Core Viewpoint - The competition in the solid-state battery market is intensifying, with multiple listed companies updating their R&D and commercialization progress, indicating a significant market opportunity ahead [1][3]. Group 1: Company Developments - Nanhu Power has a pilot production line capable of small batch deliveries, but its all-solid-state battery products are not expected to significantly impact 2025 performance [1]. - Gotion High-Tech has successfully delivered samples of its semi-solid-state batteries to leading global logistics drone clients [1]. - Enjie Co., Ltd. has established a 10-ton level sulfide solid electrolyte production line and is ready for supply [1]. - Enjie Co., Ltd. aims to achieve an annual production capacity of 1,000 tons of sulfide solid electrolyte materials through a phased project in Yuxi [4]. Group 2: Market Potential - According to EVTank, global solid-state battery shipments are projected to reach 614.1 GWh by 2030, with a market size exceeding 250 billion yuan [1]. - The solid-state battery industry is expected to see a rapid increase in market scale and application scenarios due to policy incentives, market demand upgrades, and continuous technological iterations [3]. Group 3: Technological Advancements - The key challenges in solid-state battery commercialization lie in material production and cell manufacturing, with sulfide solid electrolytes meeting industry application requirements [2]. - Enjie Co., Ltd. has achieved high-purity lithium sulfide production with a purity of over 99.9%, and its solid electrolyte materials are leading in various performance indicators [6][7]. Group 4: Industry Trends - The solid-state battery sector is viewed as a critical development direction for high-performance batteries, particularly in consumer batteries, new energy vehicles, and low-altitude applications [6]. - The industry is witnessing a trend of battery manufacturers and lithium battery material companies actively engaging in the solid-state battery market to seize early opportunities [3][5].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, indicating an expectation that the industry index will outperform the market index by more than 10% in the next six months [2][54]. Core Insights - The lithium battery index has shown strong performance, with a 5.91% increase over the past two weeks, outperforming the CSI 300 index by 1.66 percentage points. Year-to-date, the lithium battery index has risen by 11.38%, also surpassing the CSI 300 index by 2.41 percentage points [4][14]. - Recent price movements in the lithium battery supply chain indicate a significant increase in lithium carbonate prices, which rose by 17.08% to 83,300 CNY/ton, and lithium hydroxide prices increased by 4.33% to 72,300 CNY/ton [6][27]. - The demand for lithium batteries is expected to rise as the traditional peak season for new energy vehicles approaches, driven by the growth in renewable energy and new data center storage needs [7][48]. Summary by Sections Market Review - As of August 21, 2025, the lithium battery index has outperformed the CSI 300 index over various time frames, including a 6.46% increase this month and an 11.38% increase year-to-date [4][14]. Price Changes in the Lithium Battery Supply Chain - Key price changes include: - Lithium carbonate: 83,300 CNY/ton, up 17.08% in two weeks - Lithium hydroxide: 72,300 CNY/ton, up 4.33% - Phosphate lithium: 34,300 CNY/ton, up 5.05% - Electrolyte lithium hexafluorophosphate: 55,800 CNY/ton, up 10.93% [6][25][33]. Industry News - In July 2025, new energy vehicle production and sales reached 1.243 million and 1.262 million units, respectively, marking a year-on-year growth of 26.3% and 27.4% [7][44]. - The report highlights the ongoing industrialization of solid-state batteries, which is expected to create structural demand for materials and equipment in the supply chain [7][48]. Recommended Companies - Key companies to watch include: - CATL (300750): Achieved revenue of 178.886 billion CNY in H1 2025, a 7.27% increase year-on-year - Kodali (002850): Revenue of 6.645 billion CNY in H1 2025, up 22.01% - Enjie (002812): Focused on semi-solid battery separator production [49][50].

