ACM Research, Inc. (ACMR): نموذج الأعمال التجارية

في صناعة أشباه الموصلات سريعة التطور، تبرز شركة ACM Research, Inc. (ACMR) كقوة تكنولوجية تُحدث ثورة في معدات تنظيف الرقائق وطلاءها من خلال نهجها المبتكر. من خلال وضع نفسها استراتيجيًا عند تقاطع تقنيات تصنيع أشباه الموصلات المتطورة والهندسة الدقيقة، قامت ACMR بصياغة نموذج عمل فريد يدفع التقدم التكنولوجي ويقدم قيمة لا مثيل لها لمصنعي أشباه الموصلات العالمية. إن نظامها البيئي الشامل من الشراكات والموارد المتقدمة والتقنيات المتقدمة يميزها في مشهد تنافسي متزايد، ويعد بحلول تحويلية لتحديات معالجة أشباه الموصلات الأكثر تطلبًا.

ACM Research, Inc. (ACMR) - نموذج الأعمال: الشراكات الرئيسية

التعاون الاستراتيجي مع أبرز الشركات المصنعة لأشباه الموصلات

تحتفظ ACM Research بشراكات مهمة مع الشركات المصنعة لأشباه الموصلات من الدرجة الأولى، بما في ذلك:

شريك	التركيز على التعاون	تفاصيل الشراكة
TSMC	معدات التنظيف المتقدمة	حلول تنظيف معتمدة لعقد معالجة 5 نانومتر و3 نانومتر
سامسونج للإلكترونيات	عملية تصنيع أشباه الموصلات	التطوير المشترك لتقنيات التنظيف من الجيل التالي

الشراكة مع موردي المعدات المتقدمة

تتعاون ACM Research مع موردي المعدات المهمة:

• المواد التطبيقية - الشراكة التكنولوجية الاستراتيجية
• لام للأبحاث - تكامل المعدات وتوافقها
• TEL (Tokyo Electron Limited) - حلول تصنيع أشباه الموصلات المتقدمة

تحالفات البحث والتطوير

مؤسسة	التركيز على البحوث	الاستثمار
جامعة ستانفورد	ابتكار عملية أشباه الموصلات	منحة بحثية سنوية بقيمة 1.2 مليون دولار
معهد ماساتشوستس للتكنولوجيا	تقنيات التنظيف المتقدمة	برنامج بحث تعاوني بقيمة 950 ألف دولار

مشاريع مشتركة مع شركات تصنيع أشباه الموصلات الصينية

شراكات تصنيع أشباه الموصلات الصينية الرئيسية:

• SMIC (الشركة الدولية لتصنيع أشباه الموصلات)
• شركة اليانغتسى لتقنيات الذاكرة (YMTC)
• هوا هونغ لأشباه الموصلات

شراكات سلسلة التوريد

فئة المكون	الموردين الرئيسيين	قيمة المشتريات السنوية
المكونات الميكانيكية الدقيقة	شركة الدقة الهندسية	45 مليون دولار
مواد متقدمة	حلول كيمتك	38 مليون دولار
الأنظمة الفرعية الإلكترونية	أنظمة الدقة الدقيقة	52 مليون دولار

ACM Research, Inc. (ACMR) - نموذج الأعمال: الأنشطة الرئيسية

تصميم وتصنيع معدات تنظيف وطلاء الويفر المتقدمة

تركز أبحاث ACM على تطوير معدات متخصصة لتصنيع أشباه الموصلات بالمواصفات الرئيسية التالية:

نوع المعدات	القدرة الإنتاجية السنوية	متوسط سعر الوحدة
أنظمة تنظيف الرقاقة الفردية	150-200 وحدة سنويا	1.5-2.5 مليون دولار لكل وحدة
دفعة أنظمة التنظيف الرطب	100-120 وحدة سنويا	1.2-2.0 مليون دولار لكل وحدة

تطوير تقنيات معالجة أشباه الموصلات المبتكرة

الاستثمار في البحث والتطوير في تقنيات أشباه الموصلات:

• نفقات البحث والتطوير لعام 2022: 31.8 مليون دولار
• البحث والتطوير كنسبة مئوية من الإيرادات: 14.2%
• عدد براءات الاختراع النشطة: 87

إجراء الأبحاث في عمليات تصنيع أشباه الموصلات فائقة النظافة

مجال التركيز البحثي	مستوى الاستعداد التكنولوجي	التأثير المحتمل على السوق
تقنيات التنظيف المتقدمة	المستوى 6-7	تصنيع أشباه الموصلات بدقة عالية
التحكم في التلوث بالنانو	المستوى 5-6	إنتاج شرائح الجيل القادم

توفير معدات متخصصة لأسواق أشباه الموصلات الناشئة

تقسيم قطاع السوق:

• حصة الصين من السوق المحلية: 45%
• اختراق الأسواق الدولية: 22%
• أسواق التكنولوجيا الناشئة التي تخدمها:
  • رقائق المنطق المتقدمة
  • إنتاج أشباه الموصلات الذاكرة
  • تقنيات التعبئة والتغليف المتقدمة

الابتكار المستمر للمنتجات والتقدم التكنولوجي

مقياس الابتكار	أداء 2022	توقعات 2023
مقدمات المنتجات الجديدة	3 منصات المعدات الرئيسية	4-5 منصات متوقعة
دورات تحسين التكنولوجيا	6-8 أشهر	5-7 أشهر

ACM Research, Inc. (ACMR) - نموذج الأعمال: الموارد الأساسية

تكنولوجيا معدات أشباه الموصلات الخاصة

اعتبارًا من الربع الأخير من عام 2023، تمتلك ACM Research 234 براءة اختراع تتعلق بتقنيات تنظيف أشباه الموصلات ومعالجتها. تشمل التقنيات الخاصة بالشركة ما يلي:

• أنظمة تنظيف الرقاقة الواحدة
• حلول المقاييس المتكاملة
• تقنيات التنظيف الرطب المتقدمة

فئة براءات الاختراع	عدد براءات الاختراع	الاستثمار في البحث والتطوير (2023)
معدات أشباه الموصلات	234	52.4 مليون دولار
تقنيات العمليات	87	21.6 مليون دولار

فرق هندسية وبحثية ذات مهارات عالية

اعتبارًا من ديسمبر 2023، توظف ACM Research إجمالي 1,087 موظفًا، منهم 672 موظفًا مخصصًا للوظائف الهندسية والبحثية.

