Company Profile and Business Model
Praise Victor Industrial Co., Ltd. (hereinafter referred to as “the Group”) was established in July 1986. With polyurethane (PU) material technology as its core, the Group has developed three major product lines (Figure 1): “semiconductor polishing pads and consumables,” “medical and sports products,” and “green environmentally friendly adhesives.” The Group focuses on the development of its semiconductor polishing pad business. Its subsidiary, IV Technologies Co., Ltd., is the first manufacturer in Taiwan to break the monopoly of major international companies in CMP polishing pads with its own proprietary technology, and its products have been widely adopted by leading international companies across the upstream, midstream, and downstream segments of the semiconductor industry chain.
Semiconductor Applications and Market Growth Drivers
In terms of product positioning, the Group focuses on chemical mechanical planarization (CMP) polishing pads as its core product, which are widely used in key wafer fabrication processes and have a critical impact on wafer surface planarity, yield, and process stability. As semiconductor processes continue to scale down and advanced packaging technologies (such as CoWoS and 3D IC) rapidly develop, the importance of CMP processes has increased to drive demand growth for high-end polishing materials.
In addition, benefiting from trends in heterogeneous integration and high-density packaging, multilayer structures and composite-material polishing pads have become key areas of technological development. The Company’s related products have been adopted in core applications, including wafer foundry, packaging and testing, and memory manufacturing. As process complexity and qualification thresholds continue to increase, this is expected to strengthen supply chain stickiness and further drive sustained growth in market penetration.
Competitive Advantages and Core Technological Capabilities
Leveraging its long-accumulated material formulation database, together with proprietary reaction injection molding (RIM) technology and diversified groove design capabilities of key technologies for CMP polishing pad production, the Group offers greater cost flexibility and design freedom compared to conventional plastic injection molding. This enables it to respond flexibly to customer needs and enhance product competitiveness. Meanwhile, the Group has accumulated 142 patents across Taiwan, the United States, and China, and it continues to invest in R&D to build additional proprietary know-how. From raw material formulations to groove design, the Group possesses comprehensive in-house intellectual property, thereby establishing a solid technological moat.
Global Expansion and Strategic Alliances
In addition, the Group actively advances its global expansion strategy by leveraging a dual strategic engine in Taiwan and China, strengthening localized production and service bases while enhancing its ability to provide real-time support to international customers. At the same time, in response to policy trends in various countries promoting the localized supply of key semiconductor materials, the Group is improving its supply chain resilience. Through strategic alliances and industry collaborations, it is also expanding its market footprint and accelerating the introduction of new products to continuously improve overall competitiveness.
Future Outlook and Long-Term Growth Drivers
Looking ahead, as the demand for artificial intelligence (AI), high-performance computing (HPC), and high-speed data transmission continues to grow rapidly, advanced semiconductor processes and advanced packaging technologies will continue to evolve. Along with the trend toward localization of semiconductor supply chains, this will drive steady growth in the CMP materials market.
Centered on consolidating its existing technological foundation, the Group will continue to cultivate its material technologies, expand product application fields, and promote horizontal product and application deployment to capture the growth opportunities arising from the rapid evolution of advanced processes and advanced packaging (Figure 2). Additionally, through material innovation and process enhancement, and by integrating ESG principles to drive continuous value chain advancement, the Group aims to strengthen its long-term partnerships with customers. It is committed to becoming a key and influential player in the global semiconductor materials sector, capturing future technological high ground, creating more possibilities for the industry, and thereby establishing long-term competitive advantages and industry leadership.