Core Viewpoint - The establishment and operation of the 5μm ultra-thin high-strength separator production line at Enjie Co., Ltd. marks a significant advancement in the company's mass production capabilities, amidst increasing industry competition and the need for continuous technological innovation [2][3][6]. Group 1: Production and Technology - Enjie Co., Ltd. has successfully launched a production line for 5μm ultra-thin high-strength separators, which represents a breakthrough in overcoming the "thin but fragile" technical bottleneck in lithium battery separators [3][4]. - The new 5μm product has a needle-puncture strength of 560gf, which is 16.7% higher than the conventional 7μm separators, and can withstand temperatures up to 230°C [4][5]. - The production process at the Yuxi base employs intelligent and automated operations, utilizing advanced technologies such as bi-directional stretching, plasma surface treatment, and nano-coating to achieve industry-leading performance in thickness uniformity, mechanical properties, and porosity [5][6]. Group 2: Financial Performance - In the first half of 2025, Enjie Co., Ltd. reported a revenue of 5.763 billion yuan, a year-on-year increase of 20.48%, with lithium battery separators contributing 4.820 billion yuan, representing a 24.83% growth [6][7]. - Despite revenue growth, the company faced pressure on net profit and gross margin, with the gross margin for lithium battery separators at 13.66%, down 5.82% year-on-year, attributed to intensified competition and rising operational costs [6][7]. Group 3: Strategic Initiatives - Enjie Co., Ltd. is committed to continuous research and development to maintain its competitive edge in the lithium battery separator market, while also exploring opportunities in the solid-state electrolyte sector [2][7]. - The company has been developing sulfide solid-state electrolyte materials since 2021, with plans to establish a production capacity of 1,000 tons per year at its Yuxi facility [7].

Core Viewpoint - Yunnan Enjie New Materials Co., Ltd. reported a revenue of 5.763 billion yuan for the first half of 2025, marking a year-on-year increase of 20.48%, driven by its wet lithium battery separator business which continues to solidify its global leadership position [1] Group 1: Company Performance - The company achieved a revenue of 5.763 billion yuan, reflecting a 20.48% increase year-on-year [1] - The wet lithium battery separator business is noted for its significant technological advantages and market resilience [1] Group 2: Manufacturing and Technology - The production facility in Yuxi, Yunnan, features a highly automated and clean environment, with processes that produce lithium battery separators as thin as 5 micrometers [2][5] - The company has developed an online coating process that integrates base film manufacturing and coating into a single production line, enhancing efficiency and quality consistency [5] - A "zero defect" quality control system is implemented, ensuring high product quality and reliability, particularly important for high-performance battery applications [6] Group 3: Research and Development - The company invests an average of 700 million yuan annually in R&D, holding 505 effective patents related to lithium battery separators [8] - Enjie has over 130 types of separator products that meet diverse market needs, with a focus on enhancing energy density and safety standards [8] Group 4: Future Outlook and Strategic Positioning - Enjie has established a subsidiary to enter the solid-state battery materials sector, focusing on sulfide technology due to its high ionic conductivity and commercialization potential [10][12] - The company is developing a production project for sulfide solid electrolyte materials with an annual capacity of 1,000 tons, indicating a comprehensive product matrix covering liquid, semi-solid, and solid-state batteries [10] - Enjie serves over 50 global top battery clients, with a projected market share of nearly 26% in the global electric vehicle separator market by mid-2024, reflecting a 22.7% year-on-year growth in usage [12]

