公告称，为落实鼎龙股份"创新材料平台型企业"战略发展目标，培育多领域产业增长极，加强公司在新 能源材料赛道的业务布局和竞争力，公司拟以自有或自筹资金 6.30亿元，通过股权受让方式收购国内绝 对头部动力电池及储能电池企业供应链内的核心功能工艺性辅材类供应商皓飞新材70%股权，即对应标 的公司100%的整体估值为9亿元。 皓飞新材是一家研发、生产、销售锂电工艺材料及其它相关服务的新能源材料公司，系国家高新技术企 业、深圳市专精特新中小企业，市占率位于下游客户同类产品的供应链龙头地位。 长江商报消息 ●长江商报记者 徐靓丽 鼎龙股份（300054.SZ）1月26日晚间发布公告，为加强公司在新能源材料赛道的业务布局和竞争力，公 司拟6.3亿元收购深圳市皓飞新型材料有限公司（下称皓飞新材）70%股权，切入锂电材料行业。该公 司此前发布的业绩预告显示，预计公司2025年实现归属于上市公司股东的净利润约为7亿元至7.3亿元， 同比增长约34.44%至40.20%。 同时，鼎龙股份在与投资者互动中称，2026年公司研发重点主要聚焦三大方向：一是深化CMP相关材 料研发，二是推进高端晶圆光刻胶、半导体先进封装材料的产业化进程 ...

起点锂电获悉， 1 月 26 日晚鼎龙股份公告称 准备用 6.3 亿元 收购 皓飞新材 70% 股权， 引发热议，该事件也让鼎龙股份在昨日顺利新增 "锂电池概念"。 鼎龙股份 此举有意将 皓飞新材 纳入麾下成为其子公司，并依托其优势加快锂电材料领域（ 导电剂、电极 、 隔膜粘结剂 ）的布局 。 皓飞新材 在锂电行业知名度较高，是国内 分散剂领域头部供应商，该公司 深耕锂电池材料领域 多年 ，客户覆盖 国内大部分头部新能源企 业，该公司针对不同电池种类的不同应用，布局了多类型的产品，例如 功能性分散剂、粘接剂 、 工艺性辅材 等 ， 辅助电池厂攻克材料痛 点，提升电池性能，在业内树立了好口碑。 此举也是 鼎龙股份 跨界锂电的重要一步，公司希望能借此机会快速切入锂电材料赛道，为公司带来新的业绩增长点，双方还能 整合研发、 采购、管理 等诸多方面的资源，建立起更为强大的生态，这一切的原因是鼎龙股份看到了新能源赛道背后的巨大潜力。 鼎龙股份是国内重要的半导体材料平台公司，该公司最早以 打印耗材 为业务一步步发展 ， 拓展至半导体材料领域，开发出多款国内稀缺材 料产品，例如 CMP 工艺材料 、 晶圆光刻胶、半导体显示 ...

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].

Core Viewpoint - Dinglong Co., Ltd. is positioned as a leading platform enterprise in key innovative materials within the semiconductor manufacturing sector, focusing on CMP process materials, wafer photoresists, semiconductor display materials, and advanced packaging materials, while not currently engaging in the development of PCB substrates and copper-clad laminates related to NVIDIA's M9 materials [2] Company Focus - The company emphasizes its commitment to its core business areas and will continue to monitor technological advancements and market opportunities in the semiconductor materials industry [2] - Dinglong Co., Ltd. plans to explore potential expansions into related fields in the future, leveraging its technological reserves and R&D capabilities [2] Long-term Value Creation - The company aims to create long-term value for its investors by aligning its strategic focus with industry developments and opportunities [2]

Core Viewpoint - Dinglong Co., Ltd. is positioned as a leading platform enterprise in key innovative materials in China, focusing on semiconductor manufacturing materials and not currently involved in Nvidia's M9 material-related products [1] Group 1: Business Focus - The company's core business areas include CMP process materials, wafer photoresists, semiconductor display materials, and advanced packaging materials [1] - The company has not yet directly engaged in the research and development of PCB substrates and copper-clad laminates related to Nvidia's M9 materials [1] Group 2: Future Strategy - The company plans to continue focusing on its core sectors while closely monitoring technological advancements and market opportunities in the semiconductor materials industry [1] - The company aims to explore potential expansions into related fields based on its technological reserves and R&D capabilities, with the goal of creating long-term value for investors [1]

Group 1: Investment Trends - German companies are increasingly investing in Shanghai, with over 40% of nearly 6000 German enterprises operating in China based in the city, many of which have been established for over 15 years [5][6] - Henkel's adhesive technology innovation experience center in Shanghai has been inaugurated with an investment of approximately 500 million RMB, making it the second-largest innovation center globally outside of Germany [5] - The Chinese market is viewed as having long-term attractiveness and development potential, with 92% of German companies planning to continue operations in China [6] Group 2: Innovation and Sustainability - Henkel has showcased its innovative products and sustainable solutions at the China International Import Expo, emphasizing its commitment to the Chinese market and its alignment with local economic growth [4] - The company has developed advanced materials solutions for semiconductor packaging and electric vehicle battery packs, which enhance performance and reduce development cycles [4] - Henkel has also launched the first carbon footprint calculation standard for adhesive products in collaboration with local institutions, responding to the demand for green supply chains and low-carbon consumption [4] Group 3: Industry Insights - The technology and equipment exhibition area at the China International Import Expo has expanded to 65,000 square meters, featuring over 300 exhibitors, including more than 30 Fortune 500 companies [1] - The exhibition focuses on three core areas: technology, industry, and environmental protection, with five cutting-edge sections dedicated to digital industrial automation, low-carbon energy and environmental technology, integrated circuits, artificial intelligence, and new materials [1]

