格芯 (GFS) 2025 Q1 法說會逐字稿

Hello, and welcome to the conference call to review GlobalFoundries first quarter of fiscal 2025 financial results. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，歡迎參加電話會議，回顧 GlobalFoundries 2025 財年第一季的財務表現。（操作員指示）請注意，今天的會議正在錄音。

It is now my pleasure to introduce Senior Vice President, Finance and Operations, Sam Franklin.

現在我很高興介紹財務與營運資深副總裁 Sam Franklin。

Thank you, operator. Good morning, everyone, and welcome to GlobalFoundries first quarter 2025 earnings call. On the call with me today are Tim Breen, CEO; Niels Anderskouv, President and Chief Operating Officer; and John Hollister, CFO.

謝謝您，接線生。大家早安，歡迎參加 GlobalFoundries 2025 年第一季財報電話會議。今天與我一起通話的是執行長 Tim Breen； Niels Anderskouv，總裁兼營運長；以及財務長約翰‧霍利斯特 (John Hollister)。

A short while ago, we released GF's first quarter financial results, which are available on our website at investors.gf.com along with today's accompanying slide presentation. This call is being recorded, and a replay will be made available on our Investor Relations web page. During this call, we will present both IFRS and non-IFRS financial measures the most directly comparable IFRS measures and reconciliations for non-IFRS measures are available in today's press release and accompanying slides.

不久前，我們發布了 GF 第一季的財務業績，您可以在我們的網站 investors.gf.com 上查看該業績以及今天的幻燈片演示。本次通話將會被錄音，重播將發佈在我們的投資人關係網頁上。在本次電話會議中，我們將介紹國際財務報告準則和非國際財務報告準則的財務指標，最直接可比較的國際財務報告準則指標和非國際財務報告準則指標的對帳可在今天的新聞稿和隨附的幻燈片中查閱。

Please note that these financial results are unaudited and subject to change. Certain statements on today's call may be deemed to be forward-looking statements. Such statements can be identified by terms such as believe, expect, intend, anticipate, and may or by the use of the future tense. You should not place undue reliance on forward-looking statements.

請注意，這些財務結果未經審計，可能會發生變化。今天電話會議上的某些聲明可能被視為前瞻性聲明。此類陳述可以透過相信、期望、打算、預期、可能等術語或使用將來時態來識別。您不應過度依賴前瞻性陳述。

Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as risks and uncertainties described in our SEC filings, including in sections under the caption Risk Factors in our annual report on Form 20-F and in any current reports on Form 6-K filed with the SEC.

實際結果可能與這些前瞻性陳述有重大差異，我們不承擔更新今天所做的任何前瞻性陳述的任何義務。有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及我們提交給美國證券交易委員會的文件中描述的風險和不確定性，包括我們提交給美國證券交易委員會的 20-F 表年度報告中“風險因素”標題下的章節以及 6-K 表當前報告中的章節。

In terms of upcoming events, please note that we will be participating in fireside chats at the JPMorgan Global Technology, Media and Communications Conference in Boston on May 13 and at the Bank of America Global Technology Conference in San Francisco on June 3.

關於即將舉行的活動，請注意，我們將參加 5 月 13 日在波士頓舉行的摩根大通全球技術、媒體和通訊會議以及 6 月 3 日在舊金山舉行的美國銀行全球技術會議的爐邊談話。

We will begin today's call with Tim providing a summary update on the current business environment and technologies. Neils will then discuss our recent design wins, highlights and expectations across the end markets, following which John will provide details on our first quarter results and also provide second quarter 2025 guidance. We will then open the call for questions with Tim, John and Neils. We request that you please limit your questions to one with one follow-up.

今天的電話會議將由蒂姆來總結當前的商業環境和技術的最新進展。隨後，Neils 將討論我們最近在終端市場取得的設計成果、亮點和預期，隨後 John 將詳細介紹我們的第一季業績，並提供 2025 年第二季的指導。然後我們將開始與蒂姆、約翰和尼爾斯進行提問。我們要求您將問題限制為一個，並進行一次跟進。

I'll now turn the call over to Tim for his prepared remarks.

我現在將電話轉給提姆，請他發表準備好的發言。

Thank you, Sam, and welcome, everyone, to our first quarter 2025 earnings call. As our industry seeks to navigate the backdrop of geopolitical tension and trade uncertainties and impacting the global economy, I'm proud to announce that in the first quarter, our 13,000 dedicated employees helped to deliver solid financial results at the high end of our guidance ranges across revenue, gross margin and EPS.

謝謝你，山姆，歡迎大家參加我們 2025 年第一季財報電話會議。在我們的行業試圖應對地緣政治緊張和貿易不確定性以及影響全球經濟的背景之際，我很自豪地宣布，在第一季度，我們 13,000 名敬業的員工幫助我們在收入、毛利率和每股收益方面實現了穩健的財務業績，達到了我們預期範圍的高端。

First quarter revenue in our automotive, CID, and IoT end markets grew on a year-over-year basis as we executed towards our long-term plan and partnered with our customers to maintain healthy design win momentum from recent quarters.

由於我們執行長期計劃並與客戶合作以保持最近幾季健康的設計獲勝勢頭，我們汽車、CID 和物聯網終端市場第一季的收入同比增長。

Furthermore, GF's track record of generating meaningful free cash flow continued in the first quarter with consistent operational excellence across our global footprint, delivering $165 million of non-IFRS adjusted free cash flow. This represents a free cash margin of approximately 10%. With investments in place to grow revenue in a very capital-efficient manner, we will continue to focus on free cash flow generation as an important objective.

此外，GF 在第一季度繼續保持產生可觀自由現金流的良好記錄，並在全球業務範圍內持續保持卓越運營，實現了 1.65 億美元的非國際財務報告準則調整後自由現金流。這代表約 10% 的自由現金保證金。透過投資以非常有效率的方式增加收入，我們將繼續以自由現金流的產生作為一項重要目標。

In the meantime, our industry is not immune from the ongoing trade and tariff disputes dominating the headlines. And although GF is uniquely positioned to support our customers across our geographically diversified footprint in the US, Europe, and Asia, we do expect uncertainties associated with the global supply chain and end market demand dynamics to continue into the second half of 2025.

同時，我們的產業也未能免於佔據頭條新聞的持續貿易和關稅爭端的影響。儘管 GF 擁有獨特的優勢，能夠透過其在美國、歐洲和亞洲等地理分佈廣泛的業務為客戶提供支持，但我們預計，與全球供應鏈和終端市場需求動態相關的不確定性將持續到 2025 年下半年。

Although it is too soon to quantify the precise impacts to the demand, and the supply chain dynamics, we are monitoring the changing landscape closely and where possible, we have diversified our sourcing strategies to mitigate potential impacts on our cost base.

雖然現在量化對需求和供應鏈動態的確切影響還為時過早，但我們正在密切監測不斷變化的形勢，並在可能的情況下，我們已多樣化了採購策略，以減輕對成本基礎的潛在影響。

As you have heard from some of our customers, it is likely that certain costs across the semiconductor supply chain will rise as a result of the tariff-related activities. Whether this is the case, we will continue to work closely with our customers towards a mutually agreeable outcome.

正如您從我們的一些客戶那裡聽到的那樣，由於關稅相關活動，整個半導體供應鏈的某些成本可能會上升。無論情況如何，我們將繼續與客戶密切合作，以達成雙方都滿意的結果。

What is clear at this stage is the geographic resilience in wafer manufacturing supply chains is an increasing priority for GF's customers and given GF's unique global footprint, we are able to support our customers both globally and locally, further validating GF strategy and differentiated market position.

現階段可以明確的是，晶圓製造供應鏈的地理彈性對於 GF 的客戶來說越來越重要，鑑於 GF 獨特的全球影響力，我們能夠為全球和本地客戶提供支持，進一步驗證 GF 戰略和差異化市場地位。

Achieving manufacturing scale and technology diversity across our footprint has been a multiyear strategy to invest in capacity with differentiated features. To that end, we have deployed over $7 billion into our US, Germany, and Singapore facilities since 2021. Customers have been at the core of this strategy, and this will continue to be the case as we consider how best to meet their increasing demand while navigating the growing needs for security of supply.

在我們的業務範圍內實現製造規模和技術多樣性是我們多年來對具有差異化特徵的產能進行投資的策略。為此，自 2021 年以來，我們已向美國、德國和新加坡的工廠投入了超過 70 億美元。客戶一直是這項策略的核心，我們將繼續堅持這項原則，考慮如何最好地滿足客戶日益增長的需求，同時滿足日益增長的供應安全需求。

Despite these uncertainties, the secular tailwinds supporting long-term demand for essential chip technologies remain firmly intact. And we anticipate that our serviceable addressable market will grow at approximately 10% per annum through the end of the decade. In key end markets, we believe that GF is well placed to grow at or faster than the overall market growth rates given our differentiated technologies and geographically advanced footprint.

儘管存在這些不確定性，但支撐關鍵晶片技術長期需求的長期順風勢頭依然穩固。我們預計，到本世紀末，我們的服務目標市場將以每年約 10% 的速度成長。在關鍵的終端市場，我們相信，憑藉我們差異化的技術和先進的地理覆蓋範圍，GF 完全有能力達到或超過整體市場的成長率。

As the foundry of choice to many of our customers, evidenced by nearly 90% sole-source design wins over the last four quarters, we continue to gain share in critical end markets such as automotive and communications infrastructure and data center as the range of applications, features and performance drives the need for increased semiconductor content.

作為許多客戶的首選代工廠，過去四個季度中近 90% 的單一來源設計獲勝證明了這一點，隨著應用範圍、功能和性能推動對增加半導體內容的需求，我們繼續在汽車和通信基礎設施以及數據中心等關鍵終端市場中獲得份額。

To that end, we have seen exciting traction with customers and applications aligned to the long-term secular growth trends in the end markets we serve.

為此，我們看到客戶和應用程式取得了令人興奮的進展，這與我們所服務的終端市場的長期成長趨勢一致。

In Optical Networking, GF is not only at the forefront of innovation with co-packaged optics, but we're also serving the large and growing pluggables market, with our 45 SPCLO solution. In SATCOM, GF content in both the base station and in orbit is enabling the rapid deployment of commercial satellites on our 22FDX, 12 LP, 130 NSX, and 45 RFSOI platforms.

在光纖網路領域，GF 不僅在共封裝光學元件創新方面處於領先地位，而且還透過 45 SPCLO 解決方案服務於龐大且不斷成長的可插拔市場。在 SATCOM 領域，基地台和軌道上的 GF 內容使得能夠在我們的 22FDX、12 LP、130 NSX 和 45 RFSOI 平台上快速部署商業衛星。

In generative AI, GF's proven 14-nanometer technology is playing an important role, especially in inference workloads for large language models. And finally, Automotive continued to deliver year-on-year growth as we ramp opportunities and close new design wins on our 130BCD and 40ESF3 AutoPro platforms to support the increasing value of semiconductor content in this end market.

