Business & Products
Two Engines, and a Green Future
A fast-growing engine (electronic materials) and a steady base business (tire rubber chemicals) drive the company together, with fully biodegradable materials as our longer-term bet. Throughout the track record period, the electronic materials segment has consistently been our core revenue growth engine.
Semiconductor Materials
Photoresists · CMP polishing pads · high-purity solvents · EBR
Display Materials
Panel photoresists · organic insulating films · luminescent materials
Tire Rubber Chemicals
Phenolic resins · tackifying/reinforcing/adhesion resins · PTBP
Green Materials
Fully biodegradable PBAT
Electronic Materials (Growth Engine)
Semiconductor materials: semiconductor photoresists, CMP polishing pads, high-purity solvents and EBR.
Display panel materials: display panel photoresists, organic insulating films and luminescent materials.
In FY2025, we ranked No.1 among domestic suppliers in China’s semiconductor photoresist and TFT array photoresist markets by sales (5.8% and 26.2% share respectively), and ranked 9th globally in semiconductor photoresist sales. Our customers include multiple leading 8-inch and 12-inch wafer fabs in China.
Photoresists by exposure wavelength: ArF (193nm, immersion down to 45–7nm)KrF (248nm, 250–90nm)G/I-line (discrete devices/LED/advanced packaging)
Demand drivers: AI, cloud computing and high-performance computing are lifting compute demand and expanding semiconductor manufacturing; panel demand remains stable; EV adoption is increasing demand for high-performance tires and additives.
Tire Rubber Chemicals (Base Business)
We rank No.1 globally and in China in sales of phenolic resin rubber additives (41.4% and 45.9% share respectively). Phenolic resin is a key specialty rubber additive; for tires it is formulated as tackifying, adhesion and reinforcing resins that respectively improve tackiness, bonding strength and mechanical strength.
Phenolic ResinTackifying / Reinforcing / Adhesion ResinsPTBP (para-tert-butylphenol)Trading Products
Our customers include the top 20 global tire manufacturers (together accounting for 70%+ of the global tire market), and we have repeatedly been named “Best Supplier of the Year” and “Strategic Supplier.”
Fully Biodegradable Materials
Our PBAT-related products are licensed by Germany’s BASF to be manufactured and sold in accordance with its high quality standards. We have successfully launched high-performance PBAT for agricultural mulch film, which suppresses weeds and retains warmth and moisture, replacing traditional polyethylene film and supporting green, sustainable agriculture; the material also extends into packaging applications.
Customers & Sales Model
Direct sales account for roughly 91% of total revenue; in FY2025 we served 635 direct-sales customers, with the top five customers accounting for about 30% of revenue. Distributors help us serve overseas markets and smaller domestic end customers. Key raw materials include phenol, formaldehyde, resins and solvents.
Market Opportunity
China’s integrated circuit market grew from RMB 1.0 trillion in 2021 to RMB 1.4 trillion in 2025 (8.2% CAGR), and is expected to reach RMB 2.1 trillion by 2030; China’s ArF semiconductor photoresist market grew from RMB 1.5 billion in 2021 to RMB 3.5 billion in 2025 (23.6% CAGR), and the CMP polishing pad market grew from RMB 1.3 billion to RMB 2.8 billion (21.7% CAGR) — underscoring substantial room for import substitution.