ACM Research, Inc. (ACMR) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen.

各位女士、先生，大家好。

Thank you for standing by. Welcome to the ACM Research Second Quarter 2026 Earnings Conference Call. Currently, (Operator Instructions) Now, I will turn the call over to Mr. Steven Pillay, Managing Director of the Blue Shirt Group. Steven, please go ahead.

感謝各位稍候。歡迎參加 ACM Research 2026 年第二季財報電話會議。目前，（接線員指示）現在，我將把電話交給 Blue Shirt Group 董事總經理 Steven Pillay 先生。Steven，請開始。

Good day, everyone.

各位好。

Thank you for joining us to discuss second quarter 2026 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. On the call with me today are our CEO, Dr. David Wong our CFO, Mark McKechnie and Lisa Feng, our CFO of our operating subsidiary, ACM Shanghai.

感謝各位參加我們的會議，一同討論 2026 年第二季業績；我們已於今日美國市場開盤前發布。新聞稿可於我們網站以及新聞線服務取得。我們也在網站投資人專區張貼了一份補充簡報，並將在準備好的發言中引用。今天與我一同出席電話會議的有：我們的執行長 David Wong 博士、財務長 Mark McKechnie，以及營運子公司 ACM 上海的財務長 Lisa Feng。

Before we continue, please turn to slide 2. Let me remind you that remarks made during this call may include predictions, estimates, or other information that might be considered forward-looking. These forward-looking statements represent ACM's current judgment for the future. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Those risks are described under Risk Factors and elsewhere in ACM's filings with the Securities and Exchange Commission. Please do not place undue reliance on these forward-looking statements, which reflect ACM's opinions only as of the date of this call. ACM is not obliged to update you on any revisions to these forward-looking statements. Certain 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. 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 32. Also, unless otherwise noted, the following figures refer to second quarter 2026 and comparisons are with the second quarter 2025. So, with that, I will now turn the call over to David Wang. David.

在我們繼續之前，請翻到投影片 2。提醒各位，本次電話會議中的發言可能包含預測、估計或其他可能被視為前瞻性陳述的資訊。這些前瞻性陳述代表 ACM 對未來的目前判斷。然而，這些陳述受到風險與不確定性影響，可能導致實際結果出現重大差異。相關風險已在 ACM 向美國證券交易委員會提交的文件之「風險因素」及其他章節中說明。請勿過度依賴這些前瞻性陳述；其僅反映截至本次電話會議日期 ACM 的觀點。ACM 無義務就這些前瞻性陳述的任何修訂向各位更新。本次電話會議提供的部分財務結果將以非 GAAP 基礎呈現，排除以股份為基礎的薪酬以及短期投資的未實現損益。如需 GAAP 結果以及 GAAP 與非 GAAP 金額之間的調節，請參閱我們的財報新聞稿。該新聞稿已發布於我們網站的投資人關係（IR）專區，並可參見投影片 32。此外，除非另有說明，下列數字均指 2026 年第二季，並與 2025 年第二季比較。那麼，接下來我把電話交給 David Wang。David。

Thanks, Stephen. Hello, everyone, and welcome to ACM second quarter 2026 earnings conference call.

謝謝你，Stephen。各位好，歡迎參加 ACM 2026 年第二季財報電話會議。

The June quarter marked another period of strong execution for ACM Research, revenue and shipment increased 36% year-over-year, revenue growth was led by our ECP and advanced packaging product category, both of which increased more than 150% year-over-year. This strong performance reflects the progress we are making in transforming ACM into a broader multi-product semiconductor equipment company.

6 月季度對 ACM Research 而言是另一個執行強勁的期間，營收與出貨金額年增 36%；營收成長主要由我們的 ECP 與先進封裝產品類別帶動，兩者年增均超過 150%。這項強勁表現反映我們在將 ACM 轉型為更廣泛、多產品的半導體設備公司方面所取得的進展。

In June of this year, third-party research Frost and Sullivan published a report called Global and China Semiconductor Equipment Market Research. They now estimate the global semiconductor equipment market exceeded. $140 billion in 2025 and will grow to more than $200 billion by 2029. We also estimate the mainland China market exceeding $50 billion in 2025 and will grow to more than $80 billion in 2029.

今年 6 月，第三方研究機構 Frost & Sullivan 發布了一份名為《全球與中國半導體設備市場研究》的報告。他們目前估計，2025 年全球半導體設備市場規模已超過 1,400 億美元，並將於 2029 年成長至超過 2,000 億美元。我們也估計，中國大陸市場 2025 年將超過 500 億美元，並於 2029 年成長至超過 800 億美元。

To fund our global operation, we have recently strengthened our balance sheet. ACM now has more than $1 billion of net cash globally. This includes approximately $300 million in the U.S., following our $150 million, which is the direct offering completed this past May.

為了支持我們的全球營運，我們近期已強化資產負債表。ACM 目前在全球擁有超過 10 億美元的淨現金。其中包括約 3 億美元位於美國；這是在今年 5 月完成 1.5 億美元直接發行後的水準。

This financial strength. Provides a solid foundation to support our mission to become a key supplier of world-class capital equipment for the top major product of semiconductors. We believe AI is driving one of the most significant technology transitions the semiconductor industry has experienced in many years.

這樣的財務實力為我們的使命提供了穩固基礎，支持我們成為全球頂尖半導體主要產品所需世界級資本設備的關鍵供應商。我們相信，AI 正在推動半導體產業多年來最重要的技術轉型之一。

As chip complexity and chip size continue to increase, traditional wafer level packaging approaching are reaching practical limit, creating demand for entire new manufacturing technology across advanced packaging.

隨著晶片複雜度與晶片尺寸持續提升，傳統晶圓級封裝方式正接近實務極限，進而在先進封裝領域催生對全新製造技術的需求。

ACM predicted a shift from wafer level to panel level packaging more than five years ago and began investing early in horizontal panel level plating and other panel level wet process technology. We believe the market is now coming to us and has begun to validate those investments. Today, I'm pleased to announce that. We have received order from two advanced packaging customers for our panel level horizontal plating tool, addressing both 510 by 515 millimeter and 310 by 310 millimeter panel size. One is a production order from existing customer in Mainland China and the second one is the evaluation system for new customer in Asia.

ACM 在五年多前即預測封裝將從晶圓級轉向面板級，並及早投入水平式面板級電鍍以及其他面板級濕製程技術。我們相信市場現在正朝我們靠攏，並已開始驗證這些投資。今天，我很高興宣布：我們已收到兩家先進封裝客戶對我們面板級水平電鍍設備的訂單，涵蓋 510×515 毫米與 310×310 毫米兩種面板尺寸。其中一筆為中國大陸既有客戶的量產訂單，另一筆為亞洲新客戶的評估系統。

We believe ACM will be among. The first company to deliver horizontal panel-level plating system to multiple customers across multiple regions.

我們相信 ACM 將是首批向多個地區、多家客戶交付水平式面板級電鍍系統的公司之一。

Our proprietary horizontal plating architecture is a key differentiator, delivering superior plating uniformity while addressing the demand process requirement of the next-generation AI packaging.

我們專有的水平電鍍架構是關鍵差異化優勢，能提供更優異的電鍍均勻性，同時滿足下一代 AI 封裝的製程需求。

This order is important milestone for what we believe could become a significant long-term growth opportunity. I'm pleased to report today that our order book has been quite strong.

這筆訂單是一項重要里程碑；我們相信這可能成為一個重大的長期成長機會。我也很高興在此報告，我們目前的訂單動能相當強勁。

For the first half of 2026, orders increased 105% year-over-year. This is a mix.

2026 年上半年，訂單年增 105%。這是一個組合。

All product category with a heavier emphasis on some of our new product. As with the prior years, ACM Shanghai plans to release backlog figure as of the September 30 in early October.

涵蓋所有產品類別，但對部分新產品的比重更高。與往年相同，ACM 上海計畫於 10 月上旬公布截至 9 月 30 日的在手訂單（backlog）數據。

Thanks to good execution by our operation team, we continue to expect shipment across each of our category to grow faster than revenue.

受惠於營運團隊良好的執行力，我們仍預期各產品類別的出貨成長將快於營收成長。

We remain confident in our growth target for 2026 and beyond. For 2026, we see a healthy backdrop for China WFE as our customers continue to scale their production capacity. We expect an extra boost for our business from a few product cycles, including our SPM and foreigners to enable us to outgrowing the China WFE.

