ACM Research, Inc.

ACM Research, Inc. designs and supplies capital equipment used in semiconductor manufacturing, with a focus on wet-cleaning and other front-end process tools that help chipmakers improve yield at advanced process nodes. The company also develops and sells advanced packaging tools used by wafer assembly and packaging customers. Although headquartered in Fremont, California, substantially all operations and manufacturing are conducted through its majority-owned subsidiary ACM Research (Shanghai), Inc., with a manufacturing center in Shanghai. ACM sells globally via direct sales teams and field application engineers, using a “demo-to-sales” approach that places evaluation tools at selected customers to support qualification and repeat orders.

13,7 %

44,4 %

10,4 %

+15,2 %

3.27

2.33

— ACM Research, Inc.
%
Wet-cleaning tools55% Single-wafer and batch wet-clean platforms used in yield-critical cleaning steps.
Other front-end process equipment25% Front-end tools beyond cleaning, including ECP and furnace-related technologies.
Advanced packaging tools15% Tools used in wafer assembly and advanced packaging process flows.
Services, spares, and support5% Aftermarket support tied to the installed base, including service and parts.

ACM Research sells primarily to semiconductor manufacturers and packaging houses that purchase wafer fab equipment for...

  • Foundry / Logic / Otherprimary

    Buy wet-cleaning and front-end tools to support advanced nodes and improve yield in high-volume foundry/logic production.

  • Memory (DRAM and 3D NAND)primary

    Purchase cleaning and process tools tuned for 3D architectures and tight defectivity requirements in memory fabs.

  • Advanced Packaging / Wafer Processingsecondary

    Buy advanced packaging tools to support wafer assembly and packaging process steps as packaging complexity increases.

ACM Research is incorporated in the United States and runs corporate functions from Fremont, California, but its...

  • •Corporate HQ in Fremont, California; strategy/finance/marketing centralized there
  • •Manufacturing center in Shanghai since 2006; operations largely in mainland China
  • •Substantially all sales are outside the United States (2025–2023)
  • •Direct sales presence in mainland China, U.S., Southeast Asia, and Europe
  • •Field application engineers support on-site qualification and fab expansions
  • •Cross-border compliance (import laws, taxes) is a recurring operating constraint

ACM Research’s strategy centers on expanding adoption of its wet-cleaning and front-end tools in yield-critical steps...

01

Drive penetration of yield-critical cleaning steps at advanced process nodes

02

Convert first-tool evaluations into repeat orders via demo-to-sales motion

03

Expand beyond mainland China by supporting initiatives in SE Asia and Europe

04

Scale production capacity in upcycles without creating excess inventory risk

05

Leverage ACM Shanghai STAR listing while managing dual disclosure regimes

ACM Research faces customer concentration risk because a small number of large chipmakers account for a substantial...

high

Customer concentration and limited number of potential customers

A small set of chipmakers drive demand; four customers were 52.2% of 2025 revenue.

Scope
Revenue and accounts receivable concentration
Materiality
high
high

Mainland China operating and asset concentration

Manufacturing and substantially all operations are in mainland China, raising regulatory, tax, and enforceability risks.

Scope
Operational continuity and legal enforceability
Materiality
high
high

Cyclicality and capacity/inventory planning in semiconductor equipment

Upturns require rapid output increases; downturns can create excess inventory and price discounting.

Scope
Margins, working capital, and market share
Materiality
high
medium

Cybersecurity and intellectual property protection

Threats include IP theft, fraud, extortion, and privacy/security law violations; differentiation depends on proprietary technologies.

Scope
Technology advantage and customer trust
Materiality
medium
medium

Dual listing/disclosure complexity (Nasdaq vs STAR Market)

Different accounting/disclosure regimes can lead to differing information releases and potential volatility/arbitrage.

Scope
Investor perception and stock volatility
Materiality
medium
Revenue recognition and customer acceptance
Quarter-to-quarter revenue volatility and backlog/acceptance sensitivity
Inventory valuation and provisions
Gross margin, working capital, and potential write-downs
Non-controlling interests (ACM Shanghai minority holders)
Net income attributable to ACM Research differs from consolidated net income
Government subsidies recognition
Other income/operating income comparability across periods

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: 11/08/2026