Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and market demand [1] Financial Performance - Revenue for the first half of 2025 reached 5 billion, representing a year-on-year increase of 25% [1] - Net profit for the same period was 1 billion, showing a remarkable growth of 30% compared to the previous year [1] - The gross margin improved to 35%, up from 32% in the previous year, reflecting better cost management and pricing strategies [1] Market Position - The company has strengthened its market position, capturing a larger share in the industry due to increased demand for its products [1] - The expansion into new markets has contributed to the overall growth, with international sales accounting for 40% of total revenue [1] Strategic Initiatives - The company has invested heavily in R&D, with expenditures increasing by 15% to enhance product innovation and competitiveness [1] - Strategic partnerships have been established to bolster supply chain efficiency and reduce operational costs [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has experienced significant growth in shipments, but profitability is under pressure due to industry downturns. Attention is drawn to potential breakthroughs in new technologies [1][3] - The company has positioned itself early in the lithium battery technology cycle, particularly in sulfide solid electrolyte materials, which may lead to large orders in the industry [3] Performance Summary - For the first half of 2025, the company achieved revenue of 5.8 billion RMB, a year-on-year increase of 20%. However, it reported a net loss of 100 million RMB, a decline of 132% year-on-year. The gross margin was 15.5% [1] - In Q2 2025, the company generated revenue of 3 billion RMB, with a year-on-year increase of 24% and a quarter-on-quarter increase of 11%. The net loss for this quarter was also 100 million RMB, reflecting a significant decline compared to the previous year [1][8] Future Earnings Forecast - The company is expected to achieve net profits of 200 million RMB, 500 million RMB, and 900 million RMB for the years 2025, 2026, and 2027, respectively [3] - The revenue projections for the company are 11.315 billion RMB in 2025, 13.407 billion RMB in 2026, and 16.139 billion RMB in 2027, with growth rates of 11.33%, 18.49%, and 20.38% respectively [7] Market Position and Strategy - The company is focusing on maintaining high production capacity and has significantly increased its shipment pace, which is expected to help solidify its market position during the industry's downturn [3][8] - Recent industry meetings have led to agreements among key manufacturers to implement price discipline and manage production capacity, which may help stabilize the market [8]

Core Viewpoint - The article emphasizes the strategic approach of Enjie Co., Ltd. in the lithium battery separator industry, focusing on high technology, quality, efficiency, and long-termism to build competitive advantages in a challenging market environment [2][3]. Industry Characteristics - The separator industry is characterized by "high investment, high risk, high technical barriers, and long verification cycles" [2][3]. - Enjie Co., Ltd. has established its own version of "high technology, high quality, high efficiency, and adherence to long-termism" as a response to these industry characteristics [2][3]. Company Strategy - Enjie Co., Ltd. is optimizing liquid battery separators while proactively laying out solid-state materials to maintain technological leadership [2][9]. - The company aims to avoid price competition by building global production capacity and systematic technological iterations [5][6]. - Enjie Co., Ltd. has over 11 billion square meters of separator production capacity, which could stretch from Earth to the Moon and back 14 times if made into a 1-meter wide strip [4]. Technological Innovation - The company has pioneered online coating technology, significantly improving production efficiency by reducing the number of production steps [4]. - Enjie Co., Ltd. offers over 130 types of separator products to meet diverse customer needs and enhance customer loyalty through customized product development [4][6]. - The company is focused on three main drivers for separator evolution: increasing energy density, upgrading safety standards, and enhancing fast-charging capabilities [6]. Market Dynamics - The lithium battery separator market is experiencing intense competition, with prices declining due to increased supply and cost control measures from downstream battery manufacturers [5][6]. - A recent consensus among separator manufacturers aims to optimize supply-demand relationships and prevent "bad money driving out good" by agreeing on price discipline and capacity management [5][6]. Future Outlook - Solid-state batteries are seen as the next significant advancement in battery technology, with Enjie Co., Ltd. actively investing in this area despite the potential risk of diminishing the need for separators [7][9]. - The company is developing cost-reduction strategies for solid-state electrolytes while acknowledging that liquid batteries will continue to dominate the market for the foreseeable future [8][9].

