Advanced Energy Industries Inc (AEIS) 2025 Q2 法說會逐字稿

Greetings. Welcome to Advanced Energy's second quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

問候。歡迎參加 Advanced Energy 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

At this time, I'll turn the conference over to Edwin Mok, Vice President of Strategic Marketing, and Investor Relations. Thank you. Mr. Mok, you may now begin.

現在，我將會議交給策略行銷和投資者關係副總裁 Edwin Mok。謝謝。莫先生，現在可以開始了。

Thank you, operator. Good afternoon, everyone. Welcome to Advanced Energy second quarter 2025 earnings conference call. With me today are Steve Kelley, our President and CEO; and Paul Oldham, our Executive Vice President and CFO.

謝謝您，接線生。大家下午好。歡迎參加 Advanced Energy 2025 年第二季財報電話會議。今天與我在一起的有我們的總裁兼執行長史蒂夫凱利 (Steve Kelley) 和我們的執行副總裁兼財務長保羅奧爾德姆 (Paul Oldham)。

You can find today's earnings press release and presentation on our website at ir.advancedenergy.com. Before we begin, let me remind you that today's call contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially and are not guarantees for future performance.

您可以在我們的網站 ir.advancedenergy.com 上找到今天的收益新聞稿和簡報。在開始之前，請允許我提醒您，今天的電話會議包含前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果出現重大差異，並且不保證未來的業績。

Information concerning these risks can be found in our SEC filings. All forward-looking statements are based on management's estimates as of today, August 5, 2025, and the company assumes no obligation to update them. Any targets beyond the current quarter presented today should not be interpreted as guidance.

有關這些風險的資訊可以在我們向美國證券交易委員會提交的文件中找到。所有前瞻性陳述均基於管理階層截至 2025 年 8 月 5 日的估計，本公司不承擔更新這些估計的義務。今天提出的任何超出本季度的目標都不應被解讀為指導。

On today's call, our financial results are presented on a non-GAAP financial basis unless otherwise specified. Excluded from our non-GAAP results are stock compensation, amortization, acquisition-related costs, facility infrastructure and other transition costs, restructuring and asset impairment charges and unrealized foreign exchange gain or loss. Detailed reconciliation between our GAAP and non-GAAP results can be found in today's press release.

在今天的電話會議上，除非另有說明，我們的財務結果均以非 GAAP 財務基礎呈現。我們的非公認會計準則績效不包括股票薪酬、攤銷、收購相關成本、設施基礎設施和其他過渡成本、重組和資產減損費用以及未實現外匯損益。我們的 GAAP 和非 GAAP 結果之間的詳細對帳可以在今天的新聞稿中找到。

With that, let me pass the call to our President and CEO, Steve Kelley.

說完這些，請允許我把電話轉給我們的總裁兼執行長史蒂夫凱利 (Steve Kelley)。

Thanks, Edwin. Good afternoon, everyone, and thanks for joining the call. Second quarter revenue exceeded the high end of our guidance range, driven by strong demand for Advanced Energy's Data Center Power Solutions. We also benefited from increased demand in Industrial and Medical, posting our first sequential growth in that market since 2023.

謝謝，埃德溫。大家下午好，感謝大家參加電話會議。受先進能源資料中心電源解決方案強勁需求的推動，第二季營收超過了我們預期範圍的高端。我們也受益於工業和醫療領域需求的成長，自 2023 年以來我們在該市場首次實現連續成長。

On a year-over-year basis, second quarter revenue grew 21%, our third consecutive quarter of year-over-year growth. Earnings per share also came in at the higher end of guidance. Our business diversification strategy, which is focused on three distinct target markets, is driving more consistent profitability and cash flow.

與去年同期相比，第二季營收成長了 21%，這是我們連續第三個季度實現同比成長。每股收益也達到了預期的高點。我們的業務多元化策略專注於三個不同的目標市場，推動更穩定的獲利能力和現金流。

We have been mitigating cycle risk by participating in multiple growth markets, each with its own characteristics. The strategy is playing out nicely this year with our success in Data Center compensating for softness in Industrial and Medical. Semiconductor has performed well for AE with mid-single-digit growth expected this year after a growth year in 2024.

我們一直透過參與多個具有各自特徵的成長市場來降低週期風險。今年，該策略效果良好，我們在資料中心領域的成功彌補了工業和醫療領域的疲軟。半導體對 AE 來說表現良好，繼 2024 年實現成長後，預計今年將實現中等個位數成長。

Our improved profitability and cash flow are allowing us to make the technology and capacity investments necessary to fuel long-term profitable growth. These investments give confidence to our customers that Advanced Energy has the technology road map and manufacturing expertise necessary to support their long-term success.

我們獲利能力和現金流的提高使我們能夠進行必要的技術和產能投資，以推動長期獲利成長。這些投資讓我們的客戶相信，Advanced Energy 擁有支持他們長期成功所需的技術路線圖和製造專業知識。

In Data Center, our high-efficiency, high-power density products have proven ideal for AI applications. This year, we have won a number of next-generation programs, which are expected to support further growth in 2026.

在資料中心，我們的高效率、高功率密度產品已被證明是人工智慧應用的理想選擇。今年，我們贏得了多個下一代項目，預計這些項目將支持2026年的進一步成長。

In Semiconductor, customer interest in our eVoS, eVerest and NavX platforms is very strong. We expect to more than double revenue from these platforms in 2025 as initial wins go into early stages of production. We believe that these wins will drive revenue growth in 2026 and beyond as leading-edge fab processes ramp to volume.

在半導體領域，客戶對我們的 eVoS、eVerest 和 NavX 平台的興趣非常濃厚。隨著初期勝利進入生產的早期階段，我們預計到 2025 年這些平台的收入將增加一倍以上。我們相信，隨著尖端晶圓廠製程的量產，這些勝利將推動 2026 年及以後的收入成長。

In Industrial and Medical, we've invested heavily in new products, a new website and a robust sales and channel effort. The result is that we have secured a record number of design wins, some of which are turning into revenue this year.

在工業和醫療領域，我們在新產品、新網站以及強勁的銷售和通路努力方面投入了大量資金。結果是，我們獲得了創紀錄數量的設計勝利，其中一些今年轉化為收入。

Looking forward, we expect that these wins will accelerate our growth in I&M, allowing us to gain market share. In addition, with the closure of our last China factory in June, we are making good progress on our gross margin improvement program. We continue to expect gross margin to approach 40% exiting 2025.

