鼎龙股份向不特定对象发行可转债项目 持续督导相关核查意见 招商证券股份有限公司关于湖北鼎龙控股股份有限公司增 加部分闲置自有资金进行现金管理额度事项的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为湖北 鼎龙控股股份有限公司（以下简称"鼎龙股份"或"公司"）向不特定对象发行 可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号 ——创业板上市公司规范运作》及《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有关规定，对鼎龙股份增加部分闲置自有资金进行现金管理 额度事项进行了核查，并发表如下核查意见： 一、前次使用闲置自有资金进行现金管理的审议情况 公司及子公司将按照相关规定严格控制风险，购买安全性高、流动性好的低 风险投资产品（包括但不限于结构性存款、大额存单、定期存款、通知存款、协 定存款等保本型产品）。 公司于 2025 年 4 月 21 日召开了第五届董事会第二十六次会议及第五届监 事会第二十五次会议，审议通过了《关于使用暂时闲置募集资金和自有资金进行 现金管理的议案》，同 ...

证券代码：300054 证券简称：鼎龙股份 公告编号：2025-074 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 关于增加部分闲置自有资金进行现金管理额度的公告 （一）现金管理目的 根据公司及子公司实际经营状况，结合对未来资金使用情况的合理预计，为 提高资金使用效率，在不影响公司正常经营的情况下，公司及子公司拟增加部分 闲置自有资金进行现金管理，以更好的实现公司及子公司现金的保值增值，保障 公司股东的利益。 （二）投资产品品种 公司及子公司将按照相关规定严格控制风险，购买安全性高、流动性好的低 风险投资产品（包括但不限于结构性存款、大额存单、定期存款、通知存款、协 定存款等保本型产品）。 （三）投资额度及期限 公司及子公司拟增加使用不超过 8 亿元（含）的闲置自有资金进行现金管理， 本次增加后，公司及子公司使用闲置自有资金进行现金管理的额度为不超过人民 币 10 亿元（含）。投资期限自公司董事会审议通过本次调整之日起至 2026 年 4 月 20 日止，在上述额度和期限内，资金可循环滚动使用。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重 ...

证券代码：300054 证券简称：鼎龙股份 公告编号：2025-073 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 关于预计新增日常关联交易的公告 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。 一、日常关联交易基本情况 （一）日常关联交易概述 1、交易内容：根据湖北鼎龙控股股份有限公司（以下简称"公司"）半导体 工艺材料业务发展需要，为提升公司CMP抛光垫产品的配套服务水平，加速公 司半导体工艺材料业务的市场开拓，预计公司控股子公司湖北鼎汇微电子材料有 限公司（以下简称"鼎汇微电子"）拟与关联方武汉市汇达材料科技有限公司（以 下简称"武汉汇达"）按照市场定价相互发生采购、销售产品、商品类的日常关联 交易，交易金额合计不超过900万元人民币，期限为自董事会决议通过之日起一 年内有效。 关联方武汉汇达主要从事钻石碟等相关产品的研发、生产和销售。钻石碟用 于维持抛光垫表面一定的粗糙状态，通常与CMP抛光垫配套使用。本次新增日 常关联交易主要是公司控股子公司鼎汇微电子拟向武汉汇达销售CMP抛光垫， 用于武汉汇达钻石碟产品的测试；同时，为提 ...

证券代码：300054 证券简称：鼎龙股份 公告编号：2025-072 债券代码：123255 债券简称：鼎龙转债 经与会董事认真审议，通过了以下决议： （一）审议通过了《2025 年第三季度报告》 经审核，董事会认为：公司2025年第三季度报告的编制程序、内容、格式 符合相关文件的规定；季报编制期间，未有泄密及其他违反法律法规、公司章 程或损害公司利益的行为发生；公司的季度报告真实、准确、完整地反映了公 司的财务状况和经营成果。 本议案在提交董事会审议前已经公司董事会审计委员会审议通过。 湖北鼎龙控股股份有限公司 第六届董事会第五次会议决议公告 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。 一、董事会会议召开情况 湖北鼎龙控股股份有限公司（以下简称"公司"）第六届董事会第五次会 议于 2025 年 10 月 27 日在武汉市经济技术开发区东荆河路 1 号公司 907 会议室 以现场结合通讯表决方式召开。会议应到董事 9 人，实到董事 9 人。符合公司 章程规定的法定人数。本次会议通知于 2025 年 10 月 21 日以电话或电子邮件形 式送达，公司部分 ...

