债券代码：128095 债券简称：恩捷转债 证券代码：002812 股票简称：恩捷股份 公告编号：2025-195 云南恩捷新材料股份有限公司 关于公司合并报表范围内提供担保的进展公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、担保情况概述 云南恩捷新材料股份有限公司（以下简称"公司"）于 2024 年 12 月 27 日召 开第五届董事会第三十五次会议，审议通过了《关于公司 2025 年度合并报表范 围内担保额度的议案》，详见公司于 2024 年 12 月 31 日在指定信息披露媒体《证 券时报》《证券日报》《上海证券报》《中国证券报》和巨潮资讯网 （www.cninfo.com.cn）刊登的《关于公司 2025 年度合并报表范围内担保额度的 公告》（公告编号：2024-253 号）。公司于 2025 年 1 月 16 日召开 2025 年第一 次临时股东会审议通过了上述事项。 二、担保进展情况 近日，公司与长江联合金融租赁有限公司（以下简称"长江联合"）签订《保 证合同》（合同编号：Y002127-2501-H001-G001），对下属子公司苏州捷力新 ...

Core Viewpoint - The article highlights the upcoming 2025 Lithium Battery Industry Annual Conference and the Lithium Battery Golden Tripod Award Ceremony, emphasizing the theme of "New Cycle, New Technology, New Ecology" and the significance of the event for the lithium battery sector [2]. Event Details - The event will take place on December 18-19, 2025, at the Venus Royal Hotel in Shenzhen, with an expected attendance of over 1,200 participants offline and more than 30,000 viewers online [2]. - The event is organized by various entities including 起点锂电 (Qidian Lithium), 起点固态电池 (Qidian Solid-State Battery), and 起点储能 (Qidian Energy Storage) [2]. Industry Engagement - A meeting organized by the Ministry of Industry and Information Technology was held on November 28, where 12 key battery and material companies, including 宁德时代 (CATL), 比亚迪 (BYD), and 亿纬锂能 (EVE Energy), discussed industry challenges and provided feedback on the current state of the battery sector [3]. - The meeting focused on production operations, technology research and development, market competition, and intellectual property protection [3]. Sponsorship and Participation - The first batch of sponsors and speakers for the event includes notable companies such as 海辰储能 (Haitian Energy Storage), 融捷能源 (Rongjie Energy), and 赣锋锂电 (Ganfeng Lithium) [2]. - The event aims to foster collaboration and innovation within the lithium battery industry, showcasing advancements and addressing challenges faced by companies [2][3].

Core Viewpoint - Enjie Co., Ltd. has shown significant stock performance with a year-to-date increase of 71.37%, despite a recent slight decline in the last five trading days [1][2]. Group 1: Stock Performance - As of November 28, Enjie Co., Ltd. shares rose by 2.12% to 54.82 CNY per share, with a trading volume of 2.78 billion CNY and a turnover rate of 0.62%, resulting in a total market capitalization of 53.845 billion CNY [1]. - The stock has experienced a 1.58% decline over the last five trading days, a 12.98% increase over the last 20 days, and a 74.20% increase over the last 60 days [1]. - Enjie Co. has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on October 31, where it recorded a net purchase of 320 million CNY [1]. Group 2: Company Overview - Enjie Co., Ltd. was established on April 5, 2006, and went public on September 14, 2016. The company is located in Yuxi City, Yunnan Province [2]. - The main business segments include lithium battery separator films (83.64% of revenue), sterile packaging (7.82%), BOPP films (4.75%), and other products [2]. - The company operates within the electric equipment industry, specifically in battery and battery chemical products, and is associated with concepts such as lithium batteries and solid-state batteries [2]. Group 3: Financial Performance - For the period from January to September 2025, Enjie Co. reported a revenue of 9.543 billion CNY, reflecting a year-on-year growth of 27.85%. However, the net profit attributable to shareholders was a loss of 86.32 million CNY, a decrease of 119.46% compared to the previous year [2]. - Since its A-share listing, Enjie Co. has distributed a total of 2.825 billion CNY in dividends, with 1.874 billion CNY distributed over the last three years [3]. - As of September 30, 2025, the number of shareholders increased by 22.09% to 123,100, with an average of 6,565 circulating shares per person, a decrease of 18.81% [2][3].

