Performance inventory of lithium battery separator listed companies in Q1 2025

From January to March 2025, the total revenue of six lithium battery separator enterprises was 10.446 billion yuan, and the total net profit was 483 million yuan (including the losses of loss making enterprises).

In terms of revenue
Sinoma Technology ranked first with 5.506 billion yuan, while Enjie Group ranked second with 2.729 billion yuan. However, Sinoma Technology's lithium battery separator business accounted for less than 10% (2024 annual report data), while Enjie Group received over 90% of its revenue from separators. Therefore, from the perspective of separator business alone, Enjie Group's revenue is far ahead; Xingyuan Material ranks third in terms of enterprise revenue, but second in terms of diaphragm business; Cangzhou Mingzhu, Meilian New Materials, and Dongfeng Group all have low revenue. The average revenue of the six companies is 1.741 billion yuan, second only to China National Materials Science and Technology Corporation and Enjie Corporation.

Among the six companies, only Dongfeng Group experienced a year-on-year decline in revenue, while the other five companies all saw an increase in revenue. Xingyuan Material had the fastest growth rate, reaching 24.44%, followed by China National Materials Technology with 24.26%, and the rest of the companies had growth rates within 20%.

From the perspective of net profit

Five companies, including Xingyuan Material, achieved profits with a total profit of 492 million yuan, with China National Materials Technology accounting for over 70%; Cangzhou Mingzhu and Xingyuan Materials rank second and third respectively, but only differ by 1 billion yuan; Although Enjie Group has high revenue, its net profit is only 26 million yuan; Dongfeng Group is in a loss making state.

The average net profit of the six companies is 80 million yuan, second only to China National Materials Technology.

Six companies only saw a year-on-year increase in net profit from China National Materials Technology, while five companies including Cangzhou Mingzhu saw a significant decline in net profit compared to the same period last year.

Overall, only Sinoma Technology achieved dual growth in revenue and net profit among the six companies; Although the revenue of four companies, including Cangzhou Mingzhu, has increased, their net profit has actually declined year-on-year; Dongfeng Group is in a state of double decline in revenue and net profit.

From the perspective of net profit margin
Cangzhou Mingzhu ranks first with 8.34%, while Sinoma Technology and Xingyuan Materials are in the same tier, with net profit margins of around 6%; As a leading company in the industry, Enjie Corporation has a net profit margin of only 0.95%; Dongfeng Group is in a loss making state, resulting in a negative net profit margin.

The average net profit margin of six diaphragm companies is 3.31%, higher than Meilian New Materials, which ranks fourth with 2.1%; The overall net profit of the industry (total net profit of 6 enterprises/total revenue) is 4.62%; Cangzhou Mingzhu, Sinoma Technology, and Xingyuan Materials have outperformed the market.

Reasons for performance changes

Sinoma Technology believes that during the reporting period, the prices of the company's fiberglass products increased year-on-year, and the sales of wind turbine blades increased year-on-year, resulting in an increase in revenue, net profit attributable to shareholders, and net profit excluding non shareholders compared to the same period last year.

Meilian New Materials believes that the decline in net profit is mainly due to the decrease in comprehensive gross profit margin during the reporting period.

Dongfeng Group believes that the performance changes are mainly due to: ① the significant decline in the stock price of listed company SPG held by its subsidiary, Australian Furui Investment Limited, resulting in fair value change losses; ② During the reporting period, there were significant changes in the business structure, with a significant decrease in revenue from the original cigarette label printing business and insufficient demand for related business segments. The competition within the industry intensified, resulting in price drops and a decrease in gross profit margin.

Assets and liabilities situation

As of March 31, 2025, the asset liability ratio of Meilian New Materials has decreased compared to the beginning of the year, while the asset liability ratios of the other five companies have increased compared to the beginning of the year.

From the perspective of initial assets
Zhongma Technology ranked first with 59.865 billion yuan, followed closely by Enjie Shares with 47.2 billion yuan, and Xingyuan Materials ranked third with 23.146 billion yuan; The assets of the other three enterprises are relatively small, all less than 10 billion yuan.

The total initial assets of six enterprises reached 148.161 billion yuan, with an average of 24.693 billion yuan, second only to China National Materials Science and Technology Corporation and Enjie Corporation.

From the perspective of year-end assets

Sinoma Technology has crossed the 60 billion yuan mark, while the rest of the companies have not changed much. The ranking of the six companies remains the same as at the beginning of the period.

