Core Viewpoint - Enjie Co., Ltd. is planning to acquire 100% equity of Qingdao Zhongke Hualian New Materials Co., Ltd. and raise supporting funds, indicating a strategic move to extend its upstream supply chain in the lithium battery separator industry [2][5]. Group 1: Acquisition Details - The acquisition target, Zhongke Hualian, was established in November 2011 and is located in Qingdao, Shandong Province, with a registered capital of approximately 206 million yuan [5]. - Zhongke Hualian specializes in the research, production, and sales of various new materials, including wet-process PE separators, BOPET, PI separators, proton exchange membranes, and high-strength fibers, and has the capability to provide complete automated production line solutions [5]. - Enjie Co., as a leading company in lithium battery separators, aims to leverage this acquisition for potential industrial synergies [5]. Group 2: Market Position and Financial Performance - Enjie Co. serves major domestic and international clients in the lithium battery, food and beverage, plastic packaging, and printing industries, including prominent companies like CATL, BYD, and Panasonic [6][9]. - The separator industry is experiencing intensified competition, leading to overall profit pressure; however, Enjie is actively adjusting its market strategy to strengthen its domestic market share while expanding into overseas markets [6][9]. - In Q3 of the current year, Enjie reported a revenue of 3.78 billion yuan, a quarter-on-quarter increase of 24.59%, and a net profit of 6.79 million yuan, marking a return to profitability [6][9]. - The gross margin for the quarter was 16.46%, reflecting a quarter-on-quarter increase of 2.37 percentage points [6][9]. Group 3: Stock Information - As of November 28, the stock price of Enjie Co. was 55.35 yuan per share, with a market capitalization of 54.4 billion yuan [10].

2025.12. 01 本文字数：2114，阅读时长大约4分钟 作者 | 第一财经 魏中原 在锂电行业"反内卷"与市场景气度回升的双重利好下，产业链龙头企业正率先向上游延伸，以并购整 合为下一轮周期蓄力。 恩捷股份股票自12月1日起停牌，预计在10个交易日内披露交易方案。 值得注意的是，恩捷股份作为 隔膜制造商，此次并购瞄准的是产业链上游的'卖铲人'——主营业务为隔膜设备制造中科华联。 恩 捷股份在近期机构调研中透露，公司储能电池客户已有部分产品从干法隔膜切换至湿法隔膜。此次收 购若顺利落地，将强化恩捷股份在湿法隔膜产业链的协同能力。 值得关注的是，近一周，工信部再次召开座谈会强调整治锂电"内卷式"竞争、推动行业高质量发展。 在行业竞争秩序有望优化、需求持续增长的背景下，龙头企业通过并购整合加速行业出清，或是为下 一轮产业周期做准备。 恩捷股份拟并购隔膜"卖铲人" 恩捷股份表示，目前初步确定的交易对方为中科华联的全部股东，拟以发行股份等方式购买中科华联 100%股权并募集配套资金。同时，恩捷股份提示称，若公司未能在12月15日之前披露交易方案，公 司股票最晚将于12月15日开市起复牌并终止筹划相关事项。 恩捷 ...

Core Viewpoint - Enjie Co., Ltd. is acquiring 100% equity of Qingdao Zhongke Hualian New Materials Co., Ltd. to strengthen its upstream capabilities in the lithium battery separator industry, amidst a recovering market and efforts to combat "involution" in the industry [1][2][5]. Group 1: Acquisition Details - Enjie plans to issue shares to purchase Zhongke Hualian and raise matching funds, with a deadline to disclose the transaction plan by December 15 [2][3]. - Zhongke Hualian specializes in the research, development, and production of lithium-ion battery separator manufacturing equipment, providing automated production line solutions [2][3]. Group 2: Market Context - The lithium battery industry is experiencing a recovery, with rising demand and prices for upstream materials since October, including increases of 6.35% for electrolyte and 3.74% for lithium iron phosphate [5][6]. - The Ministry of Industry and Information Technology has emphasized the need to regulate competition and promote high-quality development in the lithium battery sector [5][6]. Group 3: Company Performance - Enjie reported a net loss of 556 million yuan in 2024, marking its first loss since listing, while revenue for the first three quarters of 2023 was 9.543 billion yuan, a year-on-year increase of 27.85% [4]. - The company has seen a recovery in its third-quarter performance, with revenue and net profit increasing by 24.6% and 105.7% respectively [4]. Group 4: Industry Trends - The separator industry is facing intense competition, with prices declining due to increased supply and cost control measures from downstream battery manufacturers [3][4]. - Enjie aims to reduce equipment procurement and production line construction costs through this acquisition, enhancing product consistency and capacity flexibility [3][5].

