微米千钧：恩捷股份李氏兄弟的锂电逆战之旅

Core Viewpoint - The article discusses the rise and fall of Enjie Co., Ltd., a key player in the lithium battery separator market, highlighting its innovative strategies, rapid growth, and subsequent challenges in a changing industry landscape. Group 1: Company Overview - Enjie Co., Ltd. specializes in lithium battery separators, which are crucial for battery safety and energy density [1] - The company was founded by the "Li brothers," Paul Xiaoming Lee and Li Xiaohua, who returned to China after studying polymer materials in the U.S. [5] - Enjie initially focused on BOPP film for cigarette packaging before pivoting to lithium battery separators in 2010, recognizing the potential in a market dominated by foreign giants [6] Group 2: Growth and Achievements - Enjie's revenue surged from less than 1.2 billion yuan in 2016 to 8 billion yuan in 2021, with net profit increasing from 1.7 billion yuan to over 2.7 billion yuan during the same period [9] - The company's market capitalization reached 300 billion yuan in 2021, making the Li brothers among the wealthiest individuals in China [9] - Enjie achieved a gross margin exceeding 50% in 2021, a remarkable feat in the capital-intensive manufacturing sector [7] Group 3: Challenges and Decline - By 2023, the lithium battery industry's super cycle ended, leading to a significant drop in lithium carbonate prices and a slowdown in battery production growth [10] - Enjie faced a 119.46% year-on-year decline in net profit in the first half of 2025, marking its first cumulative loss since its listing [10] - The company's stock price plummeted from a peak of 319 yuan to below 24.40 yuan, resulting in a market value loss of over 250 billion yuan [2][13] Group 4: Strategic Responses - In response to the downturn, Enjie is expanding internationally, with plans for production bases in Hungary, the U.S., and Malaysia, totaling an investment of approximately 7.7 billion yuan [15] - The company is also pursuing technological innovation, including a planned acquisition of a separator equipment manufacturer to strengthen its competitive edge [15] - As of late 2025, the lithium separator market showed signs of recovery, with price increases reported by several companies [16]