Group 1 - The chemical sector experienced a sudden surge, with the chemical ETF (516020) rising over 1% during trading, closing up 0.76% [1] - Key stocks in the sector, including lithium batteries, potash fertilizers, and resins, saw significant gains, with Tianqi Lithium rising over 4% and several others increasing by more than 3% [1] - The domestic chemical industry is trapped in a cycle of "expansion-price reduction-loss," leading to deteriorating profitability, prompting a need for capacity constraints to break this cycle [2][3] Group 2 - Leading companies in the chemical industry are expected to benefit significantly due to their lack of obsolete capacity, cost advantages, and high market share, which positions them for potential historical profit levels [3] - Current valuation metrics indicate that the chemical sector may present a favorable investment opportunity, with the chemical ETF's price-to-book ratio at 2.07, placing it in the lower 24.85% of the past decade [3] - The industry is anticipated to undergo a new round of supply-side reforms, improving domestic supply conditions and potentially leading to a long-term favorable cycle for the chemical sector [5] 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, allowing investors to capitalize on strong performers [5] - The focus should be on basic chemical products with cyclical attributes and leading companies with cost advantages, as the industry shifts towards green and low-carbon initiatives [4]

Core Viewpoint - Enjie Co., Ltd. (SZ:002812), a leading lithium battery separator manufacturer, is expected to report a net profit loss of between 82.65 million to 107 million yuan for the first half of 2025, marking a significant shift from profit to loss year-on-year [1][5]. Group 1: Financial Performance - Enjie Co. is projected to experience its first annual loss since its listing in 2024, with a revenue decline of 15.6% and a net profit drop of 122%, resulting in a loss of 556 million yuan [5]. - The company's mid-year forecast indicates a net profit loss of 82.65 million to 107 million yuan, contrasting with a profit of 259.8 million yuan in the first quarter and 291 million yuan in the same period last year [5][6]. - The gross margin for Enjie Co. fell to 11.07% in 2024, a significant decrease of 70.43% compared to the previous year, and down from 49.86% in 2021 [8]. Group 2: Market Dynamics - The rapid expansion of domestic separator production has led to oversupply and intense price competition in the separator industry, impacting Enjie Co.'s profitability despite its leading market position [4]. - Enjie Co. maintained the largest global market share for lithium battery separators for seven consecutive years, with production and sales expected to reach 9.28 billion square meters and 8.825 billion square meters in 2024, respectively [4]. Group 3: Operational Challenges - Enjie Co. faces operational pressures due to losses in certain business segments, including aluminum-plastic film and dry lithium battery separators [9]. - The company is also incurring short-term operational costs from the accelerated construction of overseas production bases in Hungary, the U.S., and Malaysia [10]. - Enjie Co. plans to recognize impairment losses on certain inventories, which will further reduce current profits [11]. Group 4: Debt and Expansion - Enjie Co. has accumulated significant debt, with short-term borrowings reaching 8.678 billion yuan and total current liabilities of 13.229 billion yuan, while cash reserves stand at only 2.844 billion yuan [13][14]. - Despite financial strain, Enjie Co. continues to invest in overseas projects, with total planned investments amounting to 7.7 billion yuan across various locations [16][17]. Group 5: Future Prospects - Enjie Co. is exploring opportunities in solid-state batteries as a potential turnaround strategy, with ongoing development in solid electrolyte materials and production lines [18]. - The company has signed agreements for the supply of solid-state battery materials, indicating a strategic pivot to adapt to market changes [18]. - However, the rapid technological advancements in solid-state batteries pose a risk, as the company must maintain high R&D investment amidst financial constraints [19].

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 7 月 21 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 年第六次临时股东会（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律、 法规及规范性文件发表法律意见。 本所同意将本法律意见书作为公司本次股东会公告的法定文件，随公司其他 公告文件一并公告。 本所 ...

云南恩捷新材料股份有限公司 关于2025年第六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。 证券代码：002812 股票简称：恩捷股份 公告编号：2025-117 债券代码：128095 债券简称：恩捷转债 特别提示： 1、本次股东会未出现否决议案的情形。 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 1、会议召开时间： （1）现场会议召开时间：2025 年 7 月 21 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 7 月 21 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 7 月 21 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。 3、会议召开方式：现场投票与网络投票相结合的方式 4、会议召集人：公 ...

国浩律师（上海）事务所 法律意见书 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 年第六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（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 7 月 21 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 年第六次临时股东会（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律 ...

Core Viewpoint - Xingyuan Material (300568.SZ) has submitted an IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence in the lithium battery separator industry, where it ranks among the top two globally [1] Industry Overview - The lithium battery industry has faced overcapacity and intense price competition over the past three years, particularly affecting separator prices [2] - The separator market is highly concentrated, with the top five players accounting for over 65% of total shipments, and the leading company, Enjie Co., holds over 30% market share, nearly double that of Xingyuan Material [6] Company Performance - Xingyuan Material's gross margin has significantly declined from 45.57% in 2022 to 25.53% in Q1 2025, indicating a nearly halved profitability [3][5] - Despite a slight revenue increase from 2.867 billion yuan in 2022 to 3.506 billion yuan in 2024, net profit has decreased from 748 million yuan to 371 million yuan during the same period [5] - The company's total interest-bearing debt exceeded 11 billion yuan, with a capital debt ratio reaching a historical high of 57.43% [4] Strategic Initiatives - To counteract industry challenges, Xingyuan Material plans to expand its overseas production capacity, with projects in Malaysia and the United States, and aims to establish a research and operations center in Singapore [8] - The company has already completed the first phase of its Malaysian factory, which is expected to contribute half of its profits once operational [8] - Xingyuan Material is also exploring opportunities in solid-state battery materials and semiconductor sectors, indicating a diversification strategy for future growth [9]

