{"slug":"yunnan-energy","name":"Yunnan Energy (Enjie)","name_en":"Yunnan Energy New Material (SEMCORP)","ticker":"002812.SZ","updated_at":"2026-07-12T08:25:21.877391+00:00","canonical":"https://valuechain.wiki/yunnan-energy","same_as":["https://finance.yahoo.com/quote/002812.SZ"],"citable":"밸류체인 그래프 기준 Yunnan Energy (Enjie)의 직접 연결 기업은 4곳(관계 기준 공급 0·매출 4)이고, 사슬을 2차까지 넓히면 15곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Yunnan Energy New Material (SEMCORP) is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 15 companies within two hops; the links are backed by 5 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"리튬전지 분리막 · 습식 세계 1위","kicker_en":"Li-ion separators · world No.1 wet-process","lead":"윈난에너지신소재(언제구펀, SEMCORP)는 습식 리튬이온전지 분리막 세계 출하량 1위 기업으로, CATL·LG에너지솔루션·파나소닉·BYD 등 셀 메이커 50여 곳을 고객으로 둔다. FY2025 연결 매출은 ¥136.33억 위안(+34.13%)으로, 분리막 가격이 저점을 통과하고 물량이 회복되며 순이익이 전년 -5.56억 손실에서 +1.43억으로 흑자 전환했다. 다만 扣非(비경상 제외) 순익은 ¥1.11억에 그쳐 회복은 아직 초입이다.","lead_en":"Yunnan Energy (SEMCORP) is the world's No.1 in wet-process lithium-battery separator shipments, with 50+ cell-maker customers including CATL, LG Energy Solution, Panasonic and BYD. FY2025 consolidated revenue was CNY 13.63bn (+34.13%), and as separator prices bottomed and volume recovered, net profit turned around from a CNY 556M loss to CNY 143M. Still, non-GAAP net profit was just CNY 111M, so the recovery is only at its start.","segments":{"fy":2025,"parts":[{"desc":"FY2025 매출 ¥122.06억으로 절대 주력. 출하량 세계 1위, 가격 저점 통과·물량 회복으로 흑자 전환의 원동력.","name":"리튬전지 분리막"},{"desc":"무균 액체포장 등 필름 포장","name":"무균·BOPP 포장"},{"desc":"연초 라벨·특수지(매출 축소 중)","name":"담배 라벨·특종지"}],"total":"FY2025 매출 ¥136.33억 위안 (+34.13%)·순이익 ¥1.43억(흑자전환, 전년 -5.56억)","source":"https://www.semcorp.com/Public/Uploads/uploadfile/files/20250610/enjiegufen2024nianniandubaogaoyingwenban.pdf","concentration":"前五 고객 합계 매출 50.32억 위안(총매출의 49.51%), 前五 공급사 합계 매입 27.71억 위안(총매입의 28.45%) (FY2024, 연결)"},"segments_en":{"fy":2024,"parts":[{"desc":"World's No.1 wet-process separator by shipments, core business","name":"Li-battery separator"},{"desc":"Aseptic liquid packaging and film packaging","name":"Aseptic/BOPP packaging"},{"desc":"Cigarette labels and specialty paper (declining)","name":"Tobacco labels/specialty paper"}],"total":"FY2025 revenue CNY 13.63bn (+34.13%); net profit CNY 143M (turnaround from CNY -556M loss)","source":"https://www.semcorp.com/Public/Uploads/uploadfile/files/20250610/enjiegufen2024nianniandubaogaoyingwenban.pdf","concentration":"Top five customers RMB 5.03B (49.51% of revenue); top five suppliers RMB 2.77B (28.45% of purchases) (FY2024, consolidated)"},"returns_yearly":{"2021":92.8,"2022":-38.6,"2023":-72.6,"2024":-29.2,"2025":76.4,"2026":7.5},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"apple","name":"Apple","name_en":"Apple","tier":3,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"foxconn","name":"Foxconn","name_en":"Foxconn (Hon Hai)","tier":3,"returns_yearly":{"2021":-5.1,"2022":2.8,"2023":7.8,"2024":80.1,"2025":26.9,"2026":10.9}},{"slug":"geely-auto","name":"지리자동차","name_en":"Geely Auto","tier":2,"returns_yearly":{"2021":-40.8,"2022":-22.9,"2023":-40.3,"2024":98.5,"2025":14.5,"2026":18.9}},{"slug":"honda-motor","name":"혼다","name_en":"Honda