Core Viewpoint - Daosheng Tianhe, a leading global manufacturer of epoxy resin for wind turbine blades, successfully went public on the Shanghai Stock Exchange, marking a new chapter in its growth amid the "dual carbon" strategy [2] Company Overview - Established in 2015 and headquartered in the Shanghai Free Trade Zone, Daosheng Tianhe is a national high-tech enterprise focused on the R&D, production, and sales of new materials [2] - The company specializes in high-performance thermosetting resin materials, including epoxy resin, polyurethane, acrylic, and organic silicon, with products serving the wind power, new energy vehicles, energy storage, hydrogen energy, and other sectors [2] Market Position and Performance - Daosheng Tianhe is recognized as a "hidden champion" in the domestic market and has demonstrated strong capabilities in global competition [3] - The company has achieved full coverage of mainstream wind turbine blade designs with its epoxy resin products, projecting sales of 143,100 tons for 2024 in this category, making it the global leader [3] - In the new energy vehicle adhesive sector, Daosheng Tianhe has successfully entered the supply chains of major automakers and battery manufacturers, showcasing strong customer loyalty and market expansion potential [3] Industry Growth Potential - The global energy transition and electric vehicle trends are driving high growth in Daosheng Tianhe's market segments [4] - The Global Wind Energy Council forecasts a compound annual growth rate of 9.4% for new wind power installations from 2024 to 2028, with China planning to add over 50 GW annually during the 14th Five-Year Plan [4] - The penetration rate of new energy vehicles in China has surpassed 40%, leading to a surge in demand for adhesives and lightweight composite materials [4] Financial Performance - Daosheng Tianhe has shown steady financial performance, with revenues of 3.202 billion yuan, 3.238 billion yuan, and 835 million yuan for 2023, 2024 Q1, and 2025 Q1 respectively, alongside net profits of 155 million yuan, 155 million yuan, and 31.08 million yuan [4] - The company anticipates a year-on-year revenue growth of 22.32% to 27.03% and a net profit growth of 48.21% to 58.43% for the first three quarters of 2025, indicating strong profitability and growth potential [4] IPO and Future Plans - The IPO raised funds to support the annual production of 56,000 tons of high-end adhesives for new energy and power batteries, as well as high-performance composite resin systems, which will enhance the company's capacity and competitiveness in these sectors [4]

Group 1 - The company, DaoShengTianHe Materials Technology (Shanghai) Co., Ltd., plans to issue up to 58.62 million shares on the Shanghai Stock Exchange, aiming to raise 694 million yuan [1] - The funds raised will be allocated as follows: 135 million yuan for repaying bank loans and 558.55 million yuan for a project to produce 56,000 tons of high-end adhesives and high-performance composite resin systems for new energy and power batteries [1] - The company is controlled by Ji Gang and Zhang Ting, with Shanghai Yicheng Industrial Investment Group Co., Ltd. being the largest shareholder, holding a 47.55% stake [1] Group 2 - As of 2024, the company has 664 employees, with 8.13% holding master's degrees, 26.66% holding bachelor's degrees, 18.07% holding associate degrees, and 47.14% having vocational education or lower [2] - The professional structure of the workforce includes 6.93% in sales, 61.30% in production, and 20.63% in research and development [2] - The company reported revenue per employee of 4.8765 million yuan and profit per employee of 234,100 yuan for 2024 [3]

Core Points - The company, DaoSheng TianHe, has initiated its subscription process with a total issuance of 131.88 million shares at a price of 5.98 yuan per share, resulting in a price-to-earnings ratio of 29.05 times [1][3] - The company is recognized as a national high-tech enterprise focused on the research, production, and sales of new materials [2] Issuance Information - Total shares issued: 131.88 million shares [1][3] - Online subscription shares: 27.69 million shares [1][3] - Subscription code: 780026 [1][3] - Subscription date: September 29, 2025 [3] - Maximum subscription limit per account: 27,500 shares [3] - Required market value for maximum subscription: 275,000 yuan [3] - Announcement and payment date for winning numbers: October 9, 2025 [3] Fundraising Purpose - Investment in a project for an annual production of 78,000 tons of high-end adhesives and high-performance composite resin systems for new energy and power batteries: 614.972 million yuan [3] - Repayment of bank loans and supplementing working capital: 185.028 million yuan [3] Financial Indicators - Total assets (billion yuan): 3.879 in 2024, 3.516 in 2023, 3.758 in 2022 [3] - Net assets (billion yuan): 1.801 in 2024, 1.639 in 2023, 1.533 in 2022 [3] - Operating income (billion yuan): 3.238 in 2024, 3.202 in 2023, 3.436 in 2022 [3] - Net profit (billion yuan): 0.155 in 2024, 0.155 in 2023, 0.110 in 2022 [3] - Basic earnings per share (yuan): 0.29 in 2024, 0.29 in 2023, 0.26 in 2022 [3] - Weighted return on equity (%): 9.00 in 2024, 9.79 in 2023, 12.75 in 2022 [3]

