Diodes Incorporated (DIOD) 2026 Q3 法說會逐字稿

Good afternoon, and welcome to the Diodes Incorporated third quarter 2026 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, Thursday, November 5, 2026.

下午好，歡迎參加達爾科技（Diodes Incorporated）2026 年第三季財務業績電話會議。(接線員指示) 提醒各位，本次電話會議將於今天（2026 年 11 月 5 日，星期四）錄音。

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

現在我想把電話交給 Shelton Group 投資人關係部的 Leanne Sievers。Leanne，請開始。

Good afternoon, and welcome to Diodes' third quarter 2026 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 Vice President of Corporate Marketing and Investor Relations, Gurmeet Dhaliwal.

下午好，歡迎參加達爾科技 2026 年第三季財務業績電話會議。我是 Leanne Sievers，Shelton Group 總裁，也是達爾科技的投資人關係顧問公司。今天與會的有達爾科技總裁暨執行長 Gary Yu；財務長 Brett Whitmire；全球銷售與行銷資深副總裁 Emily Yang；以及企業行銷與投資人關係副總裁 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 September 30, 2026.

我想提醒各位聽眾，今天公布的結果為初步數據，仍須待公司完成結帳程序以及公司獨立註冊會計師事務所例行的季度審閱。因此，這些結果尚未經審計，且在公司提交截至 2026 年 9 月 30 日止季度的 Form 10-Q 之前，仍可能修正。

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，管理層的預先準備發言包含前瞻性陳述，該等陳述受風險與不確定性影響；管理層也可能在回答各位提問時作出額外的前瞻性陳述。因此，公司主張適用 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所載之前瞻性陳述「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. In addition, any projections as to the company's future performance represent management's estimates as of today, November 5, 2026. 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.

實際結果可能與今天討論的內容不同，因此我們請各位參閱公司向美國證券交易委員會（SEC）提交的文件（包括 Form 10-K 與 Form 10-Q）中對風險與不確定性的更詳細說明。此外，任何關於公司未來表現的預測，均為管理層截至今天（2026 年 11 月 5 日）的估計。除非適用法律另有要求，達爾科技不承擔未來更新這些預測的義務，因為市場狀況可能改變也可能不改變。

Additionally, the company's press release and management statement 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. 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.

另外，公司新聞稿以及本次電話會議中的管理層發言，將包含以 GAAP 與非 GAAP 口徑呈現的某些衡量指標與財務資訊。公司新聞稿中包含 GAAP 與非 GAAP 項目的定義與調節表，提供更多細節。同時，在公司新聞稿與本次電話會議的管理層發言中，我們將歸屬於普通股股東的淨利稱為 GAAP 淨利。

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.

若各位目前無法收聽完整電話會議，錄音將以網路直播回放形式提供 90 天，可至達爾科技網站 www.diodes.com 的投資人關係（Investor Relations）專區收聽。

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

接下來我將把電話交給達爾科技總裁暨執行長 Gary Yu。Gary，請開始。

Welcome, everyone, and thank you for joining us on today's conference call. As announced in our press release earlier today, our third quarter revenue reached record levels, coupled with an over 500 basis point year-over-year increase in gross margin to 36.1%, driving significant expansion in non-GAAP earnings. Global POS was also at a record level in the quarter, increasing more than 30% year-over-year.

各位好，感謝各位參加今天的電話會議。如同我們今天稍早在新聞稿中宣布的，第三季營收創下歷史新高，同時毛利率年增超過 500 個基點至 36.1%，帶動非 GAAP 獲利顯著擴張。本季全球 POS 也創下新高，年增超過 30%。

Our sequential revenue growth of more than 19% was primarily driven by record automotive revenue from continued market share gains, stronger demand for broad industrial applications, and the sustained momentum in AI ecosystem applications that contributed to record revenue in the computing market.

我們營收季增超過 19%，主要受惠於汽車營收創新高（持續取得市占率提升）、廣泛工業應用需求轉強，以及 AI 生態系應用的動能延續，進而帶動運算市場營收創下新高。

Underpinning this growth is the benefit of the targeted investments we made in capacity expansion over the past year coming online. The resulting increase in loading at our manufacturing facilities also benefits gross margin, along with product mix and pricing improvements.

支撐這項成長的基礎，是我們過去一年在產能擴充上的策略性投資開始陸續到位並投入運作。製造廠稼動率（loading）的提升也有助於毛利率，並與產品組合及定價改善相輔相成。

Based on our current projection for continued growth in the fourth quarter, we expect full-year revenue to increase approximately 30% over 2025 at the midpoint. In addition to being well above our historical CAGR of 10%, we continue to see strong demand momentum resulting from our new product initiatives, market share gains, as well as increasing content at customers. This anticipated sequential growth is once again coupled with further non-GAAP gross margin expansion of 80 basis points sequentially to 37% at the midpoint, and increasing earnings leverage as well as strong cash flow generation.

基於我們目前對第四季持續成長的預估，我們預期全年營收在中位數將較 2025 年成長約 30%。除了明顯高於我們歷史 10% 的年複合成長率（CAGR）之外，我們也持續看到強勁的需求動能，來自新產品推動、市占率提升，以及在客戶端的單機/系統內容量（content）增加。預期的季增成長同時也將再度搭配非 GAAP 毛利率進一步季增 80 個基點至中位數 37%，並帶來更高的獲利槓桿以及強勁的現金流創造。

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

接下來，我把電話交給 Brett，請他更詳細說明第三季財務結果以及第四季財測指引。

Thanks, Gary, and good afternoon, everyone.

謝謝你，Gary，各位下午好。

Revenue for the third quarter of 2026 was $532.6 million, an increase of approximately 36% over $392.2 million in the third quarter of 2025, and up approximately 20% compared to $445.5 million in the second quarter of 2026.

2026 年第三季營收為 5.326 億美元，較 2025 年第三季的 3.922 億美元增加約 36%，並較 2026 年第二季的 4.455 億美元增加約 20%。

Gross profit for the third quarter was $192.5 million or 36.1% of revenue, compared to $120.5 million or 30.7% of revenue in the prior-year quarter, and $147.6 million or 33.1% of revenue in the prior quarter. Non-GAAP gross profit was $192.9 million and non-GAAP gross profit margin was 36.2%, which excluded 0.1% or $0.4 million of inventory accounting associated with the acquisition of ElevATE Semiconductor.

