隔膜龙头向上整合，恩捷股份拟并购“卖铲人”中科华联

Core Viewpoint - Enjie Co., Ltd. is acquiring 100% equity of Qingdao Zhongke Hualian New Materials Co., Ltd. to strengthen its upstream capabilities in the lithium battery separator industry, amidst a recovering market and efforts to combat "involution" in the industry [1][2][5]. Group 1: Acquisition Details - Enjie plans to issue shares to purchase Zhongke Hualian and raise matching funds, with a deadline to disclose the transaction plan by December 15 [2][3]. - Zhongke Hualian specializes in the research, development, and production of lithium-ion battery separator manufacturing equipment, providing automated production line solutions [2][3]. Group 2: Market Context - The lithium battery industry is experiencing a recovery, with rising demand and prices for upstream materials since October, including increases of 6.35% for electrolyte and 3.74% for lithium iron phosphate [5][6]. - The Ministry of Industry and Information Technology has emphasized the need to regulate competition and promote high-quality development in the lithium battery sector [5][6]. Group 3: Company Performance - Enjie reported a net loss of 556 million yuan in 2024, marking its first loss since listing, while revenue for the first three quarters of 2023 was 9.543 billion yuan, a year-on-year increase of 27.85% [4]. - The company has seen a recovery in its third-quarter performance, with revenue and net profit increasing by 24.6% and 105.7% respectively [4]. Group 4: Industry Trends - The separator industry is facing intense competition, with prices declining due to increased supply and cost control measures from downstream battery manufacturers [3][4]. - Enjie aims to reduce equipment procurement and production line construction costs through this acquisition, enhancing product consistency and capacity flexibility [3][5].