展望未來，我們預計這些勝利將加速我們在 I&M 領域的成長，讓我們獲得市場份額。此外，隨著我們最後一家中國工廠於六月關閉，我們的毛利率改善計劃正在取得良好進展。我們仍然預計到 2025 年毛利率將接近 40%。

Now let me provide some comments on tariffs. The tariff environment continues to be very dynamic. Actions we are taking to mitigate the impact of tariffs include qualifying products in our Mexicali facility under USMCA, leveraging our geographic footprint and finally, optimizing our supply chain and logistics.

現在，我來就關稅問題發表一些評論。關稅環境依然非常活躍。我們為減輕關稅影響而採取的措施包括根據 USMCA 在墨西卡利工廠生產合格產品、利用我們的地理覆蓋範圍以及優化我們的供應鏈和物流。

We will continue to work with our customers to mitigate costs as the environment evolves. Now let me provide some color on each of our markets.

隨著環境的變化，我們將繼續與客戶合作，降低成本。現在讓我來介紹一下我們每個市場的狀況。

Second quarter Semiconductor revenue was solid. Although revenue was down sequentially, it grew double digits year-on-year. On the new product front, we had another quarter of robust eVoS and eVerest shipments as some early design wins began to transition to low-volume production. These transitions are important milestones, validating the progress our customers are making with their end customers.

第二季半導體營收穩健。儘管收入環比下降，但同比增長了兩位數。在新產品方面，隨著一些早期設計的勝利開始轉向小批量生產，我們又迎來了 eVoS 和 eVerest 出貨量強勁的另一個季度。這些轉變是重要的里程碑，驗證了我們的客戶與其最終客戶所取得的進展。

During the second quarter, we also secured two new significant etch and deposition wins for leading-edge processes. Customers value the capabilities of our new technologies as well as our ability to quickly tailor solutions to meet their process requirements.

在第二季度，我們還獲得了兩項新的、重要的蝕刻和沈積尖端製程勝利。客戶重視我們新技術的功能以及我們快速客製化解決方案以滿足其流程要求的能力。

In Data Center computing, revenue jumped nearly 50% sequentially and almost doubled year-on-year as we ramp hyperscale design wins and captured increased demand. We believe this new level of demand will continue for several quarters to come.

在資料中心計算方面，由於我們獲得了超大規模設計的勝利並滿足了不斷增長的需求，收入環比增長近 50%，同比幾乎翻了一番。我們相信，這種新的需求水準將在未來幾季持續下去。

In addition, we have already won a number of next-generation designs, which are scheduled to ramp in 2026. Our primary focus in this market continues to be serving our key hyperscale customers with leading-edge solutions. We also see an expanding set of AI-related opportunities at enterprise and other customers where we could leverage existing technology blocks to quickly deliver solutions. We expect these new opportunities to drive incremental growth in 2026 and beyond.

此外，我們已經贏得了許多下一代設計，計劃於 2026 年投入量產。我們在這個市場的主要重點仍然是透過領先的解決方案為我們的關鍵超大規模客戶提供服務。我們也看到企業和其他客戶中與人工智慧相關的機會不斷增加，我們可以利用現有的技術模組快速提供解決方案。我們預計這些新機會將推動 2026 年及以後的增量成長。

In Industrial and Medical, second quarter revenue grew sequentially but was down year-on-year. I&M total backlog grew this quarter for the first time since the beginning of 2023. In distribution, which accounts for roughly half of our I&M revenue, sell-in and resales increased quarter-over-quarter. Channel inventories decreased for the fifth quarter in a row. These encouraging data points support our view that AE's I&M revenue will continue to improve from this point forward.

在工業和醫療領域，第二季營收季增，但年減。本季度，I&M 總積壓訂單量自 2023 年初以來首次成長。在分銷方面，分銷約占我們 I&M 收入的一半，銷售和轉售量較上季成長。渠道庫存連續第五個季度下降。這些令人鼓舞的數據點支持了我們的觀點，即 AE 的 I&M 收入將從現在開始繼續改善。

On the design win front, we secured wins in medical imaging, robotics, process control and mil aero. Our digital marketing investments are also yielding results. Since launching our new website in late 2023, we have secured over 300 I&M design wins, which originated as website inquiries. Our partnership with key distributors is also expanding our ability to reach a broad set of small and medium-sized I&M customers.

在設計方面，我們在醫學影像、機器人、製程控制和軍用航空領域取得了勝利。我們的數位行銷投資也正在產生成果。自 2023 年底推出新網站以來，我們已獲得 300 多項 I&M 設計訂單，這些訂單源自於網站諮詢。我們與主要經銷商的合作也擴大了我們接觸廣大中小型 I&M 客戶的能力。

Telecom and networking revenue was flat sequentially. During the quarter, we won a next-generation telecom design that leveraged our leading position in this market. In addition, we see AI driving new opportunities for us in networking.

電信和網路收入環比持平。本季度，我們贏得了下一代電信設計，這充分利用了我們在該市場的領先地位。此外，我們看到人工智慧為我們在網路領域帶來了新的機會。

Now for some closing thoughts. We are capturing opportunities in a dynamic market environment and are delivering upside to our expectations for the year. Following a strong second quarter, we expect to operate around this new higher level of revenue in the second half, resulting in overall 2025 revenue growth of approximately 17%.

現在來談談一些總結性的想法。我們正在動態的市場環境中抓住機遇，並正在實現今年預期的上行目標。繼第二季表現強勁之後，我們預計下半年的營收將達到這一新的更高水平，從而使 2025 年的整體營收成長約 17%。

In Data Center, based on higher demand levels and the success of our new products, we now expect to grow revenue over 80% in 2025. Semiconductor revenue is now projected to grow mid-single digits in 2025, with revenue from our next-generation Plasma Power products expected to double. And in I&M, after an extended correction period, demand is recovering with a stronger order book driving higher sequential revenue in the second half.

在資料中心，基於更高的需求水準和我們新產品的成功，我們預計 2025 年營收將成長 80% 以上。目前預計 2025 年半導體收入將成長中等個位數，而我們下一代等離子電源產品的收入預計將翻倍。在 I&M 領域，經過一段較長的調整期後，需求正在復甦，訂單量增加推動下半年營收連續成長。

Looking beyond the near term, we are very excited about our growth prospects. With strong customer pull for our new products, we are well positioned to gain share. Our efforts to structurally improve manufacturing costs are yielding tangible results. We remain confident in our ability to achieve our gross margin goals despite added tariff costs.

