艾克爾 (AMKR) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology second-quarter 2025 earnings conference call. My name is Diego, and I will be your conference facilitator today. (Operator Instructions) As a reminder, this conference is being recorded.

女士、先生們，大家好，歡迎參加 Amkor Technology 2025 年第二季財報電話會議。我叫 Diego，今天我將擔任你們的會議主持人。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the call over to Jennifer Jue, Head of Investor Relations. Ms. Jue, please go ahead.

現在我想將電話轉給投資者關係主管 Jennifer Jue。珏小姐，請說。

Good afternoon and welcome to Amkor's second-quarter 2025 earnings conference call. Joining me today are CEO, Giel Rutten; and CFO, Megan Faust. Our earnings press release was filed with the SEC this afternoon, and is available on the Investor Relations page of our website, along with the presentation slides that accompany today's call.

下午好，歡迎參加 Amkor 2025 年第二季財報電話會議。今天與我一起出席的還有執行長 Giel Rutten 和財務長 Megan Faust。我們的收益新聞稿已於今天下午提交給美國證券交易委員會 (SEC)，並可在我們網站的「投資者關係」頁面上查閱，同時還可查看今天電話會議的簡報幻燈片。

During this presentation, we will use non-GAAP financial measures, and you can find the reconciliation to the comparable GAAP financial measures in the slides. We will make forward-looking statements today based on our current beliefs, assumptions, and expectations.

在本次簡報中，我們將使用非 GAAP 財務指標，您可以在投影片中找到與可比較 GAAP 財務指標的對帳。今天我們將根據我們目前的信念、假設和期望做出前瞻性陳述。

Such statements are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our press release and SEC filings for a discussion on the risk factors and uncertainties that may affect our future results.

此類聲明受風險和不確定性的影響，可能導致實際結果大不相同。請參閱我們的新聞稿和美國證券交易委員會文件，以了解可能影響我們未來業績的風險因素和不確定性。

We assume no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this presentation, except as may be required by applicable law. With that, I will now turn the call over to Giel.

我們不承擔更新任何前瞻性聲明以反映本簡報日期之後發生的事件或情況的義務，除非適用法律可能要求。說完這些，我現在將電話轉給吉爾。

Thank you, Jennifer. Good afternoon, everyone, and thank you for joining the call today. Amkor delivered second quarter revenue of $1.51 billion, an increase of 14% sequentially, well above expectations, and with all end markets showing double digit sequential growth.

謝謝你，詹妮弗。大家下午好，感謝大家參加今天的電話會議。Amkor 第二季營收為 15.1 億美元，季增 14%，遠高於預期，所有終端市場均達到兩位數的環比成長。

I'm pleased with the way the team adapted quickly to support customers amid complex global conditions. They showed agility and flexibility by accelerating product transfers and volume increases, delivering strong revenue growth.

我很高興看到團隊在複雜的全球環境下能夠快速適應並為客戶提供支援。他們透過加速產品轉移和產量增加表現出敏捷性和靈活性，實現了強勁的收入成長。

At the same time, the environment in which we operate remains dynamic. We continue to monitor export controls and trade policies, working closely with customers and suppliers to address potential impacts. Our factory operations, which are largely situated in the free trade zones, remain resilient while supporting dynamic supply needs.

同時，我們經營的環境仍然處於動態之中。我們持續監控出口管制和貿易政策，並與客戶和供應商密切合作，以應對潛在影響。我們的工廠業務主要位於自由貿易區，在支援動態供應需求的同時保持彈性。

Within our end markets, communications grew 15% sequentially driven by the iOS ecosystem. Android revenue will remained flat sequentially, and increased 7% year-on-year. We expect a strong third quarters driven by the launch of the next generation premium driven smartphones. As AI expands into edge devices, we are working closely with lead customers to assess future device needs and develop advanced packaging solutions to support these innovations.

在我們的終端市場中，受 iOS 生態系統的推動，通訊量較上季成長了 15%。Android 營收將與上一季持平，年增 7%。我們預計，受下一代高階智慧型手機推出的推動，第三季業績將表現強勁。隨著人工智慧擴展到邊緣設備，我們正在與主要客戶密切合作，評估未來的設備需求並開發先進的封裝解決方案來支援這些創新。

In computing, revenue increased 16% from the first quarter, driven by new product ramps in personal computing as well as growth in memory. Looking ahead to the third quarter, we expect sequential revenue growth across data centers, infrastructure, and personal computing.

在運算領域，營收較第一季成長了 16%，這得益於個人運算領域新產品的推出以及記憶體的成長。展望第三季度，我們預期資料中心、基礎設施和個人運算的收入將持續成長。

Demand for AI and high performance computing applications continues to expand, and our project pipeline remains robust. Export control dynamics led to several supply challenges in the quarter. However, by working closely with our customers, we were able to rapidly respond to the changing demand environments.

對人工智慧和高效能運算應用的需求持續擴大，我們的專案儲備依然強勁。出口管制動態導致本季出現多項供應挑戰。然而，透過與客戶密切合作，我們能夠快速回應不斷變化的需求環境。

A major milestone in the quarter was the launch of the first High-Density Fan-Out product in high volume production for our lead customer. Besides our proven 2.5D technologies, High-Density Fan-Out utilizing RDL interconnect technology is a critical enabler for growth in the compute domain.

本季的一個重要里程碑是為我們的主要客戶推出了第一款量產的高密度扇出型產品。除了我們成熟的 2.5D 技術之外，利用 RDL 互連技術的高密度扇出也是運算領域成長的關鍵推動因素。

Revenue in the automotive and industrial market grew 11% sequentially, driven by new product launches for ADAS applications across multiple customers. After eight consecutive quarters of year-on-year declines, Q2 marked an inflection point with 6% year-on-year growth.

受多家客戶推出 ADAS 應用新產品的推動，汽車和工業市場收入較上季成長 11%。在連續八個季度年減後，第二季出現拐點，較去年同期成長6%。

For the third quarter, we expect modest sequential revenue growth. Engagements with lead customers in the automotive domain shows growing interest in advanced packaging technologies like 2.5D for next generation solutions. Our presence in the computing market and our global manufacturing footprint position us well to capture these future automotive opportunities.

對於第三季度，我們預計營收將環比溫和成長。與汽車領域主要客戶的合作表明，他們對下一代解決方案中 2.5D 等先進封裝技術的興趣日益濃厚。我們在計算市場的存在和全球製造足跡使我們能夠抓住未來的汽車機會。

Lastly, in consumer, revenue increased 16% sequentially on market share gains in wearables, as well as broad-based demand improvement in traditional products. Next quarter, consumer revenue is expected to be flat. Looking ahead to the third quarter, we expect these positive trends to continue, supporting strong sequential growth and position us well for sustainable long-term success.

最後，在消費領域，由於穿戴式裝置市場份額的成長以及傳統產品需求的廣泛改善，營收季增了 16%。下個季度，消費者收入預計將持平。展望第三季度，我們預計這些積極趨勢將持續下去，支持強勁的連續成長，並為我們實現可持續的長期成功做好準備。

Amkor strategy focuses on delivering differentiating technology solutions, expanding our global footprint to support customer supply chains, and collaborating with lead customers early in their product development.

