On the evening of March 11th, Dawn Polymer (002838.SH) released its 2024 annual report, achieving a historical high in operating revenue and delivering an excellent performance. According to the annual report, Dawn Polymer achieved an operating revenue of 5.301 billion yuan in 2024, breaking through the 5-billion-yuan mark for the first time, with a year-on-year growth of 16.65%, further consolidating its position as a leading enterprise in the new materials industry.

An overview of the factory area of Dawn Polymer's parent company
Dawn Polymer is a green and lightweight polymer composite new material company featuring thermoplastic elastomers. From the perspective of its segmented businesses, its four major business segments, namely thermoplastic elastomers, modified plastics, masterbatch, and polyester materials, all achieved remarkable growth. In particular, the thermoplastic elastomer and modified plastic businesses have successfully broken through.

General Manager Tian Hongchi at the National Enterprise Technology Center
In the thermoplastic elastomer business segment, with excellent product quality and pricing power, Dawn Polymer achieved both year-on-year growth in sales volume and profit of thermoplastic elastomers in the highly competitive market environment. It has increased the development of high-end thermoplastic elastomer products to maintain its leading technological edge in the industry. According to the market environment, it has actively adjusted its product layout and development strategy. By leveraging the technological advantages of the dynamic vulcanization platform and its long-accumulated TPV preparation experience, it has developed cost-effective materials in numerous application fields and gained a higher market share in the localization substitution of downstream imported brands.
Facing the difficulties of an overall market decline and increasingly fierce industry competition, the market share of Dawn Polymer's modified plastics has steadily increased, and the order volume from major customers has achieved a significant year-on-year increase. It continues to promote the major customer strategy, providing users with comprehensive technical services centered around core products, and offering full-process material solutions from material selection, mold flow analysis, CAE analysis to product implementation. It has deepened its strategic cooperation with Haier Smart Home, providing the customer with multiple innovative product solutions such as ultra-weather-resistant PS for RV air conditioners and stain-resistant PP, helping Haier Smart Home to offer a variety of smart home appliances to users. The masterbatch business segment of Dawn Polymer also performed well, successfully launching several new core products such as black masterbatch for engineering plastics, black masterbatch for chemical fiber filaments, and masterbatch for biaxially oriented films. Through formula optimization, process innovation, and precise adjustment of the screw combination, the company has overcome the technical difficulties of masterbatch for biaxially oriented polyester films, filling the product gap in this field.

Dawn New Material Exhibition Center
Dawn Polymer has continuously increased its R&D investment and established four major technical platforms: "plasticization modification + dynamic vulcanization + esterification synthesis + hydrogenation reaction", achieving fruitful results. A number of core technologies of modified plastics have reached the domestic advanced or leading level; thermoplastic elastomer products such as TPV, HNBR, DVA, PETG, and PCTG have broken international monopolies. With the deepening of the domestic substitution process, the future market prospects are promising.

R&D investment of Dawn Polymer

In the development of elastomer materials for humanoid robots, Dawn Polymer has solved the problem of material stickiness through the combination of various materials. It participated in the key R&D projects during the 13th Five-Year Plan period and subsequent process and application development. After years of in-depth research on thermoplastic vulcanized silicone rubber technology, it has successfully prepared silicone rubber through platinum-catalyzed addition-dynamic vulcanization technology and dispersed it in a matrix such as polyurethane or polyolefin in the form of micron-sized particles to form a new type of elastomer material with a microscopic island structure. This material has high elasticity, chemical stability, and biocompatibility, and supports rapid molding processes such as injection molding and extrusion. It is reported that the application scenarios of this material include wearable devices, electronic devices, and other fields. Currently, the focus is on its application in bionic skin. With the continuous development of new energy, wearable devices, and green manufacturing, the application scenarios are also expanding.
For future development, Dawn Polymer has made extensive layouts in many emerging fields. With the help of economies of scale and the development trend of domestic substitution, it has formed a relatively clear implementation path. Dawn Polymer is promoting the R&D of the application technology of the gas barrier layer DVA and conducting comprehensive development cooperation with well-known tire enterprises. According to the plan, the tires prepared with this technology will undergo batch road tests in the first quarter of this year, and Dawn Polymer will become the first company in China to conduct road tests on DVA gas barrier layer tires.

Chairman Yu Xiaoning introducing products to Secretary of the Provincial Party Committee Lin Wu
It is worth noting that driven by the dual factors of policies supporting the trade-in of home appliances and automobiles and continuous breakthroughs in technological innovation, the new materials industry has shown great market potential and development space. Dawn Polymer will accelerate its digital and intelligent transformation and upgrading, closely follow the trends in cutting-edge fields such as robots, low-altitude economy, and solid-state batteries, and enter new fields and markets through R&D innovation. Combining its own actual situation, it will expand upstream and downstream businesses, unblock the industrial chain, enhance cost control capabilities, expand profit growth points, and further improve its market competitiveness.
In addition, Dawn Polymer was the first listed company in Shandong Province to release a market value management system in 2024. In October 2024, Dawn Polymer released the "Market Value Management System" with the aim of fully realizing the company's value, establishing a stable and high-quality investor base, obtaining long-term market support, and achieving the goal of maximizing the company's overall interests and increasing shareholders' wealth simultaneously. The release of this market value management system has once again enhanced Dawn Polymer's influence in the capital market.