ACM Research Inc (ACMR) 2025 Q3 法說會逐字稿

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

女士們、先生們，大家好。感謝您的耐心等待，歡迎參加 ACM Research 2025 年第三季財報電話會議。（操作員指示）提醒各位，我們正在錄音今天的通話。如果您有任何異議，可以立即斷開連接。

Now I'd like to turn the call over to Steven Pelayo, Managing Director of the Blueshirt Group. Steven, please go ahead.

現在我想把電話交給藍衫集團的總經理史蒂文‧佩拉約。史蒂文，請繼續。

Good day, everyone. Thank you for joining us to discuss third quarter 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 is also a supplemental slide deck posted to the Investors section of our website that we will reference during our prepared remarks.

大家好。感謝您參加我們今天在美國股市開盤前發布的2025年第三季業績討論會。新聞稿可在我們的網站以及新聞專線取得。此外，我們網站的投資者關係部分還發布了一份補充幻燈片，我們將在準備好的演講稿中引用幻燈片。

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

今天和我一起通話的有我們的執行長大衛·王博士；我們的財務長馬克·麥克基尼；以及我們營運子公司ACM上海的財務長馮麗莎。在我們繼續之前，請翻到第二張投影片。請容許我提醒各位，本次電話會議中發表的言論可能包含預測、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目前對未來的判斷。

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. Please do not place undue reliance on these forward-looking statements, which reflect ACM's opinions only as of the date of this call.

然而，它們存在風險和不確定性，可能導致實際結果與預期有重大差異。這些風險在 ACM 向美國證券交易委員會提交的文件中，在「風險因素」部分及其他部分均有描述。請勿過度依賴這些前瞻性陳述，這些陳述僅反映 ACM 截至本次電話會議之日的觀點。

ACM is not obliged to update you on any revisions to these forward-looking statements. Certain financial results that we provide on this call will be on a non-GAAP basis, which excludes stock-based compensation and unrealized gains and losses on short-term investments.

ACM沒有義務就這些前瞻性聲明的任何修訂向您提供更新資訊。我們在本次電話會議上提供的某些財務績效將以非GAAP準則為基礎，其中不包括股票選擇權激勵和短期投資的未實現損益。

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 on slide 13. Also, unless otherwise noted, the following figures refer to the third quarter of 2025 and comparisons are with the third quarter of 2024.

有關我們的 GAAP 結果以及 GAAP 和非 GAAP 金額之間的調節，請參閱我們的收益報告，該報告發佈在我們網站的 IR 部分以及第 13 頁。此外，除非另有說明，以下數字均指 2025 年第三季度，並與 2024 年第三季進行比較。

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

接下來，我將把電話交給大衛王。大衛？

Thanks, Steven. Hello, everyone, and welcome to ACM's third quarter earnings conference call. I'm very pleased to report another strong quarter for ACM. Revenue grew 32% year over year to a new quarterly record, reflecting broader demand across our innovation product portfolio. Across industry, AI and data center investment are accelerating semiconductor and wafer fab equipment spending.

謝謝你，史蒂文。大家好，歡迎參加ACM第三季財報電話會議。我很高興地報告，ACM 又迎來了一個強勁的季度。營收年增 32%，創下新的季度紀錄，反映出我們創新產品組合的需求更加廣泛。在整個產業中，人工智慧和資料中心投資正在加速半導體和晶圓製造設備的支出。

AI is also demanding new innovations, many of which have yet to be developed. We believe these trends are driving the market toward us. ASM strategy remains focused on building a multiproduct portfolio of world-class tools that expand our service market and play a critical role in enabling the next generation of chip making.

人工智慧也需要新的創新，其中許多創新尚未被開發出來。我們相信這些趨勢正在推動市場向我們靠攏。ASM 的策略重點仍然是建立世界級工具的多產品組合，以擴大我們的服務市場，並在推動下一代晶片製造方面發揮關鍵作用。

Our differentiated technology continue to raise the performance bar across both front-end and advanced packaging applications. For example, in advanced packaging, we are seeing strong global customer engagement in our proprietary horizontal plating technology for panel-level packaging, and we plan to ship our first system in the fourth quarter.

我們差異化的技術不斷提高前端和先進封裝應用領域的效能標準。例如，在先進封裝領域，我們看到全球客戶對我們專有的面板級封裝水平電鍍技術表現出強烈的興趣，我們計劃在第四季度交付我們的第一個系統。

In cleaning, our high-temperature SPM platform is reaching industry-leading performance as our proprietary nodule design achieving performance at 19 nanoparticle sites down to single-digit particle counts. We believe this will lead to higher product yield for our customers.

在清潔方面，我們的高溫 SPM 平台憑藉其專有的結節設計，在 19 個奈米顆粒位點實現了低至個位數的顆粒計數，達到了行業領先的性能。我們相信這將為我們的客戶帶來更高的產品產量。

Further, with no need to clean out chamber, the tool requires significantly lower maintenance. This is truly world-class tool, and our team has a road map to even lower particle size down to 70 nano, 50 nano and 30 nano to support the next few generation technology nodes.

此外，由於無需清理腔室，該工具所需的維護量大大降低。這是一款真正世界級的工具，我們的團隊制定了路線圖，將顆粒尺寸進一步降低到 70 奈米、50 奈米和 30 奈米，以支援下一代技術節點。

In Track, we shipped our first KrF high-throughput Track platform this quarter, further broadening our reach into lithography adjacent applications, which demonstrate ACM's ability to grow into new product categories.

本季度，我們在 Track 領域推出了首個 KrF 高通量 Track 平台，進一步拓展了我們在光刻相關應用領域的影響力，證明了 ACM 有能力發展到新的產品類別。

Together with innovations such as nitrogen bubbling, cleaning and etchers and high-temperature furnace discussed last quarter, this advancement reflects ACM commitment to continuous innovation and the tangible performance improvement we have delivered to customers.

