Focus on the Third Quarter Financial Report of the Masterbatch Industry! Baolidi and Dawn See Significant Increase in Net Profit...
As the third-quarter financial reports are gradually disclosed, the operational status and development trends of the masterbatch industry have become the focus of attention in the industry. Polyrocks, Meilian New Materials, Ningbo Masterbatch, and Dawn Polymer, the four key enterprises in the masterbatch industry, have each delivered "report cards" with different results. The financial data behind these reports reflect the diverse changes and development trends within the industry.
Polaroid
During the reporting period, the operating income reached 382 million yuan, a year-on-year increase of 10.53%.
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Net profit attributable to shareholders of the listed company was 42.323 million yuan, a year-on-year increase of 66.17%.
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The net profit attributable to shareholders of the listed company, after deducting non-recurring gains and losses, was 41.9269 million yuan, a year-on-year increase of 97.77%. The basic earnings per share were 0.24 yuan, a year-on-year increase of 71.43%.
During the reporting period, the company's operating revenue increased by 46.185 million yuan year-on-year, and the product gross margin improved under the dual impact of scale effects and a decline in raw material prices. The gross profit increased by 43.6562 million yuan compared to the same period last year, representing a year-on-year growth of 24.26%.
To incentivize employees, the company implemented an equity incentive plan, accruing share-based payment expenses of 6.1019 million yuan during the reporting period, with an impact of 5.3292 million yuan on the net profit attributable to the parent company.
Excluding the impact of share-based payments, the net profit attributable to the parent company during the reporting period was 111.4672 million yuan, an increase of 12.4009 million yuan compared to the same period last year, representing a year-on-year growth of 12.52%.

Meilian New Materials
In the first three quarters, the company's revenue was 1.247 billion yuan, a year-on-year decrease of 1.69%; the net profit attributable to shareholders was -37.2037 million yuan, turning from profit to loss year-on-year.
Meilian New Materials experienced a decline in revenue in the third quarter, with a significant loss in profit. The primary reason for the revenue decline is the decrease in unit selling prices of major products, leading to a reduction in overall gross profit margin.
Additionally, the net profit loss was also affected by non-recurring gains and losses. After excluding non-recurring gains and losses, the net profit was -192 million yuan, a year-on-year decrease of 169.65%.
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The net profit attributable to shareholders of the listed company decreased by 201.86% year-on-year, mainly due to the reduction in the unit selling price of major products from the beginning of the year to the end of the reporting period, leading to a decline in the overall gross profit margin.
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The net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses decreased by 169.65% year-on-year, mainly due to the decrease in the unit selling price of major products and the decline in the overall gross profit margin from the beginning of the year to the end of the reporting period.
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The net cash flow from operating activities decreased by 87.05% year-on-year, mainly due to the receipt of government subsidies by the subsidiary Sichuan Meilian in the same period last year.
During the reporting period, the company continued to advance the development of its three major business segments: polymer new materials, fine chemicals, and new energy. Anhui Meixin vigorously implemented meticulous management and developed new customers. Although the sales price was relatively low, both sales volume and revenue significantly increased. Huihong Technology completed the construction of a 1,000-ton/year capacity for the Prussian blue sodium battery cathode material project, which is expected to become a new profit growth point in the future.

宁波色母
As of the end of this reporting period, the company's total operating revenue was 345 million yuan, a year-on-year decrease of 5.93%.
The net profit attributable to the parent company is 82.5064 million yuan, a year-on-year increase of 15.12%.
In terms of single-quarter data, the total operating revenue for the third quarter was 125 million yuan, a year-on-year decrease of 2.18%.
The net profit attributable to the parent company in the third quarter was 30.4925 million yuan, an increase of 23.97% year-on-year.
During this reporting period, Ningbo's masterbatch profitability has increased, with a year-on-year growth of 15.13% in gross profit margin and a year-on-year growth of 22.39% in net profit margin.
The main construction project is the new factory building of the Chuzhou subsidiary.

Daon Shares
In the third quarter of 2025, the company achieved an operating revenue of 1.574 billion yuan, representing an 8.84% increase compared to the same period last year.
The net profit attributable to shareholders of the listed company reached 46.5495 million yuan, a substantial increase of 48.19% compared to the same period last year.
From the beginning of the year to the end of the reporting period, the company achieved a total revenue of 4.455 billion yuan, an increase of 18.23% year-on-year, and a net profit of 131 million yuan, with a growth rate of 32.96%, demonstrating a continuous enhancement in core profitability.

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