Core Viewpoint - The company, Enjie Co., Ltd. (002812), is actively engaged in the development and production of semi-solid and all-solid-state battery materials, indicating a strong commitment to advancing battery technology and market expansion [1] Group 1: Semi-Solid Battery Materials - The company has a long-term focus and investment in semi-solid battery materials [1] - Jiangsu Sanhe Battery Material Technology Co., Ltd., a subsidiary, has the capability for mass production of semi-solid battery separators [1] - The company is actively exploring market opportunities in the semi-solid battery sector [1] Group 2: All-Solid-State Battery Materials - Hunan Enjie Frontier New Materials Technology Co., Ltd., another subsidiary, is dedicated to the research and development of high-purity lithium sulfide, sulfide solid electrolytes, and sulfide solid electrolyte membranes [1] - The pilot production line for high-purity lithium sulfide has been established, and a 10-ton production line for solid electrolytes has been launched, demonstrating shipping capabilities [1] - The company plans to continue market expansion and deepen collaboration 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 solid electrolyte products [1] Group 1: Company Developments - The company has established a pilot production line for high-purity lithium sulfide, which is now operational [1] - A 10-ton production line for solid electrolytes has been launched, indicating the company's capability for product shipment [1] - Future capacity planning will be aligned with downstream customer demand to ensure a reasonable construction and production schedule [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 57.71 CNY [1][5] Core Insights - The company has shown significant improvement in its financial performance, with a notable recovery in Q3 2025, achieving a revenue of 37.80 billion CNY, a year-on-year increase of 41.0% and a quarter-on-quarter increase of 24.6% [5] - The company is actively expanding its overseas production capacity, with its Hungarian facility fully operational and ongoing projects in the United States, which positions it favorably in the global lithium battery market [5] - Progress in solid-state battery technology is promising, with the company’s subsidiaries achieving milestones in production and technology development [5] Financial Performance Summary - Projected total revenue for 2024 is 10,164 million CNY, with a year-on-year decline of 15.6%, followed by a recovery in 2025 with an expected growth of 22.6% to 12,463 million CNY [1][6] - The company is expected to turn profitable in 2025 with a projected net profit of 93 million CNY, a significant turnaround from a loss of 556 million CNY in 2024 [1][6] - Earnings per share (EPS) is projected to improve from -0.57 CNY in 2024 to 0.10 CNY in 2025, with further growth anticipated in subsequent years [1][6] Market Position and Strategy - The company is one of the first in the Chinese lithium battery industry to establish overseas production capabilities, providing it with a competitive edge in the global market [5] - The strategic focus on solid-state battery materials and the establishment of production lines for high-purity lithium sulfide and solid electrolyte membranes indicate a strong commitment to innovation and future growth [5]

Core Viewpoint - Solid-state battery technology is rapidly developing, but full commercialization will take time according to the chairman of Enjie Co., Ltd. [2][5] Group 1: Company Developments - Enjie Co., Ltd. is a leading A-share lithium battery separator company, focusing on high-purity lithium sulfide, sulfide solid electrolytes, and sulfide solid electrolyte membrane products [2][5]. - The company has established a pilot line for high-purity lithium sulfide and has begun production on a 10-ton level solid electrolyte production line, indicating readiness for shipment [5]. - Enjie Co., Ltd. reported a significant change in its financial performance in Q3 2025, with a net profit of 6.79 million yuan, marking a turnaround from previous losses [10][11]. Group 2: Market and Industry Insights - The solid-state battery market includes both semi-solid and all-solid batteries, with semi-solid batteries serving as a transitional product towards full solid-state technology [5]. - The overall demand in the lithium battery separator industry remains strong, with Enjie Co., Ltd. achieving a revenue of 3.78 billion yuan in Q3 2025, a year-on-year increase of 40.98% [11][12]. - The company anticipates that the separator and lithium battery industry will continue to experience high growth in the coming years [12]. Group 3: Financial Performance - Enjie Co., Ltd. faced challenges in the lithium battery separator industry, resulting in losses in 2024 and the first half of 2025, but showed signs of recovery in Q3 2025 [6][10]. - The company's revenue for 2024 is projected at approximately 10.16 billion yuan, reflecting a 15.60% decrease from the previous year [7]. - The net profit attributable to shareholders for 2024 is expected to be a loss of approximately 556.32 million yuan, a significant decline compared to a profit of 2.53 billion yuan in 2023 [7].

