Group 1 - A breakthrough method developed by the Korea Institute of Basic Science allows the production of millimeter-sized, mirror-smooth graphite films, with grain sizes approximately 10,000 times larger than traditional artificial graphite [1] - The mechanical testing results show that the Young's modulus of the graphite film reaches 969 gigapascals, with a tensile strength of 1.29 gigapascals, approaching the theoretical limit of single-crystal graphite [1] - The planar thermal conductivity of the new graphite film is as high as 2034 watts per meter per Kelvin, exceeding that of copper, and the electrical conductivity reaches 22500 siemens per centimeter, setting a new performance record for macroscopic artificial graphite [1] Group 2 - In the A-share market, there are fewer than 10 stocks involved in the graphite business, with only three stocks having a rolling price-to-earnings ratio below 30 times as of August 13 [1] - Among the disclosed performance data of related concept stocks, both Dao's Technology and Zhongke Electric reported net profit growth, with Zhongke Electric expected to achieve a net profit of 232 million to 301 million yuan in the first half of 2025, representing a year-on-year growth of 235% to 335% [1] - Dao's Technology reported a net profit of 230 million yuan in the first half of the year, marking a year-on-year increase of 108.16% [1]

Industry Overview - China is the largest producer and consumer of cobalt oxide globally, with a production of 9,500 tons in the first half of 2025, representing a year-on-year growth of 40.69% [1][10] - The global demand for cobalt oxide is driven by the expected sales of over 18 million electric vehicles in 2025, with significant demand for high-purity cobalt oxide in the power battery sector, particularly for lithium cobalt oxide cathode materials [1][10] - The energy storage market is accelerating due to carbon neutrality goals, further increasing the demand for cobalt oxide [1][10] - Emerging consumer electronics, such as foldable smartphones and AR/VR devices, have increased the cobalt content per device by 40% compared to traditional models, creating additional demand [1][10] - Government policies, including the State Council's action plan for large-scale equipment updates and local support for new energy materials, provide long-term benefits for cobalt oxide applications in power batteries [1][10] Industry Chain - The upstream of the cobalt oxide industry chain includes cobalt mines, recycled materials, ammonium carbonate solution, and sulfuric acid, along with various production equipment [6] - The midstream involves the production and manufacturing of cobalt oxide, while the downstream applications include battery materials, pigments, ceramics, magnetic materials, catalysts, and consumer electronics [6] Market Dynamics - The global cobalt reserves are estimated at 11 million tons, with the Democratic Republic of Congo (DRC) holding 6 million tons, accounting for 55% of the total [8] - In 2024, global cobalt production is projected to reach approximately 291,300 tons, a year-on-year increase of 22.39%, with the DRC contributing 75.86% of the total production [8] - The DRC's export ban on cobalt has been extended, potentially leading to a supply shortage and increased cobalt prices, although Chinese companies are expected to maintain normal operations in the short term [8][12] Key Companies - Huayou Cobalt is a leading player in the industry, achieving a 40% self-sufficiency rate in raw materials through its control of six cobalt mines in the DRC [14] - Jinchuan Group holds a significant position in the cobalt oxide market due to its rich mineral resources and stable production capacity [14] - Greeenme has established a closed-loop business model for resource recovery, achieving over 99% cobalt recovery rates [14] Price Trends - Cobalt oxide prices in China have remained low due to declining cobalt prices and increasing production, but a rebound in cobalt prices following the DRC's export ban has led to a doubling of cobalt oxide prices [12] - As of June 2025, the price of cobalt oxide in China was 190,000 yuan per ton, reflecting a year-on-year increase of 51.39% [12] Industry Development Trends 1. Resource security and global layout are crucial for building a diversified supply system, with Chinese companies enhancing supply stability through overseas investments [19] 2. Technological breakthroughs are necessary to capture high-end markets, with innovations in cobalt oxide production processes and product purity requirements [20] 3. The industry is moving towards a low-carbon economy, emphasizing environmentally friendly production processes and recycling systems, particularly in response to stricter regulations [21]

