山东道恩高分子材料股份有限公司 1 [此页无正文，为《山东道恩高分子材料股份有限公司第五届董事会独立董事 2025 年第 五次专门会议审查意见》之签字页] 独立董事签字： 第五届董事会独立董事 2025 年第五次专门会议审查意见 根据《公司法》《证券法》《上市公司独立董事管理办法》《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》 等法律法规、规范性文件及《山东道恩高分子材料股份有限公司章程》《山东道恩高分 子材料股份有限公司独立董事工作制度》的有关规定，山东道恩高分子材料股份有限公 司（以下简称"公司"）第五届董事会独立董事召开 2025 年第五次专门会议，就审议 事项发表如下审查意见： 1、因本次交易审计基准日更新至 2025 年 6 月 30 日，公司对相关文件进行修订， 编制了《山东道恩高分子材料股份有限公司发行股份及支付现金购买资产并募集配套资 金暨关联交易报告书（草案）（修订稿）》及其摘要。我们认为《山东道恩高分子材料 股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案） （修订稿）》及其摘要内容符合有关法律、法规、规范 ...

Core Insights - The company reported a revenue of 4.46 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 18.2% [1] - The net profit attributable to shareholders reached 130 million yuan, up 33.0% year-on-year, while the net profit after deducting non-recurring items was 120 million yuan, reflecting a 46.1% increase [1] - In Q3 2025, the company achieved a revenue of 1.57 billion yuan, with year-on-year and quarter-on-quarter changes of +8.8% and -1.3%, respectively [1] Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 12.7%, which is an increase of 2.3 percentage points compared to the previous quarter [1] - The Q3 net profit was 50 million yuan, showing a year-on-year increase of 48.2% and a quarter-on-quarter increase of 17.1% [1] - The net profit after deducting non-recurring items for Q3 was 40 million yuan, with a year-on-year increase of 55.1% and a slight decrease of 0.2% from the previous quarter [1] Product Development and Market Potential - The DVA road testing is progressing steadily, which is expected to gradually open up market opportunities [2] - DVA, a new thermoplastic elastomer for tire gas barrier layers, can reduce thickness by 50%, weight by 80%, and improve gas barrier performance by 7-10 times compared to traditional materials [2] - The company is the only domestic entity with the relevant technology and R&D platform for DVA, and it is currently constructing a dedicated production line for DVA with a capacity of 20,000 tons [2] Strategic Initiatives - The company is expanding its production capacity with the construction of a new materials project in Shandong, which includes 100,000 tons of TPU and 60,000 tons of polyols [2] - The full acquisition of Anhui Bost New Materials Co., Ltd. was completed in June, which is expected to optimize product layout and enhance the company's overall competitiveness [2] Earnings Forecast and Valuation - The company is projected to achieve revenues of 5.92 billion, 6.68 billion, and 7.55 billion yuan for 2025-2027, with year-on-year growth rates of 11.7%, 12.8%, and 13.1%, respectively [3] - The net profit attributable to shareholders is expected to reach 200 million, 310 million, and 410 million yuan for the same period, with growth rates of 41.1%, 56.6%, and 33.1% [3] - Based on the closing price on October 27, the corresponding P/E ratios are projected to be 62, 40, and 30 times for 2025-2027 [3]

Core Viewpoint - Daon Co., Ltd. has shown significant stock performance with a year-to-date increase of 127.19%, despite a recent decline of 2.10% over the last five trading days [1] Group 1: Stock Performance - As of October 29, Daon Co., Ltd. shares rose by 2.04%, reaching 26.54 CNY per share, with a total market capitalization of 12.697 billion CNY [1] - The company experienced a net inflow of main funds amounting to 775,800 CNY, with large orders accounting for 14.17% of purchases and 14.74% of sales [1] - Over the past 20 days, the stock has increased by 5.69%, and over the past 60 days, it has risen by 11.00% [1] Group 2: Financial Performance - For the period from January to September 2025, Daon Co., Ltd. reported a revenue of 4.456 billion CNY, reflecting a year-on-year growth of 18.23% [2] - The net profit attributable to shareholders for the same period was 131 million CNY, marking a year-on-year increase of 32.96% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Daon Co., Ltd. was 23,400, a decrease of 13.95% from the previous period [2] - The average number of circulating shares per shareholder increased by 16.22% to 17,947 shares [2] - The company has distributed a total of 441 million CNY in dividends since its A-share listing, with 120 million CNY distributed over the last three years [3]

