ENERGY TECHNOLOGY(SZ:002812) Xin Lang Cai Jing·2025-10-30 14:25Core Viewpoint - Enjie Co., Ltd. is a leading global lithium battery separator manufacturer, showcasing strong technological and scale advantages, but faces challenges in profitability despite significant revenue growth in its core business [1][2]. Group 1: Business Performance - In Q3 2025, Enjie reported revenue of 9.543 billion yuan, ranking 10th among 44 companies in the industry, surpassing the industry average of 6.52 billion yuan and median of 4.845 billion yuan, but significantly lower than the top two competitors, Zhongwei Co. (33.297 billion yuan) and Gree (27.498 billion yuan) [2]. - The main business segment, lithium battery separators, generated 4.82 billion yuan, accounting for 83.64% of total revenue [2]. - The net profit for the same period was -113 million yuan, placing the company 30th in the industry, well below the top performers, with the industry average net profit at 198 million yuan [2]. Group 2: Financial Ratios - As of Q3 2025, Enjie's debt-to-asset ratio was 44.78%, an increase from 42.78% year-on-year, but still below the industry average of 51.96% [3]. - The gross profit margin for the same period was 15.90%, down from 20.96% year-on-year, yet higher than the industry average of 10.89% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 22.09% to 123,100, while the average number of circulating A-shares held per shareholder decreased by 18.81% to 6,565.83 shares [5]. - The top ten circulating shareholders included notable entities such as Quan Guo Xu Yuan and Hong Kong Central Clearing Limited, with varying changes in shareholding [5]. Group 4: Strategic Developments - Enjie is actively expanding into solid-state battery technology, with ongoing projects in Yunnan and Changsha for solid electrolyte and lithium sulfide, respectively [6]. - The company reported a revenue of 5.76 billion yuan in the first half of 2025, reflecting a year-on-year growth of 20.5%, with membrane business revenue accounting for 88.39% of total revenue [6].