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， ...

证券代码：300054 证券简称：鼎龙股份 湖北鼎龙控股股份有限公司投资者关系活动记录表 编号：20251212 | | ■特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系 | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 | | | □其他 | | 参与单位名称 | 建信基金：陶灿、华安基金：栾超、华商基金：童立、鹏扬基金：张勋、工 | | | 银瑞信基金：单文、博时基金：金耀、嘉实基金：杨欢，共 7 名投资者及证 | | 及人员姓名 | 券人员 | | 2025 时间 | 年 月 日下午 12 11 14:30~16:00 | | 公司 地点 | 楼会议室 9 | | 上市公司接待 2025 | 年 月 日下午 14:30~16:00：总经理朱顺全先生、董事会秘书杨平 12 11 | | 人员姓名 | 彩女士、投资者关系总监熊亚威先生 | | | 公司介绍： | | | 公司是国内领先的关键大赛道领域中各类核心创新材料的平台型公司， | | | 主营业务横跨两大板块—半导体业务板块、打印复印通用耗材业务板块。现 | | | 阶段 ...

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]

Group 1: Financial Performance - In 2024, the company achieved a revenue of CNY 3.338 billion, a year-on-year increase of 25.14%, and a net profit of CNY 521 million, up 134.54% year-on-year [1] - The semiconductor business has become a key driver for both revenue and net profit growth, with significant sales in CMP polishing materials and semiconductor display materials [1][2] - The company's cost control measures have improved profitability and operational efficiency, contributing to enhanced management effectiveness [1] Group 2: Market Position and Competitive Advantage - The company has established strong core competencies in the semiconductor materials sector, including technology integration, independent application evaluation, supply chain autonomy, and intellectual property management [2] - The semiconductor segment's revenue reached CNY 1.52 billion in 2024, reflecting a 77.40% year-on-year growth, and is expected to continue increasing its share of total revenue [5] - The company is positioned to benefit from the growing demand in the semiconductor industry driven by AI, automotive growth, IoT expansion, and 5G/6G technology deployment [5] Group 3: Research and Development - In 2024, the company plans to invest CNY 462 million in R&D, a 21.01% increase from the previous year, representing 13.86% of total revenue [3] - The focus of R&D will be on CMP polishing liquids, high-end wafer photoresists, and advanced packaging materials, with an emphasis on AI technology to enhance efficiency [3][4] - The company aims to attract and retain high-end technical talent through team development and incentive mechanisms [4] Group 4: Future Outlook and Strategic Plans - The company is committed to expanding its semiconductor materials business and increasing its market share in response to evolving trade conditions and customer demands [5][6] - The construction of a new production line for high-end photoresists is progressing as planned, with a target capacity of 300 tons per year [8] - The company is exploring diversification into new business areas while maintaining a focus on semiconductor innovation materials [11]

Core Insights - Dinglong Co., Ltd. reported significant growth in Q1 2025, with revenue of 824 million yuan, up 16.37% year-on-year, and a net profit of 141 million yuan, up 72.84% [1] - The company achieved a total revenue of 3.338 billion yuan in 2024, a 25.14% increase, and a net profit of 521 million yuan, up 134.54% [1] - Dinglong's profitability has notably improved, driven by breakthroughs in CMP polishing materials and display materials, alongside stable performance in printing consumables [1] Semiconductor Materials Business - In 2024, the semiconductor materials segment generated 1.52 billion yuan in revenue, a 77.40% increase, contributing significantly to overall revenue [1] - CMP polishing pad revenue reached 716 million yuan, up 71.51%, with monthly sales surpassing 30,000 pieces by September [1] - The company has expanded its production capacity for polishing pads, achieving a monthly output of approximately 40,000 pieces by Q1 2025 [1] Polishing Liquids and Cleaning Liquids - Revenue from polishing and cleaning liquids was 215 million yuan, marking a substantial increase of 178.89%, with significant orders for polysilicon and silicon nitride polishing liquids [2] Display Materials Business - The display materials segment, including YPI, PSPI, and TFE-INK, generated 402 million yuan, a 131% increase, establishing the company as a primary supplier for major domestic panel manufacturers [2] - The company has initiated production of a 1,000-ton PSPI production line and plans to complete the second phase of the YPI project by 2025 [2] Advanced Packaging and Photoresist Business - Dinglong received its first orders for semiconductor packaging PI and temporary bonding adhesive products, generating 544,000 yuan in sales [3] - The company has successfully secured orders for high-end wafer photoresist products from major domestic wafer manufacturers [2][3] Printing Consumables Business - The printing consumables segment maintained stable operations, achieving sales of 1.79 billion yuan in 2024, consistent with the previous year [4] - Sales of color toner exceeded 2,000 tons for the first time, and revenue from drum units increased year-on-year [4] Financing and Future Projects - The company has received approval for a convertible bond issuance to raise up to 910 million yuan, aimed at funding various projects including the industrialization of photoresist products [3]