ACM Research, Inc. March 2026 Investor Presentation 1 DISCLOSURES Forward-looking Statements. Certain statements contained in this presentation are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "plans," "expects," "believes," "anticipates," "designed," and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM Research management's current expectation ...

Core Viewpoint - The company,拓荆科技, reported significant growth in its 2025 financial performance, driven by advancements in semiconductor technology and increased demand in emerging fields such as AI and high-performance computing. Financial Data and Indicators - The company achieved an operating revenue of approximately 6.519 billion RMB, representing a year-on-year increase of about 58.87% [4] - The net profit attributable to the parent company was approximately 929 million RMB, up by about 35.05% year-on-year [4] - The net profit attributable to the parent company after deducting non-recurring gains and losses was approximately 726 million RMB, showing a substantial year-on-year growth of about 103.79% [4] Operating Performance and Financial Condition Operating Situation - The company’s total assets at the end of 2025 were approximately 19.825 billion RMB, reflecting a growth of about 29.45% compared to the beginning of the reporting period [5] - The equity attributable to the parent company was approximately 6.612 billion RMB, which is an increase of about 25.23% from the beginning of the reporting period [5] Factors Influencing Operating Performance - The rapid development and demand surge in emerging fields such as AI, high-performance computing, automotive electronics, and robotics have accelerated the technological iteration and capacity expansion in chip manufacturing [6] - The company has effectively seized opportunities in semiconductor technology upgrades and domestic substitution, establishing a comprehensive product matrix in thin film deposition and 3D integration equipment [6] - Significant breakthroughs in technology and scale production in PECVD, ALD, SACVD, HDPCVD, and Flowable CVD have enhanced the company's core competitiveness in advanced processes, leading to substantial business growth [6] Major Innovations and Product Development - The company has maintained a high level of R&D investment and independent innovation, achieving significant breakthroughs in new product development and industrialization [7] - New equipment platforms and advanced process machines have been validated by customers, leading to accelerated industrialization and substantial revenue growth [7] - The company has expanded its customer base in hybrid bonding equipment, maintaining a trend of rapid revenue growth [7] Changes in Key Financial Metrics - The operating revenue growth of 58.87% was primarily due to the continuous improvement in product competitiveness and the scale production of advanced process equipment [8] - The net profit growth of 35.05% was attributed to increased revenue and a decrease in expense ratios due to scale effects [8] - The net profit after deducting non-recurring gains and losses saw a remarkable increase of 103.79%, mainly due to significant growth in regular operating activities and a reduction in non-recurring losses [8] - Basic earnings per share increased by 34.27%, reflecting the substantial growth in net profit attributable to the parent company [8]

Core Viewpoint -拓荆科技 reported significant growth in its 2025 financial performance, driven by advancements in semiconductor technology and increased demand in emerging fields such as AI and high-performance computing [1] Financial Performance - The company achieved an operating revenue of approximately 6.519 billion yuan, representing a year-on-year increase of about 58.87% [1] - The net profit attributable to the parent company was approximately 929 million yuan, reflecting a year-on-year growth of about 35.05% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was approximately 726 million yuan, showing a substantial year-on-year increase of about 103.79% [1] Industry Trends - The rapid development and surging demand in emerging fields such as artificial intelligence, high-performance computing, automotive electronics, robotics, and wearable devices are driving the semiconductor industry [1] - Chip manufacturers are accelerating the technological iteration of advanced processes while continuously expanding production capacity [1] Company Strategy - The company is actively seizing opportunities presented by the technological iteration and domestic substitution in the semiconductor chip sector [1] - It has established a comprehensive product matrix in thin film deposition equipment and 3D integration field equipment [1] - The company has significantly enhanced its core competitiveness in advanced processes through technological breakthroughs and large-scale production in various deposition equipment fields [1]

Core Viewpoint - The company,拓荆科技, reported significant growth in its 2025 annual performance, driven by advancements in semiconductor technology and increased demand in emerging fields such as AI and high-performance computing [1][2] Financial Performance - The company achieved total revenue of approximately 6.519 billion yuan, representing a year-on-year increase of 58.87% [1] - The net profit attributable to the parent company was approximately 929 million yuan, up 35.05% year-on-year [1] - The net profit excluding non-recurring gains and losses reached about 726 million yuan, showing a substantial year-on-year growth of 103.79% [1] - Total assets at the end of the reporting period were approximately 19.825 billion yuan, a growth of 29.45% from the beginning of the year [1] - The equity attributable to the parent company was about 6.612 billion yuan, increasing by 25.23% compared to the beginning of the year [1] Industry Trends - The rapid development and demand surge in emerging fields such as AI, high-performance computing, automotive electronics, robotics, and wearable devices are driving the semiconductor manufacturing sector [1] - Chip manufacturers are accelerating the technological iteration of advanced processes and expanding production capacity [1] Technological Advancements - The company is actively seizing opportunities in semiconductor technology upgrades and domestic substitution, establishing a comprehensive product matrix in thin film deposition and 3D integration equipment [1] - The company has made significant breakthroughs in PECVD, ALD, SACVD, HDPCVD, and Flowable CVD technologies, enhancing its core competitiveness in advanced processes [1] - The company has achieved major innovative results in new product development and industrialization, with advanced process equipment for storage and various ALD processes showing substantial revenue growth [2] - The company continues to expand its customer base in hybrid bonding equipment, maintaining a trend of rapid revenue growth [2]

