Core Viewpoint - Enjie Co., Ltd. is facing unprecedented challenges despite being the global leader in the separator industry for seven consecutive years, with a significant decline in revenue and a net loss reported for the first time since its listing [1][4]. Financial Performance - In 2024, Enjie reported revenue of 10.164 billion yuan, a year-on-year decline of 15.6%, and a net loss of 556 million yuan [1][4]. - For the first three quarters of 2025, revenue increased by 27.85% to 9.543 billion yuan, but the net loss was still 86.32 million yuan, with the gross margin dropping to 15.9%, down from over 40% previously [5]. - The separator industry is experiencing a price war, with a significant drop in prices due to oversupply and raw material price fluctuations [5]. Industry Context - In the first half of 2025, China's separator production reached 13.94 billion square meters, a year-on-year increase of 53.2%, with Enjie maintaining a market share of over 30% [5]. - Prices for wet separators decreased by 19.4% for 7um and 15.7% for 7+2+1um, while dry separators saw a price increase of 6% [2][5]. Strategic Intent - Enjie aims to capitalize on the growth of wet separator production by acquiring Zhongke Hualian, which has established significant production capacity and is expanding further [6]. - The acquisition is expected to optimize costs through supply chain integration, allowing Enjie to directly procure equipment and reduce production line debugging time [6]. - Zhongke Hualian's technological advancements in new materials will support Enjie's positioning in the solid-state battery market [6]. Challenges - Zhongke Hualian has reported continuous losses over the past three years, with a net loss of 191 million yuan in the first three quarters of 2025, necessitating close monitoring of its technology transfer and production capacity [6]. - Enjie faces challenges related to overseas operational costs and uncertainties in the solid-state battery technology pathway, which may impact its global strategy [6].

Core Viewpoint - Enjie Co., Ltd. experienced a significant drop in stock price, reaching the daily limit down, with a trading volume of 2.618 billion yuan and a turnover rate of 6.24% [2] Trading Activity Summary - The stock was listed on the Shenzhen Stock Exchange for a daily price deviation of -9.23%, with institutional investors net selling 2.7058 million yuan and the Shenzhen Stock Connect net selling 21.8 million yuan [2] - The top five trading departments had a total transaction volume of 761 million yuan, with a buying amount of 288 million yuan and a selling amount of 473 million yuan, resulting in a net sell of 185 million yuan [2] - Among the trading departments, three institutional special seats were involved, with a total buying amount of 72.9725 million yuan and a selling amount of 75.6782 million yuan, leading to a net sell of 2.7058 million yuan [2] Fund Flow Analysis - The stock saw a net outflow of 226 million yuan from major funds, with a large single order net outflow of 4.7271 million yuan and a net outflow of 221 million yuan from large orders [2] - Over the past five days, the net outflow of major funds totaled 226 million yuan [2]

Investment Rating - The industry investment rating is "Overweight" (maintained), 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 November 2025, the production and sales of new energy vehicles reached new highs, with production and sales of 1.88 million and 1.823 million units respectively, representing year-on-year growth of 20% and 20.6% [3]. - The penetration rate of new energy vehicles in November was 53.2%, up 1.6 percentage points month-on-month, while the cumulative penetration rate from January to November was 47.5% [3]. - The demand for lithium batteries remains robust, with a significant increase in battery production and sales in November, achieving a year-on-year growth of 49.2% and 52.2% respectively [3]. - The report maintains an optimistic outlook for lithium battery demand in the coming year, driven by strong storage demand and the ongoing industrialization of solid-state batteries [3]. Summary by Sections New Energy Vehicle Market - In November 2025, new energy vehicle production and sales reached 1.88 million and 1.823 million units, with year-on-year growth of 20% and 20.6% respectively [3]. - Cumulative production and sales from January to November were 14.907 million and 14.78 million units, with year-on-year growth of 31.4% and 31.2% [3]. - Exports of new energy vehicles in November reached 300,000 units, a year-on-year increase of 2.6 times [3]. Battery Production and Sales - In November, the production of power and other batteries was 176.3 GWh, with a year-on-year increase of 49.2% [3]. - Battery sales in November were 179.4 GWh, with a year-on-year increase of 52.2% [3]. - The sales of power batteries accounted for 74.7% of total sales, with a year-on-year growth of 52.7% [3]. Industry Outlook - The report suggests that the lithium battery industry will continue to see demand growth, particularly in the context of strong storage needs and the advancement of solid-state battery technology [3]. - Key companies to watch include CATL, Yiwei Lithium Energy, and others involved in the solid-state battery supply chain [3].

