The explosion of AI computing power! Domestic substitution of photoresist: A review of 10 core enterprises

Photoresist is one of the key materials with the highest technical barriers and greater difficulty in localization in electronic chemicals, and is applied in the photolithography process of electronic components such as semiconductors, new displays, and PCBs.
According to their application fields, photoresist can be divided into PCB photoresist, display panel (including LCD and OLED) photoresist, and semiconductor photoresist (which can be further subdivided into advanced packaging and wafer manufacturing), with technological barriers increasing in sequence.
Among them, semiconductor photoresist is divided according to the wavelength of the exposure light source. The mainstream semiconductor photoresist used for wafer manufacturing can be divided into G-line photoresist, I-line photoresist, KrF photoresist, ArF photoresist, and EUV photoresist; In other aspects of semiconductor manufacturing, various special functional photoresists are also used: photosensitive polyimide (PSPI) and mask photoresist.
Lithography presents an oligopoly monopoly
The current global photoresist market is highly concentrated and presents an oligopoly monopoly, especially for high-end semiconductor photoresist, which is dominated by Japan's Shin Etsu Chemical JSR、 Tokyo Applied Chemicals and Sumitomo Chemical are firmly controlled by the four major companies, which together hold 87% of the global semiconductor photoresist market share. In the cutting-edge field of EUV photoresist, their market share is as high as 99%.
KrF photoresist market, Tokyo Yinghua, Shinetsu Chemical, DuPont JSR、 Fujifilm holds a global market share of 95%;
ArF photoresist market, Shin Etsu Chemical JSR、 Tokyo Applied Chemicals, DuPont, Sumitomo Chemical, and Fujifilm hold a global market share of 94%;
The EUV photoresist market is monopolized by JSR, Shinetsu Chemical, and Tokyo Applied Chemicals.
Affected by downstream demand, according to relevant data, it is predicted that China's self-sufficiency rate of photoresist will increase from less than 30% in 2025 to 40% in 2026, and the market size is expected to exceed 20 billion yuan. The market size of photoresist semiconductor is about 8-10 billion yuan, accounting for 40% -50% of the overall market. ArF photoresist has the highest demand growth rate, reaching 120%, while KrF photoresist has a growth rate of about 30%.

From the mid year performance report of 2026, it can be seen that core listed companies in the industrial chain have generally delivered high growth results, and domestic products have officially entered the stage of large-scale order delivery from long-term customer verification.
This article combines four dimensions: business fit, performance growth rate, production capacity increment, and technological barriers to sort out 10 related enterprises that have experienced a significant increase in deep performance, for industry research reference.
1、 Tongcheng New Materials | Semiconductor photoresist high growth leader
2026 interim report performance: Revenue in the first half of the year was 2.136 billion yuan, a year-on-year increase of 29.1%; The net profit attributable to the parent company was 389 million yuan, a year-on-year increase of 10.86%.
Core highlight: In the field of photoresist, Tongcheng New Materials ranks first in the Chinese photoresist market, with a market share of over 40% as the leading domestic KrF photoresist enterprise. At the same time, it has also laid out the mass production of ArF dry/immersion photoresist, reduced the cost of self-produced resin, and ranked first in the domestic display panel photoresist market.
In terms of production capacity, Shanghai Tongcheng Electronics Factory has a semiconductor photoresist production capacity of 1000 tons/year (including a 300/400 tons/year ArF/KrF photoresist mass production line); There is already a production capacity of 8000 tons/year of photoresist for display panels in Qianjiang, Hubei, and 8000 tons/year of production capacity is being expanded. After the project is completed, the designed production capacity will reach 16000 tons/year.
2、 Jingrui Electric Materials | Upgrading the high-end structure of photoresist
2026 interim report performance: Revenue of 949 million yuan in the first half of the year, a year-on-year increase of 23.59%; Deducting non attributable net profit of RMB 45 million, a year-on-year increase of 36.49%.
Core Highlights: With over 30 years of experience in large-scale production of photoresist, the photoresist business achieved a revenue of 122 million yuan in the first half of the year, a year-on-year increase of 15.15%. Among them, the sales and revenue of high-end ArF photoresist increased by nearly 300% year-on-year, and the sales of KrF photoresist increased by more than 40%. The product structure continues to evolve towards high-end. ArF photoresist has been supplied in bulk to multiple customers, and the sales of photoresist on the g/i line have increased by nearly 30% year-on-year. The collaborative and large-scale pattern of the entire product line has been initially formed. The semiconductor industry accounts for about 58% of the revenue, and the profitability of its core business continues to increase.

