Hubei Dinglong Co., Ltd. (Dinglong Shares) (300054)

Individual Stock Analysis Report | Industry: Electronic Chemicals/Electronic Specialty Materials (C398) | Report Date: September 13, 2026 | As of the close on Friday, September 11, 2026; dates for technical indicators and chip distribution data are noted in each item; shareholder structure data is as of 2026-06-30 (interim report basis) and 2026-08-03 basis, subject to lag.

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

I. Core Summary

The most decision-relevant change at Dinglong Shares is the continued migration of its business structure and profit center toward semiconductor materials: in H1 2026, semiconductor materials and chips revenue was RMB 1.262 billion, accounting for 65.60% of total revenue, up 33.87% year-on-year; net profit attributable to parent was RMB 529 million, up 70.21% year-on-year, with comprehensive gross margin rising to 58.83%. Among these, CMP polishing pad revenue was RMB 745 million, up 56.83% year-on-year, with monthly product sales exceeding 50,000 units for the first time in June 2026, and semiconductor materials gross margin reaching 71.93%.

The company has built a platform-based business around CMP polishing pads, polishing slurries, cleaning solutions, wafer photoresists, display materials, and advanced packaging materials, and has achieved independent preparation of some key raw materials. In 2025, semiconductor materials and chips revenue was RMB 2.086 billion, accounting for 57.00%; in H1 2026, the proportion further increased, and combined with the divestiture of the toner cartridge and ink cartridge terminal business in April 2026, the revenue structure continues to shift toward semiconductor materials. The company recently also disclosed that its polishing pads received bulk orders from core customers in panel-level packaging, and the third soft polishing pad production line in Qianjiang is planned with an annual capacity of 300,000 units, expected to be completed and put into production by the end of 2026.

Financial performance continues to show simultaneous growth in volume and profit, but there is a notable divergence between revenue growth and profit growth. In H1 2026, revenue was RMB 1.925 billion, up 11.15% year-on-year; net profit attributable to parent excluding non-recurring items was RMB 485 million, up 65.00% year-on-year; net cash flow from operating activities was RMB 567 million, up 29.26% year-on-year; R&D investment was RMB 296 million, accounting for 15.39% of revenue. However, Q2 2026 single-quarter revenue was RMB 904 million, down 0.35% year-on-year, while net profit attributable to parent grew approximately 63.76% year-on-year; going forward, it is necessary to monitor whether the high profit growth can be sustained by continued volume ramp-up of semiconductor materials and product mix optimization.

As of September 11, 2026, the company's stock price was RMB 66.64, with a dynamic P/E ratio of approximately 60.08x, and the technical picture is in a correction state: the stock price is below MA5, MA10, and MA20; MACD is below the zero line and has not yet recovered; main-force capital has seen cumulative net outflow of approximately RMB 633 million over the past 10 days; and the proportion of profitable chips is only 8.75%. The RMB 64.5–65.6 range is the current boundary zone between chip support and selling pressure, while RMB 67.5–68.3 is the short-term moving average resistance band; the degree of alignment among valuation, earnings realization, and technical trend still needs to be observed.

II. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• CMP process materials for semiconductor manufacturing (CMP polishing pads, CMP polishing slurries, CMP cleaning solutions), the only domestic comprehensive solution supplier covering the full range of CMP materials
• High-end wafer photoresists (KrF/ArF, positioned since May 2022)
• Semiconductor display materials (YPI yellow polyimide paste, PSPI photosensitive polyimide, TFE-INK thin-film encapsulation materials)
• Semiconductor advanced packaging materials (semiconductor packaging PI, temporary bonding adhesive)
• Integrated circuit chip design (subsidiary Qijie Technology, focused on printing consumable chips; also positioned in semiconductor equipment component control systems)
• Full industrial chain of general-purpose printing and copying consumables (upstream color polymerized toner, developer rollers, consumable chips; downstream toner cartridges, ink cartridges)—the toner cartridge/ink cartridge terminal business was divested in April 2026, retaining upstream color toner and chips

2.3 Upstream and Downstream Position in the Industrial Chain and Cost-Profit Structure

With electronic specialty materials at its core, the company is driven by two growth engines—semiconductor materials and printing/copying consumables—and in H1 2026, semiconductor materials revenue accounted for more than 60% for the first time (65.6%) and surpassed printing consumables; after the divestiture of consumables terminals in April 2026, the revenue structure further tilted toward semiconductor materials. Revenue composition: 2025 annual report semiconductor materials and chips RMB 2.086 billion (57.00%), general-purpose printing and copying consumables RMB 1.559 billion (42.60%), new energy/other RMB 15 million (0.41%), total revenue RMB 3.660 billion (+9.66%); H1 2026 semiconductor materials and chips RMB 1.262 billion (65.60%), printing consumables RMB 410 million (21.32%), new energy/other RMB 252 million (13.09%), total revenue RMB 1.925 billion (+11.15%); 2023 annual report optoelectronic semiconductor materials and chips RMB 857 million, printing consumables RMB 1.786 billion, total revenue RMB 2.667 billion. Net profit attributable to parent: 2021 RMB 214 million→2022 RMB 390 million→2023 RMB 222 million (-43%)→2024 RMB 521 million (+134.5%)→2025 RMB 720 million (+38.3%)→H1 2026 RMB 529 million (+70.2%).

