研究早观点 2025 年 12 月 22 日 星期一 市场走势 【今日要点】 【行业评论】化学原料：新材料周报（251208-1212）-中央经济工作会 议提出全面绿色转型，建议关注风电上游原材料机遇 【公司评论】恩捷股份(002812.SZ)：恩捷股份-并购稳固龙头地位，隔膜价 格底部回升 资料来源：常闻 【行业评论】耐克 FY26Q2 业绩 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,890.45 | 0.36 | | 深证成指 | 13,140.21 | 0.66 | | 沪深 300 | 4,568.18 | 0.34 | | 中小板指 | 7,956.23 | 0.68 | | 创业板指 | 3,122.24 | 0.49 | | 科创 50 | 1,308.59 | 0.20 | 资料来源：常闻 分析师： 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 【行业评论】化学原料：新材料周报（251208-1212）-中央经济工作会议提出全面绿色转型，建议关注风电 上游原材料机遇 ...

| 市场数据：2025 年 12 | 月 17 日 | | | --- | --- | --- | | 收盘价（元/股）： | | 46.91 | | 年内最高/最低（元/ | | 66.36/25.87 | | 股）： | | | | 流通 A 股/总股本（亿 | | 8.23/9.82 | | 股）： | | | | 流通 股市值（亿元）： A | | 385.90 | | 总市值（亿元）： | | 460.76 | 基础数据：2025 年 9 月 30 日 锂电化学品 恩捷股份（002812.SZ） 买入-A(维持) 并购稳固龙头地位，隔膜价格底部回升 2025 年 12 月 19 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 基本每股收益(元/股)： | -0.09 | | --- | --- | | 摊薄每股收益(元/股)： | -0.09 | | 每股净资产(元/股)： | 27.38 | | 净资产收益率(%)： | -0.43 | | 资料来源：常闻 | | 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 杜羽枢 执业登记编码：S ...

Core Viewpoint - Enjie Co., Ltd. is facing unprecedented challenges despite being the global leader in the separator industry for seven consecutive years, with a significant decline in revenue and a net loss reported for the first time since its listing [1][4]. Financial Performance - In 2024, Enjie reported revenue of 10.164 billion yuan, a year-on-year decline of 15.6%, and a net loss of 556 million yuan [1][4]. - For the first three quarters of 2025, revenue increased by 27.85% to 9.543 billion yuan, but the net loss was still 86.32 million yuan, with the gross margin dropping to 15.9%, down from over 40% previously [5]. - The separator industry is experiencing a price war, with a significant drop in prices due to oversupply and raw material price fluctuations [5]. Industry Context - In the first half of 2025, China's separator production reached 13.94 billion square meters, a year-on-year increase of 53.2%, with Enjie maintaining a market share of over 30% [5]. - Prices for wet separators decreased by 19.4% for 7um and 15.7% for 7+2+1um, while dry separators saw a price increase of 6% [2][5]. Strategic Intent - Enjie aims to capitalize on the growth of wet separator production by acquiring Zhongke Hualian, which has established significant production capacity and is expanding further [6]. - The acquisition is expected to optimize costs through supply chain integration, allowing Enjie to directly procure equipment and reduce production line debugging time [6]. - Zhongke Hualian's technological advancements in new materials will support Enjie's positioning in the solid-state battery market [6]. Challenges - Zhongke Hualian has reported continuous losses over the past three years, with a net loss of 191 million yuan in the first three quarters of 2025, necessitating close monitoring of its technology transfer and production capacity [6]. - Enjie faces challenges related to overseas operational costs and uncertainties in the solid-state battery technology pathway, which may impact its global strategy [6].