展望短期，我們對我們的成長前景感到非常興奮。由於我們的新產品受到客戶強烈追捧，我們有能力贏得市場份額。我們從結構上改善製造成本的努力正在取得實際的成果。儘管關稅成本增加，我們仍有信心實現毛利率目標。

Finally, we continue to actively pursue our acquisition strategy and have a solid pipeline of potential opportunities.

最後，我們繼續積極推行我們的收購策略，並擁有大量潛在機會。

Paul will now provide more detailed financial information.

保羅現在將提供更詳細的財務資訊。

Thank you, Steve, and good afternoon, everyone. Second quarter revenue of $442 million was just above the high end of our guidance, driven by upside in the Data Center computing market. Gross margin improved slightly quarter-over-quarter and was in line with our target despite several headwinds.

謝謝你，史蒂夫，大家下午好。受資料中心運算市場上漲的推動，第二季營收為 4.42 億美元，略高於我們預期的高端。儘管面臨一些不利因素，但毛利率仍比上一季略有提高，並符合我們的目標。

Operating margin increased 110 basis points sequentially as we grew revenue faster than operating expenses. As a result, we delivered earnings per share of $1.50, up 76% from last year and at the highest level since 2022.

由於收入成長速度快於營運支出，營運利潤率較上季成長 110 個基點。結果，我們的每股盈餘達到 1.50 美元，比去年成長 76%，達到 2022 年以來的最高水準。

During the quarter, we continued to execute our new product strategies, added capacity to meet growing Data Center demand, completed final production in our China factory and strengthened our capital structure.

在本季度，我們繼續執行新的產品策略，增加產能以滿足不斷增長的資料中心需求，完成了中國工廠的最終生產，並加強了資本結構。

Now let's review our financial results in more detail. Second quarter total revenue was $442 million, up 9% sequentially and 21% year-over-year. Revenue in the Semiconductor market of $210 million was up 11% over last year, but down 6% sequentially. Q2 Semiconductor sales declined slightly more than anticipated as we saw customers shift delivery schedules to mitigate the near-term impact of tariffs, partially offset by higher service revenue.

現在讓我們更詳細地回顧一下我們的財務結果。第二季總營收為 4.42 億美元，季增 9%，年增 21%。半導體市場營收為 2.1 億美元，較去年同期成長 11%，但較上季下降 6%。第二季半導體銷售額的下降幅度略高於預期，因為我們看到客戶調整交貨時間表以減輕關稅的短期影響，但服務收入的增加部分抵消了這種影響。

Data Center computing revenue was $142 million, up 47% quarter-over-quarter and 94% year-over-year. During the quarter, we captured upside demand for our new Data Center Power Solutions.

資料中心計算營收為 1.42 億美元，季增 47%，年增 94%。在本季度，我們抓住了新資料中心電源解決方案的上行需求。

Industrial and Medical revenue of $69 million increased 7% sequentially but was still 13% below last year. We believe this market has passed the bottom given increased backlog, improved customer inventory and encouraging data points from our distributors. Telecom and Networking revenue was $22 million, flat quarter-over-quarter as anticipated.

工業和醫療收入為 6,900 萬美元，環比成長 7%，但仍比去年低 13%。我們相信，鑑於積壓訂單增加、客戶庫存改善以及來自分銷商的令人鼓舞的數據點，該市場已經觸底。電信和網路收入為 2,200 萬美元，與預期持平。

Gross margin was 38.1%, up 20 basis points (sic - see presentation, "up 280 basis points") sequentially despite increased tariff expenses and production ramp costs. We were able to partially offset these headwinds by taking actions to manage our manufacturing costs on higher volumes. We're encouraged by the progress we're making on gross margin improvement as excluding the impact of tariffs, gross margin would have been over 39%.

儘管關稅費用和生產爬坡成本增加，但毛利率仍為 38.1%，比上一季上升 20 個基點（原文如此 - 參見介紹，「上升 280 個基點」）。我們能夠透過採取措施來管理更大產量的製造成本，從而部分抵消這些不利因素。我們對毛利率改善的進展感到鼓舞，因為如果不考慮關稅的影響，毛利率將超過 39%。

Operating expenses were $104 million, up $5 million from last quarter on higher spending on new product activities and annual salary increases. However, OpEx as a percent of revenue declined almost 100 basis points sequentially and 260 basis points year-over-year, demonstrating the leverage in our model.

營運費用為 1.04 億美元，比上一季增加 500 萬美元，原因是新產品活動支出增加以及年度薪資上漲。然而，營運支出佔收入的百分比環比下降了近 100 個基點，年比下降了 260 個基點，這表明了我們模型中的槓桿作用。

Operating income for the quarter was $65 million. Depreciation was $10 million, and our adjusted EBITDA was $74 million. Other income increased sequentially to $2 million, primarily due to higher investment income in our deferred compensation plan.

本季營業收入為 6,500 萬美元。折舊為 1000 萬美元，調整後的 EBITDA 為 7,400 萬美元。其他收入環比增加至 200 萬美元，主要由於我們的遞延薪酬計劃中的投資收入增加。

For Q2, our non-GAAP tax rate was 15.3%, below our estimate of 19% on favorable mix of earnings, better visibility for optimizing the impact of the global minimum tax and favorable discrete items. As a result, second quarter EPS was $1.50 per share compared to $1.23 in the previous quarter and $0.85 a year ago.

對於第二季度，我們的非公認會計準則稅率為 15.3%，低於我們估計的 19%，這是由於盈利組合良好、全球最低稅率的影響得到更好的優化以及有利的離散項目的影響。因此，第二季每股收益為 1.50 美元，而上一季為 1.23 美元，去年同期為 0.85 美元。

Turning now to the balance sheet. Total cash and cash equivalents at the end of the second quarter was $714 million, with net cash of $147 million. Cash decreased $10 million sequentially as we took advantage of market volatility and repurchased $23 million of our common stock at an average price of $83.83 per share.

現在來看資產負債表。第二季末現金及現金等價物總額為7.14億美元，淨現金為1.47億美元。由於我們利用市場波動，以每股平均 83.83 美元的價格回購了價值 2300 萬美元的普通股，因此現金環比減少 1000 萬美元。

Cash flow from continuing operations was $47 million. Inventory turns were flat sequentially at 2.7 times, but total inventory of $398 million was up 8% sequentially, driven by the strong increase in demand. This increase was more than offset by higher payables with DPO at 63 days. Receivables increased about 10% or $27 million on higher revenue. DSO was flat at 62 days.

