1月6日，鼎龙股份涨5.22%，截至发稿，报41.10元/股，成交4.56亿元，换手率1.53%，总市值389.36亿 元。 景顺长城量化精选股票A（000978）基金经理为黎海威。 截至发稿，黎海威累计任职时间12年73天，现任基金资产总规模80.81亿元，任职期间最佳基金回报 211.39%， 任职期间最差基金回报-6.36%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，湖北鼎龙控股股份有限公司位于湖北省武汉市经济技术开发区东荆河路1号，成立日期2000 年7月11日，上市日期2010年2月11日，公司主营业务涉及打印复印通用耗材业务和光电半导体工艺材料 业务。主营业务收入构成为：半导体材料、芯片及打印复印通用耗材产品99.47%，其他0.53%。 从基金十大重仓股角度 数据显示，景顺长城基金旗下1只基金重仓鼎龙股份。景顺长城量化精选股票A（000978）三季度持有 股数9.32万股，占基金净值比例为0.53%，位居第五大重仓股。根 ...

答：公司目前已明确半导体创新材料为核心发展方向，同时耗材业务作 为稳定的现金流支撑，仍将维持行业领先地位。耗材业务的全产业链布局（从 彩色聚合碳粉、显影辊等上游原料到硒鼓、墨盒下游终端产品），为公司积 累了成熟的有机合成、高分子聚合、规模化生产管理及客户服务经验，这些 能力已成功复用于半导体材料业务的产业化推进。2025 年前三季度打印复 印通用耗材业务实现 11.53 亿元营收，经营现金流稳定，为半导体业务的研 发投入和产能建设提供了坚实保障。 问 4：截至 2025 年 6 月 30 日，公司已获授权专利 1052 项，拥有七大 核心技术平台。请问公司如何构建专利壁垒以防范行业竞争？这些技术平台 的协同效应在新产品研发中如何体现？ 答：公司高度重视知识产权保护，已构建起覆盖"核心原料-产品配方- 生产工艺-应用方案"的全链条专利体系，1052 项授权专利中，发明专利占 比超 37%。我们通过专利布局与技术秘密相结合的方式，形成了难以复制的 技术壁垒，同时持续完善专利数据库建设，积极布局 CMP 抛光垫、抛光液、 柔性显示 PSPI 等主要产品的核心专利，持续加大各类新产品在海内外的不 侵权分析及风险排查， ...

Company Overview - Hubei Dinglong Holdings Co., Ltd. is a leading platform company in the field of core innovative materials, focusing on two main business segments: semiconductor materials and general printing consumables [2][3]. - The company emphasizes semiconductor innovation materials, covering CMP process materials, photoresists, and advanced packaging materials, establishing itself as a domestic leader in these areas [2][3]. Polishing Liquid Business - The company has achieved significant breakthroughs in polishing liquid technology, including a comprehensive product layout covering dielectric, metal, and polysilicon layers, with several high-barrier products already developed [3][4]. - R&D investment for the first three quarters of 2025 reached CNY 389 million, primarily directed towards semiconductor segments, ensuring robust funding for technological innovation [4][10]. - The polishing liquid products have gained recognition from major domestic wafer manufacturers, with successful orders for combined polishing and cleaning liquid solutions [4][5]. Advanced Photoresist Technology - The company has over 20 years of experience in the import substitution of key materials, establishing a strong technical barrier in high-end photoresist production [5][6]. - It has developed nearly 30 types of high-end photoresists, achieving industry-leading technical specifications and ensuring a stable supply of core raw materials through independent development [6][7]. OLED Display Materials - The core products for OLED display materials, such as yellow polyimide slurry (YPI) and photosensitive polyimide slurry (PSPI), have achieved stable supply and established a leading position in the domestic market [8][9]. - The PSPI product line has a production capacity of 1,000 tons per year, with ongoing development of new high-end display materials [8][9]. Future Product Expansion - The company plans to leverage its seven core technology platforms and four synchronization mechanisms to ensure smooth transitions from R&D to mass production in new product areas [9][10]. - Cumulative R&D investment over the past three years exceeds CNY 1.1 billion, maintaining a ratio of approximately 14% of revenue, which supports new technology development [10].

