证券代码：002838 证券简称：道恩股份 公告编号：2025-107 山东道恩高分子材料股份有限公司 关于举行2025年半年度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 山东道恩高分子材料股份有限公司（以下简称"公司"）《2025 年半年度报告全 文及<摘要>》已于 2025 年 8 月 26 日刊登于巨潮资讯网。为加强与投资者的深入交流， 使投资者更加全面、深入地了解公司情况，公司将举办 2025 年半年度业绩说明会。本 次业绩说明会将采用网络远程的方式举行，说明会具体情况如下： 欢迎广大投资者积极参与本次网上业绩说明会。 特此公告。 山东道恩高分子材料股份有限公司董事会 2、参会人员：公司董事、总经理田洪池先生，副总经理、董事会秘书王有庆先生， 副总经理、财务总监邹远勇先生。 3、参会方式：本次业绩说明会在全景网以网络远程的方式举行，投资者可登陆"全 景•路演天下"（http://ir.p5w.net）参与本次 2025 年半年度业绩说明会。 二、征集问题事项 为充分尊重投资者、提升交流的有效性，现就公司 2025 年半年度业绩说明 ...

Core Viewpoint - The article highlights the rapid growth and industrialization of PCTG (Polycyclohexylene Dimethylene Terephthalate) and its copolymers, emphasizing their environmental benefits and wide applications in packaging and consumer goods. It also points out the current technological monopoly held by companies like SK Chemicals and Eastman in this sector, while noting the advancements made by Shandong Dawn New Materials Co., Ltd. in breaking this monopoly and achieving commercialization in China [2][3]. Group 1: PCTG Material Characteristics and Applications - PCTG is an eco-friendly material with excellent transparency, toughness, and processing capabilities, comparable to glass, and offers superior weather resistance, chemical resistance, and thermal forming properties [2]. - In the packaging sector, PCTG containers enhance product visibility and shelf life due to their good barrier properties, making them suitable for food, cosmetics, and beverage packaging [2]. - The material is also utilized in consumer products, such as home goods and electronic device casings, providing a stylish appearance and durability [2]. Group 2: Market Trends and Industrial Developments - The demand for PCTG is rapidly increasing due to growing global environmental awareness and its recyclability, aligning with sustainable market trends [2]. - Shandong Dawn New Materials Co., Ltd. has established a joint venture with Zhejiang HeFu, investing 200 million yuan to focus on copolyester materials, including PCTG, and has become the first company in China to commercialize PCTG [3]. - The company has completed the installation of equipment for its new material expansion project and is expected to produce 100,000 tons of TPU and 60,000 tons of polyols annually upon reaching full capacity [3]. Group 3: Technological Advancements and Industry Events - The article mentions that the chief engineer of Shandong Dawn New Materials will present at the 2025 Polymer Industry Annual Conference, discussing the development and application of temperature-resistant and aging-resistant PCTG resins, which have broken foreign technological monopolies [6][12]. - The conference aims to explore new opportunities in emerging industries, including AI, low-altitude economy, and new energy vehicles, indicating a broader context for the development of polymer materials [13].

Core Viewpoint - The article highlights the significant growth and innovation in the polymer industry, particularly focusing on the achievements of Daon New Materials Co., Ltd. and the upcoming 2025 Polymer Industry Annual Conference, which aims to explore new opportunities in emerging industries driven by China's rising new economy [13][14]. Financial Performance - Daon New Materials reported a revenue increase of 24.08% year-on-year, with operating profit up by 38.93%, total profit rising by 33.67%, and net profit increasing by 26.14%. The net profit attributable to shareholders, excluding non-recurring gains and losses, grew by 41.69% [3]. Business Segments - **Elastomer Business Segment**: Achieved revenue of 37,697.67 thousand yuan, a year-on-year increase of 16.94%. The company has successfully validated parts for TPV products made from low-oil content ultra-high molecular weight EPDM with key customers, aiming to replace imported materials in mass production [4]. - **Modified Plastics Business**: Generated revenue of 212,875.54 thousand yuan, reflecting a 22.35% year-on-year growth. The company developed flame-retardant, low-odor, and high-gloss PCR materials, successfully entering mass production with several grades [6]. - **Color Masterbatch Business**: Reported revenue of 12,935.11 thousand yuan, up 32.76% year-on-year, with significant breakthroughs in functional masterbatches for engineering plastics and specialty fibers [6]. - **Copolymers Business**: Focused on PBAT, PETG, PCTG, and TPU products, completing the development and verification of biodegradable polyester materials and advancing the construction of new production projects [6]. Research and Development - The company is actively engaged in various R&D projects, including conductive plastic carrier tape, heat-resistant PPS, and new biodegradable polyester materials. Collaborations with universities and research institutions are ongoing to develop advanced materials and technologies [7][8]. Upcoming Events - The 2025 Polymer Industry Annual Conference will take place from September 10-12 in Hefei, focusing on the future of the polymer industry and exploring new materials and technologies in sectors such as AI, low-altitude economy, and new energy vehicles [13][14].

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]