Core Viewpoint - The company, Hubei Dinglong Holdings Co., Ltd., has announced an adjustment to the conversion price of its convertible bonds, Dinglong Convertible Bonds, due to the distribution of cash dividends to shareholders [1][2]. Group 1: Convertible Bond Details - The company issued 9.1 million convertible bonds, which were approved by the China Securities Regulatory Commission and listed on April 23, 2025 [1]. - The initial conversion price was set at 28.68 CNY per share, which has been adjusted to 28.58 CNY per share [1][2]. - The adjustment will take effect on July 17, 2025 [1]. Group 2: Adjustment Calculation - The adjustment formula for the conversion price is based on the distribution of cash dividends, with the calculation being P1 = P0 - D, where D is the cash dividend per share [2]. - For this adjustment, the company will distribute a cash dividend of 1.00 CNY per 10 shares, leading to the new conversion price calculation: 28.68 CNY - 0.1 CNY = 28.58 CNY [2].

证券代码：300054 证券简称：鼎龙股份 公告编号：2025-059 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 关于因权益分派调整可转债转股价格的公告 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。 特别提示： 债券简称：鼎龙转债 债券代码：123255 调整前转股价格：28.68 元/股 调整后转股价格：28.58 元/股 转股价格调整生效日期：2025 年 7 月 17 日 一、关于可转换公司债券转股价格调整的相关规定 湖北鼎龙控股股份有限公司（以下简称"公司"）经中国证券监督管理委员 会证监许可〔2025〕477 号文核准，于 2025 年 4 月向不特定对象公开发行了 910 万张可转换公司债券（债券简称：鼎龙转债，债券代码：123255），并于 2025 年 4 月 23 日上市。根据《湖北鼎龙控股股份有限公司向不特定对象发行可转换 公司债券募集说明书》及中国证券监督管理委员会关于可转换公司债券发行的有 关规定，当公司发生派送股票股利、转增股本、增发新股或配股、派送现金股利 等情况（不包括因本次发行的可转债转股而增加的 ...

证券代码：300054 证券简称：鼎龙股份 公告编号：2025-058 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 2024年度权益分派实施公告 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、股东大会审议通过利润分配的情况 1、公司 2024 年度权益分派预案已获 2025 年 5 月 20 日召开的 2024 年度股 东大会审议通过。具体内容为： 公司拟以未来实施利润分配方案时股权登记日的总股本为基数，每 10 股派 发现金红利 1.00 元（含税），剩余未分配利润结转下一年度；本年度，不转增 不送股。现暂以截至 2024 年 12 月 31 日的总股本 938,282,591 股为基数测算，共 计派发现金股利 93,828,259.10 元（含税），具体以权益分派实施时股权登记日 的总股本为准测算。 利润分配预案调整原则：在利润分配方案公告后至实施前，出现股权激励行 权、可转债转股、股份回购等股本总额发生变动情形时，公司将按分配比例不变 的原则对总额进行调整。 2、2024 年年度权益分派方案披露至实施期间，公司 2024 ...

