干法锂电池隔膜骨干企业达成多项"反内卷"共识。 记者获悉，干法锂电池隔膜骨干生产企业负责人闭门座谈会在深圳成功召开，会议旨在响应、落实国家 综合整治"内卷式"竞争相关部署，推动行业健康有序发展。 星源材质、中兴新材、惠强新材、沧州明珠、恩捷股份、博盛新材、天鸿新材、康辉新材8家企业负责 人分别介绍了各自企业2024年全年及2025年上半年生产、销售情况与未来投产计划，并交流了产品成本 构成。同时，8家企业达成多项重要共识：一是价格自律；二是科学释放产能；三是暂停扩产；四是加 强产业链合作；五是希望社会监督。 锂电池隔膜是锂电池正负极之间的一层薄膜，其厚度仅为头发丝的十分之一。在锂电池进行电解反应 时，隔膜能够分隔正负极，防止短路现象的发生，同时允许电解质离子自由通过。作为锂电池四大材料 之一，隔膜的成本约占锂电池成本的10%，是研发难度最大、技术含量最深、附加值最高、投资强度最 大的锂电池材料。 近年来，随着新能源汽车、储能等领域对锂电池需求的井喷式增长，锂电隔膜产业迎来了快速扩张期。 但在发展过程中，非理性产能扩张导致市场严重供大于求。以2024年为例，干法隔膜行业历经持续价格 战，年底部分型号甚至跌破成本 ...

Group 1 - The first floating fee fund product in China, the China Europe Core Intelligent Selection Mixed Fund, has raised over 2 billion yuan and ended its issuance early, becoming the first of its kind to exceed this threshold [1] - Multiple public funds have issued warnings about investment fraud, with companies like Guolian Fund and Jianxin Fund alerting investors to scams involving fake software and links [1] - A controversy arose regarding the gambling nature of the fund manager of Shunwan Lingxin Fund, with the fund's performance declining over 8% since its inception [1] Group 2 - A closed-door meeting of key dry-process lithium battery separator manufacturers in Shenzhen resulted in several agreements to combat "involution" competition, including price discipline and capacity management [2] - IDC reported that the Chinese tablet market is expected to see a 15.6% year-on-year increase in shipments in Q2 2025, with consumer demand driving growth [2] - The Chinese automotive industry has faced increased regulatory scrutiny, with four meetings held in two months to address issues of disorder amid rapid transformation and competition [2] Group 3 - Starting August 4, express delivery prices in Guangdong have increased by 0.4 yuan per ticket, raising the average price to over 1.4 yuan, with penalties for companies that do not comply [3][4] - Xiaomi's automotive sales personnel indicated that requiring early payment of tail fees is aimed at specific customers with special circumstances, potentially to improve delivery efficiency [5] - Cambrian Technology's stock surged amid rumors of increased procurement, although the company advised investors to rely on official disclosures for performance updates [5] Group 4 - Zhi Mi has established a new business unit, Zhi Mi Smart Display, to enter the television and audio market, with new products expected to launch in September [6] - China Unicom (Hong Kong) reported a 1.5% year-on-year increase in revenue for the first half of the year, reaching 200 billion yuan, with a 5.1% increase in pre-tax profit [6] - Das Smart signed a contract worth 90.75 million yuan for a smart hospital project, providing specialized systems for various medical areas [7] Group 5 - Kingood Co. received a notification for a low-carbon wheel project from a major domestic passenger car manufacturer, marking the third project from this client this year [9] - Jinyi Industrial signed a contract worth approximately 335 million yuan for the procurement of materials for a new railway project [10] - Zhenray Technology reported a net profit of 62.32 million yuan for the first half of the year, a significant increase of 1006.99% year-on-year [11] - Yongjie New Materials announced a 13.62% year-on-year increase in net profit for the first half of the year, with plans to distribute cash dividends [12] Group 6 - The stock market saw all three major indices reach new highs, with significant trading volume and a notable surge in chip stocks, particularly Cambrian Technology [13]

