（编辑 袁冠琳） 证券日报网讯 恩捷股份9月29日发布公告，在公司回答调研者提问时表示，目前市场普遍认为固态电池 包括半固态电池和全固态电池，但半固态电池的结构实际上与液态电池一样，仍需要正极、负极、电解 液和隔膜。公司认为，半固态电池是走向全固态电池的过渡产品；而全固态电池，从原材料和工艺等与 液态电池不一样，目前处于产业发展初期，成本也较高，未来全固态电池将会更多应用于"三深"（深 空、深海、深地）等领域，与现有的液态电池、半固态电池长期共存。公司在半固态电池材料和固态电 池材料领域也有长期的关注和投入，在半固态电池隔膜业务布局方面，公司下属控股子公司江苏三合电 池材料科技有限公司具备半固态电池隔膜量产供应能力，公司在积极开拓市场。在全固态电池材料布局 方面，公司下属控股子公司湖南恩捷前沿新材料科技有限公司专注高纯硫化锂、硫化物固态电解质和硫 化物固态电解质膜产品的研发和布局，高纯硫化锂产品的中试线已经搭建完成，固态电解质10吨级产线 已经投产，具备出货能力，已在玉溪规划千吨级产线。公司将继续投入研发，积极开拓市场，加深与客 户的合作和技术交流，推动行业技术发展。 ...

3、公司怎么看待固态电池的发展？ 目前市场普遍认为固态电池包括半固态电池和全固态电池，但半固态电池的结 构实际上与液态电池一样，仍需要正极、负极、电解液和隔膜。公司认为，半固态 电池是走向全固态电池的过渡产品；而全固态电池，从原材料和工艺等与液态电池 不一样，目前处于产业发展初期，成本也较高，未来全固态电池将会更多应用于"三 深"（深空、深海、深地）等领域，与现有的液态电池、半固态电池长期共存。公 司在半固态电池材料和固态电池材料领域也有长期的关注和投入，在半固态电池隔 膜业务布局方面，公司下属控股子公司江苏三合电池材料科技有限公司具备半固态 电池隔膜量产供应能力，公司在积极开拓市场。在全固态电池材料布局方面，公司 下属控股子公司湖南恩捷前沿新材料科技有限公司专注高纯硫化锂、硫化物固态电 解质和硫化物固态电解质膜产品的研发和布局，高纯硫化锂产品的中试线已经搭建 完成，固态电解质 10 吨级产线已经投产，具备出货能力，已在玉溪规划千吨级产线。 公司将继续投入研发，积极开拓市场，加深与客户的合作和技术交流，推动行业技 术发展。 4、公司在固态材料的优势？ 首先，得益于公司扎实的研发能力和全链式的"垂直"创新体系， ...

Core Viewpoint - The company is actively expanding its business in semi-solid and all-solid-state battery materials, demonstrating significant production capabilities and ongoing market development efforts [1] Group 1: Semi-Solid Battery Separator Business - The company's subsidiary, Jiangsu Sanhe Battery Materials Technology Co., Ltd., has the capacity for mass production of semi-solid battery separators [1] - The company is actively exploring market opportunities in this segment [1] Group 2: All-Solid-State Battery Materials - The company's subsidiary, Hunan Enjie Frontier New Materials Technology Co., Ltd., focuses on the research and development of high-purity lithium sulfide, sulfide solid electrolytes, and sulfide solid electrolyte films [1] - A pilot production line for high-purity lithium sulfide has been established, and a 10-ton production line for solid electrolytes has been put into operation, indicating readiness for shipment [1] - The company has plans for a thousand-ton production line in Yuxi, further enhancing its production capabilities [1] Group 3: R&D and Market Development - The company will continue to invest in research and development, deepen cooperation with customers, and enhance technical exchanges to promote industry technological advancement [1]

Core Insights - The company, Enjie Co., Ltd., has a strong brand advantage in the separator product market, recognized by numerous downstream customers, with stable growth in demand and orders [2] - The company's production capacity utilization is high, leading the industry [2] - Enjie has established two production lines for semi-solid battery separators through its subsidiary Jiangsu Sanhe Battery Materials Technology Co., Ltd., enabling mass production capabilities [2] - In the all-solid-state battery materials sector, the subsidiary Hunan Enjie Frontier New Materials Technology Co., Ltd. focuses on the research and development of high-purity lithium sulfide and sulfide solid electrolytes, with a 10-ton production line already operational [2] - The company is committed to enhancing research and development, market expansion, and deepening cooperation with customers to promote technological advancement in the industry [2] - To improve the ionic conductivity of solid electrolytes, Enjie utilizes doping with elements like bromine in sulfide solid electrolytes, optimizing crystal structure and reducing migration barriers for lithium ions [2] Product Characteristics - The sulfide solid electrolyte developed by Enjie features ultra-low particle size and ultra-high ionic conductivity, creating a significant synergistic effect that supports the development of high-performance solid-state batteries [3]

Core Viewpoint - The solid-state battery market is experiencing significant growth, with companies like Weilan New Energy poised to become major players by 2025, potentially surpassing existing leaders in the industry [1] Group 1: Weilan New Energy - Weilan New Energy is co-founded by prominent figures from the Chinese Academy of Engineering and the Chinese Academy of Sciences, making it the only industrialization platform for solid-state battery technology in China [1] - The company has achieved a milestone by mass-producing the world's first solid-state battery with an energy density of 360Wh/kg in 2023 [1] - Weilan has secured partnerships with major companies such as Huawei and Xiaomi, indicating strong market confidence and investment backing [1] Group 2: Strategic Partnerships - Lianhong New Science has a joint venture with Weilan New Energy, holding a 51% stake, focusing on the development and production of solid-state batteries and key functional materials [3][4] - Enjie Co., Ltd. has signed a framework agreement with Weilan, expecting to supply 300 million square meters of semi-solid battery separators and 100 tons of all-solid-state electrolytes from 2025 to 2030, which will cover 80% of Weilan's material needs [5] - Huayou Cobalt has entered a strategic cooperation agreement with Weilan, prioritizing joint development of cathode materials based on Weilan's product requirements [5] Group 3: Market Position and Future Prospects - Weilan New Energy is positioned to lead in the next-generation battery technology, having achieved a breakthrough in the production of lithium sulfide (Li₂S) with a pilot project set to start in 2025 [5] - The company has a significant market share in battery-grade lithium carbonate, reaching 54% in the domestic market as of mid-2025, indicating its strong competitive position [5]

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]

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]

Group 1 - Solid-state battery concept stocks are active again, with companies like Tianji Co., Xiangtan Electric, Longpan Technology, and Dadongnan hitting the daily limit up, while Silicon Treasure Technology, Yinglian Co., Liyuanheng, Funeng Technology, Guoxuan High-Tech, and Lihu Co. rose over 5% [1] - Recent announcements from multiple companies indicate progress in solid-state battery development, with Meilian New Materials reporting that its subsidiary's semi-solid battery separator products have received small batch orders [1] - Funeng Technology announced that its second-generation semi-solid battery has secured orders from several leading low-altitude economy customers, with the third-generation semi-solid battery expected to enter mass production in 2026 [1]

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]