ACM Research (Shanghai) (688082) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached RMB 1.88 billion, up 19.61% year-over-year; year-to-date revenue was RMB 5.15 billion, up 29.42% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 570.29 million, up 81.04% year-over-year; year-to-date net profit was RMB 1.27 billion, up 66.99% year-over-year.

• Significant growth in both revenue and profit driven by core business expansion and increased gross margin.

Financial highlights

• Gross margin and operating profit improved significantly compared to the same period last year.

• Basic EPS for Q3 was RMB 1.29, up 79.17% year-over-year; year-to-date basic EPS was RMB 2.87, up 64.94%.

• Diluted EPS for Q3 was RMB 1.27, up 78.87% year-over-year; year-to-date diluted EPS was RMB 2.84, up 66.08%.

• R&D investment for Q3 was RMB 324 million, up 46.16% year-over-year; year-to-date R&D investment was RMB 868 million, up 41.89%.

• Net cash flow from operating activities for the first nine months was negative RMB 58.97 million, a decrease of 110.39% year-over-year, mainly due to increased procurement, higher payroll, and slower receivables collection.

Outlook and guidance

• Business scale expansion and product innovation are expected to continue driving growth.