Enjie Co., Ltd. (002812)

Individual Stock Analysis Report | Industry: Power Equipment—Batteries—Battery Chemicals (Lithium Battery Separator) | Report Date: September 13, 2026 | As of 2026-09-11 close (multi-source consensus: Securities Times stcn.com, Sina Finance, Cailianshe, East Money, 9fzt)

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Core Summary

Enjie Co., Ltd. achieved operating revenue of RMB 8.671 billion in the first half of 2026, up 50.47% year-on-year; net profit attributable to shareholders of the parent was RMB 820 million, compared with a loss of RMB 93 million in the same period last year, and non-recurring net profit attributable to shareholders of the parent was RMB 849 million. The comprehensive gross margin was 29.89%, up 14.36 percentage points year-on-year, and net cash flow from operating activities was RMB 1.162 billion, up 452.38% year-on-year. Among this, lithium battery separator revenue was RMB 7.620 billion, accounting for 87.88% of total revenue, up 58.09% year-on-year, with a gross margin of 31.65%, up 17.99 percentage points year-on-year, and was the core source of this round of performance recovery.

The company's performance has moved from a loss of RMB 556 million in 2024 and meager profit of RMB 143 million in 2025 into an accelerated recovery phase in the first half of 2026; on a quarterly basis, Q2 2026 revenue was RMB 4.763 billion and net profit attributable to shareholders of the parent was RMB 560 million, with revenue up 22% quarter-on-quarter and net profit up 115% quarter-on-quarter, as profitability continued to improve. The recovery momentum mainly came from growth in separator sales volume, improvement in industry supply and demand, and stabilization and rebound in prices. In 2025, separator sales volume reached 12.840 billion square meters, and capacity utilization was 94.91%.

The company's business structure is now highly concentrated in lithium battery separators, with revenue from the traditional cigarette label business at zero, and businesses such as aseptic packaging and BOPP film accounting for relatively low proportions. Overseas revenue was RMB 1.557 billion, accounting for 17.95%, and the gross margin of overseas business was 42.51%, significantly higher than domestic, with overseas customers and a high-gross-margin product mix constituting a potential source of incremental growth. The company is also advancing the Sichuan Zigong 5 billion square meter separator project, plans to acquire Jiangsu SK, and launched a RMB 100 million to RMB 200 million share repurchase plan in July 2026, but the previous acquisition of Zhongke Hualian was terminated in May 2026 due to failure to reach agreement on valuation.

As of September 11, 2026, the company's share price was RMB 47.17, down about 46% from the 52-week high of RMB 87.71, placing it in the middle-to-lower part of the 52-week range; under different measures, the dynamic P/E ratio was about 28.21x, the TTM P/E ratio was about 43.83x, and the price-to-book ratio was about 1.78x. Market focus has shifted from loss recovery to the sustainability of separator prices, improvement in per-square-meter profitability, returns on capacity expansion projects, and the degree to which overseas business is realized. Institutional forecasts for 2026 net profit attributable to shareholders of the parent are concentrated at approximately RMB 2.073 billion to RMB 2.320 billion, but forecasts for 2027 diverge significantly, at approximately RMB 2.957 billion to RMB 5.060 billion.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Film products: lithium-ion separators (base film + coated film), BOPP film (cigarette film, flat film); 2026H1 lithium battery separator revenue was RMB 7.620 billion, accounting for 87.88%, with a gross margin of 31.65%; BOPP film revenue was RMB 271.9 million, accounting for 3.14%, with a gross margin of 11.67%
• Packaging and printing products: cigarette labels, aseptic packaging; 2026H1 aseptic packaging revenue was RMB 561.2 million, accounting for 6.47%, with a gross margin of 18.37%
• Paper product packaging: specialty paper (laser transfer anti-counterfeiting paper, direct metallized paper, coated paper), holographic anti-counterfeiting anodized aluminum, transfer film, etc.; 2026H1 specialty paper revenue was RMB 24.87 million, accounting for 0.29%, with a gross margin of 14.72%
• By region (2026H1): Central South RMB 3.055 billion (35.23%), East China RMB 1.812 billion (20.89%), Southwest RMB 1.643 billion (18.95%), overseas RMB 1.557 billion (17.95%, gross margin 42.51%, significantly higher than domestic)
• Business evolution: formerly a cigarette label/packaging and printing company; in August 2018 completed the injection of a 90.08% equity stake in Shanghai Enjie under the same actual controller, adding the lithium battery separator main business; in 2020 acquired Suzhou Jieli and Niumi Technology; continued to integrate equipment and separator capacity in 2025–2026

2.3 Industry Chain Upstream and Downstream Position and Cost-Profit Structure

Enjie Co., Ltd. is positioned in the midstream manufacturing segment of the lithium battery separator industry chain, procuring upstream polyolefin resins (PE/PP), coating materials (alumina/boehmite, PVDF, aramid, etc.), and auxiliary materials and energy such as white oil, steam, and electricity, with downstream customers being major global lithium battery manufacturers. The industry is characterized by heavy assets and rigid depreciation. The company is a price taker for upstream bulk specialty materials and has limited bargaining power with downstream ultra-large battery makers, but certification barriers bring temporary pricing power; in 2025, a tight supply-demand balance in the industry drove a price reversal, and the company's separator volume and profit rose together.