我們對 2026 年及之後的成長目標仍充滿信心。就 2026 年而言，隨著客戶持續擴大產能，我們看好中國晶圓製造設備（WFE）的整體環境。我們預期，若干產品週期將為我們的業務帶來額外助力，包括我們的 SPM 以及 foreigners，使我們能夠跑贏中國 WFE 的成長。

Beyond this year. We estimate that our newer platform, including track PCVD and horizontal panel level plating will proceed for evaluating phase into a commercialization phase, resulting in production orders and drive our growth for years to come.

展望今年之後，我們估計較新的平台（包括 track PCVD 與面板級水平電鍍）將從評估階段推進至商業化階段，帶來量產訂單，並在未來多年驅動我們的成長。

In summary, we see 2026 as a big year for new product and another year of solid growth for ACM.

總結而言，我們認為 2026 年將是新產品的重要一年，同時也是 ACM 另一個穩健成長之年。

Now on to our business results, please turn to Slide 3.

接下來進入我們的營運結果，請翻到投影片 3。

Revenue for the second quarter was $293 million, up 36%. Shipment for the second quarter was $282 million, up 36%. Gross margin was 46% and operating profit margin was about 19%. And we ended the quarter with a gross cash of $1.4.

第二季營收為 2.93 億美元，年增 36%。第二季出貨金額為 2.82 億美元，年增 36%。毛利率為 46%，營業利益率約為 19%。季度末我們的總現金為 14 億美元。

And a net cash of $1.0 billion.

淨現金為 10 億美元。

Now I will provide detail on product, please send to Slide 4.

接下來我將提供產品方面的細節，請翻到投影片 4。

Revenue from single wafer cleaning, powerhole and semi-critical cleaning tool was $133 million, down 14% and represent 45% of revenue.

單片晶圓清洗、powerhole 與半關鍵清洗設備的營收為1.33億美元，年減14%，占營收的45%。

We believe ACM has built industrial broadest cleaning product portfolio.

我們相信 ACM 已建立業界最廣泛的清洗產品組合。

Our product in this category including SAF, TiBo, Tahoe, Backside Clean, Soven Clean, Bevel Clean, Scrubber and Wet Etcher and our proprietary single wafer hot SPM technology.

我們在此類別的產品包括 SAF、TiBo、Tahoe、背面清洗（Backside Clean）、Soven Clean、邊緣清洗（Bevel Clean）、刷洗機（Scrubber）與濕式蝕刻機（Wet Etcher），以及我們專有的單片晶圓熱 SPM 技術。

In May, we present our proprietary hot SPM cleaning technology in 2026 Surface Preparation and Cleaning Conference. This system demonstrates. Peel them 15 particles performance at 15 nanoparticle size.

5月，我們在 2026 Surface Preparation and Cleaning Conference 發表了我們專有的熱 SPM 清洗技術。此系統展示了。在 15 奈米粒徑下可去除 15 顆粒子的效能。

Our proprietary nozzle design prevents acid mist and the chemical splashing outside chamber during the hot SVM process. Therefore, does not require periodical TI water chamber outside clean.

我們專有的噴嘴設計可在熱 SVM 製程期間防止酸霧與化學液體濺出腔體外。因此，不需要定期清潔腔體外部的 TI 水槽。

For customers, this means less maintenance, better uptime and a more stable particle performance. We believe this represents the best performance in the industry.

對客戶而言，這代表更少的維護、更佳的稼動率，以及更穩定的粒子表現。我們相信這代表業界最佳表現。

Our SPM platform is well suited for their advanced logic and memory, while cleaning requirements are becoming more demanding. Today, we also announced new capability for outshore sea Tahoe, expanding it into a broader wet processor platform. Tahoe is built on our patent hybrid architecture that combine batch SPM process and a single wafer cleaning. We have added wet etching and monitor wafer reclaim application to the Tahoe platform. This integrates multiple processes that had previously required a separate standalone tool into one Tahoe platform.

我們的 SPM 平台非常適用於先進邏輯與記憶體，因為清洗需求正變得更為嚴苛。今天，我們也宣布 Tahoe 新增 outshore sea 的新能力，將其擴展為更廣泛的濕製程平台。Tahoe 建構於我們的專利混合式架構，結合批次 SPM 製程與單片晶圓清洗。我們已在 Tahoe 平台新增濕式蝕刻與監控晶圓回收（monitor wafer reclaim）應用。這將先前需要獨立單機設備的多道製程整合到同一個 Tahoe 平台中。

The expanded platform has been adopted by multiple leading semiconductor manufacturers.

擴展後的平台已被多家領先的半導體製造商採用。

ACM will continue to drive world-class process performance with a focus on ESG benefit to helping make advanced semiconductor manufacture more efficient and more stable, sustainable.

ACM 將持續推動世界級的製程效能，並聚焦 ESG 效益，協助先進半導體製造更有效率、更穩定且更具永續性。

We have shipped a handful of a single wafer SPM tool in the first half of this year and we are on track to ship more than in in the second-half of this year for more than 20 by end of this year.

今年上半年我們已出貨少量單片晶圓 SPM 設備，且正按計畫在今年下半年出貨更多，並在今年底前累計出貨超過20台。

As a reminder, we estimate that SPM represent about one-third of the total cleaning market, we have had very little revenue today for the SPM tool and with this major product cycle, we expect our overall cleaning revenue to rebound as our customer qualify the first tool and we grow our repeat shipment.

提醒一下，我們估計 SPM 約占整體清洗市場的三分之一；目前我們的 SPM 設備營收仍很少。隨著這一輪主要產品週期，我們預期在客戶完成首台設備認證並帶動重複出貨成長後，我們整體清洗營收將回升。

Revenue from ECP, furnace and other technology grew 168% and represent 44% of the revenue mix.

ECP、爐管及其他技術的營收成長168%，占營收組合的44%。

Growth was driven by momentum on both front and back-end plating tool. In logical device, we have benefited from larger die size and a steady increase from higher interconnected layer counts.

成長動能來自前段與後段電鍍設備的雙重推進。在邏輯元件方面，我們受惠於更大的晶粒尺寸，以及互連層數增加所帶來的穩定成長。

In memory device, we are benefiting as HBM packaging demands higher level of DUM stacking and thus more copper process steps.

在記憶體元件方面，我們受惠於 HBM 封裝對更高層級的 DUM 堆疊需求，因而需要更多銅製程步驟。

During the quarter, we shipped our 2,000th electroplating chamber. This follows our 500th chamber shipment in 2022 and our 1,500th chamber shipment in 2025. This shows how quickly. Our installed base has grown and how broadly customers are adopting our technology in volume production.

本季我們出貨了第2,000個電鍍腔體。此前我們於2022年出貨第500個腔體，並於2025年出貨第1,500個腔體。這顯示了成長速度之快。我們的裝機基礎如何擴大，以及客戶在量產中如何廣泛採用我們的技術。

We had a larger contribution from furnace in the quarter, but it's still just a small part of our overall revenue mix.

本季爐管的貢獻較大，但在我們整體營收組合中仍僅占很小一部分。

We continue to improve the technology. Breakthrough across key applications, including LPCVD, oxidation, thermal ALD, PLD, and ultra-high-temperature anneal.

我們持續改進技術。在多項關鍵應用上取得突破，包括 LPCVD、氧化、熱 ALD、PLD，以及超高溫退火。

Revenue from advanced packaging, which excludes ECP but including service and PaaS, was up 953%. This included covators, developer, etcher.

先進封裝的營收（不含 ECP，但包含服務與 PaaS）成長953%。其中包括塗佈機（coators）、顯影機（developer）、蝕刻機（etcher）。

Stripper, scrubber and the vacuum cleaning tool, supporting a broad range of our advanced packaging application.

以及去膠機（Stripper）、刷洗機（scrubber）與真空清洗設備，支援我們廣泛的先進封裝應用。

We are particularly pleased with our global progress here with active deployment in Singapore and North America across a range of these tools.

我們對此在全球的進展尤其滿意，這些設備已在新加坡與北美多項工具上積極部署。

We are making good progress with our new track and PCVD platform. We remain confident that we have the right approach for our PE-CVD and track platform, and we have made significant progress in 2026.

