伯恩斯坦-中国半导体：2025年晶圆制造设备在华竞争动态-China Semicap：2025 WFE Competitive dynamics in China-20260528

28May2026

ChinaSemiconductors

ChinaSemicap:2025WFECompetitivedynamicsinChina

QingyuanLin,Ph.D.

+85221232654

qingyuan.lin@

StacyA.Rasgon

,Ph.D.

+12135595917

stacy.rasgon@

DavidDai,CFA

+85229185704

david.dai@

ZhengCui

+85221232694

zheng.cui@

FrancisMa

+85221232626

francis.ma@

AlrickShaw

+19173448454

alrick.shaw@

ArpadvonNemes

+19173448461

arpad.vonnemes@

CarmineMilano,CFA

+442077621857

ano@

JuhoHwang

+85221232632

juho.hwang@

JackLin

+85221232683

jack.lin@

WetracktheWFEcompetitivedynamicsinChinaannually(2023,2024);inthiscallwerefreshthenumbersfor2025.Overalllocalizationratiorosefrom16%in2024to21%in2025;Deposition,DopingandProcessControlmadethebestprogressingrowth.

LithographyandTrackremainthetwosectorswiththelowestlocalizationratios.

InourlatestChinaWFEmodelupdate(reportandmodel),weestimatedthat

China’sWFEself-sufficiencyreached21%in2025(Exhibit2).DryEtchand

Depositionarestillthetwomostimportantsegmentsforlocalvendors,thelocalization

ratioreached31%/27%(Exhibit3),supportedbystrongYoYgrowthat37%/67%(Exhibit4),respectively.TheprogressonDoping/ProcessControlwasbetterthanexpectedwith86%/63%YoYgrowthforlocalplayers,self-sufficiencyreached13/10%,above10%forthefirsttime.Lithography/Trackstilldidn'tmakemuchprogresswithLSDself-sufficiency.Cleaningwasgrowingsurprisinglyslowatonly8%YoY.ThermoProcessingandCMP

achieveddecentYoYgrowthat43%/33%respectively.

Amonglocalplayers,AMEC/NAURAaregainingshareinDeposition,andNAURA

isexpandingmarketpresenceinDoping(Exhibit5).Comparing2025shareto2024,NAURAfurtherexpandedshareinDepositionfrom64%to65%,andAMECalsoexpandedfrom1%to3%,whilePiotech/ACMRslightlylostsharewithdelayinrevenuerecognition.NAURArecognizeddopingrevenueforthefirstyearandisalreadythesecond-largestlocalplayerinthesectorwith27%share.WithinDryEtch,AMEC/NAURAsharesarestableat

47%/48%.Thedynamicswithinothersectorsremainlargelyunchanged.

Mostglobalvendors’growthinChinaslowedin2025(Exhibit11),withLRCXthe

onlyexceptionat+36%YoY.From2018-24,ASML/KLAC’sChinarevenuecaptured

stronggrowthat32%/28%CAGR,butin2025therevenuewasdownHSDYoY,indicatingthatthereisindeedsomepullforwardsasthecompetitionfromlocalplayerswasvery

limited.ComparingTEL/AMAT/LRCXwherethecompetitionwithChinesevendorsin

Deposition/DryEtchismoreintense,between2018-24clearlyTELbenefitedmorethanAMAT/LRCXasthepriorityforlocalfabsistode-Americanizeratherthanfullylocalize,with2018-24CAGRat25%/12%/15%,respectively.However,interestinglyLRCXrevenue

in2025wasup36%YoYwithTEL/AMATat-20%/-12%,webelieveit’smainlydueto

thecustomermixchange,astheincrementaldemandin2025wasmainlyadvancedlogicwhereLRCXhashighershare(mostDryEtchtoolsarenotbanned).Lookingbeyond2025,weexpectglobalvendors’exposureinChinawillfurthernormalizeasnon-Chinademandisgrowingfaster,andlocalplayerscouldacceleratesharegaingiventhepull-forwardfromtheglobalplayerssloweddown.

