# Who are Tokyo Ohka Kogyo (TOK)'s customers? Who does Tokyo Ohka Kogyo (TOK) earn revenue from?
Canonical: https://valuechain.wiki/tokyo-ohka · Facet: customers · Updated: 2026-07-12T06:17:26.508+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Tokyo Ohka Kogyo (TOK)'s confirmed revenue counterparties include SK하이닉스, 삼성전자, Intel plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 5 revenue edges, backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).

### SK하이닉스 (high)  → /sk-hynix.md
- note: Supplies EUV photoresist to SK hynix — demand grows as HBM DRAM shifts to EUV.
- [confirms] Tokyo Ohka Kogyo (EN, filing, published 2026-02-09) https://www.tok.co.jp/eng/ir/library/report: "TOK FY2025 (ended Dec 2025) record high: net sales ¥237.0bn (+17.9%), operating income ¥47.4bn (+43.2%), net income to owners ¥33.3bn (+47.0%). Segments: Electronic Functional Materials ¥124.7bn (+16.0%, photoresist +15%, advanced ArF/EUV materials +20%), High-purity Chemicals ¥109.4bn. Driven by generative-AI and PC-replacement demand plus advanced semiconductor materials; includes extraordinary income from the 1Q Equipment Business transfer. FY2026 guidance: net sales ¥261.0bn (+10.1%), operating income ¥52.2bn (+10.2%)."
- [confirms] JK Daily (KO, news, published 2025-06-01) https://www.jk-daily.co.kr/news/articleView.html?idxno=34917: "Supplies EUV photoresist to SK hynix."
- [confirms] TOK (EN, ir, published 2025-05-01) https://www.tok.co.jp/eng/ir: "Supplies EUV photoresist to SK hynix."

### 삼성전자 (high)  → /samsung-electronics.md
- note: Supplies EUV photoresist to Samsung memory/logic — a key customer behind its No.1-overall (~24.7%) position, with wider EUV adoption lifting consumption.
- [confirms] Tokyo Ohka Kogyo (EN, filing, published 2026-02-09) https://www.tok.co.jp/eng/ir/library/report: "TOK FY2025 (ended Dec 2025) record high: net sales ¥237.0bn (+17.9%), operating income ¥47.4bn (+43.2%), net income to owners ¥33.3bn (+47.0%). Segments: Electronic Functional Materials ¥124.7bn (+16.0%, photoresist +15%, advanced ArF/EUV materials +20%), High-purity Chemicals ¥109.4bn. Driven by generative-AI and PC-replacement demand plus advanced semiconductor materials; includes extraordinary income from the 1Q Equipment Business transfer. FY2026 guidance: net sales ¥261.0bn (+10.1%), operating income ¥52.2bn (+10.2%)."
- [mentions] LogMi Finance (JA, ir, published 2025-11-15) https://finance.logmi.jp/articles/383459: "World-leading 24.7% photoresist share; No.2 in EUV resist at 28%. FY2024 revenue JPY 200.9bn (record), overseas sales above 80%."
- [confirms] EDINET / company IR (JA, filing, published 2025-06-25) https://www.tok.co.jp/ir/library/: "Annual securities report: revenue, customers, business."
- [confirms] JK Daily (KO, news, published 2025-06-01) https://www.jk-daily.co.kr/news/articleView.html?idxno=34917: "Supplies EUV photoresist to Samsung Electronics."
- [confirms] TOK (EN, ir, published 2025-05-01) https://www.tok.co.jp/eng/ir: "Supplies EUV photoresist to Samsung Electronics."

