Diodes Inc (DIOD) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Diodes Incorporated second-quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, Thursday, August 7, 2025.

下午好，歡迎參加 Diodes Incorporated 2025 年第二季財務業績電話會議。（操作員指示）提醒一下，本次電話會議將於今天（2025 年 8 月 7 日，星期四）進行錄音。

I would now like to turn the call over to Leanne Sievers of Shelton Group Investor Relations. Leanne, please go ahead.

現在我想將電話轉給 Shelton Group 投資者關係部的 Leanne Sievers。Leanne，請繼續。

Good afternoon, and welcome to Diodes' second-quarter 2025 financial results conference call. I'm Leanne Sievers, President of Shelton Group, Diodes' Investor Relations firm. Joining us today are Diodes' President and CEO, Gary Yu; CFO, Brett Whitmire; Senior Vice President of Worldwide Sales and Marketing, Emily Yang; and Director of Investor Relations, Gurmeet Dhaliwal.

下午好，歡迎參加 Diodes 2025 年第二季財務業績電話會議。我是 Diodes 投資者關係公司 Shelton Group 總裁 Leanne Sievers。今天與我們一起出席的有 Diodes 總裁兼首席執行官 Gary Yu、首席財務官 Brett Whitmire、全球銷售和營銷高級副總裁 Emily Yang 以及投資者關係總監 Gurmeet Dhaliwal。

I'd like to remind our listeners that the results announced today are preliminary as they are subject to the company finalizing its closing procedures and customary quarterly review by the company's independent registered public accounting firm. As such, these results are unaudited and subject to revision until the company files its Form 10-Q for its quarter ended June 30, 2025.

我想提醒我們的聽眾，今天宣布的結果是初步的，因為它取決於公司最終完成其結算程序以及公司獨立註冊會計師事務所的例行季度審查。因此，這些結果未經審計，並且在本公司提交截至 2025 年 6 月 30 日的季度 10-Q 表之前可能會進行修訂。

In addition, management's prepared remarks contain forward-looking statements, which are subject to risks and uncertainties. And management may make additional forward-looking statements in response to your questions. Therefore, the company claims the protection of the Safe Harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995.

此外，管理層準備的評論包含前瞻性陳述，這些陳述受風險和不確定性的影響。管理層可能會針對您的問題做出更多前瞻性陳述。因此，該公司要求受到《1995 年私人證券訴訟改革法案》中關於前瞻性聲明的安全港保護。

Actual results may differ from those discussed today. And therefore, we refer you to a more detailed discussion of the risks and uncertainties in the company's filings with the Securities and Exchange Commission, including Forms 10-K and 10-Q.

實際結果可能與今天討論的結果不同。因此，我們請您參閱本公司向美國證券交易委員會提交的文件中有關風險和不確定性的更詳細討論，包括 10-K 表格和 10-Q 表格。

In addition, any projections as to the company's future performance represent management's estimates as of today, August 7, 2025. Diodes assumes no obligation to update these projections in the future as market conditions may or may not change, except to the extent required by applicable law.

此外，對公司未來業績的任何預測均代表管理層截至 2025 年 8 月 7 日的估計。由於市場條件可能會或可能不會發生變化，除非適用法律要求，否則 Diodes 不承擔將來更新這些預測的義務。

Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in GAAP and non-GAAP terms. Included in the company's press release are definitions and reconciliations of GAAP to non-GAAP items, which provide additional details.

此外，本公司在本次電話會議中的新聞稿和管理聲明將包括對 GAAP 和非 GAAP 條款中的某些指標和財務資訊的討論。該公司的新聞稿中包括 GAAP 與非 GAAP 項目的定義和對賬，提供了更多詳細資訊。

Also, throughout the company's press release and management statements during this conference call, we refer to net income attributable to common stockholders as GAAP net income. For those of you unable to listen to the entire call at this time, a recording will be available via webcast for 90 days in the Investor Relations section of Diodes' website at www.diodes.com.

此外，在本次電話會議期間的公司新聞稿和管理層聲明中，我們將歸屬於普通股股東的淨收入稱為 GAAP 淨收入。對於目前無法收聽整個電話會議的用戶，Diodes 網站 www.diodes.com 的投資者關係部分將透過網路廣播提供 90 天的錄音。

And now, I'll turn the call over to Diodes' President and CEO, Gary Yu. Gary, please go ahead.

現在，我將把電話轉給 Diodes 總裁兼執行長 Gary Yu。加里，請繼續。

Welcome, everyone, and thank you for joining us on today's conference call. As announced in our press release earlier today, above expected revenue results represent our third consecutive quarter of year-over-year growth, indicating the ongoing improvement in market conditions and demand.

歡迎大家，感謝你們參加今天的電話會議。正如我們今天早些時候在新聞稿中宣布的那樣，超出預期的收入結果代表我們連續第三個季度實現同比增長，表明市場狀況和需求持續改善。

Product sales increased sequentially across all regions with double-digit growth in Asia. The increasing demand in the quarter also contribute to channel inventory being reduced further, with both channel and internal inventory days decreasing.

所有地區的產品銷售額均持續成長，其中亞洲達到兩位數成長。本季需求的增加也促使通路庫存進一步減少，通路和內部庫存天數均減少。

While we continue to see positive sign of a broader market recovery, our Consumer end market experienced the strongest growth during the quarter, contributing to less favorable product mix combined with our higher-margin Automotive and Industrial markets remain effectively flat as a percentage of total revenue.

雖然我們繼續看到更廣泛的市場復甦的積極跡象，但我們的消費終端市場在本季度經歷了最強勁的增長，導致產品組合不太有利，再加上我們利潤率更高的汽車和工業市場在總收入中所佔的百分比實際上保持平穩。

Additionally, the channel inventory depletion continued to limit increased loading at our manufacturing facilities, resulting in underloading costs also being a headwind to gross margin expansion. Even when considering those dynamics, we continue to increase gross profit dollar and deliver non-GAAP earnings growth of almost 70% sequentially, as we continue to closely manage expenses.

