【全球半导体行业】中国半导体设备进口追踪报告

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Accessibleversion

BofAGLOBALRESEARCHBofASECURITIE

GlobalSemiconductors

ChinaSemicapImportsTracker-Oct2025up15%yoy

IndustryOverview

Oct‘25Semicapimports–up15%yoy/down36%mom

WeanalyzemonthlyChinacustomsimportdatarelatingtosemiconductorequipment.

ThedataisrelevantfortrackingChinasalesforglobalsemicapcompanies.China

accountedfor36%ofglobalWFEin2024,makingitoneofthemostimportantregionsforglobalsemicaps.China'ssemiconductorequipmentimportswere$4.6bninOct2025,belowtheprevious3mth(July'25-September'25)averageof$5.5bnandinlinewiththeprevious12mth(Oct'24-Sept'25)averageof$4.6bn.Importvaluewasup15%yoyanddown36%mom.Ona3MMA,importvaluewasup25%yoyanddown4%mom,belowthehistorical3MMAmomaverageforthemonthof-3%.OctoberbringstheYTD

positivegrowthupto10%for2025,ayearinwhichmostsemicapsuppliersexpectChinasalestonormalize.

Front-end–up11%yoyanddown35%mom

Chinaimported$3.2bnworthoffront-endequipmentinOctober.Front-endimports

wereup11%yoyanddown35%mom,drivenprimarilybyLithography($1,033mm;

+90%yoy/-25%mom),Etching($679mm;+6%yoy/-29%mom),Deposition($605mm;+2%yoy/-42%mom)andOtherfront-end($451mm,flatyoy/-17%mom)whileothersegmentsweredown:Processcontrol($254mm,-42%yoy/-66%mom),Ionimplanters($60mm;-33%yoy/-37%mom)andHeattreatment($150mm;-4%yoy/-17%mom).

YTD,front-endimportsof$32.2bnareup7%yoy,drivenbyEtching($6.6bn;+45%yoy),Deposition($7.2bn;+13%yoy),Processcontrol($3.8bn;+11%yoy),andOtherFront-end($4.3bn;+12%yoy);whileLithography($7.6bn;-10%yoy),Heattreatment($1.4bn;-18%yoy)andIonimplanters($1.2bn;-25%yoy)aredown.NLlithographyintensitywithin

ChinaWFEimports,at24%in2024,isat21%for2025YTD.

Back-endcategoriesinOct

•Assembly&Packaging:$341mm,up8%yoyanddown30%mom.WithinA&P,wirebonderimportswereup13%yoyanddown16%momwhilemountingandbondingwasup12%yoyanddown44%mom.YTD,A&Pisup4%yoyto$3.7bn.

•Wafermanufacturing:$124mm,up8%yoyandup21%mom.YTD,importsareup2%yoyto$1.3bn.

•Flatpaneldisplay:$412mm,up166%yoyanddown57%mom.YTD,importsareup55%yoyto$2.9bn.

•Spares:$416mm,up1%yoyanddown24%mom.YTD,up20%yoyto$4.8bn.

•Testing:$42mm,down33%yoyanddown27%mom.YTD,down15%yoyto$412mm.

24November2025

Equity

Global

Semiconductors

DidierScemama>>ResearchAnalyst

MLI(UK)

+442079956751

didier.scemama@

VivekArya

ResearchAnalystBofAS

vivek.arya@

SimonWoo,CFA>>ResearchAnalyst

MerrillLynch(Seoul)

simon.woo@

MikioHirakawa>>ResearchAnalyst

BofASJapan

mikio.hirakawa@

HaasLiu>>

ResearchAnalyst

MerrillLynch(Taiwan)

haas.liu@

DaiShen>>

ResearchAnalyst

MerrillLynch(HongKong)

dai.shen@

DaleyLi,CFA>>ResearchAnalyst

MerrillLynch(HongKong)

daley.li2@

OliverWong>>ResearchAnalystMLI(UK)

