Analysis of Synergistic Effects of Nanda Optoelectronics' Electronic Specialty Gas Business on Its Photoresist Business

Based on the collected data and analysis, below is a systematic analysis of the synergistic effects of Nanda Optoelectronics’ electronic specialty gas business on its photoresist business:

---

Nanda Optoelectronics (300346.SZ) is a leading domestic semiconductor material supplier, focusing on the R&D, production, and sales of three core electronic materials:

, , and [0][1]. According to the first half of 2025 financial data, the company’s business structure is as follows:

Business Segment	Revenue Share	Gross Profit Margin	Capacity Utilization
Electronic Specialty Gases	60.1%	~38%	102.37%
Precursor Materials	27.8%	~50%	93.15%
Photoresists and Supporting Materials	~10%	~45%	Under Capacity Construction
MO Sources	2.1%	~15%	Facing Challenges

---

The downstream customers of electronic specialty gases and photoresists are highly overlapping, mainly integrated circuit manufacturers. Nanda Optoelectronics’ electronic specialty gas products have covered domestic first-tier chip manufacturers, including

[1][2]. The company’s largest customer accounts for less than 10% of annual revenue, with a relatively dispersed customer structure and controllable risks.

• Supporting supply of multiple semiconductor materials to the same customer enhances customer stickiness
• Relying on customer relationship channels established by electronic specialty gases to accelerate the introduction of photoresist products
• Reduce customer development costs and improve sales efficiency

Semiconductor material manufacturing is highly interconnected in terms of

[1][3]:

Technical Field	Synergy Degree	Specific Manifestations
Quality Management	95%	Consistent requirements for semiconductor-grade cleanliness
Testing and Analysis	90%	Reusable high-purity testing technologies
R&D Capabilities	85%	Shared R&D system for semiconductor materials
Production Technology	80%	Interconnected vacuum technology and purification processes
Customer Service	75%	Integrated technical support system

By undertaking the National 02 Special Project “R&D and Industrialization of High-Purity Specialty Electronic Gases”, Nanda Optoelectronics has accumulated profound technical foundation in semiconductor materials, and these technical experiences can directly empower the development of its photoresist business.

• Procurement Synergy
  : Unified procurement strategy enhances bargaining power and reduces raw material costs
• Logistics and Distribution
  : Electronic specialty gases and photoresists can share the warehousing and logistics system to improve distribution efficiency
• Inventory Management
  : Integrate the supply chain to reduce safety inventory levels and capital occupation

In 2025, the company promoted sales reform and

, achieving the following [1]:

• Unified sales channels and integrated brand
• Professionalized sales and streamlined internal related-party transactions
• Upgraded capabilities from “product sales” to “creating value for customers”

This integration is conducive to the rapid market expansion of photoresists by leveraging the brand advantages and customer resources of electronic specialty gases.

---

According to public data, Nanda Optoelectronics has achieved

[1][2]:

Indicator	2024	YoY Change	1H2025	YoY Change
Operating Revenue	RMB 2.352 billion	+38.08%	RMB 1.229 billion	+9.48%
Net Profit	RMB 271 million	+28.15%	RMB 208 million	+16.30%
Net Profit Excluding Non-recurring Gains and Losses	RMB 193 million	+53.19%	RMB 162 million	+18.39%

The steady growth of the electronic specialty gas business provides sufficient financial support for photoresist R&D and market expansion.

Business Segment	H1 2025 Performance
Electronic Specialty Gases	Revenue of hydrogen-based specialty gases increased by over 60%; fluorine-based specialty gases achieved double growth in sales volume and revenue
Precursor Materials	Both sales revenue and volume hit record highs, with gross profit contribution increasing by over 50% YoY
Photoresists	Multiple products are progressing smoothly in customer verification; ArF photoresists maintain continuous and stable supply
Photoresist Supporting Materials	Revenue of diluent products doubled

---

• As of December 31, 2024,
  three ArF photoresist products
  have passed certification and achieved sales at downstream customers [1]
• Multiple products are undergoing certification at major customers
• Photoresist revenue exceeded RMB 10 million in 2024, and continuous stable supply was maintained in 2025 [3]

Against the backdrop of continuous growth in the global semiconductor material market (the 2024 scale is expected to reach US$74 billion, with a YoY growth of 10.89%), the localization rate of high-end photoresists is still low. As a leading domestic enterprise in ArF photoresists, Nanda Optoelectronics is expected to fully benefit from the wave of domestic substitution [2][3].

---

Synergy Dimension	Value Share	Evaluation
Customer Resource Sharing	30%	Highly synergistic : Customer resources of electronic specialty gases can directly empower photoresist sales
Supply Chain Synergy	25%	Moderately synergistic : Procurement and logistics systems can be integrated and optimized
Technology Reuse	20%	Highly synergistic : Semiconductor material technology systems are interconnected
Brand Value Enhancement	15%	Moderately synergistic : Comprehensive solution capabilities are enhanced
Management Efficiency	10%	Generally synergistic : Sales integration has shown results

1. Deepen Customer Synergy
   : Accelerate the introduction of photoresist products into the existing customer system of electronic specialty gases
2. Strengthen Technology Synergy
   : Establish a cross-business R&D sharing platform
3. Promote Supply Chain Integration
   : Leverage scale effects to reduce overall costs
4. Enhance Comprehensive Service Capabilities
   : Transform from a single material supplier to a comprehensive solution provider

---

[0] Gilin API Company Profile Data (https://gilin-data.oss-cn-beijing.aliyuncs.com)

[1] 2024 Annual Report Summary of Jiangsu Nanda Optoelectronic Materials Co., Ltd. (https://epaper.stcn.com/pic/202504/03/7c342dbbbe4c1dc6841c1fc43c38a972.pdf)

[2] Semiconductor Materials Maintain High Prosperity, Domestic Photoresist Enters Fast Track of Localization (https://cj.sina.cn/articles/view/1741543435/67cdd80b02701dpek)

[3] Domestic Photoresists: Who Will Have the Last Laugh? (https://finance.sina.com.cn/roll/2025-12-20/doc-inhcmwyz6093613.shtml)