Company at a glance
Scale
Revenue up 82% since FY2023
Growth prospects
Expanding customer base and product roadmap
via eet-china.com ↗Precursor products meet requirements of 1b-nm DRAM, 200-plus-layer NAND and 3nm logic; semiconductor resists and ancillary chemicals also serve CoWoS…China competition
Competes with National Silicon, Anji Microelectronics, Dinglong Co., Nata Opto-electronic in Materials — peers listed at sector level.
SubstituteGlobal comparables
Global reference set: Shin-Etsu, SUMCO, JSR.
ADEKA, Versum/Entegris and Tanaka Precious Metals (semiconductor precursors)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: Yoke FY2025 annual report summary (CNINFO) ↗ · Yoke FY2024 annual report (Sina Finance) ↗ · Yoke FY2024 results briefing record (CNINFO) ↗
All sourced facts (7)
- Founding: Founded October 1997 in Yixing, Jiangsu; started in organophosphorus flame retardants via ce.cn ↗
- Listing: Listed on the Shenzhen Stock Exchange in May 2010, ticker 002409 via baike.baidu.com ↗
- UP Chemical acquisition: In August 2016 subsidiary Jiangsu Xianke acquired 96.28% of Korea's UP Chemical (founded 1998) for about RMB 1.179bn; UP is a precursor supplier to Samsung and SK Hynix with leading Hi-K material position via ce.cn ↗
- LNG insulation: Entered LNG insulation composite materials in 2013 via self-funded development, breaking the import monopoly; products used in LNG storage tanks via ce.cn ↗
- Display resists: Leading domestic supplier of display photoresists with RGB color photoresist and TFT-PR product lines via static.cninfo.com.cn ↗
- Advanced-node qualification: Precursor products meet requirements of 1b-nm DRAM, 200-plus-layer NAND and 3nm logic; semiconductor resists and ancillary chemicals also serve CoWoS-type advanced packaging via eet-china.com ↗
- M&A platform: Post-listing acquisitions include Huafei Electronics (silica powder), UP Chemical (precursors), Chengdu Kemetec (fluorinated specialty gases) and LG Chem color photoresist assets; received investment from Big Fund Phase II via vzkoo.com ↗
About
Manufactures and sells semiconductor process materials (precursors, photoresists and ancillary chemicals, electronic specialty gases, silica powders) to memory and logic fabs and display panel makers, and LNG insulation composite boards for energy infrastructure. Korean subsidiary UP Chemical supplies precursors directly to Samsung and SK Hynix.
Why it matters
Through UP Chemical, Yoke sits inside the global memory supply chain, including precursor demand tied to HBM and advanced DRAM, while its resist, gas and powder lines are core domestic-substitution vectors for fabs and panel makers in China.
Where it sits in the stack
Key semiconductor products
- Semiconductor precursors·High-K, silicon-based and metal precursors via UP Chemical/Jiangsu Xianke
- Display photoresists (RGB color resist, TFT-PR) and semiconductor photoresists with ancillary chemicals
- Electronic specialty gases·fluorinated products via Chengdu Kemetec
- Spherical silica and silicon micro-powders·Huafei Electronics
- LNG insulation composite boards for storage tanks and carriers
Financials
002409.SZ · Shenzhen Stock Exchange (main board) 002409.SZ · via Yahoo Finance ↗
Financial trajectory via annual filings via Yahoo Finance
RMB billionsMarket data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.
Ecosystem
Global peer set
- ADEKA, Versum/Entegris and Tanaka Precious Metals (semiconductor precursors)
- JSR and Tokyo Ohka Kogyo (photoresists)
- Honeywell and Air Products affiliate suppliers (electronic specialty gases)
Competitive position
- Precursor revenue ranks among the global leaders, with products shipped into Samsung and SK Hynix memory supply chains through UP Chemical
- Leading domestic display photoresist supplier (RGB color resist, TFT-PR)
- FY2025 precursor segment revenue RMB 2.111bn, up 8.01% with 44.79% gross margin, per annual-report data carried by Tonghuashun F10
- Media reports in August 2026 describe Yoke as one of three global HBM precursor leaders with market capitalization above RMB 100bn
- Global comparables: ADEKA, Versum/Entegris and Tanaka Precious Metals (semiconductor precursors)
- Global comparables: JSR and Tokyo Ohka Kogyo (photoresists)
- Global comparables: Honeywell and Air Products affiliate suppliers (electronic specialty gases)
Milestones and signals
- 2010—Listed on the Shenzhen Stock Exchange in May 2010, ticker 002409
- 2026-10-04—Market cap: RMB 57.6B
- FY2025—Revenue: RMB 8.6B
- FY2025—Net Profit: RMB 1.0B
What to watch
- HBM-driven precursor demand and any capacity expansion beyond current lines
- Progress of semiconductor resists and ancillary chemicals in advanced packaging (CoWoS-type flows)
- Silica/silicon powder expansion linked to HBM packaging, discussed at the FY2024 results briefing in May 2025
- LNG board orders tied to carrier and storage-tank cycles
Questions
Last reviewed 2026-07-11Answered questions
What is the measurable gap versus global reference companies?
Precursor revenue ranks among the global leaders, with products shipped into Samsung and SK Hynix memory supply chains through UP Chemical.
Open questions
- Which products are qualified beyond pilots in materials?
- Which customers, fabs, or end markets show real adoption rather than policy interest?