Core Viewpoint - Dinglong Co., Ltd. has successfully established stable sales and supply of its semiconductor CMP process materials and display materials in major domestic wafer manufacturing and display panel companies, indicating strong market presence and customer trust [1] Group 1: Product Offerings - The main products in the semiconductor CMP process materials field include CMP polishing pads, CMP polishing liquids, and cleaning liquids [1] - Key products in the semiconductor display materials field include YPI, PSPI, and TFE-INK [1] Group 2: Customer Relationships - The company has gained high trust from downstream customers due to excellent product stability and reliability, as well as efficient and timely technical service support [1] - This trust has facilitated the collaborative development and verification of new products, supporting the continuous volume growth and iterative optimization of existing products [1] Group 3: Strategic Development - Deep cooperation and positive interaction with customers have laid a solid foundation for the company to build an innovative materials platform and expand into other key segments of semiconductor materials [1] - These efforts contribute to the company's long-term, sustainable, and high-quality development [1]

格隆汇9月3日丨鼎龙股份(300054.SZ)在投资者关系中表示，2024年度公司研发投入金额4.62亿元；2025 年上半年公司依然维持较高研发投入力度，研发投入金额2.50亿元，较上年同期增长13.92%，占营业收 入的比例为14.41%。技术创新实力一直是鼎龙的核心竞争力之一，高研发投入为各类新产品及配套资 源的快速布局提供了坚实的支撑，创新能力持续提升。 ...

Core Viewpoint - The company, Dinglong Co., Ltd. (300054.SZ), reported a significant increase in sales revenue from semiconductor display materials, indicating strong growth potential in the OLED display panel market [1] Group 1: Financial Performance - In the first half of 2025, the sales revenue from semiconductor display materials reached 271 million yuan, representing a year-on-year growth of 61.90% [1] - The growth was driven by the continued expansion of existing products such as YPI, PSPI, and TFE-INK, along with the ongoing customer validation of new products like PFAS Free PSPI [1] Group 2: Market Opportunities - The company aims to enhance the penetration of its display material products in panel manufacturers, capitalizing on the strong downstream demand in the OLED display panel industry [1] - The domestic OLED production capacity is expected to grow rapidly, providing further opportunities for the company's display materials business to maintain a fast growth trajectory [1]

Core Viewpoint - Dinglong Co., Ltd. (300054.SZ) has successfully developed a full-process CMP polishing liquid product layout, starting from the core raw material grinding particles, which is expected to drive sales growth in 2025 [1] Product Development - The company has independently developed various models of CMP polishing liquids, with stable sales growth expected in the first half of 2025 [1] - The product combination scheme has been continuously improved, with the multi-crystalline silicon polishing liquid and matching cleaning liquid gaining technical recognition from major domestic logic wafer manufacturers [1] Market Penetration - The deepening market penetration of CMP polishing liquids and cleaning liquids, along with the growth of new product orders, is anticipated to inject new momentum into the company's annual sales revenue growth [1]

Core Viewpoint - The company is actively engaging with investors regarding its semiconductor and printing consumables businesses, showcasing significant revenue growth and R&D investments in these sectors [1] Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 1.732 billion yuan, representing a year-on-year growth of 14% [1] - The semiconductor segment generated a main business revenue of 943 million yuan, with a remarkable year-on-year increase of 48.64%, accounting for 54.75% of total revenue [1] - The printing consumables business reported a revenue of 779 million yuan [1] Group 2: Research and Development - The company invested 462 million yuan in R&D in 2024, with 250 million yuan allocated in the first half of 2025, marking a year-on-year increase of 13.92%, which is 14.41% of total revenue [1] - The company has developed a range of CMP polishing pads, including hard and soft pads, with strong supply chain management and production process improvements [1][2] Group 3: Product Development and Sales - In the first half of 2025, sales revenue from semiconductor display materials reached 271 million yuan, showing a year-on-year growth of 61.90% [3] - The company is advancing its high-end wafer photoresist business with nearly 30 products in development, over 15 samples sent, and more than 10 products in gallon sample testing [3] - The semiconductor advanced packaging materials segment is seeing accelerated order growth for semiconductor packaging PI and stable shipments of temporary bonding adhesives [3] Group 4: Intellectual Property - As of June 30, 2025, the company holds a total of 1,301 patents, including 1,052 granted patents, and continues to enhance its patent database [4]

Revenue Structure - In the first half of 2025, the company achieved a revenue of 1.732 billion CNY, a year-on-year increase of 14.00% [2] - Semiconductor business generated 943 million CNY, with a year-on-year growth of 48.64%, accounting for 54.75% of total revenue [2] - Printing consumables business revenue was 779 million CNY [2] R&D Investment - R&D investment for the first half of 2025 was 250 million CNY, a 13.92% increase year-on-year, representing 14.41% of total revenue [2] - The company emphasizes that high R&D investment is crucial for innovation and product development [2] CMP Polishing Pads - The company is the only domestic supplier mastering the entire process of CMP polishing pad technology [3] - Strong supply chain management and continuous improvement in production processes enhance product quality and profitability [3] CMP Polishing Liquids - In the first half of 2025, the company achieved stable sales growth in CMP polishing liquids, with successful product combinations recognized by major domestic clients [4] - The combination of polishing and cleaning liquids is expected to drive revenue growth [4] Semiconductor Display Materials - Sales revenue for semiconductor display materials reached 271 million CNY in the first half of 2025, a year-on-year increase of 61.90% [5] - The company aims to leverage the growing demand in the OLED display panel market to sustain revenue growth [5] High-end Wafer Photoresists - The company has developed nearly 30 high-end wafer photoresist products, with over 15 samples sent for client validation [6] - The production capacity for high-end photoresists is being expanded, with plans for mass production by the end of 2025 [6] Advanced Packaging Materials - The company is focusing on advanced packaging materials with low self-sufficiency and high technical difficulty, aiming for significant market growth [7] - Increased product offerings and customer coverage are driving order growth in the first half of 2025 [7] Patent Portfolio - As of June 30, 2025, the company holds 1,301 patents, including 1,052 invention patents [8] - Continuous efforts in patent database enhancement and risk analysis support the company's innovation and market expansion [8]

