Jiangsu Kuangshun Photosensitivity New-material Stock

What Jiangsu Kuangshun Photosensitivity New-material Stock does

Jiangsu Kuangshun Photosensitivity New-material Stock Co., Ltd. (江苏广信感光新材料股份有限公司, SZSE: 300537, DBA 广信材料/Guangxin Materials) is a China-based specialty chemicals manufacturer founded in 2006 and listed on the Shenzhen Stock Exchange ChiNext board in August 2016. Headquartered in Jiangyin, Jiangsu Province, with additional manufacturing bases in Guangzhou, Longnan and Changsha and sales coverage extending across Asia, the Middle East, Africa, Europe and South America, the company develops and sells photoresist and UV-curable coating materials across four primary product lines: PCB photoresist inks (solder mask, circuit, marking, LDI-type), display photoresist (TN/STN/TFT, BM/CF/OC/PS), semiconductor photoresist (LED, g-line, developing I-line), and photovoltaic materials (insulating adhesive, photosensitive adhesive, etching resist, plating resist, encapsulation adhesive) used in next-generation cell architectures (HPBC, HJT, TOPCon, TBC/HBC). It is also the sole PV insulating adhesive supplier for LONGi Green's HPBC modules.

The technical platform is anchored in proprietary photosensitive chemistry, with 91 valid patents (52 granted invention patents), 6 industry standards led (including marking ink and solder resist standards for printed circuits), and a 124-person R&D team; in 2023 the company added senior photoresist expert You Jiadong to strengthen its microelectronics materials business. Products have obtained US UL safety certification (KSM-S6189, KSM-180 solder mask series) and AMECA certification (CD-3M12 vehicle lamp coating), and KSM-series solder masks enable 2 mil minimum spacing with 10–15 μm side etch for fine-line PCB applications. Operating capacity stood at 64,350 tons/year at the time of disclosure, with an additional 50,000 tons/year under construction at the Jiangxi Guangzhen South China base.

The business model is direct B2B enterprise sales of consumable chemical materials, organized by business division (PCB Oil Ink, Microelectronics, Coatings, PV), with pricing negotiated per customer/project on multi-year contracts and no publicly disclosed pricing. The customer base spans PCB manufacturers (Dyna Holding, Meiko Electronics, ElecEltek, Sunshine PCB), consumer electronics OEMs and brand device companies (Samsung China, Huawei, OPPO, Xiaomi, Lenovo, TCL, Midea, Hisense, Transsion, Coolpad), automotive OEMs and new-energy vehicle brands (SAIC, NIO, Li Auto, BYD, Voyah, XPeng, Chery, Alfa Romeo China), cosmetics packaging (Estée Lauder, L'Oréal-owned brands including L'Occitane, MAC, Dior, Lancôme, Bobbi Brown, Burberry, Tom Ford Beauty), food and beverage can manufacturers (Nestlé China, Wahaha, COFCO, Shuanghui, Wanpy, Snow Beer/GuLong, Maling), photovoltaic cell makers (LONGi Green, Haiyuan Composite Materials), and other industrial buyers (CNPC for oil pipeline coatings). FY2023 revenue was 4.979 hundred-million RMB (497.9 million RMB), with H1 2023 gross margins expanding to 30.58% overall (33.95% in photoresist, 33.65% in coatings), and the company raised capital via a 2024 small-and-fast financing plan to support further capacity buildout.

Name

Jiangsu Kuangshun Photosensitivity New-material Stock

Legal name

Jiangsu Kuangshun Photosensitivity New-material Stock Co., Ltd.

Website

https://kuangshun.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Jiangsu Kuangshun Photosensitivity New-material Stock (SZSE: 300537) manufactures PCB, display and semiconductor photoresists plus UV-curable coatings for consumer electronics, automotive, cosmetics packaging and metal packaging, and is the sole supplier of PV insulating adhesive for LONGi Green's HPBC modules.