• Composition of purchased raw materials (officially disclosed in the convertible bond prospectus, basis 2021–2023 and Q1 2024): chemical raw materials 2023 RMB 406 million, 27.17%; plastic and rubber parts 2023 RMB 645 million, 43.12% (for printing consumables); wafers/tape-out 2023 RMB 127 million, 8.47% (chip business); packaging materials, auxiliary materials and others 2023 RMB 317 million, 21.23%
• Extremely low upstream concentration: top five suppliers' procurement share 2021 16.78%, 2022 11.77%, 2023 15.81%, Q1 2024 16.94%, with no single supplier exceeding 10%; the company explicitly states that there is no situation of procurement from a single supplier exceeding 30% or the top five combined exceeding 50%, indicating strong bargaining power and low dependence on upstream purchases
• Independent development of core raw materials (the company's greatest industrial chain feature): CMP polishing pad core raw materials—prepolymers, buffer pads, and microspheres—have all achieved independent preparation, with stable supply of prepolymers, buffer pads produced in Qianjiang, and self-made microspheres already in mass production at the Xiantao park (2025); CMP polishing slurry core raw material abrasive particles have been self-produced across four major systems—ultra-pure silica sol, high-purity silica sol, alumina, and cerium oxide—breaking the monopoly supply of foreign abrasive particle suppliers to domestic polishing slurry manufacturers; wafer photoresist KrF/ArF specialty resins, high-purity monomers, and photoacid generators are self-researched and self-produced; important resins and monomers for PSPI display materials are self-produced
• Mass production layout: Wuhan headquarters under construction with annual capacity of 4,000 tons of prepolymers, 200 tons of microspheres, and 30 tons of alumina abrasives
• Hidden concerns to note: China Chengxin Pengyuan noted that capacity utilization of raw materials such as abrasive particles remains relatively low, dragging down the profitability of the polishing slurry and cleaning solution business segments; if the proportion of self-produced raw materials used is insufficient, related depreciation will erode profits

III. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The 2026 interim report disclosure date was the evening of 2026-08-25, reporting period 2026-01-01 to 06-30, sourced from the Shenzhen Stock Exchange interim report summary (cnfin.com) and relayed by Tonghuashun/CFI; H1 2026 net profit attributable to parent excluding non-recurring items was RMB 485 million, +65.00% year-on-year; basic EPS RMB 0.56, +69.70% year-on-year; weighted average ROE 9.76% (prior-year same period 6.64%, +3.12pct); net cash flow from operating activities RMB 567 million, +29.26% year-on-year; comprehensive gross margin 58.83%, +9.59~9.60pct year-on-year; net sales margin 29.26%, +8.21pct year-on-year; R&D investment RMB 296 million, +18.69% year-on-year, accounting for 15.39% of revenue; total assets RMB 9.659 billion (+6.55% vs. end of prior year); net assets attributable to parent RMB 5.640 billion (+8.34%); debt-to-asset ratio 38.82%. Q2 2026 data is derived by subtracting Q1 from the interim report, consistent across multiple sources. The 2025 annual report was disclosed 2026-03-26/27, sourced from China Securities Journal and National Business Daily; 2025 net profit attributable to parent excluding non-recurring items RMB 678 million, +44.53% year-on-year; basic EPS RMB 0.77; weighted average ROE 12.83% (+2.2pct); gross margin 50.85% (+3.97pct); net margin 21.74% (+2.6pct); net operating cash flow RMB 1.157 billion (+39.64%); R&D investment RMB 519 million (+12.32%), accounting for 14.19% of revenue; debt-to-asset ratio 39.17%; dividend plan RMB 1 per 10 shares (tax inclusive), payout ratio ≈13%; semiconductor segment revenue RMB 2.086 billion (+37.27%), proportion rising to 57%. 2024 data sourced from Securities Star's reprint of Kaisa Securities' 2025-05-02 research report; 2024 gross margin 46.88%.

3.2 Earnings Forecast

3.3 Valuation Level and Institutional Ratings

IV. Recent News and Announcements

4.1 Notice of the First Extraordinary Shareholders' Meeting of 2026 (Announcement No. 2026-085)

The Board of Directors resolved on September 11, 2026 to convene the First Extraordinary Shareholders' Meeting of 2026, scheduled to be held at 15:30 on Monday, September 28, 2026 at the Wuhan headquarters; record date September 21, 2026; online voting date September 28, 2026. Two proposals will be deliberated, both requiring approval by more than 2/3 of the voting rights held by shareholders attending the meeting (special resolutions): a. "Proposal on Changing the Business Scope and Amending the Articles of Association"; b. "Proposal on Authorizing the Board of Directors and Its Authorized Persons to Amend the Articles of Association (Draft) and Related Rules of Procedure (Draft) Effective After the H-Share Issuance and Listing," explicitly stated to be for adapting to the Hong Kong Stock Exchange's paperless securities market regime and reserving space for rule adjustments after the H-share listing. Source: Cninfo/Securities Star, Sina Finance original announcement text.

4.2 Resolutions of the 17th Meeting of the Sixth Board of Directors (Announcement No. 2026-083, disclosed September 12, 2026)

Held on September 11, 2026 in Meeting Room 907 at the Wuhan headquarters in a combined on-site and telecommunication format; 9 directors due/9 present; all three proposals passed with 9 votes in favor, 0 against, 0 abstentions. The third item was to convene the extraordinary shareholders' meeting.

4.3 Change of Business Scope (Announcement No. 2026-084, disclosed September 12, 2026)

The company plans to change its business scope and simultaneously amend Article 15 of the Articles of Association, citing "the need for the company's business development, combined with the relevant requirements for standardized expression of the current business scope"; the final version shall be subject to approval and registration by the market supervision and administration department. ⚠️Sources are contradictory and require key annotation: cfi.cn (CFI) full-text announcement, Securities Star announcement summary, and Sina Finance original announcement text (id=12598141) show that the pre-change business scope "included" integrated circuit chip design and services, and after the change "canceled" this item (i.e., deleted); however, Sina Finance/Sohu "Yingyan Studio" article (2026-09-11, titled "Adds integrated circuit chip design and services related business") table lists this item as "newly added." Judgment tendency: it is more likely a "deletion/standardized expression" rather than "addition," because East Money F10's disclosed registered "main business scope" of the company already includes "integrated circuit chip design and services," consistent with the statement "already included before the change, deleted after the change"; however, both versions come from public channels and cannot be fully cross-confirmed, so it is recommended to verify once more against the original announcement on Cninfo (2026-084).

