MacVisit: Hubei DingLong

Research evidence excerpt

MacVisit: Hubei DingLong

Macquarie Equity Research

03 July 2026

Chemicals

ChinaMacVisit: Hubei DingLong

China's leading CMP and photoresist supplier

Katherine Arthur

About this company Zheng Lai

• Hubei DingLong (300054 CH, Not Rated) is a semiconductor-materials-

centred company headquartered in Wuhan. The company targets to

become "China's DuPont" with the most-diversified materials portfolio, Figure 1 - Stock highlights

across semi, display, and lithium-battery auxiliaries. Its semi materials are HUBEI DINGLONG

developed in-house with self-developed/produced core raw materials. Stock Code 300054 CH

Price (CNY) 91

Why we visited Market Cap (US$ mn) 12,790

ADT (US$ mn) 356.7

• We hosted Hubei Dinglong for a group call on 17 June 2026 to discuss 52 week range (CNY) 27.7 - 111.03

recent developments, particularly the ramp-up of its photoresist PE Ratio (TTM) (x) 104.2

production line and new order wins. Source: Bloomberg, Jul 2026; priced as of 02 Jul 2026

close

The most interesting findings Figure 2 - CMP process illustration

• CMP pads generated revenue of Rmb1.09bn in 2025 (+52% YoY) and

Rmb376mn in 1Q26 (+71% YoY). Hard-pad capacity expanded to 50k/

month in 1Q26 with high utilisation. The company is targeting large

silicon wafers, SiC, and glass substrates through a new soft-pad line

(>2m-diametre carriers, ~300k p.a. ramping by end-2026). Current

domestic hard-pad share at local fabs is >70%, with management

targeting further gains from soft pads and new applications.

• CMP slurry & cleaning. After reaching ~Rmb300mn rev in 2025,

management expects the first year of positive profit contribution in

2026, supported by new copper, tungsten, and ceria products. Recent

wins include securing a ceria slurry order at a leading memory customer Source: IMIR, Jul 2026