Core Viewpoint - Solid-state battery technology is developing rapidly, but full commercialization will still require time according to the chairman of Enjie Co., Ltd. [2][8] Group 1: Solid-State Battery Development - Enjie Co., Ltd. is a leading A-share lithium battery separator company, focusing on high-purity lithium sulfide, sulfide solid electrolytes, and sulfide solid electrolyte membrane products [2][6] - The research team from Tsinghua University and Tianjin University published findings in "Nature" that address the "fast charging" challenge of solid-state batteries [2] - Enjie has established a pilot line for high-purity lithium sulfide and has begun production of solid electrolytes at a 10-ton scale [7] Group 2: Market and Financial Performance - Enjie Co., Ltd. reported a significant change in its financial performance in Q3 2025, with a net profit attributable to shareholders of 6.79 million yuan, marking a turnaround from previous losses [13][16] - The company's revenue for Q3 2025 was 3.78 billion yuan, a year-on-year increase of 40.98%, aligning with the overall growth of the lithium battery separator industry [16] - The company is experiencing high capacity utilization and expects the separator and lithium battery industry to maintain a high growth trajectory in the coming years [15][16] Group 3: Industry Outlook - Full solid-state batteries are still in the early stages of industrial development, with rapid technological advancements but a significant distance to full commercialization [8][9] - The company anticipates that solid-state batteries will find applications in deep space, deep sea, and deep earth, coexisting with existing liquid and semi-solid batteries [9]

Core Viewpoint - The company, Enjie Co., Ltd. (002812.SZ), announced its advancements in the semi-solid and all-solid-state battery separator business, highlighting its production capabilities and market expansion efforts [1] Group 1: Semi-Solid Battery Separator Business - The company's subsidiary, Jiangsu Sanhe Battery Materials Technology Co., Ltd., has the capability for mass production of semi-solid battery separators and is actively exploring market opportunities [1] Group 2: All-Solid-State Battery Materials - The company's other 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] - The pilot line for high-purity lithium sulfide has been established, and a 10-ton production line for solid electrolytes has been put into operation, demonstrating shipping capabilities [1] Group 3: Production Capacity and Market Position - The company maintains a leading position in production capacity utilization within the industry, continuously enhancing its market share [1] - With recent strengthening in downstream demand, the company's production capacity utilization rate is currently high [1]

Group 1: Company Overview and Production Capacity - Yunnan Enjie New Materials Co., Ltd. is one of the earliest companies in China's lithium battery industry to establish overseas production capacity, starting with a project in Hungary in 2020, which has a capacity of 400 million square meters and is currently in production [2] - The company announced a project in the United States in January 2024, aiming for a coating film capacity of 700 million square meters, which is progressing well [2] - The company has operational overseas bases, providing a significant first-mover advantage in the global market [2] Group 2: Research and Development - The company has long-term investments in semi-solid and solid-state battery materials, with its subsidiary Jiangsu Sanhe Battery Materials Technology Co., Ltd. capable of mass production of semi-solid battery separators [3] - Hunan Enjie Frontier New Materials Technology Co., Ltd., another subsidiary, focuses on high-purity lithium sulfide and solid-state electrolyte products, with a pilot line for high-purity lithium sulfide already established and a 10-ton production line for solid-state electrolytes in operation [3] Group 3: Financial Performance and Market Trends - The company's third-quarter gross margin improved slightly, attributed to increased shipment volumes and reduced depreciation impacts [4] - The overall industry demand is strong, and product prices are influenced by supply and demand dynamics as well as product performance [4] - The company is committed to enhancing product performance and structure to improve gross margins [4] Group 4: Product Specifications and Market Position - The company's wet-process base film products primarily consist of 7um and 9um variants, with specific revenue proportions available in financial disclosures [4] - The industry has experienced a slowdown in new capacity additions due to previous oversupply, which is expected to improve the supply-demand balance in the future [5] - The company maintains a leading capacity utilization rate and aims to provide high-quality separator products to global customers [5] Group 5: Industry Outlook and Strategic Goals - The company is focused on high-quality development and aims to achieve competitive advantages through high technology, quality, and efficiency [5] - It emphasizes collaboration with upstream and downstream partners to foster innovation and ensure the healthy development of the new energy supply chain [5]

