非常感谢大家参与道生天合材料科技（上海）股份有限公司首次公开发行股票并在上交所主板上市的网 上路演活动。在此，我谨代表道生天合，向参加本次活动的各位投资者朋友表示热烈的欢迎，也向一直 以来支持、关心道生天合发展的各位领导和各界友人表示衷心的感谢！同时，非常感谢上证路演中心、 上海证券报和中国证券网为我们提供这次与投资者进行网上交流沟通的机会！ 道生天合成立于2015年，是一家扎根上海临港新片区的国家级高新技术企业。公司产品围绕环氧树脂、 聚氨酯、丙烯酸酯和有机硅等高性能热固性树脂材料，形成了风电叶片用材料、新型复合材料用树脂和 新能源汽车及工业胶粘剂三大系列产品，广泛应用于风电、新能源汽车、储能、航空、电力等领域。 通过持续自主研发和技术创新，公司成为当前全球规模最大的风电叶片用环氧树脂生产企业，公司的硬 核实力获得行业高度认可。2022年至2024年，公司风电叶片用环氧树脂销量稳居全球第一，风电叶片用 结构胶销量位列国内第二、全球第三。同时，公司是目前唯一一家向国际风电整机巨头维斯塔斯同时供 应风电叶片用环氧树脂和结构胶的中资企业，进一步提升了公司在国际风电市场的影响力。 在巩固核心业务优势的同时，公司也在 ...

Core Insights - Microglow Launch has completed several million yuan in angel round financing, focusing on the commercial aerospace sector with a strong team experienced in rocket and missile research [1] - The company has developed a closed-loop capability covering design, materials, manufacturing, and launch, with a focus on carbon fiber technology for rocket construction [1][2] Company Overview - Founded in March 2025, Microglow Launch is led by CEO Gao Huan, an expert in rocket assembly technology [1] - The core team includes national-level researchers and has established partnerships with domestic carbon fiber companies to develop aerospace-grade materials [1][2] Technological Innovations - The WG-1 Microglow-1 medium-sized reusable launch vehicle is the world's first rocket to integrate three core technologies: full-flow staged combustion cycle, carbon fiber composite materials, and liquid oxygen-methane [1] - The use of carbon fiber allows for a 10% increase in payload capacity and a 25% improvement in economic efficiency, with the rocket's carrying coefficient reaching 3.14% [2] Material Advancements - Microglow Launch is the first in China to apply carbon fiber technology extensively in rocket construction, covering 90% of the rocket's structure [2] - The company has successfully manufactured and tested carbon fiber tanks with diameters of 1.4 meters and 3.35 meters, and is working on a 3.8-meter diameter tank [2][3] Weight Reduction and Cost Efficiency - Traditional metal rocket tanks account for 25% of the total weight, while Microglow Launch's innovations reduce tank weight by 40%, significantly lowering launch costs [3] - Each kilogram of weight reduction translates to a cost saving of 750,000 yuan for launching a 500-kilogram satellite [3] Engine Development - The Huaguang-1 engine is the first in China and the third globally to utilize a full-flow staged combustion cycle, achieving over 99% fuel combustion efficiency and enhancing payload capacity by 30% [3] Market Landscape - The Chinese commercial aerospace sector is highly competitive, with 38 companies vying for limited launch orders, leading to aggressive pricing strategies from established players [4] - New entrants like Microglow Launch face significant challenges from traditional aerospace giants and other emerging companies [4]

