证券代码：002812 证券简称：恩捷股份 债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 投资者关系活动记录表 编号：2025-009 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 ☑ | | 投资者关系 | □新闻发布会 □路演活动 | | 活动类别 | | | | □现场参观 | | | □其他 | | 参与单位名 | 通过全景网"投资者关系互动平台"(http://ir.p5wnet)参与公司 2025 年半年度业绩 | | 称及人员姓 | | | 名 | 说明会的广大投资者 | | 时间 | 年 月 日 2025 8 19 | | 地点 | 全景网"投资者关系互动平台"(http://ir.p5wnet) | | 上市公司接 | 董事长 Xiaoming Lee 先生、副董事长兼总经理李晓华先生、副总经理禹雪女士、 | | 待人员姓名 | 董事会秘书白云飞先生、财务总监李湘林先生、独立董事张菁女士 | | | 公司就投资者以下问题进行回复： | | | 1、现阶段公司产能利用率是多少？ | | | 尊敬的投资者，您好！公 ...

Core Viewpoint - Enjie Co., Ltd. reported its 2025 interim results, showing revenue growth but a significant decline in net profit, with a buy rating maintained by Minsheng Securities due to its leading position in the separator industry and accelerated overseas expansion [1][2][4]. Financial Performance - For H1 2025, Enjie achieved revenue of 5.763 billion yuan, a year-on-year increase of 20.49%, while the net profit attributable to shareholders was -93 million yuan, a decline of 131.96% [2]. - In Q2 2025, revenue reached 3.034 billion yuan, up 23.53% year-on-year and 11.18% quarter-on-quarter, but net profit was -119 million yuan, down 189.47% year-on-year and 557.69% quarter-on-quarter [2]. - The gross margin for Q2 2025 was 14.09%, down 8.97 percentage points year-on-year and 3.05 percentage points quarter-on-quarter [2]. Market Position and Competitive Advantage - Enjie has made significant progress in its overseas expansion, with its Hungary project operational and the U.S. facility under equipment installation [3]. - The company has established deep partnerships with major battery manufacturers both domestically (e.g., CATL, BYD) and internationally (e.g., Panasonic, LGES) [3]. - Enjie is diversifying its product offerings in the solid-state battery sector, with ongoing developments in semi-solid and all-solid-state battery materials [3]. Investment Outlook - Revenue projections for 2025, 2026, and 2027 are 12.430 billion yuan, 15.553 billion yuan, and 18.573 billion yuan, respectively, with corresponding growth rates of 22.3%, 25.1%, and 19.4% [4]. - Expected net profits for the same years are 14 million yuan, 513 million yuan, and 1.081 billion yuan, with growth rates of 102.5%, 3651.8%, and 110.9% [4]. - The company maintains a strong market position and is expected to continue its growth trajectory, justifying a "recommended" rating [4].

Group 1: Industry Events - The 2025 (4th) High-Performance Energy Storage Industry Summit will be held on July 1-2, 2025, in Hangzhou, Zhejiang, focusing on commercial transformation and restructuring [1] - The 2025 High-Performance New Energy Materials Industry Conference is scheduled for July 8-9, 2025, in Qionglai, Chengdu, emphasizing new materials and new ecosystems [1] Group 2: Company Developments - HeYuan Lithium Innovation has recently delivered high-performance solid-state batteries for drones, focusing on solid-state lithium-ion battery products since its establishment in January 2023 [2] - Zhuhai Guanyu has been designated as a supplier for Dongfeng Nissan, tasked with developing and supplying low-voltage lithium batteries for vehicles [3][4] - Funeng Technology plans to deliver 60Ah sulfide all-solid-state batteries in small batches to strategic partners by the end of 2025, with an energy density of 400Wh/kg to 500Wh/kg [6] - Yunnan Transportation Group and CATL have initiated a cross-border battery swap line between Panzhihua and Mohan, achieving rapid battery swaps in 3 to 5 minutes and reducing transportation costs by over 20% compared to traditional fuel vehicles [8] Group 3: Material Developments - Youyan New Materials announced plans to sell its lithium battery materials business, with a minimum listing price of 109.5 million yuan, focusing on sulfide solid electrolyte raw materials [10] - Meilian New Materials has small batch orders for semi-solid battery separators and is developing solid-state battery-related businesses, with current revenue contribution being relatively small [11]

固态电池概念股盘中再度活跃， 天际股份、 湘潭电化、 龙蟠科技、 大东南涨停， 硅宝科技、 英联股 份、 利元亨、 孚能科技、 国轩高科、 蠡湖股份等涨超5%。消息面上，近期多家公司公布 固态电池开 发进展，其中 美联新材公告称子公司半固态电池隔膜产品已有小批量订单，孚能科技公告称第二代半 固态电池已获得多家头部 低空经济客户定点 第三代半固态电池预计于2026年量产。 ...

