Entegris Inc (ENTG) 2025 Q3 法說會逐字稿

Please stand by. Your program is about to begin. (Operator Instructions) Welcome to the Entegris third-quarter 2025 earnings conference call. (Operator Instructions)

請稍候。您的程式即將開始。（操作員說明）歡迎參加 Entegris 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the conference over to Bill Seymour. Please go ahead.

現在我將把會議交給比爾·西摩。請繼續。

Good morning, everyone. Earlier today, we announced the financial results for the third quarter of 2025.

各位早安。今天早些時候，我們公佈了2025年第三季的財務表現。

Before we begin, I would like to remind listeners that our comments today will include some forward-looking statements. These statements involve a number of risks and uncertainties, and actual results could differ materially from those projected in the forward-looking statements.

在開始之前，我想提醒各位聽眾，我們今天的評論將包含一些前瞻性陳述。這些聲明涉及諸多風險和不確定性，實際結果可能與前瞻性聲明中預測的結果有重大差異。

Additional information regarding these risks and uncertainties is contained in our most recent annual report, subsequent quarterly reports that we filed with the SEC. Please refer to the information on the disclaimer slide in the presentation.

有關這些風險和不確定性的更多信息，請參閱我們最新的年度報告以及我們隨後向美國證券交易委員會提交的季度報告。請參閱簡報中免責聲明投影片上的資訊。

On this call, we will also refer to non-GAAP financial measures as defined by the SEC and Regulation G. You can find reconciliation tables in today's news release as well as on the IR page of our website at entegris.com.

在本次電話會議中，我們也將提及美國證券交易委員會和G條例定義的非GAAP財務指標。您可以在今天的新聞稿以及我們網站entegris.com的投資者關係頁面上找到調節表。

On the call today are Dave Reeder, our CEO; and Linda LaGorga, our CFO.

今天參加電話會議的有我們的執行長戴夫·里德和我們的財務長琳達·拉戈爾加。

With that, I'll hand the call over to Dave.

這樣，我就把電話交給戴夫了。

Thank you, Bill, and good morning. As this is my first earnings call as the CEO of Entegris, I want to begin by expressing how honored and excited I am to lead this exceptional company. Throughout my long career in the semiconductor industry and during nearly two years on the Entegris Board, I've developed a deep appreciation for the company's culture, its commitment to innovation, and its consistent track record of delivering value to both customers and shareholders.

謝謝你，比爾，早安。由於這是我擔任 Entegris 執行長的第一次財報電話會議，我想先表達我非常榮幸和激動能夠領導這家卓越的公司。在我漫長的半導體行業職業生涯中，以及在 Entegris 董事會近兩年的時間裡，我對公司的文化、對創新的承諾以及為客戶和股東持續創造價值的良好記錄有了深刻的理解。

In the two months since I started as CEO, I've met with many of our customers around the world in their home country. And during that process, I also visited many of our local manufacturing sites and technology centers, engaging with hundreds of our team members. These interactions have only deepened my conviction in the strength of Entegris, our people and culture, our capabilities, and the tremendous opportunities ahead.

自從我擔任執行長以來的兩個月裡，我拜訪了世界各地許多客戶的家鄉。在此過程中，我還訪問了我們許多本地製造基地和技術中心，並與數百名團隊成員進行了交流。這些交流更加深了我對 Entegris 的實力、我們的員工和文化、我們的能力以及未來巨大機會的信念。

In my conversations with customers, one message came through loud and clear. Entegris is a trusted, highly engaged, and indispensable partner. Our customers rely on us not only to support their technology roadmaps and node transitions, but also to help solve complex challenges. To continue earning their trust, we must consistently engage, innovate, and execute at the highest level.

在與客戶的交流中，我清楚地感受到一個訊息。Entegris 是值得信賴、積極投入且不可或缺的合作夥伴。我們的客戶不僅依靠我們來支援他們的技術路線圖和節點過渡，而且還依靠我們來幫助解決複雜的挑戰。為了繼續贏得他們的信任，我們必須不斷參與、創新，並以最高水準執行。

Starting with our Asia facilities and continuing throughout the US, I've had the opportunity to visit many of our manufacturing sites, seeing firsthand the capability and capacity that we've built. Our existing manufacturing base, including our new facilities in Taiwan and Colorado, are valuable and strategic assets; assets that, when fully ramped, will enable us to capture more of the demand that we were unable to support during the last industry upturn and better serve our customers.

從我們在亞洲的工廠開始，一直到美國各地，我有機會參觀了我們的許多製造基地，親眼目睹了我們所建立的能力和產能。我們現有的生產基地，包括我們在台灣和科羅拉多州的新工廠，都是寶貴的戰略資產；這些資產一旦全面投產，將使我們能夠滿足上次行業繁榮時期未能滿足的更多需求，並更好地服務於我們的客戶。

Finally, over the past few months, I've also had the opportunity to meet with many of you, our investors. The feedback has been clear. There's strong appreciation for our business model, our historical outperformance, and the compelling opportunities ahead. I've also heard and noted some of the candid feedback regarding growth, capital intensity, and leverage, all of which we have plans to address over time and which are reflected in my top initial priorities.

最後，在過去的幾個月裡，我也有機會與你們中的許多人——我們的投資者——見面。反饋很明確。人們高度認可我們的商業模式、我們以往的優異業績以及未來令人振奮的機會。我也聽到並注意到了一些關於成長、資本密集度和槓桿率的坦誠回饋，所有這些問題我們都有計劃逐步解決，而這些也體現在我最初的首要任務中。

I have three initial priorities, all based upon my observations of the last 10 weeks. First, and most fundamental to our success, is customer intimacy. We will continue to support our customers' technology roadmaps with our deep application expertise, strong organic innovation, and accelerated product development. Execution in these areas will continue to translate into winning critical positions of record, PORs, which will increase our SAM and accelerate our revenue and content per wafer growth.

我有三個初步的優先事項，都是基於我對過去 10 週的觀察。首先，也是我們成功的關鍵，就是與客戶建立密切關係。我們將繼續憑藉深厚的應用專業知識、強大的內部創新能力和加速的產品開發，支援客戶的技術路線圖。在這些領域的執行力將繼續轉化為贏得關鍵的記錄位置（POR），這將增加我們的SAM，並加速我們每晶圓的收入和內容成長。

We're already seeing encouraging momentum in liquid filters, liquid purification, deposition materials like moly, and CMP consumables at the most advanced nodes and within the most complicated processes. In addition to these efforts, we are extending our customer engagement model to more customers and more ecosystem partners than ever before. While these efforts are nascent today, we believe they'll help us drive long-term incremental growth.

我們已經看到，在最先進的節點和最複雜的工藝中，液體過濾器、液體淨化、鉬等沉積材料以及 CMP 耗材都呈現出令人鼓舞的發展勢頭。除了這些努力之外，我們正在將客戶互動模式擴展到比以往更多的客戶和生態系統合作夥伴。雖然這些努力目前還處於起步階段，但我們相信它們將有助於我們實現長期的漸進式成長。

Our second priority is accelerating the qualification and ramp of our new facilities in Taiwan and Colorado. Ramping these sites is critical to meeting future demand and offsetting the margin pressure driven by the cost of these investments, including incremental depreciation and foregone fixed cost leverage.

我們的第二要務是加快我們在台灣和科羅拉多州的新工廠的認證和投產。加快這些站點的建設對於滿足未來的需求以及抵消這些投資成本帶來的利潤壓力至關重要，這些投資成本包括增量折舊和放棄的固定成本槓桿。

Our Taiwan facility is expected to increase volume in 2026; and our Colorado facility, which has just been put into service, is expected to substantially complete customer product qualifications next year. Exiting this quarter, we will have largely worked through the majority of the significant manufacturing investment cycle that began in 2022.

我們位於台灣的工廠預計將在 2026 年增加產量；而我們位於科羅拉多州的工廠剛剛投入使用，預計明年將基本完成客戶產品認證。到本季末，我們將基本完成始於 2022 年的重大製造業投資週期的大部分工作。

We subsequently expect CapEx to materially decrease on a year-over-year basis. At our current mix, we believe that our existing manufacturing footprint, when fully ramped, will enable us to support meaningfully more revenue with limited incremental investment.

我們預計資本支出將較去年同期大幅下降。我們相信，以我們目前的產品組合，在現有生產規模全面投產後，將使我們能夠在有限的額外投資下，實現更顯著的收入成長。

Third, we're committed to improving free cash flow. Thanks to our team's efforts, we've already seen excellent progress, delivering record operating cash flow in the third quarter, which Linda will discuss more in her section. Looking forward, operating cash flow improvements in combination with reduced CapEx are expected to enhance free cash flow, enabling us to accelerate debt reduction and reduce leverage.

第三，我們致力於改善自由現金流。感謝我們團隊的努力，我們已經取得了顯著的進展，第三季度實現了創紀錄的營運現金流，琳達將在她的部分中對此進行更詳細的討論。展望未來，經營現金流的改善以及資本支出的減少有望提高自由現金流，使我們能夠加快債務削減和降低槓桿率。

Turning to the third quarter. Third-quarter revenue, EBITDA, and non-GAAP EPS were all approximately at the midpoint of our guidance ranges, while gross margin percent was roughly 100 bps below guidance, directly driven by the underutilization of our manufacturing assets. Though these assets are underutilized in the current semiconductor environment, I am confident that, longer term, our expanded global footprint will enable us to capture share during the next market up cycle, enable peak-to-peak gross margin expansion, and enable us to better manage a dynamic international trade environment with respect to the semi-market.

進入第三節。第三季營收、EBITDA 和非 GAAP 每股盈餘均大致處於我們預期範圍的中點，而毛利率比預期低約 100 個基點，這直接是由於我們的製造資產利用率不足造成的。儘管這些資產在當前的半導體環境下尚未得到充分利用，但我相信，從長遠來看，我們不斷擴大的全球佈局將使我們能夠在下一個市場上行週期中佔據份額，實現毛利率的峰峰增長，並使我們能夠更好地管理半導體市場動態的國際貿易環境。

Advanced logic continues to show strong growth, largely driven by AI-enabled applications. In mainstream logic, while inventories have normalized, end demand is still mixed and well below prior peak levels. In memory, pricing trends in recent months affirmed, with HBM benefiting from the same AI trends as logic, a continuation of strong growth.