此外，通路庫存枯竭繼續限制我們製造工廠的裝載量增加，導致裝載不足的成本也成為毛利率擴張的阻力。即使考慮到這些動態因素，我們仍會繼續增加毛利，並實現非公認會計準則獲利環比增長近 70%，因為我們會繼續密切管理費用。

As we look to the third quarter, we expect to extend our strong growth momentum with revenue anticipated to increase 7% sequentially and at 12% year over year at the midpoint, mainly driven by strong demand in Asia for AI-related Computing applications and the increasing demand in the EV automotive market in China.

展望第三季度，我們預計將延續強勁的成長勢頭，預計營收將環比增長 7%，同比增長 12%，這主要得益於亞洲對人工智慧相關計算應用的強勁需求以及中國電動汽車市場需求的不斷增長。

With that, let me now turn the call over to Brett to discuss our second-quarter 2025 financial results as well as our third-quarter guidance in more detail.

現在，我將把電話轉給布雷特，更詳細地討論我們 2025 年第二季的財務業績以及第三季的指引。

Thanks, Gary, and good afternoon, everyone. Revenue for the second quarter 2025 was $366.2 million, an increase of 14% over $319.8 million in the second-quarter 2024 and a 10% increase over $332.1 million in the first-quarter 2025. Gross profit for the second quarter was $115.3 million or 31.5% of revenue compared to $107.4 million or 33.6% of revenue in the prior-year quarter and $104.7 million or 31.5% of revenue in the prior quarter.

謝謝，加里，大家下午好。2025 年第二季的營收為 3.662 億美元，比 2024 年第二季的 3.198 億美元成長 14%，比 2025 年第一季的 3.321 億美元成長 10%。第二季毛利為 1.153 億美元，佔營收的 31.5%，去年同期毛利為 1.074 億美元，佔營收的 33.6%，上一季毛利為 1.047 億美元，佔營收的 31.5%。

GAAP operating expenses for the second quarter were $105.9 million or 28.9% of revenue and on a non-GAAP basis, were $99.8 million or 27.3% of revenue, which excludes $5.8 million amortization of acquisition-related intangible asset expenses. This compares to GAAP operating expenses in the second-quarter 2024 of $103.7 million or 32.4% of revenue and $103.4 million or 31.1% of revenue in the prior quarter.

第二季的 GAAP 營運費用為 1.059 億美元，佔營收的 28.9%；以非 GAAP 計算，營運費用為 9,980 萬美元，佔營收的 27.3%，其中不包括 580 萬美元的收購相關無形資產費用攤銷。相較之下，2024 年第二季的 GAAP 營運費用為 1.037 億美元，佔營收的 32.4%，上一季的 GAAP 營運費用為 1.034 億美元，佔營收的 31.1%。

Non-GAAP operating expenses in the prior quarter were $97.1 million or 29.3% of revenue. Total other income amounted to approximately $43.8 million for the quarter, consisting of $29.6 million in unrealized gains from investments, $13.7 million in gains from disposal of a subsidiary, $7 million in interest income, $0.4 million in other income, $6.4 million in foreign currency losses, and $0.5 million in interest expense.

上一季非公認會計準則營運費用為 9,710 萬美元，佔營收的 29.3%。本季其他收入總額約為 4,380 萬美元，其中包括 2,960 萬美元的未實現投資收益、1,370 萬美元的子公司處置收益、700 萬美元的利息收入、40 萬美元的其他收入、640 萬美元的外匯損失以及 50 萬美元的利息支出。

Income before taxes and non-controlling interest in the second-quarter 2025 was $53.2 million compared to income of $12.8 million in the prior-year period and a loss of $2.8 million in the previous quarter. Turning to income taxes, our effective income tax rate for the second quarter was approximately 17%. We continue to expect the tax rate for the full year to be approximately 18%, plus or minus 3%.

2025 年第二季稅前及非控股權益前營收為 5,320 萬美元，而去年同期營收為 1,280 萬美元，上一季虧損 280 萬美元。談到所得稅，我們第二季的有效所得稅率約為 17%。我們繼續預計全年稅率約為 18%，上下浮動 3%。

GAAP net income for the second quarter was $46.1 million or $0.99 per diluted share compared to net income of $8 million or $0.17 per diluted share in the prior-year quarter and a net loss of $4.4 million or $0.10 per diluted share last quarter. Share count used to compute GAAP income per share for the second quarter of 2025 was 46.5 million shares.

第二季 GAAP 淨收入為 4,610 萬美元，即每股攤薄收益 0.99 美元，去年同期淨收入為 800 萬美元，即每股攤薄收益 0.17 美元，上季淨虧損為 440 萬美元，即每股攤薄收益 0.10 美元。用於計算 2025 年第二季 GAAP 每股盈餘的股票數量為 4,650 萬股。

Non-GAAP adjusted net income in the second quarter was $15 million or $0.32 per diluted share, which excluded, net of tax, $23.4 million non-cash unrealized mark-to-market gain on investment value adjustment, $12.7 million gain on disposal of a subsidiary, $4.8 million of acquisition-related intangible asset cost.

第二季非公認會計準則調整後淨收入為 1,500 萬美元，即每股攤薄收益 0.32 美元，其中不包括稅後淨額為 2,340 萬美元的非現金未實現以市價計價的投資價值調整收益、1,270 萬美元的子公司處置收益、480 萬美元的收購相關無形資產成本。

This compares to non-GAAP adjusted net income of $15.4 million or $0.33 per diluted share in the second-quarter 2024 and $8.8 million or $0.19 per diluted share in the prior quarter. Excluding non-cash share-based compensation expense of $4.6 million for the second quarter, net of tax both GAAP net income and non-GAAP adjusted net income would have increased by $0.10 per share.