Group 1 - The core viewpoint of the article is that Enjie Co., Ltd. reported a significant increase in revenue but also faced substantial net losses in the first half of 2025 [1] - The company achieved an operating income of 5.763 billion yuan, representing a year-on-year growth of 20.48% [1] - The net loss attributable to shareholders of the listed company was 93.1138 million yuan [1] Group 2 - The net loss attributable to shareholders after deducting non-recurring gains and losses was 94.5382 million yuan [1] - The basic loss per share was 0.1 yuan [1]

Investment Rating - The report indicates a positive investment outlook for solid-state batteries, particularly those utilizing sulfide electrolytes, with expectations for significant advancements and market penetration by 2030 [2][12]. Core Insights - Solid-state batteries are seen as the future due to their high safety and energy density, with a focus on sulfide electrolytes aiming for a specific energy density of 400Wh/kg and a cycle life exceeding 1000 times by 2027 for small-scale automotive applications and large-scale production by 2030 [2][12]. - The report emphasizes the importance of sulfide electrolytes, which offer the highest ionic conductivity at room temperature compared to other types, making them the most promising solid-state electrolyte materials [15][28]. - The competitive landscape for lithium sulfide and sulfide electrolytes is evolving, with numerous players entering the market, including established lithium battery companies and emerging startups [4][19]. Summary by Sections 1. Solid-State Battery Focus on Sulfide Systems - Solid-state batteries are expected to replace traditional lithium-ion batteries due to safety concerns associated with flammable organic liquid electrolytes [12][16]. - The transition to solid-state batteries is driven by the need for higher energy density and safety in electric vehicles and large-scale energy storage [12][19]. 2. Sulfide Electrolytes: Barriers in Electrochemical Design and Synthesis - Various forms of sulfide electrolytes exist, with lithium sulfide-silver-germanium mineral structures being the most prominent due to their low cost and high ionic conductivity [3][28]. - The report identifies key challenges in improving the electrochemical stability and synthesis processes of sulfide electrolytes, which are critical for their commercial viability [3][30]. 3. Lithium Sulfide: Core Raw Material for Electrolytes - The purity of lithium sulfide is crucial for the performance of sulfide electrolytes, with multiple production methods evaluated for their cost-effectiveness and safety [3][4]. - The report highlights the competitive factors in lithium sulfide production, focusing on purification costs and the advantages of various synthesis routes [3][4]. 4. Competitive Landscape: Diverse Routes Awaiting Consolidation - The market for lithium sulfide and sulfide electrolytes is characterized by a diverse array of participants, including leading lithium battery manufacturers and new entrants [4][19]. - The report anticipates increased competition as battery manufacturers actively develop their own sulfide electrolytes, leading to a more consolidated market in the future [4][19]. 5. Investment Recommendations - The report suggests focusing on companies with unique processes and superior product performance in the lithium sulfide sector, as these are expected to lead the market in the medium term [5][19]. - Key players identified include companies that are pioneering various synthesis methods for lithium sulfide, which are expected to have significant scaling potential [5][19].

智通财经APP讯，恩捷股份(002812.SZ)发布2025年半年度报告，报告期内，公司实现营业收入57.63亿 元，同比增长20.48%。归属于上市公司股东净亏损9311.38万元。归属于上市公司股东的扣除非经常性 损益净亏损9453.82万元。基本每股亏损0.1元。 ...

中信证券股份有限公司 关于云南恩捷新材料股份有限公司 部分募投项目新增实施地点及延期的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为云南恩捷 新材料股份有限公司（以下简称"恩捷股份"或"公司"）的保荐机构，根据《证券 发行上市保荐业务管理办法》、《深圳证券交易所股票上市规则》、《深圳证券 交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》、《上市公司 募集资金监管规则》及公司《募集资金管理制度》中关于上市公司募集资金使用 的有关规定，对恩捷股份部分募投项目新增实施地点及延期事项进行了审慎核查， 并出具核查意见如下： 一、公司募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准云南创新新材料股份有限公司首次公 开发行股票的批复》（证监许可[2016]1886 号文）核准，并经深圳证券交易所同 意，公司于 2016 年 9 月 6 日向社会公众公开发行普通股（A 股）股票 3,348 万 股，每股面值 1 元，每股发行价人民币 23.41 元。截至 2016 年 9 月 6 日止，公 司共募集资金783,766,800.00元，扣除与发行 ...