Group 1 - Morning Light Biological expects a net profit of 202.0 million to 232.0 million yuan for the first half of 2025, representing a year-on-year increase of 102.33% to 132.38% [1] - Northern Rare Earth anticipates a net profit of 900.0 million to 960.0 million yuan for the first half of 2025, with a significant year-on-year growth of 1882.54% to 2014.71% [1] - Youfa Group forecasts a net profit of 277.0 million to 307.0 million yuan for the first half of 2025, reflecting a year-on-year increase of 151.69% to 178.93% [1] Group 2 - Torch Electronics projects a net profit of approximately 247.0 million to 280.0 million yuan for the first half of 2025, indicating a year-on-year growth of 50.36% to 70.45% [3] - Zhiwei Intelligent expects a net profit of 91.98 million to 112.43 million yuan for the first half of 2025, with a year-on-year increase of 62.85% to 99.06% [4] - Youhao Group anticipates a net profit of 12.0 million yuan for the first half of 2025, representing a year-on-year growth of 51% [5] Group 3 - Nami Technology expects a net profit of 61.0 million to 73.0 million yuan for the first half of 2025, with a year-on-year increase of 35% to 62% [7] - Xinda Co. forecasts a net profit of 130.0 million to 150.0 million yuan for the first half of 2025, reflecting a substantial year-on-year growth of 2443.43% to 2834.73% [8] Group 4 - Shaanxi Coal Industry reported a coal production of 14.36 million tons in June, a year-on-year decrease of 5.07% [9] - Huanxu Electronics announced a consolidated revenue of 4.587 billion yuan in June, a year-on-year decline of 1.23% [10] Group 5 - Huadian International successfully issued 2.0 billion yuan in medium-term notes with a maturity of 3+N years and a coupon rate of 1.89% [20] - Zhongmin Energy reported a total power generation of 1.405 billion kilowatt-hours in the first half of 2025, a year-on-year decrease of 0.89% [20] Group 6 - Huaxia Biotech passed the FDA inspection with zero deficiencies, covering six major systems [21] - Ruikeda's application for convertible bond issuance has been accepted by the Shanghai Stock Exchange [22] Group 7 - Dafu Technology plans to invest no more than 100 million yuan in Anhui Yunta [42] - Tongda Co. won a bid for a project valued at 180.3 million yuan from the Southern Power Grid [46]

Key Points - Juhua Co., Ltd. expects a net profit of 1.97 billion to 2.13 billion yuan for the first half of 2025, representing a year-on-year increase of 136% to 155% [1] - The main reasons for the significant profit growth include the continuous recovery in the prices of fluorinated refrigerants and stable growth in production and sales of core products [2] - Haida Group anticipates a net profit of 2.5 billion to 2.8 billion yuan for the first half of 2025, reflecting a year-on-year increase of 17.64% to 31.76% [3][4] - Huagong Technology expects a net profit of 890 million to 950 million yuan for the first half of 2025, indicating a year-on-year growth of 42.43% to 52.03% [5][6] - Yun Aluminum Co., Ltd. forecasts a net profit of 2.7 billion to 2.8 billion yuan for the first half of 2025, showing a year-on-year increase of 7.19% to 11.16% [7][8] - Saint Farm anticipates a net profit of 850 million to 950 million yuan for the first half of 2025, representing a year-on-year increase of 732.89% to 830.88% [13] - Dinglong Co., Ltd. expects a net profit of 290 million to 320 million yuan for the first half of 2025, reflecting a year-on-year increase of 33.12% to 46.9% [14] - Yuxiu Capital forecasts a net profit of 1.473 billion to 1.575 billion yuan for the first half of 2025, indicating a year-on-year growth of 45% to 55% [15] - Haohua Technology expects a net profit of 590 million to 650 million yuan for the first half of 2025, representing a year-on-year increase of 59.30% to 75.50% [16] - Huace Navigation anticipates a net profit of 320 million to 335 million yuan for the first half of 2025, indicating a year-on-year growth of 27.37% to 33.34% [18] - Dajin Heavy Industry expects a net profit of 510 million to 570 million yuan for the first half of 2025, reflecting a year-on-year increase of 193.32% to 227.83% [20] - Shandong Steel anticipates a net profit of approximately 12.71 million yuan for the first half of 2025, marking a turnaround from loss to profit [22]

