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Jingrui晶瑞电材

300655.SZFounded 2001Reviewed 2026-08-30

Jingrui Electronic Materials (晶瑞电材), founded in 2001 and headquartered in Suzhou and listed on Shenzhen ChiNext (300655), supplies two semiconductor product groups — g/i-line and KrF photoresist with matching yellow-room chemicals, and high-purity wet chemicals led by hydrogen peroxide and sulfuric acid — plus NMP-based lithium-battery materials, with Big Fund Phase II among its investors. FY2025 revenue was RMB 1.61 billion (+12.2%) with attributable net profit of RMB 149 million, a swing from a RMB 180 million loss in 2024, driven by high-purity chemicals (+19.3%) and KrF photoresist sales up more than 70%.

Scale

~$224Mrevenue FY2025 · CNY 1.6B
~$1.9Bmarket cap · 2026-10-04

Gap vs frontier

Substitutesector position

Sector-level position; no priceable accelerator silicon to compare chip-by-chip.

Jingrui: substitute tier in Materials: wafers, photoresist, gases, CMP, ~$224M FY2025 revenue.

The chip stackEach layer depends on the layers below it
1 · ChipsWhat the stack produces
2 · Design toolsSoftware and IP to design them
3 · ManufacturingPlants that turn designs into silicon
4 · EquipmentMachines inside the plants
5 · MaterialsWhat the plants consume
Materials · Substitute

Company at a glance

Scale

Revenue up 24% since FY2023

Growth prospects

Expanding customer base and product roadmap

via money.finance.sina.com.cn ↗Revenue RMB 1.61 billion (+12.17%); attributable net profit RMB 149 million versus a loss of about RMB 180 million in 2024; operating cash flow RMB 3…via stcn.com ↗FY2025 high-purity wet chemical revenue RMB 929 million (+19.30%), 57.69% of total revenue, gross margin 25.26% (+11.21pp)

China competition

Competes with National Silicon, Anji Microelectronics, Dinglong Co., Nata Opto-electronic in Materials — peers listed at sector level.

Substitute

Global comparables

Global reference set: Shin-Etsu, SUMCO, JSR.

Tokyo Ohka Kogyo and JSR (photoresist)

Technical gap

Sector rated substitute vs the frontier.

Obstacles

Sector bottleneck applies

High-purity inputs, advanced photoresists, repeatability, qualification cycles, and dependence on Japanese/US specialty suppliers.

Official filings: Sina Finance: FY2025 annual report ↗ · Sina Finance: FY2025 annual report summary ↗

All sourced facts (7)
  • Founded / HQ / listing: Founded 2001 in Suzhou; listed on the Shenzhen Stock Exchange ChiNext market (300655.SZ) via stcn.com ↗
  • FY2025 results: Revenue RMB 1.61 billion (+12.17%); attributable net profit RMB 149 million versus a loss of about RMB 180 million in 2024; operating cash flow RMB 370 million (+41.98%) via money.finance.sina.com.cn ↗
  • High-purity chemicals: FY2025 high-purity wet chemical revenue RMB 929 million (+19.30%), 57.69% of total revenue, gross margin 25.26% (+11.21pp) via stcn.com ↗
  • Photoresist: FY2025 photoresist revenue RMB 223 million (+12.67%), with KrF photoresist sales volume and value both growing more than 70% via stcn.com ↗
  • State backing: National IC Fund (Big Fund) Phase II is an investor in the company via stcn.com ↗
  • Product architecture: Two semiconductor product groups — photoresist-led yellow-room chemicals and high-purity hydrogen peroxide/sulfuric acid-led wet electronic chemicals — plus an NMP-led lithium-battery materials business via money.finance.sina.com.cn ↗
  • 2025 inflection: Company and media attribute the 2025 turnaround to accelerated domestic substitution of semiconductor materials; first three quarters of 2025 already showed revenue RMB 1.187 billion (+11.92%) and net profit RMB 128 million via stock.10jqka.com.cn ↗

About

Manufactures and sells photoresists (i-line/g-line, KrF, with ArF development), high-purity wet chemicals (H2O2, H2SO4), functional chemicals and NMP for lithium batteries to IC fabs, panel makers and battery producers, operating bases in Suzhou and Sichuan/Meishan with A-share capital and Big Fund II backing.

Founded 2001

Why it matters

Wet chemicals and photoresist are foundational fab consumables dominated by Japanese and Western suppliers (TOK, JSR, Mitsubishi Chemical, Stella Chemifa); Jingrui is one of the few Chinese vendors shipping both KrF photoresist at 70%+ growth rates and semiconductor-grade hydrogen peroxide at scale, making it a direct beneficiary of fab localization after 2024-era supply shocks.

Where it sits in the stack

Materials

Materials: wafers, photoresist, gases, CMP

Substitute

High-purity inputs, advanced photoresists, repeatability, qualification cycles, and dependence on Japanese/US specialty suppliers.

AI trainingAI inferenceRoboticsEV / auto

Key semiconductor products

  • Photoresistsg-line/i-line in volume, KrF in fast ramp (FY2025 +70%)
  • High-purity wet chemicalssemiconductor-grade hydrogen peroxide, sulfuric acid and related acids/solvents
  • Yellow-room process chemicals matched to photoresist use
  • NMP and lithium-battery materials
  • electronic materials for semiconductor and electronics manufacturing

Financials

300655.SZ · Shenzhen ChiNext 300655.SZ · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 1.3BRMB 0.01B
2023
RMB 1.44BRMB -0.18B
2024
RMB 1.61BRMB 0.15B
2025

Market data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.

Ecosystem

Global peer set

  • Tokyo Ohka Kogyo and JSR (photoresist)
  • Mitsubishi Chemical / Sumitomo Chemical (wet chemicals and resist chemistry)
  • Stella Chemifa, Evonik, KMG (high-purity wet chemicals)

Competitive position

  • One of the few domestic suppliers spanning both photoresist and high-purity wet chemicals for IC lines, versus specialists on either side
  • KrF ramp positions it in the mid-node photoresist substitution wave as mature-node fabs localize
  • FY2025 return to profit demonstrates operating leverage as chemical volumes and margins recover
  • Global comparables: Tokyo Ohka Kogyo and JSR (photoresist)
  • Global comparables: Mitsubishi Chemical / Sumitomo Chemical (wet chemicals and resist chemistry)
  • Global comparables: Stella Chemifa, Evonik, KMG (high-purity wet chemicals)

Milestones and signals

  • 2001—Jingrui was founded.
  • 2001—Founded 2001 in Suzhou; listed on the Shenzhen Stock Exchange ChiNext market (300655.SZ)
  • 2026-10-04—Market cap: RMB 13.9B
  • FY2025—Revenue: RMB 1.6B
  • FY2025—Net Profit: RMB 149M

What to watch

  • KrF photoresist customer breadth beyond early adopters and any ArF progression
  • Pricing discipline in high-purity hydrogen peroxide as more domestic capacity lands
  • NMP exposure to battery-market cycles
  • Potential follow-on Big Fund support for capacity expansion

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

One of the few domestic suppliers spanning both photoresist and high-purity wet chemicals for IC lines, versus specialists on either side.

Open questions

  • Which products are qualified beyond pilots in materials?
  • Which customers, fabs, or end markets show real adoption rather than policy interest?