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]

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a positive outlook for the industry [2]. Core Insights - The new materials sector has shown an upward trend, with the new materials index increasing by 0.57%, although it underperformed compared to the ChiNext index, which rose by 0.81% [2]. - The report highlights the anticipated growth in the foldable device market, driven by the upcoming launches of Huawei's foldable PC and Apple's foldable iPhone, which are expected to significantly boost demand for upstream optical adhesive materials [5]. - The report projects that the shipment volume of foldable smartphones in China will reach approximately 10 million units in 2025, representing a year-on-year growth of 8.3%, with a compound annual growth rate of 10.6% expected by 2028 [5]. Market Performance - The report notes that the synthetic biology index increased by 2.35%, while semiconductor materials and electronic chemicals saw declines of 3.52% and 3.58%, respectively. In contrast, biodegradable plastics rose by 2.12% [17]. - The overall performance of the basic chemicals and new materials sectors has been positive, with the Shanghai Composite Index rising by 0.76% and the CSI 300 increasing by 1.12% during the reporting period [13]. Industry Price Tracking - The report provides a detailed price tracking of various chemical products, including amino acids, biodegradable plastics, industrial gases, and vitamins, indicating stable prices for most categories with minor fluctuations [3]. - For instance, the price of valine remains unchanged at 13,450 RMB/ton, while the price of vitamin E decreased by 1.82% to 108,000 RMB/ton [3]. Investment Recommendations - The report suggests focusing on domestic optical adhesive manufacturers like Stik and upstream monomer suppliers such as Dinglong Co., which are expected to benefit from the growth in the foldable device market [5].

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a positive outlook for the industry [2]. Core Insights - The new materials sector has shown an upward trend, with the new materials index increasing by 0.57%, although it underperformed compared to the ChiNext index, which rose by 0.81% [2]. - The report highlights the anticipated growth in the foldable device market, driven by the upcoming launches of Huawei's foldable PC and Apple's foldable iPhone, which are expected to significantly boost demand for upstream optical adhesive materials [5]. - The report cites IDC's forecast that China's foldable smartphone market will see shipments reach approximately 10 million units in 2025, representing a year-on-year growth of 8.3% and a compound annual growth rate (CAGR) of 10.6% from 2025 to 2028 [5]. Summary by Sections 1. Market Performance - The new materials sector experienced a rise this week, with the synthetic biology index up by 2.35%, while semiconductor materials and electronic chemicals saw declines of 3.52% and 3.58%, respectively [2][16]. - The overall performance of the basic chemicals and new materials sectors was positive, with the Shanghai Composite Index increasing by 0.76% and the ChiNext Index by 1.38% during the same period [12]. 2. Industry Chain Data Tracking - Prices for amino acids remained stable, with valine at 13,450 CNY/ton and arginine at 25,500 CNY/ton, while vitamin E saw a decrease of 1.82% to 108,000 CNY/ton [3]. - The report tracks the prices of biodegradable plastics, with PLA (injection grade) priced at 17,500 CNY/ton, remaining unchanged [3]. 3. Industry News - The report notes the successful holding of the semi-marathon for humanoid robots, indicating a growing interest in lightweight PEEK materials, which are expected to see rapid development [2]. - The report emphasizes the potential benefits for upstream companies producing optical adhesive materials as the foldable device market expands [5]. 4. Investment Recommendations - The report suggests focusing on domestic optical adhesive manufacturers like Stik and upstream monomer suppliers such as Dinglong Co., which are expected to benefit from the growth in foldable device shipments [5].

Core Points - The company has completed the election of its sixth board of directors and appointed senior management, including the head of the audit department and the securities affairs representative [1][2][3] Group 1: Board Composition - The sixth board of directors consists of 9 members, including 5 non-independent directors, 3 independent directors, and 1 employee representative director [1][2] - The non-independent directors include Zhu Shuangquan (Chairman), Zhu Shunquan, Yang Bo, Yao Hong, and Yang Pingcai, while the independent directors are Huang Jing, Wang Xiong Yuan, and Xia Xin Ping [1][2] Group 2: Board Committees - The board has established various specialized committees, with their members and chairpersons listed, and their terms align with the board's term [2] Group 3: Senior Management Appointments - Zhu Shunquan has been reappointed as General Manager, along with other key appointments including Huang Jinhui and Xiao Guilin as Deputy General Managers, Yao Hong as Financial Officer, Yang Pingcai as Deputy General Manager and Board Secretary, Huang Chuanling as Head of the Audit Department, and Huang Yun as Securities Affairs Representative [2][3] Group 4: Compliance and Qualifications - All appointed board members and senior management meet the qualifications set by relevant laws and regulations, with no penalties or disqualifications reported [2][3][10][11][12][13][14][15][16][17]

