Core Viewpoint - The article emphasizes the importance of enabling Javascript and cookies in browsers to ensure proper functionality and access to content [1] Group 1 - The article suggests that users may face access issues if they have an ad-blocker enabled, indicating a need to disable it for seamless browsing [1]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 reached $269 million, representing a 32% year-over-year growth and setting a new quarterly record [10][19] - Gross margin was reported at 42.1%, which is at the low end of the target range due to product mix and inventory provisions [10][20] - Net cash increased to $811 million from $206 million in the previous quarter [11][22] Business Line Data and Key Metrics Changes - Revenue from single wafer cleaning, Tahoe, and semi-critical cleaning tools grew 13%, accounting for 68% of total revenue [11] - Revenue for ECP, furnace, and other technologies surged 73%, representing 22% of total revenue, with ECP Front End tools contributing significantly [12] - Advanced packaging revenue increased by 231%, making up 10% of total revenue, driven by strong customer engagement [13] Market Data and Key Metrics Changes - The global wafer fab equipment (WFE) demand is being driven by investments in AI and data center infrastructure, particularly in advanced logic and memory [15] - The company has increased its long-term revenue target to $4 billion, with $2.5 billion expected from the China market and $1.5 billion from global markets [15] Company Strategy and Development Direction - The company aims to build a multi-product portfolio of world-class tools to support the next generation of chipmaking [5] - Plans include expanding global production capacity and accelerating R&D investment to enhance existing tools and develop new product categories [9] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are customer delays and parts shortages, they expect shipments to continue growing next year [25][36] - The company remains confident in its ability to gain market share in China and globally, driven by innovation and technology superiority [45] Other Important Information - ACM Shanghai completed a capital raising of approximately $623 million, which will be used to expand production capacity and R&D efforts [8][9] - The new Lingang Production and R&D center is fully operational and can support up to $3 billion in annual output [16] Q&A Session Summary Question: Can you talk about the shipments and the growth? - Management indicated that some customers are requesting shipment delays and that parts shortages are affecting order completion, but they expect continued growth in shipments next year [25][36] Question: How long do you expect parts shortages to persist? - Management mentioned that they are working on qualifying new suppliers for certain parts, which should alleviate shortages in the near term [26] Question: Can you quantify the expectation for Q4 shipment and full year basis? - Management expects Q4 shipments to be down from Q3, and the full year may see a decline compared to last year, but they anticipate a recovery in the first half of next year [34][36] Question: What is the reason for the inventory write-down? - The write-down was primarily due to the aging of raw materials and some finished goods at internal facilities [39][41] Question: Do you think you may be missing out on near-term opportunities due to your focus on innovation? - Management believes that customers still desire high-performance tools and that their innovations will help gain market share despite some domestic competition [45]

Financial Performance - ACM Research announced preliminary unaudited revenue for Q3 2025, details to be provided in the press release[4] Company Information - The company is listed on The Nasdaq Stock Market under the trading symbol ACMR[2] - The report was signed by Mark McKechnie, Chief Financial Officer and Treasurer, on October 29, 2025[11]

Q3 2025 Financial Performance - Revenue reached $269.2 million, a 32.0% year-over-year increase[9] - Total shipments amounted to $263.1 million, up 1% year-over-year[9] - GAAP gross margin was 42.0%, compared to 51.4% in Q3 2024[9] - Non-GAAP gross margin was 42.1%, versus 51.6% in Q3 2024[9] - GAAP operating income was $28.9 million, down 34.5% year-over-year, representing 10.7% of revenue[9] - Non-GAAP operating income was $36.5 million, a 34.9% decrease year-over-year, accounting for 13.6% of revenue[9] - Diluted GAAP earnings per share were $0.52, compared to $0.45 in Q3 2024[9] - Diluted non-GAAP earnings per share were $0.36, down from $0.63 in Q3 2024[9] Revenue Breakdown by Category - Cleaning revenue was $181.6 million, up 12.8%, representing 67% of total revenue[12] - ECP, Furnace & Other revenue was $59.9 million, a 73.0% increase, accounting for 22% of total revenue[12] - Advanced Packaging & Other revenue was $27.7 million, up 230.6%, making up 10% of total revenue[12] Future Outlook and Targets - The company updated its 2025 revenue guidance range to $875 million - $925 million[32] - The long-term revenue target is greater than $4 billion[16] - Estimated 2025 Serviceable Available Market (SAM) of $20 billion is addressed by the company's current product portfolio[14]

Core Viewpoint - ACM Research, Inc. reported a strong financial performance for Q3 2025, with a revenue growth of 32% year-over-year, driven by innovations in semiconductor processing solutions and increased demand from AI and global datacenter investments [2][3]. Financial Performance - Revenue for Q3 2025 was $269.2 million, up from $204.0 million in Q3 2024, reflecting a 32% increase [6][19]. - Gross margin decreased to 42.0% from 51.4% year-over-year, with non-GAAP gross margin at 42.1% compared to 51.6% [6][19]. - Operating income was $28.9 million, down from $44.2 million in the same quarter last year, resulting in an operating margin of 10.7% compared to 21.7% [6][19]. - Net income attributable to ACM Research, Inc. was $35.9 million, an increase from $30.9 million in Q3 2024, with diluted EPS rising to $0.52 from $0.45 [6][19]. Recent Developments - ACM Shanghai raised approximately $623 million in net proceeds from a private offering, which will be used to accelerate the development of next-generation tools and expand production capacity [2][5]. - The company is set to deliver its first system utilizing proprietary horizontal plating technology for panel-level packaging in Q4 2025 [2]. - ACM launched its first Ultra Lith KrF track system for front-end semiconductor manufacturing, expanding its lithography product line [4]. Outlook - ACM has narrowed its revenue guidance for fiscal year 2025 to a range of $875 million to $925 million, reflecting ongoing assessments of international trade policies and customer spending scenarios [3].

