Dawn Shares Sees Net Profit Soar to 1.28-1.38 Billion in First Three Quarters

On October 13, Daon Co., Ltd. (002838) disclosed its performance forecast for the first three quarters of 2025. The announcement indicated that the company expects to achieve a net profit attributable to shareholders of 128 million to 138 million yuan, representing a year-on-year increase of 30% to 40%; the year-on-year increase in net profit excluding non-recurring items is expected to be between 42.58% and 54.37%.

The performance growth of Dawn Holdings aligns with policy orientation and changes in the industry environment. Since 2025, the national trade-in policies have been promoted, driving a growth trend in downstream industries such as new energy vehicles, home appliances, and electronics. According to public data, the penetration rate of new energy vehicles has exceeded 40%, the trend towards high-end home appliances is significant, and as modified plastics are key materials in these fields, market demand has consequently increased.

At the industry level, the prices of major raw materials such as PP and ABS are declining, while the trend of "replacing steel with plastic" is expanding in multiple fields. Modified plastics, due to their lightweight, high strength, and easy molding characteristics, are continuously broadening their application scenarios. As a result, the industry's gross profit margin has improved year-on-year, providing external conditions for the profit growth of Daon Co., Ltd.

In terms of business performance, Dawn Co., Ltd. has made positive progress across its three core segments, with both revenue and net profit increasing by over 20%! All three business segments of Dawn Co., Ltd. have experienced growth. In the first half of 2025, revenue from its elastomers, modified plastics, and masterbatches all achieved year-on-year growth, with sales of elastomers and modified plastics reaching a historical high for the same period. The company maintains strategic partnerships with leading enterprises such as Haier Smart Home, further consolidating its market share by providing comprehensive material solutions.

Dawn Polymer has established four core technology platforms in the field of high-performance polymer materials: "plastic modification + dynamic vulcanization + esterification synthesis + hydrogenation reaction," forming a comprehensive technology system. Relying on this system, the company has achieved multiple accomplishments in the high-end materials sector, breaking international monopolies and achieving domestic substitution with thermoplastic elastomer products such as TPV, HNBR, DVA, PETG, and PCTG.

In terms of specific product progress, the next-generation tire gas barrier layer DVA material has been tested in road trials with well-known tire companies; the PCTG product is focusing on developing customers in the e-cigarette and medical fields; and the TPU product is advancing differentiated development to meet the personalized needs of different application scenarios.

In its in new fields, Dawn Co., Ltd. has achieved a technological breakthrough in the field of robotic simulation skin elastomer materials. Its elastomer R&D team is simultaneously conducting research and reserves in the directions of ultra-soft artificial muscle TPE, artificial skin SiTPV, conductive TPE, thermosensitive color-changing TPE, and light-sensitive color-changing TPE, and has made significant progress.

Since 2025, Dawn Co., Ltd. has been continuously advancing its industrial chain layout and capacity construction to support its long-term development. In terms of capacity expansion, the company's new material expansion project (Phase II) located in Longkou, Shandong, is progressing in an orderly manner. This project includes the construction of 100,000 tons of TPU, 60,000 tons of polyols, and new high-temperature copolyester materials (Phase I). Once completed, the project will expand the company's capacity scale in high-end materials such as TPU and copolyesters, optimize the product structure, and enhance market supply capabilities.

In terms of supply chain integration, Dawn Holdings has fully acquired Anhui Bost New Material Co., Ltd., marking another milestone: the completion of a 100% equity acquisition! It will be included in the consolidated financial statements by June 2025. Anhui Bost specializes in silane cross-linked polyolefin insulated cable materials, with products covering automotive high and low voltage cables, photovoltaic cables, and other fields. This acquisition aids Dawn Holdings in extending its industrial chain towards new cable materials. Additionally, the company is advancing the merger and reorganization of Dawn Titanium Industry, planning to extend upstream in the industrial chain through this initiative, creating a synergy between organic and inorganic chemical new materials.