oliver.wong2@

AmeliaBanks>>ResearchAnalystMLI(UK)

amelia.banks@

3MMA:3monthmovingaverage

ASP:Averagesellingprice

NL:Netherlands

WFE:Waferfabricationequipment

BofAGLOBALRESEARCH

2GlobalSemiconductors|24November2025

Contents

Chinasemiconductorequipmentimports–majorcategoriesataglance($mm)3

Chinasemiconductorequipmentimports–majorcategoriesataglance(yoy%)4

Chinasemiconductorequipmentimports–categorybreakdown5

Chinasemiconductorequipmentimports–majorcategoriesinOct6

Chinasemiconductorequipmentimports–furtheranalysis8

Front-endequipmentimporttotalcomparedtosemiequipmentsuppliers’disclosed10Chinaequipmentsales

Lithographyimports–up90%yoyinOct202512

Netherlandslithographymachineimports15

Depositionimports–up2%yoyinOct202518

Etchingimports–up6%yoyinOct202521

Heattreatmentimports–down4%inOct202524

Ionimplantersimports–down33%yoyinOct202527

ProcessControlimports–down42%yoyinOct202529

Wafermanufacturingequipment–up8%yoyinOct202531

Flatpaneldisplaymanufacturingequipment-up166%yoyinOct202532

Assemblyandpackagingequipment–up8%yoyinOct202533

Spares–up1%yoyinOct202534

Wirebonders–up13%yoyinOct202535

Mountingandbonding–up12%yoyinOct202536

Testingequipment–down33%yoyinOct202537

Appendix:Chinasemiconductorequipmentimports–summarytables38

BofAGLOBALRESEARCH

3

GlobalSemiconductors|24November2025

Chinasemiconductorequipmentimports–

majorcategoriesataglance($mm)

Exhibit1:Down25%momto$1.0bninOct2025Lithographymonthlyand3MMAimportvalue

2,000

1,500

US$mm

Monthly3MMA

1,000

500

0

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit3:Down29%momto$679mminOct2025Etchingmonthlyand3MMAimportvalue

Monthly3MMA

1,500

US$mm

1,000

500

0

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit5:Down30%momto$341mminOct2025Assembly&Packagingmonthlyand3MMAimportvalue

800

US$mm

Monthly3MMA

600

400

200

0

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit2:Down42%momto$605mminOct2025Depositionmonthlyand3MMAimportvalue

1,500

US$mmMonthly3MMA

1,000

500

0

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit4:Down66%momto$254mminOct2025ProcessControlmonthlyand3MMAimportvalue

Monthly3MMA

800

US$mm

600

400

200

0

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit6:Down27%momto$42mminOct2025Testingequipmentmonthlyand3MMAimportvalue

150

US$mm

Monthly3MMA

100

50

0

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

4GlobalSemiconductors|24November2025

Chinasemiconductorequipmentimports–

majorcategoriesataglance(yoy%)

Exhibit7:Up90%yoyandup17%yoyona3MMAinOct2025Lithographymonthlyand3MMAimportvalueyoy%

yoy%

3MMAyoy%

600%

500%

400%

300%

200%

100%

0%

-100%

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit9:Up6%yoyandup27%yoyona3MMAinOct2025Etchingmonthlyand3MMAimportvalueyoy%

yoy%

3MMAyoy%

250%

200%

150%

100%

50%

0%

-50%

-100%

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit11:Up8%yoyandup2%yoyona3MMAinOct2025Assembly&Pkgmonthlyand3MMAimportvalueyoy%

yoy%

3MMAyoy%

300%

200%

100%

0%

-100%

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit8:Up2%yoyandup21%yoyona3MMAinOct2025Depositionmonthlyand3MMAimportvalueyoy%

yoy%

600%

500%

400%

3MMAyoy%

300%

200%

100%

0%

-100%

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit10:Down43%yoyandup25%yoyona3MMAinOct2025ProcessControlmonthlyand3MMAimportvalueyoy%

