（文章来源：证券日报） 证券日报网讯安利股份11月20日在互动平台回答投资者提问时表示，公司坚持以创新驱动发展，每年推 进专利申请，均为自主研发，不存在对日本企业的技术依赖。公司使用的聚氨酯树脂，主要是公司控股 子公司合肥安利聚氨酯新材料有限公司自主研发生产，目前自产自用聚氨酯树脂占比约90%。公司一体 化研发生产优势明显，集成协同创新能力强。公司在核心技术及关键原材料等环节，均自主可控，能够 有效保障公司的可持续发展。 ...

每经AI快讯，有投资者在投资者互动平台提问：1. 公司无溶剂合成革等核心技术，是否存在与日本企 业合作、工艺引进或专利依赖？2. 特殊树脂、高性能助剂等关键原材料，是否从日本直接/间接进口， 采购额占比多少？3. 上述环节能否通过国内成熟方案替代，实现完全脱离日本关联？ （记者 王瀚黎） 安利股份（300218.SZ）11月20日在投资者互动平台表示，公司坚持以创新驱动发展，每年推进专利申 请，均为自主研发，不存在对日本企业的技术依赖。 公司使用的聚氨酯树脂，主要是公司控股子公司 合肥安利聚氨酯新材料有限公司自主研发生产，目前自产自用聚氨酯树脂占比约90%。公司一体化研发 生产优势明显，集成协同创新能力强。公司在核心技术及关键原材料等环节，均自主可控，能够有效保 障公司的可持续发展。 ...

Core Insights - The chairman of DaoSheng TianHe, Ji Gang, emphasized that the company's listing marks the beginning of a new journey and is both an honor and a responsibility, thanking various stakeholders for their support [2] - DaoSheng TianHe aims to strengthen corporate governance and focus on technological innovation and global market expansion, aligning with the national "dual carbon" strategy to become a leading global provider of new material solutions [2] - The company has established itself as a leader in the new materials sector, particularly in the wind power industry, with its epoxy resin for wind turbine blades being the largest in global production scale [2] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was reported as 3.436 billion, 3.202 billion, 3.238 billion, and 1.785 billion respectively, with net profits of 108 million, 152 million, 155 million, and 85 million respectively [3] - DaoSheng TianHe has been expanding its product offerings in new composite materials and automotive adhesives, becoming one of the few domestic companies to master multiple basic chemical raw material formulations [3] Future Development - DaoSheng TianHe plans to leverage capital market resources for diversified development and to enhance its global presence, aiming to become a comprehensive new materials company [4] - The company is committed to developing high-performance thermosetting resin materials and expanding its product and market development in the photovoltaic and power sectors, while also providing domestic companies with import substitution solutions [4]

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 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][2]. Market Position - Daoshengtianhe is recognized as one of the largest producers of epoxy resin for wind turbine blades globally, with its "wind turbine blade epoxy resin series" sales ranking first worldwide from 2022 to 2024 [2]. - The company has also achieved second place domestically and third place globally in the sales of "wind turbine blade structural adhesives" during the same period [2]. Financial Performance - The company's revenue figures for 2022, 2023, 2024, and the first half of 2025 are 3.436 billion, 3.202 billion, 3.238 billion, and 1.785 billion yuan respectively, with self-produced wind turbine blade epoxy resin contributing 2.436 billion, 2.144 billion, 2.120 billion, and 1.223 billion yuan [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 [3][4]. - The company holds 69 patents, including 38 invention patents, and has consistently increased its R&D investment over the years [4]. Diversification Strategy - The company has rapidly entered the new energy vehicle sector, achieving sales growth rates of 145.80% and 240.65% for its new energy vehicle and industrial adhesive products in 2022 and 2023 respectively [5]. - Daoshengtianhe aims to diversify its product offerings across various sectors, including photovoltaic, electricity, hydrogen energy, and energy storage, enhancing its profitability and market reach [5][6]. Future Development Plans - The funds raised from the upcoming IPO will be allocated to projects such as the annual production of 56,000 tons of high-end adhesives and high-performance composite resin systems, as well as repaying bank loans [6]. - The company anticipates that the IPO will broaden financing channels, enhance brand influence, and improve governance structures, thereby attracting high-end talent [6][7].

Core Viewpoint - Huide Technology is launching its first refinancing after the IPO to expand the production capacity of its polyurethane product series and consolidate its leading position in the industry [1][3]. Group 1: Financial Performance - In 2024, Huide Technology achieved an operating income of 2.671 billion yuan, a year-on-year decrease of 1.51%, while the net profit attributable to shareholders reached 125 million yuan, a year-on-year increase of 95% [1][13]. - The main business gross profit margin for 2024 was 14.24%, an increase of 2.89 percentage points year-on-year [1][10]. - The company reported a production volume of 235,900 tons for its three main polyurethane products in 2024, a year-on-year increase of 6.55%, with sales volume reaching 233,800 tons, up 3.16% [1][10]. Group 2: New Financing and Investment Plans - Huide Technology plans to issue no more than 42.2398 million shares to specific investors, raising up to 580 million yuan, all of which will be used for new polyurethane material projects [3][5]. - The total investment for the new project is planned at 800 million yuan, with a construction period of 14 months, and an expected post-tax internal rate of return of 24.14% [5][7]. Group 3: Product Development and Market Strategy - The company is actively exploring applications of high-performance polymer materials in the fields of new energy and automotive, seeking new profit growth points [1][10]. - In 2024, the new energy component business generated revenue of 87.409 million yuan, a year-on-year increase of 42.06%, with production and sales volumes growing by 82.80% and 72.59%, respectively [1][10]. - Huide Technology has established deep cooperation with leading domestic and international automotive brands and battery manufacturers, enhancing its market position [9].

