Positive context积极背景
Stocks股票 / Tech / ACMR
ACM Research, Inc. · Tech
ACMR US listed · USD美股 · 美元
ACM Research, Inc. (ACMR) is a publicly traded American semiconductor company that engages in the manufacture and sale of single-wafer wet cleaning equipment used to improve product yield.ACM Research, Inc.（ACMR）是一家公开上市的美国半导体公司，从事制造和销售用于提高产品良率的单片湿法清洗设备。
Tech
S&P 600标普600小盘Russell 2000罗素2000
High-beta momentum高贝塔动量
$77.30
+$1.12 · +1.47%
52w low52周低 $28.39high高 $132
Leader · accounting warning — verify before buying领先 · 财务质量警示 — 买入前先核实
Daily low forming, but the bigger trend is still bearish. Small size only; stop below 63.94.日线低点正在形成，但大趋势仍偏空。只适合小仓位；止损设于 63.94 下方。
As of 2026-09-29截至 2026-09-29
Company intelligence公司情报
The latest call, in context把最新财报放回历史脉络
A synthesized event record across management commentary and recorded metrics. Read as context; verify exact wording in the transcript before relying.综合管理层表述与记录指标形成事件档案。仅供参考；使用前请在电话会原文中核对准确措辞。
Live company record实时公司记录
JavaScript loads the source-bounded event record here. Open Terminal if the live module does not start.JavaScript 会在此加载受来源约束的事件记录。如实时模块未启动，请打开终端。
Continue with full transcript history继续查看完整电话会历史 ↗Pressure context压力背景
History mode历史模式
Context only仅供参考 · not a signal or recommendation不构成信号或建议
Narrative claims may await line-level citation; verify in the transcript.叙述性内容可能仍待逐行引用，请在电话会原文中核对。
Price chart价格图表
daily · interactive日线 · 可交互
Open in Terminal打开终端 ↗
Loading chart…图表加载中…
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Open the live chart in Terminal在终端中打开实时图表 ↗
Candles, volume and moving averages — pan and zoom inside the chart.蜡烛图、成交量与均线 — 图内可缩放拖动。
MMastermind Terminal — live & interactiveMastermind 终端 — 实时互动 ↗
Technicals技术面
daily bars日线数据 · 2026-09-29
Momentum (RSI 14)动量（RSI 14）
54
Neutral zone中性区域
vs 50-day average相对50日均线
-0.1% below下方
Below trend跌破趋势
vs 200-day average相对200日均线
+17.1% above上方
Long trend up长期向上
Volatility波动率
46th percentile第46百分位
These readings feed the stance at the top — one source per number, refreshed nightly.以上读数构成页首的引擎立场 — 每个数字只有一个来源，每晚更新。
Earnings财务业绩
next report下次财报 2026-11-0437
Estimates being raised — 3 analysts预期上调 — 3 位分析师
Mixed — beat 2 of last 4 quarters表现不稳 — 近 4 季中 2 季超预期
EPS surprise vs consensus, last quarters每股收益相对预期的超预期幅度（近几个季度） · average平均 158.4%
Financials财务数据
fiscal years财年Revenue营业收入
$901.3M2025
20202025
5-yr growth5年复合增速 41.9%
Earnings per share每股收益
$1.372025
20202025
5-yr growth5年复合增速 9.0%
Free cash flow自由现金流
-$66.6M2025
20202025
Gross margin毛利率
44.4%
Operating margin营业利润率
12.1%
Net margin净利率
10.4%
FCF margin自由现金流利润率
-1.1%
Balance-sheet quality财务体质 2/8
Return on equity股本回报率 6%
Warning警示
Leverage杠杆
Net debt / EBITDA净债务/EBITDA-4.39
Current ratio流动比率3.27
Debt coming due到期债务
