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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading symbol
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Name of each exchange on which registered
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Item 8.01 |
Other Events.
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Item 9.01 |
Financial Statements and Exhibits.
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Exhibit
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Description
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Record of January 2024 Investor Relations Activity filed by ACM Research (Shanghai), Inc. with the Shanghai Stock Exchange on January 26, 2024
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104
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Cover Page Interactive Data File (embedded within the XBRL document)
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ACM RESEARCH, INC.
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By:
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/s/ Mark McKechnie
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Mark McKechnie
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Chief Financial Officer and Treasurer
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Dated: February 2, 2024
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Stock Code: 688082
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Short Name: ACMSH
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Categories of investor relations activities
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☐Specific object survey
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√Analyst meeting
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☐Media interview
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☐Performance briefing
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☐Press conference
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☐Roadshow
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☐Site visit
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☐Others
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Date
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January 26, 2024
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Venue
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Conference call
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Participants of the listed company
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Chairman: HUI WANG
General Manager: JIAN WANG
Person in Charge of Financial Matters: LISA YI LU FENG
Board Secretary: MINGZHU LUO
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Summary of investor relations activities
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I. Company Introduction: Leaders of ACM
Research (Shanghai), Inc. (the “Company”) gave a brief introduction to the Company’s current business development and operating performance and answered questions of concern from investors.
II. Q&A
1. Is the Company’s “R&D and Process Test Platform Program” primarily targeted at Track?
A: The Company’s current product range includes cleaning equipment, copper plating equipment, furnace equipment, PECVD, and Track, among
others. Our aim is to conduct combined and coherent testing across multiple products. The process begins with the silicon wafer being cleaned, then coated using the furnace tube and PECVD. This is followed by integration with the lithography
equipment through Track, which includes coating, exposure, and development steps. Next, the product undergoes dry etching in the experimental line’s etching system, and then stripping photoresist and cleaning. We are also equipped with SP7
particle detectors and other measurement equipment to test and verify each process step. The aim of this program is to synergize our five major products within a single line, mirroring inline testing conditions of a production line. This
approach is designed to accelerate the development and validation of various types of equipment, thereby shortening the time needed for testing and verification by the customer.
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2. What factors does the Company consider when selecting a lithography model?
A: In purchasing lithography equipment, our priority is not necessarily to choose the most advanced model. The KrF-line is our primary target,
but the final model to be selected, whether domestic or international, has not yet been determined. The primary reasons for selecting the KrF-line include: 1) We believe the KrF-line Track equipment represents the largest market opportunity
because it encompasses the most process steps, including both advanced and mature processes; 2) A certain foreign company is expected to launch next generation 400WPH KrF-line lithography equipment by the end of 2024, which requires Track
systems that can support a high throughput rate of 450WPH; 3) The 300WPH KrF-line model of our Track equipment was our initial Track product, and this year we also plan to develop immersion-type ArF Track equipment. Therefore, our strategy is
to start with KrF-line and 300WPH, and then gradually develop 400WPH models. In addition, our Track equipment is targeted not only to solve the issue of localization but also to enter the global market.
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3. Could you please provide a description of the Company’s high-end semiconductor equipment iterative R&D program?
A: Regarding cleaning equipment, as of the end of last year, the Company estimates it has successfully addressed 95% of the cleaning process
steps. Our range of cleaning equipment includes single wafer front-end, single wafer back-end, edge etching, single wafer high-temperature sulfuric acid, Tahoe single wafer-wet bench combined cleaning, megasonic cleaning, advanced IPA drying
technology, supercritical CO2 cleaning and other products, offering extensive process coverage.
Our focus is on enhancing and making our products more practical. Our goal is to not only dominate the Chinese market but also to be widely
adopted in the global market. To achieve this, the Company intends to continue to increase its investment in the R&D of cleaning equipment.
Additionally, in the realm of PECVD, we have our own differentiated design. Unlike the industry's existing designs of “one chamber with four
chucks” and “one chamber with two chucks”, the Company adopts a unique “one chamber with three chucks” design. This allows us to combine the advantages of both designs and to implement various PECVD processes on the same platform. Our
chamber's internal design, for which we have independent intellectual property rights, effectively improves film uniformity and stress control while reducing particle contamination. This year, we expect to add 3 to 5 more strategic core
customers.
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4. Could you share with us the specific progress of the Company’s several important overseas customers?