高級邏輯技術持續保持強勁成長勢頭，這主要得益於人工智慧應用的推動。按照主流邏輯，雖然庫存已經恢復正常，但終端需求仍參差不齊，遠低於先前的峰值水準。近幾個月來，記憶體定價趨勢得到證實，HBM 受益於與邏輯相同的 AI 趨勢，並持續保持強勁成長。

And more recently, we've seen a notable shift in sentiment regarding 3D NAND. After a prolonged period of weakness, our NAND customers are now expressing renewed optimism. This renewed optimism is fueled by the potential of accelerating AI-driven demand for 3D NAND as the industry shifts from training large language models to inference workloads.

最近，我們看到人們對 3D NAND 的看法發生了顯著轉變。經歷了長時間的疲軟之後，我們的 NAND 客戶現在重新燃起了樂觀情緒。隨著業界從訓練大型語言模型轉向推理工作負載，人工智慧驅動的 3D NAND 需求有望加速成長，這重新激發了人們的樂觀情緒。

From an industry wafer starts and CapEx perspective, trends remain consistent with what they've been all year. Wafer starts are modestly higher this year, led by advanced logic; but other markets, as referenced, have remained muted.

從晶圓開工量和資本支出角度來看，產業趨勢與今年以來的趨勢保持一致。今年晶圓開工量略有成長，主要得益於先進邏輯晶片的推動；但如前所述，其他市場依然低迷。

From an industry CapEx perspective, WFE continues to grow solidly; but industry facilities-related spending, where Entegris has the most exposure, remains muted, down approximately 10% this year due to slower year-over-year fab construction. These industry trends correlated well with our third quarter performance.

從產業資本支出角度來看，WFE 繼續穩定成長；但與產業設施相關的支出（Entegris 在該領域佔比最大）仍然低迷，由於晶圓廠建設速度同比放緩，今年下降了約 10%。這些產業趨勢與我們第三季的業績高度吻合。

Overall, our year-on-year unit-driven revenue grew, led by CMP slurries, pads, clean, and liquid filtration. Notably, liquid filtration achieved record quarterly sales in Q3.

總體而言，我們的年度單位驅動收入有所增長，其中 CMP 漿料、墊片、清潔和液體過濾業務表現突出。值得注意的是，液體過濾業務在第三季實現了創紀錄的季度銷售額。

Conversely, our CapEx-driven revenue declined high single digits year-on-year in the third quarter, reflecting the slowdown in industry fab construction. This year-over-year slowdown has continued to impact food and fluid handling revenue in our APS division.

相反，第三季我們資本支出驅動的營收年減了接近兩位數，反映出產業晶圓廠建設放緩。與去年同期相比，經濟成長放緩持續影響著我們APS部門的食品和流體處理收入。

Looking into next year, AI-driven growth, both advanced logic and memory, is expected to remain strong. And despite pockets of optimism for the rest of the semi-market, like others, we are prudently taking a wait-and-see approach, diligently managing our costs while operationally and commercially preparing ourselves for the optimism to translate into orders.

展望明年，人工智慧驅動的成長，包括先進的邏輯和記憶體技術，預計將保持強勁勢頭。儘管半導體市場其他領域出現了一些樂觀情緒，但與其他企業一樣，我們謹慎地採取了觀望態度，認真控製成本，同時在營運和商業上做好準備，以期將樂觀情緒轉化為訂單。

In closing, I'm truly excited to lead Entegris into its next chapter. Over the past several weeks, I've gained an even deeper appreciation for the unique and indispensable role we play with our customers and across the semiconductor industry. As devices become more complex, our expertise in materials science and materials purity becomes increasingly critical, helping customers enhance performance and achieve optimal yields.

最後，我非常興奮能夠帶領 Entegris 邁入新的篇章。在過去的幾周里，我對我們與客戶以及整個半導體產業所扮演的獨特而不可或缺的角色有了更深刻的認識。隨著設備變得越來越複雜，我們在材料科學和材料純度方面的專業知識變得越來越重要，可以幫助客戶提高性能並實現最佳產量。

Because of the uniqueness of our value proposition and the quality of our execution, we expect to significantly grow our content per wafer and outperform the market in the coming years. I look forward to connecting with many of you in the coming weeks and months as we close out 2025.

由於我們獨特的價值主張和高品質的執行，我們預計在未來幾年內，每片晶圓的內容將大幅成長，並超越市場表現。我期待在接下來的幾週和幾個月裡，與大家聯繫，共同迎接2025年的結束。

Let me now turn the call over to Linda. Linda?

現在我把電話轉給琳達。琳達？

Good morning, and thank you, Dave. Our sales in the third quarter of $807 million were flat year over year and up 2% sequentially, in line with guidance.

早安，謝謝你，戴夫。第三季銷售額為 8.07 億美元，與去年同期持平，季增 2%，符合預期。

Gross margin on a GAAP basis was 43.5% and 43.6% on a non-GAAP basis in the third quarter, below guidance. The sequential decline in gross margin was primarily driven by the underutilization in our manufacturing facilities, including our new facilities.

第三季以美國通用會計準則計算的毛利率為 43.5%，以非美國通用會計準則計算的毛利率為 43.6%，均低於預期。毛利率季減的主要原因是生產設施（包括新設施）利用率不足。

I want to provide a little more color and clarity on our gross margin. Today, our facilities are underutilized, including our new Taiwan and Colorado facilities, reflecting the current muted industry growth environment and our decision to add new capacity to support our local-for-local strategy.

我想更詳細、更清楚地說明一下我們的毛利率。目前，我們的設施利用率不足，包括我們在台灣和科羅拉多州的新設施，這反映了當前行業成長環境的疲軟，以及我們決定增加新的產能以支持我們的本地化策略。

In addition, we have made short-term decisions to lower production volumes at some of our manufacturing sites to reduce inventory to maximize free cash flow. Based on our current visibility and inventory plan, we believe that gross margin has stabilized in the current range and expected to increase as we continue to normalize production levels.

此外，我們也做出了一些短期決定，降低部分生產基地的產量，以減少庫存，從而最大限度地提高自由現金流。根據我們目前的市場可見度和庫存計劃，我們認為毛利率已穩定在當前範圍內，隨著生產水準的持續正常化，預計毛利率將會上升。

Back to the Q3 P&L. Operating expenses on a GAAP basis were $229 million in Q3. Operating expenses on a non-GAAP basis in Q3 were $181 million. The reduction in our operating expenses in the second half of 2025 reflects our continued focus on cost management.

回到第三季損益表。第三季以美國通用會計準則計算的營運費用為 2.29 億美元。第三季非GAAP準則下的營運費用為1.81億美元。2025年下半年營運費用的減少反映了我們對成本管理的持續關注。

Adjusted EBITDA in Q3 was 27.3% of revenue, in line with our guidance. The GAAP tax rate in Q3 was 2% and the non-GAAP tax rate was 9%, in line with our guidance. As a reminder, our tax rate was lower in Q3 due to the expiration of a tax reserve.

第三季調整後 EBITDA 佔營收的 27.3%，符合我們的預期。第三季GAAP稅率為2%，非GAAP稅率為9%，與我們的預期一致。再次提醒，由於稅收儲備到期，我們第三季的稅率較低。

GAAP diluted EPS was $0.46 per share in the third quarter. Non-GAAP EPS was $0.72 per share, in line with guidance.

第三季GAAP稀釋後每股盈餘為0.46美元。非GAAP每股收益為0.72美元，與預期一致。

Sales for our Material Solutions in Q3 were $349 million. Sales were up 1% year on year and down 2% sequentially. The modest growth year on year was driven primarily by CMP consumables and cleaning chemistries. The sequential sales decline was driven primarily by demand shifts between quarters driven by the evolving trade environment.

第三季度，我們材料解決方案的銷售額為 3.49 億美元。銷售額年增 1%，季減 2%。年比小幅成長主要由 CMP 耗材和清潔化學品推動。銷售額環比下降的主要原因是不斷變化的貿易環境導致各季度需求變化。

Adjusted operating margin for MS was 18.9% for the quarter, down both year over year and sequentially, driven by lower production volumes and product mix.

由於產量下降和產品組合變化，MS 的季度調整後營業利潤率為 18.9%，年比和季比均有所下降。

Sales for Advanced Purity Solutions in Q3 were $461 million, essentially flat year on year and up 5% sequentially. The sales increase sequentially was driven by the strength of our liquid filtration business, which had a record quarter in Q3.

高階純度解決方案第三季銷售額為 4.61 億美元，與去年同期基本持平，季增 5%。銷售額環比成長主要得益於液體過濾業務的強勁表現，該業務在第三季度創下了歷史新高。

Adjusted operating margin for APS was 25.9% for the quarter. The year-on-year decline in margin was driven by underutilization of our manufacturing facilities and incremental fixed costs as we ramped Taiwan and Colorado. The sequential increase in margin was driven by sales leverage.

APS本季的調整後營業利益率為25.9%。利潤率同比下降的原因是製造設施利用率不足以及我們在台灣和科羅拉多州擴大生產規模時固定成本的增加。利潤率的環比成長是由銷售槓桿效應所推動的。

Moving on to cash flow. Our free cash flow of $191 million was our highest in six years. The significant improvement in cash flow was driven by our team's focus on working capital, most notably reductions of approximately $50 million in our inventory levels in the third quarter.

接下來分析現金流。我們的自由現金流達到 1.91 億美元，創六年來新高。現金流的顯著改善得益於我們團隊對營運資金的關注，尤其是在第三季將庫存水準降低了約 5,000 萬美元。

Free cash flow margin was 11% year to date. And as expected, this is a significant improvement from our first half of 2025 free cash flow margin. We continue to expect our free cash flow margin to be in the low double digits for the full year of 2025.