Amkor 的策略重點在於提供差異化技術解決方案、擴大我們的全球影響力以支援客戶供應鏈，並在產品開發早期與主要客戶合作。

Last quarter, I discussed these strategic pillars. Today, I will highlight our technology differentiation and strong capability to deliver next generation solutions for our computing customers. The accelerated development of AI is significantly changing to computing domain, in terms of technology requirements, rate of innovation, and regional requirements for manufacturing facilities.

上個季度，我討論了這些戰略支柱。今天，我將重點介紹我們的技術差異化以及為運算客戶提供下一代解決方案的強大能力。人工智慧的加速發展正在顯著改變運算領域，無論是技術要求、創新速度還是製造設施的區域要求。

Amkor is expanding its strategic presence in this market. Following a record computing revenue in 2024, we sustained momentum in the first half of 2025, with 18% year-over-year growth. Our customers spend the full compute ecosystem, from CPUs, GPUs, and AI accelerators to memory networking and peripherals.

Amkor 正在擴大其在該市場的策略影響力。繼 2024 年計算收入創下紀錄後，我們在 2025 年上半年保持了成長勢頭，年增 18%。我們的客戶花費了完整的運算生態系統，從 CPU、GPU 和 AI 加速器到記憶體網路和周邊設備。

We collaborate with industry leaders across these domains, supporting advanced technologies like High-Density Fan-Out, advanced flip chip, and System in Package.

我們與這些領域的產業領導者合作，支援高密度扇出、先進倒裝晶片和系統級封裝等先進技術。

Our proof of 2.5D and High-Density Fan-Out solutions excel for high bandwidth memory integration and high density interconnects, while our flip chip and multi-chip module portfolio is preferred for other high performance, non-high bandwidth memory applications.

我們的 2.5D 和高密度扇出解決方案經過驗證，非常適合高頻寬記憶體整合和高密度互連，而我們的倒裝晶片和多晶片模組產品組合則是其他高效能、非高頻寬記憶體應用的首選。

Besides advanced packaging solutions, we continue to invest in the development of key enabling technologies, including advanced bonding and high conductive thermal materials, to meet demanding performance and reliability requirements.

除了先進的封裝解決方案外，我們還繼續投資開發關鍵支援技術，包括先進的鍵合和高導熱材料，以滿足苛刻的性能和可靠性要求。

As innovation accelerates, our role evolves from a trusted manufacturing partner to a collaborative development partner, enabling our customers' technology roadmaps and bringing next generation solutions to markets.

隨著創新的加速，我們的角色從值得信賴的製造合作夥伴轉變為協作開發合作夥伴，支援客戶的技術路線圖並將下一代解決方案推向市場。

Along with advanced packaging, we are building a comprehensive test platform to provide turnkey solutions that address growing device complexity. We are upgrading our tester fleet to support high density digital pins and power supplies.

除了先進的封裝之外，我們還在建造一個綜合測試平台，以提供解決日益增長的設備複雜性的交鑰匙解決方案。我們正在升級我們的測試儀組以支援高密度數位引腳和電源。

We are investing in next generation temperature stability handling systems, as well as high power burn-in and system level tests. In parallel, we are upskilling our test engineering to meet the demands of AI and high performance computing applications.

我們正在投資下一代溫度穩定性處理系統，以及高功率老化和系統級測試。同時，我們正在提升測試工程能力，以滿足人工智慧和高效能運算應用的需求。

Offering a full turnkey solution for the computing market is a key part of our strategy, and test revenue in this market grew approximately 50% year-over-year in the first half of 2025. We are expanding test operations in Korea, with Phase 1 of the turnkey test expansion projected to be operational by the end of this year, and Phase 2 following in the first half of 2027.

為計算市場提供完整的交鑰匙解決方案是我們策略的關鍵部分，2025 年上半年該市場的測試收入年增約 50%。我們正在韓國擴大測試運營，交鑰匙測試擴展的第一階段預計將於今年年底投入運營，第二階段預計將於 2027 年上半年投入運營。

We are planning to deploy these test solutions in our new Arizona facility to support a full turnkey US supply chain. Our advanced packaging and test lines in Korea and Taiwan supporting computing are running at high levels of utilization, and capacity expansions are a substantial part of our 2024 and 2025 CapEx spends.

我們計劃在新的亞利桑那州工廠部署這些測試解決方案，以支援完整的交鑰匙美國供應鏈。我們位於韓國和台灣的支援計算的先進封裝和測試線正在高利用率運行，產能擴張是我們 2024 年和 2025 年資本支出的重要組成部分。

Although investments are sizable, these lines generate margins above corporate average. Strong forecasted demand is driving continued capacity expansion in both of these locations. This comprehensive strategy positions us as a trusted partner to the world's largest semiconductor companies.

儘管投資規模龐大，但這些生產線產生的利潤卻高於企業平均。強勁的預測需求正在推動這兩個地區的產能持續擴張。這項綜合策略使我們成為全球最大半導體公司的值得信賴的合作夥伴。

With a clear strategic focus and distinct competitive advantages, we are well positioned for growth. With that, I will now turn the call over to Megan to provide more details on our second quarter performance and near-term outlook.

憑藉著明確的策略重點和獨特的競爭優勢，我們已做好充分的成長準備。現在，我將把電話轉給梅根，讓她提供有關我們第二季業績和近期前景的更多細節。

Thank you, Giel, and good afternoon, everyone. Second quarter revenue was $1.51 billion, exceeding the high end of our guidance range. We achieved strong sequential revenue growth of 14%, and year-on-year growth of 3%.

謝謝你，吉爾，大家下午好。第二季營收為 15.1 億美元，超出了我們預期範圍的上限。我們實現了強勁的連續收入成長 14%，年增 3%。

Our team excelled, achieving strong revenue growth by supporting our customers while navigating a dynamic environment with agility, delivering on critical milestones, and executing focused preparations for a robust ramp in the third quarter. Second quarter gross profit was $182 million, and gross margin was 12%.

我們的團隊表現出色，透過支持我們的客戶，靈活地應對動態環境，實現關鍵里程碑，並為第三季的強勁成長做好重點準備，實現了強勁的營收成長。第二季毛利為1.82億美元，毛利率為12%。

This includes approximately $25 million in preparation costs for both the robust seasonal increase in Q3, supporting advanced SiP for communications, as well as launching multiple new High-Density Fan-Out products ramping in the coming quarters.

其中包括約 2,500 萬美元的準備成本，用於應對第三季強勁的季節性成長、支援用於通訊的先進 SiP，以及推出未來幾季推出的多款新型高密度扇出型產品。

We are pleased with the successful ramp of high-volume manufacturing at our Vietnam facility. We are running advanced SiP, supporting the consumer and communications end markets as well as NAND memory products.

我們很高興看到越南工廠成功實現大量生產。我們正在運行先進的 SiP，支援消費和通訊終端市場以及 NAND 記憶體產品。

While we continue to build scale, Vietnam will impact our gross margin. In Q2, the impact was approximately 125 basis points, and we expect this will improve in the second half of 2025 as we optimize utilization. Q2 gross margin was constrained by foreign currency headwinds of approximately 80 basis points as compared to Q1.

在我們繼續擴大規模的同時，越南將影響我們的毛利率。在第二季度，影響約為 125 個基點，我們預計隨著利用率的優化，這一情況將在 2025 年下半年得到改善。與第一季相比，第二季的毛利率受到外匯不利因素的影響，下降了約 80 個基點。

Second quarter operating income was $92 million and operating income margin was 6.1%, which included a non-routine $32 million benefit due to a contingent payment related to our 2017 NANIUM acquisition. Net income was $54 million, and EPS was $0.22, including $16 million and $0.07, respectively, attributable to the contingent payment.

