Alpha and Omega Semiconductor Ltd (AOSL) 2025 Q4 法說會逐字稿

Good afternoon, and thank you for attending the Alpha and Omega Semiconductor fiscal Q4 2025 earnings call. My name is Shawn, and I'll be the moderator today. (Operator Instructions)

下午好，感謝您參加 Alpha and Omega Semiconductor 2025 財年第四季財報電話會議。我叫肖恩，今天我將擔任主持人。（操作員指示）

I'd now like to pass the conference over to your host, Stephen Pelayo.

現在我想將會議交給主持人 Stephen Pelayo。

Good afternoon, everyone, and welcome to Alpha and Omega Semiconductor's conference call to discuss fiscal 2025 fourth quarter. I am Stephen Pelayo, Investor Relations representative for AOS. With me today are Stephen Chang, our CEO; and Yifan Liang, our CFO.

大家下午好，歡迎參加 Alpha and Omega Semiconductor 的電話會議，討論 2025 財年第四季。我是 AOS 投資者關係代表 Stephen Pelayo。今天和我一起的有我們的執行長 Stephen Chang 和我們的財務長 Yifan Liang。

This call is being recorded and broadcast live over the web. A replay will be available for seven days following the call via the link in the Investor Relations section of our website. Our call will proceed as follows today.

此次通話正在錄音並透過網路直播。電話會議結束後，可透過我們網站投資者關係部分的連結在七天內重播。我們今天的通話將如下進行。

Stephen will begin business updates, including strategic highlights and a detailed segment report. After that, Yifan will review the financial results and provide guidance for the September quarter. Finally, we will have a Q&A session.

史蒂芬將開始業務更新，包括策略亮點和詳細的分部報告。此後，一帆將審查財務業績並為9月份當季提供指導。最後，我們將進行問答環節。

The earnings release was distributed over the wire today, August 6, 2025, after the market close. The release is also posted on the company's website. Our earnings release and this presentation include non-GAAP financial measures.

該收益報告於 2025 年 8 月 6 日（今日）收盤後透過電報發布。新聞稿也發佈在該公司的網站上。我們的收益報告和本簡報包括非公認會計準則財務指標。

We use non-GAAP measures because we believe they provide useful information about our operating performance that should be considered by investors in conjunction with the GAAP measures. A reconciliation of these non-GAAP measures to comparable GAAP measures is included in the earnings release.

我們使用非公認會計準則衡量指標是因為我們相信它們提供了有關我們經營業績的有用信息，投資者應結合公認會計準則衡量指標來考慮這些信息。收益報告中包含了這些非 GAAP 指標與可比較 GAAP 指標的對帳。

We remind you that during this conference call, we will make certain forward-looking statements, including discussions of the business outlook and financial projections. These forward-looking statements are based on management's current expectations, and involve risks and uncertainties that could cause our actual results to differ materially.

我們提醒您，在本次電話會議中，我們將做出某些前瞻性陳述，包括對業務前景和財務預測的討論。這些前瞻性陳述是基於管理階層目前的預期，涉及可能導致我們的實際結果大不相同的風險和不確定性。

For a more detailed description of these risks and uncertainties, please refer to our recent and subsequent filings with the SEC. We assume no obligation to update the information provided in today's call.

有關這些風險和不確定性的更詳細描述，請參閱我們最近和隨後向美國證券交易委員會提交的文件。我們不承擔更新今天電話會議中提供的資訊的義務。

Now I'll turn the call over to our CEO, Stephen Chang. Stephen?

現在我將電話轉給我們的執行長 Stephen Chang。史蒂芬？

Thank you, Steven. Welcome to Alpha and Omega's fiscal Q4 earnings call. I will begin with a high-level overview of our results and then jump into segment details.

謝謝你，史蒂文。歡迎參加 Alpha and Omega 的第四季財務收益電話會議。我將首先對我們的結果進行總體概述，然後再介紹各個部分的細節。

We delivered fiscal Q4 revenue results at the high end of our guidance due to better-than-expected demand in Computing, mostly driven by tariff-related customer pull-ins for PCs and strong sequential growth in AI and graphics chips.

由於運算領域的需求好於預期，我們第四財季的營收結果達到了預期的高位，這主要得益於與關稅相關的個人電腦客戶吸引力以及人工智慧和圖形晶片的強勁環比增長。

Our Consumer segment also saw strong sequential growth related to wearables and gaming. Overall, total June quarter revenue was $176.5 million. Non-GAAP gross margin was 24.4%. Non-GAAP EPS was $0.02. Total revenue increased 9.4% year over year and 7.2% sequentially. As previously noted, licensing revenue wound down in the March quarter.

