日月光投資控股 (ASX) 2026 Q3 法說會逐字稿

Hello. I am Ken Hsiang, the Head of Investor Relations at ASE Technology Holdings. Welcome to our third quarter 2026 earnings release. I am joined today by Joseph Tung, our CFO. Thank you for joining us today. Please refer to our safe harbor notice on page 2. All participants consent to having their voices and questions broadcast via participation in this event. If you do not consent, please refrain from asking questions or leave the session now.

大家好。我是日月光投控投資人關係主管 Ken Hsiang。歡迎參加我們 2026 年第三季財報發布。今天與我一同出席的是我們的財務長 Joseph Tung。感謝各位今天的參與。請參閱第 2 頁的安全港聲明。所有與會者透過參與本活動，即表示同意其聲音與提問可被廣播。若您不同意，請勿提問或立即離開本場次。

I would like to remind everyone that the presentation that follows may contain forward-looking statements. These forward-looking statements are subject to a high degree of risk, and our actual results may differ materially. For the purposes of this presentation, dollar figures are generally stated in New Taiwan Dollars, unless otherwise indicated. As a Taiwan-based company, our financial information is presented in accordance with Taiwan IFRS. Results presented using Taiwan IFRS may differ materially from results using other accounting standards, including those separately presented by our subsidiaries. For today's presentation, I'll give a brief business update and then go through the Q3 results. Joseph will close with our Q4 outlook.

我想提醒各位，接下來的簡報可能包含前瞻性陳述。這些前瞻性陳述具有高度風險，我們的實際結果可能出現重大差異。就本簡報而言，除非另有說明，金額一般以新台幣表示。作為一家以台灣為基地的公司，我們的財務資訊係依據台灣 IFRS 編製。以台灣 IFRS 呈現之結果，可能與其他會計準則（包括我們子公司另行呈列者）之結果存在重大差異。今天的簡報中，我將先做簡要的業務更新，接著說明第三季結果。Joseph 將在最後提供我們對第四季的展望。

During the third quarter, our ATM capacities ran at or near full utilization rates. Demand for our services continues to outpace our ability to supply such services within our LEAP and much of our non-LEAP capacities. Our revenues grew faster than we had initially expected, driven primarily by faster-than-expected installations of high-demand LEAP capacities. Non-LEAP also performed slightly better than initial expectations. And even though historically speaking, third quarters tend to be driven by seasonal strength, given the increasing mix of LEAP services, seasonality related to underlying consumer buying patterns are becoming less of a factor in our overall loading patterns.

第三季期間，我們的 ATM 產能以滿載或接近滿載的稼動率運行。對我們服務的需求持續超過我們在 LEAP 以及多數非 LEAP 產能範圍內的供給能力。在高需求的 LEAP 產能裝機進度快於預期的帶動下，我們營收成長速度高於原先預估。非 LEAP 的表現也略優於初始預期。此外，雖然歷史上第三季通常受季節性旺季帶動，但隨著 LEAP 服務占比提高，與終端消費購買模式相關的季節性因素，對我們整體載入（loading）型態的影響正逐漸降低。

Overall, ATM profitability also improved more than anticipated, primarily as a result of higher-than-expected LEAP loading. Our EMS business' third quarter grew slightly ahead of our expectations. The third quarter continues to exhibit strong underlying seasonal demand for our SIP-related products. Our EMS business' profitability was in line with our expectations.

整體而言，ATM 獲利能力的改善也超出預期，主要是因為 LEAP 載入高於預期。我們 EMS 業務第三季成長略優於預期。第三季在我們與 SIP 相關產品方面，仍呈現強勁的季節性基礎需求。我們 EMS 業務的獲利表現符合預期。

Please turn to page 3, where you will find our third quarter consolidated results. For Q3, fully diluted EPS was TWD5.84 and basic EPS came in at TWD6.13. Year-to-date through Q3, our fully diluted EPS was TWD13.40 and basic EPS was TWD14.17. Consolidated net revenues reached a record TWD244.2 billion, up 28% sequentially and 45% year-over-year. Gross profit was TWD54 billion with a gross margin of 22.1%, up 1.1 percentage points sequentially and 5 percentage points year-over-year. The sequential improvement stems from higher LEAP content in our ATM business.

請翻到第 3 頁，您將看到我們第三季合併財務結果。第三季完全稀釋後每股盈餘為新台幣 5.84 元，基本每股盈餘為新台幣 6.13 元。累計至第三季，完全稀釋後每股盈餘為新台幣 13.40 元，基本每股盈餘為新台幣 14.17 元。合併淨營收達到創新高的新台幣 2,442 億元，季增 28%、年增 45%。毛利為新台幣 540 億元，毛利率 22.1%，季增 1.1 個百分點、年增 5 個百分點。季增改善主要來自 ATM 業務中 LEAP 內容占比提高。

The annual improvement reflects higher ATM revenue and a more favorable NT dollar environment. Operating expenses totaled TWD20.8 billion, up TWD1.8 billion sequentially and TWD5.1 billion year-over-year, primarily driven by higher headcount, profit sharing expenses and further R&D spend to support LEAP initiatives. As a percentage of revenue, operating expenses declined sequentially by 1.5 percentage points and annually by 0.8 percentage points to 8.5%.

年度改善反映 ATM 營收提高以及較有利的新台幣匯率環境。營業費用合計新台幣 208 億元，較前一季增加新台幣 18 億元、較去年同期增加新台幣 51 億元，主要由人力增加、員工分紅費用以及為支持 LEAP 計畫而進一步增加的研發支出所帶動。以營收百分比計，營業費用率季減 1.5 個百分點、年減 0.8 個百分點至 8.5%。

Our OpEx percentage declined principally from LEAP revenue growth after previous periods of R&D investment. We currently see operating expenses continuing to rise on an absolute level, but on a percentage basis, should remain near the range demonstrated in the current year. This delivered an operating profit of TWD33.1 billion, up 57% quarter-over-quarter and 151% year-over-year. We had an operating margin of 13.6%, expanding 2.5 percentage points sequentially and 5.8 percentage points annually.

營業費用率下降，主要來自先前研發投資後，LEAP 營收成長所帶來的規模效益。我們目前預期營業費用在絕對金額上仍將持續上升，但以百分比計，應可維持在今年所呈現的區間附近。因此營業利益達新台幣 331 億元，季增 57%、年增 151%。營業利益率為 13.6%，季增 2.5 個百分點、年增 5.8 個百分點。

Rising company profitability was primarily driven by higher loading and expanding LEAP product mix. Nonoperating loss totaled TWD0.4 billion. This amount includes net interest expenses of TWD2.6 billion, up TWD0.8 billion sequentially due to higher debt levels. Tax expense was TWD4.8 billion. Our effective tax rate for the quarter was 14.8%.

公司獲利能力提升主要由更高的載入以及 LEAP 產品組合占比擴大所驅動。營業外損失合計新台幣 4 億元。其中包含淨利息費用新台幣 26 億元，因負債水位提高，較前一季增加新台幣 8 億元。所得稅費用為新台幣 48 億元。本季有效稅率為 14.8%。

During the quarter, we saw beneficial changes to tax regulations and foreign currency movements, which positively affected our net deferred tax position. Given these changes, we now expect our full year effective tax rate to be between 16% to 17%. Net income for the quarter was TWD27 billion, up 28% sequentially and 148% year-over-year.

本季我們看到稅務法規的有利變動以及外幣匯率波動，對我們的遞延所得稅淨額部位產生正面影響。基於這些變化，我們目前預期全年有效稅率將介於 16% 至 17%。本季淨利為新台幣 270 億元，季增 28%、年增 148%。

On page 4 is a graphical view of our consolidated quarterly performance. For the third quarter 2026, our ATM business represented 62% of our consolidated holding company revenues, while representing 91% of our operating profits. This is compared to 59% of consolidated holding company revenues, while representing 82% of operating profit in the third quarter of last year. As our ATM LEAP business continues to outgrow our other service areas, we continue to believe that our ATM business will continue to increase as a percentage of our overall business and profitability.

第 4 頁以圖表方式呈現我們合併季度表現。2026 年第三季，我們的 ATM 業務占控股公司合併營收的 62%，同時貢獻 91% 的營業利益。相較之下，去年第三季 ATM 業務占控股公司合併營收 59%，並貢獻 82% 的營業利益。隨著 ATM 的 LEAP 業務持續成長並超越其他服務領域，我們仍相信 ATM 業務在整體業務與獲利中的占比將持續提升。

On page 5 is our ATM P&L. For the third quarter of 2026, we recorded record revenues for our ATM business of TWD151.5 billion, up TWD25.3 billion sequentially and TWD51.2 billion annually, representing an increase of 20% sequential and 51% annual growth. Gross profit for our ATM business was TWD46.4 billion, up TWD11.9 billion sequentially and up TWD23.7 billion year-over-year. ATM gross profit margin was 30.6%, up 3.3 percentage points sequentially and 8 percentage points annually, driven by higher operating leverage and a more favorable revenue mix, particularly a higher mix of LEAP.