第二季營業收入為 9,200 萬美元，營業收入利潤率為 6.1%，其中包括因 2017 年收購 NANIUM 相關的或有支付而產生的 3,200 萬美元非常規收益。淨收入為 5,400 萬美元，每股收益為 0.22 美元，其中歸因於或有支付的淨收入為 1,600 萬美元，每股收益為 0.07 美元。

Second quarter EBITDA was $259 million, including $32 million attributable to the contingent payment. EBITDA margin was 17.1%. We ended the quarter with a stronger balance sheet and greater financial flexibility.

第二季的 EBITDA 為 2.59 億美元，其中包括 3,200 萬美元的或有付款。EBITDA利潤率為17.1%。我們以更強勁的資產負債表和更大的財務靈活性結束了本季。

Amkor is focused on creating long-term shareholder value through a balanced and disciplined capital allocation strategy with four key priorities. One, investing in organic growth, by expanding our manufacturing footprint and advanced packaging capabilities; two, making selective strategic investments to enable regional supply chain or for tuck-in opportunities; three, maintaining balance sheet strength and flexibility; and four, returning capital to shareholders within our established framework of returning 40% to 50% of free cash flow over time.

Amkor 致力於透過平衡、嚴謹的資本配置策略創造長期股東價值，並專注於四個關鍵重點。第一，透過擴大我們的製造足跡和先進的封裝能力來投資有機成長；第二，進行選擇性策略投資，以支持區域供應鏈或獲取補充機會；第三，保持資產負債表的實力和靈活性；第四，在我們既定的框架內向股東返還資本，即隨著時間的推移，返還 40% 至 50% 的自由現金流。

To further strengthen our balance sheet and liquidity, we replaced our $600 million credit agreement with a new $1 billion revolver, and executed a $500 million term loan. As we prepare to begin construction of our new US manufacturing facility in the second half of 2025, these transactions ensure access to an appropriate amount of capital on favorable terms.

為了進一步加強我們的資產負債表和流動性，我們用新的 10 億美元循環信貸協議取代了 6 億美元的信貸協議，並執行了 5 億美元的定期貸款。當我們準備在 2025 年下半年開始建造新的美國製造工廠時，這些交易確保了我們能夠以優惠的條件獲得適當的資金。

As of June 30, cash and short-term investments were $2 billion, and total liquidity was $3.1 billion. Our total debt as of the end of the quarter was $1.6 billion, and our debt-to-EBITDA ratio was 1.5 times. During July, we will use proceeds from the new term loan to pay down $223 million of debt.

截至6月30日，現金和短期投資為20億美元，總流動資金為31億美元。截至本季末，我們的總負債為 16 億美元，負債與 EBITDA 比率為 1.5 倍。7 月份，我們將使用新定期貸款的收益償還 2.23 億美元的債務。

Before I move on to the third quarter outlook, I would like to address the underutilized manufacturing assets that constrain profitability. Over the past several quarters, our focus on strategic growth and capacity expansion in high-performance computing, AI and other high-growth advanced packages has coincided with soft demand for mainstream packages.

在談到第三季展望之前，我想先談談限制獲利能力的製造資產利用不足問題。在過去的幾個季度中，我們專注於高效能運算、人工智慧和其他高成長先進封裝的策略性成長和產能擴張，這與主流封裝的疲軟需求相吻合。

While the mainstream business remains an important part of our portfolio and we observed the first signs of an improving outlook, we recognize the need to optimize our footprint for a more efficient cost structure. In response, we are progressing plans to rationalize our manufacturing footprint, specifically considering our seven factories in Japan, to align capacity with market conditions. We will work closely with our customers to ensure a seamless transition. We will share more details on these plans at our next earnings call.

雖然主流業務仍然是我們投資組合的重要組成部分，我們已經觀察到前景改善的初步跡象，但我們認識到需要優化我們的業務範圍，以實現更有效率的成本結構。作為回應，我們正在推進合理化製造足跡的計劃，特別是考慮到我們在日本的七家工廠，以使產能與市場情況保持一致。我們將與客戶密切合作，確保順利過渡。我們將在下次收益電話會議上分享有關這些計劃的更多細節。

And now on to our third quarter outlook. We expect revenue between $1.875 billion and $1.975 billion, representing growth of 27% sequentially at the midpoint. We anticipate robust seasonal growth in communications to support new product introductions for the fall launch of premium tier smartphones as well as growth in the computing end market.

現在來談談我們第三季的展望。我們預計營收在 18.75 億美元至 19.75 億美元之間，中間值環比成長 27%。我們預計通訊產業將出現強勁的季節性成長，以支援秋季推出的高階智慧型手機新產品的推出以及計算終端市場的成長。

We expect our other end markets to be flat to slightly up. Gross margin is expected to be between 13% and 14.5%. We anticipate an increase in material content due to the product mix concentrated in advanced SiP, similar to Q3 2024.

我們預計其他終端市場將持平或略有上漲。預計毛利率在13%至14.5%之間。由於產品組合集中在先進的 SiP 中，我們預期材料含量會增加，類似於 2024 年第三季的情況。

We expect operating expenses of around $125 million for the third quarter, and a full year effective tax rate of around 20%, excluding discrete items. We anticipate that profitability will expand at a higher rate than revenue given the leverage in our financial model.

我們預計第三季的營運費用約為 1.25 億美元，全年有效稅率約為 20%（不包括單一項目）。考慮到我們的財務模型中的槓桿作用，我們預期獲利能力的成長速度將高於收入的成長速度。

As a result, third quarter net income is expected to be between $85 million and $120 million, resulting in EPS between $0.34 and $0.48. Our CapEx forecast for 2025 remains unchanged at $850 million. Our investments are focused on expanding capacity and capability for leading-edge technology, including High-Density Fan-Out, advanced SiP and test solutions.

因此，預計第三季淨利將在8,500萬美元至1.2億美元之間，每股收益將在0.34美元至0.48美元之間。我們對2025年的資本支出預測維持不變，仍為8.5億美元。我們的投資重點是擴大尖端技術的產能和能力，包括高密度扇出、先進的 SiP 和測試解決方案。

In closing, our second quarter results reflect consistent progress across key areas of our business, supported by disciplined execution and continued investment in strategic priorities. As we look ahead, we see opportunities to further enhance our operational efficiency.

最後，我們的第二季業績反映了我們業務關鍵領域的持續進展，這得益於嚴格的執行和對策略重點的持續投資。展望未來，我們看到了進一步提高營運效率的機會。

We are entering the third quarter with strong momentum and with a clear focus on our strategic pillars, a strong balance sheet and commitment to long-term value creation, we are well positioned to deliver sustainable growth and shareholder returns. With that, we will now open the call up for your questions. Operator?

我們正以強勁的勢頭進入第三季度，並明確關注我們的戰略支柱、強勁的資產負債表和對長期價值創造的承諾，我們已做好準備實現可持續增長和股東回報。現在，我們將開始回答大家的提問。操作員？

(Operator Instructions) Joe Moore, Morgan Stanley.

（操作員指示）摩根士丹利的喬·摩爾。

Great, thank you. I wonder if you could talk to -- I'll just ask both of my questions at once. The gross margin in the September quarter, I guess there's a little less fall-through than I might have thought, given the strong revenue.