证券日报网讯恩捷股份（002812）8月11日在互动平台回答投资者提问时表示，公司锂电池隔膜产品品 质好，产品的物性指标均处于行业领先水平，产品一致性高，产品品质已得到众多锂电池生产企业的一 致认可，公司与全球多家头部锂电池厂商长期稳定合作。公司也将持续开发新产品，以满足客户多元化 需求，已有超薄高强度、高耐热、高浸润和快充、高安全等隔膜产品，还在加强研发和开发，实现多元 化产品矩阵。 ...

Core Insights - The core viewpoint of the article highlights the significant growth in China's lithium battery separator shipments, with a projected volume of approximately 13.3 billion square meters in the first half of 2025, representing a year-on-year increase of 47.6% [2]. Group 1: Industry Overview - The total shipment of lithium battery separators in China for 2025H1 is estimated at 13.3 billion square meters, with a year-on-year growth of 47.6% [2]. - Among the shipments, wet-process separators account for 10.95 billion square meters, making up 82.3% of the total, while dry-process separators contribute 2.35 billion square meters, or 17.7% [2]. - The share of wet-process separators has increased by 11.1% compared to the previous year, primarily due to the rising penetration of 314Ah cells in the energy storage sector, which are better suited for wet-process separators [2]. Group 2: Market Leaders - The top 10 companies in China's lithium battery separator shipments for 2025H1 are as follows: 1. SEMCORP (恩捷股份) 2. Xingyuan Material (星源材质) 3. Jinli (金力股份) 4. China National Materials (中材科技) 5. Housheng New Energy (厚生新能源) 6. Kanghui New Materials (康辉新材) 7. Huiqiang New Energy (惠强新能源) 8. Zhongxing New Materials (中兴新材) 9. Cangzhou Mingzhu (沧州明珠) 10. Putailai (璞泰来) [3].

Core Viewpoint - Zhongcai Technology's stock price experienced a decline on August 5, closing at 27.07 yuan, down 0.68 yuan or 2.45% from the previous trading day [1] Group 1: Stock Performance - On August 5, the opening price was 28.08 yuan, with a high of 28.09 yuan and a low of 26.87 yuan, resulting in a trading volume of 287,195 hands and a transaction amount of 782 million yuan [1] - The net outflow of main funds on August 5 was 99.79 million yuan, accounting for 0.22% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds reached 738 million yuan, representing 1.62% of the circulating market value [1] Group 2: Company Overview - Zhongcai Technology's main business includes the research, production, and sales of products such as fiberglass and composite materials, wind turbine blades, and lithium battery separators [1] - The company's products are widely used in sectors such as renewable energy, energy conservation and environmental protection, and transportation [1] Group 3: Profit Forecast - According to the latest announcement, Zhongcai Technology expects the net profit attributable to shareholders of the listed company for the first half of 2025 to be between 840 million yuan and 1.04 billion yuan, representing a year-on-year growth of 80.77% to 123.81% [1]

Group 1 - Foshan Fospower Technology Co., Ltd. plans to acquire 100% of Jinyi Co., Ltd. for a total consideration of 5.08 billion yuan, with 400 million yuan paid in cash and 4.68 billion yuan through share issuance [1] - Jinyi Co., Ltd. holds a competitive advantage in the lithium battery wet separator market, with an estimated market share of approximately 18% in China for 2024, ranking second in the industry [1] - The acquisition will allow Foshan Fospower to share R&D results with Jinyi, enhance separator performance and quality, and develop more competitive high-end separator products [2] Group 2 - The transaction will enable Foshan Fospower to enter the lithium battery separator sector, enriching its product portfolio in the new energy field and positioning it as a leading enterprise in high polymer functional film materials [2] - Jinyi Co., Ltd. has shown significant performance improvement, with a sales volume of over 1.6 billion square meters in the first five months of 2025, representing an 88% year-on-year increase [3] - The acquisition is expected to enhance Foshan Fospower's operational capabilities and financial performance by optimizing Jinyi's cost structure and leveraging the advantages of being a listed company [3]