第 5 頁為我們 ATM 損益表。2026 年第三季，我們 ATM 業務營收創新高，達新台幣 1,515 億元，較前一季增加新台幣 253 億元、較去年同期增加新台幣 512 億元，分別代表季增 20% 與年增 51%。ATM 業務毛利為新台幣 464 億元，較前一季增加新台幣 119 億元、較去年同期增加新台幣 237 億元。ATM 毛利率為 30.6%，季增 3.3 個百分點、年增 8 個百分點，主要受惠於更高的營運槓桿與更有利的營收組合，尤其是 LEAP 占比提高。

Our gross margin has surpassed our historical structural margin ceiling. A theoretical structural margin for our ATM business would now substantially depend upon the amount of expected LEAP product mix. Given that our LEAP business continues to grow rapidly, our margin range now appears to be dynamic rather than fixed structurally.

我們的毛利率已超越歷史上的結構性毛利率上限。就理論而言，我們 ATM 業務的結構性毛利率，現在將在很大程度上取決於預期的 LEAP 產品組合占比。鑑於 LEAP 業務持續快速成長，我們目前的毛利率區間看起來更偏向動態變化，而非結構性固定。

During the third quarter, operating expenses were TWD16.2 billion, up TWD1.5 billion sequentially and TWD4.3 billion year-over-year. The sequential and annual increases in operating expenses are primarily related to higher overall labor costs and general R&D expenses. Our operating expense ratio was 10.7%, down 1 percentage point sequentially and 1.1 percentage points annually. We are approaching our near-term ATM OpEx percentage target as we balance cost and a more technology-led growth framework.

第三季期間，營業費用為新台幣 162 億元，較前一季增加新台幣 15 億元、較去年同期增加新台幣 43 億元。營業費用的季增與年增主要與整體人力成本上升及一般研發費用增加有關。營業費用率為 10.7%，季減 1 個百分點、年減 1.1 個百分點。在兼顧成本與更以技術驅動的成長架構之間取得平衡的同時，我們正逐步接近短期 ATM 營業費用率目標。

During the third quarter, operating profit was TWD30.2 billion, representing a sequential 53% increase of TWD10.5 billion and a 178% annual increase of TWD19.4 billion. Operating margin was 20%, up 4.3 percentage points sequentially and up 9.2 percentage points year-over-year. The NT dollar had a positive 0.5% sequential and a 3.3 annual percentage point impact to our gross and operating margins.

第三季期間，營業利益為新台幣 302 億元，較前一季增加新台幣 105 億元、季增 53%，並較去年同期增加新台幣 194 億元、年增 178%。營業利益率為 20%，季增 4.3 個百分點、年增 9.2 個百分點。新台幣匯率對毛利率與營業利益率的影響為：季比正向 0.5 個百分點、年比正向 3.3 個百分點。

On page 6, you'll find a graphical representation of our ATM P&L. The chart currently highlights our gross profit margin. Over the displayed time frame, our margin improvement has been largely driven by improving utilization rates within traditional product lines and increasing LEAP product mix. In this time frame, from peak to trough, our gross profit margin percentage has climbed 8.7 percentage points.

在第 6 頁，您將看到我們 ATM 損益表（P&L）的圖形化呈現。該圖目前突顯了我們的毛利率。在所示期間內，我們的毛利率改善主要由傳統產品線的稼動率提升，以及 LEAP 產品組合占比提高所帶動。在此期間內，從高點到低點，我們的毛利率百分比上升了 8.7 個百分點。

On page 7 is our ATM revenue by communications, computing and consumer applications. LEAP services are primarily included within our computing applications with a lesser amount being included in our communications applications. As can be seen here, our computing applications percentage continues to grow steadily.

第 7 頁為我們 ATM 依通訊、運算與消費性應用別的營收。LEAP 服務主要歸類於我們的運算應用中，另有較小部分歸類於通訊應用中。如圖所示，我們的運算應用占比持續穩定成長。

With a large amount of our LEAP services coming from computing, revenues for our computing application grew by 39%. Meanwhile, automotive, industrial and consumer all grew by about 14%. Our communications application had the least amount of growth during the quarter, growing 8%. At this time, we continue to believe that our computing application will lead growth into 2027 and 2028.

由於我們的 LEAP 服務有相當大一部分來自運算領域，我們的運算應用營收成長了 39%。同時，車用、工業與消費性應用皆約成長 14%。本季通訊應用的成長幅度最小，成長 8%。目前我們仍相信，運算應用將在 2027 年與 2028 年引領成長。

On page 8, you will find our ATM revenue by service type. At the beginning of the year, we believe that our test business, led by rapid expansion of our wafer sort business would outpace growth of our assembly business. However, during the year, our assembly business has been showing even stronger-than-expected growth, especially as it relates to our traditional businesses.

在第 8 頁，您將看到我們 ATM 依服務類型別的營收。年初時，我們認為在晶圓分類（wafer sort）業務快速擴張帶動下，我們的測試業務成長將超越封裝業務。然而在今年期間，我們的封裝業務展現出甚至高於預期的成長，特別是與我們的傳統業務相關的部分。

The demand for our test services continues to be robust. However, as with much of our business expansion, test capacities are awaiting new facilities. As stated during the previous quarter, we believe that both our assembly and test businesses will grow at similar rates during the year.

我們的測試服務需求仍然強勁。然而，如同我們多數業務擴張一樣，測試產能仍在等待新廠房到位。如同上一季所述，我們認為今年封裝與測試業務將以相近的成長率成長。

On page 9, you can see the third quarter results of our EMS business. Our EMS business has historically focused more on products closer to consumer-driven end markets. Many of these products are experiencing a higher component cost environment driven by shortages caused by the rapid AI build-out. These extra pass-through costs are increasing both our reported revenues and raw material costs.

在第 9 頁，您可以看到我們 EMS 業務的第三季結果。我們的 EMS 業務歷來較聚焦於更接近消費者驅動終端市場的產品。其中許多產品正面臨較高的零組件成本環境，主要由 AI 快速建置所造成的短缺所驅動。這些額外的轉嫁成本（pass-through costs）同時推升了我們的帳列營收與原物料成本。

When netted, this ultimately negatively impacts our EMS business' margin performance. EMS revenues grew 42% sequentially and 35% annually to TWD93.5 billion. Sequentially, our EMS business' gross margin decreased by 0.6 percentage points to 8.3%. This change was principally the result of higher pass-through component costs and product mix differences. EMS operating expenses increased by TWD0.4 billion sequentially and by TWD0.8 billion annually.

在相互抵銷後，最終對我們 EMS 業務的毛利率表現造成負面影響。EMS 營收季增 42%、年增 35%，達新台幣 935 億元。就季比而言，我們 EMS 業務毛利率下降 0.6 個百分點至 8.3%。此變動主要源自較高的轉嫁零組件成本以及產品組合差異。EMS 營業費用季增新台幣 4 億元，年增新台幣 8 億元。

Our third quarter EMS operating expense ratio was 5%, declining 1.5 percentage points sequentially and 0.6 percentage points annually. Operating margin came in at 3.3%, improving 0.9 percentage points sequentially and declining 0.4 percentage points annually. The sequential margin improvement is the result of product mix offset by a higher component cost environment. The annual decline is the result of higher component costs. Our EMS third quarter operating profit was TWD3.1 billion, up TWD1.5 billion sequentially and up TWD0.6 billion annually.

我們第三季 EMS 營業費用率為 5%，季減 1.5 個百分點、年減 0.6 個百分點。營業利益率為 3.3%，季增 0.9 個百分點、年減 0.4 個百分點。季比毛利率改善係由產品組合所帶動，但部分被較高的零組件成本環境所抵銷。年比下滑則是較高零組件成本所致。我們 EMS 第三季營業利益為新台幣 31 億元，季增新台幣 15 億元、年增新台幣 6 億元。

On the bottom of the page, you will find a graphical representation of our EMS revenue by application. Generally, the moves in the consumer and communication categories are related to the seasonality of the underlying products we service. And though the communications application percentage looks to have declined on an absolute dollar basis, our EMS communications application grew quarterly.

