Core Viewpoint - The company, Daon Co., claims that its DVA technology, which is used in tire gas barrier layers, has significant market potential, particularly in China, where the rubber tire production is projected to reach 1.187 billion units in 2024 [1] Group 1: Market Potential - The DVA technology is described as a disruptive technology with a vast market space, estimated to exceed 20 billion in the domestic market alone [1] - Currently, only Daon Co. possesses the relevant technology and research platform in China, making it a unique player in this sector [1] Group 2: Industry Context - China is recognized as a major producer of tires, with the latest data from the National Bureau of Statistics indicating a substantial production volume [1] - Globally, only ExxonMobil in the United States has the preparation technology for DVA, highlighting the competitive advantage of Daon Co. in the domestic market [1]

Core Viewpoint - The financial performance of Daon Co., Ltd. (002838) for the first half of 2025 shows significant growth in revenue and net profit, indicating a positive trend in the company's operations and financial health [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 2.881 billion yuan, a year-on-year increase of 24.08% compared to 2.322 billion yuan in 2024 [1] - Net profit attributable to shareholders was 84.04 million yuan, up 25.8% from 66.81 million yuan in the previous year [1] - The second quarter alone saw total revenue of 1.595 billion yuan, a 43.0% increase year-on-year, with net profit of 39.76 million yuan, up 26.2% [1] - Gross margin improved to 11.79%, an increase of 4.85% from the previous year, while net margin rose to 3.22%, up 1.66% [1] - Total accounts receivable increased by 30.83% to 1.303 billion yuan, indicating a potential risk in cash flow management [1] Expense Analysis - Sales expenses increased by 31.62% due to enhanced sales efforts [3] - Management expenses rose by 32.94%, attributed to increased acquisition costs and higher depreciation from fixed assets [3] - Financial expenses decreased by 52.14%, influenced by a significant conversion of convertible bonds and currency fluctuations [3] Tax and Cash Flow Changes - Income tax expenses surged by 126.15% due to increased earnings [4] - Net cash flow from operating activities decreased by 139.75%, primarily due to high strategic procurement of raw materials [5] - Net cash flow from investing activities fell by 192.1%, as the recovery of financial products was significantly lower than the previous year [5] - Net cash flow from financing activities increased dramatically by 1042.79%, reflecting higher external financing [6] Business Model and Financial Health - The company's return on invested capital (ROIC) was 4.45%, indicating weak capital returns, with a historical median ROIC of 12.95% since its listing [7][8] - The business model relies heavily on research and development, necessitating careful examination of the underlying drivers [9] - Concerns regarding cash flow are highlighted, with cash and cash equivalents covering only 21.4% of current liabilities, and a negative average operating cash flow over the past three years [9] - The debt situation is also a concern, with interest-bearing debt ratio reaching 20.71% and negative average operating cash flow [9] - Accounts receivable have reached 924.4% of profit, indicating potential liquidity issues [9] Analyst Expectations - Analysts project a net profit of 205 million yuan for 2025, with an average earnings per share of 0.43 yuan [9]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Insights - The company achieved significant growth in its main business, with a 41.69% year-on-year increase in net profit attributable to shareholders after excluding non-recurring gains and losses [5][10]. - The DVA technology is nearing successful implementation, with a vast future market potential, as it significantly improves tire performance metrics compared to traditional materials [5][17]. - Breakthroughs in robotic simulation skin elastomer materials have been achieved, enhancing the company's position in the emerging robotics field [5][20]. - The TPV business is expected to accelerate growth due to rising product prices and expanding application areas [5][24]. - The company forecasts substantial revenue growth in the coming years, with projected revenues of 61.3 billion, 69.4 billion, and 77.1 billion yuan for 2025, 2026, and 2027 respectively [5][30]. Summary by Sections Main Business Growth - In the first half of 2025, the company reported revenues of 28.81 billion yuan, a 24.08% increase year-on-year, and a net profit of 840.447 million yuan, up 25.80% [5][10]. - The main business segments include modified plastics (73.88% of revenue), thermoplastic elastomers (13.08%), and color masterbatches (4.49%) [10][12]. DVA Technology - DVA technology is positioned as a leading innovation in tire gas barrier materials, offering a 50% reduction in thickness, 80% weight reduction, and 7-10 times better gas impermeability compared to traditional materials [5][16]. - The potential market for DVA is estimated to reach hundreds of billions, with current penetration at 0% [5][17]. Robotic Simulation Skin - The company has made significant advancements in materials for robotic applications, including ultra-soft artificial muscles and conductive TPEs, which could revolutionize the robotics industry [5][20][21]. TPV Business Growth - The TPV segment is expected to see accelerated growth due to price increases and broader application fields, with the company raising TPV material prices by 1,000 to 2,000 yuan per ton starting July 1, 2025 [5][24][27]. - The company is expanding its TPV applications in automotive and cable materials, which are anticipated to drive demand significantly [5][28]. Financial Forecast - The company anticipates revenues of 61.3 billion, 69.4 billion, and 77.1 billion yuan for 2025, 2026, and 2027, with corresponding net profits of 2.1 billion, 2.6 billion, and 3.5 billion yuan [5][30].

