以下文章来源于高工产研 ，作者GGII 高工产研 . 高工产业研究院（简称GGII）是一家专注国内新兴产业市场研究与咨询的第三方机构，涉及的新兴产 业主要包括锂电池、储能、氢能与氢燃料电池、新能源汽车、智能汽车、LED照明与显示、机器人、新 材料等。 据高工产研锂电研究所（GGII）调研数据显示，2025H1中国隔膜材料出货量136亿平，同比增长 49%。其中湿法隔膜出货112亿平，同比增长58%，市场占比达到82%；干法隔膜出货24亿平，同 比增长18%。 GGII预计2025年中国锂电隔膜出货量将超290亿平，同比增长超30%。 2021-2026年中国锂电隔膜材料出货量（亿平） 数据来源：高工产研锂电研究所（GGII），2025年7月 在产品应用方面， 314Ah等大容量储能电芯出货增加带动湿法隔膜应用占比提升。同时新一代大容 量储能电池产品（500+/600+Ah）也将加速湿法隔膜厚度由9μm向7μm发展。 此外，高穿刺5μm产品已经大规模应用，当前月出货超1亿平，第二代高穿刺强度5μm隔膜已送样头 部电池客户，穿刺强度接近500gf。 ●本报告数据更新至2025年6月。 ●本报告部分数据来自于企业调 ...

分析师：牟国洪 登记编码：S0730513030002 mough@ccnew.com 021-50586980 业绩短期承压，积极布局固态电池电解质 ——星源材质(300568)中报点评 证券研究报告-中报点评 增持(首次) 市场数据(2025-08-20) | 收盘价(元) | 12.43 | | --- | --- | | 一年内最高/最低(元) | 13.03/6.83 | | 沪深 300 指数 | 4,271.40 | | 市净率(倍) | 1.70 | | 流通市值(亿元) | 150.88 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 7.33 | | 每股经营现金流(元) | 0.40 | | 毛利率(%) | 25.09 | | 净资产收益率_摊薄(%) | 1.02 | | 资产负债率(%) | 59.54 | | 总股本/流通股(万股) | 134,290.2/121,387.2 | | B 股/H 股(万股) | 0.00/0.00 | 其他化学制品Ⅱ 个股相对沪深 300 指数表现 资料来源：中原证券 相关报告 -7% 5% 17% 29% 41% 5 ...

Core Insights - The core viewpoint of the article highlights the significant growth in China's lithium battery separator shipments, with a projected volume of approximately 13.3 billion square meters in the first half of 2025, representing a year-on-year increase of 47.6% [2]. Group 1: Industry Overview - The total shipment of lithium battery separators in China for 2025H1 is estimated at 13.3 billion square meters, with a year-on-year growth of 47.6% [2]. - Among the shipments, wet-process separators account for 10.95 billion square meters, making up 82.3% of the total, while dry-process separators contribute 2.35 billion square meters, or 17.7% [2]. - The share of wet-process separators has increased by 11.1% compared to the previous year, primarily due to the rising penetration of 314Ah cells in the energy storage sector, which are better suited for wet-process separators [2]. Group 2: Market Leaders - The top 10 companies in China's lithium battery separator shipments for 2025H1 are as follows: 1. SEMCORP (恩捷股份) 2. Xingyuan Material (星源材质) 3. Jinli (金力股份) 4. China National Materials (中材科技) 5. Housheng New Energy (厚生新能源) 6. Kanghui New Materials (康辉新材) 7. Huiqiang New Energy (惠强新能源) 8. Zhongxing New Materials (中兴新材) 9. Cangzhou Mingzhu (沧州明珠) 10. Putailai (璞泰来) [3].

