ACM Research Inc (ACMR) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the ACM Research second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, we're recording today's call. If you have any objections, you may disconnect at this time.

女士們、先生們，大家好。感謝您的支持，歡迎參加 ACM Research 2025 年第二季財報電話會議。（操作員指示）提醒一下，我們正在錄製今天的通話。如果您有任何異議，您可以立即斷開連接。

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

現在我將把電話轉給 Blueshirt 集團董事總經理 Steven Pelayo 先生。史蒂文先生，請繼續。

Good day, everyone. Thank you for joining us to discuss second quarter 2025 results, which we released before the US market opened today. The release is available on our website as well as from our newswire services. There is also a supplemental slide deck posted in the Investors section of our website that we will reference during our prepared remarks today.

大家好。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 年第二季業績。新聞稿可在我們的網站以及我們的新聞通訊社查閱。我們網站的「投資者」部分也發布了補充幻燈片，我們將在今天的準備好的演講中參考它。

On the call with me today are our CEO, David Wang; our CFO, Mark McKechnie; and Lisa Feng, our CFO of our operating subsidiary, ACM Shanghai.

今天與我一起參加電話會議的有我們的執行長 David Wang、我們的財務長 Mark McKechnie 以及我們營運子公司 ACM 上海的財務長 Lisa Feng。

Before we continue, please turn to slide 2. Let me remind you that the 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. Those risks are described under Risk Factors and elsewhere in ACM's filings with the Securities and Exchange Commission.

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。這些風險在「風險因素」和 ACM 向美國證券交易委員會提交的文件中進行了描述。

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.

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。

Certain of the financial results that we provide on this call will be on a non-GAAP basis, which excludes stock-based compensation and unrealized gain and loss on short-term investments. For our GAAP results and reconciliation between GAAP and non-GAAP amounts, you should refer to our earnings release, which is posted on the IR section of our website and to slide 13.

我們在本次電話會議上提供的某些財務結果將採用非公認會計準則 (non-GAAP) 計算，不包括股票薪酬和短期投資的未實現損益。有關我們的 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，該報告發佈在我們網站的 IR 部分和第 13 張投影片上。

Also, unless otherwise noted, the following figures refer to the second quarter of 2025 and comparisons are with the second quarter of 2024.

此外，除非另有說明，以下數字是指 2025 年第二季度，並與 2024 年第二季度進行比較。

I will now turn the call over to David Wang. David?

現在我將電話轉給 David Wang。戴維？

Thanks, Steven. Hello, everyone, and welcome to ACM Research second quarter earnings conference call.

謝謝，史蒂文。大家好，歡迎參加 ACM Research 第二季財報電話會議。

We delivered another quarter of good results with strong sequential growth in both revenue and shipment, reflecting continued progress across our expanding product portfolio. We saw momentum from our SPM, Tahoe, plating, and Furnace tools, which are helping expand our addressable market and gain market share. We also continue to make progress with new platform, including Track, PECVD and panel-level packaging tools, which represent important long-term growth drivers.

我們又取得了一個季度的良好業績，營收和出貨量均連續強勁成長，反映出我們不斷擴大的產品組合取得了持續的進步。我們看到了 SPM、Tahoe、電鍍和熔爐工具的發展勢頭，它們正在幫助我們擴大目標市場並獲得市場份額。我們也將繼續在新的平台上取得進展，包括Track、PECVD和麵板級封裝工具，它們代表著重要的長期成長動力。

We recently announced a major upgrade to our Ultra C wb Wet Bench cleaning tool. The technology integrates ACM's patent-pending nitrogen bubbling technology to generate a large-sized bubbles with good bubble-density, uniformity and enhance the etching rate uniformity in the 3D structure across the wafer.

我們最近宣布對 Ultra C wb Wet Bench 清潔工具進行重大升級。此技術融合了盛美公司正在申請專利的氮氣鼓泡技術，可產生氣泡密度高、均勻度好的大尺寸氣泡，增強整個晶圓上三維結構的蝕刻速率均勻性。

I'm happy to announce that we have received repeat orders for the new Ultra C wb Wet Bench tool with our proprietary N2 Bubbling Technology. We expect good shipments for this tool this year and the next.

我很高興地宣布，我們已收到採用我們專有的 N2 鼓泡技術的新型 Ultra C wb Wet Bench 工具的重複訂單。我們預計今年和明年該工具的出貨量會很好。

The technology is also adaptable to our Ultra C Tahoe platform with a significant application potential for manufacturing advanced 3D NAND, 3D DRAM, 3D logic devices. We do believe this new technology is another example of ACM's leadership in cleaning tools that will be good for our customers and support our growth initiatives.

該技術也適用於我們的 Ultra C Tahoe 平台，在製造先進的 3D NAND、3D DRAM、3D 邏輯設備方面具有巨大的應用潛力。我們確實相信這項新技術是 ACM 在清潔工具領域處於領先地位的又一例證，它將有利於我們的客戶並支持我們的成長計劃。

Our Nitrogen Bubbling Technology tool adds to early breakthrough for Tahoe and other recent products launching such as our high-temperature SPM tool and panel-level packaging tool for flux clean and bubble etcher. Taken together, these developments reinforce ACM's differentiated leadership in wafer cleaning and give us confidence that we will continue to gain share in a critical segment.

我們的氮氣鼓泡技術工具為 Tahoe 和其他近期推出的產品（例如我們的高溫 SPM 工具和用於助焊劑清潔和氣泡蝕刻機的面板級封裝工具）帶來了早期突破。總的來說，這些發展鞏固了 ACM 在晶圓清洗領域的差異化領導地位，並使我們有信心繼續在關鍵領域獲得份額。

We remain committed to deliver innovative new products such as this to enable our customers to meet next generation of semiconductor manufacturing challenges as demanded by the artificial intelligence transformation.

我們將繼續致力於提供這樣的創新新產品，使我們的客戶能夠應對人工智慧轉型所需的下一代半導體製造挑戰。

Now on to our business results. Please turn to slide 3. For the second quarter of 2025, we've delivered revenue of $215 million, up 25% sequential and 6% year-over-year. Shipments were $206 million, up 32% sequential, up 2% year-over-year. Gross margin was 48.7%, exceeding our targeted range of 42% to 48%. We ended the quarter with a net cash of $206 million.

現在來談談我們的業務成果。請翻到幻燈片 3。2025 年第二季度，我們的營收為 2.15 億美元，季增 25%，年增 6%。出貨量為 2.06 億美元，季增 32%，年增 2%。毛利率為48.7%，超過了我們42%至48%的目標範圍。本季末我們的淨現金為 2.06 億美元。

Now I will provide detail on product. Please turn to slide 4. Revenue from single wafer cleaning, Tahoe and semi-critical cleaning tools grew 1% and represent 72% of total revenue. We believe our top to bottom cleaning portfolio put us in a strong position. We continue to make technical improvement and customer progress with our SPM tool.

現在我將提供有關產品的詳細資訊。請翻到幻燈片 4。單晶圓清洗、Tahoe 和半關鍵清洗工具的收入增加了 1%，佔總收入的 72%。我們相信，我們自上而下的清潔產品組合將使我們處於有利地位。我們不斷利用 SPM 工具實現技術改進和客戶進步。

Our high-temperature SPM system features ACM proprietary nozzle design, which prevent both liquid SPM and acid mist spat out of the chamber during SPM process. This improving particle performance reduce chamber preventative maintenance, cleaning frequency and enhances system uptime. We have achieved better particle control over average particle count less than 10 at this 26 nanoparticle sites.

我們的高溫 SPM 系統採用 ACM 專有的噴嘴設計，可防止 SPM 製程中液體 SPM 和酸霧噴出腔室。這種改進的顆粒性能減少了腔室預防性維護、清潔頻率並提高了系統正常運作時間。我們對這 26 個奈米粒子位點的粒子控制效果更佳，平均粒子數少於 10。

We also believe it will show better performance than competitors offering at the particle sites more than 17 and 15 nanometers. In Q2, we delivered SPM and Tahoe tools to several more customers as we continue to gain market share in SPM space.

我們也相信，它在 17 奈米和 15 奈米以上的粒子位置上將表現出比競爭對手更好的性能。在第二季度，隨著我們在 SPM 領域的市佔率不斷擴大，我們向更多客戶交付了 SPM 和 Tahoe 工具。

Revenue from ECP, Furnace & Other technology grew 23% and represent 22% of total revenue. ACM recently delivered an ECP tool to a customer which included company's 1,500 electroplating chamber shipped. We are seeing a strong momentum for ECP tool in advanced packaging, driven by demand for both front and back-end plating system.