• Base film main material: polyolefin resins, namely polyethylene (PE, mainstream for wet process) and polypropylene (PP, mainstream for dry process), which are high-molecular-weight specialty materials with high requirements for mechanical properties/solubility/dispersibility/cleanliness and historically still relied heavily on imports from overseas (Japan, South Korea, etc.), with prices related to international crude oil trends (Source: https://news.qq.com/rain/a/20221212A00Y4D00)
• Coating materials: alumina (boehmite) for ceramic coating, PVDF (oil-based/water-based coating), and new coating materials such as aramid; coating processes and formulations are key points of differentiation
• Auxiliary materials/energy: white oil for the wet process (extractant; the company reduced consumption through a white oil recovery system, with unit consumption falling by about one-third year-on-year after 2017), and power fuels such as steam/electricity
• Cost structure (calibers vary widely and must be noted): Enjie's annual report caliber shows raw materials accounted for 57%–64% of operating costs (cited from an industry research report, year unspecified); around 2021, the annual report caliber was raw materials about 59%, labor 6%, manufacturing expenses 20%, and energy and power 15%; Guojin Securities' 2022 per-square-meter cost breakdown (analyst estimates, not disclosed figures) was raw materials about 35%, labor 6%, depreciation and amortization about 18%, power fuel 14%, and other 2%; in 2017, under Shanghai Enjie's base film caliber, raw materials (excluding coating materials) accounted for about 30.3% of production costs, alumina 5.7%, depreciation and amortization 34.2%, fuel and power 22.4%, and direct labor 7.2%. It is recommended that the main body of the report cite only one caliber and clearly state it (the annual report caliber is recommended)
• Bargaining power assessment: with respect to PE/PP resins, the company is essentially a price taker (crude oil-linked bulk commodities; although specialty materials, prices fluctuate with oil prices and supply-demand); it likewise lacks strong bargaining power over imported equipment/specialty materials, which is also the core motivation for the company's recent push for in-house equipment R&D and localization (such as the acquisition of Zhongke Hualian) (equipment localization was once believed to contribute room for a roughly 50% reduction in separator costs, a sell-side estimate)
• End-2025 cost shock (single self-media source, to be marked cautiously): an article on a Caifuhao account claimed that in November 2025, PE and PP resin market prices rose 28% and 35% year-on-year respectively, ceramic coating materials exceeded RMB 22,000 per ton due to tight alumina supply, up 46% from the beginning of the year, and claimed that Enjie and Xingyuan raised quotes for various separator products by 10%–15% starting from 2026-01-01; the source was an East Money Caifuhao self-media account, with no direct confirmation seen in company announcements, so announcements/annual reports should prevail
• Customers are major global lithium battery manufacturers: Panasonic, LGES, Samsung, ACC, Ultium (GM joint venture), CATL, CALB, Guoxuan High-Tech, Hubei Chuyang, EVE Energy, BYD, and an overseas automaker; the company states that its customers cover more than 50 leading lithium battery manufacturers globally
• Structural bargaining landscape: downstream are ultra-large battery makers such as CATL/LG with extremely strong bargaining power; separators are non-standard materials, but annual price reductions/tender price reduction pressure persists long term; the decline in separator prices and overall industry profitability pressure in 2023–2024 was driven by this; after industry prices bottomed and reversed in October 2025, price increases were driven by a tight supply-side balance (rather than improved demand-side bargaining), and leading companies' pricing power strengthened temporarily (the top 4 companies in the 2025 separator industry had a concentration ratio exceeding 72%)
• Slightly different from the annual price reduction model in auto parts: the separator segment is closer to supply-demand cycle pricing + customer certification barrier lock-in—long certification cycles and high switching costs are key to the company maintaining a 30%+ share during price decline cycles
• Evidence of price reversal: Xiluo Lithium Battery—in December 2025, wet-process 7μm prices rose 14.7% from the year's low, and 7+2+1μm rose 12%; Guojin Securities—in October 2025, prices of 5/7/9μm wet-process base films and coated films and 16μm dry-process separators rose RMB 0.1–0.3 per square meter
• The specific analysis content in the research notes regarding working capital occupation (accounts receivable as a proportion of net profit or revenue, accounts receivable turnover days, prepayments/accounts payable) is empty, and data is missing. The only relevant historical data that can be extracted is: from 2017 to 2019, the book balance of accounts receivable was RMB 428 million, RMB 1.251 billion, and RMB 1.472 billion respectively, accounting for 35.08%, 50.91%, and 46.58% of operating revenue respectively; in 2019, bad debt provisions of RMB 47.27 million were made (Source: the company's reply announcement regarding the Shenzhen Stock Exchange's 2019 annual report inquiry letter, http://epaper.zqrb.cn/html/2020-06/04/content_623199.htm). This data is from an earlier point in time and cannot reflect the latest situation of working capital occupation and bargaining relationships; the latest annual report should prevail.
• Customer concentration: the 2025 annual report disclosed that the top five customers accounted for 45.9% of sales (Source: the company's 2025 annual and 2026 Q1 results briefing, https://rs.p5w.net/html/177664539276813.shtml; Tonghuashun interactive Q&A https://basic.10jqka.com.cn/002812/); the 2024 annual report (according to a third-party financial database, based on 2024 revenue of RMB 10.164 billion) showed the top five customers together accounted for RMB 5.032 billion of sales, or 49.51%, of which Customer 1 was 15.78%, Customer 2 15.60%, Customer 3 11.10%, Customer 4 3.66%, and Customer 5 3.37% (Source: http://ddx.gubit.cn/mango/jingying/002812.html, third-party database, not checked word-for-word against the original annual report; annual report verification is recommended); historical comparison: in 2019 the top five customers accounted for 52.64% of revenue (Source: http://finance.ce.cn/stock/gsgdbd/202004/07/t20200407_34633495.shtml). Concentration has slowly declined but remains high at 45%–50%. Specific data on upstream supplier concentration was not disclosed in the research notes.