A: 1) A major U.S. customer has provided positive feedback on our products, and we expect to have a greater chance to receive repeat orders
from it; 2) The equipment for a European customer was delivered last September, and its installation is progressing smoothly. We expect future repeat orders from this customer following the verification of this equipment; 3) The Company is
also focusing on developing major customers in Singapore and its surrounding areas. As Singapore is expected to become a semiconductor hotspot, we are closely following this market; 4) In the Taiwan market, we have been actively expanding,
particularly in electroplating equipment, where several customers are using our products. This area is expected to be a highlight for the Company in the future; 5) In South Korea, SK Hynix has been our customer since 2011. We are currently
cooperating in various areas, not only limited to cleaning equipment, but also actively promoting cooperation in other existing products.
To sum up, we believe the Company has achieved notable progress in its internationalization efforts over recent years. The coming year and the
next are pivotal for us. We aim to take the lead in introducing our cleaning and electroplating equipment to the market. After their successful verification in China, we plan to launch furnace tube equipment, ALD, PECVD, and Track to the
international markets.
5. Could you provide an update on the progress and plans for the Company’s current products in high-end applications?
A: In high-end applications, the Company has already achieved mass production of cleaning and electroplating equipment and has secured
multiple batch orders. As for electroplating equipment, our production line is capable of meeting customer demands. Regarding furnace tube equipment, Track, and PECVD, the furnace tube equipment has shown relatively rapid progress,
primarily due to the successful development of ALD. ALD is currently in the production verification phase with our customers. We expect an increase in customer numbers for this equipment throughout this year.
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6. Regarding PECVD, is the Company's current development direction focused on areas unexplored by competitors or more
towards advanced processing and memory applications? How does the Company plan to capture a significant market share in areas where competitors have already established themselves? What is the strategy for gaining a better market share in
areas where competitors are present but not excelling?
A: While developing PECVD, the Company is also positioning its own products. Currently, there are two main designs for PECVD products both
domestically and internationally. The Company’s differentiated design advantage allows for the realization of processes mastered by two major foreign companies with only minor modifications on the same platform, thus meeting comprehensive
customer process needs. Therefore, a major benefit is that in the future, we expect customers will be able to achieve almost all PECVD processes with just one platform.
Additionally, targeting mid-to-high-end process applications, including both logic and memory, is a goal for the Company. The main challenges
in PECVD lie in film uniformity, film stress and particle characteristics. Our core design focuses heavily on these aspects, which will be our competitive edge and product strength moving forward. The Company has already established a global
IP layout in these areas. After development and verification in China, this equipment is expected to be introduced to the international market. These differentiated features provide the Company confidence to compete with global giants in the
market.
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7. Could you update us on the Company’s current strategy and progress in advanced packaging equipment?
A: The Company has been strategically engaged in advanced packaging equipment for quite some time. Around 2013 and 2014, we started the
development of cleaning, coating and developing equipment. We believe we are the company with the most comprehensive range of advanced packaging wet process equipment in the world. Our products, including cleaning, wet etching, coating,
developing, stripping, electroplating and polishing equipment (such as electropolishing), having been utilized in major production lines by customers.
8. With the Company offering a comprehensive range of equipment in its advanced packaging layout, which type of equipment
is currently making the fastest progress?
A: In advanced packaging, our primary focus is on cooperation with international customers. In the next 5 to 10 years, we believe advanced
packaging will become increasingly important in the chip industry, with its depth, dimensions and technical challenges all escalating. The Company’s future strategy includes significantly increasing our R&D investment in advanced
packaging equipment and expanding our market outreach. A key direction for our international market development will be introducing our copper-plating equipment into global markets such as South Korea, Taiwan, the U.S., and Europe.
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9. What is the forecast for the sales of semiconductor equipment in the Chinese and overseas markets for 2024? What level
of new orders is expected for the Company? What is the leadership’s view on the forecast that the growth rate of orders will slow down after 2025?
A: We believe that China’s semiconductor chip industry is still in a multi-year expansion period driven by huge market demand. And we believe that there will be a market for middle-to-high-end products as long as they can be effectively produced. With the expansion of product lines by enterprises, we see potential for further
development. Thus, if Chinese companies continue to advance technology, we expect that the Chinese market, much like the international market, will continue its growth trajectory in the coming years.
10. Does the Company have any specific targets for orders in 2024?
A: We are optimistic about the outlook for 2024 and believe that the Chinese market will perform better than last year. We are confident in
the Chinese market’s development over the next few years. We expect to launch our furnace tube products in 2024, and to introduce our Track and PECVD products in 2025. These launches are part of our strategy to support growth over the next 5
to 8 years. Our current strategic goal is to achieve a balanced distribution of 50% in domestic sales and 50% in overseas sales long-term. This target is set with the aim of positioning the Company among the top tier of global semiconductor
equipment providers.
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