Core Viewpoint - Dinglong Co., Ltd. achieved a net profit attributable to shareholders of approximately 520 million yuan in the first three quarters of 2025, representing a year-on-year increase of about 38.0% [1] Financial Performance - In Q3 2025, the company realized a net profit of 210 million yuan, showing a year-on-year growth of approximately 31.5% and a quarter-on-quarter increase of about 22.5% [1] - The Q3 performance met expectations, driven by rapid growth in the semiconductor business [1] Business Drivers - The company's profitability and quality have further improved, primarily due to: 1. Sustained growth in the semiconductor business, driving both year-on-year and quarter-on-quarter performance [1] 2. Ongoing cost reduction and efficiency improvement initiatives [1] Market Position - The company's products have deeply penetrated domestic core wafer fab customers, solidifying its leading position in the domestic supply chain [1] Capacity Expansion - To match downstream demand, the company plans to increase its production capacity to approximately 50,000 wafers per month by the end of Q1 2026, equating to an annual production of about 600,000 wafers [1] Product Development - In the area of advanced semiconductor packaging materials, the company is continuously validating and introducing its products with major domestic packaging and testing customers [1] Investment Rating - The company maintains a "Buy" rating [1]

Core Viewpoint - Dinglong Co., Ltd. reported strong financial performance for Q3 2025, with revenue of 2.698 billion yuan, a year-on-year increase of 11.23%, and a net profit attributable to shareholders of 519 million yuan, up 38.02% year-on-year, driven by the improving demand in the semiconductor materials sector [1] Financial Performance - Revenue for Q3 2025 reached 2.698 billion yuan, reflecting an 11.23% increase compared to the previous year [1] - Net profit attributable to shareholders was 519 million yuan, representing a 38.02% year-on-year growth [1] Business Focus - The company is concentrating on the semiconductor innovation materials sector, specifically in three sub-segments: CMP materials for semiconductor manufacturing, wafer photoresists, and advanced packaging materials [1] - In addition to its focus on semiconductor materials, the company has established a full industry chain layout in the traditional printing and copying consumables business [1] Future Outlook - The validation testing and market development for new businesses, including advanced packaging materials and high-end wafer photoresists, are progressing as planned [1] - Earnings per share (EPS) projections for 2025-2027 are 0.75, 1.06, and 1.30 yuan, with corresponding price-to-earnings (PE) ratios of 47x, 34x, and 27x based on the current stock price [1] - The company maintains a "buy" rating based on its growth prospects [1]

Core Viewpoint - Dinglong Co., Ltd. has shown significant growth in both revenue and net profit in the third quarter of 2025, indicating a successful transition to semiconductor materials as a primary growth driver [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 2.698 billion yuan, a year-on-year increase of 11.23%, and a net profit attributable to shareholders of 519 million yuan, up 38.02% year-on-year [1]. - For Q3 2025, the company reported a revenue of 967 million yuan, reflecting a year-on-year growth of 6.57% and a quarter-on-quarter increase of 6.49%. The net profit for the same quarter was 208 million yuan, marking a year-on-year increase of 31.48% and a quarter-on-quarter growth of 22.54% [1]. Business Segments - The semiconductor segment generated a revenue of 1.534 billion yuan, a year-on-year increase of 41.27%, increasing its share from 46% in 2024 to 57% in 2025 [2]. - In Q3, the CMP polishing pads generated 320 million yuan in revenue, up 25% quarter-on-quarter and 42% year-on-year. CMP polishing liquids and cleaning liquids achieved 84.32 million yuan, with a quarter-on-quarter increase of 33% and a year-on-year increase of 33% [2]. - Sales of semiconductor display materials reached 143 million yuan, showing slight growth quarter-on-quarter and a 25% increase year-on-year [2]. Market Position and Growth Drivers - The company benefits from the ongoing domestic semiconductor material localization process and its accumulated technological advantages, leading to rapid growth across all product lines [3]. - Advanced packaging materials and photoresists face inherent technical challenges, but the company is on track with its validation schedule, with potential strong order inflow expected in Q4 2025 [3]. - The expansion of production capacity by leading domestic storage manufacturers is anticipated to further increase demand for upstream raw materials, benefiting Dinglong Co., Ltd. [3]. Investment Outlook - As a leading supplier of semiconductor materials, the company has a rich product matrix and has entered the ramp-up phase for several scarce products. The self-supply capability for upstream materials is expected to enhance profit margins [4]. - Projected net profits for 2025, 2026, and 2027 are estimated at 719 million yuan, 866 million yuan, and 1.139 billion yuan, respectively, with corresponding PE valuations of 48, 40, and 30 times [4].

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]