Group 1 - The company Enjie Co., Ltd. (002812) announced on September 17 that it has multiple domestic wet separator bases, including locations in Shanghai, Zhuhai, Wuxi, Jiangxi, Hubei, and Chongqing [1] - The dry separator base, Jiangxi Enbo, has an annual production capacity of 1 billion square meters [1] - A new wet separator base, Yuxi base, is currently under construction and its first phase is gradually being put into production [1]

Core Viewpoint - Enjie Co., Ltd. (002812) announced on September 17 that it currently has abundant orders on hand and a high capacity utilization rate, with stable growth in downstream customer demand and orders, particularly driven by strong energy storage demand, indicating potential for further growth in shipment volume by 2025 [1] Group 1 - The company has a high capacity utilization rate [1] - There is a stable growth trend in downstream customer demand and orders [1] - The strong demand in the energy storage sector is a key driver for future growth [1] Group 2 - The company anticipates an increase in shipment volume by 2025 [1]

Core Viewpoint - The company is actively expanding its business in semi-solid and all-solid-state battery materials, demonstrating significant production capabilities and ongoing market development efforts [1] Group 1: Semi-Solid Battery Separator Business - The company's subsidiary, Jiangsu Sanhe Battery Materials Technology Co., Ltd., has the capacity for mass production of semi-solid battery separators [1] - The company is actively exploring market opportunities in this segment [1] Group 2: All-Solid-State Battery Materials - The company's subsidiary, Hunan Enjie Frontier New Materials Technology Co., Ltd., focuses on the research and development of high-purity lithium sulfide, sulfide solid electrolytes, and sulfide solid electrolyte films [1] - A pilot production line for high-purity lithium sulfide has been established, and a 10-ton production line for solid electrolytes has been put into operation, indicating readiness for shipment [1] - The company has plans for a thousand-ton production line in Yuxi, further enhancing its production capabilities [1] Group 3: R&D and Market Development - The company will continue to invest in research and development, deepen cooperation with customers, and enhance technical exchanges to promote industry technological advancement [1]

Group 1 - The company announced on September 17 that its capacity utilization rate is currently high and at an industry-leading level [1] - The second half of the year is typically a peak season for diaphragm demand, and with stable growth in downstream demand, the company's diaphragm capacity is expected to become slightly tight [1] - The diaphragm industry's capacity expansion has significantly slowed down, and the current oversupply situation is expected to converge as demand continues to grow, potentially leading to a balanced supply state in the future [1]

Core Viewpoint - The company, Enjie Co., Ltd., is experiencing strong order volumes and high capacity utilization, with stable growth in downstream customer demand and orders, indicating potential for increased shipments by 2025 [2] Group 1: Company Performance - The company has abundant orders on hand and high capacity utilization, with downstream demand showing stable growth [2] - The second half of the year is typically a peak season for separator demand, and with the anticipated stable growth in downstream demand, the company's separator capacity may become slightly tight [2] - The separator industry has seen a significant slowdown in new capacity additions, leading to a convergence of the oversupply situation as demand continues to grow, potentially leading to a balanced supply state in the future [2] Group 2: Overseas Market Advantages - The company is one of the earliest players in the Chinese lithium battery supply chain to establish overseas production capacity, having started the construction of its Hungary Phase I project in 2020 with a capacity of 400 million square meters, and announced a U.S. factory project in January 2024 with a capacity of 700 million square meters [2] - The company has a well-established intellectual property (IP) system, holding multiple proprietary and Teijin-authorized patents, and has laid out patents in several countries including Japan, South Korea, the United States, and Europe, ensuring supply security and stability for customers [2] - The company maintains long-term deep cooperation with globally renowned battery manufacturers and has cultivated overseas sales channels for many years [2]