第三季毛利為 1.925 億美元，約占營收的 36.1%；相較之下，去年同期毛利為 1.205 億美元、占營收 30.7%，前一季毛利為 1.476 億美元、占營收 33.1%。非 GAAP 毛利為 1.929 億美元，非 GAAP 毛利率為 36.2%，其中排除了與收購 ElevATE Semiconductor 相關的存貨會計影響 0.1%（或 40 萬美元）。

GAAP operating expenses for the third quarter were $129.1 million, or 24.2% of revenue, and on a non-GAAP basis were $122.1 million, or 22.9% of revenue, which excludes $5.2 million of acquisition-related intangible asset costs and $1.8 million of acquisition-related costs.

第三季 GAAP 營業費用為 1.291 億美元，約占營收 24.2%；以非 GAAP 口徑計為 1.221 億美元，約占營收 22.9%，其中排除了 520 萬美元的併購相關無形資產成本以及 180 萬美元的併購相關費用。

This compares to GAAP operating expenses in the third quarter of 2025 of $108.9 million or 27.8% of revenue, and $114.3 million or 25.6% of revenue in the prior quarter. Non-GAAP operating expenses in the prior quarter were $108.6 million, or 24.4% of revenue.

相較之下，2025 年第三季 GAAP 營業費用為 1.089 億美元、占營收 27.8%，前一季為 1.143 億美元、占營收 25.6%。前一季非 GAAP 營業費用為 1.086 億美元，約占營收 24.4%。

Total other income and expense amounted to approximately $0.4 million expense for the quarter, consisting of $6 million in unrealized loss on investments, $3 million in foreign currency losses, $0.8 million in interest expense offset by $4.8 million in interest income, $3.8 million on gain on disposal of subsidiary, and $0.8 million in other income.

本季其他收益與費用合計約為 40 萬美元費用，包含投資未實現損失 600 萬美元、外幣損失 300 萬美元、利息費用 80 萬美元並由利息收入 480 萬美元抵銷、處分子公司收益 380 萬美元，以及其他收入 80 萬美元。

Income before taxes, equity in net earnings of equity investments, and non-controlling interest in the third quarter of 2026 was $63 million, compared to $19.5 million in the prior-year period and $58 million in the previous quarter.

2026 年第三季稅前利益（未計入權益法投資淨利以及非控制權益）為 6,300 萬美元，相較於去年同期的 1,950 萬美元，以及前一季的 5,800 萬美元。

Turning to income taxes, our effective income tax rate for the third quarter was approximately 23.2%. For 2026, we continue to expect the tax rate for the full year to remain at approximately 18% plus or minus 3%.

接著談所得稅，第三季有效所得稅率約為 23.2%。對於 2026 年，我們仍預期全年稅率約為 18%，上下浮動 3%。

GAAP net income for the third quarter was $43.7 million, or $0.95 per diluted share, compared to a net income of $14.3 million, or $0.31 per diluted share in the prior-year quarter, and net income of $46.6 million, or $1.00 per diluted share last quarter. The share count used to compute GAAP diluted income per share for the third quarter of 2026 was 46.2 million shares.

第三季 GAAP 淨利為 4,370 萬美元，或每股稀釋後 0.95 美元，相較於去年同期淨利 1,430 萬美元、每股稀釋後 0.31 美元，以及上一季淨利 4,660 萬美元、每股稀釋後 1.00 美元。用於計算 2026 年第三季 GAAP 稀釋後每股盈餘的股數為 4,620 萬股。

Non-GAAP adjusted net income in the third quarter was $54.5 million, or $1.18 per diluted share, which excluded, net of tax, $7.9 million unrealized loss on investments, $4.2 million of acquisition-related intangible asset amortization costs, $3 million gain on disposal of subsidiary, $1.4 million of acquisition-related costs, and $0.3 million of acquisition-related inventory amortization costs.

第三季非 GAAP 調整後淨利為 5,450 萬美元，或每股稀釋後 1.18 美元；該數字排除（稅後）7.9 百萬美元投資未實現損失、4.2 百萬美元與收購相關之無形資產攤銷費用、3.0 百萬美元處分子公司利益、1.4 百萬美元與收購相關成本，以及 0.3 百萬美元與收購相關之存貨攤銷費用。

This compares to non-GAAP adjusted net income of $17.2 million, or $0.37 per diluted share, in the third quarter of 2025, and $32.5 million, or $0.70 per diluted share, in the prior quarter. Excluding non-cash share-based compensation expense of $7.4 million for the third quarter, net of tax, both GAAP net income and non-GAAP adjusted net income would have increased by $0.16 per share.

相較之下，2025 年第三季非 GAAP 調整後淨利為 1,720 萬美元，或每股稀釋後 0.37 美元；上一季為 3,250 萬美元，或每股稀釋後 0.70 美元。若排除第三季（稅後）740 萬美元的非現金股份基礎給付費用，GAAP 淨利與非 GAAP 調整後淨利皆將增加每股 0.16 美元。

EBITDA for the third quarter was $89.7 million, or 16.8% of revenue, compared to $46.6 million, or 11.9% of revenue in the prior-year period, and $83.5 million, or 18.7% 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.

第三季 EBITDA 為 8,970 萬美元，占營收 16.8%，相較於去年同期 4,660 萬美元、占營收 11.9%，以及上一季 8,350 萬美元、占營收 18.7%。我們已在財報新聞稿中提供 GAAP 淨利與非 GAAP 調整後淨利之調節表，以及 GAAP 淨利與 EBITDA 之調節表，以提供更多細節。

Cash flow provided by operations was $97.2 million for the third quarter. Free cash flow was $43.9 million, including $53.2 million of capital expenditures. Net cash flow was a positive $134.1 million, which includes $35 million for the stock buyback program.

第三季營運活動提供之現金流量為 9,720 萬美元。自由現金流為 4,390 萬美元，其中包含 5,320 萬美元的資本支出。淨現金流為正 1.341 億美元，其中包含 3,500 萬美元用於股票回購計畫。

Turning to the balance sheet, at the end of the third quarter, cash, cash equivalents, restricted cash, plus short-term investments totaled approximately $578 million. Working capital was approximately $1.1 billion, and total debt was approximately $405 million.

