ENERGY TECHNOLOGY(SZ:002812) 起点锂电·2025-12-01 10:22Core Viewpoint - The article discusses the strategic acquisition of Zhongke Hualian by Enjie Co., aiming to strengthen the supply chain integration and enhance its core business in the lithium battery industry, despite facing financial losses in recent quarters [2][3][5][12]. Group 1: Company Performance - In the first three quarters of the year, Enjie Co. reported revenue of approximately 9.54 billion, a year-on-year increase of about 27.8%, but incurred a loss of approximately 86.32 million, a decline of about 119% year-on-year [5]. - The gross margin for the same period was 15.9%, down 5.07%, while the net margin was -1.19%, a decrease of 7.19% year-on-year [5]. - The 2024 annual report indicates a revenue of approximately 10.16 billion, a year-on-year decrease of about 15.6%, with a loss of 555.6 million and a non-recurring net loss of 613 million [5]. Group 2: Strategic Moves - Enjie Co. is not halting its expansion despite losses; it is pursuing the acquisition of Zhongke Hualian and has initiated a second phase of a 1.6 billion square meter separator project in Yunnan, with a total investment of about 4.5 billion [6][7]. - The company also announced the early redemption of its convertible bonds issued in 2020, which could dilute earnings per share in the short term [8] . Group 3: Industry Context - The acquisition of Zhongke Hualian is seen as a move to enhance upstream control, as the company is a key player in the separator equipment sector, providing automated solutions that are in high demand [9][10]. - Zhongke Hualian has established production bases and is set to produce 800 million square meters of high-performance wet lithium battery separators annually after the completion of its new production lines [11]. - The lithium battery industry is experiencing a recovery, with leading companies seeking to optimize technology and strengthen supply chain control amid a competitive landscape [12].