在生成式人工智慧中，GF 成熟的 14 奈米技術發揮重要作用，尤其是在大型語言模型的推理工作負載中。最後，隨著我們在 130BCD 和 40ESF3 AutoPro 平台上增加機會並完成新的設計勝利以支持該終端市場中半導體內容價值的不斷增長，汽車業務繼續實現同比增長。

Putting aside the short-term uncertainty impacting our industry, GF's financial profile remains robust. With strong balance sheet and cash flow fundamentals, declining leverage, $4.7 billion of liquidity, and continued strong free cash flow generation. John will cover these metrics in more detail and they leave GF well positioned to grow towards our long-term financial objectives, both organically or inorganically should the right opportunities fit with our long-term strategic goals.

撇開影響我們產業的短期不確定性，GF 的財務狀況依然強勁。憑藉強勁的資產負債表和現金流基本面、下降的槓桿率、47 億美元的流動性以及持續強勁的自由現金流產生。約翰將更詳細地介紹這些指標，如果合適的機會符合我們的長期策略目標，這些指標將使 GF 能夠以有機或無機的方式實現我們的長期財務目標。

In conclusion, thanks to the effort of our teams around the world, we believe GF's long-term future remains as bright as ever as we partner with our customers with our differentiated technology, drive strong operational execution, and ensure disciplined cost management.

總而言之，由於我們全球團隊的努力，我們相信，只要我們利用差異化技術與客戶合作，推動強大的營運執行，並確保嚴格的成本管理，GF 的長期未來將一如既往地光明。

With that, over to you, Neils.

接下來就交給你了，尼爾斯。

Thank you, Tim, and welcome to everyone on the call. As Tim mentioned, we continue to make good progress across commercial partnership and design wins with our customers, of which almost 90% was sole sourced last four quarters. Our differentiated and diversified technology portfolio continues to drive design win momentum across all the end markets we serve.

謝謝你，提姆，歡迎大家參加電話會議。正如蒂姆所提到的，我們在與客戶的商業合作和設計合作方面繼續取得良好進展，其中近 90% 是過去四個季度的獨家採購。我們差異化和多樣化的技術組合繼續推動我們所服務的所有終端市場的設計勝利勢頭。

With that, let me walk you through the key highlights for the quarter by end market. In Automotive, we built upon our strong momentum with customers captured market share in one new designs, all of which supports our expectations for meaningful year-over-year revenue growth in 2025. Despite soft end market demand, our automotive end market continue to deliver meaningful year-over-year revenue growth in Q1 as the increasing silicon content in vehicles helped to offset short-term unit sales.

接下來，讓我帶您了解本季終端市場的主要亮點。在汽車領域，我們憑藉著強勁的發展勢頭，幫助客戶以全新設計佔領了市場份額，所有這些都支持了我們對 2025 年收入同比大幅增長的預期。儘管終端市場需求疲軟，但由於汽車中矽含量的增加有助於抵消短期單位銷售的影響，我們的汽車終端市場在第一季繼續實現顯著的年收入成長。

Our broad and growing portfolio of differentiated solutions positions us to benefit from the proliferation of ADAS, safety and sensing applications, electrical vehicles, and software-defined vehicles. The best additional strength has been in automotive processing where we a sole source foundry to the supplier of the number one automotive controller platform.

我們廣泛且不斷增長的差異化解決方案組合使我們能夠從 ADAS、安全性和感測應用、電動車和軟體定義汽車的普及中受益。我們最大的附加優勢在於汽車加工領域，我們是第一大汽車控制器平台供應商的獨家代工廠。

On top of that, we are winning in new applications across all the geographies we serve. In Q1, we achieved design wins across MCUs, battery management systems, motor control devices, and laser drivers for LiDAR and our 130BCD and 40ESF3 AutoPro platforms.

最重要的是，我們在所有服務地區的新應用領域都取得了成功。在第一季度，我們在 MCU、電池管理系統、電機控制設備和 LiDAR 以及 130BCD 和 40ESF3 AutoPro 平台的雷射驅動器方面取得了設計勝利。

GF and indie Semiconductor also announced a strategic partnership to introduce high-performance radar systems on chip solution using GF's automotive qualified 22FDX platform. These solutions will target 77 gigahertz and 120 gigahertz grade applications to enable safety-critical advanced driver assistance systems with low-cost, smaller footprint, and efficient power consumption.

GF 和 indie Semiconductor 也宣佈建立戰略合作夥伴關係，利用 GF 的汽車級 22FDX 平台推出高性能雷達系統單晶片解決方案。這些解決方案將針對 77 千兆赫和 120 千兆赫級應用，以實現成本低、佔用空間小、功耗高效的安全關鍵型高級駕駛輔助系統。

Similarly, in March, Dream Chip and Cadence announced they will use GF's ultra-low power 22FDX platform for ADAS and processing applications, citing the reliability and performance benefits of our integrated RF and analog technology solution.

同樣，今年 3 月，Dream Chip 和 Cadence 宣布他們將使用 GF 的超低功耗 22FDX 平台用於 ADAS 和處理應用，並指出我們的整合 RF 和類比技術解決方案具有可靠性和效能優勢。

Looking further ahead, we expect GF to benefit from long-term growth in smart centers for radar, vehicle access, camera, and networking as well as general purpose for automotive.

展望未來，我們預計 GF 將受益於雷達、車輛通道、攝影機和網路以及汽車通用智慧中心的長期成長。

Turning now to smart mobile devices. Revenue in Q1 declined year-over-year due to reduction in underutilization payments from our customers, consistent with our expectations. While certain customers continue their inventory burn down, we see good commercial traction and continue to win new designs across a broad range of applications as we seek to capture content opportunities within the handsets such as audio, haptics, display, and imaging.

現在轉向智慧型行動裝置。由於客戶未充分利用付款減少，第一季營收年減，這與我們的預期一致。雖然某些客戶的庫存繼續減少，但我們看到了良好的商業吸引力，並繼續在廣泛的應用領域贏得新的設計，因為我們尋求抓住手機中的內容機會，如音訊、觸覺、顯示和成像。

With our latest generation RFSOI platforms, we are not only maintaining our leadership position in RF front-end but growing market share. In Q1, we secured multiple new design wins in RF front-end with several top industry players. Our RF solutions allow GF to expand share, including strong traction with customers in the US, Europe, and Asia.

憑藉我們最新一代的 RFSOI 平台，我們不僅保持了在 RF 前端領域的領導地位，而且還擴大了市場份額。在第一季度，我們與多家業內頂尖企業合作，在射頻前端領域贏得了多項新設計。我們的射頻解決方案使 GF 擴大了市場份額，包括對美國、歐洲和亞洲客戶的強勁吸引力。

Beyond our traditional strength in RF front-end, we continue to broaden our portfolio and make designs and important display and imaging applications. Notwithstanding the broader tariff uncertainties, we are seeing a signing momentum with customers to expand GF's offering in OLED Android smartphones.

除了我們在射頻前端方面的傳統優勢之外，我們還繼續拓寬我們的產品組合併進行設計和重要的顯示和成像應用。儘管存在更廣泛的關稅不確定性，我們仍看到與客戶的簽約勢頭，以擴大 GF 在 OLED Android 智慧型手機領域的產品供應。

We also continue to penetrate the growing market of smart glasses with a Q1 design win for microLED display backplane using our 22FDX platform. This win was the result of our partnership with one of the largest players in the micro display industry that has solutions in most commercial smart glasses today.

我們還利用我們的 22FDX 平台贏得了第一季的 microLED 顯示器背板設計，繼續滲透不斷增長的智慧眼鏡市場。這次勝利是我們與微顯示器行業最大的參與者之一合作的結果，該參與者目前在大多數商用智慧眼鏡中都有解決方案。

Lastly, we saw continued adoption of our 55BCD like platform for audio and haptics in premier tier smartphones. Our second-generation 55BCD light is on a development to further strengthen our differentiated offerings, and this new technology will enable customers outage solutions to be smaller and more efficient, which is critical for the latest designs.

最後，我們看到高階智慧型手機繼續採用類似 55BCD 的音訊和觸覺平台。我們的第二代 55BCD 燈正在開發中，以進一步加強我們的差異化產品，這項新技術將使客戶的停電解決方案更小、更高效，這對於最新設計至關重要。

In IoT, Q1 revenue returned to year-over-year growth. However, we remain somewhat cautious on the outlook for the second half of the year as the uncertainty brought about by tariffs is likely to impact the demand levels for consumer-centric and industrial applications.

在物聯網領域，第一季營收恢復年增。然而，我們對下半年的前景仍然持謹慎態度，因為關稅帶來的不確定性可能會影響以消費者為中心和工業應用的需求水準。

Longer term, we're seeing adoption of GF's technology in AI-enabled edge devices especially in our ultra-low power and RF optimized platforms that are well positioned for these applications. We're excited about the long-term opportunities in general purpose MIC controllers, image signal processes, and audio signal processors that serve home, industrial and medical applications.

從長遠來看，我們將看到格芯技術在支援人工智慧的邊緣設備中的應用，尤其是在我們的超低功耗和射頻優化平台中，這些平台非常適合這些應用。我們對用於家庭、工業和醫療應用的通用 MIC 控制器、影像訊號處理器和音訊訊號處理器的長期機會感到非常興奮。

In Q1, we also secured design wins across WiFi 7 connectivity, cellular IoT, medical consumer devices as well as consumer power management applications. Our FinFET platform is increasingly optimized for low leakage and RF performance is also enabling the exciting new features of next-generation WiFi 7 namely increased data speed, lower latency, improved liability, and enhanced security for stronger encryption.

在第一季度，我們還獲得了 WiFi 7 連接、蜂窩物聯網、醫療消費設備以及消費者電源管理應用方面的設計勝利。我們的 FinFET 平台針對低洩漏進行了不斷優化，RF 效能也支援下一代 WiFi 7 令人興奮的新功能，即提高資料速度、降低延遲、提高責任感以及增強安全性以實現更強的加密。

This solution being adopted by the market will ramp in production in the second half of this year. We also secured first revenue from a design win for broad market wireless MCU used for IoT connectivity across consumer, smart home, and industrial applications. Built on our 22FDX platform, this product includes embedded nonvolatile memory, a key differentiator for GF.

這項已被市場採用的解決方案將在今年下半年投入生產。我們還從用於消費、智慧家庭和工業應用的物聯網連接的廣泛市場無線 MCU 的設計中獲得了第一筆收入。該產品基於我們的 22FDX 平台構建，包含嵌入式非揮發性記憶體，這是 GF 的關鍵差異化因素。

Lastly, we see continued traction in low power connected medical applications such as continuous glucose monitors and hearing aids. And in Q1, we won a design for an AI-enabled audio DSP on 22FDX. GF's technology is well positioned for this segment, and we're seeing a solid pipeline of connected consumer medical device opportunities from multiple vendors.