接著看資產負債表，截至第三季末，現金、約當現金、受限制現金加上短期投資合計約 5.78 億美元。營運資金約 11 億美元，總負債約 4.05 億美元。

During the quarter, we completed a private placement of 0% convertible senior notes due 2031 in the aggregate principal amount of $375 million, including the initial purchasers' exercise of their option to purchase additional notes in full, generating net proceeds of $342.9 million after deducting $10.2 million in debt issuance costs and $21.9 million of capped call transaction premiums. The company also used $35 million of the net proceeds to repurchase 360,119 shares of our common stock in a privately negotiated transaction.

本季期間，我們完成一筆私募發行 2031 年到期、票面利率 0% 的可轉換優先票據，票據本金總額 3.75 億美元（包含初始承銷商全數行使其加購選擇權所購買之額外票據），在扣除 1,020 萬美元債務發行成本及 2,190 萬美元上限買權（capped call）交易權利金後，取得淨募集資金 3.429 億美元。公司亦使用其中 3,500 萬美元淨募集資金，透過私下協商交易回購本公司普通股 360,119 股。

In terms of inventory, at the end of the third quarter, total inventory days decreased 11 days to approximately 141 as compared to 152 last quarter. Finished goods inventory days were approximately 44 compared to 51 days last quarter. Total inventory dollars increased $30.5 million from the prior quarter to $535 million, consisting of a $25.1 million increase in work in process, a $14.8 million increase in raw materials, and a $9.4 million decrease in finished goods.

就存貨而言，截至第三季末，總存貨天數較上一季減少 11 天至約 141 天（上一季為 152 天）。成品存貨天數約 44 天，較上一季 51 天下降。總存貨金額較上一季增加 3,050 萬美元至 5.35 億美元，其中在製品增加 2,510 萬美元、原材料增加 1,480 萬美元，而成品減少 940 萬美元。

The increase in inventory helps to support our customers and expected growth, as well as our longer wafer manufacturing lead times. For the third quarter, there was a $29.5 million addition to inventory associated with the acquisition of ElevATE Semiconductor. Without this increase, total inventory dollars would have been approximately flat compared to last quarter.

存貨增加有助於支援客戶與預期成長，並因應我們較長的晶圓製造前置期。第三季因收購 ElevATE Semiconductor，存貨增加 2,950 萬美元。若不計此增加，總存貨金額與上一季相比將大致持平。

Capital expenditures on a cash basis were $53.2 million for the third quarter, or 10% of revenue, which is above our targeted annualized range of 5% to 9% of revenue, but within the range year-to-date at 8.6% of revenue.

以現金基礎計算，第三季資本支出為 5,320 萬美元，約占營收 10%，高於我們目標的年化區間（營收的 5% 至 9%），但年初至今占營收 8.6% 仍在區間內。

Now turning to our outlook. For the fourth quarter, we expect revenue to be approximately $550 million, plus or minus 3%. At the midpoint, this represents a 40.4% increase year-over-year, and a 3.2% increase sequentially. Non-GAAP gross margin is expected to expand to 37%, plus or minus 1%. Non-GAAP adjusted EPS is expected to be $1.35, plus or minus $0.10.

接著談我們的展望。第四季我們預期營收約為 5.50 億美元，上下浮動 3%。以中位數計，這代表年增 40.4%，並較前一季成長 3.2%。非 GAAP 毛利率預期擴大至 37%，上下浮動 1%。非 GAAP 調整後每股盈餘（EPS）預期為 1.35 美元，上下浮動 0.10 美元。

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

接下來我把電話交給 Emily Yang。謝謝。

Thank you, Brett, and good afternoon. As Gary and Brett mentioned, revenue in the third quarter was up 19.5% sequentially and up 35.8% over the prior-year period, exceeding the midpoint of our guidance. This was mainly driven by very strong demand across all regions, led by North America, followed by Asia and Europe. Pericom product revenue reached a record high, which is greater than 3 times since the acquisition.

謝謝你，Brett，大家午安。如 Gary 與 Brett 所提到，第三季營收較前一季成長 19.5%，較去年同期成長 35.8%，並高於我們財測中位數。這主要是由各區域非常強勁的需求所帶動，其中以北美領先，其次為亞洲與歐洲。Pericom 產品營收創下歷史新高，較收購以來成長超過 3 倍。

Global POS also reached record revenue, driven by the Americas, followed by Europe and Asia. And channel inventory decreased in terms of weeks again this quarter, with weeks lower than our normal range of 11- to 14 weeks. While supply continues to be tight, we remain strategically focused on long-term sustainable business and demand creation.

全球 POS 業務營收亦創新高，主要由美洲帶動，其次為歐洲與亞洲。此外，本季通路庫存（以週數衡量）再次下降，週數低於我們正常的 11 至 14 週區間。儘管供應仍然吃緊，我們仍策略性聚焦於長期可持續的業務與需求創造。

Our third quarter results and the expectation for continued growth into the fourth quarter reflect our commitment to the supply chain, our focus on key customer partnerships, as well as market share gains combined with our strong operational performance, capacity expansion activities, and the success of our hybrid manufacturing strategy.

我們第三季的成果以及對第四季持續成長的預期，反映了我們對供應鏈的承諾、對關鍵客戶夥伴關係的聚焦，以及市占率提升與我們強勁的營運表現、產能擴充活動和混合製造策略成功的綜合成果。

Looking at the fourth quarter, we see continuous strength in automotive, industrial, and AI-related applications. With a strong backlog and demand pipeline, we're guiding more than 3% quarter-over-quarter growth compared to our usual 5% to 6% down.

展望第四季，我們看到汽車、工業以及 AI 相關應用持續強勁。在強勁的訂單積壓與需求管線支撐下，我們給出的指引為季增超過 3%，相較於我們通常的季減 5% 至 6%。

During the quarter, our margin also improved 300 basis points from 33.1% to 36.1%. This was mainly driven by product mix improvement, price adjustments, and capacity underloading improvement. And our fourth quarter guidance of 37% underscores our continuous momentum in margin improvement.