我們在新的 track 與 PCVD 平台方面進展良好。我們仍然有信心，我們在 PE-CVD 與 track 平台上採取了正確的方法，且在2026年已取得顯著進展。

Our proprietary one-chamber three chucks architecture for PE-CVD performed well in our Lingang MiniLab early this year.

我們專有的單腔體三卡盤（three chucks）架構之 PE-CVD，今年稍早在我們臨港 MiniLab 的表現良好。

Second tool to our new customer in Q1 and we anticipate this qualification by year-end.

第一季我們向新客戶交付了第二台設備，並預期可在年底前完成認證。

The story is similar to our track platform. Indeed, our high-throughput KIF track tool is progressing through customer evaluation and we anticipate production qualification by year-end.

我們的 track 平台情況也類似。事實上，我們的高吞吐量 KIF track 設備正進入客戶評估階段，並預期在年底前取得量產認證。

We see strong interest in both stand-alone tools. And configure to integrate with the scanners.

我們看到市場對兩款獨立設備都有強勁興趣。並可配置以與掃描機整合。

For both GSVD and Track, we are hard at work with the development effort with several key customers. We are optimistic that our tool performance can meet or exceed our customer requirements and result in production order in the near future.

針對 GSVD 與 Track，我們正與數家關鍵客戶全力投入開發工作。我們樂觀認為設備效能可滿足或超越客戶需求，並在不久的將來帶來量產訂單。

Please turn to Slide 5.

請翻到第5頁投影片。

The quarter, we have updated our market assumption with the latest WFE data from the Report 1 report I mentioned earlier.

本季我們依據我先前提到的 Report 1 報告中最新的 WFE 數據，更新了我們的市場假設。

This resulted in a $1 billion increase to ACM, the global SAM of about $22 billion.

這使得 ACM 的全球 SAM 增加10億美元，達到約220億美元。

Please turn to Slide 6.

請翻到第6頁投影片。

There are no changing to our long-term revenue target of $4 billion. This is still based on market share assumption for each of our product category, which gets us to about $2.5 billion from Mainland China and $1.5 billion from the global market.

我們的長期營收目標40億美元沒有改變。這仍基於我們各產品類別的市占率假設，推導出約25億美元來自中國大陸、15億美元來自全球市場。

We adjusted some our assumption based on China FE now and about $50 billion. We continue to assuming. Robust WFE environment over the next several years for the global market.

我們根據目前中國 FE 約500億美元調整了部分假設。我們持續假設。未來數年全球市場將維持強勁的 WFE 環境。

The magnitude and the timing of our growth will be impacted by the overall spending trajectory of our customer and our market share gains. Next, let me provide an update on our production facility. First, on Lingan, return to Slide 8.

我們成長的幅度與時點將受到客戶整體支出軌跡以及我們市占率提升的影響。接下來，我將更新我們的生產設施進度。首先是臨港，請回到第8頁投影片。

The first building is in volume production, and we plan to open the second building later this year. Together, the two facilities can support up to $3 billion in annual output. With our strong order book, we are fortunate to be ready to scale the second facility.

第一棟廠房已進入量產，我們計畫在今年稍晚啟用第二棟廠房。兩座設施合計可支援每年最高30億美元的產出。在強勁的訂單能見度下，我們很幸運已準備好擴充第二座設施的產能。

Next, our Oregon facility printed to Slide 9. In Oregon, we remain on track for a US-based demo center with multiple tools in water-class cleaning room environment starting later this year. This is important for our global customer, and we believe they will help us to secure production orders.

接著是我們的奧勒岡（Oregon）設施，請翻到第9頁投影片。在奧勒岡，我們仍按計畫於今年稍晚啟用美國在地的展示中心，並在符合水準的無塵室環境中配置多台設備。這對我們的全球客戶很重要，我們相信這將有助於我們取得量產訂單。

Our global business is beginning to scale.

我們的全球業務正開始擴大規模。

As we said last quarter, we expect to have more than 20 tools installed at the customer.

如同我們上季所說，我們預期將有超過20台設備安裝在客戶端。

Outside Mainland China by the end of 2026.

在2026年底前於中國大陸以外地區。

This included about 10 customers in five countries. It is clear that leading global chip makers can benefit from our innovative product.

這包括五個國家的約10家客戶。很明顯，全球領先的晶片製造商能從我們的創新產品中受益。

Although it is still early day for our global deployment, our engagements are growing and we are confident that our global sales and service team will deliver good results.

雖然我們的全球部署仍處於早期階段，但我們的合作與接觸正在增加，我們有信心全球銷售與服務團隊將交出良好成果。

Now I will providing our outlook for full year 2026. Please turn to Slide 10.

現在我將提供我們對2026全年展望。請翻到第10頁投影片。

Based on our first half performance and the improved visibility, we have reached the middle point of our full year revenue guidance. We now expect full year 2026 revenue of $1.125 billion to $1.175 billion.

基於我們上半年表現以及能見度提升，我們已達到全年營收指引的中間點。我們目前預期2026全年營收為11.25億美元至11.75億美元。

Versus the prior range of $1.08 billion to $1.175 billion. This new range implied 25% to 30% year-over-year growth. We also expect shipment growth to outpace revenue growth in 2026. Now let me turn the call over to our CFO, Mark, who will review details of our second quarter results.

相較於先前的區間10.8億美元至11.75億美元。這個新區間隱含年增率25%至30%。我們也預期2026年的出貨成長將快於營收成長。接下來我把電話交給我們的財務長Mark，由他說明第二季業績細節。

Thank you, David, and good day, everyone. Please turn to Slide 11. Unless I note otherwise, I'll refer to non-GAAP financial measures, which include stock-based compensation, unrealized gain/loss on short-term investments. Reconciliation of these non-GAAP measures to comparable GAAP measures is included in our earnings release. Also, unless otherwise noted, the following figures refer to the second quarter of 2026 and comparisons are with the second quarter of 2025. I'll now provide financial highlights.

謝謝你，David，各位大家好。請翻到第11頁投影片。除非我另有說明，我將引用非GAAP財務衡量指標，其中包含以股票為基礎的薪酬、短期投資的未實現損益。這些非GAAP指標與可比GAAP指標的調節表已包含在我們的財報新聞稿中。此外，除非另有說明，下列數字均為2026年第二季，並與2025年第二季比較。我現在提供財務重點。

Revenue was $292.9 million, up 36%. Revenue for single wafer cleaning, Tahoe and semi-critical cleaning was $133.0 million, down 14.2% and represented 45.4% of sales. David noted this included very little contribution for some of our newer products. As normal, SPM will be reflected first in our shipments, followed by revenue contribution in later quarters. Revenue for ECP, front-end and packaging. Furnace and other technologies was $128.5 million, up 167.7% and represented 43.9% of sales.

營收為2.929億美元，年增36%。單片清洗（single wafer cleaning）、Tahoe及半關鍵清洗（semi-critical cleaning）營收為1.330億美元，年減14.2%，占銷售額45.4%。David提到，這其中我們部分較新產品的貢獻非常有限。如同以往，SPM將先反映在我們的出貨上，之後幾季才會在營收端貢獻。ECP、前段（front-end）與封裝、爐管（furnace）及其他技術的營收為1.285億美元，年增167.7%，占銷售額43.9%。

Revenue for advanced packaging, excluding ECP, services and spares was $31.4 million, up 153.3% and represented 10.7 % of sales.

先進封裝（advanced packaging）（不含ECP）、服務與備品的營收為3,140萬美元，年增153.3%，占銷售額10.7%。

We saw a good improvement in our customer concentration. During the first half of 2026, our 10% customer mix has improved to just one customer at 12.7% of our revenue mix. This compares to three 10% customers representing 49.9% of our mix for the first half of 2025. While this can vary by period, we consider the reduced concentration as positive as it represents a broadening of our customer base. Total shipments were $281.5 million of $36.5.