恩捷股份云南隔膜生产项目总投资约45亿元，规划建设16亿平方米隔膜生产线。项目分两期实施，其中 一期计划投资24亿元，年产8亿平方米隔膜；二期计划投资21亿元，年产8亿平方米隔膜。 该项目不仅包括两大现代化生产车间，还将配套建设回收区、罐区等综合设施，构建集生产、存储、循 环利用于一体的高效产业基地。 本报讯 （记者李如是）近日，恩捷股份（002812）云南年产16亿平方米锂电池隔离膜生产线建设项目 （二期）开工仪式在云南省玉溪市红塔区工业园举行。 ...

Group 1: Industry Overview - The lithium battery separator industry shows signs of recovery in the first three quarters of 2025, with over 50% of listed companies reporting positive revenue growth year-on-year [3][4] - Major players like Enjie and Xingyuan Materials reported revenue growth of 27.85% and 13.53% respectively [4][6] - The overall net profit of the lithium battery separator industry is on the rise, contrasting with the decline seen in 2024, with over half of the listed companies turning from negative to positive net profit [6][8] Group 2: Company Performance Analysis Xingyuan Materials - In the first three quarters of 2025, Xingyuan Materials achieved revenue of 29.58 billion, a year-on-year increase of 13.53%, but net profit fell by 67.25% to 1.14 billion [13][11] - The company's gross margin decreased by 7.64 percentage points, while net margin dropped by 8.71 percentage points [13][9] Enjie - Enjie reported revenue of 95.43 billion in the first three quarters of 2025, marking a 27.85% increase, but net profit fell to -0.86 billion, a decline of 119.46% [16][17] - The gross margin decreased by 5.06 percentage points, and net margin fell by 7.19 percentage points [16][9] Cangzhou Mingzhu - Cangzhou Mingzhu achieved revenue of 20.78 billion, a 5.9% increase, with net profit rising slightly by 0.99% to 1.4 billion [20][21] - The gross margin increased by 1.27 percentage points, while net margin decreased by 0.32 percentage points [20][9] Zhongcai Technology - Zhongcai Technology reported revenue of 217 billion, a 29.09% increase, and net profit of 14.8 billion, a significant rise of 143.24% [25][26] - Both gross and net margins improved, with gross margin up by 1.87 percentage points and net margin up by 3.5 percentage points [25][9] Putailai - Putailai's revenue reached 108.3 billion, a 10.06% increase, with net profit growing by 37.25% to 17 billion [28][29] - The company saw improvements in both gross margin (up 3.36 percentage points) and net margin (up 2.59 percentage points) [28][9] Henglian Petrochemical - Henglian Petrochemical reported revenue of 157.5 billion, a decline of 11.46%, with net profit slightly down by 1.61% to 50.23 billion [32][31] - Despite the revenue drop, both gross and net margins increased, with gross margin up by 3.1 percentage points and net margin up by 0.31 percentage points [32][9] Meilian New Materials - Meilian New Materials experienced a revenue decline of 1.69% to 12.47 billion, with a net loss of 0.37 billion, a significant drop of 201.86% [34][35] - The company faced reductions in both gross margin (down 7.88 percentage points) and net margin (down 8.61 percentage points) [34][9] Dongfeng Co. - Dongfeng Co. reported revenue of 70.11 billion, a decrease of 12.13%, but net profit increased by 188.57% to 1.02 billion [38][39] - The company improved its gross margin by 0.48 percentage points and net margin by 2.89 percentage points [38][9] Changyang Technology - Changyang Technology's revenue fell by 19.38% to 8.09 billion, with a net loss of 0.05 billion, a decline of 128.82% [41][42] - The gross margin improved by 6.66 percentage points, while net margin decreased by 2.51 percentage points [41][9]