在頁面下方，您將看到我們 EMS 依應用別的營收圖形化呈現。一般而言，消費性與通訊類別的變動與我們所服務之底層產品季節性相關。此外，雖然通訊應用占比看起來在絕對金額基礎上有所下降，但我們 EMS 通訊應用營收仍呈現季成長。

Annually, the communications application percentage declined primarily due to underlying customer production timing changes. The growth in the computing application is largely driven by business related to AI accelerator products. From a longer-term perspective, we continue to pursue potential synergies between our ATM and EMS businesses to co-develop system-level solutions. By integrating critical EMS competencies with ATM technologies, we have the potential to optimize entire systems end to end, applying the same co-engineering disciplines that successfully scaled SIP architecture. As complexities increase at the die and package level, the system level will need to follow suit.

就年比而言，通訊應用占比下降主要是由於底層客戶生產時程變動。運算應用的成長主要由與 AI 加速器產品相關的業務所帶動。從較長期的角度來看，我們持續尋求 ATM 與 EMS 業務之間的潛在綜效，以共同開發系統級解決方案。透過整合關鍵的 EMS 核心能力與 ATM 技術，我們有機會端到端優化整體系統，並套用成功擴展 SIP 架構的同樣協同工程（co-engineering）方法論。隨著晶粒（die）與封裝層級的複雜度提升，系統層級也需要同步演進。

On page 10, you will find key line items from our balance sheet. At the end of the quarter, we had cash, cash equivalents and current financial assets of TWD107.9 billion. Our total interest-bearing debt increased by TWD100.2 billion to TWD406.5 billion. Total unused credit lines amounted to TWD457.3 billion. Our EBITDA for the quarter was TWD58 billion. Our net debt-to-equity ratio this quarter was 66%. As expressed in previous quarters, the third quarter represents the near-term peak of our net debt-to-equity ratio. We expect this ratio to come down somewhat in the fourth quarter.

在第 10 頁，您將看到我們資產負債表的關鍵科目。截至本季季末，我們的現金、約當現金及流動金融資產為新台幣 1,079 億元。我們的有息負債總額增加新台幣 1,002 億元至新台幣 4,065 億元。未動用授信額度合計為新台幣 4,573 億元。本季 EBITDA 為新台幣 580 億元。本季淨負債對權益比率為 66%。如同前幾季所述，第三季代表我們淨負債對權益比率的短期高點。我們預期該比率在第四季將有所下降。

On page 11, you will find our equipment capital expenditures relative to our EBITDA. Machine and equipment capital expenditures for the third quarter in US dollars totaled USD2.1 billion, of which USD1 billion was used in packaging operations, USD1.1 billion in testing operations, USD41 million in EMS operations and USD5 million in interconnect materials operations and others.

在第 11 頁，您將看到我們設備資本支出相對於 EBITDA 的情況。第三季以美元計之機器與設備資本支出合計 21 億美元，其中 10 億美元用於封裝營運、11 億美元用於測試營運、4,100 萬美元用於 EMS 營運，以及 500 萬美元用於互連材料營運及其他。

In addition to spending on machinery and equipment, during the quarter, we also spent USD1.8 billion on facilities and land. We continue to believe that the growth of the company is highly dependent upon the execution of our various facility teams to deliver new manufacturing space and install equipment in those buildings for scaled-up mass production.

除機器與設備支出外，本季我們亦在廠房與土地上支出 18 億美元。我們仍相信，公司成長高度取決於各廠務團隊的執行力，能否交付新的製造空間，並在這些建築物內完成設備安裝，以支援規模化量產。

We believe the ability to accelerate CapEx at this point to be beneficial to the company as it allows us to bring in new manufacturing capacity at a time when we are running full. Year-to-date, we have spent USD8 billion of CapEx, USD4.8 billion in equipment and USD3.2 billion in facilities. We currently have 22 ongoing building projects in Taiwan. We expect more than half of these projects will start supporting some level of revenue from now through 2027.

我們認為在此時點加速資本支出（CapEx）對公司有利，因為這使我們能在產能滿載運轉之際導入新的製造產能。年初至今，我們已投入 80 億美元資本支出，其中 48 億美元用於設備、32 億美元用於廠房。我們目前在台灣共有 22 個進行中的建築專案。我們預期其中超過一半的專案將自現在起至 2027 年間開始在某種程度上貢獻營收。

One final point before handing the presentation off. Our overall business outlook continues to be increasingly defined by our leading-edge capacities. And though our LEAP services are frequently tied to AI-related products, we see our LEAP capacities as the manufacturing basis for future generations of products, not just AI related. Multichip interconnectivity on leading-edge devices has become the norm. We are in the midst of an evolution of electronics production where systemization is increasingly happening at the chip level.

在把簡報交接出去之前，最後補充一點。我們整體業務展望正日益由我們的先進產能所界定。雖然我們的 LEAP 服務經常與 AI 相關產品連結，但我們將 LEAP 產能視為未來世代產品的製造基礎，而不僅限於 AI 相關。在先進裝置上，多晶片互連已成為常態。我們正處於電子產品製造演進的過程中，系統化正日益在晶片層級發生。

Simply put, what we are seeing is the next evolution of miniaturization. It bears repeating the capacities we are putting in place are not specifically made for AI. AI products just so happen to need the performance benefits LEAP interconnections provide. Our investments today are laying the future groundwork for generations of products to come.

簡而言之，我們所看到的是微型化的下一階段演進。值得再次強調的是，我們正在建置的產能並非專為 AI 而設；只是 AI 產品恰好需要 LEAP 互連所帶來的效能優勢。我們今日的投資正在為未來一代又一代的產品奠定基礎。

I'll hand the presentation over to Joseph to walk through the company's Q4 outlook.

我把簡報交給 Joseph，請他帶大家說明公司對 2026 年第四季的展望。

Thank you, Ken. Let me give everybody a fourth quarter guidance. Based on our current business outlook and exchange rate assumption of USD1 to TWD31.9, which remains the same as in third quarter, management projects overall performance for the fourth quarter of 2026 to be as follows:

謝謝你，Ken。我來向各位提供第四季的財測指引。根據我們目前的業務展望，以及美元兌新台幣 1：31.9 的匯率假設（與第三季相同），管理層對 2026 年第四季的整體表現預估如下：

On a consolidated basis, in NT dollar terms, our consolidated fourth quarter revenue should grow by 6% to 8% quarter-over-quarter. Our consolidated fourth quarter gross margin should be between 23% to 24%. Our consolidated fourth quarter operating margin should be between 14.5% to 15.5%. For our ATM business, in NT dollar terms, our ATM fourth quarter revenue should grow by 11% to 13% quarter-over-quarter. Our ATM fourth quarter gross margin should increase by 100 basis points to 200 basis points quarter-over-quarter. For EMS, in NT dollar terms, our EMS fourth quarter revenue should be flattish quarter-over-quarter. Our EMS fourth quarter operating margin should be around 2%.

以合併基礎、以新台幣計，我們 2026 年第四季合併營收預期季增 6% 至 8%。我們 2026 年第四季合併毛利率預期介於 23% 至 24%。我們 2026 年第四季合併營業利益率預期介於 14.5% 至 15.5%。就我們的 ATM 業務而言，以新台幣計，我們 ATM 第四季營收預期季增 11% 至 13%。我們 ATM 第四季毛利率預期較前一季提升 100 個基點至 200 個基點。至於 EMS，以新台幣計，我們 EMS 第四季營收預期與前一季大致持平。我們 EMS 第四季營業利益率預期約為 2%。

Now with that, we will open the floor for questions.

接下來，我們開放提問。

During the Q&A session that follows, we would appreciate it if your questions could be as clear and concise as possible and asked singularly. I as the moderator will be receiving each question and repeating each asked question.

在接下來的問答環節中，若各位的問題能盡量清楚、精簡，並一次只問一個問題，我們將不勝感激。我作為主持人會接收每個問題，並重述各位提出的問題。

After an initial question, the participant may ask a follow-up question, clarifications of the earlier question, or another question entirely. Then we will move to the next participant.

在第一個問題之後，提問者可以再問一個追問、針對先前問題的澄清，或是提出另一個全新的問題。接著我們會進到下一位提問者。

Participants may return to the queue for any additional questions and/or clarifications. Thank you.

若還有其他問題及／或需要澄清，與會者可再次回到排隊序列。謝謝。

(Operator Instructions)

(接線員指示)

Sunny Lin, UBS.

UBS 的 Sunny Lin。

Hello, could you hear me okay?

你好，你們聽得到我嗎？

Yes.

