格芯 (GFS) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the GlobalFoundries conference call to review second quarter of fiscal 2025 financial results. (Operator Instructions). As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Sam Franklin, Vice President, Business Finance and Investor Relations.

感謝您的支持，歡迎參加 GlobalFoundries 電話會議，回顧 2025 財年第二季的財務表現。（操作員指令）。提醒一下，今天的節目正在錄製中。現在我想介紹今天節目的主持人，商業財務和投資者關係副總裁 Sam Franklin。

Please go ahead, sir.

先生，請繼續。

Thank you, operator. Good morning, everyone, and welcome to GlobalFoundries second 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. A short while ago, we released GF's second 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.

謝謝您，接線生。大家早安，歡迎參加 GlobalFoundries 2025 年第二季財報電話會議。今天與我一起參加電話會議的有執行長 Tim Breen、總裁兼營運長 Niels Anderskouv 和財務長 John Hollister。不久前，我們發布了 GF 的第二季度財務業績，您可以在我們的網站 investors.gf.com 上查看該業績，同時還可以查看今天的幻燈片演示。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。

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. 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 trends.

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。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、可能等術語或未來趨勢來識別。

You should not place undue reliance on forward-looking statements. 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.

您不應過度依賴前瞻性陳述。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向美國證券交易委員會提交的文件中描述的風險和不確定性，包括我們向美國證券交易委員會提交的 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 KeyBanc Capital Markets Technology Leadership Forum in Deer Valley on August 11, The Deutsche Bank Technology Conference in Dana Point on August 27 and at the Goldman Sachs Communacopia and Technology Conference in San Francisco on September 8.

關於即將舉行的活動，請注意，我們將參加 8 月 11 日在鹿谷舉行的 KeyBanc 資本市場技術領導力論壇、8 月 27 日在丹納角舉行的德意志銀行技術會議以及 9 月 8 日在舊金山舉行的高盛 Communacopia 和技術會議的爐邊談話。

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

今天的電話會議首先會提供當前商業環境和技術的摘要更新，然後 Neil 將討論我們最近在設計上取得的勝利、亮點以及在終端市場的吸引力，隨後 John 將提供有關我們第二季度業績和 2025 年第三季度指引的詳細信息。然後我們將開始與蒂姆、尼爾和約翰進行提問。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.

我現在將電話轉給蒂姆。

Thank you, Sam, and welcome, everyone, to our second quarter 2025 earnings call. I'm pleased to announce that GF delivered strong financial results in the second quarter that exceeded the guidance midpoint for revenue, gross margin and operating margin.

謝謝你，山姆，歡迎大家參加我們 2025 年第二季財報電話會議。我很高興地宣布，GF 在第二季度取得了強勁的財務業績，超過了收入、毛利率和營業利潤率的指導中位數。

Earnings per share exceeded the high end of our guidance range, and these results reflect our continued focus on driving profitability through the cycle. We also made notable progress on other key financial metrics in the quarter, generating $277 million of adjusted free cash flow.

每股盈餘超過了我們預期範圍的高端，這些結果反映了我們繼續致力於在整個週期中提高獲利能力。本季度，我們也在其他關鍵財務指標上取得了顯著進展，產生了 2.77 億美元的調整後自由現金流。

Having recently implemented several capacity expansions in capital-efficient manners GF is poised to capture growth opportunities across our footprint as demand accelerates in critical end markets while continuing to deliver robust adjusted free cash flow. Thanks to the team's excellent execution, we remain on track to generate over $1 billion of adjusted free cash flow in 2025.

GF 最近以資本高效的方式實施了多項產能擴張，隨著關鍵終端市場需求的加速，GF 準備抓住整個業務範圍內的成長機會，同時繼續提供強勁的調整後自由現金流。由於團隊的出色執行，我們預計在 2025 年產生超過 10 億美元的調整後自由現金流。

In the second quarter, we continued to demonstrate excellent progress in high-growth markets where both the edge and cloud AI transitions are driving the need for secure, high-performance GF technologies. Both our automotive and communications infrastructure and data center end markets demonstrated double-digit percentage year-over-year revenue growth for the third consecutive quarter.

在第二季度，我們繼續在高成長市場中取得了出色的進展，邊緣和雲端 AI 轉型都在推動對安全、高效能 GF 技術的需求。我們的汽車和通訊基礎設施以及資料中心終端市場連續第三個季度實現了兩位數的年收入成長。

As the demand for our differentiated product portfolio aligns with the increasing requirements for high-performance chip solutions in these growth markets, GF is delivering strong design win momentum with existing and new customers.

由於我們差異化產品組合的需求與這些成長市場對高性能晶片解決方案日益增長的需求相一致，GF 正在為現有和新客戶提供強勁的設計勝利勢頭。

For our automotive and communications infrastructure and data center end markets in 2025, we expect year-over-year growth in the mid-teens and high teens percentage ranges, respectively. Meanwhile, the smart mobile devices and home and industrial IoT end markets have continued to experience a slower recovery as uncertainties brought about by the broader geopolitical environment and global trade tensions have impacted consumer demand and inventory dynamics in these two end markets. To that end, we have been partnering closely with certain customers to support their inventory management and preserve GF market share predominantly where we are a dual-sourced foundry supplier.

對於 2025 年的汽車和通訊基礎設施以及資料中心終端市場，我們預計將年比成長率分別達到中十幾歲和高十幾歲的百分比範圍。同時，由於更廣泛的地緣政治環境和全球貿易緊張局勢帶來的不確定性影響了這兩個終端市場的消費需求和庫存動態，智慧行動裝置以及家庭和工業物聯網終端市場繼續經歷較慢的復甦。為此，我們一直與某些客戶密切合作，以支援他們的庫存管理並主要保持 GF 市場份額，我們是雙來源代工供應商。

In our Smart mobile devices end market, achieving these objectives has involved some onetime adjustments to the average selling price per wafer or ASP. For one particular customer, we partnered to replace the fixed wafer volume component of their long-term agreement with a shift to a long-term 50% share of wallet, which is expected to result in meaningfully higher wafer revenues over the remaining life of the contract.

在我們的智慧型行動裝置終端市場，實現這些目標需要對每片晶圓的平均售價或 ASP 進行一些一次性調整。對於一個特定的客戶，我們與其合作，將其長期協議中的固定晶圓量部分替換為長期 50% 的錢包份額，預計這將在合約剩餘期限內帶來更高的晶圓收入。

These type of adjustments for specific customers are leading to improved utilization levels across our footprint in the second half of 2025, but will result in year-over-year ASP declines in the second half of the year for this end market and to a lesser degree, for GF overall.

針對特定客戶進行的此類調整將導致我們 2025 年下半年的整個業務範圍的利用率水準提高，但也將導致該終端市場下半年的平均銷售價格同比下降，而 GF 整體的平均銷售價格下降的程度則較小。

We continue to observe a constructive pricing environment across automotive and communications infrastructure and data center as the demand for silicon content continues to grow in these end markets, and GF solutions and footprint bring unique differentiation.

隨著這些終端市場對矽含量的需求持續增長，我們繼續觀察到汽車、通訊基礎設施和資料中心的建設性定價環境，而 GF 解決方案和足跡帶來了獨特的差異化。

Notwithstanding these market dynamics, GF remains the diversified and differentiated foundry of choice for a growing number of our customers. With our broad product portfolio and our focus on critical performance, connectivity and power capabilities, GF is gaining share and winning key designs across a range of applications and end markets.

儘管市場動態如此，GF 仍然是越來越多客戶選擇的多元化、差異化代工廠。憑藉我們廣泛的產品組合以及對關鍵性能、連接性和電源功能的關注，GF 正在贏得一系列應用和終端市場的份額和關鍵設計。

I would like to provide some important business highlights from the second quarter. We secured design wins for applications across automotive processing, data center power delivery and connected home automation on GF22FDX-MRAM, 55 BCD light and 12 LPs platforms, respectively. Neil will cover these in more detail.