Core Viewpoint - Yunnan Enjie New Materials Co., Ltd. reported a revenue of 5.763 billion yuan for the first half of 2025, marking a year-on-year increase of 20.48%, driven by its wet lithium battery separator business which continues to solidify its global leadership position [2] Group 1: Company Performance - The company achieved a revenue of 5.763 billion yuan in H1 2025, reflecting a 20.48% increase year-on-year [2] - Enjie has established a strong market presence in the lithium battery separator sector, leveraging significant technological advantages and market resilience [2] Group 2: Manufacturing and Technology - The Yuxi base features an advanced smart manufacturing system, designed to meet Industry 4.0 standards, allowing for real-time monitoring and flexible manufacturing processes [3] - The main product, a lithium battery separator with a thickness of only 5 micrometers, demonstrates superior strength, capable of withstanding a vertical puncture of up to 560 grams, with a 16.7% increase in puncture strength compared to conventional products [3][4] - Enjie has implemented an innovative online coating process that integrates base film manufacturing and coating, significantly enhancing production efficiency and quality consistency [4] Group 3: Quality Control and Supply Chain - The company employs a "four-in-one" quality control system that aims for "zero defects" in delivery, enhancing its competitive edge [4] - A robust supply chain management system ensures stability and efficiency, with exclusive supply agreements and rapid response capabilities [4] Group 4: Research and Development - Enjie invests an average of 700 million yuan annually in R&D, holding 505 effective patents related to lithium battery separators, with an additional 304 patents pending [6] - The company offers over 130 types of separators, catering to diverse markets including high-end power batteries and consumer electronics, with products meeting international standards [6] Group 5: Future Outlook and Strategic Initiatives - Enjie has entered the solid-state battery materials sector, focusing on sulfide technology, which is expected to have significant commercial potential [7] - The company is developing a production line for sulfide solid electrolyte materials, with plans for large-scale production to support its comprehensive product matrix covering liquid, semi-solid, and solid-state batteries [7] - Enjie aims to remain a key supplier in the evolving battery landscape, anticipating that solid-state batteries will coexist with traditional technologies [7] Group 6: Market Position - Enjie serves over 50 leading battery clients globally, including CATL and BYD, with a projected market share of nearly 26% in the global electric vehicle separator market by mid-2024 [8] - The company emphasizes its technological edge as a core competitive advantage, ensuring it remains at the forefront of market competition through continuous innovation [8]

Core Viewpoint - The article highlights the advancements made by Enjie Technology in the production of 5μm lithium battery separators, which are crucial for enhancing the performance of lithium batteries and breaking the technological monopoly previously held by foreign companies [1][2]. Company Overview - Enjie Technology has developed the world's most advanced lithium battery separator production line, producing ultra-thin 5μm high-strength separators that contribute to the new development of the lithium battery industry [1]. - The company has become the global market leader in lithium battery separators, breaking the long-standing foreign monopoly in wet-process separator technology [2]. Product Innovation - The 5μm separator balances thickness, strength, and ion permeability, challenging traditional beliefs that thinner separators compromise strength [2]. - The new separators have improved needle-puncture strength by 16.7% and reduced internal resistance by 20.9% compared to 7μm separators, showcasing significant advancements in material and process innovation [2]. Market Impact - The 5μm separators are expected to significantly enhance the energy density of power batteries, improve charging efficiency, and reduce the risk of thermal runaway in battery cells, thus injecting new momentum into the power battery industry [3]. - The product has already gained recognition from multiple clients and is anticipated to see broader application in the power battery sector [3]. Future Development - Enjie Technology plans to continue its focus on research and development to solidify its position in the lithium battery separator market and is actively expanding into the solid electrolyte field [3]. - The company has achieved initial commercialization of semi-solid electrolyte membranes and has two production lines capable of mass supply for semi-solid battery separators [3].

Group 1 - The core viewpoint of the report is that Minsheng Securities recommends Enjie Co., Ltd. (002812.SZ) due to its significant overseas expansion and competitive advantages [2] - The company holds a leading market position with deep customer binding, indicating strong relationships and loyalty [2] - Enjie Co., Ltd. has diversified its solid-state battery strategies, balancing current applications with future developments [2]