太好了，謝謝。我想知道您是否可以談談——我會一次問這兩個問題。考慮到強勁的收入，我想 9 月季度的毛利率下降幅度會比我想像的要小。

And you mentioned the mix shift (inaudible) can you just give us a little bit more color on the short-term gross margin. And then long term, you mentioned some consolidation with more legacy facilities. Can you talk about where gross margins can get to as you kind of resolve some of those issues? Thank you.

您提到了混合轉變（聽不清楚），您能否給我們一些有關短期毛利率的更多資訊。從長遠來看，您提到了與更多傳統設施進行整合。您能談談在解決其中一些問題後毛利率能達到多少嗎？謝謝。

Okay, Joe, good afternoon. Let me start with some introductory remarks, and then Megan can give more detail on the specifics. Well, first of all, second quarter, third quarter, a few elements impacted our margin. These elements relate very much through a transition in our manufacturing base.

好的，喬，下午好。我先做些介紹，然後梅根可以詳細介紹具體細節。首先，第二、第三季度，有幾個因素影響了我們的利潤率。這些因素與我們製造業基礎的轉型密切相關。

Let me start with Vietnam first and reiterate the strategic rationale on Vietnam, where we offer our customers an alternative to a China supply chain. And on top of that, Vietnam is a cost-effective location for SiP that we transfer out of Korea.

我先從越南開始，重申我們在越南的戰略理由，我們為客戶提供中國供應鏈的替代方案。最重要的是，對於我們從韓國轉移出的 SiP 來說，越南是一個具有成本效益的地點。

Now it's important location, and we accelerated the transition and the ramp-up in Vietnam originally, we started with two lead customers in Vietnam, but currently already 5 of our top 10 customers are in Vietnam, and we are qualifying these customers.

現在，它是一個非常重要的地點，我們最初加速了在越南的轉型和發展，我們從越南的兩個主要客戶開始，但目前我們的前十大客戶中已經有五個在越南，我們正在對這些客戶進行資格審查。

That led some increased cost in the quarter because our initial ramp-up is focused very much on the execution and operational excellence and not per se on cost efficiency. We believe that Vietnam long term is a very cost-efficient location but in this stage, I think we're basically focusing very much on operational performance.

這導致本季成本增加，因為我們最初的成長主要集中在執行和卓越營運上，而不是成本效率本身。我們相信，從長遠來看，越南是一個非常具有成本效益的地點，但在這個階段，我認為我們基本上非常關注營運績效。

Secondly, Korea. Korea were -- also a bit in the transition. I already mentioned that we're offloading some of the SiP business in Vietnam, and we're doing that successfully. And next to that, we are ramping up our advanced products in Korea.

其次是韓國。韓國也正處於轉型期。我已經提到過，我們正在卸載越南的部分 SiP 業務，而且我們正在成功完成這項工作。除此之外，我們還在韓國加大先進產品的力度。

Korea is our advanced products Center of Excellence. We have our R&D location in Korea and the new ramp-up of, specifically, High-Density Fan-Out products in Korea increased our cost base to some extent because we had startup costs for these products.

韓國是我們先進產品卓越中心。我們的研發中心位於韓國，特別是高密度扇出型產品在韓國的新增產能在一定程度上增加了我們的成本基礎，因為我們有這些產品的啟動成本。

Now next to that, Megan already indicated, Japan. We have underutilization in Japan that takes longer than we anticipated, and that leads to reevaluating that manufacturing base. Next to that, we had some elements and Megan will talk to that with respect to exchange rates, et cetera. So these were, let's say, the top level topics. Megan, can you take it over to give some of the details.

接下來，梅根已經提到日本了。我們在日本的利用率低於預期，這比我們預期的時間要長，導致我們重新評估該製造基地。除此之外，我們還將討論一些與匯率等相關的因素。所以這些可以說是頂級話題。梅根，您能否接手並提供一些細節。

Sure, Giel. Joe, just coming back to the gross margin for Q3, you mentioned the flow-through, that flow-through is actually a little bit better than last year's Q3, but the story is really the same. It's an unfavorable product mix in Q3. And that's primarily related to a very high concentration of advanced SiP, supporting the seasonal communications ramp, but also the continuing underutilization of our mainstream business.

當然，吉爾。喬，剛才回到第三季的毛利率問題，你提到了流通，這個流通實際上比去年第三季要好一點，但情況實際上是一樣的。第三季的產品組合不太有利。這主要與先進 SiP 的高度集中有關，支援季節性通訊成長，但也與我們的主流業務持續未充分利用有關。

So while we are seeing that stabilize that divergent landscape is really accentuating that unfavorable product mix to be quite similar to last year's Q3. However, there's good leverage in that financial model. So while that gross margin flow through is constrained on that 27% increase in revenue, you'll note that the operating income and EPS are going to more than double on the bottom line.

因此，雖然我們看到了穩定的局面，但這種分歧確實加劇了不利的產品組合，與去年第三季的情況非常相似。然而，這種金融模式具有良好的槓桿作用。因此，雖然毛利率流受到 27% 的收入成長的限制，但您會注意到營業收入和每股收益將增加一倍以上。

So as it relates to your second part of your question, more on the long-term outlook for margins, including Japan, Giel went through our strategic priorities and how those are playing out through this transition. And we see those strategic investments, not only in Vietnam and as well as bringing up High-Density Fan-Out that those are actually enhancing our competitive advantage and our long-term growth potential.

因此，關於您問題的第二部分，更多關於利潤率的長期前景，包括日本，Giel 介紹了我們的策略重點以及這些重點如何透過這一轉變發揮作用。我們看到這些策略投資不僅在越南，而且還帶來了高密度扇出，這些實際上增強了我們的競爭優勢和長期成長潛力。

So bottom line, our efforts are really paying off with key wins and lead customers and the disciplined execution is translating to very strong growth. So our profitability is impacted during this transition, and we will improve as we optimize over the midterm.

因此，總而言之，我們的努力確實獲得了回報，贏得了關鍵勝利並吸引了主要客戶，而嚴格的執行正在轉化為非常強勁的成長。因此，我們的獲利能力在此轉型期間受到影響，隨著中期優化，我們的獲利能力將得到改善。

As it relates to Japan, we can share more details at a later time once we have the specifics. I did want to remind you though that we had executed on a restructuring activity in Japan several years ago during the prior downturn.

至於與日本有關的問題，一旦我們掌握了具體細節，我們可以稍後分享更多細節。不過，我確實想提醒您，幾年前，在上次經濟衰退期間，我們在日本進行了重整活動。

And over a multiyear period, we were able to successfully close three locations and consolidate business reducing head count and manufacturing costs. So we are working on the plans to rationalize that footprint, and we'll be identifying our primary sites such as Kumamoto and designing a consolidation plan. In addition, we're also looking to raise prices for those customers that might be running very low volumes in order to manage profitability.

在多年的時間裡，我們成功關閉了三個地點並整合了業務，減少了員工數量並降低了製造成本。因此，我們正在製定合理化足跡的計劃，我們將確定我們的主要站點，例如熊本，並設計整合計劃。此外，我們也希望提高那些銷售量很低的客戶的價格，以控制獲利能力。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Yes, good afternoon. Thanks for taking my question. I was wondering if you could maybe comment on sort of the ramp that you expect for your 2.5D program, say, in terms of -- when volume terms this year? And then if you look a little bit further out, what kind of capacity are you directionally preparing for next year? Thank you.

