Investment Rating - The investment rating for Yunnan Energy New Material is "Sell" with a target price of Rmb20.4, implying a significant downside potential of -66.9% from the current price of Rmb61.72 [6][9]. Core Insights - Yunnan Energy has successfully implemented price hikes in Q4 2025, which is expected to improve unit profit slightly to around Rmb0.04-0.05 [2][3]. - The company anticipates further profit growth and steady capacity expansion in the upcoming year, with a total capacity increase of approximately 2 billion square meters expected by 2026 [3][4]. - The current monthly production capacity stands at approximately 1.1 billion square meters, with a projected total capacity of 15 billion square meters by 2026 [3][4]. - Yunnan Energy maintains a strong partnership with LG, supplying around 60% of its needs, and is expanding its overseas operations with bases in Hungary and the US [4]. Summary by Sections Price Hikes - Discussions regarding price increases began in September, with adjustments on loss-making products implemented in October and ongoing negotiations in November [2]. Profitability - Management expects a slight improvement in profitability, projecting unit profit to be around Rmb0.04-0.05 in Q4 2025 [2]. Capacity Expansion - Current capacity can be increased by approximately 1 billion square meters through optimization, with five new production lines expected to be operational in 2026 [3]. Production - The current monthly capacity is about 1.1 billion square meters, with a year-end total capacity of 13 billion square meters and a target of 14 billion square meters for production [3]. Customer Relationships - Yunnan Energy has a strong partnership with LG, being its primary supplier with a market share of approximately 60% [4]. Overseas Business - The company has established a base in Hungary with a capacity of 400 million square meters and plans to commence operations in the US in the second half of 2026, focusing on coating [4].

Core Viewpoint - Enjie Co., Ltd. has experienced significant stock price growth this year, with a year-to-date increase of 89.50%, driven by strong market interest and trading activity [1][2]. Group 1: Stock Performance - As of November 18, Enjie Co., Ltd. shares were down 2.02%, trading at 60.62 CNY per share, with a total market capitalization of 59.542 billion CNY [1]. - The stock has seen a trading volume of 1.431 billion CNY, with a turnover rate of 2.78% [1]. - Year-to-date, the stock has risen 89.50%, with a 12.22% increase over the last five trading days, 48.32% over the last 20 days, and 89.02% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Enjie Co., Ltd. reported revenue of 9.543 billion CNY, reflecting a year-on-year growth of 27.85% [2]. - The company recorded a net profit attributable to shareholders of -863.23 million CNY, a decrease of 119.46% year-on-year [2]. Group 3: Business Overview - Enjie Co., Ltd. specializes in various packaging and printing products, lithium battery separators, aluminum-plastic films, and water treatment membranes, with lithium battery separators accounting for 83.64% of its revenue [2]. - The company is classified under the electric equipment and battery chemical industry, with key segments including lithium batteries and new materials [2]. Group 4: Shareholder Information - 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, down 18.81% [2]. - The company has distributed a total of 2.825 billion CNY in dividends since its A-share listing, with 1.874 billion CNY distributed over the past three years [3].

国浩律师（上海）事务所 关于云南恩捷新材料股份有限公司 2025 年第八次临时股东会的法律意见书 致：云南恩捷新材料股份有限公司 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所（以下简称"本所"）担任云南恩捷新材料股份有 限公司（以下称"公司"或"恩捷股份"）之特聘法律顾问，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）等法律、法规和《上市公司股东会规则》（以下称"《股 东会规则》"）及《云南恩捷新材料股份有限公司章程》（以下称"《公司章程》"） 等有关规定，指派何佳欢律师、周烨培律师出席并见证了公司于 2025 年 11 月 17 日（星期一）下午 14:00 在云南省玉溪市高新区九龙片区春景路 8 号云南红塔塑 胶有限公司三楼会议室召开的 2025 年第八次临时股东会（以下简称"本次股东 会"），对本次股东会的召集、召开程序、出席人员资格、会议表决程序等事宜 进行了审查。本所依据本法律意见书出具日之前已经发生或存在的事实及中国现 行法律、法规及规范性文件发表法律意见。 本所依据本法律意见书出具日之前已经发生或存在的事实及中国现行法 ...

