ACM Research Inc (ACMR) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen.

女士們、先生們，大家好。

Thank you for standing by and welcome to the ACM Research First Quarter 2025 Earnings Conference Call. (Operator Instructions)

感謝您的支持，歡迎參加 ACM Research 2025 年第一季財報電話會議。（操作員指示）

Now, I will turn the call over to Mr. Steven Pelayo, Managing Director of the Blue Shirt Group. Steven, please go ahead.

現在，我將把電話轉給藍衫集團董事總經理史蒂文·佩拉約先生。史蒂文，請繼續。

Good day everyone.

大家好。

Thank you for joining us to discuss First Quarter of 2025 results, which we released before the US market opened today. The release is available on our website as well as from Newswire services. There's also a supplemental slide deck posted to the investors section of our website that we will reference during our prepared remarks. On the call with me today are CEO David Wang, our CFO Mark McKechnie, and Lisa Feng, our CFO of our Operating Subsidiary ACM Shanghai.

感謝您與我們一起討論我們今天在美國市場開盤前發布的 2025 年第一季業績。新聞稿可在我們的網站以及新聞專線服務上查閱。我們網站的投資者部分也發布了補充幻燈片，我們將在準備好的演講中參考它。今天與我一起參加電話會議的有執行長 David Wang、財務長 Mark McKechnie 和營運子公司 ACM 上海的財務長 Lisa Feng。

Before we continue, please turn to slide 2. Let me remind you that remarks made during this call may include predictions, estimates, or other information that might be considered forward-looking. These forward-looking statements represent ACM's current judgment for the future. However, they are subject to risks and uncertainties that could cause actual results to differ materially.

在我們繼續之前，請翻到投影片 2。讓我提醒您，本次電話會議中的言論可能包括預測、估計或其他可能被視為前瞻性的資訊。這些前瞻性陳述代表了 ACM 對未來的當前判斷。然而，它們受到風險和不確定性的影響，可能導致實際結果大不相同。

Those risks are described under risk factors and elsewhere in ACM's filings with the Securities and Exchange Commission. Please do not place undue reliance on these forward-looking statements which reflect ACM's opinions only as of the date of this call. ACM is not obliged to update you on any revisions to these forward-looking statements. Certain of the financial results that we provide on this call will be on a non-GAAP basis, which includes stock-based compensation, pardon me, which excludes stock-based compensation. And an unrealized gain and loss on short term investments. For our GAAP results and reconciliations between GAAP and Non-GAAP amounts, you should refer to our earnings release, which is posted on the IR section of our website, and a slide 13. Also, unless otherwise noted.

這些風險在風險因素以及 ACM 向美國證券交易委員會提交的文件中進行了描述。請不要過度依賴這些前瞻性陳述，它們僅反映 ACM 截至本次電話會議之日的觀點。ACM 沒有義務向您更新這些前瞻性陳述的任何修訂。我們在本次電話會議上提供的某些財務結果將採用非 GAAP 基礎，其中包括股票薪酬，但不包括股票薪酬。以及短期投資的未實現損益。對於我們的 GAAP 結果以及 GAAP 與非 GAAP 金額之間的對賬，您應該參考我們的收益報告（發佈在我們網站的 IR 部分）和幻燈片 13。此外，除非另有說明。

The following figures refer to the first quarter of 2025, and comparisons are with the first quarter of 2024. I will now turn the call over to David Wong. David.

以下數據指的是 2025 年第一季度，並與 2024 年第一季進行比較。現在我將電話轉給 David Wong。大衛。

Thanks, Steven. Hello, everyone, and welcome to ACM Research, First Quarter Earning Conference Call.

謝謝，史蒂文。大家好，歡迎參加 ACM Research 第一季財報電話會議。

We've just completed another important quarter, not only in terms of performance, but also in how we are.

我們剛剛完成了另一個重要的季度，不僅在業績方面，而且在我們的狀況方面。

Advancing our position in a global semiconductor industry.

提升我們在全球半導體產業的地位。

Before I review the results, I would like to highlight a few recent developments and reflect the momentum we're building and the direction we're heading.

在回顧結果之前，我想強調最近的一些發展，並反映我們正在建立的動力和前進的方向。

We were pleased to see the same research recently appeared on the list of the TOP20 global semiconductor equipment company for 2024 and published by leading third party market research firm. That recognition reflects the steady progress we have made over the year and the growing impact of our innovative products.

我們很高興地看到，同樣的研究成果最近出現在領先的第三方市場研究公司發布的2024年全球半導體設備公司TOP20榜單上。這項認可反映了我們一年來取得的穩定進步以及我們創新產品日益增長的影響力。

In China, we estimate our market share in both wafer cleaning and the printing reached more than 25%, which is translate to more than 9% global for each product category. They speak to their trust. We have earned from leading customers and also strength our product portfolio.

