Core Viewpoint - Daosheng Tianhe, a leading global player in wind power materials, successfully listed on the Shanghai Stock Exchange, with its stock price surging over 396% on the first day of trading, reaching a market capitalization of 19.57 billion yuan [2][3]. Company Overview - Daosheng Tianhe focuses on high-performance thermosetting resin materials, with applications in wind power, new energy vehicles, aviation, and electricity [3][5]. - The company aims to become a leading comprehensive new materials solution provider globally, emphasizing long-term investment and technological innovation [3][4]. Market Position - Daosheng Tianhe is recognized as the largest producer of epoxy resin for wind turbine blades globally, maintaining a leading position in the market for three consecutive years [12][13]. - The company plans to expand its overseas market share, targeting a 50% contribution to revenue from international sales by 2030 [14]. Financial Performance - The company reported revenues of 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan for 2022, 2023, and 2024 respectively, with net profits of 110 million yuan, 155 million yuan, and 155 million yuan [17]. - For the first nine months of 2025, Daosheng Tianhe expects revenue to reach between 2.6 billion yuan and 2.7 billion yuan, reflecting a year-on-year growth of 22.32% to 27.03% [17]. Future Strategy - The primary focus of the IPO proceeds will be on expanding production capacity for new energy vehicle adhesives, driven by strong demand from leading automotive and battery manufacturers [17]. - The company aims to leverage capital market resources for talent acquisition and industry expansion, with a goal of entering 2 to 3 new industry sectors every five years [18].

Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. aims to become a global leader in new material solutions, focusing on technology innovation and market expansion while supporting China's "dual carbon" strategy [2][8]. Company Overview - Established in 2015, Daoshengtianhe specializes in the research, production, and sales of new materials, particularly high-performance thermosetting resin materials such as epoxy resin, polyurethane, acrylic ester, and organic silicon [4]. - The company offers three main product series: materials for wind turbine blades, resins for new composite materials, and adhesives for electric vehicles and industrial applications [4]. Market Position - Daoshengtianhe's epoxy resin products for wind turbine blades have achieved full coverage of mainstream wind turbine blade designs, with sales of 143,100 tons in 2024, making it the global leader in this category from 2022 to 2024 [4]. - The company's structural adhesives for wind turbine blades ranked second in China and third globally [4]. Product Development - The company continuously develops new products and expands their application fields, including new composite materials for various industries such as rail transportation and construction [5]. - Their adhesives for electric vehicles are widely used in critical components like motors, batteries, and electronic systems, with notable clients including BYD, GAC Group, and Geely [5]. Investment and Support - Daoshengtianhe has received significant investment from prominent firms such as Jingwei Venture Capital and Junlian Capital, which believe in the company's potential to become a global leader in the new materials sector [6][7]. - The company is recognized for breaking international monopolies in wind power materials and is expected to continue leading industry innovation and development [7][8].

Core Viewpoint - Daoshengtianhe has established itself as a leading global producer of epoxy resin for wind turbine blades, while also making significant strides in sectors such as new energy vehicles, energy storage, hydrogen energy, aviation, and electricity [1][2]. Company Overview - Founded in 2015, Daoshengtianhe is a national high-tech enterprise focused on the research, production, and sales of high-performance thermosetting resin materials, primarily based on epoxy resin, polyurethane, acrylic, and organic silicon [1][4]. Market Position - Daoshengtianhe is recognized as one of the largest global producers of epoxy resin for wind turbine blades, with its sales ranking first globally for three consecutive years from 2022 to 2024 [2]. - The company has established a comprehensive client base in the wind power sector, including major domestic wind turbine manufacturers [2]. Financial Performance - The company's revenue figures for the years 2022, 2023, 2024, and the first half of 2025 are 3.436 billion, 3.202 billion, 3.238 billion, and 1.785 billion respectively, with self-produced wind turbine epoxy resin contributing 2.436 billion, 2.144 billion, 2.120 billion, and 1.223 billion [3]. Technological Innovation - Daoshengtianhe emphasizes research and development, having accumulated significant technical expertise in modified epoxy resin products and expanding into new composite materials and industrial adhesives [4][5]. - The company holds 69 patents, including 38 invention patents, and has consistently increased its R&D investment over the years [5]. Diversification Strategy - The company has rapidly entered the new energy vehicle sector, achieving sales growth rates of 145.80% and 240.65% in 2022 and 2023, respectively [6]. - Daoshengtianhe aims to diversify its product offerings across various sectors, including photovoltaic, hydrogen energy, and storage, enhancing its profitability [6][7]. Future Development Plans - The funds raised from the IPO will be allocated to projects aimed at producing high-end adhesives and composite materials, as well as repaying bank loans [7]. - The company plans to enhance its governance structure, expand its market presence, and attract high-end talent to support its growth [8].

Core Points - The company, DaoSheng TianHe, specializes in high-performance thermosetting resin materials, serving clients in the wind power, new energy vehicles, and energy storage sectors, establishing stable partnerships with industry leaders [2] - DaoSheng TianHe is one of the largest producers of epoxy resin for wind turbine blades globally, with its products applicable to large wind turbine blades exceeding 147 meters in length, and has ranked first in global sales of wind turbine blade epoxy resin for the past three years [2] - The company is expanding its product offerings in modified epoxy resins and is actively developing new composite materials for the new energy vehicle and industrial adhesive markets [2] Company Development - As the lead underwriter for DaoSheng TianHe’s IPO, CITIC Securities has witnessed the company's rapid and stable growth and recognizes the management's industry foresight and extensive experience [3] - The IPO is seen as a significant opportunity for DaoSheng TianHe to provide more domestic green material solutions while also expanding into global markets [3] - Post-IPO, CITIC Securities will continue to support DaoSheng TianHe in enhancing its corporate governance and investor relations, aiming to establish the company as a model for compliant operations [3]