ECP、熔爐及其他技術的收入成長了 23%，佔總收入的 22%。ACM 最近向一位客戶交付了一套 ECP 工具，其中包括該公司運送的 1,500 個電鍍室。我們看到先進封裝領域 ECP 工具的發展勢頭強勁，這受到前端和後端電鍍系統需求的推動。

We are also seeing growth interest in our new Ultra ECP ap-p panel level horizontal plating system as the industry shift from wafer to panel-level packaging. To support the next-generation AI chips, our unique horizontal plating approach, which delivers superior uniformity than vertical panel plating solution, has attracted attention from the major players.

隨著業界從晶圓級封裝轉向面板級封裝，我們也看到人們對我們的新型 Ultra ECP ap-p 面板級水平電鍍系統的興趣日益濃厚。為了支援下一代人工智慧晶片，我們獨特的水平電鍍方法引起了主要參與者的關注，該方法比垂直面板電鍍解決方案具有更好的均勻性。

Our Furnace products are building momentum, supported by strong customer interest and expanded pipeline of evaluation and engagement. We see good demand across multiple applications, including high-temperature NEO, especially our 1,250-degree C-degree version, high-temperature NEO Furnace. And also LPCVD, Oxidation and ALD. We believe ACM's differentiated design position us to capture meaningful market share.

在客戶的強烈興趣和不斷擴大的評估與參與管道的支持下，我們的熔爐產品發展勢頭強勁。我們看到多種應用領域都有良好的需求，包括高溫 NEO，尤其是我們的 1,250 攝氏度版本高溫 NEO 爐。還有 LPCVD、氧化和 ALD。我們相信 ACM 的差異化設計使我們能夠佔領有意義的市場份額。

Revenue from Advanced Packaging, which excludes ECP, but including service and spell was up 20% and represent 6% of revenue. We are making good progress with our new Track and PECVD platform. Our proprietary PECVD platform with three Tracks for chamber give us flexibility to support a wide range of process with the same hardware. We feel good about our positioning, with a plan to deliver more beta tool to a handful of customers this year and look for revenue contribution in 2026 and beyond.

先進封裝業務的收入（不包括 ECP，但包括服務和拼字）成長了 20%，佔收入的 6%。我們的新 Track 和 PECVD 平台正在取得良好進展。我們專有的 PECVD 平台具有三個腔室軌道，使我們能夠靈活地使用相同的硬體來支援各種製程。我們對自己的定位感到滿意，計劃今年向少數客戶提供更多測試版工具，並期待在 2026 年及以後實現收入貢獻。

For Track, we're in the final development phase of our 300 wafer per hour in-line KrF tool. And we expect to deliver the beta tool to a key customer in the current quarter.

對於 Track，我們正處於每小時 300 個晶圓的線上 KrF 工具的最後開發階段。我們預計將在本季向一位關鍵客戶交付測試版工具。

To close on product, our road map, including incremental contribution from Tahoe, SPM and Furnace tool in 2025 with the panel-level packaging, Track and PECVD tool expected to drive growth in 2026 and beyond.

最後，關於產品，我們的路線圖包括 2025 年 Tahoe、SPM 和 Furnace 工具的增量貢獻，以及面板級封裝、Track 和 PECVD 工具預計將在 2026 年及以後推動成長。

Please turn to slide 6. Our first half results reflect solid execution across our product portfolio. We remain confident in the year and our long-term opportunity in China. As a result, we have increased our long-term revenue target for Mainland China to $2.5 billion versus our previous target of $1.5 billion.

請翻到幻燈片 6。我們的上半年業績反映了我們整個產品組合的穩健執行。我們對今年以及我們在中國的長期機會仍然充滿信心。因此，我們將中國大陸的長期收入目標從先前的 15 億美元提高到 25 億美元。

The increase is based on two main factors. First, we're now assuming a long-term China WFE market size of USD40 billion versus our prior assumption of USD30 billion. This is based on updated by third-party global market forecast and also our view of the China semiconductor industry.

成長主要基於兩個因素。首先，我們現在假設中國WFE市場的長期規模為400億美元，而我們先前的假設是300億美元。這是基於第三方更新的全球市場預測以及我們對中國半導體產業的看法。

Second, we have adjusted our market share targets for product group as follows. We have raised our market share target for both cleaning and plating to 60% versus 55% prior. This is a result of our current assessment of customer traction and increased confidence for share gain for new products for Furnace, PECVD and Track. However, we're keeping our target at 15% and 10% level. Of course, we aspire to achieve better results, but need more time in the market before we will formally adjust the target.

其次，我們對產品組的市佔率目標進行如下調整。我們已將清潔和電鍍的市場份額目標從先前的 55% 提高到 60%。這是我們目前對客戶吸引力的評估以及對熔爐、PECVD 和軌道新產品的市場份額成長信心增強的結果。不過，我們的目標仍保持在 15% 和 10% 的水平。當然，我們渴望取得更好的成績，但需要更多的市場時間，才會正式調整目標。

Moving to the bottom of the chart. We maintain our revenue target for the rest of the world at $1.5 billion. We believe ACM's focus on differentiated world-class product, combined our global sales and service team, will deliver results with our global customers. As an example, we have a plan to deliver several tool to the US in the third quarter.

移至圖表底部。我們將世界其他地區的收入目標維持在 15 億美元。我們相信，ACM 專注於差異化的世界級產品，結合我們的全球銷售和服務團隊，將為我們的全球客戶帶來成果。例如，我們計劃在第三季向美國交付幾種工具。

We remain engaged with our major US customer with active evaluation across a range of the cleaning process steps as we continue to work towards our global goal for production orders. Bottom line, we have raised our long-term revenue target to $4 billion versus our prior target of $3 billion.

我們將繼續與我們的主要美國客戶保持聯繫，積極評估一系列清潔流程步驟，並繼續努力實現我們的全球生產訂單目標。總而言之，我們已將長期收入目標從先前的目標 30 億美元提高到 40 億美元。

Now I will provide an update on ACM Shanghai's proposed capital raise in China. ACM Shanghai recently received approval from the CSRC to proceed with its proposed follow-on offering on the stock market to raise up to USD620 million by selling less than 10% of the total share.

現在我將介紹 ACM 上海在中國擬議的融資計劃的最新情況。上海盛美半導體有限公司最近獲得中國證監會的批准，將在股票市場進行增發，透過出售不超過 10% 的總股份籌集最多 6.2 億美元。

The capital raising leadership is intended to help accelerate our updated revenue target and added to the long-term foundation to support our effort to scale our product to major global customers. As the majority shareholder, we view the proposed transaction as an important step in strengthening our position in the China market, and it demonstrates the long-term value of our ownership stakes.

籌集資金的領導層旨在幫助我們加速實現更新的收入目標，並增加長期基礎，以支持我們將產品擴展到全球主要客戶的努力。作為大股東，我們認為擬議的交易是加強我們在中國市場地位的重要一步，它反映了我們所有權的長期價值。

Next, let me provide an update on our production facility. First is Lingang. Please turn to slide 8. As I discussed last quarter, our state-of-the-art Lingang 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. Each of the two production buildings can support up to $1.5 billion of annual production capacity. Combined, we believe we can eventually support $3 billion of production at Lingang from the two manufacturing buildings.

接下來，讓我介紹一下我們的生產設施的最新情況。一是臨港。請翻到第 8 張投影片。正如我上個季度所討論的，我們最先進的臨港生產和研發中心已接近完工。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。兩座生產大樓每座均可支援高達 15 億美元的年生產能力。我們相信，這兩座製造工廠最終能夠支持臨港地區 30 億美元的生產。

Next, our Oregon facility. Please turn to Slide 9. Recall, we purchased a 40,000 square feet facility last year. We made good progress during the second quarter, and we have begun upgrade on our customer demo R&D lab. We believe this will help our effort with the customer in the regime as we will let them test wafer locally on ACM tool.

接下來是我們的俄勒岡廠。請翻到投影片 9。回想一下，我們去年購買了一個 40,000 平方英尺的設施。我們在第二季度取得了良好的進展，並且已經開始升級我們的客戶演示研發實驗室。我們相信這將有助於我們與客戶在該制度下的合作，因為我們將讓他們使用 ACM 工具進行本地晶圓測試。

We also are moving forward with a plan to add production capacity to the Oregon facility. We target the middle of 2026 for the demo lab and production to commence operations. Our investment in Lingang and Oregon are key enabler of our growth strategy, expanding our capacity, strengthening customer support and prepare us to scale globally.

我們也正在推進增加俄勒岡工廠生產能力的計畫。我們的目標是在 2026 年中期讓演示實驗室和生產開始運作。我們對臨港和俄勒岡州的投資是我們成長策略的關鍵推動因素，擴大了我們的產能，加強了客戶支持，並為我們實現全球擴張做好了準備。

Now I will provide our outlook for the full year 2025. Please turn to slide 10. We are maintaining our 2025 revenue outlook in the range of $850 million to $950 million. This implies 15% year-over-year growth at the midpoint.

