【DT新材料】 获悉 ，近日， 浙江环龙新材料科技有限公司 （以下简称"环龙新材"）完成A+轮融资，由财通资本领投，粤科母基金跟投。本轮融资将主 要用于 环龙新材高端产能扩建及CMP抛光垫等高端半导体耗材的研发与产业化落地 。 据悉，环龙新材 成立于2007年， 是国内少有的同时掌握流延、吹膜和发泡三大核心制造工艺的 TPU（热塑性聚氨酯）薄膜 领域领军企业，获评 国家级 专精特新重点"小巨人"企业 称号，以及浙江省隐形冠军企业等荣誉。公司总部位于浙江义乌，并在丽水、南阳建有生产基地，在上海设有研发中心。环龙 新材已切入主机厂、户外用品、医疗敷料、家居电子及芯片制造等领域头部客户群。 新材料是国家战略性新兴产业的基石。 环龙新材作为TPU领域的资深玩家，不仅在新能源汽车、医疗、户外等领域构筑了成本与技术护城河，更在半导体 CMP抛光垫、机器人电子皮肤等领域持续创新。 FINE 2026 轻量化高强度与可持续材料展 2026.06.10 -> 06.12 上海新国际博览中心 ○ 发泡材料 800+ 企业参展 具身机器人、低空经济、消费电子、半导体、Al数据中心、智能汽车、航空航天 www.finexpo.xin ...

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：20260109 | | ■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 | 工银瑞信基金：杜洋、单文、马丽娜、李昱、张玮升、杜晨、杨洋、徐薇， | | 及人员姓名 | 共 名投资者及证券人员 8 | | 时间 | 年 月 日下午 2026 1 8 14:00~15:30 | | 地点 | 公司 9 楼会议室 | | 上市公司接待 | 年 月 日下午 14:00~15:30：董事会秘书杨平彩女士、投资者关系总 2026 1 8 | | 人员姓名 | 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，公司重点聚焦半导体创新材料业务，业务覆盖：半导体制造用 CMP | | | 工艺材料和晶圆光刻胶、半 ...

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， ...

格隆汇12月12日丨彤程新材(603650.SH)在投资者互动平台表示，自2024年5月CMP抛光垫项目启动以 来，公司顺利完成产线建设与产品验证。2025年上半年，产品在国内龙头芯片企业逐步展开验证，并陆 续获取多家8寸及12寸重要客户的正式抛光垫订单。随着量产出货的实现，CMP抛光垫项目正式进入商 业化阶段。 ...