是的，下午好。感謝您回答我的問題。我想知道您是否可以評論一下您對 2.5D 計劃的預期增長，例如今年的產量是多少？然後，如果您看得更遠一些，您為明年準備了什麼樣的產能？謝謝。

Hello, Jim. Yeah, let me give some color on the 2.5D programs. I mean 2.5D is an important program for us. And I think we're working with our lead customer there. It was impacted in the earlier part of the year because of some trade restrictions. Trade restrictions are dynamic and are changing, and that will give us the opportunity to further ramp 2.5D.

你好，吉姆。是的，讓我對 2.5D 程式進行一些介紹。我的意思是 2.5D 對我們來說是一個重要的項目。我認為我們正在與那裡的主要客戶合作。由於一些貿易限制，它在今年早些時候受到了影響。貿易限制是動態的、不斷變化的，這將給我們機會進一步提升 2.5D。

We are an entrance part of that supply chain and we believe that the direction currently being taken of having more open, let's say, trade approach will create increased opportunities not only for Amkor, but for the broader compute ecosystem. So 2.5D is important.

我們是該供應鏈的入口部分，我們相信，目前採取的更開放的方向，例如貿易方式，不僅會為 Amkor 創造更多機會，而且會為更廣泛的計算生態系統創造更多機會。所以 2.5D 很重要。

Next-generation technology is High-Density Fan-Out. We consider that a critical technology. We are proud that we have launched the first products this year. And in the course of the second half of this year, we launched a second product with multiple products to come in the early part of next year.

下一代技術是高密度扇出技術。我們認為這是一項關鍵技術。我們很自豪今年推出了第一批產品。今年下半年，我們推出了第二款產品，並將於明年年初推出多款產品。

It's a foundational technology, not only in compute, but it will also be utilized in next-generation communication devices. So an important milestone, and this investment will have significant spin-off going forward.

它是一項基礎技術，不僅應用於運算領域，還將應用於下一代通訊設備。這是一個重要的里程碑，這項投資將在未來產生重大的附帶影響。

Peter Peng, JPMorgan Chase & Company.

摩根大通公司 Peter Peng。

Hi, thanks for taking my question. It seems like the quarter went really well. For the third quarter, you're guiding above seasonality. Wondering if you're seeing -- or any of your customers talking about any pull-in of demand or anything of that or is it business as usual? Maybe if you can provide some comment on that.

你好，謝謝你回答我的問題。看起來本季進展順利。對於第三季度，您的指導高於季節性。想知道您是否看到 - 或者您的任何客戶是否談論過任何需求的增加或任何類似的事情，還是一切照常？也許您可以對此發表一些評論。

Hi, Peter, let me give you a few comments on, let's say, potential strength in the third quarter and in the second quarter related to pull-ins. Now it's difficult for us to see whether customers are really pulling in, but we didn't get signs that there was active pull-in ongoing.

你好，彼得，讓我給你一些評論，比如說，第三季和第二季與拉動相關的潛在優勢。現在我們很難看出顧客是否真的在吸引顧客，但我們沒有發現有主動吸引顧客的跡象。

There may have been some pull-ins related to inventory that's available or dies that are available, but we didn't see active pull-ins. What we're currently seeing across the market is some last minute spot orders that come in because inventory reaches a critical low point, and that happens, for example, in the automotive market, that's the first indication that inventory comes close to the equilibrium there, which is a good sign. You could label that pull-in. In the communication market, last year, we saw some pull-ins in the second quarter, but we don't see that occurring this year.

可能存在一些與可用庫存或可用模具相關的拉入，但我們沒有看到主動拉入。我們目前在整個市場上看到的是一些最後一刻的現貨訂單，因為庫存達到了臨界低點，例如在汽車市場，這是庫存接近平衡的第一個跡象，這是一個好兆頭。您可以標記該拉入點。在通訊市場，去年第二季我們看到了一些拉動，但今年不會發生這種情況。

Perfect. Thank you. And then I have a follow-up on just your overall computing. It sounds like things are getting better. You mentioned about the easing of some of the regulations at your marquee customer, and then you're also ramping your second 2.5D networking customer.

完美的。謝謝。然後我會跟進您的整體計算情況。聽起來事情正在好轉。您提到了對您的主要客戶放寬一些規定，然後您還在擴大第二個 2.5D 網路客戶。

So how should we think about revenue growth this year relative to 2024? Is this -- do you view this as a growth segment? Or is this kind of a muted growth profile?

那麼，我們該如何看待今年相對於 2024 年的營收成長？這是—您是否認為這是一個成長領域？或者這是一種緩慢的成長態勢？

Yeah. The way that we see it, and I see it is that the compute market, there are a couple of trends in the compute market. First, we see accelerated growth and also the rate of innovation is increasing. That means that changing from bond generation products to the next-generation product is accelerating. And that also implies that new technology is adopted faster.

是的。我們認為，並且我認為，計算市場存在一些趨勢。首先，我們看到成長加速，創新率也在提高。這意味著從債券世代產品轉向下一代產品的轉變正在加速。這也意味著新技術的採用速度更快。

So 2.5D is, I would say, previous generation products. The lifetime of this previous generation is extended because of the export controls on technologies, and that could give 2.5D a fairly long life with exports and the new export rulings, and we look forward to support that.

所以我想說 2.5D 是上一代產品。由於技術出口管制，上一代產品的壽命得以延長，隨著出口和新出口規則的實施，2.5D 的壽命可能相當長，我們期待對此提供支援。

Next-generation devices, we're participating in a -- in these areas in multiple ways. I think one is High-Density Fan-Out. That's a preferred technology versus the 2.5D that users interposer, High-Density Fan-Out users RDL, high-density interconnect, and that's the more flexible more cost-effective technologies.

我們正在以多種方式參與下一代設備這些領域。我認為其中之一就是高密度扇出。與使用者中介層的 2.5D、高密度扇出使用者 RDL、高密度互連相比，這是一種更靈活、更具成本效益的技術。

We expect the lifetime of that technology to be longer, and therefore, launching the first products is very important. And then, of course, we see on the high bandwidth, memory integration, multiple technology steps. So we are participating with our lead customers but we see continued innovation going forward.

我們預計該技術的壽命會更長，因此推出首批產品非常重要。然後，當然，我們看到了高頻寬、記憶體整合和多種技術步驟。因此，我們正在與我們的主要客戶一起參與，但我們看到未來的持續創新。

And Peter, just to add a quantitative reference as well. We did hit a record in 2024 for our broader compute segment and we're on track to do that again in 2025. The first half of 2025 compute was up 18% year-over-year, and it is our fastest-growing end market.

彼得，也加入一個定量參考。我們確實在 2024 年創下了更廣泛的計算領域的紀錄，並且我們預計在 2025 年再次創下紀錄。2025 年上半年計算量年增 18%，這是我們成長最快的終端市場。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Yeah, hi. Can we just talk a little bit more about your comps guidance versus normal seasonality in the 3Q? And then if you think that, that's sustainable into 4Q, and what is it about -- and can you just confirm that you rewon all your business on the iOS side that was previously an issue? Thanks.

是的，你好。我們能否再多談談您的同店銷售額指引與第三季正常季節性相比的情況？如果您認為這種情況可以持續到第四季度，那麼這是怎麼回事？您能否確認您重新贏得了 iOS 方面之前存在的所有業務問題？謝謝。

Hi Ben, yeah, let me start with answering that last part. The footprint in next-generation phones and the recovery of that socket is going as planned and the ramp-up of that socket is included in our third quarter outlook and will be included in our fourth quarter outlook.