我們的消費品部門在穿戴式裝置和遊戲方面也實現了強勁的環比成長。整體而言，6月份當季總收入為1.765億美元。非公認會計準則毛利率為24.4%。非公認會計準則每股收益為0.02美元。總營收年增9.4%，季增7.2%。如前所述，授權收入在三月季度逐漸減少。

Excluding licensing and other revenue, our product revenue was up 13.7% year over year and 9% sequentially. Power IC revenue increased 25.8% sequentially and 30.2% year over year to a record quarterly high and now represents nearly 40% of total product revenue. The richer mix of power IC benefits gross margins and comes from graphics, AI, gaming, and PC markets.

不包括授權和其他收入，我們的產品收入年增 13.7%，季增 9%。電源 IC 營收季增 25.8%，年增 30.2%，創下季度新高，目前佔總產品收入的近 40%。更豐富的電源IC組合有利於毛利率的提高，並且來自圖形、AI、遊戲和PC市場。

On July 14, we announced an equity transfer agreement with a strategic investor to sell approximately 20.3% of outstanding equity interest of AOS' joint venture in Chongqing, China, for an aggregate cash consideration of $150 million. The sale is expected to provide AOS with significant additional capital to continue investing in technology, equipment, and acquisition of assets complementary to our business operations to support key growth areas.

7 月 14 日，我們宣布與一家策略投資者達成股權轉讓協議，以 1.5 億美元的現金總價出售 AOS 在中國重慶的合資企業約 20.3% 的未償還股權。此次出售預計將為 AOS 提供大量額外資本，以繼續投資於技術、設備和收購與我們的業務營運互補的資產，以支持關鍵成長領域。

In summary, uncertainties regarding macroeconomy and geopolitics continue. Nonetheless, we are delivering on our commitments and advancing our transformation from a component supplier to a total solutions provider. Our goal is to leverage premier customer relationships to expand market share and increase BOM content with a broader portfolio.

綜上所述，宏觀經濟和地緣政治的不確定性仍然存在。儘管如此，我們仍在履行承諾，推動從零件供應商向整體解決方案提供者的轉型。我們的目標是利用優質的客戶關係來擴大市場份額並透過更廣泛的產品組合增加 BOM 內容。

With that, let me now cover our segment results and provide some guidance by segment for the next quarter. Starting with Computing, June quarter revenue was up 29.7% year over year and up 17.9% sequentially and represented the majority or 52.6% of total revenue.

現在，讓我介紹一下我們的分部業績，並為下一季的分部提供一些指導。從計算業務開始，6 月季度營收年增 29.7%，季增 17.9%，佔總營收的大部分或 52.6%。

These results were solidly ahead of our original expectation for mid-single-digit sequential growth and more than 15% year over year. As mentioned earlier, the upside was fueled by tariff-related pull-ins from our PC customers and robust sequential and year-over-year growth in power solutions for AI and graphics applications.

這些結果遠遠超出了我們最初預期的中等個位數環比增長和 15% 以上的同比增長。如前所述，推動這一成長的因素包括我們 PC 客戶的關稅相關拉動，以及人工智慧和圖形應用電源解決方案的強勁環比和同比增長。

Revenue from AI and graphics reached a record high in the June quarter, driven by strong initial shipments for a new AI program. However, we expect a digestion period in the September quarter as that initial demand is absorbed. Meanwhile, design-in activities for additional AI programs remain active and ongoing.

受新 AI 專案初始出貨量強勁的推動，AI 和圖形業務收入在 6 月季度創下歷史新高。然而，我們預計 9 月季度將有一個消化期，因為最初的需求將被吸收。與此同時，其他人工智慧程式的設計活動仍在積極進行中。

In summary, we expect the Computing segment to grow low single digits sequentially and mid-teens year over year in the September quarter. Sequential growth will be driven by PCs with graphics and AI demand remaining relatively strong, though down from June's record levels. Tablet demand is expected to decline. Overall, visibility remains limited given the uncertain macroeconomic backdrop and evolving trade policies.

綜上所述，我們預計計算部門在 9 月季度的環比成長率將達到低個位數，年成長將達到十幾歲左右。連續成長將受到個人電腦的推動，其中圖形和人工智慧的需求保持相對強勁，儘管低於 6 月的創紀錄水平。平板電腦的需求預計會下降。總體而言，鑑於不確定的宏觀經濟背景和不斷變化的貿易政策，可見性仍然有限。

Turning to the Consumer segment, June quarter revenue was down 5.8% year over year and up 23.9% sequentially, and represented 15.1% of total revenue. The results were in line with our forecast, driven by strong promotional activity in gaming as well as sequential growth from home appliances.

談到消費者部門，6 月季度營收年減 5.8%，季增 23.9%，佔總營收的 15.1%。由於遊戲領域的強勁促銷活動以及家用電器領域的持續成長，業績符合我們的預測。

Wearables were also better than expected. For the September quarter, we forecast a mid-single-digit sequential decline in the Consumer segment, driven by gaming and home appliances, but offset by continued growth in wearables.