本次财报公布的各项数据指标表现一般。其中，毛利率20.51%，同比增18.63%，净利率6.83%，同比增 97.05%，销售费用、管理费用、财务费用总计2.97亿元，三费占营收比8.14%，同比增19.84%，每股净 资产10.03元，同比增6.46%，每股经营性现金流0.85元，同比增46.89%，每股收益0.32元，同比增 66.25% 据证券之星公开数据整理，近期道氏技术（300409）发布2025年中报。截至本报告期末，公司营业总收 入36.54亿元，同比下降11.64%，归母净利润2.3亿元，同比上升108.16%。按单季度数据看，第二季度 营业总收入18.96亿元，同比下降11.15%，第二季度归母净利润1.87亿元，同比上升93.57%。本报告期 道氏技术盈利能力上升，毛利率同比增幅18.63%，净利率同比增幅97.05%。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 41.35 乙 | 36.54亿 | -11.64% | | 归母净利润(元) | 1.11亿 | 2.3亿 | 108.16 ...

Summary of the Conference Call for Dao's Technology Company and Industry Overview - **Company**: Dao's Technology - **Industry**: Semiconductor and High-Performance Computing (HPC) Key Points and Arguments 1. Dao's Technology has entered the chip research, production, and sales sector through its 80% stake in the computing power center, aiming to expand market influence and support R&D for research institutions and enterprises, marking a significant step in industrialization [2][3] 2. The company focuses on the design of APU (Atomic Processing Unit) chips using a fabless model, outsourcing production to foundries like TSMC and SMIC. The APU is primarily used for atomic-level scientific computing, with a projected market size in China reaching hundreds of billions of RMB annually, and currently no direct competitors [2][6] 3. The APU chip features a storage-computing integrated brain-like architecture, significantly improving computation speed and reducing energy consumption by two to three orders of magnitude compared to traditional GPUs and CPUs, particularly excelling in atomic-level scientific calculations [2][9] 4. The He Xi Atomic Computing Center, co-established by Dao's Technology, plans to invest approximately 200 He Xi architecture servers, with completion expected in 2025 and further expansion in 2026 [2][10] 5. The supercomputing service market is valued at hundreds of billions of RMB, with atomic-level scientific computing accounting for 50%-75% of this market, indicating a potentially underestimated market space [2][11] 6. The APU chip has significant growth potential, akin to the transformative impact of GPUs on AI, with the ability to unlock a trillion-level market in material research [2][12] Additional Important Insights 1. Dao's Technology has established a partnership with Professor Liu Jie’s team to develop the Guangdong Xin Pei Sen platform, where Dao's holds a 20% stake, focusing on chip R&D, production, and sales [3] 2. The APU chip has already been applied in fields such as new energy material design, outperforming Nvidia's banned GPU by an order of magnitude and being three times faster than imported CPUs [4][14] 3. The company’s business model includes time leasing, hardware sales, and technical services, with a focus on providing tailored solutions based on customer needs [4][16] 4. The APU chip is positioned as a high-precision, high-performance solution for atomic-level scientific calculations, providing distinct advantages over general-purpose GPUs [7][43] 5. The company has received positive feedback from major clients in the materials sector, including Ningde Times and Zhuhai Guangyu, confirming the performance advantages of their computing services [31] 6. Dao's Technology emphasizes its core barriers, including the integration of complex atomic-level scientific computing algorithms into the APU chip and the proprietary software ecosystem that supports its hardware [32] Market and Competitive Landscape 1. The APU chip's market is currently dominated by Dao's Technology, with no direct competitors in the atomic-level scientific computing niche [6][13] 2. The company plans to maintain its focus on scientific computing rather than entering the general computing market, which is already saturated with established solutions [47] 3. The company is also exploring the integration of large model technologies to meet domestic computing demands [45] Future Developments 1. Dao's Technology is in the process of developing ASIC chips, with the first MPW tape-out completed in 2023 and plans for further product iterations in 2026 [48][49] 2. The company aims to expand its computing power center and establish additional training centers in collaboration with local governments and partners [10][52]

Group 1 - The core viewpoint of the article highlights the recent performance and financial metrics of Dao's Technology, indicating a mixed financial outlook with a significant drop in revenue but a substantial increase in net profit [1][3] - As of August 13, 2025, Dao's Technology's stock closed at 19.75 yuan, reflecting a 6.53% increase with a trading volume of 1.1758 million hands and a transaction amount of 2.285 billion yuan [1] - The company's latest financial results show total revenue of 3.654 billion yuan, a year-on-year decrease of 11.64%, while net profit attributable to shareholders reached 230 million yuan, a year-on-year increase of 108.16% [1] Group 2 - The company has a current liquidity ratio of 1.827 and a quick ratio of 1.163, indicating a stable short-term financial position [1] - Dao's Technology has made investments in 24 companies and participated in 108 bidding projects, showcasing its active engagement in the market [2] - The company holds 24 trademark registrations and 73 patents, along with 82 administrative licenses, reflecting its commitment to innovation and compliance [2]