本季我們的毛利率也提升了 300 個基點，從 33.1% 提升至 36.1%。這主要由產品組合改善、價格調整以及產能低負載情況改善所帶動。而我們第四季 37% 的指引，凸顯我們在毛利率改善上的持續動能。

Looking at global sales in the third quarter, Asia represented 79% of the revenue, Europe 11%, and North America 10%. In terms of our end markets, computing was 27% of Diodes' product revenue, industrial 24%, automotive 22%, consumer 17%, and communication 10% of product revenue. Automotive and industrial revenue combined totaled 46% of product revenue, which was up 2 percentage points from last quarter.

就第三季全球銷售而言，亞洲占營收 79%，歐洲占 11%，北美占 10%。就終端市場而言，運算占 Diodes 產品營收 27%，工業 24%，汽車 22%，消費 17%，通訊占產品營收 10%。汽車與工業營收合計占產品營收 46%，較上一季提高 2 個百分點。

Now, let me review the end markets in greater detail. Starting with the automotive market, revenue grew 26% sequentially and almost 60% year-over-year to reach a quarterly record, driven by content expansion and market share gains.

現在，讓我更詳細地回顧各終端市場。先從汽車市場開始，營收較前一季成長26%，較去年同期成長近60%，創下單季新高，主要受惠於單車內容量擴張與市占率提升。

This momentum is extending into the fourth quarter as demand remains strong. We continue to benefit from the application trend of connected driving, advanced vehicle electronics, and electrification, which are driving higher semiconductor content per vehicle.

這股動能延續至第四季，因為需求仍然強勁。我們持續受惠於車聯網駕駛、先進車用電子與電動化等應用趨勢，這些趨勢推動每輛車的半導體內容量提高。

During the quarter, we saw continuous design win momentum across ADAS, telematics, infotainment, and digital cockpit applications. As vehicles incorporate more displays, sensors, processors, and communication interfaces, demand for our timing, connectivity, and power management solutions continues to increase.

本季我們在ADAS、車載資通訊（telematics）、資訊娛樂系統（infotainment）以及數位座艙等應用上，持續看到設計導入（design win）的動能。隨著車輛導入更多顯示器、感測器、處理器與通訊介面，對我們的時序、連接與電源管理解決方案的需求持續增加。

We also saw strong traction across lighting, body electronics, and safety applications supported by new production ramps and design wins for LED drivers, smart power devices, current monitors, and protection products. In electrification, we secured additional wins in EV power systems, onboard charging, and battery-related applications.

我們也在照明、車身電子與安全等應用上看到強勁進展，受新量產爬坡與LED驅動器、智慧功率元件、電流監測器與保護產品的設計導入所帶動。在電動化方面，我們在電動車（EV）電力系統、車載充電以及電池相關應用上取得更多案子。

Overall, our expanding content position across connected driving, vehicle electronics, lighting, safety, and electrification continues to create growth opportunities across both ICE and EV platforms and support our long-term automotive growth strategy.

整體而言，我們在車聯網駕駛、車用電子、照明、安全與電動化等領域持續擴大的內容量布局，正為燃油車（ICE）與電動車（EV）平台帶來成長機會，並支持我們長期的車用成長策略。

Turning to the industrial market, revenue increased 26% sequentially and 50% year-over-year. Market demand continues to strengthen, especially for expanded content opportunities across AI infrastructure, automation, energy, smart metering, and emerging robotic applications. In humanoid robotics, we secured design-ins for our level shifter portfolio on robot control boards.

接著看工業市場，營收較前一季成長26%，較去年同期成長50%。市場需求持續增強，尤其是在AI基礎設施、自動化、能源、智慧電表以及新興機器人應用等領域的內容量擴張機會。在人形機器人方面，我們的電平轉換器（level shifter）產品組合已在機器人控制板上取得設計導入。

Demand for power management solutions also remains strong across smart meters, energy systems, embedded systems, industrial automation, cooling applications, smart buildings, outdoor lighting, and power adapters. We also continue to strengthen our position in AI data center power structures, seeing increasing demand for our silicon carbide solutions in high-power 800-volt and 400-volt server and AI platform power supplies.

電源管理解決方案的需求也在智慧電表、能源系統、嵌入式系統、工業自動化、散熱應用、智慧建築、戶外照明與電源轉接器等領域維持強勁。我們也持續強化在AI資料中心電源架構的布局，並看到在高功率800伏與400伏伺服器及AI平台電源供應器中，對我們碳化矽（SiC）解決方案的需求增加。

Through our acquisition of ElevATE, we are benefiting from favorable conditions in the semiconductor automated test equipment market, which is experiencing one of the strongest growth cycles in its history. Industrial growth is being driven by increasing demand for higher voltage and more capable test platforms. We believe ElevATE is well positioned to capitalize on this trend with its differentiated high-voltage product portfolio and new product introductions.

透過收購ElevATE，我們正受惠於半導體自動化測試設備（ATE）市場的有利環境，該市場正經歷其歷史上最強勁的成長週期之一。工業端的成長主要由對更高電壓、功能更強的測試平台需求增加所驅動。我們相信，ElevATE憑藉其差異化的高電壓產品組合與新產品導入，具備良好條件把握此一趨勢。

In the computing market, revenue increased 16% sequentially and 33% year-over-year to reach a quarterly record and remain the largest end market for Diodes. During the quarter, we continued to see strong momentum in AI server, data center, and enterprise, whereas notebook demand was a little bit soft.

在運算市場，營收較前一季成長16%，較去年同期成長33%，創下單季新高，並仍是Diodes最大的終端市場。本季我們持續看到AI伺服器、資料中心與企業端需求動能強勁，而筆電需求則略顯疲弱。

We expect AI server, data center, and enterprise storage will continue to drive momentum in the fourth quarter to offset the slowdown in the notebook and PC market. AI infrastructure investment is also driving growth across our broader server portfolio.

我們預期AI伺服器、資料中心與企業儲存將在第四季持續帶動動能，以抵消筆電與PC市場放緩的影響。AI基礎設施投資也正推動我們更廣泛伺服器產品組合的成長。

Our configurable low-power PCI Express packet switch business saw significant growth. Demand for our PCI Express 6.0 and 7.0 timing products remains strong, with new clock generators, multiplexers, and buffers gaining adoption across next-generation AI server platforms.