MaintainOutperformonNAURA,AMEC,Piotech.Withinourcoverage,asDeposition/DryEtchsegmentshavelargeTAMandself-sufficiencyisstillaccelerating,westilllikeallthreethatbenefitsfromtheirreversiblelocalizationtrend.Webelievethesharegainstorywillbeamulti-yearrunwaygiventhecertaintyofdomesticfabexpansion.Recentlythe

localmemorycustomershavesignificantlyreviseduptheirplanoncapacityexpansionforthenextfewyearsduetothememorysupercycle,andwebelieveadvancedlogicwillalsoacceleratecapacityexpansiongiventhesurgeindemandforlocalAIchips.

SeetheDisclosureAppendixofthisreportforrequireddisclosures,analystcertificationsandotherimportantinformation.Alternatively,visitourGlobalResearchDisclosureWebsite.

FirstPublished:27May202621:30UTCCompletionDate:27May202618:17UTC

QingyuanLin,Ph.D.+85221232654

qingyuan.lin@

28May2026

BERNSTEINTICKERTABLE

27May

2026

TTM

ReportedEPSReportedP/E(x)

Ticker

Rating

Cur

Closing Price

Price

Target

Rel.

Perf.

Cur2025A2026E2027E

2025A2026E2027E

688012.CH(AMEC)

O

CNY

455.05

500.00

120.0%

CNY

3.40

4.95

7.18

133.8

92.0

63.3

002371.CH(NAURA)

O

CNY

654.77

680.00

65.6%

CNY

5.66

10.22

16.41

115.6

64.1

39.9

688072.CH(Piotech)

O

CNY

667.00

580.00

312.9%

CNY

3.32

8.12

12.40

200.9

82.1

53.8

8035.JP(TokyoElectron)

O

JPY

52,500

59,200

83.9%

JPY

1,250.88

1,504.14

1,848.77

42.0

34.9

28.4

AMAT(AppliedMaterials)

O

USD

454.89

525.00

148.2%

USD

9.42

12.17

15.56

48.3

37.4

29.2

LRCX(LamResearch)

O

USD

322.68

340.00

249.8%

USD

4.14

5.68

7.98

78.0

56.8

40.4

6525.JP(Kokusai)

O

JPY

7,770.00

8,240.00

107.0%

JPY

128.63

200.23

274.61

60.4

38.8

28.3

6146.JP(DISCO)

O

JPY

67,630

85,000

58.9%

JPY

1,246.28

1,733.62

2,127.33

54.3

39.0

31.8

6857.JP(Advantest)

O

JPY

27,130

39,200

231.2%

JPY

534.21

735.65

870.09

50.8

36.9

31.2

7735.JP(Screen)

M

JPY

11,220

12,600

70.5%

JPY

486.61

572.60

662.24

23.1

19.6

16.9

6920.JP(Lasertec)

O

JPY

41,530

50,000

134.1%

JPY

937.82

893.18

976.61

44.3

46.5

42.5

ASML.NA(ASML)

O

EUR

1,376.40

1,700.00

92.1%

EUR

24.72

32.69

46.98

55.7

42.1

29.3

ASML(ASML)

O

USD

1,632.03

1,971.00

83.9%

USD

27.95

36.96

53.13

50.3

38.0

26.4

ASIAX

1,997.51

JPL

2,551.66

SPX

7,520.36

EDME

1,556.49

O-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSuspendedAMAT,LRCXestimateisAdjustedEPS;AMAT,LRCXvaluationisAdjustedP/E(x);

Source:Bloomberg,Bernsteinestimatesandanalysis.

INVESTMENTIMPLICATIONS

NAURA(Outperform,CNY680.00):AsthedomesticWFEleader,NAURAhasthebroadestproductportfoliocovering

Deposition(PVD,CVD),DryEtch(ICP),ThermoProcesses,andCleaning,aswellasamorediverseclientbasecoveringleadinglogic,DRAM,NANDplayers,benefitingfromtheWFEdomesticsubstitutioninChinawithaccelerationsharegain.

AMEC(Outperform,CNY500.00):PrimarilyfocusedonDryEtch(CCP,ICP)withrapidexpansioninDeposition(ALD,LPCVD,EPI),commonlyperceivedasthedomesticWFEcompanywiththebesttechnologyandwidestglobalrecognition,continuetobenefitfromtheWFEdomesticsubstitutioninChinawithaccelerationsharegain.

