# Who are ACM Research's customers? Who does ACM Research earn revenue from?
Canonical: https://valuechain.wiki/acm-research · Facet: customers · Updated: 2026-07-12T05:40:52.812901+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: ACM Research's confirmed revenue counterparties include SK하이닉스, SMIC, Hua Hong plus 1 undisclosed/aggregate relationship. Per the valuechain.wiki graph: 4 revenue edges, backed by 3 dated sources, 2 of them primary filings (as of 2026-07-12).

### 중국 메모리·파운드리 (세정) (high)
- metric: Market share 52.2% · FY2024 상위 4개 고객 비중
- note: Supplies single-wafer cleaning, ECP and furnace tools to Chinese fabs including YMTC, CXMT, SMIC and Huali/Hua Hong — FY2024 top-4 customers were 52.2% of revenue (Huali/Hua Hong 14.7%, SMIC 13.6%, YMTC 12.0%, PXW 11.9%), an extreme China concentration disclosed in the 10-K.
- [confirms] SEC EDGAR (EN, filing, published 2025-02-28) https://www.sec.gov/Archives/edgar/data/1680062/000168006225000003/acmr-20241231.htm: "ACM 10-K FY2024: top-4 customers 52.2% (Huali/Hua Hong, SMIC, YMTC, PXW)"

### SK하이닉스 (high)  → /sk-hynix.md
- note: Supplies single-wafer cleaning (SAPS) to SK hynix — the key non-China customer symbolizing expansion beyond China.
- [confirms] SemiAnalysis (EN, research, published 2026-01-01) https://newsletter.semianalysis.com/p/acm-research-chinas-most-successful: "Supplies single-wafer cleaning tools (SAPS) to SK hynix."
- [confirms] SEC EDGAR (EN, filing, published 2025-10-28) https://www.sec.gov/Archives/edgar/data/0001680062/000162828025049264/acmr-q32025xearningsreleas.htm: "Supplies single-wafer cleaning tools (SAPS) to SK hynix."

### SMIC (high)  → /smic.md
- note: Supplies SAPS cleaning tools to SMIC — the core customer of Chinese localization demand.
- [confirms] SemiAnalysis (EN, research, published 2026-01-01) https://newsletter.semianalysis.com/p/acm-research-chinas-most-successful: "Supplies single-wafer cleaning tools (SAPS) to SMIC."
- [confirms] SEC EDGAR (EN, filing, published 2025-10-28) https://www.sec.gov/Archives/edgar/data/0001680062/000162828025049264/acmr-q32025xearningsreleas.htm: "Supplies single-wafer cleaning tools (SAPS) to SMIC."

### Hua Hong (mid)  → /hua-hong.md
- note: Supplies SAPS cleaning tools to Hua Hong — the second axis of Chinese-fab localization.
- [confirms] SemiAnalysis (EN, research, published 2026-01-01) https://newsletter.semianalysis.com/p/acm-research-chinas-most-successful: "Supplies single-wafer cleaning tools (SAPS) to Hua Hong."
- [confirms] SEC EDGAR (EN, filing, published 2025-10-28) https://www.sec.gov/Archives/edgar/data/0001680062/000162828025049264/acmr-q32025xearningsreleas.htm: "Supplies single-wafer cleaning tools (SAPS) to Hua Hong."

Reverse side: https://valuechain.wiki/acm-research/suppliers.md · Ripple: https://valuechain.wiki/acm-research/ripple.md

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Full node: https://valuechain.wiki/acm-research.md · JSON: https://valuechain.wiki/acm-research.json