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].

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [1][7]. Core Insights - The acquisition of 100% equity in Jinli Co., a leading player in the wet diaphragm sector, has been approved by the Shenzhen Stock Exchange, which is expected to significantly enhance the company's performance in the lithium battery diaphragm market [1][7]. - The company has been focusing on high-end materials and traditional films since its entry into the lithium battery diaphragm sector in 2011, and the acquisition is seen as a strategic move to strengthen its position in the wet diaphragm market [1][11]. - The demand for lithium batteries has been growing, leading to a recovery in the supply-demand dynamics of diaphragms, which is expected to result in industry-wide profitability improvements [1][7]. Financial Data and Valuation - Total revenue is projected to be 2,215 million yuan in 2023, with a year-on-year decline of 16%, followed by a slight increase of 1% in 2024 [2]. - Operating profit is expected to be 224 million yuan in 2023, with a significant year-on-year growth of 23%, but a decline of 26% is anticipated in 2024 [2]. - Net profit attributable to shareholders is forecasted at 214 million yuan in 2023, reflecting a substantial year-on-year increase of 57%, but a decrease of 44% is expected in 2024 [2]. - The company’s price-to-earnings (PE) ratio is projected to be 55.2 in 2023, increasing to 98.6 in 2024 [2]. Acquisition Details - The acquisition of Jinli Co. is valued at 5.08 billion yuan, with 4.0 billion yuan paid in cash and 4.68 billion yuan in shares at an issue price of 3.81 yuan per share [11][12]. - The acquisition is expected to create synergies in technology, business, finance, and procurement, enhancing the company's competitive edge in the diaphragm market [31][7]. Market Position and Product Development - Jinli Co. is positioned as a major player in the wet diaphragm market, with a market share of 18% in China and 15.6% globally, ranking second in both markets [17]. - The company has successfully introduced a 5μm ultra-thin high-strength diaphragm into the product systems of major clients like CATL, achieving a domestic market share of 63% in this segment [28][17]. - The demand for 5μm ultra-thin high-strength diaphragms is expected to grow significantly, with projections indicating a market penetration of over 20% by 2025 [47][28]. Industry Outlook - The wet diaphragm industry is anticipated to experience a recovery in profitability, driven by increasing demand for lithium batteries and limited capacity expansion among major players [32][33]. - The industry is witnessing a trend towards thinner and stronger diaphragms, with the 5μm product expected to replace the 7μm and 9μm products in the market [47][28].

Core Viewpoint - The lithium battery separator industry is experiencing a significant price increase, driven by a reversal in supply-demand dynamics, cost pressures, and policy guidance, marking a shift from price competition to product quality competition [10][12][15]. Group 1: Price Adjustments and Market Dynamics - Leading separator manufacturer Xingyuan Material announced a 30% price increase for its wet-process separator products, attracting significant market attention [5]. - The separator industry began a reversal trend in August 2025, with wet-process separator prices rising by 10% by the end of October [7]. - The price increase from leading companies signals a clear shift in the supply-demand balance, indicating that the industry has reached a turning point after two years of price wars [8]. Group 2: Supply-Demand Reversal and Structural Shortages - The core feature of the lithium battery separator industry in 2025 is a structural shortage due to supply-demand mismatch, with a 47.6% year-on-year increase in separator shipments [12]. - The demand for high-end wet-process separators is driven by the energy density and power performance requirements in the energy storage market, leading to a significant increase in their market share [12]. - Major manufacturers are operating at over 90% capacity utilization, with wet-process separators rapidly replacing dry-process ones due to performance advantages [13]. Group 3: Cost Pressures and Policy Influence - Rising raw material costs and previous price wars have led to thin or negative profit margins for many companies, making price increases a necessary step for profit recovery [15]. - The Ministry of Industry and Information Technology's meetings aimed at curbing "involution" in the industry have fostered a policy environment conducive to price recovery, breaking the cycle of irrational competition [10][11]. Group 4: Future Outlook and Strategic Moves - If the current price increases are successful, it will shift the pricing model from cost-based to market-driven, enhancing the industry's confidence in further price hikes [17]. - Major separator manufacturers are expected to strengthen strategic partnerships with battery manufacturers to ensure stable supply amid rising prices [17]. - The industry is likely to face a continued structural shortage of high-end separators, particularly 5μm products, due to high production requirements and limited capable manufacturers [19].