Enjie Co., Ltd. is positioned in the midstream manufacturing segment of the lithium battery separator industry chain, with a midstream processing and manufacturing positioning characterized by heavy assets and rigid depreciation. It is a price taker for upstream bulk specialty materials such as PE/PP resins and has limited bargaining power with downstream ultra-large battery makers, but certification barriers bring temporary pricing power. The core drivers of future gross margin improvement are: temporary restoration of pricing power brought by a tight supply-side balance (prices bottomed and reversed in October 2025), product mix upgrading (higher share of coated film, expansion of high-gross-margin overseas business), cost control from equipment localization and in-house R&D (such as the acquisition of Zhongke Hualian to advance equipment localization), and capacity scale effects (capacity utilization operating at a high level of 94.91%).

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest financial report is the 2026 interim report (as of 2026-06-30, disclosed 2026-08-24); the 2026Q3 quarterly report has not yet been disclosed, and there is no more recent official data. 2026H1 core data supplement: non-recurring net profit attributable to shareholders of the parent RMB 849 million, +998.29% year-on-year (non-recurring higher than attributable, with non-recurring gains and losses of approximately -RMB 29 million); basic earnings per share RMB 0.8352 (diluted EPS RMB 0.84); gross margin 29.89%, +14.36pct year-on-year; net margin 11.00%, +13.29pct year-on-year; weighted average ROE 3.15%; net cash flow from operating activities RMB 1.162 billion, +452.38% year-on-year; total assets RMB 50.02 billion, total liabilities RMB 22.098 billion, debt-to-asset ratio 44.18%; interim dividend proposal of RMB 4.1 cash per 10 shares (tax included). By business: lithium battery separator revenue RMB 7.620 billion, accounting for 87.88%, +58.09% year-on-year, gross margin 31.65% (+17.99pct year-on-year); aseptic packaging RMB 561 million, +24.53% year-on-year; BOPP film RMB 272 million, -0.57% year-on-year; specialty paper RMB 25 million, +17.10% year-on-year; cigarette label business revenue at zero. By region: overseas RMB 1.557 billion, +34.70% year-on-year, accounting for 17.95%. Core subsidiary Shanghai Enjie's 2026H1 revenue was RMB 7.815 billion (+56.3%), and net profit was RMB 826 million. Historical financial series: 2023 revenue RMB 12.042 billion (-4.4%), net profit attributable to shareholders of the parent RMB 2.527 billion (-36.8%); 2024 revenue RMB 10.164 billion (-15.60%), net profit attributable to shareholders of the parent -RMB 556 million (-122.02%, turning from profit to loss), non-recurring attributable -RMB 613 million, EPS -RMB 0.5728; 2025 revenue RMB 13.633 billion (+34.13%), net profit attributable to shareholders of the parent approximately RMB 143 million (also seen as RMB 140.9 million), turning profitable, lithium battery separator revenue RMB 11.630 billion (+40.89%), sales volume 12.840 billion square meters (+45.50%), gross margin +10.62pct year-on-year. TTM cross-check: 13.633-5.763+8.671=RMB 16.541 billion; 1.43-(-0.93)+8.20=RMB 1.056 billion. Data conflict note: some data pages (Huaxi Securities app repost page hx168, etnet) list 2026H1 net profit as RMB 954 million, presumably a consolidated caliber including minority interests, not confirmed by a second source; this table uniformly adopts the attributable caliber of RMB 820 million; the hx168 page incorrectly labels "net profit up 998.29% year-on-year," and that growth rate is actually the growth rate of non-recurring net profit attributable to shareholders of the parent. 2026H1 reported profit was disturbed by one-off factors: institutions pointed out that 2026Q2 included approximately RMB 70 million of tax back-payment and impairment impact, and after adding this back, Q2 per-square-meter non-recurring net profit was approximately RMB 0.15-0.16 per square meter (reported approximately RMB 0.14 per square meter). Sources: Zhitong Finance, Securities Times, Jiemian News, 21st Century Business Herald, Stockstar, East Money, 9fzt, stockanalysis.com, etc. (see the research notes source list for details).

2026H1 performance achieved a turnaround from loss to profit with both volume and profit rising: revenue +50.47% year-on-year, and net profit attributable to shareholders of the parent turned from -RMB 93 million in the prior-year same period to RMB 820 million. The largest source of profit elasticity was the lithium battery separator business, whose revenue rose 58.09% year-on-year and whose gross margin rose 17.99pct year-on-year to 31.65%. On a quarterly basis, 2026Q2 revenue was RMB 4.763 billion (+57% year-on-year, +22% quarter-on-quarter), net profit attributable to shareholders of the parent was RMB 560 million (+115% quarter-on-quarter), and gross margin was 31.37% (+17.28pct year-on-year, +3.28pct quarter-on-quarter), with profitability improving quarter by quarter. Core subsidiary Shanghai Enjie's 2026H1 net profit was RMB 826 million, the main source of the turnaround to profit. Historical cycle positioning: 2024 was the trough of performance (net profit attributable to shareholders of the parent -RMB 556 million, dragged by large inventory impairment and expenses, with 2024Q4 single-quarter attributable -RMB 1.00 billion); 2025 turned profitable (attributable approximately RMB 143 million); 2026H1 accelerated recovery. Note that 2026H1 reported profit was disturbed by one-off factors (approximately RMB 70 million of tax back-payment and impairment impact in Q2), and linear extrapolation for the full year should be cautious. At the industry level, separator prices stabilized and rebounded from 2025Q4, and in 2026Q2, despite PE price increases of 20-30%, the company was still passing through prices; price increases for some major customers/overseas/3C customers had not yet fully landed and are expected to be gradually reflected from 26Q3.