Group 1 - The core viewpoint of the news is that Dinglong Co., Ltd. has seen a significant stock price increase of 5.22%, reaching 36.30 CNY per share, with a total market capitalization of 34.369 billion CNY [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 was established on July 11, 2000, and went public on February 11, 2010, located in Wuhan, Hubei Province [1] Group 2 - In terms of fund holdings, Invesco Great Wall Fund has a significant position in Dinglong Co., with its Quantitative Selected Stock A fund holding 93,200 shares, representing 0.53% of the fund's net value [2] - The fund has achieved a year-to-date return of 29.92% and a one-year return of 22.77%, ranking 1808 out of 4216 and 1780 out of 3922 respectively in its category [2] - The fund manager, Li Haiwei, has a tenure of 12 years and 17 days, with the fund's total asset size at 8.207 billion CNY [3]

Group 1: Company Overview - Hubei Dinglong Holdings Co., Ltd. is a leading platform company in core innovative materials across two main business segments: semiconductor and general printing consumables [2] - The company focuses on semiconductor innovative materials, covering CMP process materials, wafer photoresists, and advanced packaging materials [2] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 2.698 billion, a year-on-year increase of 11.23% [2] - Net profit attributable to shareholders reached CNY 519 million, up 38.02% compared to the same period last year [2] - In Q3 2025, revenue was CNY 1.08 billion, with a quarter-on-quarter growth of 9.67% and a year-on-year growth of 6.57% [2] Group 3: Semiconductor Business Growth - The semiconductor segment's revenue reached CNY 1.534 billion, a year-on-year increase of 41.27%, accounting for 57% of total revenue [2][3] - The semiconductor business is a key driver for both revenue and net profit growth, with expectations for further revenue share increase by the end of 2025 [3] Group 4: Product Development and Market Position - The company has a comprehensive product layout in CMP polishing pads, with a monthly production capacity of approximately 40,000 pads, expected to increase to 50,000 pads by Q1 2026 [5] - Core products such as CMP polishing pads, polishing liquids, and flexible display materials have seen growth rates close to or exceeding 50% in the first three quarters of 2025 [6] - The company has established itself as a leading supplier of CMP polishing pads in China, penetrating major wafer fabrication clients [4] Group 5: Research and Development Investment - R&D expenditure for the first three quarters of 2025 was CNY 389 million, a 16% increase year-on-year, representing 14.41% of total revenue [10] - The majority of R&D investment is directed towards the semiconductor segment, including flexible display materials and polishing liquids [10]

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 26.98 billion yuan, a year-on-year increase of 11.23% [2] - The net profit attributable to shareholders was 2.08 billion yuan, up 38.02% compared to the same period last year [2] - The operating cash flow for the same period was 7.7 billion yuan, reflecting a growth of 26.55% [3] Semiconductor Business - The semiconductor segment generated a revenue of 15.34 billion yuan, marking a year-on-year growth of 41.27% [2] - CMP polishing pad sales reached 7.95 billion yuan, with a 52% increase year-on-year [4] - CMP polishing liquid and cleaning liquid sales totaled 2.03 billion yuan, up 45% year-on-year [8] - The semiconductor display materials segment achieved sales of 4.13 billion yuan, a 47% increase year-on-year [9] R&D and Innovation - R&D investment for the first three quarters was 3.89 billion yuan, a 16% increase year-on-year, accounting for 14.41% of operating revenue [3] - The company has two subsidiaries recognized as "specialized and innovative" enterprises, reflecting its innovation capabilities [3] Market Outlook - The semiconductor and new display industries maintained a positive outlook, with good capacity utilization rates [4] - The company plans to expand its market for innovative materials in the fourth quarter of 2025 and into 2026 [4] Product Development - The high-end wafer photoresist project is progressing well, with over 10 products in testing and a new production line expected to begin trial operations [5] - The CMP polishing pad production capacity is set to increase to 60,000 units per month by the end of Q1 2026 [7] Challenges and Strategies - The printing and copying consumables business saw a revenue decline of 13% to 11.53 billion yuan due to market demand fluctuations [11] - The company is focusing on cost reduction, quality improvement, and risk management to maintain its market position [11] Future Goals - The company aims for a net profit target of 1 billion yuan for the next year, with confidence in achieving this through strong R&D and market expansion strategies [11]

