Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. has successfully listed on the Shanghai Stock Exchange, with a closing price of 29.68 yuan, reflecting a significant increase of 396.32% on its first day of trading [1] Company Overview - Daoshengtianhe is a national high-tech enterprise focused on the research, production, and sales of new materials, particularly high-performance thermosetting resin materials such as epoxy resin, polyurethane, acrylic, and organic silicon [1] - The company offers a range of products including materials for wind turbine blades, new composite materials, and adhesives for new energy vehicles, serving sectors like wind energy, new energy vehicles, energy storage, hydrogen energy, aviation, oil and gas extraction, and power generation [1] Shareholding Structure - Prior to the IPO, Yicheng Industrial held 47.55% of the shares, remaining the controlling shareholder post-IPO with 38.04% [1] - The actual controllers, Ji Gang and Zhang Ting, controlled 60.47% of the shares before the IPO and now control 48.38% [1] Financial Performance - The total amount raised from the IPO was approximately 788.64 million yuan, with a net amount of 686.95 million yuan after deducting issuance costs [3] - The company reported revenues of 3.44 billion yuan in 2022, 3.20 billion yuan in 2023, and 3.24 billion yuan in 2024, with net profits of 108.04 million yuan, 151.75 million yuan, and 155.47 million yuan respectively [4] - For the first half of 2025, the company reported a revenue of 1.78 billion yuan and a net profit of 84.97 million yuan [4] Cash Flow Analysis - The cash received from sales was lower than the revenue due to the common industry practice of using bills for settlement, which affects cash flow [7] - The net cash flow from operating activities showed fluctuations, with a negative cash flow of 24.62 million yuan in the first half of 2025 [5][6] Future Projections - The company anticipates a revenue of 260 million to 270 million yuan for the first nine months of 2025, representing a year-on-year growth of 22.32% to 27.03% [7][8] - The projected net profit attributable to the parent company for the same period is expected to be between 145 million and 155 million yuan, indicating a growth of 48.21% to 58.43% [8]

道生天合材料科技（上海）股份有限公司（股票简称：道生天合，股票代码：601026）于今日荣耀登陆 上海证券交易所（上交所）沪主板。道生天合总部位于中国（上海）自由贸易试验区临港新片区，是一 家致力于新材料研发、生产和销售的国家级高新技术企业。公司的成功上市，标志着其作为高性能热固 性树脂材料领域的细分行业龙头企业，正式开启资本市场新篇章，并紧抓全新的发展机会，持续培育新 质生产力。 公司产品体系围绕环氧树脂、聚氨酯、丙烯酸酯和有机硅等高性能热固性树脂材料，形成了风电叶片用 材料、新型复合材料用树脂和新能源汽车及工业胶粘剂三大系列，主要服务于风电、新能源汽车、储 能、氢能等新能源领域，以及航空、油气开采、电力、模具制造等高端工业领域。本次发行上市，道生 天合计划以此为新的历史起点，进一步增强自身盈利能力和综合竞争实力，致力于成为全球领先的综合 性新材料解决方案提供商。 1）领跑全球风电市场，夯实新能源材料龙头地位 道生天合凭借其突出的技术和规模优势，在核心业务领域已建立起强大的市场地位。在风电叶片用材料 市场，公司已跻身全球领跑者行列。 在大型风电叶片的制造中，公司产品已基本实现对主流风机叶型的全覆盖，并能够应 ...

立足新起点，道生天合将借助资本市场力量，实现多元化发展，完善全球化布局，向全球领先的综合性新材料公司迈进。 道生天合董事长季刚表示：上市是荣誉更是责任，标志着新征程的起点。他衷心感谢各级政府部门、合作伙伴、中介机构及广大公司员工的一路支持。展 望未来，道生天合将恪守"材料科技创见未来"的初心，以上市为契机强化公司治理，聚焦技术创新与全球市场拓展，积极践行国家"双碳"战略，致力于成 长为全球领先的新材料解决方案提供商，以稳健发展和持续价值创造回馈客户、股东及社会各界的信任。 基于目前在新能源新材料领域的优势，道生天合致力于成为全球领先的综合新材料解决方案提供商，不断加强光伏、电力等领域的产品和市场开发。在为 国内企业提供进口替代方案的同时，努力开拓全球市场。未来，公司将以环氧树脂、聚氨酯、丙烯酸酯和有机硅为基础，不断开发和推出新的更优质的高 性能热固性树脂材料，持续巩固既有优势，积极研发下一代新材料产品，为更广的行业和更多的客户提供基础新材料，实现自身的企业价值和社会价值。 财务数据方面，2022年、2023年、2024年及2025年1-6月，公司营业收入分别为34.36亿元、32.02亿元、32.38亿元及1 ...

