亨通光电7月发布公告显示，近期，该公司及控股子公司陆续收到项目中标通知书或签署项目合同，确 认中标国内外海洋能源项目，中标总金额为15.09亿元。具体而言，包括广西钦州海上风电示范项目 220kV/66kV海底光电复合电缆、湛江徐闻东三海上风电示范项目EPC总承包项目220kV海底复合电缆、 东海海上平台电力组网项目动态静态复合海缆等。"未来，公司将继续致力于能源互联领域市场竞争力 的提升，服务于国家深海科技的发展，助力全球能源体系的绿色转型。"该公司在公告中称。 除了亨通光电，近期霍普股份、中国通号等多家上市公司均披露了新基建相关项目，涉及项目包括光伏 发电、储能电站、5G通信基站等领域。 基建项目稳步开展离不开政策支持。8000亿元"两重"建设项目清单全部下达完毕，《新一轮农村公路提 升行动方案》提出，到2027年全国完成新改建农村公路30万公里，用于支持交通运输等中央本级重点投 资领域和重大项目建设中央预算内投资全部下达……今年以来，在一系列扩内需稳增长政策支持下，上 半年基础设施投资实现同比4.6%的增长，较整体固定资产投资增速高1.8个百分点。 佳电股份近日发布公告称，该公司控股子公司哈尔滨电气动力 ...

Group 1 - Jiadian Co., Ltd. announced that its subsidiary, Harbin Electric Power Equipment Co., Ltd., has won a bid for the Shandong Haiyang Xinan Nuclear Power Project with a contract value of 608.98 million yuan [1] - In the past month, over 130 major contract announcements have been made by listed companies, involving more than 60 companies, indicating a robust activity in the infrastructure sector [1] - The infrastructure investment in the first half of the year has grown by 4.6% year-on-year, outpacing the overall fixed asset investment growth by 1.8 percentage points [2] Group 2 - Companies like Hengtong Optic-Electric have secured contracts for marine energy projects totaling 1.509 billion yuan, highlighting the emergence of new infrastructure projects in renewable energy and communication [1][2] - The government has fully allocated an 800 billion yuan construction project list, supporting various infrastructure initiatives, including rural road improvements [2] - The trend of large contracts in the infrastructure sector reflects a shift towards new development drivers, including big data, cloud computing, and semiconductors [2][3] Group 3 - Qidi Design signed a contract worth approximately 860 million yuan for the construction of a computing power and supercomputing center in Henan [3] - Companies are increasingly signing large contracts in the new economy sectors, such as automation and digitalization, indicating a growing demand for advanced technologies [3] - The number of overseas contracts signed by listed companies has increased, showcasing their efforts to expand into international markets [4] Group 4 - Zhongcheng Co. signed a contract for a photovoltaic project in Azerbaijan valued at approximately 853 million yuan, reflecting the international expansion of Chinese companies [4] - Enjie Co. has entered into a supply agreement with LG Energy Solution for lithium battery separator films, indicating a strong demand for high-end manufacturing products [4][5] - The improvement in Chinese companies' technological capabilities is enhancing their export competitiveness, contributing to the growth of overseas contracts [5]

Core Insights - Enjie Co., Ltd. has made significant breakthroughs in the overseas market for lithium battery separators, enhancing its global competitive advantage [1][2] - The company has established a multinational R&D team led by Li Xiaoming, achieving industry-leading technical indicators in wet-process separators [1] - Enjie has implemented stringent quality control standards, ensuring product stability and consistency, which has earned the trust of both domestic and international clients [1] Group 1 - Enjie Co., Ltd. signed a cooperation agreement with Ultium Cells LLC in December, committing to supply lithium battery separators worth up to $66.25 million by 2025 [1] - The company has successfully secured multiple orders in a short period, indicating its growing global competitiveness [1] - Enjie has developed a high-safety separator series with a membrane rupture temperature increased to 230°C through molecular chain modification [1] Group 2 - The company has enhanced the wettability and liquid retention capacity of its separators to meet the fast-charging requirements of automotive clients [1] - Enjie has built a comprehensive quality control system at its Yuxi base, ensuring strict oversight from raw material procurement to finished product delivery [1] - Each separator produced has a unique identification mark, allowing for full traceability throughout the production process [1] Group 3 - Enjie Co., Ltd. is expanding its global market share, thereby increasing its influence in the lithium battery separator market [2] - The company plans to continue its "technology + capacity" dual-drive strategy to extend its products and services to more countries and regions [2] - Enjie aims to provide core material support for the high-quality development of the global new energy industry [2]

