Core Viewpoint - Enjie Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable increase in stock price year-to-date, but recent declines in the short term [1][2]. Company Overview - Enjie Co., Ltd. is located in Yuxi City, Yunnan Province, and was established on April 5, 2006, with its listing date on September 14, 2016. The company specializes in various packaging and printing products, lithium battery separators, aluminum-plastic films, and water treatment membranes [2]. - The main revenue composition includes lithium battery separators (83.64%), sterile packaging (7.82%), BOPP films (4.75%), and other products [2]. Financial Performance - For the first half of 2025, Enjie Co., Ltd. achieved operating revenue of 5.763 billion yuan, representing a year-on-year growth of 20.48%. However, the net profit attributable to shareholders was -931.138 million yuan, a decrease of 131.99% compared to the previous year [2]. - The company has distributed a total of 2.825 billion yuan in dividends since its A-share listing, with 1.874 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders reached 100,900, an increase of 4.23% from the previous period, with an average of 8,086 circulating shares per person, a decrease of 4.22% [2][3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 30.5894 million shares, an increase of 6.267 million shares from the previous period [3].

Core Viewpoint - The company has decided to postpone the expected operational status dates for certain fundraising projects due to delays in equipment procurement from overseas suppliers, while ensuring that the project implementation subjects, fundraising purposes, and investment amounts remain unchanged [1][4][10]. Fundraising Basic Situation - The company successfully issued 33,333,600 shares at a par value of 1.00 RMB per share, with the total fundraising amount verified by Huaxing Accounting Firm [1]. Fundraising Usage Status - As of June 30, 2025, the total investment amount for the fundraising projects is 108,830.05 million RMB, with an adjusted investment amount of 95,176.21 million RMB, indicating a utilization rate of 84.05% [3][2]. Postponement Details - The postponement affects the "Functional Film and Functional Masterbatch Expansion and Technical Transformation Project" and the "Experimental and Testing Upgrade Technical Transformation Project," with new expected operational status dates set for June 30, 2026, and December 31, 2026, respectively [6][10]. Reasons for Postponement - The delay is primarily due to the long delivery times from overseas equipment suppliers, necessitating a cautious approach to ensure the projects' successful implementation [4][6]. Re-evaluation of Project Feasibility - The company has conducted a re-evaluation of the "Experimental and Testing Upgrade Technical Transformation Project," confirming its necessity and feasibility, which aligns with the company's long-term strategic planning [8][9]. Expected Benefits of Projects - The projects are expected to enhance the company's testing capabilities and improve product quality, thereby supporting long-term development without generating immediate economic benefits [7][8]. Measures for Ensuring Completion - The company plans to allocate uninvested fundraising amounts for foundational construction, equipment procurement, and installation, while closely monitoring project progress to ensure timely completion [9]. Impact of Postponement - The postponement is deemed a prudent decision that does not alter the fundraising project's implementation subjects, purposes, or amounts, and is not expected to adversely affect the company's normal operations [10][11].

事件描述 公司披露2024 年年报，2024 年实现收入101.64 亿元，同比下降15.6%，归母净利润-5.56 亿元，扣非净 利润-6.13 亿元。其中2024Q4 实现收入26.99 亿元，同比下降8.47%，环比增长0.65%，归母净利润-10.0 亿元，扣非净利润-10.3 亿元，落于业绩预告区间内。 事件评论 全年来看，公司锂膜出货88.25 亿平，同比增长42.33%，主要系产能释放和市场开拓所致，公司启动美 国锂电池涂覆隔膜工厂项目建设，规划产能约7 亿平方米涂布膜，此外公司公告了匈牙利二期项目和马 来西亚项目，分别规划约8 亿平方米隔膜产能和约10 亿平方米隔膜。膜类业务收入88.2 亿元，推算单平 价格同比大幅下降；膜类业务毛利率为7.7%，同比大幅下降，其中锂电池隔膜的毛利率实现7.39%，同 比下降32.44pct，主要系部分库存计入成本所致。最终公司单平净利仍然亏损，考虑存货减值和相关费 用，估算经营性单平盈利同比持续承压。2024 年BOPP 薄膜收入5.66 亿元，同比下降17.01%，主要系 市场竞争加剧，产品价格下降。 拆分来看，量端，预计公司2024Q4 出货同环比超预期 ...