Core Viewpoint - 鼎龙股份 is expected to achieve significant growth in its financial performance for the first half of 2025, driven by its semiconductor materials business and operational efficiency improvements [2][4]. Financial Performance - The company anticipates a net profit attributable to shareholders of between 290 million to 320 million yuan, representing a year-on-year increase of 33.12% to 46.9% [2]. - The net profit after deducting non-recurring gains and losses is projected to be between 273 million to 303 million yuan, reflecting a year-on-year growth of 38.81% to 54.06% [2]. - Total revenue for the first half of 2025 is estimated at approximately 1.727 billion yuan, showing a year-on-year increase of about 14% [4]. Business Segments - **Semiconductor Materials and Integrated Circuit Design**: - Revenue from this segment is expected to be around 945 million yuan, with a year-on-year growth of approximately 49% [4]. - The net profit for this segment has seen a substantial increase of 104% year-on-year [4]. - CMP polishing pads sales revenue increased by 59% year-on-year, with a 16% quarter-on-quarter growth in Q2 [4]. - CMP polishing liquids and cleaning liquids combined sales revenue grew by 56% year-on-year, with a 16% quarter-on-quarter increase in Q2 [4]. - The semiconductor display materials segment reported a 62% year-on-year revenue growth, driven by product expansion and increased market share [5]. - Advanced packaging materials achieved sales revenue of approximately 8.6 million yuan, with ongoing market introduction of KrF/ArF photoresists [5]. - **Printing and Copying Consumables**: - This segment generated approximately 780 million yuan in revenue (excluding chips), with a positive growth trend observed in Q2 [6]. - The company is focusing on market expansion and cost reduction to enhance operational efficiency and maintain stable performance in traditional consumables [6]. Investment and Development - The company is currently in a continuous investment phase for high-end wafer photoresists and new chip development, which has impacted net profit by over 50 million yuan [7].

Core Viewpoint - The company, Hubei Dinglong Holdings Co., Ltd., anticipates a significant increase in net profit for the first half of 2025, driven by strong performance in the semiconductor materials sector, particularly in CMP polishing pads and liquids, as well as display materials [1][2]. Financial Performance - The expected net profit for the reporting period is between 290 million and 320 million RMB, representing an increase of 33.12% to 46.9% compared to the same period last year [1]. - The expected net profit after deducting non-recurring gains and losses is between 273 million and 303 million RMB, reflecting a growth of 38.81% to 54.06% year-on-year [1]. Revenue Growth - The company achieved approximately 1.727 billion RMB in revenue, marking a year-on-year growth of about 14% [1]. - Sales revenue from CMP polishing pads increased by 59%, with a quarter-on-quarter growth of 16% and a year-on-year growth of 57% in the second quarter [1]. - Combined sales revenue from CMP polishing liquids and cleaning liquids grew by 56%, with a quarter-on-quarter increase of 16% and a year-on-year increase of 58% in the second quarter [1][2]. - Sales revenue from semiconductor display materials rose by 62%, supported by product expansion and increased customer capacity utilization [2]. Product Development and Market Expansion - The company is advancing its semiconductor advanced packaging materials and KrF/ArF wafer photoresists, with sales revenue from advanced packaging materials reaching approximately 8.6 million RMB [2]. - The company is focused on market expansion and cost reduction initiatives to enhance operational efficiency and maintain steady performance in traditional consumables [2]. Non-Recurring Gains and Losses - The expected non-recurring gains and losses for the reporting period are approximately 17 million RMB, primarily due to government subsidies, compared to 21.17 million RMB in the same period last year [2].