Core Insights - On October 16, Dinglong Co., Ltd. experienced a decline of 2.82% in stock price, with a trading volume of 658 million yuan [1] - The company reported a net financing outflow of 23.42 million yuan on the same day, with a total financing and securities balance of 948 million yuan [1] Financing Overview - On October 16, Dinglong Co., Ltd. had a financing buy-in amount of 55.92 million yuan, while the financing repayment was 79.34 million yuan [1] - The current financing balance stands at 941 million yuan, accounting for 2.92% of the circulating market value, which is above the 90th percentile level over the past year [1] Securities Lending Overview - On October 16, the company repaid 34,500 shares in securities lending and sold 25,000 shares, amounting to 851,700 yuan based on the closing price [1] - The remaining securities lending volume is 211,500 shares, with a balance of 7.21 million yuan, exceeding the 80th percentile level over the past year [1] Company Profile - Dinglong Co., Ltd. is located in Wuhan Economic and Technological Development Zone, established on July 11, 2000, and listed on February 11, 2010 [1] - The company's main business involves general consumables for printing and copying, as well as optoelectronic semiconductor process materials, with 99.47% of revenue coming from semiconductor materials, chips, and printing consumables [1] Shareholder Information - As of August 29, the number of shareholders for Dinglong Co., Ltd. reached 43,000, an increase of 13.16% from the previous period [2] - The average circulating shares per person decreased by 11.55% to 17,088 shares [2] Financial Performance - For the first half of 2025, Dinglong Co., Ltd. achieved a revenue of 1.732 billion yuan, representing a year-on-year growth of 14% [2] - The net profit attributable to the parent company was 311 million yuan, showing a year-on-year increase of 42.78% [2] Dividend Distribution - Since its A-share listing, Dinglong Co., Ltd. has distributed a total of 476 million yuan in dividends, with 141 million yuan distributed over the past three years [2] Institutional Holdings - As of June 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 35.2352 million shares, a decrease of 2.2701 million shares from the previous period [2] - Other notable institutional shareholders include E Fund's ChiNext ETF and Xingquan He Tai Mixed A, with varying changes in their holdings [2]

Core Viewpoint - Hubei Dinglong Holdings Co., Ltd. expects significant profit growth for the first three quarters of 2025, driven primarily by its semiconductor materials business [2][3]. Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 501 million to 531 million yuan for the period from January 1 to September 30, 2025, representing a year-on-year increase of 33.13% to 41.1% compared to 376.32 million yuan in the same period last year [2]. - The net profit after deducting non-recurring gains and losses is expected to be around 478 million to 508 million yuan, reflecting a year-on-year growth of 39.20% to 47.94% from 343.38 million yuan [2]. - For the third quarter, the net profit attributable to shareholders is projected to be between 190 million and 220 million yuan, showing a year-on-year increase of 19.89% to 38.82% [2]. Business Segments - The semiconductor materials business has shown strong performance, contributing approximately 1.522 billion yuan in sales revenue, a year-on-year increase of 40%, and accounting for about 57% of total revenue [3]. - Revenue from three new business segments—CMP polishing pads, CMP polishing liquids, and semiconductor display materials—grew by 51%, 42%, and 47% respectively compared to the previous year [3]. - The company achieved approximately 5.8 billion yuan in revenue for the third quarter, with a year-on-year growth of 28% and a quarter-on-quarter increase of 17% [3]. Challenges - The printing and copying consumables business is facing short-term pressure, with expected sales revenue of about 1.145 billion yuan, showing a slight decline year-on-year [4]. - Factors such as fluctuating market demand and slow industry recovery are impacting the performance of traditional consumables [4]. - The company plans to enhance cost control, optimize product structure, and improve operational efficiency to adapt to market changes [4]. Non-Recurring Gains and Losses - The company estimates non-recurring gains and losses for the reporting period to be around 23 million yuan, primarily due to government subsidies, compared to 32.94 million yuan in the same period last year [5].