Group 1 - The battery sector experienced a decline of 1.74% compared to the previous trading day, with Enjie Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3867.92, down 0.55%, while the Shenzhen Component Index closed at 13112.09, down 1.1% [1] - A table detailing the individual stock performance within the battery sector was provided [1] Group 2 - In terms of capital flow, the battery sector saw a net outflow of 2.05 billion yuan from main funds, while retail investors contributed a net inflow of 1.664 billion yuan [2] - The table showing the capital flow for individual stocks in the battery sector was also included [2]

恩捷股份(002812.SZ)今日跌停，换手率6.24%，成交额26.18亿元。龙虎榜数据显示，深股通买入8632万元，卖出3.04亿元，净卖出2.18亿元；游资"量化基 金"位列卖二席位，净卖出4884万元。上榜席位全天买入2.88亿元，卖出4.73亿元，合计净卖出1.85亿元。(格隆汇) | 买入金额最大的前5名 序号 | 交易营业部名称 | | 买入金额(万) | 占总成交比例 | | --- | --- | --- | --- | --- | | 1 | 深股通专用 | 697次 44.48% 2 | 8632.57 | 3.30% | | 2 | 中国银河证券股份有限公司成都建设路证券营业部 | 1次 100.00% | 5999.42 | 2.29% | | 3 | 机构专用 | 1539次 41.26% ▶ | 3685.22 | 1.41% | | 4 | 机构专用 | 1539次 41.26% ▶ | 3612.03 | 1.38% | | 5 | 国泰海通证券股份有限公司蒙自天马路证券营业部 | 次 - A | 3607.55 | 1.38% | | 卖出金额最大的前5名 | | | | ...

两家公司的财务表现也不佳，近年已陷入亏损困境。财报显示，恩捷股份2024年出现上市以来首次年度 亏损，归母净利润为-5.56亿元。毛利率则从2021年的49.86%大幅降至2024年的11.07%。2025年前三季 度虽营收增长27.85%至95.43亿元，但归母净利润仍亏损8632万元。 受锂电隔膜行业竞争加剧影响，中科华联近三年净利润连续为负，2023年、2024年及2025年前三季度， 中科华联的归母净利润分别为-8243.13万元、-2.93亿元及-1.90亿元。 在恩捷股份看来，此次收购意在实现产业链垂直整合，进一步增强公司核心竞争力。 不过，资本市场似乎对此番收购行为并不买账。根据资产并购预案，本次发行价格为34.38元/股，较公 司停牌前55.35元/股的价格折让37.89%，这一大幅折价直接稀释原有股东权益，引起市场震动。12月15 日公司股票复牌后跌停，报49.82元/股。 12月12日，恩捷股份发布公告称，拟通过发行股份方式向郅立鹏、青岛众智达投资等63名交易对方收购 青岛中科华联100%股份，并向不超过35名特定对象发行股份募集配套资金。 公开资料显示，恩捷股份是全球领先的锂电池隔膜供应 ...

中国经济网北京12月15日讯 恩捷股份(002812.SZ)今日复牌，股价跌停，截至发稿报49.82元，下跌 9.99%。 恩捷股份12月13日披露的发行股份购买资产并募集配套资金预案显示，上市公司拟通过发行股份的 方式向郅立鹏、青岛众智达、陈继朝、杨波、袁军等共63名交易对方购买其合计持有的青岛中科华联新 材料股份有限公司（以下简称"中科华联"或"标的公司"）100%股份。本次交易完成后，标的公司将成 为上市公司全资子公司。经交易各方协商，本次发行价格为34.38元/股。 截至预案签署日，标的公司的审计和评估工作尚未完成，本次交易的具体交易价格尚未确定。 同时，上市公司拟向不超过35名符合条件的特定对象发行股份募集配套资金，本次募集配套资金总 额不超过本次交易中以发行股份方式购买资产的交易价格的100%，且募集配套资金发行股份数量不超 过本次发行股份购买资产完成后上市公司股份总数的30%。最终发行数量以深交所审核通过、中国证监 会同意注册的发行数量为限。 本次募集配套资金发行股份采取询价发行的方式，发行价格不低于上市公司募集配套资金定价基准 日前20个交易日上市公司股票交易均价的80%。最终发行价格将在本次 ...