Motor","tier":2,"returns_yearly":{"2021":25.8,"2022":-0.8,"2023":62.2,"2024":-8,"2025":10,"2026":-1.2}},{"slug":"mazda-motor","name":"마쓰다","name_en":"Mazda Motor","tier":2,"returns_yearly":{"2021":18.8,"2022":22.8,"2023":81.1,"2024":-39,"2025":17.3,"2026":-3.2}},{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","tier":2,"returns_yearly":{"2021":40.8,"2022":-42.4,"2023":7.9,"2024":49.8,"2025":54.2,"2026":-3.8}},{"slug":"hyundai-motor-company","name":"현대차","name_en":"Hyundai Motor Company","tier":2,"returns_yearly":{"2021":-16.7,"2022":-4.7,"2023":16.2,"2024":12.3,"2025":158.8,"2026":-7.8}},{"slug":"tesla","name":"Tesla","name_en":"Tesla","tier":2,"returns_yearly":{"2021":49.8,"2022":-65,"2023":101.7,"2024":62.5,"2025":11.4,"2026":-9.3}},{"slug":"toyota","name":"Toyota Motor Corporation","name_en":"Toyota Motor Corporation","tier":2,"returns_yearly":{"2021":58.1,"2022":-13.4,"2023":63,"2024":1.8,"2025":21.8,"2026":-18.2}},{"slug":"xiaomi","name":"샤오미","name_en":"Xiaomi","tier":2,"returns_yearly":{"2021":-43.9,"2022":-21.1,"2023":-4.6,"2024":209.7,"2025":-6.9,"2026":-27.2}},{"slug":"saic-motor","name":"상하이자동차(SAIC)","name_en":"SAIC Motor","tier":2,"returns_yearly":{"2021":-12.1,"2022":-16.2,"2023":-6.8,"2024":29.1,"2025":-17.2,"2026":-28.4}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":2,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":2,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}},{"slug":"panasonic-energy","name":"파나소닉 에너지","name_en":"Panasonic Energy","tier":1,"returns_yearly":{"2021":-5.7,"2022":-1.6,"2023":20.1,"2024":16.6,"2025":36.2,"2026":113.2}},{"slug":"catl","name":"CATL","name_en":"CATL","tier":1,"returns_yearly":{"2021":67.4,"2022":-21.4,"2023":-40.6,"2024":74.5,"2025":39.4,"2026":1.2}},{"slug":"byd","name":"BYD","name_en":"BYD","tier":1,"returns_yearly":{"2021":-6.5,"2022":10.5,"2023":-28.5,"2024":58.9,"2025":8.7,"2026":-12.7}},{"slug":"lg-energy-solution","name":"LG에너지솔루션","name_en":"LG Energy Solution","tier":1,"returns_yearly":{"2023":-26.9,"2024":-7.6,"2025":13.1,"2026":-18.1}}],"benefiting":[],"analysis":"윈난에너지의 논점은 '분리막 가격 저점 통과가 흑자 전환으로 확인됐다'는 데 있다. 출하량 세계 1위의 규모로 CATL·LG엔솔·파나소닉·BYD 등 50여 고객을 쥔 과점 사업자인데, 2024년 -5.56억 손실을 냈던 실적이 FY2025 매출 +34.13%(¥136.33억)와 함께 순이익 +1.43억으로 돌아섰다 — 가격 바닥이 지났다는 신호다. 다만 扣非 순익 ¥1.11억으로 마진 회복은 초입이라, 관건은 물량 성장이 가격 회복으로 이어져 규모의 경제가 마진을 끌어올리느냐다. 리스크는 분리막 공급과잉 재연과 EV 수요. 그래프 파급: CATL·LG엔솔·파나소닉·BYD의 셀 생산량이 분리막 수요를 직접 결정한다.","analysis_en":"Yunnan Energy's thesis is that a separator-price bottom is confirmed by a swing back to profit. As the world's No.1 in shipments — an oligopolist serving 50+ customers like CATL, LG Energy Solution, Panasonic and BYD — its 2024 loss of CNY 556M reversed to CNY 143M net profit in FY2025 alongside revenue +34.13% (CNY 13.63bn), a sign the price floor has passed. But with non-GAAP profit of just CNY 111M, margin recovery is early, so the question is whether volume growth translates into price recovery so scale lifts margin. Risks are a return of separator oversupply and EV demand. Graph propagation: cell output at CATL, LG Energy Solution, Panasonic and BYD directly sets separator demand.