我們看到客戶集中度有明顯改善。在2026年上半年，我們的「10%客戶」組合已改善至僅有一位客戶，占我們營收組合的12.7%。相較之下，2025年上半年有三位10%客戶，合計占比為49.9%。雖然此情況會隨期間變動，但我們認為集中度降低是正面訊號，代表客戶基礎正在擴大。總出貨為2.815億美元的3,650萬美元。

2026, we expect shipment growth to outpace revenue growth. Gross margin was 46.0% versus 48.7%. Gross margin was above the midpoint of our long-term target model. We maintain our 42% to 48% long-term target range and product mix can cause fluctuations on a quarterly basis. Operating expenses were $78.5 million, up 23.9%. R&D was 13.9% of sales. Sales and marketing was. And G&A was 5.2%. For 2026, we planned for R&D in the 16% to 18% range, sales and marketing in the 8% range and G&A in the 5% to 6% range. Operating income was $56.3 million versus $41.5 million. Operating margin was 19.2% as compared to 19.3%. Income tax expense was $13.5 million versus $1.9 million. For 2026, we expect our effective.

2026年，我們預期出貨成長將快於營收成長。毛利率為46.0%，相較於48.7%。毛利率高於我們長期目標模型的中點。我們維持42%至48%的長期目標區間，而產品組合可能導致季度間波動。營業費用為7,850萬美元，年增23.9%。研發費用占銷售額13.9%。銷售與行銷為。一般及行政（G&A）為5.2%。對2026年而言，我們規劃研發占比在16%至18%區間，銷售與行銷約8%，G&A在5%至6%區間。營業利益為5,630萬美元，相較於4,150萬美元。營業利益率為19.2%，相較於19.3%。所得稅費用為1,350萬美元，相較於190萬美元。2026年，我們預期我們的有效

Tax range in the 10% to 12% range.

稅率區間約為10%至12%。

Net income attributable to ACM Research was $44.5 million versus $37.3 million. Non-GAAP net income excluded $6.6 million in stock-based compensation expense and the $69.6 million of unrealized gain on short-term investments and its effect on non-controlling interest. Net income per diluted share was $0.61 versus $0.55. Now onto the balance sheet and cash flow. Cash equivalents, restricted cash, and time deposits were $1.36 billion at the end of the second quarter. Net cash, which excludes short-term and long-term debt, was $1.0 billion. This includes about $300 million of net cash on our U.S. Balance sheet. Total inventory net was $783.1 million. This consisted of raw materials net at $406.1 million, work in progress net at $89.0 million, finished goods inventory.

歸屬於ACM Research的淨利為4,450萬美元，相較於3,730萬美元。非GAAP淨利排除660萬美元的以股票為基礎的薪酬費用，以及短期投資6,960萬美元的未實現收益及其對非控制權益的影響。稀釋後每股淨利為0.61美元，相較於0.55美元。接下來是資產負債表與現金流。第二季末現金及約當現金、受限制現金與定期存款為13.6億美元。淨現金（不含短期與長期負債）為10.0億美元。其中包含約3.00億美元的淨現金位於我們美國的資產負債表上。存貨淨額合計為7.831億美元。其中包括原材料淨額4.061億美元、在製品淨額8,900萬美元、成品存貨

At $287.9 million, which primarily consists of first tools under evaluation at our customer sites, along with finished goods located at ACM's facilities.

為2.879億美元，主要由客戶端評估中的首台設備（first tools）所構成，並包含位於ACM設施內的成品。

Cash used by operations was $6.4 million and capital expenditures were $65.4 million. For the full year 2026, we continue to expect capital expenditures of about $175 million. That concludes our prepared remarks. Now let's open the call for any questions that you may have. Operator, please.

營運活動使用現金為640萬美元，資本支出為6,540萬美元。對2026全年，我們仍預期資本支出約為1.75億美元。以上為我們事先準備的說明。現在我們開放提問。請接線生開始。

Thank you. Ladies and gentlemen, to ask a question at this time, you will need to press *11 on your telephone and wait for your name to be announced.

謝謝。各位女士先生，若要在此時提問，請在電話上按*11，並等待宣布您的姓名。

Please stand by while we compile the Q&A roster.

請稍候，我們正在彙整問答名單。

Now, first question coming from the line of Sujita Silva with ROT Capital. Your line is now open.

現在第一個問題來自ROT Capital的Sujita Silva。您的線路已開通。

Hi, David.

嗨，David。

Hi, Mark. Hi, Lisa. Congratulations on the progress here. Great diversification going on, so it's really good to see.

嗨，Mark。嗨，Lisa。恭喜你們在這裡的進展。多元化做得很好，很高興看到。

Thank you.

謝謝。

You got it. So, David, maybe the global tools ship the 200 is a great number. What geographies are you seeing the larger shipments today in? And maybe what geographies do you expect the best growth opportunity near-term in as you scale out beyond China?

不客氣。所以，David，也許全球設備出貨達到200台是個很棒的數字。你們目前看到較大出貨量主要來自哪些地區？以及當你們在中國以外擴張規模時，短期內你們預期哪些地區會有最佳的成長機會？

Yeah, actually, we see there, especially, I want to say first half of this year, we have almost like a close dozen tool go to Singapore.

是的，其實我們看到，特別是我想說今年上半年，我們大概有接近十幾台設備出到新加坡。

One of their packaging house there, also have a tool and they're running one of their foundry in Singapore too. So we do see Singapore as the opportunity for front-end tool and also packaging tool there.

那裡其中一家封裝廠也有一台設備，他們在新加坡也在運行其中一座晶圓代工廠。所以我們確實把新加坡視為前段設備以及封裝設備的機會所在。

Of course, we do have a customer continue in the US. As I mentioned, we're going to finish the building of our.

當然，我們確實有一位客戶持續在美國。如我提到的，我們將完成我們的建置。

Demo lab in Oregon, with that demo lab start using, we're going to attract more of our interest and also attention into our differential technology. So this way, we can provide more of our demo capability for customer in global.

位於奧勒岡州的示範實驗室；隨著該示範實驗室開始投入使用，我們將吸引更多對我們差異化技術的興趣與關注。如此一來，我們可以為全球客戶提供更多示範能力。

And then my second question is, given that you now have a significant amount of cash in the US, $300 million, maybe David or perhaps remark. What are some of the planned use of those proceeds? Is it expanding capacity, which regions and perhaps even inorganic activity? Any color would be helpful there.

接著我的第二個問題是，鑑於你們目前在美國有相當可觀的現金，3億美元，或許請David或其他人說明。這些資金的規劃用途有哪些？是擴充產能嗎？會在哪些區域？甚至是否會有非有機成長的活動？若能提供一些補充說明會很有幫助。

Yeah, obviously, with this cash preparation, it will show our determination, also our confidence, right, expanding the. Sales activity outside mainland China. As I mentioned, our long-term goal is still $1.5 billion for the revenue outside China. That's exactly for that goal, we prepare our funding and also our activity. So this funding basically supporting our activity, definitely US and also Taiwan and Singapore, Asia, also the Europe. It's a bigger opportunity. We see a lot of our demand. Come out for those, especially for our differential technology, cleaning, plating and also where R&D for the even new PCVD and the furnace. So it's really exciting, as I mentioned, AI really driving a lot of new demand for the innovation technology. So we believe whatever developer. In Shanghai can be real spread out to benefit for all the customer globally, right? It's our goal here.

是的，顯然，這次的現金準備將展現我們的決心，也展現我們的信心，對吧，去擴大。在中國大陸以外的銷售活動。如我提到的，我們的長期目標仍是中國以外營收達15億美元。正是為了這個目標，我們準備了資金與相關行動。因此這筆資金基本上是用來支持我們的活動，當然包括美國，以及台灣與新加坡、亞洲，也包括歐洲。這是更大的機會。我們看到大量需求。來自這些地區，特別是針對我們的差異化技術：清洗、電鍍，以及甚至新的PCVD與爐管設備的研發。所以這真的令人振奮，如我所說，AI正在驅動大量對創新技術的新需求。因此我們相信，不論任何開發。在上海完成的，都可以真正擴散，讓全球所有客戶受益，對吧？這就是我們的目標。

Okay, that's very helpful. And then my last question, I know you guys are diversifying your customer base and you have 110% customer and focusing on global, but I'm curious in China, how levered are you to what's going on with CXMT and the DRAM market, understanding AI as a plating play for you in other areas where you're very strong, but the DRAM effort there is growing very strongly. I'm curious how much leverage you have to that opportunity.