Piotech(Outperform,CNY580.00):RisingdomesticWFEvendorprimarilyfocusedonDeposition(PECVD,HDPCVD,SACVD,ALD)withexpansioninW2WandC2Whybridbondingequipmentforadvancedpackaging.Piotechhasastrongtrackrecordofproductinnovation,whichshouldallowittobenefitfromtheWFEdomesticsubstitutioninChinawithaccelerationsharegain.

TokyoElectron(Outperform,¥59,200):TEListhe#4SPEsuppliergloballyandthebiggestJapaneseSPEsupplierwithmajorpresencein6productsegments.Itisexpectedtogainshareandexpandmarginswithcompetitivepricingafteryendepreciation.

Kokusai(Outperform,¥8,240.00):BatchALDshouldseemoreadoptioninadvancednodesespeciallyGAA(gate-all-around).ThebiggestuseofbatchALDisinNAND,andNANDcapexrecoveryisaccelerating.

Screen(Market-Perform,¥12,600):Cleaningintensityisnotincreasing,andthemarketiscompetitivewithbothglobalrivals(TEL,Lam)andChinese(ACMR,Naura).Potentialupsidefrompanellevelpackagingisworthwatching.

AMAT(Outperform,$525.00):WemaintainapositiveviewonsecularWFEgrowthandseeanumberofdriversforAMATincludingSAMgrowth,anincreasingservicesnarrative,andcapitalreturn.

LRCX(Outperform,$340.00):CY25commentaryseemssupportive,andaNANDupgradecyclemaybestarting.ASML(Outperform,EUR1,700.00):WerateASMLOutperform.

CHINASEMICONDUCTORSBERNSTEINlsocIeTecENeRAlECROUP2

QingyuanLin,Ph.D.+85221232654

qingyuan.lin@

28May2026

CHINASEMICONDUCTORSBERNSTEINlsocIeTecENeRAlECROUP3

DETAILS

Inourcompetitivedynamicsreportlastyear(ChinaSemicap:2024WFECompetitivedynamicsinChina),weprovidedacross-sectionviewonChinaSemicapprogressandanin-depthanalysisofindividualChineseWFEvendors.Inthisreport,werefreshourdatato2025andofferourlatestinsightsonthecompetitivedynamicsshiftwithinChina.

2025wasanotherrecord-highyearforChina'sWFEdemand,reaching$50bn(accountingfor41%oftheglobalTAMof

$122bn,Exhibit1).Domesticsubstitutioncontinuedataremarkablyfastpace,drivingtheoveralllocalizationratiotorise

from16%in2024to21%in2025(Exhibit2).Wehighlightthatwhiletherewaspull-forwarddemandinthe2023and2024ChinatotalWFEnumbers,theacceleratedsharegainsbydomesticvendorsrepresentgenuinetechnologicalandcommercialbreakthroughs.Lookinginto2026and2027,weexpectdomesticvendorstocontinueoutgrowingtheirglobalpeers,ensuringthattherapidshareshiftremainsamulti-yearseculartrend.

EXHIBIT1:GlobalWFE:Chinademandexpectedtobeweakerwhilenon-Chinacouldstillgoupin2025

Global&ChinaWaferFabEquipment(WFE)TAMUSDbn

USDbn

GlobalTAM

'17-'25

CAGR

'25-'28

CAGR

+18%198

175

RoW

Demand

148

121

122

+12%

6%19%

108

110

97

61

97

92

68

90

65

64

47

17

72

59

47

12

54

40

14

51

44

7

72

77

China

Demand

67

29%16%

58

45

50

37

23

25

2025

41%

2018

20%

2019

26%

2020

26%

2021

26%

2022

26%

2023

38%

2024

41%

2017

13%

2026E2027E2028E

39%38%39%

ChinaTAMShare

Source:Gartner,SEMI,Bernsteinestimatesandanalysis

QingyuanLin,Ph.D.+85221232654

qingyuan.lin@

28May2026

CHINASEMICONDUCTORSBERNSTEINlsocIeTecENeRAlECROUP4

ChinaWaferFabEquipment(WFE)TAMandDomesticShare

ChinaWaferFabEquipment(WFE)TAMandDomesticShare

ChinaWaferFabEquipment(WFE)TAMandDomesticShare

ChinaWaferFabEquipment(WFE)TAMandDomesticShare

Source:Gartner,SEMI,Companyreports,Bernsteinestimatesandanalysis

2017201820192020202120222023202420252026E2027E2028E

4%3%4%6%8%13%14%16%21%26%34%43%Self-sufficiency

(DomesticShare)

