Summary of Guocera Materials Conference Call Company Overview - **Company**: Guocera Materials - **Industry**: Advanced ceramics and materials Key Financial Metrics - **Revenue**: - Q3 2025 revenue reached 11.29 billion CNY, a year-on-year increase of 11.52% [2][3] - Total revenue for the first three quarters was 32.84 billion CNY, up 10.71% year-on-year [3] - **Net Profit**: - Q3 net profit was 1.58 billion CNY, a 3.92% increase year-on-year [2][3] - Total net profit for the first three quarters was 4.89 billion CNY, up 1.5% year-on-year [3] - **Cash Flow**: - Operating cash flow net amount was 6.22 billion CNY, a significant increase of 74% year-on-year [2][3] Segment Performance Electronic Materials - **Revenue**: Approximately 4.8 billion CNY, showing slight growth [5] - **Key Products**: - MACC (Multi-layer Ceramic Capacitors) shipments were stable at around 4,800 tons, but revenue declined due to price adjustments [5] - Electronic slurry revenue increased over 50% to nearly 1.2 billion CNY, benefiting from synergies with MACC customers [5] Catalytic Materials - **Revenue**: Close to 6.9 billion CNY, with a growth rate exceeding 20% [6] - **Key Products**: - Honeycomb carriers sold over 14 million liters, a nearly 20% increase [6] - Strong demand from passenger and commercial vehicle customers, with expansion into overseas markets [6] Biomedical Materials - **Revenue**: Approximately 6.7 billion CNY, a growth of about 5% [7][8] - **Key Products**: - Zirconia powder sales remained stable, but prices decreased [7] - Launch of high-end CPR powder expected to enhance future profitability [8] New Energy Materials - **Revenue**: Sales of alumina and platinum neodymium stones exceeded 30,000 tons, a 60% increase [4][9] - **Market Position**: High market share with a focus on new applications in electric vehicles and humanoid robots [9] Precision Ceramics - **Revenue**: Over 3 billion CNY, with a growth rate exceeding 30% [10] - **Key Products**: - Ceramic balls driven by electric vehicle demand, generating 1.3 billion CNY [10] Other Notable Developments - **Sichuan**: The company’s subsidiary, Saichuang, achieved nearly 1.2 billion CNY in revenue, a growth of over 30% [11] - **New Product Development**: Focus on solid-state electrolytes and advanced materials for various applications, including AI and automotive sectors [12][19] Challenges and Future Outlook - **Profitability Concerns**: Lower net profit growth attributed to increased expenses and price reductions to secure AI and automotive orders [14] - **Margin Trends**: Margins in electronic materials and biomedical sectors have decreased, with MLCC margins around 30% and oral materials between 50-52% [15][16] - **Investment in Robotics**: Ongoing investment in humanoid robotics projects, with potential future revenue contributions [17][18] Strategic Initiatives - **Expansion Plans**: New production lines for solid-state batteries and other advanced materials are underway, with significant capacity planned for the near future [19][21] - **Market Adaptation**: The company is adapting to market demands by focusing on high-end products and exploring new applications in various sectors [12][30] Conclusion - **Overall Performance**: Guocera Materials shows steady revenue growth across multiple segments, with strategic investments in new technologies and markets. However, challenges in profitability and market competition remain key areas to monitor moving forward.

Core Insights - Dao's Technology experienced a stock price decline of 1.28% on October 22, with a trading volume of 657 million yuan [1] - The company reported a net profit increase of 182.45% year-on-year for the first nine months of 2025, despite a slight revenue decrease of 1.79% [2] Financing and Trading Activity - On October 22, Dao's Technology had a financing buy amount of 111 million yuan and a financing repayment of 127 million yuan, resulting in a net financing outflow of 16.86 million yuan [1] - The total financing and securities lending balance for Dao's Technology reached 1.765 billion yuan, with financing balance accounting for 9.78% of the circulating market value, indicating a high level of financing [1] - The company had a securities lending balance of 1.1299 million yuan, which is below the 20th percentile level over the past year, indicating a low level of short selling activity [1] Shareholder and Dividend Information - As of September 30, Dao's Technology had 84,500 shareholders, an increase of 13.97% from the previous period, while the average number of circulating shares per shareholder decreased by 12.26% [2] - The company has distributed a total of 678 million yuan in dividends since its A-share listing, with 385 million yuan distributed in the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 3.0757 million shares, and new shareholder China Aviation New Start Flexible Allocation Mixed A [3]