Core Viewpoint - Foshan Fospower Technology Group Co., Ltd. plans to acquire 100% of Jinyi Co., Ltd. for a total consideration of 5.08 billion yuan, enhancing its position in the polymer film materials sector, particularly in lithium battery wet separator production [1][3]. Group 1: Company Overview - Foshan Fospower Technology is positioned as an important listed platform under Guangxin Group in the new materials sector, focusing on optical films, biaxially oriented films, dialysis protective materials, and plastic barrier materials [1]. - Jinyi Co., Ltd. specializes in the research, production, and sales of lithium battery wet separators, having established strong competitive advantages in the market [2]. Group 2: Market Position and Performance - Jinyi Co., Ltd. holds approximately 18% market share in China's wet separator market, ranking second, and has established stable partnerships with major domestic battery manufacturers [2]. - The company has planned 46 production lines, with over 60% set to be operational from 2023 onwards, utilizing advanced wide-width equipment [2]. Group 3: Financial Performance and Future Outlook - Jinyi Co., Ltd. reported a significant increase in sales volume, achieving over 1.6 billion square meters in the first five months of 2025, an 88% year-on-year growth, with revenues of approximately 148.59 million yuan and a net profit of about 8.89 million yuan [3]. - The wet separator market is experiencing positive growth, driven by increasing demand for high-performance separators in traditional applications, which will benefit Jinyi Co., Ltd.'s product and capacity layout [4]. Group 4: Strategic Implications of the Acquisition - The acquisition will allow Foshan Fospower Technology to enter the lithium battery separator market, enhancing its product portfolio in the new energy sector and positioning it as a leader in polymer functional film materials [4]. - This transaction is expected to improve the company's operational capabilities, expand its business scale, and enhance market competitiveness, aligning with the long-term interests of all shareholders [4].

Core Viewpoint - The company is undergoing a significant asset restructuring involving the issuance of shares to purchase assets and raise supporting funds, with a focus on expanding production capacity in response to the growing demand in the lithium battery separator market. Financial Analysis - The company reported that the production capacity of the targeted assets is expected to reach approximately 5 billion square meters by the end of 2024, with new production lines being launched during the reporting period [2][3] - The sales revenue from the top five customers accounted for 84.01% and 76.73% of the main business income, indicating a high customer concentration [2][3] - The company has experienced third-party payment situations, with amounts of 71 million and 41 million yuan reported during the period [3] Production Capacity and Utilization - The company had a total of 19 original production lines at the beginning of the reporting period, with 18 new production lines launched, resulting in a significant increase in production capacity [5][6] - The overall capacity utilization rate remained above 80%, with specific production lines achieving utilization rates of up to 94.98% [6][7] - The company has implemented advanced technology and equipment in new production lines to enhance production efficiency and product quality [7][8] Market Demand and Expansion - The lithium battery separator market is experiencing steady growth, with the company planning to expand production capacity to meet increasing demand from the electric vehicle and energy storage sectors [10][11] - The company anticipates a 66.2% year-on-year increase in orders for 2025, indicating strong future demand [11][12] Sales Model and Customer Relationships - The company employs a consignment sales model, with major clients including CATL and BYD, which accounted for 55.51% of the main business income during the reporting period [13][14] - The average sales price and gross margin for consignment sales were lower than non-consignment sales, reflecting changes in product structure and market conditions [14][15] - The company has established long-term stable relationships with key customers, contributing to a steady increase in sales volume [14][15] Competitive Positioning - The company’s products are positioned in the high-end market, with a focus on ultra-thin and high-strength separators, which are in demand due to the evolving requirements of the lithium battery industry [9][10] - The company’s gross margin is higher than the average of comparable companies, attributed to increased sales volume and reduced raw material costs [18][19]