我們可配置的低功耗PCI Express封包交換器業務出現顯著成長。對我們PCI Express 6.0與7.0時序產品的需求仍然強勁，新一代時鐘產生器、多工器與緩衝器正加速導入下一代AI伺服器平台。

Our PCI Express timing portfolio has gained huge traction with several recent design wins with major AI cloud and server customers. We're also seeing solid momentum in enterprise SSDs and AI data center storage supported by growing NVMe SSD demand.

我們的PCI Express時序產品組合在近期與多家主要AI雲端與伺服器客戶的設計導入中獲得極大進展。在企業級SSD與AI資料中心儲存方面，我們也看到穩健動能，受惠於NVMe SSD需求成長。

Increasing AI server power density is creating additional opportunities across power management, monitoring, protection, and thermal management. Overall, increasing AI infrastructure complexity and power requirements are expanding our content opportunities across timing, connectivity, storage, power management, protection, and thermal management, positioning computing as an important growth driver for Diodes.

AI伺服器功率密度提升，正為電源管理、監測、保護與熱管理帶來更多機會。整體而言，AI基礎設施的複雜度與功率需求上升，正在擴大我們在時序、連接、儲存、電源管理、保護與熱管理等領域的內容量機會，使運算成為Diodes的重要成長驅動力。

In the consumer market, revenue increased over 20% sequentially and 30% year-over-year. We continue to see positive momentum in our consumer business supported by growth across premium home audio, consumer controls, energy-efficient lighting, USB-C power, and protection products.

在消費性市場，營收較前一季成長超過20%，較去年同期成長30%。在高階家用音響、消費性控制、節能照明、USB-C電源與保護產品等成長帶動下，我們的消費性業務持續呈現正向動能。

USB-C adoption continues to expand across connected consumer devices, including TV set-top boxes, routers, and handheld gaming systems, driving growth for our USB-C power solutions as the interface becomes more widely used for both charging and data connectivity. This opportunity demonstrates the increased breadth of our product portfolio across audio, power, protection, connectivity, and timing for consumer applications.

USB-C的採用持續擴大至各類連網消費裝置，包括電視機上盒、路由器與掌上型遊戲系統；隨著該介面更廣泛用於充電與資料連接，帶動我們USB-C電源解決方案的成長。此一機會也展現我們在消費性應用上，於音訊、電源、保護、連接與時序等產品組合的廣度提升。

Lastly, in the communication market, revenue increased 10% sequentially and approximately 6% year-over-year, representing 10% of our total product revenue. Networking driven by AI applications continues with strong momentum, while the smartphone market in China remains soft.

最後，在通訊市場，營收較前一季成長10%，較去年同期約成長6%，約占我們總產品營收的10%。AI應用帶動的網路需求持續強勁，而中國的智慧型手機市場仍然疲弱。

AI-driven networking is creating new growth opportunities, with continued demand for 800-gig optical modules and the beginning of the 1.6T ramp expanding opportunities for our connectivity and timing products. Our timing solutions are also gaining traction with optical module manufacturers.

AI驅動的網路正在創造新的成長機會，800G光模組需求持續，且1.6T的量產爬坡（ramp）開始，擴大我們連接與時序產品的機會。我們的時序解決方案也正逐步獲得光模組製造商採用。

As data centers move to higher network speeds, optical transceivers require increasingly precise, ultra-low jitter timing to support high-speed connectivity between servers and cloud infrastructure. This plays to core Diodes strengths in quartz-based timing solutions, including differential oscillators used as reference clocks for optical modules and other communication applications.

隨著資料中心邁向更高網路速度，光收發器需要更精準、超低抖動（ultra-low jitter）的時序，以支援伺服器與雲端基礎設施之間的高速連接。這正契合Diodes在石英（quartz）基礎時序解決方案上的核心優勢，包括用作光模組及其他通訊應用參考時鐘的差動振盪器。

In summary, we are very pleased with the achievement of our record quarterly revenue and strong gross margin expansion as we benefit from an improved product mix through record revenue in automotive and computing markets combined with pricing and loading improvements. With our broad portfolio and diversified end markets, we are less dependent on any one market segment.

總結來說，我們對創下單季營收新高以及毛利率顯著擴張感到非常滿意；這得益於產品組合改善——車用與運算市場的創紀錄營收——並結合定價與產能利用率（loading）改善。憑藉我們廣泛的產品組合與多元化的終端市場，我們對任何單一市場區隔的依賴度較低。

Our key focus areas of automotive, industrial, and AI applications are well balanced and will continue to drive Diodes' future growth momentum. In the fourth quarter, we are guiding for further expansion across revenue, gross margin, and non-GAAP earnings, which puts us well ahead of our timeline towards achievement of our three-year financial goals.

我們聚焦的車用、工業與AI應用三大領域配置均衡，並將持續推動Diodes未來的成長動能。在第四季，我們給出的指引為營收、毛利率與非GAAP獲利將進一步擴張，這使我們在達成三年期財務目標的時程上明顯超前。

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

接下來，我們開放提問。接線員？

(Operator Instructions)

（接線員指示）

David Williams, Needham. Please go ahead.

Needham的David Williams。請開始。

Congratulations on the really solid results here. I guess maybe first thing that comes to mind, and Emily mentioned this, but your three-year targets you set earlier this year are looking a bit out of date, given your success here. Just curious if that is something you would revisit here in the near term or if there's anything we should be thinking about in terms of those targets and how you're thinking about the growth over the next year?

恭喜你們交出非常扎實的成績。我想第一個想到的問題——Emily也提到過——是你們今年稍早設定的三年目標，考量到目前的進展，看起來有點過時了。想請教你們是否會在近期重新檢視這些目標，或是就這些目標以及你們對未來一年成長的看法，有沒有什麼我們需要特別留意的？

Yes. Hi, David, this is Emily. We will definitely revisit again during probably the next earnings call to reset some of the goals. But now for this quarter, I think our IR material will actually reflect the results as of today or as of the end of Q3, so you should be able to get some of the information out from the IR presentation. But thank you.