在中國，我們估計我們在晶圓清洗和印刷領域的市佔率達到25%以上，相當於每個產品類別的全球市佔率均超過9%。他們表達了他們的信任。我們從主要客戶那裡獲得了收益，並且增強了我們的產品組合。

A panel level packaging tool received the 3D Insight Technology enablement award. As a reminder, panel level packaging is the next generation solutions for high performance AI chip packaging.

面板級封裝工具榮獲3D Insight技術支援獎。提醒一下，面板級封裝是高效能AI晶片封裝的下一代解決方案。

This award is yet another great validation of ACM commitment to delivering innovative and enabling technology to our customers.

該獎項再次充分證明了 ACM 致力於為客戶提供創新和支援技術的承諾。

At the same time, we're all aware that global trade environment is shifting with new tariffs and evolving policies. We are operating in a more complex and less predictable environment. In this new period, we think the strategy we set forth many years ago, develop a world class tools, established R&D and production in key country where major semiconductor customer are located. And the folk sales effort on the global market becomes even more important for our future success.

同時，我們都意識到全球貿易環境正在隨著新關稅和不斷變化的政策而改變。我們正處於一個更複雜且難以預測的環境中。在這個新的時期，我們思考多年前製定的策略，開發世界一流的工具，在主要半導體客戶所在的重點國家建立研發和生產。而全球市場上的民間銷售努力對於我們未來的成功變得更加重要。

ACM is a US company with deep operation strength in Asia. We're in a unique position. We have built a successful business in Asia by delivering what the cost tool as a multi-product company, we're expanding our tool, offering to better support our customer in Asia.

ACM是一家在亞洲擁有深厚營運實力的美國公司。我們處於一個獨特的地位。作為一家多產品公司，我們透過提供成本工具在亞洲建立了成功的業務，我們正在擴展我們的工具，為亞洲客戶提供更好的支援。

We're now taking important steps to expanding our business into global market.

我們現在正採取重要措施將業務拓展到全球市場。

In the US we are investing in Oregon facility, starting with the class 100 clean for we for demo and R&D activities.

在美國，我們正在投資俄勒岡州的工廠，首先為我們提供 100 級清潔度，用於演示和研發活動。

And we're laying the groundwork for initial production capacity in our Oregon facility. We currently believe this is the best way to reduce tar uncertainty for the US customer and it is also good business to establishing production close to a customer. We believe that ACM position as the only US company with a full top to bottom Canadian product line combined with technology lab and the commitment to production in Oregon, put us in a good position to take on the global market.

我們正在為俄勒岡州工廠的初始生產能力奠定基礎。我們目前認為這是減少美國客戶焦油不確定性的最佳方式，在靠近客戶的地方建立生產也是一項好生意。我們相信，ACM 作為唯一一家擁有完整的加拿大產品線、技術實驗室和在俄勒岡州進行生產承諾的美國公司，使我們在全球市場上佔據有利地位。

Now on to our business results. Please send to slide 3.

現在來談談我們的業務成果。請寄至幻燈片 3。

For the First Quarter of 2025, we deliver revenue of $172 million upper 13% over a year. Shipment where $157 million down 36%. We know that shipment in Q1 of 2024 was especially strong due to customer demand. So, this was another, this was a tough comparison.

2025 年第一季度，我們的營收為 1.72 億美元，年增 13%。其中出貨量1.57億美元，下降36%。我們知道，由於客戶需求，2024 年第一季的出貨量特別強勁。所以，這又是一個艱難的比較。

We anticipate a return to year over year shipment growth in the second quarter. Gross margin was 48.2%, exceeding our target range of 42% to 48%.

我們預計第二季出貨量將恢復年增。毛利率為48.2%，超過了我們42%至48%的目標範圍。

We ended the quarter with a net cash of $271 million, up from $259 million in the year end 2024.

本季末，我們的淨現金為 2.71 億美元，高於 2024 年底的 2.59 億美元。

Now I will provide the detail on product. Please turn to slide 4.

現在我將提供有關產品的詳細資訊。請翻到幻燈片 4。

Revenue from a single wafer cleaning Tahoe and the semi-critical cleaning tools grow 18% and represent 75% of the total revenue. Growth was led by a strong demand for our staff and T platform as well as con continue momentum for the ultra CB backside cleaning tool. In 11, we qualify our high temperature SPM pool with a leading large customer in China. And achieved customer acceptance for all backhand B edge tool from a US customer.

單晶圓清洗Tahoe及半關鍵清洗工具的營收成長18%，佔總營收的75%。成長的動力源於對我們的員工和 T 平台的強勁需求以及對超級 CB 背面清潔工具的持續成長勢頭。11年，我們的高溫SPM池已獲得中國一家領先大客戶的認證。並獲得了美國顧客對所有反手B刃工具的認可。

Looking ahead in cleaning, we expect to see strong product cycle across high temperature SPM Taho, and other cleaning segments. We believe our top to bottom cleaning portfolio put us in a strong position to continue gaining share both in China and expanding to global market.