Battery - XINWANDA plans to launch its first-generation all-solid-state battery product in 2026 and the second generation in 2027 [2] - LISHEN Battery inaugurated its new cylindrical lithium-ion battery R&D and production base with a total investment of 2.8 billion yuan, planning to build 5 intelligent production lines [4] Materials - RONGBAI Technology announced its entry into the lithium iron phosphate industry, establishing the first 10,000-ton high-end production line in Europe while consolidating its position in ternary materials and expanding into emerging applications like low-altitude economy and solid-state batteries [4] - RONGBAI is also setting up a pilot line for sulfide solid electrolytes at its Xiantao base and launching production lines for other high-end materials like lithium manganese iron phosphate [4] Company Actions - SHANGTAI Technology reported that Changjiang Chen Dao reduced its holdings by 5.196 million shares, accounting for 1.992% of the total share capital, leaving it with 19.4645 million shares or 7.4623% of the total [6] - ENJIE Co. expects a net loss of 83 to 107 million yuan for the first half of 2025, with a decline in gross margin for its main product, lithium battery separator, and some business segments currently in a loss state [7] - DANGSHENG Technology completed a private placement raising a total of 1 billion yuan, fully subscribed by its controlling shareholder [9] Overseas Developments - LG Energy Solution expects a significant increase in Q2 performance, projecting an operating profit of 492.2 billion won, a 152% increase from the previous year, driven by strong battery sales [10] - The European Commission announced funding of 852 million euros for six electric vehicle battery projects, including LG Energy Solution's 46-series cylindrical battery project in Poland [11]

Group 1 - Enjie Co., Ltd. expects a loss of 82.65 million to 107 million yuan in the first half of 2025, compared to a profit of 291 million yuan in the same period last year [1] - The primary reasons for the expected loss include a decline in the profit margin of lithium battery separator films, losses in certain business segments, increased overseas operating expenses, and a provision for inventory impairment based on prudence [1] - The company needs to adjust its strategy to cope with intensified industry competition and should focus on subsequent performance improvement measures [1] Group 2 - Tianci Materials has filed a request to withdraw a lawsuit regarding a technical secret dispute, which has been approved by the Hangzhou Intermediate People's Court [2] - The withdrawal of the lawsuit is not expected to have a significant adverse impact on the company's current or future profits, and the company plans to file a new lawsuit based on the situation [2] - The outcome of this case may influence the company's future rights protection strategy, necessitating attention to the progress of new litigation and potential risks [2] Group 3 - Multiple silicon wafer manufacturers have raised their prices, with increases ranging from 8% to 11.7% for different sizes of wafers [3] - The price hike is attributed to the upward pressure from rising upstream silicon material costs, although the demand growth at the downstream level is slowing, raising concerns about market acceptance [3] - The ability to pass on price increases to end-users will test the collaborative capacity of the industry chain, and short-term price negotiations are expected to continue [3]

