中国经济网北京10月20日讯道生天合(601026.SH)今日收报25.96元，跌幅12.53%。 10月17日，道生天合在上交所主板上市，本次发行数量为131,880,000股(全部为公开发行的新股，无老 股转让)，发行价格为5.98元/股，保荐机构(主承销商)为中信建投（601066）证券股份有限公司，保荐 代表人为雷晓凤、张世举。 道生天合本次发行募集资金总额为78,864.24万元，扣除发行费用后，募集资金净额为68,695.01万元。道 生天合2025年10月13日发布的招股说明书显示，公司拟募集资金69,355.00万元，分别用于"年产5.6万吨 新能源及动力电池用等高端胶粘剂、高性能复合材料树脂系统项目""偿还银行贷款"。 道生天合本次发行费用总额(不含增值税)为10,169.23万元，其中保荐及承销费6,466.87万元。 ...

Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. is undergoing an IPO review on the Shanghai Stock Exchange, with a planned fundraising of 694 million yuan, but has faced scrutiny over its financial performance and corporate governance issues [2][3]. Financial Performance - From 2020 to 2024, Daoshengtianhe's revenue has remained stable between 3.1 billion and 3.5 billion yuan, while its net profit has shown significant fluctuations, indicating unclear growth trends [2][4]. - The company's revenue for 2022 to 2024 was reported as 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan, with net profits of 108 million yuan, 152 million yuan, and 155 million yuan respectively [3][6]. - The company has a high customer concentration, with approximately 70% of revenue coming from its top five clients during the reporting period [4]. R&D and High-tech Enterprise Status - Daoshengtianhe's R&D expenses from 2020 to 2024 were 94.07 million yuan, 101.75 million yuan, and 87.69 million yuan, totaling 284 million yuan, which is below the required 3% of total sales for maintaining its high-tech enterprise status [5][6]. - The company has been recognized as a high-tech enterprise from 2022 to 2024, but its declining R&D investment raises concerns about its future qualification [5][6]. Corporate Governance and Discrepancies - There are discrepancies in employee count data between the company and external sources, with the company reporting 535 employees as of December 31, 2022, while external sources indicate a total of 790 employees [7][8]. - The company has faced questions regarding the validity of its historical performance agreements, with conflicting statements about the status of these agreements in its IPO filings [9]. Dividend Policy and Cash Flow - Daoshengtianhe has distributed a total of 250 million yuan in dividends over three years, despite negative cash flows from operating activities during the same period [10][12]. - The company has revised its fundraising plans, reducing the amount allocated for working capital and scaling back its production expansion plans, raising questions about the rationale behind these decisions [11][12].