Summary of Dow Technology Conference Call Company and Industry Overview - **Company**: Dow Technology - **Industry**: Single-Walled Carbon Nanotubes (SWCNT) and Solid-State Battery Materials Key Points and Arguments 1. **Performance Metrics**: Dow Technology's SWCNTs have a substrate ratio exceeding 100 and a specific surface area of 1,000 to 1,300, outperforming domestic competitors and some imported products, showcasing material performance advantages [2][5] 2. **Production Capacity**: The company aims to achieve an annual production capacity of 50 tons by the end of 2025 and 120 tons by mid-2026, driven by technological breakthroughs that lower manufacturing costs and enhance product competitiveness [2][6] 3. **Market Applications**: Over 80% of SWCNT applications are in digital and consumer electronics, particularly in conjunction with silicon-carbon anodes. The demand for high-rate and long-range applications in semi-solid and all-solid-state batteries is expected to grow significantly [2][9][10] 4. **Solid-State Battery Development**: Dow Technology has established a solid-state battery research institute focusing on solid electrolytes, lithium metal anodes, and AI for Science, aiming to create a comprehensive solution for solid-state battery materials [2][16] 5. **Collaboration with Universities**: The company collaborates with the University of Electronic Science and Technology to develop ultra-thin lithium metal anodes using a high-temperature melting method, which is expected to reduce costs and accelerate industrialization [2][30] 6. **Market Demand for Silicon-Carbon Anodes**: The demand for silicon-carbon anodes in the consumer electronics sector is projected to be between 1,000 to 2,000 tons in 2025, with a significant increase in the additive ratio expected [23][24] 7. **Customer Feedback and Market Position**: Feedback from customers indicates that Dow Technology's products are competitive with imported alternatives, which currently dominate the market with less than 20% share for domestic products [14][15] 8. **Production and Cost Control**: The company has developed a porous carbon structure for silicon-carbon anodes, which enhances performance and allows for cost control from the source [26][29] 9. **Future of Solid-State Batteries**: The development of solid-state batteries is progressing, with a focus on semi-solid technology due to its compatibility with existing lithium battery production lines. Dow Technology is also planning to develop inorganic electrolyte materials for both semi-solid and solid-state battery systems [18][20] Additional Important Information 1. **Sales and Pricing**: The current price for acidic powder exceeds 10 million yuan per ton, while slurry prices are around 100,000 yuan per ton. Dow Technology primarily sells slurry products and may consider exporting some powder orders in the future [7] 2. **Production Capacity for Silicon-Carbon Anodes**: Dow Technology's current production capacity is 50 tons, with plans to reach 100 tons by the end of this year and 200 to 300 tons by mid-2026 [25][28] 3. **Performance Indicators of Silicon-Carbon Anodes**: The first efficiency can reach 87%, with excellent rate performance, maintaining 93% to 90% efficiency under fast charging conditions [29] 4. **Market Trends**: The demand in the mobile digital sector is expected to double in 2025 compared to 2024, driven by increased penetration of smartphones and televisions [22] This summary encapsulates the critical insights from the conference call, highlighting Dow Technology's strategic initiatives, market positioning, and future outlook in the SWCNT and solid-state battery materials industry.

证券日报网讯8月20日晚间，道氏技术（300409）发布公告称，公司将于2025年8月22日(星期五)15：00- 16：00在全景网举行2025年半年度业绩说明会。 ...

证券代码：300409 证券简称：道氏技术 公告编号：2025-093 广东道氏技术股份有限公司 广东道氏技术股份有限公司董事会 （问题征集专题页面二维码） 特此公告。 2025年8 月20日 为充分尊重投资者、提升交流的针对性，现就公司2025年半年度业绩说明 会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025年8月22日12:00前访问 http://ir.p5w.net/zj/，或扫描下方二维码，进入问题 征集专题页面。公司将在2025年半年度业绩说明会上，对投资者普遍关注的问 题进行回答。 欢迎广大投资者积极参与本次业绩说明会。 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"公司"）《2025年半年度报告》全文 及其摘要已于2025年8月13日刊登于巨潮资讯网（www.cninfo.com.cn）。为使投 资者进一步了解公司的生产经营等情况，公司将于2025年8月22日（星期五）下 午15:00-16:00 在全景网举行2025年半年度业绩说明会。本次业绩说明会采用网 络远程的方式举行，投 ...

Company Overview - Guangdong Daoshi Technology Co., Ltd. was established in 2007 and is located in Jiangmen City, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1][2] - The company has a registered capital of 5.8167 billion RMB and a paid-in capital of 1.5448 billion RMB [1] Financial Performance - As of the latest interim report for 2025, the company reported total operating revenue of 3.654 billion RMB, a year-on-year decrease of 11.64% [1] - The net profit attributable to shareholders was 230 million RMB, showing a year-on-year increase of 108.16% [1] - The non-recurring net profit was 211 million RMB, reflecting a year-on-year growth of 119.72% [1] - The current ratio stands at 1.827, the quick ratio at 1.163, and the debt-to-asset ratio is 38.50% [1] Market Activity - As of August 20, 2025, the stock price closed at 21.75 RMB, with an increase of 1.26% [1] - The trading volume was 704,800 hands, with a transaction amount of 1.513 billion RMB [1] - The net inflow of main funds was 68.9 million RMB, accounting for 4.55% of the transaction amount [1] - Large orders saw a net inflow of 36.3 million RMB, while small orders experienced a net outflow of 50.4 million RMB [1] Investment and Intellectual Property - The company has made investments in 24 enterprises and participated in 108 bidding projects [2] - It holds 24 trademark registrations and 73 patents, along with 82 administrative licenses [2]

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 ...