最後，我們看到低功耗連網醫療應用（如連續血糖監測儀和助聽器）的持續成長。在第一季度，我們贏得了 22FDX 上支援 AI 的音訊 DSP 的設計。GF 的技術非常適合這一領域，我們看到來自多個供應商的連網消費醫療設備商機正在穩步成長。

Finally, our communications infrastructure and data center end market grew year-over-year in the first quarter, and we continue to expect meaningful revenue growth in 2025. With our diversified portfolio of differentiated offerings, we are developing a path for long-term growth for communications infrastructure and data center tied to multiple secular drivers.

最後，我們的通訊基礎設施和資料中心終端市場在第一季同比增長，我們繼續預計 2025 年的收入將實現有意義的成長。憑藉我們多樣化的差異化產品組合，我們正在為通訊基礎設施和資料中心開發一條與多種長期驅動因素相關的長期成長之路。

First, commercial satellite operations continue to expand rapidly as subscriptions increase and launches ramp. GF is designed into the world's former satellite communication companies. And in Q1, we secured an additional design win for SATCOM ground terminals on our 45RFSOI platform.

首先，隨著訂閱量的增加和發射次數的增加，商業衛星營運持續快速擴張。GF是世界前衛星通訊設計進軍的公司之一。在第一季度，我們又獲得了 45RFSOI 平台上 SATCOM 地面終端的額外設計勝利。

Second, optical communication technologies in the data center are now seeing meaningful near-term revenue growth. And our technology platforms are focused on enabling the data centers to get to the next level of performance to support the rising bandwidth and power requirements.

其次，資料中心的光通訊技術目前正經歷有意義的短期收入成長。我們的技術平台致力於使資料中心達到更高的效能水平，以支援不斷增長的頻寬和功率需求。

Accordingly, we expect growing demand for optical transceivers that connect GPUs and AI accelerators to train next-generation AI models. Not only is GF currently serving the pluggable market, momentum is building for co-packaged optics.

因此，我們預計連接 GPU 和 AI 加速器以訓練下一代 AI 模型的光收發器的需求將持續成長。GF 目前不僅服務於可插拔市場，其共封裝光學元件的發展動能也正在增強。

At the Optimum Fiber Communication Conference in April, multiple companies demonstrated viable co-pack optic solutions built on GF silicon. GF's unique silicon photonic platforms offer seamless integration of photonic components with high-performance CMOS logic into a single die, allowing for production-ready design that can support both scale out and scale up applications for AI workloads.

在四月份的最佳光纖通訊會議上，多家公司展示了基於 GF 矽的可行共封裝光學解決方案。GF 獨特的矽光子平台將光子元件與高性能 CMOS 邏輯無縫整合到單一晶片中，從而實現可支援 AI 工作負載的橫向擴展和縱向擴展應用的生產就緒設計。

Overall, we are encouraged with the progress here is making on commercial engagement and design wins in this space as we begin to capitalize on the exciting multiyear growth opportunities.

總體而言，隨著我們開始利用令人興奮的多年成長機會，我們對該領域在商業參與和設計勝利方面取得的進展感到鼓舞。

I'll now pass the call over to John for a deeper dive on first quarter 2025 financials.

現在我將把電話轉給約翰，讓他更深入地了解 2025 年第一季的財務狀況。

Thank you, Neils. For the remainder of the call, including guidance, other than revenue, cash flow, CapEx, and net interest income, I will reference non-IFRS metrics, which are included in today's press release and accompanying slides.

謝謝你，尼爾斯。對於電話會議的剩餘部分，包括除收入、現金流量、資本支出和淨利息收入以外的指導，我將參考非國際財務報告準則指標，這些指標包含在今天的新聞稿和隨附的幻燈片中。

As Tim noted, our first-quarter results came in at the high end of the guidance ranges we provided in our last quarterly update. We delivered first quarter revenue of $1.585 billion, which represented a 13% decrease over the prior quarter but an increase of 2% year-over-year. We shipped approximately 543,000 300-millimeter equivalent wafers in the quarter, down 9% sequentially and up 17% from the prior year period. ASP or average selling price per wafer was down modestly year-over-year due in part to the product mix shift as well as a significant year-over-year reduction in underutilization payments.

正如蒂姆所指出的，我們的第一季業績達到了我們在上次季度更新中提供的指導範圍的高端。我們第一季的營收為 15.85 億美元，比上一季下降 13%，但比去年同期成長 2%。本季我們出貨了約 543,000 片 300 毫米當量晶圓，季減 9%，年增 17%。每片晶圓的平均銷售價格 (ASP) 年比略有下降，部分原因是產品結構的變化以及未充分利用付款的年比大幅減少。

Wafer revenue from our end markets accounted for approximately 88% of total revenue. Non-wafer revenue, which includes revenue from reticles, nonrecurring engineering, expedite fees and other items accounted for approximately 12% of total revenue for the first quarter.

我們來自終端市場的晶圓收入約佔總收入的88%。非晶圓收入包括來自光罩、非經常性工程、加急費和其他項目的收入，約佔第一季總收入的 12%。

Let me now provide an update on our revenues by end markets. Smart mobile devices represented approximately 37% of the quarter's total revenue. First quarter revenue decreased approximately 21% sequentially and approximately 14% from the prior year period. In the first quarter, revenue for the home and industrial IoT markets represented approximately 21% of the quarter's total revenue.

現在讓我提供一下我們按終端市場劃分的收入最新情況。智慧型行動裝置約佔本季總營收的37%。第一季營收季減約 21%，年減約 14%。第一季度，家庭和工業物聯網市場的收入約佔本季總收入的21%。

First quarter revenue decreased approximately 8% sequentially and increased approximately 6% from the prior year period. Automotive remained a key growth segment for us and represented approximately 19% of the quarter's total revenue. First quarter revenue decreased approximately 25% sequentially and increased approximately 16% from the prior year period.

第一季營收比上一季下降約 8%，比去年同期成長約 6%。汽車仍然是我們的主要成長領域，約佔本季總收入的 19%。第一季營收比上一季下降約25%，比去年同期成長約16%。

And finally, our communications infrastructure and data center end market represented approximately 11% of the quarter's total revenue. First quarter revenue increased approximately 2% sequentially and increased approximately 45% over the prior year period as we see new opportunities ramp in this end market.

最後，我們的通訊基礎設施和資料中心終端市場約佔本季總收入的 11%。由於我們看到該終端市場的新機會不斷湧現，第一季營收季增約 2%，比去年同期成長約 45%。

For the first quarter, we delivered gross profit of $379 million, which was at the high end of our guided range and translates into approximately 23.9% gross margin. Operating expenses for the quarter represented approximately 10% of total revenue. R&D for the quarter was $114 million, and SG&A expenses were $52 million.

第一季度，我們的毛利為 3.79 億美元，處於我們預期範圍的高位，相當於毛利率約為 23.9%。本季的營運費用約佔總收入的 10%。本季研發費用為 1.14 億美元，銷售、一般及行政費用為 5,200 萬美元。

Total operating expenses declined sequentially to $166 million in the quarter. We delivered operating profit of $213 million for the quarter at an operating margin of 13.4%, which is at the high end of our guided range and 130 basis points above the prior year period.

本季總營運費用較上季下降至 1.66 億美元。本季我們的營業利潤為 2.13 億美元，營業利潤率為 13.4%，處於我們指導範圍的高位，比去年同期高出 130 個基點。

First quarter net interest income was $14 million. Other expense was $7 million, and we incurred income tax expense of $31 million for the quarter. We reported first quarter net income of $189 million, an increase of $15 million from the year ago period. As a result, based on a fully diluted share count of approximately 557 million shares, we reported diluted earnings of $0.34 per share for the first quarter, which was at the high end of our guidance range.

第一季淨利息收入為1400萬美元。其他費用為 700 萬美元，本季我們的所得稅費用為 3,100 萬美元。我們報告第一季淨收入為 1.89 億美元，比去年同期增加 1500 萬美元。因此，基於約 5.57 億股的完全稀釋股份數量，我們報告第一季每股稀釋收益為 0.34 美元，處於我們指導範圍的高端。

Let me now provide some key balance sheet and cash flow metrics. Cash flow from operations for the first quarter was $331 million. CapEx for the quarter was $166 million or roughly 10% of revenue. Adjusted free cash flow for the quarter, which we define as net cash provided by operating activities, plus the proceeds from government grants related to capital expenditure, less purchases of property, plant and equipment and intangible assets as set out on the statement of cash flows, was $165 million.

現在讓我提供一些關鍵的資產負債表和現金流指標。第一季經營活動現金流為3.31億美元。本季的資本支出為 1.66 億美元，約佔營收的 10%。本季調整後的自由現金流為 1.65 億美元，我們將其定義為經營活動提供的淨現金，加上與資本支出相關的政府補助所得，減去現金流量表中列出的購買物業、廠房和設備以及無形資產。

At the end of the first quarter, our combined total of cash, cash equivalents and marketable securities stood at approximately $3.7 billion. We prepaid $664 million on our extending Term Loan A facility balance, lowering our total debt to $1.1 billion. We also have a $1 billion revolving credit facility, which remains undrawn.

截至第一季末，我們的現金、現金等價物及有價證券總額約為 37 億美元。我們預付了 6.64 億美元的延期定期貸款 A 額度餘額，將我們的總債務降至 11 億美元。我們還有 10 億美元的循環信貸額度尚未提取。

Next, let me provide you with our outlook for the second quarter of 2025. We expect total GF revenue to be $1.675 billion, plus or minus $25 million. Of this, we expect non-wafer revenue to be approximately 10% of total revenue. We expect gross margin to be in the range of 25%, plus or minus 100 basis points. Excluding share-based compensation, we expect total operating expenses to be $185 million, plus or minus $10 million. We expect operating margin to be in the range of 14%, plus or minus 180 basis points.

接下來，我來為大家提供我們對2025年第二季的展望。我們預計 GF 總收入為 16.75 億美元，上下浮動 2,500 萬美元。其中，我們預期非晶圓收入約佔總收入的10%。我們預計毛利率將在 25% 左右，上下浮動 100 個基點。不包括股權激勵費用，我們預計總營運費用為 1.85 億美元，上下浮動 1000 萬美元。我們預計營業利潤率將在 14% 左右，正負 180 個基點之間。

At the midpoint of our guidance, we expect share-based compensation to be approximately $52 million, of which roughly $15 million is related to cost of goods sold. We expect net interest and other income for the quarter to be between $3 million and $11 million and income tax expense to be between $33 million and $47 million.

在我們的指導中點，我們預計基於股票的薪酬約為 5,200 萬美元，其中約 1,500 萬美元與銷售成本有關。我們預計本季淨利息和其他收入在 300 萬美元至 1,100 萬美元之間，所得稅支出在 3,300 萬美元至 4,700 萬美元之間。

For 2025, we expect GF's non-IFRS effective tax rate for the year to be in the high-teens percentage range. Based on the multiple jurisdictions where we do business and the dynamic tax policy environment, we expect this indication to be consistent with our normalized tax run rate for the remainder of 2025. Based on a fully diluted share count of approximately 560 million shares we expect diluted earnings per share for the second quarter to be $0.36, plus or minus $0.05.