Global

supplier26%4%share

Domestic

supplier57%46%share

+16%77

67

58

44

44

43

33

22

15

50

45

37

39

38

32

5710

ChinaWaferFabEquipment(WFE)TAMandDomesticShare

USDbn

12

7

11

25

22

3

23

22

2

'25-’28CAGR

'17-'25CAGR

ChinaTAM

17

16

1

14

13

1

00

+29%

6

EXHIBIT2:ChinaWFE:Accelerationindomesticsubstitutioncontinues,expecttheself-sufficiencytoreach26%by2026

CHINASEMICONDUCTORSBERNSTEINlsocIeTecENeRAlECROUP5

QingyuanLin,Ph.D.+85221232654

qingyuan.lin@

28May2026

CHINAWFECOMPETITIVEDYNAMICSBYSEGMENT

China'sWFEself-sufficiencyratioadvancedto21%in2025,yettheprogressremainshighlybifurcatedacrossdifferent

processsteps.Basedondomesticself-sufficiencyandtheChinaTotalAddressableMarket(TAM)foreachsegment,we

categorizethemarketintothreetypes:(youcanfindthedefinitionofeachsegmentinourpreviousreportGlobalSemicap:ShortprimeronsegmentsofWaferFabEquipment(WFE)):

•TypeA:LargesegmentswhereChineseplayersaremakingsubstantialprogress(DryEtchandDeposition).Becausethetechnologybarriers,whilehigh,aremoresurmountablethaninlithography,leadingdomesticplayershavesuccessfully

brokenintocoresupplychains.In2025,self-sufficiencyinDryEtchandDepositionreached31%and27%,respectively.ThiswassupportedbyrobustYoYgrowthof37%forDryEtchand67%forDepositionamonglocalplayers.Thesefiguresconfirmourthesisthatthesetwosegmentsareinthesweetspotforrapiddomesticsubstitutionacceleration.

•TypeB:High-barriersegmentswithlowself-sufficiency(Lithography,ProcessControl,Doping,andPhotoresistProcessing).Lithographyremainsthemostchallengingbottleneck,showingvirtuallynoprogressindomesticsubstitution.However,

ProcessControloutperformedourexpectations,achievinga63%YoYgrowthforlocalplayers;yetgiventhelowbase,overallself-sufficiencyremainsminimalatroughly10%.Conversely,localsupplyinDopingandPhotoresistProcessingfailedto

capturestronggrowth,reflectingthepersistentlyhighentrybarriersandslowprogressofdomesticplayersintheseareas.

•TypeC:Smallersegmentswithrelativelyhighself-sufficiency(Cleaning,ThermoProcessing,CMP,andotherMaterials

Removal).Withrelativelylowertechnologicalhurdles,domesticleadershavemadesubstantialheadway.In2025,Cleaning,ThermoProcessing,andCMPachievedstrongYoYgrowthof8%,43%,and38%,respectively.Chineseequipmentmakersnowdominatethematurenodesintheseareasandaresteadilypushingintohigher-end,advanced-nodesub-segments.