相比之下，2024 年第二季非 GAAP 調整後淨收入為 1,540 萬美元或每股攤薄收益 0.33 美元，上一季非 GAAP 調整後淨收入為 880 萬美元或每股攤薄收益 0.19 美元。不包括第二季 460 萬美元的非現金股權激勵費用，稅後 GAAP 淨收入和非 GAAP 調整後淨收入每股將增加 0.10 美元。

EBITDA for the second quarter was $84.5 million or 23.1% of revenue compared to $41.1 million or 12.8% of revenue in the prior-year period and $26.2 million or 7.9% of revenue in the prior quarter. We have included in our earnings release a reconciliation of GAAP net income to non-GAAP adjusted net income and GAAP net income to EBITDA, which provides additional details.

第二季的 EBITDA 為 8,450 萬美元，佔營收的 23.1%，而去年同期為 4,110 萬美元，佔營收的 12.8%，上一季為 2,620 萬美元，佔營收的 7.9%。我們在收益報告中納入了 GAAP 淨收入與非 GAAP 調整後淨收入以及 GAAP 淨收入與 EBITDA 的對賬，以提供更多詳細資訊。

Cash flow provided by operations was $41.5 million for the second quarter. Free cash flow was $21.1 million which included $20.4 million of capital expenditures. Net cash flow was a negative $18.2 million including approximately $49.2 million from an increase in equity investment and $10 million for stock buyback program.

第二季經營活動產生的現金流為 4,150 萬美元。自由現金流為 2,110 萬美元，其中包括 2,040 萬美元的資本支出。淨現金流為負 1,820 萬美元，其中包括股權投資增加產生的約 4,920 萬美元和股票回購計畫產生的 1,000 萬美元。

Turning to the balance sheet, at the end of second quarter, cash, cash equivalents, restricted cash, plus short-term investments totaled approximately $333 million. Working capital was approximately $871 million. And total debt, including long term and short term, was approximately $54 million. In terms of inventory, at the end of second quarter, total inventory days were approximately 173 as compared to 187 last quarter, down approximately 14 days sequentially.

談到資產負債表，截至第二季末，現金、現金等價物、受限現金加上短期投資總額約 3.33 億美元。營運資金約8.71億美元。包括長期和短期債務在內的總債務約為 5,400 萬美元。庫存方面，第二季末，總庫存天數約173天，而上季為187天，季減約14天。

Finished good inventory days were 71, a decrease of 9 days from the 80 last quarter. Total inventory dollars increased $11.7 million from the prior quarter to $482.7 million, consisting of $9.7 million increase in work in process and $9.1 million increase in raw materials and a $7.1 million decrease in finished goods. Capital expenditures on a cash basis were $20.4 million for the second quarter or 5.6% of revenue, which was at the low end of our targeted range of 5% to 9% of revenue.

成品庫存天數為 71 天，較上一季的 80 天減少 9 天。總庫存金額較上一季增加 1,170 萬美元，達到 4.827 億美元，其中包括在製品增加 970 萬美元、原料增加 910 萬美元，成品減少 710 萬美元。第二季現金資本支出為 2,040 萬美元，佔營收的 5.6%，位於我們目標範圍 5% 至 9% 的低端。

Now turning to our outlook, for the third-quarter 2025, we expect revenue to increase to approximately $392 million, plus or minus 3%, which represents 12% growth over the prior-year period at the midpoint, which will be the fourth consecutive quarter of year-over-year growth. GAAP gross margin is expected to be 31.6%, plus or minus 1%.

現在談到我們的展望，對於 2025 年第三季度，我們預計營收將增至約 3.92 億美元，上下浮動 3%，比去年同期中位數成長 12%，這將是連續第四個季度實現同比增長。預估 GAAP 毛利率為 31.6%，上下浮動 1%。

Non-GAAP operating expenses, which are GAAP operating expenses adjusted for amortization of acquisition-related intangible assets, are expected to be approximately 26% of revenue, plus or minus 1%. We expect net interest income to be approximately $1 million.

非 GAAP 營運費用（即根據收購相關無形資產攤銷進行調整的 GAAP 營運費用）預計約為收入的 26%，上下浮動 1%。我們預計淨利息收入約為 100 萬美元。

Our income tax rate is expected to be 18%, plus or minus 3%. And shares used to calculate EPS for the third quarter are anticipated to be approximately 46.5 million. Not included in these non-GAAP estimates is amortization of $4.8 million after tax for previous acquisitions.

我們的所得稅率預計為18%，上下浮動3%。用於計算第三季每股收益的股票預計約為 4,650 萬股。這些非 GAAP 估計中未包括先前收購的稅後攤銷 480 萬美元。

With that said, I now turn the call over to Emily Yang.

話雖如此，我現在把電話轉給 Emily Yang。

Thank you, Brett, and good afternoon. Revenue in the quarter was up 10.3% sequentially and above the high end of our guidance, mainly driven by strong demand in Asia, especially AI-related Computing and Consumer ramp-up for new programs.

謝謝你，布雷特，下午好。本季營收季增 10.3%，高於我們預期的高位，主要受亞洲強勁需求的推動，尤其是人工智慧相關的運算和消費者對新項目的需求增加。

Our global POS increased across all regions, with double-digit growth in Asia. And our channel inventory decreased again this quarter, both in terms of dollars and weeks. We are also seeing this momentum extend into the third quarter with strong beginning backlog. During the second quarter, we further extended our new product initiative, with over 100 new part numbers introduced, of which over 50% were automotive parts.