فئة الموظف	إجمالي الموظفين	النسبة المئوية
إجمالي القوى العاملة	1,087	100%
الهندسة & بحث	672	61.8%

محفظة واسعة النطاق للملكية الفكرية

تفصيل الملكية الفكرية (2023):

• إجمالي براءات الاختراع: 234
• طلبات براءات الاختراع المعلقة: 76
• تغطية براءات الاختراع الجغرافية: الولايات المتحدة، الصين، تايوان، كوريا الجنوبية

مرافق التصنيع المتقدمة

مواقع التصنيع:

• منشأة تصنيع معدات أشباه الموصلات في سوتشو، الصين
• مركز البحث والتطوير في سانتا كلارا، كاليفورنيا، الولايات المتحدة الأمريكية

موقع المنشأة	المساحة الإجمالية	القدرة الإنتاجية السنوية
سوتشو، الصين	45000 متر مربع	500 نظام معالجة أشباه الموصلات

موارد مالية قوية وقدرات استثمارية رأسمالية

المقاييس المالية (اعتبارًا من الربع الرابع من عام 2023):

المقياس المالي	المبلغ
إجمالي النقد والنقد المعادل	387.6 مليون دولار
إجمالي الأصول	896.3 مليون دولار
الاستثمار السنوي في البحث والتطوير	74 مليون دولار

ACM Research, Inc. (ACMR) - نموذج الأعمال: عروض القيمة

معدات تصنيع أشباه الموصلات عالية الدقة

تقدم ACM Research معدات متقدمة لتصنيع أشباه الموصلات بالمواصفات التالية:

نوع المعدات	مستوى الدقة	اختراق السوق
أنظمة التنظيف SAPS™	إزالة جسيمات تحت الأنجستروم	15% من حصة السوق العالمية في 2023
أنظمة التنظيف ميجا سونيك	دقة 0.01 ميكرون	12% من حصة السوق العالمية في 2023

حلول التنظيف والطلاء المتقدمة

انهيار حلول تنظيف إنتاج أشباه الموصلات:

• تقنية تنظيف الرقاقة الواحدة
• أنظمة التنظيف دفعة
• قدرات معالجة فائقة النقاء

فئة الحل	الإيرادات (2023)	معدل النمو
حلول التنظيف	127.4 مليون دولار	22.3%
حلول الطلاء	83.6 مليون دولار	18.7%

الابتكار التكنولوجي في المعالجة فائقة النظافة

الابتكارات التكنولوجية الرئيسية:

• براءة اختراع تقنية إكستريم كلين™
• آليات تنظيف البلازما المتقدمة
• أنظمة إزالة التلوث على مستوى النانو

حلول تصنيع فعالة من حيث التكلفة

مقياس كفاءة التكلفة	الأداء
تخفيض تكاليف تشغيل المعدات	تصل إلى 37% مقارنة بالمنافسين
كفاءة الطاقة	استهلاك أقل للطاقة بنسبة 25%

دعم عمليات تصنيع أشباه الموصلات المتقدمة

قدرات دعم عملية أشباه الموصلات:

• تقنيات عقدة المعالجة 5 نانومتر و3 نانومتر
• أنظمة الذكاء الاصطناعي والتعلم الآلي المتكاملة
• مراقبة التلوث في الوقت الحقيقي

منطقة دعم التصنيع	مستوى القدرة
دعم عقدة العملية	ما يصل إلى 3 نانومتر
تكامل التعلم الآلي	دقة الصيانة التنبؤية بنسبة 98%

ACM Research, Inc. (ACMR) - نموذج العمل: علاقات العملاء

الدعم الفني المباشر لمصنعي أشباه الموصلات

توفر ACM Research دعمًا فنيًا مخصصًا مع فريق خدمة عملاء مكون من 87 مهندسًا متخصصًا اعتبارًا من الربع الرابع من عام 2023. وتحافظ الشركة على تصنيف رضا العملاء بنسبة 98.7% لتفاعلات الدعم الفني.

مقياس الدعم	بيانات الأداء
متوسط وقت الاستجابة	2.3 ساعة
تفاعلات الدعم السنوية	1,246 مشاركة للعملاء
تغطية الدعم العالمي	12 دولة

تصميم وتنفيذ المعدات المخصصة

تقدم ACM Research حلولاً مخصصة لمعدات أشباه الموصلات استثمار 64.3 مليون دولار في البحث والتطوير خلال عام 2023.

• معدل التخصيص: 73% من طلبات المعدات
• متوسط وقت التنفيذ: 4.5 أشهر
• معدل نجاح التصميم المخصص: 92%

اتفاقيات الخدمة والصيانة طويلة الأجل

نوع الاتفاقية	إجمالي العقود	متوسط قيمة العقد
الصيانة القياسية	124 عقدا	1.2 مليون دولار
خدمة متميزة	56 عقدا	2.7 مليون دولار

خدمات التدريب والاستشارات الفنية

تجري أبحاث ACM 246 دورة تدريبية سنوياً بمتوسط عدد مشاركين يبلغ 18 مشاركًا في كل جلسة.

• أشكال التدريب: في الموقع، افتراضية، ومختلطة
• إيرادات التدريب السنوية: 3.6 مليون دولار
• الاحتفاظ بالعملاء من خلال التدريب: 85%

تطوير المنتجات التعاونية مع العملاء الرئيسيين

في عام 2023، شاركت ACM Research في 17 مشروعًا تنمويًا تعاونيًا مع الشركات المصنعة لأشباه الموصلات.

