Shandong Dawn Polymer Co., Ltd. Class A

Shandong Dawn Polymer Co., Ltd. Class A

SSZSE:002838
19.76
CNY
+0.06
(+0.30%)
0.78EPS
43.35P/E
14.65BMarket Cap
Oct 27Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
1.64
1.92
2.07
2.65
2.3
3.34
6.75
10.91
10.36
10.69
10.06
12.04
13.14
15.12
Basic EPS, GAAP
0.15
0.16
0.2
0.26
0.23
0.3
0.41
2.11
0.55
0.36
0.31
0.32
0.41
0.71
Free Cash Flow per Basic Share
-0.04
0.04
0.05
-0.02
-0.13
-0.15
0.28
1.66
-0.96
-1
-0.64
-1.22
-0.46
- -
Dividend per Share
0.07
0.02
0.02
0.01
0.06
0.08
0.11
0.39
0.22
0.09
0.09
0.1
0.19
0.24
Book Value per Share
0.94
1.1
1.29
1.89
2.09
2.34
2.67
4.71
5.11
6.7
6.87
6.96
7.61
8.02
Tangible Book Value per Share
0.77
0.92
1.11
1.76
1.93
1.99
2.29
4.37
4.74
6.22
6.1
6.15
6.85
7.05
Basic Weighted Avg Shares
304
302
303
302
406
408
405
405
411
423
452
440
461
474
Sales/Revenue/Turnover
500
581
626
800
934
1,363
2,735
4,422
4,261
4,526
4,544
5,301
6,056
7,173
Operating Margin (%)
12.07
11.31
12.94
13.37
11.99
9.93
8.6
20.75
6.44
3.85
4.64
4.01
4.92
6.57
Depreciation Expense
10
13
15
17
21
28
52
68
76
86
103
145
166
- -
Net Income, GAAP
46
47
60
79
94
122
166
855
226
152
140
141
189
335
Effective Tax Rate (%)
15.67
15.5
15.72
14.21
13.38
11.18
10.45
13.17
7.17
1.39
8.32
4.9
10.54
13.52
Profit Margin (%)
9.13
8.12
9.56
9.92
10.04
8.99
6.08
19.34
5.31
3.37
3.08
2.66
3.12
4.67
Working Capital
124
167
198
550
550
442
613
1,525
1,417
1,967
1,669
1,618
1,747
1,851
LT Debt
- -
- -
- -
- -
- -
- -
29
269
289
338
376
521
391
707
Total Equity
297
347
409
783
843
999
1,152
2,001
2,189
3,108
3,252
3,298
3,832
4,192
Return on Invested Capital (%)
11.51
10.23
12.09
11.39
10.73
11.38
12.35
41.96
9.72
5.23
3.98
3.33
4.07
5.81
Return on Capital (%)
13.15
11.56
12.71
11.92
10.9
11.51
11.86
44.31
9.58
4.9
3.99
4
4.21
6.22
Return on Common Equity (%)
17.43
15.31
16.56
13.74
11.68
13.71
16.39
56.85
11.27
5.99
4.61
4.55
5.59
9.48

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
1,345
1,530
1,637
LT Borrowings
372
527
692
LT Finance Leases
19
20
15
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
478
478
478
Market Capitalization
11,520
11,984
14,649

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
4,800
5,544
5,518
Cash, Cash Equivalents & STI
661
1,088
687
Accounts Receivable, Net
1,498
1,778
2,061
Inventories
879
995
1,032
Total Current Liabilities
3,053
3,855
3,667
Payables & Accruals
- -
- -
- -
ST Debt
1,345
1,530
1,637
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
28.01%
14.72%
16.18%
Free Cash Flow
86.46%
-31.44%
-60.55%
Net Income, GAAP
45.19%
-15.92%
34.03%
Sales/Revenue/Turnover
28.67%
6.78%
14.25%
Total Cash Common Dividend
78.02%
1.69%
93.58%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,207
1,116
1,447
1,532
5,301
2025
1,286
1,595
- -
1,600
6,056
2026
1,716
2,262
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.08
0.07
0.07
0.1
0.32
2025
0.1
0.08
- -
0.12
0.41
2026
0.25
0.25
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.02
0.07
0.02
-0.01
0.1
2025
0.06
0.08
- -
0.03
0.19
2026
0.03
0.11
- -
- -
- -

Company Description

CEO
Hong Chi Tian
Full Time Employees
2,383
Sector
Process industries
Industry
Chemicals: specialty
Address
Daoen Economic Park Industrial Park Longkou SD China 265701
IPO Date
Jan 6, 2017
Business
Shandong Dawn Polymer Co.,Ltd. Shandong Dawn Polymer Co.,Ltd. engages in the research, development, production, sales, and service of high-performance thermoplastic elastomers, modified plastics, masterbatches, and related new materials primarily in China and internationally. The company offers TPV/TPE series including thermoplastic dynamic vulcanizates for automotive and industrial applications; TPU thermoplastic polyurethanes for wear-resistant and flexible uses in consumer goods and electronics; modified plastics such as modified PP, modified ABS, modified PBT, modified nylon, alloy materials, and special engineering plastics; melt-blown materials for non-woven fabrics; HNBR hydrogenated nitrile butadiene rubber for high-temperature and chemical-resistant environments; bio-based materials derived from renewable resources like starch and plant oils for sustainable applications in leather and fitness products; and biodegradable materials including PBAT for eco-friendly packaging and catering. Its products serve diverse sectors including automotive components, home appliances, rail transportation, aerospace, medical and health care, construction and building materials, sports equipment, wires and cables, industrial and civilian products, packaging, and new energy applications, with sales networks extending to Europe, Southeast Asia, South Africa, and other regions. Founded in 2002 and headquartered in Longkou, Yantai, Shandong Province, China, the company operates as a national high-tech enterprise and single champion in thermoplastic elastomers, maintaining an annual capacity of approximately 7 million tons and holding about 50% domestic market share in TPV. Shandong Dawn Polymer Co.,Ltd. recently acquired 100% equity in Shandong Dawn Titanium Industry Co., Ltd. in April 2025 to expand into titanium dioxide and inorganic chemicals, complementing its polymer portfolio through resource synergies; it also acquired Anhui Bost New Material Co., Ltd. in April 2025 to deepen capabilities in cable insulation materials for power, marine, nuclear, and photovoltaic cables, aligning with high-filled PP research; additionally, the company advances recycled materials, nylon alloys for robotics, human-like elastomers, and next-generation cable solutions like silane cross-linked polyethylene and halogen-free flame-retardant TPU, while terminating a 500 million yuan biodegradable project investment in March 2025. Subsidiaries include Shanghai-KPIC Dawn Polymer (Shanghai) Co., Ltd., a joint venture with KPIC; Qingdao Runxing Plastic New Material Co., Ltd.; and Shandong Dawn Special Elastomer Material Co., Ltd., supporting its diversified high-standard R&D platform with over 100 professionals.