3.2 Profit Forecasts

Institutional profit forecast sources: Guosen Securities (2026-09-11, Outperform/Optimistic); Soochow Securities (2026-08-25 interim report review, Buy, target price RMB 103); CICC (2026-08-25, Outperform, target price RMB 65, raised 30%); Guojin Securities (2026-08-25, Buy); Guotai Haitong (2026-03-31, Outperform, target price RMB 82.95); Citi (2026-06-13, Buy, target price RMB 84.4, raised from RMB 80.9, using the PB method at 2026 3.09x PB, with the earnings upgrade rationale being the 2026 separator shipment guidance raised from 1.5 billion square meters to 1.6 billion square meters); Yongxing Securities (around 2026-07, 2026E attributable RMB 2.073 billion). Target price logic: Soochow assigned 20x 2027 PE→RMB 103 (2027E attributable RMB 5.06 billion ÷ 978 million shares × 20 ≈ RMB 103.5); CICC's RMB 65 corresponds to 27.4x 2026PE/14.3x 2027PE, about 16.3% upside from the then share price of approximately RMB 56; Guotai Haitong assigned 35x 2026 PE→RMB 82.95 (report-time share price RMB 72.17). The 2027 forecast range is clearly divergent (RMB 2.957 billion in the Guotai Haitong March caliber to RMB 5.06 billion in Soochow), the largest source of uncertainty in this tracking, depending on the extent of separator price recovery and per-square-meter net profit assumptions (Soochow assumed RMB 0.20-0.25 per square meter in 2027), driven by a single institution's assumptions rather than a multi-institution consensus. 2028 forecasts: Guosen RMB 5.011 billion, Soochow RMB 6.19 billion, Guojin RMB 6.7 billion.

3.3 Valuation Levels and Institutional Ratings

As of the 2026-09-11 close: closing price RMB 47.17 (down RMB 1.42/-2.92% that day, previous close RMB 48.59, intraday range RMB 46.30-50.43); total market capitalization approximately RMB 46.12 billion (46.12B CNY); total share capital approximately 977.64 million shares (other sources say 981-982 million shares, with small differences due to repurchase cancellation, etc.). PE(TTM) approximately 43.6x (calculated on TTM attributable RMB 1.056 billion, consistent with stockanalysis's 43.59x); Forward PE (that data source's caliber) 15.69x. 2026E dynamic PE (according to each institution's report caliber, varying with price benchmarks): Guosen 20.7x (price RMB 47.17), CICC 23.6x (approximately RMB 56), Soochow 24x (approximately RMB 55). 2027E PE: Guosen 11.6x, CICC 12.3x, Soochow 11x, Guojin 12x. PB (estimated value): net assets attributable to shareholders of the parent approximately RMB 26.0 billion (net assets per share RMB 26.52 × approximately 980 million shares) → PB ≈ 1.7-1.8x; this net assets per share comes from a single brokerage app repost page (Huaxi Securities, page updated 2026-08-29), not cross-verified by a second source; Citi's PB caliber (2026 3.09x) differs considerably from the estimate, possibly due to different net asset calibers, and it is recommended to recalculate based on the equity attributable to shareholders of the parent company formally disclosed in the company's interim report. 52-week range: RMB 38.78-87.71; the year-to-date high appeared in April 2026 (intraday RMB 77.78 on 4/22), after which it declined. Dividend: stockanalysis lists RMB 0.82/dividend yield 1.63% (caliber unclear, possibly the sum of the 2025 annual final dividend + 2026 interim dividend or an annualized value); the confirmed interim dividend is RMB 4.1 per 10 shares (tax included, approximately RMB 400 million). Other valuation-related facts: on 2026-07-22 it announced a plan to repurchase through centralized bidding, with an amount of no less than RMB 100 million and no more than RMB 200 million, at a repurchase price of no more than RMB 93 per share, for equity incentives or employee stock ownership plans, with a term of 6 months; in May 2026 it announced a plan to invest RMB 4 billion to build a 5 billion square meter separator project in Zigong, and in the same month planned to acquire 100% equity of Jiangsu SK for RMB 400 million (8 base film lines, designed capacity 940 million square meters + 10 coating lines). Uncertainty notes: 1) "institutional target average price RMB 50.0" is questionable; the Stockstar page (reposting Soochow's research report page on 2026-07-10) said the average institutional target price over the past 90 days was RMB 50.0, but target prices disclosed during the same period were RMB 65 (CICC 8/25), RMB 82.95 (Guotai Haitong 3/31), RMB 84.4 (Citi 6/13), RMB 103 (Soochow 7/10), and RMB 108 (Soochow 4/24), and ratings were almost all Buy/Outperform. RMB 50.0 clearly contradicts the above, and it is judged to be a data aggregation/caliber anomaly and is not recommended for adoption. 2) Third-party English aggregation sites show extremely large differences in consensus prices: stockanalysis.com shows analysts at Strong Buy with a target price of RMB 73.59 (+56.01%); the TradingView Turkey page shows only RMB 40.60 as the 1-year target price from 5 analysts (high 45, low 35); the two contradict each other and do not explain the covering institutions or base date, with low credibility, so domestic brokerage individual stock research target prices (RMB 65-103) should be primarily used. 3) PE values are highly dependent on the share price base date used, and the benchmark must be stated when comparing. 4) Data timeliness: market and market capitalization data are as of the 2026-09-11 close (stockanalysis.com is delayed quotes); the latest financial report is the 2026 interim report (disclosed 2026-08-24); the 2026Q3 quarterly report has not yet been disclosed.

4. Recent News and Announcements

4.1 2025 Annual Performance Forecast: Turnaround to Profit (Announcement No. 2026-011)

Board date 2026-01-29, announcement disclosure 2026-01-30. Estimated 2025 net profit attributable to shareholders of the parent of RMB 109.43 million–164.13 million (RMB 109 million–164 million), compared with a loss of RMB 556.3175 million in the prior-year same period; non-recurring net profit attributable to shareholders of the parent of RMB 84.74 million–127.10 million, compared with a loss of RMB 613.2980 million in the prior-year same period; basic earnings per share RMB 0.11–0.16 per share, compared with -RMB 0.57 per share last year. Company-stated reasons for the change: downstream demand growth and steady sales growth since Q3; improvement in industry supply and demand, stabilization and partial rebound in product prices; gross margin improvement in 2025Q4; combined with receipt of some government subsidies. Note: this forecast is a preliminary calculation by the finance department and is unaudited.

