Core Viewpoint - Enjie Co., Ltd. (002812) is actively adapting its product offerings in response to customer needs, transitioning some of its energy storage battery products from dry-process separators to wet-process separators, indicating a focus on technological advancements and customer satisfaction [1] Group 1: Company Performance - The company currently has a robust order backlog and high capacity utilization, reflecting strong operational performance [1] - Recent trends show stable growth in demand and orders from downstream customers, suggesting a positive market outlook [1] Group 2: Industry Trends - The energy storage demand remains strong, which is expected to drive further growth in the company's shipment volume by 2025 [1]

Core Viewpoint - The company, Enjie Co., Ltd., has reported a strong order backlog and high capacity utilization, indicating stable growth in downstream customer demand and an optimistic outlook for increased shipment volumes by 2025 [1] Group 1: Company Performance - The company currently has a robust order backlog and is operating at a high capacity utilization rate [1] - Downstream customer demand is experiencing stable growth, which is expected to contribute to increased shipment volumes by 2025 [1] Group 2: Industry Outlook - The industry supply-demand dynamics are improving, leading to a gradual recovery in the prices of membrane products [1] - The company anticipates that its profitability will return to a reasonable range within the manufacturing sector as a result of these improvements [1]

Group 1: Market Trends and Demand - There is a trend of switching from dry-process to wet-process separators in energy storage batteries, with some customers already making this transition [2] - The demand for energy storage batteries remains strong, and the demand for power batteries continues to grow, leading to an overall increase in downstream demand [3] Group 2: Supply and Production Capacity - The new production capacity in the separator industry this year is lower than last year, resulting in reduced effective capacity formation, indicating an improvement in supply [2] - The expansion cycle in the separator industry is long and capital-intensive, making it difficult to increase production amid low profit levels and long recovery periods [3] Group 3: Industry Competition and Pricing - The future competition landscape in the separator industry is expected to see increased concentration, with supply growth primarily coming from leading enterprises due to the lack of confidence and capability among small and medium-sized enterprises [4] - The pricing of separator products is influenced by supply and demand as well as product performance, with expectations for gradual recovery in prices and profit levels as downstream demand continues to rise [5] Group 4: Current Orders and Production Utilization - The company currently has a robust order book and high production utilization, with stable growth in downstream customer demand and orders [6] - The company anticipates further growth in shipment volume in 2025, supported by strong demand in the energy storage sector [6]

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：2025-192 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 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。 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，公司与兴业银行股份有限公司昆明分行（以下简称"兴业银行昆明分 行"）签订《最高额保证合同》（编号：兴银云呈贡高保字（2025）第 11070001 号），对 ...

Core Viewpoint - The chemical sector is experiencing significant gains, with the Chemical ETF (516020) showing a notable increase in value, driven by strong performances in lithium battery materials, phosphate chemicals, rubber additives, and potassium fertilizers [1][3]. Group 1: Market Performance - The Chemical ETF (516020) opened with a rapid rise, reaching a maximum intraday increase of 1.83%, and is currently up by 1.1% [1]. - Key stocks in the sector include Hongda Co., which surged over 9%, Tongcheng New Materials with a rise exceeding 6%, and Salt Lake Co. increasing by over 5% [1]. - The basic chemical sector has attracted significant capital inflow, with a net inflow of 72.2 billion yuan, leading among 30 sectors tracked by Citic [3]. Group 2: Price Trends - The price of battery-grade lithium carbonate has risen by 3,500 yuan per ton, reaching an average of 97,550 yuan per ton, marking a new high for the year [3]. - The continuous increase in lithium carbonate prices is expected to benefit the salt lake lithium extraction industry, enhancing its value [3]. Group 3: Valuation Insights - As of November 19, the Chemical ETF (516020) has a price-to-book ratio of 2.41, which is relatively low compared to the past decade, indicating a favorable long-term investment opportunity [4]. Group 4: Future Outlook - The chemical industry is undergoing a transformation with the implementation of "anti-involution" measures, which may provide a model for other sub-industries [5]. - The supply-side reform is anticipated to optimize the supply-demand dynamics in the chemical sector, benefiting leading companies with better management and energy control [5]. - The chemical sector has been in a long-term bottoming phase, and with the economic outlook improving, profitability in the sector is expected to rise [6].

