Zheng Quan Shi Bao·2025-12-28 18:04Core Viewpoint - The lithium battery separator industry is experiencing a wave of mergers and acquisitions, with companies like Enjie and Fospower actively pursuing integration to enhance their market positions and profitability [1][2]. Group 1: Mergers and Acquisitions - Enjie plans to acquire 100% of Zhongke Hualian through a share issuance, aiming to leverage synergies across the supply chain and enhance its product matrix [2]. - Fospower's acquisition of Jinli has been approved by the Shenzhen Stock Exchange, allowing it to enter the lithium battery separator market and improve profitability [2]. - The current merger activity is driven by the industry's bottom position, allowing leading companies to acquire quality assets at lower costs [2][3]. Group 2: Price Increases and Demand - The separator industry has seen a tightening supply since late October, with leading companies operating at full capacity and orders spilling over to smaller manufacturers [4]. - The demand for separators is supported by the continuous growth in downstream markets, particularly in power batteries and energy storage [5]. - The average price of 5μm separators is significantly higher than that of 7μm products, indicating a strong market for high-performance separators [9]. Group 3: Supply and Demand Balance - The separator industry is expected to reach a supply-demand balance as the demand for power batteries is projected to grow significantly, with global demand reaching 1704 GWh by 2026 [5]. - The willingness to expand production in the separator industry is low due to high capital investment and long payback periods, leading to a scarcity of quality production capacity [6]. - The industry is shifting focus from expansion to optimizing existing capacity, with many companies halting expansion plans to avoid oversupply [7]. Group 4: Competitive Landscape and Differentiation - The competition in the separator industry is evolving from scale and price competition to a focus on technological innovation and product performance [8]. - The industry is moving towards ultra-thin and high-strength separators, with 5μm products becoming a key area of competition [9]. - Companies are increasingly looking to expand their overseas presence, as international markets offer higher margins and growth potential [10][11].