4.2 2025 Interim Performance Forecast: Loss (Pending Verification)

Forecast period 2025-01-01 to 2025-06-30. Non-recurring net profit attributable to shareholders of the parent is expected to be a loss of RMB 83.20 million–107.90 million, and net profit attributable to shareholders of the parent is also on a loss basis. Company-stated reasons for the change: the domestic wet-process separator business was overall profitable, but separator gross margin declined year-on-year; aluminum-plastic film, dry-process separator, and some forward-looking layout segments were temporarily loss-making; overseas base construction led to higher operating expenses; and the company planned to make inventory impairment provisions for some inventories. Note: single source (only the China Fortune Network performance forecast summary page); the original company announcement was not directly retrieved, and verification against the company's original announcement is recommended.

4.3 2025 Annual Formal Report: Revenue Growth, Attributable Net Profit Turnaround (Announcement No. 2026-051)

Disclosed 2026-04-22/23. 2025 operating revenue RMB 13.633 billion, +34.13% year-on-year; net profit attributable to shareholders of the parent RMB 143 million, compared with -RMB 556 million in the prior-year same period (within the previously forecast range of RMB 109 million–164 million); non-recurring net profit on the order of approximately RMB 110 million (corresponding to the forecast of RMB 84.74 million–127.10 million; the annual report should prevail for specifics—the full annual report text was not retrieved word-for-word). Distribution plan: no cash dividend, no bonus shares, no capital reserve conversion. Lithium battery separator: operating revenue RMB 11.630 billion, +40.89% year-on-year; sales volume 12.840 billion square meters, +45.50% year-on-year; gross margin for this product increased 10.62 percentage points year-on-year.

4.4 Major Asset Restructuring: Planning to Acquire 100% of Zhongke Hualian and Trading Suspension

On the evening of 2025-11-30, it announced a plan to acquire assets by issuing shares and raise supporting funds, with the stock suspended from the opening of trading on 2025-12-01 (Announcements 2025-196/197/199).

4.5 Major Asset Restructuring Plan Disclosure

On 2025-12-12, the 49th meeting of the fifth board of directors approved the plan, disclosed on 2025-12-13. Transaction structure: proposed to acquire, by issuing shares, 100% of the shares of Qingdao Zhongke Hualian New Material Co., Ltd. ("Zhongke Hualian") held in aggregate by 63 transaction counterparties including Zhi Lipeng, Qingdao Zhongzhida Investment Co., Ltd., Chen Jichao, Yang Bo, and Yuan Jun, and to raise supporting funds by issuing shares to no more than 35 specific objects. Issue price RMB 34.38 per share (not less than 80% of the average price for the 120 trading days before the pricing benchmark date), at a discount of approximately 37.89% to the pre-suspension closing price of RMB 55.35 (as of 2025-11-28). Characterization: expected not to constitute a major asset restructuring, not a related-party transaction, and not a restructuring listing; controlling shareholder Paul Xiaoming Lee and actual controller Li Xiaoming's family remain unchanged. Target overview: Zhongke Hualian was established in 2011 in Qingdao, a national-level specialized and sophisticated "little giant," delisted from the New Third Board in 2018; a wet-process separator complete-line equipment manufacturer, with the "Lanke Tu" separator brand under it, and a 2024 domestic wet-process separator market share of approximately 4.5%, ranking sixth (GGII). The target has sustained losses: 2023/2024/2025 first three quarters revenue was RMB 761/531/607 million respectively, and net profit was -RMB 90/-295/-191 million respectively (losses for 2 years and 3 quarters, cumulative net profit of approximately -RMB 577 million).

4.6 Major Asset Restructuring: Limit-Down on the Day of Trading Resumption

Trading resumed on 2025-12-15, and the stock hit the limit down that day, closing at RMB 49.82, down 9.99% (affected by the discounted issuance + target losses).

4.7 Major Asset Restructuring Progress Announcement (Announcement 2026-003)

The progress announcement on 2026-01-10 stated that audit and evaluation had not yet been completed, with progress disclosed every 30 days.

4.8 Major Asset Restructuring Termination

On the evening of 2026-05-13, it announced the termination of the issuance of shares to purchase 100% of Zhongke Hualian and raise supporting funds, with the official reason being "the transaction parties failed to reach agreement on the valuation of the target company." It lasted nearly half a year.

4.9 Capacity Expansion: Proposed Investment to Build an Annual 5 Billion Square Meter Lithium Battery Separator Project

On the evening of 2026-05-13 (the same day as the termination of the merger), it announced a plan to invest in building an annual 5 billion square meter lithium battery separator project in Rong County, Zigong City, Sichuan Province, with an estimated total investment of approximately RMB 4 billion. Note: media interpretation; the original announcement on the same day was not retrieved word-for-word, and verification against the company announcement is recommended for project details/phases/funding sources.

4.10 Share Repurchase Plan (Repurchase Report Announcement No. 2026-123)

On 2026-07-22, the 9th meeting of the sixth board of directors approved the repurchase plan, and the repurchase report was disclosed on 2026-07-23. Amount: no less than RMB 100 million and no more than RMB 200 million; price cap RMB 93.00 per share; source of funds self-owned or self-raised; use for equity incentives or employee stock ownership plans; term 6 months from the date of board approval. Based on the RMB 93 cap, the expected repurchase is approximately 1,075,269–2,150,537 shares, accounting for 0.11%–0.22% of total share capital (based on total share capital as of 2026-07-22).

4.11 Share Repurchase Progress: Repurchase Not Yet Carried Out

As of 2026-07-31, the company had not yet carried out repurchases (Gelonghui report on 2026-08-05). On the same day, there was also an announcement on the "top ten shareholders in the repurchase matter" (No. 2026-128, 2026-07-29).