展望清潔領域的未來，我們預計高溫 SPM Taho 和其他清潔領域的產品週期將強勁。我們相信，我們自上而下的清潔產品組合將使我們在中國市場繼續獲得份額並擴展至全球市場。

Revenue for ECP furnace and other technology grow 7% and represent 16% of the total revenue. We saw strong momentum ECP tool for advanced packaging, and we are excited about the initial response to a new ultra ECP APP tool.

ECP爐及其他技術的收入成長7%，佔總收入的16%。我們看到了先進封裝 ECP 工具的強勁發展勢頭，我們對新型超級 ECP APP 工具的初步反應感到非常興奮。

As I mentioned before, ACM ultra ECP APP panel level plating tool received the 2025 3D Insight Technology enablement award in the United States.

正如我之前提到的，ACM ultra ECP APP 面板級電鍍工具獲得了美國 2025 年 3D Insight 技術賦能獎。

We believe ACM is the first and only supplier to offer rotating horizontal plating approach for the panel level packaging.

我們相信 ACM 是第一家也是唯一一家為面板級封裝提供旋轉水平電鍍方法的供應商。

The industry is now aggressively migrating from wafer level packaging to panel level packaging as one of the leading solutions for the next generation of AI chips. The reason is simple. You get a better utilization with a square panel versus the circular wafer.

目前，業界正積極從晶圓級封裝轉向面板級封裝，作為下一代人工智慧晶片的主要解決方案之一。原因很簡單。與圓形晶圓相比，方形面板的利用率更高。

As a result, we are now experienced a lot of interest from several major player in the industry. This product highlights ACM technology leadership in both front and processing and advanced packaging applications. We believe this will allow us to play a key role as global industry demand innovations to support even involving semiconductor requirements for AI.

因此，我們現在已經感受到來自業界幾家主要參與者的濃厚興趣。該產品彰顯了 ACM 在前端處理和先進封裝應用方面的技術領先地位。我們相信，這將使我們能夠在全球產業需求創新以支援甚至涉及人工智慧的半導體需求時發揮關鍵作用。

Our further products continue to gain traction. Our view is that market is increasingly demand high temperature and nearing solution, particularly for power semiconductor IGPT devices.

我們的進一步產品繼續受到關注。我們的觀點是，市場對高溫和近場解決方案的需求日益增長，特別是對功率半導體 IGPT 裝置的需求。

Our ultra FM vertical furnace tool is a proprietary co-based design that reach temperature of up to 1,250 degrees Celsius without distorting the wafer surface.

我們的超 FM 垂直爐工具採用專有的鈷基設計，溫度可高達攝氏 1,250 度，且不會扭曲晶圓表面。

We believe no other supplier currently achieve this temperature level in a vertical platform, and this is yet another good example of ACM tech technology leadership. We expect a revenue contribution from our furnace product line, including LPCVD oxidation and ARD to aerator meaningfully in 2025, expanding from a relatively small base in 2024.

我們相信，目前沒有其他供應商能夠在垂直平台上達到這種溫度水平，這又是 ACM 技術領先地位的另一個良好例證。我們預計，包括 LPCVD 氧化和 ARD 曝氣器在內的熔爐產品線將在 2025 年為曝氣器帶來顯著的收入貢獻，而 2024 年這一基數相對較小。

Revenue from advanced packaging, which exclude ECP but including service and the spell was down 10.5% and representing 9% of revenue.

先進封裝的收入（不包括 ECP 但包括服務）下降了 10.5%，佔收入的 9%。

We're making a good progress with the new track and PCVD platforms. Both of these products come with the ACM innovative and differentiated platform design that allow for process flexibility and high throughput. We had a solid list of ongoing demonstration and evaluation. For both track and PCBD for track, we plan to deliver our 300 WPH inline KRF beta tool in middle of 2025 for our new platform, track and PCBD. We expect some initial revenue contribution in 2025 with more in 2026 and the beyond.

我們在新軌道和 PCVD 平台方面取得了良好的進展。這兩款產品均採用 ACM 創新和差異化的平台設計，可實現製程靈活性和高吞吐量。我們有一份正在進行的演示和評估的詳細清單。對於軌道和軌道的 PCBD，我們計劃在 2025 年中期為我們的新平台、軌道和 PCBD 提供 300 WPH 線上 KRF 測試工具。我們預計 2025 年將有一些初始收入貢獻，2026 年及以後將有更多收入貢獻。

To wrap up the product, we have been on a strong growth path for the past 5 years with new products, including Tahoe SBM.

總結一下產品，過去 5 年我們憑藉 Tahoe SBM 等新產品一直保持強勁成長勢頭。

And the furnace in 2025, followed by our panel level packaging tools, track and PCVD in 2026 and beyond. We remain committed to a high growth model for the next 5 years as a reminder of $3 billion long term revenue target anticipate a $1.5 billion from China and $1.5 billion from the global market.

熔爐將於 2025 年投入使用，隨後，我們的面板級封裝工具、軌道和 PCVD 將於 2026 年及以後投入使用。我們將繼續致力於未來 5 年的高成長模式，以實現 30 億美元的長期收入目標，其中 15 億美元來自中國，15 億美元來自全球市場。

Next, let me provide an update on our production facility.

