Lapho ubuchwepheshe obuyingqayizivele bubonisa "ukuguqulwa" kwebhizinisi lakho eliyinhloko, okuwukuphela kwendlela ongayenza ukuthola izinkampani ezakha amathuluzi aleli shintsho ngaphambi kokuba uguquko lufike.

 

Imboni yesihlukanisi sebhetri ye-lithium ibhekene noshintsho olukhulu.

 

Muva nje, i-Enjie, umholi womhlaba wonke wezihlukanisi zebhethri, imemezele uhlelo lwayo lokuthola i-Zhongke Hualian, umkhiqizi wezinto zokusebenza zokuhlukanisa ezimanzi. Okuthakazelisayo, inkampani okuhloswe ngayo ibilokhu ilahlekelwa yimali ngonyaka odlule. Phakathi naleso sikhathi, i-Enjie ngokwayo ibhekene nezikhathi ezinzima, ilahlekelwe imali engu-556 million yuan ngo-2024 futhi iyaqhubeka nokulahlekelwa ngo-2025.

 

Umholi wemboni olahlekelwa yimali uthenga omunye umphakeli wezinto zokusebenza ezingezansi olahlekelwa yimali—ingabe lokhu kuzwakala njengomdlalo wezibalo wokuthi "amabili angalungile enza okuhle", noma isenzo esiphuthumayo "sokwesekana phakathi kobunzima"?

 

Indaba iyinkimbinkimbi futhi ijabulisa kakhulu. Ngesinye isikhathi kwakuyinkampani "engabonakali" eyayithola izigidi ezi-4 zama-yuan ngonyaka ngokuhweba kwayo ngezihlukanisi zebhethri le-lithium futhi yayinesabelo esikhulu esingu-30% semakethe yomhlaba, i-Enjie manje ibhekene nezinselelo ezimbili ezinkulu ngasikhathi sinye: impi yamanani enonya ebhubhisayo ebhubhisa njengamanje, kanye nosongo oluphazamisayo oluvela kumgwaqo wobuchwepheshe wesikhathi esizayo—amabhethri aqinile.

 

Lo mzamo wokuzisindisa wenhlangano ehamba phambili enenani lemali emakethe elingaphezu kwezigidi eziyinkulungwane eziyikhulu, akuyona nje indaba yokuphila nokufa enkampanini uqobo, kodwa futhi kuthinta isinyathelo saseChina kulo lonke uchungechunge lokukhiqiza amabhethri e-lithium. Njalo isinyathelo esithathayo ukubheja okukhulu.

 

 

Ukukuqonda ukubhekana nobunzima buka-Enjie, kufanele siqale siqaphe ukuthi kwakukuhle kangakanani ngelinye ilanga.

 

Ibhetri ye-lithium injengamasandwich: i-cathode ne-anode yizicucu ezimbili zesinkwa, i-electrolyte ephakathi ukhilimu, futhi isihlukanisi iphepha lokuvikela elivimbela ukuthintana ngqo phakathi kwe-cathode ne-anode, okungenjalo kungadala isekhethi elifushane. Le membrane encane inezithiyo zobuchwepheshe eziphakeme kakhulu—usayizi wayo wezimbobo, ubukhulu, namandla kunquma ngqo ukuphepha kwesibhetri kanye nokuphila kwayo.

 

I-Enjie ibilawula kakhulu emhlabeni wonke kulesi sigaba "sephepha". Uhlu lwamakhasimende ayo lifana "nokubaluleka okukhulu" embonini yamabhethri e-lithium: i-CATL, i-BYD, i-EVE Energy, i-CALB, nokunye.

 

Phantshana bonke abakhiqizi bebhethri abasezingeni eliphezulu babala i-Enjie njengomphakeli wabo. Ekuphakameni kwemboni ngo-2022, inkampani irekhode imali engenayo eyizigidi eziyi-12.59 billion yuan, inzuzo eyisilinganiso edlula izigidi eziyi-4 billion yuan, kanye nomkhawulo onenzuzo omkhulu owake wasondela ku-50%—kwenza kube yimali engenayo eqinisekile.

Nokho, inzuzo enkulu yakhanga izimbangi eziningi. Iqhutshwa ukukhula komkhakha omusha wamandla eminyakeni yamuva, imali evela kuyo yonke imikhakha yagcwala emakethe yezihlukanisi, okuholele ekwandeni okukhulu komthamo wokukhiqiza. Lapho ukukhula kokuhlinzekwa kudlula kakhulu isidingo sabathengi, kwalandela impi enolaka yamanani.