### Intel (mid)  → /intel.md
- note: Supplies EUV photoresist to Intel's leading-edge logic — a customer axis tied to Intel Foundry's EUV ramp.
- [confirms] Tokyo Ohka Kogyo (EN, filing, published 2026-02-09) https://www.tok.co.jp/eng/ir/library/report: "TOK FY2025 (ended Dec 2025) record high: net sales ¥237.0bn (+17.9%), operating income ¥47.4bn (+43.2%), net income to owners ¥33.3bn (+47.0%). Segments: Electronic Functional Materials ¥124.7bn (+16.0%, photoresist +15%, advanced ArF/EUV materials +20%), High-purity Chemicals ¥109.4bn. Driven by generative-AI and PC-replacement demand plus advanced semiconductor materials; includes extraordinary income from the 1Q Equipment Business transfer. FY2026 guidance: net sales ¥261.0bn (+10.1%), operating income ¥52.2bn (+10.2%)."
- [confirms] JK Daily (KO, news, published 2025-06-01) https://www.jk-daily.co.kr/news/articleView.html?idxno=34917: "Supplies EUV photoresist to Intel."
- [confirms] TOK (EN, ir, published 2025-05-01) https://www.tok.co.jp/eng/ir: "Supplies EUV photoresist to Intel."

### TSMC (mid)  → /tsmc.md
- note: Supplies EUV photoresist to TSMC's leading-edge logic — more EUV layers mean more consumption per wafer, so TSMC utilization is TOK revenue. As one of few oligopoly suppliers, it is hard to substitute.
- [mentions] Analyst consensus (Nomura, Citi) (EN, research, published 2026-02-10) https://www.marketscreener.com/quote/stock/TOKYO-OHKA-KOGYO-CO-LTD-6492211/consensus/: "Analyst consensus Buy (12 analysts, 0 sell). 12-month target ¥11,542. Nomura (Okazaki) and Citi (Nishiyama) upgraded to Buy from Neutral (targets ¥8,900 and ¥8,400). AI-semiconductor-materials demand seen sustaining EUV/advanced-resist growth."
- [confirms] Tokyo Ohka Kogyo (EN, filing, published 2026-02-09) https://www.tok.co.jp/eng/ir/library/report: "TOK FY2025 (ended Dec 2025) record high: net sales ¥237.0bn (+17.9%), operating income ¥47.4bn (+43.2%), net income to owners ¥33.3bn (+47.0%). Segments: Electronic Functional Materials ¥124.7bn (+16.0%, photoresist +15%, advanced ArF/EUV materials +20%), High-purity Chemicals ¥109.4bn. Driven by generative-AI and PC-replacement demand plus advanced semiconductor materials; includes extraordinary income from the 1Q Equipment Business transfer. FY2026 guidance: net sales ¥261.0bn (+10.1%), operating income ¥52.2bn (+10.2%)."
- [mentions] LogMi Finance (JA, ir, published 2025-11-15) https://finance.logmi.jp/articles/383459: "World-leading 24.7% photoresist share; No.2 in EUV resist at 28%. FY2024 revenue JPY 200.9bn (record), overseas sales above 80%."
- [confirms] JK Daily (KO, news, published 2025-06-01) https://www.jk-daily.co.kr/news/articleView.html?idxno=34917: "Supplies EUV photoresist to TSMC."
- [confirms] TOK (EN, ir, published 2025-05-01) https://www.tok.co.jp/eng/ir: "Supplies EUV photoresist to TSMC."

### 키옥시아 (mid)  → /kioxia.md
- note: Supplies photoresist to Kioxia — named in company IR alongside TSMC, Samsung, SK and Intel (per-customer share undisclosed). A NAND leading-edge demand axis.
- [mentions] Eventos (IR lecture note) (JA, ir, published 2025-12-06) https://events.co.jp/lecture-note/251206-tok/: "Customers named in IR briefing: TSMC, Samsung, SK hynix, Intel... Kioxia."

Reverse side: https://valuechain.wiki/tokyo-ohka/suppliers.md · Ripple: https://valuechain.wiki/tokyo-ohka/ripple.md

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Full node: https://valuechain.wiki/tokyo-ohka.md · JSON: https://valuechain.wiki/tokyo-ohka.json