現在我將提供我們對 2025 年全年的展望。請翻到第 10 張投影片。我們維持 2025 年營收預期在 8.5 億美元至 9.5 億美元之間。這意味著中間值年增 15%。

In close, our focusing remains on delivering differentiated, enabling technology that solve our global customers' most critical process challenges.

總之，我們的重點仍然是提供差異化的支援技術，以解決全球客戶最關鍵的流程挑戰。

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

現在，讓我將電話轉給我們的財務長馬克，他將審查我們第二季業績的詳細資訊。請馬克。

Yeah. Thanks, David. Good day, everybody. Please turn to slide 11. Unless I note otherwise, I'll refer to non-GAAP financial measures, which exclude stock-based compensation, unrealized gain/loss on short-term investments.

是的。謝謝，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，這些指標不包括股票薪酬、短期投資未實現損益。

Reconciliation of these non-GAAP measures to comparable GAAP measures is included in our earnings release. Also, unless otherwise noted, the following figures refer to the second quarter of 2025, and comparisons are with the second quarter of 2024.

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 年第二季度，並與 2024 年第二季度進行比較。

I'll now provide the financial highlights. Revenue was $215.4 million, up 6.4%. Total shipments were $206 million versus $202 million in Q2 '24 and $157 million in Q1 of 2025. Strong sequential rebound in Q2 shipments led to a return of positive year-over-year shipment growth for the quarter. Gross margin was 48.7% versus 48.2%. This exceeded our long-term business model target range of 42% to 48%. We expect gross margin to vary from period to period due to a variety of factors, including sales volume, product mix and currency impacts.

我現在將提供財務要點。營收為 2.154 億美元，成長 6.4%。總出貨量為 2.06 億美元，而 2024 年第二季為 2.02 億美元，2025 年第一季為 1.57 億美元。第二季出貨量較上季強勁反彈，帶動本季出貨量恢復年增。毛利率為48.7%，去年同期為48.2%。這超出了我們長期商業模式目標範圍42%至48%。我們預期毛利率會因多種因素而有所不同，包括銷售量、產品組合和貨幣影響。

Operating expenses were $63.4 million, up 38.8%. R&D was 14.5% of sales, sales and marketing was 9.3% of sales and G&A was 5.6% of sales. For 2025, we now plan for R&D in the 14% to 16% range. This is an increase versus last quarter's plan due to ACM's continued focus on proprietary R&D programs. We plan for sales and marketing in the 8% range and G&A in the 5% to 6% range.

營運費用為 6,340 萬美元，成長 38.8%。研發費用佔銷售額的 14.5%，銷售和行銷費用佔銷售額的 9.3%，一般行政費用佔銷售額的 5.6%。到 2025 年，我們計劃將研發投入提高到 14% 至 16% 之間。由於 ACM 繼續專注於專有研發項目，因此與上一季的計劃相比有所增加。我們計劃將銷售和行銷費用控制在 8% 左右，將一般及行政費用控制在 5% 至 6% 左右。

Operating income was $41.5 million, down 20.2%. Operating margin was 19.3% versus 25.6%. Income tax expense was $1.9 million versus $9.3 million. For 2025, we expect our effective tax rate in the 10% range.

營業收入為4,150萬美元，下降20.2%。營業利益率為 19.3%，而去年同期為 25.6%。所得稅費用為 190 萬美元，去年同期為 930 萬美元。到 2025 年，我們預計有效稅率將在 10% 左右。

Net income attributable to ACM Research was $36.8 million versus $37.5 million. Net income per diluted share was $0.54 versus $0.55. Our non-GAAP net income excluded $9.8 million in stock-based compensation expense for the second quarter.

歸屬於 ACM Research 的淨收入為 3,680 萬美元，而去年同期為 3,750 萬美元。每股攤薄淨利潤為0.54美元，去年同期為0.55美元。我們的非公認會計準則淨利潤不包括第二季980萬美元的股票薪資費用。

I will now review selected balance sheet and cash flow items. Cash, cash equivalents, restricted cash and time deposits were $483.9 million at quarter end versus $498.4 million at the end of the first quarter. Net cash, which excludes short-term and long-term debt was $205.8 million versus $271.0 million at the end of the first quarter. Total inventory net was $648.3 million versus $609.6 million at the end of the first quarter. Raw materials was $285.6 million, up $45.7 million quarter-on-quarter. We made strategic purchases to support production plans and to mitigate any potential supply chain risk.

我現在將審查選定的資產負債表和現金流量項目。本季末的現金、現金等價物、限制現金和定期存款為 4.839 億美元，而第一季末為 4.984 億美元。淨現金（不包括短期和長期債務）為 2.058 億美元，而第一季末為 2.71 億美元。總庫存淨額為 6.483 億美元，而第一季末為 6.096 億美元。原料成本為 2.856 億美元，季增 4,570 萬美元。我們進行策略性採購以支援生產計劃並減輕任何潛在的供應鏈風險。

Work in progress was $60.7 million, down $10.2 million quarter-on-quarter. Finished goods inventory was $302 million, up $2.2 million quarter-on-quarter. Finished goods inventory primarily consists of first tools under evaluation at our customer sites, along with finished goods located at ACM facilities.

在建工程為 6,070 萬美元，季減 1,020 萬美元。成品庫存為 3.02 億美元，季增 220 萬美元。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 used by operations for the first half of 2025 was $39.6 million versus $51.9 million cash flow provided by operations in the year ago period. Capital expenditures were $32.2 million for the first half of 2025 versus $39.7 million in the year ago period. For the full year 2025, we expect to spend about $70 million in capital expenditures.

2025 年上半年營運所用現金流為 3,960 萬美元，而去年同期營運提供的現金流為 5,190 萬美元。2025 年上半年的資本支出為 3,220 萬美元，而去年同期為 3,970 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. Now 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。現在讓我們開始回答你們可能提出的任何問題。接線員，請繼續。

(Operators Instructions) Charles Shi, Needham & Company.

（操作員指示）Charles Shi，Needham & Company。

First question on shipment. I noticed that the shipment was up, but only up slightly on a year-on-year basis. I recall you guys previously said the full year '25 shipment should be -- I mean, should grow, maybe not necessarily growing faster than revenue this year, but that should grow. But it looks to me that in the second half of the year, you have a good amount of catch-up to do for shipment to be flattish versus last year's level. Is it still the right target to think about shipment or maybe the full year number may actually come down a little bit on a year-to-year basis?

關於裝運的第一個問題。我注意到出貨量有所增加，但與去年同期相比僅略有增加。我記得你們之前說過，25 年全年出貨量應該 - 我的意思是應該增長，也許不一定比今年的收入增長更快，但應該會增長。但在我看來，今年下半年，你需要做大量的追趕工作才能讓出貨量與去年的水平持平。考慮出貨量是否仍然是正確的目標，或者全年數字實際上可能比去年同期下降一點？

Charles, and our 2024 shipment was very strong, right? You recall about over 2023 is 63% of the increased rate. So then we also have a lot of new products. And this year, we are contributing to the shipment this year. So I want to say the first second half year, obviously, much stronger than the first half of the year. We're expecting still growing for '25, I mean, 2025, and growth is still achievable.

查爾斯，我們 2024 年的出貨量非常強勁，對嗎？您記得，2023 年的成長率約為 63%。所以我們也有很多新產品。今年，我們正在為今年的出貨量做出貢獻。所以我想說下半年的表現顯然比上半年強得多。我們預計 2025 年仍將保持成長，而且成長仍然是可以實現的。

Got it. So relative to, let's say, 90 days ago, the expectation for shipment for this year, do you see actually its shipment growth may be stronger than you thought 90 days ago or flattish or weaker? Any directional color you can provide? The reason why I ask this, maybe it's good to get your thoughts as well. Your US peers who have reported so far ahead of you have been seeing China WFE upside, especially for the second half of the year. Wonder if you're seeing the same thing or not?

知道了。那麼相對於 90 天前的預期，今年的出貨量成長實際上是否比您 90 天前的預期更強、持平或更弱？您能提供任何方向性的顏色嗎？我之所以問這個問題，也許是為了了解你的想法。那些比您提前發布報告的美國同行已經看到了中國 WFE 的上升空間，尤其是在今年下半年。不知道您是否看到了相同的事情？

Yeah, I should say our Q3 is very strong, right? We see the Q4, and there's still some slot we will fill in. And so, I still see the very good outlook for Q4. So I want to compare, like you said, 90 days ago, we see that market situation can improve.