Core Viewpoint - Enjie Co., Ltd. plans to acquire 100% of Qingdao Zhongke Hualian New Materials Co., Ltd. through a share issuance, aiming to enhance its production capabilities in the lithium battery separator market while addressing operational pressures and competition in the industry [1][3]. Group 1: Acquisition Details - Enjie intends to issue shares to 63 parties to purchase all shares of Zhongke Hualian and raise matching funds not exceeding 100% of the transaction price [1]. - The share issuance price is set at 34.38 yuan per share, representing a 37.9% discount from the last trading price before suspension [1]. - The specific transaction price is yet to be determined as the audit and evaluation of the target company are still ongoing [1]. Group 2: Zhongke Hualian's Role - Zhongke Hualian is one of the few manufacturers capable of providing complete wet lithium battery separator production lines and is a key supplier for Enjie [2]. - The company has established production bases with a total capacity expected to reach 30 billion square meters by the end of 2026, with plans for further expansion [2]. - Major clients include leading battery manufacturers such as CATL and BYD, with over 80% of its revenue coming from a few key customers, indicating a reliance risk [2]. Group 3: Impact on Enjie - The acquisition will allow Enjie to utilize Zhongke Hualian's production equipment and technology to produce high-performance separators, potentially lowering production costs [2][3]. - Enjie aims to quickly initiate equipment manufacturing and separator production line construction post-acquisition, enhancing its operational efficiency [3]. - The company is also looking to expand its overseas production capabilities to mitigate supply chain risks [3]. Group 4: Financial Performance and Risks - Enjie has faced significant financial challenges, reporting a 36.84% decline in net profit in 2023 and a projected net loss of 5.56 billion yuan in 2024, marking its first loss since going public [3]. - The company reported a revenue increase of 27.85% in the first three quarters of 2025, but net profit showed a loss of 86.32 million yuan, indicating a trend of increasing revenue without corresponding profit [4]. - As of September 30, 2025, Enjie had significant debt levels of 156 billion yuan against cash reserves of only 24.49 billion yuan, highlighting short-term repayment pressures [4].

Core Viewpoint - Enjie Co., Ltd. plans to acquire 100% equity of Zhongke Hualian, a manufacturer of lithium battery separator equipment, to enhance its vertical integration in the separator industry chain and address the anticipated capacity shortage in the lithium battery sector by 2026 [1][9]. Group 1: Acquisition Details - The acquisition will be executed through a share issuance and is expected to be disclosed within 10 trading days, with a deadline for resumption of trading by December 15, 2025, if not completed [1]. - Zhongke Hualian is recognized as a "little giant" enterprise focusing on wet lithium battery separator production solutions, previously listed on the New Third Board [5]. Group 2: Industry Context - The lithium battery industry is experiencing a recovery in demand, particularly in the energy storage market, which is expected to create a capacity gap in the second half of 2026 [1][11]. - Enjie Co., Ltd. currently holds a leading market share in the wet separator segment, with a production capacity of approximately 11 billion square meters by the end of 2024 [7]. Group 3: Production Capacity and Expansion - Zhongke Hualian's subsidiary, Qingdao Lanketu Membrane Materials Co., Ltd., has established production bases with a total capacity of around 2 billion square meters, with plans to reach 3 billion square meters by the end of 2026 [6]. - Enjie Co., Ltd. aims to integrate its separator equipment capabilities with Zhongke Hualian's advanced manufacturing technology to enhance production efficiency and capacity [9][12]. Group 4: Financial Performance - In the first three quarters of the year, Enjie Co., Ltd. reported a revenue increase of 27.85% to 9.543 billion yuan, but faced a net loss of 86.32 million yuan, primarily due to rising operating costs [13]. - The company's operating cash flow decreased by 61.81% to 877 million yuan, indicating increased pressure on working capital [13]. Group 5: Market Position - Enjie Co., Ltd. has been referred to as the "茅" of lithium battery separators, achieving a market capitalization of 544 billion yuan as of November 28 [8][14]. - The company has a diverse customer base, including major domestic and international battery manufacturers [7].