我想提供一些第二季的重要業務亮點。我們分別在 GF22FDX-MRAM、55 BCD 燈和 12 LP 平台上獲得了汽車處理、資料中心電力傳輸和連網家庭自動化應用的設計勝利。Neil 將更詳細地介紹這些內容。

Moving briefly to the macroeconomic landscape. Like others in our industry, we believe that some customers took on additional inventory in the second quarter, particularly in consumer-facing markets, in anticipation of increased tariff-related impacts, which will impact demand in the second half of the year as these inventories normalize.

簡單回顧一下宏觀經濟情勢。與我們行業中的其他公司一樣，我們認為，一些客戶在第二季度增加了庫存，特別是在面向消費者的市場，因為他們預期關稅相關影響會增加，隨著這些庫存恢復正常，這將影響下半年的需求。

More strategically, it is increasingly clear that the changes and uncertainties brought about by global trade negotiations and tariffs underscore the importance of being a geographically diversified foundry partner to our customers, with GF is uniquely positioned to provide with our footprint across the US, Europe and Asia.

更具戰略意義的是，越來越明顯的是，全球貿易談判和關稅帶來的變化和不確定性凸顯了成為客戶地域多元化代工合作夥伴的重要性，而格芯憑藉其遍布美國、歐洲和亞洲的業務，擁有獨特的優勢。

Diverse dependable supply of semiconductors is not a luxury, but a necessity for national and economic security. For over a decade, GF has made investments to build and scale flexible manufacturing capacity across our sites. Our diversification strategy is gaining traction with more and more customers who have recognized the value of partnership with GF's resilience, flexibility and dependability.

多樣化、可靠的半導體供應不是奢侈品，而是國家和經濟安全的必需品。十多年來，GF 一直致力於投資建設和擴大我們各個工廠的靈活製造能力。我們的多元化策略正在獲得越來越多客戶的青睞，他們已經認識到與 GF 的韌性、靈活性和可靠性合作的價值。

In the US, we fulfilled our first chip milestone in diversifying our fab 8 facility with our chips 8.auto project. Our 22 FDX technology is on track with qualification, bringing supply chain resiliency and security onshore. This is intended to provide our customers with critical supply as anticipated tariffs on semiconductor imports take effect.

在美國，我們透過 chip 8.auto 專案實現了 fab 8 工廠多元化，實現了第一個晶片里程碑。我們的 22 FDX 技術正在順利通過認證，為國內帶來了供應鏈的彈性和安全性。此舉旨在為我們的客戶提供關鍵供應，因為預計半導體進口關稅將生效。

In Europe, we intend to convert our former backtest facility to expand our wafer fabrication capacity and are working to get EU chips approval to support the investment, which will deliver even more efficient scale in Germany, and support our European customers like Continental and Bosch with domestic supply.

在歐洲，我們打算改造我們以前的回測設施，以擴大我們的晶圓製造能力，並正在努力獲得歐盟晶片批准以支持這項投資，這將在德國實現更高效的規模，並透過國內供應支持我們的歐洲客戶，如大陸集團和博世。

We are enhancing our global reach with our China for China strategy, particularly targeted at the growing automotive sector. I am pleased to announce that we have entered into a definitive agreement with a China-based foundry that will enable our customers to access GF production performance and quality to serve their domestic Chinese demand.

我們正在透過「面向中國」的策略來增強我們的全球影響力，特別是針對不斷成長的汽車產業。我很高興地宣布，我們已與一家中國鑄造廠達成最終協議，這將使我們的客戶能夠獲得 GF 的生產性能和質量，以滿足其國內的需求。

Initially, this agreement will apply to our automotive grade feature-rich CMOS technologies. And based on early dialogue with our customers, we expect this will extend to our automotive-grade BCD technologies. This is a unique opportunity for GF to expand our multi-fab customer offering on our successful automotive grade platforms while maintaining control over both the IP and quality standards that our customers require.

最初，該協議將適用於我們汽車級功能豐富的CMOS技術。根據我們與客戶的早期對話，我們預計這將擴展到我們的汽車級 BCD 技術。這對 GF 來說是一個獨特的機會，可以在我們成功的汽車級平台上擴展我們的多晶圓廠客戶服務，同時保持對客戶所需的 IP 和品質標準的控制。

We believe an increasingly decentralized world is a net opportunity for GF and the strength of our opportunity funnel and design win momentum is a compelling validation of our long-term growth strategy. Furthering our efforts to support our customers where and how they need us and to align our business with the secular growth trends accelerated by the deployment of AI.

我們相信，日益去中心化的世界對 GF 來說是一個淨機遇，而我們的機會漏斗和設計獲勝勢頭的強勁是對我們長期成長策略的有力驗證。進一步努力在客戶需要的地方以他們需要的方式為他們提供支持，並使我們的業務與人工智慧部署加速的長期成長趨勢保持一致。

Last month, we announced a definitive agreement to acquire MIPS a leading supplier of AI and processor IP. Expected to close later this year, MIPS will be an exciting addition to the GF suite of offerings that will add more value to our customers in completely new ways.

上個月，我們宣布了一項最終協議，收購領先的人工智慧和處理器 IP 供應商 MIPS。MIPS 預計將於今年稍後完成，它將成為 GF 產品套件中令人興奮的新成員，並以全新的方式為我們的客戶創造更多價值。

MIPS brings a highly complementary IP portfolio and decades of design and IP innovation that will be accelerated when combined with GF's world-class manufacturing and global ecosystem. As a leader in risk five capabilities, MIPS enables efficient processor cores that are tailored for edge AI applications and ideal for the high-performance edge solutions that GF is well positioned to serve.

MIPS 擁有高度互補的 IP 產品組合以及數十年的設計和 IP 創新經驗，與 GF 的世界一流製造和全球生態系統相結合將加速其發展。作為風險五大能力的領導者，MIPS 提供高效的處理器內核，專為邊緣 AI 應用量身定制，是 GF 能夠提供的高效能邊緣解決方案的理想選擇。

This acquisition is a win for GF and a win for our customers, who will be able to more closely collaborate with GF earlier in the design cycle with more direct access to process IP and with greater potential for customization. Early customer feedback on the acquisition has been very favorable as our customers look to an increasingly differentiated GF as their partner in edge AI applications.

此次收購對 GF 和我們的客戶來說都是雙贏，他們將能夠在設計週期的早期與 GF 進行更緊密的合作，更直接地獲取製程 IP，並具有更大的客製化潛力。由於我們的客戶希望日益差異化的 GF 作為其邊緣 AI 應用領域的合作夥伴，因此早期客戶對此次收購的回饋非常好。

In conclusion, I want to thank our 13,000 strong employees around the world for their focus on technology differentiation, manufacturing excellence and driving the momentum with our customers, as we continue to execute to our long-term strategy and lay the foundations for a strong future.

最後，我要感謝我們遍布全球的 13,000 名員工，感謝他們專注於技術差異化、卓越製造以及與客戶共同推動發展，我們將繼續執行我們的長期策略，為美好的未來奠定基礎。

With that, over to you, Niels.

現在，尼爾斯，輪到你了。

Thank you, Tim, and welcome to everyone on the call. As Tim mentioned, we are continuously advancing our commercial partnerships and securing design wins with our customers, of which over 90% were awarded on a sole source basis during the last four quarters. Our unique and Barry technology portfolio continues to fuel strong design win momentum across each of 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，我們正在不斷推進我們的商業合作夥伴關係並確保與客戶的設計勝利，其中超過 90% 是在過去四個季度中以單一來源方式授予的。我們獨特的 Barry 技術組合繼續為我們所服務的每個終端市場提供強勁的設計勝利勢頭。

In the second quarter, we secured nearly 200 design wins across our end markets, a new quarterly record and almost doubled the number from a year ago. With that, let me walk you through the key highlights for the quarter by end market.

第二季度，我們在終端市場獲得了近 200 個設計訂單，創下了新的季度紀錄，幾乎比去年同期翻了一番。接下來，讓我帶您了解本季終端市場的主要亮點。

In automotive, we continue to outgrow the market and capture share as we expand our breadth of offerings in content per vehicle and enable our customers to win with GF's differentiated features and performance. A testament to this strength in the second quarter, our automotive end market grew over 36% year-over-year and comprised nearly 1/4 of total wafer revenue. We're on track for mid-teens percentage automotive revenue growth in 2025.