证券代码：002812 股票简称：恩捷股份 公告编号：2025-191 债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 关于2025年第八次临时股东会决议的公告 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。 特别提示： 1、本次股东会未出现否决议案的情形。 1、会议召开时间： （1）现场会议召开时间：2025 年 11 月 17 日（星期一）下午 14:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 年 11 月 17 日（星期一）上午 9:15-9:25、9:30-11:30，下午 13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 11 月 17 日（星 期一）上午 09:15 至下午 15:00 期间的任意时间。 2、会议召开地点：云南省玉溪市高新区九龙片区春景路 8 号云南红塔塑胶 有限公司三楼会议室。 2、本次股东会未涉及变更前次股东会决议。 一、会议的召开和出席情况 （一）会议的召开情况 3、会议召开方式：现场投票与网络投票相结合的方式 4、会议召集 ...

Group 1 - The chemical sector experienced a significant drop on November 17, with the chemical ETF (516020) initially rising by 1.69% before falling to a decrease of 0.24% at the time of reporting [1] - Key stocks in the sector, including coatings, battery chemicals, and fluorochemicals, saw notable declines, with SanKeTree dropping over 3%, and Enjie and Sanmei both falling over 2% [1] - The report indicates that the peak of new capacity additions in the chemical industry has passed, leading to a reduction in capital expenditure, which is expected to improve the supply-demand balance in the sector [1][3] Group 2 - The current PB-LF valuation of the basic chemical industry is close to the bottom levels seen in 2019 and 2024, indicating that the sector is still undervalued [3] - The chemical industry is expected to see a continuous improvement in supply-demand dynamics, with a potential upward trend in industry prosperity [3] - Analysts suggest that the chemical sector may experience a rebound starting in 2026, driven by improved domestic demand and supply-side adjustments [3] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks [4] - Investors can also access the chemical ETF through linked funds, providing a more efficient way to invest in the chemical sector [4]

Summary of Conference Call on Lithium Battery Separator Industry Industry Overview - The separator industry is expected to enter a new round of price increases, with existing price hikes already affecting customers and a second round anticipated soon. New prices are effective immediately [1][2] - The lithium battery sector's inventory cycle is projected to bottom out in Q1 2024, indicating a recovery phase. If inventory trends upward, it will signal a proactive restocking phase, marking the beginning of a prosperous period for the lithium battery industry [1][4] Key Points on Price Trends - Separator products have experienced a rapid price increase of approximately 10% since August, ending a three-year deflationary cycle. This price reversal follows four major rounds of price declines due to increased competition and raw material price drops [1][5] - The separator segment is expected to face shortages starting in the second half of 2026, with price increases potentially continuing until 2027 due to long expansion cycles and limited new capacity [2][8] Supply and Demand Dynamics - The separator industry is currently in a passive destocking phase, with revenue growth occurring alongside declining inventory levels. This trend is expected to continue into 2025 [4][20] - The demand for wet-process separators is growing at 30%, driven by energy storage needs, while dry-process separator growth has slowed to 18% [1][7] Production Capacity and Market Concentration - Major suppliers like Enjie and Xingyuan are expanding conservatively, with new capacity expected to be available no earlier than 2027. This cautious approach is a significant factor in the sustainability of current price increases [1][8] - The market concentration has increased, with the top three companies holding 60% of the market share, indicating a slight recovery in their competitive positions [6][10] Technological Developments - The 5-micron wet-process separator is gaining attention for its higher energy density and safety, with prices approximately 30% higher than standard products. Its adoption is expected to rise significantly, with major clients like CATL increasing their usage [1][14] Challenges and Opportunities - The separator industry faces low profitability levels despite significant growth in shipment volumes. The operational rate is expected to reach 80% next year, enhancing the likelihood of price increases during peak seasons [20] - The industry is undergoing consolidation, with companies like Foshan Technology acquiring smaller firms to strengthen their market position [11] Future Profit Expectations - Companies like Enjie and New Source Material are projected to see significant profit increases if prices rise by an additional 0.05 to 0.1 yuan per square meter in the coming years, indicating strong growth potential as they navigate the current price increase cycle [17][19] Conclusion - The separator industry is at a pivotal moment, with potential price increases, a recovering inventory cycle, and significant technological advancements. However, challenges such as low profitability and cautious expansion plans remain critical factors to monitor in the coming years [20][21][22]

