(Image credit: ASML) Applied Materials, Lam Research, and KLA booked a combined $19 billion in China revenue across their fiscal 2025 reporting periods, according to a recent Nikkei Asia analysis of corporate filings , even as direct U.S.-to-China tool shipments fell 34% to roughly $2 billion, the lowest figure since 2017. The gap moved through Singapore and Malaysia , where all three firms have spent years building out manufacturing capacity. At the same time, every major Chinese wafer-fab-equipment vendor posted record 2025 revenues, but gross margins contracted across the board as domestic vendors competed on price for fab share previously held by foreign suppliers. Domestic vendor financials Naura Technology Group , China's broadest equipment supplier by product line, reported first-nine-months 2025 revenue of 27.14 billion yuan, up from 6.05 billion yuan ($887 million) for all of 2020, per Nikkei's analysis of company filings.…