我們的全球 POS 在所有地區都有所增加，其中亞洲實現了兩位數的成長。本季我們的通路庫存再次減少，無論是以美元還是周數計算。我們也看到這種勢頭延續到了第三季度，初期積壓訂單強勁。第二季度，我們進一步擴展了新產品計劃，推出了 100 多個新零件編號，其中 50% 以上是汽車零件。

Looking at global sales in the second quarter, Asia represented 78% of revenue, Europe 12%, and North America 10%. In terms of our end market, Industrial was 23% of Diodes' product revenue, Automotive 19%, Computing 26%, Consumer 18%, and Communications 14% of product revenue.

從第二季的全球銷售額來看，亞洲佔營收的 78%，歐洲佔 12%，北美佔 10%。就我們的終端市場而言，工業佔 Diodes 產品收入的 23%，汽車佔 19%，計算佔 26%，消費佔 18%，通訊佔 14%。

Our Automotive-Industrial markets, combined, totaled 42% in this quarter. We are beginning to see signs of gradual demand improvement in this market. But there is still pockets of channel inventory to work through. Now let me review the end markets in greater detail.

本季度，我們的汽車工業市場合計佔 42%。我們開始看到這個市場需求逐漸改善的跡象。但仍有部分通路庫存需要處理。現在讓我更詳細地回顧一下終端市場。

Starting with Automotive market, during the quarter, we continue to see improvement, even though there's continued to be inventory digestion, as some customers I mentioned. We're also beginning to see increasing demand and strength in the EV Auto market in China as we move into the third quarter.

從汽車市場開始，在本季度，我們繼續看到改善，儘管正如我提到的一些客戶一樣，庫存仍在繼續消化。隨著進入第三季度，我們也開始看到中國電動車市場的需求和實力不斷增長。

The China automakers are increasingly focused on the in-cabin experience, with more features like ADAS, infotainment, smart cockpit, telematics, and lighting, which is driving demand for Diodes product and our content per car.

中國汽車製造商越來越注重車內體驗，並配備了更多功能，如 ADAS、資訊娛樂、智慧駕駛艙、遠端資訊處理和照明，這推動了對 Diodes 產品和每輛車內容的需求。

Specific to the second quarter, we saw increasing adoption of our growth of USB Type-C ReDrivers, ReTimers, switches, and active crossbar muxes, along with new design wins for TVS and ESD protection devices in rear-seat entertainment and smart cockpit applications.

具體到第二季度，我們看到 USB Type-C ReDriver、ReTimer、開關和主動交叉多路復用器的應用日益增多，同時後座娛樂和智慧駕駛艙應用中的 TVS 和 ESD 保護設備也獲得了新的設計勝利。

We also received solid demand for overcurrent protection switches in electronic control unit systems and are also gaining design win momentum for protection devices in vehicle displays and power distribution unit applications.

我們也收到了對電子控制單元系統中過電流保護開關的強勁需求，在車輛顯示器和配電單元應用中的保護裝置的設計獲勝勢頭也正在增強。

We're also seeing strong demand in design wins for our automotive-compliant DC-to-DC devices, LDOs, ideal diodes controllers as well as our SBR products for ADAS, telematic, and infotainment system. Additionally, Diodes LED controllers are winning designs in ADAS front lighting applications. And our linear LED drivers are winning designs in the rear exterior lighting and EV car charging indicator applications.

我們還看到，符合汽車標準的 DC-DC 設備、LDO、理想二極體控制器以及用於 ADAS、遠端資訊處理和資訊娛樂系統的 SBR 產品的設計訂單需求強勁。此外，Diodes LED 控制器在 ADAS 前照明應用設計中也獲得成功。我們的線性 LED 驅動器在後外部照明和電動車充電指示燈應用中獲得了成功。

Also during the quarter, we added multiple new products through the introduction of LV MOSFET for DC-DC battery management system, brushless DC motors, 80-volt and 100-volt [tall] products, and 1,700-volt and 1,200-volt silicon carbide MOSFET.

此外，在本季度，我們透過推出用於 DC-DC 電池管理系統的 LV MOSFET、無刷直流馬達、80 伏特和 100 伏特產品以及 1,700 伏特和 1,200 伏特碳化矽 MOSFET，增加了多種新產品。

Turning to Industrial market, even though the inventory situation is improving, some customers are still going through adjustments. We expect this will last another quarter or two. From a demand perspective, we are seeing good recovery and strong momentum for applications such as AI robotics, medical, and automation.

轉向工業市場，儘管庫存情況正在改善，但一些客戶仍在進行調整。我們預計這種情況將持續一兩個季度。從需求角度來看，我們看到人工智慧機器人、醫療和自動化等應用程式正在復甦並勢頭強勁。

During the quarter, we continue to gain strong design tractions for our silicon carbide Schottky barrier diodes and photocouplers in energy storage system and our silicon carbide MOSFETs in EV charging platforms for fast-charging infrastructures. We have also secured new designs for our Schottky barrier diodes, SBR and Zener diodes in DC fans, Power over Ethernet, and adapter applications across Industrial Power segment.

在本季度，我們繼續在儲能係統中的碳化矽肖特基勢壘二極體和光電耦合器以及用於快速充電基礎設施的電動汽車充電平台中的碳化矽 MOSFET 獲得強大的設計吸引力。我們也為直流風扇、乙太網路供電和工業電源領域的適配器應用中的肖特基勢壘二極體、SBR 和齊納二極體獲得了新的設計。

Also during the quarter, our [wide-wing] LDOs received solid demand from fans, power tools, and e-meter applications, while our multichannel LED drivers ramped up in signage application. We are also seeing traction for SBR products in power supply applications for telecom, desktop PC, and self-server switch mode power supply. And our protection devices are winning designs in battery management system.

