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Dinglong Co.

300054.SZFounded 2000Reviewed 2026-08-30

Hubei Dinglong, founded 2000 in Wuhan and listed on ChiNext in 2010 (300054), began with toner charge-control agents and has become China's CMP consumables champion: the number-one domestic CMP pad provider with 38.5% China market share by 2025 revenue (Frost & Sullivan) and China's third-largest CMP materials supplier overall, against DuPont's global pad dominance. FY2025 revenue was RMB 3.66 billion (+9.7%) with net profit of RMB 720 million (+38.3%); CMP pad revenue rose 52% to RMB 795 million, and the company filed for a Hong Kong main-board listing in July 2026 to pursue an A+H structure.

Scale

~$509.2Mrevenue FY2025 · CNY 3.7B
~$9Bmarket cap · 2026-10-04

Gap vs frontier

Close behindsector position

Sector-level position; no priceable accelerator silicon to compare chip-by-chip.

Dinglong Co.: close behind tier in CMP polishing equipment, ~$509.2M FY2025 revenue.

The chip stackEach layer depends on the layers below it
1 · ChipsWhat the stack produces
2 · Design toolsSoftware and IP to design them
3 · ManufacturingPlants that turn designs into silicon
4 · EquipmentMachines inside the plants
CMP polishing tools · Close behind
5 · MaterialsWhat the plants consume
Materials · Substitute

Company at a glance

Scale

Revenue up 37% since FY2023

Growth prospects

Expanding customer base and product roadmap

via stcn.com ↗Revenue RMB 3.66 billion (+9.66%); attributable net profit RMB 720 million (+38.32%); R&D spend RMB 519 millionvia wap.eastmoney.com ↗China's largest domestic CMP pad provider with 38.5% share of the China market by 2025 revenue and China's third-largest CMP materials provider overa…

China competition

Competes with Hwatsing, GEGV (Jingyi Jingwei), SIZONE, Anji Microelectronics in CMP polishing tools — peers listed at sector level.

Close behind

Global comparables

Global reference set: Applied Materials, Ebara.

DuPont (CMP pads global leader)

Technical gap

Sector rated close behind vs the frontier.

Obstacles

Sector bottleneck applies

Advanced-node process coverage, endpoint detection, ultra-uniform polishing, cleaning, consumable consistency, and long fab qualification cycles.

Official filings: Eastmoney: HK filing and Frost & Sullivan share data (Jul 2026) ↗ · Sina Finance: FY2025 annual report (segment detail) ↗ · EET-China: H-share prospectus coverage incl. pad revenue +52% ↗ · H-share filing ↗

All sourced facts (11)
  • Listing status: Shenzhen Stock Exchange · 300054.SZ · A-share (300-prefix, ChiNext board)
  • Founded / HQ / listing: Founded 2000, headquartered in Wuhan Economic & Technological Development Zone; listed on Shenzhen ChiNext in 2010 (300054.SZ) via dl-kg.com ↗
  • FY2025 results: Revenue RMB 3.66 billion (+9.66%); attributable net profit RMB 720 million (+38.32%); R&D spend RMB 519 million via stcn.com ↗
  • Market position: China's largest domestic CMP pad provider with 38.5% share of the China market by 2025 revenue and China's third-largest CMP materials provider overall (Frost & Sullivan) via wap.eastmoney.com ↗
  • CMP pads revenue: FY2025 CMP pad revenue RMB 795 million, up 52% year over year (per H-share filing coverage) via eet-china.com ↗
  • Business mix shift: Semiconductor materials reached about 57% of 2025 revenue, with the CMP solutions share rising from 37.9% to 56.3% via app.myzaker.com ↗
  • Capacity: Wuhan base with 400,000 hard pads (rough polish) per year plus Qianjiang base with 200,000 soft pads (finish polish) and buffer pads per year; June 2026 launch of a third soft-pad line in Qianjiang targeting glass-substrate CMP pads and large-size pads via whkfq.gov.cn ↗
  • Adjacent lines: CMP slurry and cleaning solutions revenue RMB 119 million in H1 2025 (+55.22%); advanced packaging materials FY2025 revenue RMB 11.76 million entering volume ramp; OLED coating-type functional materials domestic share 38.5% via money.finance.sina.com.cn ↗
  • H-share filing: July 2026: filed a main-board listing application with the Hong Kong Stock Exchange toward an A+H structure via whkfq.gov.cn ↗
  • Capital returns: August 2026: announced a share buyback of RMB 100-200 million at up to RMB 128 per share; market capitalization has exceeded RMB 100 billion via data.eastmoney.com ↗
  • Competitive backdrop: Global CMP pad market led by DuPont (79% global share in 2016); global pad market about US$1.38 billion, pads plus slurry about US$3.38 billion via wap.eastmoney.com ↗