yoy%

3MMAyoy%

250%

200%

150%

100%

50%

0%

-50%

-100%

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit12:Down33%yoyanddown16%yoyona3MMAinOct2025Testingequipmentmonthlyand3MMAimportvalueyoy%

yoy%

300%

200%

3MMAyoy%

100%

0%

-100%

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

5

GlobalSemiconductors|24November2025

Chinasemiconductorequipmentimports–

categorybreakdown

Exhibit13:Chinasemiequipmentimportstotalled$52.1bnin2024Chinasemiequipmentimportvaluebreakdownin2024

Spares

9%

Assembling

and

packaging

9%

Testing1%

Flatpanel

display

5%

Front-end

73%

Wafer

manufacturi

ng

3%

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit14:Chinasemiequipmentimportstotalled$4.6bninOct2025ChinasemiequipmentimportvaluebreakdowninOct2025

Spares

9%

Assembling

and

Testing1%

packaging

7%

Flatpanel

displayWafer9%

Front-end

71%

manufacturing

3%

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit15:Chinasemiequipmentimportstotalled$45.3bnin2025YTDOct

Chinasemiequipmentimportvaluebreakdownin2025YTD

Spares

11%

Assemblingand

packaging

8%

Testing1%

Flatpanel

display

6%

Front-end

73%

Wafer

manufacturing

4%

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

6GlobalSemiconductors|24November2025

Chinasemiconductorequipmentimports–

majorcategoriesinOct

Exhibit16:Onayoy%,Flatpaneldisplayoutperformedat166%Chinasemiequipmentimportvalueyoy%inOct2025

166%

90%

FlatpaneldisplayLithography

TotalChinasemiequipment…Wirebonders

MountingandbondingFront-end

Wafermanufacturing

Assemblyandpackaging EtchingDepositionSpares

15% 13%I12%l11%I8%I8%I6% 2%I1%

-4%

-33%

-33%

-42%

Heattreatment Testing IonimplantersProcesscontrol

-100%-40%20%80%140%200%

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

246%

FlatpaneldisplaySpares

MountingandbondingEtching

TotalChinasemiequipment…Processcontrol Deposition Front-endLithography

Assemblyandpackaging

Heattreatment-1%

Wirebonders-3%

Wafermanufacturing-5%Testing-16%

Ionimplanters-39%

Exhibit18:Ona3MMAyoy%,Flatpaneldisplayoutperformedat246%Chinasemiequipimportvalueyoy%inOct2025(3MMA)

37%

■36%

27%

25%

■25%

21%

18%

I17%

2%

-100%0%100%200%300%

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit17:Onamom%,Assemblyandpackagingoutperformedat21%Chinasemiequipmentimportvaluemom%inOct2025

21%

21%

AssemblyandpackagingWafermanufacturing

-16%

-17%

-24%

-25%

-27%

-29%

-35%

-36%

-37%

-42%

-44%

-57%

WirebondersHeattreatment Spares Lithography TestingEtching

Front-end

TotalChinasemiequipment…IonimplantersDeposition

-66%

MountingandbondingFlatpaneldisplayProcesscontrol

-100%-80%-60%-40%-20%0%20%40%

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

-

-

-

-

-

-10%

-12%

-12%

-16%

-33%

2%

2%

3%

4%

4%

%

1%

17%

Exhibit19:Ona3MMAmom%,Flatpaneldisplayoutperformedat17%Chinasemiequipimportvaluemom%inOct2025(3MMA)