此外，在本季度，我們的 [寬翼] LDO 收到了來自風扇、電動工具和電子儀表應用的強勁需求，而我們的多通道 LED 驅動器在標牌應用中的需求也有所增加。我們也看到 SBR 產品在電信、桌上型電腦和自助伺服器開關模式電源等電源應用中受到青睞。我們的保護裝置是電池管理系統中的獲獎設計。

In the Computing market, the highlight continues to be strong demand momentum for AI-related applications. And with the current chipset refresh cycle, we are seeing increasing opportunities and strong share gain. Our PCI Express 3.0 packet switches are leading the momentum in the AI applications, but are also expanding beyond AI servers into other applications like Industrial and security.

在計算市場，亮點仍然是人工智慧相關應用的強勁需求動能。隨著當前晶片組更新周期的到來，我們看到了越來越多的機會和強勁的份額成長。我們的 PCI Express 3.0 分組交換器在 AI 應用領域處於領先地位，同時也正在從 AI 伺服器擴展到工業和安全等其他應用領域。

In fact, we have multiple design-ins for our packet switches from various applications across all regions, that should drive further growth for our products. Also during the quarter, we are seeing increased adoption of HDMI, DisplayPort, USB C ReDrivers, crossbar muxes-switches, as well as clock buffers with level shifters in various Computing applications like workstation, gaming, notebook, desktops, docking stations, monitors, and mini-PCs.

事實上，我們的分組交換器有多種設計，適用於各個地區的各種應用，這將推動我們產品的進一步成長。此外，在本季度，我們看到 HDMI、DisplayPort、USB C ReDrivers、縱橫多路復用器-開關以及帶有電平轉換器的時脈緩衝器在工作站、遊戲機、筆記型電腦、桌上型電腦、擴充座、顯示器和迷你電腦等各種計算應用中的採用率不斷增加。

In terms of product introduction, we introduced several new products including PCI Express (technical difficulty) ReDrivers, clock buffers, and clock muxes that are seeing strong momentum in server and data center applications. The demand for high-speed data processing has significantly increased in recent years. And Diodes is well positioned to gain increasing shares with our broadened product portfolio.

在產品介紹方面，我們推出了幾款新產品，包括 PCI Express（技術難度）ReDrivers、時脈緩衝器和時脈多工器，這些產品在伺服器和資料中心應用中發展勢頭強勁。近年來，對高速資料處理的需求顯著增加。憑藉我們不斷擴大的產品組合，Diodes 已做好充分準備來獲得越來越多的市場份額。

As an example, our SBR product provide excellent surge protection for high-speed data applications, along with our 40-volt boost controllers and DC-DC buck converters in server and data center applications. In the Consumer market, the revenue increase was the strongest of our end market and was mainly driven by Customer's ramped-up new designs for applications such as wearables, audio, charging, camera, game consoles, and personal care combined with overall market share gain.

例如，我們的 SBR 產品為高速資料應用提供了出色的電湧保護，同時我們的 40 伏特升壓控制器和 DC-DC 降壓轉換器也適用於伺服器和資料中心應用。在消費市場，收入成長是我們終端市場中最強勁的，主要得益於客戶對穿戴式裝置、音訊、充電、相機、遊戲機和個人護理等應用的新設計的加強，以及整體市場份額的成長。

During the second quarter, we saw rapid adoption of our MIPI D-PHY ReDrivers in robot, drones, mixed reality, and embedded MMC switches in gaming console applications, while current limited power switch saw solid demand from physical interface power port such as USB and HDMI.

在第二季度，我們看到我們的 MIPI D-PHY ReDrivers 在機器人、無人機、混合實境和遊戲機應用中的嵌入式 MMC 開關中得到了迅速應用，而電流限制電源開關對 USB 和 HDMI 等實體介面電源連接埠的需求強勁。

Also in the Consumer market, our LED drivers and power factor correction LED controllers have multiple design wins for IoT devices and personal care devices. We also achieved solid growth from audio products in the Consumer applications like health monitors and trackers. And with our small signal diodes as well as Zener diodes saw strong increases, while our protection products and LDOs are being designed into tablets and smart watches.

此外，在消費市場，我們的 LED 驅動器和功率因數校正 LED 控制器在物聯網設備和個人護理設備方面獲得了許多設計勝利。我們也在健康監測器和追蹤器等消費應用領域的音訊產品上實現了穩健的成長。我們的小訊號二極體和齊納二極體銷售強勁成長，而我們的保護產品和 LDO 則被設計到平板電腦和智慧手錶。

Lastly, in the Communications market, our timing products are seeing growth driven by AI and IoT applications in the networking segments for switches and routers, while our ultra-low jitter family of crystal oscillators dominates in the smart network interface cards in data center, AI servers, and networking applications. And our 5-volt high-PSRR LDO saw solid demand from camera networking application.

最後，在通訊市場，我們的計時產品在交換器和路由器的網路領域中受到人工智慧和物聯網應用的推動而成長，而我們的超低抖動系列晶體振盪器在資料中心、人工智慧伺服器和網路應用中的智慧網路介面卡中佔據主導地位。我們的 5 伏特高 PSRR LDO 在攝影機網路應用方面有著強勁的需求。

In summary, we are very pleased with the solid momentum in our business as we continue to see improving market conditions and demand across our end markets. As the demand continues to drive utilization improvement and inventory digestion extends across the Automotive-Industrial market, in particular, we are very well positioned with broadened portfolio of products and increasing design wins to drive the continuous growth and future margin expansion.

總而言之，我們對業務的強勁發展勢頭感到非常高興，因為我們繼續看到終端市場的市場狀況和需求不斷改善。隨著需求繼續推動利用率的提高和庫存消化擴展到整個汽車工業市場，我們憑藉擴大的產品組合和不斷增加的設計勝利，處於非常有利的地位，可以推動持續增長和未來利潤率的擴大。

With that, we now open the floor to questions. Operator?

現在，我們開始回答問題。操作員？

(Operator Instructions) David Williams, Benchmark.

（操作員指示）大衛威廉斯，基準。

Hey, good afternoon, everyone, and congratulations on the really strong results here. It's great to see.