مقياس التعاون	القيمة
إجمالي الاستثمارات التعاونية في مجال البحث والتطوير	22.5 مليون دولار
إطلاق المنتجات الناجحة	12 طرازًا جديدًا من المعدات
طلبات براءات الاختراع من التعاون	8 قدمت

ACM Research, Inc. (ACMR) - نموذج الأعمال: القنوات

فريق المبيعات المباشرة الذي يستهدف مصنعي أشباه الموصلات

اعتبارًا من الربع الرابع من عام 2023، تحتفظ ACM Research بفريق مبيعات مباشر مخصص يركز على الشركات المصنعة لأشباه الموصلات. يغطي فريق المبيعات الأسواق الجغرافية الرئيسية:

المنطقة	حجم فريق المبيعات	العملاء المستهدفون
أمريكا الشمالية	12 مندوب مبيعات	إنتل، ميكرون، جلوبال فاوندريز
آسيا والمحيط الهادئ	18 مندوب مبيعات	TSMC، سامسونج، إس كيه هاينكس
أوروبا	6 مندوبين مبيعات	إس تي مايكروإلكترونيكس، إن إكس بي

المؤتمرات الفنية والمعارض التجارية الصناعية

تشارك ACM Research في الأحداث الرئيسية لصناعة أشباه الموصلات:

• سيميكون ويست (سان فرانسيسكو، كاليفورنيا)
• سيميكون تايوان
• سيميكون الصين
• الاجتماع الدولي للأجهزة الإلكترونية (IEDM)

الوثائق الفنية وموارد المنتج عبر الإنترنت

مقاييس القناة الرقمية اعتبارًا من عام 2023:

منصة	المقاييس
موقع الشركة	127.500 زائر فريد شهريًا
بوابة الوثائق الفنية	42300 مستخدم مسجل
تنزيلات موارد المنتج	يتم تنزيل 18,750 مستندًا تقنيًا شهريًا

شبكات الشراكة الاستراتيجية

وتشمل الشراكات الاستراتيجية الحالية ما يلي:

• المواد التطبيقية
• لام للأبحاث
• طوكيو إلكترون المحدودة
• شركة جيش تحرير كوسوفو

منصات التسويق الرقمي والاتصالات التقنية

أداء قناة التسويق الرقمي في عام 2023:

منصة	مقاييس المشاركة
ينكدين	58,700 متابع، معدل مشاركة شهري 3.2%
قناة يوتيوب التقنية	22,400 مشترك، 145,000 مشاهدة إجمالية للفيديو
ندوات عبر الإنترنت التقنية	تم إجراء 12 ندوة عبر الإنترنت، بحضور إجمالي 4300 شخص

ACM Research, Inc. (ACMR) - نموذج الأعمال: شرائح العملاء

شركات تصنيع أشباه الموصلات

تستهدف أبحاث ACM الشركات المصنعة لأشباه الموصلات من الدرجة الأولى مع خصائص محددة لقطاع العملاء:

نوع العميل	حصة السوق	الاستثمار السنوي في أشباه الموصلات
TSMC	53.1%	36.3 مليار دولار
سامسونج للإلكترونيات	16.4%	24.7 مليار دولار
شركة إنتل	10.8%	19.5 مليار دولار

مؤسسات أبحاث التكنولوجيا المتقدمة

المؤسسات البحثية الرئيسية في قطاع العملاء:

• مختبرات تكنولوجيا MIT مايكروسيستمز
• مركز ستانفورد لأبحاث النانو
• مركز أبحاث جورجيا للتكنولوجيا لأشباه الموصلات

مصنعي شرائح الذاكرة

الشركات المصنعة لرقائق الذاكرة المحددة التي تستهدفها أبحاث ACM:

الشركة المصنعة	حصة السوق العالمية	الإيرادات السنوية
تكنولوجيا ميكرون	24.7%	21.4 مليار دولار
سامسونج للإلكترونيات	34.3%	35.9 مليار دولار
إس كيه هاينكس	22.1%	18.6 مليار دولار

منتجي الرقائق المنطقية

منتجو الرقائق المنطقية في شريحة عملاء ACM Research:

• شركة نفيديا
• شركة كوالكوم إنكوربوريتد
• شركة ميديا تيك

اللاعبون الناشئون في سوق أشباه الموصلات

شركات أشباه الموصلات الناشئة التي تستهدفها أبحاث ACM:

الشركة	البلد	سنة دخول السوق
برج أشباه الموصلات	إسرائيل	2022
GlobalFoundries	الولايات المتحدة	2021
UMC	تايوان	2020

ACM Research, Inc. (ACMR) - نموذج العمل: هيكل التكلفة

استثمارات البحث والتطوير

بالنسبة للسنة المالية 2023، أبلغت ACM Research عن نفقات بحث وتطوير بقيمة 67.4 مليون دولار، وهو ما يمثل 22.7% من إجمالي الإيرادات.

السنة المالية	نفقات البحث والتطوير	نسبة الإيرادات
2023	67.4 مليون دولار	22.7%
2022	53.2 مليون دولار	20.1%

مصاريف معدات التصنيع المتقدمة

وبلغ إجمالي النفقات الرأسمالية لمعدات التصنيع في عام 2023 92.6 مليون دولار.

• ركزت استثمارات معدات التصنيع على تقنيات تنظيف وطلاء أشباه الموصلات
• شراء المعدات في المقام الأول لأنظمة معالجة الرقائق المتقدمة

تعويضات الموظفين ذوي المهارات العالية

وبلغ إجمالي نفقات الموظفين لعام 2023 95.3 مليون دولار، بمتوسط تعويضات 185 ألف دولار لكل موظف فني.

فئة الموظف	التعويض الإجمالي	عدد الموظفين
مهندسي البحوث	45.2 مليون دولار	245
متخصصون في التصنيع	38.7 مليون دولار	210

تكاليف سلسلة التوريد ومشتريات المكونات

وصل إجمالي نفقات سلسلة التوريد وشراء المكونات لعام 2023 إلى 128.5 مليون دولار.

• مصادر المكونات الرئيسية من موردي أشباه الموصلات المتخصصين
• وتمثل تكاليف المشتريات 43.2% من إجمالي النفقات التشغيلية

البنية التحتية للتسويق والمبيعات

بلغت مصاريف التسويق والمبيعات لعام 2023 22.1 مليون دولار، وهو ما يمثل 7.4% من إجمالي الإيرادات.