接下來，讓我介紹一下我們的生產設施的最新情況。

First is the link, please turn to slide 8.

首先是鏈接，請翻到幻燈片8。

Our state of art Liang production and R&D center is nearly completed. The site including two production buildings with the first now in production and the second available for future expansion.

我們最先進的梁生產和研發中心即將完工。該工廠包括兩棟生產大樓，第一棟現已投入生產，第二棟可供未來擴建。

Each of the two production buildings can support up to 1.5 billion of the annual production capacity. Combined, we believe we can eventually support 3 billion of the production at Linga.

兩座生產大樓每座均可支援高達15億的年生產能力。我們相信，綜合起來，我們最終可以支持 Linga 30 億的產量。

Next, our Oregon facility, pretend to slide 8. As I mentioned before, we are investing in our US footprint. Our Oregon facility is 40,000 square feet. We are building out a demo lamp and a clean room and the plan to add initial manufacturing to support our global customers. Now I will provide our outlook for the full year 2025.

接下來，我們的俄勒岡工廠，假裝是幻燈片 8。正如我之前提到的，我們正在投資美國業務。我們的俄勒岡工廠佔地 40,000 平方英尺。我們正在建造一盞演示燈和一個潔淨室，並計劃增加初始製造以支援我們的全球客戶。現在我將提供我們對 2025 年全年的展望。

Please turn to slide 8, 10.

請翻到幻燈片8、10。

We are maintaining our 2025 revenue outlook in a range of $850 million to $950 million. This implies 15% year over year growth at the middle point. In closing, our focus remains on delivering differentiated, enabling technology that will solve our global customers most critical process challenges.

我們維持 2025 年營收預期在 8.5 億美元至 9.5 億美元之間。這意味著中間點的同比增長率為 15%。最後，我們的重點仍然是提供差異化的支援技術，以解決我們全球客戶最關鍵的流程挑戰。

Now let me turn the call over to the CFO Mark, who will review details of our first quarter results. Mark, please.

現在，讓我將電話轉給財務長馬克，他將審查我們第一季業績的詳細資訊。請馬克。

Thank you, David, and good day everyone. Please turn to slide 11. Unless I don't otherwise, I will refer to non-GAAP financial measures which exclude stock-based compensation, unrealized gain loss on short-term investments. Reconciliation of these non-GAAP measures to comparable GAAP measures is included in our earnings release. Also, unless otherwise noted, following figures refer to the first quarter of 2025 and comparisons are with the first quarter of 2024.

謝謝你，大衛，大家好。請翻到第 11 張投影片。除非另有說明，否則我將參考非公認會計準則財務指標，其中不包括股票薪酬、短期投資未實現損益。我們的收益報告中包含了這些非 GAAP 指標與可比較 GAAP 指標的對帳。此外，除非另有說明，以下數字是指 2025 年第一季度，並與 2024 年第一季進行比較。

I will now provide financial highlights. Revenue was $172.3 million, of 13.2%. Total shipments were $157 million versus $245 million in Q1 of 2024 and $264 million in Q4 of 2024.

我現在將提供財務要點。營收為 1.723 億美元，佔 13.2%。總出貨量為 1.57 億美元，而 2024 年第一季為 2.45 億美元，2024 年第四季為 2.64 億美元。

David noted shipments in the first quarter of 2024 were especially strong during customer demands, so this was a tough year on year compare.

David 指出，在客戶需求旺盛的情況下，2024 年第一季的出貨量尤其強勁，因此與去年同期相比，這是一個艱難的一年。

We also had some pull-ins in the fourth quarter of last year, making for a tough quarter on quarter prepare. For reference, combined total shipments for the fourth quarter of 2024 and the first quarter of 2025 still increased by 8.9% versus the prior year periods. We do anticipate a return to year over year shipment growth in the second quarter.

去年第四季我們也經歷了一些拉動，這使得季度環比準備工作變得艱難。作為參考，2024 年第四季和 2025 年第一季的總出貨量仍比去年同期成長了 8.9%。我們確實預計第二季度出貨量將恢復年增。

Gross margin was 48.2% versus 52.5%. This exceeded our long-term business model target range of 42% to 48%. We do expect gross margin to vary from period to period and vary due to a variety of factors, including sales volume, product mix, and currency impacts.

毛利率為48.2% vs. 52.5%。這超出了我們長期商業模式目標範圍42%至48%。我們確實預期毛利率會因各時期的變化而變化，並會因銷售量、產品組合和貨幣影響等多種因素而變化。

Operating expenses were $47.5 million of 18.4%. For 2025, we planned for R&D in the 13% to 14% of revenue range, sales and marketing in the 7% range, and GNA in the 5% to 6% range.

營運費用為 4,750 萬美元，佔 18.4%。到 2025 年，我們計劃將研發投入佔收入的 13% 至 14%，將銷售和行銷投入佔收入的 7%，將 GNA 投入佔收入的 5% 至 6%。

Operating income was $35.6 million down 10.6%. Operating margin was 20.7% versus 26.2%. Income tax expense was $2.2 million versus $4.4 million. For 2025, we expect our effective tax rate in the 10% to 15% range.

