On the evening of March 30, Dawn Polymer (002838.SH) released its 2025 annual report. During the reporting period, the company's product sales exceeded 556,100 tons. Operating revenue, net profit attributable to shareholders of the listed company, and net profit excluding non-recurring gains and losses increased by 14.25%, 34.03%, and 46.82% year-on-year, respectively. All indicators reached record highs, delivering an outstanding performance and further consolidating Dawn's leading position in the polymer new materials industry.

2025 marks the final year of the 14th Five-Year Plan. The global economic situation is complex and volatile, and the Chinese economy is forging ahead under pressure, striving for new and superior development. The chemical new materials industry in which Dawn Polymer operates continues to move towards high-end, green, and intelligent directions. The rapid rise of strategic emerging industries such as new energy, androids, low-altitude economy, high-frequency communication, and artificial intelligence brings new opportunities for the company to achieve sustained high-quality development.

Aerial view of Dawn Polymer

During the reporting period, Dawn Polymer continued to focus on its core elastomer business, using R&D and innovation as its engine to build core competitiveness centered on elastomers. In the modified plastics business segment, by deeply understanding the needs and pain points of downstream customers, the company focused on the research and development of new products, new fields, and new processes to create a highly competitive product system and continuously expand the market application areas of its products. Key technological breakthroughs were undertaken around core products. Through external mergers and acquisitions, the company optimized its product portfolio, extended its industrial chain, and injected new momentum into its business development.

Adhering to innovation-driven development, Dawn Polymer is fully committed to cultivating new types of productivity. Dawn Polymer and Linglong Tire are jointly developing a novel thermoplastic elastomer (DVA) application technology for high gas barrier layers in tires, and the project is currently progressing towards commercialization as planned. This material is expected to provide a disruptive replacement and upgrade to existing tire airtight layer materials, with a broad market substitution space and promising development prospects. Dawn Polymer's R&D team has made significant progress in research and development in areas such as ultra-soft artificial muscle TPE, artificial skin SiTPV, conductive TPE, and thermochromic and photochromic TPE.

Dawn DVA selected as one of the top ten scientific and technological innovation achievements in Shandong Province

With the ever-increasing demand for polymer alloy materials in the automotive, home appliance, robotics, electronic materials, and aerospace industries, Dawn Polymer has systematically integrated resources to create a polymer alloy technology platform. Alloy technology refers to the creation of a composite material system—a macroscopically homogeneous system with potentially multiphase microstructures—through physical blending, chemical grafting, or block copolymerization of two or more polymers with different chemical structures, achieving complementary properties between the materials. Based on this platform, the "lightweight + strength" technology uses "engineering plastics + fiber + surface grafting reaction technology" to produce polymer composite materials, applied in areas such as lightweight robot reducers and plastic-to-steel replacement in automobiles; the "lightweight + sealing" technology uses "rubber + plastic + fiber + crosslinking technology" to produce dynamically vulcanized alloy DVA materials, applied in the tire industry; and the "lightweight + conductivity" technology uses "metal + plastic + rubber" to produce conductive rubber-plastic materials, applied in fields such as communications, electronics, and electromagnetic shielding.

Promoting the implementation of three major transformations to broaden the company's development space. Focusing on digital and intelligent transformation, empowering the entire production and operation process, and continuously improving the level of management refinement. Focusing on green and low-carbon transformation, deeply promoting green development, continuously deepening the construction of a green production and manufacturing system, and accelerating the development, application, and promotion of green products. Focusing on international expansion, establishing a factory in Russia to accumulate overseas operational experience. Announcing the acquisition of a Vietnamese company to achieve localized and nearby supply, consolidating strategic partnerships with core customers. Currently, the company's overseas expansion focuses on Southeast Asia, Central Asia, and North America.

Signing Ceremony of Dawn & Hwaseung Vietnam Project

2026 marks the start of the 15th Five-Year Plan and is a crucial year for the company to seize opportunities and plan its future. Dawn Polymer will closely focus on market demand to develop products that create value for customers. It will integrate and coordinate procurement, sales, technology, and financial resources across its subsidiaries to improve resource utilization efficiency. Leveraging its four major technology platforms—plasticization modification, dynamic vulcanization, esterification synthesis, and hydrogenation reaction—Dawn Polymer will focus on leading technologies, expand its upstream and downstream business areas, and become a globally leading green, lightweight polymer composite new materials enterprise specializing in elastomers.