持續經營產生的現金流為4700萬美元。庫存週轉率與上一季持平，為 2.7 次，但受需求強勁增長的推動，總庫存達 3.98 億美元，比上一季增長 8%。由於 DPO 為 63 天，應付款項增加，這一增長被抵消了。由於收入增加，應收帳款增加了約 10% 或 2700 萬美元。DSO 持平於 62 天。

During the second quarter, we paid $4 million in dividends and invested $28 million in CapEx. The higher capital spending is consistent with our expectation of increased investments over the next several quarters to support growth in the Data Center market, infrastructure capability and our factory consolidation strategies. Despite increased working capital and CapEx, free cash flow in Q2 grew 21% sequentially.

第二季度，我們支付了 400 萬美元的股息，並投資了 2,800 萬美元的資本支出。更高的資本支出符合我們對未來幾季增加投資的預期，以支持資料中心市場、基礎設施能力和工廠整合策略的成長。儘管營運資本和資本支出增加，第二季的自由現金流仍較上季成長 21%。

In addition, during the quarter, we extended the maturity date of our undrawn credit facility of $600 million from September 2026 to May 2030, while maintaining substantially the same favorable terms as our 2019 agreement.

此外，在本季度，我們將 6 億美元未提取信貸額度的到期日從 2026 年 9 月延長至 2030 年 5 月，同時保持與 2019 年協議基本相同的優惠條款。

Before moving on to guidance, let me provide more color on the impact of tariffs on AE. The tariff environment continues to be very dynamic, making the overall impact difficult to predict. For Q2, tariff costs were higher than we initially expected. However, we are implementing multiple mitigation strategies with our customers that should help reduce the tariff impact.

在提供指導之前，讓我更詳細地說明關稅對 AE 的影響。關稅環境持續處於動態之中，其整體影響難以預測。對於第二季度，關稅成本高於我們最初的預期。然而，我們正在與客戶一起實施多種緩解策略，這應該有助於減少關稅的影響。

Combined with other operational actions, we continue to believe that we are on track to achieve our long-term margin and operating goals. Looking forward, the expected impact of tariffs as we understand them today, is incorporated in our guidance.

結合其他營運行動，我們仍然相信我們能夠實現長期利潤和營運目標。展望未來，我們今天所理解的關稅預期影響已納入我們的指導之中。

Turning now to our guidance. Following our very strong Q2 results, we expect Q3 revenue to be similar to Q2 and for Q4 to grow sequentially. This outlook would translate to approximately 17% growth for the year. We expect Q3 semiconductor revenue to be down slightly versus Q2 based on customer forecasts. Given first half results and our updated outlook, we now project semiconductor revenue to grow mid-single digits in 2025.

現在轉向我們的指導。鑑於我們第二季的強勁業績，我們預計第三季的營收將與第二季持平，第四季的營收將季增。這一前景意味著今年的成長率約為 17%。根據客戶預測，我們預計第三季半導體營收將較第二季略有下降。根據上半年的業績和我們最新的展望，我們現在預測 2025 年半導體收入將實現中等個位數成長。

For Data Center Computing, we expect demand to remain at or above Q2 levels in the second half. As a result, we've increased our 2025 annual growth projection for Data Center from 50% to more than 80%.

對於資料中心計算，我們預計下半年需求將維持在第二季的水平或以上。因此，我們將資料中心 2025 年的年成長預測從 50% 提高到 80% 以上。

We believe the Industrial and Medical market has passed the bottom and expect modest sequential growth in both Q3 and Q4, paced by the impact of tariffs on the broader economy. Telecom and networking revenue should remain in the low $20 million level. As a result, we're forecasting our third quarter revenue to be approximately $440 million, plus or minus $20 million.

我們認為工業和醫療市場已經觸底，預計第三季和第四季都將出現溫和的環比成長，但成長速度將受到關稅對整體經濟影響的影響。電信和網路收入應保持在 2000 萬美元以下的水平。因此，我們預測第三季的營收約為 4.4 億美元，上下浮動 2,000 萬美元。

We expect gross margins in the third quarter to improve to around 38.5%, mainly driven by the initial benefits of the closure of our final China factory. As we realize the full benefit of the factory closure and improved factory efficiency, we expect gross margins to be between 39% and 40% exiting the year, including the impact of tariffs.

我們預計第三季的毛利率將提高至 38.5% 左右，這主要得益於我們最後一家中國工廠關閉帶來的初步效益。隨著我們充分認識到工廠關閉和工廠效率提高的好處，我們預計今年年底的毛利率將在 39% 至 40% 之間，其中包括關稅的影響。

We expect operating expenses to be up slightly on higher variable costs given the stronger full year performance. And other income should return to the $1 million range. The tax rate is expected to be 17% to 18% on optimization of our model going forward. As a result, we expect Q3 non-GAAP earnings per share to be $1.45, plus or minus $0.25.

鑑於全年業績表現強勁，我們預計營業費用將因變動成本上升而略有上升。其他收入應該會回到100萬美元左右。隨著我們未來模型的優化，預計稅率將在17％至18％之間。因此，我們預計第三季非 GAAP 每股收益為 1.45 美元，上下浮動 0.25 美元。

Before opening up for questions, I want to highlight a few important points. We participate in solid growth markets that can operate on different cycles, which should enable us to deliver more robust and consistent financial results over time. We believe increasing demand in Data Center, technology investments in Semiconductor and market recovery in Industrial and Medical will drive overall revenue growth for AE in 2025 and 2026.

在開始提問之前，我想強調幾個要點。我們參與了可以在不同周期內運作的穩健成長市場，這使我們能夠隨著時間的推移提供更強勁、更一致的財務表現。我們相信，資料中心需求的成長、半導體技術投資以及工業和醫療市場的復甦將推動 AE 在 2025 年和 2026 年的整體收入成長。

In addition, we continue to have strong design win momentum, driven by our leading-edge products, which we expect to enable us to outgrow our markets.

此外，在我們尖端產品的推動下，我們繼續保持強勁的設計勝利勢頭，我們預計這將使我們超越市場。

From a profitability perspective, we grew revenue second quarter 21% year-over-year, but we grew EPS 76%, driven by gross margin expansion of 280 basis points and the overall leverage in our model. This performance demonstrates the opportunity for AE to accelerate earnings growth as we improve margins and increase revenue going forward.

從獲利能力角度來看，第二季我們的營收年增了 21%，但每股盈餘成長了 76%，這得益於毛利率擴大了 280 個基點以及我們模型中的整體槓桿率。這一業績表明，隨著我們提高利潤率並增加未來收入，AE 有機會加速獲利成長。

Beyond the benefits of exiting China for manufacturing that will fully kick in by Q4, we believe further production efficiency and new product mix will enable us to continue to achieve our long-term margin and financial goals despite the higher cost of tariffs.