4.4 Submission of H-Share Issuance and Listing Application to the Hong Kong Stock Exchange and Publication of Application Materials (Announcement No. 2026-066, disclosure date July 7, 2026)

On July 6, 2026, the company submitted an application to the Hong Kong Stock Exchange for the issuance of foreign-listed shares (H shares) and listing on the Main Board of the Exchange, and on the same day published the application materials (draft version) on the HKEX website. The announcement explicitly notes: approval/authorization/filing from the China Securities Regulatory Commission, Hong Kong Securities and Futures Commission, Hong Kong Stock Exchange, etc. is still required, and there is uncertainty; the application materials do not constitute an offer. The HKEX application materials link (Chinese version) is provided in the announcement at https://www1.hkexnews.hk/app/sehk/2026/108728/documents/sehk26070601200_c.pdf . Subsequent development: on September 11, 2026, the Board of Directors further approved the H-share listing supporting articles/rules of procedure authorization proposal.

4.5 Convertible Bond (Dinglong Convertible Bond 123255) Issuance and Conversion Price Evolution

Issuance: On April 2, 2025, issued to unspecified objects with a total face value of RMB 910 million (9.1 million units, RMB 100 per unit, 6-year term), listed on the Shenzhen Stock Exchange on April 23, 2025. Conversion period: October 9, 2025 to April 1, 2031. Conversion price evolution: initial RMB 28.68/share→RMB 28.58/share (after 2024 annual equity distribution)→RMB 28.48/share (due to the full exercise of 9.7752 million shares in the first exercise period of the 2024 stock option incentive plan and increase in share capital, adjustment effective date March 9, 2026, announcement 2026-008).

4.6 Dinglong Convertible Bond Triggering Conditional Redemption and Decision Not to Redeem Early

Triggering conditional redemption (closing price ≥130% of the current conversion price for at least 15 of 30 consecutive trading days): first trigger period December 12, 2025—January 7, 2026 (130% = RMB 37.15), Board resolution on January 7, 2026 "not to redeem early," and committed not to exercise if triggered again during January 8 to April 7, 2026 (announcement 2026-003). Second trigger: April 8—April 28, 2026 (130% = RMB 37.02), the company first disclosed the "Announcement on Dinglong Convertible Bond Expected to Meet Redemption Conditions" on April 21, 2026 (announcement 2026-039), then resolved at the Board meeting on April 28, 2026 "not to redeem early," and committed not to exercise if triggered again during April 29 to October 28, 2026; recalculation starts after October 28, 2026 (announcement 2026-048).

4.7 Dinglong Convertible Bond Put Option and Suspension/Resumption of Conversion

Put option: In November 2025, due to changes in some fund-raising investment projects, the additional put option clause was triggered, with only 20 units actually put back (announcement 2025-089). Suspension/resumption of conversion: Due to the 2025 annual equity distribution, conversion was suspended from June 5 to June 16, 2026, and resumed from June 17, 2026 (announcement 2026-054 and the resumption of conversion notice).

4.8 Acquisition of 70% Equity in Haofei New Materials (Entry into Lithium Battery Materials)

Announcement on the evening of January 26, 2026: plans to acquire 70% equity in Shenzhen Haofei New Materials Co., Ltd. (Haofei New Materials) for RMB 630 million using own/self-raised funds, corresponding to a 100% overall valuation of RMB 900 million; upon completion, it will become a 70%-held controlled subsidiary and be consolidated. Haofei New Materials: national high-tech enterprise, Shenzhen specialized, refined, distinctive and innovative SME, mainly engaged in lithium battery dispersants, binders, and customized functional process auxiliary materials, with more than 40 invention patents, and customers covering the top ten domestic and international new energy manufacturers by shipment volume. Timeline: According to Pacific Securities' September 2026 research report, Haofei New Materials has been consolidated since March 2026.

4.9 Divestiture of Toner Cartridge and Ink Cartridge Terminal Business

According to Pacific Securities' research report, the company divested its toner cartridge and ink cartridge terminal business in April 2026, resulting in H1 2026 general-purpose printing and copying consumables revenue of RMB 410 million, -47.35% year-on-year (gross margin 29.46%, +3.33pct year-on-year). ⚠️Limitation: the original announcement of this divestiture has not been verified item by item with an announcement number/disclosure date, and is only seen relayed in research reports; it is recommended to verify against the company's 2026 interim report and Cninfo announcements.

4.10 Acquisition of Minority Equity in Subsidiary (June 11, 2025)

Announcement on June 11, 2025: plans to acquire 8% minority equity in subsidiary Dinghui Microelectronics for RMB 240 million (earlier, as background).

4.11 Q3 2025 Report (Disclosed 2025-10-27)

First three quarters net profit attributable to parent RMB 519 million, +38.02% year-on-year; revenue RMB 2.698 billion, +11.23% year-on-year (previously issued the first three quarters earnings forecast on 2025-10-09/10, expecting net profit attributable to parent of RMB 501 million—531 million).

4.12 H1 2025 Report (Disclosed 2025-08-21)

Net profit attributable to parent RMB 311 million, +42.78% year-on-year; corresponding to the semi-annual earnings forecast released on 2025-07-08 (expected RMB 290 million—320 million, +33.12%—46.9% year-on-year).

4.13 2025 Annual Report Summary (Disclosed 2026-03-27, Announcement 2026-013)

2025 revenue RMB 3.660 billion, +9.66% year-on-year; net profit attributable to parent RMB 720 million, +38.32% year-on-year; basic EPS RMB 0.77 (2024: RMB 0.56), diluted EPS RMB 0.76.