Ownership category

akta.pro rank

Product category

Specialty Chemicals — Photosensitive Materials

NAICS

Paint, Coating, and Adhesive Manufacturing (3255), Paint and Coating Manufacturing (32551), Paint and Coating Manufacturing (325510), Photographic Film, Paper, Plate, Chemical, and Copy Toner Manufacturing (325992)

SIC

Paints, Varnishes, Lacquers, Enamels & Allied Prods (2851), Semiconductors & Related Devices (3674), Adhesives & Sealants (2891)

akta.pro primary industry

Photoresists & Lithography Materials (Resists, Developers, Strippers) (IMAEAKAB)

akta.pro secondary industries

Industrial & Protective Coatings (IMAEAGAB), Specialty & Functional Coatings (Anti-microbial/Anti-slip/Insulating) (IMAIAKAM), Packaging & Can Coatings (IMAEAGAF), Metal Packaging Coatings & Linings (BPA-NI, Epoxy, Internal Coatings) (IMALADAK)

Keywords

• PCB photoresist ink
• UV-curable coatings
• Photovoltaic materials
• Display photoresist
• Semiconductor photoresist

Headquarters

HQ city

Jiangyin

HQ country

China

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Photoresist products (PCB, Display, Semiconductor): Sale of various photoresist products including PCB photoresist ink, display photoresist, and semiconductor photoresist to electronics manufacturers. Primary revenue driver with gross margin of 33.95% in H1 2023.
2. Specialized coatings (Consumer electronics, Automotive, Metal packaging, Functional films): Sale of UV-curable coatings for consumer electronics, automotive parts, cosmetics packaging, metal packaging containers, functional films, and composite materials. Gross margin of 33.65% in H1 2023.
3. Photovoltaic materials (Insulating adhesive, Photosensitive adhesive, Encapsulation adhesive, Etching resist, Plating resist): Sale of PV materials to solar photovoltaic battery manufacturers. Rapidly growing segment, including photovoltaic insulating adhesive as the sole supplier to LONGi Green's HPBC products, and photosensitive adhesive for copper electroplating in HJT cells.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Jiangsu Kuangshun manufactures and sells photosensitive new materials across three primary product lines: (1) Photoresists for PCB (solder mask, circuit, and marking inks), flat panel display (TN/STN/TFT), and semiconductor (LED, g-line, I-line) applications; (2) Photovoltaic materials including insulating adhesives for back-contact cells, photosensitive adhesives for HJT copper electroplating, plating resists, and etching resists; (3) UV-curable coatings for consumer electronics (smartphones, tablets, wearables), automotive interior/exterior parts, cosmetics packaging, metal food/beverage cans, and functional films. Products are sold to B2B customers including PCB manufacturers, photovoltaic cell makers, electronics OEMs, automotive companies, and packaging manufacturers across China and overseas markets.

Product overview

Jiangsu Kuangshun Photosensitivity New-material Stock (广信材料) is a manufacturer of photo-sensitive new materials operating across four main business divisions: Photoresist (covering PCB Ink, Display Photoresist, Semiconductor Photoresist, and Supporting Reagents), Photovoltaic Materials (including PV Package Adhesive, PV Insulating Adhesive, PV Plating Resist, and PV Etching Resist), Coatings (spanning Consumer Electronics, Automotive Parts, Cosmetic Packaging, Functional Films, Metal Packaging, Composite Materials, and Metal Substrate applications), and PCB-related chemical materials. The company serves the PCB, flat panel display, semiconductor, photovoltaic, consumer electronics, automotive, cosmetics, and food packaging industries with specialized chemical formulations.