Core Viewpoint - Daosheng Tianhe Materials Technology (Shanghai) Co., Ltd. has successfully launched its initial public offering and is positioned as a leading player in high-performance thermosetting resin materials, particularly in the wind power and new energy vehicle sectors [1][2] Company Overview - Established in 2015, Daosheng Tianhe is a national high-tech enterprise based in Shanghai's Lingang New Area, focusing on epoxy resin, polyurethane, acrylic, and organic silicon materials [1] - The company has developed three main product lines: materials for wind turbine blades, resins for new composite materials, and adhesives for new energy vehicles and industrial applications [1] Market Position - Daosheng Tianhe is the largest global producer of epoxy resin for wind turbine blades, maintaining the top sales position from 2022 to 2024, and ranks second in domestic structural adhesive sales and third globally [1] - The company is the only Chinese enterprise supplying both epoxy resin and structural adhesives to international wind power giant Vestas, enhancing its influence in the global wind power market [1] Product Development and Innovation - The company is actively expanding into new products and applications, achieving significant advancements in carbon fiber composite materials [2] - It has successfully mass-produced and sold pultrusion resin for carbon fiber in the domestic wind power sector, contributing to the upgrade of wind turbine technology [2] - In the aerospace sector, Daosheng Tianhe's carbon fiber prepreg products have achieved aviation-grade certification and mass production [2] - The company's adhesives are widely used in the three electric systems of new energy vehicles, electronic sensors, and other industrial fields, showcasing its diverse capabilities in new materials [2] Strategic Vision - Daosheng Tianhe aims to implement a globalization strategy, enhancing independent innovation through technological iteration and deepening product layout [2] - The company seeks to strengthen profitability and overall competitiveness while collaborating with customers to expand the application boundaries of new materials, contributing to industrial upgrades and green development [2]

Core Viewpoint - The new energy industry chain is entering a golden development period amid the global energy transition and "dual carbon" goals, with Daosheng Tianhe Materials Technology (Shanghai) Co., Ltd. officially launching its public offering to strengthen its leading position in the new materials sector [2][5]. Group 1: Company Overview - Daosheng Tianhe, established in 2015 and headquartered in Shanghai, focuses on high-performance thermosetting resin materials, with three core product lines: materials for wind turbine blades, new composite resin materials, and adhesives for new energy vehicles and industrial applications [3][5]. - The company has achieved a global leading position in the wind turbine blade epoxy resin market, with sales expected to reach 143,100 tons in 2024, and ranks second in China and third globally for wind blade structural adhesives [3][5]. Group 2: Financial Performance - Daosheng Tianhe has maintained steady financial growth, with revenues of 3.436 billion yuan, 3.202 billion yuan, 3.238 billion yuan, and 1.785 billion yuan from 2022 to the first half of 2025, and net profits of 108 million yuan, 152 million yuan, 155 million yuan, and 85 million yuan during the same period [5]. - The company anticipates significant growth in the first three quarters of 2025, with revenue expected to increase by 22.32% to 27.03% year-on-year and net profit projected to rise by 41.03% to 51.88% [5]. Group 3: Strategic Initiatives - The funds raised from the public offering will primarily be allocated to a project for producing 56,000 tons of high-end adhesives and high-performance composite resin systems for new energy and power batteries, as well as repaying bank loans [2][5]. - Daosheng Tianhe has a strong patent portfolio with 69 patents, including 38 invention patents, and has received certifications for automotive and aerospace quality systems, positioning itself for further growth in the green low-carbon economy [5].

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]

Core Viewpoint - The company DaoShengTianHe Materials Technology (Shanghai) Co., Ltd. is facing significant operational and financial challenges despite its IPO submission, raising concerns about its independence and the rationale for its listing [1][12]. Financial Performance - DaoShengTianHe's revenue growth has stagnated, with a mere 1.13% increase in 2024, and net profit growth of only 2.45%, while the net profit attributable to the parent company grew by just 0.01% [2][3]. - The company's gross profit margin has declined from 12.34% to 11.61%, indicating weakening market competitiveness of its core products [2][3]. - The total revenue for 2024 is projected at 323.8 million yuan, with a gross profit of 37.6 million yuan, reflecting a decrease in gross profit of 4.85% year-on-year [3]. Operational Concerns - DaoShengTianHe has experienced inefficiencies in fixed asset utilization, with a new planetary vacuum mixer taking a year to be operational due to customer-specific requirements, highlighting poor capacity planning [4]. - The company's expansion plans, particularly in the wind power and new energy vehicle materials sector, are questionable, as projected additional gross profits for 2024 and 2025 are significantly lower than expected [5]. Market Position and Strategy - The company is heavily reliant on the wind power industry, which is facing a slowdown, and its attempts to diversify into the new energy vehicle adhesive market have been slow, with only 5.04% of revenue coming from this segment in 2023 [6]. - Research and development investment is low, at only 2.7%-3.2% of revenue, which is below industry averages, further diminishing its competitive edge [6]. Family Capital and Governance Issues - There are significant financial transactions between the controlling shareholder, Ji Gang, and his mother, amounting to 125 million yuan from 2021 to 2023, raising questions about the company's financial independence [7][10]. - The nature of these transactions appears to be akin to "interest-free loans," which could mask the company's actual debt repayment capabilities [11]. Historical Context and Implications - The timeline of Ji Gang's family background and the establishment of DaoShengTianHe raises suspicions about potential undisclosed capital injections and asset transfers from previous family business dealings, particularly with YaBaiTe [12][13]. - The company's reliance on family capital rather than its operational capabilities poses risks to its long-term viability and compliance with listing requirements [13].

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].