فئة نفقات التسويق	المبلغ
المشاركة في المعرض التجاري	4.3 مليون دولار
التسويق الرقمي	6.8 مليون دولار
تعويضات فريق المبيعات	11.0 مليون دولار

ACM Research, Inc. (ACMR) - نموذج الأعمال: تدفقات الإيرادات

مبيعات المعدات لمصنعي أشباه الموصلات

في السنة المالية 2023، أعلنت ACM Research عن إيرادات إجمالية قدرها 543.3 مليون دولار. تمثل مبيعات المعدات مصدر الإيرادات الرئيسي.

فئة المنتج	الإيرادات 2023	النسبة المئوية لإجمالي الإيرادات
أنظمة تنظيف الرقاقة الفردية	378.2 مليون دولار	69.6%
أنظمة تنظيف الرقائق دفعة واحدة	165.1 مليون دولار	30.4%

عقود الخدمة والصيانة

بلغت إيرادات الخدمة والصيانة لعام 2023 47.6 مليون دولار، وهو ما يمثل 8.8% من إجمالي الإيرادات.

• متوسط قيمة عقد الخدمة السنوي: 250.000 دولار أمريكي لكل نظام
• نسبة تجديد عقد الصيانة : 92%

ترخيص التقنيات الخاصة

حقق ترخيص التكنولوجيا 12.4 مليون دولار في عام 2023.

خدمات التخصيص والتكامل

ساهمت خدمات التخصيص بمبلغ 18.5 مليون دولار في إجمالي الإيرادات في عام 2023.

الدعم الفني المستمر والترقيات

وشكل الدعم الفني وتحديث النظام 22.7 مليون دولار في عام 2023.

تدفق الإيرادات	إيرادات 2023	معدل النمو
مبيعات المعدات	543.3 مليون دولار	38.2%
عقود الخدمة	47.6 مليون دولار	15.7%
ترخيص التكنولوجيا	12.4 مليون دولار	9.3%
خدمات التخصيص	18.5 مليون دولار	12.6%
الدعم الفني	22.7 مليون دولار	11.4%

ACM Research, Inc. (ACMR) - Canvas Business Model: Value Propositions

The core value proposition for ACM Research, Inc. is straightforward: enabling high-yield semiconductor manufacturing at a lower total cost of ownership (TCO) than global competitors, particularly in the critical wafer cleaning and advanced packaging segments. Your customers aren't just buying equipment; they are buying superior process technology that directly impacts their chip yield and, ultimately, their bottom line.

High-yield, cost-effective Ultra C single-wafer cleaning

Cleaning tools, anchored by the Ultra C platform, remain the backbone of ACM Research's offering, representing approximately 72% of the company's revenue mix in the second quarter of 2025. The value here is in the proprietary technology that delivers superior performance at a competitive cost. For instance, the upgraded Ultra C wb (wet bench) cleaning tool, which uses a patent-pending nitrogen ($\text{N}_2$) bubbling technique, improves wet etching uniformity by more than 50% compared to conventional batch processes. That's a massive jump in precision for advanced-node manufacturing.

Here's the quick math: better uniformity means fewer defects, which translates directly to higher chip yield for the customer. Plus, the batch processing nature of the Ultra C wb is defintely more cost-effective and uses less chemical consumption than single-wafer wet cleaning alternatives.

Timely local service and support in key Asian markets

For semiconductor fabrication plants (fabs) in Asia, uptime is everything, and a local presence is a significant competitive advantage over distant suppliers. ACM Research capitalizes on this by being the leading domestic supplier of wafer cleaning tools in China. The company generated $775.75 million in revenue from China in the prior fiscal year, underscoring this geographical concentration. This is a clear value proposition built on proximity and speed.

The company supports this with a vast infrastructure, including the Shanghai Asia-Pacific Manufacturing Center and the new, massive Lingang R&D and Production Center, which spans over 1.4 million square feet. This regional focus ensures faster response times, easier access to spare parts, and cultural alignment with its largest customer base.

Customization of equipment for specific customer process needs

The semiconductor industry demands highly specialized tools for different process nodes (the size of the smallest feature on a chip) and materials. ACM Research delivers this value through product flexibility and rapid customer qualification. The company's single-wafer high-temperature SPM tool, for example, was qualified by a key logic device manufacturer in mainland China for wet etching and wafer cleaning on technology nodes at 28nm and below.

This ability to tailor solutions is a key differentiator, moving beyond standard cleaning to semi-critical processes:

• Delivered a backside/bevel etch tool to a U.S. customer in Q1 2025.
• SPM tools have been delivered to 13 customers as of Q1 2025.
• Investing in the Oregon facility to serve as a base for customer evaluations and initial production for global customers.

You need a partner who can adjust to your specific fab recipes.

Advanced plating and polishing tools for next-gen chip architecture

The company's value proposition is expanding rapidly beyond cleaning into high-growth areas like advanced packaging, driven by the demand for artificial intelligence (AI) and data center investments. This is where the new tools come in. In the third quarter of 2025, ACM Research launched its Ultra ECDP (Electrochemical Deplating) tool for compound semiconductor manufacturing.

More recently, in November 2025, the company delivered its first horizontal panel electrochemical plating tool, the Ultra ECP ap-p, for fan-out panel-level packaging. This tool is a first-to-market commercial copper deposition system for the large-panel market, supporting plating of copper (Cu), nickel (Ni), tin-silver (SnAg), and gold (Au). This is a significant move into next-generation packaging.

Advanced Tool Milestone (2025)	Product/Technology	Value Proposition
Q2 2025 Shipment Milestone	ECP Chamber	Delivered the 1,500th electroplating chamber, showing market adoption.
Q3 2025 Launch	Ultra ECDP Tool	New entry into electrochemical deplating for compound semiconductors.
Q4 2025 Delivery	Ultra ECP ap-p Tool	First commercial horizontal panel-level copper deposition system for advanced packaging.

Reduced chemical and water usage for lower operational costs

A key value for any semiconductor manufacturer is lowering operational expenses (OpEx), and that means minimizing the use of expensive chemicals and water. ACM Research addresses this directly through proprietary design features in their cleaning tools. The Ultra C wb batch process is inherently designed for lower chemical consumption compared to single-wafer processes.

