（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]

Q1：目前半固态电池是否已经开始量产 ，以及全固态电池的进展如何 ？ A1：目前半固态电池已经开始逐步量产，应用于新能源车、消费类电池及低空飞行等领域。而全固态电池还处于发展阶段， 头部企业正在建设百兆瓦时的生产 线， 主要以氧化物为主导，硫化物全固态电池目前尚未真正实现装机，仅有小容量实验产品。 Q2：半固态电池能否解决液态锂电池电芯燃烧问题 ，以及其是否为过渡产品？半固态电池未来 在电池厂中的定位以及硫化物与氧化物在固态 电池中的竞争情 况 ？ A2：半固态电池并非绝对安全，仍包含一定比例的液态电解质，存在失控风险。但相比液态电池， 其失控几率较小。半固态电池可能是过渡产品，在全固态电 池成熟前承担一定的市场角色，但真正 实现大规模替代现有电池的可能性不大。在未来5到8年内， 半固态电池可能更多作为过渡产品存在， 其市场份额较低。 至于固态电池最终解决方案采用硫化物还是氧化物， 目前行业内尚未形成明确共识， 有待进一步的技术突破和验证。 Q3：在全固态电池技术未完全成熟前 ，半固态电池与传统三元锂电之间的关系及市场结构占比 如何 ？ A3：在全固态电池技术成熟之前， 半固态电池将作为过渡产品存在， 与传统 ...

证券代码：002812 证券简称：恩捷股份 债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 投资者关系活动记录表 编号：2025-011 | | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名 | 嘉实基金、Bernstein、Qatar Investment Authority、Capital international | | 称及人员姓 | Investors、Munro lnvestment、Carrhae Capital LLP、Springs Capital（Hong Kong） | | 名 | Ltd 等机构 | | 时间 | 2025 年 9 月 16 日 | | 地点 | 上海恩捷行政楼 | | 上市公司接 | 恩捷股份副总经理禹雪、投资者关系经理徐晶晶 | | 待人员姓名 | | | | 公司就投资者以下问题进行回复： | | | 1、公司海外市场优势？ | | | 公司有海外产能、众多海外客户 ...

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]

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 - The commercialization of solid-state batteries is beginning to take shape with the emergence of GWh-level orders, but the current delivery relies on the modification and innovation of traditional lithium-ion battery wet coating equipment rather than a revolutionary new production model [2][3]. Group 1: Challenges in Manufacturing - The transition from liquid electrolyte to solid electrolyte in batteries is a fundamental step towards solid-state technology, which involves significant changes in the physical properties of the slurry system [4][6]. - The ideal battery slurry must exhibit "shear-thinning" rheological properties, allowing for low viscosity during pumping while maintaining structural integrity during drying [5]. - The introduction of solid electrolytes transforms the slurry into a "rich solid phase," leading to increased viscosity and the formation of hard agglomerates that can cause defects in the coating process [6][7]. - The complexity of the slurry system increases as it evolves from a simple "bimodal particle" system to a "multimodal particle" blend, complicating the mixing of different solid particles with distinct physical and chemical properties [8]. Group 2: Material and Process Divergence - Different solid electrolyte chemical systems present unique challenges for wet coating processes, particularly with oxide-based electrolytes that are hard and brittle, leading to wear on equipment [10][12]. - Companies like QuantumScape focus on achieving fundamental breakthroughs in material performance, which may conflict with modern battery manufacturing's efficiency goals [12]. - In contrast, companies like Penghui Energy prioritize process compatibility and commercial efficiency, aiming for high energy density while maintaining cost parity with traditional lithium batteries [14][15]. Group 3: Sulfide Route Challenges - The sulfide route faces a series of interconnected technical constraints, with wet coating emerging as the mainstream method for producing sulfide solid electrolyte membranes [17][18]. - The chemical instability of sulfide materials poses challenges in solvent selection and binder compatibility, leading to difficulties in achieving both solubility and adhesion [19][20]. - The industry is exploring various coating methods, with high-precision slot die coating seen as essential for large-scale safe production [22]. Group 4: Equipment and Industry Response - The manufacturing challenges in battery technology are creating commercial opportunities for upstream equipment manufacturers, who are actively deploying solutions to meet customer demands [23]. - Companies like Mannesmann have introduced high-temperature coating systems to address issues related to high solid content slurries [24]. - Other leading equipment manufacturers are also developing parallel dry and wet solid coating systems to enhance production capabilities [26][27]. Group 5: Integration of Materials and Processes - The successful commercialization of solid-state batteries requires a deep integration of materials, processes, and final product forms, leading to new manufacturing challenges [30][31]. - The current wet coating methods struggle to balance high ionic conductivity and flexibility in electrolyte membranes, highlighting the need for suitable binder selection [31]. Conclusion - The path to solid-state battery commercialization is not linear but involves navigating multiple contradictions and constraints while seeking localized optimal solutions [32]. - Future success in solid-state battery manufacturing will depend on the ability to integrate cross-disciplinary knowledge effectively [33].

Core Viewpoint - Enjie Co., Ltd. is focusing on the development of all-solid-state battery materials, particularly high-purity lithium sulfide and sulfide solid electrolytes, with ongoing investments in research and market expansion [1] Group 1: Company Developments - The company's subsidiary, Hunan Enjie Frontier New Materials Technology Co., Ltd., has established a pilot line for high-purity lithium sulfide with a capacity of hundreds of tons [1] - A 10-ton capacity solid sulfide electrolyte has been built, which is now capable of supplying products [1] - Currently, the company has not yet generated significant revenue from these developments but is committed to further research and market exploration [1] Group 2: Industry Engagement - The company aims to deepen collaboration and technical exchanges with customers to promote technological advancements in the industry [1]

Core Viewpoint - Enjie Co., Ltd. is actively developing solid-state battery materials through its subsidiary, Hunan Enjie Frontier New Materials Technology Co., Ltd., focusing on high-purity lithium sulfide and sulfide solid electrolyte products [1] Group 1: Company Developments - The company has established a pilot production line for high-purity lithium sulfide with a capacity of hundreds of tons [1] - A 10-ton production line for sulfide solid electrolytes has been completed and is capable of supplying products [1] - Currently, the company has not yet generated significant revenue from these developments [1]