“隔膜龙头”并购大消息！负债156亿下的垂直整合豪赌？

Core Viewpoint - Enjie Co., Ltd. plans to acquire 100% of Qingdao Zhongke Hualian New Materials Co., Ltd. through a share issuance, aiming to enhance its production capabilities in the lithium battery separator market while addressing operational pressures and competition in the industry [1][3]. Group 1: Acquisition Details - Enjie intends to issue shares to 63 parties to purchase all shares of Zhongke Hualian and raise matching funds not exceeding 100% of the transaction price [1]. - The share issuance price is set at 34.38 yuan per share, representing a 37.9% discount from the last trading price before suspension [1]. - The specific transaction price is yet to be determined as the audit and evaluation of the target company are still ongoing [1]. Group 2: Zhongke Hualian's Role - Zhongke Hualian is one of the few manufacturers capable of providing complete wet lithium battery separator production lines and is a key supplier for Enjie [2]. - The company has established production bases with a total capacity expected to reach 30 billion square meters by the end of 2026, with plans for further expansion [2]. - Major clients include leading battery manufacturers such as CATL and BYD, with over 80% of its revenue coming from a few key customers, indicating a reliance risk [2]. Group 3: Impact on Enjie - The acquisition will allow Enjie to utilize Zhongke Hualian's production equipment and technology to produce high-performance separators, potentially lowering production costs [2][3]. - Enjie aims to quickly initiate equipment manufacturing and separator production line construction post-acquisition, enhancing its operational efficiency [3]. - The company is also looking to expand its overseas production capabilities to mitigate supply chain risks [3]. Group 4: Financial Performance and Risks - Enjie has faced significant financial challenges, reporting a 36.84% decline in net profit in 2023 and a projected net loss of 5.56 billion yuan in 2024, marking its first loss since going public [3]. - The company reported a revenue increase of 27.85% in the first three quarters of 2025, but net profit showed a loss of 86.32 million yuan, indicating a trend of increasing revenue without corresponding profit [4]. - As of September 30, 2025, Enjie had significant debt levels of 156 billion yuan against cash reserves of only 24.49 billion yuan, highlighting short-term repayment pressures [4].