今年迄今的自由現金流利潤率為 11%。正如預期的那樣，這比我們 2025 年上半年的自由現金流利潤率有了顯著提高。我們仍預期 2025 年全年自由現金流利潤率將維持在兩位數的低點。

A quick overview of our capital structure. During the third quarter, we paid down $150 million of the term loan from cash on hand. At quarter end, our gross debt was approximately $3.9 billion and our net debt was $3.5 billion.

公司資本結構概覽。第三季度，我們用手頭現金償還了 1.5 億美元的定期貸款。截至季末，我們的總債務約為 39 億美元，淨債務為 35 億美元。

Gross leverage was 4.3 times, and net leverage was 3.9 times. From a capital allocation standpoint, our single priority remains paying down our debt and reducing our gross leverage to below 4 times.

總槓桿率為 4.3 倍，淨槓桿率為 3.9 倍。從資本配置的角度來看，我們唯一的優先事項仍然是償還債務並將總槓桿率降低到 4 倍以下。

Moving on to our Q4 outlook. We expect our Q4 sales to range from $790 million to $830 million, gross margin of 43% to 44% both on a GAAP and non-GAAP basis, GAAP operating expenses of $232 million to $236 million, and non-GAAP operating expenses of $184 million to $188 million.

接下來是第四季展望。我們預計第四季銷售額將在 7.9 億美元至 8.3 億美元之間，毛利率（以 GAAP 和非 GAAP 計算）為 43% 至 44%，GAAP 營運費用為 2.32 億美元至 2.36 億美元，非 GAAP 營運費用為 1.84 億美元至 1.88 億美元。

We expect EBITDA margin to range from 26.5% to 27.5%, net interest expense of approximately $47 million. We expect our non-GAAP tax rate to return to a more normalized tax rate of approximately 15% in the fourth quarter. As I mentioned earlier, the increase in Q4 from our lower Q3 tax rate was driven by the expiration of a tax reserve that benefited Q3.

我們預計 EBITDA 利潤率將在 26.5% 至 27.5% 之間，淨利息支出約為 4,700 萬美元。我們預計第四季非GAAP稅率將恢復到約15%的較為正常的稅率水準。正如我之前提到的，第四季稅率較第三季有所上升，這是由於第三季受益的稅收儲備到期所致。

GAAP EPS between $0.35 to $0.42 per share and non-GAAP EPS between $0.62 and $0.69 per share. And we expect depreciation of approximately $53 million in Q4. The incremental depreciation is primarily driven by our Colorado facility being placed into service in October.

GAAP每股收益介於0.35美元至0.42美元之間，非GAAP每股收益介於0.62美元至0.69美元之間。我們預計第四季折舊額約為 5,300 萬美元。新增折舊主要是因為我們在科羅拉多州的工廠於 10 月投入使用。

Before I hand the call over to the operator for Q&A, 2026 is our 60th anniversary as a company, and we plan to host an Investor Day on May 11th next year in New York. We will share more details on this in the coming weeks.

在將電話交給接線員進行問答環節之前，我想說，2026 年是我們公司成立 60 週年，我們計劃明年 5 月 11 日在紐約舉辦投資者日活動。我們將在未來幾週內分享更多細節。

With that, operator, let's open the line for questions.

好了，接線員，我們現在開始接受提問。

Thank you. The floor is now open for questions. (Operator Instructions) Jim Schneider, Goldman Sachs.

謝謝。現在開始接受提問。（操作說明）吉姆‧施耐德，高盛。

Dave, I realize you've been part of the Integrity Management Structure for a little while now as a member of the Board, but I appreciate also the strategic priorities laid out. But maybe you could focus on a couple of differences in terms of maybe one strategic or commercial difference you hope to implement and maybe something operationally that you hope to improve.

戴夫，我知道你加入誠信管理系統擔任董事會成員已經有一段時間了，但我也很欣賞你們所製定的策略重點。但或許你可以專注於一些差異，例如你希望實施的一項策略或商業差異，以及你希望改進的某些營運方面的差異。

Good morning, Jim. It was good to reconnect, and it was good seeing you at Semicon West.

早安，吉姆。很高興能再次聯繫上，也很高興在西部半導體展上見到你。

Starting with the first one, from a commercial perspective, we're going to continue to do the good things that Entegris has always done, which is engage directly with the fabs, the foundries, the IDMs, as well as the broader ecosystem and help work with them on their technology roadmaps and bring our innovation in both purity and materials to their technology roadmaps and capture those plan records that we've always spoken about. So we will continue those activities.

首先，從商業角度來看，我們將繼續做 Entegris 一直以來所做的好事，那就是直接與晶圓廠、代工廠、集成器件製造商以及更廣泛的生態系統合作，幫助他們制定技術路線圖，並將我們在純度和材料方面的創新融入到他們的技術路線圖中，並獲取我們一直以來所說的那些記錄。所以我們會繼續進行這些活動。

New activities, we're looking to bring the model that we have worked with our largest customers and the most advanced manufacturing technology, that customer engagement model. We're looking to expand that out. We're looking to expand that upstream into the ecosystem partners, as well as bring some of those advanced capabilities into the mainstream logic as well.

在新的業務活動中，我們希望引入我們與最大客戶合作的模式以及最先進的製造技術，即客戶互動模式。我們正在尋求擴大規模。我們希望將這種模式向上游擴展到生態系統合作夥伴，同時也希望將其中一些先進功能引入主流邏輯中。

So those are the two big differences that we're looking to bring. They're nascent today. We're working on them. We have been working on them for the last 10 weeks. But in terms of what would be different, it would be the focus on the ecosystem partners, both upstream as well as the OEMs, as well, and then additionally, expand that out into the mainstream logic partners.

所以，這就是我們希望帶來的兩大不同。它們目前還處於萌芽階段。我們正在努力解決這些問題。過去十週我們一直在研究這些問題。但就不同之處而言，重點將放在生態系統合作夥伴上，包括上游和原始設備製造商 (OEM)，然後進一步擴展到主流邏輯合作夥伴。

Operationally, we need to -- we've invested a lot of capital into Rockrimmon more recently, which we plan to open this quarter; as well as Southern Taiwan and Kaohsiung KSP South. And so we need to qualify those facilities, get them fully ramped.

在營運方面，我們需要——我們最近在 Rockrimmon 投入了大量資金，我們計劃在本季度開業；還有台灣南部和高雄 KSP South。因此，我們需要對這些設施進行資格認證，使其全面投入使用。

We have migrated through a large portion of the qualification process with KSP South. So we're looking to ramp that more meaningfully in volume in 2026 versus 2025. And then for Rockrimmon, we're looking to put that facility into production this quarter, complete qualifications largely in 2026, and then start to ramp volume towards the end of 2026 into 2027.

我們已經完成了 KSP South 的大部分資格認證流程。因此，我們希望在 2026 年比 2025 年更顯著地提高產量。至於 Rockrimmon，我們計劃在本季將工廠投入生產，在 2026 年基本完成資質認證，然後在 2026 年底至 2027 年開始逐步提高產量。

Did you have a follow-up, Jim?

吉姆，你還有後續問題嗎？

Yes, please. That was helpful. And then in terms of broadening the customer base in terms of more mainstream, to what -- how far do you intend to take that? And specifically, can you address whether you'd be willing to use price as a level there, even if it means going to the top line faster at the expense of gross margin percentage?

好的，謝謝。那很有幫助。那麼，在擴大客戶群，使其更加主流化方面，你們打算做到什麼程度呢？具體來說，您能否說明您是否願意將價格作為衡量標準，即使這意味著以犧牲毛利率為代價更快地提高營收？

Let me start with the broader ecosystem for just a moment. As you think about the most advanced nodes, one thing that we've learned working with the most advanced manufacturers for semiconductors on the planet is that as you start getting into the sub-5-nanometer technologies, the materials that go into the manufacturing process not only have to be more pure at origination, but they also have to be delivered at point of use in a much more pure way.

讓我先簡單談談更廣泛的生態系統。當你思考最先進的節點時，我們與全球最先進的半導體製造商合作所學到的一點是，當你開始進入 5 奈米以下的技術時，製造過程中使用的材料不僅在最初階段必須更加純淨，而且在使用點也必須以更純淨的方式交付。

And so those are two areas where we've actually started migrating upstream from the fabs and from the IDMs into the broader ecosystem so that the actual input materials into those processes start more pure, and then ultimately are pure at point of use with our filtration technology. So that would be an example of moving into the ecosystem.

因此，在晶圓廠和積體電路製造商這兩個領域，我們已經開始向上游遷移，進入更廣泛的生態系統，以便這些製程的實際輸入材料從一開始就更加純淨，然後最終通過我們的過濾技術，在使用點上實現純淨。這就是融入生態系統的一個例子。

With respect to moving into the mainstream logic, mainstream logic cares deeply about performance and yield, just like the most advanced nodes care about performance and yield. And we've actually learned a lot at the most advanced nodes with respect to how we can continue to deliver yield and performance at the mainstream nodes.

就向主流邏輯過渡而言，主流邏輯非常注重效能和良率，就像最先進的節點非常注重效能和良率一樣。事實上，我們在最先進的節點上學到了很多東西，這對於我們如何在主流節點上繼續提供產量和效能至關重要。

So I won't necessarily get into pricing discussions on this call. But what I can tell you is that we have a lot of value to bring not only upstream into the broader ecosystem, but also across the mainstream logic portfolio.

因此，我這次電話會議不一定會討論定價問題。但我可以告訴你們的是，我們不僅能為上游更廣泛的生態系統帶來許多價值，也能為主流邏輯產品組合帶來許多價值。

Tim Arcuri, UBS.

提姆‧阿庫裡，瑞銀集團。

Dave, can you speak to whether the BIS bans, the affiliate ban -- did that cost you any revenue in September? And how much are you accounting for that in your December guidance? Can you just speak generally? If it didn't hit you in December, is it going to hit you next year?