点评：此次并购为纵向整合，打通"设备—膜材料"全产业链，强化技术壁垒与成本控制，提升产能扩张 效率及隔膜制品工艺协同，巩固恩捷全球隔膜龙头地位。短期复牌或提振股价，中长期有望加速高端隔 膜国产替代与全球化布局。需关注标的估值、业绩承诺、整合风险及行业竞争态势，密切跟踪交易进展 与配套资金落地情况。 NO.3 容百科技：拟收购贵州新仁部分股权并增资 丨2025年12月15日星期一丨 NO.1 中国宝安：参与杉杉集团及其全资子公司实质合并重整投资人招募 12月12日，中国宝安公告称，公司于2025年12月12日召开了第十五届董事局第七次会议，审议通过了 《关于参与杉杉集团及其全资子公司实质合并重整投资人招募的议案》，同意公司作为重整投资联合体 牵头人，联合下属子公司贝特瑞及其他潜在投资人参与杉杉集团及其全资子公司宁波朋泽的实质合并重 整投资人招募。目前，公司按照杉杉集团管理人发布的公告要求，已提交了报名材料，缴纳了尽职调查 保证金5000万元，并委托了中介机构开展尽职调查。 点评：此举标志锂电材料行业整合提速，若重整成功，中国宝安及贝特瑞有望通过产能协同与技术互补 强化负极材料全球竞争力，并可能拓展电解液等业务， ...

恩捷股份：拟购买中科华联100%股份 15日起复牌；安博通等公司拟赴港上市；中国高科：筹划控制权 变更事项 15日起停牌；芯原股份：终止重大资产重组事项；*ST步森：终止筹划重大资产重组；摩尔线 程：拟使用不超75亿元闲置募集资金进行现金管理；长安汽车：控股子公司深蓝汽车拟增资扩股募资规 模约61.22亿元；保利发展：拟发行可转债募资不超50亿元…… 今日看点 芯原股份：公司原拟通过发行股份及支付现金的方式购买芯来智融半导体科技（上海）有限公司（以下 简称"标的公司"或"芯来智融"）97.0070%股权并募集配套资金，本次交易预计构成重大资产重组。自筹 划重大资产重组事项以来，公司严格按照相关法律法规要求，积极稳步推进并基本完成本次重大资产重 组包括审计和评估在内的各项工作。在推进各项工作过程中，标的公司管理层及交易对方提出的核心诉 求及关键事项与市场环境、政策要求及公司和全体股东利益存在偏差。近日，公司接到标的公司管理层 及交易对方关于终止本次交易的通知，为切实维护公司及全体股东利益，经充分审慎研究，公司同意终 止本次重大资产重组交易。 ▼聚焦一：恩捷股份：拟购买中科华联100%股份 15日起复牌 公司拟通 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The Central Economic Work Conference emphasizes the application of green electricity and promotes the development of hydrogen, ammonia, methanol, and energy storage, indicating a positive outlook for investment opportunities in green energy sectors in 2026 [3]. - Domestic energy storage saw significant growth in November, with newly installed capacity reaching 4.51GW/13.03GWh, reflecting a month-on-month increase of 57.14% in power and 74.66% in capacity [3][7]. - The report highlights the importance of hydrogen and green fuels as new growth points, with expectations for increased investment in these areas due to supportive policies and market conditions [4]. Summary by Sections Energy Storage - Domestic energy storage is experiencing a boom, with November's new installations showing a 45.95% year-on-year increase in power and a 49.6% increase in capacity [3][7]. - The report anticipates that independent energy storage tenders will maintain a good level in 2026, supported by a complete revenue model through energy markets and auxiliary services [3]. Hydrogen and Green Fuels - The report suggests that hydrogen and methanol will play a crucial role in the non-electric applications of green electricity, with significant investment expected in these areas [4]. - The development of zero-carbon parks and factories is also highlighted as a key initiative for 2026 [3]. Wind Power - The report notes that in 2024, onshore wind power installations are expected to reach 75.8GW, a year-on-year increase of 9.68%, while offshore wind installations are projected to be 4.0GW, a decrease of 40.85% [8]. - The bidding capacity for wind power equipment in 2024 is expected to be 164.1GW, a 90% increase year-on-year [13]. Lithium Battery - The report indicates that the demand for lithium batteries remains strong, with December's retail sales of new energy vehicles expected to show a bright performance despite a year-on-year decline of 17% [19]. - The supply chain for lithium batteries is expected to stabilize, with ongoing negotiations for long-term contracts and price adjustments [22][23].