Who are Yunnan Energy New Material (SEMCORP)'s customers? Who does Yunnan Energy New Material (SEMCORP) earn revenue from?

Revenue comes from counterparties including CATL, LG Energy Solution, BYD. Full sourced list: valuechain.wiki/yunnan-energy/customers.md

Who does Yunnan Energy New Material (SEMCORP) pay? Who are its key suppliers?

Costs flow to 폴리에틸렌·폴리프로필렌 기초수지 (비공개 공급사), 습식 분리막·코팅 생산설비 (비공개) among others. Full sourced list: valuechain.wiki/yunnan-energy/suppliers.md

How does the street rate Yunnan Energy New Material (SEMCORP)? What are the price targets?

Broker consensus on file: Buy 2 / Hold 0. Details: valuechain.wiki/yunnan-energy/consensus.md

Li-ion separators · world No.1 wet-process

Yunnan Energy New Material (SEMCORP)

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.

002812.SZ Updated Jul 12, 2026 4 AI consumers· 1 recurring

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).

Annual return · 2026-07-10'21+92.8%'22-38.6%'23-72.6%'24-29.2%'25+76.4%YTD+7.5%

Money in ▸CATL●Amount ¥13.6B LG Energy Solution●Amount ¥13.6B BYD◐Amount ¥13.6B Panasonic Energy◐Amount ¥13.6B

Yunnan Energy New Material (SEMCORP)FY2025 revenue CNY 13.63bn

▸ Money out폴리에틸렌·폴리프로필렌 기초수지 (비공개 공급사)●Market share 28.45%습식 분리막·코팅 생산설비 (비공개)◐Amount ¥13.6B

Financials & Segments

Total revenue · FY2025 revenue CNY 13.63bn (+34.13%); net profit CNY 143M (turnaround from CNY -556M loss)
Customer concentration · Top five customers RMB 5.03B (49.51% of revenue); top five suppliers RMB 2.77B (28.45% of purchases) (FY2024, consolidated)
Segments · Li-battery separator · Aseptic/BOPP packaging · Tobacco labels/specialty paper

Revenue from

CATL High confidence· Amount ¥13.6B · Enjie FY2025 매출(+34.13%, 흑자전환)
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.
Confirms ZH SZSE / Yunnan Energy Published Apr 23, 2026: Yunnan Energy (SEMCORP) FY2025 Annual Report (SZSE)
Mentions ZH Brokerage view (Stockstar) Published Apr 23, 2026: Brokerage view — Yunnan Energy FY2025 turnaround as separator prices bottom
Confirms EN Yunnan Energy New Material FY2024 Annual Report (English) Published Jun 10, 2025: 2024 Annual Report of Yunnan Energy New Material Co., Ltd.
Confirms ZH Yunnan Energy New Material FY2024 Annual Report (Chinese) Published May 23, 2025: Yunnan Energy New Material Co., Ltd. FY2024 Annual Report (full text)
Confirms EN Yicai Global Published Jun 21, 2022: CATL, Yunnan Energy JV to Complete USD770 Million Li-ion Separator Plant by Next Year
LG Energy Solution High confidence· Amount ¥13.6B · Enjie FY2025 매출(+34.13%, 흑자전환)
Enjie has signed a long-term supply agreement (LTA) with LG Energy Solution, one of its key overseas customers.
Confirms EN Yunnan Energy New Material FY2024 Annual Report (English) Published Jun 10, 2025: 2024 Annual Report of Yunnan Energy New Material Co., Ltd.
BYD Medium confidence· Amount ¥13.6B · Enjie FY2025 매출(+34.13%, 흑자전환)
BYD is listed among Enjie's 50-plus Chinese and overseas cell customers.
Confirms EN Yunnan Energy New Material FY2024 Annual Report (English) Published Jun 10, 2025: 2024 Annual Report of Yunnan Energy New Material Co., Ltd.
Panasonic Energy Medium confidence· Amount ¥13.6B · Enjie FY2025 매출(+34.13%, 흑자전환)
Panasonic is one of the large overseas battery customers from which Enjie takes large-scale separator orders.
Confirms EN Yunnan Energy New Material FY2024 Annual Report (English) Published Jun 10, 2025: 2024 Annual Report of Yunnan Energy New Material Co., Ltd.

