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    ACM Research (ACMR)

    ACM Research, Inc. (ACMR) is a Delaware corporation that develops, manufactures, and sells advanced capital equipment for the global semiconductor industry. The company specializes in single-wafer wet cleaning equipment designed to improve the manufacturing process and yield for advanced integrated circuits. ACMR's product portfolio includes tools for front-end wafer fabrication and back-end wafer assembly and packaging, targeting leading foundry, logic, and memory chip manufacturers.

    1. Single Wafer Cleaning, Tahoe, and Semi-Critical Cleaning Equipment - Offers cleaning tools such as SAS, TEBO, Tahoe, and semi-critical SDM cleaning tools, focusing on improving manufacturing processes for semiconductor chips.

    2. ECP (Electro-Chemical Plating), Furnace, and Other Technologies - Provides plating tools for front-end and back-end applications, as well as furnace tools for advanced manufacturing processes.

    3. Advanced Packaging (Excluding ECP), Services, and Spares - Includes tools for advanced packaging, such as coaters, developers, scrubbers, and spare parts.

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    NamePositionExternal RolesShort Bio

    David H. Wang

    ExecutiveBoard

    Chief Executive Officer

    David H. Wang has served as the Chief Executive Officer at ACM Research, Inc. since 1998. He is also the Founder and President of the company, contributing significantly to semiconductor technology with over 100 patents.

    Fuping Chen

    Executive

    Vice President, Sales—China

    Fuping Chen is the Vice President, Sales—China at ACM Research (Shanghai), Inc. since January 2018, and he previously served as Senior Technical Director at ACM Research, Inc. from 2010 to 2017.

    Jian Wang

    Executive

    Chief Executive Officer and President of ACM Research (Shanghai), Inc.

    CEO of ACM Research (Shanghai), Inc. since November 2019, previously served as Vice President, Research and Development from January 2015 to November 2019.

    Lisa Feng

    Executive

    Chief Financial Officer at ACM Research (Shanghai), Inc.

    Lisa Feng is the Chief Financial Officer of ACM Research (Shanghai), Inc. since November 2019. She previously served as the Chief Accounting Officer, Interim Chief Financial Officer, and Treasurer of ACM Research, Inc. from January 2018 to November 2019.

    Mark McKechnie

    Executive

    Chief Financial Officer, Treasurer, and Secretary

    Mark McKechnie has served as the Chief Financial Officer, Treasurer, and Secretary at ACM Research, Inc. since November 2019. He previously held the role of Vice President of Finance from July 2018 to November 2019.

    Sotheara Cheav

    Executive

    Senior Vice President, Manufacturing

    Sotheara Cheav is the Senior Vice President, Manufacturing at ACM Research, Inc. since April 2025. He previously held similar executive roles at ACM Research (Shanghai), Inc. from May 2019, serving as Senior Vice President and Vice President of Manufacturing.

    Charles Pappis

    Board

    Member of the Board of Directors and Audit Committee

    President of Pappis Consulting

    Charles Pappis is a semiconductor industry veteran with over 40 years of leadership experience. He has served as a member of ACMR's Board of Directors and Audit Committee since March 15, 2025 , and he currently leads Pappis Consulting while having held executive roles at Applied Materials from 1986 to 2016.

    Haiping Dun

    Board

    Director

    Haiping Dun has served as a Director at ACMR since 2003 and is the Chair of the Compensation Committee, contributing extensive leadership on ACMR’s board. He previously held executive roles as President of Champion Microelectronic Corp. (2008-2018) and as Senior Director at Intel Corporation (1983-2004).

    Tracy Liu

    Board

    Director

    CEO of HM CPA Services, P.C.; Board member at Ambarella, Inc.

    Tracy Liu has served as an independent director at ACM Research, Inc. since September 2016, chairing the Audit Committee and contributing to the Compensation and Nominating and Governance Committees. She is also the CEO of HM CPA Services, P.C., demonstrating her broad leadership experience.

    1. Considering your Q1 shipment figures were down significantly compared to last year despite a revenue increase, what specific measures are you implementing to drive full-year shipment growth amid the uneven demand cycle?
    2. With the strong pull-in effect noted between Q4 2024 and Q1 2025, how do you plan to normalize shipments in the coming quarters and ensure a sustainable trajectory for the full-year performance?
    3. Given the current U.S.-China tariff environment, what strategic actions are in place to mitigate potential cost pressures and supply chain uncertainties, especially for your Shanghai operations?
    4. In light of increasing domestic competition and rumors of consolidation in the Chinese semiconductor equipment market, how will you leverage your innovation and IP protection to defend market share and justify premium pricing?
    5. With the disparity between revenue growth and shipment decline, how do you intend to align operational production and customer demand to deliver consistent year-over-year growth in both metrics?