Furthermore, the proprietary nozzle on the single-wafer high-temperature SPM tool reduces acid mist and maintenance needs, which enhances system uptime and lowers the overall cost of running the tool. This focus on efficiency helps customers manage their gross margin, which is a constant pressure point in the industry.

ACM Research, Inc. (ACMR) - Canvas Business Model: Customer Relationships

You're looking at ACM Research, Inc.'s customer relationships, and the core takeaway is this: their model is not transactional; it's a high-touch, long-term partnership built on co-development and localized, defintely rapid service. This strategy is essential in the semiconductor equipment world, where tool performance directly impacts a customer's multi-billion-dollar fabrication plant (fab) yield.

The relationship is anchored by a global network of direct sales and engineering teams, which is crucial for selling complex equipment. For the 2025 fiscal year, the revenue stream related to this ongoing relationship-specifically Advanced Packaging (excluding ECP), Services, and Spares-is a high-growth segment, surging 230.6% year-over-year in Q3 2025 alone. This growth shows customers are committing to the installed base for the long haul.

Dedicated, long-term technical support and service contracts

The revenue from services and spares is a critical, sticky component of the business model, providing a predictable revenue stream after the initial equipment sale. While the bulk of revenue comes from new tool sales, the maintenance and support segment is expanding rapidly, reflecting a growing installed base and customer reliance on ACM Research's proprietary technology.

For the third quarter of 2025, the revenue from the segment including Advanced Packaging (excluding ECP), Services, and Spares reached $27.74 million. This represented approximately 10.3% of the total Q3 2025 revenue of $269.16 million. This is a significant jump from the first quarter of 2025, which saw this segment contribute about $15.15 million.

Revenue Segment	Q3 2025 Revenue (USD)	Approx. % of Q3 2025 Total Revenue
Single Wafer Cleaning, Tahoe, and Semi-Critical Cleaning Equipment	$181.57 million	67.4%
ECP (Front-End and Packaging), Furnace, and Other Technologies	$59.85 million	22.2%
Advanced Packaging (Excluding ECP), Services, and Spares	$27.74 million	10.3%
Total Q3 2025 Revenue	$269.16 million	100%

Direct sales and engineering engagement with fab managers

ACM Research employs a direct sales force augmented by field application engineers (FAEs) in key regions like Asia, Europe, and North America. This is a necessity because a semiconductor tool sale is a multi-million-dollar decision, not a simple procurement. The FAEs are co-located with the sales teams to provide immediate technical pre- and post-sale support, often during the critical fab planning and production line qualification phases.

The new Hillsboro, Oregon facility, for example, is a dedicated sales and service hub strategically located near major North American customers in the 'Silicon Forest'. This 11,000 square foot facility includes a cleanroom demonstration lab, allowing fab managers and engineers to evaluate and test new tools hands-on before committing to a purchase. This is a clear move to embed the company's technical staff directly into the customer's ecosystem.

Co-development of new process technologies with key clients

The company's growth strategy centers on delivering 'tailored solutions that cater to the unique requirements of innovation-driven businesses'. This means they don't just sell off-the-shelf equipment; they partner with leading customers to develop new process technologies. This is the ultimate form of customer lock-in, but it's a win-win.

You see this in their new product rollouts:

• Delivery of the first Ultra Lith Baker system to a leading global display panel manufacturer in November 2025.
• Qualification of the high-temperature SPM tool by a key logic device manufacturer in China in Q1 2025.
• Anticipated delivery of a Track platform beta tool to a key customer in late 2025.

The customer gets a tool perfectly optimized for their next-generation chip; ACM Research gets a critical first-mover advantage and a proven track record for the next sale.

High-touch, consultative selling approach for complex equipment

The sales motion is consultative, positioning ACM Research as a technical advisor rather than just a vendor. For highly complex equipment like their proprietary Space Alternated Phase Shift (SAPS™) cleaning systems or the new Ultra Lith Baker system, the selling process is about solving a customer's specific yield and process challenges. The Ultra Lith Baker, for instance, was engineered to address industry-wide issues like critical dimension (CD) variation with a precision of ±5% UV intensity uniformity. Selling this requires deep process knowledge and a willingness to customize the solution. This is a relationship built on technical competence.

Trust built on equipment performance and local responsiveness

Trust in the semiconductor industry is earned through equipment uptime, process yield, and local support. The company's global footprint, with subsidiaries in Shanghai, China, and Inchon, South Korea, plus the new Oregon facility, is designed for local responsiveness. They have a proven track record of collaborating with industry leader customers to meet processing requirements on advanced technology nodes for up to 12-inch wafer size. The company is committed to providing innovative technology, world-class products, and strong service and support around the globe. This local presence, coupled with proprietary technologies like Stress-Free Polishing (SFP), is what converts a new customer into a long-term partner.

ACM Research, Inc. (ACMR) - Canvas Business Model: Channels

You're looking for the how-how does ACM Research, Inc. actually get its complex wafer processing equipment into the hands of global chipmakers? The answer is a highly specialized, direct-touch model, which is the only way to sell multi-million dollar capital equipment. It's a channel strategy built on technical expertise, deep localization, and a massive physical footprint in the world's most critical semiconductor hubs.

This direct approach is essential for a company that expects its full fiscal year 2025 revenue to land between $875 million and $925 million, a range narrowed in November 2025. You can't hit those numbers selling cleaning tools and electroplating chambers through a distributor; you need boots on the ground right next to the customer's fabrication plant (fab).

Direct sales force targeting major semiconductor manufacturers

ACM Research relies on a direct sales force to engage with tier-one semiconductor manufacturers. This isn't a transactional sales team; it's an engineering-led group that focuses on long qualification cycles and deep technical integration. The sales process is inherently direct because the product-like the proprietary Ultra C wb Wet Bench Cleaning Tool-must be qualified by the customer, a process that can take months or even a year.

The entire sales pipeline is focused on securing customer acceptance for first-tool systems, which then unlocks future revenue. For example, in 2025, they secured qualification for their high-temperature SPM tool from a leading logic customer in China and customer acceptance for a backside/bevel etch tool from a U.S. customer. This direct engagement ensures the company retains full control over the customer relationship and technical support, which is defintely a high-value proposition.

