Credit Brief — ACM Research (Shanghai), Inc. (盛美上海)
688082.SH · Shanghai STAR Market · Data window: 2021–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: HUI WANG
- Registered address: 中国（上海）自由贸易试验区丹桂路999弄5、6、7、8
- Office address: 中国（上海）自由贸易试验区丹桂路999弄5、6、7、8
- Controlling shareholder: 稳定股价之目的增持公司股份的
- Actual controller: HUI WANG（王晖）
- Employees: 2,002
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2021 | 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 3,402.5 | 1,562.4 | 1,523.3 | 2,634.6 | 4,689.8 |
| Trading financial assets | 188.1 | 140.7 | 141.2 | 138.1 | 715.9 |
| Accounts receivable | 542.2 | 1,066.3 | 1,590.0 | 2,132.3 | 3,562.3 |
| Other receivables | 56.2 | 64.3 | 79.3 | 34.3 | 72.4 |
| Inventories | 1,443.3 | 2,689.8 | 3,925.3 | 4,232.2 | 5,076.1 |
| Long-term equity investments | 51.5 | 68.3 | 56.8 | 71.7 | 298.1 |
| Fixed assets | 38.9 | 300.4 | 661.8 | 1,167.3 | 2,086.3 |
| Construction in progress | 35.7 | 251.4 | 729.8 | 592.1 | 83.0 |
| Intangible assets | 64.7 | 86.6 | 91.1 | 93.2 | 125.2 |
| Total assets | 6,337.4 | 8,175.6 | 9,753.8 | 12,128.5 | 20,736.0 |
Liabilities
| 2021 | 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 61.7 | 390.4 | 222.2 | 236.0 | 730.4 |
| Notes payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts payable | 733.4 | 961.4 | 1,491.1 | 1,488.3 | 2,134.1 |
| Contract liabilities | 364.3 | 822.1 | 876.3 | 1,106.0 | 704.3 |
| Other payables | 27.5 | 59.5 | 67.2 | 155.0 | 420.8 |
| Current portion of non-current liabilities | 29.8 | 25.9 | 66.7 | 234.7 | 422.0 |
| Long-term borrowings | 146.4 | 130.1 | 282.3 | 758.2 | 1,314.1 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 1,522.5 | 2,651.5 | 3,295.5 | 4,462.8 | 6,128.3 |
Equity
| 2021 | 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 433.6 | 433.6 | 435.7 | 438.7 | 482.6 |
| Capital reserve | 3,844.9 | 3,882.2 | 4,063.5 | 4,387.8 | 9,496.4 |
| Retained earnings | 483.1 | 1,087.0 | 1,740.9 | 2,614.4 | 4,391.3 |
| Equity attributable to owners of the parent | 4,815.0 | 5,524.0 | 6,458.3 | 7,665.6 | — |
| Minority interests | 0.0 | 0.0 | 0.0 | 0.0 | 1.1 |
| Total equity | — | — | — | — | 14,607.7 |
Income statement
| 2021 | 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 1,620.9 | 2,873.0 | 3,888.3 | 5,617.7 | 3,718.1 |
| Cost of sales | 931.4 | 1,468.1 | 1,866.8 | 2,872.7 | 1,975.9 |
| Selling expenses | 158.9 | 258.6 | 277.3 | 422.2 | 312.1 |
| Administrative expenses | 64.1 | 106.3 | 199.9 | 299.6 | 137.0 |
| Finance costs | 8.4 | -80.3 | -25.5 | -26.8 | 126.1 |
| Investment income | 19.0 | 25.5 | 92.3 | 32.4 | 80.5 |
| Operating profit | 268.0 | 716.8 | 963.9 | 1,299.9 | 1,139.8 |
| Profit before tax | 268.7 | 716.7 | 963.8 | 1,300.7 | 1,140.6 |
| Net profit | 266.2 | 668.5 | 910.5 | 1,153.2 | 988.8 |
5. Ratios
| Ratio | 2021 | 2022 | 2023 | 2024 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 4.59x | 2.63x | 2.64x | 2.69x | 3.62x |
| Quick ratio | 3.45x | 1.51x | 1.27x | 1.49x | 2.54x |
| Debt-to-asset ratio | 24.0% | 32.4% | 33.8% | 36.8% | 29.6% |
| Total debt / EBITDA | 0.83x | 0.64x | 0.53x | 0.84x | 1.68x |
| EBITDA interest coverage | 34.12x | 10.67x | 41.96x | 54.44x | 11.62x |
