Photo lithography is one of the core driving forces behind the continuous miniaturization of integrated circuit chip manufacturing processes.
Recent Advances in Photoresist Technology According to reports, a team led by Professor Peng Hailin from Peking University's School of Chemistry and Molecular Engineering, along with collaborators, has utilized cryo-electron tomography to resolve, for the first time, the microscopic 3D structure, interfacial distribution, and entanglement behavior of photoresist molecules in a liquid phase environment. This breakthrough has facilitated the development of industrial solutions that significantly reduce lithography defects. The relevant research paper was recently published in Nature Communications.
“Development” is one of the core steps in lithography; it involves using a developer solution to dissolve the exposed areas of photoresist, thus accurately transferring circuit patterns onto silicon wafers. Photoresist acts like the paint for drawing circuits, as its movement in the developer directly determines the precision and quality of the circuit design, ultimately affecting chip yield. For a long time, the microscopic behavior of photoresist in the developer has been a “black box,” and industry process optimizations have relied on trial and error. This has become one of the key bottlenecks limiting yield improvements in advanced processes at 7 nanometers and below.
To overcome this challenge, the research team introduced cryo-electron tomography into the semiconductor field for the first time. They successfully synthesized a microscopic 3D “panoramic picture” with a resolution better than 5 nanometers, overcoming the three major pain points of traditional technology regarding in-situ, three-dimensional, and high-resolution observation.
Peng Hailin stated that cryo-electron tomography provides a powerful tool for analyzing various liquid-phase interfacial reactions at the atomic/molecular scale. Gaining a deeper understanding of polymer structure and microscopic behavior in liquids can enhance defect control and yield improvement in key processes such as lithography, etching, and wet cleaning in advanced manufacturing techniques.
China’s Rapid Growth in the Photoresist Market Photoresist is an essential material in semiconductor manufacturing. Currently, the global photoresist market is dominated by Japanese companies such as JSR, Tokyo Ohka, Shin-Etsu Chemical, and Fujifilm, placing Japan in a crucial position within the global semiconductor manufacturing chain due to its long-standing accumulation of expertise. In recent years, Chinese firms have made consistent technological breakthroughs in the photoresist field, steadily increasing their market share.
According to statistics from the Semiconductor Equipment and Materials International (SEMI), the global photoresist market is expected to reach $2.732 billion in 2024, marking a 16.15% year-on-year growth. The semiconductor photoresist market in mainland China is projected to reach $771 million in 2024, achieving a historic high and becoming the largest photoresist market globally, with a remarkable year-on-year growth rate of 42.25%, significantly outpacing the global market.
The SEMI report titled "World Fab Forecast" indicates that the global wafer capacity for nodes below 7nm will grow by 16% in 2025, remaining the fastest-growing process node. Additionally, capacities for nodes between 8-45nm, above 50nm, DRAM, and 3D NAND processes are expected to increase by 6%, 5%, 7%, and 5%, respectively. The rapid growth in advanced processes will continue to drive high demand for KrF, ArF, and EUV photoresists.
Investors Focus on Five Photoresist-Related Stocks According to data released for the first three quarters of 2025, among the 11 listed photoresist-related stocks reporting year-on-year net profit growth (including companies returning to profitability), notable names include Jingrui Electric Materials, Jiuri New Materials, Ruilian New Materials, Aisen Co., and Dinglong Co.
Jingrui Electric Materials reported the highest net profit growth, achieving a net profit of 128 million yuan in the first three quarters of this year, a 192.03 times increase year-on-year, primarily due to an increase in product gross margins and fluctuations in the prices of financial assets. The company's photoresist and high-purity chemicals have been utilized in storage chip manufacturing.
Jiuri New Materials turned a profit in the first three quarters, reporting a net profit of 2.72 million yuan year-on-year. During the reporting period, the company gradually realized a pricing strategy for some photo initiators, with non-operating income amounting to 10.03 million yuan. The main products include photo initiators, semiconductor i-line photoresists, LED g-line/h-line photoresists, panel photoresists, and photosensitive agents such as diazo naphthoquinone and oxime ester initiators.
Ruilian New Materials expects to report a net profit of 281 million yuan in the first three quarters of 2025, an increase of 51.54% year-on-year. The display materials segment maintained stable development, providing solid support for the company's overall performance. The pharmaceutical and electronic materials segments achieved significant revenue growth, effectively boosting overall revenue and net profit levels. The company has several photoresist material products in its pipeline, with some monomer materials already in mass production and others in customer verification stages.
In terms of financing, as of October 23, there are five photoresist-related stocks that have seen net financing purchases exceeding 100 million yuan since October, namely Yake Technology, Xinlai Ying Materials (protecting rights), Shengquan Group, Huamao Technology, and Hubei Yihua.
Yake Technology leads with a net financing purchase of 538 million yuan since October. The company is a leading supplier in the domestic display photoresist industry and offers various types including RGB color photoresists, TFT-PR photoresists, and OC/PS transparent packaging photoresists, widely applied in ultra-thin large-size LCDs and OLEDs.