Core Viewpoint - Enjie Co., Ltd. plans to acquire 100% equity of Qingdao Zhongke Hualian New Materials Co., Ltd. through share issuance and fundraising, aiming to enhance its position in the lithium battery separator industry [1][4]. Group 1: Transaction Details - The transaction is currently in the planning stage, with a preliminary agreement signed with the shareholders of Zhongke Hualian [4]. - Enjie Co. will suspend trading of its shares starting December 1, 2025, and is expected to disclose the transaction plan within 10 trading days [4]. - If the board meeting is not held and the plan disclosed by December 15, 2025, trading will resume, and the transaction will be terminated [4]. Group 2: Company Background - Zhongke Hualian, established in November 2011, specializes in the R&D, production, and sales of wet lithium-ion battery separator production equipment [4][5]. - The company is recognized as a "little giant" enterprise and a national high-tech enterprise, previously listed on the New Third Board until its delisting in April 2018 [4]. Group 3: Enjie Co. Overview - Enjie Co. is a leading global player in the lithium battery separator industry, with its main products categorized into membrane products, packaging printing, and packaging products [6]. - As of the end of 2024, Enjie Co. has maintained the top market share for seven consecutive years in the lithium-ion battery separator market [6]. - The company reported a revenue of 9.543 billion yuan for the first three quarters of 2025, a year-on-year increase of 27.85%, but faced a net loss of 863.23 million yuan, a decline of 119.46% year-on-year [7]. Group 4: Market Position and Challenges - Enjie Co.'s main clients include major domestic and international lithium battery manufacturers, with significant partnerships with companies like CATL and BYD [7]. - The separator industry has seen intensified competition, leading to a significant decline in Enjie Co.'s profitability over the past two years, with net profits dropping by 36.84% and 122.02% in 2023 and 2024, respectively [7]. - Analysts suggest that the acquisition and fundraising may help Enjie Co. consolidate assets and improve its balance sheet to address urgent working capital needs [7].

Core Viewpoint - The article discusses the acquisition plan of Enjie Co., a leading company in the lithium battery separator industry, which is planning to acquire 100% equity of Zhongke Hualian and raise matching funds, leading to a temporary suspension of its stock trading due to uncertainties surrounding the transaction [1][3]. Company Summary - Enjie Co. is recognized as a global leader in the lithium battery separator industry, maintaining the largest market share for seven consecutive years, with a projected market share retention into the first half of 2025 [4]. - The company reported a revenue of 3.78 billion yuan for Q3 2025, marking a year-on-year increase of 40.98%, while the net profit attributable to shareholders saw a significant decline of 95.55% [4]. - Enjie Co. has a robust order book and high capacity utilization, with stable growth in demand and orders from downstream customers, particularly in the energy storage sector [6]. Industry Summary - The lithium battery sector has seen a surge in activity, with the lithium battery index rising over 60% since April 9, driven by explosive energy storage demand and accelerated solid-state battery industrialization [1]. - The Ministry of Industry and Information Technology (MIIT) held a meeting to discuss the competitive order in the power and energy storage battery industry, emphasizing the need for high-quality development and addressing challenges such as irrational competition [7]. - Analysts predict that targeted policies may emerge to stabilize prices within the lithium battery supply chain, with expectations of a return to a "reasonable range" for prices [2][8]. - The demand for lithium batteries is projected to grow by 30% in 2026, while supply growth is expected to lag behind, potentially leading to continued supply-demand tightness across various segments of the industry [8].

Performance Forecast - The company expects a net loss attributable to shareholders of between 82.65 million and 107.35 million yuan, compared to a profit of 291.03 million yuan in the same period last year [1] - The basic earnings per share are projected to be a loss of 0.09 to 0.11 yuan per share, down from a profit of 0.30 yuan per share in the previous year [1] Reasons for Performance Change - The main reason for the loss is a decline in the gross margin of the lithium battery separator products compared to the same period last year [2] - The company is experiencing losses in its aluminum-plastic film, dry lithium battery separator, and some forward-looking business segments [2] - The company is accelerating the construction of overseas production bases for wet lithium battery separators, which is putting short-term pressure on performance due to operational costs [2] - The company plans to make provisions for inventory impairment based on prudence, which will further reduce current profits [2] Business Strategy and Outlook - The company will continue to focus on the lithium battery separator business and deepen its efforts in the new energy sector [2] - There is a positive market demand and development outlook for lithium battery separator products, supported by the global energy transition and carbon neutrality goals [1]

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].