結合上個季度討論過的氮氣鼓泡、清洗和蝕刻以及高溫爐等創新技術，這項進步體現了 ACM 對持續創新的承諾，以及我們為客戶帶來的實際性能改進。

In September, our ACM Shanghai subsidiary completed its second capital raising on STAR Market, raising net proceeds approximately $623 million. ACM has the technology, the customers, the capacity and global reach and now additional capital to pursue our mission to become a key supplier to major global semiconductor producers.

今年9月，我們的ACM上海子公司在科創板完成了第二輪融資，淨募款約6.23億美元。我們擁有技術、客戶、產能和全球影響力，現在又獲得了額外的資金，以實現我們成為全球主要半導體生產商的關鍵供應商的使命。

These funds strengthen our balance sheet and will be used for additional investment in our Lingang mini-line and to expand our global production capacity. We also plan to accelerate our R&D investment.

這些資金將增強我們的資產負債表，並將用於對我們臨港小型生產線的額外投資以及擴大我們的全球產能。我們也計劃加快研發投入。

This will advance our existing cleaning and electroplating tool for next-generation process. It will also speed up the development for our new product categories, including furnace, PECVD, Track and panel-level packaging tools.

這將使我們現有的清洗和電鍍工具能夠應用於下一代製程。它還將加快我們新產品類別的發展，包括爐子、PECVD、軌道和麵板級封裝工具。

And we're also investing in new products that we have not announced yet. ACM is committed to world-class product for both China and global customers. Our tools enable next-generation devices architecture and help solve our customer complex process challenging across front and back-end applications.

我們也正在投資研發一些尚未公佈的新產品。ACM致力於為中國和全球客戶提供世界一流的產品。我們的工具能夠實現下一代設備架構，並幫助客戶解決前端和後端應用程式中複雜的流程挑戰。

We have a world-class technology and a strong IP position. Customers around the world come to us for our technology rather for low price. We believe this is the right combination to grow our business and maintain our gross margin targets. We feel that ACM is now an inflection point in which innovation will win the game and drive a significant shift in the market share. Now on to our business results.

我們擁有世界一流的技術和強大的智慧財產權實力。世界各地的客戶都選擇我們，是因為我們的技術，而不是因為價格低廉。我們相信這是發展業務並保持毛利率目標的正確組合。我們認為，ACM 現在正處於一個轉折點，創新將贏得這場競爭，並推動市場佔有率發生重大轉變。接下來是我們的業績報告。

Please turn to slide 3. For the third quarter of 2025, we delivered revenue of $269 million, up 32% year over year. Shipments were $263 million, up 1% year over year. Gross margin was 42.1%. This was at the low end of our target due in part to product mix, inventory provision and other adjustments.

請翻到第3張投影片。2025年第三季度，我們的營收為2.69億美元，年增32%。出貨量為 2.63 億美元，年增 1%。毛利率為 42.1%。由於產品組合、庫存準備和其他調整等原因，這一數字處於我們目標的下限。

There's no change to our target model range of 42% to 48%. We ended the quarter with net cash, USD811 million versus $206 million last quarter and $259 million at the year-end of 2024. Now I will provide detail on product.

我們的目標型號範圍仍然是 42% 到 48%。本季末，我們的淨現金為 8.11 億美元，而上一季為 2.06 億美元，到 2024 年底為 2.59 億美元。現在我將詳細介紹產品。

Please turn to slide 4. Revenue from single-wafer cleaning, Tahoe and semi-critical cleaning tool grew 13% and represent 68% of total revenue.

請翻到第4張投影片。單晶圓清洗、Tahoe 和半關鍵清洗工具的收入增加了 13%，佔總收入的 68%。

We believe our top bottom cleaning portfolio is world-class and put us in a strong position to gain additional share both in China to expand to global markets. The 13% year-over-year growth was mainly from our traditional cleaning product.

我們相信，我們頂級的清潔產品組合是世界一流的，這使我們處於有利地位，能夠在中國獲得更多市場份額，並擴展到全球市場。年比成長 13%，主要來自我們的傳統清潔產品。

The contribution from our newer cleaning line, including single-wafer SPM, Tahoe and semi-critical CO2 is still fairly small. We expect this new platform, especially SPM to contribute more revenue in 2026 and beyond. We estimate an incremental opportunity of more than $1 billion for those new cleaning products from the Mainland China market alone.

我們較新的清洗生產線（包括單晶圓SPM、Tahoe和半臨界CO2）的貢獻仍然相當小。我們預計這個新平台，特別是SPM，將在2026年及以後貢獻更多收入。我們估計，光是中國大陸市場的新清潔產品就蘊藏著超過 10 億美元的增加機會。

We remain confident in our target for 60% market share in China market, and we expect higher growth rates for cleaning next year and beyond. Revenue from ECP, furnace and other technology grew 73% and represent 22% of total revenue.

我們仍然對在中國市場佔據 60% 的市場份額目標充滿信心，並預計明年及以後清潔行業的成長率將更高。來自 ECP、熔爐和其他技術的收入成長了 73%，佔總收入的 22%。

We had a record revenue quarter for ECP front-end tool, which represent about 60% of the mix for this group. This group, including our MAP, MAP+, ECP 3D and ECP G3 product, all of which grew from last year, ECP back-end tools were about 40% of the mix for the quarter. Revenue from furnace was small for the quarter and year to date.

ECP 前端工具本季營收創歷史新高，約佔集團總營收的 60%。該系列產品包括我們的 MAP、MAP+、ECP 3D 和 ECP G3 產品，所有這些產品都比去年有所成長，ECP 後端工具在本季約佔產品組合的 40%。本季及今年迄今，熔爐業務的收入都很低。

That said, we are making good technical progress across a range of customers and multiple product offering. This including our ultra-high temperature new furnace, which operates at more than 1,250 degrees C, our LPCVD oxidation and ALD for both thermal and plasma.

