Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the wind power epoxy resin and curing agent industry, specifically focusing on the company Dao Sheng Tian He and its competitive landscape with peers like Kangda New Materials and Dongshu New Materials [2][3][4]. Key Points and Arguments Cost Increases and Pricing Strategies - The cost of wind power epoxy resin and curing agents has surged by over 40%, with price increases of 6,500-7,000 RMB per ton being implemented across the industry [2][4]. - Competitors are at the brink of profitability, leading to a consensus on price increases and some companies executing supply cuts to enforce these price hikes [2][4]. - The company’s factory in Quzhou has a self-supply rate of 60%-70%, with a maximum capacity of 75%, providing significant cost and profit flexibility amid rising raw material prices [2][5]. Market Dynamics and Customer Response - Downstream manufacturers are more accepting of price increases due to supply pressures for blades in 2026, facilitating smoother price transmission [2][4]. - Customers have shown some resistance to immediate price increases, often requesting delays or additional low-price inventory, but ultimately most have accepted the new pricing [4][12]. Profit Recovery and Future Outlook - The company anticipates significant profit recovery from both resin and structural adhesive segments due to the current price adjustments [5][6]. - The pricing strategy for structural adhesives is flexible, with options to either sacrifice short-term profits for market share or implement moderate price increases to maintain profitability [6][12]. International Business Expansion - The company has secured long-term contracts with major overseas clients like Vestas and Nordex, with expected overseas revenue exceeding 1 billion RMB by 2026, and a long-term goal of over 1.5 billion RMB [2][8][9]. - The company is also targeting new clients such as SGRE and GE, with certification processes underway, aiming for substantial growth in overseas markets [8][9]. Competitive Landscape - The competitive landscape includes significant players like Westlake, which has a higher cost structure due to its manufacturing locations, allowing the company to leverage its pricing strategy effectively [10][17]. - The company’s market share in the global wind power structural adhesive market is strong, with a notable presence among leading turbine manufacturers [17]. Geopolitical and Economic Impacts - Recent geopolitical events in the Middle East have led to increased oil prices, affecting the supply chain and causing a general rise in chemical prices, which has impacted the cost structure of wind power epoxy materials [3][18]. - The current price increases are seen as an opportunity for profit recovery across the industry, with expectations of improved financial performance in upcoming quarters [18]. Additional Important Insights - The company has a robust inventory strategy, having locked in lower-cost raw materials prior to recent price hikes, which positions it favorably for profit recovery [12]. - The industry has reached a consensus to avoid excessive competition, which has historically led to low profitability, indicating a shift towards more sustainable business practices [14][18]. - The company is prepared to adjust product prices in response to raw material cost fluctuations, ensuring a responsive pricing mechanism [11]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategic positioning, market dynamics, and future growth prospects within the wind power materials industry.

Group 1 - The company, Daosheng Tianhe (601026), has not yet established a financial shared service center [1] - Daily financial management relies on standardized financial internal control systems and processes to ensure compliance and efficient operation [1]

Group 1 - The company held its 28th meeting of the second board of directors on February 24, 2026, with all 9 directors present, confirming compliance with legal and regulatory requirements [2] - The board approved a proposal for external investment in Shanghai Daoyi Semiconductor Materials Co., Ltd., increasing the company's stake from 7.5410% to 9.5011% through an investment of 10 million RMB [3] - The board believes this investment will enhance technical upgrades and supply chain integration, benefiting both parties and protecting the interests of the company and its shareholders [3] Group 2 - The company plans to establish a partnership with Jiaxing Zhijun Investment Management Co., Ltd. and Jiaxing Zhijun Xuchen Investment Partnership to create a venture capital fund, with a total fundraising target of 100 million RMB [7] - The company will contribute 30 million RMB, representing 30% of the fund, to leverage the resources and capabilities of professional investment institutions [7] - The first installment of the investment has been paid, and the fund has completed registration with the Asset Management Association of China, receiving the private fund registration certificate on February 14, 2026 [9]

Group 1 - The company Dao Sheng Tian He held its 28th meeting of the second board of directors on February 24, 2026, discussing external investment proposals [1] - The ongoing Russia-Ukraine conflict has resulted in 1.8 million casualties, leading to a deadlock in negotiations, battlefield stalemate, and economic difficulties [1]

Group 1 - The company, Daoshengtianhe, produces high-performance thermosetting resin materials, which primarily require raw materials such as epoxy resin and epoxy resin precursors [2] - The raw materials also include curing agents, polyols, and core materials, categorized into three main series: materials for wind turbine blades, new composite materials resins, and adhesives for new energy vehicles and industrial applications [2]

| 投资标的名称 | 嘉兴致道天合创业投资合伙企业（有限合伙） | | | | | --- | --- | --- | --- | --- | | | （以下简称"基金"、"合伙企业"） | | | | | 投资金额（万元） | 合伙企业认缴出资总额 10,000 万元，道生天 合材料科技（上海）股份有限公司（以下简 | | | | | | 称"公司"或"道生天合"）作为有限合伙人拟 | | | | | | 以自有资金认缴出资额 3,000 万元，出资占 | | | | | | 比 30.00% | | | | | 投资进展情况 | 完成 | 终止 | 交易要素变更 | 进展 | 一、对外投资基本情况 （一）基本情况 证券代码：601026 证券简称：道生天合 公告编号：2026-005 道生天合材料科技（上海）股份有限公司 关于与专业机构共同投资的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 备案编码：SBSC34 基金名称：嘉兴致道天合创业投资合伙企业（有限合伙） 管理人名称：嘉兴致君投 ...