穿戴式裝置的表現也優於預期。對於九月季度，我們預測消費領域將出現中等個位數的環比下滑，這主要受到遊戲和家用電器的推動，但穿戴式裝置的持續成長將抵消這一下滑。

Next, let's discuss the Communications segment. Revenue in the June quarter was down 1.7% year over year, down 5.2% sequentially, and represented 15.2% of total revenue. The June quarter results were below our guidance for flat sequential growth as a falloff from smartphones in China more than offset growth from Korea and our Tier 1 US smartphone customer.

接下來，我們來討論一下通訊部分。6 月當季營收年減 1.7%，季減 5.2%，佔總營收的 15.2%。由於中國智慧型手機市場的下滑超過了韓國和美國一級智慧型手機客戶的成長，因此 6 月當季業績低於我們對季比持平成長的預期。

Smartphone battery PCM revenue continues to outpace the overall market due to a combination of market share gains, a mix shift to higher-end phones, and generally higher charging current, driving increased BOM content.

智慧型手機電池 PCM 收入繼續超過整體市場，這得益於市場份額的成長、產品組合向高階手機的轉變以及普遍更高的充電電流，從而推動了 BOM 內容的增加。

Looking ahead to the September quarter, we anticipate more than 10% sequential growth for the Communications segment, primarily driven by our Tier 1 US smartphone customer as they prepare for their next phone launch. Demand from China smartphone is also expected to grow sequentially, while Korea sustains the high level achieved in the June quarter.

展望 9 月季度，我們預計通訊部門將實現 10% 以上的環比成長，這主要得益於我們的美國一級智慧型手機客戶正在為下一款手機的發布做準備。預計中國智慧型手機需求也將季增，而韓國則將維持 6 月季度的高水準。

Now let's talk about our last segment, Power Supply and Industrial, which accounted for 16.8% of total revenue and was up 7.3% year over year and down 9.8% sequentially. The results were below our flat-to-slightly-down sequential forecast, primarily due to weaker-than-expected demand from power tools and e-mobility.

現在讓我們來談談我們的最後一部分，電源和工業，佔總收入的 16.8%，年增 7.3%，環比下降 9.8%。結果低於我們持平或略有下降的連續預測，主要原因是電動工具和電動車的需求低於預期。

AC/DC power supplies and quick chargers for smartphones did increase sequentially, but was not enough to offset the weakness elsewhere. As stated before, we are now seeing increases in quick chargers due to increased BOM content driven by higher charging currents.

智慧型手機的交流電/直流電源和快速充電器確實環比增長，但不足以抵消其他方面的疲軟。如前所述，由於充電電流增加導致 BOM 內容增加，我們現在看到快速充電器的數量正在增加。

For the September quarter, we expect revenue to grow mid-single digits sequentially for the Power Supply and Industrial segment, primarily driven by a slight pickup in e-mobility, offset by lower AC/DC power supplies.

對於九月季度，我們預計電源和工業部門的收入將環比增長中等個位數，主要原因是電動車的輕微回升，但交流/直流電源的下降抵消了這一增長。

In closing, we are pleased to report that June quarter results landed at the high end of our guidance, fueled by strong demand across AI and graphics, gaming, wearables, and tariff-related PC pull-ins. These results highlight the strength of our diversified portfolio and our ability to execute amid dynamic market conditions.

最後，我們很高興地報告，受人工智慧和圖形、遊戲、穿戴式裝置以及與關稅相關的 PC 拉動的強勁需求推動，6 月份季度業績達到了我們預期的高位。這些結果凸顯了我們多元化投資組合的實力以及我們在動態市場條件下的執行能力。

Looking ahead to the September quarter, we expect further growth driven by PCs, smartphones, and wearables, as we continue to be excited by the expanding opportunities in AI and graphics. The geopolitical and macroeconomic environment remains fluid as we actively monitor evolving trade policies, capture pull-in-related opportunities, and collaborate with customers to minimize disruptions.

展望九月季度，我們預計個人電腦、智慧型手機和穿戴式裝置將進一步推動成長，因為我們繼續對人工智慧和圖形領域不斷擴大的機會感到興奮。地緣政治和宏觀經濟環境仍在不斷變化，我們積極監控不斷變化的貿易政策，抓住與拉動相關的機會，並與客戶合作以盡量減少干擾。

Our business fundamentals remain strong, anchored by differentiated technology, a broadening product portfolio, and deep relationships with leading global customers. We believe calendar 2025 will be a year of growth, supported by expanding end-market exposure, share gains, and rising BOM content. While near-term uncertainties persist, we remain focused on execution, innovation, and delivering sustainable value for our stakeholders.

我們的業務基礎依然強勁，以差異化技術、不斷擴大的產品組合以及與全球領先客戶的深厚關係為基礎。我們相信，2025 年將是成長的一年，得益於終端市場曝光度的擴大、市場份額的提升以及 BOM 內容的增加。儘管近期的不確定性仍然存在，但我們仍然專注於執行、創新以及為利害關係人提供永續價值。

With that, I will now turn the call over to Yifan for a discussion of our fiscal fourth-quarter financial results and our outlook for the next quarter. Yifan?