7%

Flatpaneldisplay LithographyWirebonders

Mountingandbonding

AssemblyandpackagingTesting

-5-8%

TotalChinasemiequipment…Heattreatment Front-endEtching

ProcesscontrolDepositionSpares

WafermanufacturingIonimplanters

-60%-20%20%60%

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

7

GlobalSemiconductors|24November2025

Exhibit20:For2025YTDthroughOct,Flatpaneldisplayhadthehighestyoy%

Chinasemiequipimportvalueyoy%for2025YTD

55%45%

Flatpaneldisplay

Etching

20%

20%13%11%10%

SparesMountingandbondingDeposition

ProcesscontrolTotalChinasemiequipment…

7%4%2%

-5%

-10%

Front-endAssemblyandpackaging Wafermanufacturing WirebondersLithography

-15%

-18%

Testing

Heattreatment

Ionimplanters-25%

-40%0%40%80%

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

8GlobalSemiconductors|24November2025

Chinasemiconductorequipmentimports–

furtheranalysis

Exhibit21:Up15%yoyanddown36%mominOct2025Chinasemiequipmentmonthlyimportvalue

200%

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

Totalsemiequipmentimports

US$mmyoy%(RH)

100%

0%

-100%

-200%

Oct-15

Aug-16

Jun-17

Apr-18

Feb-19

Dec-19

Oct-20

Aug-21

Jun-22

Apr-23

Feb-24

Dec-24

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit23:Up24%yoyandup37%qoqin3Q25Chinasemiequipmentquarterlyimportvalue

200%

150%

100%

50%

0%

-50%

-100%

Totalsemiequipmentimports

18,000

US$mm

yoy%(RH)

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

3Q16

1Q17

3Q17

1Q18

3Q18

1Q19

3Q19

1Q20

3Q20

1Q21

3Q21

1Q22

3Q22

1Q23

3Q23

1Q24

3Q24

1Q25

3Q25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit25:Importvaluein2025throughOctoutpacedprioryears;at$45.3bn

ChinasemiequipmentimportvaluethroughandafterOct

80%

70%

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

Totalrestofyear

TotalthroughSept——yoy%throughSept

60,000

40,000

30,000

20,000

10,000

0

50,000

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit22:Up25%yoyanddown4%mominOct2025ona3MMAChinasemiequipmentmonthlyimportvalue(3MMA)

150%

100%

6000

5000

Totalsemiequipmentimports

50%

0%

-50%

-100%

-150%

4000

3000

2000

1000

0

yoy%(RH)

Oct-15

Oct-16

Oct-17

Oct-18

Oct-19

Oct-20

Oct-21

Oct-22

Oct-23

Oct-24

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit24:Importvaluewas$52.1bnin2024,up17%yoyChinasemiequipmentannualimportvalue

200%

150%

60,000

Totalsemiequipmentimports

US$mm

50,000

yoy%(RH)

100%

50%

40,000

30,000

0%

-50%

20,000

10,000

-100%

0

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit26:Back-end’sproportionhasdecreasedovertheyearsChinasemiequipmentimportvaluebycategory

8,000

7,000

6,000

uBack-enduProcessControluOtherFront-end

Lithography

Etching

HeatTreatment

IonImplantersDeposition

5,000

4,000

3,000

2,000

1,000

0

Oct-15

Oct-16

Oct-17

Oct-18

Oct-19

Oct-20

Oct-21

Oct-22

Oct-23

Oct-24

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

9

GlobalSemiconductors|24November2025

Exhibit27:Since2H23,lithographyhasdisproportionallyincreasedrelativetoothers

Chinasemiequipmentimportvaluebyfourkeycategories

4,000

Lithography

IonImplanters

DepositionEtching

3,000

2,000

1,000

0

Oct-15

Oct-16

Oct-17

Oct-18

Oct-19

Oct-20

Oct-21

Oct-22

Oct-23

Oct-24

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit29:Japan’sshareofimportsat26%oftotalin2025YTDOctChinasemiequipmentimportvaluebykeycountries

Others

Taiwan

Germany

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

USD$mm

MalaysiaSingaporeSKorea

Japan

NetherlandsUS

Oct-15

Oct-16

Oct-17

Oct-18

Oct-19

Oct-20

Oct-21

Oct-22

Oct-23

Oct-24

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit31:In2024,Chinaaccountedfor36.2%oftheglobalWFEend-

market

Globalwaferfabequipment(WFE)endmarketin2024

China,

36.2%

Non-China,63.8%

Source:Gartner,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit28:EtchingandPlasmadryetchershavegainedgoodproportion