I. Current Period Performance Forecast [1. Performance Forecast Period](index=1&type=section&id=1.%E3%80%81Performance%20Forecast%20Period) The performance forecast period for this report is from January 1, 2025, to June 30, 2025 - The performance forecast period is from **January 1, 2025, to June 30, 2025**[3](index=3&type=chunk) [2. Performance Forecast Overview](index=1&type=section&id=2.%E3%80%81Performance%20Forecast%20Overview) Dinglong Holdings expects net profit attributable to shareholders for H1 2025 to be between **290 million and 320 million yuan**, a **33.12% to 46.9% year-on-year increase**, with net profit after non-recurring items between **273 million and 303 million yuan**, up **38.81% to 54.06%** Key Financial Indicators for H1 2025 Performance Forecast | Item | Current Period (Estimated) | Prior Period | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | Profit: 290 million – 320 million yuan | Profit: 217.8405 million yuan | 33.12% - 46.9% | | Net Profit After Non-Recurring Items | Profit: 273 million – 303 million yuan | Profit: 196.6737 million yuan | 38.81% - 54.06% | II. Communication with Accounting Firm [Communication with Accounting Firm](index=1&type=section&id=Communication%20with%20Accounting%20Firm) The data in this performance forecast is a preliminary estimate by the company's finance department and has not been audited by an accounting firm - The data in this performance forecast is a preliminary estimate by the company's finance department and **has not been audited by an accounting firm**[4](index=4&type=chunk) III. Explanation of Performance Changes [1. Semiconductor Materials and Integrated Circuit Chip Design and Application Business](index=2&type=section&id=1.%E3%80%81Semiconductor%20Materials%20and%20Integrated%20Circuit%20Chip%20Design%20and%20Application%20Business) The company's semiconductor materials and integrated circuit chip design and application business achieved approximately **945 million yuan** in revenue, a **49% year-on-year increase**, with net profit attributable to shareholders for this segment growing **104%** - Semiconductor materials and integrated circuit chip design and application business achieved approximately **945 million yuan** in operating revenue, a year-on-year increase of approximately **49%**[6](index=6&type=chunk) - Net profit attributable to shareholders for this segment significantly increased by **104%** year-on-year[6](index=6&type=chunk) [① CMP Polishing Pad Sales Revenue](index=2&type=section&id=CMP%20Polishing%20Pad%20Sales%20Revenue) CMP polishing pad sales revenue increased by **59% year-on-year**, with Q2 revenue growing **16% sequentially** and **57% year-on-year** - CMP polishing pad sales revenue increased by **59%** year-on-year[6](index=6&type=chunk) - Q2 CMP polishing pad sales revenue grew **16% sequentially** and **57%** year-on-year[6](index=6&type=chunk) [② CMP Slurry and Cleaning Solution Products](index=2&type=section&id=CMP%20Slurry%20and%20Cleaning%20Solution%20Products) Combined sales revenue for CMP slurry and cleaning solution products increased by **56% year-on-year**, with Q2 revenue growing **16% sequentially** and **58% year-on-year** - Combined sales revenue for CMP slurry and cleaning solution products increased by **56%** year-on-year[6](index=6&type=chunk) - Q2 CMP slurry and cleaning solution sales revenue grew **16% sequentially** and **58%** year-on-year[6](index=6&type=chunk) - Copper process slurry achieved its **first order breakthrough**, with alumina and polysilicon slurry products gaining traction with clients[6](index=6&type=chunk) [③ Semiconductor Display Materials Business](index=2&type=section&id=Semiconductor%20Display%20Materials%20Business) Semiconductor display materials business sales revenue increased by **62% year-on-year**, driven by product expansion, customer growth, and increased market share - Semiconductor display materials business sales revenue increased by **62%** year-on-year[6](index=6&type=chunk) - Growth drivers include continuous expansion and iteration of product categories, sustained revenue growth from customer expansion, increased capacity utilization by downstream display clients, and higher market share for the company's products[6](index=6&type=chunk) [④ Semiconductor Advanced Packaging Materials](index=2&type=section&id=Semiconductor%20Advanced%20Packaging%20Materials) Semiconductor advanced packaging materials generated approximately **8.6 million yuan** in sales revenue, with KrF/ArF wafer photoresists accelerating market entry - Semiconductor advanced packaging materials achieved sales revenue of approximately **8.6 million yuan**[7](index=7&type=chunk) - KrF/ArF wafer photoresists are accelerating market entry, and client validation progress for the company's semiconductor advanced packaging materials and other new materials, including wafer photoresists, is in line with expectations[7](index=7&type=chunk) [2. Printing and Copying Consumables Business](index=2&type=section&id=2.%E3%80%81Printing%20and%20Copying%20Consumables%20Business) Printing and copying consumables business generated approximately **780 million yuan** in revenue (excluding chips), with Q2 revenue showing sequential growth - Printing and copying consumables business achieved operating revenue of approximately **780 million yuan** (excluding chips)[7](index=7&type=chunk) - Q2 revenue showed a **sequential growth trend**[7](index=7&type=chunk) - The company prioritizes profit, ensuring stable operations for its traditional consumables business through market expansion and cost reduction initiatives[7](index=7&type=chunk) [3. High-End Wafer Photoresist and New Chip Development Businesses in Investment Phase](index=2&type=section&id=3.%E3%80%81High-End%20Wafer%20Photoresist%20and%20New%20Chip%20Development%20Businesses%20in%20Investment%20Phase) High-end wafer photoresist and new chip development businesses remain in an investment phase, projected to reduce net profit attributable to shareholders by over **50 million yuan** - High-end wafer photoresist and new chip development businesses are still in a **continuous investment phase**[7](index=7&type=chunk) - These are expected to reduce net profit attributable to shareholders by over **50 million yuan**[7](index=7&type=chunk) [4. Impact of Non-Recurring Gains and Losses](index=2&type=section&id=4.%E3%80%81Impact%20of%20Non-Recurring%20Gains%20and%20Losses) Non-recurring gains and losses for the current period are estimated at approximately **17 million yuan**, primarily from government subsidies, a decrease from **21.17 million yuan** in the prior period - Non-recurring gains and losses for the current period are estimated at approximately **17 million yuan**, primarily due to government subsidies[8](index=8&type=chunk) - Non-recurring gains and losses in the prior period amounted to **21.17 million yuan**[9](index=9&type=chunk) IV. Risk Warning and Other Related Disclosures [Risk Warning and Other Related Disclosures](index=3&type=section&id=Risk%20Warning%20and%20Other%20Related%20Disclosures) This performance forecast is a preliminary estimate by the company's finance department, unaudited by an accounting firm, and final financial data will be based on the 2025 semi-annual report - This performance forecast is a preliminary estimate by the company's finance department and **has not been audited by an accounting firm**[10](index=10&type=chunk) - Specific financial data will be subject to the company's disclosed **2025 semi-annual report**[10](index=10&type=chunk) - Investors are advised to **exercise caution** in their decisions and be aware of investment risks[10](index=10&type=chunk)