Differentiator

Problem solved

Functional benefit

Products and services

• PCB Ink (PCB油墨) Photoresist inks used in PCB manufacturing for forming circuit patterns, providing corrosion/acid/alkali/plating resistance, insulation, solder reflow resistance, and character/graphic marking on circuit boards. Product series include KSM-S6189 and KSM-180 solder mask variants with UL safety certification.
• Display Photoresist (显示光刻胶) Photoresist materials for flat panel display manufacturing, including TP photoresist, LCD photoresist (TN/STN-LCD), TFT array photoresist (positive and negative), BM photoresist, CF Color photoresist, OC photoresist, and PS photoresist for color filter applications.
• Semiconductor Photoresist (半导体光刻胶) Photoresist materials for semiconductor photolithography manufacturing, including LED photoresist, g-line photoresist, I-line photoresist, and other specialized photoresist products for integrated circuit fabrication. Technical team has mastered g-line photoresist technology and is developing I-line photoresist with guidance from senior expert advisors.
• Photoresist Supporting Reagents (光刻胶配套试剂) Supporting chemical reagents for photoresist applications including diluents, cleaning agents, developers, and stripping solutions used alongside photoresist in PCB, display, and semiconductor manufacturing processes.
• PV Package Adhesive (光伏封装胶) Photovoltaic encapsulant adhesives for 0BB dispensing, UV string welding ribbon bonding and cell protection, applicable to XBC, HJT, and perovskite tandem cell photovoltaic module processes.
• PV Insulating Adhesive (光伏绝缘胶) GEN1-GEN4 series PV insulating adhesives for X-BC battery technology with low printing diffusion, fast leveling, high insulation characteristics, strong EVA layer bonding, and fast printing. Prevents solder strip and positive/negative contact short circuits. Currently the sole supplier for LONGi Green Energy's HPBC photovoltaic battery modules.
• PV Plating Resist (光伏抗电镀胶) Photosensitive acid-resistant plating protection adhesive for X-BC and HJT battery patterning and metallization, featuring excellent printability, fast curing, superior adhesion after film formation, acid resistance to hydrofluoric acid and sulfuric acid, high resolution, easy film removal, and low halogen content.
• PV Etching Resist (光伏抗蚀刻胶) Newly developed etching resist products covering thermosetting and UV-curable types, with excellent hydrofluoric acid etching resistance characteristics, good printing shaping, and fast film removal. Suitable for TOPCon, heterojunction, and derivative TBC/HBC technologies to avoid laser lithography and SE process damage to solar cells.
• Consumer Electronic Coatings (消费电子涂料) UV-curable coatings for smartphones, computers, appliances, and wearable devices, including high-performance PVD vacuum plating coatings, plastic spray coatings, anti-fingerprint nano protection coatings (AF coatings with >100 degree water contact angle after 5000 steel wool abrasion tests), and AG anti-glare coatings. Certified for Samsung Galaxy S21, Huawei Mate/P series, OPPO Reno8, and other smartphone models.
• Automotive Part Coatings (汽车部件涂料) Coatings for automotive interior/exterior parts, lampshades, and batteries including special substrate PVD coatings (BMC/PPS/PBT/PET/PA), silicone high-hardness weather-resistant coatings, non-metal interior/exterior coatings, low-temperature cure coatings, PC lamp cover hardening coatings, and battery UV insulating coatings. AMECA certified for CD-3M12 vehicle lamp coating with QUV testing ≥3000hr.
• Cosmetic Package Coatings (化妆品包装涂料) PVD vacuum plating coatings and color paint coatings for cosmetic packaging on ABS, PC, PP, PET materials, meeting high-end cosmetic brand testing standards. Used by Estee Lauder, L'Occitane, MAC, Dior, Lancome, Burberry, Tom Ford Beauty, and other premium cosmetics brands.
• Functional Film Coatings (功能膜材涂料) UV-curable exterior coatings for optical films, electronic films, and decorative films including high water contact angle wear-resistant coatings, antibacterial coatings, AG anti-glare coatings, anti-fingerprint coatings, and projection screen water-based coatings.
• Metal Package Coatings (金属包装涂料) UV-curable and solvent-based thermal curing coatings for food cans, chemical cans, easy-open lids, lunch boxes, three-piece/two-piece cans, and special effect coatings. Includes food can inner coatings (DC204-01 with acid/sulfur/corrosion resistance), easy-open lid coatings, crown cap adhesives, and non-BPA inner coatings (DC304-01/DC800-01). Solvent-free metal anti-corrosion UV coatings applied to CNPC oil pipelines.
• Composite Material Protective Coatings (复合材料保护涂料) UV coatings specifically formulated for composite materials used in sports equipment such as rackets, helmets, and bicycle frames, available in matte, glossy, and yellowing-resistant variants.
• Metal Substrate UV-Curable Protective Coatings (金属基材光固化保护涂料) UV-curable protective coatings for metal substrates including solvent-free metal anti-corrosion UV coatings for applications such as petroleum pipelines (used by China National Petroleum Corporation/CNPC).

Quantifiable outcome

• H1 2023 net profit grew 228% YoY to 19.89 million RMB, with overall gross margin of 30.58% (up 7.03 pp YoY)
• +4 more outcomes

Named customers51 records

Segments9 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Five partnerships are on record, tiered core and supporting.