Core Viewpoint - Enjie Co., Ltd. plans to acquire 100% equity of Zhongke Hualian, a manufacturer of lithium battery separator equipment, to enhance its vertical integration in the separator industry chain and address the anticipated capacity shortage in the lithium battery sector by 2026 [1][10]. Group 1: Acquisition Details - The acquisition will be executed through a share issuance and is expected to be disclosed within 10 trading days, with a deadline for resumption of trading set for December 15, 2025 [1]. - Zhongke Hualian is recognized as a "little giant" enterprise focusing on wet lithium battery separator production line solutions, previously listed on the New Third Board [5]. Group 2: Industry Context - The lithium battery industry is experiencing a recovery in demand, particularly in the energy storage market, which is expected to create a capacity gap in the second half of 2026 [10]. - Enjie Co., Ltd. currently holds a leading market share in the wet separator sector, with a production capacity of approximately 11 billion square meters by the end of 2024 [7]. Group 3: Production Capacity and Expansion - Zhongke Hualian's subsidiary, Qingdao Lanketu Membrane Materials Co., Ltd., has established production bases with a total capacity of around 2 billion square meters, with plans to reach 3 billion square meters by the end of 2026 [6]. - Enjie Co., Ltd. aims to integrate its equipment optimization, material innovation, and high-performance separator manufacturing through this acquisition, enhancing its overall production capabilities [8]. Group 4: Financial Performance - In the first three quarters of the year, Enjie Co., Ltd. reported a revenue increase of 27.85% to 9.543 billion yuan, but faced a net loss of 86.32 million yuan, primarily due to rising operating costs [12]. - The company's cash flow has also been under pressure, with a 61.81% decline in net operating cash flow, indicating challenges in cash collection from downstream customers [12].

Core Viewpoint - The article discusses Enjie Co., Ltd.'s acquisition of Zhongke Hualian, a manufacturer of lithium battery separator equipment, aiming to vertically integrate the supply chain and enhance production capacity in response to the growing demand in the lithium battery and energy storage markets [1][4]. Group 1: Acquisition Details - Enjie plans to acquire 100% of Zhongke Hualian's shares through a share issuance and raise additional funds [1]. - The acquisition is expected to be disclosed within 10 trading days, with a deadline for resuming trading set for December 15, 2025, if not completed [1]. - Zhongke Hualian is recognized as a "little giant" enterprise focusing on wet lithium battery separator production solutions [4]. Group 2: Production Capacity and Market Position - Zhongke Hualian's subsidiary, Qingdao Lanketu Membrane Materials Co., Ltd., has a production capacity of approximately 2 billion square meters and aims to reach 3 billion square meters by the end of 2026 [5]. - Enjie is a leading player in the wet separator market, with a market share that has been at the forefront for seven consecutive years, serving major clients like CATL and BYD [6]. - As of the end of 2024, Enjie's wet separator production capacity is projected to be around 11 billion square meters [6]. Group 3: Industry Dynamics and Demand - The lithium battery industry is experiencing a recovery in demand, particularly in the energy storage sector, which is expected to create a supply gap in the second half of 2026 [8]. - Enjie has reported a strong order backlog and high capacity utilization, with expectations for increased shipment volumes in 2025 [8]. - The industry is facing challenges in expanding production capacity due to long lead times and equipment being locked by leading companies, which may lead to a supply shortage [8][9]. Group 4: Financial Performance - In the first three quarters of the year, Enjie reported a 27.85% increase in revenue to 9.543 billion yuan, but faced a net loss of 86.32 million yuan, a decline of 119.46% year-on-year [10]. - The increase in operating costs by 36.04% to 8.026 billion yuan, along with rising sales and management expenses, contributed to the financial pressure [10]. - Operating cash flow decreased by 61.81% to 877 million yuan, indicating challenges in cash collection from customers [10].