Dave，你能談談BIS的禁令、聯盟行銷禁令——這些是否在9月份給你造成了任何收入損失嗎？你們在12月份的業績預期中對此考慮了多少？能簡單說幾句嗎？如果去年12月沒影響到你，明年會影響到你嗎？

No, it didn't contribute this quarter. It didn't hit us this quarter, and we're not expecting it to really impact us in 2026. Did you have a follow-up, Tim?

不，它本季沒有貢獻。本季沒有對我們造成影響，我們預計到 2026 年也不會對我們產生真正的影響。提姆，你還有後續問題嗎？

Yeah, I do. So I guess I'm still trying to understand where utilization is across all the sites. I know that you're ramping up the new sites, but I guess I'm sort of a little wondering why you wouldn't just fill those sites up as quickly as you could.

是的，我有。所以我想我還在努力了解所有站點的使用情況。我知道你們正在加緊建立新網站，但我有點想知道，為什麼你們不盡快把這些網站填滿呢？

And it sounds like you made the short-term decision to lower production. And I don't know if that was in those locations or in other locations. So can you speak to that and just speak to where utilization is across your whole network?

聽起來你們已經做出了降低產量的短期決定。我不知道那件事是發生在那些地方還是其他地方。那麼，您能否談談這方面的情況，並具體說明一下貴公司整個網路的利用率情況？

Sure. In my prepared commentary, one of the things I included in the script was that we had the capability to significantly increase revenue from current levels with the capacity that we have. I didn't necessarily quantify what significant means, but it certainly means more than $1 billion from these levels.

當然。在我準備好的評論中，我提到過，以我們現有的產能，我們有能力在當前水準的基礎上大幅提高收入。我並沒有具體量化「顯著」的含義，但肯定比目前的水平高出10億美元以上。

So we have a lot of capacity that we've invested in. Starting in 2022, we've been in a pretty intensive capital investment cycle for manufacturing capacity, given that we were unable to really satisfy the demand during the last upterm. We've also added to that with some of our local for local manufacturing, given some of the decoupling that's occurred geopolitically with trade.

所以我們投入了大量資源來提升產能。從 2022 年開始，我們進入了一個相當密集的製造業產能資本投資週期，因為在上一個財政年度，我們未能真正滿足市場需求。鑑於地緣政治貿易方面出現了一些脫鉤現象，我們也增加了一些本地製造，以支持本地生產。

And so those two things have combined to really create an incredibly strategic manufacturing footprint, but yet one that's underutilized today. So when we think about utilization from here, when we look at the third quarter specifically, we had the opportunity in the third quarter to really focus on cash from operations, free cash flow. Those are two areas that have been highlighted from the investment community, particularly with respect to reducing our leverage.

因此，這兩件事結合起來，真正打造了一個極具戰略意義的製造佈局，但如今這個佈局卻尚未充分利用。所以，當我們從現在開始考慮利用率時，特別是當我們具體看第三季時，我們有機會在第三季真正專注於經營活動產生的現金流和自由現金流。投資界特別關注了這兩個方面，尤其是在降低槓桿率方面。

And so we took the opportunity in the third quarter to reduce the inventory, deliver that to the bottom line or the cash line, I should say, with record cash from operations and the highest free cash flow for the last six years. We'll continue to balance inventory build with utilization and free cash flow. We'll continue to balance that going forward.

因此，我們在第三季度抓住機會減少了庫存，並將這些收益轉化為利潤或現金流，實現了創紀錄的經營現金流和近六年來最高的自由現金流。我們將繼續平衡庫存累積、利用率和自由現金流。我們將繼續努力平衡這兩者之間的關係。

And then as we look into 2026, we expect to expand profitability levels from here, increase utilization levels from here. And as we do that, we'll be able to do it with very limited incremental capacity investments.

展望 2026 年，我們預期獲利水準將在此基礎上提高，利用率也將在此基礎上提高。而且，這樣做只需要非常有限的增量產能投資。

So CapEx will be down in '26 versus '25, and we'll still be able to deliver incremental revenue growth, utilization, and profitability. Linda, anything you'd add to that?

因此，2026 年的資本支出將比 2025 年有所下降，但我們仍能夠實現收入成長、利用率和獲利能力的提升。琳達，你還有什麼要補充的嗎？

No, I would just say, Tim, to your point or your question, the decisions on reducing inventory were very selective. And the one thing I would add is we will continue to do that a bit more in Q4, but I don't expect the inventory impact to be as much in Q4 as it was in Q3.

不，我只想說，提姆，關於你的觀點或你的問題，減少庫存的決定是非常有選擇性的。我還要補充一點，我們將在第四季繼續加大力度，但我預計第四季的庫存影響不會像第三季那麼大。

Melissa Weathers, Deutsche Bank.

梅麗莎‧韋瑟斯，德意志銀行。

I wanted to touch on, Dave, some of your commentary on wafer starts and your wait-and-see approach as we go into 2026. It seems like we're pretty -- I mean, hopefully, we're pretty close to the bottom of the cycle, especially in the NAND business. And you guys obviously benefit as soon as utilization starts to expand a bit.

戴夫，我想談談你對晶圓生產啟動的一些評論，以及你對 2026 年的觀望態度。看起來我們已經相當——我的意思是，希望我們已經相當接近週期的底部，尤其是在 NAND 業務方面。顯然，一旦利用率開始略微提高，你們就會從中受益。

So any incremental color on why you're taking this wait-and-see approach? What are you seeing on wafer starts? And maybe any color on the linearity of orders in the quarter, given that it seems like recent weeks have been a lot stronger than the beginning of the quarter?

那麼，對於您為何採取這種觀望態度，您能否提供一些更詳細的資訊？晶圓啟動時您觀察到的情況如何？鑑於最近幾週的訂單量似乎比季度初要強勁得多，或許可以就本季度訂單的線性變化情況提供一些資訊？

Thanks, Melissa. First, 10 weeks in still, so forgive me if I'm not quite ready to make a definitive call on 2026 yet.

謝謝你，梅麗莎。首先，現在才過了 10 週，所以如果我還沒準備好對 2026 年做出最終決定，請見諒。

And the commentary with respect to wait-and-see approach, obviously, we're preparing internally for multiple scenarios. And we're obviously preparing qualifications and capacity for orders so that we can ramp.

至於觀望態度，顯然，我們內部正在為多種可能的情況做準備。我們顯然正在準備資格和產能，以便能夠滿足訂單需求並迅速擴大產能。

We're also continuing to work on the innovation that I spoke about earlier. And that stated in referencing some of the comments that that stated in referencing some of the commentary really from the script, all of which has been informed over the last 10 weeks.

我們也在繼續推進我之前提到的創新工作。而這指的是參考劇本中的一些評論，所有這些都是在過去 10 週內形成的。

Advanced logic, it'll continue to be strong. We expect it to remain strong, really driven by the AI trends that we've seen all year this year as well as last year.

憑藉先進的邏輯，它將繼續保持強勁勢頭。我們預計它將保持強勁勢頭，這主要得益於我們今年以及去年看到的AI發展趨勢。

Mainstream logic, we believe those inventories have largely normalized. In demand still seems a bit mixed. The recovery, we think, continues; but the pace seems pretty slow at this point. I think you've heard very similar stories from most of the early reporting over the last couple of weeks.

根據主流觀點，我們認為這些庫存基本上已經恢復正常。市場需求似乎仍有些不明朗。我們認為復甦仍在繼續；但目前來看，復甦步伐相當緩慢。我想在過去幾週的大部分早期報道中，你已經聽到了非常相似的故事。

HBM, obviously, that remains strong. That's continuing to be driven by AI. Memory, in general, I would say we started seeing some renewed optimism. Around the time of Semicon West, you started to see pricing really firm up across all memory, DDR, as well as NAND.

顯然，HBM依然強勁。人工智慧將繼續推動這一趨勢。總的來說，我認為記憶領域開始出現一些新的樂觀情緒。在 Semicon West 展會前後，所有記憶體（包括 DDR 和 NAND）的價格都開始趨於穩定。

3D NAND in particular, there's renewed optimism for really accelerating AI demand, largely on the basis of migrating AI workloads from large language model development to really inference workloads, which, as you know, requires a different type of memory.

特別是 3D NAND，人們對人工智慧需求的真正加速成長重燃樂觀，這主要是基於人工智慧工作負載從大型語言模型開發向真正的推理工作負載的遷移，而眾所周知，推理工作負載需要不同類型的記憶體。

And so given all of that, what we've positioned the company to do is we've positioned the company to be ready, both with raw materials inventory, work in process, finished goods inventory, though obviously we're managing that a bit more aggressively for free cash flow. We've continued to work with our customers on their plans for ramp.

因此，鑑於所有這些因素，我們已經讓公司做好準備，包括原材料庫存、在製品和成品庫存，當然，為了自由現金流，我們正在採取更積極的管理措施。我們一直在與客戶合作，制定他們的坡道計劃。

I think there was some good news out from the major memory providers or manufacturers, I should say, this week. In fact, over the last couple of days, that news does seem to be a bit more optimistic than things that we've heard two months ago when I first joined. But we'll be ready, irrespective of the environment.

我認為本週主要內存供應商或製造商發布了一些好消息。事實上，過去幾天來，這些消息似乎比我兩個月前剛加入時聽到的消息要樂觀一些。但無論環境如何，我們都將做好準備。

Did you have a follow-up, Melissa?

梅麗莎，你還有後續問題嗎？

Yeah, thank you for all that. Maybe as my follow-up, just on the December quarter guidance regarding about flattish sequentially on revenues. I was a bit surprised to see that, especially because we have certain gate all around and 2 nanometer nodes ramping in high volume in the December quarter.

是的，非常感謝你。或許我可以進一步追問一下，關於12月季度營收季減的預期。看到這種情況我有點驚訝，尤其是考慮到我們在12月季度全面投產了2奈米製程節點。

I thought that that would maybe be an uplift to your MS business, maybe a little bit of the micro-contamination control as well. When it comes to gate all around and 2 nanometer, can you help us size how much of a growth driver that could be in December and then maybe into 2026 as well? What is that content uplift when you go to gate all around?