Core Insights - Dao's Technology experienced a stock price increase of 1.01% on October 20, with a trading volume of 1.05 billion yuan [1] - The company reported a net profit growth of 182.45% year-on-year for the first nine months of 2025, despite a slight revenue decline of 1.79% [2] Financing and Trading Activity - On October 20, Dao's Technology had a financing buy amount of 126 million yuan and a financing repayment of 125 million yuan, resulting in a net financing purchase of 487,500 yuan [1] - The total financing and securities lending balance for Dao's Technology reached 1.777 billion yuan, with financing balance accounting for 9.83% of the circulating market value, indicating a high level of financing activity [1] - The company had a securities lending repayment of 135,600 shares and a securities lending sell of 2,400 shares on the same day, with a remaining securities lending balance of 125,610 yuan, which is below the 20th percentile level over the past year [1] Shareholder and Institutional Holdings - As of September 30, 2025, Dao's Technology had 84,500 shareholders, an increase of 13.97% from the previous period, while the average number of circulating shares per shareholder decreased by 12.26% to 8,137 shares [2] - The company has distributed a total of 678 million yuan in dividends since its A-share listing, with 385 million yuan distributed in the last three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest, holding 10.1768 million shares, an increase of 3.0757 million shares from the previous period [3]

Group 1 - The core point of the news is that Daoshi Technology's stock price dropped by 5.06% to 24.57 CNY per share, with a trading volume of 1.136 billion CNY and a turnover rate of 6.61%, resulting in a total market capitalization of 19.22 billion CNY [1] - Daoshi Technology, established on September 21, 2007, and listed on December 3, 2014, is primarily engaged in the production and sale of building ceramics, glaze materials, and related technical services and product design, as well as commercial factoring and new energy materials [1] - The company's revenue composition includes: Other 47.44%, Lithium battery materials 34.70%, Carbon materials 9.00%, and Ceramic materials 8.85% [1] Group 2 - From the perspective of Daoshi Technology's top ten circulating shareholders, GF Fund's ETF reduced its holdings by 136,800 shares in the third quarter, now holding 3.2933 million shares, which is 0.48% of the circulating shares, resulting in an estimated floating loss of approximately 4.3142 million CNY [2] - The GF CSI 1000 ETF was established on July 28, 2022, with a latest scale of 30.718 billion CNY, achieving a year-to-date return of 26.9% and a one-year return of 37.27% [2]

Core Viewpoint - Dongguan Huayuan New Structural Ceramic Materials Co., Ltd. has been established with a registered capital of 2 million RMB, focusing on various sales and trading activities in non-metallic minerals and new ceramic materials [1] Company Summary - The company is registered with a capital of 2 million RMB [1] - It operates in the sales of non-metallic minerals and products, new ceramic materials, refractory materials, synthetic materials, electronic special materials, thermal insulation and soundproofing materials, lightweight building materials, construction materials, cement products, and chemical products (excluding licensed chemical products) [1] - The company also engages in retail of clothing and accessories, sales of clothing accessories, and domestic trade agency [1]

Group 1 - The core viewpoint of the news is that Daoshi Technology's stock has experienced a significant increase, with a 5.09% rise on October 13, reaching a price of 27.86 yuan per share, and a total market capitalization of 21.793 billion yuan [1] - Daoshi Technology has seen a cumulative increase of 12.19% over the past four days, indicating strong market performance [1] - The company's main business includes the production and sale of building ceramics, with revenue contributions from various segments: 47.44% from other materials, 34.70% from lithium battery materials, 9.00% from carbon materials, and 8.85% from ceramic materials [1] Group 2 - Among the top circulating shareholders, a fund under AVIC Fund, specifically the AVIC New Start Flexible Allocation Mixed A (005537), has entered the top ten, holding 6.7113 million shares, which is 0.98% of the circulating shares [2] - The fund has gained approximately 9.0603 million yuan in floating profit today and 19.3285 million yuan during the four-day increase [2] - The AVIC New Start Flexible Allocation Mixed A fund has achieved a year-to-date return of 81.04%, ranking 164 out of 8234 in its category [2]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Daoshi Technology, which saw a stock price increase of 5.02% to 26.78 CNY per share, with a trading volume of 1.692 billion CNY and a turnover rate of 9.53%, resulting in a total market capitalization of 20.949 billion CNY [1] - Daoshi Technology, established on September 21, 2007, and listed on December 3, 2014, is primarily engaged in the production and sales of building ceramic glaze materials, along with providing related technical services and product design, commercial factoring, and new energy materials [1] - The revenue composition of Daoshi Technology includes: Other 47.44%, Lithium battery materials 34.70%, Carbon materials 9.00%, and Ceramic materials 8.85% [1] Group 2 - From the perspective of fund holdings, Daoshi Technology is a significant investment for the Zhonghai Fund, with the Zhonghai Energy Strategy Mixed Fund (398021) holding 1.1876 million shares, representing 2.6% of the fund's net value, ranking as the tenth largest holding [2] - The Zhonghai Energy Strategy Mixed Fund (398021) has a total scale of 777 million CNY and has achieved a year-to-date return of 30.73%, ranking 2110 out of 8175 in its category, with a one-year return of 28.63%, ranking 5103 out of 7982 [2]