证券代码：601026 证券简称：道生天合 公告编号：2026-004 道生天合材料科技（上海）股份有限公司 第二届董事会第二十八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 道生天合材料科技（上海）股份有限公司（以下简称"公司"）第二届董事会 第二十八次会议（以下简称"本次会议"）于 2026 年 2 月 24 日在公司以现场结合 通讯表决的方式召开。会议通知于 2026 年 2 月 9 日以电子邮件形式送达全体董 事。本次会议由董事长季刚先生主持，会议应到董事 9 名，实到董事 9 名，公司 董事会秘书、证券事务代表列席了会议。本次会议的召集、召开及表决程序符合 有关法律、行政法规、部门规章、规范性文件和《公司章程》的有关规定。 二、董事会会议审议情况 1、审议并通过《关于公司对外投资的议案》 上海道宜半导体材料有限公司（以下简称"上海道宜"）原系公司孵化项目， 后独立发展并进行市场化融资，上海道宜主营业务为环氧塑封材料（EMC）。公 司拟以自有资金出资 1000.00 万元，以最 ...

Group 1 - The core viewpoint of the news is that Dao Sheng Tian He has shown fluctuations in its stock performance and financing activities, indicating investor sentiment and market dynamics [1][2] - On February 12, Dao Sheng Tian He's stock price decreased by 1.56%, with a trading volume of 80.41 million yuan, and a net financing outflow of 202.55 million yuan [1] - As of February 12, the total financing and securities lending balance for Dao Sheng Tian He was 112 million yuan, with financing accounting for 5.34% of the circulating market value [1] Group 2 - As of October 17, the number of shareholders for Dao Sheng Tian He reached 151,200, reflecting a significant increase of 840,111.11% [2] - For the period from January to September 2025, Dao Sheng Tian He reported a revenue of 2.698 billion yuan, representing a year-on-year growth of 26.92%, and a net profit attributable to shareholders of 153 million yuan, which is a 56.89% increase compared to the previous year [2] - Since its A-share listing, Dao Sheng Tian He has distributed a total of 98.91 million yuan in dividends [2]

Core Viewpoint - The company is expanding its global presence by establishing a production base in Morocco to enhance its competitiveness in the EMEA region and respond to changes in the international trade environment [2][8]. Investment Overview - The total investment for the project is $30 million, aimed at setting up and operating the overseas company, purchasing fixed assets (including land and equipment), and acquiring raw materials [2]. - The investment structure involves the establishment of a wholly-owned subsidiary in Singapore, which will then invest in the Moroccan subsidiary [3]. Company Structure - The Singapore subsidiary, TSGLOBAL CAPITAL MANAGEMENT PTE. LTD., is fully owned by the company and has a registered capital of 2,000 Singapore dollars [7]. - The Moroccan subsidiary, TechStorm Advanced Material Morocco SARLAU, is also fully owned by the company through the Singapore subsidiary and focuses on the R&D, production, and sales of epoxy resin products [7]. Strategic Importance - The investment aligns with the national "going out" strategy and the Belt and Road Initiative, helping the company to avoid trade barriers and enhance its regional competitiveness [8]. - The project is expected to improve the company's global business network and long-term development capabilities [8]. Financial Impact - The funding for the investment will come from the company's own resources, and it is not expected to have a significant adverse impact on the company's financial status or operating results [8].

证券代码：601026 证券简称：道生天合 公告编号：2026-003 道生天合材料科技（上海）股份有限公司 对外投资项目进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 投资项目名称 | 道生天合摩洛哥新能源材料工厂建设项目 | | --- | --- | | 投资金额总额（万美元） | 3,000 | | 投资进展情况 | □完成 终止 交易要素变更 进展 | 一、对外投资概述 （一）对外投资基本情况 道生天合材料科技（上海）股份有限公司（以下简称"公司"）为应对国际贸 易环境变化，优化全球产能布局，提升公司在 EMEA（欧洲、中东、非洲）区域 的市场竞争力，推动海外业务发展进程，公司通过全资子公司道生天合资本管理 有限公司（TSGLOBAL CAPITAL MANAGEMENT PTE. LTD.，一家在新加坡注 册的公司，以下简称"新加坡公司"）在摩洛哥贝托亚工业加速区投资设立了道生 天合材料科技（摩洛哥）有限公司（TechStorm Advanced Material Morocco ...