Nanda Optoelectronic

Business

Nanda Optoelectronic, based in Suzhou Industrial Park, makes three kinds of key semiconductor materials: advanced precursors, electronic specialty gases, and photoresist andsupporting materials (2026 interim report, p. 12). Its photoresist work sits in the subsidiary Ningbo Nanda Optoelectronic, whose R&D centre can develop the functional monomers, functional resins and photoinitiators that go into a resist, so the company says it controls the chain from resist raw materials to finished product andsupporting materials (p. 13).

Photoresist product line

The company's listed photoresist products are ArF resist in dry and immersion versions, plussupporting diluent used to clean lithography equipment lines, wet wafer surfaces before coating and strip resist from wafer edges (p. 14). ArF resist is the advanced product: the filing defines it as the key material for integrated circuit production at 90nm and below, usable at 90nm to 14nm and even smaller nodes (p. 8). KrF resist is one step behind: the company says it is developing and validating KrF products while building a 70 tonne per year production line (p. 17). The filing discloses no EUV photoresist product.

Scale and mix

• Group revenue was ¥1,368.41m in the first half of 2026, up 11.35% year on year, and net profit attributable to owners was ¥255.82m, up 23.10% (p. 10). Integrated circuit customers accounted for 49% of group sales in the half (p. 17).
• ArF photoresist sales rose 48% year on year in the half, while the company pushed ArF industrialisation on one side and KrF development and validation on the other (p. 17). Unlike its precursor and specialty gas lines, photoresist revenue is not broken out separately in the filing's product tables, so there is no disclosed photoresist revenue or margin figure to quote.
• Ningbo Nanda, the photoresist subsidiary, reported half-year revenue of ¥130.46m and net profit of ¥17.01m, but the filing notes that subsidiary's revenue comes mainly from photoresistsupporting diluent and testing services, not from resist itself (p. 148). Group R&D spending was ¥99.29m in the half, and the group held 393 patents at the end of the half, 216 of them invention patents (p. 16).

Caveats

The company's own record on photoresist industrialisation is mixed. Its photoresist project funded by the 2021 share placement was closed having missed its expected benefit, which the company attributes to changes in customer validation needs and weaker than expected market expansion (pp. 25, 26). More broadly, the filing warns that the core technology of high-end photoresist has long been held by a small number of foreign makers, and that future R&D plans that fall short could leave products unable to meet customer needs (p. 32). ArF growth of 48% is real momentum, but it comes off an undisclosed base and sits next to a project that already missed its targets once.