好的，這非常有幫助。接著我最後一個問題，我知道你們正在分散客戶基礎，而且你們有110%的客戶並聚焦全球，但我好奇在中國，你們對CXMT以及DRAM市場的動態有多大的槓桿曝險？我理解AI在其他你們很強的領域對你們是電鍍的機會，但那邊的DRAM投入正在非常快速成長。我想了解你們對那個機會的槓桿程度有多大。

Well, I really cannot comment too much detail with any each customer, right? By looking at overall, you look in the for Frost and Sullivan, their report, right, showed a very strong demand and WFE market role in China, right? First of all, I want to say China is a bigger market, right, for the all this application AI including. So it's a huge market there, and therefore, they can support a lot of chip manufacturer in here.

嗯，我確實不能針對任何單一客戶評論太多細節，對吧？從整體來看，你看Frost & Sullivan他們的報告，對吧，顯示中國的需求非常強勁，且WFE市場規模在中國的角色很強，對吧？首先我想說，中國是一個更大的市場，對吧，涵蓋所有這些應用，包括AI。所以那裡是一個巨大的市場，因此也能支撐這裡許多晶片製造商。

In the same way, they demand a lot of WFE equipment, right? So that we see opportunity here.

同樣地，他們也需要大量WFE設備，對吧？所以我們在這裡看到機會。

And with ACM, I say we have a real multiple product in the timeline, especially this year, we call our 2026, the big year for product, new product come out to the market and all our PCVD furnace and track system. We started development from 2000 or 2001 on 2019, in those timeline, we are really focused on their technology, focus on differentiation, so through the four, five year, our R&D team hardworking.

至於ACM，我想說我們在產品時程上有多項產品，尤其是今年，我們稱2026年是產品大年，新產品將推向市場，包括我們的PCVD爐管與軌道系統。我們從2000或2001年開始研發，到2019年，在這段期間我們確實專注於技術、專注於差異化，因此經過四、五年，我們的研發團隊非常努力。

We got some real exciting result and some of them obviously very approaching to the top tier performance and something we see even better than top tier performance, right? So that's really our confidence we can with this new product come out, we can further sustaining or increase our high growth rate and for our.

我們取得了一些非常令人振奮的成果，其中一些顯然已非常接近頂尖等級的效能，也有一些我們看到甚至優於頂尖等級的效能，對吧？因此這就是我們的信心：隨著這些新產品推出，我們可以進一步維持或提升我們的高速成長率，並且對我們的。

Revenue in the market in China. Of course, those new products after qualified in the China market will also eventually will sell to the global market. So it's a lot of exciting for next few years. So our revenue will not only come from cleaning and cover plating anymore, new product will join our revenue growth. So this will be a very exciting year for next few years.

在中國市場的營收。當然，這些新產品在中國市場完成認證後，最終也會銷售到全球市場。所以未來幾年有很多令人振奮的事情。因此我們的營收不會再只來自清洗與（覆蓋）電鍍，新產品將加入並帶動我們的營收成長。所以接下來幾年都會是非常令人振奮的時期。

That's a very helpful color, David.

David，這些補充說明非常有幫助。

Thank you, and congratulations to you and the team on the strong execution year.

謝謝，也恭喜你和團隊在這一年展現強勁的執行力。

Our next question in queue coming from the line of Charles Shi with Needham & Company. Your line is now open.

我們下一個排隊的提問來自Needham & Company的Charles Shi。您的線路已開通。

Hi, thanks for taking my question.

嗨，謝謝讓我提問。

Maybe the first one, I know you don't really guide the quarter.

也許第一個問題，我知道你們通常不會對單季提供指引。

But can you kind of walk us through how the Q3, Q4 is shaking up?

但你們能否大致帶我們了解一下Q3、Q4的走勢如何？

You have probably a very big beat in Q1 and now in Q2. And I think if I look at the consensus estimates for Q3, Q4, those numbers probably need to come down a little bit. So wondering if the revenue timing or shipment timing has some change.

你們在Q1以及現在Q2可能都有非常大的超預期表現。而且我想如果我看市場對Q3、Q4的一致預估，那些數字可能需要稍微下修一些。所以想請問營收認列時點或出貨時點是否有一些變化。

Over the course of the last 90 days and maybe I'll have a follow-up on the PML-related items.

在過去90天期間，另外我可能會再追問與PML相關的項目。

Yes, as I mentioned in the script, right, we do have the first half year, our PO receiving and there has been increased 100%, more than 100%, right, as real indication have real demand and also a larger backlog.

是的，如我在講稿中提到的，對吧，我們上半年收到的PO確實增加了100%，超過100%，對吧，這是需求強勁以及在手訂單更大的明確指標。

So in some of those tool, obviously, we try to deliver Q3, Q4 and some of the tool probably we're waiting for probably deliver later.

因此在其中一些機台方面，顯然我們會努力在Q3、Q4交付，而有些機台可能我們會等到之後才交付。

So now we really try to increase our capacity and obviously now the components has been, I want to say everybody demand for components, right? So there's a little bit constraint for supply there. So we're kind of looking at Q3, Q4 revenue. I think it really how we execution our order manufacturing and also how we qualify ship the defer the revenue other the tool. So, I want to say we're still very positive about our projection for whole year, right, where this is why we are increasing our low side and now we're expecting our whole year revenue 25 % to 30% range.

所以現在我們確實在努力提升產能，而顯然目前零組件方面，我想說大家都在搶零組件，對吧？因此供應端有一些限制。所以我們在看Q3、Q4的營收時，我認為主要取決於我們如何執行訂單製造，以及如何完成認證出貨、並將部分機台的營收遞延認列。所以我想說，我們對全年展望仍然非常正面，對吧？這也是為什麼我們提高了低端區間，現在我們預期全年營收成長在25%到30%的範圍。

I think we're pretty confident for this forecast.

我想我們對這個預測相當有信心。

Maybe another question for Mark.

也許另一個問題想問Mark。

Mark, I noticed that the range for SG&A as a percent of revenue kind of revised that down a little bit compared with last quarter. So I guess, I mean, based on your midpoint of your guidance, your.

Mark，我注意到SG&A占營收比重的區間，相較上季似乎下修了一點。所以我想，嗯，以你們指引中位數來看，你們的。

Overall OpEx may actually come in a little bit lighter than you previously expected. I'm wondering what is the reason for the slight OpEx cut for this year? Because if I recall correctly, one of the reasons you raised the OpEx range, I think, at the beginning of the year was related to the build-out of the R&D lab.

整體營業費用（OpEx）可能會比你們先前預期的稍微低一些。我想了解今年小幅下調OpEx的原因是什麼？因為如果我沒記錯，你們在年初上調OpEx區間的原因之一，我想，是與研發實驗室的建置擴充有關。

R&D center in Lingan and wondering the OpEx savings relative to what you previously thought, is it related to some of the timing of that R&D center and any color would be great?

臨港的研發中心，以及相較於你們先前預期的 OpEx 節省，你們是否在想這是否與該研發中心的時程有關？如果能提供一些說明會很有幫助。

Yeah, cs, there's not a lot to read into that. I mean, R&D, we're looking 16% to 18%. G&A, I said 5% to 6%, and sales and marketing around 8%. So it's really just tightening up by the estimates now that we're halfway through the year, but not a meaningful change from where we were at the beginning of the year.

是的，cs，這部分其實沒有太多需要過度解讀的。我的意思是，研發費用我們看的是 16% 到 18%。G&A 我說的是 5% 到 6%，而銷售與行銷大約 8%。所以這真的只是因為我們已經過完上半年，現在把估算收緊一些，但相較於年初的水準並沒有實質性的變化。

All right.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. Our next question coming from the line of Jimmy Huang with JP Morgan. Your line is now open.

謝謝。我們下一個問題來自摩根大通（JP Morgan）的 Jimmy Huang。您的線路已開通。

Yeah. Hi, Debbie. Congrats for the results.

是的。嗨，Debbie。恭喜這次的業績表現。

Can you hear me?

你聽得到我嗎？

Yeah, sure.

嗯，當然。

Yeah, so obviously China's manufacturing capacity build is very robust and structural. You also have a very solid product portfolio for WLP and POP. Do we have any guidance or expectations for advanced texturing equipment shipment growth rates for this year and next year?

是的，所以很明顯中國的製造產能建置非常強勁，而且是結構性的。你們在 WLP 和 POP 方面也有非常扎實的產品組合。我們是否能得到今年與明年先進紋理化（advanced texturing）設備出貨成長率的任何指引或預期？

Okay, well, we do not put a number, right, for the shipment of this year, but definitely we also because of a strong.