4.14 H1 2026 Report (Disclosed around August 2026; exact disclosure date not verified item by item)

Revenue RMB 1.925 billion, +11.15% year-on-year; net profit attributable to parent RMB 529 million, +70.21% year-on-year; Q2 single-quarter net profit attributable to parent RMB 279 million (QoQ +10.97%, YoY +63.76%); comprehensive gross margin 58.83%, +9.59pct year-on-year. Semiconductor materials revenue RMB 1.262 billion, +33.87% year-on-year, accounting for 65.6%, gross margin 71.93%; CMP polishing pad revenue RMB 745 million, +56.83% year-on-year, monthly product sales exceeded 50,000 units for the first time in June 2026; new energy materials and others RMB 252 million, gross margin 41.02%; general-purpose printing and copying consumables RMB 410 million, -47.35% year-on-year. Note: East Money F10 "Core Themes" tags include "2026 Interim Report Earnings Pre-increase" and "2026 Q1 Report Earnings Pre-increase," indicating that earnings forecasts (pre-increase) were issued for both Q1 and H1 2026, but the forecast announcement numbers and specific ranges have not been verified item by item.

4.15 Timeline of Other Shareholder/Incentive/Governance Announcements

2026-09-12: Board of Directors + extraordinary shareholders' meeting notice + business scope change; 2026-06-16: Dinglong Convertible Bond resumption of conversion notice; 2026-04-29: No early redemption of Dinglong Convertible Bond (2026-048); 2026-04-22: Dinglong Convertible Bond expected to meet redemption conditions notice (2026-039); 2026-03-27: 2025 Annual Report Summary (2026-013); 2026-01-27: 7th Meeting of the Sixth Board of Directors (2026-002), no early redemption of Dinglong Convertible Bond (2026-003); 2026-01-26: proposed acquisition of 70% equity in Haofei New Materials for RMB 630 million; 2025-10-28: announcement on expected new daily related-party transactions; 2025-10-27 Q3 report; 2025-10-22 replacement of continuous supervision sponsor representative; 2025-10-15 partial pledge of shares by controlling shareholder; 2025-10-09/10 first three quarters earnings forecast; 2025-07-19: 3rd Meeting of the Sixth Board of Directors, adjustment of exercise price of 2024 stock option incentive plan; 2025-07-09: implementation of 2024 annual equity distribution, adjustment of Dinglong Convertible Bond conversion price due to equity distribution; 2025-07-08: semi-annual earnings forecast; 2025-06-17: partial pledge of shares by controlling shareholder; 2025-06-11: proposed acquisition of 8% minority equity in Dinglong Microelectronics for RMB 240 million; 2025-05-28: completion of cancellation of some options under the 2024 stock option incentive plan; 2025-05-20: Board re-election and appointment of senior management; 2025-05-14: completion of implementation of some senior management share reduction plans; 2025-04-02: online issuance winning rate and priority allotment results of convertible bonds.

4.16 Recent Business News (Interactive/Media)

September 9, 2026 investor interactive platform: The company's polishing pad products have received bulk orders from core customers in "panel-level packaging" and will gradually be introduced into panel-level packaging production lines using glass substrates as carriers, a new breakthrough after entering 2.5D and 3D packaging production lines; the independently developed soft polishing pad specifically for glass substrates has been sent for sample verification at customer sites and received orders from important panel-level packaging customers. In terms of capacity, the third soft polishing pad production line in Qianjiang is planned with an annual capacity of 300,000 units, focusing on glass substrate CMP polishing pads and large-size polishing pads, expected to be completed and put into production by the end of 2026. Source: Guandian, Hudongyi (similar statements also appeared in a reply dated 2026/7/23).

4.17 Price/Market Cap Background (For Time Annotation Only, Not the Focus of This Section)

September 11, 2026 close: RMB 66.64, down 1.01% (previous close 67.32, open 66.36, high 67.12, low 64.56), turnover approximately RMB 1.069 billion, volume 162,200 lots, turnover rate 2.18%, East Money shows P/E ratio approximately 60.08. Source: Sina Finance individual stock page (2026-09-11). September 9, 2026 close: RMB 67.72, +0.25% (Baidu Stock). July 7, 2026 intraday showed total market cap approximately RMB 77.2 billion, P/E 76.87 (East Money reprint of Jiemian News page, not same-day closing basis), for reference only. ⚠️Different sources have different dates/bases; when citing, be sure to note the "as of" date.

4.18 Uncertainties to Note

1) Whether "integrated circuit chip design and services" in the business scope change is deleted or added: public reports are self-contradictory (CFI/Securities Star say canceled, Sina/Sohu articles say added), recommended to verify against the original text of Cninfo announcement 2026-084. 2) Pacific Securities' 2026-09-11 research report text states "expected EPS for 2025-2027 are RMB 1.14/1.48/1.84 respectively," but 2025 actual EPS was only RMB 0.77, suspected to be a year labeling error (or actually 2026-2028 forecasts); before citing earnings forecasts, verify the original report. 3) The "exact disclosure date" of the 2026 interim report has not been verified, and the announcement number has not been obtained. 4) The original announcement of the divestiture of toner cartridge/ink cartridge terminal business has not been verified (only relayed in research reports); needs to be verified against the interim report/announcements. 5) The specific ranges and announcement numbers of the "earnings forecasts" for Q1 and H1 2026 have not been obtained, only East Money tags indicating "pre-increase." 6) The H-share listing is only at the "application submission" stage and still awaits approval from the CSRC/HK SFC/HKEX, with uncertainty (the company announcement also provides such notice). 7) Stock price, market cap, and P/E are all data from different sources on different dates, not at the same point in time; citations must note the date. 8) This summary is a special section on "Recent News and Announcements" and does not cover financial forecasts, technical aspects, or industry landscape; for a complete report, please supplement separately.