聽得到。

Thank you very much for taking my questions and congrats on the very strong results. My first question is on your overall LEAP sales. Given the importance and your accelerating expansion, any update on your LEAP sales for 2027? And how should we think about the split by full process, software outsourcing and test?

非常感謝讓我提問，也恭喜你們繳出非常強勁的成績。我的第一個問題是關於你們整體的 LEAP 銷售。考量其重要性以及你們加速擴張，對 2027 年的 LEAP 銷售有沒有最新進展？另外，我們應該如何看待全流程、軟體外包與測試之間的拆分？

For 2027, we're expecting to remain as we last projected to double our LEAP revenue for the year.

關於 2027 年，我們預期仍維持上次的預估，也就是全年 LEAP 營收將倍增。

Well, then -- sorry, maybe just to follow up, and that will be my second question. So any update on your LEAP sales for 2026?

那——不好意思，我想追問一下，這會是我的第二個問題。所以，對 2026 年的 LEAP 銷售有沒有更新？

Yes. As I said, we are upping our 2026 LEAP revenue from originally USD3.7 billion that we mentioned last quarter to over USD4 billion for this year.

有的。如我所說，我們把 2026 年 LEAP 營收從上季提到的原先 37 億美元，上調到今年超過 40 億美元。

Got it. And --

了解。然後——

Go ahead, please.

請繼續。

Sure. Sorry. Not sure if it's our connection issue, but I lost a part of the response, but it's okay, we will check the transcript. So my second question will be on the full process CoWoS. How's the overall ramp and yield for the key product second half of this year?

好的，不好意思。不確定是不是連線問題，我漏聽了回覆的一部分，不過沒關係，我們會看逐字稿。我的第二個問題是關於全流程 CoWoS。今年下半年關鍵產品的整體爬坡進度與良率表現如何？

And now looking into 2027 with your expansion, should we assume a more diversified customer base and product base? And how -- yes.

另外展望 2027 年，隨著你們擴產，我們是否可以假設客戶基礎與產品基礎會更加多元化？以及——是的。

So Sunny, you're asking about our full process business and then looking for any update in terms of the full process yield and such, right? Is that correct?

Sunny，你是在問我們的全流程業務，並希望更新全流程良率等相關狀況，對嗎？是這樣嗎？

Yield and then the product base going into 2027.

良率，以及 2027 年的產品基礎。

I think for 2026, our full process revenue is on track, and we're keeping a USD300 million revenue for the year. And I think the -- everything else is going on as planned. And for next year, we are expecting over USD1 billion revenue coming from full process. And of course, the yield is at the level that we can get into mass production and major shipments.

我想就 2026 年而言，我們的全流程營收進度符合預期，我們維持全年 3 億美元的營收目標。我認為——其他各項也都按計畫進行。至於明年，我們預期全流程帶來的營收將超過 10 億美元。當然，良率已達到可以進入量產並進行主要出貨的水準。

Got it. Thank you very much.

了解。非常感謝。

Does that answer your question, Sunny?

Sunny，這樣有回答到你的問題嗎？

Yes, thank you.

有，謝謝。

(Operator Instructions)

(接線員指示)

Gokul Hariharan, JPMorgan.

JPMorgan 的 Gokul Hariharan。

Yeah, hi, Joseph and Ken. Thanks. (technical difficulty)

是的，你好，Joseph 和 Ken。謝謝。(技術問題)

Hello, Gokul? Gokul, I cannot hear you.

你好，Gokul？Gokul，我聽不到你。

Okay. Next question is from Haas Liu of BoA. Haas? Can you hear me? Okay.

好的。下一個問題來自 BoA 的 Haas Liu。Haas？你聽得到我嗎？好的。

Gokul Hariharan, JPMorgan.

JPMorgan 的 Gokul Hariharan。

Hello? Can you hear me?

你好？你聽得到我嗎？

Yes.

聽得到。

Okay. All right. My first question is on gross margins. Could you talk a little bit about where we are seeing this upside in gross margins compared to our guidance range for Q3? It looks like a very clean kind of 150, 200 basis points beat and further upside in Q4 as well. Is it pricing? Or is it your full process is ramping up better in terms of margins?

好的，沒問題。我的第一個問題是關於毛利率。你能否談談，相較於我們對第三季的指引區間，毛利率上修的動能主要來自哪裡？看起來很乾淨地超出約 150 到 200 個基點，而且第四季似乎也還有進一步上行空間。是因為定價嗎？還是因為你們全流程在毛利率方面的爬坡表現更好？

And secondly, on the same topic, I think now that we have already exceeded our previous structural range and obviously, the product mix is also different. You're still expecting LEAP to grow faster than the overall product mix. What is the kind of gross margin range we should think about as we think about the next couple of years?

第二個問題也在同一主題上。我想現在我們已經超過先前的結構性區間，而且產品組合也不同。你們仍預期 LEAP 的成長會快於整體產品組合。那麼展望未來幾年，我們應該如何看待毛利率的合理區間？

Well, as we continue to ramp up our LEAP business, I think there will be further margin improvement in fourth quarter as well as going into next year. I think the -- at this point, I think the so-called structural margin no longer applies because of the significant and rapidly changing business structures that we are having today. So if we are to comment on our margin, I think the first thing we will say is that the so-called structural margin ceiling has now become the base for us.

隨著我們持續擴大 LEAP 業務，我認為第四季以及進入明年，毛利率都還會進一步改善。我想——在目前這個時間點，所謂的結構性毛利率已不再適用，因為我們現在的業務結構正在顯著且快速地變化。因此若要評論我們的毛利率，我想首先要說的是，所謂結構性毛利率的上限，現在已經成為我們的基準。

And looking into next year, I think as we continue to ramp up our overall capacity and also in a very friendly type of pricing environment, we believe that we will continue to see gross margin improvement on a quarterly basis from the base of 30% and we will continue to see sequential improvement in our margin on a quarterly basis for next year as well.

展望明年，我認為隨著我們持續擴充整體產能，且在相對友善的定價環境下，我們相信毛利率將以 30% 的基準為起點，並在明年也會呈現逐季改善、按季上升的趨勢。

Got it. Just a follow-up there. If you look at the overall portfolio, maybe we leave testing aside within packaging, what would be the highest gross margin that you're able to earn in any of the lead process? Is it already like close to 40% for some of the processes or that is too ambitious?

了解。我再追問一下。如果看整體產品組合，也許先把封裝中的測試先排除，你們在任何一個領先製程中能達到的最高毛利率大概是多少？某些製程是否已經接近 40%？還是這樣的期待太積極？

Gokul, you're looking for the potential highest-performing margin for LEAP at this point. Is that your question?

Gokul，你是在問就目前而言，LEAP 可能達到的最高表現毛利率水準。這是你的問題嗎？

Yes. Within the three or four components that are there, which one is the highest performing? And what are those levels? Just to understand like what is the room for travel in terms of your overall gross margins given your mix is clearly improving quite rapidly?

是的。在那三到四個組成項目中，哪一個的表現最好？而那些水準各是多少？主要是想了解，考量你們的產品組合顯然改善得相當快，你們整體毛利率在上行空間方面還有多少可提升的幅度？

I don't think we need -- we want to comment on the different margins in different products or different packages. But I think the -- overall, I think the overall LEAP business, both on assembly and test are margin accretive, and we'll continue to see improvement in our margin expansion.

我認為我們不需要——我們也不希望去評論不同產品或不同封裝方案的毛利率差異。但我想——整體而言，我認為整體 LEAP 業務，無論是組裝或測試，都是有助於毛利率提升的，我們也會持續看到毛利率擴張的改善。

Okay. Got it. My second question is on -- just a follow-up on your LEAP full process revenues for next year. Joseph, I think you mentioned more than TWD1 billion, but that sounds quite conservative given you're already doing TWD300 million in the first quarter of ramp this year.

好的，了解。我的第二個問題是——關於你們明年 LEAP 全流程（full process）營收的追問。Joseph，我記得你提到超過新台幣 10 億元，但考量你們今年在爬坡第一季就已經做到新台幣 3 億元，這聽起來相當保守。

Could you talk a little bit more about your engagements on the full process? And also, if you ramp up all these like 22 projects that you are currently ramping up in terms of facilities, both greenfield and brownfield, what does it mean in terms of, let's say, you ramp it up in 2028? Any indication in terms of what is the investment required from a CapEx perspective? And what does it mean for a continued growth? Does it mean that you continue to grow at similar rates even into 2028, not just for 2027?