| Gross margin | 42.5% | 48.9% | 52.0% | 48.9% | 46.9% |
| Net margin | 16.4% | 23.3% | 23.4% | 20.5% | 26.6% |
| Return on equity (ROE) | — | — | — | — | 6.8% |
| Revenue growth | — | 77.3% | 35.3% | 44.5% | -33.8% |
| Net profit growth | — | 151.1% | 36.2% | 26.7% | -14.3% |
| Receivable days | 122 | 135 | 149 | 139 | 350 |
| Cash received / revenue | 100.5% | 98.3% | 89.7% | 99.5% | 93.8% |
| Operating CF / net profit | -1.77x | -0.40x | -0.07x | 0.07x | 0.09x |
| Free cash flow | -537.9 | -2,000.0 | 313.5 | -668.6 | -582.8 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.37 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2022 · Same item across different source documents: 0.0 vs 0.0 CNY mn (deviation 50.0%, severity high)
Sources:2023年年度报告.pdfvs2022年年度报告.pdf. Two source documents differ by 0.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2022 · Same item across different source documents: 0.0 vs 0.0 CNY mn (deviation 50.0%, severity high)
Sources:2023年年度报告.pdfvs2022年年度报告.pdf. Two source documents differ by 0.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2022 · Same item across different source documents: -268.7 vs -721.3 CNY mn (deviation 62.75%, severity high)
Sources:2023年年度报告.pdfvs2022年年度报告.pdf. Two source documents differ by 452.6 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 277.3 vs 327.7 CNY mn (deviation 15.37%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 50.4 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: -62.3 vs -427.0 CNY mn (deviation 85.41%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 364.7 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2022 · Cash-flow statement net increase vs balance-sheet cash movement: -1,840.1 vs -1,840.1 CNY mn (deviation 0.0%, severity low)
Sources: 2022年年度报告.pdf p.113 「五、现金及现金等价物净增加额」 vs 2022年年度报告.pdf p.105 「货币资金」. CF-statement figure below the balance-sheet movement by 0.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -39.0 vs -39.0 CNY mn (deviation 0.0%, severity low)
Sources: 2023年年度报告.pdf p.129 「五、现金及现金等价物净增加」 vs 2023年年度报告.pdf p.120 「货币资金」. CF-statement figure below the balance-sheet movement by 0.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 1,111.2 vs 1,111.2 CNY mn (deviation 0.0%, severity low)
Sources: 2024年年度报告.pdf p.135 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.126 「货币资金」. CF-statement figure below the balance-sheet movement by 0.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: -105.7 vs 2,055.2 CNY mn (deviation 105.14%, severity mid)
Sources: 2026年半年度报告.pdf p.82 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.73 「货币资金」. CF-statement figure below the balance-sheet movement by 2,160.9 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2024 | 2,634.6 | 2024年年度报告.pdf | 126 | 货币资金 | 2634590605.4 (元) |
| Total assets | 2024 | 12,128.5 | 2024年年度报告.pdf | 127 | 资产总计 | 12128452382.81 (元) |
| Accounts receivable | 2024 | 2,132.3 | 2024年年度报告.pdf | 126 | 应收账款 | 2132274574.65 (元) |
| Fixed assets | 2024 | 1,167.3 | 2024年年度报告.pdf | 126 | 固定资产 | 1167285542.78 (元) |
| Short-term borrowings | 2024 | 236.0 | 2024年年度报告.pdf | 127 | 短期借款 | 236043111.11 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.