Pays to

폴리에틸렌·폴리프로필렌 기초수지 (비공개 공급사) High confidence· Market share 28.45% · FY2024 · Top five suppliers were 28.45% of total purchases (materials and equipment)
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.
Confirms EN Yunnan Energy New Material FY2024 Annual Report (English) Published Jun 10, 2025: 2024 Annual Report of Yunnan Energy New Material Co., Ltd.
습식 분리막·코팅 생산설비 (비공개) Medium confidence· Amount ¥13.6B · Enjie FY2025 매출(+34.13%, 흑자전환)
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.
Confirms EN Yunnan Energy New Material FY2024 Annual Report (English) Published Jun 10, 2025: 2024 Annual Report of Yunnan Energy New Material Co., Ltd.

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

Company	Chain	'21	'22	'23	'24	'25	YTD
Geely Auto	lead2	-40.8	-22.9	-40.3	+98.5	+14.5	+18.9
Honda Motor	lead2	+25.8	-0.8	+62.2	-8	+10	-1.2
Mazda Motor	lead2	+18.8	+22.8	+81.1	-39	+17.3	-3.2
General Motors	lead2	+40.8	-42.4	+7.9	+49.8	+54.2	-3.8
Hyundai Motor Company	lead2	-16.7	-4.7	+16.2	+12.3	+158.8	-7.8
Tesla	lead2	+49.8	-65	+101.7	+62.5	+11.4	-9.3
Toyota Motor Corporation	lead2	+58.1	-13.4	+63	+1.8	+21.8	-18.2
Xiaomi	lead2	-43.9	-21.1	-4.6	+209.7	-6.9	-27.2
SAIC Motor	lead2	-12.1	-16.2	-6.8	+29.1	-17.2	-28.4
BYD Electronics	lead2	-56.1	+16	-0.4	+60.6	-19.4	-34.4
UBTech Robotics	lead2	·	·	·	-21.6	+95.4	-39.2
Panasonic Energy	lead1	-5.7	-1.6	+20.1	+16.6	+36.2	+113.2
CATL	lead1	+67.4	-21.4	-40.6	+74.5	+39.4	+1.2
BYD	lead1	-6.5	+10.5	-28.5	+58.9	+8.7	-12.7
LG Energy Solution	lead1	·	·	-26.9	-7.6	+13.1	-18.1
Yunnan Energy New Material (SEMCORP)	node	+92.8	-38.6	-72.6	-29.2	+76.4	+7.5

YTD as of 2026-07-10 · source: Yahoo Finance

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 generated from returns as of 2026-07-10

Analyst ratings

Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ¥96 · Price ¥54.8 (07-10) · Upside +75%

Broker	Rating	Target	Published
Citigroup	买入	¥84.4	Jun 13, 2026	Report ↗
Soochow Securities	买入	¥108	Apr 24, 2026	Report ↗

Maintains Buy and lifts the target from CNY80.9 to 84.4, citing pricing certainty amid tight supply and energy-storage demand, with 2026 separator shipment guidance raised from 1.5bn to 1.6bn square meters.

Key Q&A

Who are Yunnan Energy New Material (SEMCORP)'s customers? Who does Yunnan Energy New Material (SEMCORP) earn revenue from?: Revenue comes from counterparties including CATL, LG Energy Solution, BYD. Full sourced list: valuechain.wiki/yunnan-energy/customers.md
Who does Yunnan Energy New Material (SEMCORP) pay? Who are its key suppliers?: Costs flow to 폴리에틸렌·폴리프로필렌 기초수지 (비공개 공급사), 습식 분리막·코팅 생산설비 (비공개) among others. Full sourced list: valuechain.wiki/yunnan-energy/suppliers.md
If Yunnan Energy New Material (SEMCORP) moves, who benefits? How far does the value-chain ripple reach?: 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).
How does the street rate Yunnan Energy New Material (SEMCORP)? What are the price targets?: Broker consensus on file: Buy 2 / Hold 0. Details: valuechain.wiki/yunnan-energy/consensus.md

Analyses covering this node

At the materials tier, the customer sets the clock Jul 5, 2026
Clocks that haven't run and clocks that ran hardest Jul 5, 2026

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