Core Viewpoint - Dinglong Co., Ltd. reported a significant increase in net profit for the first three quarters of 2025, indicating strong financial performance and growth in the semiconductor advanced packaging materials sector [1] Financial Performance - In Q3 2025, Dinglong achieved operating revenue of 967 million yuan, a year-on-year increase of 6.57% [1] - The net profit attributable to shareholders in Q3 2025 was 208 million yuan, reflecting a year-on-year growth of 31.48% [1] - For the first three quarters of 2025, the company reported total operating revenue of 2.7 billion yuan, up 11.23% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 519 million yuan, marking a year-on-year increase of 38.02% [1] Product Development and Market Position - The validation and introduction of semiconductor advanced packaging materials continue with major domestic testing and packaging clients [1] - Several key models of high-end wafer photoresist products are expected to aggressively pursue orders in Q4 2025 [1] - The second phase of the 300-ton annual production line for KrF/ArF high-end wafer photoresist in Pengjiang is scheduled to enter trial operation in Q4 2025, with construction and equipment debugging progressing smoothly [1]

Core Viewpoint - Dinglong Co., Ltd. reported a revenue of 967 million yuan for Q3 2025, marking a year-on-year increase of 6.57% and a net profit attributable to shareholders of 208 million yuan, up 31.48% [1] Financial Performance - For the first three quarters, the company achieved a total revenue of 2.698 billion yuan, reflecting an 11.23% year-on-year growth [1] - The net profit attributable to shareholders for the same period was 519 million yuan, representing a 38.02% increase compared to the previous year [1] - Basic earnings per share for Q3 were 0.22 yuan, while for the first three quarters, it was 0.55 yuan [1]