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"CATL","counterparty_slug":"catl","confidence":"high","metric":{"type":"amount","unit":"CNY","value":13633000000,"period":"Enjie FY2025 매출(+34.13%, 흑자전환)","qualifier":"company_scale"},"note":"CATL은 언제구펀 습식 분리막의 핵심 고객이다. 두 회사는 샤먼에 51:49 합작사를 세워 분리막 공장을 운영하며, 생산분은 주로 CATL향이다.","note_en":"CATL is a core customer for Enjie's wet-process separators. The two run a 51:49 Xiamen JV separator plant whose output is primarily destined for CATL.","sources":[{"stance":"confirms","publisher":"선전증권거래소(恩捷股份)","publisher_en":"SZSE / Yunnan Energy","kind":"filing","lang":"zh","published_at":"2026-04-23","url":"http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/CNSESZ_STOCK/2026/2026-4/2026-04-23/12145665.PDF","title":"云南恩捷 2025년 연차보고서(선전거래소)","title_en":"Yunnan Energy (SEMCORP) FY2025 Annual Report (SZSE)","excerpt":"FY2025 매출 ¥136.33억(+34.13%)·순이익 ¥1.43억(흑자전환, 전년 -5.56억). 분리막 매출 ¥122.06억으로 절대 주력.","excerpt_en":"FY2025 revenue CNY 13.63bn (+34.13%), net profit CNY 143M (turnaround from CNY -556M); separator revenue CNY 12.21bn dominates."},{"stance":"mentions","publisher":"증권가(증권지성)","publisher_en":"Brokerage view (Stockstar)","kind":"research","lang":"zh","published_at":"2026-04-23","url":"https://4g.stockstar.com/detail/RB2026042300058594","title":"증권가 — 恩捷股份 2025 흑자전환, 분리막 가격 저점 통과 평가","title_en":"Brokerage view — Yunnan Energy FY2025 turnaround as separator prices bottom","excerpt":"2025 흑자전환·분리막 가격 저점 통과 평가, 扣非 순익 ¥1.11억으로 회복 초입.","excerpt_en":"FY2025 turnaround as separator prices bottom; non-GAAP profit CNY 111M, recovery at its start."},{"stance":"confirms","publisher":"언제구펀 2024 연차보고서(영문)","publisher_en":"Yunnan Energy New Material FY2024 Annual Report (English)","kind":"filing","lang":"en","published_at":"2025-06-10","url":"https://www.semcorp.com/Public/Uploads/uploadfile/files/20250610/enjiegufen2024nianniandubaogaoyingwenban.pdf","title":"2024 Annual Report of Yunnan Energy New Material Co., Ltd.","title_en":"2024 Annual Report of Yunnan Energy New Material Co., Ltd.","excerpt":"회사는 LGES, 파나소닉, ACC, Ultium Cells, CATL, CALB, EVE, 국헌하이테크 등 선두 배터리 제조사로부터 대규모 주문을 받는다고 명시한다. CATL은 50여 고객 중 대표 셀 메이커로 열거된다.","excerpt_en":"States the Company takes large-scale orders from leading battery makers such as LGES, Panasonic, ACC, Ultium Cells, CATL, CALB, EVE and Gotion High-tech, listing CATL among its 50-plus cell customers."},{"stance":"confirms","publisher":"언제구펀 2024 연차보고서(중문)","publisher_en":"Yunnan Energy New Material FY2024 Annual Report (Chinese)","kind":"filing","lang":"zh","published_at":"2025-05-23","url":"https://www.semcorp.com/Public/Uploads/uploadfile2/files/20250523/enjiegufen2024nianniandubaogao.pdf","title":"云南恩捷新材料股份有限公司2024年年度报告全文","title_en":"Yunnan Energy New Material Co., Ltd. FY2024 Annual Report (full text)","excerpt":"보고서 본문은 회사가 松下(파나소닉), LGES, 法国ACC, Ultium Cells와 宁德时代(CATL), 中创新航, 亿纬锂能, 比亚迪, 国轩高科 등 50여 국내외 리튬전지 기업의 공급망에 진입했다고 명시한다.","excerpt_en":"The report states the Company has entered the supply chains of over 50 Chinese and overseas cell makers including Panasonic, LGES, ACC, Ultium Cells and CATL, CALB, EVE, BYD and Gotion High-tech."