Core Viewpoint - Enjie Co., Ltd. is planning to acquire 100% equity of Qingdao Zhongke Hualian New Materials Co., Ltd. and raise supporting funds, indicating a strategic move to extend its upstream supply chain in the lithium battery separator industry [2][5]. Group 1: Acquisition Details - The acquisition target, Zhongke Hualian, was established in November 2011 and is located in Qingdao, Shandong Province, with a registered capital of approximately 206 million yuan [5]. - Zhongke Hualian specializes in the research, production, and sales of various new materials, including wet-process PE separators, BOPET, PI separators, proton exchange membranes, and high-strength fibers, and has the capability to provide complete automated production line solutions [5]. - Enjie Co., as a leading company in lithium battery separators, aims to leverage this acquisition for potential industrial synergies [5]. Group 2: Market Position and Financial Performance - Enjie Co. serves major domestic and international clients in the lithium battery, food and beverage, plastic packaging, and printing industries, including prominent companies like CATL, BYD, and Panasonic [6][9]. - The separator industry is experiencing intensified competition, leading to overall profit pressure; however, Enjie is actively adjusting its market strategy to strengthen its domestic market share while expanding into overseas markets [6][9]. - In Q3 of the current year, Enjie reported a revenue of 3.78 billion yuan, a quarter-on-quarter increase of 24.59%, and a net profit of 6.79 million yuan, marking a return to profitability [6][9]. - The gross margin for the quarter was 16.46%, reflecting a quarter-on-quarter increase of 2.37 percentage points [6][9]. Group 3: Stock Information - As of November 28, the stock price of Enjie Co. was 55.35 yuan per share, with a market capitalization of 54.4 billion yuan [10].

Core Viewpoint - Enjie Co., Ltd. is planning to acquire 100% equity of Qingdao Zhongke Hualian New Materials Co., Ltd. and raise matching funds, indicating a strategic move to extend its upstream supply chain capabilities [2][5][6] Company Summary - Enjie Co., Ltd. is a leading manufacturer of lithium battery separators, holding the largest market share globally and excelling in production scale, cost control, and market expansion [5] - The company has established itself in the supply chains of renowned lithium battery manufacturers such as LGES, Panasonic, and CATL [5] Acquisition Details - The acquisition of Zhongke Hualian is aimed at enhancing industrial synergy and is currently in negotiation with all shareholders of Zhongke Hualian [6] - An intention agreement for the acquisition has been signed with the main counterparties [6] Financial Performance - In Q3 2025, Enjie Co., Ltd. reported revenue of 3.78 billion yuan, a quarter-on-quarter increase of 24.59%, and a net profit of 6.79 million yuan, marking a return to profitability [5] - The gross margin for the quarter was 16.46%, reflecting a quarter-on-quarter improvement of 2.37 percentage points [5] Market Conditions - The separator industry is facing intensified competition and overall profitability pressure [5] - Enjie Co., Ltd. is actively expanding its overseas market presence while consolidating its domestic market share [5] - The company anticipates a gradual recovery in separator product prices due to reduced new capacity additions in the industry compared to the previous year [6] - Demand for energy storage batteries remains strong, and the overall demand for downstream applications is expected to continue growing, leading to a potential balance in supply and demand [6]

Core Viewpoint - Enjie Co., a leading lithium battery separator manufacturer, is making a strategic acquisition of Qingdao Zhongke Hualian New Materials Co., a wet-process separator equipment supplier, amidst industry challenges and its own financial losses [1][3]. Group 1: Financial Performance and Market Conditions - Enjie Co. reported a revenue increase of 27.85% year-on-year to 9.543 billion yuan for Q3 2025, but faced a net loss of 86 million yuan, a 119.5% decline compared to the previous year [1]. - The average price of mainstream wet-process 7μm separators fell to 0.74 yuan/square meter in the first half of 2025, a 25% year-on-year decrease, indicating intense price competition in the industry [1]. - Enjie Co.'s net profit margin was only 0.95%, significantly lower than competitors like Cangzhou Mingzhu (8.34%) and Zhongcai Technology (6.58%) [2]. Group 2: Strategic Acquisition and Industry Integration - The acquisition of Zhongke Hualian represents a vertical integration strategy, allowing Enjie Co. to combine separator manufacturing with equipment supply, enhancing operational synergy [3]. - Zhongke Hualian has established production bases with a total capacity of approximately 2 billion square meters, with additional facilities under construction that could bring total capacity to 5 billion square meters [4]. - This acquisition will enable Enjie Co. to reduce equipment procurement costs, optimize production processes, and gain significant market share in the lithium battery separator industry [5]. Group 3: Future Outlook and Market Positioning - Enjie Co. believes the industry is at a critical turning point from oversupply to supply-demand balance, with new capacity additions expected to be lower than the previous year [6][7]. - The company is experiencing a stable increase in demand and order volume, indicating a recovery in the market [7]. - Enjie Co. is also expanding its global footprint with projects in Hungary and the U.S., and is preparing for next-generation battery technologies, positioning itself to navigate the industry's downturn [7][8].

