Group 1 - The core viewpoint of the news is the performance and financial status of Daoshi Technology, which has seen a slight decline in stock price and has a significant market capitalization [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 sources, 34.70% from lithium battery materials, 9.00% from carbon materials, and 8.85% from ceramic materials [1] Group 2 - Zhongyou Fund has a significant holding in Daoshi Technology, with its Absolute Return Strategy Fund holding 50,000 shares, unchanged from the previous period, representing 2.65% of the fund's net value [2] - The fund has a total scale of 47.85 million, with a year-to-date return of 10.68%, ranking 5790 out of 8159 in its category [2] - The fund manager, Yao Yi, has a tenure of 3 years and 94 days, with the best return during this period being 15.3% [3]

Core Viewpoint - Dao Shi Technology's stock price decreased by 1.1% to 22.46 CNY per share, with a total market capitalization of 17.569 billion CNY as of the report date [1] Group 1: Company Overview - Dao Shi Technology Co., Ltd. is located in Nanzhuang Town, Foshan City, Guangdong Province, and was established on September 21, 2007, with its listing date on December 3, 2014 [1] - The company specializes in the production and sales of building ceramic glaze materials, providing related technical services and product design, commercial factoring, and new energy materials [1] - The revenue composition of the main business includes: Other 47.44%, Lithium battery materials 34.70%, Carbon materials 9.00%, and Ceramic materials 8.85% [1] Group 2: Shareholder Information - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Dao Shi Technology, having reduced its holdings by 66,400 shares in the third quarter, now holding 7.1545 million shares, which is 1.04% of the circulating shares [2] - The estimated floating loss for the ETF today is approximately 1.7886 million CNY [2] Group 3: Fund Performance - The Southern CSI 1000 ETF (512100) has a total asset size of 76.63 billion CNY, with a year-to-date return of 29.2%, ranking 1850 out of 4195 in its category [2] - The fund has a one-year return of 24.73%, ranking 2053 out of 4179, and a since inception return of 14.34% [2] Group 4: Additional Fund Holdings - The Southern Entrepreneurial Board Mid-Cap 200 ETF (159270) also holds Dao Shi Technology as a significant position, with 19,900 shares, accounting for 1% of the fund's net value [4] - The estimated floating loss for this ETF today is approximately 4,975 CNY [4] Group 5: Fund Manager Information - The Southern Entrepreneurial Board Mid-Cap 200 ETF (159270) is managed by He Dianhong and Zhao Zhuoxiong, both having a tenure of 1 year and 61 days [5] - The total asset size of the fund is 27.6 million CNY, with the best return during their tenure being 49.67% and the worst return being 5.09% [5]

（文章来源：证券日报） 证券日报网讯 12月24日，道氏技术在互动平台回答投资者提问时表示，公司陶瓷材料板块致力于为建 筑陶瓷企业提供釉料、陶瓷墨水和辅助材料等优质无机非金属釉面材料，主要产品是陶瓷釉面材料及陶 瓷墨水。 ...

总体来说，公司2023上半年实现营业收入33.38亿元，比上年同期减少10.39%，其中海外业务营业收入 占比53%。 广东 道氏技术 股份有限公司在保持陶瓷材料业务领先地位的同时，碳材料业务和锂电材料业务逐渐成 为公司核心战略业务。 一、主营业务的分析 公司营业收入主要来自与 新能源 行业相关的锂电材料业务和碳材料业务，对比上年同期有所下降的原 因如下： 1、碳材料板块营收下降是因为产品销量增加，价格被迫调低 导电剂产品出货量1.2万吨，比上年同期增加27%，受供需影响、行业竞争激烈、上游原材料 NMP 价格 下降趋势，导致公司产品价格下调。 2、锂电材料板块营业收入下降因钴盐产品所致 该板块营业收入主要来自三元前驱体和钴盐，其中三元前驱体的销售收入同比增长175%，销量同比增 长203%，但钴盐销量同比下降 52%，且因钴金属价格仍处于下降趋势，导致产品价格及营业收入下 降。虽然公司整体收入对比上年同期有所下降，但海外收入占比大幅提升。 二、市场地位及竞争格局 以 石墨烯 导电剂为起点，公司于2014年开始批量将石墨烯导电浆料用于磷酸铁 锂电池 ，是国内最早将 石墨烯批量应用的企业之一。 *2017年：成 ...