除了第四季將全面退出中國製造業帶來的好處之外，我們相信，儘管關稅成本較高，但進一步提高生產效率和新的產品組合將使我們能夠繼續實現長期利潤和財務目標。

Lastly, with a solid balance sheet and strong cash flow generation, we will continue to look for strategic acquisitions to add scope and leverage our scale.

最後，憑藉穩健的資產負債表和強勁的現金流，我們將繼續尋求策略性收購，以擴大範圍並擴大我們的規模。

With that, we'll take your questions. Operator?

我們將回答您的問題。操作員？

(Operator Instructions)

（操作員指示）

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Congrats on the great results. Steve, I just had one question. You kind of mentioned about sustainability of the Data Center demand. And if I flatline your $142 million in Q2 for the rest of the year, obviously, you're going to grow over 80%.

恭喜您取得如此優異的成績。史蒂夫，我只有一個問題。您提到了資料中心需求的可持續性。如果我在第二季將你的 1.42 億美元收入與今年剩餘時間的收入持平，那麼顯然你的成長率將超過 80%。

I'm just kind of curious how sustainable is this run rate? Because historically, Data Center used to be very lumpy. So I understand AI has changed things. Is this more a structural change? Is there any market share gain? How to think about the sustainability of Data Center revenues going forward?

我只是有點好奇這個運行率的可持續性如何？因為從歷史上看，資料中心曾經非常不平衡。所以我明白人工智慧改變了一切。這是否更像是一種結構性變化？市佔率有成長嗎？如何看待未來資料中心收入的可持續性？

Yes, looking forward, we think these revenues are sustainable into 2026. And the reason is the hyperscalers are continuing to invest at a very high rate. So we've seen what they spent this year and what they intend to spend next year.

是的，展望未來，我們認為這些收入將可持續到 2026 年。原因是超大規模企業正在繼續以非常高的速度進行投資。因此，我們已經了解了他們今年的支出以及他們明年打算支出的金額。

And that's supported by the forecast that we're receiving from our customers. Particularly at AE, you see a high frequency of change in this market because each of the GPUs that comes out typically on a yearly basis usually requires more power.

我們從客戶那裡得到的預測也支持了這一點。特別是在 AE，你會看到這個市場變化的頻率很高，因為每年推出的每個 GPU 通常都需要更多的電力。

And so that means each Power Solution is probably a little bit more expensive. And you have to work very closely with the customer, which is what we're doing. And so our win rate is quite high. We're also seeing some ancillary opportunities appear that complement what we're doing with our large hyperscale customers. So we think some of those opportunities may kick in, in 2026.

這意味著每個電源解決方案可能都會稍微貴一點。你必須與客戶密切合作，這正是我們正在做的事情。所以我們的勝率相當高。我們也看到一些輔助機會的出現，這些機會可以補充我們為大型超大規模客戶所做的工作。因此我們認為其中一些機會可能會在 2026 年出現。

And I think probably one of the more important aspects of this business is the willingness to invest not just in development, but also in factory capacity. So we continue to spend to expand our capacity to serve the market.

我認為這項業務最重要的一個方面可能是不僅願意投資於開發，還願意投資於工廠產能。因此，我們繼續投入資金來擴大我們服務市場的能力。

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

Steve, could you talk about content per server or content per rack for an AI Data Center versus a traditional DC? And are you modeling the business based on where you see that hyper scaler CapEx going? Or how do you put together a forecast with demand like this?

史蒂夫，您能談談 AI 資料中心與傳統 DC 的每台伺服器內容或每台機架內容嗎？您是否根據超大規模資本支出的走向來對業務進行建模？或者您如何將這樣的需求預測結合起來？

Yes, Steve, the content of an AI Data Center for us is much higher because the power consumption is much higher. So typically, you're looking at 5 times to 10 times the power consumption of a non-AI Data Center. So that's all good news for us.

是的，史蒂夫，對我們來說，人工智慧資料中心的內容要高得多，因為功耗要高得多。因此，通常情況下，您會看到非 AI 資料中心的功耗為 5 倍到 10 倍。這對我們來說都是好消息。

Now the way we model our future revenue is based on customer forecast. And so we have a select group of customers that we work closely with, and they give us forecasts, which are updated every quarter, if not more frequently, quite frankly.

現在，我們根據客戶預測來模擬未來收入。因此，我們與一組精選的客戶密切合作，他們為我們提供預測，坦白說，這些預測每季更新一次，甚至更頻繁。

So we take that as our base level, and then we add in a few other opportunities, where we can reuse our technology blocks, which we developed for our large hyperscale customers. And that's how we come up with the forecast.

因此，我們以此作為我們的基礎水平，然後我們添加一些其他機會，我們可以重複使用我們為大型超大規模客戶開發的技術模組。這就是我們得出預測的原因。

Does that 5 times to 10 times power consumption translate into 5 times to 10 times revenue for you? Is that a linear relationship? Or how does that scale as the power demand goes up?

5 倍到 10 倍的功耗是否意味著您的收入增加 5 倍到 10 倍？這是線性關係嗎？或者隨著電力需求的增加，這規模將如何擴大？

Yes. Unfortunately, it doesn't scale on a linear basis. It's definitely higher. I don't have a figure of merit for you, but we noticed that each successive generation ends up costing a bit more and leads to better ASPs for Advanced Energy.

是的。不幸的是，它不能線性擴展。肯定更高。我沒有為您提供品質因數，但我們注意到，每一代產品的成本都會略高一些，從而為先進能源帶來更好的平均售價。

Got it. And then just a quick follow-up. You talked about low-volume production for some of the new products on Slide 5, which is great to see. Do you expect that to turn into a stronger program next year? And are these design wins for your normal customers?

知道了。然後只是快速的跟進。您在第 5 張投影片上談到了某些新產品的小批量生產，這令人高興。您是否預計明年該計劃會變得更強大？這些設計對於您的普通客戶來說是否是一種勝利？

Or are you finding new customers who are also embracing the technology?

還是您正在尋找同樣接受該技術的新客戶？

Yes. I think what you're referring to are wins in the semiconductor processing area. Yeah. So I think that the significance of the fact that we're going into low rate initial production on some of those wins is it confirms that our customers have been successful at their customers who are the fab operators.

是的。我認為您指的是半導體加工領域的勝利。是的。因此，我認為我們在部分中標產品上進行低速率初始生產的意義在於，它證實了我們的客戶已經在他們的晶圓廠運營商客戶那裡取得了成功。

And so what we see this year is more than doubling of the new product revenue in semiconductor, and that's into the tens of millions range.