Core Insights - The article discusses recent financing activities in the solid-state battery industry, highlighting two companies: Zhongke Gonen and Huacai New Energy, which have completed new rounds of financing to enhance their technological capabilities and production capacity [2][3][6]. Group 1: Zhongke Gonen - Zhongke Gonen has completed an angel+ round of financing led by Beijing Qianniu Investment, focusing on the entire ecosystem of solid-state batteries, including sulfide electrolytes and battery cells [3]. - The company aims to address high electrolyte costs and the reactivity of sulfide compounds with air, achieving over a 90% reduction in material preparation costs [4]. - Zhongke Gonen is a state-owned enterprise established in September 2022, recognized as a leading player in the solid-state battery sector, with a strong emphasis on R&D and production [3][4]. Group 2: Huacai New Energy - Huacai New Energy has secured tens of millions in angel+ round strategic financing, with early investor Tongchuang Weiye continuing to support its technological development and industrialization [6]. - The funding will be used for the construction of a production line in Chuzhou Dingyuan and for testing halide electrolyte materials, which will accelerate the maturity and mass production of next-generation solid-state batteries [6]. - Founded by a team led by Professor Xiang Hongfa from Hefei University of Technology, Huacai New Energy specializes in halide-based solid electrolyte materials, boasting advantages in safety and ionic conductivity [6].

Core Viewpoint - The company believes that semi-solid batteries serve as a transitional product towards all-solid batteries, which differ significantly from liquid batteries in terms of materials and processes, and are currently in the early stages of industrial development with high costs [1] Group 1: Battery Technology Insights - The market generally considers solid-state batteries to include both semi-solid and all-solid batteries, but semi-solid batteries structurally resemble liquid batteries, requiring positive and negative electrodes, electrolytes, and separators [1] - All-solid batteries are expected to find more applications in "three depths" (deep space, deep sea, deep earth) while coexisting with existing liquid and semi-solid batteries [1] Group 2: Company Developments - The company has long-term investments and focus in the fields of semi-solid and solid-state battery materials [1] - The subsidiary Jiangsu Sanhe Battery Material Technology Co., Ltd. has the capability for mass production of semi-solid battery separators and is actively exploring the market [1] - The subsidiary Hunan Enjie Frontier New Materials Technology Co., Ltd. is dedicated to the research and development of high-purity lithium sulfide, sulfide solid electrolytes, and sulfide solid electrolyte membrane products, with a pilot line for high-purity lithium sulfide already established and a 10-ton production line for solid electrolytes in operation [1]

Group 1: Industry Overview - The supply-demand dynamics in the diaphragm industry are improving due to a slowdown in new capacity additions, particularly in 2025, which is expected to benefit the overall industry [2] - The company's capacity utilization rate is leading in the industry, with a strong market position and increasing market share as downstream demand strengthens [2] Group 2: Product Innovations - The ultra-thin high-strength diaphragm has achieved a thickness reduction of over 28% while maintaining high strength and thermal stability, with a biaxial tensile strength exceeding 400 MPa and a puncture strength of over 560 gf, improving by more than 20% [3] - The significant enhancement in base film puncture strength reduces the risk of thermal runaway in battery cells, thereby improving safety [3] Group 3: Solid-State Battery Development - The company views semi-solid batteries as a transitional product towards all-solid-state batteries, which are currently in the early stages of industrial development and have higher costs [4] - The company is actively involved in the development of materials for both semi-solid and solid-state batteries, with production capabilities established for semi-solid battery diaphragms and ongoing investments in solid-state electrolyte materials [4][5] Group 4: Competitive Advantages - The company benefits from strong R&D capabilities and a comprehensive vertical innovation system, allowing for rapid product iteration and optimization [5] - Long-term stable partnerships with major global battery manufacturers enable the company to engage in technical exchanges and seize market opportunities effectively [5]