AGC, a global leader in semiconductor polishing slurries, has halted supplies—accelerating domestic substitution. Which seven leading slurry companies stand to benefit the most?

【Answer 1】 Performance: In 2024, the company achieved revenue of RMB 1.835 billion, up 48.24% year-on-year; net profit attributable to shareholders amounted to RMB 534 million, up 32.51% year-on-year. In Q1 2025, revenue reached RMB 545 million, up 44.08% year-on-year and 4.30% quarter-on-quarter; net profit attributable to shareholders was RMB 169 million, up 60.66% year-on-year and 19.67% quarter-on-quarter. Institutional activity: During Q1, Northbound funds held 12.26 million shares—a net increase of 7.33 million shares; the National Social Security Fund held 2.61 million shares—a net increase of 0.98 million shares; China Life Insurance held 2.87 million shares—a net increase of 0.28 million shares. Second company: Leading CMP pad supplier Company highlights: Domestic leader in specialty information chemicals for electronic imaging and display. Core strengths: The company is the only domestic CMEP (Chemical Mechanical Planarization) pad supplier with full mastery of end-to-end core R&D and manufacturing technologies for polishing pads. It also offers a full portfolio of CMP slurries and self-supplies abrasive particles for CMP applications; certification progress with Yangtze Memory Technologies (YMTC) and other memory manufacturers is accelerating. Performance: In 2024, the company achieved revenue of approximately RMB 3.34 billion, up ~25.1% year-on-year; net profit attributable to shareholders totaled ~RMB 520 million, up ~134.5% year-on-year; non-recurring net profit attributable to shareholders reached ~RMB 470 million, up ~185.3% year-on-year. In Q1 2025, revenue stood at ~RMB 820 million, up ~16.4% year-on-year; net profit attributable to shareholders was RMB 140 million, up ~72.8% year-on-year. Institutional activity: During Q1, Northbound funds held 37.5 million shares; Pacific Life Insurance held 10.61 million shares via an asset management plan. Third company: Leading coated abrasive manufacturer Company highlights: A high-tech enterprise specializing in premium coated abrasives, operating six internationally advanced automated production lines. Core strengths: Through its subsidiary Linghang Electronics, the company has entered the semiconductor slurry market; its products serve chip fabrication and semiconductor wafer manufacturing, and it already supplies industry leaders including Silan Microelectronics and Tongfu Microelectronics. Its annual slurry production capacity stands at 20,000 tons. Performance: Net profit in Q1 2025 was approximately RMB 9.45 million, up 65.26% year-on-year. Fourth company: Leading adhesive manufacturer Company highlights: One of China’s largest suppliers of structural adhesives and industrial adhesives. Core strengths: Acquired Dongguan Xihua to expand into polishing slurries; small-batch supply of polishing slurries for automotive chips has commenced. In the adhesive sector, the company holds the top domestic market share in wind-power structural adhesives and ranks among the top four in epoxy infusion resins. It pursues dual growth drivers: adhesive new materials and electronics technology. Performance: In Q1, the company turned profitable, achieving net profit attributable to shareholders of RMB 6.37 million. II. Core Raw Material Supply Chain Fifth company: Leading high-purity wet chemical supplier Company highlights: Core strengths: A leading domestic electronic materials enterprise focused on the semiconductor and new energy sectors. Within the semiconductor industry, it ranks among the top domestically in terms of technological leadership, production capacity, and market share as a supplier of high-purity wet chemicals. Its products have achieved comprehensive domestic substitution, serving over twenty major domestic semiconductor chipmakers. Notably, its high-purity hydrogen peroxide commands ~40% domestic market share—making it the largest domestic supplier. Its electronic-grade hydrofluoric acid and nitric acid meet UPSSS purity standards; high-purity silica sol for polishing slurries is mass-produced and supplied to Anji Technology and Dinglong Co., Ltd.

The global EV adhesive market will triple in eight years, surging toward USD 8 billion—this severely undervalued sector is rewriting the connection logic of the automotive industry.

【Answer 2】 The 29th China International Adhesives & Sealants Exhibition (held concurrently with the 21st China International Tapes & Films Exhibition) will take place from September 15–17, 2026, at the Shanghai New International Expo Centre. Simply put, its distinguishing features are: over 700 exhibitors covering the entire industry chain in one venue—and a high proportion of professional visitors, unlike some general-purpose trade fairs diluted by low-value traffic. After reviewing the registration list, I was struck by the exceptional density of several key clusters: ▎International Brand Cluster (confirmed participants) 3M (Booth No. E1220)—A globally leading innovator in materials science with over a century of experience in the automotive industry. For the EV sector, it delivers high-performance material solutions across all application scenarios—including structural bonding, thermal management, thermal runaway protection, electrical insulation, and reversible bonding. Product forms span structural adhesives, epoxy adhesives, thermal interface materials (TIMs), tapes, sealants, insulating resins, and various coatings. Henkel (Booth No. E3520)—A global leader in EV adhesives, with product lines under Loctite, Teroson, and Technomelt brands. The Loctite brand serves as the core platform for EV-wide bonding and thermal management solutions, launching injectable thermally conductive polyurethane adhesives (e.g., TLB 9300 APSi, thermal conductivity: 3 W/m·K), plus detachable designs facilitating battery cell recycling. The Teroson brand focuses on high-performance sealing and vehicle body protection—its EV B2020 sealant is suitable for battery pack sealing, while PU 8690 HM is used for windshield-to-body bonding. The Technomelt brand specializes in precision hot-melt bonding and electronic protection—AS 820 reinforces copper edge bonding in batteries, and PA 673 enables low-pressure molding encapsulation of sensitive components such as sensors. Together, these three brands form a comprehensive product matrix. H.B. Fuller (Booth No. E2500)—A global leader in EV adhesives, offering complete product lines spanning thermoplastics, thermosets, reactive systems, water-based, and solvent-based adhesives. Sika (Booth No. E3416)—A global giant in construction and industrial adhesives, delivering full-spectrum EV solutions—including structural adhesives, thermal interface materials (TIMs), and fire-retardant coatings—across polyurethane, epoxy, silicone, and STP technology platforms. Wacker (Booth No. E2526)—A world-leading silicone manufacturer, providing comprehensive silicone solutions for EVs—including thermal management, potting, sealing, and insulation—under four core brands: ELASTOSIL®, SEMICOSIL®, SILRES®, and WACKER SilGel®. Its products serve all critical EV systems: batteries, motors, power electronics, and fuel cells. Evonik (Booth No. E2320)—A global leader in specialty chemicals, offering a complete portfolio for the EV battery value chain—from cathode/anode raw materials to battery pack structural materials. Key offerings include epoxy curing agents, adhesion promoters, and nano-modified epoxy resins, supporting the full battery lifecycle: cell manufacturing, pack assembly, and recycling.

Adhesives Giant Rejects Activist Investor’s $1.2B Offer

Oct 21, 2026

H.B. Fuller rejected activist investor Ancora's $1.2–1.4 billion offer for its Building Adhesive Solutions unit, deeming it modest. The company will conduct a market check of other segments by year-end to explore divestment proceeds for deleveraging.

Industrial Distribution

2026-04-08

H.B. Fuller CEO Purchases $295,103.60 in Stock

2026-04-10

H.B. Fuller President Acquires Additional 14% Stake

2026-04-12

H.B. Fuller Receives Moderate Buy Consensus from Analysts

2026-04-12

Does H.B. Fuller (FUL) CEO Share Buying Clarify or Complicate Its Margin-Focused Investment Narrative?

2026-04-14

H.B. Fuller VP Receives Phantom Units and Discloses Option, RSU Holdings