營業收入為 3,560 萬美元，下降 10.6%。營業利益率為 20.7%，而去年同期為 26.2%。所得稅費用為 220 萬美元，去年同期為 440 萬美元。到 2025 年，我們預計有效稅率將在 10% 至 15% 之間。

Net income attributable to ACM research was $31.3 million versus $34.6 million. Net income per diluted share was $0.46 versus $0.52. Our non-gap net income excluded $9.8 million in stock-based compensation expense for the first quarter.

歸屬於 ACM 研究的淨收入為 3,130 萬美元，而去年同期為 3,460 萬美元。每股攤薄淨利潤為 0.46 美元，去年同期為 0.52 美元。我們的非差距淨收入不包括第一季的 980 萬美元的股票薪資費用。

We now review selected balance sheet and cash flow items, cash equivalents, restricted cash, and time deposits for $498.4 million at the end of the first quarter versus $441.9 million at the end of last year. Net cash, which excludes short term and long-term debt, was $271 million up from $259 million at the year end to 2024.

我們現在審查選定的資產負債表和現金流項目、現金等價物、受限現金和定期存款，第一季末為 4.984 億美元，而去年末為 4.419 億美元。不包括短期和長期債務的淨現金為 2.71 億美元，高於 2024 年底的 2.59 億美元。

Total inventory was $609.6 million versus $598.0 million at year end 2024.

總庫存為 6.096 億美元，而 2024 年底為 5.98 億美元。

This included raw materials and work in process of $310.8 million, finished goods inventory of $298.8 million. Finished goods inventory primarily consists of first tools under evaluation at our customer sites, along with finished goods located at ACM's facilities.

其中包括價值 3.108 億美元的原料和在製品，價值 2.988 億美元的成品庫存。成品庫存主要包括我們客戶在現場評估的第一批工具以及位於 ACM 工廠的成品。

Cash flow from operations was a positive $5.3 million versus a negative $9 million in a year ago quarter. Capital expenditures were $17.1 million versus $26.1 million in the year ago quarter. For the full year 2025, we expect to spend about $70 million in capital expenditures.

經營現金流為正 530 萬美元，去年同期為負 900 萬美元。資本支出為 1,710 萬美元，而去年同期為 2,610 萬美元。就 2025 年全年而言，我們預計資本支出約為 7,000 萬美元。

That concludes our prepared remarks. Let's open the call for any questions that you may have. Operator, please go ahead.

我們的準備好的演講到此結束。讓我們開始解答你們可能遇到的任何問題。接線員，請繼續。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Our first question is from Charles Shi with Needham & Company. Your line is now open.

我們的第一個問題來自 Needham & Company 的 Charles Shi。您的線路現已開通。

Good evening. Maybe good morning, Mark, David.

晚安.早上好，馬克，大衛。

My first question, I do want to ask you guys about shipment figures. We understand, yeah, this is a very lumpy metric. You can't really look at it on a quarter-to-quarter basis. But, I think, one quarter ago management said, for the full year shipment, you're expecting shipment growth over last year's level. Given that the pooling effect from March into December last year, I found that it's probably pretty a high bar for you to get the full year shipment growth, meaning you probably need to ship, roughly speaking $270 million per quarter for the next three quarters. I did hear in the preparing marks, management is committed to Q2 shipment on year growth, but any thoughts on the full year shipment, especially compared with the last year's shipment.

我的第一個問題，我確實想問你們有關出貨量的問題。是的，我們明白，這是一個非常不準確的指標。你實際上不能以季度為單位來看待它。但是，我認為，一個季度前管理層曾表示，預計全年出貨量將超過去年的水平。考慮到去年 3 月到 12 月的匯集效應，我發現，實現全年出貨量成長的門檻可能相當高，這意味著你可能需要在接下來的三個季度中每季出貨量約 2.7 億美元。我確實聽說在準備階段，管理層致力於實現第二季度出貨量的同比增長，但對於全年出貨量有什麼看法，特別是與去年的出貨量相比。

Thank you.

謝謝。

Sure, and thanks, Charles, and actually, the last year is really, I mean, extremely high, right? We increase the compared 2023, where it is more than 60%.

當然，謝謝你，查爾斯，實際上，去年的收入真的非常高，對吧？我們增加了與 2023 年的比較，當時這一比例超過 60%。

And so, that high number, that put the pressure this year. But anyway, I answer your question directly. We're still expecting this year's shipment were over the last year's shipment.

所以，這個高數字給今年帶來了壓力。但無論如何，我直接回答你的問題。我們仍然預計今年的出貨量將超過去年的出貨量。

And they're probably, were not as high as the last year, right? So that's the answer to your question.

而且它們可能沒有去年那麼高，對吧？這就是你問題的答案。

Charles, let me clarify that. So yeah, shipments, we expect to grow in 2025, but the growth rate of shipments, we, we're not necessarily saying that the growth rate of shipments will be higher than the growth rate of revenue for this year.