Core Viewpoint - The 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will focus on the theme "New Cycle, New Technology, New Ecology," discussing the lithium battery industry's evolution over the past decade and its future development [2]. Event Background and Significance - The Qidian Lithium Battery Industry Annual Conference is a significant annual event that has been held for nine consecutive years, attracting over 1,000 participants each year from the entire lithium battery supply chain [2]. - The 2025 event marks the 10th anniversary of the conference and the Qidian Research Institute, aiming to provide a platform for industry exchange and collaboration [2]. Event Theme and Structure - Event Name: 2025 (10th) Qidian Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony, along with the 2025 User-side Energy Storage and Battery Technology Forum [2]. - Theme: New Cycle, New Technology, New Ecology [2]. - Scale: Over 2,000 offline participants and 30,000 online viewers [2]. Highlights of the Event - The conference will feature nine specialized forums with over 60 prominent speakers discussing core issues and technological breakthroughs [4]. - The 10th Lithium Battery Golden Ding Award will be held concurrently, recognizing outstanding contributions to the lithium battery industry [4]. - The event will also include the 2025 China New Energy Entrepreneurs Club Council meeting, facilitating direct interactions among industry leaders [4]. - More than 50 exhibitors will showcase solutions across the lithium battery, energy storage, and related sectors [4]. Specialized Topics and Forums - Specialized sessions will cover topics such as soft-pack batteries for eVTOL and drones, high-nickel ternary cathode industrialization, and advancements in lithium battery separator technology [7][8]. - The User-side Energy Storage and Battery Technology Forum will address trends in household energy storage and portable energy systems [7]. Golden Ding Award Details - The Golden Ding Award aims to encourage innovation in the lithium battery industry and recognize brands that contribute significantly to its development [8]. - The award categories include various technical innovation awards for battery cells, energy storage technologies, and materials [9][14]. Registration and Participation - Registration for the event is open, with a participation fee of 2,888 yuan per person, which includes access to the conference, meals, and industry white papers [10].

Core Viewpoint - Enjie Co., Ltd. reported a revenue of 3.78 billion yuan for Q3 2025, reflecting a year-on-year increase of 40.98% and a quarter-on-quarter increase of 24.59%, while net profit attributable to shareholders was 0.07 billion yuan, with a non-recurring net profit of 0.1 billion yuan, showing a quarter-on-quarter recovery but a year-on-year decline [1] Group 1 - The company expects continued positive growth in shipments for Q4 2025, with new production bases and line upgrades in 2026 likely to enhance efficiency and align with industry growth rates [1] - Price increases for customers with negative gross margins and mid-to-low tier clients are anticipated, which, combined with favorable demand conditions, active overseas customer expansion, and optimized shipment structure, may further improve profitability [1] - The profitability outlook for dry-process separators is being revised, and the aluminum-plastic film segment is expected to gradually reduce losses as shipment volumes increase [1] Group 2 - The company is actively developing new products such as lithium sulfide, sulfide electrolytes, and ion-conducting membranes, with positive customer progress opening up potential for profitability [1]