Core Viewpoint - The diaphragm is a critical component in power batteries, essential for preventing short circuits and overheating, and the industry is poised for significant growth driven by the global push for carbon neutrality and supportive government policies [1][18]. Industry Overview - The power battery diaphragm is a porous film that separates the positive and negative electrodes in batteries, preventing short circuits and facilitating lithium-ion migration. It is categorized into dry-process and wet-process diaphragms based on production methods [3][4]. - The global lithium battery diaphragm market is expected to see a substantial increase, with China's diaphragm shipment volume projected to grow by 28.60% year-on-year in 2024, reaching 22.75 billion square meters [1][21]. Industry Policies - The Chinese government has implemented various supportive policies to foster the development of the new energy vehicle industry, which in turn boosts the diaphragm sector. Key policies include enhancing battery safety standards and promoting the integration of new energy vehicles with the power grid [5][6]. - Local governments, such as those in Guizhou and Chongqing, have also introduced initiatives to support the diaphragm production and technology advancements [5][7]. Industry Development History - The Chinese diaphragm industry began in the early 2000s, with significant advancements in technology and production capacity occurring after 2010. By 2014, Chinese manufacturers started supplying major automotive companies, marking a shift towards global competitiveness [8][17]. Industry Chain - The diaphragm industry chain includes upstream raw materials like polyethylene and polypropylene, with domestic production increasingly meeting the needs of diaphragm manufacturers. The midstream involves diaphragm production, while the downstream consists of battery manufacturers [10][12]. Market Dynamics - The competition in the diaphragm industry is intensifying, with major players expanding capacity and facing price competition. Key companies include Enjie, Cangzhou Mingzhu, and Xingyuan Materials, with wet-process diaphragms gaining a larger market share [23][25]. Future Trends - The industry is moving towards high-performance materials and technological upgrades, focusing on thinner and higher porosity diaphragms. There is also a trend towards vertical integration and regional industrial clusters to enhance supply chain security [29][30]. - Companies are increasingly looking to expand globally and participate in standard-setting to enhance their competitive edge in international markets [31][32].

Group 1: Production Capacity and Financial Management - The company's lithium battery separator business achieved a capacity utilization rate of 92.6% in 2024, leading the industry. Plans are in place to further enhance overall capacity utilization in 2025 [2] - As of the end of 2024, accounts receivable stood at CNY 6.102 billion, which decreased to CNY 5.251 billion by the end of March 2025. The company is focused on strengthening its collection management mechanisms [2] - The increase in sales, management, and financial expenses in 2024 is attributed to enhanced market expansion efforts, rising intermediary consulting fees, and fluctuations in exchange gains and losses [3] Group 2: Compliance and Product Development - The company emphasizes strict adherence to financial and information disclosure regulations, ensuring timely, truthful, and accurate disclosures [3] - The Hungarian separator plant is operating steadily, with production capacity being adjusted based on customer demand [4] - The company is actively monitoring new safety regulations for electric vehicle batteries, believing that these will drive innovation and improve product quality in the industry [4] Group 3: Market Strategy and Shareholder Engagement - The company has implemented a market value management plan, with share buybacks totaling CNY 199.997 million from February 2, 2024, to July 30, 2024, and CNY 400.003 million from September 28, 2023, to December 25, 2023 [5][6] - The company aims to enhance shareholder confidence by focusing on improving core business quality and efficiency, while also protecting investor rights [6] - The 2025 operational plan includes advancing domestic and international production base construction to increase global market share and solidify its leading position in the industry [6]

Core Viewpoint - The decline in terminal demand has led to a decrease in lithium battery material prices, putting overall pressure on the industry chain's performance [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 10.164 billion yuan, a year-on-year decrease of 15.6%, and a net profit of -0.556 billion yuan, transitioning from profit to loss [1] - In Q1 of this year, the company recorded revenue of 2.729 billion yuan, a year-on-year increase of 17.23%, while net profit decreased by 83.57% to 25.9866 million yuan [1] Group 2: Global Expansion and Production Capacity - The company is actively expanding its global footprint, with production bases established in multiple locations including Shanghai, Zhuhai, and Hungary [1] - The overseas market is showing growth, with revenue from foreign regions reaching 2.213 billion yuan in 2024, a year-on-year increase of 9.73%, accounting for 21.78% of total revenue, up by 5.03 percentage points [2] - The company plans to construct a lithium battery coating separator factory in the U.S. with a planned capacity of approximately 700 million square meters, alongside additional projects in Hungary and Malaysia [2] Group 3: Technological Innovation - The company has been investing in cutting-edge technology research, particularly in solid-state battery innovations, and has achieved early commercialization of semi-solid separators [3] - A joint venture was established to focus on the research and production of semi-solid battery separator materials, with two coating production lines already built [3] - The company is also working on all-solid-state battery products, with pilot production lines for high-purity lithium sulfide underway [3] Group 4: Market Value Management - The company has implemented a market value management system aimed at achieving a dynamic balance between market value and intrinsic value [4] - From February 2 to July 30, 2024, the company repurchased shares worth nearly 200 million yuan, completing the cancellation of 5.9051 million shares [4] - Key executives have also increased their holdings in the company, with a total investment exceeding 200 million yuan [4]