查爾斯，讓我澄清一下。是的，我們預期 2025 年出貨量將會成長，但出貨量的成長率，我們不一定說出貨量的成長率會高於今年的營收成長率。

Got it. Okay, that's helpful color, higher in shipment dollars compared with last year, in terms of a gross percentage, feel, feels like you're saying it's lower than last year, probably lower than this year's revenue growth, but still positive direction.

知道了。好的，這是有幫助的顏色，與去年相比，出貨量有所增加，就毛利率而言，感覺就像你說它低於去年，可能低於今年的收入增長，但仍然是積極的方向。

That's right, yeah.

沒錯，是的。

Thank you. Maybe a question, on the tariffs, I know you probably don't have a lot of content imports from the US. But since China does put a pretty high tariffs on the US imports, I wonder if there's any impact on the profitability wise or anything that could cause some issues for you guys going forward.

謝謝。也許有一個關於關稅的問題，我知道你們可能沒有從美國進口很多內容。但由於中國對美國進口產品徵收了相當高的關稅，我想知道這是否會對獲利能力產生影響，或者是否會為你們未來的發展帶來一些問題。

Okay, you mean it for ACM, right? That's your point, or for our cost, yeah.

好的，您指的是 ACM，對嗎？這就是你的觀點，或者就我們的成本而言，是的。

Yeah, yes.

是的，是的。

Yes, okay, well, again, since this, whatever is powerful, plus also. Right in our tool. And so now we're located the third parties, or I mean either a third country, right, also including some made in China parts and so we're, I think this import from US parts and or tariffs in China, I mean not impact us. I said, we're going to spend more of our, I call it buy more of our parts locally and also buy, third party countries product, right?

是的，好的，那麼，再說一次，既然這樣，凡是強大的，還有加法。就在我們的工具裡。所以現在我們位於第三方，或者我的意思是第三國，對，也包括一些中國製造的零件，所以我認為從美國進口的零件和/或中國的關稅不會對我們造成影響。我說，我們要花更多的錢，我稱之為在當地購買更多的零件，同時也購買第三方國家的產品，對嗎？

And so, I think the impact for us it's a, is a pretty minimized. But maybe a customer, right? Those different questions.

因此，我認為對我們的影響已經很小了。但也許是顧客，對吧？那些不同的問題。

Yeah.

是的。

Maybe the last question I have, in terms of 2026, I know it's way too early, for you guys to really talk about '26. Any initial thoughts there in terms of your growth, in terms of the overall market growth, and any colour would be helpful.

也許我的最後一個問題是，關於 2026 年，我知道現在談論 26 年還為時過早。關於您的成長、整體市場成長以及任何顏色的任何初步想法都會有所幫助。

Thank you. At this point. I know it's early, but that's our job. We want to push you to give us a bit more. Sure.

謝謝。在此刻。我知道現在還早，但這是我們的工作。我們希望您能給予我們更多。當然。

And actually that, as we stay there, maybe a couple quarter again before is, China growth of the WFE market in the last 5 years pretty good, right? And so, we think of 2025 get into the plateau, right, this kind of plateau stage.

實際上，當我們停留在那裡時，也許再過幾個季度，中國 WFE 市場在過去 5 年的成長就相當不錯了，對吧？所以，我們認為 2025 年將進入平台期，對，這種平台期。

Yeah, and in this moment it's too early to say '26, even some people say this year down, maybe 20% or 10%, right? However, we look at our revenue, our customer talking to us, they continue expanding and so our revenue looks at, I mean our shipment look at the other PO we are filled through 23. And still, something we need to feel Q4, but also to see some, she will come to 1 of next year. So, our growth strategy is even saying China market is a flattened or is a plateau, and we still continue to gain market share and because of cleaning, carer plating and also new product like a furnace.

是的，現在說『26』還為時過早，甚至有人說今年會下降，可能為 20% 或 10%，對嗎？然而，我們看我們的收入，我們的客戶與我們交談，他們繼續擴大，所以我們的收入看，我的意思是我們的出貨量看我們透過 23 填寫的其他採購訂單。儘管如此，我們還是需要感受一下第四季的情況，同時也要看到一些，她將會在明年 1 月到來。因此，我們的成長策略是，即使中國市場趨於平緩或處於平台期，我們仍會繼續獲得市場份額，這要歸功於清潔、護理電鍍以及像熔爐一樣的新產品。

I just mentioned, well this, ultra high temperature new plastic come out. A lot of potential ITPT application in China, they demand high temperature, right? 1,250 degrees. It's really, jumping, I call the temperature we can do also without the distorting of the surface structure. So that can be the continued innovation product driving our growth. Further, I want to say a panel products, we mentioned today is another bigger I got growing for international market and also we see some domestic market too. And plus, we have for the other phones in the development. And there are PCBD and the track, especially track we gather probably middle of this year we're shipping our, beta tool cap line 300PH right to the one of the customers. So, I want to say our continued momentum to have a PCBD and track and first join our revenue stream. So, we're still very high confidence. We're still growing and. This market, in our market share in China. So, we still have a high confidence as we execution of being strategy, qualify our new product. I still looking at the next 5 year high growth.