Core Viewpoint - N道生 (601026) has made a strong debut in the stock market, with significant price increases and trading volume, indicating strong investor interest and market confidence in the company's business model and growth potential [1]. Company Overview - N道生 specializes in the research, production, and sales of high-performance thermosetting resin systems based on raw materials such as epoxy resin, polyurethane, acrylic, and organic silicon [1]. IPO Details - The total number of shares issued in the IPO was 132 million, with an online issuance of 72.12 million shares at a price of 5.98 yuan per share [1]. - The issuance price corresponds to a price-to-earnings (P/E) ratio of 29.05, compared to the industry average P/E ratio of 27.90 [1]. - The final online subscription rate was 0.04220717%, indicating a competitive demand for the shares [1]. Fundraising Purpose - The total funds raised from the IPO amounted to 789 million yuan, which will be primarily allocated to projects including the annual production of 78,000 tons of high-end adhesives for new energy and power batteries, high-performance composite material resin systems, repayment of bank loans, and supplementing working capital [1]. Market Performance - At the opening, the stock price surged by 314.21%, and by midday, the increase expanded to 385.79%, with a trading volume of 69.4488 million shares and a turnover of 1.851 billion yuan, resulting in a turnover rate of 64.79% [1].

致力于成长为全球领先的新材料解决方案提供商。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 道生天合材料科技（上海）股份有限公司 （以下简称 " 道生天合 "）于2025 年10月17日正式以"601026"为股票代码在上交所主板挂牌上市。 道生天合 今日高开 314%。截至10:00， 道生天合 报于每股 27.50元，较发行价上涨359.87%， 市值超181亿元。 道生天合董事长季刚在上市仪式上表示 ：上市是荣誉更是责任，标志着新征程的起点。他衷心感谢 各级政府部门、合作伙伴、中介机构及广大公司员工的一路支持。 展望未来，道生天合将恪守 "材 料科技创见未来"的初心，以上市为契机强化公司治理，聚焦技术创新与全球市场拓展，积极践行国 家"双碳"战略，致力于成长为全球领先的新材料解决方案提供商，以稳健发展和持续价值创造回馈 客户、股东及社会各界的信任 。 打破国外垄断， 风电叶片 产品销量全球领先 不断开发新产品，并致力于拓展应用领域 成立于 2015年的 道生天合致力于新材料的研发、生产和销售 ， 产品围绕环氧树脂、聚氨酯、丙烯 酸酯和有 ...

全球单项冠军IPO项目。 来源 I 金雨茂物 2025年10月1 7日，道生天合材料科技（上海）股份有限公司成功登陆上海证券交易所主板，股票代码" 60102 6.SH"；道生天合连续三 年风电叶片用环氧树脂销量全球第一，单项冠军。 2017年9月，金雨茂物完成对道生天合的第一轮战略投资，并在20 19年1 2月继续追加对道生天合的投资。金雨茂物对道生天合的连续 追投，是对项目的充分认可，也是产业协同、资本规划等多个维度不断赋能企业成长的充分体现。经过八年的陪伴，道生天合成长为 风电叶片用环氧树脂销量全球第一的新材料项目，构建覆盖风电、新能源汽车、储能等领域的材料矩阵。 业龙头企业建立了合作关系。 2022 年 公 司 在 风 电 领 域 已 经 成 长 为 全 球 龙 头 ， 超 越 曾 经 垄 断 市 场 的 美 国 瀚 森 ， 其 自 主 研 发 的 聚 氨 酯 材 料 打 破 德 国 汉 高 垄 断 ， 2022- 2024年道生天合连续三年风电叶片用环氧树脂销量全球第一，结构胶销量全球第三。 目前公司新能源汽车、储能等绿色新能源领域业务迅速增长，目前已涵盖了比亚迪集团、广汽集团、吉利集团、泰科电子、 ...