Core Viewpoint - Cangzhou Mingzhu (002108) is currently implementing expansion projects for wet and dry film separators, with plans for trial production and timely updates on project progress [1] Group 1 - The company is actively investing in the construction of wet and dry separator expansion projects in Cangzhou [1] - Both projects are currently under construction and will undergo trial production in the future [1] - The company commits to providing timely disclosures regarding the progress of these projects upon their production [1]

Core Viewpoint - The acquisition of Jinli Co. by Foshan Plastics Technology is poised to be the largest merger in China's lithium battery separator industry, valued at over 5 billion RMB, but faces scrutiny from the Shenzhen Stock Exchange due to the stark contrast between Jinli's declining performance and optimistic profit commitments [1][3][7]. Summary by Sections Acquisition Details - Foshan Plastics Technology plans to acquire Jinli Co. for a total consideration of 5.08 billion RMB, with 4.68 billion RMB paid in shares and 400 million RMB in cash. The company also aims to raise up to 1 billion RMB from its controlling shareholder [1]. - This transaction significantly surpasses the previous record set by Enjie Co. in 2020, which was valued at 2.02 billion RMB [1]. Performance Concerns - Jinli Co.'s asset scale is approximately 2.5 times that of Foshan Plastics Technology, leading to market perceptions of a "snake swallowing an elephant" scenario [2]. - Jinli's net profit plummeted from 364 million RMB in 2022 to 135 million RMB in 2023, with projections indicating a loss of 91 million RMB in 2024 [3]. Profit Commitments - The acquisition proposal includes a performance commitment of achieving a total of 1.2 billion RMB in profits over the next three years, with specific targets of 230 million RMB in 2025, 360 million RMB in 2026, and 610 million RMB in 2027 [4]. Industry Context - The lithium battery separator industry is currently experiencing a downturn, with a reported revenue decline of over 10% in 2024, despite a 30% increase in shipment volume. The average price of wet separators has dropped significantly, from 0.7 RMB per square meter in late 2024 to 0.5 RMB in the second quarter of 2025 [4][5]. - Industry leader Enjie Co. has even issued a profit warning for the first half of 2025, indicating ongoing challenges [4]. Strategic Justifications - In response to regulatory inquiries, Foshan Plastics Technology emphasized strategic synergies, market demand, and technological advantages as justifications for the acquisition. They cited a projected compound annual growth rate of 17.5% for lithium battery separator shipments from 2024 to 2027 [5]. - The company plans to integrate procurement needs to reduce costs and leverage each other's customer bases for market expansion [5]. Market Position and Growth - Jinli Co. achieved the highest market share in the wet separator sector in 2024, with a gross margin of 21%, significantly above the industry average of 15.56% [6]. - The company has increased its domestic market share from 12% in 2023 to 18% in 2024 and is actively expanding its customer base internationally [6]. Supply Chain Management - Jinli Co. has reduced its reliance on foreign suppliers, with the proportion of imported PE and PVDF dropping to approximately 66% and 32%, respectively, by May 2025, thereby mitigating supply chain risks [6]. Future Outlook - Despite achieving a net profit of 88.88 million RMB in the first five months of 2025, Jinli Co. must generate an additional 141 million RMB in the remaining months to meet its 2025 profit commitment [6]. - The outcome of this acquisition will not only impact the future of Foshan Plastics Technology and Jinli Co. but also reflect the broader trends in the lithium battery industry during this period of adjustment [7][8].

Core Viewpoint - The company Xingyuan Material (300568) has increased its stake in Ferrotec (6890.T) to over 5%, signaling its commitment to expanding into the semiconductor sector and establishing a second growth curve amid declining lithium battery separator prices [1][2]. Group 1: Company Strategy - Xingyuan Material is a leader in the lithium battery separator market, holding over 80% of the global market share, but faces pressure to diversify due to slowing growth in the new energy sector [2][3]. - The investment in Ferrotec, a company with strong vertical integration in semiconductor equipment and materials, aligns with Xingyuan's strategy to respond to national industrial security and ensure sustainable development [2][3]. Group 2: Market Position and Collaboration - Ferrotec holds approximately 60% market share in semiconductor equipment cleaning in China and has a significant presence in various segments globally, including a 35% share in thermoelectric semiconductor coolers [3][4]. - The partnership between Xingyuan Material and Ferrotec is expected to create synergies in technology and market access, enhancing both companies' capabilities in the semiconductor industry [5][7]. Group 3: Future Prospects - The semiconductor market presents vast opportunities, and Xingyuan Material's strategic investments, including a partnership with RSTechnologies, aim to strengthen its position in semiconductor materials [4][5]. - The establishment of a factory in Malaysia by Xingyuan Material, alongside Ferrotec's operations in the same region, provides a platform for collaborative growth in international markets [6][7].

