ACM Research Shanghai Inc
SSE:688082
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ACM Research Shanghai Inc
SSE:688082
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ACM Research Shanghai Inc
In the bustling metropolis of Shanghai, ACM Research Shanghai Inc. has carved a niche at the cutting edge of semiconductor manufacturing technology. Established to cater to the growing demand for advanced wafer processing solutions, the company specializes in the development and production of capital equipment used in the fabrication of integrated circuits. With a distinct focus on innovative wafer cleaning technologies, ACM provides equipment that enables semiconductor manufacturers to achieve higher yields and finer feature sizes. Their product portfolio, including the renowned Ultra C series, integrates unique technologies like Space Alternated Phase Shift (SAPS) and Timely Energized Bubble Oscillation (TEBO), which effectively remove contaminants without causing damage to delicate wafer surfaces.
ACM Research's business model centers on the sale of capital equipment, complemented by after-sales services and spare parts, ensuring a steady revenue stream as their machines continue operation in the semiconductor production lines. Their growth is buoyed by the industry's insatiable demand for faster and more efficient chips, as major tech giants continuously push the boundaries of performance and miniaturization. By aligning their research and development with these technological trends, ACM places itself not only as a supplier but as a strategic partner in the semiconductor ecosystem, contributing to the advancement of an industry that underpins modern digital economies.
In the bustling metropolis of Shanghai, ACM Research Shanghai Inc. has carved a niche at the cutting edge of semiconductor manufacturing technology. Established to cater to the growing demand for advanced wafer processing solutions, the company specializes in the development and production of capital equipment used in the fabrication of integrated circuits. With a distinct focus on innovative wafer cleaning technologies, ACM provides equipment that enables semiconductor manufacturers to achieve higher yields and finer feature sizes. Their product portfolio, including the renowned Ultra C series, integrates unique technologies like Space Alternated Phase Shift (SAPS) and Timely Energized Bubble Oscillation (TEBO), which effectively remove contaminants without causing damage to delicate wafer surfaces.
ACM Research's business model centers on the sale of capital equipment, complemented by after-sales services and spare parts, ensuring a steady revenue stream as their machines continue operation in the semiconductor production lines. Their growth is buoyed by the industry's insatiable demand for faster and more efficient chips, as major tech giants continuously push the boundaries of performance and miniaturization. By aligning their research and development with these technological trends, ACM places itself not only as a supplier but as a strategic partner in the semiconductor ecosystem, contributing to the advancement of an industry that underpins modern digital economies.
Revenue: Q4 revenue $244 million, up 9.4% Y/Y; full-year 2025 revenue $901.3 million, up 15.2%.
Guidance: 2026 revenue reiterated in the range $1.08 billion to $1.175 billion (midpoint implies ~25% growth).
Profitability: Q4 gross margin 41.0% (below long-term 42%–48% target); full-year gross margin 44.5%; Q4 operating margin 12.1%, full-year operating margin 15.9%.
Margins driver: Management attributed Q4 margin pressure to product mix (a few semi-critical low-margin products) and higher seasonal inventory provisions; expects this to be temporary.
Products / Customers: Company highlighted multiple first deliveries and orders outside Mainland China (Singapore, customers in North America and Europe) for single-wafer cleaning and advanced packaging tools.
New product ramp: Management expects SPM cleaning, furnace, supercritical CO2 dry, panel horizontal plating, Track and PECVD to materially contribute in 2026 and beyond.
Balance sheet: Cash, cash equivalents, restricted cash and time deposits $1.13 billion; net cash $845.5 million after Shanghai private offering proceeds; ACM Shanghai raised ~$623 million in 2025 and ~$111 million in Feb 2026 from share sales.
CapEx / investment: 2025 CapEx $58 million; 2026 planned CapEx about $200 million (Lingang expansion, mini-line, Oregon facility).