中信证券股份有限公司 关于云南恩捷新材料股份有限公司 部分募投项目终止并将节余募集资金永久补充流动资金的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为云南恩捷 新材料股份有限公司（以下简称"恩捷股份"或"公司"）的保荐机构，根据《证券 发行上市保荐业务管理办法》、《深圳证券交易所股票上市规则》、《深圳证券 交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》、《上市公司 募集资金监管规则》及公司《募集资金管理制度》中关于上市公司募集资金使用 的有关规定，对恩捷股份部分募投项目终止并将节余募集资金永久补充流动资金 事项进行了审慎核查，并出具核查意见如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准云南恩捷新材料股份有限公司非公开 发行股票的批复》（证监许可[2022]1343 号）核准，并经深圳证券交易所同意， 公司于 2023 年 5 月 24 日向特定投资者非公开发行人民币普通股（A 股）股票 85,421,412 股，每股面值人民币 1.00 元，发行价格为 87.80 元，募集资金总额为 人民币 7,499,999, ...

中信证券股份有限公司 关于云南恩捷新材料股份有限公司 使用自有资金、承兑汇票方式支付部分募投项目所需资金并以募集 资金等额置换的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为云南恩捷 新材料股份有限公司（以下简称"恩捷股份"或"公司"）的保荐机构，根据《证券 发行上市保荐业务管理办法》、《深圳证券交易所股票上市规则》、《深圳证券 交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》、《上市公司 募集资金监管规则》及公司《募集资金管理制度》中关于上市公司募集资金使用 的有关规定，对恩捷股份使用自有资金、承兑汇票方式支付部分募投项目所需资 金并以募集资金等额置换事项进行了审慎核查，并出具核查意见如下： （二）募集资金使用情况 公司募集资金用于的项目及截止 2025 年 8 月 15 日的使用、存储情况如下： 1 注 1：公司于 2019 年 4 月召开第三届董事会第二十七次会议、2019 年 5 月召开 2018 年度股 东大会，审议通过了《关于变更部分募集资金投资项目的议案》，将原募投项目"新增年产 1.3 万吨高档环保特种纸改扩建项目"和"研发中心建设项目"合并变更为"恩捷 ...

云南恩捷新材料股份有限公司对外担保制度 云南恩捷新材料股份有限公司 对外担保制度 第二章 对外担保的审批权限 第五条 公司一切对外担保行为，须按程序经公司股东会或董事会批准；未经 公司董事会或股东会批准，公司及公司子公司不得对外提供担保。 第六条 公司董事会审议担保事项时，除应当经全体董事的过半数审议通过外， 还应经出席董事会会议的三分之二以上董事审议同意。 第七条 超过董事会权限范围的下列担保，应当在经董事会审议通过后，提交 公司股东会审议： （一）单笔担保额超过公司最近一期经审计净资产10%； 1 第一章 总则 第一条 为规范云南恩捷新材料股份有限公司（以下简称"公司"）的对外担保 行为，防范财务风险，保证公司资产安全，根据《中华人民共和国公司法》《中华 人民共和国民法典》《深圳证券交易所股票上市规则》《上市公司监管指引第8号 ——上市公司资金往来、对外担保的监管要求》等法律、法规、部门规章以及《云 南恩捷新材料股份有限公司章程》（以下简称"《公司章程》"）的有关规定，特制 定《云南恩捷新材料股份有限公司对外担保制度》（以下简称"本制度"）。 第二条 本制度所称对外担保，是指公司以第三人的身份为债务人对于 ...