4.12 Historical Repurchase (Background)

The 2024 repurchase plan (implemented from 2024-02-05 to 2024-07-30) cumulatively repurchased 5,905,097 shares (0.60% of total share capital before cancellation), at transaction prices of RMB 27.99–42.76, paying approximately RMB 200 million (RMB 199,997,253.55 excluding fees); the use was changed to "cancellation and capital reduction," and cancellation was completed on 2024-11-05. Industrial and commercial registration changes were completed in 2025-04, with registered capital changed from RMB 971,278,529 to RMB 969,507,839. Note: Zhitong Finance also has an article "Enjie plans to repurchase shares for RMB 100 million to RMB 150 million, repurchase price no more than RMB 140 per share" (the page date shows only "05-04," year unclear); the RMB 140 per share cap does not match the current share price of approximately RMB 48 or the 2026 cap of RMB 93, and it is judged to be a remnant of an older announcement from an earlier year and should not be adopted as a recent event; the year should be checked against the company announcement.

4.13 Shareholder Pledge: Yuxi Heyi Investment Continues to Pledge

On 2025-12-09, 6,376,600 shares were pledged, accounting for 5.34% of its holdings and 0.65% of total share capital; after this, cumulative pledged shares were 74,960,600, accounting for 62.76% of its holdings (China Fund News 2025-12-10). On 2025-12-24/25, it disclosed the "Announcement on the Pledge of Part of a Shareholder's Shares" (2025-211) and issued a correction announcement on the same day (2025-212, correcting the pledgee/use wording); the company stated that the pledge had no liquidation risk and would not affect control.

4.14 Top Ten Shareholders (As of 2025-11-28, the Trading Day Before Suspension)

Paul Xiaoming Lee 13.08%, Yuxi Heyi Investment 12.16%, Li Xiaohua 8.22%, SHERRY LEE 7.26%, Hong Kong Central Clearing 4.16% (etnet company profile page, data date 2025-11-28). Note: from 2023-07-14 to 07-17, actual controller family members Paul Xiaoming Lee and Li Xiaohua cumulatively increased holdings by 2,078,318 shares (this portion is restricted and has no voting rights under the rules, as repeatedly cited in shareholder meeting announcements).

4.15 Corporate Governance/Shareholder Meetings/Incentives

2025 Ninth Extraordinary Shareholder Meeting: held on 2025-12-31, approved the "Proposal on Proposed Change of Accounting Firm" (Announcement 2025-224, disclosed 2026-01-05). Previously, by 2025 the company had already held up to the ninth extraordinary shareholder meeting, indicating frequent corporate governance actions. 2025 Annual Shareholder Meeting: 2026-05-14 (Announcement 2026-072). Equity incentives: on 2026-06-26, the 7th meeting of the sixth board of directors, and on 2026-07-06, the 8th meeting, approved matters related to the 2026 restricted stock incentive plan (revised draft), proposing to grant 100,000 shares, 120,000 shares, and 250,000 shares to directors/senior executives Wang Xingguang, Bai Yunfei, and Li Xianglin respectively, subject to approval by the 2026 third extraordinary shareholder meeting before implementation.

4.16 Data Dates and Limitations Statement

This summary uses early August 2026 as the "as of" point (basis: the latest retrieved announcement/news was the 2026-07-31 repurchase progress and the 2026-08-05 report). Verified (multi-source cross-check): 2025 annual performance forecast (RMB 109 million–164 million, turnaround), 2025 annual report (revenue RMB 13.633 billion +34.13%, attributable RMB 143 million), the plan to acquire Zhongke Hualian by issuing shares and its termination, the 2026-07-22 repurchase plan, and the Heyi Investment pledge. Single source/pending verification: the loss range in the 2025 H1 forecast (only the China Fortune Network summary page); details of the RMB 4 billion Zigong Rong County project (media paraphrase; original announcement not obtained); the year of Zhitong's old "RMB 140 per share repurchase" article. Search items not completed (due to the search step limit): the 2026 interim (H1 2026) performance forecast/express report, whether there were additional restructuring/regulatory inquiries in July-August 2026, and whether Heyi Investment continued to pledge after 2026-07. It is recommended to conduct further searches later under "2026 interim report performance forecast," "August 2026 announcement," and "Shenzhen Stock Exchange inquiry letter 002812." Share price/market capitalization figures (such as the resumption-day RMB 49.82 and pre-suspension RMB 55.35) are event-time prices, not current prices.

5. Share Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

5.3 Short-Term Trend Outlook (Next Week, Scenario Deduction, for Reference Only)

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

The lithium battery separator industry shows a landscape of one superpower and many strong players, with wet process dominant. In 2025, the top 4 companies in the separator industry had a concentration ratio exceeding 72%. In October 2025, industry prices bottomed and reversed, with price increases driven by a tight supply-side balance. High-end 5μm products are in short supply while low-end products are oversupplied, and leader concentration continues to increase. Chinese companies account for 91.5% of the global separator market, while Japanese and Korean companies are shrinking. The industry is shifting from a price war to a technology war, facing structural reshuffling. Separators are non-standard materials, but annual price reductions/tender price reduction pressure persists long term. In 2023–2024, separator prices declined and overall industry profitability came under pressure; after prices bottomed and reversed in October 2025, leading companies' pricing power strengthened temporarily.

