Core Viewpoint - The company, Xingyuan Material (300568.SZ), is advancing its flexible sensing technology through a partnership with Hangzhou Huigan, focusing on the development of flexible electronic skin for humanoid robots, indicating a strategic move into robotics applications [2]. Group 1: Company Developments - The company’s lithium-ion battery separator products are widely used in various sectors, including new energy vehicles, energy storage stations, electric bicycles, aerospace, and medical environments [2]. - The partnership with Hangzhou Huigan is progressing smoothly, with the latter having developed multiple versions of flexible electronic skin over the past five years [2]. Group 2: Industry Applications - The flexible electronic skin technology is aimed at enhancing safety, compliance, and intelligent interaction in humanoid robots, with future applications planned in industrial robots, special robots, and service robots that have arm structures [2].

格隆汇11月21日丨星源材质(300568.SZ)在投资者互动平台表示，公司的锂离子电池隔膜产品广泛应用 于新能源汽车、储能电站、电动自行车、电动工具、航天航空、3C数码及医疗环境等领域。杭州慧感 作为公司参股企业，深耕柔性传感技术，近五年迭代开发了多款机器人柔性电子皮肤，为人机交互的安 全性、柔顺性以及机器人具身智能迭代开发提供了感知基础及数据支撑。后续将在工业机器人、特种机 器人、服务机器人等具有手臂结构的人形机器人领域落地应用和探索。公司与杭州慧感智能科技有限公 司的合作目前顺利推进中。 ...

人民财讯11月21日电，恩捷股份（002812）在机构调研时表示，公司储能电池客户目前已有部分产品从 干法隔膜切换至湿法隔膜，公司对电池隔膜产业各类技术和动态保持关注，始终致力于为客户提供符合 需求的优质产品。公司目前在手订单充沛，产能利用率较高，同时近期公司的下游客户需求和订单呈现 稳定增长态势，在下游储能需求较为旺盛的基础上，公司2025年出货量有望进一步增长。 ...

| | ☑ | 特定对象调研 □分析师会议 | | --- | --- | --- | | 投 资 者 | | □媒体采访 □业绩说明会 | | 关系活动类 | | □新闻发布会 □路演活动 | | 别 | | □现场参观 | | | | □其他 | | 参 与 单 | | 易方达基金、中信保诚基金、鹏华基金、美银、瑞银、中信建投证券、中信证券等 | | 位名称及人 | 机构 | | | 员姓名 | | | | 时间 | 2025 | 年 11 月 20 日 | | 地点 | | 恩捷股份金桥新能源总部 | | 上 市 公 | | | | 司接待人员 | | 副总经理禹雪、董事会秘书白云飞、投资者关系经理徐晶晶 | | 姓名 | | | | | | 公司就投资者以下问题进行回复： | | | | 1、储能电池使用的隔膜有从干法切去湿法的趋势吗？ | | | | 公司储能电池客户目前已有部分产品从干法隔膜切换至湿法隔膜，公司对电池 | | 投 资 者 | | 隔膜产业各类技术和动态保持关注，始终致力于为客户提供符合需求的优质产品。 | | 关系活动主 | | | | 要内容介绍 | | 谢谢关注！ | | | ...

证券代码： 300568 证券简称：星源材质 深圳市星源材质科技股份有限公司 投资者关系活动记录表 答：尊敬的投资者您好！公司与四川大学、广东工业大学开 展"产学研"合作，与华南理工大学 联合创建"博士后创新实 践基地"，并与清华大学、北京大学、上海交通大学、华中科技 大学、重庆大学、南方科技大学、南京理工大学、江苏产业研究 院等多所高校、科研机构开展高性能动力锂离子电池隔膜及多种 功能膜的设备、工艺、技术开发和人才培养工作。同时，为与国 际高校合作，吸纳国际领先人才，整合全球资源，搭建全球客户 服务网络，公司在德国、瑞典、日本、江苏等地分别设立了多个 2、储能设备出货量占有率 答：尊敬的投资者您好！公司具体经营数据敬请关注公司在 指定信息披露媒体披露的定期报告。感谢您的关注！ 3、星源香港 ipo 目前进展到什么阶段？ 答：尊敬的投资者您好！公司已于 2025 年 7 月 7 日向香港 联合交易所有限公司递交了发行境外上市外资股（H 股）并在香 港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登 了本次发行并上市的申请资料。公司将按规定对有关后续进展情 况及时履行信息披露义务。感谢您的关注！ 4、请问 ...

Core Viewpoint - The company is responding to investor inquiries regarding the shift in battery separator technology from dry to wet methods, indicating a proactive approach to market changes and customer needs [2]. Group 1: Company Response - The company has acknowledged that some of its energy storage battery clients have already transitioned from dry separators to wet separators [2]. - The company is committed to monitoring various technologies and trends in the battery separator industry to ensure it meets customer demands with high-quality products [2].