是的，我應該說我們的 Q3 非常強勁，對嗎？我們看到了第四季度，我們仍將填補一些空缺。因此，我仍然認為第四季度的前景非常好。所以我想比較一下，就像你說的，90天前，我們看到市場狀況可以改善。

Got it. Lastly, I think, Mark, you mentioned some strategic purchase you made over the last quarter. I think, the news flow did suggest that the US may be working on something in terms of export control at the subsystem level. Wonder what's the ACM assessment, let's say, supply chain risks, maybe for the reasons of potential new export controls and how the product company has prepared to mitigate that risk? And any thoughts on that front would be great.

知道了。最後，馬克，我想你提到了上個季度進行的一些策略性採購。我認為，新聞確實顯示美國可能正在次系統層級進行出口管制的工作。想知道 ACM 的評估是什麼，比如說，供應鏈風險，可能是由於潛在的新出口管制的原因，以及產品公司如何準備降低這種風險？對此有任何想法都很好。

Yeah, David, do you want to take that first, and I can add? Or do you want me to go ahead? Yes, go ahead.

是的，大衛，你想先回答這個問題，然後我可以補充嗎？還是你想讓我繼續？是的，請繼續。

And obviously, now we are doing a multi-source of the components, right? And we're definitely looking for the new components and supplier in the other country than the US. And also, we have also looking for the local supplier in the Mainland China. And I want to say there is a certain challenging. However, and I think we can overcome that with the multi-source -- alternative source supplier for our key components in the tool.

顯然，現在我們正在進行多來源元件，對嗎？我們肯定正在美國以外的其他國家尋找新的零件和供應商。此外，我們也在尋找中國大陸的本地供應商。我想說的是，這有一定的挑戰性。然而，我認為我們可以透過多源——工具中關鍵部件的替代來源供應商來克服這個問題。

So Mark, do you want to add on that?

那麼馬克，你想補充一下嗎？

Yeah, Charlie, the only thing I'd add, I think it's a good question. It's something that we look at a lot. I mean, it's -- we have a pretty good solid balance sheet. We have a good forecast for our shipments. So we thought it was the right thing to do to kind of increase some of our strategic supplies of some key components. So we might even do a little bit more here in the second quarter -- I'm sorry, in the third quarter, yes.

是的，查理，我唯一想補充的是，我認為這是一個很好的問題。這是我們經常關注的事情。我的意思是──我們的資產負債表相當穩健。我們對我們的出貨量有良好的預測。因此，我們認為增加一些關鍵部件的策略性供應是正確的做法。因此，我們甚至可能會在第二季度做更多的事情——抱歉，是在第三季度，是的。

Yeah. Maybe just a quick follow-up. Because the strategic purchase, it could be for preparing for a higher demand in the coming quarters or it can be more for mitigating supply chain risks, especially the, let's say, maybe some of the components you are sourcing currently from the US. Which one is it more for you to do that?

是的。也許只是一個快速的跟進。因為策略性採購可能是為了應對未來幾季更高的需求，也可能是為了降低供應鏈風險，特別是說，可能是您目前從美國採購的一些零件。您比較適合做哪一件事？

Yeah. I mean, as of December -- or sorry, January 1, you can't get parts from the US, right? So yes, these are strategic purchase probably from other regions. And I won't really break out how much of it is to mitigate the risk or just based on our forecast. But it's a combination of those, Charlie.

是的。我的意思是，從 12 月開始——或者抱歉，1 月 1 日起，你就無法從美國獲得零件了，對嗎？是的，這些都是可能從其他地區進行的策略性採購。我不會真正說明其中有多少是為了減輕風險或僅基於我們的預測。但這是這些的結合，查理。

(Operators Instructions)

（操作員指示）

Mark Miller, The Benchmark Company.

馬克‧米勒（Mark Miller），基準公司。

I had a question about long-term borrowings. They're up significantly over the last six months. I'm just wondering what's going on there.

我有一個關於長期借款的問題。過去六個月裡，這一數字大幅上升。我只是想知道那裡發生了什麼事。

Yeah, I can hit on that a bit, and then we got Lisa here in the background. But long-term borrowing, we did step things up a bit. There's controls over how we can use some of our capital from the China capital raise and what have you. Of course, we have that coming along. So we did step up our long-term borrowing a bit here in the first half of the year.

是的，我可以稍微談一下這一點，然後我們讓麗莎 (Lisa) 來做背景介紹。但對於長期借貸，我們確實加快了一些步伐。對於如何使用從中國資本籌集的部分資金以及其他方面，我們都有控制權。當然，我們已經實現了這一點。因此，我們確實在今年上半年增加了一些長期借款。

Lisa, did you want to add something?

麗莎，你還有什麼要補充的嗎？

Yeah, In addition to that, the interest rate for deposits is much higher than borrowing in China. So we're trying to use that leverage to maximize the returns.

是的，除此之外，在中國存款的利率比借款的利率高得多。因此，我們試圖利用這種槓桿來最大化回報。

Good opportunity to kind of take the lower interest rate down. Yeah.

這是降低較低利率的好機會。是的。

(Operators Instructions) Suji Desilva, ROTH Capital.

（操作員指示） Suji Desilva，ROTH Capital。

David, Mark, Lisa, congrats on the progress here. So milestone-wise, can you talk about the customer traction outside China and what some of the milestones we would look for here, update on those -- on the customer base across different parts of the world?

大衛、馬克、麗莎，恭喜你們的進展。那麼從里程碑的角度來看，您能否談談中國以外的客戶吸引力以及我們在這裡尋找的一些里程碑，並更新這些里程碑 - 關於世界各地客戶群的進展？

Yeag. Suji, I think we continually work with a key customer in Korea and also in the US. And at the moment, I want to say is that, it takes a little more time. However, we are really working closely with the key customer, evaluate our differentiated cleaning technology and our megasonic cleaning, and we are reaching a very encouraging result. Also, we are working with a Korean customer for their copper plating product, and that also made progress, right? And continuing, we're also exploring new customer in both US and Taiwan.

是的。Suji，我認為我們一直與韓國和美國的重要客戶合作。目前我想說的是，這還需要一點時間。然而，我們確實與關鍵客戶密切合作，評估我們的差異化清潔技術和兆聲清潔技術，並且取得了非常令人鼓舞的成果。另外，我們正在與韓國客戶合作開發鍍銅產品，這也取得了進展，對嗎？此外，我們也持續探索美國和台灣的新客戶。

And I think, especially -- I want to say, our panel-level packaging tool made a very strong traction, right, from Taiwan customer, too. So I want to say with our continued innovation and technology we're providing in the market, we're going to have our -- expand our sales revenue outside China. Especially we're now building our R&D center in Oregon and also the manufacturing.

我認為，尤其是——我想說，我們的面板級封裝工具也對台灣客戶產生了很大的吸引力。所以我想說，透過我們不斷創新和向市場提供技術，我們將擴大中國以外的銷售收入。特別是我們現在正在俄勒岡州建立我們的研發中心和製造中心。

And those R&D center will make it easier for our cleaning, cover plating demo and for the customer outside China. And also manufacturing, we're doing right now, prepare for the Oregon, and that really give us a strong position and to minimize impact of any tariff situation.

這些研發中心將使我們的清潔、覆蓋電鍍演示以及為中國以外的客戶提供更便利的服務。此外，我們現在正在進行的製造業準備，為俄勒岡州做好準備，這確實使我們處於有利地位，並最大限度地減少任何關稅情況的影響。

So we believe our strategy, building our R&D manufacturing center in China, in Korea and the US will further strengthen our position in the global market. And we are fully confident with our new differential product. And also, I want to say a lot of the new future AI chip request, a lot of new technology, which is even today, nobody offer in the market. And those new demand for the technology driving or we put ACM's product in the different or other position.

因此，我們相信，在中國、韓國和美國建立研發製造中心的策略將進一步加強我們在全球市場的地位。我們對我們的新差速器產品充滿信心。而且，我想說的是，未來許多新的人工智慧晶片要求、許多新技術，即使在今天，市場上也沒有人提供。這些新的技術需求推動我們將 ACM 的產品置於不同的或其他位置。

So we believe with our innovation continuously going on, and we'll continue to gain traction from the key customer in cleaning, in copper plating and panel and also other new products we're planning too.

因此，我們相信，隨著我們的不斷創新，我們將繼續在清潔、鍍銅和麵板以及我們正在計劃的其他新產品方面獲得主要客戶的青睞。

So we still have a very strong confidence, right? We're getting to the global market. I still want to say every customer in the world, the demand for the best technology, right? As we just, in meeting we announced, we have N2 Bubbling Technology with generator large size N2 bubble with uniformity across the entire wafer in the past.

所以我們還是很有信心的，對吧？我們正在進軍全球市場。我還是想說世界上的每個客戶，都需求最好的技術，對吧？正如我們剛才在會議上宣布的那樣，我們擁有 N2 鼓泡技術，可以在整個晶圓上產生均勻的大尺寸 N2 氣泡。

So we believe that's really driving the innovation requirement for both 3D NAND and 3D DRAM in the future, probably also the 3D logic down the road. So that's another word I look at our innovation technology we're bringing to the market.

