エドガーで原本を確認する
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Delaware
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001-38273
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94-3290283
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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42307 Osgood Road, Suite I
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Fremont, California
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94539
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(Address of Principal Executive Offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading symbol
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Name of each exchange on which registered
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Class A Common Stock, par value $0.0001 per share
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ACMR
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The Nasdaq Stock Market LLC
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| Item 8.01 |
Other Events.
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| Item 9.01 |
Financial Statements and Exhibits.
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Exhibits.
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Exhibit
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Description
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Record of March 2025 Investor Relations Activity filed by ACM Research (Shanghai), Inc. with the Shanghai Stock Exchange on March 20, 2025
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104
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Cover Page Interactive Data File (embedded within the XBRL document)
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ACM RESEARCH, INC.
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By:
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/s/ Mark McKechnie
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Mark McKechnie
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Chief Financial Officer and Treasurer
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Dated: March 24, 2025
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Stock Code: 688082
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Short Name: ACMSH
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Categories of investor
relation activities
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☐ Targeted investor research
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☐ Analyst meeting
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☐ Media interview
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✓ Results announcement
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☐ Press conference
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☐ Roadshow
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☐ On-site visit
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☐ Others
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Date
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March 18, 2025
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Venue
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Conference call
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Representatives of the
Listed Company
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Chairman: HUI WANG
General Manager: JIAN WANG
Chief Financial Officer: LISA YI LU FENG
Board Secretary: MINGZHU LUO
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I. Company Introduction: Leaders of ACM
Research (Shanghai), Inc. (the “Company”) briefly described the Company’s results and financials for the year 2024, and responded to investors’ questions and concerns.
II. Q&A
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Summary of Investor
Relation Activities
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1. Could you provide a breakdown of the revenue share for the plating and furnace equipment categories, in terms of total
revenue and newly signed orders?
A: We did not separate revenues and sales between plating and furnace equipment, but the majority came from plating equipment.
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2. What’s your outlook on the future performance of furnace equipment?
A: We are making steady progress in developing new customers for our furnace equipment. By the end of 2024, we had 17 furnace equipment
customers, a notable increase from 9 at the end of 2023. We expect revenue contribution from furnace equipment to accelerate further in 2025, becoming a new driver of the Company’s future growth. Meanwhile, we are developing multiple new ALD
furnace equipment models to further solidify our differentiated competitive advantages and provide tailored solutions to our customers. We expect these efforts to support stable growth and long-term sustainable development of our operating
performance.
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3. NAURA Technology’s investment in Kingsemi previously attracted significant market attention. What’s your view on the
recent shareholding changes in the semiconductor equipment sector, particularly in the Track segment? Looking ahead, how do you see the development of China’s Track market over the next few years?
A: Mergers and acquisitions in the semiconductor equipment sector are a normal part of industry evolution. In recent years, our Company has
accumulated extensive experience in cleaning and plating equipment. Currently, our cleaning and plating products hold over 30% market share in China, securing a leading position in the industry. At the same time, we are further enhancing
supplier management and developing an independent supply chain. In the Track segment, equipment reliability directly impacts the production capacity, efficiency, and yield of lithography machines. As a critical step in semiconductor
manufacturing, the Track process has broad market prospects. Our newly developed 300WPH KrF-line Track equipment is expected to be delivered to customers by mid-year, where we aim to complete rapid verification. We are confident in its market
potential and its contribution to the localization of high-end Track equipment in China.
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4. What is your view on the growth outlook for the advanced packaging equipment segment, and what are the Company’s
expectations for its future development?
A: Our plating equipment achieved solid progress amidst relatively limited growth in China’s packaging sector last year. Looking ahead, we
expect advanced packaging technologies such as CoWoS and fan-out to enter a period of rapid growth. As a result, we remain optimistic about the outlook for plating equipment in the advanced packaging sector and anticipate substantial growth
in the coming years.
5. Given the tightening external restrictions, has the Company seen a clear benefit to its cleaning equipment business?
A: While some cleaning equipment such as supercritical CO2 dry equipment and certain tools involving chemical processing has
been subject to restrictions, the majority of our cleaning equipment remains largely unaffected. From a product portfolio perspective, we offer a comprehensive range of cleaning solutions, covering approximately 90%-95% of process steps from
upstream to downstream. At present, our R&D in cleaning equipment is progressing smoothly. With our differentiated technical strengths and close cooperation with customers, we expect to further expand our market share in this segment.