是的。嗨，David，我是Emily。我們很可能會在下一次法說會時再重新檢視並重設部分目標。不過就本季而言，我想我們的投資人關係（IR）資料會反映截至今日或第三季末的結果，因此你應該可以從IR簡報中取得部分資訊。謝謝。

All right. Very good. And then just kind of thinking about the lead times and the inventories, can you talk a little bit about the pricing environment that you did mention, but also how are your lead times trending and is that creating any issues in terms of are you able to meet demand and maybe how long your forecast customers are providing you?

好的。非常好。接著想請教一下交期與庫存的部分，您剛才也提到定價環境，能否再多談一點？另外，您們的交期趨勢如何，這是否在滿足需求方面造成任何問題？以及客戶通常提供給您們的預測期大概有多長？

Thanks. Yes, so in general, lead time is still extended, right? The supply is still a little bit constrained. What we are doing is actually working with the customers, understanding their true demand, and providing the best support we can. If you look at overall unit shipment that we provided, I think calendar year 2025, we shipped about 45 billion units, and using the Q3 run rate, we are actually at a run rate of about 60 billion units.

謝謝。是的，整體而言，交期仍然偏長，對吧？供應仍然有些受限。我們正在做的是與客戶合作，了解他們真正的需求，並盡我們所能提供最佳支援。如果看我們整體出貨的單位數，我想在曆年2025年，我們出貨約450億顆；以第三季的運行速率來看，我們目前的年化運行速率大約是600億顆。

So as you can see, we actually increased the shipment volume significantly. This is actually driven by some of the aggressive initiatives that we put together, including capacity expansion, product mix improvement, and stuff like that. So I would say, all in all, it's a good representation of the increased focus on expanding our capacity and better supporting the customer.

所以如您所見，我們其實大幅提升了出貨量。這主要是由我們推動的一些積極措施所帶動，包括產能擴充、產品組合改善等等。因此我會說，整體來看，這很好地反映出我們更聚焦於擴充產能並更好地支援客戶。

Okay, great. And if I could sneak just one last one in, and that is on the AI infrastructure or AI opportunity for you all. That's been a very big area of growth. Is there a way for us to think about the magnitude of what that contribution is today in terms of your total revenue base?

好的，很棒。如果我可以再追問最後一題，關於你們在AI基礎設施或AI機會方面。那一直是成長非常快的領域。我們是否有方法可以理解目前它對你們總營收基礎的貢獻規模大概是多少？

Yes, we haven't really broken out the AI revenue and reported it that way, but I did mention before the whole AI ecosystem, data center servers are definitely a major portion of it. We also mentioned the total content per box is about $109. But on top of that, we have industrial applications, including all the power supplies.

是的，我們並沒有真正把AI營收單獨拆出來並以那種方式揭露，但我之前提到，整個AI生態系中，資料中心伺服器絕對是其中很大的一部分。我們也提到每台（每箱）內容價值（content per box）大約是109美元。此外，我們還有工業應用，包括各種電源供應器。

We see that as a big potential upside for us, especially next year, with some of the new designs, transition to 800-volt, 400-volt, and stuff like that. We also see networking as an example, whether it's switches or routers. Also, the transceivers, the optical modules will continue to drive a lot of momentum.

我們認為這對我們來說有很大的上行潛力，尤其是明年，隨著一些新設計導入、轉向800伏、400伏等等。我們也看到網路領域是一個例子，不論是交換器或路由器。另外，收發器、光學模組也將持續帶來很大的動能。

But I would say all in, this is really positive for us and we are excited for the growth. But one thing I do want to point out, right? I know AI is a really hot topic today or for the last few months, but one thing about Diodes is we have very well diversified into a lot of different end markets.

但我會說，整體而言，這對我們非常正面，我們也對成長感到興奮。不過有一點我想指出，對吧？我知道AI是今天或過去幾個月非常熱門的話題，但關於Diodes的一點是，我們在許多不同終端市場的布局非常多元。

Using the example of automotive, we actually grew more than 60% or close to 60% year-over-year. Even industrial, we actually grew 50% year-over-year, right? So I think that's one thing I want to point out. AI will continue to drive the momentum as well as automotive, industrial, and some other applications.

以車用為例，我們年增超過60%或接近60%。甚至在工業領域，我們也年增50%，對吧？所以我想這是我想強調的一點。AI會持續帶動動能，同時車用、工業以及其他一些應用也會一起推動。

Will Stein, Truist.

Will Stein，Truist。

Hi, this is Elliot on for Will. First, if we could start with margins. As we move into calendar year '27, can you help us think about potential margin expansion and incrementals for both gross and operating, and maybe just generally the puts and takes as we get outside of the next couple of quarters?

嗨，我是Elliot，代替Will發問。首先我們從毛利率談起。隨著我們進入曆年2027年，您能否協助我們思考毛利率與營業利益率可能的擴張空間，以及毛利與營業利益的增量（incrementals），並且更一般性地談談在未來幾季之後，影響因素的利多與利空？

Sure. Yes, Elliot, this is Brett. I'll make a couple of comments here. I think as we've kind of said before, I think we'll continue to have improvement of our margin and leverage based on improved utilization in our wafer fabs that we have positioned for expansion. We're also going to see improved margin as our revenue grows, which we would expect that to continue.

當然。是的，Elliot，我是Brett。我這裡先做幾點說明。我想如同我們之前提過的，我們會持續看到毛利率改善與營運槓桿提升，主要來自我們已為擴產做好布局的晶圓廠稼動率提升。另外，隨著營收成長，我們也會看到毛利率改善，而我們預期這個趨勢會持續。

I think we're growing at a really great rate in the back half. We would expect to continue to grow to gain share as we go into next year. And so I think those are the main -- from an additional leverage, we have the manufacturing, but you've also got the improved product mix and the improvement that we're going to be making that will benefit us on the margin side.

我認為我們在下半年成長速度非常好。我們預期進入明年仍會持續成長並提升市占。因此我想主要的——就額外槓桿而言，有製造端的因素，但同時也有產品組合改善，以及我們將推動的各項改善，這些都會在毛利率端帶來助益。

Yes, this is Gary. At this moment, we are hitting on 37% as we keep building guidance in the fourth quarter. I think our target model is like USD 2.5 billion with a 40% margin, and we're marching forward on the right track toward that direction.