也就是說，我們在面向眾多客戶和多種產品方面都取得了良好的技術進展。這包括我們運行溫度超過 1250 攝氏度的超高溫新爐，以及我們的 LPCVD 氧化和 ALD 熱及等離子體製程。

We continue to focus on qualification at the key customers, and we anticipate incremental revenue contribution from furnace in 2026. And as I noted earlier, we are seeing very strong interest in our panel level plating tool for advanced packaging from both China and global customers. We will ship our first panel level packaging tool in Q4.

我們繼續專注於關鍵客戶的資格認證，並預計 2026 年熔爐業務將帶來增量收入貢獻。正如我之前提到的，我們看到來自中國和全球客戶對我們用於先進封裝的面板級電鍍工具表現出了非常濃厚的興趣。我們將在第四季交付首款面板級包裝工具。

Revenue for advanced packaging, which excludes ECP, but including service and spell was up 231% and represent 10% of revenue. About two-thirds of this group for this quarter is small tools for advanced packaging. This including coder, developer, etcher, steeper and wafer-level packaging tool that run around $50,000 to $1 million each.

高級包裝（不包括 ECP，但包括服務和時間）的收入增加了 231%，佔總收入的 10%。本季該組產品中約有三分之二是用於先進封裝的小型工具。這其中包括編碼器、開發人員、蝕刻機、刻蝕機和晶圓級封裝工具，每台設備的價格約為 5 萬美元至 100 萬美元。

We had a good contribution this quarter from a handful of different customers. Although we include plating product for advanced packaging in the ECP group and the combination is very powerful, it appear -- it provides ACM with valuable insight into the challenges of next-generation packaging as AI drives industry towards 2.5D and 3D integration, stacking die with through silicon via TSV and integrated memory and logic in a single packaging.

本季我們從幾位不同的客戶那裡獲得了不錯的收益。儘管我們將先進封裝電鍍產品納入 ECP 組，並且該組合非常強大，但它似乎——它為 ACM 提供了寶貴的見解，以了解下一代封裝的挑戰，因為人工智能正在推動行業向 2.5D 和 3D 集成、通過 TSV 將芯片堆疊到矽上以及在單個封裝中集成存儲器和邏輯。

We also shipped advanced packaging tool in Q3 to two new customers in the US, and we expect the installation and then true acceptance in the next couple of quarters. We are making good progress with our new Track and PECVD platforms.

第三季度，我們也向美國的兩位新客戶交付了先進的包裝工具，我們預計在接下來的幾個季度內完成安裝並獲得真正的驗收。我們的新型 Track 和 PECVD 平台正在取得良好進展。

I already mentioned the shipment of our first KrF Track tool. We believe our high throughput design position this platform to compete effectively with the incremental supplier. Our proprietary PECVD platform with three trucks per chamber gives the flexibility to support a wide range of processes with the same hardware.

我之前已經提到過我們第一台 KrF Track 工具的出貨情況。我們相信，我們高吞吐量的設計使該平台能夠有效地與增量供應商競爭。我們專有的 PECVD 平台，每個腔室配備三輛卡車，能夠靈活地使用相同的硬體支援各種製程。

We feel good about our positioning as the team continues to work through the technical detail with a few tools in our Lingang mini-lab running wafer test and the EVA tools planned to ship in the near term. To close on product, ACM's culture of innovation continue to deliver industrial-leading performance across the broader portfolio.

我們對自己目前的處境感到滿意，因為團隊正在繼續完善技術細節，我們在臨港迷你實驗室使用一些工具進行晶圓測試，並且計劃在近期發貨 EVA 工具。最後說說產品方面，ACM 的創新文化持續為整個產品組合帶來業界領先的效能。

Customer engagement is deepening as the chip makers look for partner that can enable their next-generation processes. Please turn to slide 6. global WFE demand continues to be fueled by investment in AI and data center infrastructure, particularly in advanced logic and memory, while China market, in our view, remains stable.

隨著晶片製造商尋求能夠幫助他們實現下一代製程的合作夥伴，客戶參與度也在不斷提高。請翻到第 6 頁。全球 WFE 需求持續受到人工智慧和資料中心基礎設施投資的推動，尤其是在先進邏輯和記憶體方面，而我們認為中國市場保持穩定。

Last quarter, we increased our long-term revenue target to $4 billion, supported by an estimated USD2.5 billion contribution from China and $1.5 billion from global markets. Next, let me provide an update on our production facility. First is Lingang. Please turn to slide 8. Our new Lingang production and R&D center is now fully up and running.

上個季度，我們將長期營收目標提高到 40 億美元，其中預期中國市場貢獻 25 億美元，全球市場貢獻 15 億美元。接下來，讓我向大家報告我們的生產設施狀況。首先是臨港。請翻到第8張幻燈片。我們位於臨港的新生產研發中心現已全面投入營運。

The site's first building is already in volume production, while the secondary providing additional room for future expansion. Together, the two building can support up to $3 billion in annual output, positioning ACM to meet growing customer demand and support our long-term growth plans.

該廠址的第一棟建築已經投入批量生產，而第二棟建築則為未來的擴張提供了額外的空間。這兩棟大樓加起來每年可支援高達 30 億美元的產值，使 ACM 能夠滿足不斷增長的客戶需求，並支持我們的長期成長計畫。

We plan to allocate part of the proceeds from ACM Shanghai's second capital raising to expand our mini-line at Lingang to strengthen our process development capability and enable on-site customer evaluation on the fab-like condition. This will accelerate product validation, shorten development cycle and enhance collaboration with the key customer as we're expanding our portfolio of next-generation tools.

