该中试基地投资3.6亿元，依托的佛山（三水）新材料产业园是佛北战新产业园核心区、佛山十大创新 引领型特色产业园区，坐拥大湾区万亩连片产业空间。值得一提的是，佛山市化工新材料中试基地跳出 传统中试平台运营思维，首创"国资筑基+民企唱戏"的市场化路径，联合行业龙头组建专业团队，整合 技术经验与产业资源推行"中试熟化+产业孵化"一体化运营。 该中试基地针对三水通信天线产业集群优势，布局抛光液、光刻胶等电子化学品中试，填补电子信息产 业上游材料配套空白；紧跟新能源汽车产业热潮，主攻新能源电池配套材料、汽车轻量化材料；瞄准佛 山千亿级生物医药健康产业，研发高端原料药、医药中间体，助力上游原料创新突破；贴合纺织、家具 等传统产业提质需求，打造新型有机硅、环保印染助剂等精细化工产品中试线；前瞻布局未来材料领 域，攻关特种工程塑料、可降解材料等特种功能材料。 日前，佛山市科学技术局发布通知称，确定三水区产发新材料科技有限公司承担佛山市中试基地建设任 务，拟对佛山（三水）新材料产业园中试基地项目认定授牌为"佛山市化工新材料中试基地"。该中试基 地既是佛山首个获认定的中试平台，也是广东省首个公共服务型化工新材料中试基地。 今年6 ...

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 ...

Core Viewpoints - The A-share market is expected to warm up for a bull market in early 2025, with stable funds likely to support the market amid unchanged policy attitudes. The current adjustment is seen as a healthy correction within the bull market, setting the stage for a pre-spring rally at the end of the year and the beginning of the next [4][2] - The AI industry chain is anticipated to be the main line for investment during this period, benefiting from improved liquidity expectations and risk appetite. The Sci-Tech 50 and ChiNext indices are expected to lead the recovery in broad-based indices [4][2] - The AI industry chain remains optimistic, with strong downstream demand and short-term supply challenges in AI infrastructure, presenting investment opportunities in power supply and computing power, particularly in domestic computing power [4][2] December Stock Picks - The December stock picks from Zhongyin Securities include: - Poly Real Estate Group (Real Estate) - Jitu Express-W (Transportation) - China Merchants Energy (Transportation) - Wanhua Chemical (Chemicals) - Anji Technology (Chemicals) - Huayou Cobalt (New Energy) - Anjii Food (Food and Beverage) - Changbai Mountain (Social Services) - Feiliwa (Electronics) [6][8] Real Estate Industry: Poly Real Estate Group - The company experienced a 48.1% year-on-year revenue growth in the first half of 2025, driven by increased project completions. However, net profit attributable to shareholders decreased by 44.3% due to investment losses and increased minority shareholder losses [8][9] - The company’s gross margin improved to 17.5%, up 3.2 percentage points year-on-year, while net profit margin decreased to 1.3% [8][9] - The company’s debt structure has improved, with total interest-bearing debt decreasing by 8.6% year-on-year, and all "three red lines" indicators turning green, indicating a healthier financial position [9][10] Transportation Industry: Jitu Express-W - The company achieved a total revenue of $5.499 billion in the first half of 2025, a year-on-year increase of 13.1%, with significant growth in the Southeast Asian market [13][14] - The company’s market share in Southeast Asia increased to 32.8%, while the Chinese market saw a 20% increase in package volume [14][15] - The company is focusing on cost optimization and has implemented a flexible pricing mechanism to enhance competitiveness [15] Transportation Industry: China Merchants Energy - The company reported a slight decrease in revenue to 25.799 billion yuan in 2024, but net profit increased by 5.59% to 5.107 billion yuan, indicating resilient profitability [16][17] - The fourth quarter saw a significant increase in shipping volume, particularly in high-value routes, contributing to a strong performance [16][17] Chemical Industry: Wanhua Chemical - The company’s revenue from polyurethane, petrochemical, and fine chemicals in the first half of 2025 was 36.888 billion yuan, 34.934 billion yuan, and 15.628 billion yuan, respectively, with the petrochemical segment facing short-term pressure [19][20] - The company’s management reforms have led to improved cost control and resource allocation efficiency, which is expected to enhance future performance [19][20] Chemical Industry: Anji Technology - The company reported continuous high growth in revenue and net profit in the first three quarters of 2025, with a gross margin of 56.61% [23][24] - The company’s polishing liquid sales increased by 38.23% year-on-year, indicating strong demand in the semiconductor market [24][25] New Energy Industry: Huayou Cobalt - The company achieved a net profit of 4.216 billion yuan in the first three quarters of 2025, a year-on-year increase of 39.59%, with a revenue growth of 29.57% [26][27] - The company is advancing its integrated layout with ongoing project developments in nickel and lithium production [26][27] Food and Beverage Industry: Anjii Food - The company reported a revenue increase of 6.6% year-on-year in Q3 2025, driven by product innovation and channel expansion [28][29] - The company is focusing on product structure optimization and cost control, maintaining stable profitability despite rising raw material costs [29][30] Social Services Industry: Changbai Mountain - The company experienced a 6.99% year-on-year revenue growth in the first three quarters of 2025, with a significant increase in tourist numbers during the peak season [31][32] - External transportation upgrades and internal project developments are expected to enhance future growth prospects [32] Electronics Industry: Feiliwa - The company is investing in expanding its quartz electronic fabric production capacity to meet the growing demand for high-end PCB materials [33][34] - The demand for quartz electronic fabric is expected to increase due to advancements in Ethernet switch chip technology [34][35]

