ENERGY TECHNOLOGY(SZ:002812) 第一财经·2025-12-01 05:22Core Viewpoint - The lithium battery industry is experiencing a recovery in market conditions, prompting leading companies to extend upstream through mergers and acquisitions to prepare for the next cycle [3][9]. Group 1: Company Actions - Enjie Co., Ltd. plans to acquire 100% of Qingdao Zhongke Hualian New Materials Co., Ltd. through a share issuance and raise matching funds [5][6]. - The acquisition targets the upstream equipment manufacturing sector, enhancing Enjie's capabilities in the wet separator industry [3][5]. - Enjie has reported a shift from dry to wet separators among some of its energy storage battery clients, indicating a strategic move to strengthen its market position [6][9]. Group 2: Industry Context - The Ministry of Industry and Information Technology has emphasized the need to rectify "involution" competition in the lithium battery sector, promoting high-quality development [3][9]. - Recent price increases in upstream materials, including electrolyte and lithium iron phosphate, have been noted, indicating a supply-demand imbalance following a period of price corrections [9][10]. - The industry is witnessing a trend of battery manufacturers and material suppliers entering long-term agreements, suggesting a deeper integration within the supply chain [9][10]. Group 3: Financial Performance - Enjie reported a net loss of 556 million yuan in 2024, marking its first loss since going public, with a sales net profit margin of -6.49% [7]. - In the first three quarters of the current year, Enjie achieved a revenue of 9.543 billion yuan, a year-on-year increase of 27.85%, although it still faced a net loss of 86.32 million yuan [7][8]. - The third quarter showed signs of recovery, with revenue and net profit increasing by 24.6% and 105.7% respectively, and a positive net profit margin of 0.49% [7][8].