Scaling on track: record slurry month; photoresist ramping up Quick Note

Research evidence excerpt

Scaling on track: record slurry month; photoresist ramping up Quick Note

y-y, with June shipments

surpassing 50k pieces for the first time, and the company has started building a third soft-pad

line at Qianjiang, targeting glass-substrate and large-size (>2m diameter) pads. iii) In high-end

wafer photoresist, Dinglong secured c.1,000 gallons of purchase orders in 1H26, has

cumulatively developed 40+ SKUs with nearly 30 under customer validation — in-testing SKU

count doubling y-y — and is adding BARC (bottom anti-reflective coating) and SOC (spin-on

carbon) ancillaries. iv) Display materials revenue declined slightly on soft panel utilization,

though PSPI (photosensitive polyimide) and TFE-INK (thin-film encapsulation ink) achieved

first batch supply on China's first G8.6 AMOLED (active-matrix organic light-emitting diode)

line. v) In addition, the revenue of newly-consolidated Haofei Materials (Unlisted) grew c.60%

y-y over March-June and, with the parent, is intensively developing innovative lithium-battery

functional materials addressing safety, thermal management, electrical performance and

energy density with top domestic customers.

Semi renaissance thesis intact: slurry runway broadens and photoresist inflects

We believe the pre-announcement reinforces the structural growth thesis in our 21 May 2026

report: AguidetoSemirenaissancein2026-30F. First, we expect slurry wins to broaden the

runway: qualifications in large-silicon-wafer fine slurry (12-inch single-crystal), ceria slurry at a

leading domestic memory maker and TSV (through-silicon via) slurry at a leading advanced-

packaging house unlock a domestic TAM (total addressable market) of over CNY1bn currently

dominated by imports. Secondly, photoresist is inflecting: three ArF/KrF (argon fluoride/krypton