好的，我們不會對今年的出貨量給出一個數字，對吧，但可以確定的是也因為強勁的——

I want to say the backlog and our shipment and definitely will grow outgrow our revenue, right? So it's very will be a very strong shipment this year.

我想說的是在手訂單（backlog）與我們的出貨，肯定會成長，而且出貨成長會快於營收成長，對吧？所以今年的出貨會非常強勁。

Again, as I mentioned, also we're kind of a short we see the shortage in all industry for the some components and used to be you can buy four months, sometimes you have to get probably longer delivered. Anyway, we're trying to manage those supply chain. And make sure those components coming on time, that's maybe the one thing I want to say might impact and a whole year shipment, but I still feel this year shipment is still pretty good.

另外，如我提到的，我們也確實看到整個產業在某些零組件上出現短缺；以前可能四個月就能買到，有時候現在交期可能要更長。總之，我們正在努力管理供應鏈，並確保這些零組件能準時到位；這可能是我想說唯一可能影響全年出貨的因素，但我仍然覺得今年的出貨表現會相當不錯。

Yeah, I see. So do you have any like all the impact guidance, all the impact expectations for your advanced packaging equipment for this year? And another question is that for all states, every 10K wafer capacity builds for 2.5D wafer level packaging, what's ACMR's content value based on your product offerings at this moment? I think some like equipment companies, they could have this kind of sharing for investors to understand your progress.

了解。那你們對今年先進封裝設備的整體影響，有沒有任何指引或預期？另外一個問題是：以 2.5D 晶圓級封裝來看，每新增 10K 晶圓產能建置，依照你們目前的產品供應，ACMR 的設備內容價值（content value）大概是多少？我想有些設備公司會跟投資人分享這類資訊，讓大家理解你們的進展。

Yeah, I don't quite understand the yeah, maybe ask that again.

是的，我不太理解——嗯，可能請你再問一次。

Can you say your question again? I'm not going to lost the couple sentence. Can you repeat again?

可以再說一次你的問題嗎？我剛剛漏聽了幾句。你能再重複一次嗎？

Yeah, sure. I mean, like for I mean, also for the wafer capacity, I mean for the.

好的，當然。我的意思是，就晶圓產能而言，我是說——

Capacity build such as 2.5B.

像是 2.5B 的產能建置。

I mean, on their every 10K capacity build, what's the potential contribution to ACMR based on your product offering? Do we have any sharing on that?

我的意思是，每新增 10K 產能建置，依照你們的產品供應，對 ACMR 的潛在貢獻是多少？你們有沒有可以分享的資訊？

Yeah, he's just looking at kind of the intensity of when our customers spend on 10,000 wafers per month, how much will that drive our equipment sales? I don't think we're really good.

是的，他是在看一個大概的投入強度：當我們的客戶每月新增 10,000 片晶圓產能時，會帶動我們多少設備銷售？我覺得我們其實不太——

I couldn't say there, depending on which line you build, right?

我沒辦法在這裡給出一個數字，因為要看你建的是哪一條產線，對吧？

Anyway, the cleaning market, right, you can see that they're, I want to say they're covered sand. A cleaning market today, probably in a whole fab spending, occupy 5% to 7%, depends on advanced lab or in a mature lab, right, a fab. But you're looking really for the future, I want to say, advanced lab, fab going on, cleaning become more important.

總之，就清洗市場而言，你可以看到——我想說他們的覆蓋範圍很廣。今天清洗市場在整座晶圓廠的資本支出中，大概占 5% 到 7%，取決於是先進廠還是成熟廠，對吧，一座 fab。但如果你看未來，我想說在先進廠持續推進下，清洗會變得更重要。

And some people, even projecting continuing to continue market, continue to grow. It might be even, come to 10% eventually because, continuing become more and more difficult and the more of, material loss control, particle size, get a small, smaller. So also the, drying method become maybe, from the IPA to their supercritical, CO2 dry. So anyway, I see that market growth, number one, second one is.

而且有些人甚至預測清洗市場會持續成長。它最終甚至可能到 10%，因為製程持續微縮變得越來越困難，材料損耗控制、粒子尺寸也越來越小。因此乾燥方法也可能從 IPA 轉向超臨界 CO2 乾燥。總之，我看到的市場成長：第一點；第二點是——

It's clearly, actually four or five years ago, we set a copper plating to be the $1.5 billion. That time, nobody really believe it. Now it's almost $1.5 billion already.

很明顯，其實在四、五年前，我們就把銅電鍍市場設定為 15 億美元。當時沒有人真的相信。但現在它幾乎已經到 15 億美元了。

With all the future backside of their power and HPM layer of their DRAM stacking going on, there's a lot of plating to demand come out. And more important, this panel.

隨著未來背面供電（backside power）以及 DRAM 堆疊的 HPM 層持續推進，會帶出大量的電鍍需求。而更重要的是，這個面板——

Market also demand a lot of plating tool too. So ACM is really pioneer in their panel level electroplating. So it's a lot, this is probably I want to say this is the first time ACM really standard in the top and for their horizontal plating technology and marketer, I want to say offering. So that's really give us a bigger growth potential for this existing market.

市場也需要大量的電鍍設備。因此 ACM 在面板級電鍍方面確實是先行者。所以我想說，這可能是 ACM 第一次在水平電鍍技術與市場供應上真正站到領先位置。這確實讓我們在既有市場上有更大的成長潛力。

And further than that is the fronters and PCVD track, we see also big potential there too. So that's why I want to say ACM is a real good or exciting period. And we're expecting continual growth for cleaning and cover plating and also with our new product, foreigners, PSVD track them out, will further reinforce our revenue growth, right, so that's why I said the next few years, really exciting year for our growth.

再往後看，前段（front-end）以及 PCVD track，我們也看到很大的潛力。所以我想說 ACM 正處在一個非常好的、令人振奮的階段。我們預期清洗與銅電鍍會持續成長，同時我們的新產品——前段、PSVD track 等——也會進一步強化我們的營收成長，對吧？所以我才說未來幾年會是我們成長非常令人期待的幾年。

Yeah, thank you, Dr. Wang. So I think for China, I think they are building a lot of COVAS-like 2.5D advanced packaging capacity. As far as I know, they are probably still use a lot of TSMC baseline tool mendors, including web processing tools and other stuff. Are we trying to get more market shares, more qualifications here, and how's our progress in China's COVAS-like 2.5D capacity build?

是的，謝謝王博士。所以我認為在中國，他們正在建置很多類似 CoWoS 的 2.5D 先進封裝產能。據我所知，他們可能仍大量使用台積電基準的工具供應商，包括晶圓製程設備以及其他設備。我們是否正在努力在這裡取得更多市占、更多認證？以及我們在中國類 CoWoS 的 2.5D 產能建置上的進展如何？

Yeah, I mean, if you look at our actually plating grow, right? 156% and also our packaging tool grow also, right? It really should indication a lot of our new demand for 3D packaging, right?

是的，我的意思是，如果你看我們的電鍍成長，對吧？156%，而且我們的封裝設備也成長了，對吧？這其實很能顯示我們在 3D 封裝方面的新需求很大，對吧？

And the 3D packaging become more and more important. And for all the devices, right? So we see that a growth potential here. ACM is well positioned for that, with our cleaning and with our coater developer, with all this PR stripper, right, and also copper ready, right? So it's really good.

而且 3D 封裝變得越來越重要。對所有裝置而言都是如此，對吧？所以我們看到這裡的成長潛力。ACM 在這方面的布局很到位：我們有清洗設備、塗佈顯影（coater developer）、各種 PR 去除（PR stripper），以及銅相關製程（copper ready），對吧？所以這真的很不錯。

I want to say growth for the 2.5D or 3D packaging, right? Also, I want to say panel as a growth too, right? Panel level packaging is another big one. So it's very exciting for I see the 3D packaging going on, which is good for our product.

我想說的是，2.5D 或 3D 封裝的成長，對吧？另外，我也想說面板（panel）也是一個成長動能，對吧？面板級封裝（PLP）是另一個很大的領域。所以看到 3D 封裝正在推進，我覺得非常令人振奮，這對我們的產品是有利的。

Yeah, I think it's quite exciting that we just announced that we have the first PLP ECP tool evaluation system shipped to a customer in Asia. And regarding the progress, when could the evaluation results come out? Any probability that we could receive the first purchase order from these customers in the next maybe few quarters or the next 5 to 12 months?