• Haiyuan Composite Materials Co., Ltd. (海源复材, Stock: 002529)coreStrategic or Co-development Partner · 24 May 2023Strategic cooperation agreement signed in May 2023 for joint development of N-type HJT (heterojunction) battery copper electroplating metallization technology. The three-party cooperation with Haiyuan Composite Materials (stock 002529) and Xinluq Microequipment (stock 688630) aims to develop high-efficiency low-cost HJT battery technology. Guangxin Materials provides the PV photosensitive adhesive (photoresist) used as a masking material in copper electroplating lithography processes, enabling silver paste replacement for cost reduction in HJT cells.
• Xinluq Microequipment Co., Ltd. (芯碁微装, Stock: 688630)coreStrategic or Co-development Partner · 24 May 2023Three-way strategic cooperation with Haiyuan Composite Materials and Xinluq Microequipment (stock 688630) for N-type battery copper electroplating metallization technology. Xinluq Microequipment provides lithography equipment, while Guangxin Materials provides PV photosensitive adhesive materials, and Haiyuan provides cell manufacturing. The collaboration accelerates HJT battery development and drives large-scale application of PV photosensitive adhesive.
• Jiangnan University (江南大学)supportingTechnology or Integration · 1 January 2022Joint Jiangsu Province Graduate Workstation established with Jiangnan University for collaborative research and talent development in photosensitive materials and UV-curable coating technology.
• Jiangxi University of Science and Technology (江西科技师范大学)supportingTechnology or Integration · 1 January 2022Strategic cooperation with Jiangxi University of Science and Technology College of Chemistry and Chemical Engineering to build talent cultivation base and employment internship base, achieving mutual benefit and win-win outcomes.
• You Jiadong (尤家栋)coreOthersIn 2023, the company entered comprehensive cooperation with Mr. You Jiadong, a senior expert in electronic chemicals and leading figure in China's photoresist industry. His advisory role is expected to help optimize the allocation of core technologies in photosensitive materials, particularly in display and semiconductor photoresist and supporting reagents areas, strengthening the microelectronics materials business division's team.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• JSR Corporation: JSR is a Japanese chemical/materials company and one of the world's largest photoresist suppliers for semiconductor, display, and PCB applications. Highly comparable to Kuangshun's photoresist portfolio, with global semiconductor fab customer base; competes head-to-head in domestic substitution contests in China.
• Shin-Etsu Chemical Co., Ltd. Shin-Etsu Chemical is a major Japanese chemical manufacturer producing photoresists, silicon wafers, and rare-earth magnets. Comparable to Kuangshun as a major photoresist incumbent competing in PCB, display, and semiconductor photoresist markets globally.
• Nippon Paint Holdings Co., Ltd. Nippon Paint is a global coatings leader with industrial coatings, automotive coatings, and specialty coatings segments. Comparable to Kuangshun's coatings business (automotive, consumer electronics, metal packaging) as a broad incumbent, though Nippon Paint has a much larger industrial coatings portfolio and global scale.
• Sumitomo Chemical Co., Ltd. Sumitomo Chemical is a diversified Japanese chemical company with a significant photoresist business serving semiconductor and display manufacturers. Comparable to Kuangshun's photoresist segment as a foreign incumbent in the same product categories.
• Tokyo Ohka Kogyo Co., Ltd. Tokyo Ohka Kogyo (TOK) is a Japanese specialty chemical company and global leader in photoresist materials for semiconductor and display applications. Directly comparable to Kuangshun's photoresist business (PCB, display, semiconductor) but operates at significantly larger scale and broader product portfolio, serving leading-edge node semiconductor fabs.
• DuPont de Nemours, Inc. DuPont's Electronics & Industrial segment produces photoresists, advanced coatings, and specialty materials for semiconductor, PCB, and display applications. Comparable as a broad incumbent in both photoresist (competing with Kuangshun's PCB and semiconductor grades) and specialty coatings.

Direct peers

• Hangzhou First Applied Material Co., Ltd. (福斯特): Hangzhou First Applied Material (Stock: 603806) is the dominant Chinese supplier of PV encapsulant film (EVA/POE) to LONGi, JinkoSolar, Trina and other major module makers. Comparable to Kuangshun's PV materials segment as a key supplier of materials into China's PV module value chain, although focused on encapsulant rather than resists/adhesives.
• Chang Chun Group: Chang Chun Group is a Taiwanese specialty chemical producer of PCB materials, photoresist, and electronic-grade chemicals. Direct peer to Kuangshun's PCB photoresist ink and solder mask products; both serve global PCB manufacturers including those serving consumer electronics and automotive end-markets.
• Shanghai Sinyang Semiconductor Materials Co., Ltd. (上海新阳): Shanghai Sinyang (Stock: 300236) is a Chinese semiconductor materials company producing electroplating chemicals, cleaning solutions, and photoresist. Direct peer to Kuangshun's semiconductor photoresist business; both are domestic-substitution-focused Chinese players targeting replacement of foreign photoresist suppliers.

Emerging players

• Jiangsu Jiankun New Materials Co., Ltd. (江苏建坤): Jiangsu Jiankun is a Chinese specialty chemical producer focused on UV-curable coatings and photoresist products for PCB and electronics applications. Comparable to Kuangshun as a domestic Chinese competitor in PCB inks and UV-curable coatings with overlapping customer base in PCB and consumer electronics sectors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Jiangsu Kuangshun Photosensitivity New-material Stock