FY2025 10-KIn the 12-month bucket following fiscal period end 2025-12-31, it reported $35.1M due — about 16% of its disclosed principal.在财年期末 2025-12-31 之后12个月的区间内，已披露到期本金为 $35.1M，约占其披露本金的 16%。
All maturity buckets are measured from fiscal period end 2025-12-31, not from today.所有到期区间均从财年期末 2025-12-31 起算，而非从今天起算。
First 12 months after period end报告期末之后首12个月
$35.1M
Year 2第2年
$102.3M
Year 3第3年
$41.3M
Year 4第4年
$7.8M
Year 5第5年
$7.7M
After year 55年以后
$19.9M
Cash reported at 2025-12-31: $757373000.截至 2025-12-31 披露的现金：$757373000。 At the cash-burn pace reported over 2025-01-01 to 2025-12-31, that cash represented about 136.4 months. This scenario excludes debt payments and future financing.按 2025-01-01 至 2025-12-31 期间披露的现金消耗速度，该现金约对应 136.4 个月。此情景不包括债务偿还与未来融资。
Cash reported at 2025-12-31 covers 2159% of issuer-reported principal in the 12-month bucket following that fiscal period end.截至 2025-12-31 披露的现金可覆盖该财年期末之后12个月区间内发行人已披露到期本金的 2159%。
Cash shortfall against that reported principal: $0相对该已披露本金的现金缺口：$0。
Sources and cash-flow calculation来源与现金流计算
Figures are XBRL facts from one filing — no two years are mixed. Filing数据取自同一份文件中的 XBRL 事实，不跨文件拼接。文件
0001628280-26-013231, period ending报告期截至 2025-12-31, unit单位 USD.
Cache acquired缓存获取时间: 2026-09-20T09:35:39.230739+00:00.
6/6 buckets reported.个区间有披露。
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonthsLongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwoLongTermDebtMaturitiesRepaymentsOfPrincipalInYearThreeLongTermDebtMaturitiesRepaymentsOfPrincipalInYearFourLongTermDebtMaturitiesRepaymentsOfPrincipalInYearFiveLongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
Annual period年度区间 2025-01-01 — 2025-12-31 · USD · 10-K · 0001628280-26-013231 · Filed提交日期 2026-03-02.
Cache acquired缓存获取时间: 2026-09-20T09:35:39.230739+00:00 · Evaluated as of评估截至 2026-09-29.
- Reported operating cash flow已披露经营活动现金流: $-10325000
- Reported equipment spending (capex outflow)已披露设备支出（资本开支流出）: $56283000
- Derived free cash flow (operating cash flow minus capex)计算所得自由现金流（经营现金流减资本开支）: $-66608000
Cash is the reported balance at period end. The runway scenario holds this annual cash-flow pace constant and excludes debt payments, restricted-cash adjustments and future financing.现金为期末已披露余额。现金跑道情景假设本年度现金流速度保持不变，不包括债务偿还、受限现金调整与未来融资。
Research context only — reported figures from SEC filings, not a rating, a signal or investment advice.仅供研究参考 — 数据摘自 SEC 文件披露口径，不构成评级、信号或投资建议。
Why is it moving为何波动
6 checks · nightly六项检查 · 每晚
Macro宏观
Rate risk runs through its market / growth beta, not a distinct duration leg.其利率风险通过市场／成长beta体现，并无独立的久期暴露。
Positioning持仓
Insider cluster activity内部人集中交易
Technical技术面
ACMR daily MACD crossed upACMR 日线MACD上穿
Ownership & smart money持仓与聪明钱
13FInsider activity:内部人动向： -$25.4M net (0 buyers, 7 sellers)-$25.4M 净值（0 买家，7 卖家）
Concentrated ownership集中持仓
| Fund基金 | Grade评级 | Latest move最新动作 | % of book组合占比 | As of截至 |
