Analysis of the Technical Support Role of Nanda Optoelectronics' Precursor Material Business for Photoresists

Based on the searched materials, I will conduct an in-depth analysis of the technical support role of Nanda Optoelectronics’ precursor material business for photoresists from three dimensions: technology, business synergy, and strategic value.

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Nanda Optoelectronics (Stock Code: SZ300346) has deployed three business segments:

, forming a complete industrial chain layout for key semiconductor materials[1][2].

Business Segment	Main Products	Technology Positioning
Advanced Precursor Materials	DIPAS, BDEAS, TDMAT, HCDS, TEOS, etc.	Core Raw Materials for Semiconductor Thin Film Deposition
Electronic Specialty Gases	High-Purity Phosphine, Arsine, Nitrogen Trifluoride, etc.	Key Supporting Materials for Integrated Circuit Manufacturing
Photoresists and Supporting Materials	ArF Photoresists (Dry/Immersion), Thinners	Fine Pattern Processing for Integrated Circuits

The core raw materials of photoresists include

[3]. Although ArF resins account for only 5%-10% by mass, they account for [3].

Through the photoresist R&D center of its holding subsidiary

, Nanda Optoelectronics has acquired the ability to develop photoresist materials such as , achieving from photoresist raw materials to photoresist products and supporting materials[1][2]. This raw material localization capability directly reduces dependence on imported raw materials and enhances supply chain security.

The precursor material business and photoresist business have a high degree of technological synergy in

:

Synergy Field	Technology Accumulation of Precursor Materials	Support Role for Photoresists
High-Purification Technology	8N-level purity precursor products (e.g., DIPAS with 8N purity index)	Ensures high purity of photoresist resins and monomers
Synthesis Processes	Synthesis of precursors for Chemical Vapor Deposition (CVD) and Atomic Layer Deposition (ALD)	Supports molecular structure design and synthesis of photoresist resins
Metal Ion Control	Semiconductor-grade purity control technology	Meets the stringent requirements of photoresists for metal ion content

Nanda Optoelectronics’ precursor products (such as DIPAS, BDEAS) are mainly used in

, while photoresists are used in . Both serve the core scenario of , forming strategic complementarity in product lines[1][4].

: The company’s photoresist products have been verified and supplied to leading wafer fabs such as SMIC and Yangtze Memory Technologies[5], and its precursor materials also serve these strategic customers, forming and enhancing customer stickiness and market competitiveness.

Nanda Optoelectronics is

, and has achieved [5], filling the gap in domestic high-end photoresists. The KrF photoresist of its subsidiary Tongcheng New Materials has also been certified by leading wafer fabs such as SMIC and Yangtze Memory Technologies[5].

In the first half of 2025, the advanced precursor segment delivered outstanding performance:

• Both sales revenue and sales volume achieved
  new breakthroughs
• Overall gross profit contribution
  grew by over 50% year-on-year
  [1]
• With the advantages of “high technical barriers and high added value”, the precursor business has grown into an important
  performance growth driver
  for the company[1]

Support Dimension	Specific Value
Technical Barriers	The high-purification and synthesis processes accumulated in the precursor business provide a technical foundation for photoresist resin R&D
Cost Advantage	Raw material localization reduces photoresist production costs and enhances price competitiveness
Supply Chain Security	Avoids “chokepoint” issues with key raw materials and enhances the independent controllability of the industrial chain
Synergy Effect	The three business segments form an integrated solution capability of “materials + gases + photoresists”

Nanda Optoelectronics’ precursor material business provides

for its photoresist business, which is reflected in:

1. Raw Material Localization Capability
   : Achieves independent R&D and production of core photoresist materials (resins, monomers), breaking dependence on imports
2. Technical Know-How Sharing
   : Core capabilities such as high-purification processes, synthesis technologies, and analytical testing are effectively transferred between the two businesses
3. Industrial Chain Synergy Effect
   : The three business segments form a complete ecosystem of materials-gases-photoresists, enhancing overall competitiveness

This “precursor + photoresist” dual-drive model has enabled Nanda Optoelectronics to form a unique

in the domestic semiconductor material sector, which is also a key factor making it the most technologically valuable enterprise among the “Four Giants of Domestic Photoresists”[5].

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[1] Full Text of 2025 Semi-Annual Report of Jiangsu Nanda Optoelectronic Materials Co., Ltd. (http://static.cninfo.com.cn/finalpage/2025-08-27/1224574859.PDF)

[2] Full Text of 2023 Annual Report of Jiangsu Nanda Optoelectronic Materials Co., Ltd. (https://stockn.xueqiu.com/SZ300346/20240409345183.pdf)

[3] In-Depth Research on the Semiconductor Photoresist Industry: Detailed Explanation of Upstream Monomers, Resins, Photoacids, and Photoinitiators (https://finance.sina.cn/2022-02-22/detail-imcwiwss2347264.d.html)

[4] Electronic Chemicals Series Report 1: Domestic Substitution of Photoresists Faces a Golden Opportunity (https://zhongzhihui.oss-cn-beijing.aliyuncs.com/industryPdf/20230417-太平洋-电子化学品系列报告之一：光刻胶国产替代迎来良机.pdf)

[5] Which of the Four Giants of Photoresists is the Most Hardcore? The Answer Lies in Technology and Performance (https://caifuhao.eastmoney.com/news/20260110073235750621190)