嗨，本，是的，讓我先回答最後一部分。下一代手機的足跡和該插座的恢復正在按計劃進行，並且該插座的提升已包含在我們的第三季度展望中，並將包含在我們的第四季度展望中。

So in that sense, we are fairly optimistic. Understanding what's happening in the fourth quarter is difficult. There's still quite significant uncertainty certainly in the comps market, what the volumes will be. We see conflicting forecast for volumes in the later part of the year.

因此從這個意義上來說，我們相當樂觀。要了解第四季發生的情況很困難。可比市場中，銷量究竟會有多少，仍存在相當大的不確定性。我們對今年下半年的銷售預測有矛盾。

Third quarter is confirmed. I believe that we cannot use normal seasonality, which would be a few percent up or a few percent down of third quarter because of these uncertainties. So we don't guide for the fourth quarter, Ben.

第三季已確定。我認為我們不能使用正常的季節性，由於這些不確定性，第三季的銷售額會上升幾個百分點或下降幾個百分點。因此，我們不對第四季度做出預測，本。

And Ben, just to give you a little more color in the markets in Q3. So the communications thus itself will be up very strong, probably more similar to the 2023 Q3 comps on 2022 comps sequential increases. And what's offsetting that is our consumer will be mainly flat in Q3 this year because we had that very significant ramp last year Q3.

本，我只是想給你一些有關第三季度市場的更多資訊。因此，通訊本身將會非常強勁地成長，可能與 2023 年第三季與 2022 年同期的連續成長更為相似。與此相抵銷的是，由於去年第三季我們的消費量出現了非常顯著的成長，因此今年第三季我們的消費量將基本持平。

Okay, and then -- thanks for that. And Megan, can we just confirm the payment on the SG&A and what the normalized SG&A is going forward? $32 million, we just simply add that back and then expect that kind of run rate for the next few quarters?

好的，那麼——謝謝你。梅根，我們能否確認銷售、一般和行政費用的付款情況以及未來的正常銷售、一般和行政費用是多少？3200 萬美元，我們只是簡單地將其加回去，然後預計未來幾季的運行率會達到這種水平？

Yeah, sure. So if you were to exclude that, we were right in line with guidance with respect to OpEx, and that would be a similar run rate for the second half of the year.

是的，當然。因此，如果排除這一點，我們的營運支出就完全符合指導，下半年的運行率也將類似。

Randy Abrams, UBS.

瑞銀的蘭迪·艾布拉姆斯。

Yes, hi, thank you. Yeah, I wanted to ask a follow-up question just on the communications view. I think in your prepared remarks, you talked about evaluating content gains, say, for the on-device AI to communications. Could you talk about that technology trend you're seeing there?

是的，你好，謝謝你。是的，我想就溝通觀點提出一個後續問題。我認為在您準備好的發言中，您談到了評估內容收益，例如針對設備上的 AI 進行通訊。您能談談您在那裡看到的技術趨勢嗎？

And I think you mentioned potential on fan-out for that application. Also, there's a discussion about multichip module. So if you could go to on some of the midterm content opportunities from that.

我認為您提到了該應用程式的扇出潛力。此外，還有關於多晶片模組的討論。因此，如果您可以了解一些期中考的內容機會。

Yeah, that's a good point, Randy. I didn't call out specifics on technology choices. What we see customers doing with AI functionality moving to the edge, they are looking to the implications of the semiconductor solutions, what does it mean related to increased memory content, higher density interconnect, physical dimensions.

是的，蘭迪，你的觀點很好。我沒有透露有關技術選擇的具體細節。我們看到客戶正在將人工智慧功能轉移到邊緣，他們正在關注半導體解決方案的影響，這與增加記憶體內容、更高密度的互連、物理尺寸有何關係。

And there, we work with multiple customers that operate in that market on next-generation solutions. That's also why I reiterate that a fan-out solution, certainly for communication and a High-Density Fan-Out solution, similar to what we apply in compute could be one of the solutions for communication also.

在那裡，我們與在該市場運營的多家客戶合作開發下一代解決方案。這也是為什麼我重申扇出解決方案，當然用於通訊和高密度扇出解決方案，類似於我們在計算中應用的解決方案，也可以成為通訊解決方案之一。

Nothing definitely decided, but for Amkor, it's a very important market, and we believe we have a very close cooperation with lead customers in that market to evaluate future solutions.

目前還沒有明確的決定，但對於 Amkor 來說，這是一個非常重要的市場，我們相信我們與該市場的主要客戶有著非常密切的合作，以評估未來的解決方案。

Okay, yeah, and my second question actually two, separate financial questions. One on the material costs, just curious to what you're seeing in terms of cost, from some rising material, prices, and there's even a bit of talk about the high-end, things like (inaudible) If there's any constraint you're nervous about on high-end, substrates, that's one part.

好的，是的，我的第二個問題實際上是兩個獨立的財務問題。一個是關於材料成本，我只是好奇您在成本方面看到的情況，從一些上漲的材料價格來看，甚至還有一些關於高端的討論，比如（聽不清）如果您對高端基材有任何限制感到緊張，那就是其中一部分。

And the second one, it's more tied to the investment if we could be heading into a little bit bigger CapEx cycle, just I think you've noted advanced capacity type and trying to go after RDL plus, to start construction of the Arizona factory.

第二，如果我們能夠進入一個更大的資本支出週期，那麼這與投資更加相關，我認為你已經注意到了先進的產能類型，並試圖追求 RDL plus，開始建造亞利桑那工廠。

Okay, well, let me take the first part of the question, and then definitely Megan can do the second part of the question. With respect to material cost structures and material prices in the market, certainly when it comes to substrates, I mean, we don't observe it yet.

好的，那麼，讓我來回答問題的第一部分，然後梅根肯定可以回答問題的第二部分。關於市場上的材料成本結構和材料價格，當然當涉及到基材時，我的意思是，我們還沒有觀察到。

But on the other hand, we see some capacity constraints potentially happening because of the pull from the compute market on the high-end substrates. So we proactively work with the critical suppliers to secure our capacity needs and to pre-discussed the pricing arrangements, that's ongoing.

但另一方面，我們看到由於計算市場對高階基板的拉動，可能會出現一些產能限制。因此，我們積極與關鍵供應商合作，以確保我們的產能需求，並預先討論定價安排，這項工作正在進行中。

We put in place a strategic procurement team specifically for this area because we see indeed that there's a potential for constraints. So far, not really some first indications that it's coming up. And of course, that will potentially lead to increased pricing.

我們專門為這一領域設立了一個策略採購團隊，因為我們確實看到存在潛在的限制因素。到目前為止，還沒有看到任何跡象表明這一趨勢即將出現。當然，這可能會導致價格上漲。

And then, Randy, just to pick up on the comment about the significant investment in this particular area. It is quite fungible across the different landscapes of 2.5D as well as High-Density Fan-Out and flip chip BGA. So all of those investments where we had really started to ramp up in '24, continuing into '25, and we are planning to continue to invest in this area in '26 are fungible.

然後，蘭迪，我只是想談談關於這個特定領域的大量投資的評論。它在 2.5D 以及高密度扇出和倒裝晶片 BGA 的不同環境中具有相當的可互換性。因此，我們在 24 年開始加大投資、持續到 25 年的所有投資，以及我們計劃在 26 年繼續在該領域的投資都是可替代的。

As it relates to the broader CapEx cycle, including investments here, but also facilities we'll have a more specific outlook on our '26 CapEx at our year-end call. Just as a reminder, with respect to the US, we are planning to break ground in the second half of '25.