Core Insights - The company, Shandong Daon High Polymer Materials Co., Ltd., reported a revenue of 2.881 billion yuan for the first half of 2025, representing a year-on-year growth of 24.08% [1] - The net profit attributable to shareholders reached 84.0447 million yuan, marking a 25.8% increase compared to the previous year [1] - The company announced a mid-term dividend plan, proposing a cash dividend of 0.3 yuan per 10 shares (including tax) [1] Business Segments - The elastomer business segment generated revenue of 377 million yuan, with a year-on-year growth of 16.94% [1] - The company acquired Anhui Bost New Materials Co., Ltd., which will enhance product layout and extend the industrial chain, focusing on various cable products [1] - The new thermoplastic elastomer (DVA) for tire gas barrier layers is undergoing road test validation with major tire manufacturers, showing promising potential for market replacement [2] - The modified plastics segment achieved revenue of 2.129 billion yuan, reflecting a growth of 22.35% by addressing downstream user needs and developing lightweight, comfortable, and eco-friendly products [2] - The color masterbatch segment reported revenue of 129 million yuan, with a significant increase of 32.76%, focusing on the home appliance market [2] - The company made technological breakthroughs in high-end fields, particularly in robotic simulation skin elastomer materials, and is collaborating with Xi'an Jiaotong University [2] - The company is expanding internationally, having established a production facility in Russia and is exploring opportunities in Southeast Asia, Central Asia, Africa, and North America [2]

Core Viewpoint - Daon Co., Ltd. (002838.SZ) reported its semi-annual results for 2025, indicating a significant presence of institutional investors holding 44.53% of the total shares, although this represents a slight decline from the previous quarter [1] Institutional Holdings - As of August 25, 2025, five institutional investors disclosed their holdings in Daon Co., Ltd., totaling 213 million shares, which accounts for 44.53% of the company's total share capital [1] - The institutional investors include Daon Group Limited, Hong Kong Central Clearing Limited, Shandong Daon High Polymer Materials Co., Ltd. - Fighter No. 1 Employee Stock Ownership Plan, Qingdao Technology Venture Capital Co., Ltd. - Qingdao Huazi Shengtong Equity Investment Fund Partnership (Limited Partnership), and Bank of China Credit Growth (LOF) A [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 1.69 percentage points [1] Public Fund Activity - During this reporting period, one new public fund was disclosed, namely Bank of China Credit Growth (LOF) A, compared to the previous quarter [1] Foreign Investment Trends - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, reduced its holdings, resulting in a slight decrease in its shareholding percentage compared to the previous quarter [1]

Core Insights - The company reported a total operating revenue of 2.881 billion yuan for the first half of 2025, an increase of 559 million yuan compared to the same period last year, marking a year-on-year growth of 24.08% [1] - The net profit attributable to shareholders reached 84.0447 million yuan, up by 17.2343 million yuan from the previous year, reflecting a year-on-year increase of 25.80% [1] - The company experienced a net cash outflow from operating activities of 54.796 million yuan [1] Financial Metrics - The latest debt-to-asset ratio stands at 44.95%, a decrease of 3.92 percentage points from the previous quarter [3] - The gross profit margin is reported at 11.79%, an increase of 0.55 percentage points year-on-year, achieving three consecutive years of growth [3] - The return on equity (ROE) is 2.37%, up by 0.18 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 0.19 yuan, an increase of 0.04 yuan year-on-year, representing a growth of 26.67% [3] - The total asset turnover ratio is 0.44 times, remaining stable compared to the previous year, with a year-on-year increase of 0.16 [3] - The inventory turnover ratio is reported at 3.20 times [3] Shareholder Structure - The number of shareholders is 27,200, with the top ten shareholders holding a total of 303 million shares, accounting for 63.34% of the total share capital [3] - The largest shareholder is Daon Group Co., Ltd., holding 41.4% of the shares [3] - Other notable shareholders include Han Limei with 15.4% and Hong Kong Central Clearing Limited with 1.38% [3]

