Technology & R&D
A Resin-Powered Moat
Entering electronic materials is an extension of capability, not a pivot. Roughly 50% of a photoresist is resin — and with 20-plus years of resin design, synthesis and mass-production scale-up, we have built reusable material-design IP, allowing our process technology to transfer across segments (phenolic resin synthesis extending into electronic-grade phenolic resins and photoresist resins).
R&D Investment
| Fiscal Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| R&D Expense (RMB mn) | 179.8 | 216.6 | 232.5 |
| % of Revenue | 6.1% | 6.6% | 6.8% |
As of 31 December 2025, we held 399 registered patents in China (275 invention patents and 124 utility model patents); our R&D team numbered 303, with about 83 holding Master’s or PhD degrees.
R&D System & Academic Partnerships
We have built a professional R&D platform integrating electronic-grade resin development, photoresist key-material development, and electronic chemical application development, and collaborate with universities and research institutes including Peking University, Tsinghua University and Beijing University of Chemical Technology.
From 0→1 to 1→N: Customer Qualification
Scaling a photoresist from lab formulation to mass production carries real amplification risk, demanding extremely high standards of cleanliness, process consistency and batch stability — mass-production scale-up capability is itself the key barrier to entry. Our full qualification pipeline:
Growth Strategy
Strengthen R&D capability & efficiencyStrategic overseas expansion (new Thailand base)Upgrade and expand capacityStrategic investment & M&A