Enjie Group terminates 1.6 billion aluminum-plastic film project

图片来源：恩捷股份

On September 4th, Enjie Co., Ltd. (002812) announced the termination of the "Jiangsu Ruijie Power Automotive Lithium Battery Aluminum Plastic Film Industrialization Project" with a total investment of 1.6 billion yuan, and will permanently supplement working capital with the remaining 284 million yuan raised funds and interest. As a non-public offering of stocks in 2023, this project has invested 566 million yuan as of the end of June 2025, of which 477 million yuan has been raised, completing only 62.6% of the planned fundraising amount.
Regarding the reason for the termination of the project, Enjie Co., Ltd. stated that it is mainly due to the intensified competition in the industrial chain in recent years, resulting in a decline in product prices in various links. The company believes that continuing to implement the project may face the risk of project investment returns not meeting expectations.

Enjie Group's half year performance shows that the company's operating revenue for the first half of 2025 was 5.763 billion yuan, an increase of 20.48% compared to the same period last year; The gross profit margin was 15.53%, a decrease of 5.49 percentage points compared to the same period last year; Net profit was -132 million yuan, a decrease of 423 million yuan compared to the same period last year; The net cash flow generated from operating activities was 210 million yuan, a decrease of 86.46% compared to the same period last year.

At the end of June 2025, Enjie Group's asset liability ratio was 45.04%, an increase of 0.56 percentage points from the end of the previous year; Rigid debt was 16.738 billion yuan, an increase of 5.72% from the end of the previous year; The balance of monetary funds after excluding restricted and raised funds was 1.551 billion yuan, an increase of 17.67% from the end of last year.

As of the date of this announcement, the balance of Enjie convertible bonds is 453 million yuan, which will mature on February 11, 2026, and the latest conversion price is 32.01 yuan per share. As of the end of June 2025, the Enjie Convertible Bond Fundraising Project has been completed and put into operation, and all raised funds have been utilized.

Aluminum plastic film industry: growth potential and domestic difficulties coexist

As the core packaging material of soft pack lithium batteries, the aluminum-plastic film market presents a distinct feature of "global growth and domestic catch-up". According to QYResearch data, the global aluminum-plastic film market is expected to reach approximately 1.556 billion US dollars in 2024 and 3.366 billion US dollars in 2031, with a compound annual growth rate of 11.8% from 2025 to 2031. As the world's largest producer of lithium batteries, China's aluminum-plastic film shipments will account for over 40% of the global total of 450 million square meters in 2024. However, the market landscape is highly imbalanced - Japanese and Korean companies hold 73% of the global market share, with DNP from Japan alone occupying 50% of the market share, while domestic companies have a combined market share of only 25%.

Technical barriers are the biggest obstacle to domestic substitution. Aluminum plastic film needs to meet contradictory performance requirements such as barrier properties, puncture resistance, and cold stamping forming. The material formula and bonding process of its multi-layer composite structure contain a lot of implicit knowledge. At present, the domestication rate of aluminum-plastic film in China is about 40%, but it is mainly concentrated in the 3C consumer electronics field with lower technical requirements; In the field of power batteries, the localization rate is less than 5%, and the high-end market is almost completely monopolized by Japanese companies such as Showa Denko and DNP. The average price of imported products is 34.9% higher than that of domestic products. This technological gap has led domestic enterprises to fall into the dilemma of "large investment, slow return", which echoes Enjie's judgment that "investment returns do not meet expectations".

In the long run, the growth momentum of the aluminum-plastic film market has not disappeared. The increase in penetration rate of soft pack batteries in the fields of new energy vehicles and energy storage constitutes the core support. According to conservative predictions from institutions such as GGII, the penetration rate of soft pack batteries in the power battery market will reach 45% -50% by 2030, driving the demand for aluminum-plastic film to increase from 1.25-1.67 billion square meters in 2025 to 3.24-4.32 billion square meters. At the policy level, China continues to introduce supportive policies for new energy battery materials. For example, the aluminum industry chain planning in the Sichuan Chongqing region clearly lists aluminum-plastic film for power batteries as a key development direction, providing policy dividends for domestic substitution.

But short-term competitive pressure cannot be ignored. The proportion of global soft pack lithium battery shipments in 2024 has decreased from 19.2% in 2023 to 15.6%, and the shipments of medium and large soft pack battery companies have generally fallen short of expectations. This contradiction between demand side fluctuations and capacity expansion - domestic leading enterprises such as Zijiang Enterprise will have a production capacity of 107.6 million square meters for aluminum-plastic film in 2024, while companies such as Xinlun New Materials are still expanding their production. Coupled with price suppression from Japanese and Korean enterprises, the industry has fallen into a vicious cycle of "increasing quantity and decreasing price". What is even more alarming is the disruptive impact that the solid-state battery technology route may bring. If its penetration rate reaches 15% -20% by 2030 and the hard shell packaging route is adopted, it will directly weaken the demand growth space of aluminum-plastic film.

The decision to terminate the project of Enjie Corporation is essentially a rational choice made in the midst of industry cycle fluctuations. For the lithium battery material sub field of aluminum-plastic film, which has not yet been fully localized, enterprises need to find a balance between technological breakthroughs, capacity expansion, and financial security. Under the optimistic expectation that the global market size is about to double, how to overcome the technological barriers built by Japanese and Korean companies and avoid falling into low-level price competition will be the key to the true rise of Chinese aluminum-plastic film enterprises.