我剛才提到，這種超高溫新型塑膠問世了。中國有許多潛在的ITPT應用，它們需要高溫，對嗎？1,250 度。這確實是跳躍，我稱之為我們可以做到的溫度，而且不會扭曲表面結構。因此這可以成為推動我們成長的持續創新產品。此外，我想說，我們今天提到的面板產品是另一個更大的產品，我們在國際市場上不斷成長，我們也看到了一些國內市場。此外，我們也正在開發其他手機。還有 PCBD 和軌道，特別是我們收集的軌道，大概在今年年中，我們將把我們的測試版工具蓋線 300PH 直接運送給其中一位客戶。所以，我想說我們將繼續保持 PCBD 的勢頭並追蹤其發展，並首先加入我們的收入流。所以，我們仍然非常有信心。我們仍在成長。這個市場，在我們中國的市場佔有率。因此，我們對執行策略和檢驗新產品仍然充滿信心。我仍在關注未來五年的高成長。

I say that maybe can I squeeze in one more since you mentioned about good number of traction on the new products.

我說既然您提到了新產品的吸引力很大，那麼也許我可以再擠一點。

Yeah, please, Charlie, Charles, yeah. Yeah.

是的，請吧，查理，查爾斯，是的。是的。

So, there, at semicom China, there has been a lot more product announcements from your peers in in China, and it appears to me the domestic Chinese handicap companies are looks like they're coming after each other's market and Yeah, and there's a kind of heightened in domestic competition there, and we definitely are hearing rumours that there seems to be a likely consolidation for the Chinese semi equipment sector. Coming up. So, I wonder if you have any thoughts there and where ECM Shanghai stand in terms of, domestic competition and potential consolidation with your peers.

因此，在中國半導體展上，來自中國同行的產品發布會越來越多，在我看來，中國國內的障礙公司似乎正在互相爭奪市場，是的，中國國內的競爭有所加劇，我們確實聽到傳言說，中國半導體設備行業似乎可能會出現整合。即將到來。所以，我想知道您對此有何看法，以及 ECM 上海在國內競爭和與同行的潛在整合方面處於什麼地位。

Thank you.

謝謝。

Okay, well, let's talk about com competition first, right? I think ACM today we got a full product, right, cleaning tool and top to bottom, basically we can supply almost 90%, 95% process the application for the memory or for the logic. So, we have very strong position cleaning, right? Plus, same thing core plating will cover almost all the carer plating products like dammazine and TSV, advanced packaging, this.

好的，那我們先來談談通訊競爭，好嗎？我認為今天我們在 ACM 上得到了一個完整的產品，對吧，清潔工具，從上到下，基本上我們可以為內存或邏輯提供幾乎 90%、95% 的處理應用程序。那麼，我們的職位清理工作非常強大，對嗎？此外，同樣的核心電鍍將覆蓋幾乎所有的護理電鍍產品，如達馬嗪和 TSV、先進封裝等。

Like a 35-compound semiconductor and also panel level packaging. So, I have very strong position for those portions and more important, I want to see that is the ACM a real innovation technology, right, and the local Chinese customer, they really demand the advanced technology product. They're not only say by pricing, okay, so in other sense is that we're not too much worried about the local tier competing the price with us. As I said again, right? This is a real technology game, or technology, winning game, not only by pricing.

就像 35 種化合物半導體和麵板級封裝。因此，我對這些部分有非常強的立場，更重要的是，我想看到 ACM 是一項真正的創新技術，對吧，而中國本土客戶確實需要先進的技術產品。他們不只是透過定價來說話，所以從另一個意義上說，我們並不太擔心當地企業與我們競爭價格。正如我再次所說的那樣，對嗎？這是一場真正的技術遊戲，或者說，技術制勝的遊戲，而不僅僅是靠定價。

And so, we feel our innovation product, IP protection and can avoid anybody copy our tool in China. And that's really a strong position because our tool never copy anybody's you know tool. If we start copy anybody else, then they can copy us, right? We have nothing to say. But now actually in the last 20 years, we're really innovation and IP protection were very strong. Confidence, no, peer in China can copy our tool. They are very strong foot printer technology. So, that's strong. The next thing you talk about the consolidation.

因此，我們認為我們的創新產品、智慧財產權保護可以避免任何人在中國複製我們的工具。這確實是一個強而有力的地位，因為我們的工具永遠不會複製任何人的工具。如果我們開始模仿別人，那麼他們也可以模仿我們，對嗎？我們沒什麼好說的。但實際上在過去的 20 年裡，我們的創新和智慧財產權保護確實非常強大。自信，沒有，中國的同行可以複製我們的工具。他們的腳印列印技術非常強大。所以，這很強大。接下來要談的是合併。

Yeah, I think it's going to happen, right? This is, this market happening in the US, in Japan, and they probably in Europe, as the industry moving forward, a lot of small company probably have to be, merged with the big guy. And so, I mean, when we see that happen and we love to see that happen. And so ATM was still, very strong in the market. And this moment I said we have a lot of organic growth with a new product. We can innovation the product we we're doing ourselves.

