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| Delaware | 001-38273 | 94-3290283 | ||||||
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
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42307 Osgood Road, Suite I
Fremont, California
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94539 |
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| (Address of Principal Executive Offices) | (Zip Code) | ||||
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||||||||
| Class A Common Stock, par value $0.0001 per share | ACMR | The Nasdaq Stock Market LLC | ||||||||||||
| Exhibit | Description | |||||||
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104
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Record of November 2025 Investor Relations Activity filed by ACM Research (Shanghai), Inc. with the Shanghai Stock Exchange on November 19, 2025
Cover Page Interactive Data File (embedded within the XBRL document)
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Exhibit 99.1 | ||
Type of investor relation activities |
□ Targeted investor research □ Analyst meeting
□ Media interview √ Earnings Call
□ Press conference □ Roadshow
□ On-site visit □ Others
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Date |
November 13, 2025 |
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Venue |
Conference call |
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Representatives of the listed company |
Chairman: HUI WANG
General Manager: JIAN WANG
Chief Financial Officer: LISA YI LU FENG
Board Secretary: MINGZHU LUO
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1604176392.2
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Exhibit 99.1 | ||
Summary of investor relation activities |
I. Company Introduction: Management of the ACM Research (Shanghai), Inc. (the “Company”) gave a brief introduction to the results and financial performance of the Company for the third quarter of 2025 and answered questions raised by investors.
II. Q&A
1. What is the breakdown between memory and logic in the Company’s disclosed order backlog? What is the delivery lead time for these orders?
A: Based on our sales performance this year, memory accounts for a higher portion of our order backlog compared with logic. The average delivery lead time for these orders is around 6 months.
2. With progress in the Company’s cleaning equipment business and optimization of business structures such as memory, which products are expected to see increased demand in the future?
A: For 3D NAND, our cleaning equipment now provides near-full process coverage, with only a few remaining steps undergoing validation. Our Ultra C wb wet cleaning system has also been significantly upgraded with our patented nitrogen bubbling technology, which enhances wet-etch uniformity and reduces secondary by-product deposition. We believe this technology has strong application potential next generation 3D NAND, 3D DRAM, and 3D logic devices, and expect it to support a steadily expanding market opportunity.
For DRAM, our proprietary SAPS technology is currently applied at the 28nm logic node, advanced DRAM nodes, and has been stably adopted across nearly 30 process steps on SK Hynix production lines.
For high-temperature sulfuric-acid cleaning, our patented nozzle design enables particle-removal performance down to 19nm, with particle counts reduced to single digits. This improves customer yields and significantly lowers maintenance requirements by eliminating the need for external chamber cleaning. We believe this product is globally industry-leading. We have also defined a performance-enhancement roadmap to further extend particle-size capability to 17nm, 15nm, and even 13nm to support future advanced nodes.
For supercritical CO2 drying and cleaning, our self-developed system has reached a world-leading performance level. Its CO2 consumption is more than 40% lower than comparable international systems, significantly reducing customers’ consumable costs. We are confident in the system’s competitiveness and expect it to capture meaningful market share.
Our furnace systems continue to make solid progress in customer expansion. As of September 30, 2025, we had secured 18 furnace customers. We expect incremental revenue contributions from furnace in future periods.
Looking ahead, we will continue to pursue breakthroughs in process technologies and customer validation, further strengthening our market competitiveness. We remain committed to advancing next-generation wafer- and panel-level packaging technologies globally and contributing to the development of the global AI semiconductor industry.
3. From the perspective of new order intake, what is the current status of the Company’s order backlog? What is the outlook for next year? Which types of customers are expected to contribute more to order growth ?
A: According to our disclosure on September 30, our order backlog as of September 29, 2025 amounted to approximately RMB 9.072 billion, representing a 34.10% year-on-year increase compared with the voluntarily disclosed backlog for the same period last year.
Looking ahead to next year, we expect to continue delivering growth in both output and revenue. On the supply side, we are achieving continued breakthroughs in single-wafer high-temperature cleaning as well as medium- and low-temperature sulfuric-acid cleaning. On the demand side, we believe the ongoing investments of China’s memory and logic industries will drive continued demand for our tools.
For new equipment, we see additional growth opportunities for our electroplating. Furnace systems—leveraging our world-first ultra-high temperature capability (above 1,250°C)—are expected to drive increasing contributions in the IGBT sector. We also expect meaningful progress in LPCVD and vertical-furnace ALD systems. For Track systems, we expect to continue securing additional customers, supporting our growth objectives. For PECVD, we expect the shipment of two systems by year-end.
We have also introduced the world’s first panel-level horizontal electroplating system, highlighting ACM’s differentiated technology advantages. This system is expected to be shipped to customers in the near term. Overall, we expect our new equipment portfolio to contribute meaningfully to our shipments next year.
4. The gross margin of some equipment companies experienced quarter-on-quarter pressure in Q3. What is the Company’s view on this?
A: Gross margin is an important indicator of a company’s overall competitiveness. Our core strengths lie in our globally proprietary equipment technologies and our differentiated competitive positioning. We expect our gross margin to remain in the 42%-48% range on a sustainable basis. Going forward, we will continue advancing technology upgrades and product innovation, addressing customers’ process challenges, and strengthening our competitive moat, thereby supporting healthy and stable gross margin performance.
5. Based on customer interactions, have you observed a clear trend of increasing adoption of domestic Chinese equipment in logic and memory, especially DRAM? Also, does the Company expect to capture greater market share internationally?
A: We have observed increasing customer shifts toward domestic equipment. As the quality and performance of domestic tools continue to improve, we believe customer adoption will continue to rise next year. Internationally, we remain committed to long-term market development. Supported by differentiated technologies and globally competitive products, we will continue to promote our equipment in international markets, expand our global market share, and contribute to the development of the worldwide semiconductor industry.
6. Looking ahead to next year, where will the primary demand for advanced packaging come from?
A: Based on current market trends, we believe demand for advanced packaging will continue to increase. Our advanced packaging equipment performed well in Q3, and we expect this momentum to continue into next year. We offer one of the most comprehensive portfolios of advanced wafer wet-process equipment globally, covering coating, developing, stripping, etching, cleaning, and electroplating. Panel-level packaging is also emerging as a key industry trend. In this area, we have introduced several core systems—including electroplating, wet bevel etch, and vacuum cleaning—and plan to roll out additional products over time. We believe we are positioned at the forefront globally in supporting the industry’s transition from wafer-level to panel-level packaging.
7. The adjusted net profit attributable to the parent reported by the Company differs from the figures disclosed by the U.S.-listed parent company in the past two quarters. What are the reasons? Which accounting items are affected?
A: The difference between the financial results of ACMSH and those of our U.S.-listed parent company, ACMR, primarily arise from the different accounting standards applied. Under ACMSH’s accounting policies, revenue is recognized after installation and commissioning.
Under U.S. GAAP, revenue for first-time equipment deliveries to a specific customer is recognized after customer technical qualification /acceptance per contractual obligations; however, for repeat orders with an established transaction history, revenue may be recognized upon shipment.
8. Could you provide further insights into the outlook for the Chinese market next year and the Company’s expected growth?
A: We believe the overall Chinese market will remain stable next year. We also believe that the continued rollout of new products will provide a strong foundation for growth in the years ahead. In line with past practice, we plan to voluntarily disclose our 2026 revenue outlook in January 2026.
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Exhibit 99.1 | ||
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