TD 上海新世纪资信评估搜资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd., 新世纪评级关于终止云南恩捷新材料股份有限公司 主体及其发行的"恩捷转债"信用评级的公告 2025年6月20日,本评级机构出具《云南恩捷新材料股份有限公司公 开发行可转换公司债券定期跟踪评级报告》。通过对恩捷股份主要信用风险要 素的分析,本评级机构评定公司个体信用级别 aa,评定主体信用等级 AA/稳 定;恩捷转债信用级别为 AA。 图表 1. 公司主体及债券评级情况(2025年 6 月 20 日) | 个体信用级别 | 支持因素 | 主体信用级别 | 债券级别 | | --- | --- | --- | --- | | 98 | +0 | AA/稳定 | 恩捷转债:AA | 根据恩捷股份于 2025年 11月8日发布的《关于"恩捷转债"赎回结果 的公告》及《关于"恩捷转债"摘牌的公告》,截至公告披露日,"恩捷转债" 已全部赎回,并自2025年11月10日起在深圳证券交易所摘牌。 鉴于"恩捷转债"已全部赎回,根据相关监管规定及新世纪评级业务相 ...

二、担保进展情况 近日，公司与中国银行股份有限公司上海自贸试验区分行（以下简称"中行 上海自贸试验区分行"）签订《最高额保证合同》（编号：B012025ZM（CS） 25），对控股子公司上海恩捷新材料科技有限公司（以下简称"上海恩捷"）向 中行上海自贸试验区分行申请的额度为人民币 54,600.00 万元的综合授信提供连 带责任保证担保。 公司向江苏银行股份有限公司苏州分行（以下简称"江苏银行苏州分行"） 出具《最高额连带责任保证书》（编号：BZ032225001415），对下属子公司苏 州捷力新能源材料有限公司（以下简称"苏州捷力"）向江苏银行苏州分行申请 的额度为人民币 10,000.00 万元的综合授信提供连带责任保证担保。 证券代码：002812 股票简称：恩捷股份 公告编号：2025-190 债券代码：128095 债券简称：恩捷转债 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 ...