由於它與更廣泛的資本支出週期有關，包括此處的投資以及設施，我們將在年終電話會議上對 26 年的資本支出有更具體的展望。提醒一下，就美國而言，我們計劃在 2025 年下半年動工。

We've reserved around 5% to 10% of our current CapEx guide of $850 million to address our investment in Arizona here in 2025. We do have significant grants and investment tax credits associated with that. However, as you may know, those will be a bit on a lag. So there may be some increased CapEx in 2026 and 2027 ahead of when those grants and incentives are received.

我們已預留了目前 8.5 億美元資本支出指南中的約 5% 至 10% 用於 2025 年在亞利桑那州的投資。我們確實有與此相關的大量補助和投資稅收抵免。然而，正如你們所知，這些會有點滯後。因此，在收到這些補助和獎勵之前，2026 年和 2027 年的資本支出可能會增加。

Tom Diffely, DA Davidson.

湯姆·迪菲利，DA 戴維森。

Yes, good afternoon. Thanks for taking the questions. Just curious if your view -- your long-term view of the auto industrial market has changed, with keeping track of the potential closures you're talking about in Japan?

是的，下午好。感謝您回答這些問題。我只是好奇，隨著您談論的日本潛在關閉情況的出現，您對汽車工業市場的長期看法是否改變了？

I mean our long-term view has not changed. To give you a couple of critical elements, we see that in the automotive market, although there were a few difficult years, certainly, when it comes to volume and inventory consumption, the trend clearly is towards advanced packaging and automotive, where we are well positioned with respect to next-generation ADAS devices and that was also the highlight in last quarter and will be highlighted next quarter also because that is delivering the growth.

我的意思是我們的長期觀點沒有改變。舉幾個關鍵因素，我們看到，在汽車市場，雖然經歷了幾年的艱難時期，但就產量和庫存消耗而言，趨勢顯然是朝著先進封裝和汽車方向發展的，我們在下一代 ADAS 設備方面處於有利地位，這也是上個季度的亮點，也將在下個季度得到強調，因為這將帶來增長。

The areas where we see consolidation is on the more mature part, mature microcontrollers and the traditional analog products going into automotive. The Japan market in itself on the automotive side is going through a difficult period. And that means that the supply chain feeding into that market is also going through a prolonged critical period.

我們看到整合的領域是更成熟的部分，成熟的微控制器和進入汽車領域的傳統類比產品。日本汽車市場本身正經歷一段困難時期。這意味著進入該市場的供應鏈也正在經歷一段長期的關鍵時期。

Our view basically has not changed on a global basis, but Japan has a slightly difficult or different local dynamics and I think we need to respond to that because we have a significant manufacturing base in Japan. Megan already highlighted what we did in the past, we rightsized the operation in 2019 in Phase 1, and we will go through the next phase in this year and early next year.

我們的觀點在全球範圍內基本上沒有改變，但日本的當地動態略有困難或不同，我認為我們需要對此做出回應，因為我們在日本擁有重要的製造業基礎。梅根已經強調了我們過去所做的事情，我們在 2019 年的第一階段調整了營運規模，我們將在今年和明年年初進入下一階段。

So do you comment on the softer mainstream side, also includes power?

那麼，您對較為溫和的主流觀點（也包括權力）有何評論？

Well, softer to the previous very high expectations. Yes, I think silicon carbide is very much tuned towards the EV market, and there were high expectations for ramp in the EV market that is moderating a bit. And in that sense, the silicon carbide market is not as fast-growing as expected.

嗯，與之前的很高期望相比有所減弱。是的，我認為碳化矽非常適合電動車市場，人們對電動車市場的成長抱有很高的期望，但目前這種期望正在有所緩和。從這個意義上來說，碳化矽市場的成長速度並不像預期的那麼快。

However, the fundamentals are still there. I think that technology together with gallium nitride are the foundation not only for electrical vehicles, but also for the overall energy transition and we see a pickup even into data centers for these technologies. We are well positioned there.

然而，基本面仍然存在。我認為該技術與氮化鎵不僅是電動車的基礎，也是整體能源轉型的基礎，我們甚至看到這些技術在資料中心的應用。我們在那裡處於有利地位。

And as you know, we're the leader in this market, we have a joint investment in Portugal for advanced power modules, that facility is ready. We are now facilitating that and we're going to ramp that into the next two to three years. So the basics are still there. The scale and the timing may be slightly delayed versus originally -- original high expectations.

正如您所知，我們是這個市場的領導者，我們在葡萄牙有一項針對先進電源模組的聯合投資，該工廠已經準備就緒。我們現在正在推動這一進程，並將在未來兩到三年內進一步推進。所以基礎仍然存在。與最初較高的期望相比，規模和時間可能會略有延遲。

Ross Cole, Needham & Company.

羅斯·科爾，Needham & Company。

Thank you for taking my question. I was wondering since the US has lifted the restrictions on (inaudible) have you gotten any signal from NVIDIA to resume production there?

感謝您回答我的問題。我想知道，自從美國解除了對（聽不清楚）的限制後，您是否收到 NVIDIA 在那裡恢復生產的訊號？

Well, I mean, we don't call out details on specific programs for this. In general, I commented already that we believe that this decision was a good decision. It will create more opportunities that will create a bigger -- several markets, not only for companies like Amkor because we are in that supply chain but certainly also for the end customers that you just mentioned. So we are an integral part of that supply chain, and we don't comment to individual customers' forecast changes.

嗯，我的意思是，我們不會透露有關此具體計劃的細節。總的來說，我已經評論說，我們認為這個決定是正確的。它將創造更多的機會，從而創造更大的市場，不僅對 Amkor 這樣的公司如此，因為我們處於該供應鏈中，而且對您剛才提到的最終客戶來說當然也是如此。因此，我們是該供應鏈不可或缺的一部分，我們不會對個別客戶的預測變化發表評論。

Great, thank you. And then my second question, have you received any additional clarity on TSMC's Arizona plan for advanced packaging? And do you expect Amkor to play a role in completing the TSMC supply chain in Arizona?

太好了，謝謝。我的第二個問題是，您是否對台積電亞利桑那州先進封裝計畫有了進一步的了解？您是否希望 Amkor 在完善亞利桑那州的台積電供應鏈中發揮作用？

Yes, I think we are in constant communication with TSMC. We consider TSMC a very important partner, and we also announced we did that last year on technology sharing agreement for Arizona specifically. Advanced packaging has multiple dimensions.

是的，我認為我們與台積電保持持續的溝通。我們認為台積電是一個非常重要的合作夥伴，去年我們也宣布了專門針對亞利桑那州的技術共享協定。先進封裝具有多個維度。

If you move into 2 nanometer technology, that also will enter Arizona a little bit later than expected. But that would mean that you need technology that's foundry specific, and that's also labeled advanced packaging. So our approach is unchanged.

如果進入 2 奈米技術，那麼進入亞利桑那州的時間也會比預期稍晚一些。但這意味著你需要特定於代工廠的技術，而該技術也被稱為先進封裝。所以我們的方法沒有改變。

We're working with customers as well as with foundry partners to align on our road map, and we are making good progress there. Again, our strategy is to be complementary to TSMC, we're not competing for design slots with TSMC.

