Core Viewpoint - Dinglong Co., Ltd. plans to acquire an 8% stake in its subsidiary Dinghui Microelectronics from Jianxin Trust for 240 million yuan, increasing its ownership from 91.35% to 99.35% [1] Group 1 - The transaction aims to optimize the governance structure of Dinghui Microelectronics [1] - The acquisition is expected to enhance operational decision-making efficiency and strategic execution capabilities [1] - The deal is anticipated to increase the net profit attributable to the parent company [1]

Group 1 - Hubei Dinglong Huisheng New Materials Co., Ltd. and Hubei Dinghui Microelectronics Materials Co., Ltd. have obtained a patent for "a grinding cloth and its preparation method" with the announcement number CN118721015B, applied on July 2024 [1] - Hubei Dinglong Huisheng New Materials Co., Ltd. was established in 2019, primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 200 million RMB [1] - Hubei Dinglong Huisheng New Materials Co., Ltd. has participated in 9 bidding projects and holds 25 patents, along with 65 administrative licenses [1] Group 2 - Hubei Dinghui Microelectronics Materials Co., Ltd. was established in 2015, primarily engaged in the manufacturing of chemical raw materials and products, with a registered capital of approximately 109.47 million RMB [1] - Hubei Dinghui Microelectronics Materials Co., Ltd. has invested in 3 companies, participated in 14 bidding projects, and holds 5 trademarks and 74 patents, along with 23 administrative licenses [1] Group 3 - Hubei Dinglong Holdings Co., Ltd. was established in 2000, primarily engaged in capital market services, with a registered capital of approximately 938.28 million RMB [2] - Hubei Dinglong Holdings Co., Ltd. has invested in 27 companies, participated in 36 bidding projects, and holds 34 trademarks and 234 patents, along with 58 administrative licenses [2]

证券代码：300054 证券简称：鼎龙股份 公告编号：2025-053 债券代码：123255 债券简称：鼎龙转债 湖北鼎龙控股股份有限公司 关于员工持股平台所持股份锁定期届满的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 湖北鼎龙控股股份有限公司（以下简称"公司"或"鼎龙股份"）于 2024 年 4 月 8 日召开第五届董事会第十八次会议、2024 年 5 月 14 日召开 2023 年度股 东大会审议通过了《关于收购控股子公司少数股权暨关联交易的议案》。在本次 交易事项中，控股子公司湖北鼎汇微电子材料有限公司原少数股东即五家员工持 股平台自愿承诺以其在本次交易中取得的全部交易对价款（税前）的 15%（即 7,125 万元）通过集中竞价交易方式用于在二级市场择机增持购买公司股票，同 时自足额买入鼎龙股份股票之日起自愿承诺锁定 12 个月。具体内容详见《关于 收购控股子公司少数股权暨关联交易的公告》等相关公告（公告编号：2024-033、 047）。 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 股份来源 | | --- | -- ...

证券代码：300054 证券简称：鼎龙股份 公告编号：2025-052 债券代码：123255 债券简称：鼎龙转债 湖北鼎龙控股股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 注：1、截至 2025 年6 月 5日，公司 2024年股票期权激励计划第一个行权期可行权的 9,775,200 股已行权 4,218,170 股，公司总股本由 938,282,591 股变更为 942,500,761 股。（同下表） 2、本次质押股份不存在被用作重大资产重组业绩补偿等事项的担保或其他保障用途的 情形。 股东 名称 是否 为控 股股 东或 第一 大股 东及 其一 致行 动人 本次 质押 数量 （股） 占其 所持 股份 比例 占公 司总 股本 比例 是否为限 售股（如 是，注明 限售类 型） 是否 为补 充质 押 质押 起始 日 质押 到期 日 质权人 质押 用途 朱双全 是 5,300, 000 3.81% 0.56% 否 否 2025- 6-5 2026- 6-5 华泰证 券股份 有限公 司 个人 融资 一、控股股东本次股份质押的基本情况 二、控股股东股份累计质押的 ...