對於 2025 年，我們預計 GF 當年的非國際財務報告準則有效稅率將處於高十位數百分比範圍內。根據我們開展業務的多個司法管轄區和動態的稅收政策環境，我們預計這項指標將與 2025 年剩餘時間的正常稅率一致。基於約 5.6 億股的完全稀釋股份數量，我們預計第二季每股稀釋收益為 0.36 美元，上下浮動 0.05 美元。

GF has a consistent track record of prudent financial management, which continues to be critically important in an uncertain macro environment. We retain flexibility in our capital expenditure plans and will nimbly adapt to changes in the outlook trajectory. We remain highly focused on controlling costs while balancing the investments needed for our exciting long-term growth opportunities as highlighted by Tim and Niels.

GF 一直保持著審慎的財務管理記錄，這在充滿不確定性的宏觀環境下仍然至關重要。我們的資本支出計畫保持靈活性，並將靈活適應前景軌跡的變化。正如蒂姆和尼爾斯所強調的，我們仍然高度注重控製成本，同時平衡令人興奮的長期成長機會所需的投資。

For the full year 2025, we continue to expect OpEx to be roughly in line with that of 2024. Similarly, our CapEx expectations for the full year 2025 have not changed since our last earnings call.

對於 2025 年全年，我們仍然預計營運支出將與 2024 年大致持平。同樣，自上次收益電話會議以來，我們對 2025 年全年的資本支出預期也沒有改變。

In summary, the hard work and dedication of our employees around the world drove solid financial performance in the quarter, and we made good progress on our key strategic priorities. From our strong design win pipeline to our diversified product portfolio to our cost discipline and adjusted free cash generation, GF is well positioned to capitalize on the opportunities ahead.

總而言之，我們全球員工的辛勤工作和奉獻精神推動了本季穩健的財務業績，我們在關鍵策略重點上取得了良好進展。從我們強大的設計贏得管道到我們多樣化的產品組合，再到我們的成本控制和調整後的自由現金生成，GF 已做好準備，充分利用未來的機會。

I'll now pass it back to Tim for closing remarks before we move to Q&A.

在我們進入問答環節之前，我現在將其交還給蒂姆，請他作結束語。

Thanks, John. To recap, I would like to reiterate how strongly GF is committed and how uniquely GF is positioned to being a trusted partner for our customers. Our differentiated essential chip technologies offer customers a diverse portfolio of solutions to win in the end markets that they compete in. Our global footprint offers customers supply flexibility and security where they need us, both globally and locally.

謝謝，約翰。總而言之，我想重申 GF 的堅定承諾以及 GF 作為客戶值得信賴的合作夥伴的獨特定位。我們差異化的關鍵晶片技術為客戶提供了多樣化的解決方案組合，以贏得他們所參與競爭的終端市場。我們的全球業務範圍可為客戶提供全球和本地供應靈活性和安全性。

Our responsible manufacturing helps customers achieve their sustainability priorities as indicated by recent announcements featuring our collaboration with Infineon and Apple.

我們負責任的製造有助於客戶實現其永續發展優先事項，正如我們與英飛凌和蘋果合作的最新公告所表明的那樣。

In conclusion, the direct and indirect impacts of trade policy and the broader economic climate that this results in still remains to be seen. However, our first-quarter results demonstrate consistent execution and financial resilience. We will monitor the situation closely and take actions within our control to navigate the uncertain macro environment. However, our long-term growth opportunities and financial foundations remain strong.

總之，貿易政策及其造成的更廣泛的經濟環境的直接和間接影響仍有待觀察。然而，我們的第一季業績展現了持續的執行力和財務韌性。我們將密切關注局勢，並採取力所能及的行動來應對不確定的宏觀環境。然而，我們的長期成長機會和財務基礎依然強勁。

We will continue to leverage our unique and diversified global footprint to support customers and meet them where they need us. From ADAS to AI to SATCOM to Optical Networking, we continue to build design win momentum across end markets that will be critical enablers to the long-term megatrends in our industry. For that, I want to thank our employees for their hard work and dedication to our long-term objectives.

我們將繼續利用我們獨特且多樣化的全球影響力來支持客戶，並在他們需要的地方滿足他們的要求。從 ADAS 到 AI、從 SATCOM 到光網絡，我們將繼續在終端市場打造設計勝利的勢頭，這將成為我們行業長期大趨勢的關鍵推動因素。為此，我要感謝我們的員工為我們的長期目標所付出的辛勤工作和奉獻精神。

With that, let's open the call for Q&A. Operator?

現在，讓我們開始問答環節。操作員？

(Operator Instructions) Mark Lipacis, Evercore ISI.

（操作員指示）Mark Lipacis，Evercore ISI。

Tim, I believe you touched on the tariff issue on the cost side. I was wondering if you could give us a framework for thinking about tariffs on the revenue side? And perhaps maybe remind us what percentage of your revenues can you manufacture in multiple geographies?

提姆，我相信你談到了成本方面的關稅問題。我想知道您是否能為我們提供一個從收入角度思考關稅的框架？或許可以提醒我們一下，您可以在多個地區生產多少比例的收入？

And to what extent does the current tariff discussions out there give you better visibility into demand or enable you to take share from either your direct foundry competitors or from internal manufacturing groups at your own customers. So it would be great if you could provide any color on this side of the tariff dynamics.

目前的關稅討論在多大程度上可以讓您更好地了解需求，或者讓您從直接代工競爭對手或您自己客戶的內部製造集團手中奪取市場份額。因此，如果您能提供有關關稅動態方面的任何信息，那就太好了。

Yeah. Thank you, Mark, and obviously a very timely question. Just to be consistent with what we said already and what you're hearing from others in the industry, we haven't seen in the short term, significant impacts from tariffs, neither pushing out or pulling in of orders for sure for Q1 and Q2, that's the situation that we've been in.

是的。謝謝你，馬克，這顯然是一個非常及時的問題。為了與我們已經說過的以及您從業內其他人那裡聽到的保持一致，我們在短期內沒有看到關稅的重大影響，無論是推遲還是拉動第一季度和第二季度的訂單，這就是我們所處的情況。

Important to reiterate that for the second half and into 2026, it remains to be seen what the broader environment impact is from tariffs based on consumer demand and industrial demand. So that we remain obviously watching very closely and remain focused on.

需要重申的是，對於下半年和2026年，基於消費者需求和工業需求的關稅對更廣泛的環境的影響仍有待觀察。因此我們顯然會繼續密切關注並集中精力。

However, I think you're touching on something very important for us, which is how our manufacturing footprint provides optionality for customers in this difficult time. And I think what is interesting and has been picking up significantly is the inbound interest in specific sourcing choices. And let me zoom on the US as obviously the most relevant case in point here, where a number of our customers have been talking about further increasing US content either for existing road map products or for porting existing designs from either our competitors or from other geographies into the US.

但是，我認為您觸及了對我們來說非常重要的一點，那就是我們的製造足跡如何在這個困難時期為客戶提供選擇權。我認為有趣且日益增長的是人們對特定採購選擇的興趣。讓我放大一下美國，這顯然是這裡最相關的例子，我們的許多客戶一直在談論進一步增加美國內容，無論是現有的路線圖產品，還是將我們競爭對手或其他地區的現有設計移植到美國。

And that's been actually across sector. And we've seen that in areas like automotive, aerospace and defense, those that you think were traditionally very focused on domestic supply here in the US. But what's been interesting is how that has now grown into sectors like the data center, like communications infrastructure.

這實際上是跨行業的。我們已經看到，在汽車、航空航太和國防等領域，這些領域傳統上非常注重美國國內供應。但有趣的是，它現在已經發展成為資料中心、通訊基礎設施等領域。

And then even on the more consumer-facing sectors like mobile devices, and the IoT, we also see what was previously, let's say, a balanced preference to becoming much more of a strong preference for US sourcing. You touched on something else, I think, very relevant. We've been investing over the past period in making our manufacturing footprint as flexible as we can with the majority of technologies qualified in at least two fabs, in some cases, even three fabs, which allows us to also address different requirements of that customer base.

即使在行動裝置和物聯網等面向消費者的領域，我們也看到，先前的平衡偏好變成了對美國採購的強烈偏好。我認為您還提到了其他一些非常相關的內容。過去一段時間，我們一直在投資使我們的製造足跡盡可能靈活，大多數技術至少在兩家晶圓廠得到認證，在某些情況下甚至在三家晶圓廠得到認證，這使我們能夠滿足客戶群的不同需求。

So net-net, while the situation in the medium term is a little bit difficult to predict, I think long term, we definitely see this as a tailwind for GF.

因此，總體而言，雖然中期情況有點難以預測，但我認為從長遠來看，我們肯定會將此視為 GF 的順風。

Got it. Very helpful. And a follow-up, if I may, maybe for John. The ASPs, it looks like they came down. How should we think about ASPs for the rest of the year? And what levers are you pulling to offset the ASP declines to maintain the gross margins?

知道了。非常有幫助。如果可以的話，我想跟進一下，也許是針對約翰的。ASP 看起來好像倒了。我們該如何看待今年剩餘時間的 ASP？您採取了哪些措施來抵銷平均售價的下降以維持毛利率？

Yeah, Mark, certainly. So looking back at the kind of the framework for our ASP calculation, underutilization payments are component of wafer revenue. And as you can see, from year-to-year, as we mentioned in our prepared comments, that amount is down year-over-year from 2024 to 2025. So that's contributing significantly to the decline and average selling prices, that's one point.

是的，馬克，當然。因此，回顧我們 ASP 計算的框架類型，未充分利用的付款是晶圓收入的一部分。正如您所看到的，從逐年來看，正如我們在準備好的評論中提到的那樣，從 2024 年到 2025 年，這一數字逐年下降。所以這對平均售價的下降有重大影響，這是一方面。

Second, putting that aside and looking for the year, we do expect ASPs to decline roughly mid-single digits, broadly speaking, for the company for the year. And what's comprising that is primarily mix. That's the main factor at work there.

其次，撇開這一點不談，展望今年，我們預計該公司今年的平均售價總體上將下降約個位數的中段。這其中主要包含的是混合。這是起作用的主要因素。

And let me explain that where you can have a product that has many more mask layers versus on other products that change in the mask count, if you will, can drive a differential on the ASP calculation from a mix perspective. So that's really the primary effect Mark, that you're seeing.

讓我解釋一下，如果你願意的話，你可以擁有一個產品，它具有比掩模數量變化的其他產品更多的掩模層，可以從混合角度推動 ASP 計算的差異。所以這確實是您所看到的主要效果，馬克。

And parts gross margin, as you indicated, that is really the ultimate measure of how we're addressing that. And we see continue to have levers around gross profit margin to drive our performance, including better utilization, the roll-off of our depreciation costs, structural cost improvements and, as I mentioned, product mix can also be positive from a gross margin perspective even if you may see ASP impacts from the mix dynamic.