Chinasemiequipmentimportproportionbycategory

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

OtherFront-endLithography

Back-end

IonImplantersDeposition

ProcessControlEtching

HeatTreatment

Oct-15

Oct-16

Oct-17

Oct-18

Oct-19

Oct-20

Oct-21

Oct-22

Oct-23

Oct-24

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit30:JapanandNetherlandsaccountedforacombined42%ofsemiequipmentimportsintoChinathroughOctin2025

2025YTDChinasemiequipmentimportvaluebycountry

Others,7%

US,9%

Malaysia,8%

Taiwan,6%

Japan,26%Singapore,

16%

Germany,

Netherlands,16%

2%

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

10GlobalSemiconductors|24November2025

Front-endequipmentimporttotal

comparedtosemiequipmentsuppliers’

disclosedChinaequipmentsales

Onanannualbasis,thedisclosedChinaequipmentsalesofthefivelargestsemi

equipmentcompanies(AppliedMaterials,LamResearch,TokyoElectron,ASMLKLA)

totalto~75%ofthecustomsimporttotalforfront-endsemiequipmentoverthesameperiod.Onaquarterlybasis,itrangesbetween65%and85%.Thus,webelievethat

trackingmonthlyChinaimportdatacanbeausefulindicatorofhowsemiequipmentsuppliers’Chinasalesaretrending.

Exhibit32:Topfivesemicapsuppliers’disclosedChinasalesaccountedfor65%offront-endChinaimportsin3Q25

90%

85%

80%

75%

70%

65%

60%

Topfivesemiequipmentsuppliers’disclosedChinasalesas%offront-endequipmentcustomsimportvalue

r85%

85%

80%

75%

76%76%

77%

76%

70%70%

72%

70%

64%65%65%

1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

GlobalSemiconductors|24November202511

Exhibit33:Topfive’sdisclosedsalesas%ofimporttotalwassteadyat74-77%between2021-24onanannualbasisSemiequipmentsuppliers’disclosedChinaequipmentsalescomparedtoChinacustoms’front-endsemiequipmenttotal

US$mm

1Q21

2Q21

3Q21

4Q21

2021

1Q22

2Q22

3Q22

4Q22

2022

1Q23

2Q23

3Q23

4Q23

2023

1Q24

2Q24

3Q24

4Q24

2024

1Q25

2Q25

3Q25

AppliedMaterials(FYJan29toJan28)