格隆汇12月12日丨彤程新材(603650.SH)在投资者互动平台表示，自2024年5月CMP抛光垫项目启动以 来，公司顺利完成产线建设与产品验证。2025年上半年，产品在国内龙头芯片企业逐步展开验证，并陆 续获取多家8寸及12寸重要客户的正式抛光垫订单。随着量产出货的实现，CMP抛光垫项目正式进入商 业化阶段。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The semiconductor business of the company is experiencing accelerated growth, with significant year-on-year increases in revenue and profit margins [6][13] - For Q3 2025, the company achieved a revenue of 967 million yuan, a year-on-year increase of 6.57%, and a net profit attributable to shareholders of 208 million yuan, up 31.48% year-on-year [2][6] - For the first three quarters of 2025, the company reported a total revenue of 2.698 billion yuan, reflecting an 11.23% year-on-year growth, and a net profit of 519 million yuan, which is a 38.02% increase year-on-year [2][6] Financial Performance - The gross profit margin for Q3 2025 was 53.67%, an increase of 5.10 percentage points year-on-year [2][6] - The company's semiconductor segment generated a revenue of 1.534 billion yuan in the first three quarters of 2025, marking a 41.27% year-on-year growth and accounting for 57% of total revenue [13] - The company expects the revenue share from the semiconductor business to further increase by the end of 2025 [13] Product Development - The company has over 10 products in the galloon sample testing phase, with several key models aiming for order fulfillment in Q4 2025 [13] - The company has established a production capacity for high-end wafer photoresists, with a planned annual output of 300 tons set to enter trial operation [13] Future Outlook - The company is positioned as a leader in the domestic semiconductor materials market, with expectations for continued high growth rates in the coming years [13] - Forecasted net profits for 2025, 2026, and 2027 are projected to be 714 million yuan, 942 million yuan, and 1.186 billion yuan respectively, with corresponding price-to-earnings ratios of 46x, 35x, and 27x [13]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7][10]. Core Views - The company reported steady growth in performance, with a revenue of 2.52 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.1%. The net profit attributable to shareholders was 490 million yuan, up 12.7% year-on-year, and the net profit after deducting non-recurring gains and losses was 470 million yuan, an increase of 32.6% year-on-year [5][10]. - In Q3 alone, the company achieved a revenue of 870 million yuan, which is a 2.4% increase year-on-year and an 8.8% increase quarter-on-quarter. The net profit attributable to shareholders for Q3 was 140 million yuan, reflecting a year-on-year increase of 14.1% but a quarter-on-quarter decrease of 25.0% [5][10]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a total revenue of 2.52 billion yuan, with a net profit of 490 million yuan and a net profit after deducting non-recurring items of 470 million yuan. The average selling price of electronic chemicals increased by 19.5% year-on-year, indicating a rise in high-value product sales [5][10]. - The company’s electronic chemicals segment saw production of 14,000 tons and sales of 13,000 tons, with year-on-year changes of +11.8% and +8.1%, respectively [10]. Business Segments - The special rubber additives business remained stable, while the electronic chemicals segment continued to grow. The company’s electronic chemicals business includes semiconductor photoresists and related reagents, display photoresists, electronic resins, and CMP polishing pads [10]. - The company holds a 96.3% stake in semiconductor photoresist leader Beijing Kehua, which generated nearly 200 million yuan in revenue in the first half of 2025, marking a growth of over 50% year-on-year [10]. Market Position - The company is positioned as a leader in special rubber additives and photoresists in China, with a strong focus on enhancing core competitiveness in the automotive tire rubber chemicals sector. The sales volume of automotive tire rubber chemicals increased by over 1,000 tons in the first half of 2025, reflecting a year-on-year growth of 1.5% [10]. - The company aims to deepen strategic cooperation with leading domestic tire manufacturers and accelerate its global expansion, particularly in high-end markets in Europe and America [10]. Future Outlook - The company is expected to maintain a "Buy" rating, with projected net profits of 650 million yuan, 800 million yuan, and 970 million yuan for 2025, 2026, and 2027, respectively [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].

Core Insights - The company, as a leading supplier of CMP polishing pads in China, is benefiting from the booming semiconductor industry through comprehensive product layout, core technology localization, and orderly capacity expansion [1][2] Market Development - The company has penetrated major domestic wafer fabs and has become the primary supplier for some clients while actively expanding its customer base to foreign wafer fabs [2] - The company has achieved full self-supply of core raw materials for polishing hard pads, enhancing its core competitiveness [2] Capacity Expansion - The current production capacity at the company's Wuhan headquarters is approximately 500,000 pieces annually (40,000 pieces monthly) [2] - To meet future market demand, the company plans to increase its capacity to about 600,000 pieces annually (50,000 pieces monthly) by the end of Q1 2026 [2] Revenue Growth - In the first three quarters of 2025, the company's core product lines experienced significant growth, with sales revenue for CMP polishing pads, polishing liquids, cleaning liquids, and flexible display materials increasing by nearly or over 50% year-on-year [2] - This high growth is driven by two main factors: the booming downstream semiconductor and OLED display panel industries, and the company's optimized product layout and enhanced capability to synchronize with clients' new production lines [2] Product Development - The company has developed a full range of product models in the CMP polishing liquid sector and has achieved self-supply capability for core raw materials, specifically abrasive particles [2] - Various polishing liquid products, including dielectric materials, polysilicon, silicon nitride, metal gates, and copper processes, have been supplied in bulk to clients [2] Customer Base - The company's customer base focuses on two main sectors: semiconductor new materials clients, which include leading domestic integrated circuit manufacturers and OLED panel manufacturers, and traditional printing and copying consumables clients [2] R&D Investment - In the first three quarters of 2025, the company's R&D investment reached 389 million yuan, a year-on-year increase of 16%, accounting for 14.41% of revenue [2] - R&D resources are primarily directed towards the semiconductor sector, including flexible display materials, polishing liquids and cleaning liquids, polishing pads, and photoresists [2] - The company aims to maintain a certain level of R&D while controlling the expense-to-revenue ratio and focusing on the effectiveness and return on investment of R&D resources [2]

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].