Core Viewpoint - Daosheng Tianhe, a leading global manufacturer of epoxy resin for wind turbine blades, successfully went public on the Shanghai Stock Exchange, marking a new chapter in its growth amid the "dual carbon" strategy [2] Company Overview - Established in 2015 and headquartered in the Shanghai Free Trade Zone, Daosheng Tianhe is a national high-tech enterprise focused on the R&D, production, and sales of new materials [2] - The company specializes in high-performance thermosetting resin materials, including epoxy resin, polyurethane, acrylic, and organic silicon, with products serving the wind power, new energy vehicles, energy storage, hydrogen energy, and other sectors [2] Market Position and Performance - Daosheng Tianhe is recognized as a "hidden champion" in the domestic market and has demonstrated strong capabilities in global competition [3] - The company has achieved full coverage of mainstream wind turbine blade designs with its epoxy resin products, projecting sales of 143,100 tons for 2024 in this category, making it the global leader [3] - In the new energy vehicle adhesive sector, Daosheng Tianhe has successfully entered the supply chains of major automakers and battery manufacturers, showcasing strong customer loyalty and market expansion potential [3] Industry Growth Potential - The global energy transition and electric vehicle trends are driving high growth in Daosheng Tianhe's market segments [4] - The Global Wind Energy Council forecasts a compound annual growth rate of 9.4% for new wind power installations from 2024 to 2028, with China planning to add over 50 GW annually during the 14th Five-Year Plan [4] - The penetration rate of new energy vehicles in China has surpassed 40%, leading to a surge in demand for adhesives and lightweight composite materials [4] Financial Performance - Daosheng Tianhe has shown steady financial performance, with revenues of 3.202 billion yuan, 3.238 billion yuan, and 835 million yuan for 2023, 2024 Q1, and 2025 Q1 respectively, alongside net profits of 155 million yuan, 155 million yuan, and 31.08 million yuan [4] - The company anticipates a year-on-year revenue growth of 22.32% to 27.03% and a net profit growth of 48.21% to 58.43% for the first three quarters of 2025, indicating strong profitability and growth potential [4] IPO and Future Plans - The IPO raised funds to support the annual production of 56,000 tons of high-end adhesives for new energy and power batteries, as well as high-performance composite resin systems, which will enhance the company's capacity and competitiveness in these sectors [4]

Company Overview - N道生 was listed today with an opening price of 24.77 yuan, representing an increase of 314.21% from the issue price [2] - The company specializes in the research, production, and sales of high-performance thermosetting resin systems based on epoxy resin, polyurethane, acrylic, and organic silicon [2] Financial Highlights - The total number of shares issued was 132 million, with 72.12 million shares offered online at an issue price of 5.98 yuan per share [2] - The issue price corresponds to a price-to-earnings (P/E) ratio of 29.05, compared to the industry average P/E ratio of 27.90 [2] - The effective subscription number for the online issuance was 13.14 million, with a final winning rate of 0.04220717% [2] - The initial fundraising amount was 789 million yuan, primarily allocated to projects for producing 78,000 tons of high-end adhesives and composite resin systems for new energy and power batteries, repaying bank loans, and supplementing working capital [2] Recent IPO Performance - Recent IPOs have shown significant first-day performance, with N道生 leading at 314.21% increase, followed by other companies like 长江能科 with 294.00% and 奥美森 with 337.70% [2][3] - The table of recent IPOs indicates a trend of high first-day returns across various sectors, including basic chemicals, machinery, electronics, and automotive [2][3]

微信编辑｜钉钉 据悉， 道生天合是一家致力于新材料的研发、生产和销售的国家级高新技术企业。产品主要围绕环氧 树脂、聚氨酯、丙烯酸酯和有机硅等高性能热固性树脂材料，形成了风电叶片用材料、新型复合材料用 树脂和新能源汽车及工业胶粘剂三大系列产品。 业绩方面，2022年、2023年、2024年及2025年1-6月， 道生天合 营业收入 分别为34.36亿元、32.02亿 元、32.38亿元及17.85亿元， 净利润 分别为1.08亿元、1.52亿元、1.55亿元及0.85亿元。 10月17日，新股N道生高开超314%，盘初一度涨超400%；截至发稿，该股涨近380%，报28.7元/股。 ...

业绩方面，2022年、2023年、2024年及2025年1-6月， 道生天合 营业收入 分别为34.36亿元、 32.02亿元、32.38亿元及17.85亿元， 净利润 分别为1.08亿元、1.52亿元、1.55亿元及0.85亿元。 微信编辑 ｜钉钉 据悉， 道生天合是一家致力于新材料的研发、生产和销售的国家级高新技术企业。产品主要围绕环氧 树脂、聚氨酯、丙烯酸酯和有机硅等高性能热固性树脂材料，形成了风电叶片用材料、新型复合材料用 树脂和新能源汽车及工业胶粘剂三大系列产品。 10月17日，新股N道生高开超314%，盘初一度涨超400%；截至发稿，该股涨近380%，报28.7元/ 股。 | < 日 | | N道生(601026) 交易中 10-17 09:46:25 融 | | | | --- | --- | --- | --- | --- | | 28.70 | | 额 10.9亿 股本 6.59亿 市盈 89.9 | 万得 | | | | | | 智口 | | | | | 22.72 379.93% 换 39.56% 市值 189亿 市净" 7.14 | | | | 分时 | 五目 | 周K 月K | 中文 ...