},{"stance":"confirms","publisher":"이차이글로벌","publisher_en":"Yicai Global","kind":"news","lang":"en","published_at":"2022-06-21","url":"https://www.yicaiglobal.com/news/catl-yunnan-energy-jv-to-complete-usd770-million-li-ion-separator-plant-by-next-year","title":"CATL, Yunnan Energy JV to Complete USD770 Million Li-ion Separator Plant by Next Year","title_en":"CATL, Yunnan Energy JV to Complete USD770 Million Li-ion Separator Plant by Next Year","excerpt":"CATL과 윈난에너지가 51:49 지분(윈난 51%, CATL 49%)으로 샤먼에 52억 위안(7.7억 달러) 습식 분리막 공장을 세웠고, 생산분은 주로 CATL향이라고 보도한다.","excerpt_en":"Reports the CATL and Yunnan Energy JV (Yunnan 51%, CATL 49%) built a CNY5.2B (USD770M) Xiamen wet-process separator plant, with output primarily destined for CATL."}]},{"direction":"revenue","counterparty":"LG Energy Solution","counterparty_slug":"lg-energy-solution","confidence":"high","metric":{"type":"amount","unit":"CNY","value":13633000000,"period":"Enjie FY2025 매출(+34.13%, 흑자전환)","qualifier":"company_scale"},"note":"언제구펀은 LG에너지솔루션과 장기공급계약(LTA)을 체결한 해외 핵심 고객으로 두고 있다.","note_en":"Enjie has signed a long-term supply agreement (LTA) with LG Energy Solution, one of its key overseas customers.","sources":[{"stance":"confirms","publisher":"언제구펀 2024 연차보고서(영문)","publisher_en":"Yunnan Energy New Material FY2024 Annual Report (English)","kind":"filing","lang":"en","published_at":"2025-06-10","url":"https://www.semcorp.com/Public/Uploads/uploadfile/files/20250610/enjiegufen2024nianniandubaogaoyingwenban.pdf","title":"2024 Annual Report of Yunnan Energy New Material Co., Ltd.","title_en":"2024 Annual Report of Yunnan Energy New Material Co., Ltd.","excerpt":"보고서는 회사가 LGES 및 Ultium Cells 등 해외 고객과 장기공급계약을 맺었다고 밝힌다. LGES는 파나소닉과 함께 대표 해외 배터리 고객으로 열거된다.","excerpt_en":"The report states the Company entered into long-term supply agreements with overseas customers such as LGES and Ultium Cells, listing LGES among its leading overseas battery customers."}]},{"direction":"cost","counterparty":"폴리에틸렌·폴리프로필렌 기초수지 (비공개 공급사)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2024-12-31","basis":"前五 공급사 합계 매입액이 총매입의 28.45% (원료·설비 포함)","value":28.45,"period":"FY2024","basis_en":"Top five suppliers were 28.45% of total purchases (materials and equipment)"},"note":"습식 분리막의 주원료는 폴리에틸렌(PE)·폴리프로필렌(PP) 수지로, 국제 유가에 연동돼 가격이 변동한다. 개별 공급사는 비공개다.","note_en":"The main raw materials for wet-process separators are polyethylene (PE) and polypropylene (PP) resins, whose prices move with crude oil. Individual suppliers are undisclosed.","sources":[{"stance":"confirms","publisher":"언제구펀 2024 연차보고서(영문)","publisher_en":"Yunnan Energy New Material FY2024 Annual Report (English)","kind":"filing","lang":"en","published_at":"2025-06-10","url":"https://www.semcorp.com/Public/Uploads/uploadfile/files/20250610/enjiegufen2024nianniandubaogaoyingwenban.pdf","title":"2024 Annual Report of Yunnan Energy New Material Co., Ltd.","title_en":"2024 Annual Report of Yunnan Energy New Material Co., Ltd.","excerpt":"회사는 주요 원재료, 특히 폴리프로필렌과 폴리에틸렌 가격이 국제 유가 변동의 영향을 받는다고 밝힌다. 前五 공급사가 총매입의 28.45%를 차지한다.","excerpt_en":"The Company states its main raw materials, especially polypropylene and polyethylene, are affected by crude-oil price swings; its top five suppliers were 28.45% of total purchases."