天眼查App显示，近日，景德镇鑫禄陶瓷材料有限公司成立，法定代表人为徐麓，注册资本5万人民 币，经营范围为一般项目：新型陶瓷材料销售，非金属矿及制品销售，日用陶瓷制品销售，茶具销售， 工艺美术品及礼仪用品销售（象牙及其制品除外），工艺美术品及收藏品批发（象牙及其制品除外）， 工艺美术品及收藏品零售（象牙及其制品除外），日用木制品销售，软木制品销售，颜料销售，日用品 销售，信息咨询服务（不含许可类信息咨询服务），信息系统集成服务，信息技术咨询服务，技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广，会议及展览服务，组织文化艺术交流活 动，艺术品代理（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，景德镇雏山汀溪陶瓷材料有限公司成立，法定代表人为洪子宇，注册资本50万 人民币，经营范围为一般项目：非金属矿物制品制造，非金属矿及制品销售，表面功能材料销售，新型 陶瓷材料销售，颜料制造，颜料销售，新材料技术研发，技术服务、技术开发、技术咨询、技术交流、 技术转让、技术推广，日用陶瓷制品制造，日用陶瓷制品销售，茶具销售，互联网销售（除销售需要许 可的商品），特种陶瓷制品制造，特种陶瓷制品销售，3D打印基础材料销售（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，萍乡市鼎瓷新型功能陶瓷材料有限公司成立，法定代表人为黄金萍，注册资本 300万人民币，经营范围为一般项目：非金属矿及制品销售，新型陶瓷材料销售，耐火材料销售，化工 产品销售（不含许可类化工产品），建筑材料销售，建筑装饰材料销售，金属材料销售，五金产品批 发，五金产品零售，住宅水电安装维护服务，工程管理服务，土石方工程施工，金属制品销售，金属制 品修理，劳务服务（不含劳务派遣）（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 3.28 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.7%. The net profit attributable to shareholders was 490 million yuan, up 1.5% year-on-year, while the net profit after deducting non-recurring gains and losses was 480 million yuan, an increase of 5.3% year-on-year. In Q3 alone, the company achieved a revenue of 1.13 billion yuan, a year-on-year increase of 11.5% but a quarter-on-quarter decrease of 4.2%. The net profit for Q3 was 160 million yuan, up 3.9% year-on-year but down 19.5% quarter-on-quarter [6][12][18]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 3.28 billion yuan, with a net profit of 490 million yuan and a net profit after deducting non-recurring items of 480 million yuan. In Q3, the revenue was 1.13 billion yuan, with a net profit of 160 million yuan [6][12][18]. Business Expansion - The company is expanding steadily in traditional fields while focusing on solid-state battery materials for long-term growth. It has established a strong competitive edge through technological research and development, ensuring product quality and building a lean management system [12][18]. Product Development - The company is actively involved in various high-end ceramic materials and products, covering six major business segments, including electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and others. The company is also entering the emerging solid-state battery materials sector, focusing on both oxide and sulfide electrolyte technologies [12][18]. R&D Investment - The company maintains a high level of R&D investment, with a research expense ratio of 7.6%, up 0.4 percentage points year-on-year. The gross margin and net margin for Q3 were 36.9% and 15.7%, respectively, showing a year-on-year decline of 2.2 percentage points and 1.0 percentage point [12][18].

Core Insights - A new company, Jingdezhen Leishuo Ceramic Materials Co., Ltd., has been established with a registered capital of 500,000 RMB [1] Company Overview - The legal representative of the company is Zhang Zhenping [1] - The company’s business scope includes the sale of daily ceramic products, tea sets, and internet sales (excluding items requiring permits) [1] - The company also engages in the retail of arts and crafts, collectibles (excluding ivory and its products), and sales of refractory materials and non-metallic minerals [1] Industry Implications - The establishment of this company indicates growth in the ceramic materials sector, particularly in Jingdezhen, a city known for its ceramic production [1] - The diverse range of products offered, including metal-based and ceramic-based composite materials, suggests a focus on advanced materials in the ceramics industry [1]

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.