Group 1 - The company announced the cancellation of 501,000 stock options from the 2024 stock option incentive plan due to 11 employees leaving for personal reasons and 2 employees failing to meet performance assessments [1][2] - The cancellation of the stock options will not affect the company's share capital as the options had not been exercised yet [2]

湖北鼎龙控股股份有限公司 关于2024年股票期权激励计划部分股票期权注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 证券代码：300054 证券简称：鼎龙股份 公告编号：2025-051 债券代码：123255 债券简称：鼎龙转债 湖北鼎龙控股股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 第五届董事会第二十七次会议、第五届监事会第二十六次会议审议通过了《关于 注销 2024 年股票期权激励计划部分股票期权的议案》。鉴于 2024 年股票期权激 励计划中：①11 名激励对象因个人原因离职，其已获授但尚未行权的股票期权 合计 46.10 万份需要注销；②2 名激励对象因 2024 年度个人绩效考核结果低于 70 分，取消该激励对象第一期行权额度，其已获授但不符合行权条件的股票期 权 4 万份需要注销。综上所述，公司将合计注销的股票期权数量为 50.1 万份。 具体内容详见公司于 2025 年 4 月 29 日披露于巨潮资讯网上的《关于注销 2024 年股票期权激励计划部分股票期权的公告》（公告编号：2025-037）。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11] Core Insights - The semiconductor business is driving revenue growth, with innovative materials achieving multiple breakthroughs. In 2024, the company is expected to achieve revenue of 3.338 billion yuan, a year-on-year increase of 25.14%, and a net profit attributable to shareholders of 521 million yuan, a year-on-year increase of 134.54% [3][10] - The CMP polishing pad business continues to solidify its leading position in domestic supply, with sales revenue of 716 million yuan in 2024, representing a year-on-year growth of 71.51% [4] - The company has diversified its semiconductor business layout, which is expected to enhance future performance after the conversion of R&D results [3] Company Overview - Latest closing price: 27.91 yuan - Total shares: 938 million, circulating shares: 728 million - Total market capitalization: 26.2 billion yuan, circulating market capitalization: 20.3 billion yuan - 52-week high/low: 31.55/18.38 - Debt-to-asset ratio: 34.1% - Price-to-earnings ratio: 49.84 - Largest shareholder: Zhu Shuangquan [2] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 4.053 billion yuan, 4.901 billion yuan, and 5.900 billion yuan respectively, with net profits of 701 million yuan, 959 million yuan, and 1.290 billion yuan [10][13] - The company’s earnings per share (EPS) are projected to be 0.75 yuan, 1.02 yuan, and 1.37 yuan for 2025, 2026, and 2027 respectively [13] Business Segments - CMP polishing liquid and cleaning liquid sales reached 215 million yuan in 2024, a year-on-year increase of 178.89% [5] - The semiconductor display materials segment achieved sales of 402 million yuan in 2024, a year-on-year increase of 131.12% [7] - The high-end wafer photoresist business is progressing rapidly, with over 20 products developed and 12 samples sent for client verification [8]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11] Core Insights - The semiconductor business is driving revenue growth, with innovative materials achieving breakthroughs across multiple areas. In 2024, the company is expected to achieve revenue of 3.338 billion yuan, a year-on-year increase of 25.14%, and a net profit attributable to shareholders of 521 million yuan, a year-on-year increase of 134.54% [3][10] - The CMP polishing pad business continues to solidify its leading position in domestic supply, with sales revenue of 716 million yuan in 2024, representing a year-on-year growth of 71.51% [4] - The company is diversifying its semiconductor business, with significant advancements in CMP polishing liquids, cleaning liquids, and semiconductor display materials, all showing substantial revenue growth [5][7] Company Overview - The latest closing price is 27.91 yuan, with a total market capitalization of 26.2 billion yuan and a total share capital of 938 million shares [2] - The company has a debt-to-asset ratio of 34.1% and a price-to-earnings ratio of 49.84 [2] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 4.053 billion yuan, 4.901 billion yuan, and 5.900 billion yuan, respectively, with net profits of 701 million yuan, 959 million yuan, and 1.290 billion yuan [10][13] - The expected growth rates for revenue are 21.44%, 20.91%, and 20.39% for the respective years [13] Product Development - The company has made significant progress in high-end wafer photoresists, with over 20 products developed and 12 samples sent for client verification [8] - The semiconductor packaging materials, including PI and temporary bonding adhesives, have also seen initial orders, indicating a strong market entry [9]

