ACM Research (Shanghai) (688082) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB 1.31 billion, up 41.73% year-over-year, driven by strong semiconductor industry recovery and robust demand in mainland China.

• Net profit attributable to shareholders was RMB 246 million, a 207.21% increase compared to the same quarter last year, mainly due to higher core business income and gross margin.

• Operating cash flow improved to RMB 93.15 million from a negative RMB 155 million in Q1 2024, reflecting increased sales collections and higher advance payments.

Financial highlights

• Basic and diluted EPS were RMB 0.56, up 211.11% year-over-year.

• Gross margin improved as gross profit outpaced cost increases, with operating profit at RMB 286 million, up from RMB 70.6 million.

• R&D investment totaled RMB 252 million, accounting for 19.31% of revenue, though the ratio decreased by 2.85 percentage points year-over-year.

• Total assets at quarter-end were RMB 12.64 billion, up 4.2% from year-end 2024.

• Shareholders’ equity attributable to listed company shareholders rose 5.4% to RMB 8.08 billion.

Outlook and guidance

• Management attributes growth to industry recovery, strong China demand, and the company’s differentiated technology and efficient order fulfillment.

• Product platformization and technical improvements are expected to continue supporting revenue growth and market recognition.