4.19 Target Confirmation and Source Notes

Stock code 300054, stock name "Dinglong Shares," full company name "Hubei Dinglong Co., Ltd.," listed on the Shenzhen Stock Exchange ChiNext Board (Shenzhen-Hong Kong Stock Connect/margin trading/convertible bond target). There is also a convertible bond "Dinglong Convertible Bond," bond code 123255. Main business: semiconductor innovative materials (CMP polishing pads/polishing slurries/cleaning solutions, high-end wafer photoresists KrF/ArF, semiconductor display materials YPI/PSPI/TFE-INK, advanced packaging materials) + general-purpose printing and copying consumables + new energy materials (lithium battery functional materials). Chairman: Zhu Shuangquan. Source: East Money F10/F9, Cninfo/Shanghai Securities News annual report summary, Securities Star interactive Q&A. Note: Different pages classify the company under "Chemicals-Chemical Products" or "Electronic Chemicals," but the company's own description clearly identifies it as primarily semiconductor materials. Identification is correct.

V. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Since August 20, the stock price has declined from the RMB 74~75 range all the way to RMB 66.64, a range decline of approximately 10%; during this period, only two days showed obvious rebounds—8/27 (+3.89%) and 9/7 (+3.40%)—and both were immediately beaten back the next day, showing a pattern of "weak rebounds and continuously shifting center of gravity downward." September 1's single-day -4.61% and the large bearish candle from 73.67→69.21 was the key day of trend weakening. The current stock price is below MA5 (67.54), MA10 (68.32), and MA20 (71.72); short- and medium-term moving averages are in bearish alignment and all above the stock price; MACD has not recovered since the below-zero death cross on August 25; main-force capital has continued net outflow since late August (cumulative net outflow of approximately RMB 633 million over the past 10 days, as of 9/11), with 9/11 single-day main-force net outflow of RMB 105 million, accounting for 9.79% of turnover, indicating obvious seller initiative. In terms of chips, only about 8.75% of chips are profitable, and the lower bound of the 90% cost range at RMB 65.55 overlaps with the day's low of RMB 64.56; this zone is the boundary band between dense chip support and selling pressure release. In terms of volume, 9/11 turnover rate was 2.18% and volume ratio 0.92, with single-day volume only about 40% of the 65-day average, in a significantly shrunken state, with strong wait-and-see sentiment. Overall, the short-term technical picture is weak, but the 250-day moving average at RMB 53.89 is still about 19% below the current price, and the medium-term uptrend has not been completely broken. Note: Specific Bollinger band values were not obtained this time; shareholder structure data is lagging; some data sources had expired snapshots and have been excluded.

5.3 Short-Term Outlook (Next Week, Scenario Projection, for Reference Only)

⚠️ Risk Warning: The following content is only a subjective scenario projection based on the September 11, 2026 closing data and historical prices, technical indicators, and chip distribution, in which scenario weights are subjective heuristic judgments based on the current technical and capital landscape, not statistical probabilities, and do not constitute investment advice. Please independently judge based on the latest market information and bear investment risks yourself.

① Key Technical Levels

② Next Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively high weight, approximately 60% (subjective heuristic weight, not statistical probability)): The stock price repeatedly consolidates within the RMB 65~68.5 range. Trigger conditions: volume remains at the current low level (turnover rate around 2%, volume ratio below 1), main-force capital outflow slows, and no new news catalysts. In this scenario, watch whether it can stabilize above the RMB 64.5~65.6 support band and gradually digest the upper moving average resistance.
• Weaker downside (medium weight (subjective heuristic weight, not statistical probability)): The stock price breaks below the RMB 64.5~65.6 first support band and tests strong support around RMB 62.6 downward. Trigger conditions: the broader market or semiconductor materials sector weakens, main-force capital single-day net outflow continues at the RMB 100 million level (such as the RMB 105 million level on 9/11), or new negative news emerges; if RMB 62.6 is also broken, the next level toward the 250-day moving average at RMB 53.89 opens up.
• Rebound strengthening (relatively low weight (subjective heuristic weight, not statistical probability)): The stock price breaks above and stabilizes over the RMB 67.5~68.3 moving average resistance band. Trigger conditions: single-day turnover significantly expands (e.g., returning to the approximately RMB 1.48 billion~2.07 billion level around 9/1), main-force capital shifts from net outflow to net inflow, or sector-wide catalysts emerge; further breaking above RMB 71.3~71.7 (bull-bear dividing point and MA20) is needed to be considered trend repair, with RMB 74.8~75.8 above as stronger resistance.

③ Capital and Liquidity Background

Liquidity background: 9/11 turnover RMB 1.069 billion, turnover rate 2.18%, volume ratio 0.92; over the past two weeks, turnover rate has broadly been 2%~3% (9/9 1.99%, 9/11 2.18%), significantly below the volume level around 9/1; MA5 volume 164,400 lots, MA10 volume 183,900 lots, while MarketWatch shows the 65-day average volume at approximately 420,600 lots, with current single-day volume only about 40% of that, in a significantly shrunken state. Circulating market cap RMB 49.6 billion, average daily turnover at the RMB 1 billion level, a mid-to-large-cap name with moderate-to-good liquidity, where normal trading would not present obvious market impact cost issues, but the current volume contraction itself indicates strong wait-and-see sentiment and limited short-term elasticity. In terms of funding sources: main-force capital has continued net outflow since late August, with cumulative net outflow of approximately RMB 633 million over the past 10 days (Jiufang Zhitou basis, as of 9/11; same basis on 9/9 was -RMB 359 million); in margin trading, as of 2026-09-10, margin financing balance was RMB 2.080 billion, accounting for 4.15% of circulating market cap, and securities lending balance was RMB 24.2823 million; the margin financing balance fell continuously from RMB 2.142 billion on September 3 to RMB 2.080 billion, then slightly replenished on 9/10, with leveraged funds reducing positions overall but securities lenders also repaying. In terms of shareholder structure (data lag warning): the top ten shareholders held a combined 384 million shares, accounting for 40.24% of total shares (data date 2026-06-30 interim report, announcement date 2026-08-26; there is also a 2026-08-03 basis top ten circulating shareholders, announcement date 2026-08-05), more than one month old, and the structure may have changed during this period, especially considering the stock price fell from around RMB 98 to RMB 66 in July—August; the records do not show a complete breakdown of institutional holdings such as public funds/social security/QFII among the top ten shareholders (only mentioning China Pacific Life Insurance Co., Ltd. holding 6.8913 million shares, 0.93%, source ddx.gubit.cn); institutional holding structure data is incomplete, and no judgment can be made based on it. In terms of northbound capital: Jiufang Zhitou marked "northbound capital latest reduced 153,100 shares, total holding 42.5310 million shares, continuous outflow for 4 days," but this data has no clear base date and no second independent source could be found for verification; recommended to mark as single source; cross-verifiable Hong Kong Central Clearing Co., Ltd. holdings were 53.0985 million shares as of 2026-06-30 (7.14% of circulating shares) and 47.5379 million shares as of 2026-08-03 (4.98% of circulating shares); northbound reduced approximately 5.56 million shares from July to early August, direction consistent with "continuous reduction."