你能否多談一些你們在全流程方面的客戶合作進展？另外，如果你們把目前正在擴建的這些約 22 個專案（包含新建廠 greenfield 與既有廠擴建 brownfield）都拉升起來，假設在 2028 年完成拉升，這在意義上代表什麼？從資本支出（CapEx）角度來看，所需投資大概是多少？以及這對持續成長意味著什麼？是否代表你們即使到 2028 年（不只 2027 年），仍能以類似的速度持續成長？

Gokul, you're asking about the characterization of our full process business and in certain regards, kind of a total return outlook. Is that correct?

Gokul，你是在問我們全流程業務的特性描述，以及在某些層面上，類似整體報酬（total return）的展望。是這樣嗎？

Yes. Total growth outlook given the very sharp ramp in the facilities.

是的。考量到產能設施非常快速的爬坡，想了解整體成長展望。

We do have multiple customer engagements at this point, although we are pretty much constrained by our capacity, and we're aggressively building that up. So from the business outlook that we have so far, I think our resource is quite limited. So we are -- although the demand is there, but we're still trying very hard to catch up in terms of supply. And for next year, we are expecting that the demand can be way higher than what we'll be able to deliver.

目前我們確實有多個客戶合作案，雖然我們幾乎受到產能限制，但我們正在積極擴充。因此就目前我們看到的業務展望而言，我認為我們的資源相當有限。所以我們——雖然需求存在，但在供給端我們仍在非常努力追趕。而對明年而言，我們預期需求可能遠高於我們能交付的量。

So right now, we're still projecting over USD1 billion revenue coming from full process. So I guess that's -- I think the biggest bottleneck today is really still the space, although many different areas, we do have -- find ourselves being constrained. But space is really one of the biggest constraint that we're facing today.

所以目前我們仍預估全流程帶來的營收會超過 10 億美元。我想——我認為目前最大的瓶頸其實仍是空間（場地），雖然在很多不同面向我們也確實——發現自己受到限制。但空間確實是我們目前面臨的最大限制之一。

Okay, that's helpful. Thank you.

好的，這很有幫助。謝謝。

Laura Chen, Citigroup.

花旗集團 Laura Chen。

Hello. Hi, good afternoon. Can you hear me?

你好。嗨，午安。聽得到我嗎？

Yes.

聽得到。

Thank you for taking my questions. Just want to follow that USD1 billion like the full process. Can you give us more color about that? What type of the full process will see the contributions next year? And also for our LEAP overall revenue, so obviously, still more driven by the substrate part. But we do see that our companies have various different types of technology. So just wondering, can you give us more color about the growth breakdowns, particularly in the full process in the next two years?

謝謝讓我提問。我想延續剛剛提到的全流程 10 億美元。你能否提供更多細節說明？明年哪些類型的全流程會有貢獻？另外就我們的 LEAP 整體營收而言，顯然目前仍較由載板（substrate）部分驅動。但我們也看到公司有各種不同類型的技術。所以想請問，你能否提供更多成長拆解，特別是未來兩年全流程的成長拆解？

Laura, this is Ken. I don't think we have a lot of characterization in terms of what types of full process. I think when we talk about full process, it's generally much more customer specific, too. I think we probably can't really comment that much on that at this point.

Laura，我是 Ken。我想我們目前對於全流程的類型，沒有太多可以進一步描述的內容。我認為我們談到全流程時，通常也更偏向客戶特定（customer specific）。我想我們現階段可能不太能對此多做評論。

Okay. Sure. Understood. So that also seems like the growth into next year is more coming from the substrate part?

好的，當然，了解。所以看起來明年的成長也會更多來自載板部分？

Yes. But we are seeing very, very strong demand in test as well. And on assembly and test, we are both seeing a very strong momentum. Again, we are actually being constrained with the capacity buildup. So we're still trying to -- very hard to try to catch up with it.

是的。但我們也看到測試（test）端的需求非常、非常強勁。而在組裝與測試方面，我們都看到非常強的動能。同樣地，我們其實受到產能擴建的限制。所以我們仍在努力——非常努力地追趕需求。

In terms of full process, I think, as I mentioned, we are moving ahead on track. And we hope that we can supply more for next year. And -- but at this point, we are conservatively looking at about over USD1 billion revenue coming from that. And there are some other new projects that we're entering, for example, CPO, and we're expecting over USD0.5 billion of revenue coming from CPO as well for next year. That will be included in our LEAP revenue.

就全流程而言，我想如我所提，我們正按計畫推進。我們希望明年能供應更多。但是——就目前而言，我們保守估計全流程帶來的營收約在 10 億美元以上。另外我們也在切入一些新的專案，例如 CPO，我們也預期明年 CPO 的營收會超過 5 億美元。這也會納入我們的 LEAP 營收。

Thank you very much. That's actually my second question about to ask about the CPO because we see that Jensen earlier last week, he mentioned about that 30 times capacity will pick up for next year. So I assume that also, yes, in the LEAP revenues. But will we like going forward to kind of split that revenues breakdown for better like investors' understanding on that part growth?

非常感謝。這其實就是我第二個問題，想問 CPO，因為我們看到 Jensen 上週稍早提到明年產能會提升 30 倍。所以我假設那也會納入 LEAP 營收。但往後你們是否會把營收拆分得更清楚，讓投資人更好理解那部分的成長？

I think we will -- we are kind of breaking it down already in terms of OS, in terms of full process, in terms of wafer sort and as I mentioned, CPO.

我想我們會——我們其實已經在拆分了，例如以 OS、以全流程、以晶圓分選（wafer sort），以及如我提到的 CPO。

Okay. So if I may also check on that, do we have any expectation on the CPO revenue contributions in two years?

好的。那如果我也再確認一下，你們對於兩年後 CPO 的營收貢獻有任何預期嗎？

In two to three years?

兩到三年後？

Yes.

是的。

No, we have a projection for next year, but we'll see -- we'll have better clarity after we finish what we're setting up to do for now.

沒有。我們有明年的預估，但我們會——等我們把目前正在建置要做的事情完成後，才會有更清楚的能見度。

Okay, sure. Looking forward to that. Thank you very much.

好的，當然。期待後續更新。非常感謝。

Haas Liu, BoA.

美銀 Haas Liu。

Yes. Can you hear me now? Sorry, I was disconnected.

是的，你們現在聽得到我嗎？抱歉，我剛剛斷線了。

Yes.

聽得到。

Okay, thank you so much for taking my questions, and Congrats on the great results. I think just a quick follow-up on the structural gross margins where you already reported the third quarter ICDM gross margins up to slightly higher than 30 percentage. So with your LEAP business set to be even higher in the next couple of quarters and also your mainstream packaging and testing business utilization, pricing are actually also improving. Can we use third quarter gross margin as a base case going forward for your LEAP -- for your overall ICDM gross margin assumptions as long as the cycle holds? Thank you.

好的，非常感謝讓我提問，也恭喜你們有很好的成績。我想快速追問一下結構性毛利率（structural gross margins）：你們已經公布第三季 ICDM 毛利率略高於 30%。隨著你們的 LEAP 業務在接下來幾季預期會更高，同時你們主流封裝與測試業務的稼動率、價格也都在改善。只要景氣循環維持，我們是否可以把第三季毛利率當作未來你們 LEAP——以及整體 ICDM 毛利率假設的基準情境？謝謝。

Yes. As I mentioned earlier that we're now using our structural margin ceiling as a base for next year.

是的。如我先前提到，我們現在是以我們的結構性毛利率上限作為明年的基準。

Okay. So we can use like this kind of roughly 30% of the gross margins as the base case for next year. Got it. And then --

好的。所以我們可以把明年毛利率大約30%這樣的水準，作為基本情境。了解。然後——

We will see quarterly improvement for next year as well.

我們也會看到明年每一季都有改善。

Okay. Sequential improvement. And then second thing is just on CapEx. This year, you are already spending based on what you reported just now, you have already been spending 80% to 90% of your annual budget, which has been revised up twice year-to-date to USD10.5 billion on CapEx. Would you be able to provide some update on that since there's still like a few months to end this year?

好的。逐季改善。然後第二點是關於資本支出（CapEx）。今年，根據你剛才公布的數字，你已經花掉全年預算的80%到90%，而且年初至今資本支出預算已經上修兩次到105億美元。由於今年距離年底還有幾個月，你能否就這部分提供一些最新進度？

And looking into 2027, how should we think about that trajectory as one of your foundry partner also just now announced to buy another panel fab. Should we also expect similar acquisition of the fabs or the facilities by ASE as well and also more equipment procurement in the next couple of quarters to meet your customers' demand?

