Here are 1-3 brief analogies for ACM Research:

• Applied Materials for specialized wet cleaning equipment in chipmaking.

• A specialized Lam Research for the crucial wafer cleaning and surface preparation in semiconductor manufacturing.

• Ultra C Wafer Cleaning Equipment: Provides advanced wet processing solutions for removing contaminants from semiconductor wafers at various stages of manufacturing.
• Electroplating Equipment (e.g., Ultra ECP): Used for depositing uniform metal films, primarily copper, onto semiconductor wafers for interconnect formation.
• Stress-Free Polishing (SFP) Equipment: Offers a unique chemical-mechanical planarization (CMP) alternative for gentle and precise material removal on wafers, reducing damage.
• Thermal Processing Equipment: Provides advanced rapid thermal processing (RTP) and other annealing solutions for precise thermal treatment of semiconductor wafers.

ACM Research (ACMR) sells its products primarily to other companies, specifically to companies involved in semiconductor manufacturing.

Its major customers are semiconductor manufacturers, which typically include:

• Foundries: Companies that specialize in manufacturing integrated circuits designed by other companies (e.g., TSMC, Samsung Foundry, UMC, SMIC).
• Integrated Device Manufacturers (IDMs): Companies that design, manufacture, and sell their own integrated circuits (e.g., Intel, Samsung Electronics, Micron Technology, SK Hynix).

While ACM Research's public filings, such as its annual 10-K reports, indicate that a significant portion of its revenue comes from a limited number of customers (for example, its top five customers accounted for 54% of total revenues in 2023, with two distinct customers each accounting for 14% of total revenues in that year), the company does not disclose the specific names of these major customers in its public documents. This is a common practice in the semiconductor equipment industry to maintain competitive confidentiality and customer relationships.

Therefore, a list of specific named customer companies with their stock symbols cannot be provided based on publicly available information.

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David Wang, Chief Executive Officer and President

Dr. David Wang is the founder of ACM Research, establishing the company in January 1998. He is the inventor of stress-free Cu polishing (SFP) technology and holds over 100 patents in semiconductor equipment and process technology. He established a joint venture, ACM Research (Shanghai) Inc., in May 2005. Prior to founding ACM Research, Dr. Wang was associated with Quester Technology and spent ten years in semiconductor equipment and manufacturing processes at Osaka University, Cincinnati University, and CNS Technology. The Ultra SFP equipment developed under his leadership was sold to LSI Logic and Intel. He also engages as an angel investor.

Mark McKechnie, Chief Financial Officer and Treasurer

Mr. Mark McKechnie has served as the Chief Financial Officer and Treasurer of ACM Research, Inc. since November 2019. He joined ACM Research as Vice President of Finance in July 2018. Mr. McKechnie brings over 25 years of experience in product management, public equity markets, and corporate finance from previous roles at Motorola, Intel, Evercore Partners, and other Wall Street and technology companies. He also served as Vice President of Investor Relations and Strategic Initiatives for Silver Spring Networks, Inc. from 2014 to January 2018.

Lisa Feng, Chief Financial Officer of ACM Research (Shanghai), Inc.

Ms. Lisa Feng has been the Chief Financial Officer of ACM Research (Shanghai), Inc., the company's principal operating subsidiary, since November 2019. Her prior roles at ACM included Chief Accounting Officer, Interim Chief Financial Officer and Treasurer from January 2018, and Financial Controller from October 2017 to January 2018. With over 20 years of experience in corporate financing and managerial accounting, Ms. Feng previously served as Corporate Controller of Amlogic, Inc., a fabless semiconductor company, and Regional Controller at Lumenis Inc.

Jian Wang, Chief Executive Officer and President of ACM Research (Shanghai), Inc.

Mr. Jian Wang has served as the Chief Executive Officer and President of ACM Research (Shanghai), Inc. since November 2019. Before this, he was the Vice President of Research and Development at ACM Research (Shanghai), Inc. from January 2015, and Director of Research and Development from 2011 to January 2015, where he focused on SFP and ECP technologies.

Sotheara Cheav, Senior Vice President of Manufacturing

Mr. Sotheara Cheav was appointed as ACM's Senior Vice President of Manufacturing in April 2025. Prior to this role, he served as Senior Vice President of Manufacturing at ACM's subsidiary, ACM Research (Shanghai), from May 2019 to March 2025. His earlier positions at ACM Research (Shanghai) include Vice President of Manufacturing from January 2015 to May 2019 and Director of Manufacturing from 2011 to December 2014.

The key risks to ACM Research's business operations primarily stem from geopolitical tensions, significant customer concentration, and supply chain dependencies.

1. Geopolitical and Regulatory Risks (US-China Relationship): ACM Research faces substantial risks due to the evolving relationship between the United States and China. Sudden changes in US-China tariffs or export controls could immediately halt shipments of their products. The company's 2025 revenue guidance explicitly accounts for the ongoing impact of international trade policy and the spending plans of key customers. Furthermore, there is a risk that mainland China central government authorities could require permission or approval for ACM Research's Class A common stock to continue listing in the United States, which could materially and adversely affect the business. ACM Research has deep roots in China, with its Shanghai-based R&D facility established in 2006, and its operations in mainland China and Korea may be further impacted by the addition of related entities to the U.S. Department of Commerce's Bureau of Industry and Security (BIS) Entity List. Ongoing U.S.-China tech tensions keep investor sentiment volatile.
2. Customer Concentration: A significant portion of ACM Research's revenue is derived from a limited number of major customers, predominantly in China. In 2024, top customers accounted for over 10% of total sales, with Huahong Group contributing 15%, SMIC 14%, and Yangtze Memory Technologies Co. and PXW each contributing 12%. This reliance on a few large Chinese foundry customers makes the company's revenue vulnerable to their capital expenditure plans. Notably, SMIC, a key customer, has been targeted by U.S. sanctions, further intertwining customer concentration with geopolitical risks.
3. Supply Chain Dependence: ACM Research is dependent on a limited number of suppliers, including single-source suppliers, for critical components and subassemblies. Any inability of these suppliers to meet the company's needs could disrupt business operations. Issues with Shanghai tool production have also been identified as a potential disruptor to the supply chain and customer relationships. While the company has implemented strategic inventory buildup to mitigate supply chain and geopolitical risks, the fundamental reliance on these external parties remains a key risk.