現在，我將把電話轉給一帆，討論我們第四季度的財務表現以及對下一季的展望。一帆？

Thank you, Stephen. Good afternoon, everyone, and thank you for joining us. Revenue for the June quarter was $176.5 million, up 7.2% sequentially and up 9.4% year over year. In terms of product mix, DMOS revenue was $107.3 million, up 0.4% sequentially and 5.1% over last year. Power IC revenue was $68.7 million, up 25.8% from the prior quarter and 30.2% from a year ago.

謝謝你，史蒂芬。大家下午好，感謝大家的參與。六月當季營收為 1.765 億美元，季增 7.2%，年增 9.4%。從產品組合來看，DMOS 營收為 1.073 億美元，季增 0.4%，年增 5.1%。電源IC營收為6,870萬美元，較上一季成長25.8%，較去年同期成長30.2%。

Assembly service and other revenue was $0.5 million as compared to $0.4 million last quarter and $1.4 million for the same quarter last year. We did not have any license and engineering services revenue this quarter, as the related contract was completed in mid-February. This compares to $2.8 million in the prior quarter and $5.1 million in the same quarter last year.

組裝服務和其他收入為 50 萬美元，而上季為 40 萬美元，去年同期為 140 萬美元。本季我們沒有任何許可和工程服務收入，因為相關合約已於 2 月中旬完成。相比之下，上一季為 280 萬美元，去年同期為 510 萬美元。

Non-GAAP gross margin was 24.4% compared to 22.5% last quarter and 26.4% a year ago. The quarter-over-quarter increase was primarily impacted by the mix improvement. Non-GAAP operating expenses were $40.9 million compared to $39.7 million for the prior quarter and $39.3 million last year. The quarter-over-quarter increase was primarily due to higher R&D engineering expenses. Non-GAAP quarterly EPS was $0.02 compared to negative $0.10 per share last quarter and $0.09 per share a year ago.

非公認會計準則毛利率為 24.4%，上一季為 22.5%，去年同期為 26.4%。季度環比成長主要受到產品組合改善的影響。非公認會計準則營運費用為 4,090 萬美元，而上一季為 3,970 萬美元，去年為 3,930 萬美元。環比增長主要是由於研發工程費用增加。非公認會計準則季度每股收益為 0.02 美元，而上一季每股收益為負 0.10 美元，去年同期每股收益為 0.09 美元。

Moving on to cash flow, operating cash flow was negative $2.8 million, including $2.7 million of repayment of customer deposits. By comparison, operating cash flow was $7.4 million in the prior quarter and $7.1 million last year. We expect to refund $5 million of customer deposits in the September quarter. EBITDAS, excluding impairment of equity investment for the quarter, was $10.5 million compared to $15.2 million last quarter and $16 million for the same quarter a year ago.

談到現金流，經營現金流為負 280 萬美元，其中包括 270 萬美元的客戶存款償還。相較之下，上一季的營運現金流為 740 萬美元，去年同期為 710 萬美元。我們預計在 9 月季度退還 500 萬美元的客戶押金。本季扣除股權投資減損後的息稅折舊攤銷前利潤 (EBITDAS) 為 1,050 萬美元，而上季為 1,520 萬美元，去年同期為 1,600 萬美元。

Now let me turn to our balance sheet. We completed the June quarter with a cash balance of $153.1 million compared to $169.4 million at the end of last quarter. Net trade receivables increased by $6.3 million sequentially. Days sales outstanding were 15 days for the quarter compared to 11 days for the prior quarter.

現在讓我來看看我們的資產負債表。截至 6 月當季，我們的現金餘額為 1.531 億美元，而上一季末的現金餘額為 1.694 億美元。淨貿易應收款較上季增加 630 萬美元。本季應收帳款週轉天數為 15 天，而上一季為 11 天。

Net inventory increased by $1.6 million quarter over quarter. Average days in inventory were 126 days for the quarter compared to 129 days for the prior quarter. CapEx for the quarter was $14.3 million compared to $8.1 million for the prior quarter. We expect CapEx for the September quarter to range from $11 million to $13 million.

淨庫存季增 160 萬美元。本季平均庫存天數為 126 天，而上一季為 129 天。本季資本支出為 1,430 萬美元，而上一季為 810 萬美元。我們預計 9 月季度的資本支出將在 1,100 萬美元至 1,300 萬美元之間。

A few words about our joint venture in Chongqing, China. On July 14, we signed an equity transfer agreement to sell 20.3% of the outstanding shares of CQJV for $150 million in cash, and we expect this deal to be completed in the next few months. This transaction demonstrated our commitment to the ongoing value creation for our shareholders.

簡單介紹一下我們在中國重慶的合資企業。7月14日，我們簽署了股權轉讓協議，以1.5億美元現金出售CQJV 20.3%的流通股，我們預計這筆交易將在未來幾個月內完成。此次交易表明了我們致力於為股東持續創造價值的承諾。

With this sale, our ownership in CQJV will reduce to 18.9% from 39.2%. CQJV will remain as an important wafer and packaging supplier for AOS. After this transaction, the new investor plans to inject a significant amount of capital into CQJV to further expand its capacity.

