production adjustments [3] Group 4: Future Outlook - China Galaxy Securities forecasts a negative growth in capital expenditure for the chemical industry starting in 2024, with potential supply-side contractions due to the "anti-involution" trend and the clearing of outdated overseas capacities [3] - The 14th Five-Year Plan emphasizes expanding domestic demand, which, combined with the onset of a U.S. interest rate cut cycle, could open up demand for chemical products [3] - Dongxing Securities anticipates an improvement in the chemical industry's supply-demand dynamics by 2026, suggesting a favorable investment environment [4] Group 5: Investment Strategies - The chemical ETF (516020) is recommended for investors looking to capitalize on the chemical sector's rebound, as it tracks a comprehensive index covering various sub-sectors [4] - The ETF has a significant allocation to large-cap leading stocks, providing exposure to strong investment opportunities while also covering other segments like phosphate and fluorine chemicals [4]

Core Viewpoint - The chemical sector is experiencing significant gains, with the chemical ETF (516020) showing a price increase of 1.88% as of the report, driven by strong performances in lithium battery and fluorochemical stocks [1][8]. Group 1: Market Performance - The chemical ETF (516020) reached a maximum intraday increase of 2.23% [1][8]. - Key stocks in the sector include Enjie Co., which surged over 9%, and other notable performers like Dofluorid, Xingyuan Material, and Guangwei Composites, all rising over 8% [1][8]. - The basic chemical sector attracted significant capital inflow, with over 8.7 billion yuan net inflow on the day, ranking third among 30 sectors [1][3]. Group 2: Industry Trends - The lithium carbonate market is facing intensified competition, with reports of some companies halting production for maintenance due to significant price discrepancies between long-term contracts and spot prices [3][11]. - The National Development and Reform Commission emphasized the need for order regulation and innovation in key industries such as new energy vehicles and lithium batteries [3][11]. - Analysts predict that the chemical industry will see a negative growth in capital expenditure starting in 2024, with supply-side contractions expected due to the "anti-involution" trend and the clearing of outdated capacities [11]. Group 3: Investment Opportunities - Investment strategies should focus on sectors with improving supply-demand dynamics and rising industry prosperity [11][12]. - The chemical ETF (516020) is recommended for efficient exposure to the sector, with nearly 50% of its holdings in large-cap leading stocks [12][13]. - Key investment directions include sectors poised for recovery, leading companies driven by capital expenditure and R&D, and high-end chemical new materials benefiting from increased demand or domestic substitution [11][12].