Dawn 2025 Half-Year Financial Report Released, Masterbatch Revenue Soars Consecutively

On the evening of August 25, 2025, Dawn Holdings released its 2025 semi-annual report. The data shows that the group’s total revenue for the first half of the year reached 2,881.3014 million yuan, representing a year-on-year increase of approximately 24.08%. Operating profit increased by 38.93% year-on-year, total profit rose by 33.67% year-on-year, and net profit grew by 26.14% year-on-year. Net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, increased by 41.69% year-on-year.

1. The masterbatch business continues to boom, showing strong growth momentum.

Dawn color masterbatch business has been steadily increasing in recent years. In the first half of 2024, revenue reached 97.43 million yuan, a year-on-year increase of 29.88%; in the first half of 2025, it reached 129.35 million yuan, a year-on-year increase of approximately 32.76%, with both the growth rate and magnitude improving.

This achievement is inseparable from the industrial chain layout and related party cooperation. In 2025, Dawn plans to adjust the connected transaction limits by increasing the purchase limit with Dawn Chemical by 46.7 million yuan, Daehan Dawn Shanghai Company by 30 million yuan, and Qingdao Haier Environmental Materials by 40 million yuan to ensure the stable supply of masterbatch raw materials and product sales.

In 2025, Dawn's capital operations also supported the masterbatch business. The company acquired 100% equity of Anhui Boste New Materials for 33 million yuan, enabling business expansion in fields such as masterbatch; it also plans to acquire 100% equity of Dawn Titanium and raise funds. Although focusing on the titanium industry, the group's enhanced strength and improved industrial chain can provide more resources for the masterbatch business.

2. Continuous Actions in 2025 Inject New Momentum for Development

In 2025, Dawn has been active in business expansion, technological research and development, and cooperation arrangements.

In terms of business expansion, in addition to acquiring Anhui Bost and planning to acquire Dawn Titanium, Anhui Bost is focusing on silane cross-linked polyolefin insulated cable materials. In the future, it will develop products in multiple fields such as power cables and automotive cables, forming synergy with the masterbatch business.

In terms of technological research and development, Dawn focuses on "industrial chain collaborative innovation, breakthroughs in high-end materials, and green intelligent manufacturing," organizing three major sectors of common foundations to form a technology roadmap. As of the end of the semi-annual report period, it holds 273 valid patents. It has also engaged in joint research and development with universities such as Beijing University of Chemical Technology and South China University of Technology, and has established an overseas joint laboratory with a Japanese research institute to enhance technological capabilities and improve the competitiveness of products like color masterbatches.

In terms of cooperation and layout, Daon focuses on advancing overseas expansion in regions such as Southeast Asia and Central Asia to broaden the international market for color masterbatches; it has also established an environmental materials company with Haier, participating in the revision of PCR technology standards, driving the development of color masterbatches towards environmental sustainability.

3. Outstanding Performance in Other Businesses and Significant Achievements in Coordinated Development

Apart from color masterbatches, Dawn's other businesses have also performed remarkably well.

The polymer materials business is core, with revenue of 5.446 billion yuan and net profit attributable to shareholders of 354 million yuan in the first half of 2025, representing a year-on-year increase of 17%-35%, benefiting from the growth in demand for new energy vehicles and home appliances. The company has made breakthroughs in robot simulation skin elastomer materials, with DVA material finished products meeting the standards in tire road test data. The packaging segment has also developed two core products.

In the military industry sector, the 2024 military cable materials have been supplied, and HNBR materials are used in military equipment; the acquisition of Dawn Titanium (130,000 tons/year titanium dioxide capacity) has created a synergy of "polymers + titanium dioxide." In the 5G field, the subsidiary Haier New Materials' long glass fiber reinforced PP materials are used in 5G base stations, modified plastics have entered the supply chains of CATL and BYD, and high-temperature polyester materials are suitable for 5G devices.

In digital transformation, Dawn has advanced multiple digital projects and received provincial and municipal honors in the first half of the year; in green transformation, it continues to practice environmental protection concepts; in international transformation, it focuses on multi-regional layouts to enhance international competitiveness.

Overall, Dawn Group experienced a good development trajectory in the first half of 2025. Each business segment progressed at its own pace, showing corresponding development trends. In the future, there is the potential for continued growth across multiple fields, providing a reference for the industry.