另外展望到2027年，我們應該如何看待這個軌跡？因為你們的一家晶圓代工夥伴剛才也宣布要再買一座面板廠。我們是否也應該預期ASE也會有類似的廠房或設施收購，以及在接下來幾季為了滿足客戶需求而進一步採購更多設備？

Yes. As I said, the space continues to be a constraint -- one of the constraints that we have, and we are aggressively seeking for suitable existing plants for us to buy. But there are -- when your competition is pretty keen and there are really not that many suitable factories for us to pursue at this point. So it's an ongoing effort that we're putting in. And also for this year's CapEx, we are increasing our CapEx for the year from USD10.5 billion to USD11.5 billion now.

是的。如我所說，空間持續是我們的限制之一——也是我們面臨的限制之一，我們正積極尋找合適的既有廠房供我們收購。但目前——當競爭相當激烈時，真正適合我們追逐的工廠其實沒有那麼多。所以這是一項我們持續投入的工作。另外，就今年的資本支出而言，我們現在把今年的CapEx從105億美元提高到115億美元。

We're adding USD1 billion, another USD1 billion. And of that USD1 billion, half of it will be for facilities as we continue to fill up our new factories. And the other half will be for equipment and 60% of it will be for LEAP and 40% will be for the mainstream events.

我們增加10億美元，再增加10億美元。在這新增的10億美元中，一半將用於廠務設施，因為我們會持續把新工廠填滿、提升利用。另一半將用於設備，其中60%會用在LEAP，40%會用在主流業務。

Got it. And just on the overall pricing environment across your LEAP versus the mainstream packaging and testing business, how should we think about -- since the supply/demand is still pretty tight and that --

了解。另外就你們LEAP相對於主流封裝測試業務的整體定價環境而言，我們應該怎麼看——因為供需仍然相當吃緊，而且——

Sorry to stop you there. You're on question number three?.

抱歉在這裡打斷你。你現在是在問第三個問題嗎？

I'm sure. Thank you so much.

我確定。非常感謝。

Gokul Hariharan, JPMorgan.

Gokul Hariharan，摩根大通。

Hi, a couple of follow-ups from my side. Thanks for the opportunity. So Joseph, I think you mentioned CapEx USD11.5 billion, higher by USD1 billion. Could you give an opinion on what you're thinking CapEx is going to look like next year? Are we still in an upward sloping curve for CapEx? And could you also talk a little bit about are you entering into any prepayment arrangements or anything like that with customers given a lot of this new CapEx seems to be targeted at some of the key customers itself? Yes, that's my first question.

嗨，我這邊有幾個追問。謝謝給我這個機會。所以Joseph，我想你提到CapEx是115億美元，比原先高出10億美元。你能否談談你對明年CapEx可能長什麼樣子的看法？我們是否仍處在CapEx向上傾斜的曲線上？另外，鑑於這些新增CapEx看起來有很大一部分是針對一些關鍵客戶，你能否也談談你們是否會與客戶進入任何預付款安排或類似機制？這是我的第一個問題。

Gokul, you're looking for an update on our CapEx outlook going forward?

Gokul，你是想要我們更新一下未來的CapEx展望嗎？

Yes. And the kind of any funding arrangements that you have, repay --

是的。以及你們是否有任何資金安排，預付——

And the funding sources around it.

以及相關的資金來源。

Well, we'll continue to see very strong demand coming in, and we do have a very strong prospect for next year as well. So at this point, I believe the CapEx spending for next year will be even larger than this year. And as we continue to ramp up our capacity. Also in terms of R&D, we will continue to make the necessary investment to carry our missions.

我們將持續看到非常強勁的需求進來，而且我們對明年也有非常強的能見度。所以在目前這個時間點，我相信明年的CapEx支出會比今年更大。因為我們會持續擴充產能。另外在研發方面，我們也會持續進行必要的投資，以推進我們的任務。

Funding-wise, we will continue to use whatever -- we do have multiple cost-effective sources for us to raise funds to support our growth. I think at this point, we are not shy -- we will not be shy from making the necessary investment to support the expansion. So I think for next year, we will continue to see negative cash flow. But I think this thing will be balanced off in due course. In terms of -- as I mentioned, multiple funding sources that will also include some of the trade financing that we can arrange with the different customers.

在資金方面，我們會持續運用各種——我們確實有多個具成本效益的資金來源，可用來籌措資金以支持成長。我想在目前，我們不會——我們不會因為要支持擴張而對必要投資有所顧忌。所以我認為明年我們仍會看到現金流為負。但我認為這件事在適當時點會逐步平衡回來。至於——如我所提到的，多元資金來源也會包含我們可以與不同客戶安排的一些貿易融資。

Understood. And the second question is on the test business. Could you characterize the growth of the test business going into next year, final test versus chip probing? And I think how constrained are you on test versus packaging? Like if you think about on a relative scale, is the constraints on test bigger than packaging from a facility or equipment perspective?

了解。第二個問題是關於測試業務。你能否描述一下明年測試業務的成長情況：終測（final test）相對於晶圓探針（chip probing）？另外，你們在測試相對於封裝方面的產能受限程度如何？如果用相對尺度來看，從廠房或設備角度，測試的限制是否比封裝更大，還是差不多？

Gokul, you're looking for an update in terms of looking at the test business going into next year, and then in terms of the growth rates relative to what we're seeing in terms of the market. Is that correct?

Gokul，你是想要我們更新一下對明年測試業務的看法，並且就成長率相對於我們看到的市場情況來做比較。是這樣嗎？

Yes. Relative to packaging and relative to -- like constraints relative to packaging as well.

是的。相對於封裝，以及——也包括相對於封裝的限制程度。

I think same pattern will -- like in the third and fourth quarter of this year, it will repeat into next year. I think in terms of assembly, it should -- the growth rate should outpace test, given the limited resource that we have. And also for test under the current resource constraint, we will need to prioritize our investment to more on wafer probe rather than final test.

我想同樣的型態——就像今年第三、第四季那樣——會延續到明年。我認為就組裝（assembly）而言，在我們資源有限的情況下，其成長率應該會快於測試。另外，在目前資源受限下，測試方面我們需要把投資優先放在晶圓探針（wafer probe），而不是終測。

Okay. Would you say test is more constrained in terms of your capacity versus demand compared to packaging or it is largely similar?

好的。你會說相較於封裝，測試在產能相對需求方面更受限嗎？還是大致相同？

I think it's mostly space. I think the space that we use for assembly is more efficient than test at this point. So given the constraint, we will allocate -- we will put our priority on assembly and for test will be for wafer sort.

我認為主要是空間。以目前來看，我們用於組裝的空間效率比測試更高。所以在空間受限下，我們會分配——我們會把優先順序放在組裝，而測試則會以晶圓分選（wafer sort）為主。

Understood. That's very clear. Thank you.

了解。非常清楚。謝謝。

Haas Liu, BoA.

Haas Liu，美國銀行（BoA）。

Yeah. Hi. Thanks for taking my question again. I think just a quick follow-up on the CapEx. A couple of your peers, including the one in Korea and also your foundry partner mentioned that they are preparing for a significant or a meaningful step-up on the CapEx for next year. Given this is the first -- the third time of CapEx upward revision for the year for ASE in 2026, do you still -- do you also expect a similar statement to hold for your CapEx for next year? You already mentioned that next year's CapEx will be higher than this year. But just wondering whether that kind of aggressiveness will be applied to ASE as well.

是的，嗨。謝謝再次回答我的問題。我想就CapEx做個快速追問。你們幾家同業，包括韓國那家以及你們的晶圓代工夥伴，都提到他們正在為明年CapEx顯著或有意義的上調做準備。鑑於這是ASE在2026年內第三次上修年度CapEx，你們是否——你們是否也預期明年的CapEx也會有類似的說法？你已經提到明年的CapEx會高於今年。但我想確認的是，這種積極程度是否也會同樣適用於ASE？

Haas, you're looking for a characterization of how we view next year's investments?

Haas，你是想要我們定性描述一下我們如何看待明年的投資嗎？

Yes. in a qualitative way as compared to your peers comment for a meaningful step-up or significantly higher than this year's CapEx. Does those -- do those statements also hold for your CapEx outlook?

是的。以定性方式，對照同業所說的「有意義的上調」或「顯著高於今年的CapEx」。這些說法是否也適用於你們的CapEx展望？

Haas, generally, we don't necessarily view our own CapEx relative to competitors or, I guess, peers in the market. In general, we do see that CapEx going into next year, we do see a lot of opportunity in terms of the business that will be available to us. And as Joseph previously mentioned, we will not be shy in terms of investing to get at that business.