Core Insights - Enjie Co., Ltd. has made significant breakthroughs in the overseas market for lithium battery separators, enhancing its global competitive advantage [1][2] - The company has established a multinational R&D team led by Li Xiaoming, achieving industry-leading technical indicators in wet-process separators [1] - Enjie has implemented stringent quality control standards, ensuring product stability and consistency, which has earned the trust of both domestic and international clients [1] Group 1 - Enjie Co., Ltd. signed a cooperation agreement with Ultium Cells LLC in December, committing to supply lithium battery separators worth up to $66.25 million by 2025 [1] - The company has successfully secured multiple orders in a short period, indicating its growing global competitiveness [1] - Enjie has developed a high-safety separator series with a membrane rupture temperature increased to 230°C through molecular chain modification [1] Group 2 - The company has enhanced the wettability and liquid retention capacity of its separators to meet the fast-charging requirements of automotive clients [1] - Enjie has built a comprehensive quality control system at its Yuxi base, ensuring strict oversight from raw material procurement to finished product delivery [1] - Each separator produced has a unique identification mark, allowing for full traceability throughout the production process [1] Group 3 - Enjie Co., Ltd. is expanding its global market share, thereby increasing its influence in the lithium battery separator market [2] - The company plans to continue its "technology + capacity" dual-drive strategy to extend its products and services to more countries and regions [2] - Enjie aims to provide core material support for the high-quality development of the global new energy industry [2]

Group 1: Overseas Expansion - The company's Hungary Phase I project is operational, and it is shipping to overseas customers [2] - The U.S. facility is completed, and equipment installation is underway, with samples being sent to overseas clients [2] Group 2: Impact of Solid-State Batteries - Semi-solid batteries still require separators, and some products have been supplied to relevant clients [2] - Full solid-state battery commercialization will take time, needing collaboration across the supply chain and ongoing technological advancements [2] Group 3: Profit Improvement Strategies - The company aims to enhance profitability through global capacity expansion and increasing overseas customer share [3] - Product structure optimization by increasing the proportion of coated films and developing high-value-added products [3] - Implementation of refined management practices to reduce costs and improve operational efficiency [3] Group 4: Key Clients for Overseas Bases - Major clients include LGES, Ultium Cells, and a large overseas automotive company [4] - Contracts include a supply agreement with Ultium Cells for up to $66.25 million worth of separators in 2025 [4] - A supply agreement with LGES for approximately 3.55 billion square meters of separators from 2025 to 2027 [4] - A contract with a well-known U.S. automotive company for about 973 million square meters of separators from 2026 to 2030 [4] Group 5: Industry Landscape and Company Position - The separator industry is undergoing consolidation due to price competition, with the company maintaining steady sales growth [5] - The company is positioned as a global leader in the separator market, focusing on accelerating globalization and enhancing competitiveness [6] Group 6: Solid-State Battery Developments - The company has established capabilities for mass production of semi-solid battery separators [7] - Research and production efforts are underway for lithium sulfide and solid electrolyte membranes in the full solid-state sector [7] Group 7: Competitive Barriers in Overseas Markets - The company has established overseas production capacity and a strong customer base, along with a robust intellectual property framework [8] - It was one of the first in the Chinese lithium battery industry to establish overseas production, with significant capacity in Hungary and the U.S. [8] - Long-term partnerships with global battery manufacturers enhance its market position [8]

Group 1: Company Overview - Securities Code: 002812, Securities Abbreviation: Enjie Co., Ltd. [1] - Bond Code: 128095, Bond Abbreviation: Enjie Convertible Bond [1] - Company Name: Yunnan Enjie New Materials Co., Ltd. [1] Group 2: Investor Relations Activity - Activity Type: Specific Object Research conducted on July 16, 2025 [2] - Participating Institutions: Huatai Bairui, Morgan Huaxin, Shenwan Hongyuan, among others [2] - Location: Hunan Enjie Conference Room 3 [2] Group 3: Key Technical Insights - Lithium Sulfide Preparation Method: The company chose the carbon thermal reduction method due to its safety and cost-effectiveness [2][3] - Role of Sulfide Solid Electrolyte: Used in composite cathodes and electrolyte membranes, requiring fine particle size and uniform distribution for effective lithium ion transport [3] Group 4: Production and Industrialization Progress - Production Capacity: The company is establishing a pilot production line for sulfide solid electrolyte materials in Yuxi, Yunnan, with a total investment of approximately 250 million CNY [3] - Current Status: The 10-ton pilot line is in equipment debugging phase, with plans for active production [3] - Solid-State Battery Industrialization: The company acknowledges that industrialization will take time and is currently in the early stages without significant revenue generation [3]

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：2025-116 云南恩捷新材料股份有限公司 关于股东减持计划实施完毕的公告 本公司股东上海恒邹企业管理事务所（有限合伙）保证向本公司提供的 信息内容真实、准确和完整，没有虚假记载、误导性陈述或者重大遗漏。 本公司及全体董事保证本公告内容与信息披露义务人提供的信息一致。 云南恩捷新材料股份有限公司（以下简称"公司"）于 2025 年 6 月 13 日在指 定信息披露媒体《中国证券报》《上海证券报》《证券时报》《证券日报》及巨 潮资讯网（www.cninfo.com.cn）披露了《关于股东减持股份的预披露公告》（公 告编号：2025-090 号）。 1、股东减持股份情况 | | | | | | 股） | | （股） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 上海恒邹 | 减持方式 大宗交易 | 2025 日 | 减持时间 年 7 | 月 14 | 减持均价（元/ | 26.28 | 减持股数 6,460,57 ...