是的，我是Gary。目前我們在第四季持續建立指引的同時，毛利率達到37%。我想我們的目標模型大概是25億美元營收、40%毛利率，我們正沿著正確的軌道朝那個方向前進。

Okay, great. And then for my follow-up, could you talk a little bit about just demand linearity you saw through such a strong quarter? Did it build as the quarter went? You've guided for more accelerating growth as we move forward. So how did the linearity trend throughout the quarter and maybe anything you've seen in October relative to your prior such strong quarter?

好的，很棒。接著我的追問是，能否談談在這麼強勁的一季中，你們看到的需求線性（demand linearity）如何？需求是否隨著季度進行而逐步走強？你們指引顯示未來成長會更加速。所以本季內的線性走勢如何？以及10月相較於上一個同樣很強的季度，有沒有看到什麼變化？

Yes. So this is Emily. I think Q4 usually is a down quarter, about 5% to 6%. For us, we guided more than 3% quarter-over-quarter. This is actually based on the strong backlog and the design pipeline that we actually have visibility on.

是的。我是Emily。我想第四季通常是下滑的一季，大約季減5%到6%。但我們給出的指引是季增超過3%。這其實是基於強勁的在手訂單（backlog）以及我們在設計案管線上具備的可視性。

I think if you really look at the end market, automotive, industrial, and AI-related applications will continue to drive some of the momentum into Q4. October, compared to the previous quarter, we definitely have good visibility from the backlog, as well as a very strong beginning backlog. So with all these factors put together, we actually provided much stronger guidance than our usual seasonality.

如果你真的看終端市場，車用、工業，以及AI相關應用將持續把部分動能帶入第四季。10月相較於前一季，我們從在手訂單以及非常強的期初在手訂單來看，確實有良好的可視性。因此把這些因素綜合起來，我們給出的指引就比我們通常的季節性表現強得多。

Tristan Gerra, Baird.

Tristan Gerra，Baird。

Given the decline that's been well advertised in PCs and notebooks into 4Q, is it fair to assume that there is fungibility and you can reallocate quickly via distribution to other end markets, which presumably will be higher margin and that helps mix, but also to reduce maybe lead times in some areas that are very constrained?

鑑於第四季PC與筆電下滑已被廣泛報導，是否可以合理假設你們具備一定的可替代性（fungibility），能透過通路快速重新分配到其他終端市場——那些市場推測毛利率更高、可改善產品組合——同時也能在某些非常吃緊的領域縮短交期？

Hi, Tristan, this is Emily, right? So of course it's product by product. It's not across the board, but in general, the capacity should be able to be shared among different products, as well as sometimes the front-end capacity as well as the wafers.

嗨，Tristan，我是Emily，對吧？所以當然這要看不同產品而定。並不是全面都可以，但整體而言，產能應該可以在不同產品之間共享；有時候前段產能以及晶圓也可以共享。

So not 100%, but there's a lot of flexibility that we can work things around. Just also keep in mind that I think I mentioned the AI portion of the servers and the data center will continue to be strong and that also will help us to offset some of the softness in a specific market segment.

所以不是100%都能調，但我們有相當大的彈性可以做一些調整。另外也請記得，我想我提過AI部分的伺服器與資料中心需求將持續強勁，這也會幫助我們抵消某些特定市場區隔的疲弱。

Okay. And then as my follow-up, the higher loadings that you described, is it solely driven by higher demand or is there also some migration from products that were previously outsourced that you're migrating in-house?

好的。那作為我的追問，您剛才提到的更高稼動率，是完全由更高需求所驅動，還是也有一部分來自於把先前外包的產品移轉回內部生產（in-house）？

Okay, hey Tristan, this is Gary. So like Emily mentioned, market demand for us is very strong, right? Even though we continue to expand our capacity and most of internal facilities are fully loaded, right? So, so far, our fab in Scotland and the fab in South Portland are still not fully loaded yet, but we're continuing to see utilization improve from the second source program, sourcing from outside fab, and also the new demand from newly design-in design-win products into those two fabs to support customer needs. So I would say both.

好的，嗨 Tristan，我是 Gary。就像 Emily 提到的，我們的市場需求非常強勁，對吧？即使我們持續擴充產能，而且大多數內部廠房都已滿載，對吧？所以到目前為止，我們在蘇格蘭的晶圓廠以及南波特蘭的晶圓廠仍未完全滿載，但我們持續看到來自第二來源（second source）計畫、由外部晶圓廠供應（sourcing from outside fab），以及新導入／新 design-in、design-win 的產品需求，帶動這兩座晶圓廠的稼動率提升，以支援客戶需求。所以我會說兩者都有。

Michael Mani, Bank of America.

Michael Mani，美國銀行（Bank of America）。

To start, I wanted to get your sense of where you think we are in this cycle. Revenue right now is past its prior peak. You've essentially outgrown seasonality for the last two years.

首先，我想了解您對於目前所處景氣循環位置的看法。目前營收已經超過先前的高點。過去兩年你們基本上已經超越了季節性影響。

So, I mean, are you seeing restocking behavior consistently across all your end markets, and how do you ensure the quality of demand, especially in the distributor channel, which grew a lot this past quarter? How do you ensure there's no double or excess ordering given that there are some supply constraints cropping up elsewhere in the industry?

所以，我的意思是，你們是否在所有終端市場都持續看到補庫存（restocking）行為？以及你們如何確保需求品質，特別是在經銷／通路（distributor）渠道——該渠道在本季成長很多？鑑於產業其他地方開始出現一些供應限制，你們如何確保沒有重複下單或過度下單？

Yes, so I think Michael, it is a little bit hard to predict the overall market, but all in all, I would just talk specifically on the Diodes situation. I did mention our POS quarter-over-quarter growth. If we look at year-over-year, that's actually more than 30% year-over-year growth. So you can actually see the demand is actually very, very strong, right?

是的，所以我想 Michael，整體市場其實有點難以預測，但總體而言，我只針對 Diodes 的情況來談。我提到過我們 POS（終端銷售）季對季的成長。如果看年對年，其實年增超過 30%。所以你可以看到需求確實非常、非常強勁，對吧？

So all in all, I also mentioned that our channel inventory decreased in terms of weeks again. This quarter definitely is below our normal range, which also means that we don't really have the privilege to restock anything. Our key focus is actually to continue focusing on POS growth, right? I think the number of weeks of channel inventory a lot of time is based on the POS result.