Core Viewpoint - The article discusses the current state and future outlook of the Chinese separator industry, highlighting production growth, market dynamics, pricing trends, and the need for cost reduction amidst increasing competition [1][3][4]. Production and Market Dynamics - In the first half of 2025, China's separator production reached 13.94 billion square meters, marking a year-on-year increase of 53.2%. Wet separators accounted for 11.42 billion square meters, while dry separators contributed 2.52 billion square meters [1]. - The market is dominated by leading companies, with Enjie holding over 30% market share and the top four companies controlling 72.6% of the market. The share of dry separators has decreased to around 18% due to the transition from dry to wet methods and significant price drops in wet separators [1][3]. Capacity and Utilization - Domestic capacity expansion is slowing down, with ongoing projects from major players like Xingyuan Materials and Enjie. The overall capacity utilization rate in the separator industry is 65%, with wet separators exceeding 70% and dry separators below 50% [3]. - The industry is currently facing a price decline cycle, leading to widespread losses among companies, with less than 20% of firms remaining profitable [3]. Pricing Trends - There is a stark contrast in pricing between dry and wet separators. Despite low utilization rates, dry separator prices have increased due to high concentration in the industry, while wet separator prices continue to decline due to market fragmentation [4]. - In the first half of 2025, the price of 7 µm wet separators fell by 19.4%, and 7+2+1 µm wet separators decreased by 15.7%, while 16 µm dry separators saw a price increase of 6% [4]. Industry Trends - Cost reduction is a continuous demand from downstream sectors, with a focus on increasing the use of domestic raw materials and enhancing single-line capacity to lower manufacturing costs [7]. - The demand for dry coated separators is rising, particularly for high-performance products in mid-to-high-end power batteries, although supply remains tight due to limited coating capacity among manufacturers [7]. - The application of 5 µm ultra-thin wet separators is expanding, with leading companies accounting for about 30% of usage, but supply is still concentrated among a few manufacturers, indicating potential technological bottlenecks [7]. Market Outlook - Given the ongoing overcapacity in the separator market, there is a possibility of further price declines, with the industry nearing a bottom [9]. - The continuous price drop is making survival increasingly difficult for companies, potentially leading to a wave of industry consolidation [10]. - The current domestic expansion phase is concluding, with future capacity growth expected to shift towards overseas markets, particularly in Southeast Asia [11].

Core Insights - The global lithium-ion battery industry is experiencing rapid growth, with shipments expected to increase from 323.2 GWh in 2020 to 1519.6 GWh by 2024, representing a compound annual growth rate (CAGR) of 47.3% [1] - The demand for lithium-ion batteries is driving the expansion of the lithium-ion battery separator market, leading to new financing needs for manufacturers [1] - Shenzhen Xinyuan Material Technology Co., Ltd. (Xinyuan Material) has submitted a listing application to the Hong Kong Stock Exchange, with plans to use the funds for overseas capacity expansion, R&D, debt repayment, strategic investments, and working capital [1] Company Overview - Xinyuan Material, established in 2003, has become a leading manufacturer of lithium-ion battery separators, being the first to achieve bulk exports and one of the few companies with dry, wet, and coated separator production technologies [2] - The company’s product lines include dry separators, wet separators, and coated separators, each with specific applications and advantages [3] Financial Performance - Xinyuan Material's revenue for the fiscal years 2022, 2023, 2024, and the first quarter of 2025 was approximately 2.867 billion, 2.982 billion, 3.506 billion, and 881 million RMB respectively, while net profits showed a declining trend [8] - The gross margin for the company's separator products decreased from 44.8% in 2022 to 28.1% in 2024, with a further drop to 23.6% in Q1 2025 [8] - The company’s asset-liability ratio increased from 37.36% in 2022 to 56.92% in 2024, indicating rising financial pressure [10] Market Position - Xinyuan Material's global market share in the separator industry increased from 11.0% in 2020 to 14.4% in 2024, reflecting its growth alongside the overall market [4] - The global battery separator market is projected to grow from 6.4 billion square meters in 2020 to 27.7 billion square meters by 2024, with a CAGR of 44.5% [4] Capacity Expansion and R&D - The company is expanding its global production capacity, with a design capacity of 4.476 billion square meters expected by 2024 and a utilization rate of 90% [12] - Xinyuan Material plans to invest part of the funds raised from its listing into R&D for solid-state battery products and new generation lithium-ion battery separators [16] Strategic Initiatives - The company is focusing on enhancing its operational quality through a series of strategic plans, including expanding production capabilities and investing in new technologies [12][16] - Xinyuan Material has established production bases in multiple regions, including China, Europe, Southeast Asia, and the United States, to support its global operations [7]