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational stability and market demand [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 4.46 billion yuan, a year-on-year increase of 18.2%, and a net profit attributable to shareholders of 130 million yuan, up 33.0% year-on-year [1]. - In Q3 alone, the company generated revenue of 1.57 billion yuan, reflecting an 8.8% year-on-year growth but a slight decline of 1.3% quarter-on-quarter. The net profit for Q3 was 50 million yuan, marking a 48.2% increase year-on-year and a 17.1% increase quarter-on-quarter [1]. Industry Position and Growth Drivers - The company is a leading player in China's rubber and plastic industry, focusing on modified plastics and thermoplastic elastomers, with applications across various sectors including automotive, home appliances, and new energy [2]. - The growth in downstream demand, particularly from home appliance subsidies and the rapid increase in new energy vehicle production, has positively impacted the company's sales and profit margins [2]. Cost Management and R&D Investment - The company has successfully reduced financial expenses, leading to a decrease in the expense ratio. The financial expenses for the first three quarters of 2025 were 2 million yuan, down 40.1% year-on-year [2]. - The R&D expense ratio remained high at 4.2%, reflecting the company's commitment to innovation and maintaining its leadership in the thermoplastic elastomer and modified plastic sectors [2]. Innovation and Future Opportunities - The company has made significant progress in developing DVA, a new gas barrier material, which is expected to be commercialized soon, positioning the company at the forefront of DVA research globally [3]. - Recent strategic moves include acquisitions and technological advancements in various fields, such as high polymer cables and new materials for robotics, which are anticipated to create new growth opportunities [3][4]. Profit Forecast - The company is projected to achieve net profits of 183 million yuan, 387 million yuan, and 751 million yuan for the years 2025, 2026, and 2027, respectively, indicating strong future growth potential [4].

Core Viewpoint - Daon Co., Ltd. has shown significant performance growth in 2025, with a steady increase in revenue and net profit, driven by the recovery of downstream industries and the stability of its core businesses [1][2]. Financial Performance - In the first three quarters of 2025, Daon Co., Ltd. reported a revenue of 4.456 billion yuan, representing an 18.23% year-on-year increase, and a net profit attributable to shareholders of 131 million yuan, up 32.96% year-on-year [1]. - The company’s revenue growth accelerated from the first half of the year, where it achieved 2.881 billion yuan in revenue, a 24.08% increase, and a net profit of 84.04 million yuan, a 25.80% increase [1]. - In Q3 alone, Daon Co., Ltd. generated 1.574 billion yuan in revenue, an 8.84% increase, and a net profit of 46.55 million yuan, reflecting a significant 48.19% growth in quarterly net profit [1]. Business Segments - The modified plastics segment is a key driver of revenue, generating 2.129 billion yuan in the first half of 2025, a 22.35% increase, and accounting for over 70% of total revenue [2]. - The thermoplastic elastomers segment achieved 377 million yuan in revenue, a 16.94% increase, with a gross margin improvement of 1.72 percentage points to 21.34% [2][3]. - The color masterbatch segment also experienced high growth, with revenue reaching 129 million yuan, a 32.76% increase, benefiting from the recovery in the home appliance and electronics sectors [3]. Emerging Business Opportunities - New business areas such as DVA, robotic materials, and TPV are expected to significantly contribute to future growth, with DVA showing potential as a major technological breakthrough in the polymer materials field [4][5]. - DVA materials offer substantial advantages over traditional tire materials, including a 50% reduction in thickness and an 80% reduction in weight, aligning with the automotive industry's focus on cost reduction and environmental sustainability [4][5]. - The company is also advancing in the robotics materials sector, focusing on various innovative materials that enhance the functionality and cost-effectiveness of robots, positioning itself as a key supplier in this high-growth area [6]. Overall Investment Value - Daon Co., Ltd. is characterized by stable core business performance and promising new business potential, making it an attractive investment opportunity [6].

Core Viewpoint - The company announced the proposal to elect Mr. Wang Yongfang as a non-independent director of the fifth board of directors [2] Group 1 - The announcement was made on the evening of October 23 [2] - The election is part of the company's governance structure [2]

Core Viewpoint - Daon Co., Ltd. reported a strong performance in the third quarter, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - The company's revenue for the first three quarters reached 4.456 billion yuan, representing an 18.23% increase compared to the same period last year [1] - The net profit attributable to shareholders of the listed company was 130 million yuan, showing a year-on-year growth of 32.96% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 120 million yuan, reflecting a substantial increase of 46.07% year-on-year [1]

Core Insights - The company reported a revenue of 4.456 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 18.23% [1] - The net profit attributable to shareholders reached 131 million yuan, showing a year-on-year increase of 32.96% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 122 million yuan, reflecting a year-on-year growth of 46.07% [1]

Group 1 - The company Daon Co., Ltd. (SZ 002838) announced that as of the date of the announcement, the total amount of external guarantees reached approximately 860 million yuan, accounting for 27.58% of the company's most recent audited net assets attributable to shareholders [1] - For the first half of 2025, the revenue composition of Daon Co., Ltd. is entirely from the rubber and plastic products industry, with a 100% share [1] - As of the time of reporting, Daon Co., Ltd. has a market capitalization of 12.5 billion yuan [1]

Group 1 - The core point of the article is that Daon Co., Ltd. (SZ 002838) held its 27th meeting of the fifth board of directors on October 23, 2025, to discuss the proposal for the re-election of a non-independent director [1] - For the first half of 2025, Daon Co., Ltd. reported that its revenue was entirely derived from the rubber and plastic products industry, accounting for 100.0% of its total revenue [1] - As of the time of reporting, Daon Co., Ltd. has a market capitalization of 12.5 billion yuan [1]