Volume confirmation signal: If single-day turnover continues to expand to above RMB 1.5 billion (close to the recent high volume level of approximately RMB 1.48 billion~2.07 billion around 9/1, significantly higher than the current RMB 1 billion level), it can be regarded as a signal of capital entry; conversely, if turnover continues to shrink below the current RMB 1 billion and the turnover rate is below 2%, wait-and-see sentiment remains unchanged and short-term elasticity remains limited.

④ Points to Watch (Observation Ideas Only, Not Operational Instructions)

• Observation idea, not operational instruction: Watch whether the stock price can stabilize above the RMB 64.5~65.6 first support band—this range overlaps with the 9/11 low of RMB 64.56, chip lower support RMB 64.94, and the lower bound of the 90% cost range RMB 65.55, and is the boundary band between dense chip support and selling pressure release
• Observation idea, not operational instruction: Watch whether the RMB 67.5~68.3 moving average resistance band (MA5 67.54, MA10 68.32) can be effectively broken and stabilized; upward, watch the RMB 71.3~71.7 bull-bear dividing point and MA20 area, and above that the RMB 74.8~75.8 dense chip resistance zone
• Observation idea, not operational instruction: Watch whether trading volume can expand to single-day turnover above RMB 1.5 billion—current volume is only about 40% of the 65-day average, and whether volume cooperates is a direct observation point for judging capital attitude
• Observation idea, not operational instruction: Watch whether main-force capital flow can shift from continuous net outflow to net inflow (cumulative net outflow of approximately RMB 633 million over the past 10 days), as well as changes in the overall environment of the broader market and semiconductor materials sector

The above scenario projection is based on the September 11, 2026 closing data and historical prices and technical indicator calculations. Short-term stock prices will also be affected by multiple factors such as news, capital flows, and the broader market environment. Technical indicators themselves have lag and limitations, do not constitute a guarantee of actual future trends, and do not constitute buy or sell recommendations. Please independently judge based on the latest market information and bear investment risks yourself. Special note: Specific Bollinger band values were not obtained in this section; shareholder structure data is based on 2026-06-30 interim report and 2026-08-03 basis, with a lag of at least one month, and the structure may have changed during this period; northbound capital holding of 42.5310 million shares is from a single source with no clear base date; the 52-week range lower bound differs by approximately RMB 1.3 between two sources.

VI. Industry Landscape and Competitor Analysis

VII. Risk Warnings

• Risk of semiconductor capacity expansion and insufficient utilization of self-produced raw materials: The company is building annual capacity of 4,000 tons of prepolymers, 200 tons of microspheres, and 30 tons of alumina abrasives, but China Chengxin Pengyuan noted that capacity utilization of raw materials such as abrasive particles remains relatively low; if the polishing slurry and cleaning solution businesses do not ramp up sufficiently, depreciation on newly added fixed assets may erode profits.
• Customer concentration and certification progress risk: A-share annual report basis shows top five customers accounted for 24.12% of sales in 2025, while the Hong Kong application materials related relayed basis shows continuing operations customer concentration exceeding 50% in 2024—2025, a significant difference between the two bases; semiconductor material certification cycles are typically 1—2 years, and if core customer introduction or bulk procurement pace is below expectations, it may affect revenue realization.
• Printing consumables business contraction risk: The company divested its toner cartridge and ink cartridge terminal business in April 2026, and H1 2026 general-purpose printing and copying consumables revenue fell 47.35% year-on-year to RMB 410 million. The original announcement of the divestiture has not been verified item by item in existing materials, and terminal business contraction may affect revenue scale and business stability before semiconductor materials fully take over.
• New business M&A integration risk: The company plans to acquire 70% equity in Haofei New Materials for RMB 630 million and consolidate it from March 2026, entering the lithium battery dispersant, binder, and functional auxiliary materials field. This business differs from the existing semiconductor materials platform, and follow-up attention is needed on M&A integration, customer development, profit realization, and capital use efficiency.
• Capital expenditure and demand fluctuation risk: The company has continued to expand semiconductor materials capacity since 2025, with fixed assets and construction in progress growing; if downstream wafer, packaging, or display demand experiences cyclical fluctuations and new capacity release is insufficient, depreciation and related investment may pressure profit margins.
• Valuation and stock price fluctuation risk: As of September 11, 2026, the company's closing price was RMB 66.64, dynamic P/E approximately 60.08x, TTM P/E approximately 67.78x, P/B approximately 11.30x; at the same time, the stock price is below MA5, MA10, and MA20, and main-force capital has seen cumulative net outflow of approximately RMB 633 million over the past 10 days; if earnings growth or market expectations decline, valuation contraction may amplify stock price volatility.
• Uncertainty regarding H-share issuance and listing and governance arrangements: The company has submitted an H-share issuance and listing application to the Hong Kong Stock Exchange, but still requires approval or filing from the CSRC, HK SFC, and HKEX, and the application result and timing are uncertain.
• Risk of inconsistent information disclosure bases: Regarding whether "integrated circuit chip design and services" in the business scope change is deleted or added, public channels have contradictory statements; at the same time, customer concentration, printing consumables divestiture, and some 2026 interim report matters exist in different sources or have not been fully cross-verified, which may affect judgment on business structure and operating trends.

