点击裸战 【DT新材料】 获悉， 近日，日本 东丽 宣布向 LG 化学 出售LG东丽匈牙利电池隔膜有限公司的全部剩余股权。此次交易完成后， 东丽将彻底退出，L G化学则全面接手 。 据悉，该合资公司成立于2022年6月，双方各持有50%， 总部设于匈牙利， 主营可充电锂离子电池隔膜生产销售 。不过，2025年5月， 东丽就提出电池 隔膜业务结构改革计划，考虑缩减业务规模或退出部分市场，宣布向LG 化学出售其持有的 LTHS 20% 股权 ，6月30日完成交割。此次则是出售剩余3 0% 股权，预计在 2025年12月完成。 此次出售，对于 LG化学 来说，将有助于 完善欧洲电池材料供应链、服务集团当地电池制造基地，巩固欧洲布局并提升全球竞争力；而对于 东丽 来 说， 主要是因为 全球电动汽车需求增速放缓，叠加中国电池隔膜企业崛起引发价格战，东丽面临市场份额与盈利压力，退出欧洲，回归并 继续深耕日 韩市场。 技术路线上，涂层技术（超薄化、复合化）成竞争焦点，LG 化学整合东丽基膜与自身涂层工艺强化高端竞争力，中国厂商在陶瓷涂层领域具规模化优 势；同时干法隔膜因储能需求旺盛加速扩张，欧洲储能市场渐形成 "中国干法主 ...

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]

国寿安保创精选88ETF（159804）基金经理为李康、苏天醒。 9月15日，星源材质涨5.27%，截至发稿，报14.99元/股，成交14.03亿元，换手率7.86%，总市值201.15 亿元。 资料显示，深圳市星源材质科技股份有限公司位于广东省深圳市光明区公明办事处田园路北,香港湾仔 皇后大道东248号大新金融中心40楼，成立日期2003年9月17日，上市日期2016年12月1日，公司主营业 务涉及锂离子电池隔膜研发、生产及销售。主营业务收入构成为：锂离子电池隔膜新能源材料 99.08%，其他0.92%。 从基金十大重仓股角度 数据显示，国寿安保基金旗下1只基金重仓星源材质。国寿安保创精选88ETF（159804）二季度持有股 数20.74万股，占基金净值比例为2.03%，位居第六大重仓股。根据测算，今日浮盈赚取约15.55万元。 国寿安保创精选88ETF（159804）成立日期2020年3月4日，最新规模1.3亿。今年以来收益25.29%，同 类排名1940/4222；近一年收益71.5%，同类排名1163/3802；成立以来收益41.95%。 截至发稿，李康累计任职时间10年183天，现任基金资产总规模 ...

Group 1: Company Performance and Capacity Utilization - The company's capacity utilization rate is at an industry-leading level, with a healthy financial status [2][4] - High capacity utilization effectively reduces production downtime and associated costs, maintaining a competitive edge [4] Group 2: Market Trends and Product Development - The company anticipates a shift from price competition to high-quality competition in the lithium battery separator industry, influenced by supply-demand dynamics and product structure [2][3] - The second-generation 5μm high-strength membrane has been launched, enhancing battery energy capacity by reducing inactive material volume [3] - The subsidiary Jiangsu Sanhe has achieved mass production capability for semi-solid battery separators, while Hunan Enjie focuses on solid-state battery material R&D [3] Group 3: Future Strategies and Cost Efficiency - The company is actively expanding its market presence in the semi-solid battery separator sector, with two production lines already established [3] - Ongoing investments in R&D and global customer partnerships are aimed at further cost reduction and efficiency improvements [4][5]