    Competitors mentioned in the company's latest 10K filing.

    CompanyDescription

    The company considers this competitor as one of the principal providers of wafer cleaning and electrical plating products in the market. Additionally, it is identified as a key competitor for newly introduced PECVD and Track products.

    NAURA Technology Group Co., Ltd.

    This competitor is listed among the principal providers of wafer cleaning and electrical plating products in the market.

    Mujin Electronics Co., Ltd.

    This competitor is identified as one of the companies providing wafer cleaning and electrical plating products to the market.

    SCREEN SPE USA, LLC (a subsidiary of SCREEN Holdings Co., Ltd.)

    This competitor is noted as one of the principal providers of wafer cleaning and electrical plating products in the market.

    SEMES Co. Ltd.

    This competitor is listed among the companies providing wafer cleaning and electrical plating products to the market.

    Tokyo Electron Ltd.

    This competitor is identified as one of the principal providers of wafer cleaning and electrical plating products in the market.

    This competitor is noted as one of the companies providing wafer cleaning and electrical plating products to the market.

    This competitor is identified as a key competitor for the company's newly introduced PECVD and Track products.

    KINGSEMI Co., Ltd.

    This competitor is listed as a key competitor for the company's newly introduced PECVD and Track products.

    Suzhou Jingtuo Semiconductor Technology Co., Ltd.

    This competitor is noted as a key competitor for the company's newly introduced PECVD and Track products.

    CustomerRelationshipSegmentDetails

    The Huali Huahong Group

    Leading mainland China-based foundry

    All

    In 2024, accounted for 14.7% (approx. $115.0 million) . In 2022, 18.2% .

    SMIC

    Leading mainland China-based foundry

    All

    In 2024, 13.6% (approx. $106.4 million) . In 2023, 16.7% . In 2022, 15.6% .

    YMTC

    Leading mainland China-based memory maker

    All

    In 2024, 12.0% (approx. $93.9 million) . In 2022, 10.0% .

    PXW

    Semiconductor foundry (mainland China)

    All

    In 2024, 11.9% (approx. $93.1 million) .

    SiEn

    Power-semiconductor chip company (China)

    All

    In 2023, 15.4% .

    CXMT

    Mainland China-based memory chip company

    All

    In 2023, 13.4% .

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Ninebell Co., Ltd.

    2023

    ACM Research’s subsidiary, ACM Shanghai, acquired approximately 20% of Ninebell for a purchase price of $16.7 million, adding to its already 20% ownership, which required board and shareholder approval due to the existing interest.

    Recent press releases and 8-K filings for ACMR.

    ACM Research (Shanghai) Discusses Q2 2025 Performance and Market Outlook
    ·$ACMR
    Earnings
    Guidance Update
    Revenue Acceleration/Inflection
    • ACM Research (Shanghai), Inc. reported nearly 40% sequential revenue growth in Q2 2025, driven by increased equipment sales and robust customer demand.
    • Despite strong Q2 performance, the company is maintaining its full-year revenue guidance, with any revisions dependent on second-half business performance and order trends.
    • The estimated total addressable market (SAM) in China has been raised from USD 5.0 billion to USD 7.0 billion, and the long-term size of China's semiconductor equipment market by 2030 is now estimated at USD 40.0 billion.
    • The company has set a long-term target of USD 1.5 billion in overseas revenue.
    • To support future growth, the Lingang facility's Factory B is scheduled to begin fit-out next year, expected to provide an additional annual production capacity of RMB 20.0 billion when fully operational.
    Aug 21, 2025, 12:00 AM
    ACM Research Inc. Announces Q2 2025 Financial Results and Maintains 2025 Revenue Guidance
    ·$ACMR
    Earnings
    Guidance Update
    Product Launch
    • ACM Research Inc. reported Q2 2025 revenue of $215.4 million, representing a 6.4% year-over-year increase, with diluted GAAP earnings per share of $0.44 and non-GAAP earnings per share of $0.54.
    • The company achieved a GAAP gross margin of 48.5% and a non-GAAP gross margin of 48.7% in Q2 2025.
    • GAAP operating income for Q2 2025 was $31.7 million, a 15.7% decrease year-over-year, while non-GAAP operating income was $41.5 million, down 20.2% year-over-year.
    • ACM Research maintained its 2025 revenue guidance range of $850 million to $950 million.
    • Key operational updates include the upgrade of the Ultra C wb Wet Bench Cleaning Tool, the delivery of the 1,500th electroplating chamber, and the near completion of the Lingang production and R&D center.
    Aug 6, 2025, 12:00 PM