鼎龙股份半年净利增四成 半导体业务营收9.43亿

Core Viewpoint - Dinglong Co., Ltd. continues to experience rapid growth in the semiconductor innovation materials sector, with significant increases in revenue and net profit in the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, Dinglong Co., Ltd. achieved operating revenue of 1.732 billion yuan, a year-on-year increase of 14.00% [2]. - The company reported a net profit attributable to shareholders of 311 million yuan, representing a year-on-year growth of 42.78% [2]. - The net profit after deducting non-recurring gains and losses was 294 million yuan, up 49.36% year-on-year [2]. - The net cash flow from operating activities was 439 million yuan, an increase of 28.78% compared to the previous year [2]. - In Q2 2025, the company recorded operating revenue of 908 million yuan, an increase of 11.9% year-on-year, and a net profit of 170 million yuan, up 24.8% year-on-year [2]. Semiconductor Business - Dinglong Co., Ltd. focuses on semiconductor innovation materials, including CMP process materials, photoresists, semiconductor display materials, and advanced packaging materials [3][4]. - The semiconductor business generated revenue of 943 million yuan in the first half of 2025, with CMP polishing pads, polishing liquids, and cleaning liquids accounting for over 90% of this revenue [3]. - The semiconductor segment achieved a main business income of 1.52 billion yuan in 2024, reflecting a year-on-year growth of 77.40% and constituting 45.5% of the company's total operating revenue [2][3]. Research and Development - The company maintained a high level of R&D investment, totaling 250 million yuan in the first half of 2025, a year-on-year increase of 13.92%, representing 14.41% of operating revenue [5]. - As of June 30, 2025, Dinglong Co., Ltd. held 1,301 patents, with 1,052 granted, including 108 design patents, 397 invention patents, and 547 utility model patents [5]. - The company has transitioned from a traditional printing consumables business to a leader in semiconductor materials since initiating R&D in CMP polishing pads in 2012 [5][6]. Competitive Position - Dinglong Co., Ltd. is the only global supplier capable of providing four types of CMP materials, controlling 96% of the raw material value in the CMP process [6]. - The company has established a production line for 30 tons of KrF/ArF photoresists, with plans for a project to produce 300 tons, aimed at alleviating the supply shortage of high-end photoresists in China [6].