嘿，大家下午好，祝賀你們取得如此優異的成績。很高興看到。

Thank you, David.

謝謝你，大衛。

Yeah. So maybe, first, just kind of thinking about the geographic drivers, and Asia is clearly doing better for you all. And it sounds like this is more design-in and more demand coming in.

是的。因此，也許首先，只考慮地理驅動因素，亞洲顯然為你們所有人做得更好。這聽起來像是更多的設計和更多的需求。

But I guess, how do you parse out how much of this could potentially be related to tariff-driven pull-ins, which we've heard from nearly all companies reporting this earnings season? Is it fair to assume that some of this demand is related to that? Or do you feel like you're able to isolate that out, and maybe that's not what's driving some of this demand?

但我想，您如何分析其中有多少可能與關稅驅動的拉動有關，我們從幾乎所有報告本財報季的公司那裡都聽到了這一點？是否可以公平地假設部分需求與此相關？或者您覺得您能夠將其隔離開來，也許這不是推動部分需求的因素？

Hi, David. This is Emily. I think what we've seen, the tariff pull-in is really small in material overall, right? What we've seen is really driven by the strong demand and also the market share gains, together with some of the new designs and new programs ramping up.

你好，大衛。這是艾米麗。我認為，就我們所看到的而言，關稅的拉動總體上真的很小，對嗎？我們看到的確實是強勁的需求和市場份額的成長，以及一些新設計和新項目的不斷湧現。

So you feel pretty comfortable that it really is kind of self directed and not really related to the tariff pull-in. Is that fair?

因此，您會感到很舒服，因為它確實是一種自我導向，與關稅拉動沒有太大關係。這樣公平嗎？

Fair, yes.

公平，是的。

Okay. All right. Very good. And then as you kind of think about how much digestion still remains, you talked about pockets remaining in Automotive. But how do you think about what is left there remaining?

好的。好的。非常好。然後，當您思考還有多少消化空間時，您談到了汽車行業剩餘的空間。但是您如何看待那裡還剩下什麼呢？

I know it kind of depends on your OEM. But like say geographically, is there a way to kind of think about the inventory levels where there's still excesses that need to be digested?

我知道這有點取決於您的 OEM。但從地理角度來說，有沒有辦法考慮庫存水平，其中仍有過剩庫存需要消化？

Yes. I think overall, you are absolutely right. A lot is driven by the OEMs. What we see in the market is still dynamic. It varies a lot from customer to customer, program to program, and part to part, right? So it's kind of hard to draw a line, say, everything equal.

是的。我認為總體而言，你是完全正確的。很多都是由 OEM 推動的。我們看到的市場依然充滿活力。不同客戶、不同程序、不同部件之間的差異很大，對嗎？因此，很難劃一條界線，說一切都平等。

But all in all, we're actually seeing a lot of improvement. So if we look at the Automotive, even we maintained 19% quarter over quarter as a percentage to the product revenue, if I compare the actual year to year, we actually increased about 23.5%. I believe that can give you a strong indication that even we still have some inventory digestion that we're going through, but the market overall is improving.

但總而言之，我們確實看到了許多進步。因此，如果我們看一下汽車業務，即使我們的產品收入百分比保持環比 19%，但如果與去年同期相比，我們實際上增長了約 23.5%。我相信這可以有力地表明，儘管我們仍在消化一些庫存，但整體市場正在改善。

Very well. And just one last one, if I may here. Just kind of thinking about your new products, how should we consider maybe the differential on the margin opportunity maybe over some products that you're replacing? And I know you've got a lot of new products that are coming in and really a big driver of the margin. But is there good way to think about what that differential could be? Thank you.

很好。如果可以的話，我還有最後一個問題。只是考慮一下您的新產品，我們應該如何考慮與您正在替換的一些產品相比利潤機會的差異？我知道你們有很多新產品即將推出，這對利潤率確實是一個很大的推動力。但是，有沒有好的方法來思考這種差異可能是什麼呢？謝謝。

Yeah. So let me address this question. So product mix improvement initiative has been a key focus for Diodes for a period of time. In general, when the product -- they usually have a production cycle.

是的。那麼就讓我來回答這個問題。因此，產品組合改進計劃一直是 Diodes 公司一段時間以來的重點。一般來說，當產品—它們通常有一個生產週期。

The newer the product -- the new-released product usually provide some additional features and functions that the customer is actually willing to pay more of the premium for the functions and features. And a lot of time, it can be also cost improvements, smaller diodes, and better packaging and stuff like that, right? So that's usually the behavior for new products.

產品越新——新發布的產品通常會提供一些額外的功能和功能，客戶實際上願意為這些功能和功能支付更多的費用。很多時候，它還可以降低成本，使用更小的二極體，提供更好的封裝等等，對嗎？這通常是新產品的行為。

So for our product, if we sell this for more than like 15, 20 years, every year, there's a price degradation. So a lot of time at the end of the production cycle, the cost is more expensive at the end, right? So that's the reason why we're pushing a lot of new product introduction, not only to gain additional market, but also to improve the overall cost structure by providing more functions and features and basically a value-add to the customers.

因此，對於我們的產品，如果我們每年銷售超過 15 到 20 年，價格就會下降。因此，很多時候在生產週期結束時，成本會更昂貴，對嗎？這就是我們大力推出大量新產品的原因，不僅是為了獲得更多市場，也是為了透過提供更多功能和特性來改善整體成本結構，為客戶增加價值。

Thank you.

謝謝。

(Operator Instructions) Tristan Gerra, Baird.

（操作員指示）Tristan Gerra，Baird。

Hi, good afternoon. You talked about AI being a driver. Is it fair to assume that a lot of that is your PCIe packet switch? Any way to quantify as a percent what is now representing of data center revenue? And also, what type of growth should we expect?