Core Viewpoint - Huide Technology (603192.SH), a leading company in the domestic polyurethane resin industry, plans to raise up to 580 million yuan through a private placement to expand its production capacity for polyurethane new materials, reinforcing its industry leadership position [1][3]. Financial Performance - In 2024, Huide Technology's total revenue reached 2.671 billion yuan, a decrease of 1.51% year-on-year, while net profit attributable to shareholders increased by 95% to 125 million yuan [1][6]. - The company's main business gross margin improved to 14.24%, up by 2.89 percentage points year-on-year [1][7]. Production and Sales - The production volume of Huide Technology's three main polyurethane products reached 235,900 tons in 2024, reflecting a year-on-year increase of 6.55%, with sales volume at 233,800 tons, up by 3.16% [1][7]. - Despite a decline in product prices, the company achieved an increase in sales volume and gross margin through product structure optimization and cost management [1][7]. New Energy Sector - In 2024, the revenue from Huide Technology's new energy components business was 87.41 million yuan, marking a year-on-year growth of 42.06%, with production and sales volumes increasing by 82.80% and 72.59%, respectively [2][7]. - The company added 26 large-scale clients in the new energy sector, primarily in the power battery, automotive, and home appliance industries [8]. Capital Expansion Plans - Huide Technology's first private placement since its IPO in 2018 aims to raise funds for expanding production capacity in polyurethane new materials, with a total investment of 800 million yuan planned for the project [3][4]. - The project is expected to have an internal rate of return of 24.14% after tax, with a payback period of 5.30 years [4].

Group 1: Revenue and Market Position - As of May 2025, the revenue from functional shoe materials and sofa home products accounts for approximately 70% of total revenue, while other categories contribute about 30% [1] - The company has a strong recognition among both domestic and international brand clients, with a good standing in factory inspection cycles [3] - The company aims for mid-to-high-speed growth in 2025, particularly through partnerships with Nike and Adidas, which are expected to drive significant sales [5] Group 2: Production and Capacity - The production capacity utilization rate is generally good and aligns with order demand, although it may fluctuate due to various factors [2] - Amway Vietnam's current production capacity utilization is around 50%, with plans to launch two additional production lines in the second half of 2025 [4] - The company has an annual production capacity of 70,000 tons for polyurethane resin, with approximately 90% of this being self-supplied for internal use [4] Group 3: Raw Material Pricing and Supply Chain - Raw material prices have shown stability with fluctuations, and the company negotiates natural gas prices biannually [1] - The pricing mechanism for natural gas is divided into two seasons: April to October (off-peak) and November to March (peak) [1]

Group 1 - The company plans to establish a wholly-owned subsidiary in Hong Kong, named Comens International Holding Limited, with an investment of 1.2 million USD to enhance its international business development and market presence [1][2] - The subsidiary will focus on trading polyurethane resins, polyester resins, acrylic resins, adhesives, curing agents, and related consulting and technical services [1][3] - The establishment of the subsidiary aligns with the company's strategic planning and operational needs, aiming to improve competitiveness and expand development space in the international market [2][3] Group 2 - The registered capital for Comens International Holding Limited is set at 500,000 USD, and it will be fully owned by the company [3] - The subsidiary will also include a secondary subsidiary, Hong Kong Comens Trading Limited, which will have the same registered capital and ownership structure [3] - The investment will be funded by the company's own resources and will not significantly impact the company's financial status or operations [2][3]

Core Viewpoint - The article highlights the significant trading activity in stocks related to nuclear energy and digital economy sectors, with a focus on the top performers in terms of trading volume and market interest on May 26. Group 1: Nuclear Energy Sector - Rongfa Nuclear Power leads the trading volume with 650,900 shares and a total capital of 403 million yuan, benefiting from its involvement in key nuclear projects like the Huaneng Shidaowan High-Temperature Gas-Cooled Reactor demonstration project [2][3][5]. - Other notable stocks include Shangwei Co. and Hongbo Co., with trading volumes of 289,000 shares and 118,700 shares, respectively, and capital amounts of 216 million yuan and 203 million yuan [2][3][5]. - The sector is experiencing a boost due to recent U.S. administrative actions aimed at reforming nuclear energy regulations, which may accelerate the development of nuclear fusion technology [4]. Group 2: Digital Economy Sector - Stocks such as Zhongke Information and Hongbo Co. are gaining traction, with Zhongke Information focusing on smart governance and urban development, contributing to the digital transformation of traditional industries [7]. - The digital economy segment is also represented by companies like Xiangyou Technology, which supports the postal industry's digital needs, indicating a broader trend towards technological integration in various sectors [7]. Group 3: Trading Activity Insights - A total of 16 stocks had capital exceeding 100 million yuan in trading volume, indicating strong investor interest [3]. - The article notes that institutional investors are actively participating, with significant net purchases in stocks like Xinbang Intelligent and Xingchen Technology, reflecting confidence in these sectors [8].