定增折价38%收购中科华联，“隔膜龙头”恩捷股份复牌跌停

Core Viewpoint - Enjie Co., Ltd. plans to acquire 100% of Qingdao Zhongke Hualian through a share issuance, aiming for vertical integration in the lithium battery separator industry, despite facing significant market skepticism due to a substantial share price discount [1][2]. Group 1: Company Overview - Enjie Co., Ltd. is a leading global supplier of lithium battery separators, maintaining the top market share for several consecutive years [1]. - The company's core product, lithium battery separators, is primarily used in the manufacturing of lithium batteries for electric vehicles, 3C products, and energy storage [1]. - Major clients include domestic leaders like CATL, Zhongxin Innovation, Guoxuan High-Tech, Yiwei Lithium Energy, and BYD, as well as international companies such as Panasonic and LGES [1]. Group 2: Acquisition Details - The acquisition involves 63 counterparties, including Zhi Lipeng and Qingdao Zhongzhida Investment, with plans to raise supporting funds through a share issuance to no more than 35 specific investors [1]. - Zhongke Hualian, established in 2011, specializes in R&D, production, and sales of wet lithium-ion battery separator production equipment and other polymer material production equipment [1]. - The acquisition is intended to enhance Enjie's core competitiveness through vertical integration within the industry [1]. Group 3: Financial Performance - Enjie Co., Ltd. reported its first annual loss since listing in 2024, with a net profit attributable to shareholders of -556 million yuan, and a significant drop in gross margin from 49.86% in 2021 to 11.07% in 2024 [2]. - Despite a revenue increase of 27.85% to 9.543 billion yuan in the first three quarters of 2025, the company still faced a net loss of 86.32 million yuan [2]. - Zhongke Hualian has also experienced continuous net losses over the past three years, with net profits of -82.43 million yuan in 2023, -293 million yuan in 2024, and -190 million yuan in the first three quarters of 2025 [2].