Group 1 - The battery sector increased by 2.72% compared to the previous trading day, with the Shanghai Composite Index closing at 3683.46, up 0.48%, and the Shenzhen Component Index closing at 11551.36, up 1.76% [1] - The top-performing stock in the battery sector was Tongguan Copper Foil, which rose by 20.02% to a closing price of 29.92 [1] - Other notable gainers included Yishitong, which increased by 17.89%, and Defu Technology, which rose by 17.30% [1] Group 2 - The net inflow of main funds in the battery sector was 1.213 billion yuan, while retail investors contributed a net inflow of 361 million yuan [3] - Conversely, there was a net outflow of 1.574 billion yuan from speculative funds [3]

Core Viewpoint - The company, Daoshi Technology, is leveraging advanced materials such as carbon nanotubes and graphene to enhance the performance of flexible sensors, particularly in pressure sensing applications [1] Group 1: Product Applications - The carbon nanotubes and graphene powders provided by the company can be used in the core structure of Ensta's flexible sensors [1] - Carbon nanotube composites form a stretchable conductive network that can be integrated into flexible substrates through printing processes, enabling the construction of high-sensitivity pressure sensing arrays [1] Group 2: Performance Characteristics - The micro-patterned structure of carbon nanotube composites can detect sub-millimeter pressure changes, with a response time reaching milliseconds, significantly outperforming traditional materials in sensitivity [1] - Graphene's high stability allows it to maintain performance across a wide temperature range, while a dual-layer design can mitigate humidity interference, ensuring reliable sensing in complex environments [1] Group 3: Technological Advancements - Single-walled carbon nanotubes exhibit high conductivity, enabling microsecond-level electrical signal responses, which, when combined with AI-driven optimization algorithms, can further reduce muscle contraction errors [1] - The high mechanical strength of graphene extends the lifespan of electronic muscles, enhancing the durability of the products [1]

Group 1 - The company, Daoshi Technology, focuses on the application of carbon materials in the key components of humanoid robots, emphasizing lightweight, high conductivity, and low-cost advantages [1] - The technological path of the company is aligned with solid-state battery technology, indicating a synergistic relationship that enhances long-term competitiveness [1] - Currently, the company has not ventured into the field of PEEK materials [1]

Group 1 - The company is focusing on the application of carbon materials in the key components of humanoid robots, emphasizing lightweight, high conductivity, and low-cost advantages [1] - The technological path is aligned with solid-state battery technology, indicating a long-term competitive edge [1] - The company has not yet ventured into the field of PEEK materials [1]

Core Insights - The company reported a revenue of 3,653,828,562.7 yuan for the first half of 2025, representing a year-on-year decline of 11.64%. However, the net profit attributable to shareholders increased by 108.16% to 230,387,493.54 yuan, while the net profit after deducting non-recurring gains and losses rose by 119.72% to 210,708,769.57 yuan [2] Financial Performance - As of the end of the first half, the total assets of the company were 13,579,001,318.67 yuan, down 5.12% year-on-year. The net assets attributable to shareholders increased by 16.3% to 7,848,726,591.28 yuan [3] Strategic Initiatives - The company has maintained strategic partnerships with high-quality domestic customers to ensure stable sales and cooperation. Internationally, it has intensified the promotion and sales of ceramic ink products in Africa, the Middle East, Southeast Asia, and Europe, further expanding its global business footprint [3] - The company focuses on innovation and cost optimization to enhance product competitiveness and expand market share. It has been upgrading products based on customer demand and expanding its customer base across various sectors, including consumption, digital, power, and solid-state batteries [3] Operational Efficiency - The company has optimized its operational management with a focus on profitability, leading to a continuous enhancement of overall profitability [3] - The overseas business segment has been expanding, with an increase in cathode copper production capacity contributing to growth in production and sales, while profit margins continue to improve due to rising cobalt metal prices [3] - The company has accelerated accounts receivable collection, achieving a turnover speed higher than the previous year, and has reversed bad debt provisions, generating additional income [4]