# Who are Dai Nippon Printing's customers? Who does Dai Nippon Printing earn revenue from?
Canonical: https://valuechain.wiki/dai-nippon-printing · Facet: customers · Updated: 2026-07-12T03:30:00.938215+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Dai Nippon Printing's confirmed revenue counterparties include LG Energy Solution (battery pouch film), Canon (NIL masks/templates supply) plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 4 revenue edges, backed by 9 dated sources, 1 of them primary filings (as of 2026-07-12).

### 반도체 제조사 (포토마스크·EUV) (mid)
- note: With Toppan, one of the two merchant photomask leaders — the shop fabless and smaller foundries without captive mask lines turn to for leading-edge masks. It finished a 3nm EUV mask process in 2023, targets 2nm mass production by FY2027, and added a TGV (through-glass-via) core-substrate pilot (Dec 2025), betting on both scaling and advanced packaging. But the blanks its masks are built on depend on Hoya/AGC.
- [mentions] TipRanks (EN, research, published 2026-06-01) https://www.tipranks.com/stocks/jp:7912/forecast: "Analyst consensus 'Hold'; 12-month target ~JPY 3,050-3,100 (high 3,900, low 2,500)."
- [confirms] Dai Nippon Printing (EN, filing, published 2026-05-15) https://www.global.dnp/content/dam/dnp-global/pdf/en/ir/library/result/dnp_e_25Q4fin.pdf: "Electronics revenue JPY 251.8bn (+1.6%), operating income JPY 50.7bn (-11.6%) — weighed by FX and higher fixed costs from photomask facility/development investment, yet the profit core."
- [mentions] SNS Insider (GlobeNewswire) (EN, analysis, published 2026-05-11) https://www.globenewswire.com/news-release/2026/05/11/3291780/0/en/euv-pellicle-market-size-to-worth-usd-2172-62-million-by-2035-research-by-sns-insider.html: "DNP delivers beyond-2nm EUV masks."
- [mentions] Report Prime (EN, analysis, published 2025-12-01) https://www.reportprime.com/semiconductor-photomask-r1541/company: "DNP among top photomask companies."
- [confirms] KIPOST (KO, news, published 2025-09-01) https://www.kipost.net/news/articleView.html?idxno=317568: "DNP developing 2nm EUV photomask process — 3nm done 2023, mass production targeted FY2027; first to adopt a multi-beam mask writer in 2016."

### LG에너지솔루션 (배터리 파우치 필름) (mid)  → /lg-energy-solution.md
- note: Supplies the aluminum-laminate pouch film that wraps lithium-ion pouch cells. DNP and Showa Denko (Resonac) hold ~70% of global pouch film, leaving LG Energy Solution and Samsung SDI effectively dependent on Japan — but the end of US EV subsidies hit automotive pouch, and localization (Yulchon and others) is eroding the moat, so the relationship is under contraction pressure.
- [mentions] Dai Nippon Printing (EN, filing, published 2026-05-15) https://www.global.dnp/content/dam/dnp-global/pdf/en/ir/library/result/dnp_e_25Q4fin.pdf: "Electronics: automotive battery pouch demand hit by the end of US EV subsidies."
- [confirms] THE ELEC (KO, news, published 2025-04-10) https://www.thelec.kr/news/articleView.html?idxno=12269: "Pouch film had been ~100% imported from Japan's DNP/Showa Denko; Yulchon is in localization talks/evaluation with LG Energy Solution."

### OLED 패널사 (FMM 대형 메탈마스크) (mid)
- note: World #1 in fine metal masks (FMM), the key consumable for evaporating small/mid OLED — supplying Samsung Display, BOE and others. Its Kurosaki plant (started May 2024) targets large FMMs for 8th-gen (Gen8.5) glass, riding the OLED buildout for IT/monitors. The risk is Samsung Display's 'FMM-less' shift and Korean localization.
- [confirms] Dai Nippon Printing (EN, filing, published 2026-05-15) https://www.global.dnp/content/dam/dnp-global/pdf/en/ir/library/result/dnp_e_25Q4fin.pdf: "Large OLED metal masks (Kurosaki from May 2024) and optical films offset weak smartphone output."
- [confirms] OLED-Info (EN, news, published 2024-06-01) https://www.oled-info.com/dnp-starts-producing-8-gen-fmm-masks-its-new-140-million-kuosaki-plant: "DNP began producing 8-Gen large FMMs for OLED at its USD 140m Kurosaki plant; #1 in FMM globally."

### 캐논 (NIL 마스크·템플릿 공급) (mid)  → /canon.md
- note: Supplies and co-develops masks and master templates for Canon's nanoimprint (NIL) ecosystem — a hedge on the alternative-to-EUV lithography path. NIL prints a mask's fine pattern directly onto the wafer, chasing miniaturization without costly EUV; DNP holds the master template, so its material sales ride Canon tool adoption (targeting 1.4nm-class by 2027).
- [confirms] IEEE Spectrum (EN, news, published 2024-03-01) https://spectrum.ieee.org/nanoimprint-lithography: "Canon–Kioxia–DNP decade-long NIL co-development."
- [confirms] Canon (EN, news, published 2023-10-13) https://global.canon/en/technology/nil-2023.html: "Canon–Kioxia–DNP decade-long NIL co-development."

Reverse side: https://valuechain.wiki/dai-nippon-printing/suppliers.md · Ripple: https://valuechain.wiki/dai-nippon-printing/ripple.md

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