她指出，CMP产品的成功研发依赖于三大关键支柱：一是深厚的数据积累，二是紧密的客户需求对 接，三是覆盖从抛光机到抛光液、抛光垫的系统工程建设。 （原标题：博来纳润数亿投建双厂占先机，领跑行业量产CMP材料｜新质衢州） 21世纪经济报道记者 陈归辞 浙江衢州报道 半导体CMP（化学机械抛光）材料市场国产化进程正在加速。 CMP是半导体晶片表面加工的关键技术之一，CMP材料作为CMP过程中的关键材料，通过化学腐蚀与 机械研磨的协同作用，去除晶圆表面多余材料，实现全局平坦化。CMP材料主要包括抛光液、抛光 垫、钻石盘、清洗液等。 浙江博来纳润电子材料有限公司（下称"博来纳润"）成立于2022年，是一家专注于为半导体平坦化制程 提供CMP材料整体解决方案的公司，拥有10余年CMP研发与产业化经验，公司客户包括天岳先进、烁 科晶体、立昂微、有研硅、合晶硅、蓝思、伯恩等。 "在国内半导体赛道，2020年前CMP材料高度依赖进口。国际贸易摩擦倒逼供应链自主，而国内集成电 路产业向先进制程的跃迁，也内生出创新的需求。这种外部压力与内部动力的双重驱动，给我们带来了 创业与发展的契机。"博来纳润副总张姝表示。 衬底端头部客户全覆 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 200.80 and a sector rating of "Outperform" [1]. Core Insights - The company's performance continues to show high growth, with improved profitability and an expanding product portfolio. The report is optimistic about the company's product research, validation, and ramp-up progress, sustaining the "Buy" rating [1][4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of RMB 1,812.13 million, a year-on-year increase of 38.09%. The net profit attributable to the parent company was RMB 608.32 million, up 54.96% year-on-year [10][11]. - In Q3 2025, the company reported revenue of RMB 670.67 million, a 30.24% increase compared to Q3 2024, and a net profit of RMB 232.69 million, reflecting a 46.74% year-on-year growth [11]. Profitability Metrics - The gross margin for the first three quarters of 2025 was 56.61%, with a net profit margin of 33.57%. The report indicates that the company has effectively managed its operating expenses, leading to enhanced profitability [9][10]. Earnings Forecast - The report has revised the earnings forecast upwards, projecting net profits for 2025, 2026, and 2027 to be RMB 797 million, RMB 1,016 million, and RMB 1,207 million, respectively. Corresponding earnings per share (EPS) are expected to be RMB 4.73, RMB 6.03, and RMB 7.16 [6][12]. Market Position and Product Development - The company is experiencing significant growth in its polishing liquid segment, with revenue of RMB 930 million in H1 2025, a 38.23% increase year-on-year. The report highlights the successful ramp-up of various polishing liquids and the expansion of its product offerings in advanced packaging [9][10].