EXHIBIT3:In2025,ChineseplayerskeptgrowinginDeposition&DryEtchwhereU.S.playersweretraditionallystronger

EverydatapointhasBernsteinestimatesfactoredingivencompanyusuallydoesn’tdisclosesuchdetails.Source:Gartner,Companyreports,Bernsteinanalysisandestimates

QingyuanLin,Ph.D.+85221232654

qingyuan.lin@

28May2026

CHINASEMICONDUCTORSBERNSTEINlsocIeTecENeRAlECROUP6

EXHIBIT4:ChinaWFEsupply&YoYgrowth

ChinaSupply(USDmn)&YoYGrowth(CY2025vs.CY2024)

YoY(RHS)

38.0%

33.2%

86.2%

43.3%

20242025

3,447

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

LithographyDepositionDryEtchProcessControl

CleaningCMPPhotoresistProcessing

DopingThermalOtherMat.ProcessesRemoval

2,0702,111

36.5%

2,881

62.7%

656

78

764823

7.8%

403

158

522

321

10.8%

351389

66.5%

476

577

143

104

26

85

Source:Gartner,Companyreports,Bernsteinanalysisandestimates

Regardingthecompetitionwithineachsector,wefirstanalyzethecompetitivedynamicsamongstChinesevendors.Dueto

thehighbarriersinWFE,themarketshareisskewedtoafewlargeplayersineachsegmentaswecanseeintheglobalsector,andweobservedasimilarpatterninChinabasedonourbottom-upanalysis(Exhibit5).Thedynamicswithineachsegmentareillustratedbelow(pleaserefertotheglossaryintheappendixfortheexplanationoftheabbreviations):

•Deposition:NAURAandPiotechremainthetwomajorplayers.NAURAdominatesinPVD,maintainsamonopolyinthat

equipmenttype,andcontinuestosecurealargershareoftheoveralllocaldepositionmarket.ItisalsodevelopingavarietyofCVDequipment(suchasCVD/ALDforHigh-KMetalGate)withrevenuecontributionscontinuingtorampup.Piotech

leadsinPECVDanditsALDisalsogrowingfast,thoughitexperiencedslightsharedilutionduetodelaysinrevenue

recognition.AMEChasstartedtorecognizerevenueinLPCVD/ALDasitaggressivelydevelopsnewequipmentwithinthesegment.ACMR’sstrengthisinECP,anditisalsodoingR&DonPECVD,thoughwedon’texpectthelattertocontribute

meaningfulrevenueinthenearterm.LeadmicroisasmallerplayerworkingonALD,currentlyintheearlierstagesof

commercializationforWFE.Althoughcompetitionisintensifying,theystillfocusondifferentprocessesandthustheoverlapremainsmanageable.Webelievetheleaders(NAURAandPiotech)willcontinuetocapturestrongmomentumgiventheir

technicalcompetencyanddeeperbondingwithleadingfabs,whileAMECisemergingasastrongnewentrantwithitssolidtechcapabilities.

•DryEtch:AMECandNAURAarethetwoleadersinthespace.AMECcontinuestogainsharewithinthissegment,drivenbyitsestablishedstrengthinCCPandstrongongoinggrowthinICPin2025.NAURAstillmainlyfocusesonICP,andits

CCPrevenuewilllikelystarttoemergemoremeaningfullyin2026basedonordersfromlate2024and2025.ThespecificequipmenttypesthatNAURAandAMEChavedevelopedstillhavelimitedoverlap,buttheywilleventuallyenterhead-to-headcompetition.Overthemediumtolongterm,afterChinesevendorshaveexhaustedthewhitespaceexpansion,the

competitionbetweenthesetwogiantswillbeinevitable,asfabswillseekasecondarysupplierforsupplychainresiliency.However,newentrantsinDryEtcharehighlyunlikely,giventhatNAURAandAMEChavealreadybuiltastrongtechmoatthroughdecadesofR&Dandco-developmentsupportfromleadingfabs.

•Lithography:SMEE(private,togetherwithYuliangsheng宇量昇)remainstheonlyplayerthathascommerciallyavailable

lithographyequipmentinChina(withthemajorityoftherevenuefromback-endlithographyequipment),andself-sufficiencyremainsextremelylow.ChinaisinvestingaggressivelyinLithography(DUVandEUV),butgiventheextremelyhighbarriers,itwilllikelystilltakeyearstomakeanymeaningfulcommercialbreakthrough.

