Photoresist is the core material for semiconductor manufacturing. An analysis of 10 key companies has been conducted:

1. Nanda Optoelectronics: The only company in China to achieve mass production of ArF photoresist, with products validated by SMIC and Yangtze Memory Technologies for 28nm process and above. In 2025, production capacity will reach 1000 tons/year, and the yield rate of ArF photoresist products remains stable at over 90%. The core technology and production capacity advantages are significant, leading the field of advanced process photoresist.

2. Tongcheng New Materials: By holding Beijing Kehua, it occupies over 40% of the KrF photoresist market share. Its products successfully entered TSMC's supply chain, and it smoothly won the annual procurement order from Yangtze Memory Technologies in 2025. At the same time, it is actively laying out R&D for ArF photoresist and is the only A-share company collaborating with ASML to develop EUV photoresist, forming a dual-track development pattern of "mature process + high-end breakthrough."

3. Jingrui Electric Materials: The first company in China to achieve mass production of KrF photoresist, establishing a complete product line of I-line, KrF, and ArF. In 2025, the mass production scale of KrF photoresist will achieve several times growth, and ArF photoresist has been supplied in small batches to leading companies like SMIC. In the third quarter of 2025, net profit surged 192 times year-on-year, with performance and technological breakthroughs being realized simultaneously.

4. Shanghai Xinyang: Established a complete photoresist product line covering I-line, KrF, and ArF, among which multiple KrF photoresist products have achieved bulk sales, and the overall scale continues to expand. As a supplier for companies like SMIC, its market share in mature process photoresist steadily increases, with plans to expand production capacity to 500 tons/year.

5. Anji Technology: Focused on photoresist removers, breaking foreign monopolies and entering the supply chains of SMIC and Yangtze Memory Technologies. As a leading player in semiconductor wet electronic chemicals, it relies on strong R&D capabilities to continuously expand the market for supporting materials for photoresist, with a net profit growth rate of 54.96% in the first three quarters of 2025, showing stable performance growth.

6. Dinglong Co., Ltd.: Laid out nearly 30 high-end wafer photoresists, with over 15 samples verified, establishing a fully controllable technology system. The second phase of the Qianjiang 300-ton KrF/ArF photoresist production line will trial run in the fourth quarter of 2025, and capacity release is expected to further drive performance growth, with a year-on-year net profit increase of 38.02% in the third quarter of 2025.

7. Rongda Photoresist: A leader in the field of mature process photoresist, with over 25% market share for I-line photoresist, supplying long-term to leading companies like SMIC and Huahong Semiconductor. The company is actively breaking into high-end fields, with KrF photoresist completing pilot verification, suitable for the 28nm process node, and capacity release at the Zhuhai production base will bring new growth momentum to the company.

8. Huamao Technology: Deeply laying out the photoresist industry chain through equity participation in Xuzhou Bokan, which holds 80% of the core technology for photoresist monomers. Multiple photoresist products are compatible with EUV advanced processes. It is expected that by 2025, revenue from photoresist-related businesses will exceed 50%, highlighting significant growth potential.

9. Qiangli New Materials: A leader in the global光固化领域, with a market share of about 50% for PCB photoresist photoinitiators, ranking first globally, and leading in LCD photoresist photoinitiators, breaking the monopoly of international giants like BASF of Germany. The company is also actively laying out the OLED materials field, jointly establishing Qiangli Yulei with Taiwan's Yulei Optoelectronics, entering the AMOLED light-emitting materials field.

10. Shengquan Group: The only company in China producing linear phenolic resin for chip photoresist in mass production, achieving commercialization of KrF photoresist supporting resin in 2025. As a key upstream material supplier for photoresist, it breaks foreign monopolies, providing core support for domestic photoresist mass production, with a year-on-year net profit increase of 30.81% in the third quarter of 2025.