正如您所說，零件毛利率實際上是我們如何解決這個問題的最終衡量標準。我們看到，圍繞毛利率的槓桿作用繼續推動著我們的業績，包括更好的利用率、折舊成本的減少、結構性成本的改進，以及正如我所提到的，從毛利率的角度來看，產品組合也可以是積極的，即使你可能會看到產品組合動態對平均售價的影響。

And maybe, Mark, if I can just add a comment from my side there. We've said before, the overall pricing environment for our differentiated technologies is constructive. And the reason we still believe that to be the case is when we compete on these technologies, we're competing on features, the ability for us to add value to our customers for them to win in their markets. And actually also on time to market, which is a critical factor.

馬克，也許我可以在這裡添加一條我的評論。我們之前說過，我們差異化技術的整體定價環境是建設性的。我們仍然相信這一點的原因是，當我們在這些技術上競爭時，我們是在功能上競爭，是在為客戶增加價值以幫助他們在市場上獲勝的能力上競爭。實際上也要準時上市，這是關鍵因素。

And so those are difficult to do and therefore, scarce in terms of availability. And we remain -- price is always a factor, but it's definitely not the primary or even secondary factor in those awards. And I think as we mentioned in the prepared remarks, 90% approximately of our design wins over the last four quarters have been on that sole-sourced basis.

因此，這些很難做到，而且可用性也比較差。我們始終認為——價格始終是一個因素，但它絕對不是這些獎項的主要因素，甚至不是次要因素。我認為，正如我們在準備好的發言中提到的那樣，過去四個季度中，我們大約 90% 的設計勝利都是基於單一來源的。

There will always be a portion of our business, a smaller portion that is dual sourced and there'll be times in the market where we seek to increase our share of that dual source part for certain parts of our capacity. And that might mean an ASP trade-off where we get more revenue at lower pricing, but we'll do that very deliberately to optimize our utilization and improve our profitability. So that dynamic also plays out.

我們的業務中總會有一小部分是雙重來源的，有時我們會在市場上尋求增加某些產能的雙重來源部分的份額。這可能意味著我們需要權衡平均售價，以更低的價格獲得更多的收入，但我們會非常謹慎地這樣做，以優化我們的利用率並提高我們的獲利能力。所以這種動態也會發揮作用。

But as John said, ASP is not necessarily a good indicator for future profitability, a number of other factors that we mentioned are at work there.

但正如約翰所說，ASP 不一定是未來獲利能力的良好指標，我們提到的許多其他因素也在起作用。

CJ Muse, Cantor Fitzgerald.

CJ Muse、康托·菲茨傑拉德。

I was hoping to focus on your comms infra and data center business, Obviously, 2024 was a correction year. But your commentary on the call definitely sounds much more upbeat, both in terms of design wins and the growth trajectory for 2025. I know you've always been very strong in silicon photonics, but your commentary on transceivers.

我希望專注於您的通訊基礎設施和資料中心業務，顯然，2024 年是調整的一年。但您在電話會議上的評論聽起來肯定更加樂觀，無論是從設計勝利還是 2025 年的成長軌跡來看。我知道您在矽光子學方面一直很強，但您對收發器的評論。

You've got Grok, kind of newer players like Ayar Labs and Light Matter, and you also talked about SATCOM. So I believe you were thinking growth kind of in the high single digits before. How should we think about that now for 2025? And then perhaps more importantly, how should we be thinking about the growth within that segment beyond 2025?

您談到了 Grok，以及像 Ayar Labs 和 Light Matter 這樣的新玩家，您也談到了 SATCOM。所以我相信您之前考慮的成長率是高個位數。我們現在該如何思考 2025 年的問題？那麼也許更重要的是，我們該如何看待 2025 年以後該領域的成長？

Yeah. Thank you, CJ. I'll give an overview and then perhaps ask Neil to add a bit more color on our photonics in particular, since I know that's of interest. So as you note, we had significant year-on-year growth in communications infrastructure and data center in the first quarter. And we're looking to a high-teens growth for the full year for that market, which obviously is a strong growth for that segment.

是的。謝謝你，CJ。我會給出一個概述，然後可能會請尼爾對我們的光子學進行更多的介紹，因為我知道這很有趣。正如您所說，第一季我們的通訊基礎設施和資料中心年增率顯著。我們預計該市場將全年實現高十幾倍的成長率，這顯然是該領域的強勁成長。

And the reasons are very clear. Number one, obviously, we're seeing substantial investments more broadly in the data center. And the work that we've been doing over the past now multiple years to position GF technologies for those data center requirements is starting to really pay off.

原因非常清楚。首先，顯然，我們看到資料中心領域出現了更廣泛的大量投資。過去幾年來，我們一直致力於使 GF 技術滿足資料中心的需求，現在，這項工作開始真正取得成效。

And that's for a very clear reason. Today's data center uses a lot more data, more storage, more transmission of data for the applications and workloads in question and it does so with a significant increased power. And so we've been very much focused on positioning GF Technologies to serve those requirements, and that underpins that growth.

原因非常明確。當今的資料中心為相關應用程式和工作負載使用了更多的資料、更多的儲存空間和更多的資料傳輸，其功耗也顯著增加。因此，我們一直非常注重定位 GF Technologies 以滿足這些需求，這為成長奠定了基礎。

And as you also note, we don't just have one solution in that space. We have solutions on our silicon germanium platform in things like TIA and drivers, but also pluggable silicon photonics. And now as you start to note the transition to co-packaged optics. So again, I think not just a short-term story, but a long-term story for growth as well.

正如您所說，我們在該領域不僅有一個解決方案。我們的矽鍺平台上有TIA和驅動器等解決方案，還有可插拔矽光子學。現在您開始注意到向共封裝光學元件的轉變。所以，我認為這不僅僅是一個短期故事，也是一個長期成長的故事。

Neils, anything to add?

尼爾斯，還有什麼要補充的嗎？

Yeah, I can go a little bit deeper on the silicon photonics, but maybe also just highlight strong growth in the satellite communications side, where we were winning across the board and satellite communications, large space arrays antennas, strong design momentum there. SATCOM, satellite win from our 45RFSOI platform in addition to that, and of course, 22FDX and 12LP and 130NSX in the previously announced SATCOM platform. So strong growth there as well that plays into the CID.

是的，我可以更深入地探討矽光子學，但也許也可以強調衛星通訊方面的強勁成長，我們在衛星通訊、大型空間陣列天線等領域都取得了全面勝利，設計勢頭強勁。SATCOM，衛星除了從我們的45RFSOI平台獲得之外，當然還有先前宣布的SATCOM平台中的22FDX、12LP和130NSX。那裡的強勁成長也對 CID 產生了影響。

But maybe going a little bit deeper on silicon photonics. It is our fastest-growing battleground. It's an area we've been investing in for a long time. And we built a very strong technology versus competition, where we actually have the silicon photonics, optical integrated with the high-performance CMOS as I believe, the only supply in the industry.

但也許可以更深入研究矽光子學。這是我們發展最快的戰場。這是我們長期投資的領域。我們建立了非常強大的技術來對抗競爭對手，我們實際上擁有矽光子學、光學整合和高性能CMOS，我相信這是業內唯一的供應商。

So this is allowing us to have very strong performance in the pluggable segment that has taken off and is being used within data centers between the servers between data centers and then now good momentum building on the co-package designs which really is targeting the communication between the GPUs and CPUs in the data centers.

因此，這使得我們在可插拔領域擁有非常強大的性能，該領域已經起飛並被應用於數據中心內部、數據中心之間的伺服器之間，並且現在在共同封裝設計上建立了良好的勢頭，這實際上針對的是數據中心中 GPU 和 CPU 之間的通信。

So we just came from the Optical Fiber Conference, there were several customers, both larger and smaller ones, demonstrating co-packed technology solutions based on GF technologies. And as we speak here, in deep execution with multiple of the major players on co-packaged silicon photonics here under actually having tape-outs happening both within this quarter and the next few quarters. So feeling quite confident about the growth in silicon photonics and very excited about the co-packaged optics solutions.

我們剛從光纖會議回來，有幾個客戶，有大有小，展示了基於 GF 技術的共包裝技術解決方案。正如我們在這裡所說的那樣，在深度執行中，多個主要參與者在共同封裝矽光子學領域實際上將在本季度和未來幾個季度內進行流片。因此，我們對矽光子學的發展充滿信心，並對共封裝光學解決方案感到非常興奮。

Very helpful color. As a follow-up, I was hoping perhaps you could drill down into some of the other end markets. Our Auto kind of took a pause here in March. How are you thinking about the rate of recovery through the year? And do you see all kind of segments growing in calendar '25 or perhaps should we be perhaps more conservative on the smart mobile side? Any color there would be very helpful. Thanks so much.

非常有用的顏色。作為後續，我希望您能夠深入了解一些其他終端市場。我們的汽車業務在三月暫停了。您認為全年的復甦速度如何？您是否認為 2025 年各類細分市場都會成長，或者我們應該在智慧型手機方面採取更保守的態度？任何顏色都會很有幫助。非常感謝。

Yeah, of course. Let me maybe start with smart mobile devices. I think the base case remains largely consistent, so we're expecting a flattish market in 2025. IoT, specifically, last time, I mentioned that inventory was starting to come down, and we're expecting to see growth from some of the core IoT players. And that's exactly what you saw in the latest announcements from some of those players.

是的，當然。我先從智慧型移動設備開始吧。我認為基本情況基本上保持一致，因此我們預計 2025 年市場將保持穩定。具體來說，物聯網，上次我提到庫存開始下降，我們預期一些核心物聯網參與者將會成長。這正是您從一些球員的最新聲明中看到的內容。

We grew -- GF grew IoT year-on-year in Q1. However, due to the uncertainty on the consumer spend, we expect the year to be more of a flattish kind of IoT.

我們實現了成長——GF 第一季的物聯網業務年增。然而，由於消費者支出的不確定性，我們預期今年的物聯網發展將較為平淡。

Longer term though, very well positioned with our high power and CMOS portfolio. And we have solid design momentum in areas like medical, audio, industrial power, connectivity, tracking, identification, and security. So pretty much across all the segments, solid design win growth and proof points from Q1 in IoT design wins in WiFi 7 with our FinFET portfolio.

但從長遠來看，我們的高功率和 CMOS 產品組合處於非常有利的地位。我們在醫療、音訊、工業電力、連接、追蹤、識別和安全等領域擁有強勁的設計勢頭。因此，幾乎所有細分市場都憑藉我們的 FinFET 產品組合獲得了穩健的設計勝利增長，並且從第一季開始在 WiFi 7 中的物聯網設計勝利中獲得了證明點。

And I want to remind people our FinFET portfolio is getting more and more optimized for low power and thereby NII performance, and therefore, have a great fit for WiFi 7. MCU and audio DSPs or connected MCUs and AI-enabled audio DSPs and 22FDX. And then medical, power and seller IoT on a broader base on 130 and 55BCD light. So pretty really good design momentum in IoT and expecting after '25 to drive some growth.