Idatha iveza le "ngqungquthela": intengo yamamembrane ayisisekelo emanzi ayi-9μm ehamba phambili yehla isuka ezibambeni ezimbalwa nge-square meter ekuphakameni yaya ku-0.8 yuan nge-square meter esigabeni sesibili sika-2025, isondela kakhulu emgqeni wezindleko zemboni.

Imiphumela yalokhu kwehliswa kwentengo ibonakala ngqo emibhalweni yezezimali ye-Enjie:

 

 

Ngesinye isikhathi eyi-"nkosi yenzuzo", i-Enjie iwele emgodini wokukhula okumile kwemali engenayo, ukuncipha kwezinzuzo, ngisho nokulahlekelwa. Imboni isiguquke kusuka olwandle oluluhlaza olushukumiswa ubuchwepheshe lwaba ulwandle olubomvu olubulalayo olubuswa ukuncintisana kwezindleko.

 

 

Ibekwe phambi kokulahlekelwa yimboni yonkana, isinyathelo sokuqala se-Enjie ukuhlanganisa okungaphezulu—ukuthola umphakeli wezinto zokusebenza ezingaphezulu i-Zhongke Hualian.

 

Isizathu salokhu kuhamba sicacile: njengoba ingenalo ulawulo phezu kwezintengo zemikhiqizo yayo ephansi (abahlukanisi), izofuna izinzuzo ezingaphezulu ngokuthatha isilawuli somugqa wokuphila wezinto zokukhiqiza.

 

Yimuphi umlando we-Zhongke Hualian?

 

Ingenye yezinkampani ezimbalwa zasekhaya ezikwazi ukuthuthukisa ngokuzimela imigqa ephelele yokukhiqiza izihlukanisi zenqubo emanzi, enokuhlangenwe nakho kwezobuchwepheshe okungaphezu kweminyaka eyishumi. Ukuyithola kusho ukuthi kulindeleke ukuthi i-Enjie yakhe uchungechunge oluhlanganisiwe oluhlanganisa ukuthuthukiswa kwezinto zokusebenza kanye nokukhiqizwa kwezihlukanisi.

Izinzuzo ezingaba khona zalokhu okubonakala kuyi-"deal elahlekelwa imali" zihlanganisa:

Abaphathi be-Enjie banamathemba amakhulu okuthi le nqubo yokuhlanganisa izobuyisa izindleko zokusebenza futhi ibuyisele inzuzo endleleni. Ngokuyisisekelo, le yimpi yokusinda—eyifuna ukusebenza kahle ngokusebenzisa ukuphathwa okungcono kanye nezinzuzo ngokuhlanganiswa kwezintambo zezimboni.

Nokho, uma kuqhathaniswa nezigameko zempi yamanani embonini, isithunzi esikhulu nesibulalayo sibekwe phezu kwe-Enjie—ibhethri eliqinile lonke, elibizwa ngokuthi yindlela yokugcina yamabhethri esizukulwane esilandelayo.

 

Inkinga eyinhloko ilukhuni futhi ilula: ngokombono, amabhethri aqinile wonke akadingi izihlukanisi.

 

Cabanga uchitha iminyaka yakha isikhundla esihamba phambili njengomphakeli omkhulu wezintambo zamakhandlela emhlabeni—ukuze isibani sikagesi sitholwe ubusuku bonke. Yilokho inselele enkulu ye-Enjie ebhekene nayo. Ngo-2024, u-81.2% wemali engenayo yenkampani wavela ezihlukanisweni zamabhethri e-lithium. Uma leli bhizinisi liphazamiseka, kungaba yinhlekelele.

 

Ngakho-ke, nini lapho le "Nkemba kaDamocles" izowela? Kudingeka ukuhlaziya okunengqondo:

 

Isivumelwano samanje embonini sibonisa ushintsho oluyingxenye: amabhethri olwamanzi → amabhethri asezingeni eliphakathi oluqinile → amabhethri aqinile ngokuphelele. Amabhethri asezingeni eliphakathi oluqinile asadinga izihlukanisi, okunikeza i-Enjie "iwindi lokubalekela" elibalulekile. Ngaphezu kwalokho, imboni ivumelana ngokuvamile ukuthi ukuthengiswa okukhulu, okungabizi kakhulu kwamabhethri aqinile ngokuphelele kuzothatha eminye iminyaka engu-5 kuya kweyisi-10, noma isikhathi eside kakhulu.