透過此次出售，我們在 CQJV 的所有權將從 39.2% 降至 18.9%。CQJV將繼續作為AOS的重要晶圓和封裝供應商。本次交易後，新投資者計劃向CQJV注入大量資金，以進一步擴大其產能。

Based on the valuation of this sale, we recorded an impairment charge of $76.8 million in the June quarter on a US GAAP basis. This impairment charge partially reversed the $358.7 million net gain that we recorded back to December 2021 after we sold 3.2% equity interest in CQJV for $26.3 million cash.

根據此次出售的估值，我們根據美國公認會計準則在六月季度記錄了 7,680 萬美元的減損費用。這項減損費用部分抵銷了我們在 2021 年 12 月以 2,630 萬美元現金出售 CQJV 3.2% 的股權後記錄的 3.587 億美元淨收益。

With that, now I would like to discuss September quarter guidance. We expect revenue to be approximately $183 million, plus or minus $10 million; GAAP gross margin to be 23.8%, plus or minus 1%. We anticipate non-GAAP gross margin to be 24.4%, plus or minus 1%; GAAP operating expenses to be $47.5 million, plus or minus $1 million.

現在我想討論一下九月季度的指導。我們預計營收約 1.83 億美元，上下浮動 1,000 萬美元；GAAP 毛利率為 23.8%，上下浮動 1%。我們預期非 GAAP 毛利率為 24.4%，上下浮動 1%；GAAP 營運費用為 4,750 萬美元，上下浮動 100 萬美元。

Non-GAAP operating expense is expected to be $41 million, plus or minus $1 million; interest income to be $0.5 million higher than interest expense and income tax expense to be in the range of $1 million to $1.3 million.

非公認會計準則營運費用預計為 4,100 萬美元，上下浮動 100 萬美元；利息收入預計比利息支出高 50 萬美元，所得稅支出預計在 100 萬美元至 130 萬美元之間。

With that, we will now open the call for questions. Operator, please start the Q&A session.

現在，我們將開始提問。接線生，請開始問答環節。

(Operator Instructions) Jeremy Kwan, Stifel.

（操作員指示）Jeremy Kwan，Stifel。

Yes, good afternoon. Maybe if you could provide a little bit more color on the Computing segment. It looks like that was very nice to see. And it was quite strong, especially on the AI and graphics. Can you help us understand the digestion that you mentioned?

是的，下午好。也許您可以提供更多關於計算部分的詳細資訊。看起來這是一件非常令人高興的事。而且它非常強大，特別是在人工智慧和圖形方面。您能幫助我們理解您所提到的消化嗎？

Is that related to the tariff pull-ins more generally? Or is that related to the strong initial shipments of the new AI program? And any color you can provide in terms of the AI contribution this quarter and how you see that going forward over the next couple of quarters would be very helpful.

這是否與關稅拉動有更普遍的關係？或者這與新 AI 程式的強勁初始出貨量有關？如果您能提供有關本季度人工智慧貢獻以及您如何看待未來幾個季度人工智慧發展的任何信息，將會非常有幫助。

Hi, Jeremy. So certainly, we're excited about our AI and graphics business. This is something that's been -- we've been building upon and expanding in our advanced Computing area.

你好，傑里米。因此，我們當然對我們的人工智慧和圖形業務感到興奮。這是我們一直在建構和擴展的先進計算領域。

And in terms of the digestion portion, this is a reflection of some of the -- one of the AI programs that we started shipping into in the last quarter. We ship into it for a certain program, and we expect to take a little bit longer for that initial shipment to be digested.

就消化部分而言，這反映了我們在上個季度開始推出的一些人工智慧程式。我們為某個項目向該地區運送貨物，我們預計第一批貨物需要更長的時間來消化。

But at the same time, we're also -- and we commented in the call that we are excited that there are additional programs that we continue to be designed into that will help with that digestion. And at the same time, we already are seeing fresh orders as well forecast and backlog coming in for some of those new programs.

但同時，我們也——我們在電話會議上評論說，我們很高興我們繼續設計額外的項目來幫助消化。同時，我們已經看到一些新項目的新訂單、預測和積壓訂單。

So again, we are going after multiple types of projects here when it comes to AI. And this is in addition to what we're doing on the graphics side. On the graphics side, actually, we report also that is also fairly strong, and I would say, better than our original expectations, with good share at the add-in card makers for the graphics cards. So we're excited about both of our AI as well as graphics business.

所以，再次強調，在人工智慧方面，我們正在進行多種類型的專案。這是我們圖形方面所做工作的補充。在圖形方面，實際上，我們的報告也相當強勁，我想說，比我們最初的預期要好，在顯示卡附加卡製造商中佔有良好的份額。因此，我們對我們的人工智慧和圖形業務都感到興奮。

Great. That's very helpful. And can you help us quantify this maybe in qualitative terms, like how much your total AI is as a part of the Consumer segment, or maybe how much it drove growth in the current quarter? And maybe how you see that shaping out over the next, maybe call it, 12 to 18 months?