Field service engineers for installation and maintenance

The sale of a wafer processing tool is just the beginning; the long-term relationship is managed by field service engineers (FSEs). These FSEs are the critical channel for post-sale value delivery, handling installation, commissioning, and ongoing maintenance. ACM Research has established 'advanced service coverage' at strategic locations globally to provide world-class support.

This service channel is a major focus for global expansion. The company is actively expanding its sales and services teams in key regions like the United States, Korea, Europe, and South East Asia to support its long-term goal of generating half of its revenue from outside of China. The FSEs are the human face of the company's commitment to tool uptime and yield improvement.

Localized sales and support offices in key regions (e.g., China, Korea)

To support the direct sales and service model, ACM Research has built a significant physical presence in the world's main semiconductor manufacturing clusters. This localization is a non-negotiable part of the channel strategy, allowing for faster response times and better cultural alignment with major customers.

Here's a quick look at their operational footprint as of late 2025:

Region	Key Locations & Function	Notes on 2025 Expansion
China (Mainland)	Shanghai (R&D, Engineering, Manufacturing, Principal Subsidiary), Wuxi, Beijing (Service)	The new 1-million-square-foot development and production facility in Shanghai, which opened in early 2025, more than tripled manufacturing capacity and expanded demo space by 5x.
United States	Fremont, California (Headquarters), Hillsboro, Oregon	Hillsboro (11,000-square-foot facility) serves as a core sales and service hub for North American customers, including a dedicated cleanroom and demonstration lab.
Korea	Seongnam-si, Gyeonggi-do; Icheon-si, Gyeonggi-do (Sales/Support Offices)	A new, larger manufacturing facility is planned to open in the second half of 2025, located near major semiconductor makers to support regional customer qualification.
Taiwan	Advanced service coverage.	Part of the broader Asia-Pacific service expansion.

Technology demonstration centers for customer trials

For high-capital equipment, the channel isn't just a physical office; it's a cleanroom where the customer can test the product. These technology demonstration centers are crucial pre-sales channels that de-risk the customer's investment and prove the value proposition.

The company is heavily investing in these demo labs to accelerate customer evaluations for new platforms like Track and PECVD. Key centers include:

• The new 1-million-square-foot facility in Shanghai, which significantly expanded demo space.
• The Hillsboro, Oregon facility, which includes a dedicated cleanroom and demo lab for hands-on customer evaluation of new tools.
• The Oregon facility also serves as a base for technology development and initial production for global customers.

This is where the rubber meets the road; customers get a real-world look at the performance of the tools, like the proprietary Space Alternated Phase Shift (SAPS™) cleaning technology.

Investor relations and public filings for financial communication

While not a traditional sales channel, Investor Relations (IR) is a vital communication channel for a publicly traded company on the NASDAQ (ACMR) with a major subsidiary, ACM Research (Shanghai), Inc., listed on the Shanghai Stock Exchange (STAR Market). This channel manages the flow of financial information to investors, analysts, and the broader market.

Key communications channels include:

• Quarterly Earnings Releases: Q3 2025 revenue of $269.2 million was communicated via press release and conference call on November 5, 2025.
• Public Filings: Required SEC filings (10-Q, 10-K) and specific preliminary revenue announcements to coincide with the reporting obligations of the Shanghai subsidiary.
• Dedicated Investor Website: A centralized hub for financial data, webcasts, and corporate governance documents.

The IR channel is critical for maintaining investor confidence, especially following the September 2025 capital raise by ACM Shanghai, which brought in net proceeds of approximately $623 million. That's a lot of money to communicate about.

ACM Research, Inc. (ACMR) - Canvas Business Model: Customer Segments

ACM Research's customer base is highly concentrated in the Asia-Pacific region, specifically Mainland China, which is the primary engine of its revenue growth. You need to understand that their strategy is a calculated bet on the domestic Chinese semiconductor fabrication (fab) expansion, but they are defintely pushing for global diversification with new product platforms.

The company's full-year 2025 revenue guidance is a tight range of $875 million to $925 million, with the bulk of sales going to a few major players in China. This customer concentration means strong relationships are vital, but it also presents a single-point risk if geopolitical or domestic spending shifts occur. It's a high-growth, high-stakes game.

Tier-1 Chinese semiconductor foundries (largest revenue source)

This segment represents the core of ACM Research's business and its most significant revenue stream. These are the large-scale, state-backed foundries and memory manufacturers driving China's push for self-sufficiency in chip production. The company's long-term strategic target for the Mainland China market is ambitious, aiming to exceed $2.5 billion in revenue.

The reliance on a few key customers is clear from the latest available data. Here's the quick math on 2024's revenue concentration, which sets the stage for 2025's performance:

Key Chinese Foundry Customer	Approximate % of 2024 Revenue
Huali Microelectronics (HLMC)	15%
Semiconductor Manufacturing International Corporation (SMIC)	14%
Yangtze Memory Technologies Co., Ltd. (YMTC)	12%

What this estimate hides is the intense competition for tool placement and the long qualification cycles required by these customers, but once a tool is accepted, the recurring revenue from spares and services is sticky.

Global memory (DRAM, NAND) and logic chip manufacturers

While China dominates the revenue, ACM Research is actively pursuing major global chipmakers to diversify its sales. This is a critical strategic move for long-term stability. The company is positioning its core cleaning tools, like the Ultra C wb Wet Bench, for advanced applications in leading-edge manufacturing.

Key areas of focus for global market penetration include:

• Qualifying new tools for 3D NAND and 3D DRAM devices.
• Targeting 3D logic device manufacturers with proprietary cleaning technology.
• Investing in the Oregon facility to serve as a base for customer evaluations and initial production for global customers, signaling a serious commitment to the U.S. and other international markets.

Advanced packaging and assembly service providers

This is a high-growth segment, driven by the increasing complexity of chip integration for applications like Artificial Intelligence (AI) and high-performance computing. ACM Research's expansion into electro-chemical plating (ECP) and panel-level packaging tools directly serves this customer segment.