Core Viewpoint - The company, Yunnan Enjie New Materials Co., Ltd., has released its first quarter report for 2025, highlighting significant agreements with major partners and adjustments in convertible bond terms [3][12][21]. Financial Data - The first quarter report has not been audited [9]. - The company confirmed that there are no adjustments or restatements needed for previous accounting data [3]. - Non-recurring gains include a tax fee refund [3]. Shareholder Information - The company has engaged in strategic agreements with LG Energy Solution, Ltd. for the procurement of approximately 3.55 billion square meters of lithium battery separator film from 2025 to 2027 [5]. - A procurement framework agreement was signed with Beijing Weilan New Energy Technology Co., Ltd., which will source 80% of its material needs from the company for solid-state battery electrolytes, with expected orders totaling at least 300 million square meters of separator film and 100 tons of electrolyte from 2025 to 2030 [5]. Convertible Bonds - The company’s convertible bond, "Enjie Convertible Bond," had its conversion price adjusted downwards to 32.00 CNY per share effective February 11, 2025, due to stock price triggers [6]. - Following a stock buyback, the conversion price was slightly adjusted to 32.01 CNY per share [6]. Board and Supervisory Meetings - The fifth board meeting on April 29, 2025, approved the first quarter report, with all directors present voting in favor [11][12]. - The supervisory board also reviewed and approved the first quarter report, confirming its compliance with legal and regulatory standards [18][19]. Investor Relations - The company will hold a Q1 performance briefing on May 6, 2025, to address investor inquiries and enhance communication [21][22].

Industry Highlights - SAIC-GM-Wuling has launched the world's first 6C high manganese battery, achieving over 1000 km of pure electric range and maintaining 85% battery capacity at -20°C [1] - The new battery technology features a 3D thermal management system that improves cooling efficiency by 2.6 times, with a fast charge capability of 500 km in just 10 minutes [1] Market Trends - In March, the number of discounted passenger car models decreased significantly to 23, down from 51 in the same month last year, indicating a cooling off of the price-cutting trend [2] - BYD expects a net profit of 8.5 to 10 billion yuan for Q1 2025, representing a year-on-year growth of 86.04% to 118.88%, driven by strong sales in the electric vehicle sector [3] Lithium Battery Material Market - Domestic lithium carbonate prices have declined due to increased export costs from U.S. tariffs, leading to weakened demand expectations [7] - The latest prices for battery-grade lithium carbonate are between 72,200 to 73,200 yuan per ton [8] - The price of ternary materials remains stable, with a slight production increase of about 5% in April compared to March [8] - Phosphate iron lithium prices have slightly decreased, but production levels are at historical highs, expected to exceed 280,000 tons in April [10] - The price for phosphate iron lithium is between 32,500 to 34,000 yuan per ton for power-type and 31,900 to 33,000 yuan per ton for energy storage-type [11] Battery and Energy Storage Market - The domestic lithium battery market remains stable, with fluctuations in order volumes among leading battery manufacturers [14] - New energy vehicle sales reached 337,000 units last week, with a year-on-year increase of 25.28% [16] - The U.S. has implemented significant tariffs on imported batteries, raising the import duty on fixed energy storage batteries to 64.9% and potentially up to 82.4% by 2026 [17]