}]},{"direction":"revenue","counterparty":"BYD","counterparty_slug":"byd","confidence":"mid","metric":{"type":"amount","unit":"CNY","value":13633000000,"period":"Enjie FY2025 매출(+34.13%, 흑자전환)","qualifier":"company_scale"},"note":"BYD는 언제구펀의 50여 국내외 셀 고객 중 하나로 공시에 열거된다.","note_en":"BYD is listed among Enjie's 50-plus Chinese and overseas cell customers.","sources":[{"stance":"confirms","publisher":"언제구펀 2024 연차보고서(영문)","publisher_en":"Yunnan Energy New Material FY2024 Annual Report (English)","kind":"filing","lang":"en","published_at":"2025-06-10","url":"https://www.semcorp.com/Public/Uploads/uploadfile/files/20250610/enjiegufen2024nianniandubaogaoyingwenban.pdf","title":"2024 Annual Report of Yunnan Energy New Material Co., Ltd.","title_en":"2024 Annual Report of Yunnan Energy New Material Co., Ltd.","excerpt":"보고서는 CATL, EVE, CALB, BYD, 국헌하이테크, 孚能, 力神 등 50여 국내외 리튬전지 기업이 고객이라고 밝힌다.","excerpt_en":"The report names over 50 Chinese and overseas lithium-battery firms as customers, including CATL, EVE, CALB, BYD, Gotion High-tech, Farasis and Lishen."}]},{"direction":"cost","counterparty":"습식 분리막·코팅 생산설비 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"CNY","value":13633000000,"period":"Enjie FY2025 매출(+34.13%, 흑자전환)","qualifier":"company_scale"},"note":"제막·코팅 생산설비가 주요 자본지출이자 원가 요소다. 회사는 설비를 자체 개선하고 일부 외부 조달하며, 단선 생산성 향상으로 단위 감가상각을 낮춰 왔다.","note_en":"Film-forming and coating production equipment is a major capex and cost item. The Company improves equipment in-house and sources some externally, cutting unit depreciation via higher single-line output.","sources":[{"stance":"confirms","publisher":"언제구펀 2024 연차보고서(영문)","publisher_en":"Yunnan Energy New Material FY2024 Annual Report (English)","kind":"filing","lang":"en","published_at":"2025-06-10","url":"https://www.semcorp.com/Public/Uploads/uploadfile/files/20250610/enjiegufen2024nianniandubaogaoyingwenban.pdf","title":"2024 Annual Report of Yunnan Energy New Material Co., Ltd.","title_en":"2024 Annual Report of Yunnan Energy New Material Co., Ltd.","excerpt":"회사는 분리막 및 코팅 생산설비의 지속적 개선으로 단선 산출량이 업계 선두 수준이며 단위 감가상각·에너지 소모를 낮췄다고 설명한다.","excerpt_en":"The Company describes continuous improvement of separator and coating production equipment, giving industry-leading single-line output and lowering unit depreciation and energy use."}]},{"direction":"revenue","counterparty":"Panasonic Energy","counterparty_slug":"panasonic-energy","confidence":"mid","metric":{"type":"amount","unit":"CNY","value":13633000000,"period":"Enjie FY2025 매출(+34.13%, 흑자전환)","qualifier":"company_scale"},"note":"파나소닉은 언제구펀이 대규모 주문을 받는 해외 대형 배터리 고객 중 하나다.","note_en":"Panasonic is one of the large overseas battery customers from which Enjie takes large-scale separator orders.","sources":[{"stance":"confirms","publisher":"언제구펀 2024 연차보고서(영문)","publisher_en":"Yunnan Energy New Material FY2024 Annual Report (English)","kind":"filing","lang":"en","published_at":"2025-06-10","url":"https://www.semcorp.com/Public/Uploads/uploadfile/files/20250610/enjiegufen2024nianniandubaogaoyingwenban.pdf","title":"2024 Annual Report of Yunnan Energy New Material Co., Ltd.","title_en":"2024 Annual Report of Yunnan Energy New Material Co., Ltd.","excerpt":"회사는 파나소닉, LGES, ACC, Ultium Cells 등 해외 리튬전지 대형 제조사의 공급망에 진입해 있다고 명시한다.","excerpt_en":"States the Company has entered the supply chains of overseas lithium-battery giants including Panasonic, LGES, ACC and Ultium Cells."}]}]}