Core Viewpoint - The article highlights the increasing cost pressures on lithium iron phosphate (LFP) production due to rising prices of key raw materials, particularly ferrous sulfate, which is influenced by the declining operating rates in the titanium dioxide industry [2][3]. Group 1: Industry Dynamics - The titanium dioxide industry is experiencing a decline in operating rates, currently at 65.83% as of June 2025, down over 12 percentage points since April, leading to a tightening supply of ferrous sulfate [2]. - The current market price for ferrous sulfate has risen to 1800-1900 RMB per ton, driven by low inventory levels, which may soon surpass the cost levels of iron powder-based processes [2]. - Approximately two-thirds of the iron sources used in domestic LFP production come from ferrous sulfate, indicating its critical role in the cost structure of LFP manufacturing [2]. Group 2: Cost Structure Sensitivity - The cost structure of LFP is highly dependent on the stability of raw material markets, which include iron, phosphorus, and lithium sources, making it sensitive to price fluctuations in upstream industries [3]. - The pricing mechanism in the LFP industry is primarily based on lithium pricing, which is influenced by the average monthly price of battery-grade lithium carbonate, but increasing volatility in phosphorus and iron prices could compress profit margins if not managed effectively [3]. Group 3: Strategic Responses - There is a growing consensus among LFP companies to integrate upstream resources to mitigate cost pressures, with companies like Hunan Youneng securing phosphate resources in Guizhou for self-supply and Longpan Technology partnering with CATL to establish a lithium carbonate processing plant [4].

Group 1: Corporate Governance and Independent Directors - Independent directors have actively exercised their duties, ensuring objective and fair oversight, which has positively impacted the company's governance and the interests of minority shareholders [1][2] Group 2: Dividend Policy - The company plans to implement a cash dividend of CNY 0.26 per share for the year 2024, representing a distribution ratio of 49.39% of the net profit attributable to shareholders [2] - Future dividend frequency will depend on actual profitability, major investment needs, and regulatory changes [2] Group 3: Product Development and R&D - The company is the sole producer of Ruixiangsu capsules, focusing on diseases like viral pneumonia and type 2 diabetes complications, with two related patents obtained [2][3] - R&D expenses for 2024 are CNY 10.22 million, accounting for 3.99% of revenue, with a focus on iron supplement and circulatory disorder treatments [6][7] Group 4: Financial Performance - In 2024, the company reported a net profit of CNY 40.27 million, a decrease of 20.26% year-on-year, primarily due to reduced government subsidies [5] - Revenue for 2024 was CNY 256 million, reflecting a growth of 13.71% compared to the previous year [5] Group 5: Cash Flow and Investment Activities - Cash outflow from financing activities increased by 814.23% to CNY 120 million, mainly due to share buybacks aimed at stabilizing stock prices [3] - Net cash flow from investment activities decreased by 185.84%, attributed to reduced financial management scale and ongoing project investments [4] Group 6: Asset Management - Total assets as of December 31, 2024, were CNY 1.063 billion, a decrease of 0.43%, while net assets fell by 7.85% to CNY 906 million, largely due to share repurchase activities [5]

编号：2025-005 号 投资者关系 活动类别 特定对象调研 分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 道恩股份总经理：田洪池 道恩股份副总经理、董事会秘书：王有庆 道恩股份证券事务专员：陈浩 参与机构： 华安证券、中银证券、默得生健康投资、中邮证券、鲁创私募、大道兴业、多璨投 资 时间 2025 年 5 月 14 日 10:00-11:30 地点 道恩股份会议室 形式 现场交流 证券代码：002838 证券简称：道恩股份 山东道恩高分子材料股份有限公司投资者关系活动记录表 2 1 1、 公司情况介绍 道恩股份于 2002 年成立，是一家专业从事高性能热塑性弹性体、改性塑料、 色母粒及聚酯材料等功能性高分子复合材料的研发、生产、销售与服务的国家级高 新技术企业。致力于高分子新材料的进口替代及消费升级，产品广泛应用于汽车交 通、家电通讯、航空航天、医疗卫生、大消费、新能源等领域。现有改性塑料年产 能 50 万吨、热塑性弹性体年产能 9 万吨、色母粒及功能母料年产能 3 万吨，共聚 酯材料年产能 6 万吨，布局了再循环产业。 公司于 2006 年研发出国内第 ...