|---|---|---|---|---|
| Soros Fund Management | B | New position新建仓 | 0.1% | 2026-06-30 |
Signal history信号历史
engine events引擎事件
DOWNTREND → UNCONFIRMED TURN下跌趋势 → 未确认转向
HIGH-RISK · NIMBLE ONLY. A daily bottoming setup is forming (swing low in, momentum turned up) — but the higher timeframes haven't confirmed it: the bigger picture is still bearish (weekly momentum negative; investor cycle overdue). This is an UNCONFIRMED TURN, not a confirmed buy. Weekly confirmation lags price, so this exact reading covers BOTH bounces that fail AND the first leg of a genuine new cycle — you can't tell which in real time, so treat it as a risk/size signal, not a direction call. Measured: weekly-unconfirmed bottoming setups held the low ~49% of the time vs ~68% once the weekly turns up高风险 · 仅限灵活操作。正在形成日线筑底形态（摆动低点已现、动量转向上行）——但更高周期尚未确认：大局仍偏空（周线动量为负；投资者周期已逾期）。这是「未确认转向」，并非已确认的买入。周线确认滞后于价格，因此同样的读数既涵盖最终失败的反弹，也涵盖真正新周期的第一段——实时无法判定属于哪一种，故应将其视为风险/仓位信号，而非方向判断。实测：周线未确认的筑底形态约 49% 守住低点，周线转向后升至约 68%
Sep 21, 2026
ACMR daily MACD crossed upACMR 日线MACD上穿
The daily MACD histogram turned positive — fast and noisy, context rather than a standalone trigger. $72.77.日线MACD柱状图转正 — 快速且嘈杂，仅作背景。$72.77。
Sep 18, 2026
ACMR StochRSI turned up from oversoldACMR StochRSI自超卖区上行
StochRSI popped back above 20 — the earliest oscillator heads-up that downside momentum is easing. $68.51.StochRSI重回20上方 — 下行动量趋缓的最早预警。$68.51。
Sep 16, 2026
ACMR reclaimed its 200-day averageACMR 收复200日均线
Price closed back above the 200-day moving average — the classic bull dividing line. $64.82.收盘重回200日均线 — 经典的多头分界线。$64.82。
Sep 15, 2026
NEARING A LOW → DOWNTREND接近低点 → 下跌趋势
AVOID回避
Sep 15, 2026
ACMR lost its 200-day averageACMR 跌破200日均线
Price closed below the 200-day moving average — the classic bear dividing line. $63.94.收盘跌破200日均线 — 经典的空头分界线。$63.94。
Sep 15, 2026
ACMR broke down vs the marketACMR 相对市场走弱
Relative strength vs SPY crossed below the 10th percentile of the last 90 days — weakness often leads price. $63.94.相对标普500的强弱下穿近90日的第10百分位 — 走弱常先于价格。$63.94。
Sep 14, 2026
UNCONFIRMED TURN → NEARING A LOW未确认转向 → 接近低点
GET READY准备
Sep 14, 2026
ACMR daily MACD crossed downACMR 日线MACD下穿
The daily MACD histogram turned negative — fast and noisy, context rather than a standalone trigger. $66.86.日线MACD柱状图转负 — 快速且嘈杂，仅作背景。$66.86。
Sep 9, 2026
ACMR daily MACD crossed upACMR 日线MACD上穿
The daily MACD histogram turned positive — fast and noisy, context rather than a standalone trigger. $73.83.日线MACD柱状图转正 — 快速且嘈杂，仅作背景。$73.83。
Sep 8, 2026
ACMR StochRSI turned up from oversoldACMR StochRSI自超卖区上行
StochRSI popped back above 20 — the earliest oscillator heads-up that downside momentum is easing. $76.91.StochRSI重回20上方 — 下行动量趋缓的最早预警。$76.91。
Showing the last 15 of显示最近15条，共 229 signals条信号
Company profile公司档案