我原以為這或許能提升你們的 MS 業務，或許還能在微污染控制方面發揮一點作用。就全方位閘極和 2 奈米製程而言，您能否幫助我們評估一下，這在 12 月以及到 2026 年可能會帶來多大的成長驅動力？當你四處瀏覽時，內容提升體現在哪些方面？

Great. Let me start maybe at a higher level. The way we thought about fourth quarter -- and let me put it in the context of the way we thought about third.

偉大的。或許我可以先從更高的層次開始。我們對第四季的思考方式——讓我把它放在我們對第三季的思考方式的背景下說明。

In third quarter, we guided $780 million to $820 million, midpoint of $800 million of revenue. We delivered $807 million. In fourth quarter, we're guiding $790 million of revenue to $830 million of revenue, so midpoint of $810 million.

第三季度，我們預計營收為 7.8 億美元至 8.2 億美元，中位數為 8 億美元。我們完成了8.07億美元。第四季度，我們預計營收為 7.9 億美元至 8.3 億美元，中位數為 8.1 億美元。

Obviously, we're feeling a bit better going into fourth quarter, given where we are with backlog, where we are in the quarter, where we are with our engagement with customers. We're feeling better in the fourth quarter versus third quarter.

顯然，考慮到我們目前的積壓訂單情況、季度進度以及與客戶的互動情況，我們對進入第四季度感覺好多了。我們覺得第四節比第三節狀態好。

I'd like to remind you that 75% of our business is driven by wafer starts, and about 25% of our business is driven by CapEx. Wafer starts, we have seen continuing to improve, albeit slowly. Yes, AI is doing well; but that's only about 5% of the volume.

我想提醒各位，我們 75% 的業務是由晶圓開工驅動的，約 25% 的業務是由資本支出驅動的。晶圓生產方面，我們看到情況持續改善，儘管速度緩慢。是的，人工智慧發展勢頭良好；但這只佔總量的5%左右。

The other 95% of the volume has been very modest in terms of growth. That's the 75% portion of our business. The 25% portion of our business, which is CapEx, is pretty heavily levered towards fab and facilities construction and build out.

其餘 95% 的交易量成長非常緩慢。那是我們業務的75%。我們業務的 25% 部分（即資本支出）很大程度上用於工廠和設施的建設和擴建。

That has been down, call it low teens, very high single digits on a year-over-year basis. That continues to create a little bit of a drag in terms of our top-line revenue growth. Really, for the fourth quarter, you saw us give guidance related, one, to the broader market and, two, specific to our mix of business.

與去年同期相比，這一數字有所下降，降幅在十幾個百分點到個位數百分比之間。這在某種程度上拖累了我們的營收成長。實際上，對於第四季度，你們可以看到我們給了兩方面的指導意見：一是與更廣泛的市場相關的指導意見，二是與我們業務組合相關的指導意見。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗銀行。

In the Material Solutions segment, you talk about the demand shift between quarters. Did the September quarter benefit more from customer inventory build? Or is it the December quarter is going to have more destock that you're anticipating? Maybe just talk about the month-to-month volatility that you're seeing around this demand shift?

在材料解決方案板塊，你們談到了季度間的需求變化。9 月份的季度業績是否更受惠於客戶庫存增加？或者說，12 月季度的去庫存量會比你預期的多？或許可以談談你觀察到的圍繞著這種需求變化而出現的月波動？

Yeah, John, I'll go ahead and take that question. When we were referring to the demand shift around Material Solutions, it was more in relation to the Q2, Q3.

好的，約翰，我來回答這個問題。當我們談到材料解決方案方面的需求變化時，更多的是指第二季和第三季。

It's starting to seem like it was a while ago, but as we remember Q2, there was a lot going on in the trade environment. And it was difficult at that point to know exactly how demand was shifting between that Q2 and Q3. So as you just look at that growth on MS across those quarters, that's what we were referring to.

雖然感覺好像已經過去一段時間了，但我們還記得第二季度，當時的貿易環境發生了很多事情。當時很難確切知道第二季和第三季之間的需求變化。所以，當你觀察微軟在這些季度中的成長情況時，這就是我們所指的。

Okay. And then, Dave, I think you expect some product rationalization as part of the requalification of your US-produced products into China. Will that be a material sales drag in 2026?

好的。然後，戴夫，我想你希望在將你在美國生產的產品重新認證到中國市場的過程中，進行一些產品合理化調整。這是否會在2026年對銷售造成實質拖累？

Really, with our sales into China -- maybe it'd be helpful if I just outline that broader strategy a bit more fully.

確實，就我們對中國的銷售而言——或許我應該更全面地概述一下這個更廣泛的策略。

We'll be about -- we'll be greater than 80% local-for-local manufacturing for our Chinese customers by the end of this year. And when I say local-for-local, I mean that we're satisfying from the region into China without some of the restrictions that you get when it originates from the United States.

今年底，我們將實現面向中國客戶的在地化生產比例超過 80%。我說的「本地對本地」是指，我們從該地區向中國出口產品，而不會像從美國進口產品那樣受到一些限制。

We expect that number to be greater than 90% in 2026. We don't believe that number will get to 100% just simply because there are small volumes, small running products that, from a capital perspective, it would not make sense to move some of that production overseas, local-for-local manufacturing.

我們預計到 2026 年，這一數字將超過 90%。我們認為這個數字不會達到 100%，原因很簡單，因為有些產品的產量很小，運行速度也很慢，從資本角度來看，將部分生產轉移到海外，進行在地化生產，是沒有意義的。

So that -- those types of products, we'll either satisfy through paying a tariff on those products, or obviously, we work with our customers to find a different source. Neither of which, we believe, will materially impact our revenue in 2026. We believe the vast majority of our products will be local-for-local manufacturing in 2026.

所以，對於這類產品，我們要嘛透過支付關稅來滿足要求，要嘛顯然，我們會與客戶合作尋找其他貨源。我們認為，這兩項都不會對我們 2026 年的收入產生實質影響。我們相信，到 2026 年，我們絕大多數產品都將實現在地化生產。

And our China market, we've actually been quite pleased with. If you were to look at our China markets, we're up about 8% sequentially. We're up 3.5% year over year for the quarter. In fact, Asia in general, if you exclude China, is up 7.5% year over year in the third quarter, up 8.5% year to date.

我們對在中國市場的表現其實相當滿意。如果看一下我們在中國的業務，我們比上季成長了約 8%。本季年增3.5%。事實上，如果排除中國，亞洲整體經濟在第三季年增7.5%，今年迄今年增8.5%。

So we're quite pleased with all of our Asia sales, with all of our Asia teams. And then, specific to China, we think we have a very capable team in China that has enabled us to manage a pretty complex environment quite well, and the internal teams continue to execute well with respect to local-for-local manufacturing.

因此，我們對我們在亞洲的所有銷售業績以及所有亞洲團隊都非常滿意。此外，就中國市場而言，我們認為我們在中國擁有一支非常有能力的團隊，這使我們能夠很好地管理相當複雜的環境，內部團隊在本地化生產方面也繼續表現出色。

Elizabeth Sun, Citi.

伊麗莎白·孫，花旗銀行。

I guess first question for Dave. As a follow-up to our earlier question, if we think about the ramp of 2 nanometers going into next year, maybe you could help a little bit quantify a little bit about your content growth opportunities going into next year from 3 nanometers to 2 nanometers.

我想第一個問題想問戴夫。作為我們之前問題的後續，如果我們考慮明年 2 奈米的過渡，也許您可以稍微量化明年從 3 奈米到 2 奈米的內容成長機會。

Sure. And, look, I'll start again with this is my 10th weekend, and so I probably won't get too much commentary on 2026 at this stage.

當然。而且，我再說一遍，這是我的第十個週末，所以在這個階段我可能不會對 2026 年發表太多評論。

Obviously, we're entering the fourth quarter, I would say, with a bit more optimism from both advanced logic as well as from memory. So I think those are two things that we're entering the fourth quarter and will most likely be entering 2026 with. Mainstream will continue to most likely have a muted recovery as it continues to work through its demand cycle.

顯然，我們即將進入第四季度，我認為，無論是基於更高級的邏輯還是基於記憶，我們都更加樂觀了。所以我認為，這兩件事我們將帶著它們進入第四季度，並且很可能也會帶著它們進入2026年。主流市場很可能繼續保持溫和復甦，因為它仍在經歷其需求週期。

With respect to node transitions, we actually feel quite good about the node transitions. As the manufacturing becomes more complex, you need more products from Entegris, both products with higher purity as well as products that at point of use and at source have to have the same purity as origination.

關於節點轉換，我們其實對節點轉換的狀況相當滿意。隨著生產製造變得越來越複雜，您需要更多來自 Entegris 的產品，包括純度更高的產品，以及在使用點和源頭必須與原產地純度相同的產品。

So for liquid filtration, we feel good about our plan of records for advanced logic, photo bulk, as well as point of use. We've talked about some of the advanced nodes with respect to memory, and particularly 3D NAND with moly and some of the PORs in that space.

因此，對於液體過濾，我們對高級邏輯、照片批量以及使用點的記錄計劃感到滿意。我們已經討論了一些與記憶體相關的先進節點，特別是採用鉬的 3D NAND 以及該領域的一些 POR。

CMP slurries, we have two times more plan of record wins at N2 versus N5. So we feel quite good about our wins there at advanced logic. We also have some significant growth plan of records in HBM as well for CMP solutions. And then, of course, we just talked about setting a record quarter for liquid filtration.

CMP漿料，我們在N2上的勝率是N5的兩倍。所以，我們對在高級邏輯方面取得的勝利感到非常滿意。我們也有針對 HBM 和 CMP 解決方案的一些重大成長計劃。當然，我們剛才也談到了液體過濾領域創紀錄的季度業績。

So I think as you think about these node transitions, node transitions will drag higher content per wafer from Entegris. It hits a lot of the core assets of the company. So as that becomes a larger portion of total volume, then you would expect that portion of our business to grow accordingly.