VIII. Conclusion and Outlook

Dinglong Shares' medium- to long-term growth logic mainly comes from domestic substitution of semiconductor materials, multi-category product collaboration, and customer certification barriers. CMP materials, high-end wafer photoresists, display materials, and advanced packaging materials are all in continuous expansion stages, and independent development of key raw materials helps enhance supply chain control and product profitability; panel-level packaging orders, glass substrate-specific soft polishing pad verification, and Qianjiang production line construction provide operational levers for further expansion of the CMP business.

The company also entered lithium battery functional materials through the RMB 630 million acquisition of 70% equity in Haofei New Materials and is advancing its H-share issuance and listing application, expanding the boundaries of its business and capital operations. However, new business integration, semiconductor capacity expansion efficiency, customer introduction pace, and capital expenditure returns still need continuous verification. Future performance observation focuses include semiconductor materials revenue growth, CMP polishing slurry and cleaning solution profitability improvement, photoresist bulk supply progress, self-produced raw material capacity utilization, and revenue structure changes after the divestiture of the printing consumables terminal business.

From a market performance perspective, as of September 11, 2026, the stock price is below short- and medium-term moving averages, with volume ratio 0.92 and turnover rate 2.18%, and the capital landscape is weak, still facing short-term technical correction pressure; however, the 250-day moving average at approximately RMB 53.89 is still below the current price, indicating that the medium-term trend has not been completely broken. The company's H-share listing application still awaits approval from relevant regulatory authorities, and the expression of the integrated circuit chip design business in the business scope change also has contradictions in public information; related matters should be based on formal announcements and subsequent disclosures.