Core Viewpoint - Dinglong Co., Ltd. has announced the adjustment of unused fundraising for the "Optoelectronic Semiconductor Material R&D and Manufacturing Center Project," with a total investment of 288 million yuan and planned fundraising of 155 million yuan [1][2]. Fundraising Adjustment - The company plans to redirect 155 million yuan of the previously raised funds, which accounts for 17.03% of the total fundraising amount of 910 million yuan from a convertible bond issuance [1][2]. - The original project aimed to invest 170 million yuan in the domestic production base for key raw materials, but only 10.69 million yuan has been utilized as of September 30, 2025 [2]. New Project Details - The new project will be implemented by Dinglong Co., with a total investment of 288 million yuan and a construction period of three years [2]. - The project will establish a nine-story R&D and manufacturing center, with an expected annual production capacity of 4,000 tons of prepolymer, 200 tons of microspheres, 400,000 large silicon wafer polishing pads, 30 tons of alumina abrasives, and 50 tons of cerium oxide abrasives [2]. Semiconductor Business Growth - Dinglong Co. focuses on semiconductor innovation materials, particularly in CMP process materials, wafer photoresists, and advanced packaging materials [3]. - The semiconductor segment has become the primary growth driver, achieving a revenue of 1.534 billion yuan in the first three quarters of 2025, a year-on-year increase of 41.27%, with its revenue share rising from 46% in 2024 to 57% [4]. Financial Performance - For the first three quarters of 2025, Dinglong Co. reported a revenue of 2.698 billion yuan, an increase of 11.23% year-on-year, and a net profit attributable to shareholders of 519 million yuan, up 38.02% [4]. - The company has maintained stable performance, with a third-quarter revenue of 967 million yuan, reflecting a year-on-year growth of 6.57% [4]. - R&D investment reached 389 million yuan in the first three quarters, a 16% increase year-on-year, accounting for 14.41% of total revenue, primarily directed towards the semiconductor sector [4].

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]

Core Viewpoint - The "14th Five-Year Plan" emphasizes the deep collaboration across the semiconductor industry chain, promoting self-innovation and supply chain security, leading to a new phase of high-quality development in China's semiconductor industry [1][5]. Group 1: Policy and Strategic Framework - The "14th Five-Year Plan" outlines the need for high-level technological self-reliance and the establishment of a new type of national system to promote collaborative development across key sectors, including integrated circuits and advanced materials [3]. - The plan indicates a systematic approach to address weaknesses in semiconductor equipment, materials, and design tools through collaboration among national laboratories, research universities, and leading tech enterprises [3]. Group 2: Industry Development and Innovation - The plan aims to enhance the role of enterprises in technological innovation, encouraging them to lead innovation consortia and take on national technology challenges, which will boost the capabilities of leading firms and innovative SMEs [4]. - The focus on domestic substitution is expected to evolve from "usable" to "better usable," with an emphasis on the localization of equipment and materials, particularly in advanced processes [4]. Group 3: Market Opportunities - The acceleration of strategic emerging industries such as digital economy, artificial intelligence, and smart connected vehicles will create unprecedented application scenarios and market space for domestic chips [5]. - The demand for supply chain security in wafer fabrication is anticipated to drive the localization of equipment and materials, with local companies poised to capture broader market opportunities [4][5].

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor industry [1]. Core Insights - The semiconductor industry is poised for strategic opportunities under the "14th Five-Year Plan," emphasizing high-level technological self-reliance and the development of new productive forces [3]. - The report highlights a systematic approach to enhance the semiconductor supply chain, focusing on key areas such as integrated circuits, advanced materials, and core technologies [3]. - There is a strong emphasis on the role of enterprises in driving innovation, with support for leading companies and small to medium-sized enterprises to take on national technology projects [3]. - The report anticipates a shift in domestic production from "usable" to "better usable" products, driven by supply chain security needs and increased localization in advanced processes [3]. - The strategic design of policies is expected to create a favorable environment for the entire semiconductor industry chain, fostering deep collaboration and innovation [3]. - Emerging industries such as digital economy, artificial intelligence, and smart connected vehicles are projected to create vast application scenarios for domestic chips, driving technological upgrades [3]. Summary by Sections - **Investment Suggestions**: The report recommends focusing on companies that align with the full-chain breakthroughs and domestic substitution themes, including Zhongwei Company, Tuojing Technology, Northern Huachuang, and others [3]. - **Market Performance**: The semiconductor sector's performance is compared to the CSI 300 index, indicating a significant potential for growth [2]. - **Policy Implications**: The report discusses the implications of the "14th Five-Year Plan" for the semiconductor industry, highlighting the importance of a resilient domestic supply chain and the need for innovation across the entire industry [3].