1,446

1,783

1,596

1,570

6,394

1,662

1,405

1,056

913

5,036

1,103

1,339

2,314

2,338

7,093

2,180

1,651

1,638

1,745

7,215

1,382

1,990

1,495

LamResearch

803

1,030

1,093

703

3,630

830

939

964

847

3,581

487

439

996

911

2,833

1,004

846

879

814

3,542

936

1,195

1,534

TokyoElectron

742

1,109

741

896

3,493

797

558

988

546

2,883

783

828

961

1,133

3,728

1,364

1,348

1,149

1,430

5,291

1,132

1,055

1,245

ASML

566

604

485

871

2,536

872

441

643

437

2,379

458

1,465

2,656

2,386

6,954

2,110

2,511

3,060

2,049

9,729

1,550

1,511

2,333

KLACorporation

N/A

N/A

N/A

N/A

1,707

559

573

680

567

2,378

495

544.8

790

788

2,620

743

860

923

868

3,395

622

742

962

TotaldisclosedChinaequipmentsales

N/A

N/A

N/A

N/A

17,760

4,720

3,916

4,332

3,308

16,257

3,327

4,616

7,717

7,555

23,228

7,401

7,216

7,649

6,905

29,171

5,622

6,492

7,567

Front-endequipmentimportstotal

5,498

6,682

5,437

6,218

23,835

5,908

5,596

5,772

4,720

21,996

4,724

6,088

10,154

10,554

31,521

8,708

8,441

9,971

10,789

37,909

8,657

8,586

11,725

DisclosedChinasalesas%offront-endequipmentimports

N/A

N/A

N/A

N/A

75%

80%

70%

75%

70%

74%

70%

76%

76%

72%

74%

85%

85%

77%

64%

77%

65%

76%

65%

Source:Companyreports,ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

工

BofAGLOBALRESEARCH

12GlobalSemiconductors|24November2025

Lithographyimports–up90%yoyinOct

2025

LithographyimportvalueinOct2025wasup90%yoyanddown25%mom.Unitvolumewasupdown42%yoyanddown32%mom.ASPwasup228%yoyandup9%mom.

ThisfollowedaweakSeptwithimportsdown17%yoy.

Importvaluein3Q25wasdown13%yoyandup100%qoq.Unitvolumewasdown18%yoyandup6%qoq.ASPwas$14.4mm,abovetheprevious4qtraverageof$11.4mm.

China’slithographyimportvaluehasgrownata36%CAGRbetween2020-2023andwasup22%in2024,drivenbyanincreaseinASP.

Notethatthelithographyimportcategoryconsistsofstepandrepeatalignersandlithographymachines,ofwhichthelatteraccountsforalmostalloftheimportvalue.Seeimportvalue,unitandASPcomparisonsforOct2025below.

Exhibit34:NLlithomachinesaccountedfor94%ofalllithoimportsinOct2025

Oct2025valueofalignersvslithomachinesvsNLlitho

1,200

1,000

US$m

600

400

200

0

800

Lithographymachines

Netherlandslithographymachines

Stepandrepeataligners

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit35:NLlithomachinesaccountedfor32%ofalllithomachineunitsinOct2025

Oct2025unitsofalignersvslithomachinesvsNLlitho

45

40

Units

30

25

20

15

10

5

0

35

Lithographymachines

Stepandrepeataligners

Netherlands

lithographymachines

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit36:ASPofNLlithomachineswas3.0xthatofalllithomachinesinOct2025

Oct2025ASPofalignersvslithomachinesvsNLlitho

80

70US$m

60

50

40

30

20

10

0

StepandrepeatLithographyNetherlands

alignersmachineslithographymachines

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

13

GlobalSemiconductors|24November2025

Exhibit37:Up90%yoyanddown25%mominOct2025LithographymonthlyimportvalueintoChina

1200%

800%

400%

0%

2,000

US$mmLithography

yoy%(RH)

1,500

1,000

500

0-400%

Oct-15

Oct-16

Oct-17

Oct-18

Oct-19

Oct-20

Oct-21

Oct-22

Oct-23

Oct-24

Oct-25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit39:Lithographyimportvaluewas$10.7bnin2024,up22%yoyLithographyannualimportvalueintoChina

150%

12,000

US$mm

Lithography

10,000

yoy%(RH)

100%

8,000

50%

6,000

4,000

0%

2,000

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

-50%

0

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit41:Unitsweredown18%yoyandup6%qoqin3Q25LithographyquarterlyimportunitsintoChina

450

150%

UnitsmmLithography

100%

yoy%(RH)

300

50%

150

0%

1Q15

4Q15

3Q16

2Q17

1Q18

4Q18

3Q19

2Q20

1Q21

4Q21

3Q22

2Q23

1Q24

4Q24

3Q25

0

-50%

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit38:Down13%yoyandup100%qoqin3Q25LithographyquarterlyimportvalueintoChina

400%

300%

4,000

US$mmLithography

yoy%(RH)

3,000

200%

2,000

100%

0%

-100%

1,000

0

1Q15

4Q15

3Q16

2Q17

1Q18

4Q18

3Q19

2Q20

1Q21

4Q21

3Q22

2Q23

1Q24

4Q24

3Q25

Source:ChinaGeneralCustoms,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit40:Unitswer