Industry Insights - The photovoltaic industry is undergoing a critical technological iteration phase, with TOPCon prices declining, compressing profit margins and necessitating the introduction of new technologies [1] - By 2026, the photovoltaic equipment industry is expected to enter a new structural expansion window driven by technological upgrades, supported by favorable policies for high efficiency and low energy consumption routes [1] - The global share of China's photovoltaic main industry chain has increased to approximately 90%, showcasing its core competitiveness in equipment technology and mass production capabilities [2] Company Developments - Jincheng Co. has successfully entered the semiconductor field with its PERTOP + HJT + perovskite + component equipment, alongside successful shipments of horizontal PVD equipment [3] - Jiejia Weichuang is focusing on the development and process optimization of equipment suitable for space environments, leveraging its self-developed PECVD and PVD core equipment [3]

Core Viewpoint - The Shenzhen Stock Exchange has terminated the review of Wuxi Jiangsong Technology Co., Ltd.'s initial public offering (IPO) application due to the issuer and sponsor's voluntary withdrawal of the application [1][2]. Group 1: Company Overview - Jiangsong Technology is a leading manufacturer of high-end intelligent equipment, primarily engaged in the research, production, and sales of automated equipment for high-efficiency photovoltaic cells [3][10]. - The company reported revenues of 807 million yuan, 1.237 billion yuan, and 2.019 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 85.84 million yuan, 128 million yuan, and 187 million yuan during the same period [3][4]. Group 2: Market Conditions and Risks - The photovoltaic industry has faced overcapacity issues since 2023, leading to revenue declines and losses for some manufacturers, which has affected Jiangsong Technology's order volume and performance stability [5][8]. - The company anticipates a market size of 14.753 billion yuan for automated equipment over the next three years, but it has experienced a significant drop in new orders, with only 472 million yuan in 2024 compared to 4.986 billion yuan in 2023, a decline of over 90% [7][9]. Group 3: Financial Projections - Based on the assumption that 60% of the orders on hand will be recognized in 2025, the company estimates revenues of 19.512 billion yuan, 17.344 billion yuan, and 15.176 billion yuan under different cancellation scenarios [9][10]. - The projected net profits for 2025 under these scenarios are estimated to be 1.783 billion yuan, 1.585 billion yuan, and 1.389 billion yuan, respectively [9]. Group 4: Technological Competitiveness - Jiangsong Technology claims to have a leading position in technology and product efficiency, with its products being recognized as domestically leading and internationally advanced [10][13]. - The company has removed claims of being the market leader in terms of market share from its prospectus due to the lack of updated data for 2023 and 2024 [12][13]. Group 5: Investment Projects and Concerns - The company plans to raise 1.053 billion yuan for projects including the construction of a photovoltaic intelligent equipment production base and a research and development center [14][16]. - Concerns have been raised regarding the necessity and feasibility of these projects, especially in light of significant workforce reductions and production cuts in 2024 [15][18].

Core Viewpoint - Jiangsong Technology's IPO status has transitioned from suspension to inquiry, marking a critical phase for the company in the photovoltaic equipment sector, which is experiencing challenges such as overcapacity and declining orders [2] Company Overview - Jiangsong Technology, established in 2007, specializes in high-end intelligent equipment for photovoltaic cells and has become a leading manufacturer in this field, serving major clients like Longi Green Energy and Tongwei Co [3] - The company has shown rapid revenue and profit growth from 2022 to 2024, with revenues increasing from 807 million to 2.019 billion yuan, a growth of 150%, and net profits rising from 88.35 million to 184 million yuan [3] Financial Performance - Despite revenue growth, accounts receivable have increased significantly, with balances rising from 297 million to 823 million yuan, representing 36.86% to 69.68% of revenue during the reporting periods [3][4] - The company’s backlog of orders has decreased from 1.767 billion to 249.1 million yuan, indicating a decline in demand amid industry challenges [5] Cash Flow and Liquidity - Jiangsong Technology reported negative net cash flow from operating activities in 2024, primarily due to increased procurement and reduced customer prepayments [7] - The company's liquidity ratios, including current and quick ratios, are below industry averages, raising concerns about short-term debt repayment capabilities [11] Debt and Financial Risks - The company’s debt-to-asset ratio has been high, peaking at 91.59%, which may raise regulatory scrutiny during the IPO process [9][10] - High levels of inventory and accounts receivable also pose risks to the company's financial stability, with inventory fluctuating significantly over the reporting periods [11] Governance and Control - The company has a concentrated ownership structure, with the controlling shareholder holding 71.28% of the voting rights, which may raise governance concerns during the IPO review [12] - There are pressures related to a performance-based agreement with investors, which may influence the urgency of the IPO process [13] Industry Context - The photovoltaic industry is experiencing rapid growth, with global installations projected to reach approximately 530 GW in 2024, but also faces challenges such as overcapacity and supply-demand imbalances [14] - Technological changes in solar cell production, particularly the emergence of new technologies, present risks for Jiangsong Technology if it cannot adapt [14]