The clear emerging threat for ACM Research (ACMR) is the **increasing technological capabilities and market share gains by domestic Chinese semiconductor equipment manufacturers.**

Driven by China's national strategy for semiconductor self-sufficiency and significant state backing, indigenous companies such as NAURA Technology Group are rapidly advancing their wet processing equipment and other critical tools. As these domestic players improve their performance, expand their product portfolios, and receive preferential treatment from local foundries, they pose a direct and intensifying competitive challenge to ACMR, particularly within the lucrative Chinese market where ACMR has a substantial presence and derives a significant portion of its revenue. This trend threatens to erode ACMR's market share and growth opportunities in its key operational region.

ACM Research (ACMR) operates in the semiconductor equipment industry, with its main products and services primarily focusing on wet cleaning equipment, advanced packaging solutions (including electroplating), furnace equipment, and stress-free polishing technology. The addressable markets for these offerings are identified as follows:

• Wet Process Equipment / Wafer Cleaning Equipment: The global semiconductor wet process equipment market was valued at approximately $6 billion in 2023 and is projected to reach $10 billion by 2032. Another estimate places the global wet process equipment market size at approximately $6.73 billion in 2024, with a projection to reach $10.24 billion by 2032. More specifically, the global wafer cleaning equipment market size was valued at $9.16 billion in 2024 and is forecast to grow to $14.15 billion by 2029. The global wafer cleaning equipment market is also projected to grow from $7.4 billion in 2024 to $14.42 billion by 2032. The global single wafer cleaning equipment market is projected to reach approximately $5.8 billion by 2033.
• Furnace Equipment: The global market for furnace equipment, which includes tube CVD, oxidation/diffusion furnace, and batch atomic layer deposition, was estimated at $3.4 billion, as part of an $88.1 billion total available market for specific equipment segments (wafer cleaning, furnace, and electro-chemical deposition).
• Advanced Packaging Solutions (including Electroplating): While a specific addressable market size solely for advanced packaging *equipment* from independent market research is not readily available in the provided sources, ACM Research's broad product line-up, which includes Electro Chemical Plating (ECP) plating and advanced packaging equipment, contributes to an estimated global service market value of $18 billion as of December 2024.
• Stress-Free Polishing (SFP): No specific addressable market size for stress-free polishing technology as a standalone market was identified in the provided information.

ACM Research (ACMR) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. New Product Introductions and Expansion of Product Portfolio: ACM Research anticipates significant contributions from its new product lines, including Single Wafer, SPM, Tahoe, Panel Level Plating, Furnace, Track, and PCVD tools. The company specifically projects substantial revenue from its SPM, furnace, and panel packaging products in 2026, with incremental revenue expected from its furnace products. The launch of the Ultra ECDP Tool for wide bandgap semiconductor manufacturing in September 2025 also directly targets next-generation markets, aligning with anticipated revenue growth. This strategy focuses on building a multi-product portfolio of world-class tools to expand its service market and play a critical role in enabling next-generation chip making.
2. Growth in the Chinese Market: The company maintains an optimistic outlook for continued growth driven by expansion in the Chinese market and investments from mainland Chinese customers. ACM Research has a long-term revenue target for Mainland China increased to $2.5 billion, based on a higher estimated market size and increased market share goals.
3. Increased Demand for Advanced Packaging Solutions: Strong demand for its advanced packaging solutions has been a significant driver of revenue growth, as evidenced by a 32% year-over-year increase in Q3 2025. The company is experiencing strong global customer engagement in its advanced packaging technology, which is expected to drive future growth.
4. Acceleration from AI and Data Center Investments: CEO David Wang emphasized that AI and data center investments are accelerating semiconductor and wafer fab equipment spending, which in turn boosts demand for ACM's innovative product portfolio.

Share Repurchases

• ACM Research's quarterly stock buybacks amounted to $6.135 million for the period ending June 30, 2025.
• Net cash used in financing activities in 2024 was $17.2 million, which included stock repurchases.

Share Issuance

• In November 2021, ACM Research (Shanghai) Inc. (ACMS), a subsidiary of ACM Research, completed its STAR Listing and IPO in China, issuing 43,355,753 shares.
• ACM Shanghai completed its second capital raising on the STAR Market in September 2025, generating approximately $623 million in net proceeds.
• In January 2024, ACMS announced plans to sell 43.6 million shares, which is anticipated to occur in 2025 and would reduce ACMR's stake to 74.6%, with funds intended for growth investments.

Inbound Investments

• ACM Research (Shanghai) Inc. (ACMS), the principal operating subsidiary, went public in China in 2021.
• ACM Shanghai completed a second capital raise on the STAR Market in September 2025, raising approximately $623 million, which will be used for investments in its Lingang mini-line and to expand global production capacity.

Capital Expenditures

• Annual capital expenditures were $9.15 million in 2021, $91 million in 2022, $62 million in 2023, and $82 million in 2024.
• Capital expenditures for the third quarter of 2025 were $43.2 million.
• Recent capital expenditures have focused on expanding production capacity and R&D, including the opening of a new R&D and production facility in Lingang, China (October 2024), and investments in an Oregon facility for customer evaluations, technology development, and initial production.