Core Viewpoint - The Shenzhen Stock Exchange has issued an inquiry letter regarding Foshan Fospower Technology Group Co., Ltd.'s acquisition of 100% equity in Jinli Co., focusing on the valuation of intangible assets and the reasonableness of the predicted gross margin growth [1][2] Group 1: Asset Valuation - The inquiry highlights that the overall valuation increase of intangible assets is 328 million yuan, representing a 210% increase [1] - The assessment agency, Zhonglian International, attributes the increase in land use rights to rising regional land prices, with the assessed value of 16 land use rights totaling 4.437 billion yuan, up from a book value of 3.072 billion yuan, resulting in an overall increase rate of 44.41% [1] - The increase in intangible assets, particularly patent rights, is valued at 2.582 billion yuan, based on a technology sharing rate of 1.87% and a discount rate of 16.14%, which aligns with industry benchmarks [1] Group 2: Revenue Forecast - The target company's projected main business revenue is expected to reach 4.052 billion yuan in 2025, increasing to 5.286 billion yuan by 2029, with gross margin rising from 24.27% to 31.54% [2] - The inquiry questions the forecast's divergence from the declining gross margin trend during the reporting period, but the assessment agency responds that the company has already turned a profit in the first half of 2025, achieving a gross margin of 29.91%, which is higher than the forecast [2] - Future gross margin recovery is supported by an increase in the sales proportion of ultra-thin high-strength diaphragms and reduced costs due to domestic sourcing of raw materials [2]

Core Viewpoint - Enjie Co., Ltd. has announced advancements in its ultra-thin high-strength separator technology, which significantly enhances the performance and safety of power batteries [1] Group 1: Technology Advancements - The company has optimized the polyethylene condensed structure design and combined it with low-temperature ultra-high-speed stretching technology, achieving a thickness reduction of over 28% while maintaining high strength and thermal stability [1] - The biaxial tensile strength of the separator exceeds 400 MPa, and the puncture strength reaches over 560 gf, representing an improvement of over 20% [1] - These advancements address the technical challenge of "thin being fragile," thereby enhancing the ultra-long endurance performance of power batteries [1] Group 2: Safety Improvements - The significant increase in the base film's puncture strength greatly reduces the risk of thermal runaway in battery cells, thereby improving safety [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]