6.2 Competitive Landscape

• Industry landscape: The A-share battery separator industry shows a landscape of one superpower and many strong players, with wet process dominant. In 2025, the top 4 companies in the separator industry had a concentration ratio exceeding 72% (Source: https://ai.xueqiu.com/9767101552/381298202; https://www.21jingji.com/article/20260514/herald/326bb6fdb09eec080f4414f56a79e42a.html)
• Global share: Chinese companies account for 91.5% of the global separator market, while Japanese and Korean companies are shrinking (Source: https://smartcar.cnmo.com/news/815851.html)
• Price trends: Industry prices bottomed and reversed in October 2025; Xiluo Lithium Battery data shows that in December 2025, wet-process 7μm prices rose 14.7% from the year's low, and 7+2+1μm rose 12%; Guojin Securities data shows that in October 2025, prices of 5/7/9μm wet-process base films and coated films and 16μm dry-process separators rose RMB 0.1–0.3 per square meter; Guojin Securities pointed out that separator prices recovered to a gross margin of 35% (Source: https://www.sgpjbg.com/labelsyh/gemojiagehuisheng/1/7342116.html)
• Industry trend: From price war to technology war, the lithium battery separator industry is facing structural reshuffling; high-end 5μm is in short supply while low-end is oversupplied, and leader concentration continues to increase (Source: https://www.egsea.com/news/detail/2339735.html)
• Competitive dynamics: Enjie planned in November 2025 to acquire 100% equity of Zhongke Hualian (a supplier of complete production line equipment for wet-process PE separators and PI separators, whose subsidiary Lanke Tu itself has separator capacity and has entered the industry's top ten shipments); in May 2026 it announced a plan to acquire 100% equity of Jiangsu SK for RMB 400 million (8 base film production lines, total designed capacity 940 million square meters, with 10 coating lines); in May 2026 it announced a plan to invest RMB 4 billion to build an annual 5 billion square meter lithium battery separator project in Rong County, Zigong, Sichuan (Source: https://www.21jingji.com/article/20260514/herald/326bb6fdb09eec080f4414f56a79e42a.html)
• Industry concentration: In 2025, the top 4 companies in the separator industry had a concentration ratio exceeding 72%, and leader concentration continues to increase

6.3 Major Competitors

As the global lithium battery separator leader, Enjie Co., Ltd. had 2025 separator revenue of RMB 11.630 billion, sales volume of 12.840 billion square meters, and capacity utilization of 94.91%, holding a leading position in an industry landscape where the top 4 companies have a concentration ratio exceeding 72%. The company is advancing equipment localization to reduce costs through the acquisition of Zhongke Hualian (an equipment supplier), expanding capacity through the acquisition of Jiangsu SK and the Zigong Rong County 5 billion square meter separator project, and laying out next-generation technologies such as sulfide solid-state electrolytes (10-ton-scale sulfide electrolytes have been shipped in small batches). Compared with peers, the company's overseas business gross margin of 42.51% is significantly higher than domestic, and its overseas layout (US Enjie signed an approximately 973 million square meter separator supply agreement for 2026–2030 with a well-known automobile company) is a differentiated advantage. However, note that the company is a price taker for upstream PE/PP resins and has limited bargaining power with downstream ultra-large battery makers, which drove the overall industry profitability pressure during the separator price decline in 2023–2024.

7. Risk Warnings

• Separator prices and profit recovery are cyclical. The industry price decline in 2023–2024 once put pressure on the company's profitability, and the price reversal after October 2025 was mainly driven by a tight supply-side balance; if new capacity is released or demand falls short of expectations, separator prices and the company's 31.65% separator gross margin may fall again.
• The company has limited bargaining power over upstream input items such as PE/PP resins, coating materials, and energy and power. In Q2 2026, it was still affected by PE price increases of approximately 20%–30%, and price increases for some customers had not yet fully landed; if raw material increases cannot be passed downstream in a timely manner, per-square-meter profit will be squeezed.
• Customer concentration remains at a relatively high level. In 2025, the top five customers accounted for 45.9% of sales, with downstream including large battery makers such as CATL and LGES with strong bargaining power; annual price reductions, tender price reductions, or changes in major customers' procurement pace may affect the company's revenue, prices, and accounts receivable collection.
• The company's capacity expansion plan involves relatively large capital expenditure. It plans to invest approximately RMB 4 billion in Rong County, Zigong, Sichuan to build an annual 5 billion square meter separator project, while also advancing the Jiangsu SK acquisition; if industry prices or capacity utilization fall short of expectations, new depreciation, construction investment, and capacity absorption pressure may drag down cash flow and returns.
• The previously proposed acquisition of Zhongke Hualian was terminated because the transaction parties failed to reach agreement on the target's valuation, and Zhongke Hualian had consecutive losses in 2023, 2024, and the first three quarters of 2025, indicating that the company faces risks in valuation, integration, and improvement of target operations in equipment and industry chain integration.
• The company's business is highly dependent on lithium battery separators, with separator revenue accounting for 87.88% in the first half of 2026, while BOPP film revenue fell 0.57% year-on-year and cigarette label business revenue was zero; if lithium battery separator demand or prices fluctuate, the scale and profitability of other businesses are insufficient to fully hedge main business risks.
• 2026H1 performance included one-off factors such as approximately RMB 70 million of tax back-payment and impairment, and the year-on-year growth base for net profit attributable to shareholders of the parent was low; meanwhile, institutional 2027 net profit attributable to shareholders of the parent forecasts range from RMB 2.957 billion to RMB 5.060 billion, a wide difference, and there is high uncertainty in earnings realization.
• The company's controlling shareholder concert party and actual controller group have concentrated shareholdings, and the cumulative pledged shares of Yuxi Heyi Investment once reached 62.76% of its holdings. The company stated that there is no liquidation risk and that control is not affected, but shareholder pledges and the control structure remain matters requiring continuous tracking.
• As of July 31, 2026, the company's RMB 100 million to RMB 200 million repurchase plan had not yet been carried out; based on the repurchase cap, the repurchased shares would account for approximately 0.11%–0.22% of total share capital, limited relative to the company's market capitalization, and the actual supporting effect on the share price is uncertain.