是的，我覺得很令人振奮的是，我們剛宣布第一套 PLP ECP 工具評估系統已出貨給亞洲的一位客戶。那就進度而言，評估結果大概什麼時候會出來？未來幾個季度或接下來 5 到 12 個月內，有沒有可能從這些客戶那邊拿到第一張採購訂單？

Obviously, you mentioned that the panel now is very hard, right? In all Asia, looking at, mainland China and Taiwan, Korea, and even Singapore, right? It's very hard, and everybody believed that would be their, ultimate solution for their large, AI chip or this.

很明顯，你提到現在面板這塊很難，對吧？在整個亞洲來看，中國大陸、台灣、韓國，甚至新加坡，對吧？都很難，而且大家都相信那會是他們針對大型 AI 晶片或這類產品的最終解決方案。

Cobalt, HBM, whatever packaging in large chip size. So, we do see that trend. Obviously, we're positioned for 515 by 510, which is more large size, as Intel probably pioneered now. And also, we're also positioned for 310 by 310, which is leading by TSMC approach, right? So, there's a lot of exciting. I want to say we're prepared for both markets.

鈷（cobalt）、HBM，不管是什麼封裝，用在大尺寸晶片上。所以我們確實看到這個趨勢。很明顯，我們在 515×510 的規格上已經就位，這是更大尺寸的，可能是 Intel 現在率先推動的。同時，我們也在 310×310 的規格上就位，這是由台積電（TSMC）的路線所主導的，對吧？所以有很多令人振奮的機會。我想說，我們已經為這兩個市場都做好準備。

Yeah, I see.

好的，我了解。

Thank you so much. That's all my questions.

非常感謝。我沒有其他問題了。

Thank you,

謝謝。

Thank you.

謝謝。

And as a reminder to ask a question, please press star 11.

提醒各位，如要提問，請按星號 11。

Our next question coming from the line of Christian Schwab with Craig Hallam Capital. Your line is Maltman.

下一位提問者是來自 Craig Hallam Capital 的 Christian Schwab。您的線路已接通。

Hey guys, it's Ben Taxol on for Christian here.

各位好，我是代 Christian 提問的 Ben Taxol。

Great quarter, exciting stuff going on at ACMR.

本季表現很棒，ACMR 這邊也有很多令人振奮的進展。

My first question is.

我的第一個問題是。

What is any commentary, any initial commentary? I know it's kind of early on 2027 visibility. I get new products and strong orders, but anything else or what exactly should we be thinking about for 27?

有沒有任何評論、任何初步的看法？我知道對 2027 年的能見度現在還有點早。我理解有新產品和強勁訂單，但還有其他因素嗎？或者我們對 2027 年到底應該怎麼看？

Wow. I still see that there are a lot of fab we see, right, in the local China, as in real still in the multi-year expansion, right? And clearly this year, we see many fab open and also we see that there are some fab world definitely beyond 2027 and grow.

哇。我仍然看到有很多晶圓廠，我們看到的，對吧，在中國本地，仍然處於多年期的擴產之中，對吧？而且很明顯，今年我們看到很多晶圓廠開出來，同時也看到有些晶圓廠的規劃肯定會延伸到 2027 年以後並持續成長。

As I said, probably markets here strong, bigger, right? So we're very excited about, even I said this, Frost, Sullivan, they give a report, right? By year 2029, they're charting the market beyond 80 billion. Well, maybe, I mean, that's really, I'm like that number, but this is exciting, right? Anyway, I want to say it's growing.

如我所說，這裡的市場可能更強、更大，對吧？所以我們非常興奮，甚至我也提過，Frost & Sullivan 他們出了一份報告，對吧？到 2029 年，他們預估市場規模會超過 800 億美元。嗯，也許，我是說，那個數字真的很大，但這很令人振奮，對吧？總之，我想說它正在成長。

Next few years in a local market year.

未來幾年在本地市場也是如此。

And we have obviously some of our new platforms that that could kick in i would also say you know some of the orders we get this year we're not going to be able to support all those this year so that'll kind of flow into next year as well so yeah 27 is starting to shape up pretty you know a good growth year.

而且我們很明顯也有一些新平台可能會開始貢獻；我也想說，你知道，我們今年拿到的一些訂單，今年不一定能全部支援交付，所以也會有一部分延續到明年。因此，是的，2027 年開始看起來會是一個相當不錯的成長年度。

Also, as I mentioned, we made the progress, right, with all the track system, PCVD, and we see that those both product take off and obviously, we're probably will become leading supplier, local supplier, and for the track system.

另外，如我提到的，我們在所有的塗佈顯影（track）系統、PECVD 上都取得了進展，而且我們看到這兩個產品都在起飛；很明顯，我們很可能會成為塗佈顯影系統的領先本土供應商。

I know the PECVD, quite a bit competitive there, but our One Chamber 3 chalk is real unique platform and we see there's certain special big market requirement for this PECVD too. So anyway, we're both excited about this new product.

我知道 PECVD 的競爭相當激烈，但我們的單腔體 3（One Chamber 3）平台是非常獨特的，我們也看到這類 PECVD 在某些特殊且規模很大的市場需求上有其必要性。所以總之，我們對這些新產品都感到很興奮。

Great. Just one other question. Any update on the Shanghai listing?

很好。另外一個問題。上海上市進度有更新嗎？

the Hong Kong, right?

香港，對吧？

Or sorry, yes. sorry.

喔抱歉，是的，抱歉。

Yeah.

是的。

Well, I say really you cannot comment too much on Hong Kong listing, right?

嗯，我想說，關於香港上市，你真的不能評論太多，對吧？

I can only tell that the April timeline we announced, we can do that. And that's the only information I can tell you right now. Eventually, maybe sometime later in the future, we may see, we may discuss more.

我只能告訴你，我們先前宣布的 4 月時間表，我們可以做到。這是我目前唯一能提供的資訊。之後也許在未來某個時間點，我們可能會看到、也可能會再多做一些討論。

Perfect, thanks guys, that's all I got.

很好，謝謝各位，我就這些問題。

Yeah. No, thanks for asking. Thank you.

好的。不，謝謝你的提問。謝謝。

Thank you. And we have a follow-up question from Jimmy Fan with JP Morgan. Your line is open.

謝謝。我們還有一個追問，來自摩根大通（JP Morgan）的 Jimmy Fan。您的線路已開通。

Yeah. Thank you. Debbie. We talked about component shortage. There are also a lot of component price types. Will rising component cost impact ACMR's gross margin? If so, on which potential quarters or timelines? And what kind of options does your company have to pass this cost to. Passive cost to your customers.

是的。謝謝。Debbie。我們談到零組件短缺。也有很多零組件價格上漲的情況。零組件成本上升會影響 ACMR 的毛利率嗎？如果會，可能會落在哪些季度或時間點？另外，公司有哪些方式可以把這些成本轉嫁給把成本轉嫁給客戶？

Well, I mean, probably this is a global point, right? Looking at our supply, probably either our major supply are components from Japan, right, or some in Korea. Definitely is a lot of growing. So there's a shortage there. We see that happen. So, something was still, switching to the local supplier. And here is, it looks better. But anyway, I want to say this is still looking at this year, global component supplier is still tight, right? Even some mechanical parts, some sliders, even robot, for example, the components they are together, on time. We see that really, booming, right? That's why. We'll have a real managing well in the second-half of the year, make sure our supply catch our demand.

嗯，我的意思是，這可能是一個全球性的議題，對吧？從我們的供應來看，我們的主要供應大多是來自日本的零組件，對吧？也有一些來自韓國。確實需求成長很多。所以那邊會有短缺。我們看到這種情況正在發生。因此，有些項目仍在切換到本地供應商。在這方面看起來比較好。但總之，我想說今年全球零組件供應仍然偏緊，對吧？甚至一些機械零件、一些滑軌，甚至機器人，例如這些組件要能準時到位。我們看到確實非常火熱，對吧？這就是原因。我們會在下半年做好管理，確保供應能跟上需求。

Yes, there's really, you kind of take a look at it. I mean, no change to our gross margin target, 42 to 48. So we're comfortable where we are. We have a good amount of raw materials, right, that we've been purchasing and we stocked up on some raw materials. So what we have in stock and kind of our outlook, we don't see any. Significant impact on gross margin.