The total assets of six enterprises reached 150.527 billion yuan at the end of the period, an increase of 1.6% compared to the beginning of the period; Cangzhou Mingzhu, Xingyuan Material, and Sinoma Technology outperform the market. The average assets of 21 companies at the end of the period were 25.088 billion yuan.

Four out of six companies had an increase in their year-end asset size compared to the beginning of the period, with Cangzhou Mingzhu leading the way with a growth rate of 3%; Two other companies had a decrease in their year-end asset size compared to the beginning of the period.

From the perspective of initial liabilities
Zhongcai Technology ranks first with 33.128 billion yuan, and is also the only lithium battery equipment enterprise with a debt scale exceeding 30 billion yuan; Three companies, including Cangzhou Mingzhu, have relatively small debt scales, all within 3 billion yuan.

The total initial liabilities of six enterprises reached 72.41 billion yuan, with an average of 12.068 billion yuan, slightly lower than Xingyuan Material, which ranked third with 13.174 billion yuan.

From the perspective of year-end liabilities

The ranking of 6 companies remains unchanged, with only Meilian New Materials' debt scale decreasing compared to the beginning of the period, while the debt scale of the remaining 5 companies has increased.

The total year-end liabilities of 6 enterprises reached 74.167 billion yuan, an increase of 2.43% compared to the beginning of the period; Except for Meilian New Materials, the debt growth rates of three companies, namely Sinoma Technology, Enjie Co., Ltd., and Dongfeng Group, are lower than the overall market. The average debt of six companies is 12.361 billion yuan.

debt-to-asset ratio

From the perspective of asset liability ratio
At the beginning of the period, the asset liability ratio of the six lithium battery separator companies ranged from 20.36% to 56.92%, and the ratio of the sum of the six companies' initial liabilities to the sum of their initial assets (hereinafter referred to as the industry's total debt ratio) was 48.87%; The final asset liability ratio ranges from 20.65% to 57.43%, with both the lowest and highest debt ratios showing an increase compared to the beginning of the period. The total debt ratio of the industry at the end of the period was 49.27%, which has increased compared to the beginning of the period.

From the beginning, it appears that

The asset liability ratio of Xingyuan Material is the highest, reaching 56.92%; China National Materials Science and Technology Corporation (ChemChina) closely follows with a debt ratio of 55.34%; The asset liability ratios of other enterprises are all below 50%, which is also lower than the overall debt ratio of the industry.

From the end of the semester perspective

The ranking of the six companies remains unchanged, while the asset liability ratio of Meilian New Materials has decreased compared to the beginning of the period, while the asset liability ratios of the rest have increased compared to the beginning of the period.
Overall, the year-end assets and liabilities of four companies, namely Sinoma Technology, Enjie Co., Ltd., Xingyuan Materials, and Cangzhou Mingzhu, have increased compared to the beginning of the period; Meilian New Materials' ending assets and ending liabilities have both decreased compared to the beginning of the period; Although Dongfeng Group's ending assets decreased compared to the beginning of the period, its ending liabilities increased.

Only Meilian New Materials' ending asset liability ratio decreased compared to the beginning of the period, while the ending asset liability ratios of the other five companies increased compared to the beginning of the period.

net assets

From the perspective of initial net assets
Sinoma Technology ranked first with 26.737 billion yuan, while Enjie Corporation ranked second with 26.205 billion yuan; Star Source Material ranks third with 9.971 billion yuan, just one step away from breaking the billion yuan mark; Although Dongfeng Group's total assets are lower than Cangzhou Mingzhu, its net assets are slightly higher.

The sum of the initial net assets of the six companies was 75.751 billion yuan, with an average net asset of 12.625 billion yuan, slightly higher than the third ranked Star Source Material.

From the perspective of year-end net assets

Sinoma Technology has further increased its investment to 27.153 billion yuan, widening the gap with Enjie Group, which ranks second with 26.358 billion yuan; The net assets of Xingyuan Material have crossed the 10 billion yuan mark and reached 10.071 billion yuan. The rest of the companies have not changed much.

The total net assets of six enterprises at the end of the period were 76.361 billion yuan, an increase of 0.81% compared to the beginning of the period; The average net assets are 12.727 billion yuan.

Among the six companies, the year-end net assets of Sinoma Technology, Enjie Co., Ltd., and Xingyuan Materials have increased compared to the beginning of the period, but the growth rate is not significant; The final net assets of the other three companies have decreased compared to the beginning of the period.