Jingrui

Business

Jingrui Electronic Materials, listed as Crystal Clear Electronic Material (CCEM), is a Suzhou electronic chemicals platform whose products cover wet electronic chemicals, photoresist and lithium battery materials (2026 interim report, p. 10). Its photoresist business is run by the subsidiary Suzhou Ruihong, which the company calls a pioneer of the domestic photoresist industry, with more than 30 years of volume production experience (p. 14). The group as a whole says it supplies more than 20 leading domestic chip makers and is the first supplier to many of its core customers (p. 15).

Photoresist product line

Ruihong Suzhou makes photoresist for the front-end lithography and developing steps of wafer fabrication (p. 10). The company says it has close to 100 photoresist products in volume production and market supply across ultraviolet broadband, g-line and i-line series, and that it owns five lithography tools covering the full ultraviolet broadband, g-line, i-line, KrF and ArF series plus supporting test equipment (pp. 10, 14). Its i-line resist has scaled to supply leading domestic logic and memory makers after completing the national 02 special project (p. 14). In deep-ultraviolet resist, the company says several KrF products are in volume delivery and ArF resist has reached bulk delivery to customers, with more products sent for customer sampling and validation (p. 10).

Scale and mix

• Group revenue was ¥949.10m in the first half of 2026, up 23.59% year on year, while net profit attributable to owners fell 29.53% to ¥49.15m; profit after deducting non-recurring items rose 36.49% to ¥44.62m (p. 8).
• Photoresist revenue was ¥121.90m in the half, up 15.15%, at a 44.71% gross margin, the highest margin of any of the company's product lines (p. 19). Photoresist plants are in Suzhou and Meishan (p. 17).
• Within photoresist, i-line sales and revenue rose nearly 30%, KrF sales volume rose more than 40%, and ArF sales and revenue rose nearly 300% year on year, though the company notes the ArF base in 2025 was low; ArF resist is now in bulk supply to multiple customers (p. 16).
• Ruihong Suzhou, the subsidiary that runs the photoresist business together with high-puritysupporting reagents, reported half-year revenue of ¥185.13m and net profit of ¥37.21m (p. 24). Group R&D spending was ¥47.56m in the half, and the group held 188 patents at the end of the half, 85 of them invention patents (p. 30).

Caveats

The company is explicit about the limits of its high-end position: it warns that overall revenue and sales of its KrF and ArF products are still small, so they still have a small effect on the company's financial results (p. 25). Its mature resists are the proven business, with ultraviolet broadband and i-line series holding a leading domestic market share for years running (p. 14); the deep-ultraviolet story is volume growth from a small base, not yet a large revenue line. The filing discloses no EUV photoresist product.