在汽車領域，隨著我們擴大每輛車的產品範圍，並幫助我們的客戶透過 GF 的差異化功能和性能取勝，我們繼續超越市場並佔領市場份額。為了證明第二季的優勢，我們的汽車終端市場年增超過 36%，佔晶圓總收入的近四分之一。我們預計在 2025 年將汽車收入成長率達到 15% 左右。

Our leadership in automotive microcontrollers has driven our strong partnerships with customers around the world. We have gained significant design interaction with China domestic fab-based customers, having secured design wins across battery management systems, radar, micro tollers and power management ICs with a dozen customers over the last four quarters.

我們在汽車微控制器領域的領導地位推動了我們與世界各地客戶建立牢固的合作關係。我們與中國國內晶圓廠的客戶進行了重要的設計互動，在過去四個季度中與十幾家客戶贏得了電池管理系統、雷達、微型收費器和電源管理集成電路的設計勝利。

Clear Automotive products are already shipping to Chinese customers, which will help expand our automotive market share in China. More broadly, we're seeing accelerated design and traction across our portfolio of diversified applications within the board.

Clear Automotive 的產品已開始向中國客戶發貨，這將有助於擴大我們在中國汽車市場的份額。更廣泛地說，我們看到董事會內部多元化應用組合的設計和吸引力正在加速成長。

In the second quarter alone, we won designs with 25 unique customers. These include wins across automated driver assist processors, some controllers, display controllers, radar sensors, battery management systems and interior lighting on our 12 LT 22FDX and 130 BCD Autopro platforms, respectively.

僅在第二季度，我們就贏得了 25 個獨特客戶的設計。這些包括在我們的 12 LT 22FDX 和 130 BCD Autopro 平台上分別獲得的自動駕駛輔助處理器、一些控制器、顯示控制器、雷達感測器、電池管理系統和室內照明方面的勝利。

Among these, [Tier 1] is first automotive design win with the 12 LTs Autopro platform for next-generation radar processor. These processors interpret high-resolution imaging radar data and are critical for initial object classification, meaning the speed and accuracy that GF provides will make our roads safer.

其中，[Tier 1]憑藉用於下一代雷達處理器的12 LTs Autopro平台首次獲得汽車設計大獎。這些處理器可以解釋高解析度成像雷達數據，對於初始物體分類至關重要，這意味著 GF 提供的速度和準確性將使我們的道路更加安全。

In addition, as Tim mentioned, we secured a significant design win for a fifth generation microcontroller with 4-megabyte of magnetic ramp on our 22 FDX platform. With this win, GF not only demonstrates strong customer momentum in the area of software-defined vehicles, it highlights the value of integrated nonvolatile merit that our platforms can provide.

此外，正如蒂姆所提到的，我們在 22 FDX 平台上具有 4 兆位元組磁性斜坡的第五代微控制器的設計上獲得了重大勝利。憑藉著此次勝利，GF不僅展現了其在軟體定義汽車領域強勁的客戶發展勢頭，還凸顯了我們的平台所能提供的整合非揮發性優勢的價值。

Lastly, in June, Continental announced that GF was strategically brought on as the exclusive manufacturing partner for its newly formed advanced electronics and semiconductors solutions organization. We are proud to support Continental in this endeavor. This is a powerful testament to the trust in GF auto qualified process technologies, quality and the liability. For this partnership GF will enable potential to deliver innovative solutions for next generation of safe, connected and autonomous vehicles.

最後，今年 6 月，大陸集團宣布，GF 將策略性地成為其新成立的先進電子和半導體解決方案部門的獨家製造合作夥伴。我們很榮幸能夠支持大陸航空的這項努力。這有力地證明了對 GF 汽車合格製程技術、品質和責任的信任。透過此次合作，GF 將有潛力為下一代安全、互聯和自動駕駛汽車提供創新解決方案。

Turning now to smart mobile devices. Revenue in the second quarter grew off of a seasonally low first quarter, but declined year-over-year due to a reduction in the customer utilization payment from the prior year period as well as certain ASP adjustments that Tim mentioned.

現在轉向智慧型行動裝置。第二季的營收較第一季的季節性低迷有所成長，但由於客戶使用費較上年同期減少以及 Tim 提到的某些 ASP 調整，營收年減。

Notwithstanding this, our long-term outlook for content gains in the smart mobile end market is positive, as we see strong commercial traction with new design wins and partnerships across a broad range of locations in the smartphone and beyond. We also see a tailwind in this market driven by the need for more US sourcing.

儘管如此，我們對智慧行動終端市場內容收益的長期展望是積極的，因為我們看到新的設計勝利和在智慧型手機及其他領域廣泛領域的合作帶來的強大商業吸引力。我們也看到，由於對美國採購需求增加，該市場出現了順風勢頭。

GF's market share continues to grow in front end, where we lead the market with our ASW and NSW platforms. In the second quarter alone, we secured 36 design wins in front end with 9 of the top 10 industry players, further expanding our customer base and GF share of wallet. Beyond our market-leading position in the RF front end, we built momentum in 5G transceivers on our FinFET platform by securing committed revenue over the next four years with a key customer.

GF 的市佔率在前端持續成長，我們憑藉 ASW 和 NSW 平台引領市場。僅在第二季度，我們就與行業前十大企業中的九家企業贏得了 36 個前端設計訂單，進一步擴大了我們的客戶群和 GF 的市場份額。除了我們在射頻前端的市場領先地位之外，我們還透過與主要客戶在未來四年內達成承諾收入，在 FinFET 平台上的 5G 收發器領域建立了發展勢頭。

In addition to the smartphone, we engaged with leaders in the nation but emerging smart glasses studies. Leveraging our leading technology elsewhere in our portfolio, smart glasses are new form factor, utilizing many of the same essential chips or connectivity processing, power, imaging and display.

除了智慧型手機之外，我們還與國內新興智慧眼鏡研究領域的領導者進行了合作。智慧眼鏡利用我們產品組合中其他領域的領先技術，採用新的形式，利用許多相同的基本晶片或連接處理、電源、成像和顯示。

In the second quarter, we secured a new design win for the AI processors used in smart glasses, which built on our design win for microLED displays in the first quarter to support GF growth in this exciting application. In IoT, revenue grew year-over-year for the second consecutive quarter, and we secured several design wins with leading IoT connectivity players for Wi-Fi 7 and Wi-Fi 8 as well as next-generation Bluetooth, demonstrating our continued leadership in IoT connectivity products.

在第二季度，我們獲得了智慧眼鏡中使用的 AI 處理器的新設計勝利，這是基於我們在第一季度獲得的 microLED 顯示器設計勝利，以支援 GF 在這一激動人心的應用領域的成長。在物聯網領域，營收連續第二個季度同比增長，我們與領先的物聯網連接廠商在 Wi-Fi 7 和 Wi-Fi 8 以及下一代藍牙方面獲得了多項設計勝利，證明了我們在物聯網連接產品領域的持續領導地位。

These included wins on our 12 LP plus and 22 FDX platforms for Wi-Fi and Bluetooth system on a chip solutions that enable connected home automation applications. The increase in use cases for keyless entry system and Bluetooth text -- these applications benefit from GF strength in low power consumption and high security.

其中包括我們在 12 個 LP plus 和 22 個 FDX 平台上獲得的 Wi-Fi 和藍牙片上系統解決方案，這些解決方案可實現連網家庭自動化應用。無鑰匙進入系統和藍牙文字的使用案例不斷增加——這些應用受益於 GF 在低功耗和高安全性方面的優勢。

Beyond connectivity, we are also seeing broad adoption of GF technologies to enable physical AI. These design mens enable important device capabilities such as time of flight sensors for home robotics to EMS and audio processors that brings AI-enabled vision and language functionality to home and industrial applications.

除了連接之外，我們還看到 GF 技術被廣泛採用以實現實體 AI。這些設計理念實現了重要的設備功能，例如用於家用機器人的飛行時間感測器、EMS 和音訊處理器，為家庭和工業應用帶來了支援 AI 的視覺和語言功能。

Lastly, we see continued traction in med tech and health applications where they need to acquire, process and communicate data securely and at low power is paramount. In Q2, we won an audit design for ultra-low power AI-enabled hearing aids on 22 FDX.