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| Notably, our independently developed Tahoe cleaning equipment, protected by global intellectual property rights, has been highly recognized by customers. In 2024, we received multiple repeat orders from a logic manufacturer. The equipment was also delivered to a major memory manufacturer and completed process verification. The Tahoe system integrates two modules—a wet bench module and a single-wafer module—into a single wet cleaning platform. It supports dozens of critical cleaning processes, including photoresist removal, post-etch cleaning, post-ion implantation cleaning, and post-CMP cleaning. It can reduce sulfuric acid consumption by up to 75%, lowering sulfuric acid-related costs by tens of thousands of U.S., dollars annually. This not only reduces production costs for customers but also aligns with national energy conservation and emission reduction policies. In addition, the Tahoe system offers strong cleaning capabilities, achieving single-digit particle levels in the 26 nm particle test, meeting the stringent requirements of high-end manufacturing. Its cleaning performance and process flexibility are comparable to that of single-wafer low-temperature SPM cleaning equipment. Currently, Tahoe has attracted significant interest from both domestic and international customers. With strong market potential, we are committed to expanding its presence in the global market. |
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6. Sulfuric acid cleaning equipment is expected to be a key growth area over the next two years. What is the Company’s
current market share in China’s sulfuric acid cleaning equipment market? And what’s your target for its contribution to overall cleaning equipment revenue?
A: We are optimistic about the future expansion of high-temperature sulfuric acid products in China. Our sulfuric acid cleaning equipment is
well-suited to meet diverse and differentiated customer needs. Leveraging differentiated technical advantages, we are highly competitive in both the high-temperature (>170°C) and medium- to low-temperature sulfuric acid cleaning equipment
markets. We have completed verification on production lines at multiple customers. This year, our primary goal is to enhance the global recognition of Tahoe cleaning equipment, drive its adoption in overseas markets and contribute to the
company’s overall revenue growth.
7. Recently, a Japanese competitor launched a combined single-wafer and wet bench cleaning equipment. According to their
description, the product’s advantages appear similar to yours. Are there any key differences between their product and yours? Do you expect it to impact your overseas market expansion?
A: Our independently developed Tahoe cleaning technology is a world-first innovation and is protected by global intellectual property
rights. It not only meets high industry standards but also drives technological advancement, cleaner production development, and elevated standards in the global semiconductor industry through its efficient and environmentally friendly
design. Global semiconductor equipment manufacturers each bring unique capabilities to the table. We are glad to see that this technical path pioneered by the Company has inspired other tier-1 peers. We believe this will help foster a healthy
cycle in the global market to jointly promote industry development. With our strategic product portfolio and years of industry experience, we are confident in our competitiveness in the global market.
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8. Looking ahead, does the company expect China’s semiconductor market to evolve into a perfectly competitive one?
A: We believe that China’s semiconductor market has always been, and will continue to be, an open and competitive market in the past,
present, and future. As a semiconductor equipment provider, we expect the market will remain open, allowing fair competition with international peers on a level playing field. At the same time, leveraging our differentiated products and
technological strengths, we also look forward to expanding into overseas markets to achieve shared growth and healthy competition. We believe that such efforts will help foster a positive and harmonious competition environment across both
domestic and overseas markets, jointly advancing the globalization of the semiconductor industry.
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9. If China’s semiconductor parts industry reaches a globally leading level in terms of technology and functionality, how
substantial would the cost advantages be? What level of cost reduction could be achieved in the long run?
A: China’s semiconductor parts already possess a clear cost advantage. However, the key challenges lie in collaboration with equipment
manufacturers and customer-side verification. Once these hurdles are overcome, we believe the cost advantage of China's semiconductor parts will be further amplified. As for the extent of cost reduction, it can only be accurately assessed
after cooperation with equipment manufacturers and completion of verification by end customers.
10. Could you share the current status of verification for your panel-level advanced packaging equipment at overseas
foundries and OSATs? Does panel size have an impact on the competitive landscape for plating equipment?
A: Our independently developed panel-level horizontal plating equipment was
recently awarded the “Technology Enablement Award” by 3D InCites in the U.S. This equipment was introduced as an innovative alternative to traditional vertical plating equipment, addressing key technical difficulties in the panel-level
packaging stage of semiconductor manufacturing. It features our proprietary horizontal plating technology, which ensures excellent panel uniformity and precision, prevents cross-contamination between plating solutions, and enhances chip
quality while also improving efficiency and reducing costs. The equipment is capable of processing panels up to 600 × 600 mm in size. We believe that panel-level packaging formats such as 310 × 310 mm, 515 × 510 mm, and 600 × 600 mm will become an emerging trend in AI chip packaging. Backed by our strong
technological differentiation and sharp market insights, we expect to continue delivering innovative products to both domestic and international markets.
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11. Will geopolitical tensions have an impact on the Company’s advanced packaging business in the U.S. and Taiwan region?
A: We and our parent company ACMR are listed on the capital markets in China and the U.S., respectively, and have established a global sales
presence, including in the United States, South Korea, the Taiwan region, and Europe. We are confident in our ability to continue delivering our independently developed, differentiated products to international markets such as the United
States, South Korea, the Taiwan region, Singapore, and Europe.
12. Which customers are currently testing your horizontal plating products?
A: This product is still in internal R&D and at the demo stage. Although it has not yet been commercially released, we expect at least
one unit to undergo customer testing this year. Our sales team and process engineers are actively working to drive this forward.
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