全球半导体：中国半导体设备进口追踪 -2025 年 8 月同比增长 15%-Global Semiconductors_ China Semicap Imports Tracker - Aug 2025 up 15% yoy

Summary of Semiconductor Equipment Imports in China - August 2025 Industry Overview - China's semiconductor equipment imports in August 2025 totaled $4.2 billion, reflecting a 15% year-over-year (yoy) increase but a 18% month-over-month (mom) decrease. This marks a continuation of the year-to-date (YTD) positive growth of 4% for 2025, with expectations for normalization in sales for most semiconductor equipment suppliers in China [1][59][61]. Key Import Data - Front-end Equipment: - Imports amounted to $3.0 billion, up 12% yoy but down 20% mom. Key segments included: - Lithography: $750 million (+55% yoy, -8% mom) - Other Front-end: $469 million (+27% yoy, +11% mom) - Process Control: $385 million (+15% yoy, -4% mom) - Etching: $558 million (+2% yoy, -35% mom) - Heat Treatment: $153 million (+1% yoy, -10% mom) - Ion Implanters: $118 million (-34% yoy, -40% mom) - Deposition: $576 million (-6% yoy, -36% mom) [2][3][8]. - YTD Front-end Imports: Totaled $24.0 billion, up 3% yoy. Notable increases were seen in: - Etching: $5.0 billion (+47% yoy) - Deposition: $5.6 billion (+8% yoy) - Other Front-end: $3.3 billion (+9% yoy) - Process Control: $2.8 billion (+5% yoy) - However, declines were noted in Lithography (-17% yoy), Heat Treatment (-22% yoy), and Ion Implanters (-21% yoy) [3][8]. Category Breakdown - Assembly & Packaging: - Imports were $275 million, down 24% yoy and 24% mom. Wire bonder imports decreased by 36% yoy and 30% mom, while mounting and bonding increased by 44% yoy and 5% mom. YTD, A&P is up 1% yoy to $2.9 billion [8]. - Wafer Manufacturing: - Imports reached $141 million, up 10% yoy but down 28% mom. YTD imports are up 6% yoy to $1.1 billion [8]. - Flat Panel Display: - Imports totaled $163 million, up 34% yoy but down 13% mom. YTD, imports are down 2% yoy to $1.5 billion [8]. - Spares: - Imports were $610 million, up 75% yoy but down 2% mom. YTD, spares are up 20% yoy to $3.9 billion [8]. - Testing: - Imports were $24 million, down 41% yoy and 48% mom. YTD, testing imports are down 18% yoy to $314 million [8]. Market Insights - China accounted for 36% of global wafer fabrication equipment (WFE) in 2024, highlighting its significance in the global semiconductor market [1][70]. - The Netherlands was a major supplier, with lithography machines from the Netherlands accounting for 86% of all lithography imports in August 2025 [85]. - The average selling price (ASP) of lithography machines was $11.5 million in August 2025, above the previous 12-month average of $11.1 million [105]. Supplier Comments - Applied Materials: Anticipates lower revenues and earnings due to uncertainties in the China market, with a projected decrease in China’s contribution to total revenue [81]. - ASML: Expects China to account for over 25% of total revenue, indicating stronger than previously expected demand [81]. - Lam Research: Projects WFE spending to be around $105 billion, with a notable increase in domestic China-related spending [81]. Conclusion - The semiconductor equipment market in China is experiencing mixed signals, with certain segments showing growth while others decline. The overall trend indicates a normalization in sales, with significant contributions from key suppliers and a focus on specific equipment categories. The data suggests potential investment opportunities in segments with positive growth trajectories, such as etching and spares, while caution is advised in areas experiencing declines.