最後，我們看到醫療技術和健康應用領域持續受到關注，在這些領域中，安全且低功耗地獲取、處理和傳輸資料至關重要。在第二季度，我們贏得了 22 FDX 上超低功耗 AI 助聽器的審計設計。

Looking ahead to the second half of 2025, we expect full year revenue in this end market to decline mid-single-digit percent year-over-year driven by residual consumer-facing IoT inventories. Going into 2026 and beyond, we remain bullish on GF's strength and growth potential for home and industrial IoT. SAI increasingly migrates to devices, we believe the need for ultra-low power and ubigulous connectivity, but only grow stronger.

展望 2025 年下半年，我們預期該終端市場的全年營收將年減中位數個位數百分比，原因是面向消費者的物聯網庫存剩餘。展望 2026 年及以後，我們仍然看好 GF 在家庭和工業物聯網方面的實力和成長潛力。SAI 越來越多地遷移到設備，我們相信對超低功耗和無處不在的連接的需求只會變得更加強烈。

Finally, our communications infrastructure and data center end market grew double-digit percentage year-over-year in the second quarter, and we continue to expect high teens percentage revenue growth in 2025. Thanks to our focus on differentiated and high-growth opportunities within communication infrastructure and data center, we expect to see multiyear secular growth opportunities for GF.

最後，我們的通訊基礎設施和資料中心終端市場在第二季度同比增長了兩位數，我們預計 2025 年的收入成長率仍將達到十幾歲的高水準。由於我們專注於通訊基礎設施和資料中心內的差異化和高成長機會，我們預計 GF 將迎來多年的長期成長機會。

These include high-growth, high-margin areas such as silicon photonics, which we expect to nearly double in revenue from 2024 to 2025 to over $200 million. Given the strength of our photonics products, we have expanded capacity to meet robust customer demand. We're ramping our silicon patonogous capabilities to address the need for higher-performance solutions to support both [blockable] and co-pack solutions for scale up and scale up networks.

其中包括矽光子學等高成長、高利潤的領域，我們預計從 2024 年到 2025 年，該領域的營收將成長近一倍，達到 2 億美元以上。鑑於我們光子產品的優勢，我們擴大了產能以滿足強勁的客戶需求。我們正在提升矽片的可移植性，以滿足對更高效能解決方案的需求，從而支援可擴展和擴展網路的[可阻塞]和共同包裝解決方案。

As the need for optical driven speed, bandwidth and power efficiency continues to grow, we believe GF is only in the early stages of this opportunity. GF is engaged with leading industry players in the [CPO] ecosystem across network and photonic innovators to support the development of integrated solutions as the demand for data grows exponentially.

隨著對光學驅動速度、頻寬和功率效率的需求不斷增長，我們相信 GF 僅處於此機會的早期階段。隨著數據需求呈指數級增長，GF 正與網路和光子創新者等 [CPO] 生態系統中的領先產業參與者合作，支持整合解決方案的開發。

Satellite Communications is another area of significant growth potential for GF as we design into the world's foremost satellite communication companies. GF content can be found in both the rapidly launching satellites as well as user terminals, which are projected to reach millions of units.

衛星通訊是 GF 的另一個具有巨大成長潛力的領域，因為我們設計了世界領先的衛星通訊公司。GF 內容既可以在快速發射的衛星中找到，也可以在用戶終端中找到，預計將達到數百萬台。

With our front ends on our city and IFC runs (inaudible) being foremost on our 22 FDX and modems on our 12 LP platforms, GF is playing a critical role in enabling this new growth market. Starting from de minimis revenue in 2024, we expect Satcom to contribute approximately $100 million of revenue in 2025.

我們的城市前端和 IFC 運作（聽不清楚）在我們的 22 個 FDX 和 12 個 LP 平台上的調製解調器上處於領先地位，GF 在推動這一新增長市場方面發揮著關鍵作用。從 2024 年最低收入的開始，我們預計 Satcom 將在 2025 年貢獻約 1 億美元的收入。

All we continue to make progress on our design win momentum across a wide preapplication enabled by our portfolio. Thanks to the trust and partnership with our customers, I'm excited for us to capitalize on these long-term growth opportunities.

我們將繼續在我們的產品組合所支援的廣泛預應用領域中，在設計贏得動能方面取得進展。感謝客戶的信任與合作，我很高興我們能夠利用這些長期成長機會。

I'll now pass the call over to John for a deeper dive on our financial results and guidance.

我現在將把電話轉給約翰，讓他更深入地了解我們的財務表現和指導。

Thank you, Niels. For the remainder of the call, including guidance, other than revenue, cash flow, net interest income and second quarter CapEx, 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、淨利息收入和第二季資本支出以外的指導，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 second quarter results exceeded the midpoint of the guidance ranges we provided in our last quarterly update. We delivered second quarter revenue of $1.688 billion, which represented a 6% increase over the prior quarter and an increase of 3% year-over-year. We shipped approximately 581,300-millimeter equivalent wafers in the quarter, up 7% sequentially and up 12% from the prior year period.

正如蒂姆所指出的，我們的第二季度業績超過了我們在上一季更新中提供的指導範圍的中點。我們第二季的營收為 16.88 億美元，比上一季成長 6%，比去年同期成長 3%。本季我們出貨了約 581,300 毫米當量晶圓，季增 7%，年增 12%。

ASP or average selling price per wafer was down high single-digit percentage year-over-year due to product mix, pricing adjustments and a reduction in customer underutilization payments from the prior year period. Wafer revenue from our end markets accounted for approximately 90% of total revenue, non-wafer revenue, which includes revenue from reticles, nonrecurring engineering, expedite fees and other items, accounted for approximately 10% of total revenue for the second quarter.

由於產品組合、價格調整以及客戶未充分利用付款較上年同期減少，ASP 或每片晶圓平均售價較去年同期下降了高個位數百分比。我們來自終端市場的晶圓收入約佔總收入的 90%，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）約佔第二季總收入的 10%。

Let me now provide an update on our revenues by end markets. In line with our strategy, we continue to align our business to secular growth drivers and diversify our end market position. Smart Mobile devices represented approximately 40% 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。按照我們的策略，我們將繼續調整業務以適應長期成長動力，並實現終端市場地位的多元化。智慧型移動設備約佔本季總營收的40%。

Second quarter revenue increased approximately 17% sequentially and decreased approximately 10% from the prior year period. In the second quarter, Revenue for the home and industrial IoT markets represented approximately 18% of the quarter's total revenue.

第二季營收季增約 17%，季減約 10%。第二季度，家庭和工業物聯網市場的收入約佔本季總收入的18%。

Second quarter revenue decreased approximately 9% sequentially and increased approximately 2% from the prior year period. Automotive remained a strong growth driver for us and represented approximately 22% of the quarter's total revenue. Second quarter revenue increased approximately 19% sequentially and 36% from the prior year period.

第二季營收季減約 9%，年增約 2%。汽車仍然是我們強勁的成長動力，約佔本季總收入的 22%。第二季營收比上一季成長約 19%，比去年同期成長 36%。

Finally, our communications infrastructure and data center end market represented approximately 10% of the quarter's total revenue. Second quarter revenue decreased approximately 2% sequentially and increased approximately 11% over the prior year period.

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 10%。第二季營收季減約 2%，比去年同期成長約 11%。

For the second quarter, we delivered gross profit of $425 million, which was above the midpoint of our guided range and translates into approximately 25.2% gross margin. Operating expenses for the second quarter represented approximately 10% of total revenue. R&D for the quarter was $125 million and SG&A was $42 million. Total operating expenses were approximately flat quarter-over-quarter at $167 million. We delivered operating profit of $258 million for the quarter at an operating margin of 15.3%, which is at the high end of our guided range and 230 basis points above the prior year period.