最近，又有一家汽车电池产业链的公司冲击港股上市。 格隆汇获悉，深圳市星源材质科技股份有限公司（简称"星源材质"）于近期向港交所递交了招股书，冲击A+H双重上 市，由中信建投国际担任独家保荐人。 星源材质于2003年9月成立，2008年改制为股份有限公司。 公司的总部位于广东省深圳市光明区，2016年12月在创业板上市（股票代码：300568），2023年12月在瑞士证券交易 所上市（股票代号：SENIOR）。 截至2025年7月31日，星源材质的A股市值约156亿元。 而近期 IFR 引述消息人士报道，相关部门正考虑对拟来港上市的 A 股增设最低 A 股市值要求限制，因为太多小型 A 股部 署香港挂牌，又引述两名消息人士指，监管机构可能参考内地的全球存托凭证（ GDR ）标准而制订市值要求，即申请 日前 120 个交易日 A 股平均市值不低于 200 亿元人民币，已向港交所递表或者公告赴港上市的公司中，有约 30 家公司可 能不符合要求。 星源材质的实际控制人是陈秀峰教授，截至2025年6月30日，陈秀峰及其妻子陈蔚蓉分别持有约12.70%及0.03%的股 份。因此，陈教授有权合计行使约12.72%的投票权。 ...

Group 1: Company Performance and Production - The company expects to ship a total of 20 billion square meters of lithium-ion battery wet-process separators from the Malaysia Penang base after it becomes operational in 2025 [3] - In 2024, domestic revenue accounted for 88.68%, while overseas revenue accounted for 11.32% [3] - The company's separator shipment volume accounted for 13.6% of the global market share in 2023, projected to increase to 16.7% in 2024 [4] Group 2: Customer Base and Market Expansion - Major customers include industry leaders such as CATL and BYD, with the sales proportion to the top five customers detailed in the 2024 annual report [2] - The company has established partnerships with notable clients like Samsung SDI, Zhongke Shenlan Huize New Energy, and others to enhance its global market share [3] - The company is actively exploring other functional membrane fields, including water treatment membranes and hydrogen energy membranes [4] Group 3: Product Innovation and Development - The company launched a new aramid series separator product in April 2024, which offers improved electrical performance and safety for electric vehicles and large-scale energy storage solutions [3] - Research and development efforts have led to the production-ready status of oxide and polymer solid-state electrolyte membranes, which are currently undergoing customer certification [4] Group 4: Regulatory and Market Challenges - The company is closely monitoring the potential impact of EU carbon tariffs on separator exports and is proactively expanding overseas production capacity to mitigate tariff risks [3]

Core Viewpoint - The article discusses the current state and future trends of the dry separator industry, highlighting the need for quality improvement and price recovery amidst a competitive landscape marked by price wars and overcapacity [3][4][9]. Industry Overview - The dry separator market has experienced significant price declines, with 16 μm dry separator prices dropping from 0.89-1.05 RMB/m² in 2023 to 0.4-0.6 RMB/m², and 12 μm products seeing a 20% price drop [3]. - By early 2025, prices for 16 μm dry separators are expected to range from 0.35-0.5 RMB/m², while 12 μm prices are projected between 0.375-0.55 RMB/m², indicating a slight recovery in gross margins but limited profit restoration potential [3][9]. Industry Challenges - The industry faces severe challenges due to a price war leading to cash flow issues and a lack of technological innovation, as companies reduce R&D investments and produce homogeneous products [4][9]. - A recent initiative by the China Plastics Processing Industry Association aims to promote high-quality development in the lithium battery separator industry, addressing the internal competition and advocating for self-regulation [4][5]. Proposed Solutions - The initiative proposes three core measures to combat internal competition: 1. Establishing technical standards and capacity monitoring mechanisms to promote differentiated competition and rational capacity planning [5][6]. 2. Strengthening cost control and intellectual property protection to enhance risk management and encourage R&D investment [6]. 3. Maintaining fair competition and supply chain credit to combat unfair practices and support creditworthy companies [6]. Price Recovery Signals - There are indications that dry separator prices may be on the rise, with some manufacturers already increasing factory prices by over 20% in early 2025 [8][9]. - The price recovery is attributed to rising production costs, improved supply-demand dynamics, and the establishment of product quality standards, which are expected to support a rational return to price levels [9][10]. Market Dynamics - The dry separator market is characterized by high concentration, with leading companies holding over 90% market share, which provides them with pricing power [13]. - The first quarter of 2023 saw lithium iron phosphate batteries accounting for 80.8% of total domestic power battery installations, driving demand for 12 μm dry separators [13]. Future Outlook - The dual approach of the anti-internal competition initiative and price adjustments is expected to shift the industry focus from quantity to quality, fostering an environment conducive to technological innovation and capacity optimization [13].