鼎龙股份（300054）公告，预计2025年上半年净利润为2.9亿元–3.2亿元，比上年同期的2.18亿元上升 33.12%-46.9%。 ...

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The industry has been significantly impacted by tariff-related policies and fluctuations in crude oil prices this year. Key areas to focus on in July include safety regulations, supply changes in the pesticide and intermediate sectors, performance fluctuations due to "export rush," the importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies [2][12] Summary by Sections Industry Dynamics - In the week of June 30 to July 6, among 100 tracked chemical products, 25 saw price increases, 56 saw declines, and 19 remained stable. The average price of TDI increased by 7.02% week-on-week, while the average price of acrylic acid rose by 3.65% [11][36] Investment Recommendations - The report suggests focusing on safety regulations and supply changes affecting the pesticide and intermediate sectors, performance fluctuations from the first half of the year, the growing importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies. Long-term investment themes include sustained high crude oil prices benefiting the oil and gas extraction sector, rapid development in downstream industries, and policy support for demand recovery [12][19] Key Products and Price Changes - TDI prices increased to 12,013 CNY/ton, while acrylic acid prices reached 7,100 CNY/ton, reflecting a 14.52% year-on-year increase. The average price of crude oil also saw slight increases, with WTI at 66.50 USD/barrel and Brent at 68.30 USD/barrel [11][35][36] Company Highlights - Satellite Chemical and Anji Technology are highlighted as "gold stocks" for July, with both companies showing strong revenue and profit growth in 2024. Satellite Chemical reported a revenue of 45.648 billion CNY, a 10.03% increase year-on-year, while Anji Technology achieved a revenue of 1.835 billion CNY, a 48.24% increase year-on-year [13][19]