第二季度，我們的毛利為 4.25 億美元，高於我們預期範圍的中點，相當於毛利率約為 25.2%。第二季的營運費用約佔總收入的10%。本季研發費用為 1.25 億美元，銷售、一般及行政費用為 4,200 萬美元。總營運費用與上一季基本持平，為 1.67 億美元。本季我們的營業利潤為 2.58 億美元，營業利潤率為 15.3%，處於我們預期範圍的高端，比去年同期高出 230 個基點。

Second quarter net interest income was $17 million, other expense was $7 million, and we incurred income tax expense of $34 million in the quarter. We reported second quarter net income of $234 million an increase of approximately $23 million from the year ago period.

第二季淨利息收入為 1,700 萬美元，其他支出為 700 萬美元，本季我們發生的所得稅支出為 3,400 萬美元。我們報告第二季淨收入為 2.34 億美元，比去年同期增加約 2,300 萬美元。

As a result, based on a fully diluted share count of approximately 557 million shares, we reported diluted earnings of $0.42 per share for the second quarter which exceeded the high end of our guidance range. Let me now provide some key balance sheet and cash flow metrics.

因此，基於約 5.57 億股的完全稀釋股份數量，我們報告第二季每股稀釋收益為 0.42 美元，超過了我們指導範圍的高端。現在讓我提供一些關鍵的資產負債表和現金流指標。

Cash flow from operations for the second quarter was $431 million. CapEx for the quarter was $159 million or roughly 9% 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 in the statement of cash flows, was $277 million, which represented an adjusted free cash flow margin of over 16% in the quarter. We view this as strong performance, especially considering market conditions.

第二季經營活動現金流為4.31億美元。本季資本支出為 1.59 億美元，約佔營收的 9%。本季調整後的自由現金流為 2.77 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物業、廠房和設備以及無形資產的購買金額，這意味著本季調整後的自由現金流利潤率超過 16%。我們認為這是強勁的表現，尤其是考慮到市場狀況。

At the end of the second quarter, our balance sheet remains strong with our combined total of cash, cash equivalents and marketable securities stood at approximately $3.9 billion. Our total debt was $1.2 billion, and we also have a $1 billion revolving credit facility, which remains undrawn. Next, let me provide you with our outlook for the third quarter of 2025. We expect total GF revenue to be $1.675 billion, plus or minus $25 million.

截至第二季末，我們的資產負債表依然強勁，現金、現金等價物和有價證券總額約為 39 億美元。我們的總債務為 12 億美元，此外我們還有 10 億美元的循環信貸額度尚未提取。接下來，讓我為您提供我們對2025年第三季的展望。我們預計 GF 總收入為 16.75 億美元，上下浮動 2,500 萬美元。

Of this, we expect non-wafer revenue to be approximately 12% of total revenue. We expect gross margin to be approximately 25.5%, plus or minus 100 basis points which reflects a sequential and year-over-year growth in gross margin.

其中，我們預期非晶圓收入約佔總收入的12%。我們預計毛利率約為 25.5%，上下浮動 100 個基點，這反映了毛利率的連續和同比增長。

Lastly, our teams are diligently managing the potential supply chain cost impacts associated with tariff uncertainties. Thanks to GF's global footprint and diversified sourcing strategy, we expect the cost impacts to be limited to roughly $20 million in the second half of 2025.

最後，我們的團隊正在努力管理與關稅不確定性相關的潛在供應鏈成本影響。由於 GF 的全球影響力和多元化採購策略，我們預計 2025 年下半年的成本影響將限制在約 2,000 萬美元。

Our third quarter revenue guidance reflects a slower-than-expected market recovery as well as volume adjustments requested by certain customers, which we expect to be fulfilled in the fourth quarter, provided that we see continued growth in our high-margin end markets and the demand for consumer-centric goods stabilizes, we expect gross margin expansion in the fourth quarter.

我們對第三季營收的預期反映了市場復甦慢於預期，以及某些客戶要求的產量調整，我們預計這些調整將在第四季度實現，只要我們的高利潤終端市場繼續增長，且以消費者為中心的商品需求趨於穩定，我們預計第四季度毛利率將會擴大。

Excluding share-based compensation, we expect total operating expenses to be $190 million, plus or minus $10 million. We expect operating margin to be in the range of 14.2% plus or minus 180 basis points. At the midpoint of our guidance, we expect share-based compensation to be approximately $56 million, of which roughly $18 million is related to cost of goods sold.

不包括股權激勵費用，我們預計總營運費用為 1.9 億美元，上下浮動 1000 萬美元。我們預期營業利益率將在 14.2% 正負 180 個基點之間。在我們的指導中點，我們預計基於股票的薪酬約為 5,600 萬美元，其中約 1,800 萬美元與銷售成本有關。

We expect net interest and other income for the quarter to be between $4 million and $12 million and income tax expense to be between $26 million and $40 million. For 2025, we expect GF's effective tax rate for the year to be in the mid-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.

我們預計本季淨利息和其他收入將在 400 萬美元至 1,200 萬美元之間，所得稅支出在 2,600 萬美元至 4,000 萬美元之間。對於 2025 年，我們預計 GF 的年度有效稅率將處於百分之十幾左右的範圍內。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。

Based on a fully diluted share count of approximately 560 million shares, we expect diluted earnings per share for the third quarter to be $0.38, plus or minus $0.05. We expect CapEx, net of proceeds from government grants to be approximately $700 million for the full year 2025. As our fabs meet expansion milestones around the world, we expect to increasingly benefit from government incentives in the second half of the year.

基於約5.6億股完全稀釋股份，我們預計第三季稀釋每股收益為0.38美元，上下浮動0.05美元。我們預計2025年全年扣除政府撥款後的資本支出約為7億美元。隨著我們的晶圓廠在世界各地達到擴張里程碑，我們預計今年下半年將越來越多地受益於政府的激勵措施。

As noted by Tim and Neils, free cash flow and profitability metrics, are at the core of GF's long-term growth objectives, and we remain on track to achieve these. Our results today point to another quarter of strong cash flow generation and for the full year, we still expect to generate over $1 billion of adjusted free cash flow. In summary, I want to thank our teams across the world for their efforts that drove the strong financial results this quarter.

正如蒂姆和尼爾斯所指出的，自由現金流和獲利指標是 GF 長期成長目標的核心，我們仍在朝著實現這些目標的軌道前進。我們今天的結果表明，本季將產生強勁的現金流，而就全年而言，我們仍預計產生超過 10 億美元的調整後自由現金流。總而言之，我要感謝我們遍布全球的團隊的努力，推動了本季強勁的財務表現。

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. At GF, our unwavering commitment is to serve as a trusted partner to our customers with our broad suite of differentiated essential chip technologies, and I'm encouraged by the ramp in the design wins, including many in exciting new applications that support the megatrends that will pull our industry into the future, including the permeation of AI, the criticality of power and the transition to next-generation connectivity all areas perfectly aligned with GF strengths.

謝謝，約翰。在格芯，我們堅定不移地致力於透過我們廣泛的差異化關鍵晶片技術成為客戶值得信賴的合作夥伴，我對設計勝利的增長感到鼓舞，其中包括許多支持將我們的行業帶入未來的大趨勢的令人興奮的新應用，包括人工智能的滲透、電力的關鍵性以及向下一代連接的過渡，所有這些領域都與格芯的完美優勢契合。

In addition, our unique and flexible global capacity not only ensures supply resilience and flexibility, it allows us to be wherever our customers need us. Our targeted China manufacturing strategy completes this picture and enables us to participate in growth across the industry.

此外，我們獨特且靈活的全球產能不僅確保了供應的彈性和靈活性，還使我們能夠在客戶需要的任何地方提供服務。我們有針對性的中國製造策略完善了這一藍圖，並使我們能夠參與整個行業的成長。

Overall, we are confident in our rock solid foundation and long-term growth prospects of our core business. but we don't plan on stopping there. As our customers look for more technology solutions to enable their own success, we will expand our portfolio with acquisitions such as MIPS that bring critical capabilities to accelerate our business in the AI transition. None of this will be possible without the dedication and hard work of our employees. I'm looking forward to what we can achieve together.