因此，我們看到今年半導體新產品的收入成長了一倍多，達到了數千萬美元。

And then we see that really catalyzing significant growth starting next year as these new leading-edge processes go to volume, both on the logic part of the equation as well as the memory side.

然後，我們看到，隨著這些新的前沿製程的批量生產，無論是在邏輯部分還是在記憶體方面，都將真正催化顯著的成長。

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

On the Semiconductor business, I think you talked about mid-single-digit growth now for 2025. And last quarter, you're talking about 10%. So wondering if you could help us understand like what's changed there or expand upon what's changed there? And then relative to, I think, one of your customers talking about second half or first half being flattish, it looks like you're going to be down 6%, 7%.

關於半導體業務，我認為您現在談到了 2025 年的中等個位數成長。上個季度，您說的是 10%。所以想知道您是否可以幫助我們了解那裡發生了什麼變化或詳細說明那裡發生了什麼變化？然後，我認為，相對於您的一位客戶所說的下半年或上半年持平的情況，看起來您的銷售額將下降 6% 或 7%。

Yeah. I think we were a little bit optimistic coming out of Q1. We've just come off a very strong quarter. What we've seen is I think the tariff is starting to influence some of the ordering behavior from our customers as they eat into their own inventory and they move things around, right, to optimize versus the tariff regimes.

是的。我認為我們對第一季的業績有些樂觀。我們剛剛度過了一個非常強勁的季度。我們看到的是，我認為關稅開始影響我們客戶的一些訂購行為，因為他們會消耗自己的庫存，並且會轉移貨物，以優化關稅制度。

The second is, based on what we've heard from our customers and also reading other earnings call transcripts, China seems to be slowing down. And I think trailing edge logic in general across China as well as non-China geographies is slowing.

第二，根據我們從客戶那裡聽到的消息以及閱讀其他收益電話會議記錄，中國經濟似乎正在放緩。我認為，中國以及中國以外地區的後緣邏輯總體上正在放緩。

And finally, there's been a little bit of concern on the DRAM side. The growth seems to have slowed a bit. But looking at our revenue levels that we're generating in 2025 for Semiconductor, we're actually quite pleased with the revenue level.

最後，DRAM 方面出現了一些擔憂。增長似乎有所放緩。但看看我們在 2025 年為半導體創造的收入水平，我們實際上對收入水平相當滿意。

And if you take out 2022, which was the COVID recovery year, these are the highest levels we've ever had in Semiconductor. So we're operating about $200 million a quarter, which is quite healthy for us.

如果除去 2022 年（即新冠疫情復甦年），這將是半導體領域有史以來的最高水準。因此，我們每季的營運額約為 2 億美元，這對我們來說相當健康。

Got it. And as a follow-up, on the tariff front, I think you quantified over 100 basis points of gross margin headwind this quarter. I guess what's the expectation. And I can understand -- I appreciate that the tariffs are moving around quite frequently. But what's the expectation embedded within the guidance for that impact this quarter? And what's the right, I guess, revenue level to think about being at 40% now?

知道了。作為後續問題，在關稅方面，我認為您量化了本季度超過 100 個基點的毛利率逆風。我猜期望是什麼。我可以理解——我知道關稅變動相當頻繁。但是，本季的指導意見中對此影響的預期是什麼？那麼，我認為現在 40% 的合理收入水準是多少呢？

So we're projecting the tariffs level will stay at this level or a little higher as we look into Q3 and probably through Q4. That means that we have some mitigation actions that were kicking in over the course of Q2 that largely offset the increased rates that we've seen announced in last week.

因此，我們預計關稅水準將保持在這個水準或略高，因為我們預計第三季乃至第四季的關稅水準將保持在這個水準或略高。這意味著我們在第二季採取了一些緩解措施，這些措施在很大程度上抵消了我們上周宣布的利率上調的影響。

As we look forward, we think there's further opportunity to mitigate that going forward as we work with our customers on optimizing supply channels and chains and those types of things.

展望未來，我們認為，隨著我們與客戶合作優化供應管道和供應鏈等，未來將有進一步的機會來緩解這種影響。

In terms of yeah, I think I'll start with -- we're close to that $450 million mark as it is today. And certainly, at that level, if you excluded tariffs, we're very comfortable that we'd be over 40%. So it's probably trending up another $20 million or so on top of that, that offsets that roughly 100 basis points of tariff impact.

是的，我想先說一下——我們現在已經接近 4.5 億美元大關了。當然，在這個水準上，如果不考慮關稅，我們很放心我們的稅率會超過 40%。因此，在此基礎上可能還會再增加 2,000 萬美元左右，以抵消約 100 個基點的關稅影響。

Brian Chin, Stifel.

Brian Chin，Stifel。

Can you hear me, okay? Sorry about that.

你聽見我說話嗎？很抱歉。

Yes, we can hear you.

是的，我們能聽到你的聲音。

Would it be accurate to believe that what you've shipped to date in Data Center is more in support of legacy H200, H100 computing racks where looking forward, GB 200, GB 300, there's obviously a multiplier effect in terms of power per rack. So even off of a very strong 2025 revenue in Data Center, when did that give you a lot of confidence just in terms of directional growth, maybe even magnitude next year?

您是否可以準確地相信，迄今為止您在資料中心運送的產品更多是為了支援傳統的 H200、H100 計算機架，而展望未來，GB 200、GB 300，在每個機架的功率方面顯然會產生乘數效應。那麼，即使 2025 年資料中心的營收非常強勁，什麼時候這能讓您對於明年的方向性成長，甚至是規模成長充滿信心呢？

Yeah. So Brian, I don't have specifics as far as where all of our power supplies are going to what GPUs are tied to. But what I can say is that we have won a number of new designs this year that will ramp to volume next year. And we're actually working now on designs that will ramp to volume in '27. So I think we're keeping up.

是的。所以 Brian，我不知道我們所有的電源都會去往何處以及與哪些 GPU 連接的具體細節。但我可以說的是，我們今年贏得了一些新設計，明年將實現大量生產。實際上，我們現在正在進行的設計將在 27 年實現量產。所以我認為我們會跟上。

It's basically a very rapid design cycle now where we have to work closely with the customer so that they can hit their design windows based on these new GPUs. So it's a very dynamic environment, but we're winning at a very high rate.

