Dinglong Co., Ltd. is rapidly expanding production!

（Source: Langge Finance）

Dinglong Shares, unexpectedly!

On March 27, Dinglong Shares released its annual report and its latest quarterly report. The financial report shows that in 2025, the company achieved net profit of 720 million yuan, with a year-on-year growth rate of 38.32%.

The data from the first-quarter report is also quite impressive. Building on the rapid growth last year, in the first quarter of 2026, Dinglong Shares’ net profit growth rate can reach as high as 84.41%, nearly doubling!

More worth attention than the numbers themselves is the structural change hidden behind those figures.

The semiconductor business has quietly taken up half of Dinglong Shares’ revenue!

When it was founded in 2000, the company was still mainly a manufacturer selling printer consumables.

At that time, Dinglong Shares’ R&D genes already showed. In 2002, the company’s independently developed charge regulating agent broke the more than 20-year monopoly of overseas companies. With technological inheritance, the company is now the only compatible toner business in China that masters four color preparation processes, and also has the largest scale, the most complete product models, and the most advanced technology.

Therefore, for a long time, general-purpose printing and copying consumables dominated the company’s performance composition.

But Dinglong Shares’ ambition clearly won’t stop there.

Over the years, the company has targeted the semiconductor localization/indigenous substitution field. In areas such as high-end wafer photoresist, CMP polishing pads, and semiconductor packaging PI, it has increased sustained R&D investment to fill technological gaps in related domestic fields.

By the end of 2025, the company had obtained 1,056 authorized patents, and the number of R&D personnel reached as many as 1,283 people.

No pain, no gain!

According to data from the annual report, in 2025, Dinglong Shares’ revenue share from its semiconductor business reached 57%. This shift means Dinglong Shares has completed its strategic transformation, achieving a leap from product layout to leading in scale, with remarkable results from the upgrade of its business structure.

So, what results has the company achieved in the semiconductor field?

For Dinglong Shares’ semiconductor business, CMP process materials and photoresist contribute most of its revenue.

In 2025, the company’s CMP polishing pad products generated revenue of 1.091 billion yuan, up 52.34% year over year; semiconductor display materials generated revenue of 544 million yuan. Of course, the packaging materials segment also saw some progress, but it is currently in the stage of launching new products. In 2025, sales revenue just exceeded 10 million yuan, and the overall scale remains relatively small.

In addition, Dinglong Shares’ controlling subsidiaries, Rongxian Technology and Dingze New Materials, were both selected as national specialized and innovative “little giant” enterprises.

Worth noting is that Dinglong Shares is not a single-product standalone champion; the fields it touches are basically doing well.

“With CMP polishing pads + polishing liquid + cleaning liquid,” Dinglong Shares is the first—and the only—supplier in China that covers the full range of CMP materials for integrated circuits.

At the same time, the company is also the only enterprise in China that fully masters the core R&D and production know-how of CMP polishing pads.

CMP is located at the front end of chip manufacturing; it is a key process for making the wafer flat. By transferring abrasive particles from the polishing liquid onto the wafer surface through the polishing pad, the wafer is ground smooth. In the multi-layer wiring era, after each layer structure is completed, CMP polishing is required to provide a flat foundation for the next process.

Polishing liquid and polishing pads are the core materials of the CMP process, together accounting for more than 85% of the cost of CMP polishing materials.

In this sub-segment, there are basically no competitors for Dinglong Shares domestically.

Currently, the company is building an optoelectronic semiconductor materials R&D center, with supporting production capacities such as 4,000 tons per year of prepolymer and 200 tons of microbead foaming. In 2029, the global CMP polishing materials market scale is expected to exceed $5 billion. The company’s proactive, aggressive capacity expansion is indeed a wise move.

From integrated production to technical strength, Dinglong Shares has achieved comprehensive leadership in the CMP segment.

Also, the 7nm logic chip CMP polishing steps are 30 times, which is a significant increase compared with the 32nm process node. For 3D NAND storage, the number of polishing steps is double that of 2D NAND.

The product plans for Dinglong Shares’ CMP polishing liquid and cleaning liquid have already received recognition from domestic mainstream logic wafer fabs and has obtained combined orders. With multiple factors combining, it is expected to inject new momentum into Dinglong Shares’ subsequent performance improvement.

Photoresist is a key area for localization/indigenous substitution, and Dinglong Shares has also laid out its technology here.

In May 2022, the company entered the high-end wafer photoresist business, with technology benchmarked against international first-class manufacturers.

By 2024, the company had developed more than 20 high-end wafer photoresist formulations, with 12 sent for sample verification. In 2025, Dinglong Shares had already laid out more than 30 high-end wafer photoresist formulations, with more than 20 sent for sample verification.

It is not hard to see that the company’s product advancement pace is quite fast. Within three years, Dinglong Shares has achieved a production closed loop from product R&D and construction of small and pilot lines to order acquisition.

Meanwhile, Dinglong Shares has also built China’s first high-end wafer photoresist mass production line covering the full process of “organic synthesis—polymer synthesis—refined purification—photoresist mixing,” and it has achieved stable mass production. It enables ArF and KrF photoresist products in China to cover “full process flows” and “full sizes.”

Financial reports show that the Phase I project in Qianjiang, with an annual output of 30 tons of KrF/ArF high-end wafer photoresist lines, is operating stably. Phase II will expand annual capacity to 300 tons; the main plant and supporting facilities have already been built.

As the company accelerates expansion, its fixed asset scale has increased rapidly. By the end of 2025, Dinglong Shares’ net fixed assets increased to 2.472 billion yuan.

Photoresist is a key link in localization/indigenous substitution. Although Nanda Optoelectronics was the first to independently develop ArF photoresist and pass validation, in terms of capacity deployment speed and mass production scale, Dinglong Shares is still faster.

In the field of photoresist for display panels, the company has established a leading domestic supply position for YPI and PSPI products, becoming the first supplier for some domestic mainstream panel customers, achieving a “two-pronged approach” to both semiconductor photoresist and display panel photoresist.

Finally, let’s wrap it up.

Whether it is the traditional printer consumables business or the CPM and photoresist products being advanced afterward, for every sub-category that Dinglong Shares itself touches, it has almost achieved a domestic first-tier level.

With AI and localization/indigenous substitution currently in play, what is worth being glad about is that in 2025, Dinglong Shares’ semiconductor business has already supported half of its revenue. Based on the company’s successful experience in the photoresist and CMP segments, its packaging materials and IC design businesses are also expected to gradually scale up.

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