因此，我們相信這將真正推動未來 3D NAND 和 3D DRAM 的創新需求，甚至可能推動未來 3D 邏輯的創新需求。這是我看待我們推向市場的創新技術的另一種方式。

Okay. Mark, do you want anything to add on that?

好的。馬克，你還有什麼要補充的嗎？

Yeah. No, David, I think that was a good answer. I mean, we're working really hard with our big US customers. We got some additional tools that are going to different organizations here in Q3 to the US. So our team is pretty active in Oregon. We're pretty focused on getting our demo room up and running and being ready to produce tools in the US.

是的。不，大衛，我認為這是一個很好的答案。我的意思是，我們正在與美國大客戶進行非常艱苦的合作。我們獲得了一些額外的工具，這些工具將於第三季提供給美國的不同組織。所以我們的團隊在俄勒岡州非常活躍。我們非常專注於讓我們的演示室投入運作並準備在美國生產工具。

(Operators Instructions) Edison Lee, Jefferies.

（操作員指示）Edison Lee，Jefferies。

Can I, maybe ask you two questions. Number one is for the 2Q growth at the revenue level is 6%, which is actually below the growth rate that you are guiding for the full year. So what was actually driving that slower growth in the second quarter?

我可以問你兩個問題嗎？第一，第二季的營收成長率為 6%，這實際上低於您預測的全年成長率。那麼，究竟是什麼原因導致第二季成長放緩呢？

And then for 3Q, you said that the outlook is very strong. Can you share the growth drivers coming from logic, memory, power and advanced packaging? So which areas actually you are seeing the strongest growth and which area you are seeing the slowest growth?

對於第三季度，您說前景非常強勁。您能否分享來自邏輯、記憶體、電源和先進封裝的成長動力？那麼實際上哪些領域的成長最強勁，哪些領域的成長最慢呢？

Yeah, I mean, revenue can be lumpy, right? And we're still expecting 15% middle point growth for the year. And also, we are -- you're asking the Q3 driving force, I want to say still our cleaning and the copper plating is still the major driving there. And also certain product, customer requests where shipping turned to Q2 to Q3, right? I want to say, over the year, we still have a whole year, we're expecting growth better than the Q2.

是的，我的意思是，收入可能會不穩定，對吧？我們仍預期今年的中間點成長率為 15%。而且，您問的是第三季的驅動力，我想說我們的清潔和鍍銅仍然是主要的驅動力。還有某些產品，客戶要求運輸從第二季到第三季度，對嗎？我想說，今年，我們還有整整一年的時間，我們預計成長會比第二季更好。

Right. So in China, can you talk about the growth that you're seeing from memory versus logic?

正確的。那麼在中國，您能談談從記憶和邏輯角度所看到的成長嗎？

I would say, we both on our tools sell to the memory and the logic customer, right? But you would say which is growing faster, I don't have a real number right now put in my head. I want to say both. If you look in the long run, I want to say memory is still very strong, both the 3D NAND and also this DRAM business. And of course, this in the logics and people are still building fabs and they're both for mature node and all the advanced nodes. And so I want to say that looking at the next, really, a few years, those market is very solid, still there.

我想說，我們的工具既賣給記憶體客戶，也賣給邏輯客戶，對嗎？但你會說哪個成長比較快，我現在還沒有一個實際的數字。我想說兩者皆有。如果從長遠來看，我想說記憶體仍然非常強勁，包括 3D NAND 和 DRAM 業務。當然，這是邏輯上的，人們仍在建造晶圓廠，它們既適用於成熟節點，也適用於所有先進節點。所以我想說，展望未來幾年，這些市場非常穩固，仍然存在。

(Operators Instructions) Matt Cooke, Pertento.

（操作員指示）Matt Cooke，Pertento。

Great. So I just wanted to ask, ACM Shanghai reported its results about 60 minutes ago. Now I know that there are different accounting standards, but their numbers look a lot better than yours. Like the difference is bigger than we're kind of used to. So revenue was $270 million compared to $215 million for ACMR, and adjusted net income was $62 million compared to about $37 million that you just reported. So Mark, could you just help understand like what's caused the difference? I know there are different recognitions on revenue and timing. That's the first question, like why the results are so much better there? And if there could be some kind of like -- if that could swing the other way in Q3?

偉大的。所以我只是想問一下，ACM 上海大約 60 分鐘前報告了結果。現在我知道有不同的會計準則，但他們的數字看起來比你的好得多。好像差異比我們習慣的還要大。因此，ACMR 的收入為 2.7 億美元，而 ACMR 的收入為 2.15 億美元；調整後的淨收入為 6,200 萬美元，而您剛才報告的淨收入約為 3,700 萬美元。那麼馬克，你能幫助理解造成這種差異的原因嗎？我知道對於收入和時間有不同的認知。這是第一個問題，為什麼那裡的結果會好得多？如果在第三季出現類似的情況，情況會不會反過來呢？

And then the second question is, are shipment numbers different for ACM Shanghai? And if so, what are they in dollars? That'll be great.

第二個問題是，ACM 上海的出貨量是否有所不同？如果是的話，那麼以美元計算的話是多少？那太好了。

Yeah. David, I can go ahead and hit that, and you can add if you want. So in reverse order, yes, I mean, simply, the shipments are the same for both. They're measured the same. The difference is rev rec. And so under China GAAP, the China organization recognizes revenue upon installations. And of course, US GAAP is 606, right, where we take revenue on repeat shipments or upon acceptance when it's a first tool shipment. So just a timing difference in the rev rec standards. And this quarter was a little bigger than it had been in the past.

是的。大衛，我可以繼續討論這個問題，如果你願意的話，你可以添加。所以按相反的順序，是的，我的意思是，簡單地說，兩者的發貨量是相同的。它們的測量方法相同。差別在於 rev rec。因此，根據中國公認會計準則，中國公司在安裝時確認收入。當然，美國公認會計準則是 606，對吧，我們在重複出貨或首次工具出貨驗收時獲得收入。因此，只是轉速記錄標準中存在時間差異。本季的規模比過去略大一些。

I think, it could be a result of some of the bigger shipments that we had last year that it took a little long, the timing of the installations here in Shanghai. And we won't really guide how that's going to change for the back half of the year, Q3 and Q4, I don't think we're going to give any specific details on that.

我認為，這可能是由於我們去年的一些出貨量較大，所以在上海的安裝時間花了一點時間。我們不會真正預測今年下半年、第三季和第四季的情況將如何變化，我認為我們不會提供任何具體細節。

Yeah, I want to add on that. If you look at the long run, the two numbers should be matching, right? But looking at the quarterly-quarterly base, you get sometimes US is higher, sometimes Shanghai is higher. So that's, as Mark mentioned, different recognition of the revenue. So I want to say, overall, like you said, Shanghai number looks good, but that's on quarterly-quarterly base, right? And I want to say a whole year, I mean, on a long run, this number is very matching.

是的，我想補充一下。如果從長遠來看，這兩個數字應該是匹配的，對嗎？但從季基數來看，有時美國更高，有時上海更高。正如馬克所提到的那樣，這就是對收入的不同確認。所以我想說，總體而言，就像你說的，上海的數據看起來不錯，但這是基於季度的數據，對嗎？我想說，從長遠來看，一整年這個數字是非常匹配的。

Matt, one other thing I could bring out that I think will be important is that the US GAAP on the R&D side, we don't capitalize anything, right? So it's all expensed. And so there is some capitalization of R&D. I don't know if they give out the exact mix, but that's -- the big difference is on the operating expenses. That's one. And then, of course, ACMR, the global operation, we've got our cost of being a public company. And then, we also have our sales and marketing effort that are incremental expenses.

馬特，我可以提出的另一件我認為很重要的事情是，在研發方面，美國公認會計準則 (GAAP) 中我們沒有資本化任何東西，對嗎？所以這一切都算是費用了。因此，研發有一定的資本化。我不知道他們是否給出了確切的組合，但那是——最大的區別在於營運費用。那是一個。當然，對於像 ACMR 這樣的全球性企業來說，作為一家上市公司，我們也需要承擔相應的成本。然後，我們還有銷售和行銷工作，這些是增量費用。

(technical difficulty)

（技術難度）

(Operators Instructions) Charles Shi, Needham & Company.

（操作員指示）Charles Shi，Needham & Company。

Yeah. I feel obligated to ask a question about the long-term target. I think it's important update. But I have a real question on the Mainland China portion of the long-term projection there. I think, one key change versus your prior target was the Mainland China WFE market size. You kind of raised it from $30 billion to $40 billion. It does match with where China WFE numbers were trending over the last couple of years. Last year, I believed it's slightly above $40 billion. This year, maybe around $40 billion.

