In-depth analysis of the photoresist industry: corporate landscape in Q1/Q2 2026 and the transmission chain of the current round of price increases

I. Industry Scale and Data Scope Clarification Photoresist is one of the three core materials in semiconductor manufacturing (alongside electronic specialty gases and CMP materials), yet market size figures vary significantly across research institutions. To avoid misinterpretation, the data sources are clarified below: Scope 2025 Size 2026 Forecast Source Global photoresist (all categories, including PCB and display panels) Approx. USD 730 million (≈ RMB 4.92 billion) — Sina Finance / TF Securities Global semiconductor photoresist Approx. RMB 2.97 billion Approx. RMB 3.18 billion (+7.1%) Sina Finance Industry Report, Sept. 18, 2026 China photoresist market (all categories) — Approx. USD 7.676 billion (≈ RMB 5.18 billion) Toutiao / Sina Finance China semiconductor photoresist Approx. RMB 5.6 billion Approx. RMB 8.1–15.2 billion (significant scope divergence) Guojin Securities vs. industry reports The market share calculations herein use the 2026 global semiconductor photoresist market size of approx. RMB 3.18 billion as the denominator. Since international giants do not separately disclose pure 'photoresist' revenue (typically reporting under broader segments such as 'electronic materials' or 'semiconductor materials', which include silicon wafers, CMP materials, display materials, etc.), each company’s 'industry-wide share' is based on third-party estimates—not divisional revenue divided by total market size—to prevent overstatement due to inconsistent reporting scopes. II. Major International Photoresist Companies The global photoresist market is highly concentrated: the top five vendors (JSR, TOK, Shin-Etsu, Sumitomo Chemical, Fujifilm) collectively hold approximately 70–80% of global market share; Japanese manufacturers account for over 90% of the high-end KrF/ArF/EUV segments. 2.1 Summary Table of Key Data for International Companies Key Updates: • DuPont has exited the photoresist business: On November 1, 2025, DuPont spun off its Semiconductor & Interconnect Solutions business into an independent public company, Qnity Electronics (NYSE: Q); DuPont itself no longer holds any photoresist operations. • JSR has been taken private: Acquired by Japanese investment firm JIC in 2024, JSR delisted and is no longer required to publish quarterly financial reports. Its latest complete annual data is FY2025 (ended March 2026). • Dow has no photoresist business: The former Rohm and Haas photoresist business was assigned to DuPont during the 2019 Dow-DuPont split and now belongs to Qnity. • Fiscal year differences: TOK’s fiscal year runs January–December; thus, its 'FY2026 1H' refers to calendar-year 2026 January–June. Most other Japanese firms use April–March fiscal years (Q1 = April–June 2026). U.S./European companies generally follow calendar years. 2.2 Market Share and Segment Revenue Comparison Among International Companies 2.3 Key Operational Highlights of International Leaders TOK (Tokyo Ohka Kogyo) is the world’s largest photoresist vendor by market share and self-identifies as global No. 1. In FY2026 first half, its Electronic Functional Materials segment recorded a 27.5% YoY increase in sales revenue and a 45.4% YoY rise in operating profit—indicating marked improvement in profitability. TOK maintains long-standing leadership in KrF lithography and deep strategic partnerships with Samsung and TSMC. Shin-Etsu Chemical’s electronic materials segment includes not only photoresist but also silicon wafers—the global market leader in that category.

Dow's 25Q3 Earnings Report, October 27, 2025

Stock price had languished for a full year—falling two tiers; surged 13% post-25Q3 earnings. Are there fundamental changes? • First, revenue was weak: the Q2 guidance for the current quarter stood at $10.2 billion. • Second, GAAP EPS turned positive this quarter solely due to two non-recurring items; operating profit failed to cover interest expenses. • On the positive side, the loss was narrower than expected, reflecting tangible progress in cost reduction and capital expenditure discipline. Has the chemical industry reached a cyclical trough? • On supply: Dow believes capacity curtailment has begun across regions—including China: 'We've got speculation on the closures of about 13 million metric tons from a combination of additional capacity in Asia, Japan and Korea to the tune of about 5 million tons and China from the [anti-evolution] policies to the tune of about 7 million tons.' • On demand: Dow views overall demand as still weak—unchanged from last quarter—and hopes rate cuts will stimulate construction starts.

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