Group 1: Company Performance and Capacity Utilization - The company's capacity utilization rate is at an industry-leading level, with a healthy financial status [2][4] - High capacity utilization effectively reduces production downtime and associated costs, maintaining a competitive edge [4] Group 2: Market Trends and Product Development - The company anticipates a shift from price competition to high-quality competition in the lithium battery separator industry, influenced by supply-demand dynamics and product structure [2][3] - The second-generation 5μm high-strength membrane has been launched, enhancing battery energy capacity by reducing inactive material volume [3] - The subsidiary Jiangsu Sanhe has achieved mass production capability for semi-solid battery separators, while Hunan Enjie focuses on solid-state battery material R&D [3] Group 3: Future Strategies and Cost Efficiency - The company is actively expanding its market presence in the semi-solid battery separator sector, with two production lines already established [3] - Ongoing investments in R&D and global customer partnerships are aimed at further cost reduction and efficiency improvements [4][5]

Core Viewpoint - Enjie Co., Ltd. reported its 2025 interim results, showing revenue growth but a significant decline in net profit, with a buy rating maintained by Minsheng Securities due to its leading position in the separator industry and accelerated overseas expansion [1][2][4]. Financial Performance - For H1 2025, Enjie achieved revenue of 5.763 billion yuan, a year-on-year increase of 20.49%, while the net profit attributable to shareholders was -93 million yuan, a decline of 131.96% [2]. - In Q2 2025, revenue reached 3.034 billion yuan, up 23.53% year-on-year and 11.18% quarter-on-quarter, but net profit was -119 million yuan, down 189.47% year-on-year and 557.69% quarter-on-quarter [2]. - The gross margin for Q2 2025 was 14.09%, down 8.97 percentage points year-on-year and 3.05 percentage points quarter-on-quarter [2]. Market Position and Competitive Advantage - Enjie has made significant progress in its overseas expansion, with its Hungary project operational and the U.S. facility under equipment installation [3]. - The company has established deep partnerships with major battery manufacturers both domestically (e.g., CATL, BYD) and internationally (e.g., Panasonic, LGES) [3]. - Enjie is diversifying its product offerings in the solid-state battery sector, with ongoing developments in semi-solid and all-solid-state battery materials [3]. Investment Outlook - Revenue projections for 2025, 2026, and 2027 are 12.430 billion yuan, 15.553 billion yuan, and 18.573 billion yuan, respectively, with corresponding growth rates of 22.3%, 25.1%, and 19.4% [4]. - Expected net profits for the same years are 14 million yuan, 513 million yuan, and 1.081 billion yuan, with growth rates of 102.5%, 3651.8%, and 110.9% [4]. - The company maintains a strong market position and is expected to continue its growth trajectory, justifying a "recommended" rating [4].

Investment Rating - The report maintains a "Recommended" rating for the company [4][3]. Core Insights - The company reported a revenue of 5.763 billion yuan for H1 2025, a year-on-year increase of 20.49%, but a net profit attributable to shareholders of -0.093 billion yuan, a decline of 131.96% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 3.034 billion yuan, up 23.53% year-on-year and 11.18% quarter-on-quarter, while the net profit attributable to shareholders was -0.119 billion yuan, a decrease of 189.47% year-on-year [1]. - The company is accelerating its overseas expansion, with its Hungary project operational and the U.S. facility construction completed, enhancing its competitive advantage [2]. - The company has established deep partnerships with major battery manufacturers both domestically and internationally, solidifying its market position [2]. - The company is diversifying its product offerings in the solid-state battery sector, with ongoing developments in semi-solid and all-solid-state battery materials [2]. Financial Projections - Revenue projections for 2025-2027 are 12.430 billion, 15.553 billion, and 18.573 billion yuan, with corresponding growth rates of 22.3%, 25.1%, and 19.4% [3][6]. - Net profit projections for the same period are 0.14 billion, 5.13 billion, and 10.81 billion yuan, with growth rates of 102.5%, 3651.8%, and 110.9% respectively [3][6]. - The projected PE ratios for 2025-2027 are 2267X, 60X, and 29X, reflecting the company's strong market position and ongoing overseas expansion [3][6].