Group 1 - As of August 19, 2025, the stock price of Daoshi Technology closed at 21.48 yuan, an increase of 0.61 yuan or 2.92% from the previous trading day [1] - The trading volume on that day was 912,866 hands, with a total transaction amount of 1.929 billion yuan [1] - Daoshi Technology primarily engages in the research, production, and sales of new materials, including new energy battery materials and ceramic materials, which are widely used in lithium batteries and electronic components [1] Group 2 - According to the latest semi-annual report, the private equity firm Ruijun Asset entered Daoshi Technology with 3.8993 million shares in the second quarter [1] - On August 19, the net inflow of main funds was 101.8365 million yuan, accounting for 0.69% of the circulating market value [1] - Over the past five days, the net outflow of main funds was 37.4579 million yuan, representing 0.25% of the circulating market value [1]

Core Viewpoint - The company is reallocating unused fundraising from its original project to a new project focused on producing single-walled carbon nanotubes, which are critical for enhancing the performance of solid-state batteries and fast-charging technologies [2][3]. Fundraising Adjustment - The company announced the adjustment of its fundraising usage from the "Annual Production of 100,000 Tons of Ternary Precursor Project" to the "Annual Production of 120 Tons of Single-Walled Carbon Nanotube Project" [2]. - As of July 31, 2025, the company has utilized 322 million yuan of the fundraising for the ternary precursor project, leaving 1.434 billion yuan unspent [2]. - The company has decided to postpone the implementation of the New Energy Recycling Research Institute project to focus on the research and development of solid-state battery materials [2]. Market Opportunity - The shift in focus to single-walled carbon nanotubes is driven by the upgrade of new energy battery technology towards higher performance, as these materials can significantly improve battery energy density, rate performance, cycle life, and safety [2][3]. - The existing production capacity of ternary precursors is sufficient to meet current order demands, allowing the company to prioritize the development of the single-walled carbon nanotube project [2]. New Investment Project - The new investment project will be implemented by Jiangmen Haoxin New Energy Co., Ltd., located in Jiangmen City, with a total investment of 600 million yuan, of which 300 million yuan will be used from the fundraising [3]. - The company has established a comprehensive layout for solid-state battery core materials, including positive and negative electrodes, electrolytes, and conductive agents [3]. Production Capacity and Technology - The company has developed scalable production technology for high-quality and low-cost single-walled carbon nanotubes, with plans to achieve an annual production capacity of 50 tons by Q1 2026 and complete the 120 tons capacity within a year [3]. - Key technologies mastered by the company include continuous environmental purification, single-walled carbon nanotube preparation, and high solid content conductive agent preparation, ensuring large-scale production capabilities [3]. Financial Performance - In the first half of 2025, the company reported a revenue of 3.654 billion yuan, a decrease of 11.64% year-on-year, while the net profit attributable to shareholders increased by 108.16% to 230 million yuan [4][5]. - The net profit excluding non-recurring gains and losses rose by 119.72% to 211 million yuan, indicating strong operational performance despite the revenue decline [4][5]. - The company’s cash flow from operating activities increased by 97.54% to 667 million yuan, reflecting improved cash management [5].