•ProcessControl:SkyverseistheleaderinUnpatternedWaferInspectionandisactivelydevelopingPatternedWafer

Inspectionequipment.Overallprogressforlocalplayersinthissegmentwasbetterthanourexpectationsin2025,drivenbystrongYoYgrowth,thoughaggregateself-sufficiencyremainslow.Therearemanystart-upsfocusingondifferentsub-

QingyuanLin,Ph.D.+85221232654

qingyuan.lin@

28May2026

segmentsofProcessControlinChinagiventhefragmentednatureoftheequipmenttypes,andSiCARRIERisenteringthespacewithstrongmomentum.

•Cleaning&OtherMaterialsRemoval:Thetechnologybarrierinsomematurecleaningprocessesislower,sothere

aremoreplayersinthisspace,thougheachleaderfocusesondifferentareas.ACMRhasseenasignificantsharegainandexpandeditsmarketpresencetobecomethedominantplayerintheCleaningsegment,leveragingitsstrengthin

wetcleaningequipment.Mattson(acquiredbyE-town,private),remainsthelargestplayerintheOtherMaterialRemoval

CHINASEMICONDUCTORSBERNSTEINlsocIeTecENeRAlECROUP7

segment,withitscorestrengthinDryStrip.

•ThermalProcesses:NAURAistheleader,coveringboththefurnaceandRTPsub-segments.Mattson’sstrengthremainsinRTP.

•Doping:CETC(private)andKingstonearetheleaders.BothcompanieshaveastrongpresenceinHighCurrentImplanters,whileCETChasmoreexposuretoMediumCurrentImplantersandKingstonehasmoreexposuretoHighVoltageImplanters.Localsupplydidnotgrowasrapidlyasothersegmentsin2025,reflectingthehighbarriersandtheslowerprogressof

domesticplayersinthisspace.

•CMP:HwatsingistheundisputedleaderinCMP,anditsequipmenthasbeenwidelyusedinleadinglocalfabs.

•PhotoresistProcessing(Track):KingsemiistheleaderandiscurrentlytheonlyChinesemanufacturerthatcanprovidemass-producedFront-Endphotoresistcoater&developerequipment(recentlyacquiredbyNAURA).Similartolithographyanddoping,localizationprogressremainsslow.ACMRisalsodevelopingitstrackproducts,withrevenueexpectedtobeginscalingprogressively.

EXHIBIT5:MajorChinesevendor’ssharewithindomesticsuppliers,CY2025

1)Marketshareiscalculatedwitheachcompany’sforecastedWFErevenueexcludingservicesandparts;2)AMEC,NAURAandPiotecharecoveredbyBernstein;allothercompaniesarenotcovered;SMEE,CETCandMattsonareprivate;3)AlllistedcompaniesarelistedinChina,exceptthatACMRisdual-listedinChina

(688082.CH)andU.S.(ACMR.US)

Source:SEMI,Gartner,MIR,Companyreports,Bernsteinanalysisandestimates

QingyuanLin,Ph.D.+85221232654

qingyuan.lin@

28May2026

EXHIBIT6:MajorChinesevendor’ssharewithindomesticsuppliers,CY2024

CHINASEMICONDUCTORSBERNSTEINlsocIeTecENeRAlECROUP8

Mfg.

Automation

4%

1,651

N/A

N/A

Other

Chinesesuppliers

Lithography

24%

10,750

26

0%

SMEE

100%

Doping

3%

1,421

85

6%

Kingstone

24%

CETC

ProcessControl

12%

5,214

321

6%

Skyverse

52%

Jingce

8%

PhotoresistProcessing

3%

1,446

78

5%

Kingsemi

85%

OtherMat.Removal

1%

385

351

91%

NAURA

21%

Mattson

Segment

ShareofWFE

ChinaTAM

(USDmn)

China

supply

(USDmn)

Selfsuffi-

ciency

MajorChinesePlayers

CMP

3%

1,248

476

38%

Hwatsing

85%

Cleaning

6%

2,831

764

27%

NAURA

17%

ACMR

68%

Deposition

23%

10,418

2,070

20%

NAURA

64%

ThermalProcesses

3%

1,375

403

29%

NAURA

65%

DryEtch

16%

7,283

2,111

29%

NAURA

47%

Others

3%

1,249

N/A

N/A

MajorChineseWaferFabEquipmentsuppliersbysegment(CY2024)