Group 1: Company Overview and Strategic Initiatives - The company established a subsidiary in 2021 for solid-state battery materials, focusing on sulfide routes with three products developed: high-purity lithium sulfide, sulfide solid electrolyte, and sulfide electrolyte membrane [2] - The pilot production line for sulfide solid electrolyte materials in Yuxi, Yunnan, is designed for an annual capacity of approximately 1,000 tons, with phased construction [2] - The market for solid-state batteries is currently limited due to high costs, with liquid lithium batteries and semi-solid batteries dominating, although niche applications in military, aerospace, and deep-sea sectors are anticipated [2] Group 2: Production and Supply Agreements - In November 2021, the company formed a joint venture for semi-solid battery separator production, with two production lines currently operational [3] - A procurement framework agreement was signed in January 2025 with Beijing Weilan, committing to supply 80% of its material needs for semi-solid and solid-state battery electrolytes from the company [3] - From 2025 to 2030, the expected total orders for semi-solid and solid-state battery electrolyte separators are projected to exceed 300 million square meters and 100 tons, respectively [3] Group 3: Product Development and Performance - The company has achieved a purity of 99.9% for its lithium sulfide products, with production capacity reaching the hundred-ton level [4] - Recent advancements in solid electrolyte technology have reduced particle size to 300 nm while maintaining an ionic conductivity of over 6 mS/cm, which is considered high in the industry [5] - Smaller particle sizes enhance battery performance by reducing interfacial resistance and increasing energy density, while also minimizing lithium dendrite formation [6] Group 4: Manufacturing Techniques and Quality Control - The solid electrolyte membrane is produced by mixing sulfide solid electrolyte, solvent, and binder, then applying it to a PET film using a roller pressing method, achieving a thickness of 30 µm and ionic conductivity above 3 mS/cm [7] - The optimal porosity for solid electrolyte membranes is below 5% to effectively prevent lithium dendrite formation [8] - The company employs solid-phase synthesis for electrolyte preparation, which is safer and environmentally friendly, resulting in higher conductivity compared to liquid and gas-phase methods [9]

圆柱电池巡访： ☆走进国轩高科 ☆走进利维能 ☆走进诺达智慧 ☆走进中泽科技 ☆走进苏州力神 ☆走进睿恩新能源 ☆走进天鹏电源 ☆走进中比新能源 ☆走进天能集团 ☆走进新能安 ☆走进浙江锋锂 ☆走进华立源 ☆走进鹏辉能源 ☆走进欣旺达锂威 1月10日，恩捷股份在投资者互动平台表示，公司密切关注行业新技术的发展动态，结合市场 情况和研发情况进行前瞻性技术研发布局和储备。 ☆走进深圳中基 ☆走进博力威 公司布局了半固态电池隔膜产品和全固态电池电解质相关产品：在半固态方面，公司与北京卫 蓝新能源科技股份有限公司、溧阳天目先导电池材料科技有限公司合资成立江苏三合电池材料 科技有限公司，已有2条产线具备量产供应能力，持续推进和国内多家锂电池厂商的合作和市 场开拓工作；在全固态方面，公司的控股子公司湖南恩捷前沿新材料科技有限公司研发和生产 固态电解质原材料高纯硫化锂、固态电解质粉体、固态电解质膜，前述产品已向下游客户送 样，目前固态用高纯硫化锂产品已完成小试吨级年产能建设和运行，其中百吨级硫化锂中试线 正加快推进相关试生产工作。 此外，恩捷股份还表示，短期来看，当前隔膜行业处于竞争激烈的态势，但中长期来看，锂电 池及隔膜 ...