Updated
The most significant concentration ACM Research discloses is single wafer cleaning, Tahoe and semi-critical cleaning equipment at 69.5%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: ACM Research’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'Revenue from single wafer cleaning, Tahoe and semi-critical cleaning equipment totaled $626.0 million, or 69.5% of total revenue in 2025'”
“10-K Item 1: 'substantially all of our sales of equipment for semiconductor-manufacturing have been to customers located in mainland China'”
“10-K Item 1: 'some of which are single-source suppliers'”
ACM Research carries a tightly correlated set of three large disclosures — product, geography, and supply — that together describe a business whose revenue is concentrated in a single product category sold almost entirely into one country through a supply chain that includes single-source vendors. On the product side, revenue from single wafer cleaning, Tahoe, and semi-critical cleaning equipment totaled $626.0 million, or 69.5% of total revenue in 2025. This is a large share and structural in character: these equipment categories represent the company's core technological differentiation, so the concentration is intentional rather than a market-share residual. The geographic exposure is the sharpest disclosed dimension: substantially all of sales of equipment for semiconductor manufacturing have been to customers located in mainland China, a large share with a structural character rooted in where the company built its customer relationships and where current demand for its technology is strongest. This creates a binary policy risk — any tightening of semiconductor equipment export controls or deterioration in China's domestic investment environment could simultaneously affect the vast majority of the company's revenue with no offsetting base in other regions to absorb the impact. Supply-side vulnerability is the third layer: the company sources from single-source suppliers in some cases, a large disclosed dependency that adds idiosyncratic production risk should any of those suppliers face disruption. Because all three disclosures point in the same direction — a focused product set, sold into one geography, sourced through a concentrated supply chain — there is no natural diversification within the profile. China trade policy and semiconductor equipment export regulation are the single most important external variables to track.
For the engine’s reasoning on ACMR’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ACLS | Axcelis Technologies, Inc. | 3 | 1 | 0 | 4 |
| ACMR● | ACM Research, Inc. | 3 | 0 | 0 | 3 |
| AMBA | Ambarella, Inc. | 3 | 0 | 0 | 3 |
| AMAT | Applied Materials, Inc. | 2 | 0 | 2 | 4 |
| AMKR | Amkor Technology, Inc. | 1 | 2 | 0 | 3 |
| AXTI | AXT Inc | 1 | 0 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.