AMEC

1%

Piotech

25%

ACMR

7%

AMEC

47%

Mattson

3%

73%

74%

Mattson27%

PNC10%

1)Marketshareiscalculatedwitheachcompany’sforecastedWFErevenueexcludingservicesandparts;2)AMEC,NAURAandPiotecharecoveredbyBernstein;allothercompaniesarenotcovered;SMEE,CETCandMattsonareprivate;3)AlllistedcompaniesarelistedinChina,exceptthatACMRisdual-listedinChina

(688082.CH)andU.S.(ACMR.US)

Source:SEMI,Gartner,MIR,Companyreports,Bernsteinanalysisandestimates

EXHIBIT7:ChinaWFEcompetitivelandscapewithindomesticsuppliers,CY2023

MajorChineseWaferFabEquipmentsuppliersbysegment(CY2023)

Segment

Lithograp

hy

Depositi

on

DryEt

ch

Proc

Con

ess

trol

Cle

aning

CMP

Ph

Pr

otoresist

ocessing

Doping

Thermal

Processes

OtherMat.

Removal

Mfg.

Automation

Others

Shareof

WFE

24%

23%

15%

12%

6%

3%

3%

4%

3%

1%4%

3%

China

TAM

8,762

8,358

5,64

0

4,3

20

2,

098

1

,016

1,285

1,299

1,115

303

1,447

1,120

(USDm

n)

China

supply

26

1,398

1,44

7

19

9

5

29

375

77

87

295

253

N/A

N/A

(USDm

n)

Selfsufciency

fi-

0.3%

17%

26%

5%

2

5%

37%

6%

7%

26%

83%

N/A

N/A

Major

Chines

Player

e

s

SMEE

100%

NAURA

63%

NAURA

49%

52%

Skyv

URA

9%

Hw8

atsing

5%

Ki

K

ingstone

32%

NAURA

62%

NAURA

15%

Other

Chinese

suppliers

erse

NA

1

Mattson

80%

59%

AC

MR

ngsemi

85%

CETC

65%

AME

C

8%

Jing

ce

Piotech

45%

Mattson

26%

Mattson

PNC

17%

30%

ACMR

8%

3%

1)Marketshareiscalculatedwitheachcompany’sforecastedWFErevenueexcludingservicesandparts;2)AMEC,NAURAandPiotecharecoveredbyBernstein;allothercompaniesarenotcovered;SMEE,CETCandMattsonareprivate;3)AlllistedcompaniesarelistedinChina,exceptthatACMRisdual-listedinChina

(688082.CH)andU.S.(ACMR.US)

Source:SEMI,Gartner,MIR,Companyreports,Bernsteinanalysisandestimates

Japananddomesticplayerscontinuetobenefitfromstructuralde-Americanizationtrends(exceptLRCX);inotherwords,U.S.vendors(exceptLRCX)arepersistentlylosingmarketsharetoJapanandChinaWFEvendorswithinthedomesticmarket.ThedetailedcompetitivedynamicsareillustratedinExhibit8.Eachcolumnofthisexhibitrepresentsanequipmentsegment,the

QingyuanLin,Ph.D.+85221232654

qingyuan.lin@

28May2026

majorplayers,andtheirmarketshares.ThetopofeachcolumnrecordstheshareofthatsegmentwithintotalWFEandthesize

CHINASEMICONDUCTORSBERNSTEINlsocIeTecENeRAlECROUP9

oftheChinaTAM,whichreachedanestimated$50bnin2025,accountingforamassive41%ofglobalWFEdemand.

LithographyremainsthesegmentwiththelargestTotalAddressableMarket(TAM).Followingthesignificantpull-indemandobservedinrecentyearsdrivenbyfearsoffurtherU.S.sanctions,demandforlithographyequipmentremainedstructurallyrobust.Withvirtuallynoviablelocalalternativesanddomesticsubstitutionmakingzeromeaningfulprogressin2025,ASMLcontinuestobethedominantplayerandtheprimarybeneficiaryofthissustainedcapacityexpansion.

DepositionrepresentsanothercoresegmentoftheChinaWFEmarket.In2025,domesticplayersmadesubstantialprogress,reachinga27%self-sufficiencyratiosupportedbyastrong67%YoYgrowth