所以我認為，當你考慮這些節點過渡時，節點過渡將使 Entegris 的每片晶圓上的內容量增加。它對公司的許多核心資產造成了打擊。因此，隨著這部分業務在總業務量中所佔比例越來越大，那麼我們就可以預期這部分業務也會隨之成長。

I think the only caveat I would add to this, perhaps, would be just keep in mind that the advanced nodes still represent a very small amount of total wafers. You're talking about AI-driven wafers of something like 5% of the total wafers that will be started in 2025.

我覺得唯一需要補充的是，請記住，先進節點仍然只佔晶圓總數的一小部分。你指的是人工智慧驅動的晶圓，約佔 2025 年將要開工生產的晶圓總數的 5%。

And so while we're excited about the node transitions and we're excited about the content that it pulls from Entegris as we transition through these nodes, they still today represent a small portion of total wafers. Did you have a follow-up for Linda?

因此，儘管我們對節點過渡感到興奮，也對我們在過渡到這些節點時從 Entegris 獲取的內容感到興奮，但它們至今仍只佔晶圓總量的一小部分。你還有關於琳達的後續問題嗎？

Yes, please. So as a follow-up for Linda, for the GSP and Colorado fabs, is there any incremental help with gross margin? Are you expecting with the two are still ramping?

好的，謝謝。那麼，對於 Linda 提出的問題，對於 GSP 和科羅拉多晶矽廠來說，毛利率方面是否有任何改進？你預計這兩款產品還在生產中嗎？

Yeah. So overall, with Taiwan and Rockrimmon, and again, just stepping back to, these are amazing facilities for us, very strategic assets, really critical to our local for local.

是的。所以總的來說，台灣和洛克里蒙，再說一遍，這些對我們來說都是非常棒的設施，是非常有戰略意義的資產，對我們在地化發展至關重要。

To your question, Elizabeth, we did put Rockrimmon into service in October. And in our Q4 guide, you do see that incremental depreciation.

伊莉莎白，關於你的問題，我們確實在十月將洛克里蒙投入使用了。在我們的第四季業績指南中，您確實可以看到這部分新增折舊。

The way I think about it going forward, you will see depreciation in 2026 for the full year. But I'd frame it like this. The Colorado facility is smaller than the Taiwan facility, and that incremental depreciation, I view as very, very manageable.

依我看來，從長遠來看，2026 年全年將會出現折舊。但我會這樣表述。科羅拉多工廠的規模比台灣工廠小，因此，我認為這種增量折舊是完全可以控制的。

Really, right now, going back, as we said, all of our facilities are underutilized. As the volumes ramp across our facilities, we're going to see that benefit to gross margin for the company.

說真的，現在，正如我們之前所說，我們所有的設施都沒有充分利用。隨著我們各工廠產量的增加，我們將看到公司毛利率的提高。

Bhavesh Lodaya, BMO Capital Markets.

Bhavesh Lodaya，BMO 資本市場。

So maybe following up on the capacity utilization question, just one more angle to it. Appreciate that CapEx is moving lower from here and you have also moved some capacity or some production across regions. As you look at your global footprint today, do you see opportunities to perhaps reduce some capacity, increase utilization of the newer plants? Or do you see also as the right size and just waiting for volumes to grow from here?

所以，關於產能利用率的問題，或許可以從另一個角度來探討。請注意，資本支出正在逐步降低，而且你們也已經將部分產能或部分生產轉移到了其他地區。從您目前在全球的業務佈局來看，您是否看到了減少部分產能、提高新工廠利用率的機會？還是您認為目前的規模也合適，只需等待銷售量從此成長？

Bhavesh, it's David. I think it really depends on rate and pace of ramp from here. We have a lot of strategic assets now from a manufacturing perspective. We believe that we're well positioned with some additional qualifications to satisfy local for local in region based upon where the demand is located we can source from local production.

Bhavesh，我是David。我認為這真的取決於接下來的成長速度和步伐。從製造業的角度來看，我們現在擁有許多戰略資產。我們相信，憑藉我們額外的資質，我們能夠很好地滿足當地市場的需求，根據需求所在區域，我們可以從當地生產採購。

We also believe that we have ample capacity to capture demand in an up cycle, which would generate significantly more revenue from here with very limited incremental additional manufacturing CapEx. So we feel good about all of those things.

我們也相信，我們有足夠的產能來滿足上行週期的需求，這將帶來更多的收入，而新增的生產資本支出卻非常有限。所以我們對所有這些事情都感到滿意。

Would we rationalize our manufacturing footprint at this stage? I think I would just take a step back. I would say, well, what's the rate and pace of industry growth from here? And I think we'll look at that rate and pace and then make real-time decisions based upon what's happening in the broader semiconductor market.

我們是否會在現階段調整生產佈局？我想我還是應該退後一步。我想問的是，從現在開始，產業成長的速度和步伐會是多少？我認為我們會專注於這個速度和節奏，然後根據更廣泛的半導體市場的情況做出即時決策。

Did you have a follow-up, Bhavesh?

Bhavesh，你還有後續問題嗎？

Yes, and maybe a question around your priorities as you look forward to capital allocation. Clearly, leverage reduction is top of mind here. Lower CapEx should help with that. But after that is achieved, how do you see capital allocation for Entegris going ahead?

是的，或許也可以問問您在進行資本配置時，哪些事情是您的優先事項。顯然，降低槓桿率是首要考慮因素。降低資本支出應該會有所幫助。但在此之後，您認為Entegris未來的資本配置將如何？

Sure. It's probably worth just commenting again on the big priorities. So the big priority is, again, 10 weeks in and informed by being on the Board for a couple of years as well as 10 weeks at the company, I would start with the customer. It all starts with the customer and technology and semiconductors, as you know.

當然。或許有必要再強調最重要的幾件事。所以，最重要的還是客戶。在公司工作了 10 週，並且結合我在董事會任職幾年以及在公司工作 10 週的經驗，我會從客戶開始。如你所知，這一切都始於客戶、技術和半導體。

So it starts with the customer and capturing those node transitions and those technology roadmaps and having the innovation to be relevant in the industry all areas where the company has excelled. And what we want to do is we want to take that now and we want to expand it out to more of the semiconductor market than perhaps we focused on in the past. So I would start with customers.

因此，一切都從客戶開始，捕捉這些節點轉型和技術路線圖，並在公司擅長的所有產業領域保持創新，從而與產業保持相關性。我們現在想做的是，要把這種理念推廣到比我們過去關注的更廣泛的半導體市場。所以我先從客戶開始。

From an operations perspective, obviously, we've got a very large and strategic manufacturing footprint. And so now it's the blocking and tackling that you expect from operations, which is the qualification and the efficient production site by site, such that we can squeeze the most out of our manufacturing assets. And we believe that we can significantly increase revenue with limited incremental CapEx. So that's why you'll see that CapEx come down on a year-over-year basis.

從營運角度來看，顯然我們擁有非常龐大且具戰略意義的生產佈局。因此，現在需要做的就是營運方面的基礎性工作，即逐一生產基地進行資格認證和高效生產，以便我們能夠最大限度地利用我們的製造資產。我們相信，在增加有限資本支出的情況下，我們可以大幅提高收入。所以你會看到資本支出逐年下降。

And then finally, it's using that good customer intimacy with excellent operational focus. That will result in more of cash from operations and free cash flow that's then necessary and required for us to reduce our leverage. So that' the high-level framework from a priority perspective.

最後，就是利用與客戶建立的良好關係，結合卓越的營運重點。這將帶來更多的經營活動現金流和自由現金流，而這對我們降低槓桿率是必要且必要的。以上是從優先角度來看的高層框架。

Now, to get to the basis of your question is, our near-term priority for capital allocation is to continue to pay down debt. You saw us in the third quarter. We were able to generate meaningful free cash flow. We paid down the debt in incremental $150 million in the third quarter. We expect to generate more free cash flow in the fourth quarter, use that free cash flow subsequently to then reduce the debt load further. That will be the near-term focus will be to reduce our leverage.

現在，回到您問題的本質，我們近期資本配置的首要任務是繼續償還債務。你們在第三節比賽中看到了我們。我們成功創造了可觀的自由現金流。我們在第三季分批償還了1.5億美元的債務。我們預計第四季將產生更多自由現金流，隨後將利用這些自由現金流進一步減少債務負擔。近期工作的重點將是降低槓桿。

Obviously, once we get our leverage to a place that's less than 3 times -- and I would prefer closer to 2 than 3 -- then we'll be able to start looking at other perhaps more interesting and strategic capital allocation strategies. And I'll just save that commentary perhaps for Capital Markets Day in the second quarter that Linda mentioned as well as for conversations in the future.

顯然，一旦我們的槓桿率降到 3 倍以下——我更希望接近 2 倍而不是 3 倍——那麼我們就可以開始考慮其他可能更有趣、更具戰略意義的資本配置策略。我或許會把這些評論留到琳達提到的第二季資本市場日以及未來的談話中再說。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Can we just dig in a little bit more into what you're seeing in APS and just how we should -- I understand you don't want to talk too much about 2026. But just in terms of the trends in the second half, have they been surprising to you, better or worse? And how do you see things throughout at least the balance of the year?

我們能否更深入地探討您在 APS 中看到的情況，以及我們應該如何做——我知道您不想談論太多 2026 年。但就下半年的趨勢而言，這些趨勢是否讓你感到意外，是更好還是更糟？那麼，您如何看待今年剩餘時間的情況？

Specific -- good morning, Chris. Specific to APS, obviously, we're seeing good trends in liquid filtration. We commented that we had a record quarter in the third quarter for liquid filtration. That's driven from some of the ecosystem that I spoke about earlier needing higher purity, as well as from direct engagement with some of the most advanced manufacturers.

具體來說——早安，克里斯。就APS而言，顯然我們在液體過濾方面看到了良好的發展趨勢。我們曾表示，第三季液體過濾業務創下了歷史新高。這是由於我之前提到的某些生態系統需要更高的純度，以及與一些最先進的製造商的直接合作。

And we're looking to extend some of those learnings then to the broader market. So all of those comments fit and tie together with what we saw in the third quarter.

