On the evening of October 26, Dawn Polymer officially released its 2026 third-quarter report. During the reporting period, leveraging the multiple advantages of external M&A empowerment, improved internal management efficiency, and expansion into new product tracks, the company achieved leapfrog growth in operating performance, with overall profitability and growth quality improving simultaneously, delivering an impressive operational report card.

According to financial data, in the first three quarters of 2026, Dawn Polymer achieved operating revenue of RMB 6.250 billion, a year-on-year increase of 40.26%; net profit attributable to shareholders of the listed company reached RMB 337 million, a substantial year-on-year increase of 158.26%; non-GAAP net profit was RMB 288 million, up 136.73% year-on-year, demonstrating strong earnings growth resilience. On a single-quarter basis, the company achieved operating revenue of RMB 2.272 billion in Q3, up 44.30% year-on-year; net profit attributable to the parent company was RMB 100 million, up 115.51% year-on-year; non-GAAP net profit was RMB 98 million, up 132.58% year-on-year.

Analyzing the logic behind the performance growth, the company's outstanding results stem from the dual drivers of incremental contributions from external M&A and enhanced quality and efficiency in internal operations. Since February this year, Dawn Polymer completed the acquisition of an 80% equity stake in Ningbo SK Performance Rubber Co., Ltd., and consolidated it into the financial statements, bringing significant external incremental contributions to the company's performance growth.

Through this strategic acquisition, the company successfully acquired the complete R&D and core production technology for vanadium-catalyzed solution polymerization of EPDM. This makes Dawn Polymer the only private material enterprise in China with a complete R&D system encompassing both EPDM polymerization and dynamic vulcanization of high-performance TPV (Thermoplastic Vulcanizate). This deployment not only adds high-quality EPDM production capacity and continues to contribute profit increments but also successfully establishes an integrated full-industry-chain layout of "polymerization – modification – end-use applications," effectively filling gaps in the industrial chain, solving the industry pain point of dependence on foreign high-end rubber raw materials, and significantly enhancing the independent controllability of the industrial chain and comprehensive competitive barriers.

While external growth has taken effect, the company's foundation for endogenous development continues to be strengthened. During the reporting period, Dawn Polymer continued to deepen its efforts in the field of new material innovation, accelerating the pace of industrialization for new tracks, technologies, and products. By integrating business resources across subsidiaries, deepening industrial synergies, and optimizing internal operational management systems, the company's overall operational efficiency has steadily improved, and the profitability of its original traditional businesses has continued to recover.

In terms of business structure, the company's traditional modified plastics business operates stably with a solid foundation, providing strong support for the company's stable development; the high-performance thermoplastic elastomer business is rapidly scaling up and has become the core engine driving the company's performance growth. Currently, multiple cutting-edge new material products that the company has deployed, including TPV specially designed for new energy vehicles, DVA (Dynamic Vulcanized Alloy) for high-end tire barrier materials, and bionic elastomers for humanoid robots, have successively achieved application implementation and market promotion, continuously opening up medium-to-long-term growth space.

Industry analysts suggest that as M&A production capacity continues to be released, the industrialization process of new products accelerates, and internal operational efficiency is further optimized, Dawn Polymer's advantages in the full industrial chain, technology, and products will become more prominent. The company is expected to leverage the dividends of the high-end new material track to achieve sustained, stable, and high-quality growth.