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.
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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.
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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.
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Advanced Packaging (Excluding ECP), Services, and Spares - Includes tools for advanced packaging, such as coaters, developers, scrubbers, and spare parts.
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| Name | Position | External Roles | Short 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. |
- 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?
- 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?
- 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?
- 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?
- 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?
Research analysts who have asked questions during ACM Research earnings calls.
Mark Miller
The Benchmark Company LLC
3 questions for ACMR
Yu Shi
Susquehanna International Group, LLP
3 questions for ACMR
Edison Lee
Jefferies LLC
2 questions for ACMR
Charles Shi
Needham & Company
1 question for ACMR
Jun Hang
J.P. Morgan
1 question for ACMR
Matt Cook
Potento
1 question for ACMR
Sujeeva De Silva
Roth MKM
1 question for ACMR
Suji Desilva
ROTH MKM
1 question for ACMR
Yongwei Lei
UBS
1 question for ACMR
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
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. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
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.
| Company | Year | Details |
|---|---|---|
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, Inc.'s operating subsidiary, ACM Research (Shanghai), reported a total backlog of RMB 9,071.5 million (USD $1,271.6 million) as of September 29, 2025.
- This backlog figure represents a 34.1% year-over-year increase compared to the prior year's disclosed backlog.
- The company noted that backlog is not a financial measure defined by Chinese GAAP or U.S. GAAP, and its calculation methodology may not be comparable to other companies.
- ACM Shanghai plans to release its full financial results for the nine months ended September 30, 2025, on October 29, 2025, with ACM Research, Inc. reporting preliminary results on the same day.
- ACM Research's operating subsidiary, ACM Research (Shanghai), reported a total backlog of RMB 9,071.5 million (USD $1,271.6 million) as of September 29, 2025.
- This backlog figure represents a 34.1% year-over-year increase compared to the prior year's disclosed backlog.
- The company noted that backlog is not a financial measure defined by Chinese GAAP or U.S. GAAP, and its calculation method may not be comparable to other companies.
- ACM Shanghai plans to release its full financial results for the nine months ended September 30, 2025, on October 29, 2025, with ACM reporting preliminary results on the same day.
- ACM Research's operating subsidiary, ACM Research (Shanghai), announced the issuance report on a private offering of ordinary shares on September 24, 2025.
- The offering involved 38,601,326 ordinary shares issued at RMB 116.11 per share.
- This private offering raised gross proceeds of RMB 4.5 billion (approx. US$630 million) and net proceeds of RMB 4.4 billion (approx. US$624 million), which are intended for research and development, capital expenditures, and working capital.
- Following the offering, ACM Research estimates its equity interest in ACM Shanghai will decrease to approximately 74.5% from 81.1%, while remaining the controlling shareholder.
- 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.
- 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.