Core Viewpoint - The company has optimized its non-capital expenditures significantly in its fundraising projects, aligning with regulatory requirements and focusing on high-end semiconductor equipment and technology development [1][2][3]. Group 1: Fundraising and Expenditure - The company plans to raise up to 4.6 billion yuan, with allocations of 1.5 billion yuan for high-end semiconductor equipment industrialization, 2 billion yuan for advanced technology research center, and 1.1 billion yuan for working capital [3]. - The non-capital expenditures in the current fundraising plan account for 38.94% of the total, with 1.7 billion yuan specifically allocated for the advanced technology research center [3]. - The previous non-capital expenditure ratio was reduced from 77.22% to 29.78% after adjustments in project funding allocations [2]. Group 2: Research and Development Capitalization - The company’s R&D capitalization rate is projected at 51.33%, which is in line with industry standards and similar to peers like Zhongwei Company [4]. - The company capitalizes R&D expenditures at specific project milestones, ensuring compliance with accounting standards [4]. Group 3: Financial Health and Performance - The company has a projected total funding gap of approximately 7.454 billion yuan from 2025 to 2027, with a current asset-liability ratio of 67.72% [5]. - Revenue is expected to grow from 1.706 billion yuan in 2022 to 4.103 billion yuan in 2024, reflecting a compound annual growth rate of 55.08% [6]. - As of September 2025, the company reported a significant improvement in cash flow, with net cash flow from operating activities reaching 2.832 billion yuan [7].

Core Viewpoint - The report from Aijian Securities highlights that Shengmei Shanghai's order exposure is clear, and the leading cleaning equipment manufacturer is set to benefit from production expansion in the semiconductor sector [1] Orders and Revenue - As of September 29, 2025, the company has an order backlog of 9.072 billion yuan, clearly directed towards the expansion of storage wafer fabs [1] - The company focuses on single-wafer cleaning equipment and continues to extend its layout into semiconductor electroplating, copper polishing, advanced packaging wet process equipment, vertical furnace tubes, front-end coating and developing (Track), and PECVD fields, enhancing its product matrix [1] Market Position and Growth - The expansion of storage and logic wafer fabs is leading to a continuous conversion of the company's order backlog into revenue [1] - The company's equipment in advanced processes and advanced packaging has passed verification, indicating strong market positioning [1] Investment Rating - The report initiates coverage with a "Buy" rating for the company, reflecting confidence in its growth prospects [1]

Group 1 - The core viewpoint of the article highlights that Tuojing Technology is a leading manufacturer of front-end thin film deposition equipment in China, with core products covering various processes such as PECVD, ALD, Flowable CVD, and HDPCVD, achieving large-scale delivery in advanced logic and memory production lines [1] - The company is strategically advancing into hybrid bonding and supporting measurement equipment, entering critical areas of heterogeneous integration and 3D integration, evolving its business from a single deposition equipment focus to a dual-engine platform of "deposition + bonding" [1] - The Chinese market is expected to remain the largest semiconductor equipment market globally, driven by wafer fab expansions and domestic substitution, with the demand for deposition and bonding processes becoming increasingly important due to the rising requirements for interconnect density and interface quality in HBM, Chiplet, and 3D stacking technologies [1] Group 2 - From a PEG perspective, the company's projected PEG ratios for 2025E-2027E are 1.3, 0.8, and 0.9, respectively, indicating a favorable valuation [1] - Considering the technological barriers in thin film deposition and hybrid bonding processes, along with the medium to long-term profit elasticity, the company is deemed to have a high medium to long-term configuration cost-effectiveness [1] - The report initiates coverage with a "Buy" rating for the company, reflecting confidence in its growth potential and market positioning [1]