Group 1 - The legal opinion letter is issued by Beijing Dentons (Wuhan) Law Firm regarding the 2024 annual general meeting of Hubei Dinglong Holdings Co., Ltd. [1][2] - The law firm confirms that it will only provide legal opinions on the convening procedures, attendance qualifications, and voting procedures of the meeting, without commenting on the proposals or their contents [2][3] - The annual general meeting is proposed and convened by the board of directors, with the meeting scheduled for May 20, 2025, and will include both on-site and online voting [3][4] Group 2 - A total of 214 shareholders and representatives attended the meeting, representing 279,734,842 shares, which is a significant portion of the company's total shares [4][5] - The meeting's proposals include 12 items, with both non-cumulative and cumulative voting proposals presented for approval [6][7] - The law firm concludes that the convening and voting procedures of the meeting comply with relevant laws, regulations, and the company's articles of association [8]

Group 1 - The company held its sixth board meeting on May 20, 2025, with all nine directors present, meeting the legal requirements [1] - The board elected Zhu Shuangquan as the chairman for a three-year term, effective immediately [1][2] - The board approved the appointment of Zhu Shunquan as the general manager for a three-year term, effective immediately [2][3] Group 2 - The board reappointed several senior management members, including Huang Jinhui and Xiao Guilin as deputy general managers, and Yao Hong as the financial officer, all for a three-year term [2][3] - Huang Chuanling was appointed as the head of the audit department for a three-year term, effective immediately [3][4] - The board appointed Huang Yun as the securities affairs representative for a three-year term, effective immediately [4] Group 3 - The board established specialized committees, including the audit committee, strategy committee, nomination committee, and compensation and assessment committee, with members elected for the same term as the current board [4]

证券代码：300054 证券简称：鼎龙股份 公告编号：2025-050 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 关于董事会完成换届选举并聘任高级管理人员、 审计部负责人及证券事务代表的公告 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。 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 开职工代表大会，选举产生公司第六届董事会职工代表董事；于 2025 年 5 月 20 日召开 2024 年度股东大会，选举产生公司第六届董事会非独立董事与独立 董事；于 2025 年 5 月 20 日召开第六届董事会第一次会议，审议通过了关于选 举公司董事会董事长、第六届董事会各专门委员会委员及聘任公司总经理、高 级管理人员、审计部负责人及证券事务代表等相关议案。公司董事会的换届选 举已经完成。现将相关情况公告如下： 一、公司第六届董事会组成情况 非独立董事：朱双全先生（董事长）、朱顺全先生、杨波先生、姚红女士、 杨平彩女士 上述人员均符合法律、法规所规定的上市公司董事任职资格，未受过中国 证监会及其他有关部门的处 ...

北 京 大 成 （ 武 汉 ） 律 师 事 务 所 关 于 湖 北 鼎 龙 控 股 股 份 有 限 公 司 2024 年 年 度 股 东 大 会 的 法 律 意 见 书 www.dentons.cn 武汉市江岸区建设大道 718 号浙商大厦 10 层（430015） 10/F, Zheshang Tower, No.718, Jianshe Avenue Jiang'an District, 430015, Wuhan, China Tel: +86 27-82622590 Fax: +86 27-82651002 北京大成（武汉）律师事务所 关于湖北鼎龙控股股份有限公司 北 京 大 成 （ 武 汉 ） 律 师 事 务 所 2024 年年度股东大会的法律意见书 致：湖北鼎龙控股股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司 股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性 文件的要求，北京大成（武汉）律师事务所（以下简称"本所"）接受湖北鼎龙控 股股份有限公司（以下简称"公司"） ...

证券代码：300054 证券简称：鼎龙股份 公告编号：2025-048 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年度股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决议案的情形； 2.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、湖北鼎龙控股股份有限公司于 2025 年 4 月 29 日在巨潮资讯网披露了《关 于召开 2024 年度股东大会的通知》（公告编号 2025-041）。 2、会议召开方式：本次股东大会采取现场投票和网络投票相结合的方式。 3、会议召开时间： （1）现场会议召开时间：2025 年 5 月 20 日（星期二）下午 15:00 开始 （2）网络投票时间：2025 年 5 月 20 日当天。其中： ①通过深圳证券交易所交易系统进行投票的具体时间为：2025 年 5 月 20 日 9∶15—9∶25，9∶30—11∶30，13∶00—15∶00。 ②通过深圳证券交易所互联网投票系统投票的时间为：202 ...