Core Insights - The inkjet printer market in China is experiencing a decline due to economic fluctuations, budget tightening, and consumer downgrade, with a projected shipment volume of 7.292 million units in 2024, representing an 8.7% year-on-year decrease [1][15][13] - Despite the overall decline, there is an anticipated recovery in demand in the second half of 2024, particularly driven by back-to-school season and the increasing importance of printers among students [1][15] - The market is expected to benefit from the continuous innovation in inkjet technology and an improvement in the economic environment, leading to a potential rebound in shipment volumes [1][15] Industry Overview - Inkjet printers are non-contact printers that recreate digital images by pushing ink droplets through nozzles onto paper and plastic substrates [1][15] - The technology includes ion ink, which is guided by a magnetic plate to spray onto paper, and is utilized across various industries such as advertising, textiles, packaging, education, and pharmaceuticals [1][15] - The classification of inkjet printers can be based on various factors including maximum print width, ink cartridge type, and whether they support network printing [4][5] Market Trends - The inkjet printer market in China saw a steady increase in shipments from 2017 to 2022, but has faced a downturn from 2023 to 2024 [1][15] - The overall printer market in China is projected to have a total shipment volume of 15.308 million units in 2024, with inkjet printers becoming the largest category, surpassing laser printers [13][15] - The market size for inkjet printers in China is estimated to be around $704 million in 2024, reflecting a shift towards inkjet technology due to its advantages in small batch printing and color output [16] Competitive Landscape - The competitive landscape of the inkjet printer market in China is characterized by a dual-track system where foreign companies dominate the high-end market while local companies are emerging through differentiated innovation [18][20] - Major international players include Epson, HP, Canon, and Brother, while local companies like Honghua Digital and Xiaomi are expanding their market presence [18][20] - The industry is witnessing a trend towards green and smart products, with a focus on low-energy consumption and recyclable materials, as well as the integration of IoT technologies for remote management and cloud printing [26][27] Future Outlook - The demand for inkjet printers is expected to continue growing due to the acceleration of digital transformation, with increasing needs from home offices, online education, and small businesses [25] - The commercial market for inkjet printers is projected to expand further, driven by the demand for short-run printing and personalized packaging [27] - The trend towards green and intelligent products will shape the future of the inkjet printer market, with a focus on sustainable practices and advanced technology integration [26][27]

Financial Performance - In Q1 2025, the company achieved revenue of 824 million CNY, a year-on-year increase of 16.37% [1] - Net profit attributable to shareholders reached 141 million CNY, up 72.84% year-on-year; net profit excluding non-recurring gains was 135 million CNY, an increase of 104.84% [1] CMP Polishing Pad Business - CMP polishing pad sales revenue in Q1 2025 was 220 million CNY, reflecting a year-on-year growth of 63.14% and a quarter-on-quarter increase of 13.83% [2] - The company is the only domestic supplier mastering the entire core R&D and production process for CMP polishing pads, establishing a leading position in the domestic market [2] - Future expansion includes penetrating foreign wafer manufacturers and diversifying product offerings in silicon wafer and silicon carbide markets [2] Semiconductor Display Materials - Sales revenue for semiconductor display materials in Q1 2025 was 130 million CNY, with a year-on-year growth of 85.61% and a quarter-on-quarter increase of 8.48% [3] - The company has become a leading domestic supplier for YPI and PSPI products, with ongoing development of new OLED display materials [3] High-end Wafer Photoresist Business - The company has made significant progress in high-end wafer photoresist, achieving product development and order acquisition within three years [4] - The production line for KrF/ArF photoresist has been established, with a capacity of 30 tons per year for the first phase and 300 tons for the second phase [4] Semiconductor Packaging Materials - In Q1 2025, the company generated sales revenue of 6.29 million CNY from packaging photoresist and temporary bonding adhesives, marking a breakthrough in this business segment [5]