是的。我覺得有義務問一個有長期目標的問題。我認為這是重要的更新。但我對長期預測中中國大陸的部分確實存在疑問。我認為，與您之前的目標相比，一個關鍵的變化是中國大陸的WFE市場規模。你將其從 300 億美元提高到了 400 億美元。這確實與過去幾年中國 WFE 數據的趨勢相符。去年，我認為這個數字略高於 400 億美元。今年大概在400億美元左右。

But I think, my question is, would there be any concern, I mean, by the team, maybe you are a little bit extrapolating the peak China WFE number there from the last year's peak run rate level into the future? Or what's the confidence on China WFE maintaining at this $40 billion level over the long term?

但我認為，我的問題是，是否存在任何擔憂，我的意思是，團隊，也許您正在根據去年的峰值運行率水平推斷未來的中國 WFE 峰值數字？或者說對中國WFE長期維持在400億美元這個水準有什麼信心？

Okay. Charles, obviously, year-over-year can be kind of changing, right, maybe 5%, 10%, up and down. And I want to say our long-term revenue is not for next year, right? It's like a five-year-odd timeline, we talk about or beyond. So we believe that year, China WFE market will be $40 billion. That's what we talk about a long run of the goal.

好的。查爾斯，顯然，年比可能會有變化，可能有 5%、10% 左右，有漲有跌。我想說我們的長期收入不是明年的，對嗎？這就像是我們談論的五年或更久遠的時間線。因此，我們相信，到2019年，中國的WFE市場規模將達到400億美元。這就是我們談論的長遠目標。

And you look at the expanding in China of either memory or the logic or including IGBT, there's a lot of demand here. So that's our confidence. We believe that the market, $40 billion, you look in the five years down the road should be the number. Of course, the global market grows, too. So that's $40 billion, we think is a reasonable target we put there.

看看中國在記憶體、邏輯裝置或 IGBT 方面的擴張，這裡的需求很大。這就是我們的信心。我們相信，五年後市場規模應該會達到 400 億美元。當然，全球市場也在成長。所以我們認為 400 億美元是個合理的目標。

And second one, I want to see that is, we do have also a new product coming in and we are through last three, four years R&D, our furnace, PECVD and Track, including our latest panel-level packaging tool getting into the market and start to generate revenue either this year and also next year.

第二，我想看到的是，我們確實也有一個新產品推出，我們經過過去三四年的研發，我們的熔爐、PECVD和Track，包括我們最新的面板級封裝工具進入市場，並在今年或明年開始產生收入。

Second, I want to mention that is, we just get approval, right, from CSRC, and we have second fund raising more than $600 million. Those fund raising that will help ACM in accelerating the target R&D. And so that will be another big factor.

第二，我想提一下，我們剛剛獲得中國證監會的批准，第二輪融資超過 6 億美元。這些經費籌措將有助於 ACM 加速目標研發。這將是另一個重要因素。

And third one, I would mention that is, ACM has been really in China market, insist all the differentiation, innovative technology and to the market. And so I believe Chinese -- the customer still like the best technology with IP protection. So that really put ACM in a very unique position.

第三點，我想說的是，ACM 一直深耕中國市場，堅持差異化、創新技術，並積極開拓市場。因此我相信中國客戶仍然喜歡具有智慧財產權保護的最佳技術。因此這確實使 ACM 處於非常獨特的地位。

And at this moment, we have not found any local Chinese company that copy our IP, infringe our IP. So we have every confidence ACM can maintain our differential product margin. And also, as I said, customer locally really design the best technology, which is we are providing a differentiated solution.

目前，我們還沒有發現任何中國本土公司抄襲我們的智慧財產權、侵犯我們的智慧財產權。因此我們完全有信心 ACM 能夠維持我們的差異化產品利潤率。而且，正如我所說，本地客戶確實設計出了最好的技術，這就是我們提供的差異化解決方案。

So we are much better than those people providing the similar product. As since I said, we providing differentiation. That's what's solving the future needs for the customer. So with all three automation, so we are very confident. That's why we're raising this China market from $1.5 billion to $2.5 billion.

所以我們比那些提供類似產品的人好得多。正如我所說，我們提供差異化。這就是解決客戶未來需求的方法。有了這三種自動化技術，我們非常有信心。這就是我們將中國市場規模從 15 億美元提高到 25 億美元的原因。

(Operators Instructions) Jimmy Huang, JPMorgan.

（操作員指示）摩根大通的 Jimmy Huang。

So I want to ask about whether you have any, sort of, visibility into 2026? And actually, can you also share about your estimates on the China WFE for '25, '26, either absolute numbers or YoY comparison?

所以我想問一下，您是否對 2026 年有任何預見？實際上，您能否分享一下對 25 年和 26 年中國 WFE 的估計，無論是絕對數字還是同比數字？

Yeah. Well, I mean, looking at '25 and obviously, different report, right, show different results. And looking at Gartner, they're pretty like lower. But you have another IC semi, they try -- show they're very, I want to say, different results. In other words, it's better than the Gartner.

是的。嗯，我的意思是，看看 25 年，顯然不同的報告會顯示不同的結果。從 Gartner 來看，這個數字相當低。但是你有另一個 IC 半導體，他們嘗試 - 展示他們非常，我想說，不同的結果。換句話說，它比 Gartner 更好。

I mean you look at '25, '26, I'm still hard to predict maybe, I mean, 10% up or down, right? But for our feeling is, it doesn't matter. As I said, China market still exists. This -- they already reached about either 30%, 35% of the global number really. So with our differentiated technology with the new product come out and even the flat of the revenue or the WFE spend in China, we're still expecting our growth and also high growth. And as I said, our new product, PECVD, we have a few customers, kind of customer coming to their evaluation this year.

我的意思是，看看 25 年、26 年，我仍然很難預測，也許是上漲還是下跌 10%，對吧？但我們的感覺是，這並不重要。正如我所說，中國市場仍然存在。這——他們實際上已經達到了全球數量的 30% 到 35% 左右。因此，憑藉我們差異化的技術和新產品的推出，甚至在中國的收入或 WFE 支出持平，我們仍然期待成長，而且是高成長。正如我所說，我們的新產品 PECVD 今年有一些客戶來評估。

We also put our 300 WFE wafer per hour KrF line, which is in line with the scanner, will ship out very soon and probably in Q3. And also added a new technology, as I mentioned, our panel-level packaging has traction. And plus, we have this high-temperature NEO, 1,250 degrees C. And that really can really shorten the NEO time for the IGBT, also other critical application. So as I said, all this new product we put in the market will give us a strong confidence where we are growing fast even with a flat or a Chinese WFE market.

我們還推出了每小時 300 個 WFE 晶圓的 KrF 生產線，與掃描器一致，很快就會出貨，大概在第三季。並且還增加了一項新技術，正如我所提到的，我們的面板級封裝具有吸引力。此外，我們還有這種高溫 NEO，溫度高達攝氏 1,250 度。這確實可以縮短 IGBT 以及其他關鍵應用的 NEO 時間。正如我所說的，我們投放到市場上的所有新產品都將給予我們強烈的信心，即使在中國 WFE 市場不景氣的情況下，我們也能快速成長。

As I mentioned, just as I answered Charlie is, we offer China market with a real differentiated product. And we feel confident we can protect our IP and therefore, we can have our, I want to say, margin maintained and give the customer best choice. And so we're not getting into that similar product and price competition.

正如我所提到的，就像我回答查理的那樣，我們為中國市場提供真正差異化的產品。我們有信心保護我們的智慧財產權，因此，我想說，我們可以保持利潤率，並為客戶提供最佳選擇。因此我們不會陷入類似的產品和價格競爭。

As I said, the Chinese customers still demand for the best performance. If they're choosing performance versus the price, of course, they're choosing performance. So that's why our differentiated product can offer such a superior better result than those people who provide a similar product, right? So we think that will be our strong point.

正如我所說，中國客戶仍然要求最好的性能。如果他們選擇性能而不是價格，當然，他們會選擇性能。所以這就是為什麼我們的差異化產品能夠比那些提供類似產品的人提供更好的結果，對嗎？所以我們認為這將是我們的優勢。

Yeah. If you don't mind, I might just add a few things on that. Just -- obviously, we're not going to -- we don't give our guidance for 2026 until early in the year. But you probably noticed our OpEx was pretty strong this year relative to our revenue. Even if we do the midpoint, it's still -- we're growing our OpEx this year. And a big reason is we're spending into the market opportunity, right? I mean, David mentioned a lot of the new R&D projects. We're also spending more on sales and marketing. But clearly, that spending is kind of anticipating good growth ahead.