ACM Research, Inc. (ACMR) is a publicly traded American semiconductor company that engages in the manufacture and sale of single-wafer wet cleaning equipment used to improve product yield.ACM Research, Inc.（ACMR）是一家公开上市的美国半导体公司，从事制造和销售用于提高产品良率的单片湿法清洗设备。
Style DNA — how it trades vs the market风格基因 — 相对市场的交易特征
Profitability盈利能力
Below market低于市场
Quality质量
Below market低于市场
Investment资本投入
Below market低于市场
Low volatility低波动
Below market低于市场
Low market beta低市场敏感度
Below market低于市场
Earnings quality盈利质量
Above market高于市场
Short interest空头兴趣
Below market低于市场
Watch items — what could change the story关注项 — 可能改变故事的因素
- Margin compression despite revenue growth
- Receivables stretch
The whole US universe — S&P 1500 and Russell 2000 — read nightly.覆盖标普1500与罗素2000全部成分股 — 每晚更新解读。
Signals, options positioning, smart-money moves and factor DNA — the same engine that wrote this page covers 2,700+ US stocks.信号、期权持仓、聪明钱动向与因子基因 — 撰写本页的引擎覆盖2700多只美股。
Statistics — full detail统计数据 — 完整明细
Relative strength相对强度
vs market, 1 month相对大盘（1个月）
97/100 — stronger than most强于多数
vs market, 3 months相对大盘（3个月）
17/100 — weaker than most弱于多数
vs market, 6 months相对大盘（6个月）
97/100 — stronger than most强于多数
vs market, 12 months相对大盘（12个月）
97/100 — stronger than most强于多数
Rank in sector行业内排名
#31 / 221
0–100 percentile of total return vs all covered stocks.总回报在全部覆盖股票中的百分位（0–100）。
Price history价格历史
| Period周期 | This stock本股 | S&P 500标普500 |
|---|---|---|
| 1 Week近1周 | +12.8% | +1.3% |
| 1 Month近1月 | -2.3% | +0.9% |
| 3 Months近3月 | -26.0% | +6.1% |
| 6 Months近6月 | +92.9% | +22.3% |
| Year to date年初至今 | +72.2% | +13.8% |
| 1 Year近1年 | +103.6% | +18.5% |
| 3 Years近3年 | +361.8% | +87.8% |
Trading information交易信息
Beta vs market贝塔
3.69
Volatility rank波动率分位
46th pctile
Off 52-week high距52周高点
-39.1%
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Financials — full detail财务数据 — 完整明细
Multi-year record多年财务记录
| 20202020 | 20212021 | 20222022 | 20232023 | 20242024 | 20252025 | |
|---|---|---|---|---|---|---|
| Revenue营业收入 | $157M | $260M | $389M | $558M | $782M | $901M |
| EPS每股收益 | $0.89 | $1.73 | $0.59 | $1.16 | $1.53 | $1.37 |
| Free cash flow自由现金流 | $-19M | $-49M | $-153M | $-137M | $70M | $-67M |
| Gross margin毛利率 | 44.4% | 44.2% | 47.2% | 49.5% | 50.1% | 44.4% |
| Net margin净利率 | 12.0% | 14.5% | 10.1% | 13.9% | 13.2% | 10.4% |
| FCF margin自由现金流利润率 | -12.0% | -19.0% | -39.4% | -24.6% | 8.9% | -7.4% |
Latest fiscal year最近财年
Revenue (FY)营业收入（财年）
$901M
Gross profit毛利润
$400M
Net income净利润
$94M
Operating cash flow经营现金流
$-10M
Total assets总资产
$2.9B
Shareholder equity股东权益
$1.5B
Long-term debt长期负债
$179M
Returns & growth回报与增长
Return on equity股本回报率
6.4%
Return on assets资产回报率
3.3%
Debt / assets负债/资产
6.2%
Profit growth利润增速
-9.2%
Asset growth资产增速
+54.8%
Accounting quality checks会计质量检查
- Earnings quality: accruals elevated vs peers (earnings lean on non-cash items)盈利质量：应计利润高于同业（盈利依赖非现金项目）