是的，我認為這會發生，對嗎？這個市場在美國、日本和歐洲都有發展，隨著產業的發展，許多小公司可能不得不與大公司合併。所以，我的意思是，當我們看到這種情況發生時，我們很高興看到這種情況發生。因此 ATM 在市場上仍然非常強勁。此刻我說我們透過新產品實現了很大的有機成長。我們可以創新我們自己生產的產品。

So, probably we're not try to, combine or merge other company grow business. This moment most important, we'll focus on our own, technology development, our product folio has a lot of revenue, for us to gain the market share. So that's maybe our position. Hey Mark, anything on add on that?

因此，我們可能不會嘗試合併或合併其他公司來發展業務。此時最重要的是，我們將專注於我們自己的技術開發，我們的產品組合有很多收入，可以為我們贏得市場份額。這也許就是我們的立場。嘿，馬克，還有什麼補充嗎？

Yeah, no, I think Charlie, Charles, you brought up a good point and it's something that we consider a lot.

是的，不，我認為查理、查爾斯，你們提出了一個很好的觀點，這也是我們經常考慮的事情。

When you think about consolidation, big picture, we have pretty aggressive revenue targets, obviously, we talked about $1.5 billion in China, and that's assuming very low market share for some of our newer platforms. You kind of step back and think about, okay, there will be some consolidation, say China is a $30 billion- or $40 billion-dollar WFE.

當你考慮整合時，從總體上看，我們有相當積極的收入目標，顯然，我們談到了在中國 15 億美元的收入，這是假設我們的一些較新的平台的市場份額非常低。你退一步想一想，好吧，會有一些整合，比如說中國是一個價值 300 億美元或 400 億美元的 WFE。

The TOP10 players are going to be, $3 billion to $4 billion apiece. We feel pretty confident we can grow to those levels organically. I think is the point that David's, David and the team are really focused on doing. So it's like we don't disagree. We're seeing some of the additional entrants and folks going after kind of, trying to get in there with a couple of products, but, we have a big services team, great footprint across all of our customer base, but at the end of the day, we have a really strong IP that we think is important to, continue to drive our business in China and then it's going to help open the doors globally. Yeah.

排名前十的球員每人的身價將達到 30 億至 40 億美元。我們非常有信心，我們可以有機地發展到這些層次。我認為這是大衛和他的團隊真正關注的重點。所以就好像我們並不反對一樣。我們看到一些新的進入者和公司試圖透過一些產品進入該市場，但是，我們擁有一支龐大的服務團隊，在所有客戶群中都有廣泛的影響力，但最終，我們擁有一個非常強大的知識產權，我們認為這對於繼續推動我們在中國的業務以及幫助我們打開全球市場的大門非常重要。是的。

Thank you, gentlemen. I appreciate the answers.

謝謝各位。我很感謝大家的回答。

Yeah, thanks, Charles.

是的，謝謝，查爾斯。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Our next question comes from Kieran Halding with Surge Equity Research. Your line is now open.

我們的下一個問題來自 Surge Equity Research 的 Kieran Halding。您的線路現已開通。

Hello, Karen.

你好，凱倫。

We cannot hear your voice. Yeah, did you email your speaker?

我們聽不到你的聲音。是的，你寄email給你的演講者了嗎？

Yeah.

是的。

All right.

好的。

Thank you. Seeing no more questions in the queue at this time, I will turn the call back to David Wang for closing remarks.

謝謝。目前，隊列中沒有其他問題，我將把電話轉回給 David Wang 進行結束語。

Okay, thank you.

好的，謝謝。

Thank you, Aubrey.

謝謝你，奧布里。

Thank you, operator, and thank you all the participating to today's call and for your support. Before we close, Steven is going to mention our upcoming investor relation.

謝謝接線員，也謝謝所有參加今天電話會議的人以及你們的支持。在我們結束之前，史蒂文將提到我們即將建立的投資者關係。

Events Steve.

事件史蒂夫。

Thanks David. Before we conclude, I just want to give everyone a quick reminder on our upcoming investor conferences. On June 25th, we will present at the 15th annual Roth London conference at the Four Seasons Park Lane, London. Attendance at the conference is by invitation only. For interested investors, please contact your respective sales representative to register and schedule one on one meetings with the management team. This concludes the call, and you may now disconnect. Take care.

謝謝大衛。在我們結束之前，我只想快速提醒大家我們即將召開的投資人會議。6 月 25 日，我們將在倫敦四季公園巷酒店舉行的第 15 屆 Roth London 年度會議上發表演講。只有獲得邀請才能參加會議。對於有興趣的投資者，請聯絡您各自的銷售代表進行註冊並安排與管理團隊一對一的會議。通話結束，您可以掛斷電話。小心。