現在基本上是一個非常快速的設計週期，我們必須與客戶密切合作，以便他們可以基於這些新的 GPU 來實現他們的設計目標。所以這是一個非常動態的環境，但我們的獲勝率非常高。

Got it. And fair to characterize it that you may not be adding many new customers, but --

知道了。公平地說，你可能不會增加很多新客戶，但是--

Yes. I think I wouldn't say we're adding many new customers, Brian. But I would say within the customer base that we address, we're adding more and more projects. So our risk is somewhat mitigated by the number of projects we're engaged in. And we're also able to reuse a lot of technology from generation to generation, which allows us to turn these new designs quickly.

是的。布萊恩，我想我不會說我們增加了很多新客戶。但我想說，在我們所針對的客戶群中，我們正在增加越來越多的項目。因此，我們參與的專案數量在一定程度上降低了我們的風險。我們也能夠重複使用許多代代相傳的技術，這使我們能夠快速地轉變這些新設計。

I think moving forward, we will be able to engage in some ancillary opportunities where we could reuse technology blocks, we've developed for other customers. But at the end of the day, the limiting factor for many of these customers is going to be engineering bandwidth. So we have to make sure we don't overextend ourselves and that we service our main customers to the best of our abilities.

我認為，展望未來，我們將能夠參與一些輔助機會，在這些機會中我們可以重複使用我們為其他客戶開發的技術模組。但最終，對許多客戶來說，限制因素是工程頻寬。因此，我們必須確保自己不會過度擴張，並盡最大努力為主要客戶提供服務。

James Ricchiuti, Needham & Company.

詹姆斯·里基烏蒂（James Ricchiuti），李約瑟公司。

Is there any way to characterize the margin profile of the new design wins in Data Center relative to some of the legacy Data Center products you've sold into this market?

有沒有辦法描述資料中心新設計獲勝的利潤狀況，相對於您在這個市場上銷售的一些傳統資料中心產品？

Yes. I think the best way to think about that, Jim, if you go back two or three years ago, we talked about this market being highly dilutive. And if you go back a year or two before that, you could see the numbers from what we acquired Artesyn at, which had margins overall in the low 20s, and it had -- that included I&M, which was above our corporate model.

是的。吉姆，我認為思考這個問題的最好方法是，如果你回顧兩三年前，我們討論過這個市場是高度稀釋的。如果你回顧一兩年前的情況，你可以看到我們收購 Artesyn 時的數據，當時的利潤率總體在 20% 出頭，其中包括 I&M，這高於我們的公司模式。

So it's been historically quite dilutive. As we've talked about over time, we've been able to rationalize the portfolio and our new products are much closer to the corporate average.

因此從歷史上看，它的稀釋作用相當大。正如我們長期以來所討論的那樣，我們已經能夠合理化產品組合，我們的新產品也更接近企業平均值。

So on balance, we're not at the corporate average at this point, but the dilutive impact is much less. In fact, we've said that as the mix shifts around, we kind of expect that to live within a band of plus or minus 50 basis points. And of course, this quarter, our percentage of Data Center revenue was up, I think, 8 points or something, quite a lot.

因此，總的來說，我們目前的水平還沒有達到企業平均水平，但稀釋影響卻小得多。事實上，我們已經說過，隨著組合的變化，我們預期它將處於正負 50 個基點的區間內。當然，本季度，我們的資料中心收入百分比上升了，我想，上升了 8 個百分點左右，相當多。

And we were able basically to stay on our margin targets. So we absorbed, if you will, kind of the dilutive effect within our model really without any problems. And so I think that demonstrates that we're approaching the corporate average there.

我們基本上能夠保持我們的利潤目標。因此，如果你願意的話，我們可以吸收模型中的稀釋效應，而實際上沒有任何問題。所以我認為這表明我們正在接近企業平均值。

That's helpful, Paul. And Steve, you talked about these ancillary opportunities looking out to 2026. Is there any way of sizing that? I mean these -- I would think these have been enterprise customers you've been selling to, but this is now being driven by the AI demand. Is that a fair way to characterize it?

這很有幫助，保羅。史蒂夫，您談到了展望 2026 年的這些輔助機會。有沒有什麼方法可以確定其大小？我的意思是——我認為這些都是你一直在向其銷售產品的企業客戶，但現在是由人工智慧需求所驅動的。這是公平的描述方式嗎？

Yes, that's a good way to characterize it, James. There's enterprise customers and some other new customers that have appeared. And generally, we'll entertain those opportunities where we could do so without stretching our engineers too far. So we try to reuse as much as possible and execute.

是的，這是一個很好的描述方式，詹姆斯。已經出現了企業客戶和一些其他新客戶。總的來說，只要不給我們的工程師太大的壓力，我們就會考慮這些機會。因此我們嘗試盡可能地重複使用並執行。

We're also installing a lot of new capacity in our factories in the Philippines and Mexico to support these opportunities, not just for our biggest customers, but also some of the smaller ones.

我們還在菲律賓和墨西哥的工廠安裝了大量新產能，以支持這些機會，不僅針對我們最大的客戶，也針對一些較小的客戶。

Got it. And just one other quick question, just maybe to switch over to I&M. Has there been -- or is there any impact from the recent design wins in I&M on the growth that you're expecting in the second half? Or is that -- what you're seeing, is that mainly the market recovery and these design wins are more of a '26 story?

知道了。還有一個快速問題，也許可以切換到 I&M。I&M 近期的設計勝利是否對您預期的下半年成長產生了影響？或者說——您所看到的主要是市場復甦，而這些設計的勝利更像是 26 年的故事？

I think it's a bit of both. Obviously, the market has gone through an extended correction period, and we're starting to see stocking orders. We're starting to see orders from customers we haven't seen orders from in quite some time. So that's more due to the market.

我認為兩者都有。顯然，市場已經經歷了一段較長的調整期，我們開始看到備貨訂單。我們開始看到一些很久沒見過的客戶的訂單。所以這比較是由於市場的原因。

But in addition, we're seeing some of these wins that we've recorded over the past, say two years, start to contribute to our revenue growth in the second half of this year.

但除此之外，我們看到過去兩年取得的一些勝利開始為我們今年下半年的營收成長做出貢獻。

I think you'll see that accelerate next year because we have quite a backlog of design wins. And the dynamic is that most customers, they're working through their inventory, and they're waiting for that inventory to clear before they ramp their new products. So we think '26 is going to be a good year for Industrial and Medical, and we think we're going to gain share next year and into '27.

我認為明年你會看到這一進程加速，因為我們有相當多的設計訂單積壓。實際情況是，大多數客戶都在處理庫存，等待庫存清空後再推出新產品。因此，我們認為 26 年對於工業和醫療行業來說將是豐收的一年，我們認為明年和 2027 年我們的市場份額將會成長。

Mark Miller, Benchmark.

