Core Viewpoint - The company Enjie Co., Ltd. is expected to report a net loss of 82.65 million to 107.35 million yuan for the first half of 2025, a significant decline from a profit of approximately 260 million yuan in the same period last year [1]. Financial Performance Analysis - The core business of wet-process lithium battery separator products shows strong resilience and profitability, with a significant year-on-year increase in sales, while the domestic wet-process lithium battery separator business remains profitable [2]. - The gross margin of the main product, lithium battery separators, has decreased compared to the same period last year; other products such as aluminum-plastic film and dry-process lithium battery separators are currently in a loss state [2]. - The company is accelerating the construction of overseas production bases for wet-process lithium separators, which is putting short-term pressure on performance due to operational costs [2]. - The company plans to make impairment provisions for certain inventories based on prudence, which will reduce current profits, with the final amount still under determination [2]. Key Financial Data - Expected net profit attributable to shareholders: loss of 82.65 million to 107.35 million yuan compared to a profit of 291.02 million yuan in the previous year [3]. - Expected net profit after deducting non-recurring gains and losses: loss of 83.20 million to 107.90 million yuan compared to a profit of 259.51 million yuan in the previous year [3]. - Basic earnings per share: loss of 0.09 to 0.11 yuan per share compared to a profit of 0.30 yuan per share in the previous year [3]. Strategic Developments - The company is making significant moves in the solid-state battery sector, with its subsidiary Jiangsu Sanhe Battery Material Technology Co., Ltd. capable of mass production of semi-solid battery separators and actively exploring the market [3]. - Research and development efforts are underway for solid electrolyte support membranes, which have higher porosity and larger pore sizes to meet the filling requirements of solid electrolytes, ensuring good mechanical properties for solid-state batteries [3]. - The subsidiary Hunan Enjie Frontier New Materials Technology Co., Ltd. focuses on the research and layout of high-purity lithium sulfide, sulfide solid electrolytes, and sulfide solid electrolyte membranes, with a pilot line for high-purity lithium sulfide already in mass production [4].

Group 1: Company Overview - The company is Yunnan Enjie New Materials Co., Ltd., with stock code 002812 and bond code 128095 [1][2]. Group 2: Solid-State Battery Material Layout - The company has established a production capacity for semi-solid battery separators through its subsidiary Jiangsu Sanhe Battery Material Technology Co., Ltd. [2]. - The company is actively expanding its market presence in the all-solid-state battery materials sector, focusing on high-purity lithium sulfide and sulfide solid electrolyte products [2]. - A pilot production line for high-purity lithium sulfide has begun mass shipments, and a 10-ton production line for solid electrolytes is under construction, with plans for a 1,000-ton production line in Yuxi [2]. Group 3: Intellectual Property and Patent Strategy - Since its establishment, the company has prioritized intellectual property, applying for a total of 50 patents, including 4 international applications, with 23 patents granted [3]. - The company holds patents related to its main products, including lithium sulfide and sulfide solid electrolytes, and is accelerating its international patent layout [3]. Group 4: Advantages of Sulfide Solid Electrolytes - Sulfide solid electrolytes offer high ionic conductivity, with some systems exceeding that of liquid electrolytes, and have a low interface resistance [4]. - The processing of sulfide solid electrolytes is efficient, with a short production process and mature preparation technology [4]. Group 5: Development of Supporting Membranes - The company is developing solid electrolyte supporting membranes, which have received small orders from customers [5]. - The new solid supporting membranes feature higher porosity and larger pore sizes to meet the filling requirements of solid electrolytes [5]. Group 6: Competitive Advantages in Lithium Sulfide Production - The company achieves high-speed, uniform mixing and continuous calcination without the need for liquid-phase solvents for secondary impurity purification [6]. - The cost advantages stem from the pricing of raw materials, and the company maintains excellent control over the particle size of its lithium sulfide products [6]. Group 7: Research on Halide Materials - The company is monitoring advanced technology directions, with halide-related research currently at the experimental preparation stage [7]. - Halides have a higher electrochemical window and better compatibility with high-voltage cathodes, although there are stability issues with the anode [7].