我們計劃將 ACM 上海第二次融資的部分收益用於擴建臨港的小型生產線，以增強我們的製程開發能力，並能夠在類似晶圓廠的條件下進行現場客戶評估。這將加快產品驗證速度，縮短開發週期，並加強與主要客戶的合作，因為我們正在擴展下一代工具的產品組合。

Turning to our Oregon site. Please turn to slide 9. This facility will allow customers to test wafer locally on ACM tool and will serve as our initial base for production and technology development in the United States. Our global customers are encouraging by our commitment, which we believe will help them to choose ACM as a key supplier to scale production.

接下來請造訪我們的俄勒岡州網站。請翻到第9頁投影片。該設施將允許客戶在本地使用 ACM 工具測試晶圓，並將成為我們在美國進行生產和技術開發的初始基地。我們的全球客戶對我們的承諾感到鼓舞，我們相信這將有助於他們選擇 ACM 作為擴大生產規模的關鍵供應商。

Now I will provide our outlook for the full year 2025. Please turn to slide 10. We have narrowed our 2025 revenue outlook to a range of USD875 million to $925 million versus prior range of $850 million to $950 million. This implies 15% year-over-year growth at the midpoint.

現在我將展望2025年全年。請翻到第10張投影片。我們將 2025 年的營收預期範圍縮小至 8.75 億美元至 9.25 億美元，而先前的預期範圍為 8.5 億美元至 9.5 億美元。這意味著中點值年增15%。

We made a greater progress with several major product lines this year, including single-wafer SPM, Tahoe panel-level plating, furnace, Track, PECVD. We believe this new product providing a solid foundation for multiple major new product cycle for the continued growth in the coming years.

今年我們在幾條主要產品線上取得了更大的進展，包括單晶圓SPM、Tahoe面板級電鍍、爐式電鍍、Track電鍍、PECVD電鍍。我們相信，這款新產品將為未來幾年的持續成長奠定堅實的基礎，並為多個重大新產品週期做好準備。

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

現在我把電話交給我們的財務長馬克，他將詳細介紹我們第三季的業績。馬克，可以嗎？

Thank you, David, and good day, everyone. Please turn to slide 11. Unless I note otherwise, I will refer to non-GAAP financial measures, which exclude stock-based compensation, unrealized gain/loss on short-term investments. A reconciliation of these non-GAAP measures to comparable GAAP measures is included in our earnings release.

謝謝你，大衛，大家今天愉快。請翻到第11頁。除非另有說明，否則我將採用非公認會計準則財務指標，這些指標不包括股票選擇權激勵、短期投資未實現損益。我們的獲利報告中包含了這些非GAAP指標與可比較GAAP指標的調節表。

Unless otherwise noted, the following figures refer to the third quarter of 2025 and comparisons are with the third quarter of 2024. I'll now provide financial highlights.

除非另有說明，以下數據均指 2025 年第三季度，並與 2024 年第三季進行比較。接下來我將介紹一些財務亮點。

Revenue was $269.2 million, up 32%. Total shipments were $263.1 million, up 28% sequentially and up 0.7% year over year. Gross margin was 42.1% versus 51.6%. This is the low end of our target model.

營收達 2.692 億美元，成長 32%。總出貨量為 2.631 億美元，季增 28%，年增 0.7%。毛利率為 42.1%，去年同期為 51.6%。這是我們目標型號的低端版本。

Adding color to David's earlier remarks, we attribute this to two key factors. First, product mix. Our Q3 sales included a high number of smaller front-end tools, which had forced margins, and that contributed about 200 basis points of the headwind to the gross margin.

為了補充大衛先前的評論，我們認為這主要歸因於兩個關鍵因素。首先是產品組合。第三季銷售額中包含大量小型前端工具，這些工具的利潤率受到限制，導致毛利率下降了約 200 個基點。

Second, we had a higher level of inventory provisions and other adjustments, which hit our COGS for the quarter contributed about 300 basis points negative impact. I want to reiterate, there is no change to our target model of 42% to 48%.

其次，我們提列了更高的庫存準備金和其他調整，這影響了本季的銷售成本，造成了約 300 個基點的負面影響。我想重申，我們的目標模型仍然是 42% 到 48%，沒有任何變化。

ACM is fully committed to developing world-class tools that enable our customers to scale production of leading-edge semiconductor devices. We believe this creates a healthy pricing environment for our tools, which combined with an efficient cost structure results in good profitability.

ACM 全力致力於開發世界級的工具，使我們的客戶能夠擴大尖端半導體裝置的生產規模。我們相信這將為我們的工具創造一個健康的定價環境，再加上高效的成本結構，就能帶來良好的獲利能力。

Operating expenses were $76.9 million, up 56.3%. R&D was 14% of sales, sales and marketing was 7.7% of sales and G&A was 6.9% of sales. For 2025, we continue to plan for R&D in the 14% to 16% range, sales and marketing in the 8% range and G&A in the 6% range.

營運支出為7,690萬美元，成長56.3%。研發費用佔銷售額的 14%，銷售和行銷費用佔銷售額的 7.7%，一般及行政費用佔銷售額的 6.9%。2025 年，我們繼續規劃研發支出佔 14% 至 16%，銷售和行銷支出佔 8%，一般及行政支出佔 6%。

Operating income was $36.5 million, down 34.9%. Operating margin was 13.6% versus 27.5%. Income tax expense was $2.9 million versus $4 million. For 2025, we now expect our effective tax range in the 7% to 8% range. Net income attributable to ACM Research was $24.8 million versus $42.4 million.

營業收入為 3,650 萬美元，下降 34.9%。營業利益率為 13.6%，而去年同期為 27.5%。所得稅費用為 290 萬美元，去年同期為 400 萬美元。我們現在預計 2025 年的實際稅率將在 7% 到 8% 之間。ACM Research 的淨利潤為 2,480 萬美元，而去年同期為 4,240 萬美元。

Net income per diluted share was $0.36 versus $0.63. Our non-GAAP net income excluded $7.6 million in stock-based compensation expense for the third quarter and $18.7 million in unrealized gain on short-term investments. I remind the analysts that as a result of the second capital raise of $632 million net by our subsidiary, ACM, our ACM's ownership in ACM Shanghai is now 74.6% versus 81.1% at the end of last quarter.