偉大的。這非常有幫助。您能否幫助我們從定性角度對此進行量化，例如，您的整體人工智慧在消費者細分市場中佔比多少，或者它對本季的成長有多大推動作用？您認為未來 12 到 18 個月內這種情況會如何發展？

Yeah. We tend to look at both graphics and AI together when it comes to -- because they're -- these products are pretty similar when it comes to both the controller as well as the driver MOS that we're selling as a total solution. So those two together is somewhere in the neighborhood, maybe around 25% of Computing these days.

是的。我們傾向於將圖形和人工智慧放在一起考慮——因為它們——這些產品在控制器以及我們作為整體解決方案銷售的驅動 MOS 方面非常相似。因此，這兩者加在一起大約佔當今計算總量的 25% 左右。

Great. That's very helpful. And maybe if I can ask a question on the gross margin. I understand that the richer mix kind of helps with -- the richer mix of the Power IC helps with gross margins this quarter. It's kind of maybe flat next quarter. Revenues are a little bit higher.

偉大的。這非常有幫助。也許我可以問一個關於毛利率的問題。我知道更豐富的組合有助於提高本季的毛利率。下個季度可能會持平。收入稍微高一點。

Can we infer from that that maybe the power IC mix shifts down a little bit here? Can you just help us understand kind of the dynamics near term and how you see this looking out, again, 12 to 18 months, especially as some of these newer, richer, higher-value products continue to ramp? Thank you.

我們是否可以從中推斷出電源 IC 組合在這裡可能會稍微下降一點？您能否幫助我們了解近期的動態，以及您如何看待未來 12 到 18 個月的前景，尤其是隨著一些更新、更豐富、更高價值的產品繼續增長？謝謝。

Sure, Jeremy. Yes, in the June quarter, our gross margin improved quarter over quarter pretty nicely. So it was back up to the December 2024 quarter level so primarily because of the better mix.

當然，傑里米。是的，在六月季度，我們的毛利率較上季成長相當不錯。因此，它回到了 2024 年 12 月季度的水平，主要是因為組合更好。

Keep in mind, in the June quarter, we did not have any license and engineering service revenue compared to the March quarter. Because that contract -- 24-month contract expired in mid-February. So this -- in terms of September quarter guidance, flat compared to the June quarter on the gross margin -- basically reflected similar mix -- product mix and similar production level.

請記住，與三月季度相比，六月季度我們沒有任何許可和工程服務收入。因為那份合約——24個月的合約在二月中旬到期。因此，就 9 月季度指引而言，毛利率與 6 月季度持平，基本上反映了類似的產品組合和類似的生產水準。

And I mean, that's -- revenue, yes, that was a little bit higher compared to the June quarter. So we still have revenue inventory and also other inventory we purchased from third-party foundries and subcontractors to support. So overall, we see -- at this point, we see a flattish gross margin in the September quarter.

我的意思是，那是——收入，是的，與六月季度相比略高一些。因此，我們仍然有收入庫存以及從第三方代工廠和分包商購買的其他庫存需要支援。因此，總體而言，我們看到——目前，9 月季度的毛利率持平。

And beyond the September quarter, how should we think about gross margins, especially do we -- are you expecting the mix to continue increasing or to be more increasingly favorable? Just any kind of color you can provide on that would be helpful.

九月季度之後，我們應該如何看待毛利率，特別是—您是否預期產品組合會繼續成長或變得更加有利？只要您提供任何一種顏色，都會有所幫助。

Sure. I mean, we don't give longer-term guidance. I mean, we only guide one quarter at a time. But overall, yeah, I mean, as our revenue continues to grow, then I would expect -- in the growth area, I would expect we can -- we expect to see a better product mix.

當然。我的意思是，我們不提供長期指導。我的意思是，我們每次只指導一個季度。但總的來說，是的，我的意思是，隨著我們的收入持續增長，我預計——在成長領域，我預計我們可以——我們預計會看到更好的產品組合。

Got it. And one last question, if I could. Just thinking about the sale or the transfer of a portion of your JV holdings, that $150 million, can you maybe rank-order your priorities in terms of how you're thinking about CapEx, OpEx, maybe some M&A? Is there any thought as to shareholder returns? Yeah, just any kind of indication about how you think about that cash inflow.

知道了。如果可以的話，我還有最後一個問題。只考慮出售或轉讓部分合資企業持有的 1.5 億美元，您能否根據對資本支出、營運支出或一些併購的考慮，對優先事項進行排序？有沒有考慮過股東回報？是的，任何關於您如何看待現金流入的跡像都可以。

Sure. First of all, I mean, this $150 million cash deal, we expect to be completed in the next few months, I mean, probably by the end of this calendar year. And then the first payment, we can expect probably in the September quarter. And then rest of the money expected to come in, in the December quarter.