馬克·米勒，基準。

I'm just wondering if you can give us some feeling if you're seeing any pull-ins from Data Center customers or any double ordering or if inventory levels, if they're overstocking inventory in anticipation of demand?

我只是想知道您是否可以告訴我們，您是否看到資料中心客戶有任何拉貨或任何重複訂購的情況，或者庫存水準是否過高，他們是否為了滿足預期需求而囤積庫存？

Yes, Mark, we don't see that, quite frankly. In Data Center, we're certainly being expedited, but that's because the demand continues to increase. In Industrial and Medical, what we see right now is that most customers are still recovering from the supply chain shock associated with the COVID supply chain issues. And so there's a reluctance to put in place inventory as insurance.

是的，馬克，坦白說，我們沒有看到這一點。在資料中心，我們的速度肯定正在加快，但這是因為需求持續增加。在工業和醫療領域，我們目前看到的情況是，大多數客戶仍在從與 COVID 供應鏈問題相關的供應鏈衝擊中恢復。因此人們不願意設立庫存作為保險。

I also think there's a lot of uncertainty about the tariffs themselves. And so I think people are taking a wait-and-see attitude, and they're trying to match their orders to real demand.

我還認為關稅本身存在著許多不確定性。因此我認為人們正在採取觀望態度，並試圖將訂單與實際需求相匹配。

We're starting to see after some time of depressed pricing, NAND pricing is starting to improve. Any feeling about in terms of NAND improvements next year, if that would be an opportunity for you?

我們開始看到，在經歷了一段時間的價格低迷之後，NAND 價格開始回升。對於明年的 NAND 改進，您有何看法？這對您來說是否是一個機會？

For us, we're less exposed to NAND than to the other parts of Semiconductor. So where we're most excited is for leading edge logic as well as DRAM because that's where our products are being evaluated, and that's where they're going to go into production next year.

對我們來說，與半導體的其他部分相比，我們對 NAND 的關注較少。因此，我們最興奮的是前沿邏輯和 DRAM，因為我們的產品正在那裡接受評估，而且它們明年也將在那裡投入生產。

I think we're also participating in NAND, but there's really less activity there as far as capacity additions. There's some upgrade activity going on, but that's not a big area for us at this point in time.

我認為我們也參與了 NAND 領域，但就產能增加而言，活動確實較少。目前正在進行一些升級活動，但這對我們來說不是一個大領域。

(Operator Instructions)

（操作員指示）

Scott Graham, Seaport Research Partners.

斯科特·格雷厄姆，海港研究合作夥伴。

Congratulations on a good quarter. I was hoping that you would, at this point, be able to with your eVoS, eVerest and NavX, maybe be able to quantify a little bit what that's meaning to Semi. Was that maybe half of the growth year-over-year in that segment? Is that something you can tell us?

恭喜本季業績良好。我希望此時您能夠利用 eVoS、eVerest 和 NavX，稍微量化一下這對 Semi 意味著什麼。這是否是該領域年增率的一半？您能告訴我們一些事情嗎？

Yes, it's a good question, Scott. It's difficult for us to quantify that for a number of reasons competitively. What we said is we expect that number to double from last year, what we call revenue from those three products. And Steve just commented that it's in the double-digit millions of revenues this year. So we always expected it to be a slow start because of the way these products ramp and that it would contribute a little bit to growth in the second half.

是的，這是個好問題，史考特。由於多種競爭原因，我們很難量化這一點。我們說的是，我們預計這個數字將比去年翻一番，我們稱之為這三種產品的收入。史蒂夫剛才表示，今年的收入將達到數百萬美元。因此，我們一直預期由於這些產品的成長方式，開局會比較緩慢，但下半年會為成長做出一點貢獻。

I think separately, we said think in the 1% range of 1% to 2%. But we expect that to pick up next year as these products move out of this early production phase and into more of a ramp phase. So we're encouraged by the progress we're seeing.

我認為，我們分別認為在 1% 到 2% 的範圍內。但我們預計，隨著這些產品走出早期生產階段，進入產能提升階段，明年這數字將會回升。因此，我們對所看到的進展感到鼓舞。

In that regard, I think it's following that normal process. And the good news, we continue to have a lot of irons in the fire on a number of applications and a number of customers who are still working through that qualification process.

從這個角度來說，我認為它遵循的是正常程序。好消息是，我們仍在為大量申請和大量客戶進行資格認證流程的審核。

Industrial and Medical, I was hoping that certainly with 50% of sales through distributors, I assume that they're showing you POS data, and I was hoping you'd be able to share that with us.

工業和醫療，我希望透過經銷商實現 50% 的銷售，我假設他們會向您展示 POS 數據，我希望您能夠與我們分享這些數據。

Yes. What we've shared is that for five quarters now, our sales into the channel have been less than the sales out of the resale data, right? So that's led to a decrease in inventory, and I think an increased willingness from distribution to stock products, particularly new products.

是的。我們分享的是，目前五個季度以來，我們的通路銷售額一直低於轉售數據的銷售額，對嗎？因此，這導致庫存減少，而且我認為分銷商對庫存產品（尤其是新產品）的意願增加了。

So I think that the trend is favorable. It's just -- it's obviously taken some time for the distributors to work down their inventories and also for the end customers to work through their inventories.

所以我認為趨勢是有利的。只是——分銷商顯然需要一些時間來減少庫存，最終客戶也需要一些時間來消耗庫存。

But what we see now is that some end customers have worked through them, others have not. And so that's why we think the recovery in I&M is going to be gradual. The other issue there in I&M is the tariff impact. And so a lot of the Industrial Medical customers tend to be small or medium-sized, and they're not in a great position to mitigate some of the tariffs.

但我們現在看到的是，有些最終客戶已經解決了這些問題，而其他的則還沒有。因此，我們認為 I&M 的復甦將會是漸進的。I&M 中的另一個問題是關稅影響。因此，許多工業醫療客戶往往是中小型客戶，他們沒有能力減輕部分關稅。

Thank you. At this time, this will conclude our question-and-answer session and will also conclude today's conference. Ladies and gentlemen, we do thank you for your participation. This concludes today's conference. You may now disconnect your lines and have a wonderful day.

謝謝。至此，我們的問答環節就結束了，今天的會議也結束了。女士們、先生們，我們非常感謝你們的參與。今天的會議到此結束。現在您可以斷開線路並享受美好的一天。