Daosheng Tianhe has passed the IPO review and plans to raise 694 million yuan for projects such as high-end adhesives for new energy and power battery.
2025-06-19
Daosheng Tianhe, which focuses on high-performance thermosetting resin materials, has passed the review for its IPO on the Shanghai Stock Exchange's main board.
The Shanghai Stock Exchange held the 19th listing review committee meeting of 2025 on June 13th to review the initial public offering of Daosheng Tianhe Materials Technology (Shanghai) Co., Ltd. (referred to as "Daosheng Tianhe"). Eventually, the company successfully passed the review.
The prospectus shows that Daosheng Tianhe is a national high-tech enterprise dedicated to the research and development, production and sales of new materials. During the reporting period, Daosheng Tianhe's products centered on high-performance thermosetting resin materials such as epoxy resin, polyurethane, acrylate and silicone, forming three major series of products: materials for wind turbine blades, resins for new composite materials, and adhesives for new energy vehicles and industrial applications. It mainly provides series, differentiated and refined new material product comprehensive solutions for domestic and foreign customers in the new energy fields such as wind power, new energy vehicles, energy storage and hydrogen energy, as well as in the fields of aviation, oil and gas extraction, power, mold manufacturing, etc.
The major players in the global market for wind turbine blade materials include DOWSIL TACK, WESSEL, HUBER, DONGSHU, Olin, and SWANCOR. In the foreign market, Olin and WESSEL, as large multinational enterprises, hold the majority of the market share. DOWSIL TACK is gradually making its mark in the international market and its market share is continuously increasing. In the domestic market, the main players include DOWSIL TACK, DONGSHU, HUBER, and SWANCOR. The market sales volume and revenue scale of DOWSIL TACK's wind turbine blade materials far exceed those of other domestic enterprises in the same industry.
Henkel, Sika, DuPont, and 3M are leading international manufacturers of industrial adhesives. Debond Technology is a major domestic enterprise in the field of adhesives for new energy vehicles. Daosheng Tianhe has started its business layout with adhesives for new energy vehicles and entered the high-performance industrial adhesives field, constantly enhancing its competitive edge in this area.
Through continuous independent research and development and technological innovation, DaoSheng TianHe's epoxy resin products for wind turbine blades have achieved full coverage of mainstream blade types. In 2024, the sales volume of DaoSheng TianHe's "Epoxy Resin Series for Wind Turbine Blades" reached 143,100 tons, and the sales volume of its "Structural Adhesive for Wind Turbine Blades" was 15,200 tons. According to the explanatory letter issued by the China Petroleum and Chemical Industry Federation, from 2022 to 2024, the sales volume of DaoSheng TianHe's "Epoxy Resin Series for Wind Turbine Blades" ranked first globally. Meanwhile, the sales volume of its "Structural Adhesive for Wind Turbine Blades" ranked second domestically and third globally.
In recent years, DaoSheng TianHe has been constantly developing new products and striving to expand the application fields of its products. The new type of resin for composite materials can be widely used in the rail transit field, such as fiberglass/carbon fiber pultruded products, bolt sleeve embedded parts, carbon fiber sucker rods, mold manufacturing, flame-retardant components, etc., as well as in the building materials field, such as carbon fiber aircraft seats, carbon fiber building reinforcement plates, etc. It has covered customers such as Chongqing Fengdu, Zhongfu Carbon Core, North Glass Institute, Tianshun Wind Power, Taishan Fiberglass, Guoxing Composites, Haiyuan Composites, and Zhenji Group. The new energy vehicle and industrial adhesives can be widely applied in the three-electric systems of new energy vehicles, such as motors, batteries, and electronic control components, as well as in the electronic field, such as sensors, and other industrial fields. Currently, it has covered terminal customers such as BYD Group, GAC Group, Geely Group, Tyco Electronics, SVOLT Energy, Guoxuan High-Tech, Envision Energy, Borui Electric Power, and Ganfeng Group.
In terms of performance, from 2023 to the first quarter of 2025, Daosheng Tianhe achieved revenues of 3.202 billion yuan, 3.238 billion yuan and 835 million yuan respectively, with net profits of 155 million yuan, 155 million yuan and 31.0803 million yuan.