每股攤薄淨收益為 0.36 美元，去年同期為 0.63 美元。我們的非 GAAP 淨收益不包括第三季 760 萬美元的股權激勵費用和 1,870 萬美元的短期投資未實現收益。我提醒各位分析師，由於我們的子公司 ACM 第二次淨募集資金 6.32 億美元，ACM 在 ACM 上海的持股比例目前為 74.6%，而上一季末為 81.1%。

I will now review selected balance sheet and cash flow items. Cash and cash equivalents, restricted cash and time deposits were $1.1 billion at the end of the third quarter versus $483.9 million at the end of the second quarter.

接下來我將審查部分資產負債表和現金流量表項目。第三季末，現金及現金等價物、受限現金及定期存款為 11 億美元，而第二季末為 4.839 億美元。

Net cash, which excludes the short-term and long-term debt was $811 million or about $12 per share versus $205.8 million at the end of the second quarter. Total inventory net was $676.4 million versus $648.3 million at the end of the second quarter.

不包括短期和長期債務的淨現金為 8.11 億美元，即每股約 12 美元，而第二季末為 2.058 億美元。總庫存淨額為 6.764 億美元，而第二季末為 6.483 億美元。

Raw materials were $326.2 million, up $40.6 million quarter over quarter. We made additional strategic purchases to support production plans and to mitigate any potential supply chain risk. Work in progress was $59.5 million, down $1.2 million quarter on quarter.

原料支出為 3.262 億美元，比上一季增加 4,060 萬美元。我們進行了額外的策略採購，以支援生產計劃並降低任何潛在的供應鏈風險。在建工程項目總額為 5,950 萬美元，比上一季減少了 120 萬美元。

Finished goods inventory was $290.7 million, down $11.3 million quarter over quarter. Finished goods inventory primarily consists of first tools under evaluation at our customer sites, along with finished goods located at ACM's facilities.

成品庫存為2.907億美元，比上一季減少1130萬美元。成品庫存主要包括客戶現場正在評估的首件樣品，以及位於 ACM 工廠的成品。

Cash flow used by operations was $4.6 million for the third quarter and $44.4 million year to date. Capital expenditures were $43.2 million. For the full year, we expect to spend about $60 million to $70 million in capital expenditures.

第三季經營活動所用現金流為 460 萬美元，今年迄今已用現金流為 4,440 萬美元。資本支出為 4,320 萬美元。預計全年資本支出將達到 6,000 萬至 7,000 萬美元。

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

我們的發言稿到此結束。現在開始接受提問，大家有什麼問題都可以提問。接線員，請開啟提問環節。

(Operator Instructions) Suji Desilva, ROTH Capital.

（操作說明）Suji Desilva，ROTH Capital。

David and Mark, congrats on the progress here. Can you talk about the shipments and the growth there? Are there any factors, puts and takes in terms of what we should expect in terms of your visibility in the next four quarters?

David 和 Mark，恭喜你們的進展。能談談出貨量和成長嗎？在未來四個季度，貴公司的業績表現有哪些影響因素？有哪些利弊需要關注？

Yes. shipment, we see there are some customers asking for delay for maybe the Q1 next year. And also the certain parts were shortage, right? We cannot fully complete the order as a manufacturer final testing. But those products probably will still get into the Q1 shipment, and we're still expecting next year's shipments still continue to grow.

是的，關於發貨，我們看到一些客戶要求延遲到明年第一季。而且某些零件也短缺，對吧？由於廠商正在進行最終測試，我們無法完全完成訂單。但這些產品可能仍會進入第一季的出貨量，我們仍預計明年的出貨量將持續成長。

These part shortages, David, how long do you expect that to persist? Is that a multi-quarter effect? Or is that short term?

大衛，你預計這些零件短缺的情況會持續多久？這是跨季度效應嗎？或者這只是短期措施？

It's not really. I think there are certain parts we're using right now and we replaced some parts. We're -- and they're looking for a new supplier. And those things has been qualified in their customer process. And so those parts qualify finish, then we can use more of the, I want to say, domestic made in China parts.

其實並非如此。我認為我們現在正在使用一些零件，並且更換了一些零件。我們—他們正在尋找新的供應商。這些都已在他們的客戶流程中得到驗證。如果這些零件符合精加工要求，那麼我們就可以使用更多，我想說的是，中國製造的國產零件。

So that's probably a portion of the fact there.

所以這大概是部分事實。

Yes, one other thing I'd add to the shipments for the quarter and even for the year, we talked about this before, but some of the newer products that we would be shipping that David talked about in his prepared remarks, some of those probably a little more fell indeed is going to fall into next year versus this year.

是的，關於本季度甚至本年度的出貨量，我還有一點要補充，我們之前也討論過，但大衛在他準備好的發言稿中提到的一些新產品，其中一些可能確實會推遲到明年而不是今年出貨。

Okay. Helps Mark. And then my final question is on the panel tools. Can you talk about the opportunity as you ramp maybe into the HBM memory or AI memory opportunity, how much that can grow as a percent of revenues and how quickly that can ramp?

好的。幫助馬克。最後一個問題是關於面板工具的。您能否談談隨著公司逐步進軍 HBM 記憶體或 AI 記憶體領域，這方面的機會，例如收入佔比能達到多少，以及成長速度能有多快？

Well, okay. So panel packaging, right? Sujit?

好吧。所以是板材包裝，對吧？蘇吉特？

Yes.

是的。

Okay. Well, and the panel has been real hard, right, in this year, especially a major customer in Taiwan real promoting the panel business. We believe panel is a way to solving the large area AI chip, right, packaging with HBM together. So all the wafer level is a lot of, I call the area. So with the efficiency of the using the area.