Core Viewpoint - The article highlights the recent angel round funding of several million yuan completed by the domestic commercial aerospace company, Weiguang Qihang, which focuses on developing medium-sized reusable launch vehicles using advanced carbon fiber technology and innovative engine designs [2][4]. Company Overview - Weiguang Qihang was established in March 2025, led by a core team with extensive experience in rocket and missile research and development, including national-level researchers [2]. - The company has developed a closed-loop capability covering design, materials, manufacturing, and launch, with a focus on vertical integration to ensure technical consistency and cost control [2]. Technological Innovations - The WG-1 Weiguang No.1 medium-sized liquid reusable launch vehicle is the world's first to integrate three core technologies: full-flow staged combustion cycle, carbon fiber composite materials, and liquid oxygen-methane [2]. - The use of carbon fiber technology allows for a 40% weight reduction in the rocket's storage tank compared to traditional metal tanks, significantly enhancing payload capacity and economic efficiency [3][4]. - The company has successfully manufactured and tested carbon fiber storage tanks with diameters of 1.4 meters and 3.35 meters, and is currently working on a 3.8-meter diameter tank, which will fill a technological gap in the domestic market [3]. Engine Development - The Huaguang No.1 engine is the first in China and the third globally to adopt a full-flow staged combustion cycle, achieving a fuel combustion efficiency of over 99%, which can increase the rocket's payload capacity by 30% [4]. - This engine design is complex, requiring the management of two pre-combustion chambers for liquid oxygen and methane, leading to higher efficiency and better propellant utilization [4]. Market Context - The Chinese commercial aerospace sector is highly competitive, with 38 companies vying for limited launch orders, leading to aggressive pricing strategies from established players [5]. - New entrants like Weiguang Qihang face significant challenges in this competitive landscape, where traditional aerospace giants and international companies like SpaceX maintain a strong market position [5].

Group 1 - The company is actively promoting the application and adoption of carbon fiber composite materials [1] - The company's carbon fiber composite products have achieved some sales revenue in various fields, including automotive parts (carbon fiber decorative strips, carbon fiber spoilers), drones (carbon fiber blades), and bicycles (carbon fiber frame components) [1]

Core Viewpoint - The modified plastics industry is expected to thrive in 2023, particularly driven by the automotive sector, which has seen significant growth in production and sales in China [1]. Group 1: Industry Performance - In the first half of the year, major companies such as Prilit (+66.65%), Yinhui Technology (+83%), Xinhengcheng (+70%), and Daon Co. (+48%) reported substantial earnings growth, indicating a positive trend for other companies like Kingfa Technology, Nanjing Julong, and Huitong Co. [2]. - Kingfa Technology anticipates a net profit of 550 million to 650 million yuan for the first half of 2025, representing a year-on-year increase of 44.82% to 71.15% [3]. Group 2: Company Developments - Kingfa Technology reported a total revenue of 15.666 billion yuan in Q1 2025, a 49.06% increase year-on-year, with a net profit of 247 million yuan, up 138.20% [4]. - The company attributes its performance to three main factors: increased product development, optimization of product structure, and accelerated global expansion [4][5]. - Kingfa's production capacity for modified plastics is projected to reach 3.72 million tons per year, with significant contributions from automotive and electronic sectors [4]. Group 3: Strategic Goals - Kingfa Technology aims for a total output value of 1 trillion yuan, with specific targets of 800 billion yuan from modified plastics, 300 billion yuan from new materials, 400 billion yuan from green petrochemicals, and 100 billion yuan from healthcare [8].

Core Viewpoint - The collaboration between Yunlu Composite Materials and XPeng Huaitian marks a significant advancement in the lightweight materials sector for flying cars, focusing on high-performance carbon fiber composite materials and advanced manufacturing processes [1][3]. Group 1: Company Overview - XPeng Huaitian, a subsidiary of XPeng Motors, is the largest flying car company in Asia, established in December 2020, and is headquartered in Guangzhou [2]. - The company plans to invest 3 billion RMB in the flying sector by 2025 and aims to build a modern factory in Guangzhou with an annual production capacity of 10,000 flying cars [3]. Group 2: Technological Development - Yunlu Composite Materials specializes in the research and production of three-dimensional woven intelligent equipment and high-performance fiber composite materials, leveraging nearly 20 years of research from a team of academicians at Donghua University [3]. - The company has developed the third generation of three-dimensional weaving intelligent equipment, achieving domestic substitution for high-end equipment and has extensive experience in developing and mass-producing carbon fiber composite components [3]. Group 3: Project Collaboration - The partnership will focus on addressing pain points in traditional composite material production processes, enhancing weaving efficiency, optimizing weaving precision, and expanding the applicability of new fiber materials [1]. - This collaboration signifies a new height in the industrial application of Yunlu's three-dimensional weaving technology in the low-altitude flying vehicle sector [1].