Investment Rating - The investment rating for Yunnan Energy New Material is "Sell" with a target price of Rmb20.4, implying a significant downside potential of -66.9% from the current price of Rmb61.72 [6][9]. Core Insights - Yunnan Energy has successfully implemented price hikes in Q4 2025, which is expected to improve unit profit slightly to around Rmb0.04-0.05 [2][3]. - The company anticipates further profit growth and steady capacity expansion in the upcoming year, with a total capacity increase of approximately 2 billion square meters expected by 2026 [3][4]. - The current monthly production capacity stands at approximately 1.1 billion square meters, with a projected total capacity of 15 billion square meters by 2026 [3][4]. - Yunnan Energy maintains a strong partnership with LG, supplying around 60% of its needs, and is expanding its overseas operations with bases in Hungary and the US [4]. Summary by Sections Price Hikes - Discussions regarding price increases began in September, with adjustments on loss-making products implemented in October and ongoing negotiations in November [2]. Profitability - Management expects a slight improvement in profitability, projecting unit profit to be around Rmb0.04-0.05 in Q4 2025 [2]. Capacity Expansion - Current capacity can be increased by approximately 1 billion square meters through optimization, with five new production lines expected to be operational in 2026 [3]. Production - The current monthly capacity is about 1.1 billion square meters, with a year-end total capacity of 13 billion square meters and a target of 14 billion square meters for production [3]. Customer Relationships - Yunnan Energy has a strong partnership with LG, being its primary supplier with a market share of approximately 60% [4]. Overseas Business - The company has established a base in Hungary with a capacity of 400 million square meters and plans to commence operations in the US in the second half of 2026, focusing on coating [4].

Core Viewpoint - Enjie Co., Ltd. has experienced significant stock price growth this year, with a year-to-date increase of 89.50%, driven by strong market interest and trading activity [1][2]. Group 1: Stock Performance - As of November 18, Enjie Co., Ltd. shares were down 2.02%, trading at 60.62 CNY per share, with a total market capitalization of 59.542 billion CNY [1]. - The stock has seen a trading volume of 1.431 billion CNY, with a turnover rate of 2.78% [1]. - Year-to-date, the stock has risen 89.50%, with a 12.22% increase over the last five trading days, 48.32% over the last 20 days, and 89.02% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Enjie Co., Ltd. reported revenue of 9.543 billion CNY, reflecting a year-on-year growth of 27.85% [2]. - The company recorded a net profit attributable to shareholders of -863.23 million CNY, a decrease of 119.46% year-on-year [2]. Group 3: Business Overview - Enjie Co., Ltd. specializes in various packaging and printing products, lithium battery separators, aluminum-plastic films, and water treatment membranes, with lithium battery separators accounting for 83.64% of its revenue [2]. - The company is classified under the electric equipment and battery chemical industry, with key segments including lithium batteries and new materials [2]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 22.09% to 123,100, with an average of 6,565 circulating shares per person, down 18.81% [2]. - The company has distributed a total of 2.825 billion CNY in dividends since its A-share listing, with 1.874 billion CNY distributed over the past three years [3].

国浩律师（上海）事务所 关于云南恩捷新材料股份有限公司 2025 年第八次临时股东会的法律意见书 致：云南恩捷新材料股份有限公司 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所（以下简称"本所"）担任云南恩捷新材料股份有 限公司（以下称"公司"或"恩捷股份"）之特聘法律顾问，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）等法律、法规和《上市公司股东会规则》（以下称"《股 东会规则》"）及《云南恩捷新材料股份有限公司章程》（以下称"《公司章程》"） 等有关规定，指派何佳欢律师、周烨培律师出席并见证了公司于 2025 年 11 月 17 日（星期一）下午 14:00 在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召开的 2025 年第八次临时股东会（以下简称"本次股东 会"），对本次股东会的召集、召开程序、出席人员资格、会议表决程序等事宜 进行了审查。本所依据本法律意见书出具日之前已经发生或存在的事实及中国现 行法律、法规及规范性文件发表法律意见。 本所依据本法律意见书出具日之前已经发生或存在的事实及中国现行法 ...

证券代码：002812 股票简称：恩捷股份 公告编号：2025-191 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2025年第八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：2025 年 11 月 17 日（星期一）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 2025 年 11 月 17 日（星期一）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 2025 年 11 月 17 日（星 期一）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。 2、本次股东会未涉及变更前次股东会决议。 一、会议的召开和出席情况 （一）会议的召开情况 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 ...

Group 1 - The chemical sector experienced a significant drop on November 17, with the chemical ETF (516020) initially rising by 1.69% before falling to a decrease of 0.24% at the time of reporting [1] - Key stocks in the sector, including coatings, battery chemicals, and fluorochemicals, saw notable declines, with SanKeTree dropping over 3%, and Enjie and Sanmei both falling over 2% [1] - The report indicates that the peak of new capacity additions in the chemical industry has passed, leading to a reduction in capital expenditure, which is expected to improve the supply-demand balance in the sector [1][3] Group 2 - The current PB-LF valuation of the basic chemical industry is close to the bottom levels seen in 2019 and 2024, indicating that the sector is still undervalued [3] - The chemical industry is expected to see a continuous improvement in supply-demand dynamics, with a potential upward trend in industry prosperity [3] - Analysts suggest that the chemical sector may experience a rebound starting in 2026, driven by improved domestic demand and supply-side adjustments [3] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks [4] - Investors can also access the chemical ETF through linked funds, providing a more efficient way to invest in the chemical sector [4]