In terms of production capacity, as of the end of 2025, the company's annual production capacity of photoresist is 2800 tons, with an output of 1327 tons. In addition, it has an annual production capacity of 30000 tons of semiconductor photoresist and supporting reagent projects. The photoresist production base is located in Suzhou, Jiangsu (subsidiary Ruihong Suzhou) and Meishan, Sichuan.
3、 Nanda Optoelectronics accelerates the industrialization of ArF photoresist
2026 interim report performance: Revenue in the first half of the year was 1.368 billion yuan, a year-on-year increase of 11.35%; Net profit attributable to the parent company was 256 million yuan, a year-on-year increase of 23.10%; Deducting non attributable net profit of 221 million yuan, a year-on-year increase of 36.36%.
Core highlight: Nanda Optoelectronics is the only domestic enterprise to achieve large-scale production of 28nm process ArF photoresist. Its products cover 14nm verification, 7nm shaping, and are bound to top wafer fabs such as SMIC. It independently masters key material technologies and has a domestic substitution rate of over 30%. In the first half of 2026, the sales revenue of photoresist increased by 48% year-on-year, mainly due to the contribution of ArF photoresist. Simultaneously carry out the development and verification of KrF photoresist products, and simultaneously build a production line with an annual output of 70 tons of KrF photoresist, continuously improving the photoresist product matrix.
At present, the ArF photoresist production capacity of Ningbo Nanda Optoelectronic Materials Co., Ltd. is 50 tons per year.
4、 Shanghai Xinyang | Comprehensive Industrialization Introduction of High end Photolithography Resistors
2026 interim report performance: Revenue in the first half of the year was 1.199 billion yuan, a year-on-year increase of 33.67%; The net profit attributable to the parent company was 213 million yuan.
Core highlight: The company has been committed to promoting the localization of high-end photoresist and supporting products for a long time. The photoresist products cover various high-end photoresists such as I-line, KrF, ArF dry process, and ArF immersion. It has fully undertaken domestic substitution projects for mainstream wafer manufacturing enterprises and entered the stage of industrialization introduction.
Among them, KrF photoresist will finally achieve large-scale production and enter the revenue generating stage in 2025. The annual production capacity of KrF photoresist will reach 200 tons, with actual shipments of 150 tons, supplied to wafer fabs such as SMIC and Huahong Semiconductor; The ArF immersion photoresist, which has more technological barriers, has successfully obtained sales orders, marking a key breakthrough for the company in the high-end photoresist field and providing more localization options for domestic chip companies.
5、 Dinglong Shares | Breakthrough in Batch Orders for High end Photolithography Resistors
2026 interim report performance: Revenue in the first half of the year was 1.925 billion yuan, a year-on-year increase of 11.15%; The net profit attributable to the parent company was 529 million yuan, a year-on-year increase of 70.21%.
Core highlight: Significant breakthroughs have been made in the high-end wafer etching adhesive business, with 8 high-end wafer etching adhesives (4 immersion ArF and 4 KrF each) receiving bulk orders from multiple mainstream wafer fabs in China. In the first half of the year, a total of about 1000 gallons of purchase orders were obtained, and the scale of product bulk delivery continues to increase. The company has laid out more than 40 high-end crystal round engraving adhesives, and nearly 30 of them are undergoing sample verification on the client side. The Qianjiang Phase II production line with an annual output of 300 tons of KrF/ArF will be officially put into operation in March 2026. It is the first domestic production line covering the entire chain of "organic synthesis polymer synthesis refining purification photoresist mixing". Key raw materials such as core resins and photo acid generators have been independently researched and produced.
6、 Hengkun New Materials | Net profit of photolithography materials doubles and grows
2026 interim report performance: Revenue of 341 million yuan in the first half of the year, a year-on-year increase of 15.98%; The net profit attributable to the parent company was 84.022 million yuan, a year-on-year increase of 102.11%.
Core highlight: One of the few domestic enterprises with independent research and development capabilities for photoresist and photoresist material precursors, with products covering multiple categories such as SOC, BARC, KrF photoresist, etc. The production base in Zhangzhou, Fujian has a reserve capacity of about 300000 gallons, and plans to add 500 tons/year of KrF/ArF photoresist and other photoresist material production capacity through fundraising projects in Hefei and Anhui.
7、 Rongda photosensitive | PCB photoresist faucet
2026 interim report: Revenue in the first half of the year was 572 million yuan, a year-on-year increase of 13.02%; The net profit attributable to the parent company was 41.6642 million yuan, a year-on-year decrease of 39.59%.
Core highlight: Rongda Optoelectronics is a leading domestic PCB photoresist enterprise. The product is centered around PCB photoresist and covers both display photoresist and semiconductor photoresist (g-line, i-line, KrF in SMIC verification). The company has a market share of about 50% in the domestic wet film photoresist market and about 25% in photosensitive solder mask photoresist, ranking among the top in China.
In terms of production capacity, the PCB photoresist output at the Daya Bay Base in Huizhou is about 19300 tons. The first phase of photosensitive dry film in Guangzhou Zhuhai covers an area of 120 million square meters per year, with 15300 tons/year of display/semiconductor photoresist and supporting chemicals already in production; Phase II high-end photosensitive circuit dry film of 120 million square meters per year. Guangzhou Nansha plans to produce 6000 tons/year of photosensitive solder mask adhesive ink and 300 tons/year of inkjet ink for PCB. In addition, 5000 tons/year of PCB photosensitive ink and photosensitive dry film (slitting processing) are planned in Thailand, with an annual output of 120 million square meters. It is expected to enter the trial production stage in 2028.