嗨，下午好。您談到人工智慧作為駕駛員。是否可以合理地假設其中許多是 PCIe 分組交換器？有什麼方法可以量化現在資料中心收入的百分比嗎？而且，我們應該期待什麼類型的成長？

And I think you've described in the past that it's not just AI data center, but it will be also general purpose data center. So how many foot is that opportunity as a percentage?

我認為您過去曾描述過，它不僅僅是人工智慧資料中心，而且還將是通用資料中心。那麼這個機會佔多少百分比呢？

Hi, Tristan. This Emily. Yes. So AI related on the hyperscaler with some of the design. Packet switch is definitely one of the products, but there's also a lot of other AI-related products that we are selling into the market. When we look at the AI, it's actually a whole ecosystem, not only just on the server, but there's also DDU. There's different units that attach with the system together, right?

你好，特里斯坦。這個艾米麗。是的。因此，超大規模上的 AI 與一些設計相關。分組交換器肯定是其中一種產品，但我們也在市場上銷售許多其他與人工智慧相關的產品。當我們看 AI 時，它實際上是一個完整的生態系統，不僅在伺服器上，而且還有 DDU。有不同的單元與系統連接在一起，對嗎？

So we don't really have a percentage that we can share. But I think just like I mentioned earlier, we actually expanding this beyond just the AI servers. There's actually a lot of Industrial and security-related stuff. And we start seeing multiple designs across all regions. So that's the reason I mentioned this is going to continue to drive a lot of momentum for us for the quarters to come.

所以我們其實沒有可以分享的百分比。但我認為就像我之前提到的那樣，我們實際上將其擴展到 AI 伺服器之外。實際上有很多與工業和安全相關的東西。我們開始看到各個地區的多種設計。這就是我提到這將在未來幾季繼續為我們帶來巨大動力的原因。

Right. And, Tristan, I would like to put more color on that. When you're talking about PCIe, PCIe is only one of the hero product we're promoting to AI-related application. However, as we continue to mention about the system solution or total solution, it's really what we want to try for.

正確的。特里斯坦，我想對此進行更詳細的說明。當你談到 PCIe 時，PCIe 只是我們向 AI 相關應用推廣的明星產品之一。然而，正如我們不斷提到的系統解決方案或整體解決方案，這確實是我們想要嘗試的。

So if we have a one or two hero product in one segment, I really want to bring our advanced analog, mix signal, and also other [discrete] components to sew together. So that's going create more value on this only one device only.

因此，如果我們在某個領域有一兩款明星產品，我真的希望將我們先進的模擬、混合信號以及其他[分立]組件縫合在一起。因此，這將僅在這一設備上創造更多價值。

Okay. Thank you. That's very useful. And then we've seen at least one large company peer, analyst peer, starting to raise pricing. So how should I look at that? Because I mean, we're clearly in an environment where there is overcapacity.

好的。謝謝。這非常有用。然後我們看到至少有一家大公司同業、分析師同業開始提高價格。那我該如何看待這個問題呢？因為我的意思是，我們顯然處於產能過剩的環境中。

I think, obviously, your positioning will be to gain share. But I wanted to kind of get your sense of the higher cost of raw materials, impact on pricing because -- and what you expect for the rest of this year? Because it does have implications in terms of how companies are managing inventories.

我認為，顯然你的定位就是獲得份額。但我想了解一下您對原物料成本上漲的看法，以及對定價的影響——您對今年剩餘時間的預期是什麼？因為它確實對公司如何管理庫存有影響。

Yes, Tristan. We definitely read the news as well. So what we're doing is we're monitoring the situation very closely. Like I mentioned before, any time any of my peers making strategic decision, price increase, exit certain markets, always create opportunity for Diodes overall to work with the customer.

是的，特里斯坦。我們當然也讀過這則新聞。因此，我們正在密切監視局勢。正如我之前提到的，任何時候我的同事做出策略決策，提高價格，退出某些市場，總是為二極體整體與客戶合作創造機會。

During the last price increase, during the COVID time, I also openly talked about it. Our view for the business is actually a relationship with the customer long term. It's lot more important than the short-term benefit, right? So we want to continue to work with the customers and be a strong supplier to them for a long term. So the partnership is a key focus for us overall, and we are not changing our strategy.

在上次價格上漲期間，也就是疫情期間，我也公開談論過這個問題。我們對業務的看法實際上是與客戶建立長期關係。這比短期利益重要得多，對吧？因此，我們希望繼續與客戶合作，並長期成為他們的強大供應商。因此，合作關係是我們整體關注的重點，我們不會改變我們的策略。

So we want to leverage this type of opportunity to continue to expand our print positions and continue to grow the relationship into the deeper level and continue to expand our overall design-in, design win, demand creations with the customer together. So that will be our focus and will be our strategy moving forward.

因此，我們希望利用這種機會繼續擴大我們的印刷地位，繼續發展更深層的關係，並繼續與客戶一起擴大我們的整體設計、設計勝利和需求創造。所以這將是我們的重點，也是我們未來的策略。

Thanks again. And then just last quick question, if I may. In terms of qualifications for customers in analog migrating back to in-house capacity, are we still looking at the first half of next year? What's the timing on this shift from outsourcing?

再次感謝。如果可以的話，我還有最後一個快速問題。對於模擬客戶遷移回內部產能的資格，我們是否仍要考慮明年上半年？從外包轉變的時機是什麼時候？

Yeah. As I mentioned about so many times, Tristan, we are proactively qualifying our product and process into our internal wafer fab, right? And as I mentioned, the progress, it went very well so far. And we see quite a few key customer already working on our PCN requirement and working on that to see if we can continue to support it with our internal fab wafer facility.