Core Viewpoint - Enjie Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable increase in stock price year-to-date, but recent declines in the short term [1][2]. Company Overview - Enjie Co., Ltd. is located in Yuxi City, Yunnan Province, and was established on April 5, 2006, with its listing date on September 14, 2016. The company specializes in various packaging and printing products, lithium battery separators, aluminum-plastic films, and water treatment membranes [2]. - The main revenue composition includes lithium battery separators (83.64%), sterile packaging (7.82%), BOPP films (4.75%), and other products [2]. Financial Performance - For the first half of 2025, Enjie Co., Ltd. achieved operating revenue of 5.763 billion yuan, representing a year-on-year growth of 20.48%. However, the net profit attributable to shareholders was -931.138 million yuan, a decrease of 131.99% compared to the previous year [2]. - The company has distributed a total of 2.825 billion yuan in dividends since its A-share listing, with 1.874 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders reached 100,900, an increase of 4.23% from the previous period, with an average of 8,086 circulating shares per person, a decrease of 4.22% [2][3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 30.5894 million shares, an increase of 6.267 million shares from the previous period [3].

Group 1: Company Advantages in Overseas Markets - The company has established overseas production capacity and has numerous international clients and orders, along with a robust intellectual property (IP) framework [2] - The company is one of the earliest in China's lithium battery industry to expand overseas, with a 400 million square meter production capacity project in Hungary initiated in 2020 and a 700 million square meter coating film production project in the U.S. announced in January 2024 [2] - The company maintains long-term partnerships with globally recognized battery manufacturers, enhancing its global market share and leadership in the separator industry [3] Group 2: Market Demand and Supply Dynamics - The company currently operates at a high capacity utilization rate, leading the industry, with expectations of increased demand in the second half of the year [4] - The separator industry is experiencing a slowdown in new capacity additions, which, combined with stable demand growth, is expected to lead to a balance in supply and demand in the future [4] Group 3: Order Status and Production Capacity - The company has a robust order backlog and high capacity utilization, with stable growth in downstream customer demand and orders, particularly in the energy storage sector [5] - Domestic production bases include multiple locations such as Shanghai, Zhuhai, Wuxi, and others, with a dry separator base in Jiangxi having an annual capacity of 1 billion square meters [6] Group 4: Solid-State Material Development - The company is actively developing semi-solid battery separator capabilities through its subsidiary Jiangsu Sanhe Battery Material Technology Co., Ltd., which has the capacity for mass production [7] - In the all-solid-state battery materials sector, the company’s subsidiary Hunan Enjie Frontier New Materials Technology Co., Ltd. focuses on high-purity lithium sulfide and solid electrolyte products, with a pilot line for high-purity lithium sulfide already established [7]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the lithium battery industry and its related sectors, including energy storage and electric vehicles [1][2][3]. Key Points and Arguments 1. **Domestic Energy Storage Demand**: The impact of Document 136 on domestic energy storage demand was less than expected, with independent energy storage demand being driven by local policies and project rush installations. The forecast for domestic energy storage demand growth has been revised upward to 10-20% for next year [1][5]. 2. **Global Electric Vehicle Market Growth**: The global electric vehicle market is expected to grow by approximately 20% year-on-year next year, with specific growth rates of 10-20% for China's passenger car retail, 25-30% in Europe, and over 30% for commercial vehicles [1][6]. 3. **Battery Installation Demand**: By 2026, the demand for power batteries is projected to reach around 1.5 TWh, representing a year-on-year growth of over 25% [1][6]. 4. **Global Energy Storage Battery Shipment**: The global shipment of energy storage batteries is expected to be revised upward to 500-550 GWh this year, with projections for 2026 at 600-650 GWh, indicating a nearly 30% year-on-year growth [1][7]. 5. **C Company Production Guidance**: C Company has provided a production guidance for 2026 that exceeds expectations, reaching TWh levels with a year-on-year growth of approximately 40% [1][8]. 6. **Market Dynamics**: The effective production capacity of major battery manufacturers is expected to grow by 25-30% year-on-year, aligning with demand growth. The industry concentration is anticipated to increase, with limited material release leading to potential price volatility [1][9]. 7. **Profitability Projections**: - Ningde Times is expected to achieve a profit of over 90 billion yuan in 2026, with a market value target of 1.8-2 trillion yuan, indicating a potential upside of 20-30% [3][10]. - Yiwei Lithium Energy is projected to have a total profit of over 9 billion yuan in 2026, with a market value target of 200 billion yuan, also showing close to 30% upside potential [3][11]. 8. **Electrolyte Industry Trends**: The processing fees for lithium hexafluorophosphate are expected to rise, with Tianqi Materials forecasting an optimistic total profit of 2.5-3 billion yuan [3][12]. 9. **Separator Industry Developments**: The separator industry is experiencing price increases due to the full production status of leading companies, which is expected to enhance profitability [3][13]. 10. **Iron Lithium Battery Market**: The iron lithium battery market shows a favorable supply-demand structure with ongoing price increase expectations [3][17]. 11. **Yuneng Company Outlook**: Yuneng is expected to grow by 30% next year, with a target profit of over 2 billion yuan [3][18]. 12. **Overseas Business Performance**: Companies like Longpan and Wanrun are expected to achieve significant profits from their overseas operations, with Longpan projecting a net profit of 500 million yuan [3][19]. 13. **Negative Material Market**: The negative material market is currently stable, but there are risks of price declines due to structural issues [3][20]. 14. **Future Profit Projections**: A company is expected to achieve a profit of 1.3 billion yuan in 2026, with a valuation of around 15-16 times [3][21]. 15. **Purtai's Incentive Goals**: Purtai has set a profit target of 3 billion yuan for 2026, with potential for exceeding expectations based on negative material performance [3][22]. 16. **Lithium Battery Sector Outlook**: The lithium battery sector is expected to have a favorable future with high cost-effectiveness and safety margins, making it a worthwhile area for investor attention [3][23]. Other Important but Overlooked Content - The call highlighted the importance of local policies and market dynamics in shaping the future of the lithium battery industry, emphasizing the need for continuous monitoring of these factors [1][4][5]. - The potential for new product launches and expansions in production capacity, particularly in emerging markets, was noted as a significant driver for future growth [3][22][23].