總體而言，我也提到我們的通路庫存（以週數計）再次下降。本季確實低於我們的正常區間，這也意味著我們其實沒有餘裕去做任何補庫存。我們的重點其實是持續專注在 POS 成長，對吧？我認為通路庫存的週數很多時候是基於 POS 的結果。

What we want to focus on is actually putting the right product, putting the right mix on the shelf of distribution to continue to enable our POS future growth down the road. So that will continue to be our focus, and I would say that will be our strategy moving forward. We definitely don't want to repeat the challenge that we faced a few years back, so we actually monitor this very, very closely.

我們想專注的是把對的產品、對的組合放到通路的貨架上，以持續推動未來的 POS 成長。所以這會持續是我們的重點，我也會說這將是我們接下來的策略。我們絕對不希望重演幾年前面臨的挑戰，因此我們確實非常、非常密切地監控這件事。

Great. And as a follow-up, this touches on some of the other questions that were asked prior for gross margins. I know there were a number of initiatives done over the last two- to three years to essentially help them structurally improve when demand returns. I think one of those initiatives was moving more wafers internally, right, from your third-party foundry network.

很好。接著追問，這也呼應先前其他人對毛利率的提問。我知道過去兩到三年做了不少措施，目的在於當需求回來時，能在結構上改善毛利率。我想其中一項措施是把更多晶圓移回內部生產，對吧，從你們的第三方晶圓代工網路移轉回來。

Another one was moving to larger wafers. You were also doing cost reductions on a broad swath of parts. So for all of those kind of internal initiatives, have you largely completed those? Is there still a lot more to go as you look throughout the rest of the portfolio before we really start to see the margin tailwinds from this? It seems like it's already happening, but how much more left is there from those internal self-help initiatives?

另一項是轉向更大尺寸的晶圓。你們也在廣泛的產品上進行成本降低。所以就這些內部措施而言，你們大致上已經完成了嗎？還是說在檢視整個產品組合的其餘部分時，仍有很多工作要做，之後我們才會真正看到這些措施帶來的毛利順風（tailwinds）？看起來已經在發生了，但這些內部自助（self-help）措施還剩下多少空間？

Yes, I think like Gary mentioned, right, we have a goal of $1 billion gross profit dollars, and with the model of that 40% margin, as you can see with our fourth quarter 37%, we still have room to go. I think the key focus for margin improvement separates into a few areas. One of the key initiatives is product mix improvement.

是的，我想就像 Gary 提到的，我們的目標是達到 10 億美元的毛利金額（gross profit dollars），並以 40% 毛利率的模型來看，從第四季的 37% 你可以看到我們仍有進一步提升的空間。我認為毛利改善的重點可分成幾個面向。其中一項關鍵措施是產品組合（product mix）改善。

And as you can see in the third quarter, our auto and industrial increased to 46%, which is a 2 percentage point improvement compared to last quarter. We also mentioned Pericom products reaching record revenue. All this is actually a good demonstration of the product mix improvement initiative that we will continue driving, right?

如你在第三季所看到的，我們汽車與工業的占比提升到 46%，相較上季提升 2 個百分點。我們也提到 Pericom 產品營收創下新高。這些其實都是我們持續推動產品組合改善措施的良好展現，對吧？

The second thing is, as you kind of alluded to, we call manufacturing efficiency improvement, whether it's actually moving to a larger wafer or loading more into the factory. This will directly help with the revenue improvement overall, right? Revenue usually increase the loading.

第二點是，如你剛才提到的，我們稱之為製造效率改善（manufacturing efficiency improvement），不論是轉向更大尺寸晶圓，或是提高工廠的裝載量（loading）。這將直接有助於整體營收提升，對吧？營收通常會帶動裝載量提升。

At the same time, we're doing a lot of initiatives to maximize the capacity return overall and reducing the underloading cost, right? So we believe that with the combination, with the new product introduction with the initiatives that we put in place, there's still a lot of room for us to continue to improve the margin for the quarters to come.

同時，我們也在推動許多措施，以最大化整體產能回報，並降低低稼動（underloading）成本，對吧？因此我們相信，結合新產品導入以及我們已經落實的各項措施，我們在接下來幾季仍有很大的空間持續改善毛利率。

Tristan Gerra, Baird.

Tristan Gerra，Baird。

Okay. Sorry about that. Sorry, I couldn't help coming back. A quick follow-up. At the OEM level, outside of AI, obviously, is there any attempt to rebuild inventories? There's been some advertised China automotive softness into European exports, or maybe even in industrial. Or do you see OEM, not disti, but OEM inventory levels still very low, depending on whether you actually have visibility on that?

好的。抱歉剛才那樣。抱歉，我忍不住又回來問一下。一個快速追問。在 OEM 層級，除了 AI 之外，顯然是否有任何重建庫存的嘗試？市場上有一些說法提到中國汽車需求疲弱，影響到對歐洲的出口，或甚至在工業領域也是如此。或者你們看到 OEM（不是通路商 disti，而是 OEM）的庫存水位仍然非常低？如果你們對此有能見度的話。

Yes, Tristan, this is Emily. Based on our visibility, based on our communication with all our Tier 1 customers, at this moment we feel more of a hand-to-mouth situation. I don't really think there's a lot of privilege for us to build up the inventory at this moment. So we are working with them very closely to try to understand their shelf policy, how many weeks, and we actually monitor very closely.

是的，Tristan，我是 Emily。根據我們的能見度，以及我們與所有 Tier 1 客戶的溝通，目前我們感覺比較像是「手到口」（hand-to-mouth）的狀態。我不認為我們在此刻有太多餘裕去建立庫存。所以我們與他們非常密切合作，試著了解他們的貨架政策（shelf policy）、需要多少週數，並且我們確實非常密切地監控。

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

問答環節到此結束。我想把電話會議交回給 Gary Yu，請他做結語。

Thank you, everyone, for participating in today's call. We look forward to reporting our continued progress on next quarter's conference call. Operator, you may now disconnect.

感謝各位參與今天的電話會議。我們期待在下季的電話會議中，持續向各位報告我們的進展。接線員，您現在可以斷線。

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

本次電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛斷您的線路。