我想提醒大家，我們的 FinFET 產品組合針對低功耗和 NII 效能進行了越來越多的最佳化，因此非常適合 WiFi 7。MCU 和音訊 DSP 或連接的 MCU 和支援 AI 的音訊 DSP 和 22FDX。然後，在 130 和 55BCD 光的更廣泛基礎上，醫療、電力和賣家物聯網。因此，物聯網的設計勢頭非常好，預計 25 年後將推動一些成長。

And then let me wrap it up on Automotive, we continue to be bullish on Automotive. You remember that we have consistently delivered share gains since our IPO. And you probably also remember that last year, we delivered about 15% year-on-year Automotive growth in '24. So today, really a result of design wins over the last several years. But what I'm excited about is we have stepped it up in terms of automotive qualifications.

然後讓我總結一下汽車產業，我們繼續看好汽車產業。您記得，自首次公開募股以來，我們的股價一直在持續上漲。您可能還記得，去年，我們 24 年的汽車銷量年增了約 15%。所以今天，這其實是過去幾年設計勝利的結果。但令我興奮的是，我們在汽車資格方面取得了進展。

You mentioned earlier that all our fabs are now automotive qualified. But in addition to that, all our major technologies are automotive qualified and several of them are automotive pro qualified. A couple of year technologies I'd like to call out is 40ESF3, obviously, big momentum there with the leading MCU automotive MCU provider in the industry. 130BCD, very strong in battery management systems. And then now 22FDX being seeing very, very strong traction across all sensor applications and specifically in RADAR.

您之前提到，我們所有的晶圓廠現在都符合汽車標準。但除此之外，我們所有的主要技術都符合汽車標準，其中一些還符合汽車專業標準。我想提到的幾年技術是 40ESF3，顯然，作為業內領先的 MCU 汽車 MCU 供應商，它有著巨大的發展勢頭。130BCD，電池管理系統非常強大。現在，22FDX 在所有感測器應用，特別是在雷達領域，都表現出非常強勁的吸引力。

So the future looking as strong as what we have in the past, and we really feel we are positioned to continue to take share in the automotive space.

因此，未來看起來和過去一樣強勁，我們確實覺得我們有能力繼續在汽車領域佔據份額。

CJ, this is John. I just want to add one point of clarification. So our view on smart mobile devices for the year on being flattish is net of the underutilization payment delta from year-to-year, which is about $100 million.

CJ，這是約翰。我只想補充一點澄清。因此，我們認為今年智慧型行動裝置的銷量將保持平穩，這是扣除逐年未充分利用的付款差額後的結果，該差額約為 1 億美元。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

For the first one, is exiting 2025 at 30% gross margin still the target? And if yes, is that consistent with growing Q3 and Q4 kind of at this mid-single-digit rate sequentially? Or has anything changed in that framework versus how you thought about it on the last earnings call?

第一個問題，到 2025 年實現 30% 的毛利率仍然是目標嗎？如果是的話，這是否與第三季和第四季連續以中位數個位數的速度成長一致？或者與您在上次收益電話會議上所想的相比，該框架有什麼變化嗎？

Yeah. Thank you, Vivek. And so maybe I'll give a bit of color on our overall trajectory to margin expansion, and then John gives some color on 2025 itself. And so, there are really three factors that give us a lot of confidence in our ability to grow margins in line with our long-term target of 40%. And we talked about some of them on the call already.

是的。謝謝你，維韋克。因此，也許我會對我們的利潤率擴張的整體軌跡做出一些描述，然後約翰會對 2025 年本身做出一些描述。因此，有三個因素讓我們對實現 40% 的長期利潤率成長能力充滿信心。我們在電話中已經討論過其中一些問題。

The first one is the ramp of differentiated technologies. And so all these design wins we've mentioned where we're competing on performance, we were competing on ability to add value to our customers. The vast majority come in significantly above our corporate averages and our corporate goals in terms of those price outcomes. And that gives us confidence in the ability to ramp as those grow as part of our business.

一是差異化技術的爬坡。我們提到的所有這些設計勝利都是在性能上競爭，在為客戶增加價值的能力上競爭。就價格結果而言，絕大多數都遠高於我們的公司平均和公司目標。這使我們有信心隨著這些業務的成長而不斷提升自己的能力。

I think the second factor is the depth we have with customers, but also the opportunity to do more. As you can imagine, I've been on the road in the last couple of months, spending a lot of time with customers and I would say, with no exceptions, the appetite to do more in existing areas but also in new areas is very strong.

我認為第二個因素是我們與客戶的深度，以及做更多事情的機會。你可以想像，過去幾個月我一直在路上，花了很多時間與客戶在一起，我想說，毫無例外，我們在現有領域和新領域做更多事情的願望非常強烈。

And even for some customers where we have relatively low share today, the opportunity to do more is very much there. And some of that is the differentiated technologies, but also some of it is back to the footprint discussion that we had earlier. So there's appetite to significantly increase.

即使對於我們目前份額相對較低的一些客戶，我們也有很大機會做更多的事情。其中一些是差異化技術，但也有一些與我們之前討論的足跡有關。因此，人們的胃口會大幅增加。

But the third factor that's really structural is that we have a significant manufacturing footprint, as you heard in the prepared remarks, we've invested over $7 billion since 2021 to build that footprint, both scale and diversification, and that allows us to serve anywhere between $9 billion and $10 billion of revenue depending on the mix without significant CapEx spending and definitely without significant increase in fixed cost.

但第三個真正結構性的因素是我們擁有重要的製造業足跡，正如您在準備好的發言中所聽到的，自 2021 年以來，我們已投資超過 70 億美元來構建這一足跡，包括規模和多樣化，這使我們能夠提供 90 億美元至 100 億美元的收入，具體取決於組合，而無需大量的資本支出增加。

And that allows us to basically have a lot of accretive flow-through from top line growth, both of those design wins and customer depth ramps, but also as the broader market comes back. And that gives me long-term confidence in our model.

這使我們基本上能夠從營收成長中獲得大量增量流量，這既包括設計的勝利和客戶深度的提升，也包括更廣泛的市場的回歸。這讓我對我們的模型充滿長期信心。

Perhaps, John, you can comment about 2025 itself.

約翰，也許你可以對 2025 年本身發表一些評論。

Yeah, sure, Vivek. So clearly, the tariff concern is lingering out there, as Tim and Neils have both indicated and potentially impacting the more consumer-oriented end markets that we have in SMB in some portions of our IoT market, so we just talked a knowledge that.

是的，當然，維韋克。因此，很明顯，關稅問題仍然存在，正如 Tim 和 Neils 所指出的，並且可能會影響我們在物聯網市場某些部分的中小企業中面向消費者的終端市場，所以我們只是談論了這一點。

Putting that aside, under the base case of growth this year, we do expect utilization to increase. Our utilization level in Q1 was around 80% in our factories. So it starts with that. That's a key element to absorbing our fixed costs and improving our gross profit margin.

除此之外，根據今年的成長基準，我們確實預期利用率會增加。我們工廠第一季的利用率約為 80%。所以一切就從那開始。這是吸收固定成本和提高毛利率的關鍵因素。

The second factor is the improvement in our depreciation costs as we've been able to operate in a more CapEx-light manner for the last couple of years here at around 10%, even less as a function of our revenue on CapEx and leveraging the substantial amount of investment in our factories that have been made over the years, as Tim indicated in his prepared commentary, and we remain confident that, that improvement would be on the order of about $250 million in fiscal 2025, a vast majority of which does affect gross profit margin. So that's another key factor at work here.

第二個因素是我們的折舊成本有所改善，因為過去幾年我們能夠以更輕資本支出的方式運營，約為 10%，甚至更低，因為我們的資本支出收入和利用多年來對我們工廠的大量投資，正如蒂姆在他準備好的評論中所指出的那樣，我們仍然相信，到 2025 財年，這一將達到約 2.5 億美元，其中大部分會影響毛利率。這是另一個關鍵因素。

Third is an improving product mix where some of the exciting new highly differentiated product lines that Neils was talking about that are ramping are actually coming in at above corporate average gross profit margin. So that helps us as well.

第三是產品組合不斷改善，尼爾斯談到的一些令人興奮的、高度差異化的新產品線正在增加，其毛利率實際上高於企業平均水平。這對我們也有幫助。

And finally, we have ongoing efforts in terms of structural cost improvement to help improve our efficiency. So putting that all together, Vivek, we do continue to have the view that with the base case assumptions, we have the possibility to exit 2025 at 30% gross margin.

最後，我們不斷努力改善結構成本，以提高效率。所以綜合起來，Vivek，我們確實仍然認為，按照基本情況假設，我們有可能在 2025 年實現 30% 的毛利率。

Very helpful. And for my follow-up, maybe I'm kind of nitpicking here, but you mentioned that wafer ASPs could come down sort of in the mid-single-digit range. When we look at commentary from a lot of the diversified automotive, industrial IoT customers, they're indicating their pricing will only go down kind of low-single digits. And I don't know whether I'm reading too much into this, but conceptually, should your pricing come down at the same pace, why would it be different?

非常有幫助。至於我的後續問題，也許我在這裡有點吹毛求疵，但您提到晶圓平均售價可能會下降到個位數中間值。當我們查看許多多元化汽車、工業物聯網客戶的評論時，他們表示他們的定價只會下降個位數。我不知道我是否對此過度解讀，但從概念上講，如果您的定價以相同的速度下降，那為什麼會有所不同？

And then I also had a point of clarification there. What was the apples-to-apples wafer price decline? Because on a reported basis, it is down 13%. But if I remove the $82 million, I think you had in termination fees in Q1 last year, it's down 8%. So I just wanted to kind of clarify that numerically. And then why should there be a difference between how your customers are planning their pricing versus how you are thinking about your wafer pricing? Thank you.

然後我也有一個澄清點。同類晶圓價格下跌幅度如何？因為根據報告，它下降了 13%。但如果我去掉去年第一季的 8,200 萬美元的終止費，我想它下降了 8%。所以我只是想從數字上澄清這一點。那麼，為什麼您的客戶制定的定價方案與您考慮的晶圓定價方案之間會有差異呢？謝謝。

Yeah, Vivek. So certainly, the kind of three factors that work here are the underutilization payment dynamic. I think you understand that. And then looking beyond that, it's really a combination of primarily mix changes. So I mentioned that earlier in the earlier responses where different types of products to carry different ASPs. And some products with lower ASPs actually have higher gross profit margin. So that's not really a great indicator on profitability from that dynamic.

是的，維韋克。因此，可以肯定的是，這裡起作用的三個因素是未充分利用付款動態。我想你明白這一點。再進一步看，它實際上主要是混合變化的組合。我之前在回覆中提到過，不同類型的產品有不同的 ASP。一些平均售價較低的產品實際上毛利率較高。因此，從動態角度來看，這並不是一個真正好的獲利指標。

And then finally, it's the point that Tim was mentioning, where in some few cases, we have chosen to take market share with modest price allowance in some markets where there's a dual source dynamic, but that's not the major driver, the major driver of the first two factors that I mentioned.