Core Viewpoint - Daoshi Technology is shifting its fundraising focus from a planned project for ternary precursor production to a new project for single-walled carbon nanotubes, indicating a strategic move to capture market share in this high-demand sector [3][5]. Fundraising and Project Details - The company has approved a change in the use of 300 million yuan of unallocated funds from the original plan for a 100,000-ton ternary precursor project to a new project for producing 120 tons of single-walled carbon nanotubes [3][4]. - The new project, managed by Jiangmen Haoxin New Energy Co., has a total investment of 600 million yuan and an estimated construction period of three years [4]. Market Dynamics and Demand - Single-walled carbon nanotubes (SWCNTs) are characterized by superior performance and higher technical barriers compared to multi-walled carbon nanotubes, with current supply unable to meet demand [5][6]. - The global market for SWCNTs is dominated by OCSiAl, which holds over 90% market share, while domestic players like Tianai Technology are also expanding production capabilities [5][9]. - The demand for SWCNTs is expected to rise significantly, particularly in the lithium battery sector, where their use as conductive agents is projected to grow from 18.4% in 2024 to over 20% in 2025 [5]. Production Capacity and Future Outlook - Daoshi Technology aims to achieve an annual production capacity of 50 tons by Q1 2026, with plans to reach 120 tons within the following year [5]. - Tianai Technology is also ramping up production, with a 450-ton project expected to begin operations in Q4 of this year [8][9]. - The overall market for SWCNTs is projected to grow from $1.37 billion in 2024 to $1.55 billion in 2025, reaching $3.63 billion by 2032, with a compound annual growth rate of 13.0% [18]. Technological Advancements - Daoshi Technology has reportedly overcome challenges in the low-cost, large-scale production of SWCNTs, positioning itself to meet the high-end market demands [5]. - Tianai Technology has developed continuous production techniques for SWCNTs, enabling it to supply high-quality products for various applications, including lithium-silicon batteries [9][12]. Applications and Industry Trends - The increasing demand for high-capacity and fast-charging lithium batteries is driving the need for SWCNTs, with projections indicating significant market growth in the cylindrical battery sector [12][13]. - The potential for SWCNTs extends beyond lithium batteries, with ongoing research into applications in lithium-sulfur and sodium-ion batteries, indicating a broadening market scope [15][18].

Group 1 - The company Dao's Technology held its 12th board meeting of the 6th session on August 18, 2025, at its subsidiary in Foshan, combining in-person and remote voting [1] - The meeting reviewed a proposal regarding the change of part of the fundraising purposes [1] Group 2 - The average number of high-temperature days in China has increased by 25% over the past decade, indicating a growing impact of high temperatures on the economy [1] - Experts from the National Climate Center provided insights into the economic implications of rising temperatures [1]

民生证券股份有限公司 关于广东道氏技术股份有限公司 变更部分募集资金用途的核查意见 民生证券股份有限公司（以下简称"民生证券"、"保荐人"）作为广东道 氏技术股份有限公司（以下简称"道氏技术"、"上市公司"、"公司"）的保 荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上 市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有 关法律、法规和规范性文件的规定，对公司变更部分募集资金用途事项进行了审 慎核查，并发表如下核查意见： 一、变更募集资金投资项目的概述 （一）募集资金基本情况 经中国证券监督管理委员会《关于同意广东道氏技术股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2023〕224号）同意，公 司于2023年4月7日向不特定对象发行可转债26,000,000张，募集资金总额为人民 币2,600,000,000元，扣除发行费用后募集资金净额为人民币2,579,209,811.32元， 上述募集资金已于2023年4月13日到账，并由立信会计师事务所（特殊普通合伙） 出 ...

证券代码：300409 证券简称：道氏技术 公告编号：2025-089 广东道氏技术股份有限公司 第六届董事会 2025 年第 12 次会议决议公告 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。 本议案已经审计委员会审议通过。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的《关于 变更部分募集资金用途的公告》。 保荐机构出具了无异议的核查意见。 经全体董事审议，8 票赞成、0 票反对、0 票弃权。 一、董事会会议召开情况 广东道氏技术股份有限公司（以下简称"公司"）第六届董事会 2025 年第 12 次会议的通知于 2025 年 8 月 16 日以电子邮件、电话的方式向全体董事发出，全 体董事一致同意豁免通知期限，会议于 2025 年 8 月 18 日在子公司佛山市道氏科 技有限公司会议室以现场及通讯表决相结合的方式召开。本次会议应出席董事 8 人，实际出席董事 8 人，董事荣继华先生、王海晴先生及独立董事谢志鹏先生、 秦伟先生、郜树智先生、彭晓洁女士以通讯方式参加会议并表决。本次会议由董 事长荣继华先生主持，公司监事葛秀丽女士 ...

证券代码：300409 证券简称：道氏技术 公告编号：2025-091 广东道氏技术股份有限公司 关于变更部分募集资金用途的公告 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。 广东道氏技术股份有限公司（以下简称"道氏技术"或"公司"）于2025年8月 18日召开了第六届董事会2025年第12次会议和第六届监事会2025年第9次会议， 审议通过了《关于变更部分募集资金用途的议案》，同意公司结合政策和市场 环境变化、整体经营布局调整等实际情况，变更部分向不特定对象发行可转换 公司债券募集资金用途。该议案不涉及关联交易，尚需提交公司股东会审议。 现将具体情况公告如下： 一、变更募集资金投资项目的概述 （一）募集资金基本情况 经中国证券监督管理委员会《关于同意广东道氏技术股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2023〕224号）同意， 公司于 2023 年 4 月 7 日向不特定对象发行可转债26,000,000张，募集资金总额 为 人 民 币 2,600,000,000 元 ， 扣 除 发 行 费 用 后 募 集 资 金 净 额 为 ...