Data Sources

• Hubei Dinglong Co., Ltd. 2025 Annual Report Summary - 2026
• 300054 Dinglong Shares
• Dinglong Shares (sz300054)
• Dinglong Shares (300054.SZ) In-depth F9-PC_HSF9 Data
• Dinglong Shares (300054) Answers Investors-Securities Star
• Dinglong Shares Listed Company Information - Dinglong Shares Listed Company Information
• Dinglong Shares (300054): Semiconductor Materials Platform Volume and Profit Rise Together, New Business Opens Growth Space_Jiufang Zhitou
• Dinglong Shares (300054)_Stock Overview_Stock Price_Real-time Quotes_Chart_News_Stock Commentary_Financial Reports_FinScope-AI Makes Investing Simpler
• Dinglong Shares (300054): "Announcement on Changing Business Scope and Amending the Articles of Association"
• 300054, Spending RMB 630 Million on Acquisition, Entering the Lithium Battery Track
• Securities Daily - Hubei Dinglong Co., Ltd. 2025 Annual Report Summary - Stock Code: 300054 Stock Name: Dinglong Shares Announcement No.: 2026-013
• Dinglong Shares (300054) 2025 Management Discussion and Analysis - Dinglong Shares (300054) 2025 Management Discussion and Analysis
• Securities Daily Online-Hubei Dinglong Co., Ltd. 2025 Annual Report Summary
• Dinglong Shares: 2025 Annual Report Summary _ Dinglong Shares (300054) _ Announcement Text - Dinglong Shares: 2025 Annual Report Summary View PDF Original
• China Securities Journal - Hubei Dinglong Co., Ltd. - | Page B287: Information Disclosure | Previous Next
• China Securities Journal - Hubei Dinglong Co., Ltd. - Stock Code: 300054 Stock Name: Dinglong Shares Announcement No.: 2025-030
• Dinglong Shares (300054.SZ) Business Analysis-PC_HSF10 Data - Main Business Scope
• Hubei Dinglong Co., Ltd. Investor Relations Activity Record
• China Stock Investor Relations Platform Interactive Q&A - Hubei Dinglong Co., Ltd. - October 13, 2025 - Tonghuashun
• Dinglong Shares (300054) Answers Investors-Securities Star
• Dear Secretary, CMP process is a core step in chip manufacturing, polishing pad technology is extremely difficult, the market has long been monopolized by Dow Chemical, YPI (polyimide paste), PSPI (photosensitive polyimide) and other key materials are all bottleneck technology breakthroughs. May I ask about your company's polishing pad import substitution progress? What is the current capacity utilization? With the high prosperity of AI chips, does the company have plans to expand capacity? How to seize the technology dividend of independent controllability? Is there any subsequent direct or indirect cooperation with SiCarrier? Please reply, thank you! Secretary Reply_Securities Star
• Dinglong Shares: CMP Polishing Pad Raw Materials Independently Prepared, Production Line Capacity and Utilization Both Improved
• China Stock Research Activity Schedule - Hubei Dinglong Co., Ltd. - August 27, 2025 - Tonghuashun
• Dinglong Shares (300054)_Company Announcements_Dinglong Shares: Prospectus for Issuance of Convertible Corporate Bonds to Unspecified Objects Sina Finance_Sina - CMP polishing materials market concentration is relatively high, competition landscape shows oligopoly, mainly due to high technical barriers, leading companies have abundant patents and products, and strong customer stickiness
• Dinglong Shares: Institutional Research on August 27, with participation from ICBC Credit Suisse Fund, Southern Fund, and other institutions - Dinglong Shares: Institutional Research on August 27, with participation from ICBC Credit Suisse Fund, Southern Fund, and other institutions
• Dinglong Shares (300054)_Company Announcements_Dinglong Shares: Prospectus for Issuance of Convertible Corporate Bonds to Unspecified Objects (Application Draft) (Q3 Report Update) Sina Finance_Sina - Patent rights, including 52 invention patents, 7 utility model patents, 25 design patents
• Dinglong Shares: The company's semiconductor materials business focuses on CMP process materials, wafer photoresists, semiconductor display materials, and advanced packaging materials
• Dinglong Shares: Hubei Dinglong Co., Ltd. Related Bond 2026 Tracking Rating Report - The company's cash assets are relatively sufficient, inventory and accounts receivable turnover efficiency has changed little overall since 2025, attention to inventory and accounts receivable impairment eroding profits
• Dinglong Shares: Hubei Dinglong Co., Ltd. Related Bond 2026 Tracking Rating Report-Securities Star - Includes relatively large wealth management assets
• Dinglong Shares: 2025 Annual Report_Jiufang Zhitou - Industry inventory volume units/ton/piece 3865421.30 3149848.82 22.72%
• Dinglong Shares (300054): Hubei Dinglong Co., Ltd. Related Bond 2026 Tracking Rating Report - Since 2025, the company has continued to expand production in the semiconductor materials field, with fixed assets and construction in progress continuing to grow; attention is needed on the erosion of profits by fixed asset depreciation when downstream demand experiences cyclical fluctuations leading to insufficient capacity release
• Dinglong Shares - 2-3 years | 1,850.35 | 2.16 | 555.10 | 30.00 | 210.31 | 0.29 | 63.09 | 30.00
• Company Announcements_Dinglong Shares: Prospectus for Issuance of Convertible Corporate Bonds to Unspecified Objects (Registration Draft) Sina Finance_Sina - 1-2 years | 3,231.24 | 3.77 | 646.25 | 20.00 | 471.13 | 0.64 | 94.23 | 20.00
• Dinglong Shares Hong Kong IPO: Net Profit Tripled in Three Years by 2.7x, Lowest Capacity Utilization Only 12.8% - That Wuhan company that started making printer toner more than twenty years ago now stands before the Hong Kong Stock Exchange relying on semiconductor materials
• Dinglong Shares Sprinting A+H, Surging Capital Expenditure Pushes Up Financial Expenses, Customer Concentration Continues to Climb Amid Hidden Concerns
• Dinglong Shares - The company does not have sales to the top five customers exceeding 50% or to a single customer exceeding 30%; overall, the company's customers are relatively dispersed and there is no dependence on a single customer
• Dinglong Shares: 2023 Annual Report - 1 to 2 years 6,706,588.80 1,341,317.76 20.00
• China Post Securities·Chemicals | In-depth Report | Rapid Development of AI Computing Power and Robots, Upstream Materials Expected to Benefit - CMP polishing pads represented by Dinglong Shares gradually breaking through
• Dinglong Shares Complete Competitor List Across All Sub-Tracks - Dinglong Shares Complete Competitor List Across All Sub-Tracks
• (10%), Versum Materials (9%), etc., monopolizing nearly 65% of the global market share
• CMP polishing materials (polishing pads, polishing slurries) have high entry barriers, and the global market is mainly monopolized by American and Japanese companies - 17310456736
• CMP Polishing Pad Competitive Landscape: DowDuPont 79% Monopoly, Dinglong Shares Hard Pad Mass Production Breaks Overseas Barriers | Donghai Securities
• Dinglong Shares: Hubei Dinglong Co., Ltd. Related Bond 2026 Tracking Rating Report-Securities Star - Built an annual production line of 300 tons of KrF/ArF high-end wafer photoresists, with 3 products entering stable bulk supply stage, domestic substitution continues to advance
• 2026 CMP Polishing Materials Domestic Substitution: Global CMP Materials USD 3.5 Billion, Polishing Pad Domestic Substitution Breakthrough | Dongguan Securities - Three Cobs Report—— A Curated Whole-Industry Research Report Sharing and Download Platform, Your Dedicated Industry Think Tank
• Dinglong Shares: Hubei Dinglong Co., Ltd. Related Bond 2026 Tracking Rating Report_Jiufang Zhitou - Core products such as polishing pads and polishing slurries for chemical mechanical polishing (hereinafter referred to as "CMP") materials have all achieved domestic mass production, and the domestic substitution rate is expected to increase in the future
• CMP Polishing Slurry Domestic Substitution: 2026 Market USD 2.5 Billion, Cabot Market Share Dropping from 80% to 36% | Huaan Securities
• Beijing Yanjing Bizhi Information Consulting Co., Ltd. - Overview
• Dinglong Shares (300054): Semiconductor Materials Platform Volume and Profit Rise Together, New Business Opens Growth Space
• Dinglong Shares: 92.18 1.15% +1.05 300054 Sohu Securities
• Photoresist Orders Won, Polishing Slurry Hits New High, Dinglong Shares Platform Growth Accelerates
• Dinglong Shares (300054) September 11 Main Force Capital Net Sell RMB 105 Million-Securities Star
• Dinglong Shares Volume and Profit Rise Together, Photoresist Ramp-Up Opens Growth Space
• Dinglong Shares: 2026 Interim Report Summary - Home >
• Semiconductor Materials Prosperity Rising, Dinglong Shares H1 Net Profit Attributable to Parent Up 70.21% Year-on-Year
• Dinglong Shares: 2025 Net Profit Up 38.32% Year-on-Year, Plans RMB 1 per 10 Shares - Dinglong Shares: 2025 Net Profit Up 38.32% Year-on-Year, Plans RMB 1 per 10 Shares
• Dinglong Shares (300054): Semiconductor Business Achieves Rapid Growth, Given "Buy" Recommendation_Jiufang Zhitou