Group 1: Market Dynamics - The supply-demand imbalance in the separator industry is expected to gradually improve due to lower new production capacity compared to last year and strong demand from energy storage and power batteries [2][3]. - The overall profitability of the separator industry is currently low, leading to a slowdown in capacity expansion and some small to medium enterprises halting expansion [2][3]. Group 2: Competitive Strategy - The company, as a leading separator manufacturer, maintains a brand advantage and product quality, which helps it respond to low-price competition effectively [2][3]. - The company is focused on ensuring stable supply and demand for high-quality separators while improving profitability through enhanced product performance and structure [3]. Group 3: Technological Positioning - The company is actively involved in the research and development of advanced technologies, including semi-solid and solid-state battery separators, positioning itself as an early mover in the industry [4]. - The company has established a joint venture for the development and production of semi-solid battery separator materials, demonstrating its commitment to innovation [4]. Group 4: Product Advantages - The company possesses a full range of separator technologies, including wet and dry base films, heat-resistant coatings, and functional coatings, with significant capabilities in wet process technology [5]. - Innovations in equipment and processes, such as integrated online coating technology and the introduction of high-speed production lines, are enhancing production efficiency [5].

Core Viewpoint - The article discusses the strategic shift in the battery separator market, highlighting the sale of Toray's remaining stake in the LG Chem joint venture and the competitive landscape influenced by rising demand for electric vehicles and the emergence of Chinese manufacturers [2][3]. Group 1: Company Developments - Toray announced the sale of its remaining 30% stake in the LG Toray Hungary Battery Separator Co., which is expected to be completed by December 2025, marking its exit from the European battery separator market [2]. - LG Chem aims to enhance its European battery materials supply chain and strengthen its local manufacturing capabilities through this acquisition [2]. - The joint venture was established in June 2022, with both companies initially holding 50% stakes [2]. Group 2: Market Trends - According to SNE Research, global lithium-ion battery separator shipments are projected to reach 30.2 billion square meters in 2024, a 22% increase year-on-year, while actual demand is expected to be 23.2 billion square meters, up 30% [3]. - Chinese manufacturers, including Enjie, Xingyuan, and Jinli, dominate the market, holding over 90% of the market share and accounting for 80% of global shipments [3]. - Japanese and Korean manufacturers are facing growth bottlenecks due to weak European demand and inventory adjustments [3]. Group 3: Technological Developments - The competition in the separator market is intensifying, focusing on coating technologies such as ultra-thin and composite coatings [4]. - The dry separator market is expanding due to strong demand for energy storage, leading to a market structure where Chinese manufacturers dominate dry separators while Japanese and Korean firms supplement with high-end wet separators [4]. Group 4: Financial Performance - The lithium separator industry is experiencing a trend of "general revenue growth but declining net profits" in the first half of 2025, indicating a shift from high-margin phases to average profitability levels [6]. - Companies like Enjie and Xingyuan have reported varying degrees of profit decline, with some even turning from profit to loss, while a few, such as Zhongcai Technology, have managed to achieve profit growth through business optimization [6]. Group 5: Future Outlook - The pursuit of higher performance and safety standards is driving technological advancements in the industry, with solid-state batteries emerging as a significant challenge for separator manufacturers [7]. - Enjie and Xingyuan are actively developing new products and technologies to adapt to the evolving market, including semi-solid battery separators and high-performance solid-state battery membranes [8].

Group 1 - The company announced on September 17 that its capacity utilization rate is currently high and at an industry-leading level [1] - The second half of the year is typically a peak season for diaphragm demand, and with stable growth in downstream demand, the company's diaphragm capacity is expected to become slightly tight [1] - The diaphragm industry's capacity expansion has significantly slowed down, and the current oversupply situation is expected to converge as demand continues to grow, potentially leading to a balanced supply state in the future [1]

Core Insights - Star Source Material's stock increased by 5.27% to 14.99 CNY per share, with a trading volume of 1.403 billion CNY and a turnover rate of 7.86%, resulting in a total market capitalization of 20.115 billion CNY [1] Company Overview - Shenzhen Star Source Material Technology Co., Ltd. is located in Guangming District, Shenzhen, Guangdong Province, and was established on September 17, 2003. The company went public on December 1, 2016. Its main business involves the research, production, and sales of lithium-ion battery separators, with 99.08% of its revenue coming from this segment and 0.92% from other sources [1] Fund Holdings - According to data from the top ten holdings of funds, China Life Asset Management's fund holds a significant position in Star Source Material. The Guoshou Anbao Chuang Selected 88 ETF (159804) held 207,400 shares in the second quarter, accounting for 2.03% of the fund's net value, making it the sixth-largest holding. The estimated floating profit for today is approximately 155,500 CNY [2] Fund Performance - The Guoshou Anbao Chuang Selected 88 ETF (159804) was established on March 4, 2020, with a current size of 130 million CNY. Year-to-date returns are 25.29%, ranking 1940 out of 4222 in its category. Over the past year, the fund has achieved a return of 71.5%, ranking 1163 out of 3802, and since inception, it has returned 41.95% [2] Fund Management - The fund managers of Guoshou Anbao Chuang Selected 88 ETF are Li Kang and Su Tianxing. As of the report, Li Kang has a tenure of 10 years and 183 days, managing assets totaling 7.118 billion CNY, with the best return during his tenure being 41.95% and the worst being -48.35%. Su Tianxing has a tenure of 4 years and 200 days, managing assets of 3.303 billion CNY, with the best return of 31.5% and the worst of -1.84% [3]