8. Conclusion and Outlook

Enjie Co., Ltd.'s growth logic is shifting from simple expansion to being jointly driven by "separator volume and profit rising together, increasing industry concentration, and optimization of product and regional structure." The company has a relatively large scale and customer certification foundation in the wet-process separator field, and the separator business gross margin had recovered to 31.65% in the first half of 2026; if the tight supply-side balance in the industry continues and price recovery can be transmitted to major customers, improvements in capacity utilization, the share of coated film, and overseas business are expected to continue improving profit elasticity.

Over the medium to long term, the Zigong 5 billion square meter project, the Jiangsu SK acquisition, and the equipment localization layout may expand separator capacity and strengthen cost and supply chain control; however, the project investment scale is relatively large, and the industry in which the company operates is characterized by heavy assets and rigid depreciation, so whether capacity expansion can translate into stable returns depends on demand, prices, and capacity utilization. Sulfide solid-state electrolytes have achieved 10-ton-scale small-batch shipments, but their contribution to current performance is still not reflected in the given data.

Looking ahead, key observations include whether the separator price rebound can continue, the degree of price pass-through after cost increases in PE/PP and coating materials, domestic and international major customer orders and collection conditions, and the impact of capacity expansion and merger integration on cash flow, depreciation, and profit. Because 2026H1 profit included one-off disturbances such as approximately RMB 70 million of tax back-payment and impairment, and institutional 2027 earnings forecasts diverge significantly, future performance should not be simply extrapolated linearly from the first-half growth rate.

Data Sources

• Securities Daily - Yunnan Energy New Material (Group) Co., Ltd. 2025 Annual Report Summary - Stock Code: 002812 Stock Abbreviation: Enjie Co., Ltd. Announcement No.: 2026-051
• 002812 Enjie Co., Ltd.
• Enjie Co., Ltd. (002812.SZ) In-depth F9-PC_HSF9 Information
• Enjie Co., Ltd. Listed Company Information
• Enjie Co., Ltd. (sz002812)
• Enjie Co., Ltd. Revenue Growth 20.48%, Building a Long-Term Development Foundation with Technological Innovation - Enjie Co., Ltd. Revenue Growth 20.48%, Building a Long-Term Development Foundation with Technological Innovation
• Enjie Co., Ltd. (002812): Rapid Performance Growth, Separator Profitability Continues to Improve
• Enjie Co., Ltd. (SZ002812) Company Profile-PC_HSF10 Information
• Surging Over 900%! 002812, Q1 Profit Exceeds Full Year Last Year! Stock Price Surges
• Enjie Co., Ltd. (002812): Rapid Performance Growth, Separator Profitability Continues to Improve_9fzt
• Enjie Co., Ltd. (002812): Rapid Performance Growth, Separator Profitability Continues to Improve
• Enjie Co., Ltd. (002812): Rapid Performance Growth, Separator Profitability Continues to Improve
• Rapid Performance Growth, Separator Profitability Continues to Improve
• Rapid Performance Growth, Separator Profitability Continues to Improve
• Enjie Co., Ltd. H1 Turns Profitable, Separator Volume and Profit Rising Together Drive Earnings Surge
• Enjie Co., Ltd. (002812): Separator Supply-Demand Reversal, Sulfide Moves Have Sound_9fzt
• Separator Leader, Major Capacity Expansion
• 002812, Q1 Net Profit Surges 901.70%
• From "Price War" to "Technology War," Lithium Battery Separator Industry Faces Structural Reshuffling
• Chinese Companies Account for 91.5% of Global Separator Market, Japanese and Korean Companies Shrink - CNMO Tech
• Chinese Companies Account for 91.5% of Global Separator Market, Japanese and Korean Companies Shrink_Chejiahao_Discover Car Life_Autohome - Beijing
• http://finance.sina.com.cn/stock/relnews/cn/2026-08-13/doc-ininctav3504767.shtml.md
• [[Dehydrated Research Report] Separator Leader Goes Overseas, Builds Plants in Europe, US_9fzt](https://www.9fzt.com/9fztgw_1_bottom_B/542e6bf5d928bf09e68d2878ba909825.html)
• 2026 China Lithium Battery Separator Industry Market Prospect Forecast Research Report (Simplified Version)-AskCI
• Separator Price Recovery: 5um Base Film Up RMB 0.3/sq m, Gross Margin Recovers to 35%, Price Recovery Analysis | Guojin Securities
• 2026 China Lithium Battery Materials Industry Chain Map and Investment Layout Analysis (with Industry Chain Panorama)-AskCI
• Global and China Lithium-Ion Battery Separator (PE-Based/Ceramic Coated) Industry Development Research Report (2026 GEPOHMHPH)
• Jinli New Energy "Curve Listing" Reshaping the Lithium Battery Separator Market?
• Battery Separator Industry Target Analysis. In 2026, the separator industry has a shortage of high-end 5μm and oversupply at the low end, and leader concentration continues to increase. Worth exploring and positioning. The A-share battery separator industry shows one superpower and many strong players, with wet process dominant...
• Lithium Battery Separator Industry Research: Leader Advantages Obvious, Coating Materials + Overseas Expansion Open New Space - The Fine Chemical Attributes of Separators Determine That Production and Manufacturing Costs Account for a Higher Proportion Than Raw Materials
• Lithium Battery Separator Collective Price Increases Land: Leading Companies Raise Prices 10%-15%, Downstream Battery Makers Under Pressure - Lithium Battery Separator Collective Price Increases Land: Leading Companies Raise Prices 10%-15%, Downstream Battery Makers Under Pressure
• [[CMS Power New Energy] Lithium Battery Separator Update-20251202 - Posted from Xueqiu · Shanghai](https://xueqiu.com/8973262212/364216483#comment#1)
• [Since 2023, sales prices of lithium battery separators have declined, while the price of polyethylene, one