Core Viewpoint - The company is a leading supplier in the global wind turbine blade materials sector, with strong performance in structural adhesives and a growing presence in the new energy vehicle and industrial adhesive markets [2][3]. Summary by Categories Company Overview - The company has a total market capitalization of 3.155 billion yuan and an issuance price of 5.98 yuan per share, with a price-to-earnings ratio of 29.05 [2]. - The company is recognized for its leading position in the wind turbine blade materials market, supplying major clients such as Goldwind and Vestas [2][3]. Business Highlights - The company has successfully expanded into overseas markets, achieving supply agreements with Vestas, making it the only supplier to provide wind turbine blade materials to them [2]. - The company’s new energy vehicle and industrial adhesive business is experiencing rapid growth, with key clients including Geely Group, Tyco Electronics, and others [3]. Financial Performance - The company reported revenues of 3.236 billion yuan in 2024 (projected, +1.13%), 3.202 billion yuan in 2023 (down 6.81%), and 3.436 billion yuan in 2022 (up 9.89%) [3]. - The funds raised will be directed towards the annual production of 56,000 tons of high-end adhesives for new energy and power batteries, along with bank loans [3].

Group 1 - The core viewpoint of the article is that three companies are set to present their IPO applications to the listing committees of different stock exchanges in China, with varying fundraising amounts and industry focuses [1][2][3][4]. Group 2 - Daoshengtianhe plans to list on the Shanghai Main Board, aiming to raise 694 million yuan for projects related to high-end adhesives and composite resin systems, as well as to repay bank loans and supplement working capital [1][2]. - Haocreative Technology intends to list on the ChiNext Board, with a fundraising target of 477 million yuan, focusing on smart distribution equipment and digital solutions for distribution networks [1][3]. - Nengzhiguang is preparing for an IPO on the Beijing Stock Exchange, seeking to raise 160 million yuan, specializing in the research, production, and sales of chemically modified functional polymers [1][4].

Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. is preparing for its IPO on the Shanghai Stock Exchange, focusing on the development, production, and sales of new materials, particularly high-performance thermosetting resin materials used in various industries including wind energy and new energy vehicles [1][11]. Group 1: Company Overview - Daoshengtianhe specializes in the research, production, and sales of new materials, with products including epoxy resins, polyurethanes, acrylics, and organosilicon materials [1]. - The company has three main product lines: materials for wind turbine blades, new composite resin materials, and adhesives for new energy vehicles and industrial applications [1]. - The company is controlled by a couple, Ji Gang and Zhang Ting, who hold over 60% of the shares, raising concerns about potential improper control [3][5]. Group 2: Financial Information - The company plans to raise approximately 1.35 billion yuan to repay debts, despite having distributed 2.5 billion yuan in dividends in recent years [11][17]. - The IPO aims to issue no less than 58.62 million shares, with a total fundraising target of 693.55 million yuan for projects and debt repayment [11]. - Recent financial performance shows significant revenue fluctuations, with total revenues of 3.33 billion yuan in 2020, 3.13 billion yuan in 2021, and 3.43 billion yuan in 2022 [19]. Group 3: Market Position and Risks - The company has a high customer concentration, with the top five customers accounting for approximately 68% of total sales in recent years [19][20]. - Supplier concentration is also notable, with the top five suppliers representing around 50% of total purchases [21]. - The company has experienced a decline in gross margins, with rates dropping from 33.39% in 2022 to 27.76% in 2024 [16]. Group 4: Production Capacity and Utilization - Daoshengtianhe's production capacity for new energy vehicle adhesives is projected to reach 11,600 tons per year by 2024, with utilization rates increasing significantly [14][15]. - The company has faced challenges in capacity digestion, as the new production capacity is several times greater than existing levels [14]. Group 5: Governance and Control - The company has undergone frequent share transfers since its restructuring in 2020, raising questions about the fairness of these transactions [10][11]. - There have been instances of performance-based agreements with investors, although most have been terminated without adverse effects on the company [10][11].