好的。嗯，今年面板業務確實很艱難，尤其是台灣的一位大客戶正在大力推廣面板業務。我們認為面板是解決大面積人工智慧晶片問題的一種方法，對吧？將面板與 HBM 封裝在一起。所以晶圓級的所有部分都很大，我稱之為面積。因此，要提高該區域的利用效率。

So panel packaging, one key is plating technology, right? I should say a lot of people in the copper plating for panel is a vertical style. And we are probably the first one to propose the horizontal and cover plating for the panel, which also we got the 3D Insight award, Innovation Technology award from USA.

所以，面板封裝的關鍵之一在於電鍍技術，對吧？應該說，面板銅電鍍很多都採用垂直電鍍。我們可能是第一個提出面板水平和蓋板方案的人，我們也因此獲得了 3D Insight 獎和美國創新技術獎。

We believe we really have a good solution and they can play their panel uniformly and there will be a fill requirement of all this either 310x310 or 515x510. By the way, we're going to ship one of the panel plating tool in the fourth quarter.

我們相信我們確實有一個很好的解決方案，他們可以統一播放他們的面板，所有這些都將有一個填充要求，要么是 310x310，要么是 515x510。順便一提，我們將在第四季出貨一檯面板電鍍工具。

And also, we're engaging with multiple customers for the panel packaging business in Taiwan and US and also in China -- Mainland China.

此外，我們正在與台灣、美國以及中國大陸的多家客戶洽談面板包裝業務。

Charles Shi, Needham & Company.

查爾斯史，李約瑟公司。

A couple of questions here. The first one, a follow-up to Suji's question on shipment. So it sounds like it's more of a customer push out and partly due to parts shortage. And it sounds like the implied message seems like it's not a reflection of the end market demand. But I wonder, can you quantify a little bit what's the expectation for Q4 shipment?

這裡有幾個問題。第一個問題是對 Suji 關於出貨問題的後續問題。聽起來更像是客戶催促的結果，部分原因也是零件短缺。聽起來，言下之意似乎與最終市場需求無關。但我很想知道，您能否稍微量化一下第四季的出貨量預期？

And maybe on a full year basis as well, it looks like the shipment probably is going to be down this year. This is probably the first time in many years, your shipment is down on a full year basis.

而且從全年來看，今年的出貨量可能也會下降。這可能是多年來你們的貨運首次出現全年停駛的情況。

David, do you want to take that? Or you want me to start on that?

大衛，你想拿嗎？還是你想讓我開始做這件事？

Go ahead, Mark.

請繼續，馬克。

Yes. Charles, so I think your read is good. We're not really making a call on the end markets here. It's hard to say company-specific versus end market. But yes, in terms of our shipments, the Q4 will probably be down from Q3.

是的。查爾斯，我覺得你的解讀很到位。我們這裡並沒有真正對終端市場做出判斷。很難區分公司特有的需求和終端市場的需求。但就我們的出貨量而言，第四季可能會比第三季下降。

So you could have -- the full year would be down year on year. And that is different than what we had expected. I think I would point out that shipments were pretty heavy last year, as we know. And some of the reasons that we talked about for the deferment of shipments, we should start seeing those pick back up in the first half of next year.

所以可能會出現這種情況——全年的收益會比前一年下降。這和我們預想的完全不同。我想指出的是，正如我們所知，去年的出貨量相當大。我們之前討論的一些導致發貨延遲的原因，應該會在明年上半年開始恢復。

I think David in his prepared remarks talked about an inflection point where we're still shipping a lot of our current products and a lot of newer products we expect to really start kicking in and contributing more next year, the SPM, the furnace and this panel level packaging product line.

我認為大衛在事先準備好的發言中談到了一個轉折點，我們目前仍在大量出貨現有產品，並且我們預計明年將有很多新產品真正開始發揮作用並做出更大貢獻，例如 SPM、爐子和這種面板級包裝產品線。

Yes, actually, including we're probably shipping a few PECVD tool, and we see that will be definitely contributing revenue in the next year. So I think it's -- we're in the time of inflection point, right, and the new product come out.

是的，實際上，我們可能還會出貨一些PECVD設備，我們認為這肯定會在明年帶來收入。所以我覺得──我們正處於轉捩點，對吧，新產品即將面世。

And also, we're expecting some new cleaning tool come out too contributing on the -- our shipment and revenue, especially as I mentioned, this proprietary design and SPM special nozzle which a very excellent result, which is -- we think we'll continue to gain a lot of market share for SPM process.

此外，我們也期待推出一些新的清潔工具，這將對我們的出貨量和收入做出貢獻，特別是正如我所提到的，這種專有設計和 SPM 特殊噴嘴取得了非常好的效果，我們認為我們將繼續在 SPM 製程方面獲得很大的市場份額。

Got it. I do have a question a little bit later around the innovation, some of the comments you made, David, around, I mean, also proprietary design, et cetera. Before that, maybe a question on the 300 bps impact from inventory write-down.

知道了。稍後我會問一個關於創新方面的問題，關於你之前提到的一些評論，David，我的意思是，還有專有設計等等。在此之前，或許可以問一下庫存減損對 300 個基點的影響。

Mark, it wasn't clear to me what's the reason for writing down, if my math is right, around $8 million-ish of the COGS of the inventory. And may I ask if the write-down is related to inventory you have at your own facility or this is about some of the write-down of the evaluation tools at your customer sites? And if the latter, what's the reason for that?

馬克，我不明白為什麼要把大約 800 萬美元的庫存銷售成本記下來（如果我的計算沒錯的話）。請問此減損是指您公司內部的庫存減損，還是指您客戶現場的評估工具的減損？如果是後者，原因是什麼？

Yes. No, thanks for the question, Charles, on that. So inventory, you always have a pretty thorough process internally to value the inventory on your books. And so a big piece of it is related to the aging of some of our raw materials. And it's interesting, we think that -- and so it's just a formula you apply to the age profile of your raw materials.