About

Platform materials company that develops and mass-produces CMP pads (hard/rough-polish in Wuhan, soft/finish-polish and buffer pads in Qianjiang), CMP slurries and cleaning solutions, semiconductor display materials (OLED coating-type functional materials with 38.5% domestic share), advanced-packaging materials and printing-consumables (25,000 tonnes polymer toner capacity), selling to Chinese fabs and global printer/display OEMs.

Founded 2000 · Ticker 300054.SZ

Why it matters

CMP pads and slurries are a roughly US$3.4 billion global consumables market where DuPont (79% global pad share in 2016) and Cabot/CMC have long led; Dinglong is the only Chinese CMP pad maker capable of batch substitution at Chinese fabs, giving SMIC/CXMT/YMTC-class customers a domestic second source precisely as equipment localization accelerates.

Where it sits in the stack

Equipment

CMP polishing equipment

Close behind

Advanced-node process coverage, endpoint detection, ultra-uniform polishing, cleaning, consumable consistency, and long fab qualification cycles.

AI trainingAI inferenceRoboticsEV / auto
Materials

Materials: wafers, photoresist, gases, CMP

Substitute

High-purity inputs, advanced photoresists, repeatability, qualification cycles, and dependence on Japanese/US specialty suppliers.

AI trainingAI inferenceRoboticsEV / auto

Key semiconductor products

  • Semiconductor display materialsOLED coating-type functional materials (38.5% domestic share)
  • Advanced packaging materials·temporary adhesives and related, entering volume
  • Printing imaging consumablescharge control agents and polymer toner (25,000 t/y capacity)
  • CMP polishing pads
  • CMP slurry

Financials

300054.SZ · Shenzhen ChiNext 300054.SZ · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 2.67BRMB 0.22B
2023
RMB 3.34BRMB 0.52B
2024
RMB 3.66BRMB 0.72B
2025

Market data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.

Ecosystem

Global peer set

  • DuPont (CMP pads global leader)
  • Cabot / CMC (slurry leader)
  • Resonac, Fujimi, 3M (abrasives/consumables)
  • Anji Microelectronics (domestic slurry peer, 688019.SH)

Competitive position

  • China's number-one domestic CMP pad supplier (38.5% China share by 2025 revenue) and the only Chinese pad maker in batch substitution against DuPont
  • China's number-three CMP materials provider overall; expanding from pads into slurry/cleaning to contest Cabot-class positions
  • Market capitalization above RMB 100 billion in 2026, among Hubei's largest listed companies
  • Positioned in CMP consumables per market-report search footprint.
  • Global comparables: DuPont (CMP pads global leader)
  • Global comparables: Cabot / CMC (slurry leader)
  • Global comparables: Resonac, Fujimi, 3M (abrasives/consumables)
  • Global comparables: Anji Microelectronics (domestic slurry peer, 688019.SH)

Milestones and signals

  • 2000—Dinglong Co. was founded.
  • 2025—CMP Pad Capacity: 400,000 hard pads/year (Wuhan) + 200,000 soft pads/year (Qianjiang)
  • 2025—China CMP Pad Market Share (Domestic Providers, By Revenue): 38.5%
  • 2026-10-04—Market cap: RMB 64.4B
  • FY2025—Revenue: RMB 3.7B
  • Listing—Shenzhen Stock Exchange · 300054.SZ · A-share (300-prefix, ChiNext board)

What to watch

  • Hong Kong listing progress after the July 2026 filing and use of proceeds for overseas pad/slurry expansion
  • Glass-substrate CMP pads — the new Qianjiang line targets panel-level/glass-core packaging demand
  • CMP pad capacity utilization divergence flagged in the H-share prospectus coverage
  • Slurry and cleaning-solution growth rate versus the pad base

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

Against DuPont (CMP pads global leader), Cabot / CMC (slurry leader), Resonac, Fujimi, 3M (abrasives/consumables), and Anji Microelectronics (domestic slurry peer, 688019.SH): Positioned in CMP consumables per market-report search footprint.

Open questions

  • Which products are qualified beyond pilots in materials?
  • Which customers, fabs, or end markets show real adoption rather than policy interest?