Tongcheng New Materials' net profit excluding non-recurring items increased by nearly 30% in 2025, and its ArF photoresist revenue increased by more than 8 times year-on-year.
Tongcheng New Materials reported strong financial performance for 2025 and a robust start to 2026, driven by significant improvements in core operating quality. In 2025, the company achieved an operating revenue of 3.43 billion yuan, up 4.85% year-on-year, while net profit attributable to shareholders rose by 8.86% to 563 million yuan. Notably, the net profit excluding non-recurring items surged by nearly 30% to 539 million yuan, reflecting enhanced operational efficiency. This positive trend continued into the first quarter of 2026, with revenue climbing 22.51% to 1.049 billion yuan and net profit increasing by 13.83% to 182 million yuan, signaling sustained growth momentum.
The semiconductor photoresist sector emerged as a key growth engine, with ArF photoresist revenue skyrocketing by over 800% year-on-year in 2025. The company’s electronic chemicals business grew by 32%, reaching nearly 1 billion yuan in revenue, as mid-to-high-end products gained traction. Multiple product lines, including ArF and KrF photoresists, anti-reflective coatings, and EBR, have passed verification by domestic customers and entered mass production. With nearly 200 R&D projects underway and over 30% already in commercialization or verification stages, Tongcheng is accelerating domestic substitution and expanding output to meet rising demand from wafer foundries.
In the display panel sector, Tongcheng New Materials maintained its leadership among local suppliers, capturing approximately 30% of the domestic market share for photoresist products in 2025. Its position is even stronger with major manufacturers, where it holds over 60% market share with the largest domestic panel maker and supplies 100% to certain factories of other key clients. The company is also making strides in the AMOLED field, with increased market share for mass-produced items and successful certifications for high-sensitivity, high-resolution photoresists. Additionally, its low-temperature photoresists for AMOLED Touch are seeing expanded adoption across LTPS and LTPO processes, contributing to steady revenue growth.
Strategically, the company is strengthening its supply chain security and profitability by vertical integration, having successfully commissioned new production lines for cresol-formaldehyde, PHS, and acrylic resins in the Shanghai Chemical Industry Park. This move ensures a stable supply of core materials, with self-produced resins now matching imported counterparts in quality. Looking ahead to 2026, Tongcheng plans to ramp up capacity for high-end photoresists, CMP polishing pads, and OLED luminescent materials, while actively pursuing new customer certifications and increasing supply shares in mainstream wafer fabs to sustain its competitive edge and revenue growth.
The semiconductor photoresist sector emerged as a key growth engine, with ArF photoresist revenue skyrocketing by over 800% year-on-year in 2025. The company’s electronic chemicals business grew by 32%, reaching nearly 1 billion yuan in revenue, as mid-to-high-end products gained traction. Multiple product lines, including ArF and KrF photoresists, anti-reflective coatings, and EBR, have passed verification by domestic customers and entered mass production. With nearly 200 R&D projects underway and over 30% already in commercialization or verification stages, Tongcheng is accelerating domestic substitution and expanding output to meet rising demand from wafer foundries.
In the display panel sector, Tongcheng New Materials maintained its leadership among local suppliers, capturing approximately 30% of the domestic market share for photoresist products in 2025. Its position is even stronger with major manufacturers, where it holds over 60% market share with the largest domestic panel maker and supplies 100% to certain factories of other key clients. The company is also making strides in the AMOLED field, with increased market share for mass-produced items and successful certifications for high-sensitivity, high-resolution photoresists. Additionally, its low-temperature photoresists for AMOLED Touch are seeing expanded adoption across LTPS and LTPO processes, contributing to steady revenue growth.
Strategically, the company is strengthening its supply chain security and profitability by vertical integration, having successfully commissioned new production lines for cresol-formaldehyde, PHS, and acrylic resins in the Shanghai Chemical Industry Park. This move ensures a stable supply of core materials, with self-produced resins now matching imported counterparts in quality. Looking ahead to 2026, Tongcheng plans to ramp up capacity for high-end photoresists, CMP polishing pads, and OLED luminescent materials, while actively pursuing new customer certifications and increasing supply shares in mainstream wafer fabs to sustain its competitive edge and revenue growth.