For this IPO, Daosheng Tianhe plans to raise 694 million yuan, which will be invested in a project with an annual production capacity of 56,000 tons of high-end adhesives and high-performance composite material resin systems for new energy and power battery applications, as well as to repay bank loans.
The Shanghai Stock Exchange held the 19th listing review committee meeting of 2025 on June 13th to review the initial public offering of Daosheng Tianhe Materials Technology (Shanghai) Co., Ltd. (referred to as "Daosheng Tianhe"). Eventually, the company successfully passed the review.
The prospectus shows that Daosheng Tianhe is a national high-tech enterprise dedicated to the research and development, production and sales of new materials. During the reporting period, Daosheng Tianhe's products centered on high-performance thermosetting resin materials such as epoxy resin, polyurethane, acrylate and silicone, forming three major series of products: materials for wind turbine blades, resins for new composite materials, and adhesives for new energy vehicles and industrial applications. It mainly provides series, differentiated and refined new material product comprehensive solutions for domestic and foreign customers in the new energy fields such as wind power, new energy vehicles, energy storage and hydrogen energy, as well as in the fields of aviation, oil and gas extraction, power, mold manufacturing, etc.
The major players in the global market for wind turbine blade materials include DOWSIL TACK, WESSEL, HUBER, DONGSHU, Olin, and SWANCOR. In the foreign market, Olin and WESSEL, as large multinational enterprises, hold the majority of the market share. DOWSIL TACK is gradually making its mark in the international market and its market share is continuously increasing. In the domestic market, the main players include DOWSIL TACK, DONGSHU, HUBER, and SWANCOR. The market sales volume and revenue scale of DOWSIL TACK's wind turbine blade materials far exceed those of other domestic enterprises in the same industry.
Henkel, Sika, DuPont, and 3M are leading international manufacturers of industrial adhesives. Debond Technology is a major domestic enterprise in the field of adhesives for new energy vehicles. Daosheng Tianhe has started its business layout with adhesives for new energy vehicles and entered the high-performance industrial adhesives field, constantly enhancing its competitive edge in this area.
Through continuous independent research and development and technological innovation, DaoSheng TianHe's epoxy resin products for wind turbine blades have achieved full coverage of mainstream blade types. In 2024, the sales volume of DaoSheng TianHe's "Epoxy Resin Series for Wind Turbine Blades" reached 143,100 tons, and the sales volume of its "Structural Adhesive for Wind Turbine Blades" was 15,200 tons. According to the explanatory letter issued by the China Petroleum and Chemical Industry Federation, from 2022 to 2024, the sales volume of DaoSheng TianHe's "Epoxy Resin Series for Wind Turbine Blades" ranked first globally. Meanwhile, the sales volume of its "Structural Adhesive for Wind Turbine Blades" ranked second domestically and third globally.
In recent years, DaoSheng TianHe has been constantly developing new products and striving to expand the application fields of its products. The new type of resin for composite materials can be widely used in the rail transit field, such as fiberglass/carbon fiber pultruded products, bolt sleeve embedded parts, carbon fiber sucker rods, mold manufacturing, flame-retardant components, etc., as well as in the building materials field, such as carbon fiber aircraft seats, carbon fiber building reinforcement plates, etc. It has covered customers such as Chongqing Fengdu, Zhongfu Carbon Core, North Glass Institute, Tianshun Wind Power, Taishan Fiberglass, Guoxing Composites, Haiyuan Composites, and Zhenji Group. The new energy vehicle and industrial adhesives can be widely applied in the three-electric systems of new energy vehicles, such as motors, batteries, and electronic control components, as well as in the electronic field, such as sensors, and other industrial fields. Currently, it has covered terminal customers such as BYD Group, GAC Group, Geely Group, Tyco Electronics, SVOLT Energy, Guoxuan High-Tech, Envision Energy, Borui Electric Power, and Ganfeng Group.
In terms of performance, from 2023 to the first quarter of 2025, Daosheng Tianhe achieved revenues of 3.202 billion yuan, 3.238 billion yuan and 835 million yuan respectively, with net profits of 155 million yuan, 155 million yuan and 31.0803 million yuan.
For this IPO, Daosheng Tianhe plans to raise 694 million yuan, which will be invested in a project with an annual production capacity of 56,000 tons of high-end adhesives and high-performance composite material resin systems for new energy and power battery applications, as well as to repay bank loans.
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