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].

Core Viewpoint - Dinglong Co., Ltd. experienced a stock price increase of 5.13%, reaching 34.65 CNY per share, with a trading volume of 665 million CNY and a turnover rate of 2.65%, resulting in a total market capitalization of 32.802 billion CNY [1] Company Overview - Dinglong Co., Ltd. is located in Wuhan Economic and Technological Development Zone, Hubei Province, and was established on July 11, 2000, with its listing date on February 11, 2010 [1] - The company's main business involves general printing and copying consumables and optoelectronic semiconductor process materials, with 99.47% of its revenue coming from semiconductor materials, chips, and printing consumables, while other sources contribute 0.53% [1] Fund Holdings - According to data from the top ten heavy stocks of funds, Shangzheng Fund has one fund heavily invested in Dinglong Co., Ltd. The Shangzheng Research Selected Mixed Initiation A (023397) held 28,000 shares in the second quarter, accounting for 7.54% of the fund's net value, making it the fourth-largest heavy stock [2] - The fund has generated an estimated floating profit of approximately 47,300 CNY today [2] Fund Manager Performance - The fund manager of Shangzheng Research Selected Mixed Initiation A (023397) is Zhang Zhimei, who has been in the position for 7 years and 324 days, managing a total fund size of 429 million CNY, with the best fund return during the tenure being 121.21% and the worst being -28.28% [3] - Co-manager Li Rui has been in the role for 249 days, managing a fund size of 10.6467 million CNY, with a best return of 34.72% and a worst return of 1.14% during his tenure [3]

Core Insights - CPI film, or transparent polyimide film, is a new type of functional film with excellent properties such as chemical stability, heat resistance, flame retardancy, and good ductility, making it suitable for applications in flexible displays, aerospace, and other industries [1][2][5] Industry Overview - The CPI film market in China is experiencing steady growth, with demand expected to reach nearly 4 million square meters by 2024, driven by rapid developments in downstream industries like electronics and aerospace [5][8] - The production of CPI films involves a complex supply chain, including upstream raw materials, midstream processing, and downstream applications [8] Market Dynamics - The CPI film market is characterized by high technical barriers, with few manufacturers primarily located in Japan and South Korea, such as KOLON and Sumitomo Chemical [5][8] - Chinese manufacturers, including Ruihua Tai and Changyang Technology, are relatively new entrants but have significant potential for domestic market replacement [5][8] Application Areas - The primary application of CPI films is in foldable smartphones, where the shift from LCD to OLED displays is driving demand for flexible display technologies [8][9] - In the solar energy sector, CPI films are used as substrate materials for solar cells, benefiting from their excellent heat and weather resistance [10] Industry Trends - Performance enhancement through molecular structure design and hybrid modifications is a key focus for future CPI film development [11] - Cost reduction strategies, including optimizing production processes and increasing local sourcing of raw materials, are essential for the industry's growth [11] - Expansion into new application areas such as 5G communication, IoT devices, and medical technology is anticipated, highlighting the versatility of CPI films [12]

关于更换持续督导保荐代表人的公告 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：2025-070 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 因原保荐代表人刘海燕女士工作调整，不再负责公司的持续督导工作。为 保证持续督导相关工作的有序进行，招商证券指派刘智先生（简历附后）自 2025 年 10 月 20 日起接替刘海燕女士的工作，继续履行公司向不特定对象发行 可转换公司债券项目的剩余督导期的保荐工作事宜。 2025 年 10 月 23 日 附件： 湖北鼎龙控股股份有限公司（以下简称"公司"）于近日收到招商证券股 份有限公司（以下简称"招商证券"）出具的《关于更换湖北鼎龙控股股份有 限公司持续督导保荐代表人的函》。招商证券为公司向不特定对象发行可转换 公司债券项目的保荐机构，原指派保荐代表人为李莎女士和刘海燕女士。 刘智先生，南京大学物理学硕士，保荐代表人、非执业注册会计师，2014 年开始从事投资银行业务。主要负责和参与的已完成项目为石大胜华（603026） IPO、安图生物（ ...