Haas，一般來說，我們不一定會把我們自己的資本支出（CapEx）拿來和競爭對手，或我想是市場上的同業相比。整體而言，我們確實看到明年的資本支出投入，並且看到在我們可取得的業務方面有很多機會。而且如同 Joseph 先前提到的，為了拿下那些業務，我們在投資上不會手軟。

Does that answer your question?

這樣有回答到你的問題嗎？

Okay. Yes. And just a related follow-up on the CapEx one is probably more specifically on the CPO that one of your key customers last week in its Germany event said it will hike CPO capacity by 15% next year at your facilities and then double again in 2028. Would you be able to share more detail on that? What is your role in CPO packaging and testing?

好的。是的。另外就資本支出那題的相關追問，可能更具體是關於 CPO：你們的一家主要客戶上週在德國的活動中表示，明年會在你們的廠區把 CPO 產能提高 15%，並在 2028 年再翻倍。你能否分享更多細節？你們在 CPO 的封裝與測試中扮演什麼角色？

What is the related CapEx you expect to spend? And how should we expect -- or try to -- or quantify the related revenue contribution from that part of the business in the next few years from CPO based on your customers' statements?

你們預期相關的資本支出會是多少？另外，根據你們客戶的說法，未來幾年我們應該如何預期——或嘗試——或量化 CPO 這部分業務對營收的貢獻？

Haas, you're looking for a clarification in terms of the potential joint press release that we had with our customer on the CPO?

Haas，你是在尋求釐清我們與客戶就 CPO 發布的那份可能的聯合新聞稿內容嗎？

Yes.

是的。

Well, I don't think we will comment on specific product or specific customer. What we're saying is overall, we are the -- I think we are the most active participant in the whole CPO effort and joining with our foundry partner as well as our customer and just from the business that we are projecting to have from our customers, we're expecting to generate more than USD0.5 billion worth of revenue coming from CPO for next year.

嗯，我想我們不會評論特定產品或特定客戶。我們要表達的是，整體而言，我們是——我認為我們是整個 CPO 推動中最積極的參與者，並且與我們的晶圓代工夥伴以及客戶共同合作；就我們從客戶端所預估的業務來看，我們預期明年來自 CPO 的營收將超過 5 億美元。

For next year. Okay. Yes. And my second question would be just on the pricing environment across your LEAP business and also the mature -- or mainstream packaging and testing business. It seems that the supply tightness is actually happening across the board.

明年。好的。是的。我的第二個問題是關於你們 LEAP 業務以及成熟——或主流——封裝與測試業務的整體定價環境。看起來供應吃緊其實是全面性的。

Would you be able to share some detail on how that pricing improvement has been helping your gross margin improvement in the third quarter? And into 2027, how should we expect the pricing negotiation with your customers at this stage to help your gross margin expansion beyond the product mix improvement?

你能否分享一些細節，說明這樣的價格改善如何幫助你們第三季毛利率提升？以及展望到 2027 年，以目前這個階段你們與客戶的價格協商來看，除了產品組合改善之外，應該如何預期定價對毛利率擴張的助益？

Well, I will not comment on pricing, except we will continue to look for the most suitable pricing strategy depending on the situation. And all I can say is, overall, I think both for LEAP as well as for general market, I think we are in a very pricing-friendly environment at this point.

嗯，除了我們會依據情況持續尋找最合適的定價策略之外，我不會評論定價。我能說的是，整體而言，不論是 LEAP 或一般市場，我認為目前我們處在一個對定價相當友善的環境。

Okay. And could you also just try to quantify the --

好的。那你也能否試著量化——

Haas, I think you're on question number four.

Haas，我想你已經問到第四題了。

Okay. Yeah, I'll be back.

好的。是的，我之後再回來。

Thank you.

謝謝。

Charlie Chen, Morgan Stanley.

摩根士丹利的 Charlie Chen。

Good afternoon. So just a quick follow-up, right? Thanks for disclosing your CPO revenue. So if we may, can we know roughly is the testing part, for example, insertion 3, insertion 4, a bigger revenue contribution or the substrate is a bigger contribution for that USD0.5 billion revenue contribution?

午安。我這邊快速追問一下，好嗎？謝謝你們揭露 CPO 的營收。如果可以的話，我們能否大概了解一下：例如測試端（比如 insertion 3、insertion 4）對這 5 億美元營收貢獻比較大，還是載板（substrate）的貢獻比較大？

I won't be able to comment on that, sorry.

抱歉，我無法評論。

Okay. No worries. Yes. And secondly, I think management mentioned you wouldn't hesitate to kind of invest in space capacity, whatever to gain share, right? But recently, there seems to be some industry dynamic that one of TSMC's subsidiary, they're also getting into the on-substrate business, right? Do you think there is like demand overflow or it's kind of a real competition to your on-substrate business?

好的，沒問題。第二個問題，我想管理層提到你們不會猶豫投資場地、產能等來取得市占，對吧？但最近似乎有一些產業動態：台積電的一家子公司也在切入 on-substrate 業務，對吧？你認為這是需求外溢，還是對你們 on-substrate 業務的實質競爭？

Charlie, you're asking for commentary in terms of competition within our LEAP business.

Charlie，你是在問我們 LEAP 業務裡競爭態勢的看法。

Yes. Because now it seems like demand is not an issue. But my question is that who seems to have the space can really gain share, right? Is that a fair comment? Because one of the TSMC's subsidiaries is kind of ordering lots of equipment. So we are a little bit worried whether that's kind of gaining share at expense of ASE.

是的。因為現在看起來需求不是問題。但我的問題是，誰看起來有空間就能真正拿到市占，對吧？這樣的說法公平嗎？因為台積電的一家子公司似乎正在訂購很多設備。所以我們有點擔心那是否會以犧牲 ASE 的方式來取得市占。

It's kind of sensitive to talk about our foundry partners, subsidiary situation. And all I can say is given the scale, I think we are really the dominant player in this field. And whatever competition, I think, is out of necessity from our foundry partners as well as our customers.

談到我們晶圓代工夥伴的子公司狀況，這有點敏感。我只能說，以規模來看，我認為我們在這個領域確實是主導者。而任何競爭，我認為都是出於我們晶圓代工夥伴以及客戶的必要性。

So I don't think -- at this point, I don't think it will move the needle that much in terms of overall market share kind of situation. As I said, we are still in a catch-up mode, trying to supply as much as we can to meet the demand. So I think that's all I can say at this point.

所以我不認為——就目前而言，我不認為這會在整體市占的情況上造成太大的影響。如我所說，我們仍處於追趕模式，努力盡可能供應以滿足需求。所以目前我只能說到這裡。

Got you. At least, there wouldn't be any so-called price competition, right? It's like demand is too big, whoever can squeeze more space or capacity can gain share, but don't worry about pricing and margin.

了解。至少不會有所謂的價格競爭，對吧？就是需求太大，誰能擠出更多空間或產能就能拿到市占，但不用擔心價格和毛利。

I think the sheer scale difference is I don't think a price war will be created.

我認為以雙方規模差距之大，不太可能引發價格戰。

Makes sense. Yes. And if I may, non-AI. So we start to pick up some data points on PC and smartphone order cuts at the wafer front end. So except for iOS ecosystem, right? So Joseph or Ken, can you share your observation about non-AI part of business and how that is going to impact your kind of midterm outlook?

合理。是的。如果可以的話，問一下非 AI 的部分。我們開始在晶圓前段看到一些 PC 與智慧型手機砍單的數據點。除了 iOS 生態系之外，對吧？所以 Joseph 或 Ken，你們能否分享對非 AI 業務的觀察，以及這將如何影響你們中期展望？

Well, at least for this year, I think the general market growth is well ahead of our expectation in the earlier part of the year. I think we will have more than 20% growth in our general market business as well. That's largely -- we all understand that cell phone and PC is going through a very soft period given the high component prices that's kind of hurting the overall demand.

嗯，至少就今年而言，我認為一般市場的成長遠高於我們在年初的預期。我想我們的一般市場業務也會有超過 20% 的成長。這很大程度上——我們都理解，手機與 PC 正處於非常疲弱的時期，因為零組件價格偏高，正在傷害整體需求。

But that is more than compensated by the recovery of automotive and industrial and more importantly, AI adjacent chips requirement. So we're seeing very strong growth in this year for general market, and we're expecting that to happen again in next year as well.

但這部分已被車用與工業的復甦，以及更重要的、AI 周邊晶片需求所抵消。因此我們看到今年一般市場有非常強勁的成長，也預期明年同樣會發生。

Sunny Lin, UBS.