8、 Yak Technology | High market share of photoresist for display panels
2026 interim report performance: Revenue in the first half of the year was 4.513 billion yuan, a year-on-year increase of 5.12%; The net profit attributable to the parent company was 561 million yuan, a year-on-year increase of 7.29%.
Core highlight: Our products mainly focus on display photoresist, covering categories such as red, green, blue color photoresist, TFT-PR photoresist, and OC/PS packaging transparent photoresist. We are the leading enterprise in the domestic display photoresist market share (28% domestically and 14.2% globally). Semiconductor photoresist includes i-line and KrF/ArF photoresist. In 2025, the revenue of photoresist and supporting reagents will be 1.96 billion yuan, a year-on-year increase of 27.65%.
9、 Feikai Materials | Display panel+semiconductor photoresist
2026 interim report performance: Revenue in the first half of the year was 1.722 billion yuan, a year-on-year increase of 17.79%; The net profit attributable to the parent company was 267 million yuan, a year-on-year increase of 23.20%.
Core highlight: The photoresist products are divided into two major categories: display panel photoresist (positive/negative TFT-LCD photoresist, covering the entire process of array, color film, and touch) and semiconductor photoresist (i-line photoresist, KrF lithography with Barc material photoresist, and thick film negative photoresist for advanced semiconductor packaging).
In terms of production capacity, the total design capacity of positive photoresist and negative photoresist in Anqing, Anhui is 2500 tons each, with a total production capacity of 5000 tons per year; In terms of semiconductors, i-line photoresist and KrF matched Barc material have entered the stage of substantial supply of photoresist, and KrF matched Barc material is the only domestic manufacturer to achieve mass production.
In addition, Feikai Materials is building a semiconductor special material project including photoresist at its Suzhou Kaixin base. After completion, it is expected to add 30000 tons of semiconductor special materials and 13500 tons of supporting materials annually.

10、 Guangxin Materials | PCB photoresist accelerated mass production
2026 interim report performance: Revenue of 263 million yuan in the first half of the year, a year-on-year increase of 12.79%; The net profit attributable to the parent company was 14.8476 million yuan, a year-on-year increase of 9.65%.
Core Highlights: Leading domestic PCB photoresist and photovoltaic photoresist companies. The company mainly focuses on PCB photoresist, while expanding into the semiconductor fields of display photoresist (TP photoresist, TN/STN-LCD photoresist, LED photoresist, etc.) and photovoltaic photoresist, and has not yet developed ArF photoresist.
The company's photoresist production base is located in Longnan, Jiangxi (core production base) and Jiangyin, Jiangsu. The original PCB photoresist production capacity was 8000 tons/year, and the Longnan base has added 16000 tons/year of PCB photoresist and 12000 tons/year of self-made resin, which have been officially put into operation. In 2025, the revenue of photoresist and supporting materials will be 302 million yuan, accounting for 62.73% of the operating revenue.
The high growth of the photoresist industry chain in this round is not simply a cyclical recovery of the industry, but a structural upgrading market driven by the explosive demand for AI computing power and the acceleration of domestic substitution. The ultimate requirement for graphic accuracy in advanced processes of AI chips is transmitted upwards, forcing photoresist to continuously iterate and upgrade from g/i lines to KrF/ArF; Against the backdrop of continued tightening of export controls in Japan, domestic products have officially entered the stage of large-scale order delivery from customer verification. KrF has broken the deadlock, while ArF is climbing the slope, forming a dual resonance of demand upgrading and domestic substitution.