Lena yindawo yokuvikela eqine kakhulu ye-Enjie. Njengamanje, izindleko zezinto eziyinhloko zama-electrolyte aqinile asebenza kahle kakhulu zingaphezu kwezikhathi ezingamakhulu ayi-100 kunezama-electrolyte olwamanzi. Izindleko zizonke zamabhethri aqinile ngokuphelele ziphakeme kakhulu, okusho ukuthi azosetshenziswa kuphela ezindaweni eziphakeme kakhulu njengezindiza zemikhathi kanye nokuhlola olwandle olujulile isikhathi eside, futhi ngeke akwazi ukuthinta imakethe eyinhloko yamabhethri amandla namabhethri okugcina amandla.

Kodwa lokhu akusho ukuthi u-Enjie angaphumula kalula. Uma igagasi lokushintsha kobuchwepheshe seliqalisiwe, alikwazi ukubuyiselwa emuva. Le nkampani kufanele ithole enye indlela yokusinda kuleli windi elilinganiselwe.

 

 

U-Enjie akahlalanga eyize. Isu lakhe lokuphendula libonakala ngokucacile endleleni yokutshalwa kwezimali kwe-R&D.

 

Noma ngisho nasezinkingeni zika-2024, ukuchithwa kwezimali kwe-R&D kwenkampani kufinyelele ama-yuan ayizigidi ezingama-663, ngokwanda okuqhubekayo. Ngabe imali le iya kuphi? Impendulo ikhomba ngqo esikhathini esizayo:

 

 

Lokhu kusho ukuthi u-Enjie uzama ukuguqula ubunikazi obuyingozi: ukuthuthuka kusuka kumhlinzeki wokuhlukanisa emkhathini webhethri eliwuketshezi ukuya kumhlinzeki wezinto eziyinhloko (ama-electrolyte aqinile) emkhathini webhethri eliqinile.

 

Lena yindlela eyinselele. Izindlela zobuchwepheshe nezinqubo zokukhiqiza ama-electrolyte aqinile zihluke ngokuphelele kunezokuhlukanisa, okufana nokwakha ibhizinisi elisha nelincintisanayo phezu kwemisebenzi ekhona.

 

Ngokubona kukaYan Xi, isimo esibucayi sikaEnjie sibonisa izinselele ezibhekwa abakhiqizi abaningi abahamba phambili baseShayina abakhula badume ngokubusa indawo eyodwa yezobuchwepheshe. Bazuze izinzuzo ezinkulu kusukela ekuqhubekeni kwezobuchwepheshe, kodwa futhi bayazwela kakhulu ku-"ukuhlaselwa okunembayo" kusuka ekushintsheni kwemigudu yezobuchwepheshe.

 

Isu layo lokuzisindisa liyinhlanganisela yokuzivikela yesikhashana nokuhlasela kwesikhathi eside:

 

 

Le mpi enkulu inezingozi ezinkulu:

 

 

Ukulinganisa kwamanje kwemakethe kwe-Enjie kuyingxube eyinkimbinkimbi yokudonswa kanye ne-premium: kudonswa ngenxa yempi yamanani enonya kanye nemibiko yezezimali elahlekelwa imali njengamanje; futhi i-premium ngesabelo sayo semakethe ehamba phambili emhlabeni kanye nesifiso sayo sokuthi "buyise isihlalo sobukhosi" enkathini yebhethri eliqinile.

 

Ukutholwa kwayo komphakeli wezinto zokusebenza olahlekelwa yimali akuhloselwe ukuhlanganisa izimali kalula, kodwa ukugruba imisele ejulile ukuze kuhlale kukhona. Ukutshala kwayo imali enkulu esikhathini esingaqinisekile sama-electrolyte aqinile akukona ukujaha amagama athandwayo, kodwa ukuthenga ithikithi elingaba khona ez kontinentini entsha ukuze kuhlale kukhona ukusimama esikhathini eside.

 

Uqweqwe lwe-"Nkosi Yokuhlukanisa" seluqhekekile. Ngezinto eziyenzayo, u-Enjie ukwenze kwacaca ukuthi akakafuni ukuba yinkosi yomkhathi wakudala—ufuna ukuba ngomunye wabasunguli bomkhathi omusha.