Leading photoresist manufacturer + domestic substitution, Tongcheng New Materials invites you to attend the 【3rd Photomask and Photoresist Technology Forum】

(Source: Semiconductor Frontier)

Tongcheng New Materials began in 1999 with the international trade of tire chemical materials, listed on the Shanghai Stock Exchange in 2018, and later expanded its electronic materials business through acquisitions of Beijing Beixu Electronics, Kehua, and other companies, venturing into the field of fully biodegradable materials. Currently, it operates seven production facilities and is establishing a production base for rubber additives in Thailand.

On February 8, Tongcheng New Materials Group Co., Ltd., which is already listed on the Shanghai Stock Exchange, officially submitted an application for a main board listing on the Hong Kong Stock Exchange, seeking to achieve a dual listing in both A and H shares. The exclusive sponsor for this issuance is Guotai Junan.

For this H-share issuance plan, the company intends to issue no more than 10% of the total share capital (excluding the over-allotment option) in new shares and may grant underwriters an over-allotment option of no more than 15%. The entire listing preparation process has progressed rapidly, from the initial public announcement of planning in early January this year, to the shareholder meeting approving the specific plan at the end of January, and then to the formal submission of application documents in early February, with a tight and efficient schedule.

Financial data shows that for the first nine months of 2023 to 2025, Tongcheng New Materials’ revenues were approximately 2.937 billion, 3.263 billion, and 2.517 billion RMB, respectively; profits during this period were approximately 404 million, 534 million, and 522 million RMB. The year-on-year growth rate of net profit attributable to the parent company shows a slowing trend, at 36.37%, 27.10%, and 12.65%, respectively. During the reporting period, the company’s overall gross profit margin remained relatively stable, maintaining a range of 23% to 25%.

Main Business

Tongcheng New Materials, established in 1999, is a leading comprehensive new materials service provider in China, primarily engaged in the research and development, production, marketing, sales, and distribution of new chemical materials. Its main business includes three segments: electronic materials, rubber additives for tires and other chemical products, and fully biodegradable materials.

Electronic Materials

The company’s product supply is mainly divided into (i) semiconductor materials, including semiconductor photoresists, CMP polishing pads, high-purity solvents, and EBR; and (ii) display panel materials, including display panel photoresists, organic insulating films, and luminescent materials. These are primarily used by downstream customers to produce semiconductors and display panels. The company has established business relationships with semiconductor and display panel manufacturers, covering many of China’s leading 8-inch and 12-inch wafer manufacturers. The photoresist business serves as the company’s strategic growth engine, having achieved a full product lineup from G-line, I-line to KrF, and ArF, with both technological strength and market share leading domestically. In the first nine months of 2025, Tongcheng New Materials ranked first among Chinese suppliers in both the Chinese semiconductor photoresist market and the Chinese TFT array photoresist market.

Rubber Additives for Tires and Other Chemical Products

The company’s main product categories include rubber resins and additives, such as phenolic resins, PTBP, and other chemical products. These products are primarily used in the production of automotive tires and other rubber products to optimize various performance characteristics, such as viscosity, strength, and safety. The company has established ongoing business relationships with numerous well-known domestic and international tire manufacturers, covering the top 20 tire manufacturers globally, who together account for over 70% of the global tire industry market share. Tongcheng New Materials ranked first in sales in both the global and Chinese markets for phenolic resin rubber additives for tires in the first nine months of 2025. Furthermore, according to statistics released by the Rubber Additives Professional Committee of the China Rubber Industry Association, Tongcheng New Materials ranked first among all phenolic resin producers in China in 2024.

Fully Biodegradable Materials

The products mainly include PBAT products used for packaging materials and agricultural plastic films. Tongcheng New Materials’ modified PBAT materials have obtained food safety certifications from relevant regulatory agencies in different countries and can be widely applied in the production of biodegradable food packaging. These materials exhibit excellent barrier properties and outstanding transparency, making them an efficient alternative to traditional polyethylene (PE) films.

Source: Official Media/Online News

— Forum Information —

Name: 3rd Mask and Photoresist Technology Forum

Date: April 24, 2026

Location: Shanghai

Organizer: Asia Chemical Consulting

— Conference Background —

As semiconductor process nodes advance to 2nm and below, next-generation lithography technology has become a focal point in the industry. The main directions include High Numerical Aperture Extreme Ultraviolet (High-NA EUV) lithography, nanoimprint lithography, electron beam lithography, directed self-assembly (DSA), and X-ray lithography. These technologies aim to enhance resolution, reduce costs, and improve yields. By 2026, High-NA EUV has entered high-volume manufacturing stages, while NIL and X-ray lithography are accelerating research and development as potential disruptors.

Entering 2026, China’s demand for high-end masks continues to grow strongly, but challenges such as high costs, technical complexity, and supply chain dependence remain in terms of technological research and development, production capacity, and industry chain integration. The global semiconductor photomask market is expected to grow from $4.04 billion in 2018 to $5.1 billion in 2024, with a compound annual growth rate of 4.0%. It is anticipated that by 2030, the market size will further expand to approximately $8 billion. Asia Chemical Consulting estimates that the market share of China’s third-party mask market will be around 70% by 2025, and the Chinese mask market size is expected to reach 12 billion yuan by 2030.

The global photomask market is mainly dominated by three companies: Photronics, Japan’s Toppan, and Dai Nippon Printing (DNP), with a combined market share of over 70%. In the Chinese market, local companies such as Luvi Optoelectronics, Qingyi Optoelectronics, and Longtu Photomask are continuously enhancing their market competitiveness and achieving breakthroughs in domestic substitution.

The 3rd Mask and Photoresist Technology Forum will be held on April 24, 2026, in Shanghai. This forum, hosted by Asia Chemical Consulting, will bring together leading companies in the industry and experts from institutions to discuss the development direction of next-generation lithography technology, the technical progress and application of China’s mask and photoresist industry, market opportunities and challenges, and the prospects for industry development.

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