整體而言，我們對核心業務的堅實基礎和長期成長前景充滿信心，但我們並不打算就此止步。隨著我們的客戶尋求更多的技術解決方案來實現自身的成功，我們將透過收購來擴展我們的產品組合，例如 MIPS，這些收購將帶來關鍵能力，以加速我們在人工智慧轉型中的業務。如果沒有我們員工的奉獻和辛勤工作，這一切都不可能實現。我期待著我們能夠共同成就。

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？

Joseph Moore, Morgan Stanley.

摩根士丹利的約瑟夫·摩爾。

Great. Thank you. With regards to Q3, I understand the headwinds you guys are talking about, but it looks like some of your foundry peers are guiding a little bit more optimistically. Can you just talk about what types of headwinds you're seeing? And how much fall through there may be beyond the third quarter?

偉大的。謝謝。關於第三季度，我理解你們談論的不利因素，但看起來你們的一些代工同行對此的指導更為樂觀。您能談談您遇到的不利因素有哪些嗎？第三季之後跌幅可能有多大？

Yeah. Sure, Joe. This is John. I'll take that 1 for a start. So our base case for the year remains growth in fiscal 2025. Tim and Niels touched on it some in the prepared commentary, but just kind of breaking that down by end market, we expect solid growth in both automotive and communications infrastructure and data center end markets for the year at mid-teens and high teens, respectively, for both of those end markets.

是的。當然，喬。我是約翰。我先選擇 1。因此，我們對今年的基本預測仍是 2025 財年實現成長。蒂姆和尼爾斯在準備好的評論中對此進行了一些討論，但僅按終端市場進行細分，我們預計今年汽車和通信基礎設施以及數據中心終端市場都將實現穩健增長，這兩個終端市場的增長率分別達到十幾歲和十幾歲。

We do expect Smart Mobile to be down for the year and IoT to be modestly down for the year as our consumer-facing end markets and those areas are managing inventories as we work through the year. On the third quarter, in particular, on the automotive end market, we expect year-on-year growth in automotive for the third quarter. We do have a certain customer who is managing inventory toward the end of year for final deliveries in 2025.

我們確實預計今年智慧型手機銷量將會下降，物聯網銷量將會小幅下降，因為我們面向消費者的終端市場和這些領域正在全年管理庫存。第三季度，特別是汽車終端市場，我們預計第三季汽車銷售將年增。我們確實有一位客戶正在管理年底的庫存，以便在 2025 年進行最終交付。

So that is -- we'll have our automotive down slightly in the third quarter. We do expect Smart Mobile to be up again sequentially in the third quarter. So that -- there's some overall commentary on the trends for the year on top line growth.

所以，我們的汽車銷售在第三季會略有下降。我們確實預計智慧型手機銷量在第三季將再次環比上漲。因此——對今年的營收成長趨勢有一些總體評論。

That's helpful. Thank you. And then for my follow-up, I wanted to explore the China for China strategy a little bit. Can you talk about who are the sort of partners that you're working with there is that -- it seems like that's interesting to a lot of people. Is it the sort of Western auto OEMs? Is it Western semiconductor companies? Is it Chinese companies? Just who is kind of going to be your lead customer as you start to manufacture in China through this partnership.

這很有幫助。謝謝。接下來，我想稍微探討一下「中國為中國」的戰略。您能否談談您與哪些類型的合作夥伴合作？這似乎對很多人來說都很有趣。是那種西方的汽車OEM嗎？是西方半導體公司嗎？是中國公司嗎？當您透過這種合作關係開始在中國進行生產時，誰將成為您的主要客戶。

Yeah. Thank you, Joe. This is Tim. It's a great question. I mean our customers have been telling us loud and clear what they need and take for now our non-China customers as 1 group.

是的。謝謝你，喬。我是提姆。這是一個很好的問題。我的意思是，我們的客戶一直在清楚地告訴我們他們需要什麼，並且目前將我們的非中國客戶視為一個群體。

For their non-China demand, very clearly, they're not sourcing in China, their strategies to remain sourcing globally, and the GF footprint is well suited for that. But for them and especially for those who focus on the automotive end market, they get significant interest from their customers in China to localize a portion of that manufacturing.

對於他們在中國以外的需求，很明顯，他們不是在中國採購，而是繼續在全球範圍內採購，而 GF 的業務範圍非常適合這一點。但對於他們，特別是那些專注於汽車終端市場的公司來說，中國客戶對本地化部分製造業務表現出了濃厚的興趣。

And so those have been the driver customers for us to work with them why we've been focusing on those specific customers and the specific technologies, microcontrollers, BCD for power management and those kind of applications, very focused on automotive. So that will be the first wave of these transfers.

因此，這些都是我們與他們合作的驅動客戶，為什麼我們一直專注於這些特定客戶和特定技術、微控制器、用於電源管理的 BCD 和這類應用，並且非常注重汽車。這將是此類轉移的第一波。

What's interesting is once we announced that, we actually started to get a significant amount of interest from Chinese customers. And what they're looking for is the reverse, but also the flexibility that this optionality provides.

有趣的是，一旦我們宣布這一消息，我們實際上就開始引起中國客戶的極大興趣。他們尋求的是相反的結果，同時也尋求這種可選性所提供的靈活性。

So sourcing locally with us in China with our manufacturing partner, but then also serving their non-China non-Taiwan demand outside China. And we actually have design wins in flight right now with Chinese customers for global sourcing, given many of these companies have strong export ambitions. When you net it out, this is why we've been quite clear that for us, China is more of an opportunity than anything else given the differentiation that we have and this unique ability to offer that flexibility.

因此，我們與製造夥伴在中國進行本地採購，同時也滿足中國以外地區（非中國台灣）的需求。事實上，我們目前已與中國客戶達成了飛行設計勝利，以進行全球採購，因為其中許多公司都有強烈的出口意願。當你把它算出來時，這就是為什麼我們非常清楚，對我們來說，中國比其他任何東西都更是一個機會，因為我們擁有差異化，並且具有提供這種靈活性的獨特能力。

And maybe if I can just add to that, Tim. Really the advantage here, both for the international customers as well as the Chinese customer is they can do one development, one tape out and take care of both the China market well as the non-China market.

也許我可以補充一下，提姆。真正的優勢在於，無論對於國際客戶或中國客戶，他們都可以進行一次開發、一次投片，並同時照顧到中國市場和非中國市場。

Thank you.

謝謝。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Good morning. Thank you for taking my questions. Utilizations were around 80% in Q1 and with the growth view, and that was with a growth view for the full year 90 days ago, I believe team was anticipating taking utilizations up through the year. What were utilizations in Q2? And with just a slightly more muted second half outlook -- how is the team thinking about utilization as you move to the second half of this year?

早安.感謝您回答我的問題。第一季的利用率約為 80%，從成長的角度來看，而且這是 90 天前對全年的成長預期，我相信團隊預計全年的利用率都會上升。第二季的使用率是多少？有鑑於下半年前景略顯黯淡──進入今年下半年，團隊如何看待利用率？

Hi, Harlan. This is John. I'll take that one. So you're right, utilization was around 80% in the first quarter. We did progress into the low 80s in the second quarter with an uptick in wafer volume to 581,000, 300-millimeter wafers.

你好，哈蘭。這是約翰。我要那個。所以你說得對，第一季的利用率約為 80%。我們在第二季度確實取得了進展，晶圓產量上升至 581,000 片 300 毫米晶圓，突破了 80 年代初期的水平。

And we do see that progressing a bit further as we move our way through the second half of this year into the low to mid-80s, and that is part of where we see the opportunity to expand our gross margins as we move into the end of the year.

而且，隨著我們進入今年下半年，毛利率將進一步提升至 80% 左右，我們也看到了這一趨勢的進一步發展，這也是我們在年底前擴大毛利率的機會之一。

I appreciate that comment. So with utilization looking like they'll be up slightly in the second half of the year. I know you guys are working with your customers, maybe taking down some ASPs for some extensions on sort of lifetime volumes. So kind of prudent moves with some of your consumer-focused products. I think the prior view by the team that you were pretty confident in driving full year growth and exiting the year on -- with 30% gross margins. But given all of these dynamics, including slightly weaker second half profile, how should we think about the gross margin now exiting this year? Any way to kind of quantify that?