Core Insights - The company reported a third-quarter revenue of 967 million, representing a year-on-year increase of 6.57% [1] - The net profit for the third quarter was 208 million, showing a year-on-year growth of 31.48% [1] - For the first three quarters, the total revenue reached 2.698 billion, reflecting a year-on-year increase of 11.23% [1] - The net profit for the first three quarters was 519 million, which is a year-on-year increase of 38.02% [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥966,546,317.60, representing a year-on-year increase of 6.57%[2] - Net profit attributable to shareholders was ¥208,375,325.69, up 31.48% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses was ¥200,789,787.78, reflecting a 36.87% increase year-on-year[2] - For the first three quarters of 2025, the company achieved revenue of 2.698 billion RMB, a year-on-year increase of 11.23%[15] - The net profit attributable to shareholders for the same period was 519 million RMB, up 38.02% compared to the previous year[15] - In Q3 2025, the company reported revenue of 967 million RMB, with a quarter-on-quarter growth of 6.49% and a year-on-year growth of 6.57%[16] - The net profit for Q3 2025 was 208 million RMB, reflecting a quarter-on-quarter increase of 22.54% and a year-on-year increase of 31.48%[16] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥8,977,941,403.45, a 21.41% increase from the end of the previous year[3] - The company's equity attributable to shareholders increased by 10.36% to ¥4,969,309,392.91 compared to the previous year-end[3] - Total liabilities rose to ¥3,691,076,573.86, up from ¥2,520,250,695.05, which is an increase of approximately 46.3%[27] - The company's total assets increased to ¥8,977,941,403.45 from ¥7,394,760,416.32, marking a growth of about 21.4%[28] - The company’s long-term borrowings increased significantly to ¥1,077,612,021.53 from ¥637,042,777.13, reflecting an increase of about 69.2%[27] Cash Flow - Cash flow from operating activities for the year-to-date reached ¥770,174,413.07, an increase of 26.55% compared to the same period last year[8] - Operating cash flow for the first three quarters of 2025 reached 770 million RMB, a year-on-year increase of 26.55%, providing solid financial support for business expansion and strategic investments[17] - Net cash flow from financing activities surged by 443.72% to ¥1,213,262,759.64, attributed to funds received from convertible bond issuance[8] - Cash inflow from operating activities totaled ¥3,145,600,527.33, compared to ¥2,747,708,641.78 in the previous period, indicating a growth of 14.5%[31] - Cash outflow from investing activities increased significantly to ¥1,726,139,480.10 from ¥1,086,466,399.90, resulting in a net cash flow from investing activities of -¥1,252,933,007.97[32] - Cash inflow from financing activities surged to ¥2,189,280,671.96, compared to ¥754,991,826.01 in the prior period, reflecting a growth of 189%[32] Revenue Segmentation - The semiconductor business segment generated 1.534 billion RMB in revenue for the first three quarters, marking a year-on-year growth of 41.27%[16] - The semiconductor segment's revenue share increased from 46% in 2024 to 57% in 2025[16] - In Q3 2025, the semiconductor segment achieved revenue of 591 million RMB, with a quarter-on-quarter increase of 19.06% and a year-on-year increase of 30.91%[16] - CMP polishing pad sales revenue for the first three quarters reached 795 million RMB, a 52% year-on-year increase, with Q3 sales at 320 million RMB, up 25% quarter-on-quarter[18] - CMP polishing liquid and cleaning liquid sales revenue totaled 203 million RMB for the first three quarters, a 45% year-on-year increase, with Q3 sales at 84.32 million RMB, up 33% quarter-on-quarter[19] - Semiconductor display materials generated 413 million RMB in sales revenue for the first three quarters, a 47% year-on-year increase, with Q3 sales at 143 million RMB, up 25% year-on-year[19] Research and Development - R&D investment amounted to 389 million RMB, a 16% increase year-on-year, representing 14.41% of total revenue, enhancing the company's innovation capabilities and competitive advantage[17] - Research and development expenses for the current period were ¥388,732,243.08, compared to ¥335,928,230.29 in the previous period, reflecting an increase of approximately 15.7%[28] - The company focuses on semiconductor innovation materials, including CMP process materials and photoresists, and is expanding into related application areas[15] Future Plans - The company plans to enhance its production capacity for CMP polishing pads to approximately 60,000 pieces annually by the end of Q1 2026[18] - The company is set to launch a 300-ton annual production line for high-end wafer photoresist in Q4 2025, with several key models in the order acquisition phase[20] - The company plans to issue convertible bonds to raise up to 910 million RMB to support business development and enhance capital strength[22] Shareholder Information - The major shareholders include Zhu Shuangquan and Zhu Shunquan, holding 14.71% and 14.58% of shares respectively, both of which are pledged[12] - As of the report date, 8,529,883 shares from the 2024 stock option incentive plan have been exercised, with 1,245,317 shares remaining unexercised[23] Financial Adjustments - The company's net profit attributable to shareholders was impacted by 10.44 million RMB due to high-end wafer photoresist business investments, stock incentive plan costs, and convertible bond interest expenses[17] - The third quarter financial report was not audited, indicating a potential area for further scrutiny in financial reporting[34]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42.34 CNY, indicating an expected return of over 20% within the next six months [8][19]. Core Insights - The company is experiencing steady growth in its CMP polishing pad business, with a 51% year-on-year increase in revenue for the first three quarters of 2025, establishing its leading position in the domestic market [2]. - The sales of CMP polishing liquids and cleaning liquids have also shown robust growth, with a 42% increase in revenue compared to the same period last year, contributing to overall sales growth [3]. - The company is expanding its semiconductor display materials product line, with significant market share gains and positive client feedback on new products [4]. - Initial sales of advanced packaging materials are beginning to ramp up, and the company is making progress in its photolithography business, aligning with its expectations [5]. - The company is positioned to become a high-end materials platform enterprise, with future growth driven by advancements in optoelectronic semiconductor materials [2][6]. Financial Summary - The company forecasts revenues of approximately 9.45 billion CNY for Q3 2025, representing a year-on-year growth of about 4.20%. The net profit attributable to the parent company is expected to be between 190 million and 220 million CNY, reflecting a growth of 19.89% to 38.82% [1]. - For the fiscal years 2023 to 2027, the company anticipates a steady increase in revenue, with projections of 2.67 billion CNY in 2023, growing to 5.69 billion CNY by 2027 [7][13]. - The net profit attributable to the parent company is expected to rise from 222 million CNY in 2023 to 1.21 billion CNY in 2027, indicating a compound annual growth rate of approximately 27.93% [7][14].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [6][19]. Core Insights - The "14th Five-Year Plan" is expected to support high-quality development in the chemical industry, with an estimated market space of around 10 trillion yuan over the next five years [6][7]. - The introduction of the 2026 refrigerant quota plan is anticipated to lead to a contraction in R22 supply, while demand in the maintenance market remains [6][7]. - The semiconductor materials sector is expected to benefit from rising storage demand, with companies like Yake Technology and Anji Technology recommended for investment [6][7]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, driven by non-OPEC production, while global GDP growth is projected at 2.8%, stabilizing oil demand [6][7]. - Coal prices are expected to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, reducing import costs [6][7]. Chemical Sector Configuration - The report highlights a recovery in manufacturing, with the manufacturing PMI rising to 49.8% [9]. - The investment analysis suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export-related chemicals [6][7]. Key Material Focus - Emphasis is placed on self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies recommended for investment [6][7]. Price Movements - Recent price movements include a 5.8% increase in Brent crude oil prices and a 2.7% rise in PTA prices [12][13].