是的。正如我多次提到的，特里斯坦，我們正在積極地將我們的產品和工藝納入我們的內部晶圓廠，對嗎？正如我所提到的，到目前為止，進展非常順利。我們看到相當多的關鍵客戶已經在致力於我們的 PCN 要求，並正在努力看看我們是否可以透過我們的內部晶圓廠繼續為其提供支援。

So again, this is a very important message from Diodes. I really want to emphasize to everybody here is like, we really want to qualify our internal wafer fab to offset the headwind from our wafer service agreement that kind of slowed down demand in the future. So we do see that good progress on that, too.

所以，這又是 Diodes 發出的一個非常重要的訊息。我真的想向在座的各位強調的是，我們真的希望使我們的內部晶圓廠合格，以抵消晶圓服務協議帶來的不利影響，從而減緩未來的需求。因此，我們也確實看到了這方面的良好進展。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions) David Williams, Benchmark.

（操作員指示）大衛威廉斯，基準。

Thanks for letting me ask a follow-up. Really, just wanted to say, Gary, congratulations on the CEO official naming there. It's great to see you (multiple speakers)

感謝您允許我提出後續問題。真的，我只是想說，加里，祝賀執行長正式就任。很高興見到你（多位發言者）

Thanks, David. Really appreciate it.

謝謝，大衛。真的很感激。

Some of that (multiple speakers) earnings last quarter. I want to make sure and squeeze that in there. But while I have you, one other quick question, and maybe Brett or Emily or whomever. But on the utilization, is there -- can you tell us about where your utilization is running today and maybe what the mix impact was on the margin side?

其中一些（多位發言者）是上個季度的收入。我想確保並將其擠進去。但是當我有你的時候，還有另一個快速問題，也許是布雷特或艾米麗或任何人。但是就利用率而言，您能否告訴我們您目前的利用率情況以及組合對利潤率的影響是什麼？

Well, actually, utilization is very -- really varied from different fab and [ATA] even from different product line, right? So some product line, the high-end product line, that remains very strong. The utilization is really good. But then, especially, for those like (inaudible) commodity and then we kind of intentionally try to give away from that the utilization for this kind of capacity is kind of low. Okay.

嗯，實際上，利用率在不同的晶圓廠和 [ATA] 甚至不同的產品線之間差異很大，對嗎？因此，一些產品線，高端產品線，仍然非常強勁。利用率確實很好。但是，特別是對於那些像（聽不清楚）商品，我們有意嘗試放棄這種容量的利用率有點低。好的。

I won't be able to give you the detail of exactly utilization yet. But what we do now for the past couple of quarters, we continue to consolidate or migrate those low-cost commodity idle capacity into supporting the high-end market -- our high-end market and high customer demand kind of requirement.

我還不能向您提供確切利用細節。但過去幾季我們所做的是，我們持續整合或遷移那些低成本商品閒置產能，以支援高端市場—我們的高端市場和高客戶需求。

So again, with our hybrid manufacturing strategy, as I answered the question before, and we continue to load our external, okay, product and the process into internal. And we are doing the qualification process and even we issued a PCN for the key customer in different segment. And so far, the progress is really good. So I can guarantee you, in the future, our loading will continue to grow, okay, with this kind of strategy. We really want to go for that.

因此，正如我之前回答的問題一樣，我們再次採用混合製造策略，並繼續將外部產品和流程載入到內部。我們正在進行資格認證流程，甚至為不同領域的關鍵客戶發布了 PCN。到目前為止，進展確實很好。所以我向你保證，在未來，透過這種策略，我們的負載將會繼續成長。我們確實想實現這個目標。

Yes. So I think on top of that, we did actually have a very good result in the second quarter. We also guided above seasonality growth for the third quarter. When the revenue continue to increase, of course, supported by POS growth, we actually will continue to minimize the underloading costs, right?

是的。因此我認為除此之外，我們在第二季確實取得了非常好的成績。我們也預測第三季的成長將高於季節性。當然，當收入繼續增加時，在 POS 成長的支持下，我們實際上會繼續將欠載成本降至最低，對嗎？

I think on top of that, one of the things we also kind of driving for margin improvement is continue to drive the product mix initiative improvement from that point of view. Auto-Industrial will remain our key focus, and we want to continue to drive the growth. New product introduction, we talked a little bit earlier, will be other key focus for us overall.

我認為除此之外，從這個角度來看，我們推動利潤率提高的因素之一就是繼續推動產品組合計畫的改進。汽車工業仍將是我們的重點，我們希望繼續推動成長。我們之前談到的新產品的推出將是我們整體關注的另一個重點。

Some good product, like the Pericom division of the product family, will continue to be the focus, right? So I think combined with what Gary just mentioned and combined with continued cost-down-driven manufacturing efficiency, we are actually confident that you're actually going to start seeing some margin improvement as well. So even you didn't ask it, but I want to make sure I put it there because I think that's really the real question behind that you want to ask.

一些好的產品，例如Pericom產品系列的部門，將繼續成為焦點，對嗎？因此，我認為結合加里剛才提到的以及持續降低成本驅動的製造效率，我們實際上有信心您實際上也會開始看到利潤率的提高。所以即使你沒有問，但我還是想確保把它放在那裡，因為我認為這才是你真正想問的問題。

Right.

正確的。

Yes. No, very well. Thanks so much for the color there, and congrats again on the execution. Keep up the good work.

是的。不，很好。非常感謝那裡的顏色，並再次祝賀您的執行。繼續努力。

Thank you.

謝謝。

Thank you, David.

謝謝你，大衛。

This concludes our question-and-answer session. I would like to turn the conference back over to Gary Yu for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Gary Yu 做最後發言。

Thank you, everyone, for participating on today's call. We look forward to reporting our progress on next quarter's conference call.

感謝大家參加今天的電話會議。我們期待在下個季度的電話會議上報告我們的進展。

Operator, you may now disconnect.

接線員，您現在可以斷開連接了。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。