我很欣賞這個評論。因此，利用率看起來在下半年會略有上升。我知道你們正在與客戶合作，也許會降低一些 ASP 來延長使用壽命。因此，對於一些以消費者為中心的產品，我們應該採取謹慎的措施。我認為團隊先前的觀點是，你對推動全年成長和年底實現 30% 的毛利率非常有信心。但考慮到所有這些動態，包括下半年略微疲軟的情況，我們應該如何看待今年的毛利率？有什麼方法可以量化這一點嗎？

Yeah, Harlan, John, again. So first, we delivered on our second quarter gross margin at 25.2%. That was above the midpoint of our guidance range. And for the third quarter, well, I'll also point out that the second quarter year-on-year compare -- if you take into account the fact that we had significant underutilization payments in the second quarter of 2024 was up significantly on a comparative basis in the second quarter of 2025.

是的，哈蘭，約翰，再次。首先，我們第二季的毛利率達到 25.2%。這高於我們指導範圍的中點。對於第三季度，我還要指出的是，與去年同期相比，如果考慮到我們在 2024 年第二季度有大量未充分利用的付款，那麼 2025 年第二季度的付款額將大幅增加。

As we look ahead for our guidance, we do see gross margins expanding to 25.5%. That's up sequentially and year-on-year. So we're making progress on our gross margin improvement with the outlook for the rest of this year would be driven by several factors.

展望未來，我們確實看到毛利率擴大至 25.5%。這是按季度和按年計算的。因此，我們在毛利率改善方面取得了進展，今年剩餘時間的前景將受到多種因素的影響。

One is richer mix in terms of our products as we move into the fourth quarter. A bit of improvement in utilization, as you indicated, as well as some further roll-off of our depreciation in the fourth quarter. And finally, we anticipate strong non-wafer revenue performance in the fourth quarter. Those factors together should deliver significant improvement in gross margin, as we move through the fourth quarter.

一是隨著進入第四季度，我們的產品組合更加豐富。正如您所說，利用率有所提高，而且第四季度的折舊也進一步減少。最後，我們預期第四季非晶圓營收表現強勁。隨著第四季的到來，這些因素將共同帶來毛利率的顯著提高。

Maybe since you brought up pricing, I'd like to kind of make a few comments about that. So overall, for the whole enterprise taking 2025 as a whole -- on a like-for-like basis, we'll see ASPs down mid-single digits. But if you look at where that's happening, that's very much confined to that smart mobile device segment. And within that segment, very much confined to those customers with whom we have a dual sourcing arrangement.

既然您提到了定價問題，我想對此發表一些評論。因此，總體而言，對於整個企業而言，到 2025 年，以同類基礎計算，我們將看到 ASP 下降中等個位數。但如果你觀察一下這種情況的發生地點，你會發現它主要局限於智慧型行動裝置領域。並且在該領域內，很大程度上局限於與我們有雙重採購協議的客戶。

And we've been very deliberate in thinking through both for the short term but also for the long term, what's the right strategy for GF in terms of supporting that customer and maximizing our share, again, not just for revenue today but also for the longevity of those sockets.

我們一直在認真思考短期和長期因素，GF 在支援客戶和最大化我們的份額方面的正確策略是什麼，這不僅是為了當前的收入，也是為了這些插座的壽命。

So we've been very deliberate. By the way, if you exclude those impacts, then like-for-like pricing for the year for GF will be less than 1% down. So I think it's very fair to conclude the pricing environment overall is very stable, except for these areas where we're making these decisions deliberately in partnership with our customers.

所以我們非常慎重。順便說一句，如果排除這些影響，那麼 GF 當年的同類定價將下降不到 1%。因此，我認為可以公平地得出結論，整體定價環境非常穩定，除了我們與客戶合作做出這些決定的這些領域之外。

Yeah. Very insightful. Thank you.

是的。非常有見地。謝謝。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good morning. Thanks for taking my question. I was wondering if you can maybe sort of comment on sort of the inventory levels at your customers that you highlighted in prepared remarks, and especially in IoT and smartphones, would you expect those to be at normal levels in Q4? Or could it take a little bit longer than that?

早安.感謝您回答我的問題。我想知道您是否可以評論一下您在準備好的評論中強調的客戶庫存水平，特別是物聯網和智慧型手機的庫存水平，您是否預計這些水平在第四季度會達到正常水平？或者可能需要更長的時間？

Yeah. Thank you, Jim. I'll take a stab at that. I mean, if you take a big step back, right, if you look at the last three years, really '23, '24, '25, we've been closely monitoring inventory as a kind of long-term predictor of health of where we are in the cycle. And obviously, that's been a long duration, but inventories have, in all sectors come down materially.

是的。謝謝你，吉姆。我會嘗試一下。我的意思是，如果你回顧一下，對吧，如果你看看過去三年，實際上是 23、24、25 年，我們一直在密切監控庫存，將其作為我們在周期中所處位置的長期健康狀況預測指標。顯然，這是一個很長的時間，但所有行業的庫存都大幅下降。

It hasn't always been smooth. And if you look at some of our customers reporting in Q2, there are some others still to report. But you saw actually some small, I say, modest upticks in inventory. That tells you something about kind of demand dynamic. And again, I'd say, particularly in the consumer focus segments where there has been more demand uncertainty as we commented.

事情並不總是順利的。如果你看我們第二季的一些客戶報告，你會發現還有一些其他客戶尚未報告。但實際上，你看到庫存出現了一些小漲。這告訴你一些關於需求動態的資訊。我想再次強調，特別是在消費者關注的領域，正如我們所評論的那樣，需求不確定性更大。

I think overall, we continue to see the trajectory of inventories normalizing, and actually, we hear from customers that downstream of them, inventories could even be too low, right? And they see some pockets where there could be some tightness that could lead to some demand spikes in the future. So we continue to monitor this closely. It's difficult to call, but we see we're coming to the end of that inventory digestion long period over the last couple of years.

我認為總體而言，我們繼續看到庫存正常化的軌跡，實際上，我們從客戶那裡聽說，下游的庫存甚至可能太低，對嗎？他們發現一些地區可能存在供應緊張的情況，這可能會導致未來需求激增。因此我們將繼續密切關注此事。很難說，但我們看到過去幾年的庫存消化期即將結束。

That's helpful. And then as a follow-up, can you maybe just kind of expand on the MIPS acquisition. What is the strategic importance of that acquisition for you? What customers did you kind of consult with in terms of before you announce that acquisition? And maybe talk about are there any different revenue models you expect to recognize as a result of that? Thank you.

這很有幫助。然後作為後續問題，您能否詳細談談 MIPS 收購的情況。此次收購對您來說具有什麼策略意義？在宣布收購之前，您諮詢過哪些客戶？或許可以談談您是否希望由此實現不同的收入模式？謝謝。

Yeah, I'll take the first crack and then I'll ask John to add a little bit on the financial model of MIPS and MIPS type businesses. Obviously, we're very excited about this acquisition. It's a great fit for the GF portfolio. And there's a couple of reasons for that. MIPS has a long track record, a fantastic leadership team, really cutting-edge IP in processes, there really some strong advantages around multi-threaded cores software and subsystems, particularly targeted that physical AI space.

是的，我會先嘗試一下，然後我會請約翰對 MIPS 和 MIPS 類型企業的財務模型做一些補充。顯然，我們對此次收購感到非常興奮。它非常適合 GF 產品組合。造成這種情況的原因有幾個。MIPS 擁有悠久的歷史、出色的領導團隊、真正尖端的 IP 流程，在多線程核心軟體和子系統方面確實具有強大的優勢，特別是針對實體 AI 領域。

And if you listen to industry pundits, people talk about things like everything that moves will be autonomous in the future, we strongly believe that. And MIPS is extraordinarily well positioned to capitalize on that from an IP perspective.

如果你聽聽行業專家的說法，人們談論的是未來所有移動的東西都將自動化，我們堅信這一點。從 IP 角度來看，MIPS 非常有能力利用這一點。

So we love the business. We love what it can do, and it's a strong fit for GF customer base. And actually, the overlap of customers is very, very strong. In fact, many of GF's leading customers are already engaged with MIPS or, in some cases, have reached out post the acquisition to say, listen, let's explore, let's do more together. So we think of this as a way to accelerate our customer engagement to deepen it in new ways and to also increase our differentiation.