是的，這確實是，你可以這樣看。我的意思是，我們的毛利率目標 42% 到 48% 沒有改變。所以我們對目前狀況感到放心。我們已經採購並備有相當數量的原材料，也囤了一些原材料庫存。所以就我們現有庫存以及我們的展望來看，我們不認為會有任何對毛利率造成重大影響的情況。

We prepared a certain path in the end of last year, right? Because we are predicting this year is a very heavy year. So we are certain our vendor did something special for us. That will help us right now.

我們在去年年底準備了一條特定的路徑，對吧？因為我們預測今年會是非常吃重的一年。所以我們確定我們的供應商為我們做了一些特別的安排。這將在當下幫助到我們。

Yeah, but the demand is very robust and the supply is quite high. So is it possible that we could pass through these incremental codes or rising component codes to our customers?

是的，但需求非常強勁，而供給也相當高。那麼，我們是否有可能把這些新增成本或上升的零組件成本轉嫁給客戶呢？

Or it's another key priority of your business.

或者這是你們業務的另一個關鍵優先事項。

Wow, it's hard to tell right now, right? Probably, I mean, we're not risk pricing right now, this moment, right? Also, I want to say our vendor supply.

哇，現在很難說，對吧？可能吧，我的意思是，我們此刻並沒有在做風險定價，對吧？另外，我也想談談我們的供應商供貨。

Not many people raising price. Some are raising, but not much. They only say that is they'll probably delay the shipment, right? They cannot tell you, I can, maybe I used to be sent in four months, maybe they did six months. And that's happened, but they didn't increase our price.

沒有太多人在漲價。有些人在漲，但不多。他們只說可能會延後出貨，對吧？他們無法跟你保證，我可以——也許以前是四個月交付，現在可能變成六個月。這種情況確實發生了，但他們沒有提高我們的價格。

Our key supplier, no.

我們的關鍵供應商沒有。

I see. And my second follow-up question is regarding our manufacturing capacity builds outside of mainland China. Are we going to build more capacity in the SAT or in other HR regions if we receive more international orders?

了解。我第二個追問是關於我們在中國大陸以外的製造產能建置。如果我們收到更多國際訂單，我們會在 SAT 或其他 HR 地區建置更多產能嗎？

Yeah that we do have our manufacturer.

是的，我們確實有我們的製造商。

I want to say a facility and a capability in Korea, right? So that's really start to play and some tool we ship the US will be made there actually made now is made in Korea right now. And also some future tool probably shipping to Taiwan and also Singapore will be also made probably in Korea too, right? As also I said, as really more of a revenue growing. In the US or in other region, we can also probably propel a secondary manufacturing side too. So we're really in another, I want to say, consideration and a direction.

我想說，我們在韓國有一個廠房與製造能力，對吧？所以這部分真的開始發揮作用，我們有些出貨到美國的設備會在那裡製造——其實現在已經是在韓國製造了。另外，未來一些可能出貨到台灣以及新加坡的設備，也很可能會在韓國製造，對吧？而且如我所說，隨著營收成長，在美國或其他地區，我們也可能推動第二個製造據點。所以我們目前正處於另一個我想說的評估與方向規劃中。

I see. And regarding your further funding for this kind of manufacturing capacity expansion, would you need to dispose some steps in ACM Shanghai or you don't consider that option?

了解。那關於這類製造產能擴張的後續資金需求，你們是否需要處分 ACM 上海的一些持股，還是你們不考慮這個選項？

Yeah. So I mean, we're pretty comfortable with our balance sheet, right? David mentioned we have $300 million on our US balance sheet. So part of that was kind of a war chest to show our customers that when we get the production orders, we can support that. And so we don't have any near-term plans to scale out of any more of our Shanghai shares.

是的。我的意思是，我們對資產負債表相當有信心，對吧？David 提到我們在美國的資產負債表上有 3 億美元。其中一部分有點像是戰備資金，用來向客戶展示：當我們拿到生產訂單時，我們有能力支援。因此，我們短期內沒有計畫再出售更多我們在上海的持股。

Thank you so much, Debien. Mark, it's very clear. Thank you.

非常感謝你，Debien。Mark，講得很清楚。謝謝。

Thank you. Our next question coming from the line of Bintuni with Daiwa Capital Markets. Your line is now open.

謝謝。下一個問題來自大和資本市場（Daiwa Capital Markets）的 Bintuni。您的線路已開通。

Hey, thank you for letting me on. I have a versus congratulations on your new orders, 100%. It's very impressive.

嗨，謝謝讓我提問。我也要先恭喜你們拿到新訂單，百分之百。非常令人印象深刻。

Can I ask in terms of by segment, can you rank which one is the strongest for DRAM, HDM, NAND and Logic?

我想請問，以事業/產品區隔來看，你能否幫我們排序一下 DRAM、HDM、NAND 與 Logic 哪一個最強？

In terms of our order strength, David, he's asking, yeah, we didn't break it out, but David, in the prepared remarks, mentioned that they were, across all of our customer base and across our products, a little bit stronger in some of our newer products, but we didn't break it out by end markets.

就我們的訂單強度而言，他在問——是的，我們沒有把它拆得那麼細。不過 David 在準備好的發言中提到，整體來看，涵蓋我們所有客戶基礎與所有產品，在一些較新的產品上會稍微更強一些，但我們沒有按終端市場拆分。

Yeah. Well, obviously, we see they're strong in memory and also strong in logic, right, both.

是的。嗯，很明顯地，我們看到記憶體很強，邏輯也很強，對吧？兩者都很強。

Thank you, David and Mark. And next question is about our cash flows.

謝謝你，David 和 Mark。下一個問題是關於我們的現金流。

It looks like we have a very strong tailwind from the industry-wise and also our new product launch is going ahead. So, in terms of operating cash flows and Capex, how should we think about that?

看起來我們受到產業面的強勁順風帶動，而且我們的新產品上市也在推進中。那麼，就營運現金流與資本支出（Capex）而言，我們應該如何看待？

Thank you.

謝謝。

I think this year on the cash flow side, we're still obviously heavily in growth mode we're spending on our Capex, and what have you, but the whole, the plan is.

我認為今年在現金流方面，我們顯然仍處於高度成長模式，我們在資本支出等方面投入很多；整體計畫是這樣的。

In growth mode, you make these investments, and then we harvest those over the next several years. So this year, we'll probably burn some cash, putting capital to work on our new production facilities, on our facilities outside in Oregon and what have you.

在成長模式下，你會做這些投資，然後在接下來幾年收穫成果。所以今年我們可能會消耗一些現金，把資本投入到新的生產設施、以及在俄勒岡等地的設施等等。

But longer-term, we see it, obviously, it's a positive cash flow operation.

但從長期來看，我們顯然認為這會是一個正向現金流的營運。

Thank you.

謝謝。

Thank you.

謝謝。

Seeing there are no more questions in the queue, I will now turn the call back over to Stephen Pellaio for closing remarks.

看到隊列中沒有更多問題，我現在把電話交回給 Stephen Pellaio 作結語。

Okay, great. Before we conclude, I just want to give everyone a quick reminder of our upcoming investor conferences. On August 20th, we will participate in Needham's seventh annual Virtual Semiconductor and Semicap one-on-one conference. On August 25th, we'll present at the 2026 Jefferies Semiconductor IT Hardware Communications Technology Conference at the Four Seasons Hotel in Chicago.

好的，很好。在我們結束之前，我想快速提醒大家我們即將參加的投資人會議。8 月 20 日，我們將參加 Needham 第七屆年度虛擬半導體與 Semicap 一對一會議。8 月 25 日，我們將在芝加哥四季酒店舉行的 2026 Jefferies 半導體、IT 硬體、通訊與科技會議上發表簡報。

On October 13, we will present at the 18th Annual CEO Summit Conference in conjunction with Simicound West in San Francisco. Attendance at these 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. With that, this concludes the call, and you may now disconnect.

10 月 13 日，我們將在舊金山、與 Simicound West 同期舉行的第 18 屆年度 CEO 高峰會上發表簡報。這些會議的出席僅限受邀的有興趣投資人。請聯絡各自的銷售代表完成註冊，並安排與管理團隊的一對一會議。以上，本次電話會議到此結束，您現在可以掛線。

Ladies and gentlemen, that doesn't crowd conference for today.

各位女士、先生，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝各位的參與。您現在可以掛線。