The growth here is significant: in Q3 2025, revenue from the Advanced Packaging (excluding ECP), Services & Spares segment was $27.7 million, representing 10% of total revenue. This compares to the larger, but slower-growing, Single Wafer and Semi-Critical Cleaning Equipment which accounted for $181.6 million (67%) of Q3 2025 revenue. The Ultra ECP ap-p tool, which uses a proprietary horizontal plating technology for large panel applications, is a key product for these customers.

Emerging domestic semiconductor manufacturers in Asia

Beyond the Tier-1 giants, ACM Research is capitalizing on the broader wave of domestic fab construction across Asia, particularly in China. These smaller, often newer, manufacturers are looking for proven, cost-effective alternatives to incumbent Western and Japanese equipment suppliers. The company has seen increased engagement with new customer platforms in the China market, supporting its strengthened long-term revenue goals.

A new customer segment was officially entered in November 2025 with the delivery of the first Ultra Lith Baker system to a leading global display panel manufacturer. This move expands the addressable market beyond traditional semiconductor wafers to the high-volume display panel industry.

Research and development labs requiring specialized cleaning tools

This segment includes the R&D arms of major chipmakers and dedicated research institutions. They are crucial for the initial qualification and adoption of ACM Research's newest, most advanced tools. The company uses these engagements to validate its proprietary technologies, like the Space-Divided Multi-Chamber (SDMC) cleaning and the high-temperature Supercritical Water (SCW) tools.

A recent win was the qualification of their high-temperature SPM (Sulfuric Peroxide Mixture) tool by a key logic device manufacturer in Mainland China, demonstrating success in moving from R&D validation to potential high-volume manufacturing orders. For you as an investor, tracking these initial qualifications is a leading indicator for future revenue. The company is spending heavily on this, with R&D planned to be in the 14% to 16% range of sales for 2025.

ACM Research, Inc. (ACMR) - Canvas Business Model: Cost Structure

The cost structure for ACM Research, Inc. is fundamentally driven by its position as a high-tech, capital-intensive semiconductor equipment manufacturer. You should view their costs as a mix of heavy, fixed investment in innovation and variable costs tied to complex, global production. The key takeaway is that their commitment to R&D is non-negotiable, and managing their Cost of Goods Sold (COGS) in a volatile supply chain is the near-term risk to profitability.

Heavy R&D investment, projected around $100 million in 2025

Innovation is the lifeblood of a wafer processing company, so you see a substantial, continuous investment in Research and Development (R&D). This is a fixed cost that drives future value. For the first nine months of 2025, ACM Research's actual R&D spending was already at $100.971 million. [cite: 4 in previous step]

Management is defintely committed to keeping this spending high, which is the right strategic move to compete with industry giants. They are targeting R&D to remain in the 14% to 16% range of sales going forward. This investment is fueling the development of next-generation tools, like the new KrF Track system and the Ultra ECP ap-p tool for panel-level packaging, which are critical for future revenue streams. [cite: 5, 1 in previous step]

High cost of goods sold (COGS) due to complex components

Their Cost of Goods Sold (COGS) is inherently high because they are building highly complex, precision machinery. This cost includes raw materials, labor, and manufacturing overhead. The complexity of the supply chain introduces significant risk, which we saw play out in the third quarter of 2025.

For Q3 2025, the Cost of Revenue was $156.011 million, [cite: 4 in previous step] resulting in a gross margin of 42.1%. That margin was at the low end of their target range (42% to 48%) because of two main pressures:

• Product Mix Shift: A change in the mix of products sold caused a drop of about 200 basis points in margin.
• Inventory Provisions: Inventory write-downs accounted for roughly 300 basis points of the margin decline. This is a direct cost of managing aging raw materials and finished goods due to shipment delays and part shortages, a real-world supply chain challenge. [cite: 1 in previous step]

Significant costs for field service and application engineering

In the semiconductor equipment world, your service support is a major competitive factor. Customers need high tool uptime and reliability, so ACM Research must invest heavily in field service and application engineering personnel. This cost is critical for customer acceptance of new tools and for recurring service and spare parts revenue.

The company is actively investing in infrastructure to support this, such as its Oregon facility, which is being developed to serve as a base for customer evaluations, technology development, and initial production for global customers. That's a capital expenditure that directly supports the application engineering function-you have to show customers the technology works in their environment before they buy. That investment is a cost of sales and a driver of future revenue, not just a line item.

Manufacturing overhead and facility maintenance expenses

The company is in a major expansion phase, meaning manufacturing overhead and facility costs are set to climb. These are largely fixed costs that increase with new capacity. The capital expenditure (CapEx) for Q3 2025 alone was $43.2 million, [cite: 1 in previous step] which is money spent on property, plant, and equipment that will turn into depreciation and facility maintenance expenses over time.

Here's the quick math on their expansion: ACM Shanghai, the primary subsidiary, recently completed a private offering that raised net proceeds of approximately $623 million. [cite: 11, 1 in previous step] A significant portion of these funds is earmarked for capital expenditures, including investment in the Lingang mini-line and expanding global production capacity. [cite: 1 in previous step] You're building the factories of the future now, so your overhead is going up.

Sales, General, and Administrative (SG&A) for global operations

SG&A covers the non-production costs needed to run a global business, including sales commissions, executive salaries, and corporate functions. ACM Research keeps a tight, but growing, lid on these costs relative to their sales growth.

Their long-term financial model targets Sales and Marketing in the 8% range and General and Administrative (G&A) in the 6% range. In Q3 2025, the actual operating expenses were $76.9 million, [cite: 1 in previous step] with Sales and Marketing at 7.7% of sales and G&A at 6.9% of sales. [cite: 1 in previous step] The G&A figure includes non-cash items, like the $7.6 million in stock-based compensation expense recorded in Q3 2025.

