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：2025-009 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 ☑ | | 投资者关系 | □新闻发布会 □路演活动 | | 活动类别 | | | | □现场参观 | | | □其他 | | 参与单位名 | 通过全景网"投资者关系互动平台"(http://ir.p5wnet)参与公司 2025 年半年度业绩 | | 称及人员姓 | | | 名 | 说明会的广大投资者 | | 时间 | 年 月 日 2025 8 19 | | 地点 | 全景网"投资者关系互动平台"(http://ir.p5wnet) | | 上市公司接 | 董事长 Xiaoming Lee 先生、副董事长兼总经理李晓华先生、副总经理禹雪女士、 | | 待人员姓名 | 董事会秘书白云飞先生、财务总监李湘林先生、独立董事张菁女士 | | | 公司就投资者以下问题进行回复： | | | 1、现阶段公司产能利用率是多少？ | | | 尊敬的投资者，您好！公 ...

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].

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 3、公司电解质粉体的大概工艺流程是什么？核心工艺是哪些？液相法工艺的 劣势是什么？ 公司电解质为固相烧结工艺，其工艺流程包括混料、烧结、砂磨细化、解聚和 包装。其核心工艺节点包括混料，混料需要将电解质原料均匀混合，并且对其输入 一定能量，实现预反应，并且在从小试到中试放大过程中均匀混合难度也会大幅增 加。烧结也是核心工艺，不同烧结设备温场分布，精细温度调控对电解质烧结也有 较大影响。液相法涉及在溶剂中合成，硫化物电解质非常容易吸附溶剂并很难去除， 容易导致其电解质在电芯中应用性能一般。 4、公司电解质粉体不同型号应用特点有哪些？不同电导率电解质的良率是否 有较大差异？ 公司的电解质粉体类型有不同的电导率和不同的粒径，离子电导率最高可达 16 mS/cm，粒径从 0.3μ m~15μ m，并且最细粒径 0.3μ m 的电导率也能达到 6mS/cm，该 指标属于国内领先水平。不同电导率和不同粒径可以应用在正极、电解质层和负极 中，主要看客户电芯端需求和应用情况，指标性能并不能完 ...

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].

Core Viewpoint - The article emphasizes the importance of technological innovation and differentiation in the lithium battery separator industry, particularly in the context of increasing competition and the need for higher performance and safety standards in battery applications [34][35]. Group 1: Separator Market Trends - The market for wet-process separators is growing, with a shipment share exceeding 80% by Q1 2025, driven by the demand for higher performance and safety [3][4]. - The industry is witnessing a shift towards thinner and lighter separators, alongside the adoption of ultra-fast charging technologies and the implementation of new national standards for power batteries [4][5]. Group 2: Company Innovations - Enjie Co., Ltd. has introduced new separator products focusing on core material improvements, particularly in the base film, which is crucial for enhancing safety and performance [6][7]. - The X series high-safety base film has improved the membrane rupture temperature from 150°C to 230°C, significantly widening the safety window from 10°C to 90°C, thus addressing safety challenges associated with higher energy densities [9][10]. Group 3: Fast Charging Capabilities - The I series high-wetting base film enhances electrolyte wetting efficiency and ionic conductivity by approximately 60%, enabling better fast-charging performance without significantly increasing porosity [12][11]. - Enjie aims to meet the dual demands of high energy density and ultra-fast charging through innovative approaches that improve the interaction between the electrolyte and the separator [12][11]. Group 4: Solid-State Battery Materials - Enjie has launched a series of solid-state battery materials, including lithium sulfide and solid electrolytes, achieving key breakthroughs in core performance indicators [14][16]. - The company has developed a method for producing high-purity lithium sulfide, which is critical for reducing costs in solid-state battery production, with a projected price drop to 500,000 yuan per ton in the next 3-5 years [17][16]. Group 5: R&D and Market Position - Enjie has increased its R&D investment from 5.75% of revenue in 2022 to 6.52% in 2024, reflecting a strong commitment to innovation [35][36]. - The company has established a comprehensive R&D system and holds over 600 effective patents, with 482 specifically related to separators, creating a robust technological barrier [35][36]. Group 6: Dry Process Separator Strategy - Enjie is actively innovating in the dry-process separator segment, achieving a minimum thickness of 12 μm and developing even thinner products [28][29]. - The unique "blown film" process enhances the strength and application potential of dry-process separators, allowing them to remain competitive in specific market segments [29][30].