當然。首先，我的意思是，這筆 1.5 億美元的現金交易，我們預計將在未來幾個月內完成，我的意思是，可能在今年年底之前。我們預計第一筆付款大概會在九月季度到來。其餘資金預計將於 12 月季度到帳。

In terms of use of cash, I mean, we definitely will invest in business growth. And we do see quite a bit of growth opportunities ahead of us. So yes, we'll invest in technology, in our talents, and then expanding our capacity.

就現金的使用而言，我的意思是，我們肯定會投資於業務成長。我們確實看到未來有相當多的成長機會。是的，我們會投資技術、投資人才，然後擴大我們的產能。

I mean, M&A is also on the plan, but that one depends on the opportunity. Yeah, I'm sure our Board will evaluate in terms of return capital to investors. So that's all on the slide.

我的意思是，併購也在計劃中，但這取決於機會。是的，我相信我們的董事會將根據向投資者返還資本進行評估。幻燈片上的內容就是這樣。

Great, thank you very much.

太好了，非常感謝。

All right, thank you.

好的，謝謝。

David Williams, Benchmark.

大衛威廉斯 (David Williams)，《基準》。

Hey. [Thank you for] taking my questions, and I apologize for the first issue there. Look, kind of following up on the last question on the JV. If you kind of think about your balance sheet now, it feels like -- and you talked about some of your utilization and third-party foundries. And that's provided some nice flexibility in the past.

嘿。謝謝你回答我的問題，對於這個問題我先表示歉意。看起來，有點像是跟進關於合資企業的最後一個問題。如果你現在考慮一下你的資產負債表，感覺就像——你談到了一些利用率和第三方代工廠。這在過去提供了一些很好的靈活性。

But I wonder how you think about adding or bringing in additional capacity, internal, to help you drive the margin profile as you kind of scale the business. Is that a place you want to be? Or would you prefer to have this kind of even split between third-party and internal and the JV?

但我想知道您如何考慮增加或引入額外的內部產能，以幫助您在擴大業務規模時提高利潤率。那是你想去的地方嗎？或者您希望第三方、內部和合資企業之間進行這種均等分割？

Sure. I mean, this definitely -- I mean, this $150 million transaction definitely will bring in more capital to us and also increase some flexibility in terms of where we want to set up our supply. Yeah, we'll continue to evaluate both internal production and purchasing from third-party foundries. It depends on our needs, sure.

當然。我的意思是，這筆 1.5 億美元的交易肯定會為我們帶來更多資金，同時也會在我們想要在哪裡建立供應方面增加一些靈活性。是的，我們將繼續評估內部生產和從第三方代工廠採購。當然，這取決於我們的需要。

I mean, after this transaction, I mean, our balance sheet definitely got strengthened that we would have quite a bit liquidity. And also -- I mean, we created quite a bit of value for our investors. I mean, that's -- if you look at this deal -- and then in the past, we recorded $300 million on our balance sheet in this equity investment.

我的意思是，經過這筆交易，我們的資產負債表肯定得到了加強，我們將擁有相當多的流動性。而且——我的意思是，我們為投資者創造了相當多的價值。我的意思是——如果你看一下這筆交易——那麼在過去，我們在資產負債表上記錄了這筆股權投資的 3 億美元。

Throughout the years, including this deal, we already realized about $176 million also cash. And then we still own 18.9% even after this transaction. So I mean, I would say, yes, this deal definitely created a heck of value for our investors.

這些年來，包括這筆交易，我們已經實現了約 1.76 億美元的現金。即使在此次交易之後，我們仍然擁有 18.9% 的股份。所以我的意思是，我想說，是的，這筆交易確實為我們的投資者創造了巨大的價值。

Yeah, no doubt. If my memory is certainly correct, you were $30 million to $35 million total, including equipment and some cash. Is that right?

是的，毫無疑問。如果我沒記錯的話，你們總共花了 3,000 萬到 3,500 萬美元，包括設備和一些現金。是嗎？

We invested $35 million cash plus some used assembly equipment.

我們投資了 3500 萬美元現金以及一些二手組裝設備。

Yeah, that is a heck of a return. So congrats on that. Good, thanks for the color. And I guess, maybe as you think about your internal capacity and tariffs and then shipping, just kind of given how much of your customer base ends up in Asia, how do you think the tariffs are impacting your local manufacturing capacity?

是的，這真是一次豐厚的回報。對此我表示祝賀。很好，謝謝你的顏色。我想，也許當您考慮內部產能、關稅和運輸時，考慮到您的客戶群中有多少最終在亞洲，您認為關稅會如何影響您當地的製造能力？

Is that -- is it a bigger challenge for you than maybe being outside of the country and moving outside largely? And just maybe what's your exposure do you think to the tariffs on that side of the house?