Group 1 - The core viewpoint of the news is the performance and financial details of Daoshi Technology, which experienced a 5.04% decline in stock price, reaching 21.48 CNY per share, with a total market capitalization of 16.803 billion CNY [1] - Daoshi Technology, established on September 21, 2007, and listed on December 3, 2014, specializes in the production and sale of building ceramic glaze materials, along with providing related technical services and product design [1] - The company's revenue composition includes 47.44% from other businesses, 34.70% from lithium battery materials, 9.00% from carbon materials, and 8.85% from ceramic materials [1] Group 2 - From the perspective of major circulating shareholders, GF Fund's Guangfa CSI 1000 ETF (560010) increased its holdings by 1.0842 million shares in the second quarter, now holding 3.4301 million shares, which is 0.5% of the circulating shares [2] - The estimated floating loss for Guangfa CSI 1000 ETF today is approximately 3.9103 million CNY [2] - Guangfa CSI 1000 ETF, established on July 28, 2022, has a latest scale of 30.718 billion CNY, with a year-to-date return of 27.06% and a one-year return of 63.57% [2]

Core Viewpoint - The company reported a revenue increase of 10.29% year-on-year for the first half of 2025, driven by growth in electronic materials and new energy materials sectors [1][2]. Financial Performance - The company achieved a total revenue of 2.154 billion yuan in H1 2025, with a net profit attributable to shareholders of 332 million yuan, reflecting a year-on-year increase of 0.38% [1]. - In Q2 2025, the company generated revenue of 1.179 billion yuan, showing a quarter-on-quarter increase of 20.97% [1]. - The overall gross margin and net margin for H1 2025 were 38.30% and 17.39%, respectively, with slight declines compared to the previous year [2]. Business Segments - The company’s revenue from various segments in H1 2025 included: electronic materials (344 million yuan, +23.65%), catalytic materials (456 million yuan, +12.34%), biomedical materials (438 million yuan, -0.11%), building ceramics (484 million yuan, +2.59%), and new energy materials (217 million yuan, +26.36%) [2]. - The gross margins for these segments were as follows: electronic materials (32.97%), catalytic materials (41.80%), biomedical materials (52.18%), building ceramics (37.42%), and new energy materials (21.19%) [2]. Strategic Developments - The company is focusing on the collaborative development of six major business segments, with a strategic emphasis on biomedical materials and international expansion [3]. - Recent strategic investments include acquiring Spident in South Korea and Dekema in Germany, enhancing the company’s presence in clinical materials and digital equipment [3]. - The company has developed a high-transparency zirconia powder for aesthetic applications, which has passed validation with multiple clients and is beginning to be supplied in batches [3]. - In the ceramics sector, the company’s subsidiary is a key supplier of ceramic shells for low-orbit satellites [3]. - The company is also advancing in the new energy materials sector, particularly in solid-state battery technologies, with various solid electrolyte products developed [3]. Investment Outlook - The company is expected to see net profits attributable to shareholders of 774 million yuan, 886 million yuan, and 1.058 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 27.30, 23.85, and 19.97 [3].

Core Viewpoint - The company reported a revenue of 2.15 billion RMB for H1 2025, reflecting a year-on-year increase of 10.3%, with a net profit of 330 million RMB, showing a slight increase of 0.4% [1] Financial Performance - H1 2025 revenue reached 2.15 billion RMB, with a net profit of 330 million RMB and a net profit excluding non-recurring items of 320 million RMB, marking increases of 10.3%, 0.4%, and 4.1% respectively year-on-year [1] - Q2 2025 revenue was 1.18 billion RMB, showing a year-on-year increase of 4.7% and a quarter-on-quarter increase of 21.0%, with a net profit of 200 million RMB, reflecting a year-on-year decrease of 0.6% but a quarter-on-quarter increase of 44.3% [1] Business Segments - The company operates in six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and other materials, with applications across various industries including electronics, automotive, and healthcare [2] - Electronic materials revenue for H1 2025 was 340 million RMB, up 23.65% year-on-year, driven by demand recovery in consumer electronics and growth in automotive electronics and AI servers [3] - Catalytic materials generated 460 million RMB in revenue for H1 2025, a year-on-year increase of 12.34%, supported by deepening collaborations with commercial vehicle clients [3] - Biomedical materials revenue was 440 million RMB, showing a slight decline of 0.11% year-on-year, while new energy materials revenue reached 220 million RMB, up 26.36% year-on-year [3] Research and Development - The company maintains high R&D investment, with a R&D expense ratio of 6.1%, down 0.4 percentage points year-on-year [4] - Recent developments include breakthroughs in high-frequency copper-clad laminates and advanced display materials, with several products achieving international standards [4] - The company is focusing on solid-state battery technology and has established a specialized R&D team to enhance product development and customer validation efficiency [3][4] Future Outlook - The company projects net profits of 670 million RMB, 820 million RMB, and 1.01 billion RMB for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [4]