China's Chip Equipment Makers Hit Record Revenue

China’s domestic semiconductor equipment suppliers — Naura, AMEC, ACM Research, and Piotech — all posted record 2025 revenues, according to Nikkei Asia data reported by eeNews Europe. Naura alone reported 27.14 billion yuan in the first three quarters of 2025, up from 6.05 billion yuan for all of 2020.

The Numbers

• Naura: 27.14B yuan revenue (first 3 quarters 2025), up 4.5× from 2020
• AMEC: Revenue grew 5× over its 2020 base
• Piotech: Revenue roughly 13× its 2020 total
• Direct US equipment imports to China: Down 34% to $2B (lowest since 2017)
• But: Singapore-routed imports rose to $5.7B, Malaysia to $3.4B

Applied Materials, Lam Research, and KLA still booked nearly $19 billion in combined China sales. ASML reported China accounted for 29.1% of its 2025 revenue.

What This Means for PCB Manufacturing

The semiconductor equipment boom is a leading indicator for PCB demand:

More fabs = more PCBs needed. Every new semiconductor fab requires thousands of PCBs for test equipment, process control systems, and infrastructure. The fab expansion wave directly drives demand for high-reliability industrial PCBs.

Material competition intensifies. As Chinese fabs scale up, they consume more high-performance laminate materials (high-Tg FR-4, low-loss materials) that PCB fabricators also need. This can create pricing pressure on specialty materials.

Supply chain diversification continues. The routing of equipment through Singapore and Malaysia mirrors what we see in PCB: customers increasingly want manufacturing flexibility across multiple regions to manage geopolitical risk.

Domestic capability is real. Chinese domestic equipment makers are not niche players anymore. The same pattern is playing out in PCB: Chinese fabricators are moving upmarket into complex multi-layer, HDI, and high-frequency boards that were once dominated by Taiwanese and Korean manufacturers.

Engineer’s Takeaway

If you’re sourcing PCBs for semiconductor equipment or related infrastructure, lead times and material availability should be monitored closely. The combination of fab expansion and tariff-driven supply chain restructuring means that planning ahead on specialty materials — particularly Rogers, Isola, and high-Tg FR-4 — is more important than ever.

Need complex PCBs with reliable material sourcing? AtlasPCB’s factory network maintains direct material relationships with major laminate suppliers. Get a quote or talk to an engineer.