這對你來說是不是比在國外和大範圍遷徙更具挑戰性？您認為您對那邊的關稅有何影響？

So far, I mean, the direct impact from tariff on us is not that significant since we don't ship a whole lot of products to the US. So from that front, yeah, right now, we're okay. But this geopolitical and trade tension do play some uncertainties here. So we'll adjust our supply chain along with our customers. And so basically, we want to support our customers. So wherever our customers are located, we want to support them.

到目前為止，關稅對我們的直接影響並不那麼大，因為我們沒有向美國運送大量產品。所以從這個方面來看，是的，現在我們還好。但地緣政治和貿易緊張局勢確實帶來了一些不確定性。因此，我們將與客戶一起調整我們的供應鏈。所以從根本上來說，我們希望支持我們的客戶。因此，無論我們的客戶位於何處，我們都希望為他們提供支援。

Great. And maybe, Stephen, how do you -- or maybe if you think about how your customers have been reacting, do you sense that there's more cautiousness out there in terms of the demand side and kind of where things lead? Or do you feel like people are generally feeling better about the second half from the underlying demand side?

偉大的。史蒂芬，也許您覺得怎麼樣——或者也許如果您考慮一下您的客戶的反應，您是否感覺到在需求方面以及事態發展方面人們更加謹慎了？或者您覺得從根本需求來看，人們對下半年的前景整體感覺更好？

I think the answer is different depending on which market you're looking at. In terms of the tariff impact, we see that on the demand side more prominently in the Computing side when it comes to notebooks and desktops over there. And we are still dealing with how to support the pull-in efforts and with demand being pulled in by our customers in advance of any kind of policy change when it comes to tariffs.

我認為答案是不同的，取決於你關注的市場。就關稅影響而言，我們看到，在需求方面，尤其是計算方面，尤其是筆記型電腦和桌上型電腦。我們仍在研究如何在關稅政策發生任何變化之前支持拉動能量，並滿足客戶對拉動需求的需求。

So as of right now, our customers are still wanting to produce as much as they can and get things into -- get things to produce and onto a boat before the tariffs change. So that's more and more prominently so in the PC market.

因此，截至目前，我們的客戶仍然希望盡可能多地生產，並在關稅變化之前將產品運送到船上。這一點在個人電腦市場上越來越明顯。

We don't really see the tariff impact in other areas. Others have more other impacts. Of course, anything with AI is definitely still very hot. Graphics still continues to be strong as well, too, since that the cards -- graphics cards just launched at the beginning of this year.

我們確實沒有看到關稅對其他地區的影響。其他的則有更多其他的影響。當然，任何帶有人工智慧的東西肯定仍然很熱門。圖形效能依然強勁，因為今年年初才剛推出顯示卡。

The AI programs are just starting up also. So those are still fresh new projects. Smartphones, we're heading into the peak season, with the US and the Korea smartphone maker also going into peak production. So those are seasonal effects that we're seeing now.

人工智慧程式也才剛啟動。所以這些仍然是新鮮的項目。智慧型手機，我們正進入旺季，美國和韓國智慧型手機製造商也進入生產高峰期。這些就是我們現在看到的季節性影響。

Great. Thanks so much for help. Certainly appreciated, and best of luck on the quarter.

偉大的。非常感謝您的幫忙。當然值得感謝，並祝本季好運。

Thank you, David.

謝謝你，大衛。

It looks like there are no more questions. So I'll pass the call back over to the management team for closing remarks.

看起來好像沒有其他問題了。因此，我將把電話轉回給管理團隊，請他們發表最後發言。

Great. Before we conclude, I'd like to highlight a few upcoming investor events. The management team will be participating in the 6th Annual Needham Virtual Semiconductor & SemiCap 1x1 Conference on August 21; the 2025 Evercore Semiconductor, IT Hardware & Networking Conference on August 26; and the Jefferies Semiconductor, IT Hardware & Communications Technology Conference on August 27 -- both of those are in Chicago, Illinois -- as well as the Benchmark 2025 Tech, Media & Telecom Conference on September 3; and TD Securities Technology Growth Cap Summit on September 4. Both of those are in New York City.

偉大的。在我們結束之前，我想強調一些即將舉行的投資者活動。管理團隊將參加 8 月 21 日舉行的第六屆年度 Needham 虛擬半導體、IT 硬體和網路會議；以及 8 月 27 日舉行的 Jefferies 半導體、IT 硬體和通訊科技、媒體和電信會議；以及 9 月 4 日舉行的 TD Securities 科技成長資本高峰會。這兩個地方都在紐約市。

If you wish to request a meeting, please contact the institutional sales representative at each sponsoring bank. This concludes our earnings call today. Thank you for your interest in AOS, and we look forward to talking to you again next quarter. Thank you.

如果您希望要求會面，請聯絡每個贊助銀行的機構銷售代表。今天的收益電話會議到此結束。感謝您對 AOS 的關注，我們期待下個季度再次與您交談。謝謝。

Thank you.

謝謝。

That concludes the conference call. Thank you for your participation. Enjoy the rest of your day.

電話會議到此結束。感謝您的參與。享受你剩餘的一天。