Core Viewpoint - The chemical sector has shown a significant rebound, with the chemical ETF (516020) experiencing a rise of 1.17% by the end of the trading day on November 25, 2025, following a brief dip at the opening [1][4]. Group 1: Market Performance - The chemical ETF (516020) reached a maximum intraday increase of 1.43%, with notable gains in sectors such as fluorine chemicals, lithium batteries, potassium fertilizers, and phosphorus chemicals [1]. - Key stocks in the sector included Multi-Fluorine, which surged by 7.26%, and Tianqi Lithium, which rose by 4.36%, with several others like Enjie and Cangge Mining also increasing by over 3% [1]. Group 2: Historical Performance - The chemical ETF's index has recorded a year-to-date increase of 25.08%, outperforming major A-share indices such as the Shanghai Composite Index (15.46%) and the CSI 300 Index (14.12%) [4]. - Over the past five years, the detailed chemical index has shown varied performance, with a peak increase of 51.68% in 2020 and a decline of 26.87% in 2022 [2]. Group 3: Industry Developments - The first large-capacity all-solid-state battery production line in China has been completed and is entering small-scale testing, with energy density expected to double compared to existing batteries, aiming for vehicle testing by 2026 [3]. - The capital expenditure in the basic chemical industry is nearing completion, and the supply-demand dynamics are improving under the "anti-involution" policy [3]. Group 4: Future Outlook - The chemical industry is anticipated to experience dual improvements in performance and valuation due to the "anti-involution" trend, with leading companies likely to gain market share through better management and energy control [5]. - The focus on high-end, intelligent, and green transformation in the chemical sector is supported by national policies aimed at enhancing competitiveness in strategic emerging industries [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a significant increase in revenue for Q3 2025, with total revenue reaching 3.78 billion yuan, representing a year-on-year growth of 40.98% and a quarter-on-quarter growth of 24.59%. However, the net profit attributable to shareholders was only 0.07 billion yuan, with a non-recurring net profit of 0.1 billion yuan, both showing a decline compared to the previous year [2][4]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 3.78 billion yuan in Q3 2025, which is a 40.98% increase year-on-year and a 24.59% increase quarter-on-quarter. The net profit attributable to shareholders was 0.07 billion yuan, while the non-recurring net profit was 0.1 billion yuan, indicating a recovery from the previous quarter but a decline compared to the same period last year [2][4]. Operational Performance - The company is expected to maintain a high growth rate in shipments for Q4 2025, with production capacity utilization nearing full capacity. The domestic shipment ratio is anticipated to remain high. The average selling price is expected to stabilize, with slight declines attributed to pricing strategies from major clients. Cost management has improved, as evidenced by reductions in sales, management, R&D, and financial expense ratios [10]. Future Outlook - Looking ahead, the company is projected to continue its positive shipment growth into Q4 2025. The new production base and line upgrades in 2026 are expected to enhance efficiency, aligning with industry growth rates. Price increases from mid-tier clients are anticipated, alongside a favorable demand outlook and improved shipment structure. The profitability of dry-process separators is expected to improve, and the company is actively developing new products, which could enhance profit potential [10].

Group 1 - The chemical sector has regained momentum, with the chemical ETF (516020) experiencing a maximum intraday price increase of 1.43%, closing up 1.04% as of the report [1] - Key stocks in the lithium battery, fluorine chemical, and phosphate chemical sectors have shown significant gains, with companies like Duofluoride rising over 7% and Tianci Materials increasing over 4% [1] - The overall market sentiment indicates a positive outlook for the chemical industry, driven by recent developments and investments in advanced materials and technologies [3][4] Group 2 - Citic Securities anticipates an improvement in the supply-demand structure of the lithium battery industry by 2026, with accelerated industrialization of solid-state batteries creating investment opportunities across various segments [3] - The current valuation of the chemical sector is considered attractive, with the chemical ETF's underlying index trading at a price-to-book ratio of 2.26, which is relatively low compared to historical levels [3] - The chemical industry is expected to benefit from a new round of supply-side reforms, enhancing the market share of leading companies through better management and energy control [3][4] Group 3 - Dongguan Securities highlights the government's focus on high-end, intelligent, and green transformation in the chemical sector, supported by various policies aimed at upgrading key industries [4] - The chemical ETF (516020) is recommended as an efficient way to gain exposure to the chemical sector, with nearly 50% of its holdings in large-cap leading stocks [4] - The report emphasizes the importance of monitoring developments in the new materials and fine chemicals sectors as part of the investment strategy [4]