SEMCORP

Business

SEMCORP (云南恩捷新材料股份有限公司, known as Yunnan Energy New Material) makes lithium battery separators, the porous film that keeps a cell's anode and cathode apart, along with packaging and other films. Separators were ¥7.62bn of its ¥8.67bn first-half 2026 revenue, 87.9% (2026 interim report, p. 14). It says its wet-process separator capacity is the world's largest and that it is the world's largest separator supplier by shipments, which are its own claims (p. 11).

Results

Revenue rose 50.5% to ¥8.67bn, which it attributes to higher sales volume, and net profit attributable to shareholders was ¥820.3m, against a loss of ¥93.1m a year earlier (pp. 8, 13). Separator revenue rose 58.1%, and the separator gross margin rose 17.99 points year on year; the manufacturing segment's gross margin was 29.91% (pp. 13, 14). Overseas sales were ¥1.56bn, 17.95% of revenue (p. 14).

Market

It says the industry had suffered price pressure from capacity added all at once, falling customer cost targets and competition, but that supply and demand have improved and prices have stabilised and risen. It also says supply of mid- and high-end separators is tightening (pp. 10, 11). It cites data that global power battery installations in the half were 608.5 GWh, up 20.0%, and storage battery shipments 461.3 GWh, up 71.0% (p. 11).

Acquisitions in September 2026

• SK ie technology's Jiangsu separator business. SEMCORP's subsidiary agreed on 27 May 2026 to buy 100% of SK ie technology's Jiangsu unit, which makes lithium battery separators and coated films, for a base price of ¥400m, with the final price to be adjusted for cash, debt and working capital. Shareholders approved the deal on 23 July, the company says no antitrust filing was needed, and the unit's registration was changed to SEMCORP's ownership in September, while the final price had not yet been set (announcement of 11 September 2026).
• Buying EVE's stake in a separator joint venture. On 24 September 2026 SEMCORP's board approved buying EVE Energy's 45% of Hubei Enjie, the separator joint venture set up in 2021 to build a 1.6 billion square metre wet-process plant, for ¥1.15bn, making Hubei Enjie wholly owned. The company says it is not a related-party deal and needed only board approval (announcement of 28 September 2026).

Where it stands

SEMCORP's profit swing shows how much of its earnings come from price. Its margin recovered by 18 points in a year as the industry's price war eased.