我們希望將這些經驗推廣到更廣泛的市場。所以所有這些評論都與我們在第三季度看到的情況相吻合。

Fluid management in FOUPs, those are a bit more CapEx-driven, as you know. So they've been challenged with respect to when you see facilities and fab build-outs on a year-over-year basis; a number of something like high single-digit, low teens, depending on which service you're looking at.

如您所知，FOUP 中的流體管理更多地受到資本支出驅動。因此，他們面臨的挑戰是，如何逐年查看設施和工廠建設；根據你所關注的服務，數字可能在個位數高位到十幾位低位之間。

Obviously, that CapEx-related portion of our business, fluid management in FOUPs, has been impacted by that. It's been impacted by that all year. It was impacted by it in the third quarter. We expect it to be impacted, and our guidance includes the fact that it would be impacted continuing into the fourth quarter.

顯然，我們業務中與資本支出相關的部分，即FOUP中的流體管理，受到了影響。全年都受到了影響。第三季受到了影響。我們預計這將受到影響，我們的預測也包括這種影響將持續到第四季度。

We'll see what happens with that trend in 2026. The good news is that the base has come down in 2025, and then we'll see how it develops further into 2026. I think that's probably the best high-level color I can give you for APS. Did you have a follow-up, Chris?

我們拭目以待，看看2026年這股趨勢會如何發展。好消息是，2025 年基數已經下降，接下來我們將看看它在 2026 年會如何進一步發展。我認為這可能是我能給你的關於APS畫幅的最佳高級色彩描述了。克里斯，你還有後續問題嗎？

Yeah, just in your initial conversations with shareholders -- and obviously, I'm sure you already had some familiarity. But just what was the most surprising thing that you heard in terms of broad-based feedback from the position you were in to the one you're in now in terms of was there anything surprising?

是的，就在你與股東的初步談話中——顯然，我相信你已經對此有所了解。但就你從之前的職位到現在的職位所收到的廣泛回饋而言，你聽到的最令人驚訝的事情是什麼？有沒有什麼令人驚訝的事情發生？

Is there anything you thought that perhaps the organization needs to do a little bit better in terms of communication? You mentioned some blunt feedback. I'd love it if you could expand on that.

您認為貴公司在溝通上有哪些需要改進的地方嗎？你提到了一些直言不諱的回饋。如果你能就此展開說說，那就太好了。

Yeah. I think when I spoke to shareholders -- and I had the opportunity to meet with shareholders on four different occasions in the last 10 weeks as a member of the company -- the feedback from shareholders were really related to the growth, the profitability, and the leverage. I think those were the -- and I know I'm kind of grouping those into high-level categories, but those were the three categories that almost all of the commentary fit in.

是的。我認為，在過去的 10 周里，作為公司的一員，我有幸與股東們進行了四次會面，而當我與股東們交談時，他們反饋的重點實際上都與公司的增長、盈利能力和槓桿率有關。我認為這些就是——我知道我把它們歸類到了一些高層次的類別中，但這三類幾乎涵蓋了所有的評論。

There was a lot of feedback with respect to how long will it take you to generate more free cash flow to get through the investment cycle to help reduce this leverage. I think that was probably the category that had the most commentary, given the understanding of the current state of the semiconductor market. But I wouldn't discount the commentary on growth.

關於需要多長時間才能產生更多自由現金流以度過投資週期，從而幫助降低槓桿率，我們收到了很多回饋。我認為，考慮到人們對當前半導體市場狀況的了解，這可能是評論最多的類別。但我不會忽視有關成長的評論。

So as you think about those as direct feedback from investors delivered in multiple forums and then you look at, from a company perspective, what can we do to address all three of those, the growth perspective, or the growth category, I should say, that really starts with the customer. It starts with the customers that we tend to spend the most time with historically, which are the most advanced manufacturing customers.

所以，當你把這些看作是投資者在多個論壇上提供的直接回饋時，然後從公司的角度來看，我們可以做些什麼來解決這三個問題，從成長的角度來看，或者應該說，從成長的角度來看，這實際上是從客戶開始的。首先，我們要從我們歷來花費時間最多的客戶入手，這些客戶都是最先進的製造業客戶。

And then what we want to do is we want to extend that further up into the ecosystem. These are the suppliers to those customers. And then we also want to extend more of those learnings to the mainstream logic customers, given that those are not opportunities that we've historically focused on.

然後，我們希望將這種理念進一步推廣到整個生態系統中。這些就是這些客戶的供應商。此外，鑑於主流邏輯客戶並非我們過去關注的重點領域，我們也希望將這些經驗推廣到更多主流邏輯客戶。

So that would address largely the growth. Obviously, we're continuing to invest in innovation. We're continuing to invest in no transitions, all those things the company has always done, but really just expanding our lens with respect to where our products can play into the market so that we can start to drive not only top line growth, but then also start to fill some of these facilities that we have invested in that have significant available capacity.

這樣就能基本解決成長問題了。顯然，我們會繼續加大對創新的投入。我們將繼續投資於非轉型，做公司一直以來都在做的事情，但實際上只是擴大了我們的視野，讓我們思考我們的產品可以在市場上發揮怎樣的作用，這樣我們不僅可以推動營收成長，還可以開始填滿我們已經投資的一些具有大量可用產能的工廠。

And then as we do that, not only obviously do we get the utilization, start to get some of that fixed cost absorption that you'd like to get out of these facilities, but then that would also then translate into cash flow. And so that's how the priorities hang together.

這樣一來，我們不僅可以提高利用率，開始吸收我們希望從這些設施中獲得的固定成本，而且這還可以轉化為現金流。這就是各項優先事項如何協調一致的。

That was the feedback from investors. It was also the observations in my 10 weeks kind of on the ground here at Entegris.

這是投資人的回饋。這也是我在 Entegris 實地考察的 10 週裡的一些觀察。

And to address the second part of your question, I'll address it two ways. You asked what could we do better. Let me just talk briefly on what I think we do well.

至於你問題的第二部分，我將從兩個面向來回答。你問我們還能做得更好嗎？讓我簡單地談談我認為我們做得好的地方。

I have been very impressed with the quality of the teams. And when I say the quality of the teams, I'm specifically talking about the technical expertise, as well as the quality of the teams in region.

我對各隊的素質印象深刻。當我談到球隊的素質時，我特別指的是球隊的技術水平以及所在地區的球隊素質。

We have some amazing employees around the world, and I had the chance to start in Asia. And the quality of our teams in Asia is very impressive, both technically as well as commercially. And so that's an area that I was incredibly -- I had high expectations, and it exceeded my expectation on that front.

我們在世界各地擁有一些非常優秀的員工，我有幸從亞洲開始我的職業生涯。我們在亞洲的團隊素質非常出色，無論從技術層面或商業層面來說都是如此。所以，在這個領域，我抱持著非常高的期望，而它在這方面超出了我的預期。

Things that we could do better, we do great work in region -- in all the regions. So whether it's. Europe, the US, or Asia, we do great work in region. Sometimes, we're a little slow in communicating across regions. So that's an area that we've already worked to improve, and so that's an area that we've focused a bit more on.

我們還有一些可以做得更好的地方，我們在區域內——在所有區域——都做得非常出色。所以，不管是不是。無論是在歐洲、美國還是亞洲，我們都在該地區取得了卓越的成就。有時候，我們在跨區域溝通方面會有點慢。所以，這是我們已經努力改進的領域，也是我們更關注的領域。

And then, of course, we're focusing on ramping these facilities. I think that's an area, getting through the qualifications, getting the volume and release to manufacturing done so that we can start to produce more out of these facilities that we've invested in. That's another area that we want to continue to work on through 2026.

當然，接下來，我們將重點放在擴大這些設施的產能上。我認為關鍵在於通過資格認證，達到生產規模並投入生產，這樣我們才能開始利用我們投資的這些設施來生產更多產品。這是我們希望在 2026 年繼續努力的另一個領域。

Our next question will come from Aleksey with KeyBanc Capital Markets.

下一個問題將來自 KeyBanc Capital Markets 的 Aleksey。

I wanted to ask you about qualification of the KSP site. Where are you in that process relative to your goals? And once you fully qualify that site, do you expect that to have a positive effect on your margins, or is this neutral because it's replacing production of one site with the other?

我想問一下關於KSP站點的資格認證問題。目前在實現目標的過程中處於什麼階段？一旦你完全驗證了網站，你認為這會對你的利潤率產生正面影響嗎？還是說，由於它只是用另一個網站的生產取代了一個網站的生產，所以利潤率不會有太大變化？

Hi, Aleksey. We're happy with our qualifications in KSP, though I would say that we're behind schedule. We have worked diligently to qualify some of the highest runners. We still have some more products that are in qual, but we do have some of the higher runners now qualified.

你好，阿列克謝。我們對KSP專案的資格感到滿意，不過我覺得我們進度落後了。我們付出了辛勤努力，選拔一些最優秀的跑者參賽。我們還有一些產品正在審核中，但我們的一些排名靠前的產品現在已經通過審核了。

We do believe we're going to be able to materially increase our volume in 2026 versus what we were able to deliver in 2025, but we still have some qualifications to go. And we are a little behind schedule with respect to where we thought we would be at this point in time.

我們相信，與 2025 年相比，2026 年我們的產量將大幅成長，但我們仍有一些條件需要滿足。目前我們的進度比預期稍有落後。

And so that's an area that has gotten renewed focus from us. We have put additional and incremental leadership into Taiwan to help facilitate this process. We're getting very frequent updates with respect to how we're performing not only on production, but also on incremental qualifications of products. So this is very much a top of mind process for us. In terms of positive impact, Linda, do you want to --

因此，我們重新關注了這一領域。我們已向台灣投入了更多、更漸進的領導力，以幫助推動這項進程。我們經常收到關於我們在生產方面以及產品增量認證方面的表現的更新資訊。所以，這是我們目前最關注的事項之一。琳達，就正面影響而言，你希望--

Yeah, let me -- Aleksey, let me help you a bit as you think about the margins and how it might relate to Taiwan.