Group 1 - The electronic chemicals sector increased by 0.71% compared to the previous trading day, with Siquan New Materials leading the gains [1] - On the same day, the Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Group 2 - The electronic chemicals sector saw a net inflow of 425 million yuan from main funds, while retail and speculative funds experienced net outflows of 220 million yuan and 203 million yuan, respectively [2] - The table provided shows the net inflow and outflow of funds for various companies within the electronic chemicals sector, highlighting significant movements in stocks such as Tiantong Co., Jianghua Micro, and Siquan New Materials [2]

Group 1 - The core point of the news is that Dinglong Co., Ltd. experienced a decline in stock price by 5.04%, with the current share price at 30.50 yuan and a total market capitalization of 28.809 billion yuan [1] - Dinglong Co., Ltd. is primarily engaged in the business of printing and copying consumables and optoelectronic semiconductor process materials, with 99.47% of its revenue coming from semiconductor materials, chips, and printing consumables [1] - The company is located in Wuhan, Hubei Province, and was established on July 11, 2000, with its listing date on February 11, 2010 [1] Group 2 - From the perspective of major fund holdings, Dachen Fund has a significant position in Dinglong Co., Ltd., with its Dachen Hengxiang Mixed A Fund increasing its holdings by 19,500 shares in the second quarter, now holding a total of 54,800 shares, which accounts for 2.98% of the fund's net value [2] - The Dachen Hengxiang Mixed A Fund has a total scale of 35.6025 million yuan and has achieved a return of 15.81% this year, ranking 4822 out of 8184 in its category [2] - The fund manager, Li Yu, has a tenure of 11 years and 31 days, with the best fund return during his tenure being 82.34% [2]

Group 1 - The solid-state battery concept continues to gain strength, with companies such as Shanghai Xiba, Hanke Technology, Guoxuan High-Tech, Dexin Technology, Beijing Lier, and Dinglong Technology reaching their daily limit increase [1] - Other companies like Xiandai Intelligent, Haichen Pharmaceutical, Jiao Cheng Ultrasound, Naconoer, Jinlongyu, and Liyuanheng also experienced significant gains [1]

Summary of Dinglong Co., Ltd. Conference Call Company Overview - Dinglong Co., Ltd. has been involved in semiconductor materials since 2012, establishing a first-mover advantage and expanding its product lines through platform development, including integrated circuit materials and display optoelectronic materials, enhancing its core competitiveness [2][3][7]. Key Points and Arguments Industry Position and Growth - The semiconductor materials segment is projected to generate approximately 1.5 billion yuan in revenue in 2024, with a compound annual growth rate (CAGR) of 71%, expected to surpass printing consumables as the core revenue source by 2025 [2][9]. - CMP polishing pads are the primary revenue source, with an estimated revenue of 700 million yuan in 2024, capturing 50% of the domestic market [2][10]. - The global market for polishing pads and polishing liquids is around 3.5 billion USD, benefiting from the demand for advanced process technologies, which is expected to accelerate growth [2][11]. Product Development and Market Strategy - Dinglong has developed nearly 30 products in the high-end wafer photoresist sector, with over 15 products undergoing sample validation and 10 in gallon sample testing, anticipating bulk orders in the second half of the year [2][14]. - The company has a strong focus on domestic market demand, with the CMP polishing pad market in China valued at approximately 2 billion yuan, and Dinglong holding a dominant market share [12]. Future Directions - The company plans to continue strengthening its existing core businesses while investing in emerging technologies and high-end applications, particularly in high-end wafer photoresists [13]. - Dinglong is actively expanding its global market presence to reduce regional dependency risks and enhance brand influence [8]. Industry Trends and Challenges Trends - The semiconductor materials industry is witnessing increased demand for high-end materials due to advancements in process construction and accelerated domestic substitution processes [5][6]. - Companies are focusing on global market expansion to enhance competitiveness and market space [5]. Challenges - The industry faces uncertainties in capital expenditures and limited overall market size, with the global wafer manufacturing materials market projected at approximately 42.9 billion USD in 2024 [6]. - The difficulty of platformization due to existing competition in various segments poses a challenge for new entrants [6]. Financial Projections - Dinglong's overall business growth is expected to exceed 40% this year, increasing from 1.5 billion yuan to around 2.2 billion yuan, with projections nearing 3 billion yuan next year [3][18]. - Display materials are anticipated to generate 600 million yuan in revenue this year, with potential growth to 800 million yuan next year [18]. Conclusion - Dinglong Co., Ltd. is positioned as a key player in the semiconductor manufacturing sector, with strong growth potential and profitability in its product lines, particularly in polishing pads and photoresists. The company's strategic focus on innovation and market expansion makes it a noteworthy investment opportunity [19].