Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. has successfully listed on the Shanghai Stock Exchange, with a closing price of 29.68 yuan, reflecting a significant increase of 396.32% on its first day of trading [1] Company Overview - Daoshengtianhe is a national high-tech enterprise focused on the research, production, and sales of new materials, particularly high-performance thermosetting resin materials such as epoxy resin, polyurethane, acrylic, and organic silicon [1] - The company offers a range of products including materials for wind turbine blades, new composite materials, and adhesives for new energy vehicles, serving sectors like wind energy, new energy vehicles, energy storage, hydrogen energy, aviation, oil and gas extraction, and power generation [1] Shareholding Structure - Prior to the IPO, Yicheng Industrial held 47.55% of the shares, remaining the controlling shareholder post-IPO with 38.04% [1] - The actual controllers, Ji Gang and Zhang Ting, controlled 60.47% of the shares before the IPO and now control 48.38% [1] Financial Performance - The total amount raised from the IPO was approximately 788.64 million yuan, with a net amount of 686.95 million yuan after deducting issuance costs [3] - The company reported revenues of 3.44 billion yuan in 2022, 3.20 billion yuan in 2023, and 3.24 billion yuan in 2024, with net profits of 108.04 million yuan, 151.75 million yuan, and 155.47 million yuan respectively [4] - For the first half of 2025, the company reported a revenue of 1.78 billion yuan and a net profit of 84.97 million yuan [4] Cash Flow Analysis - The cash received from sales was lower than the revenue due to the common industry practice of using bills for settlement, which affects cash flow [7] - The net cash flow from operating activities showed fluctuations, with a negative cash flow of 24.62 million yuan in the first half of 2025 [5][6] Future Projections - The company anticipates a revenue of 260 million to 270 million yuan for the first nine months of 2025, representing a year-on-year growth of 22.32% to 27.03% [7][8] - The projected net profit attributable to the parent company for the same period is expected to be between 145 million and 155 million yuan, indicating a growth of 48.21% to 58.43% [8]
道生天合上市募7.9亿首日涨396% 近3年现金流2年为负