Wind Power Resin Material Leader Goes Public!

On September 29th, Daosheng Tianhe, a leading company in wind power resin materials, officially started its subscription process with an issue price of 5.98 yuan per share and a price-to-earnings ratio of 29.05 times, planning to list on the main board of the Shanghai Stock Exchange.

According to reports, the company planned to launch an IPO on the ChiNext board in 2020, but the application was ultimately unsuccessful. In June 2023, the company shifted its focus to the Shanghai Main Board and submitted an IPO application, eventually receiving approval for registration from the China Securities Regulatory Commission in August 2025.

The total amount raised in this IPO is 705.702 million yuan, of which 558.55 million yuan (accounting for 80.5% of the total raised) is planned to be invested in the "project with an annual output of 56,000 tons of high-end adhesives and high-performance composite material resin systems for new energy and power batteries." The annual production capacity of the high-performance composite material resin system is 19,000 tons, and the annual production capacity of high-end adhesives for power batteries and others is 37,000 tons, mainly used in high-tech fields such as wind power generation and new energy vehicles.

According to the information, Daoshengtianhe was established in 2015 and is headquartered in Shanghai. It initially started as an agent for the sales of imported wind turbine blade materials, and later transformed into a strategic focus on independent research and development and production. It is a national high-tech enterprise and a national specialized and innovative "little giant" enterprise.

The company has 7 holding subsidiaries: Yicheng New Materials, Shanghai Chenglai, Jiangsu Daoda, Zhejiang Zhihe, Zhejiang Daosheng, German Daosheng, and Daoheng Yixin. It also has 3 equity-invested subsidiaries: Liyang Caisheng, Shanghai Daoyi, and Guoxing Daosheng.

The company's products are centered around high-performance thermosetting resin materials such as epoxy resin, polyurethane, acrylic, and organic silicon, forming three main product series: materials for wind turbine blades, resins for new composite materials, and industrial adhesives for new energy vehicles. They are primarily used in renewable energy fields such as wind power, new energy vehicles, energy storage, and hydrogen energy, as well as in industries like aviation, oil and gas extraction, power generation, and mold manufacturing.

DaoSheng TianHe is one of the largest manufacturers of epoxy resin for wind turbine blades in the world. In 2024, DaoSheng TianHe achieved sales of 143,100 tons of "epoxy resin series for wind turbine blades" and 15,200 tons of "structural adhesive for wind turbine blades." According to data from the China Petroleum and Chemical Industry Federation, the company has ranked first in global sales of "epoxy resin series for wind turbine blades" for three consecutive years from 2022 to 2024, and ranked second in domestic sales and third in global sales of "structural adhesive for wind turbine blades" during the same period. Additionally, the company is currently the only Chinese enterprise supplying both epoxy resin and structural adhesive for wind turbine blades to the international wind turbine giant Vestas.

In terms of raw materials, the company's products primarily require epoxy resin, as well as curing agents, polyols, and core material raw materials. Suppliers include Yangnong Chemical, Juhua Group, Evonik, BASF, and Chang Chun Group, among others.

In the wind power sector, the company has essentially covered all major wind turbine blade manufacturers in China, including Goldwind Technology, Envision Energy, Mingyang Smart Energy, China Haizhuang, United Power, Shanghai Electric, Vestas, and Nordex Group. In the new energy vehicle sector, its adhesive products are widely supplied to "three electric" system enterprises such as BYD, GAC, Geely, TE Connectivity, Hive Energy, Guoxuan Hi-Tech, Envision Energy, Borui Power, and Ganfeng Lithium. In the field of new composite materials, its resin products have been supplied to clients such as Chongqing Windu, Zhongfu Carbon Fiber, North Glass Institute, Tianguang Wind Power, Taishan Glass Fiber, Jilin Chemical Fiber, Haiyuan Composites, Ningde Kangben, and Zhenstone Group.

In terms of performance, from 2022 to 2024, Daosheng Tianhe achieved operating revenues of 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan respectively, with net profits of 110 million yuan, 155 million yuan, and 155 million yuan respectively. The gross profit margins were 10.77%, 12.35%, and 11.58% respectively. In the first half of 2025, Daosheng Tianhe achieved operating revenue of 1.785 billion yuan and a net profit of 86 million yuan. The company expects that in the first three quarters of 2025, net profit will be between 145 million yuan and 155 million yuan, a year-on-year growth of 48.21% to 58.43%.