- Working capital: inventory +693% vs sales +475%; receivables +793% vs sales +475% — demand & revenue-quality risk营运资本：存货 +693% 对销售 +475%；应收 +793% 对销售 +475%——需求与营收质量风险
- Pricing power: soft gross profitability vs peers定价能力：毛利能力弱于同业
- Capital discipline: assets +54.8% (aggressive expansion)资本纪律：资产 +54.8%（扩张激进）
- Balance sheet: leverage unremarkable资产负债表：杠杆水平一般
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Technicals — full detail技术面 — 完整明细
Indicator readings指标读数
RSI (14-day)RSI（14日）
54
RSI (2-day)RSI（2日）
57
vs 20-day average相对20日均线
+7.3%
vs 50-day average相对50日均线
-0.1%
vs 200-day average相对200日均线
+17.1%
Golden cross (50>200)金叉（50>200）
in effect生效中
MACDMACD
above signal位于信号线上方
Timeframe alignment多周期共振
Daily日线
momentum up动能向上
3-day3日线
momentum down — turning up soon动能向下——接近转强
Weekly周线
momentum down动能向下
When daily through monthly point the same way, moves carry further.当日线到月线方向一致时，行情往往更有延续性。
Volatility regime波动状态
Range width percentile波幅宽度分位
17/100
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Earnings — full detail财务业绩 — 完整明细
Surprise history超预期历史
| Quarter季度 | Reported实际 | Expected预期 | Surprise超预期 |
|---|---|---|---|
| Jun 2026 | $0.52 | $0.21 | +147.6% |
| Mar 2026 | $0.26 | $0.04 | +550.0% |
| Dec 2025 | $0.15 | $0.26 | -42.3% |
| Sep 2025 | $0.25 | $0.32 | -21.9% |
Estimate revisions预期修正
Analysts covering覆盖分析师
3
Estimate direction预期调整方向
mostly raising多数上调
Estimate change, 90 days预期变化（90天）
+28.4%
Net upgrades, 30 days净上调（30天）
+3
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Ownership — full detail持仓 — 完整明细
Tracked funds holding it跟踪基金持仓
| Fund基金 | Grade评级 | Latest move最新动作 | % of book组合占比 | Position市值 |
|---|---|---|---|---|
| Soros Fund Management | B | New position新建仓 | 0.1% | $4M |
Fund positioning基金持仓概览
Tracked funds in the name持有该股的跟踪基金
1
Buying vs selling买入vs卖出
1 : 0
Insiders & shorts内部人与空头
Insider net buying (6 months)内部人净买入（6个月）
-$25.4M
Insider buyers vs sellers内部人买家vs卖家
0 : 7
Days to cover回补天数
4.6
Short interest change空头变化
+4.2%
Recent fund flows近期基金流向
Invesco SemiconductorsInvesco Semiconductors
accumulating持续增持
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Seasonality — full detail季节性 — 完整明细
Strongest month最强月份
Feb · 100%
Weakest month最弱月份
Mar · 0%
Month by month逐月统计
| Month月份 | Closed higher收涨占比 | Median move中位涨跌 | Years年数 |
|---|---|---|---|
| Jan1月 | 67% | +34.0% | 3 |
| Feb2月 | 100% | +27.1% | 3 |
| Mar3月 | 0% | -8.8% | 3 |
| Apr4月 | 33% | -11.6% | 3 |
| May5月 | 67% | +16.8% | 3 |
| Jun6月 | 100% | +14.6% | 3 |
| Jul7月 | 33% | -23.0% | 3 |
| Aug8月 | 50% | +3.3% | 4 |
| Sep9月 | 100% | +13.4% | 4 |
| Oct10月 | 33% | -4.8% | 3 |
| Nov11月 | 33% | -7.9% | 3 |
| Dec12月 | 67% | +17.1% | 3 |
History is a tendency, not a promise — small samples wobble.历史规律只是倾向而非保证 — 样本少时波动大。
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。