Core Viewpoint - The company, Lingyi Zhi Zao, is adjusting its fundraising projects, increasing the investment in the carbon fiber project and introducing a new humanoid robot project, indicating a strategic shift towards advanced materials and robotics [1][2]. Group 1: Carbon Fiber Project - The investment for the carbon fiber and heat dissipation precision components project has been increased from 266 million to 743 million yuan, focusing on the development and production of carbon fiber components for foldable smartphones [1]. - The project aims to enhance the hinge structure to reduce crease impact and extend the lifespan of foldable devices, with an expected annual production capacity of 6.889 million carbon fiber components by 2025 [1]. Group 2: Humanoid Robot Project - A new humanoid robot project has a planned investment of 137 million yuan, with 50 million yuan sourced from the fundraising, and aims to address key technological bottlenecks in thermal management for practical and commercial applications [2][3]. - The project will focus on the research and development of critical components such as structural parts, joint modules, and complete systems, enhancing the company's capabilities in the robotics industry [3].

Group 1: Project Overview - Huizhou Water Special Materials Co., Ltd. has received approval for its carbon fiber composite materials project with a total investment of 50 million yuan, focusing on the production of various carbon fiber products [1] - The project aims to produce 60 tons of chopped fiber, 50,000 square meters of woven fiber, 350 tons of thermoplastic materials, 3 million square meters of fiber prepreg, 307,400 carbon fiber pipes, and 701,700 carbon fiber special-shaped parts annually [1] Group 2: Company Background - Huizhou Water Special Materials Co., Ltd. is a wholly-owned subsidiary of Shenzhen Water New Materials Co., Ltd., established in August 2021, to enhance the strategic layout of special polymer materials [1] - The company specializes in the production and sales of engineering plastics, synthetic resins, high-performance fibers, and composite materials [1] Group 3: Product Development and Applications - Water New Materials has developed thermoplastic carbon fiber composite materials using various thermoplastic resins, which are applied in industries requiring high mechanical performance and lightweight solutions, such as automotive and drones [2] - The company has launched a new line for thermosetting carbon fiber composites in 2024, producing lightweight and high-strength products, and has introduced a carbon fiber reinforced PPA material made from recycled aerospace waste [2] Group 4: Industry Trends and Competitors - The demand for carbon fiber composites is driven by the explosive growth of the low-altitude economy (drones, eVTOL) and robotics, creating new applications for these materials [3] - Competitors like Kingfa Technology, Nanjing Julong, and Huitong are also entering the carbon fiber sector, leveraging their expertise in modified plastics to meet the evolving market needs [3] Group 5: Competitor Developments - Kingfa Technology is investing 1.702 billion yuan in a project to produce high-performance prepregs and continuous fiber reinforced thermoplastic composites, with a production capacity of 35,000 tons and 100,000 tons respectively [4] - Wanhua Chemical and Baowu Carbon have partnered to establish a project with a total investment of 6.55 billion yuan, aiming for an annual production capacity of 120,000 tons of PAN-based carbon fiber [5] - Nanjing Julong is working on a production line for 30 tons of carbon fiber composites, with a focus on aerospace and low-altitude economy applications [6] - Plit has developed a series of carbon fiber reinforced materials for robotics and low-altitude flight, collaborating with Tongji University on new materials [7] - Huitong New Materials is producing ultra-high-strength carbon fiber reinforced polyamide materials for key components in robotics and low-altitude applications [8]