是的。如果您不介意的話，我可能會補充一些內容。只是——顯然，我們不會——直到年初我們才會給出 2026 年的預測。但您可能已經注意到，相對於我們的收入而言，今年我們的營運支出相當強勁。即使我們達到中間值，我們今年的營運支出仍然在增加。一個重要原因是我們正在投入資金抓住市場機會，對嗎？我的意思是，大衛提到了許多新的研發項目。我們還在銷售和行銷方面投入了更多資金。但顯然，這種支出預示著未來的良好成長。

Yeah, I want to add on that, compared to the first year guide, their R&D probably 10% to 12%, right? And we'll spend 14% to 16%. That really show our -- having invested R&D also with our new product come out in the speed, and we have more, I call the product -- a new product ratio compared to the first-tier global guy. And that's why it showed that our spend is higher. So that's why we're spending -- invest in R&D and also sales and marketing, and that's really supporting our next five-year growth. And we believe we spend this -- I mean, we spend this operation spending is very important and also supporting our long-run growth.

是的，我想補充一點，與第一年的指南相比，他們的研發費用大概是 10% 到 12%，對嗎？我們將支出 14% 至 16%。這確實顯示了我們在研發方面的投入，以及我們新產品的推出速度，與全球第一線公司相比，我們的新產品比例更高。這就是為什麼它顯示我們的支出更高。這就是我們投資研發、銷售和行銷的原因，這確實支持了我們未來五年的成長。我們相信，我們花費的這筆錢——我的意思是，我們花費的這筆營運支出非常重要，也支持我們的長期成長。

I also want to ask about the cleaning equipment market share target. You invest to 50% in the long run in China. Do you think in that case, what will be the split of the remaining 40% share between other Chinese peers and international suppliers? Will you get 50% market share in China?

我還想問一下清潔設備的市場佔有率目標。你在中國長期投資高達 50%。您認為在這種情況下，其他中國同業和國際供應商將如何分配剩下的40%份額？你們能獲得中國50%的市佔率嗎？

Yeah. It's hard to divide who is the second, who is the third, right? I mean, again, we are trying to be number one in China, of course, right? Why I say that is now our product portfolio really almost can match 95% of our cleaning process step. So we are probably the widest product in the world compared to even the three big guys in the global international, right?

是的。很難分辨誰是第二，誰是第三吧？我的意思是，我們當然想成為中國第一，對吧？我之所以這麼說，是因為現在我們的產品組合確實幾乎可以匹配我們95％的清潔工藝步驟。因此，與全球國際三大巨頭相比，我們的產品可能是世界上最廣泛的產品，對嗎？

And also, as I said, our product has a lot of differentiation. This Tahoe tool, and SAPS, megasonic, TEBO, and non-violation or non-damaging megasonic technology and also continue adding this recent announced N2 Bubbling, right, with a special proprietary design, generate a large-bubble size with uniformity. So we're continuing to really not just our product wider spread, also have another innovative approach and better than those top-tier in the world, especially, I mentioned was SPM.

而且，正如我所說，我們的產品有很多差異化。這款 Tahoe 工具、SAPS、兆聲波、TEBO 和非破壞性兆聲波技術，以及繼續添加最近宣布的 N2 鼓泡（右圖），採用特殊的專有設計，可產生均勻的大氣泡尺寸。因此，我們不僅要繼續擴大我們產品的傳播範圍，還要採用另一種創新方法，並且比世界頂級產品更好，特別是我提到的 SPM。

Our SPM, as I mentioned, we have new proprietary nozzle design, can really limit all the liquids splash or acid mist out of chamber. And that really can improving the small particle performance. And today, as I said, 26-nano, we reach average almost five in the particle. And we believe with improving the chamber environment, and we should get a better result than the 15-nano, 30-nano, which is real advanced next step. So particle.

正如我所提到的，我們的 SPM 擁有新的專有噴嘴設計，可以真正限制所有液體飛濺或酸霧從腔室中噴出。這確實可以提高小顆粒的性能。今天，正如我所說，在 26 奈米技術中，我們達到了粒子中平均近 5 個的水平。我們相信，透過改善腔室環境，我們應該獲得比 15 奈米、30 奈米更好的結果，這是真正先進的下一步。所以粒子。

Anyway, I want to say we do our, again, different approach with IP protection. And that's the strong point, we are saying we're expanding China market. And also, we're not facing any -- as I said again, we've got a very strong IP portfolio in China and globally, also, we do not expect any local Chinese people can copy our tool. So that's a real strong confidence, and we see that we're expanding in the China market.

無論如何，我想說，我們在智慧財產權保護方面再次採取了不同的方法。這就是我們的強項，我們正在擴大中國市場。而且，我們沒有面臨任何問題——正如我再次所說，我們在中國和全球擁有非常強大的智慧財產權組合，而且，我們不希望任何中國本土人能夠複製我們的工具。所以這是一種真正強大的信心，我們看到我們在中國市場正在擴張。

Of course, with those different product tests in the China market, we will push to the global, right? As you know, the cleaning has been more and more important for the future AI chip manufacturing, because of yield suffer. So this cleaning become more and more challenging for 3D NAND, 3D, I mean, DRAM down the road and also 3D logic, eventually people see that. So all the 3D cleaning, we do have a product technology really for that. So we're very excited. We're very -- and kind of see our technology going to spread out in all the global markets.

當然，透過在中國市場進行這些不同的產品測試，我們將推向全球，對嗎？眾所周知，由於產量受到影響，清潔對於未來的AI晶片製造變得越來越重要。因此，這種清潔對於 3D NAND、3D、DRAM 以及 3D 邏輯變得越來越具有挑戰性，最終人們會看到這一點。因此，對於所有 3D 清潔，我們確實擁有相應的產品技術。所以我們非常興奮。我們非常——並且看到我們的技術將會傳播到全球所有市場。

Yeah, I see. Maybe I have my last question. Can you talk more about your progress in Taiwan and Southeast Asia regions and also for the PLP planting? Because I think, the industry now think that mass production of Taiwan foundry's FOPLP or we call co-op, will wait until 2029 or even '30. I think the development time for test and manufacturing will be longer than expected. So how do you think about the mass production time of the FOPLP or co-op with this plant, the large space for the -- done by the panel makers, I mean, for the advanced process?

是的，我明白了。也許我還有最後一個問題。可以多講一下台灣地區、東南亞地區以及PLP植樹的進展嗎？因為我認為，業界現在認為台灣代工廠的FOPLP或我們稱為合作的量產要等到2029年甚至30年。我認為測試和製造的開發時間將比預期的要長。那麼，您如何看待 FOPLP 的量產時間或與該工廠的合作，以及面板製造商為先進製程所預留的巨大空間？

Sure. Actually, PLP, this panel-level packaging, we believe is ready to go for the large size of the AI chip packaging, right? As people lay down in the panels 310x310, square versus circle, their effective area increased more than 60%, 60%, right? It's a bigger gain for the customer, especially for large chip. Obviously, after people get a no to 310x310, we're probably very soon moving to large-size panel. So we believe that's really a strategic step in the Taiwan customer taking that direction.

當然。其實PLP這種面板級封裝，我們相信是已經為大尺寸的AI晶片封裝做好了準備，對嗎？當人們躺在 310x310 的面板上時，方形與圓形相比，他們的有效面積增加了 60% 以上，60%，對嗎？這對客戶來說是更大的收益，特別是對於大型晶片而言。顯然，在人們對 310x310 表示拒絕後，我們可能很快就會轉向大尺寸面板。因此，我們相信這確實是台灣客戶朝這個方向邁出的策略一步。

As to the ACM, I feel we have a very good product, ready for that product, and we're already putting the market for the low-pressure cleaning, bevel cleaning. Also, I want to mention that is our horizontal and rotational electroplating is really a solution for this panel level, right?

至於 ACM，我覺得我們有一個非常好的產品，已經為該產品做好了準備，而且我們已經將低壓清潔、斜面清潔推向市場。另外，我想說的是，我們的水平和旋轉電鍍確實是這個面板等級的解決方案，對嗎？

And why is looking at the 200-millimeter packaging used to be vertical? And you go 300-millimeter wafer, everybody turned to horizontal. And now you can see our panel level, we are probably the only guy providing this horizontal solution, because of proprietary IP design.

為什麼看200毫米的包裝以前都是垂直的？當你使用 300 毫米晶圓時，每個人都轉向了水平方向。現在您可以看到我們的面板級別，由於專有的 IP 設計，我們可能是唯一提供這種水平解決方案的人。

And this year, in March, we got a reward -- got a Technical Award from the 3D IC Inside USA. So we believe our strong position in this horizontal plating will position ACM a very strong position for this future AI PLP market.

