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]

Core Insights - The chairman of DaoSheng TianHe, Ji Gang, emphasized that the company's listing marks the beginning of a new journey and is both an honor and a responsibility, thanking various stakeholders for their support [2] - DaoSheng TianHe aims to strengthen corporate governance and focus on technological innovation and global market expansion, aligning with the national "dual carbon" strategy to become a leading global provider of new material solutions [2] - The company has established itself as a leader in the new materials sector, particularly in the wind power industry, with its epoxy resin for wind turbine blades being the largest in global production scale [2] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was reported as 3.436 billion, 3.202 billion, 3.238 billion, and 1.785 billion respectively, with net profits of 108 million, 152 million, 155 million, and 85 million respectively [3] - DaoSheng TianHe has been expanding its product offerings in new composite materials and automotive adhesives, becoming one of the few domestic companies to master multiple basic chemical raw material formulations [3] Future Development - DaoSheng TianHe plans to leverage capital market resources for diversified development and to enhance its global presence, aiming to become a comprehensive new materials company [4] - The company is committed to developing high-performance thermosetting resin materials and expanding its product and market development in the photovoltaic and power sectors, while also providing domestic companies with import substitution solutions [4]

Core Viewpoint - Daoshengtianhe Materials Technology Co., Ltd. has successfully listed on the Shanghai Stock Exchange, marking a new chapter in its development as a leading enterprise in the high-performance thermosetting resin materials sector [2][4]. Group 1: Market Position and Product Offerings - The company has established a strong market position in the wind power blade materials sector, ranking as a global leader [5][6]. - Daoshengtianhe's product system includes epoxy resins, polyurethane, acrylic esters, and organic silicon, focusing on materials for wind power blades, new composite materials, and adhesives for new energy vehicles [4][6]. - The company serves various high-end industrial sectors, including wind power, new energy vehicles, energy storage, hydrogen energy, aviation, oil and gas extraction, and power generation [4][6]. Group 2: Technological Innovation and R&D - The core competitiveness of the company lies in its strong technological accumulation, forward-looking R&D strategy, and excellent technical service capabilities [7]. - As of June 30, 2025, the company has obtained 69 patents, including 38 invention patents, and is a key drafter of national standards for epoxy resin testing methods [7]. - The company has established six major R&D platforms, providing a solid theoretical basis and technical support for new product development [7][8]. Group 3: Financial Performance and Future Growth - The company is expected to achieve significant revenue growth, with projected revenues of CNY 3.238 billion and a net profit of CNY 155 million for the fiscal year 2024 [9]. - For the first three quarters of 2025, the company anticipates a revenue increase of 22.32% to 27.03% and a net profit increase of 48.21% to 58.43% [9]. - The funds raised from the public offering will be primarily invested in high-end adhesive and resin systems projects, which will enhance production capacity and optimize product structure [9]. Group 4: Future Outlook - The company aims to become a global leader in comprehensive new material solutions while expanding into markets such as photovoltaics, consumer electronics, semiconductors, rail transportation, 3D printing, 5G communications, shipping, and construction materials [10]. - Daoshengtianhe plans to establish a global marketing network in regions such as Europe, America, and Southeast Asia to enhance its visibility and influence in the global materials industry [11].

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].

Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. aims to become a global leader in new material solutions, focusing on technology innovation and market expansion while supporting China's "dual carbon" strategy [2][8]. Company Overview - Established in 2015, Daoshengtianhe specializes in the research, production, and sales of new materials, particularly high-performance thermosetting resin materials such as epoxy resin, polyurethane, acrylic ester, and organic silicon [4]. - The company offers three main product series: materials for wind turbine blades, resins for new composite materials, and adhesives for electric vehicles and industrial applications [4]. Market Position - Daoshengtianhe's epoxy resin products for wind turbine blades have achieved full coverage of mainstream wind turbine blade designs, with sales of 143,100 tons in 2024, making it the global leader in this category from 2022 to 2024 [4]. - The company's structural adhesives for wind turbine blades ranked second in China and third globally [4]. Product Development - The company continuously develops new products and expands their application fields, including new composite materials for various industries such as rail transportation and construction [5]. - Their adhesives for electric vehicles are widely used in critical components like motors, batteries, and electronic systems, with notable clients including BYD, GAC Group, and Geely [5]. Investment and Support - Daoshengtianhe has received significant investment from prominent firms such as Jingwei Venture Capital and Junlian Capital, which believe in the company's potential to become a global leader in the new materials sector [6][7]. - The company is recognized for breaking international monopolies in wind power materials and is expected to continue leading industry innovation and development [7][8].

Core Viewpoint - The article highlights the successful IPO of DaoSheng TianHe Materials Technology Co., Ltd., which has become a global leader in wind turbine blade epoxy resin sales for three consecutive years, showcasing its strong market position and growth potential [2][7]. Company Overview - DaoSheng TianHe was strategically invested in by JinYu MaoWu in September 2017, with additional investments in December 2019, reflecting the recognition of the project's potential and the company's growth in various sectors [4]. - The company has developed a material matrix covering wind power, new energy vehicles, and energy storage, indicating its diversified business strategy [4][7]. Market Position - In 2022, DaoSheng TianHe surpassed the previously dominant US company Hexion in the wind power sector, achieving the highest global sales of wind turbine blade epoxy resin and third in structural adhesives [7]. - The company has established partnerships with leading firms such as BYD, GAC Group, and others, enhancing its market presence in the green energy sector [7]. Future Prospects - The upcoming fundraising will support the annual production of 56,000 tons of high-end adhesives and high-performance composite resin systems, solidifying the company's leading position in the industry [7]. - JinYu MaoWu, founded in 2004, has a fund management scale exceeding 23 billion, focusing on emerging industries and successfully facilitating the listing of 35 companies domestically and internationally [8].

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]

Group 1 - The stock of Daosheng Tianhe opened with a surge of over 314% and reached a peak increase of over 400%, currently trading at 28.7 yuan per share, reflecting a nearly 380% rise [1] - Daosheng Tianhe is a national high-tech enterprise focused on the research, production, and sales of new materials, primarily involving epoxy resins, polyurethanes, acrylics, and organic silicon [3] - The company has developed three main product series: materials for wind turbine blades, resins for new composite materials, and adhesives for new energy vehicles and industrial applications [3] Group 2 - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 is reported as 3.436 billion yuan, 3.202 billion yuan, 3.238 billion yuan, and 1.785 billion yuan respectively [3] - The net profit for the same periods is reported as 108 million yuan, 152 million yuan, 155 million yuan, and 85 million yuan respectively [3]

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 ...