Core Viewpoint - The lithium battery materials sector is experiencing a comprehensive price increase, which is expected to significantly enhance the profitability of related companies [2] Group 1: Lithium Battery Materials Price Increases - As of November 13, the average price of lithium hexafluorophosphate is 131,000 yuan/ton, up approximately 110% from early October, with a peak price exceeding 142,000 yuan/ton [2] - The average price of electrolyte is 25,700 yuan/ton, having increased by 7,000 yuan/ton (40%) since early October, with a maximum price of 29,000 yuan/ton [2] - The average price of VC additive is 87,500 yuan/ton, reflecting a cumulative increase of 41,000 yuan/ton (about 90%) since early October [2] - The average price of lithium iron phosphate is 36,900 yuan/ton, up 3,300 yuan/ton (about 10%) since early October [2] - The average price of wet-process separators is 0.78 yuan/sq.m, having risen by 0.03 yuan/sq.m (about 5%) since early October [2] Group 2: Energy Storage System Demand - The cumulative bidding scale for domestic energy storage systems reached 166.3 GWh from January to October, representing a year-on-year increase of approximately 172% [3] - The average price of 4-hour energy storage systems is 0.52 yuan/Wh, which has increased by 0.06 yuan/Wh month-on-month [3] - New energy storage installations totaled 85.5 GWh from January to October, showing a year-on-year growth of 71% [3] - The total scale of newly registered energy storage projects in October exceeded 128.9 GWh, marking a year-on-year increase of 224% [3] Group 3: AI Data Center Capital Expenditure - Major internet companies are increasing capital expenditures to meet the explosive demand from AI and cloud computing, with Google raising its 2025 capital expenditure guidance to between 91 billion and 93 billion USD, and Meta increasing it to between 70 billion and 72 billion USD [4] - OpenAI plans to launch the "Stargate" data center in 2026, with a planned capacity exceeding 8 GW and an expected investment of over 450 billion USD in the next three years [4] Group 4: Smart Meter Price Recovery - The third round of bidding for smart meters by the State Grid has seen a significant price rebound due to new specifications and changes in pricing standards [5] - The recovery in smart meter prices is expected to improve the profitability and performance elasticity of related companies in the meter industry [5] Group 5: Investment Recommendations - Companies to focus on include leading firms in the lithium battery industry such as CATL, Yiwei Lithium Energy, and others [2] - In the energy storage sector, key companies include Sungrow Power Supply, Yiwei Lithium Energy, and others [3] - For AI data center-related investments, companies like Jinpan Technology and others are recommended [4] - In the smart meter sector, companies such as Haixing Electric and others are highlighted [5]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China's Battery Value Chain - **Focus**: Catalyst previews for 4Q25-1Q26, emphasizing the importance of Energy Storage System (ESS) order momentum and price negotiations across the battery value chain [1][2][3] Core Insights and Arguments Contemporary Amperex Technology Co. Ltd. (CATL) - **ESS Order Momentum**: Strong throughout 2025; if sustained into 2026, valuations could increase despite potential US export tariff hikes [7] - **Battery Price Negotiation**: Material prices may rise in 4Q25; CATL may negotiate battery prices based on a cost-plus scheme, potentially leading to higher margins [7] - **Truck Electrification**: Rising electric vehicle (EV) penetration rate in 2025 suggests strong e-truck battery growth in 2026, alleviating concerns over e-passenger vehicle (ePV) battery slowdowns due to subsidy reductions in China [7] EVE Energy Co. Ltd. - **4Q25 Reporting**: Key for assessing improvements in product mix, average selling price (ASP), and profitability; previous ASP miss raises investor concerns [7] - **ESS Order Momentum**: Sustained high growth in ESS orders could maintain valuations, but increased competition from CATL's capacity expansion may limit revenue opportunities [7] Guangzhou Tinci Materials Technology Co. - **Price Negotiations**: Long-term contracts with top battery makers will be negotiated in 4Q25, crucial for determining profitability over the next 1-2 years [9] Yunnan Energy New Material Co. Ltd. - **Price Negotiations**: Similar to Tinci, negotiations in 4Q25 will be key for unit profit direction [9] - **Earnings Turnaround**: Previous downturns led to one-offs; product price increases in 4Q25 raise questions about achieving a turnaround [9] Shenzhen Senior Technology Material Co. - **Price Negotiations**: Long-term contracts with top battery makers in 4Q25 will be critical for unit profit direction [9] Additional Important Insights - **Market Dynamics**: The overall battery market is influenced by the balance of supply and demand, particularly for LiPF6 and electrolytes, with potential price recovery expected [10][14] - **Risks**: - **Upside Risks**: Stronger EV penetration and ESS applications, better-than-expected margins, and market share gains [16][22] - **Downside Risks**: Weaker EV penetration, battery price wars, and potential delays in capacity expansion [20][21] Valuation Methodology - **Guangzhou Tinci Materials Technology Co.**: Valued at 5.5x 2026 estimated book value, reflecting re-rate potential due to tight LiPF6 supply [10] - **Yunnan Energy New Material Co.**: Price target of RMB 53 based on 2x 2026 estimated P/B, accounting for past earnings quality issues [11] - **EVE Energy Co.**: Valued at 18x 2025 estimated P/E, slightly below industry average due to price competition and margin pressure [12] Conclusion - The conference call highlighted critical catalysts for the battery industry in China, focusing on order momentum, price negotiations, and the impact of EV penetration on future growth. The insights provided a comprehensive view of the potential opportunities and risks within the sector, particularly for key players like CATL, EVE Energy, and Tinci.