最後，這就是蒂姆提到的觀點，在少數情況下，我們選擇在存在雙重來源動態的一些市場中以適度的價格補貼來佔領市場份額，但這不是主要驅動因素，不是我提到的前兩個因素的主要驅動因素。

Yeah, if I may, maybe just explaining why lower ASPs is not necessarily equivalent to lower margin. You look at the process nodes that we are positioning into the market space and maybe have very good differentiation and good margin on. Some of those process nodes have only what we call 25 mask layers versus other processor notes that already in production are sitting maybe at 50, 60 mask layers. So you can very quickly understand that the cost difference between two technologies like that is quite big. And thereby, you can, at a lower wafer ASP, you can end up with much better margins.

是的，如果可以的話，也許只是解釋為什麼較低的 ASP 並不一定等於較低的利潤率。您可以查看我們在市場空間中定位的流程節點，它們可能具有非常好的差異化和良好的利潤率。其中一些製程節點只有我們所說的 25 個遮罩層，而其他已投入生產的處理器可能有 50、60 個遮罩層。所以你很快就能明白，兩種技術之間的成本差異是相當大的。因此，您可以以較低的晶圓平均售價獲得更高的利潤。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Lots of good stuff on the year as a whole. I want to just get a little shorter term with my first question. For the second quarter guide by end markets versus the roughly up 6% overall, which markets are growing above that or below that or if you want to talk kind of in absolute terms? And what's the reasons behind those drivers by end market, please?

整體來說，今年發生了很多好事。我的第一個問題想問得簡短一點。對於第二季終端市場指引，相對於整體約 6% 的漲幅，哪些市場的成長高於或低於這一水平，或者您想從絕對值來談論嗎？那麼，終端市場驅動因素背後的原因是什麼？

John, do you want to comment and then I'll add some color?

約翰，你想發表評論然後我會添加一些顏色嗎？

Yeah, sure. I mean we generally see a fairly consist pattern there, Ross, of the improvement in the second quarter. And we mentioned the first quarter being below point to more mobile device category, but it's fairly well distributed.

是的，當然。羅斯，我的意思是，我們總體上看到第二季的改善模式相當一致。我們提到第一季的行動裝置類別較多，但分佈相當均勻。

Thanks for that. And then I guess a bigger picture question. Tim, in your preamble, you talked about confidence in the company's ability to grow over time for a number of different organic reasons, but you also mentioned inorganic. I don't expect you to comment on any specific deals or opportunities, but just wondered what is the general strategy around what you would look for in those inorganic opportunities? .

謝謝。然後我想問一個更大的問題。提姆，在你的序言中，你談到了對公司隨著時間的推移而增長的能力的信心，原因有很多，但你也提到了無機因素。我不指望您對任何特定的交易或機會發表評論，只是想知道您在這些無機機會中尋找的整體策略是什麼？。

Yeah. Thank you, Ross. So for us, the way we think about M&A as a growth lever is really very much in line with our strategy. And so as we've laid out in the past, going deeper on a differentiated essential chip portfolio, meeting our customers where they need us and adding capabilities that meet their requirements.

是的。謝謝你，羅斯。因此，對我們來說，將併購視為成長槓桿的想法確實非常符合我們的策略。正如我們過去所規劃的那樣，我們將深入研究差異化的基本晶片產品組合，滿足客戶的需求，並增加滿足他們要求的功能。

And then obviously, our footprint itself. And I'd say if you'd have to think about where we'd be most focused in inorganic, it's really on the first of those pillars and potentially are slightly on the second. And so we'll look for areas where we can add value to our existing offering and that could be on the technology side, like the acquisition we made last year with Tagor Technologies, but similar areas where we can bring value to the platform.

顯然，還有我們的足跡本身。我想說，如果你必須考慮我們在無機領域最關注的是什麼，那麼我們實際上應該關注的是第一大支柱，並且可能稍微關注第二大支柱。因此，我們將尋找可以為現有產品增加價值的領域，這可能是在技術方面，例如我們去年對 Tagor Technologies 的收購，但也有一些類似的領域我們可以為平台帶來價值。

There's nothing critical needed to execute our strategy, but we'll definitely be opportunistic about opportunities that can help us accelerate based on that differentiation.

執行我們的策略並不需要什麼關鍵的東西，但我們一定會抓住機會，利用這種差異化優勢來幫助我們加速發展。

Ross, if I could just quickly add. In terms of our firepower in terms of inorganic activity, we're very well positioned. We ended the quarter with $3.7 billion in cash and investments and another $1 billion capacity on our revolver that's undrawn. So that puts us in a good position. And I also want to emphasize that we continue to view free cash flow generation as a major goal for this year and have the goal of exceeding $1 billion in free cash flow again in 2025 as we did in 2024.

羅斯，如果我可以快速補充的話。就我們在無機活動方面的火力而言，我們處於非常有利的地位。本季結束時，我們擁有 37 億美元的現金和投資，另外還有 10 億美元的循環信貸額度尚未提取。這讓我們處於有利地位。我還想強調的是，我們繼續將自由現金流的產生視為今年的主要目標，並計劃在 2025 年再次實現超過 10 億美元的自由現金流，就像我們在 2024 年實現的那樣。

Chris Caso, Wolfe Research.

克里斯·卡索（Chris Caso），沃爾夫研究公司。

The first question, it's just a clarification of the underutilization charge payments. Do you expect with the elimination of the payments that happened last quarter, are we pretty much done with that headwind? Is there any potential future headwinds, anything left to roll off? And can you quantify in getting to this goal of 30% gross margins for the year? What's the headwind from the absence of unutilization payments on a year-on-year basis?

第一個問題，這只是對未充分利用費用支付的澄清。您是否認為，隨著上個季度付款的取消，我們是否已經基本擺脫了這個不利因素？未來是否有潛在的阻力，還有什麼需要克服的嗎？您能否量化實現今年 30% 毛利率的目標？與去年同期相比，未使用付款的缺失會帶來什麼不利影響？

Yes, Chris, this is John. It's -- yes, the first part of your question is yes, we do expect that to be largely behind us, if you will. You may have some modest amount of this from time to time. But largely behind us. And it's several points of gross profit margin that we are overcoming here.

是的，克里斯，這是約翰。是的，您問題的第一部分是肯定的，如果您願意的話，我們確實希望這在很大程度上成為過去。您可能偶爾會有一些適量的這種情況。但基本上已經過去了。我們正在克服這裡的幾個毛利率問題。

And related to that, if you wish to think of it that way. I mean, really, the way I think of it more is that this has allowed us the ability to absorb a downturn in the industry, and we had the framework in place to allow us to be partially compensated for that. So I actually think it was positive -- very positive from that aspect. But as you understand the angle of how you're asking.

與此相關，如果你願意這樣想的話。我的意思是，實際上，我更認為這讓我們有能力吸收行業低迷時期的影響，並且我們已經建立了框架，可以讓我們獲得部分補償。所以我實際上認為這是積極的——從這個方面來說非常積極。但如你所理解的，你提問的角度是怎麼樣的。

Okay. Also in your prepared remarks, you talked a bit about the tariff impact. And I guess I'm focused here on the direct impact, such as additional costs that you may have to encounter on that. I guess, one is, have you done any work with being able to identify what the magnitude of that may be. And then secondly, what's your ability to pass it on to customers?

好的。另外，在您準備好的發言中，您談到了關稅的影響。我想我在這裡關注的是直接影響，例如您可能遇到的額外費用。我想，首先，您是否做過任何工作來確定其嚴重程度。其次，你將其傳遞給客戶的能力如何？

Yeah, Chris, this is John again. So we have analyzed that. And clearly, good portion of the semiconductor input landscape is exempt from tariff, but not 100% of it. So looking at the balance of input cost that is not exempt from tariff. We have roughly estimated that at about a $20 million annualized impact on us with a very minimal portion of that affecting second quarter that is comprehended in our guidance, by the way.

是的，克里斯，我又是約翰。所以我們對此進行了分析。顯然，很大一部分半導體投入品是免關稅的，但並非全部。因此，看看不免關稅的投入成本的平衡。順便說一句，我們粗略估計，這對我們每年的影響約為 2000 萬美元，其中影響第二季度的部分非常小，這在我們的指導中已經得到體現。

So that's the rough framing. We'll definitely need to keep an eye on this and monitor it, which we are doing. And yes, as we continue to assess the materiality of tariffs overall, we will look at how we can pass this through in terms of our ASP and commercially.

這就是粗略的框架。我們絕對需要密切關注並監控這一點，我們正在這樣做。是的，隨著我們繼續評估關稅的整體重要性，我們將研究如何從平均售價和商業角度轉移這種影響。

Yeah. And I think, Chris, just to add from my side, I mean the reason that impact is so low is based on the fact that we've got a very diversified supply chain on a global basis and all of our fabs have a broad set of suppliers that we can tap into if we see dynamics like this. And so we're able to keep that to a bare minimum relative to some other companies.

是的。克里斯，我想補充一下，影響之所以這麼小，是因為我們在全球範圍內擁有非常多樣化的供應鏈，而且我們所有的晶圓廠都有廣泛的供應商，如果我們看到這樣的動態，我們可以利用這些供應商。因此，與其他一些公司相比，我們能夠將這一比例保持在最低水平。

Yeah. It's John -- a final point. I mean, bear in mind, our solar global footprint, where a good portion of our manufacturing is outside the United States. So two of our three 300-millimeter fabs are not in the United States as well.

是的。這是約翰——最後一點。我的意思是，請記住，我們的太陽能全球足跡，其中很大一部分製造都在美國以外。因此，我們的三座 300 毫米晶圓廠中也有兩座不在美國。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

I just wanted to ask on the second quarter gross margin. It looks like the guidance for 25% implies a fairly low or maybe on the low side, incremental fall-through on the second quarter, just wondering if there are any specific puts or takes on second quarter gross margin at 25%?

我只是想問一下第二季的毛利率。看起來 25% 的指引意味著第二季的毛利率會相當低，或者可能偏低，只是想知道對於第二季 25% 的毛利率是否有任何具體的預期或看法？

Quinn, it's really mix from that perspective, and -- but -- yeah, so really looking at the mix primarily driving that.

奎因，從這個角度來看，這確實是一種混合，而且 — — 但是 — — 是的，所以真正看的是主要推動這一點的混合。

Great. And then maybe a longer-term question. You guys talked about several design wins and tape-out imminent on the CPO side. Based on your discussions with the customers, when do you see the volume ramp? Is that something you think ramps in '26? Does it take longer to get, especially on the scale-up network side?

偉大的。然後也許還有一個長期問題。你們談到了 CPO 方面的幾項設計勝利和即將進行的流片。根據您與客戶的討論，您認為何時銷售量會增加？您認為這在 26 年會增加嗎？是否需要更長的時間才能實現，特別是在擴大網路方面？

I think maybe I'll just give a bit of color on that trajectory and then ask Neils for what we're hearing in the industry more broadly.