UBS 的 Sunny Lin。

Hello. Thank you for taking my follow-ups. I have a question on very high level, what's your view on CPO versus NPO. Besides CPO, could ASE also capture the opportunity in NPO as well? And then based on your commentary, would it be fair to say that based on the current visibility, it's fair to say that 2027 CPO will be able to ramp up even with still some technical challenges or optimization that the industry need to go through?

你好。謝謝讓我追問。我有一個比較高層次的問題：你們如何看待 CPO 相對於 NPO？除了 CPO 之外，ASE 是否也能在 NPO 上掌握機會？另外，根據你們的評論，是否可以合理地說，以目前能見度來看，即使產業仍需克服一些技術挑戰或進行最佳化，2027 年 CPO 仍可望放量爬坡？

Sunny, you're looking for an update in terms of how we view the CPO versus NPO market and then our capability to ramp up to support CPO going forward. Is that correct?

Sunny，你想了解我們如何看待 CPO 相較於 NPO 市場的最新看法，以及我們未來提升產能以支援 CPO 的能力。是這樣嗎？

Yes. Or maybe just CPO as a technology, is it mature enough to start mass production for your key clients in 2027?

是的。或者也可以就 CPO 這項技術來看，它是否已經成熟到足以在 2027 年為你們的主要客戶開始量產？

Yes. As I mentioned earlier on CPO, we're expecting mass production. We already started mass production in quarter four, and that will continue into 2027. And as we are projecting at this point, we're looking at over USD0.5 billion worth of revenue coming from CPO. In terms of NPO and CPO, I think they will both coexist.

是的。如我先前提到 CPO，我們預期會進入量產。我們已在第四季開始量產，並且會延續到 2027 年。以我們目前的預估，來自 CPO 的營收將超過 5 億美元。至於 NPO 與 CPO，我認為兩者會並存。

And it's just a matter of difference in terms of overall performance between the two different types of packages.

差別主要在於這兩種不同封裝在整體效能上的差異。

And for MPO, will ASE be able to capture as well?

那 MPO 呢，ASE 也能夠掌握到嗎？

If there is real demand, yes, of course, we will be a major player in that.

如果有實質需求，當然可以，我們會是其中的主要參與者。

Got it. And a quick question on EMS. So looking at the shared generality is a bit different. And how should we think about the growth going to Q1? Typically, Q1 should be a down quarter as the build moderates.

了解。另外快速問一下 EMS。從目前看，共通性有點不太一樣。那我們應該如何看待成長延伸到第一季？通常第一季應該會是下滑的一季，因為備貨會趨緩。

But this time around, the flagship smartphone clients are also launching for lower-end models going to early 2027. And so all things considered, how should we think about your EMS business maybe going to first half of 2027?

但這次旗艦智慧型手機客戶也會在 2027 年初推出較低階機種。綜合考量之下，我們應該如何看待你們 EMS 業務在 2027 年上半年可能的走勢？

Sunny, you're looking for the seasonal pattern of our EMS business as potential underlying customer products change their timing of release. Is that correct?

Sunny，你想了解的是，隨著終端客戶產品的發表時程改變，我們 EMS 業務的季節性型態會如何變化。是這樣嗎？

Right. Thank you.

對。謝謝。

Well, we will continue to expect some growth going into 2027 as well for EMS business. I think the main focus will be on the high-performance computing. And at this point, it represents roughly mid-teens of our overall EMS revenue, and we're seeing that ramping up rapidly. And communication-wise or consumer-wise, it will be -- at this point, it's -- relative to computing, it's weaker. But all in all, I think the -- our EMS will continue to move into optical, silicon photonics and power-related type of devices.

我們也預期 EMS 業務在 2027 年仍會持續成長。我認為主要重點會在高效能運算。目前它約占我們整體 EMS 營收的中十位數百分比（約 15% 左右），而我們看到它正在快速放量。至於通訊或消費性方面——目前相較於運算來說較弱。但整體而言，我認為我們的 EMS 會持續往光學、矽光子以及電源相關類型的裝置發展。

And also, of course, AI-related business that we'll be focusing on. So yes, we do expect further growth, particularly in the AI-related part of the business.

另外，當然也會聚焦 AI 相關業務。所以是的，我們確實預期會有進一步成長，特別是在 AI 相關的業務部分。

Got it. Thank you.

了解。謝謝。

Haas Liu, BoA.

美銀的 Haas Liu。

Hi. Yes, thanks. It's me again. I'm just wondering if you could provide more clarity on the gross margins improvement in third quarter. How much of that is coming from the product mix improvement versus the like-for-like price hike across your LEAP versus -- and the mainstream business and your utilization improvement? Because if we look at the trend in the past eight quarters or seven quarters that you already have experienced two step-ups on the gross margins back in the second half of last year. And now in the third quarter this year, there's another step-up.

嗨，是的，謝謝。又是我。我想請教你們能否更清楚說明第三季毛利率改善的原因。其中有多少來自產品組合改善，相較於你們 LEAP 與——以及主流業務的同品項（like-for-like）漲價，還有產能利用率提升所帶來的貢獻？因為如果我們看過去八季或七季的趨勢，你們在去年下半年毛利率已經有兩次台階式上升。而今年第三季又再出現一次台階式上升。

So as you accelerate your LEAP business, I think -- going forward, in addition to the question I just had now on the third quarter gross margin breakdown on the -- from the relative benefits. I think just going forward, may I also check on your expectation, whether that kind of gross margin improvement will further accelerate through 2027.

因此，隨著你們加速 LEAP 業務，我想——除了我剛剛問的第三季毛利率拆解、各項相對效益的貢獻之外。我也想再確認一下你們對未來的看法：這種毛利率改善是否會在 2027 年之前進一步加速？

Haas, you're looking for further clarification in terms of what has caused our margin pick up during the third quarter and then whether those types of improvements are sustainable going forward? Is that correct?

Haas，你想更進一步釐清第三季毛利率上升的原因，以及這類改善未來是否具可持續性。是這樣嗎？

That's right.

沒錯。

Third quarter margin improvement is largely because of the LEAP ramp-up as well as overall improvement in utilization across the board, including the general market or mainstream packages and test. And going forward, as we continue to ramp up our LEAP business and having a healthy growth on the general market business as well. I think, yes, we will continue to see sequential improvement in our margin on a quarterly basis going into next year.

第三季毛利率改善主要是因為 LEAP 放量，以及整體產能利用率全面提升，包括一般市場或主流封裝與測試。展望未來，隨著我們持續推升 LEAP 業務，同時一般市場業務也維持健康成長。我認為是的，我們將在明年持續看到毛利率按季逐季改善。

Okay. And I think just a follow-up on the application mix. In third quarter, your computing business is seeing a nice ramp. Would you be able to share more detail on that? And what are the key applications are you targeting in that segment in the next one to two years between GPUs, CPUs, ASICs and networking switches?

好的。另外我想追問一下應用組合。第三季你們的運算業務成長不錯。你們能否分享更多細節？以及在未來一到兩年，在 GPU、CPU、ASIC 與網路交換器之間，你們在該領域鎖定的關鍵應用是哪些？

Haas, you're looking for an answer in terms of the composition of our compute business. Is that correct?

Haas，你想了解的是我們運算業務的組成。是這樣嗎？

Yes. And your targeted application in the next few years between GPUs, CPUs, ASICs and networking switches.

是的。以及未來幾年在 GPU、CPU、ASIC 與網路交換器之間，你們鎖定的應用方向。

I don't know if we can comment so specifically. Yes. I think from a targeting perspective, we should be targeting everything. We can't be particularly specific. But in terms of our technologies, we do hope to be able to address all applicable products within that high-performance computing section.

我不確定我們是否能講得那麼具體。是的，我認為從鎖定方向來看，我們應該是全部都要鎖定。我們無法特別具體。但就我們的技術而言，我們確實希望能夠涵蓋高效能運算領域中所有適用的產品。

Do you have another question, Haas?

Haas，你還有其他問題嗎？

No, I am good for now.

沒有，我目前就這樣。

Thank you. Okay. I think you're the last question then. Do we have any other questions online?

謝謝。好的，那我想你就是最後一個問題了。線上還有其他問題嗎？

No, no more questions.

沒有，沒有其他問題。

Thank you, everyone, for attending the call. Joseph, do you want to --

謝謝各位參加這次電話會議。Joseph，你要不要——

We had a fabulous third quarter, and we'll continue to see strong momentum going into fourth and into next year. We will make the necessary investment to support the overall expansion, and we'll continue to expect good results for the fourth quarter as well as for next year. Thank you very much.

我們第三季表現非常出色，進入第四季以及明年也將持續看到強勁動能。我們會進行必要的投資以支援整體擴張，並且也持續預期第四季以及明年都會有良好成果。非常感謝。