作为道生天合本次发行上市的保荐人及主承销商，中信建投证券在与公司长期的合作进程中，既见证其 稳健快速发展，亦深切体会到公司管理层具备的超前行业洞察力与深厚的从业经验。我们相信，以本次 发行上市为重要契机，道生天合将在为国内企业提供更多绿色新材料国产化发展方案的同时，努力开拓 全球市场，开启高质量发展新篇章。 道生天合上市后，中信建投证券将继续秉持诚实守信、勤勉尽责之原则，切实履行各项保荐义务，持续 督导道生天合不断完善公司治理结构、加强投资者关系管理，协助道生天合成为规范运作的上市公司典 范。欢迎大家踊跃提问，积极参与申购。 尊敬的各位嘉宾和各位投资者朋友： 最后，预祝道生天合首次公开发行A股圆满成功！谢谢大家！ 道生天合深耕高性能热固性树脂材料行业，深度服务风电、新能源汽车、储能等新能源领域客户，与众 多行业龙头企业形成了稳定的合作关系，是绿色新能源行业新材料细分领域的龙头企业。 作为当前全球规模最大的风电叶片用环氧树脂生产企业之一，道生天合的风电叶片用环氧树脂产品基本 覆盖国内陆上、海上风电叶片机型，产品能够应用于长度超过147米的大型风机叶片。近三年，公司风 电叶片用环氧树脂系列产品销量均位居全球第一。 ...

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 ...

道生天合本次公开发行13,188.00万股新股，占本次发行后公司股本总额的比例为20%。募集资金主要投 向"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"和"偿还银行贷 款"。 凭借其在风电叶片用环氧树脂领域的全球领先地位，以及在新兴新能源与工业胶粘剂领域的快速布局， 道生天合正成长为中国新材料产业中的领军企业。 深耕主业，全球领先 来源：中国民商 作者：张凝月 在全球能源结构转型与"双碳"目标持续推进的大背景下，新能源产业链迎来黄金发展期。道生天合材料 科技（上海）股份有限公司（股票简称"道生天合"，股票代码：601026），作为一家专注于高性能热固 性树脂材料的国家级高新技术企业，道生天合已正式启动发行，初步询价时间为2025年9月24日，申购 时间为9月29日。此次发行将为公司未来发展注入新的动力，并进一步夯实其在新材料领域的领先优 势。 值得注意的是，道生天合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 ，这充分彰显了其产品性能和质量已获得国际顶尖客户的认可，在全球风电产业链 从风电领域的全球领导者，到多领域布局的新材料解决方案提供 ...

Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. is positioned as a leading player in the new materials sector, focusing on the dual-carbon strategy and benefiting from the high-quality development of the Chinese economy [1] Group 1: Market Potential - The company is strategically aligned with the wind power and new energy vehicle industries, which are key national pillars, allowing it to capitalize on significant market growth [2] - China is a leader in the global wind power market, with plans to add over 50 GW of new installations annually during the 14th Five-Year Plan, ensuring a steady demand for high-performance materials [2] - The new energy vehicle market is experiencing explosive growth, with a projected market share of 40.9% in 2024, driving demand for high-performance adhesives and composite materials [2] Group 2: Competitive Advantage - Daoshengtianhe has successfully broken the foreign monopoly in high-end wind power materials, establishing itself as a pioneer in domestic substitution and global expansion [3] - The company has entered the supply chains of major domestic players such as BYD and Geely, and is the only Chinese company supplying epoxy resin and structural adhesives to international wind turbine giant Vestas [3] - Its core product, the epoxy resin series for wind turbine blades, has ranked first in global sales for three consecutive years (2022-2024), indicating strong market leadership [3] Group 3: R&D and Innovation - The company boasts a robust R&D capability with a diverse product range, including epoxy resins, polyurethanes, and organic silicon materials [4] - As of June 2025, Daoshengtianhe holds 69 valid patents, including 38 invention patents, and has applied for 14 PCT international patents, demonstrating its commitment to innovation [4] - The company has established a strong technical moat by providing differentiated and precise new material solutions across various high-end sectors, including energy storage and aerospace [4] Group 4: Financial Performance - From 2022 to 2024, the company's net profit attributable to shareholders has increased from 110 million yuan to 155 million yuan, showcasing solid growth resilience [5] - The upcoming IPO will fund the addition of 37,000 tons of high-end adhesives for power batteries and 19,000 tons of high-performance composite resin capacity, targeting core demands in the new energy vehicle sector [5] - The company's future strategy includes expansion into photovoltaic, consumer electronics, semiconductors, and rail transportation, further enhancing its growth potential [5]

来源：财闻工作室 道生天合材料科技（上海）股份有限公司沪主板IPO于2025年7月25日提交注册，尽管公司已成功通过 上市委会议，但多个经营疑点仍值得关注： 客户与供应商身份重叠的交易迷雾、新增设备长达一年的调试空窗、连续三年为负的经营性现金流，还 有大幅波动的核心产品毛利率。 更令人瞩目的是，实控人季刚与母亲之间1.25亿元的巨额资金往来，以及其父季奎余退出上市公司实控 人席位与道生天合成立时间线的惊人重合，家族资本的隐秘轨迹，或许正牵引出关于企业独立性与上市 合理性的拷问。 业绩增速近乎停滞，市场竞争力逐步弱化 招股书显示，道生天合主要从事高性能热固性树脂材料的经营，其中80%的营收来自风电叶片用材料业 务。 从财务数据看，道生天合的增长颓势较为明显。2024年营收仅增长1.13%，净利润同比增幅为2.45%， 而归母净利润增速更是低至0.01%，几乎陷入停滞。 更值得警惕的是，公司毛利额同比下降4.85%，毛利率从12.34%降至11.61%，反映出核心产品的市场竞 争力正在弱化。 固定资产效率低下，扩产计划合理性存疑 在固定资产和在建工程方面，道生天合的表现同样不佳。 据二轮问询回复，2022年其新增 ...

Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. has successfully passed the IPO review, focusing on high-performance thermosetting resin materials, particularly in the renewable energy sector [1][4]. Company Overview - Daoshengtianhe is a national high-tech enterprise dedicated to the research, production, and sales of new materials, with a product range including epoxy resins, polyurethanes, acrylics, and organosilicon [4]. - The company offers differentiated and refined solutions for various sectors, including wind energy, new energy vehicles, energy storage, hydrogen energy, aerospace, oil and gas extraction, and power generation [4]. Market Position - In the global wind blade material market, Daoshengtianhe competes with major players such as Vestas, Hexion, and others, and is gradually increasing its market share internationally while leading in domestic sales [4]. - The company ranks first globally in the sales volume of wind blade epoxy resin series from 2022 to 2024, with a sales volume of 143,100 tons in 2024 [5]. Product Development - Daoshengtianhe has achieved full coverage of mainstream wind turbine blade types with its epoxy resin products and is expanding its product applications into various fields, including rail transportation and construction materials [5][6]. - The company is also focusing on high-performance industrial adhesives, leveraging its entry into the new energy vehicle adhesive market to enhance its competitive edge [4]. Financial Performance - The company reported revenues of 3.202 billion yuan, 3.238 billion yuan, and 835 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively, with net profits of 155 million yuan, 155 million yuan, and 31.08 million yuan [6]. IPO Details - Daoshengtianhe plans to raise 694 million yuan through its IPO to fund a project for producing 56,000 tons of high-end adhesives and high-performance composite resin systems, as well as to repay bank loans [7].