隔膜巨头出手，此次目标直指隔膜产业链上游。 恩捷股份此次收购的中科华联是国家专精特新"小巨人"企业，专注于湿法锂电池隔膜生产线解决方案，曾为新三板挂牌公司， 于2018年4月26日终止挂牌。 11月30日，恩捷股份公告，计划收购主营锂电池隔膜设备制造的中科华联，交易初步确定拟通过发行股份方式收购中科华联 100%股权并募集配套资金。公司股票自12月1日起停牌，预计在10个交易日内（即2025年12月15日前）披露交易方案，若未如 期披露，证券最晚于2025年12月15日开市起复牌并终止筹划。 作为湿法隔膜的头部玩家，恩捷股份此次收购背后，有着深刻的产业原因。随着锂电行业需求回暖与储能市场爆发的双重驱 动，业内预计明年下半年将会出现产能缺口，而恩捷股份的此次并购，将可提前卡位，加速其产能整合。而本次交易完成后， 恩捷股份也可将实现从隔膜装备到隔膜产品的产业链垂直整合，通过自身在锂电池隔膜领域的技术优势与中科华联先进装备制 造能力的融合，进一步释放产能潜力。 据恩捷股份此前披露投资者关系活动记录表显示，公司在匈牙利、美国、马来西亚有产能布局，国内主要两个生产基地湖北恩 捷和江苏恩捷。截至2024年年底，公司湿法隔 ...

Core Viewpoint - The article discusses the strategic acquisition of Qingdao Zhongke Hualian New Materials Co., Ltd. by Enjie Co., Ltd., a leading lithium battery separator manufacturer, which aims to enhance market concentration in the separator industry without the need for new production lines [3][5][19]. Group 1: Acquisition Details - Enjie plans to acquire 100% of Zhongke Hualian's shares and raise matching funds through a share issuance [3][4]. - The acquisition is positioned as a means to quickly integrate a growing separator company's planned capacity into Enjie's operations, thereby increasing industry concentration [5][9]. - Zhongke Hualian, established in 2011, specializes in high polymer new material equipment and has capabilities in wet separator manufacturing through its subsidiary, Qingdao Lanke Tu Membrane Materials Co., Ltd. [6][7]. Group 2: Market Dynamics - The separator industry is experiencing a new round of targeted expansion, with Enjie's acquisition seen as a way to add unexpected capacity and shift the competitive landscape [5][9]. - The separator's cost structure is more influenced by engineering factors rather than raw material prices, making it a heavy asset manufacturing product [10][11]. - As lower-end capacities exit the market, the proportion of high-end products is expected to increase, leading to a stabilization of wet separator prices by mid-2025 [12]. Group 3: Strategic Implications - The acquisition allows Enjie to address its shortcomings in equipment and production line capabilities, reducing reliance on external suppliers [13][14]. - By integrating Zhongke Hualian's existing and planned capacities, Enjie can enhance its market share and operational efficiency without undergoing a full construction cycle [14][19]. - The transaction reflects a broader industry shift from resource-based competition to engineering and integrated capabilities, potentially prompting other material companies to pursue similar strategies [19].

Core Viewpoint - The 2025 High工金球奖 (Golden Ball Award) is currently in progress, serving as a significant indicator of the lithium battery industry's development in China, often referred to as the "Oscar of the lithium battery industry" [1] Group 1: Industry Overview - The lithium battery industry has over 160 companies participating in the 2025 Golden Ball Award evaluation [1] - The award aims to recognize credible products and brands within the industry, promoting technological innovation and competitive spirit among enterprises [1] Group 2: Company Highlights - **Sungrow Technology**: The first professional company in China to engage in the research, production, and sales of lithium-ion battery anode materials, now the largest global supplier in this sector, with a production capacity of 700,000 tons across 11 bases in China and a planned 100,000-ton integrated factory in Finland [2] - **SmartMore Technology**: A global leader in industrial intelligence, integrating large models with full-stack robotic technology to create a self-evolving industrial intelligence ecosystem, serving over 300 leading companies worldwide [5] - **Yitex New Materials**: Focused on high polymer functional materials for lithium batteries, the company has established an automated smart factory and serves major domestic lithium battery manufacturers [7] - **Times High-Tech**: Established in 2001, the company specializes in high-end intelligent manufacturing equipment, becoming a leading global supplier with multiple production bases and international service networks [9] - **Jinli Technology**: Engaged in the research and production of wet lithium battery separators, with five production bases in China and plans for overseas expansion, holding over 330 patents [11] - **Lemon Photon**: A high-tech company specializing in semiconductor laser chips, with products widely used in advanced fields such as 3D sensing and new energy, and has nearly 100 patents [13][14]