Core Viewpoint - Enjie Co., Ltd. (SZ:002812), a leading lithium battery separator manufacturer, is expected to report a net profit loss of between 82.65 million to 107 million yuan for the first half of 2025, marking a significant shift from profit to loss year-on-year [1][5]. Group 1: Financial Performance - Enjie Co. is projected to experience its first annual loss since its listing in 2024, with a revenue decline of 15.6% and a net profit drop of 122%, resulting in a loss of 556 million yuan [5]. - The company's mid-year forecast indicates a net profit loss of 82.65 million to 107 million yuan, contrasting with a profit of 259.8 million yuan in the first quarter and 291 million yuan in the same period last year [5][6]. - The gross margin for Enjie Co. fell to 11.07% in 2024, a significant decrease of 70.43% compared to the previous year, and down from 49.86% in 2021 [8]. Group 2: Market Dynamics - The rapid expansion of domestic separator production has led to oversupply and intense price competition in the separator industry, impacting Enjie Co.'s profitability despite its leading market position [4]. - Enjie Co. maintained the largest global market share for lithium battery separators for seven consecutive years, with production and sales expected to reach 9.28 billion square meters and 8.825 billion square meters in 2024, respectively [4]. Group 3: Operational Challenges - Enjie Co. faces operational pressures due to losses in certain business segments, including aluminum-plastic film and dry lithium battery separators [9]. - The company is also incurring short-term operational costs from the accelerated construction of overseas production bases in Hungary, the U.S., and Malaysia [10]. - Enjie Co. plans to recognize impairment losses on certain inventories, which will further reduce current profits [11]. Group 4: Debt and Expansion - Enjie Co. has accumulated significant debt, with short-term borrowings reaching 8.678 billion yuan and total current liabilities of 13.229 billion yuan, while cash reserves stand at only 2.844 billion yuan [13][14]. - Despite financial strain, Enjie Co. continues to invest in overseas projects, with total planned investments amounting to 7.7 billion yuan across various locations [16][17]. Group 5: Future Prospects - Enjie Co. is exploring opportunities in solid-state batteries as a potential turnaround strategy, with ongoing development in solid electrolyte materials and production lines [18]. - The company has signed agreements for the supply of solid-state battery materials, indicating a strategic pivot to adapt to market changes [18]. - However, the rapid technological advancements in solid-state batteries pose a risk, as the company must maintain high R&D investment amidst financial constraints [19].

Core Insights - Enjie Co., Ltd. has made significant breakthroughs in the overseas market for lithium battery separators, enhancing its global competitive advantage [1][2] - The company has established a multinational R&D team led by Li Xiaoming, achieving industry-leading technical indicators in wet-process separators [1] - Enjie has implemented stringent quality control standards, ensuring product stability and consistency, which has earned the trust of both domestic and international clients [1] Group 1 - Enjie Co., Ltd. signed a cooperation agreement with Ultium Cells LLC in December, committing to supply lithium battery separators worth up to $66.25 million by 2025 [1] - The company has successfully secured multiple orders in a short period, indicating its growing global competitiveness [1] - Enjie has developed a high-safety separator series with a membrane rupture temperature increased to 230°C through molecular chain modification [1] Group 2 - The company has enhanced the wettability and liquid retention capacity of its separators to meet the fast-charging requirements of automotive clients [1] - Enjie has built a comprehensive quality control system at its Yuxi base, ensuring strict oversight from raw material procurement to finished product delivery [1] - Each separator produced has a unique identification mark, allowing for full traceability throughout the production process [1] Group 3 - Enjie Co., Ltd. is expanding its global market share, thereby increasing its influence in the lithium battery separator market [2] - The company plans to continue its "technology + capacity" dual-drive strategy to extend its products and services to more countries and regions [2] - Enjie aims to provide core material support for the high-quality development of the global new energy industry [2]