是的。不，謝謝你的提問，查爾斯。所以對於庫存，你們內部通常會有一個相當完善的流程來評估帳面上的庫存價值。因此，很大一部分原因與我們某些原料的老化有關。我們認為這很有趣——所以這只是一個應用於原材料年齡分佈的公式。

And on the other side, there were some finished goods that we took a write-down on. And these were -- I think these were mostly at our own internal. I see these were tools that I'm pretty sure were -- that we had internally. And so we're not really disclosing it internal versus end customers. Yes.

另一方面，我們也對一些成品進行了減損處理。而這些——我認為這些大多是我們內在的問題。我看到這些工具，我非常確定它們是我們內在擁有的。因此，我們並沒有真正向內部客戶和最終客戶透露這些資訊。是的。

Great. So maybe my last question. I think you spoke -- we probably have discussed about this along the same line before, but you talked a lot about innovation, but develop better products than your global competitors win market share.

偉大的。那或許是我的最後一個問題了。我想你之前說過——我們可能以前也討論過類似的話題——你談到了很多關於創新的話題，但要贏得市場份額，就必須開發出比全球競爭對手更好的產品。

But I think what I am hearing is the domestic customers are probably more looking for simply matching the global baseline, like matching what the global tools they already have given restrictions, given self-sufficiency, all kinds of reasons. At this point of time, like trying to do a lot of product innovation, do you think you may be missing out some near-term opportunities?

但我認為我聽到的意思是，國內客戶可能更希望簡單地與全球基準保持一致，例如與他們已有的全球工具相匹配，這是出於各種原因，包括限制、自給自足等等。在目前這種嘗試進行大量產品創新的時候，你是否認為你可能會錯失一些近期機會？

I understand you said that you're going to win in the long term, but do you think that you're going to -- I mean, because your tool, even though it's performing better, maybe will perform differently from their global baseline, your customers' global baseline. Could you -- could that cost you some business in the near term?

我知道你說過從長遠來看你會贏，但你認為你會——我的意思是，因為你的工具即使表現更好，也可能與他們的全球基準（即你客戶的全球基準）表現不同。這會不會－這會不會在短期內造成一些業務損失？

Yes. Actually, we are winning a short time. In other words, I give this example, this high-temper SPM process, right? And with our special proprietary design, we can really control all the high-temperature SPM splash out of the chamber and also the vapor into that environment. So therefore, we control the environment very well.

是的。實際上，我們暫時佔了上風。換句話說，我舉這個例子，這個高溫SPM工藝，對吧？憑藉我們特殊的專利設計，我們可以真正控制所有高溫 SPM 從腔室飛濺出來，以及蒸氣進入該環境。因此，我們對環境的控制非常出色。

That's why I said our 19 nanoparticle down to a single-digit number, between less than five. So we are better than even top-tier player today in the SPM process. Also, because of the control environment, we think about even 70 nano, 50 nano, even 30 nano, we can control better.

這就是為什麼我說我們的 19 個奈米粒子縮小到一個個位數，小於 5。所以，在SPM流程中，我們甚至比當今的頂級玩家還要出色。此外，由於控制環境，我們認為即使是 70 奈米、50 奈米、甚至 30 奈米，我們也能更好地控制。

So answer your question is, yes, there's a certain domestic player going there or there's other first tier -- I mean, tool vendor still set in China, but I said, we're in the best performance. And also, we think that either customer in China or outside China, they still desire the best performance, right?

所以，回答你的問題是，是的，有一家國內企業正在那裡發展，或者還有其他一線企業——我的意思是，工具供應商仍然在中國，但我說過，我們處於最佳狀態。而且，我們認為無論是中國境內的客戶還是境外的客戶，他們都希望獲得最佳的效能，對嗎？

As go to small geometry, those 19-nano, 70-nanoparticle will matter the yield loss. So that's why we think that we really gain our market -- help us gain market share, both in China and also outside China.

隨著幾何尺寸減小，19奈米、70奈米的顆粒會對產量損失產生影響。所以，這就是為什麼我們認為我們真正贏得市場——幫助我們在中國和中國以外的市場獲得市場份額。

We still strongly believe our innovation product has been heavily patent in China also in global semiconductor country area. We have confidence, nobody will copy our proprietary technology or patented technology. So that's why we have the confidence to maintain our -- continue to increase our market share, maintain our gross margin.

我們仍然堅信，我們的創新產品在中國乃至全球半導體產業都已獲得大量專利。我們有信心，沒有人會抄襲我們的專有技術或專利技術。所以，這就是為什麼我們有信心繼續擴大市場份額，維持毛利率的原因。

And I still think AI driving a lot of innovation and the customer desire new technology. Those customers maybe prefer more technology other than low price, right? So that's really, I think, a strong point. And also, I want to say a lot of our existing products cannot meet customer future requirements. So that's another reason we have confidence on our tool.

我仍然認為人工智慧正在推動許多創新，而消費者也渴望新技術。這些顧客或許更重視技術而非低價，對嗎？所以我覺得，這確實是一個很強的優勢。另外，我想說，我們現有的許多產品都無法滿足客戶未來的需求。所以這也是我們對自己的工具充滿信心的另一個原因。

(Operator Instructions) Mark Miller, The Benchmark Company.

（操作說明）馬克·米勒，基準公司。

I was just wondering if you can give us some color on what you expect for MOCVD next year and also give us an update on what's going on with SK Hynix.

我只是想問您能否透露一下您對明年 MOCVD 的預期，以及 SK 海力士的最新進展。

Okay. Well, actually, maybe, Miller -- Mark, I want to make sure this -- we're not going to make MOCVD, we'll make a PECVD. Okay. So anyway, PECVD has been big -- a lot of market size. We developed the PECVD almost from five years ago, right?