Core Insights - On September 17, Dinglong Co., Ltd. saw a stock price increase of 4.31% with a trading volume of 999 million yuan [1] - The company reported a financing buy-in amount of 98.96 million yuan and a financing repayment of 133 million yuan, resulting in a net financing outflow of 34.29 million yuan on the same day [1] - As of September 17, the total margin balance for Dinglong Co. was 872 million yuan, with a financing balance of 867 million yuan, representing 2.87% of the circulating market value, indicating a high level compared to the past year [1] Financing and Margin Data - On September 17, Dinglong Co. had a financing buy-in of 98.96 million yuan, with a current financing balance of 867 million yuan, which is above the 90th percentile of the past year [1] - The company repaid 7,600 shares in margin trading and sold 11,300 shares, with a selling amount of 361,300 yuan, while the margin balance was 5.68 million yuan, also above the 50th percentile of the past year [1] Company Overview - Dinglong Co., Ltd. is located in Wuhan, 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 [1] Shareholder and Financial Performance - As of August 29, the number of shareholders for Dinglong Co. was 43,000, an increase of 13.16%, while the average circulating shares per person decreased by 11.55% [2] - For the first half of 2025, Dinglong Co. achieved a revenue of 1.732 billion yuan, a year-on-year increase of 14%, and a net profit attributable to shareholders of 311 million yuan, a year-on-year increase of 42.78% [2] - Since its A-share listing, Dinglong Co. has distributed a total of 476 million yuan in dividends, with 141 million yuan distributed in the last three years [2] Institutional Holdings - As of June 30, 2025, the largest circulating shareholder of Dinglong Co. was Hong Kong Central Clearing Limited, holding 35.2352 million shares, a decrease of 2.2701 million shares from the previous period [2] - The fourth largest circulating shareholder was E Fund's ChiNext ETF, holding 17.0043 million shares, a decrease of 457,600 shares, while the fifth largest was Xingquan Huitai Mixed A, which increased its holdings by 912,800 shares to 13.7337 million shares [2]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 17.32 billion CNY, a year-on-year increase of 14.00% [2] - The net profit attributable to shareholders was 3.11 billion CNY, representing a growth of 42.78% [2] - In Q2 2025, operating revenue reached 9.08 billion CNY, with a quarter-on-quarter growth of 10.17% and a year-on-year growth of 11.94% [2] Research and Development - R&D investment for the first half of 2025 amounted to 250 million CNY, a 13.92% increase year-on-year, accounting for 14.41% of operating revenue [3] - The focus on R&D is aimed at supporting the rapid deployment of new products and enhancing innovation capabilities [3] Cash Flow and Debt - The net operating cash flow for the first half of 2025 was 439 million CNY, a year-on-year increase of 28.78% [4] - The debt-to-asset ratio as of mid-2025 was 41.63%, an increase of 7.55% from the end of 2024, primarily due to the issuance of convertible bonds [4] Semiconductor Business - The semiconductor segment generated 943 million CNY in revenue, a year-on-year increase of 48.64%, accounting for 54.75% of total revenue [5] - The CMP polishing materials and semiconductor display materials saw significant growth, with sales of CMP pads reaching 475 million CNY, a 59.58% increase [7] Profitability - The overall gross margin for semiconductor materials and related products was 49.39%, an increase of 4.08% year-on-year, driven by a higher proportion of high-margin products [6] - Cost control measures and efficiency improvements contributed to enhanced profitability [6] Product Development - The company is advancing its high-end wafer photoresist products, with nearly 30 types developed and over 15 sent for customer validation [11] - The second phase of the high-end photoresist production line is on track for trial production in Q4 2025 [12] Printing Consumables - Revenue from printing consumables was 779 million CNY, a year-on-year decline of 10.12%, influenced by market demand [14] - The company is prioritizing profit over revenue growth in this segment, leading to adjustments in product offerings and customer base [15]