Core Insights - ACM Research (ACMR) is currently undervalued in the market despite its recent strong performance, indicating significant potential for growth that is not yet reflected in its stock price [1] Company Analysis - The company has over 15 years of market experience and is focused on delivering a clear and disciplined analysis of its operations, emphasizing the importance of understanding the underlying business rather than following market narratives [1]

Core Insights - ACM Research (NASDAQ: ACMR) is currently undervalued in the market despite its recent strong performance, indicating significant potential for growth [1] Company Analysis - The company has over 15 years of market experience, suggesting a solid foundation and expertise in its operations [1] - The current market price does not reflect the true potential of ACM Research, indicating a possible investment opportunity for discerning investors [1] Investment Perspective - The analysis emphasizes a focus on numerical data and business fundamentals rather than market narratives, which may provide a clearer view of the company's prospects [1]

Core Viewpoint - ACM Research, Inc. anticipates preliminary unaudited revenue for Q3 2025 to be between $264 million and $267 million, reflecting a year-over-year growth of 29% to 31% [8] - Total shipments are expected to range from $257 million to $262 million, indicating a year-over-year change of flat to down 2% [8] Group 1: Financial Results - The actual unaudited results for Q3 2025 are pending completion of quarter-end closing procedures and review by an independent accounting firm [2] - ACM Shanghai, ACM's principal operating subsidiary, will release its unaudited financial results concurrently on the Shanghai Stock Exchange [1][2] Group 2: Company Structure - ACM holds a 74.6% equity interest in ACM Shanghai, which contributes a substantial majority of ACM's consolidated revenue and net income [3] - The financial results of ACM Shanghai are reported in RMB and may differ materially from ACM's consolidated results, which are prepared in U.S. dollars [3] Group 3: Business Overview - ACM develops, manufactures, and sells semiconductor process equipment, including cleaning, electroplating, and packaging tools, aimed at enhancing productivity and product yield for semiconductor manufacturers [5]

Summary of the Conference Call on China Semiconductors Industry Overview - The conference focused on the semiconductor industry in China, specifically the developments and trends observed at the SEMiBAY 2025 event held on October 15, 2023, which included visits to 36 companies across five sub-segments: SPE, SPE components, semiconductor materials, EDA/IP/RISC-V, and Foundry/IDM [1][2][3] Key Insights - **Product Launches**: Notable new product launches included EDA design tools, 12-inch silicon wafers, advanced metrology tools, high-speed oscilloscopes (90GHz), and RISC-V chips. The focus of product expansion is on advanced node solutions and local ecosystem development to support China's semiconductor growth [2][3] - **Capex Growth**: China's semiconductor capital expenditure (capex) is projected to increase to approximately US$43 billion to US$46 billion from 2025 to 2030. This growth is expected to be driven by improvements in the domestic supply chain and the generative AI trend [3][11] - **Market Share Gains**: Local suppliers in the SPE sector are anticipated to gain market share in wafer fabrication equipment, supported by increasing capex and product coverage [3] Company Recommendations - The report recommends buying shares in several companies, including: - Naura - AMEC - ACMR - SICC - SMIC - Hua Hong - AccoTest - OmniVision - VeriSilicon - Kematek - Cambricon [4][26] Additional Observations - **Technological Trends**: The development of generative AI is expected to significantly influence technology advancements within the semiconductor sector, reinforcing a positive outlook for the industry [2][3] - **Subsector Preferences**: There is a preference for investing in SPE and subsectors with higher exposure to advanced nodes, which are likely to benefit from the ongoing trends in generative AI [3] Conclusion - The overall sentiment regarding the Chinese semiconductor industry is optimistic, with expectations of substantial growth in capital expenditure and local supplier market share, driven by technological advancements and a supportive domestic ecosystem [3][11]

Core Viewpoint - ACM Research, Inc. will release its financial results for the third quarter of 2025 on November 5, 2025, before the U.S. market opens, followed by a conference call to discuss the results [1]. Group 1: Earnings Call Details - The earnings call for the third quarter, which ended on September 30, 2025, is scheduled for 8:00 a.m. U.S. Eastern Time on November 5, 2025 [2]. - Participants must complete an online registration process to join the conference call via telephone, which aims to reduce delays due to operator congestion [2]. - A live and archived webcast of the conference call will be available on the Investors section of ACM's website [3]. Group 2: Company Overview - ACM develops, manufactures, and sells semiconductor process equipment, including cleaning, electroplating, stress-free polishing, and various packaging tools, aimed at enhancing semiconductor device manufacturing [4]. - The company focuses on delivering customized, high-performance, and cost-effective process solutions to improve productivity and product yield for semiconductor manufacturers [4].