1.股东大会届次：2025 年第三次临时股东大会 2.会议召集人：公司第六届董事会 3.会议召开的合法、合规性：公司第六届董事会 2025 年第 12 次会议审议通 过《关于提请召开 2025 年第三次临时股东大会的议案》，本次股东大会的召开符 合有关法律法规和《公司章程》的规定。 4.会议召开日期与时间： 证券代码：300409 证券简称：道氏技术 公告编号：2025-092 广东道氏技术股份有限公司 关于召开2025年第三次临时股东大会的通知 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。 根据《中华人民共和国公司法》和《公司章程》的有关规定，经广东道氏技 术股份有限公司（以下简称"公司"）第六届董事会 2025 年第 12 次会议审议通过， 公司决定于 2025 年 9 月 3 日召开 2025 年第三次临时股东大会，现将会议有关事 项通知如下： 一、 本次股东大会召开的基本情况 （1）现场会议召开时间：2025 年 9 月 3 日（星期三） 14:00 （2）网络投票时间：2025 年 9 月 3 日（星期三） 通过深圳证券交易所交易系统进行网络投票的 ...

证券代码：300409 证券简称：道氏技术 公告编号：2025-090 广东道氏技术股份有限公司 第六届监事会2025年第9次会议决议公告 本公司及监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。 一、监事会会议召开情况 广东道氏技术股份有限公司（以下简称"公司"）第六届监事会 2025 年第 9 次会议的通知于 2025 年 8 月 16 日以电子邮件、电话的方式向全体监事发出，全 体监事一致同意豁免通知期限，本次会议于 2025 年 8 月 18 日在子公司佛山市道 氏科技有限公司会议室以现场及通讯表决相结合的方式召开。本次会议应参与表 决的监事 3 人，实际参与表决的监事 3 人，监事余祖灯先生和徐伟红女士以通讯 方式参加会议并表决。本次会议由余祖灯先生主持，公司董事会秘书潘昀希女士 列席会议。本次监事会会议的召开及表决符合《公司法》及《公司章程》等的有 关规定，会议合法有效。 二、监事会会议审议情况 参会监事经认真审议，依照《公司章程》及相关法律法规通过以下决议： （一）审议通过《关于变更部分募集资金用途的议案》 经监事会全体监事审议后认为：公司本次变更部分募集 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company is expected to achieve revenue growth from 2025 to 2027, with projected revenues of 9.718 billion, 11.500 billion, and 13.303 billion respectively, reflecting growth rates of 25.4%, 18.3%, and 15.7% [3][8] - The net profit attributable to shareholders is projected to increase significantly, with estimates of 458 million, 708 million, and 910 million for the same period, indicating growth rates of 192.0%, 54.5%, and 28.7% [3][8] - The company is focusing on new technologies and strategic resources, which are expected to enhance profitability and operational efficiency [3][8] Financial Summary - For 2023, the company reported a revenue of 7.296 billion with a year-on-year growth of 6.3% [9] - The net profit for 2023 was -28 million, with a significant recovery expected in subsequent years [9] - The company’s return on equity (ROE) is projected to improve from -0.4% in 2023 to 10.5% by 2027 [9] - The earnings per share (EPS) is expected to rise from -0.04 in 2023 to 1.16 by 2027 [9] Business Segments - The lithium battery materials segment contributed 12.68 billion in revenue, down 43.37% year-on-year, primarily due to slower delivery schedules from major clients [2] - The carbon materials segment showed stability with a revenue contribution of 3.29 billion, down slightly by 1.68% year-on-year, but with an improved gross margin of 18.49% [2] - Strategic resources are expected to support profit growth, with new capacity and technological upgrades leading to a revenue contribution of 17.34 billion, up 53.67% year-on-year [2]