Group 1 - The company has completed a non-public offering of up to 122,773,504 shares, raising a total of RMB 771,499,939.36, with a net amount of RMB 760,009,182.74 after deducting related expenses [2][36] - As of June 30, 2025, the total investment in fundraising projects reached RMB 678,880,700, with RMB 67,064,030 invested in previous years and RMB 824,040 in the first half of 2025 [3] - The remaining balance of the raised funds is RMB 97,659,100, including RMB 40,000,000 used for temporary liquidity and RMB 30,000,000 for financial products [3][5] Group 2 - The company has established a dedicated bank account for the management of raised funds and signed a tripartite supervision agreement with the sponsor and banks to ensure proper use of the funds [4] - There have been no changes in the actual investment projects funded by the raised funds as of June 30, 2025 [7] - The company has complied with all relevant laws and regulations regarding the use and disclosure of raised funds, with no violations reported [8] Group 3 - The company plans to use up to RMB 70,000,000 of idle raised funds to temporarily supplement working capital, with a usage period not exceeding 12 months [36][39] - The decision to use idle funds was approved by the board and is aimed at improving fund utilization efficiency without affecting ongoing investment projects [40][41] - The independent directors and the supervisory board have reviewed and approved the plan, confirming that it does not harm shareholder interests [42][43] Group 4 - The company reported a net profit of RMB 84,044,675.33 for the first half of 2025, with a proposed cash dividend of RMB 0.30 per share [47][48] - The total amount of cash dividends proposed is RMB 14,209,929.06, accounting for 16.91% of the net profit attributable to shareholders [48] - The profit distribution plan has been authorized by the 2024 annual general meeting and does not require further shareholder approval [49]

Core Viewpoint - The stock price of Daon Co., Ltd. closed at 28.20 yuan on August 25, 2025, reflecting a decline of 1.47% from the previous trading day, with significant trading volume and financial performance indicators showing growth in revenue and net profit [1] Financial Performance - For the first half of 2025, Daon Co., Ltd. reported operating revenue of 2.881 billion yuan, representing a year-on-year increase of 24.08% [1] - The net profit attributable to shareholders was 84.04 million yuan, up 25.80% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 79.37 million yuan, marking a substantial increase of 41.69% [1] Stock Performance - On August 25, 2025, the stock opened at 28.95 yuan, reached a high of 29.46 yuan, and a low of 27.63 yuan, with a trading volume of 255,189 hands and a total transaction amount of 723 million yuan [1] - The net inflow of main funds on August 25 was 605,200 yuan, with a cumulative net inflow of 114.99 million yuan over the past five days [1] Industry Application - Daon Co., Ltd. is primarily engaged in the research, development, production, and sales of plastic products, which are widely used in the automotive, home appliance, and electronics sectors [1]

Group 1 - The core viewpoint of the article is that Daon Co., Ltd. (SZ 002838) held its 25th meeting of the fifth board of directors on August 22, 2025, to discuss adjustments to the expected amount of daily related transactions for 2025 [1] - For the year 2024, Daon Co., Ltd.'s revenue composition is entirely from the rubber and plastic products industry, accounting for 100.0% [1] - As of the report, Daon Co., Ltd. has a market capitalization of 13.5 billion yuan [1]

申港证券股份有限公司 关于山东道恩高分子材料股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 申港证券股份有限公司（以下简称"申港证券"或"保荐机构"）作为山 东道恩高分子材料股份有限公司（以下简称"道恩股份"或"公司"）持续督 导工作的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集 资金监管规则》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司 自律监管指引第1号——主板上市公司规范运作》《深圳证券交易所上市公司自 律监管指引第13号——保荐业务》等相关法律、法规及规范性文件的要求，对 道恩股份使用部分闲置募集资金暂时补充流动资金事项进行了核查，核查的具 体情况如下： 三、前次闲置募集资金暂时补充流动资金的归还情况 公司于2024年8月23日召开第五届董事会第十三次会议和第五届监事会第 八次会议，审议通过了《关于使用部分闲置募集资金暂时补充流动资金的议 案》，同意公司使用不超过人民币4,000万元（含本数）暂时闲置募集资金暂时 补充流动资金，使用期限自本次董事会审议通过之日起不超过12个月。2025年 8月18日，公司已将上述用于暂时补充流动资金的募集资金全部归还至募集资 金 ...