Core Viewpoint - The company is involved in lithium-ion battery separator products that are widely used across various sectors, including new energy vehicles, energy storage stations, aerospace, and medical environments [1] Group 1 - The company has been asked about its involvement in perovskite batteries and whether it can provide products for space applications [1] - The company's lithium-ion battery separator products are utilized in new energy vehicles, energy storage stations, electric bicycles, electric tools, aerospace, 3C digital products, and medical environments [1]

【DT新材料】 获悉 ，12月2日，一份调价通知书在锂电行业引发关注。调价通知书显示，某隔膜行业一梯队企业宣布对其湿法隔膜产品售价进行调整，上调幅度 湿法隔膜行业一梯队和二梯队的湿法隔膜厂商产能利用率均保持满产状态，湿法隔膜行业整体产能利用率已经达到90%以上水平， 原因是一方面受到四季度终端 需求旺盛的影响，另外在持续涨价的背景下，下游厂商也适当进行原料备货以应对明年的需求。同时，2026年下游电池厂有望进一步"干法转湿法"，进一步拉动 湿法隔膜的需求，随着年底上下游针对2026年的供应进行年底商议，"大概率将会出现电池厂的大额保供订单"。 从目前的供求关系来看， 2025年第三季度的隔膜价格是确定性的底部，涨价是大势所趋 。未来隔膜产品价格将有望回归合理区间，行业利润得到修复。明年隔 膜提价的动力仍然是供需结构反转，新增扩产上量放缓，行业格局进一步优化。 锂电隔膜龙头企业 恩捷股份 11月20日接待易方达基金等调研时展望， 从供给端看，今年行业新增产能低于去年，在今年能够形成的有效产能也减少，供给存在 改善，扩产意愿上，隔膜行业的扩产周期较长，且资产投入重，当下的利润水平下，回收周期过长，行业扩产难度不低 ...

12月2日，一份调价通知书在锂电行业引发关注。调价通知书显示，某隔膜行业一梯队企业宣布对其湿法隔膜产品售价进行调整，上调幅度达 30%。 上海证券报记者从接近该企业的人士处获悉，确有向部分客户发出调价通知书。鑫椤锂电分析师陈雷雨对上海证券报记者表示，预计本轮锂电隔 膜整体涨价幅度可达20%以上，有望带动隔膜企业业绩由亏损或盈亏打平转为盈利。 多家隔膜企业筹划涨价 上海证券报记者从接近该企业的人士处获悉，确有向部分客户发出调价通知书。 另有从业者对上海证券报记者表示，目前其所在的公司产能利用率饱满，已对部分客户的隔膜订单价格进行上调，未来价格的走向还需视供求关 系来确定。 高工锂电方面2日称，一周前已有隔膜企业发函对湿法隔膜（基膜及涂覆隔膜）产品上调价格。而2日消息更为明确显示，多家头部隔膜企业已确 定上调隔膜产品价格。 鑫椤锂电方面分析，8月末湿法隔膜行业的反内卷会议促成了第一轮涨价行情。本次调价通知书引发湿法隔膜厂商同步跟进涨价，引发第二轮涨价 行情。目前第二轮涨价仍然在持续落地中。陈雷雨预计，本轮锂电隔膜整体涨价幅度可达20%以上。 就涨价动力，陈雷雨认为，下游需求的超预期表现，以及供需结构的改善甚至进一 ...

Core Viewpoint - Enjie Co., Ltd. plans to acquire 100% equity of Qingdao Zhongke Hualian New Materials Co., Ltd. through a combination of issuing shares and raising supporting funds, marking a significant strategic move to extend its upstream supply chain in the lithium battery separator industry [1] Group 1: Acquisition Details - The acquisition involves signing a letter of intent with all shareholders of Zhongke Hualian, which was established in 2011 and specializes in the research, production, and sales of complete sets of wet lithium battery separator equipment [1] - Zhongke Hualian provides integrated solutions for lithium battery separator production, covering the entire chain from equipment installation to after-sales service [1] Group 2: Strategic Importance - As the leading company in the global lithium battery separator market, Enjie's acquisition is a key strategic initiative to enhance its core competitiveness in the new energy materials equipment sector [1] - The integration of Zhongke Hualian's technological expertise and industrial resources in wet separator equipment is expected to improve production efficiency and technological iteration capabilities [1] Group 3: Market Position - Enjie’s customer base includes major domestic and international battery manufacturers such as CATL and LGES, and this upstream extension is anticipated to further solidify its leading position in the global lithium materials market [1]