Core Viewpoint - Solid-state batteries are becoming a strategic focus for industry players, with advancements in the supply chain and near-scale production [1] Group 1: Company Developments - Enjie Co., Ltd. (002812) launched a series of new products related to solid-state batteries, including ultra-pure lithium sulfide and high-conductivity solid-state electrolyte membranes at the 2025 China International Battery Technology Exchange Conference [1] - The company has established a pilot production line for high-purity lithium sulfide with a capacity of 100 tons, achieving a purity of 99.9% using carbon thermal reduction [1] - Enjie has made significant progress in reducing the particle size of solid-state electrolytes from over 15 micrometers to 300 nanometers, maintaining a high ionic conductivity of over 6 mS/cm [2] Group 2: Production Capacity and Orders - Enjie is advancing a pilot production line project for solid-state electrolyte materials in Yuxi, Yunnan, with a designed capacity of approximately 1,000 tons [3] - The company has secured a procurement framework agreement with Beijing Weilan New Energy Technology Co., Ltd., which includes a total order of no less than 3 billion square meters of electrolyte membranes and at least 100 tons of solid-state battery electrolytes from 2025 to 2030 [3] Group 3: Industry Outlook - The company anticipates that large-scale commercial application of solid-state batteries will be challenging in the short term due to technical issues and higher costs compared to existing liquid lithium batteries [3] - Solid-state batteries are expected to coexist with liquid and semi-solid batteries, with potential applications in high-performance and price-insensitive sectors such as military, aerospace, and deep-sea [3]

Group 1: Company Products and Production Capacity - The company's all-solid-state products include lithium sulfide, sulfide solid electrolytes, and sulfide solid electrolyte membranes. The lithium sulfide production line is currently in trial production, with a ton-level solid electrolyte production line established and a thousand-ton pilot production line planned [2][3]. - The company has established a joint venture, Jiangsu Sanhe Battery Material Technology Co., Ltd., with Beijing Weilan New Energy Technology Co., Ltd. and Liyang Tianmu Xian Dao Battery Material Technology Co., Ltd., holding 51% of the shares. It has two production lines capable of mass production [2][3]. Group 2: Market Orders and Collaborations - From 2025 to 2030, Beijing Weilan New Energy is expected to place orders totaling no less than 300 million square meters for semi-solid and all-solid-state battery electrolyte membranes, and no less than 100 tons for all-solid-state battery electrolytes [3]. - The company has signed a procurement framework agreement with Beijing Weilan New Energy, which stipulates that 80% of its material needs will be sourced from Shanghai Enjie and its controlled affiliates [3]. Group 3: Research and Development Focus - The future research direction for sulfide solid electrolytes involves developing products with better air stability, as the current manufacturing process requires isolation from water and oxygen [4]. - The company aims to optimize the particle size and morphology of solid electrolytes to improve conductivity and energy density [8]. Group 4: Cost and Safety Considerations - The cost of semi-solid separators is currently high due to raw material expenses, but market demand for differentiated products is expected to drive down costs as production scales up [5]. - Soft-packaging for solid-state batteries is considered safe, as it has been validated in liquid batteries. The design allows for gas and heat release in case of thermal runaway, reducing explosion risks compared to rigid structures [6]. Group 5: Market Positioning - The company views all-solid-state batteries as currently having higher costs compared to liquid lithium batteries, which offer better cost-performance ratios. All-solid-state batteries are expected to find applications in niche markets such as aerospace and deep-sea exploration [7][8].