Core Viewpoint - Xingyuan Material has submitted an application for listing on the Hong Kong Stock Exchange, aiming to create an international capital operation platform to support its global business expansion [1] Financial Performance - Xingyuan Material has faced a "revenue growth without profit" dilemma, with revenue increasing year-on-year by 4.62%, 17.52%, and 24.44% for 2023, 2024, and Q1 2025 respectively, while net profit decreased by 20.58%, 37.56%, and 52.46% during the same periods [1][3][4] - The company's revenue grew from 5.06 billion RMB in its first year to 35.41 billion RMB in 2024, with a compound annual growth rate of approximately 24.13% [3] - The gross profit margin has significantly declined, with 2024's gross margin at 28.79%, down 15.63% year-on-year, and further dropping to 23.6% in Q1 2025 [5][6] Financial Condition - As of the end of 2024, Xingyuan Material's interest-bearing debt exceeded 10 billion RMB, while its broad monetary funds decreased by 16.17% to below 4 billion RMB, indicating a funding gap of over 6 billion RMB [2][13] - The company's asset-liability ratio reached a historical high of 56.92%, with liquidity ratios (current and quick) dropping to 1.24 and 1.16, respectively, indicating significant liquidity risk [2][13] - Since its listing, the company has raised a total of 6.5 billion RMB through direct financing, but has only distributed 573 million RMB in dividends, resulting in a low dividend payout ratio of 8.83% [2][11] Industry Context - The lithium-ion battery separator industry is experiencing intense competition, leading to a significant drop in product prices and profit margins. The average selling prices for dry, wet, and coated separators fell by 26.92%, 26.39%, and 21.67% respectively in 2024 [9][10] - The industry is facing overcapacity, with total production capacity exceeding 30 billion square meters, far surpassing the actual demand of 22.75 billion square meters, resulting in a price war that has not been effectively curbed [9][10] - Despite the challenging market conditions, Xingyuan Material plans to expand its production capacity both domestically and internationally, with significant investments in new production bases in Malaysia and the United States [10]

Core Viewpoint - The Chinese lithium battery industry is strengthening its global influence, with significant growth in battery shipments and material innovations driving the transition from capacity competition to capability competition [1][2]. Group 1: Industry Growth and Trends - In Q1 2025, China's lithium battery shipments reached 314 GWh, a year-on-year increase of 55%, with power batteries and energy storage batteries growing by 41% and 120%, respectively [1]. - The positive performance in the positive electrode materials sector saw shipments reach 1 million tons, up 68% year-on-year, with lithium iron phosphate materials growing by 94% and surpassing a 75% market share [2]. - The wet separator market experienced a 75% year-on-year increase in shipments, achieving an 81.6% market share, while electrolyte shipments grew by 63.8% [2]. Group 2: Material Innovations and Future Directions - The investment focus in the lithium battery materials sector is shifting towards technology-intensive directions, with 29 new projects signed or announced in 2025, totaling approximately 40 billion yuan, nearly half of which are related to solid-state batteries and materials [4]. - New technologies such as sodium-ion and lithium-metal batteries are in the commercialization verification stage, with key materials like silicon-carbon anodes and lithium-rich manganese-based materials accelerating their market entry [4]. - The recovery of the digital market and growth in AI terminal shipments are creating structural opportunities for lithium cobalt oxide and lithium manganese oxide materials [4]. Group 3: Awards and Recognition - The "2025 New Energy New Materials Innovation Enterprise" award aims to recognize companies that excel in technological breakthroughs and industry transformation across the entire materials chain [5][6]. - The evaluation criteria focus on technological innovation, industrialization, market recognition, and development potential [6]. - The award results will be announced at the 2025 High-Performance New Energy New Materials Industry Conference in July 2025 [6].