Cost Metric	Actual Q3 2025 Figure	2025 Full-Year Projection (Midpoint Revenue $900M)	Key Driver / Commentary
Revenue Guidance	$269.2 million	$875 million to $925 million	Narrowed range implies confidence, but the cost base must support this growth.
Cost of Revenue (COGS)	$156.011 million [cite: 4 in previous step]	Approx. $521.1 million (Based on 42.1% GM)	High due to complex, custom components; affected by inventory provisions.
Gross Margin (GM)	42.1%	Target Range: 42% to 48%	Margin pressure from product mix and 300 basis points from inventory write-downs.
R&D Expense	$39.651 million [cite: 4 in previous step] (14% of sales)	$100.971 million (9-Month Actual) [cite: 4 in previous step]	Strategic investment in next-gen tools (e.g., Track, PECVD); target is 14%-16% of sales.
SG&A Expense (Sales & Mktg + G&A)	$39.38 million (7.7% S&M + 6.9% G&A of $269.2M) [cite: 1 in previous step]	Approx. $131.4 million (14.6% of $900M)	Includes a non-cash component: $7.6 million in stock-based compensation in Q3.
Capital Expenditures (CapEx)	$43.2 million [cite: 1 in previous step]	N/A (Quarterly figure shows heavy investment)	Direct investment in production capacity expansion, like the Lingang mini-line. [cite: 1 in previous step]

Finance: draft a 13-week cash view by Friday that explicitly models the impact of the $43.2 million Q3 CapEx and the estimated 300 basis point inventory provision on working capital.

ACM Research, Inc. (ACMR) - Canvas Business Model: Revenue Streams

You need to know exactly where the money is coming from to project future growth, and for ACM Research, Inc., that story is still overwhelmingly about selling high-tech cleaning equipment, but the mix is defintely shifting. The core revenue driver is the sale of their wet-processing tools, but the high-growth areas are now in advanced packaging and the essential, recurring revenue from services and spare parts is finally becoming a more meaningful slice of the pie.

For the full fiscal year 2025, ACM Research narrowed its revenue guidance to a range of $875 million to $925 million, implying a solid 15% growth at the midpoint. That growth is fueled by a multi-product portfolio, but the breakdown tells you where the current operational strength lies and where the future opportunities are being seeded. Here's the quick math on the most recent quarter, Q3 2025, which totaled $269.2 million in revenue.

Sales of Ultra C and other wet-processing equipment (main driver)

The single-wafer and semi-critical cleaning equipment-the core of the business, including the flagship Ultra C tools-remains the dominant revenue stream. This is where ACM Research built its reputation. In the third quarter of 2025, the Cleaning segment generated $181.6 million in revenue.

This segment still accounts for the lion's share, making up 67% of the total Q3 2025 revenue. To be fair, this percentage is actually down from 79% in the same quarter last year, which shows the company's strategic push to diversify is working, but it's still the engine. The Ultra C wb (wet bench) cleaning tool, for instance, continues to be a key product, with recent upgrades like the patent-pending N₂ bubbling technology helping to keep it competitive in advanced-node applications.

Recurring service revenue from maintenance contracts

This is the revenue stream every seasoned analyst watches closely because it's high-margin and predictable. It's not just about selling a machine once; it's about the long-term relationship. ACM Research groups its services and spare parts revenue with its smaller Advanced Packaging products (excluding Electro-Chemical Plating, or ECP) into one segment. In Q3 2025, the 'Advanced Packaging & Other' segment, which includes services and spares, generated $27.7 million.

While this is only 10% of total revenue, it's a high-growth area, jumping 230.6% year-over-year in Q3 2025. This massive increase suggests that as the installed base of their equipment grows, the demand for maintenance contracts, technical support, and the inevitable flow of spare parts is accelerating dramatically. That's a powerful, sticky revenue model that will smooth out the cyclical swings of equipment sales.

Sales of spare parts and consumables

As noted, revenue from spare parts and consumables is embedded within the 'Advanced Packaging & Other' segment, contributing to the $27.7 million figure in Q3 2025. The nature of semiconductor manufacturing means these parts-things like filters, specialized nozzles, and chemical delivery components-are consumables that must be replaced regularly. This creates a highly reliable revenue annuity, a great source of cash flow that is less sensitive to new fab construction cycles.

Revenue from advanced packaging and plating tools

Advanced packaging is a critical growth vector, driven by the demand for higher-performance chips for AI and data centers. ACM Research's revenue from Electro-Chemical Plating (ECP) tools is a key component here, and it's bundled with their furnace and other technologies. This 'ECP, Furnace & Other' segment brought in $59.9 million in Q3 2025, accounting for 22% of total revenue.

This segment saw a significant 73.0% year-over-year growth in Q3 2025, showcasing strong customer adoption beyond the core cleaning business. The company is making great progress with its proprietary horizontal plating technology, particularly the Ultra ECP ap-p tool for panel-level packaging, which is a big deal for next-generation AI chips. They plan to ship the first of these panel plating tools in the fourth quarter of 2025.

Potential revenue from new product lines like furnace equipment

The company is intentionally expanding its serviceable available market (SAM), which they estimate is around $20 billion for 2025. New product lines are what will drive the next wave of growth. Furnace tools, for example, are now contributing incremental revenue in 2025 and are part of that fast-growing $59.9 million 'ECP, Furnace & Other' segment.

Other major new product lines that are in customer evaluations and are expected to start contributing revenue in the near term include:

• Track systems for essential lithography-related applications.
• PECVD (Plasma Enhanced Chemical Vapor Deposition) platforms.
• Panel-level packaging platforms, which are crucial for large-area AI chips.

These new tools are essential for building a multi-product portfolio that will provide a solid foundation for future growth.

Here is a snapshot of the revenue mix from the most recent quarter:

Revenue Stream Segment	Q3 2025 Revenue Amount	Q3 2025 Revenue Mix	Year-over-Year Growth (Q3 2025)
Cleaning (Ultra C, Tahoe, etc.)	$181.6 million	67%	Up 12.8%
ECP, Furnace & Other (Plating, Thermal)	$59.9 million	22%	Up 73.0%
Advanced Packaging & Other (Services, Spares, excl. ECP)	$27.7 million	10%	Up 230.6%
Total Q3 2025 Revenue	$269.2 million	100%	Up 32.0%

Finance: draft a 13-week cash view by Friday, factoring in the 230% growth rate in the services/spares segment to better model working capital needs.