我想也許我應該對這個軌跡做一點說明，然後向尼爾詢問我們在業界聽到的更廣泛的消息。

The industry has gone through an evolution of its view about the ramp-up for photonics. And I think it's very clear that this has moved from an if to a when statement, both on use of photonics more broadly, but definitely on CPO and there were announcements I know Neils as mentioned, but even before OC including industry dates like NVIDIA that talked about co-packaged optics for scale-out applications in their case. So I think there's no more debate about whether or not CPO. Obviously, rate and pace of transition is always a little bit uncertain.

業界對於光子學發展的看法已經改變了。我認為很明顯，這已經從一個“如果”變成了“何時”，既涉及光子學的更廣泛應用，也肯定涉及 CPO，而且我知道 Neils 已經發布了公告，但甚至在 OC 之前，包括 NVIDIA 等行業日期，他們談到了用於橫向擴展應用的共同封裝光學器件。所以我認為關於是否採用 CPO 已經不再有爭議。顯然，轉變的速度和步伐總是有點不確定。

Maybe Neil's share a bit your perspective on that.

也許尼爾對此的看法與你有些相同。

Yeah. Maybe the best way to think about it is what co-packers upticks does within the data center between the GPUs is it enables a pretty substantial performance improvement as well as a pretty substantial power reduction and -- so when you think about the next-generation data centers, this is just becoming even more urgent now that you can see what you can actually achieve.

是的。也許最好的思考方式是，聯合包裝商在資料中心的 GPU 之間所做的提升是，它能夠實現相當可觀的效能提升以及相當可觀的功耗降低——因此，當您考慮下一代資料中心時，這變得更加緊迫，因為您可以看到您實際上可以實現的目標。

And that is what really have heightened urgency from the major players in getting this to market as fast as they can. So we're excited about it. We've got the technology well positioned and ready. We have our teams maniacally focused on flawless execution as we work through it. And we will we expect to be ramping with these players among the earliest of the optical silicon photonics players.

這也真正提高了主要參與者盡快將該產品推向市場的緊迫性。所以我們對此感到很興奮。我們已經做好了技術準備並做好了充分準備。在工作過程中，我們的團隊全神貫注於完美執行。我們期望與這些最早進入光學矽光子學領域的企業一起發展。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

I told the first one on the smart mobile side. I think, John, you mentioned there was some inventory reduction. Was it concentrated at one customer? Was it more broad based? And also within mobile, you seem like you're getting more traction in RF front-end products, how to think about those gross margin versus the 22, 55-nanometer mobile products? And then I have a quick follow-up.

我講的是智慧型手機端的第一個。約翰，我想你有提到庫存減少。它是否集中針對一位顧客？它的基礎是否更加廣泛？而且在行動領域，你們似乎在射頻前端產品方面獲得了更多的關注，與 22、55 奈米行動產品相比，如何看待這些產品的毛利率？然後我有一個快速的後續問題。

So maybe, Neil, you can comment on the market.

所以，尼爾，也許你可以對市場發表評論。

Yeah. I would say maybe less of an inventory but more of an underutilization charge that happened earner and thereby the change -- when you take that out of the picture or exclude that out of the picture, basically flattish. But I think what's really exciting for us in the smart mobile device space is that not only do we have strength and solid design wins on the front lines, like you mentioned, but we actually also are starting to see very good solid momentum on display imaging as well as haptics and audio in the S&D space.

是的。我想說的可能是庫存較少，而利用不足的費用較多，從而產生了變化——當你將其從圖片中剔除或排除在圖片之外時，基本上是持平的。但我認為，在智慧型行動裝置領域，真正讓我們興奮的是，我們不僅在前線擁有實力和穩固的設計勝利，正如您所提到的，而且我們實際上也開始看到顯示成像以及觸覺和音訊在 S&D 領域的非常好的穩固發展勢頭。

And not to mention smart glasses where we got our first major design win here in first quarter for micro LED displays. So there's a lot more going on than just a front end.

更不用說智慧眼鏡了，我們在第一季就獲得了微型 LED 顯示器的首個重大設計勝利。因此，除了前端之外還有很多事情要做。

And in general, I would say the margins are accretive to our business, the margin we are winning at accretive to our business, to answer your specific question.

總的來說，我想說利潤率會增值我們的業務，我們贏得的利潤率會增值我們的業務，回答您的具體問題。

Got it. Got it. Very helpful. And then just a quick follow-up on autos. And thanks for all the color that you gave on tariffs. I understand there's so many moving parts there. But given that on the end market for autos, like obviously tariff has an impact, China versus US auto, the difference in their growth. But curious, factoring all of that, so you still expect double-digit growth in autos for your auto segment this year?

知道了。知道了。非常有幫助。然後我們來快速跟進一下汽車問題。感謝您對關稅問題的詳細解釋。我知道那裡有很多活動部件。但考慮到汽車終端市場，關稅顯然會產生影響，中國和美國汽車的成長存在差異。但令人好奇的是，考慮到所有這些因素，您仍然預計今年汽車產業將實現兩位數的成長嗎？

Yeah. And I think maybe a general view and please add to it Neils as well. This is very much a story of GF share gain relative to others versus increase in sales at the forecourt -- increasing. Obviously, that environment is relatively weak. But GF share gain story is relatively strong, and that's based on number one, us winning with our customers, but also our customers and Neil's cases and specific examples, winning in their markets and taking share. So we remain very confident based on those share dynamics.

是的。我認為這也許是一種普遍的觀點，請 Neils 也補充一下。這很大程度上是一個關於 GF 相對於其他公司的份額增長以及前院銷售額增加的故事——不斷增加。顯然，那個環境是比較弱的。但 GF 的市佔率成長故事相對較強，這是基於第一點，即我們與客戶共同獲勝，同時也基於我們的客戶和 Neil 的案例和具體例子，在他們的市場中獲勝並佔據份額。因此，我們對這些股票動態仍然非常有信心。

And the share gains comes from, of course, the original play in automotive MCU, where we have the design wins with the fastest-growing players. But it's also very exciting what we're seeing. I mentioned earlier, what we're seeing on our power technologies for battery management system as well as the body power controls within the car. And then, of course, all the sensors and specifically RADAR, where 22FDX has really become an industry standard. So the share gains come from our original position and then in addition, adding new market areas where we are growing from almost nothing to more meaningful revenue.

當然，份額的成長來自於汽車 MCU 領域的原始表現，我們在該領域與成長最快的廠商合作贏得了設計勝利。但我們所看到的也非常令人興奮。我之前提到過，我們在電池管理系統以及汽車車身電源控制方面看到的電源技術。當然，所有感測器，特別是雷達，22FDX 已真正成為業界標準。因此，份額的成長不僅來自於我們原有的地位，也來自於新增的市場領域，在這些領域中，我們的收入從幾乎為零成長到更有意義的水平。

We'll take one last question.

我們再回答最後一個問題。

Mehdi Hosseini, SIG.

邁赫迪·胡賽尼（Mehdi Hosseini），SIG。

So my question is on home and IoT. I'm filling in for Mehdi. It's Sebastian. You saw two quarters of year-on-year growth I was wondering if you could give us some color on how much of that 6% is being driven by volume versus pricing? And is it improving your visibility relating to the add of inventory digestion that has been a little bit hard to call. And I have a follow-up.

我的問題是關於家庭和物聯網的。我正在代替邁赫迪。是賽巴斯蒂安。您看到了兩個季度的同比增長，我想知道您是否可以告訴我們這 6% 中有多少是由銷量而不是價格推動的？它是否提高了與增加庫存消化有關的可見性，這有點難以稱呼。我還有一個後續問題。

Yeah, Neils, do you want to comment on the market?

是的，尼爾斯，你想評論市場嗎？

Yes, I can comment that. As mentioned earlier on, the inventory has certainly come down and are now at more what do we say, net normal levels. Also I mentioned earlier on, you see the players that are strictly IoT players, you actually see them having a very strong growth in Q1. I'm sure you saw some of those announcements. And that's really what we believe that we're seeing as well. Again, as I mentioned earlier on, we are cautious here because of consumer sentiment.

是的，我可以評論這一點。正如前面提到的，庫存確實下降了，現在處於我們所說的淨正常水準。我之前也提到過，你會看到那些嚴格的物聯網參與者在第一季實現了非常強勁的成長。我確信您已經看到了其中一些公告。我們也確實相信我們看到了這樣的情況。再次，正如我之前提到的，由於消費者情緒，我們對此持謹慎態度。

But I can mention maybe a couple of major wins that we had in Q1. We have WiFi 7 on our FinFET technology, connected MCUs, AI-enabled audio DSPs, medical, block cost monitoring, power in general and then sell IoT. So these are all design wins we had in the first quarter that bodes well for where IoT is going for GF in the future.

但我可以提及我們在第一季取得的幾項重大勝利。我們的 FinFET 技術上有 WiFi 7、連接的 MCU、支援 AI 的音訊 DSP、醫療、區塊成本監控、一般電源，然後銷售物聯網。這些都是我們在第一季取得的設計勝利，預示著 GF 未來在物聯網領域的發展前景良好。

And did you have a quick follow-up?

您是否進行了快速跟進？

Yeah. In terms of smart mobile, I think the revenue was a little bit lower than we expected. Any particular category on the high end or mid-end smartphone that you saw driving that decline in revenue? And related to the consumer demand, is that decline more of a building customers building more inventory than expected? Or is that more of a consumer demand? Or -- if you could just share a little bit of light on this particular dynamic in this part.

是的。就智慧型手機而言，我認為收入略低於我們的預期。您認為高階或中階智慧型手機的哪個特定類別導致了收入的下降？與消費者需求相關，這種下降是否更多的是因為客戶累積了比預期更多的庫存？還是這更多的是消費者的需求？或者——如果您可以就這一部分中的這一特定動態分享一些見解。

You bet. This is John. I really point to two factors. One, as Neils has mentioned several times, it's the roll-off of the underutilization payments from one year ago to first quarter '25. Secondly is just the seasonality of this being a seasonally low period. We expect SMD to continue to ramp throughout the year.

當然。這是約翰。我實際上指出了兩個因素。首先，正如尼爾斯多次提到的那樣，這是從一年前到2025年第一季未充分利用付款的結轉。其次，這只是季節性的，這是一個季節性的低迷期。我們預計 SMD 全年將持續成長。

Thanks, Martin, and thank you, Andrew, for in appreciate everyone and the questions raised today. We look forward to seeing and speaking to you many of you over the next quarter. Thank you

謝謝馬丁，也謝謝安德魯，謝謝大家並感謝今天提出的問題。我們期待在下個季度與你們見面並進行交流。謝謝

Ladies and gentlemen, thank you for participating. This does conclude today's program, and you may now disconnect.

女士們、先生們，感謝你們的參與。今天的節目到此結束，大家可以斷開連結了。