好的。其實，也許，米勒——馬克，我想確認一下——我們不會做 MOCVD，我們會做 PECVD。好的。總之，PECVD 技術發展迅速——市場規模很大。我們大約五年前就開始研發PECVD技術了，對吧？

And we're choosing, again, innovation approach. And we're differentiated from a major player in the PECVD, two big players now. And for example, like a chamber has three trucks, right? Other people have four or either two. So we believe three truck in one chamber can do their -- almost all the process.

我們再次選擇了創新方法。我們與PECVD領域的主要參與者有所不同，現在是兩大參與者。例如，一個房間有三輛卡車，對吧？其他人有四個，或者兩個。所以我們相信，三輛卡車在一個艙室裡可以完成幾乎所有的加工過程。

And therefore, customer buying platform, we can do almost every PECVD process, right? And for other reasons, we also have a lot of control chamber, power supply, or other differentiation come here. So we believe our PECVD will be -- we're shipping probably two this quarter or continue shipping more next quarter.

因此，作為客戶購買平台，我們幾乎可以完成所有PECVD工藝，對嗎？出於其他原因，我們也有很多控制室、電源或其他差異化零件來到這裡。所以我們相信我們的PECVD設備將會——我們本季可能會出貨兩台，或是下季繼續出貨更多。

And we'll see that the PECVD is getting into the market and also expecting those PECVD will be generator revenue next year. And also, we have a really high expectation and those PECVD not only service in China, we're expecting to go Korea and also the global market.

我們將看到 PECVD 進入市場，並且預計明年 PECVD 將成為收入來源。而且，我們對這些PECVD產品寄予厚望，不僅希望它們能在中國市場銷售，我們還希望它們能進入韓國乃至全球市場。

If you can comment, please, on Hynix and any developments there?

如果您方便的話，請就海力士公司及其任何發展動態發表評論？

Hynix is our customer, right? It's a long, long customer, and we're engaged with a multi tool, cleaning, obviously, and also other products. We're still thinking Hynix is real innovator, leading customer, and we'll continue to engage with them on multiproduct right now.

海力士是我們的客戶，對吧？這是一位長期客戶，我們與他保持著長期的合作關係，他提供多功能工具、清潔用品以及其他產品。我們仍然認為海力士是真正的創新者，領先的客戶，我們將繼續與他們就多產品進行合作。

And as I said again, a lot of new stuff were developed right now, and they are very interested, right? And because they're also leading all the HBM everything, right, even the DRAM field.

正如我剛才所說，現在開發了很多新產品，他們對此非常感興趣，對吧？而且因為他們也引領著所有 HBM 相關技術的發展，對吧，甚至包括 DRAM 領域。

So they are designed more of advanced technology. Also, we have a Korean team and the Shanghai team together. So it's working very well. And a lot of our technology actually was invented and developed in Korea, too.

所以它們的設計採用了更先進的技術。此外，我們還有韓國隊和上海隊。所以效果非常好。事實上，我們的許多技術也是在韓國發明和開發的。

So that's really fitting their requirement locally manufactured, locally R&D. So we still see a lot of potential we can provide good technology to our customer in Korea.

所以這確實符合他們本地製造、本地研發的要求。因此，我們仍然看到很大的潛力，可以為我們在韓國的客戶提供優質的技術。

So is your panel packaging tool is that of interest to Hynix?

所以，你們的面板封裝工具是海力士感興趣的嗎？

Yes, not only packaging, right? Also, you talk about front end too. right? And in all level of the engagement and including -- we talk about our furnace, PECVD, Track and other even product in development.

是的，不只是包裝，對吧？另外，你們也談到前端，對吧？在所有參與層面，包括—我們談論我們的熔爐、PECVD、軌道以及其他正在開發的產品。

What about your cleaning tools? Have you been able to penetrate Hynix with the cleaning tools, Tahoe and SAPS?

你的清潔工具呢？您有使用清潔工具 Tahoe 和 SAPS 成功滲透 Hynix 產品嗎？

Well, we have a SAAPS tool has been sold many tool, right, in Hynix already. And now obviously, we have new cleaning tool engaged with them. And one is our probably end bubbling tool and which really take care probably more than five layer of 3D NAND and all this one of the major applications, we think will be contributing to their customers in the future 3D NAND technology.

嗯，我們有一款 SAAPS 工具，在海力士已經賣出了很多，對吧。現在，很顯然，我們已經為他們配備了新的清潔工具。其中之一是我們可能最終的起泡工具，它確實可以處理超過五層的 3D NAND，而所有這些主要應用，我們認為將在未來為他們的 3D NAND 技術做出貢獻。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Steven Pelayo for any further remarks.

今天的問答環節到此結束。我想把發言權交還給史蒂文·佩拉約，請他再補充一些內容。

Great. Thank you. Before we conclude, I just want to give everyone a quick reminder on our upcoming investor conferences. On November 19, we'll present at the 14th Annual ROTH Technology Conference in New York City. On December 3, we will present at the UBS Global Technology and AI Conference in Scottsdale, Arizona.

偉大的。謝謝。在結束之前，我想快速提醒大家我們即將舉行的投資人會議。11月19日，我們將在紐約市舉行的第14屆ROTH年度技術大會上進行演講。12月3日，我們將在亞利桑那州斯科茨代爾舉行的瑞銀全球科技與人工智慧大會上進行演講。

On December 16, we will present at the 14th Annual New York City Summit in New York City. And then on January 15, we will join the 28th Annual Needham Growth Conference virtually for our presentation and one-on-one meetings.

12月16日，我們將在紐約市舉行的第14屆紐約市年度高峰會上進行演講。然後，在 1 月 15 日，我們將以線上形式參加第 28 屆尼德姆年度增長大會，進行我們的演講和一對一會議。

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

會議僅限受邀人士參加。有興趣的投資者請聯絡各自的銷售代表進行註冊，並安排與管理層的一對一會面。通話到此結束。

You may now disconnect. Take care.

您現在可以斷開連線了。小心。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。