证券代码：002812 股票简称：恩捷股份 公告编号：2025-149 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。 单位：如无特殊说明，为人民币万元 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：2025-149 二、担保进展情况 近日，公司与 ...

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 [6]. Core Insights - In August 2025, the production and sales of new energy vehicles (NEVs) continued to grow rapidly, with production and sales reaching 1.391 million and 1.395 million units, respectively, representing year-on-year growth of 27.4% and 26.8% [4]. - The penetration rate of NEVs reached 48.8% in August, up 0.1 percentage points from the previous month, while the cumulative penetration rate for January to August was 45.5% [4]. - Battery sales also showed significant growth, with total battery sales of 134.5 GWh in August, a year-on-year increase of 45.6% [4]. - The demand for power batteries is expected to rise further due to the traditional peak season for NEVs, and the development of renewable energy and new data centers is driving high growth in the energy storage sector [4]. Summary by Sections New Energy Vehicle Market - In August 2025, NEV production and sales were 1.391 million and 1.395 million units, with year-on-year growth of 27.4% and 26.8% respectively [4]. - Cumulative NEV production and sales from January to August were 9.625 million and 9.620 million units, with year-on-year growth of 37.3% and 36.7% [4]. - Exports of NEVs reached 224,000 units in August, doubling year-on-year, while cumulative exports from January to August were 1.532 million units, up 87.3% [4]. Battery Market - Total battery production in August was 139.6 GWh, with a year-on-year increase of 37.3% [4]. - Power battery sales accounted for 73.5% of total sales, with a volume of 98.9 GWh, reflecting a year-on-year growth of 44.4% [4]. - The export volume of batteries in August was 22.6 GWh, a year-on-year increase of 23.9% [4]. Investment Recommendations - The report suggests focusing on leading companies in the industry chain that are improving their fundamentals, particularly those with technological and production advantages in solid-state electrolytes and new materials [4]. - Key companies to watch include CATL, EVE Energy, and others that are actively involved in the solid-state battery core process and equipment [4].