我們正在與客戶以及代工合作夥伴合作，以協調我們的路線圖，並且我們正在取得良好的進展。再次強調，我們的策略是與台積電互補，我們不會與台積電競爭設計空間。

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

Thanks. I just wanted to go back to the auto and industrial. And listening to some of the analog companies that have reported, it's kind of a mixed bag on whether inflation is here or when that could happen. So can you just talk about how your customer conversations changed for the back half? And is anyone talking differently about capacity requirements in a way that seems much more promising than it has been?

謝謝。我只是想回到汽車和工業領域。聽取一些模擬公司的報告，對於通貨膨脹是否已經出現以及何時出現，人們的看法不一。那麼，您能談談後半部的客戶對話發生了什麼樣的變化嗎？是否有人以不同的方式談論容量需求，看起來比以前更有希望？

Yeah, good question, Steve. I mean, we see in automotive two sides. One is the advanced packaging side with applications like infotainment, ADAS, but also high-end sensor technologies. There are in high demand because the proliferation of these technologies into the car ranges is actually accelerating. I already made some comments with respect to silicon carbide.

是的，史蒂夫，問得好。我的意思是，我們看到了汽車的兩面性。一方面是先進封裝方面，包括資訊娛樂、ADAS 等應用，還有高端感測器技術。由於這些技術在汽車領域的普及速度實際上正在加快，因此對這些技術的需求很高。我已經就碳化矽發表了一些評論。

We believe that long term, that market is still a very strong market, we are investing in it, we're partnering with leaders in that industry. On the more mature parts, I think you refer to the more analog players. If we go through the customer inputs that we're getting, I would say the overall, we believe that the supply chain and the inventory levels, both in distribution as well as at the OEMs are getting more in balance.

我們相信，從長遠來看，該市場仍然是一個非常強大的市場，我們正在對其進行投資，並與該行業的領導者合作。關於更成熟的部分，我認為您指的是更模擬的玩家。如果我們查看所獲得的客戶輸入，我會說總體而言，我們相信分銷商和原始設備製造商的供應鏈和庫存水平都變得更加平衡。

There are here some pockets of early indications of some shortages, and there are still indications of some high inventory levels. So what we see from customers is they are actually more optimistic going forward, that is also reflected by more short-term orders in factories for short-term delivery. And that's how we see it.

這裡有一些早期跡象表明存在一些短缺，並且仍有跡象表明庫存水平較高。因此，我們從客戶那裡看到的是，他們對未來實際上更加樂觀，這也反映在工廠的短期交貨訂單增加。這就是我們的看法。

We definitely don't see a V curve where you see a rapid acceleration in the analog domain or in the more traditional microcontroller domain. So stabilization and slow improvement and what we see for the second half of this year, there will be low single-digit growth in the automotive market and that part --

我們絕對沒有看到在類比域或更傳統的微控制器網域中看到快速加速的 V 曲線。因此，我們將看到今年下半年汽車市場將保持低個位數成長，而這部分--

And thanks for that. Yeah, great detail. And then on the tester fleet investments, how long will that take to accomplish the upgrades that you need? And are those upgrades to existing units for those increased requirements? Or is that investment really for new equipment?

對此我表示感謝。是的，非常詳細。那麼，對於測試儀組的投資，需要多長時間才能完成所需的升級？這些對現有單位的升級是否能滿足這些增加的需求？或者這項投資真的是為了購買新設備嗎？

Well, it's a combination of both. I mean we have a very advanced tester fleet already. The biggest advanced tester fleet is in Korea, but we also have a fairly sizable tester fleet in Japan, a more mature test fleet in -- sorry, in Taiwan and a more mature tester fleet in Japan and China.

嗯，這是兩者的結合。我的意思是我們已經擁有非常先進的測試機隊。最大的先進測試車隊在韓國，但在日本也擁有相當規模的測試車隊，在台灣擁有更成熟的測試車隊 - 抱歉，在台灣，在日本和中國也擁有更成熟的測試車隊。

So there are upgrades of existing platforms, and there are new testers coming in, depends on the application, whether it's for compute or for communications. Now as you know, there are basically a limited number of tester supplies worldwide.

因此，現有平台會進行升級，並且會有新的測試人員加入，這取決於應用程序，無論是用於計算還是用於通訊。現在如您所知，全球的測試儀供應數量基本上是有限的。

The tester platforms are very well defined, and we're working closely both with customers as well as with suppliers to have a part on upgrading or renewing our tester fleets. When did it start? It already started, I would say, with the last introduction of our latest, let's say, communication processors and computing process. So it's ongoing.

測試器平台定義非常明確，我們正在與客戶和供應商密切合作，共同升級或更新我們的測試儀系列。什麼時候開始的？我想說，它已經開始了，從我們最新的通訊處理器和計算過程的介紹開始。所以它仍在繼續。

As we mentioned, the first phase of expansion in Korea will end this year, we're adding another 4,000 to 6,000 square meter of test floor. And then we add another 40% in 2026, ready for equipment move in end of 2026. So it's a significant expansion, which fits very well in our strategy of offering a full turnkey support to customers and that's needed not only for the compute domain, but also for the communication demand.

正如我們所提到的，韓國的擴建第一階段將於今年結束，我們將再增加 4,000 至 6,000 平方米的測試場地。然後我們在 2026 年再增加 40%，為 2026 年底的設備遷移做好準備。因此，這是一個重大的擴展，非常符合我們為客戶提供全套交鑰匙支援的策略，這不僅適用於運算領域，也適用於通訊需求。

One thing to mention is that the upgrades that we're making now and the engagements with lead customers certainly in compute, we will mimic these capabilities in our US facility to offer the same or similar turnkey solutions in the US.

值得一提的是，我們現在正在進行的升級以及與主要客戶的合作（當然是在計算方面），我們將在美國工廠模仿這些功能，以便在美國提供相同或類似的交鑰匙解決方案。

Thank you. And at this time, I'm showing no further questions. I would like to turn the call back over to Giel for closing remarks.

謝謝。目前，我沒有其他問題。我想將電話轉回給吉爾，請他做最後發言。

Thank you. Thank you. Let me recap the key messages. Amkor delivered second quarter revenue of $1.51 billion, an increase of 14% sequentially, and 3% year-on-year. Third quarter revenue is expected to grow 27% sequentially at the midpoint of guidance to $1.925 billion, driven by the seasonal increase in communications and continued momentum in high performance and AI applications.

謝謝。謝謝。讓我回顧一下關鍵訊息。Amkor 第二季營收為 15.1 億美元，季增 14%，年增 3%。預計第三季營收將按指導中位數環比增長 27%，達到 19.25 億美元，這得益於通訊的季節性成長以及高性能和人工智慧應用的持續成長勢頭。

We are focused on enhancing operational efficiency, including ramping production in Vietnam, and optimizing our mainstream manufacturing footprint in Japan. With a clear focus on our strategic pillars and a strong balance sheet, we are well positioned to deliver sustainable growth and long-term value creation. Thank you for joining the call today.

我們專注於提高營運效率，包括提高越南的產量，以及優化我們在日本的主流製造足跡。透過明確關注我們的策略支柱和強大的資產負債表，我們完全有能力實現永續成長和長期價值創造。感謝您今天參加電話會議。

Thank you, ladies and gentlemen. This concludes today's conference call. You may now disconnect.

謝謝各位，女士們、先生們。今天的電話會議到此結束。您現在可以斷開連線。