是的，讓我——阿列克謝，讓我幫你思考邊緣問題以及它與台灣的關係。

I step back and think about our ecosystem, our facilities. And as we mentioned, we're underutilized across the facilities. And then with our new facilities, Taiwan and Colorado, we have some incremental fixed costs.

我退後一步，思考我們的生態系統和我們的設施。正如我們之前提到的，我們各個設施的使用率都很低。此外，由於我們在台灣和科羅拉多州的新工廠，我們也增加了一些固定成本。

We also have state-of-the-art processes. These are state-of-the-art manufacturing facilities. So there is some marginal benefit there to margin, but think about it as the whole ecosystem.

我們還擁有最先進的工藝流程。這些都是最先進的製造工廠。所以，從邊際效益的角度來看，這其中確實存在一些邊際收益，但要從整個生態系的角度來考慮。

And again, as we start to see the volume, and we mentioned we do expect to see some volume uplift and some growth in 2026, that's going to then help us see that improvement in the margins overall.

再次強調，隨著銷售量開始成長，正如我們之前提到的，我們預計 2026 年銷售量會有所提升，這將有助於我們看到整體利潤率的改善。

Okay, thanks a lot. I think you already answered two questions, so I'll let somebody else ask.

好的，非常感謝。我想你已經回答了兩個問題，所以我就讓其他人來問吧。

I think we have time for one more question.

我想我們還有時間再問一個問題。

Edward Yang, Oppenheimer.

愛德華楊，奧本海默。

My question is on AI. The 5% exposure that you referenced, is that for Entegris specifically or the industry? One of your competitors talked about getting closer to 15%.

我的問題與人工智慧有關。您提到的 5% 的風險敞口，是指 Entegris 公司的單筆風險敞口，還是指整個產業的風險敞口？你的一個競爭對手談到要接近 15% 的轉換率。

And related to that, one of the HBM manufacturers announced a long-term. CMP agreement with a peer of yours. Do you have something similar? And is your CMP positioning within HBM? Is that an area where you over-index or under-index relative to the rest of your business?

與此相關的是，一家 HBM 製造商宣布了一項長期計劃。與同行達成CMP協議。您有類似的產品嗎？您在 HBM 中的 CMP 定位是什麼？相對於公司其他業務而言，您在這個領域的投入是過高還是過低？

The 5% that we're referencing for AI, that's a percentage of total wafer starts. And so while those 5% wafers represent about 30% of the revenue, they're only 5% of the wafer volume.

我們提到的 AI 的 5%，是指晶圓總開工量的百分比。因此，雖然這 5% 的晶圓佔總收入的 30% 左右，但它們只佔晶圓總產量的 5%。

And so when you look at the total wafer volume that will be shipped and started in 2025, 5% of those wafers will be AI. That portion of the market is doing incredibly well. The other portion, the other 95% of the market, is probably still something like 15% down from peak.

因此，當你觀察 2025 年即將出貨和開始生產的晶圓總量時，你會發現其中 5% 的晶圓將是 AI 晶圓。那部分市場表現非常出色。其餘部分，即佔市場份額 95% 的部分，可能仍比峰值下降了約 15%。

Obviously, it's slightly different by technology. Mainstream's probably close to that 15%. NAND is probably closer to 25%-ish down from peak, although that's a later discussion with respect to how much capacity is actually absorbed based on how many layers.

顯然，由於技術原因，情況略有不同。主流觀點可能接近15%。NAND 快閃記憶體的容量可能比峰值下降了 25% 左右，不過關於實際吸收了多少容量（取決於層數）這個問題，我們將在後面討論。

But in terms of total industry, it's still down pretty meaningfully from peak. So the 5%, again, that's really just a reference with respect to what percentage of the wafers are driven by AI.

但就整個產業而言，它仍然比峰值下降了相當大的幅度。所以，5% 這個數字，實際上只是指有多少百分比的晶圓是由人工智慧驅動的。

Obviously, our business, especially on the most advanced nodes, which commands -- tends to command premiums, that portion of the business is doing quite well across the board. And so much higher than the type of growth rates that we're reporting from unit volume. But it's being offset by the rest of the market as well as by CapEx.

顯然，我們的業務，尤其是在最先進的節點上，這些節點往往能獲得溢價，這部分業務在各方面都做得相當不錯。而且遠高於我們根據銷售量所報告的成長率。但市場其他部分以及資本支出抵消了這一影響。

With respect to HBM and CMP, let's just talk -- maybe it's worthwhile talking briefly about advanced packaging. Advanced packaging in general as a portion of the market, from a CapEx perspective, is growing something like 25%.

關於 HBM 和 CMP，我們不妨聊聊——或許可以簡要地談談先進封裝技術。從資本支出角度來看，先進包裝作為市場份額的一部分，整體成長了約 25%。

I don't have a number for you from a unit perspective, but advanced packaging is a portion of the market, is growing quite rapidly. And the reason it's growing rapidly, obviously, is because it's connected both to the AI logic as well as to the high bandwidth memory.

我沒有特定的單位數量數據，但先進封裝技術是市場佔有率的一部分，而且成長速度相當快。顯然，它之所以成長迅速，是因為它既與人工智慧邏輯相連，也與高頻寬記憶體相連。

And so advanced packaging is a portion of the market where historically we've not played in a significant way. We are going to generate about $100 million of revenue from advanced packaging this year. We do have some strategic initiatives for some SAM expansion into the space, which will develop over time that we look forward to talking about at Capital Markets Day.

因此，先進包裝是我們歷史上沒有真正涉足的市場領域。今年我們將從先進封裝技術中獲得約 1 億美元的收入。我們確實有一些策略舉措，旨在將 SAM 業務拓展到該領域，這些舉措將隨著時間的推移而逐步發展，我們期待在資本市場日上討論這些舉措。

But as it sits today, that's a portion of the market where we're playing a bit more narrowly because we tend to just, in general, be focused more on the front end. On the CMP process that you referenced, we do have some CMP wins in the HBM space.

但就目前而言，我們在這個市場領域的投入相對較少，因為我們通常更專注於前端業務。關於您提到的 CMP 流程，我們在 HBM 領域確實取得了一些 CMP 成功。

I think that portion of the business, albeit off a small base, is up 100%, I believe, on a year-over-year basis. So we've been quite pleased with that. But obviously it's starting from a small base.

我認為，儘管基數較小，但該部分業務同比增長了 100%。所以，我們對此相當滿意。但顯然，它的起點很低。

Edward, did you have a follow-up?

愛德華，你還有後續問題嗎？

Yes, and I'm looking forward to the upcoming Analysts' Day. Last year's Analysts' Day talked about outperforming the market long-term by a pretty significant amount. Do you think that growth formula still holds?

是的，我很期待即將到來的分析師日。去年的分析師日討論了長期跑贏市場的可能性，而且幅度相當大。你認為這種成長模式仍然適用嗎？

And in the context of the industry looking for about 5% MSI growth next year, where would you sit in the level of outperformance within that? I think you referenced a plus 3% to 6% range outperformance.

鑑於明年整個產業預期 MSI 成長約 5%，您認為自己在這個成長區間內的超額收益水準處於什麼位置？我認為你指的是3%到6%的超額報酬。

Let me broaden the question out and then at the end, I'll come back to it. We are doing quite well in the markets where we compete and where we do focus and participate.

讓我先把問題擴大一些，最後再回到這個問題。我們在競爭、重點關注和參與的市場中都做得相當不錯。

For example, slurries and pads are up 15% over the last 12 months. Selective etch is up 40%. Cleans are up more than 10%. And as we mentioned earlier, we just had a record quarter for liquid filtration. So if you look at the areas where we compete, we actually feel very good about how those areas are performing and we feel quite good about our plan of record.

例如，在過去 12 個月裡，漿料和墊料的銷量成長了 15%。選擇性蝕刻率提高了 40%。清潔率提高了10%以上。正如我們之前提到的，我們剛剛經歷了液體過濾業務創紀錄的一個季度。所以，如果你看看我們參與競爭的領域，我們對這些領域的表現感到非常滿意，並且對我們所製定的計劃也感到非常滿意。

On the CapEx side, we've spoken about it, but CapEx -- and we're particularly tied to facilities, build-outs, and construction. That portion of the market's down about 10%, and we're not that different. We're a little bit better than that, but we're down in a very similar vein and of a similar magnitude in that portion of our business, which is creating a drag, if you will, on our top line.

在資本支出方面，我們已經討論過，但資本支出——我們特別與設施、建設和施工有關。那部分市場下跌了約 10%，我們的情況也差不多。我們的情況比他們稍微好一些，但我們這部分業務的下滑幅度與他們非常相似，也同樣嚴重，這在一定程度上拖累了我們的營收。

The advanced packaging portion of the business, which is growing quite well, that's an area where our exposure is fairly small today. Obviously, we're expecting about $100 million in 2025, but that represents a big opportunity for us in '26 and beyond.

公司業務中發展勢頭良好、但先進包裝部分，是我們目前涉足的領域，而且規模還很小。顯然，我們預計 2025 年的收入將達到 1 億美元左右，但這代表著我們在 2026 年及以後將迎來一個巨大的機會。

So to come back to your question, with respect to the 3- to 6-point outperformance, 10 weeks in, I do believe that we have the opportunity to significantly outperform the market. And I do think that I look forward to talking to you about that at Capital Markets Day.

回到你的問題，關於3到6個百分點的超額收益，10週過去了，我確實認為我們有機會大幅跑贏大盤。我很期待在資本市場日上與您探討這個問題。

I'm now turning the call back over to Bill Seymour for any additional or closing remarks.

現在我將電話轉回比爾·西摩，請他作補充或總結發言。

Yeah, thank you for joining our call today. Please reach out to me directly if you would like to follow up. Have a good day, and you can now disconnect the call.

是的，感謝您今天參加我們的電話會議。如果您想跟進，請直接與我聯絡。祝您今天愉快，現在可以掛斷電話了。

Thank you. This concludes today's Entegris third quarter 2025 earnings conference call. Please disconnect the line at this time and have a wonderful day.

謝謝。本次 Entegris 2025 年第三季財報電話會議到此結束。請暫時斷開連接，祝您有美好的一天。