今年 3 月，我們獲得了獎勵——獲得了美國 3D IC Inside 的技術獎。因此，我們相信，我們在這一橫向佈局中的強勢地位將使 ACM 在未來的 AI PLP 市場中佔據非常有利的地位。

So we see that as recent, we reached our horizontal plating uniformity less than 5%. And I want to say we'll try next go to less than 3%. So we'll maintain equal performance, panel square plating versus the circle, same level. That's really driving to the panel. As you mentioned about 2029 or timing, I think that's really depend on technology driving, right? And if a customer can solving the issue, they can speed up. If they cannot solving it, maybe delay. So really, this is a market driven by two manufacture technology combined together.

因此我們看到，最近我們的水平電鍍均勻性已低於 5%。我想說的是，我們下一步將嘗試將這一比例降至 3% 以下。因此，我們將保持相同的性能，面板方形電鍍與圓形電鍍，相同的水平。這確實對小組起到了推動作用。正如您所提到的 2029 年或時間，我認為這確實取決於技術驅動，對嗎？如果客戶能夠解決問題，他們就可以加快速度。如果他們無法解決，也許會拖延。所以實際上，這是一個由兩種製造技術結合而驅動的市場。

So I mean, with our copper plating, we definitely believe that will be speed up, right, in the copper plating process, which is one of the major block for the people moving from 300-millimeter wafer to the panel level. And we're glad this technology offers to the customer, enabling the production line and hopefully speed up their production. That's our confidence and also we engaged with the customer in there -- in Taiwan.

所以我的意思是，透過我們的鍍銅技術，我們確信鍍銅製程將會加快，這是從 300 毫米晶圓轉向面板級的主要障礙之一。我們很高興能為客戶提供這項技術，支援生產線並希望加快他們的生產速度。這是我們的信心，而且我們也與台灣的客戶進行了接觸。

Yeah. I know that you have technology leadership, you have real products and IP. I feel like the issue is that the ecosystem is not very big. So the customer might need to delay their co-op mass production timeline. And meanwhile, do you think that their plating tool supplier from co-op to co-op, will they still stick to the original Japanese and American supplier or they could adopt a new supplier for co-op -- on co-op for the Taiwan.

是的。我知道你們擁有技術領導、真正的產品和智慧財產權。我覺得問題在於生態系統不是很大。因此客戶可能需要推遲他們的合作量產時間表。同時，您是否認為，從合作社到合作社，他們的電鍍工具供應商是否仍會堅持使用原來的日本和美國供應商，或者他們是否會採用新的供應商進行合作——為台灣提供合作。

Yeah, I want to say, I mean, wafer level, we're engaging, right? I mean, then you're looking at this panel level, I think we are a much better superior product, right? Wafer level probably will offer equal, in this moment, I want to say that. But for the real panel level, as I mentioned, I mean, look in the last 10 years, nobody can do horizontal plating, right? We're the first guy announced the product. We can do horizontal. As I said, even today, we're about 5% uniformity. Our next goal, go 3%.

是的，我想說，我的意思是，晶圓級的，我們正在參與，對吧？我的意思是，當你從這個面板層面來看，我認為我們的產品更優質，對嗎？晶圓級大概會提供平等，此刻，我想說的是。但對於真正的面板水平，正如我所提到的，我的意思是，看看過去的 10 年，沒有人可以進行水平電鍍，對吧？我們是第一個發布該產品的人。我們可以做橫向的。正如我所說，即使在今天，我們的統一性也只有 5% 左右。我們的下一個目標是達到 3%。

I believe with a strong IP position, we should offer the faster panel plating tool in the world. And again, right, that's really exciting for our -- I call the penetrate the global market and is one of the key products we offer to enabling the technology for the customer.

我相信憑藉強大的智慧財產權地位，我們應該能夠提供世界上速度更快的面板電鍍工具。再說一次，對，這對我們來說真的令人興奮——我稱之為打入全球市場，這是我們為客戶提供技術支援的關鍵產品之一。

So we are very -- I want to put effort on those product development. Plus, we also prepare additional -- other differential product and also enabling the panel level. And we're going to announce probably in the end of this year, we're working on a new product too and to further get into this market. So we're very excited about this panel level, right? It's a way to go because all AI chip at the size is bigger and bigger. I mean, we have a very -- we're going to invest a lot in this product.

所以我們非常——我想在這些產品開發上投入精力。此外，我們還準備了其他差異化產品，並實現了面板等級。我們大概會在今年底宣布，我們正在開發一款新產品，並進一步進入這個市場。所以我們對這個小組級別感到非常興奮，對嗎？這是一條必經之路，因為所有 AI 晶片的尺寸都越來越大。我的意思是，我們將會在這個產品上投入大量資金。

(Operators Instructions) Yang Li Lei, UBS.

(操作員指示) 楊李蕾，瑞銀。

Just one quick one. It seems like your Q2 year-over-year growth in for Asia is still underperforming other like China peers. Any reason behind probably like due to different customer exposure?

只需一個快速的。看起來你們在亞洲第二季的年增率仍然不及中國等其他同業。背後可能存在什麼原因，例如由於客戶接觸不同？

David, I think the question was the growth maybe of ACM Shanghai's revenue or even ours versus some of the China peers, maybe the -- it was -- what's the reason for the difference?

大衛，我認為問題可能是 ACM 上海的收入成長，甚至我們的收入與一些中國同行相比的成長，也許——差異的原因是什麼？

Between China, within US or between us with our folks -- with other peers?

是在中國之間、美國國內還是我們與我們的同胞之間──與其他同行之間？

Maybe between ACMR both US and China -- Shanghai versus other like China WFE peers?

也許在美國和中國的 ACMR 之間——上海與其他類似中國的 WFE 同行之間？

Shanghai versus China peers.

上海與中國同行對比。

Okay. I didn't see the other results come out in China peer. Obviously, looking at Shanghai, our revenue growth still looks good, right? And so, I want to say we're confident. And also this year, as I said, we are coming to the moment of the multiproduct and revenue will not much contribute this year. But with the next year, we see our Furnace, PECVD, Track start contribution, right?

好的。我沒有看到中國同行公佈的其他結果。顯然，從上海來看，我們的收入成長仍然看起來不錯，對嗎？所以我想說我們有信心。而且今年，正如我所說，我們正處於多產品時代，今年的營收貢獻不會太大。但到了明年，我們會看到熔爐、PECVD、軌道的啟動貢獻，對嗎？

And also, we have a new product with cleaning and continue expanding copper plating. So I want to say we still have a very good confidence and also outlook for 2026. And this year, and well Q3, very busy, and Q4, we have a copper slot open, but we think it will be also fill that soon. So in general, we still have good confidence, we have good growth still this year.

此外，我們還推出了具有清潔功能的新產品，並將繼續擴大鍍銅範圍。所以我想說，我們仍然對 2026 年充滿信心，並且前景光明。今年，第三季非常繁忙，第四季我們有一個銅槽空著，但我們認為它很快就會被填滿。所以總的來說，我們仍然有良好的信心，今年我們仍然會有良好的成長。

We're seeing no more questions in the queue, let me turn the call back to David Wang for closing remarks.

我們沒有看到隊列中還有其他問題，請允許我將電話轉回給 David Wang 作結束語。

Okay. Thanks, operator, and thank you for all the participating on today's call and for your support. Before we close, Steven is going to mention our upcoming Investor Relations events. Steven, please.

好的。謝謝接線員，感謝您參加今天的電話會議並給予支持。在我們結束之前，史蒂文將提到我們即將舉行的投資者關係活動。請叫我史蒂文。

Thanks, David. Before we conclude, I just want to give everyone a quick reminder of our upcoming investor conferences.

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。

On October 21, we're going to present at the 6th Annual Needham Virtual Semiconductor and SemiCap 1x1 Conference.

10 月 21 日，我們將在第六屆年度 Needham 虛擬半導體和 SemiCap 1x1 會議上發表演講。

On August 25, we will present at the Jefferies Semiconductor IT Hardware and Communications Technology Summit at the Four Seasons Hotel Chicago.

8 月 25 日，我們將在芝加哥四季酒店舉行的 Jefferies 半導體 IT 硬體和通訊技術高峰會上發表演講。

On September 3, we'll present at the Benchmark 2025 TMT Conference in New York City.

9 月 3 日，我們將在紐約舉行的 Benchmark 2025 TMT 會議上發表演講。

On October 7, we'll present at the 17th Annual CEO Summit in Phoenix, Arizona.

10 月 7 日，我們將出席在亞利桑那州鳳凰城舉行的第 17 屆年度 CEO 高峰會。

Attendance at the conferences are by invitation only. For interested investors, please contact your respective sales representatives to register and schedule one-on-one meetings with the management team.

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的一對一會議。

This concludes the call, and you may now disconnect.

通話結束，您可以掛斷電話。