所以我們熱愛這項事業。我們喜歡它的功能，而且它非常適合 GF 客戶群。事實上，客戶的重疊性非常強。事實上，GF 的許多主要客戶已經與 MIPS 展開合作，或者在某些情況下，在收購後與 MIPS 取得聯繫，表示，傾聽、讓我們探索、讓我們一起做更多的事情。因此，我們認為這是加速客戶參與的一種方式，以新的方式加深客戶參與度，並增加我們的差異化。

And it has the added benefit of with an in-house team like MIPS, will get an in-house customer, if you like, for our technologies that's giving us real-time feedback on performance so we can continue to tune our technology platforms for the edge AI applications in order to be the best we can be for those platforms.

而且它還有一個額外的好處，那就是擁有像 MIPS 這樣的內部團隊，如果你願意的話，我們的技術就會得到一個內部客戶，他們會給我們提供實時的性能反饋，這樣我們就可以繼續調整我們的技術平台以適應邊緣 AI 應用程序，從而為這些平台提供最好的服務。

Maybe, I'll ask John to comment a little bit on the financial model.

也許，我會請約翰對財務模型發表一些評論。

Yeah, sure, Jim. So we see this as -- on a full year run rate basis in the neighborhood of $50 million to $100 million addition of top line for GF, that's very exciting. Really happy to see us get this acquisition completed. This will be IP-based high-margin revenue stream for us, which over time can lead to greater hardware sales as well. And we see the revenue opportunity over the coming years getting into hundreds of millions of dollars of incremental revenue for GlobalFoundries again, which would be accretive to our gross margin.

是的，當然，吉姆。因此，我們認為，以全年運行率計算，GF 的營收將增加 5,000 萬至 1 億美元，這是非常令人興奮的。真的很高興看到我們完成這次收購。這將是我們基於 IP 的高利潤收入來源，隨著時間的推移，它也能帶來更大的硬體銷售。我們看到未來幾年的收入機會將再次為 GlobalFoundries 帶來數億美元的增量收入，這將增加我們的毛利率。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, guys. I just wanted to pivot back to answer. I think it was John that gave to an earlier question about a couple of things. Specifically, you said base case remains for growth in revenue this year. And then you also mentioned non-wafer revenue as part of another question, is being strong this year. Could you clarify a little bit on those?

嗨，大家好。我只是想回頭回答。我認為約翰之前就幾個問題提出了這個問題。具體來說，您說今年的收入仍將保持成長的基本情況。然後您在另一個問題中提到非晶圓收入今年表現強勁。您能稍微澄清一下嗎？

And then I guess what I'm really getting at is it seems like given your second quarter guidance is a little bit more cautious for a number of reasons. It seems to imply a big fourth quarter and wondered if that's incorrect read and if it is, why is the optimism kind of changing versus the third quarter?

然後我想我真正想說的是，由於多種原因，你們對第二季的預測似乎更加謹慎。這似乎意味著第四季度將會強勁成長，我想知道這是否是錯誤的解讀，如果是，那麼為什麼與第三季相比，樂觀情緒會改變？

Yeah, Ross, this is John. You are understanding us and you got it right, the base case is for growth this year. And we do see a strong fourth quarter outlook for our non-wafer revenue, and that's really driven by NRE programs as well as tape outs, strong tape-out quarter, is anticipated in the fourth quarter, which is a great precursor or leading indicator for hardware sales going forward. So that's what we see for the fourth quarter.

是的，羅斯，這是約翰。您理解我們的意思，而且您說得對，今年的基本情況是實現成長。我們確實看到了第四季度非晶圓收入的強勁前景，這實際上是由 NRE 計劃以及流片所推動的，預計第四季度將出現強勁的流片，這是未來硬體銷售的一個很好的先兆或領先指標。這就是我們對第四季的展望。

And as we indicated, particularly in the automotive end market, year-on-year growth in the third quarter, but we do see it modestly down sequentially in the third quarter as certain customers are managing their inventory to the end of the year.

正如我們所指出的，特別是在汽車終端市場，第三季度同比增長，但我們確實看到第三季度環比略有下降，因為某些客戶正在管理年底前的庫存。

Got it. And then I guess on the tariff side of things, and I know this is -- nobody's crystal ball is particularly that good in this, but you guys talked about a little bit of caution. You have your China for China strategy, to the extent you sell the pull-ins, was that something -- I would have thought the pull-ins would have potentially led to upside in your business in the second quarter, and you had a fine quarter, but it didn't seem to upside that much.

知道了。然後我想就關稅方面而言，我知道這是——沒有人的水晶球在這方面特別好，但你們談到了一點謹慎。你們有針對中國的策略，就你們銷售拉攏產品而言，這是什麼——我原本以為拉攏產品可能會給你們第二季度的業務帶來好處，而且你們這個季度也表現不錯，但看起來並沒有帶來太大的好處。

Is the worry that there was some pull-ins inherent in your original guide, and that's where the conservatism comes going forward? I just want to get a little more color on where you saw pull-ins in the duration of that headwind.

您是否擔心，您原來的指南中存在一些固有的吸引力，而這會導致未來的保守主義？我只是想更詳細地了解一下在逆風持續期間您看到了哪些拉力。

Yeah. Thank you, Ross. So I'll comment on this. And I think we haven't seen very significant direct pull-ins at our level, right? And we haven't seen those orders change in a material way in Q2. Obviously, our customers have talked about some of their own dynamics and each one has had a bit of a different story of how they've seen it depending on the market.

是的。謝謝你，羅斯。因此我將對此發表評論。我認為我們還沒有看到我們這個層面上非常顯著的直接拉動，對嗎？我們還沒有看到這些訂單在第二季發生實質變化。顯然，我們的客戶談論了他們自己的一些動態，並且每個人都根據市場情況講述了不同的故事。

We think the overall overlay of tariff impact is consumer confidence and perhaps, if anything, a slight dent in short-term consumer confidence around ordering patterns. And we saw that particularly like we said, in the smart mobile device and IoT market, and I think that's consistent with what others are seeing.

我們認為，關稅影響的整體表現是消費者信心，或許，在短期內，這會輕微削弱消費者對訂購模式的信心。正如我們所說，我們在智慧型行動裝置和物聯網市場尤其看到了這一點，我認為這與其他人所看到的一致。

I think the bigger question for us on tariffs is really the longer-term opportunity. And I think what has definitely changed, I'd say dramatically in 2025 and has been accelerating is really the inbound interest from customers to say, I need to now diversify my sourcing. I need US manufacturing.

我認為，對我們來說，關稅方面更大的問題其實是長期機會。我認為，2025 年肯定會發生巨大變化，而且變化速度還在不斷加快，真正變化的是來自客戶的興趣，他們說，我現在需要實現採購多樣化。我需要美國製造。

We were very clear when we announced our long-term strategic investment plans, not just that we have those plans, but that a lot of major customers were very seriously backing those plans with projects and so on and all the customers we announced have active projects with us today.

當我們宣布我們的長期策略投資計劃時，我們非常清楚，不僅我們有這些計劃，而且許多主要客戶都非常認真地透過專案支持這些計劃等等，而且我們宣布的所有客戶今天都與我們一起開展了活躍的專案。

And I think as those move forward from the initial conversations to the design wins to the ramps, we'll be able to update on all of those. But I think that's how we think of the tariff story more broadly is the strategic implications for GF from a long-term growth and market share gain perspective.

我認為，隨著這些從最初的對話到設計勝利再到坡道的推進，我們將能夠對所有這些進行更新。但我認為，從長期成長和市場份額成長的角度來看，我們對關稅故事的更廣泛看法對 GF 具有戰略意義。

Thank you.

謝謝。

Chris Caso, Wolfe Research.

克里斯‧卡索（Chris Caso），沃爾夫研究公司。

Yeah. Thanks. Good morning. I guess the first question I want to talk about some of the ASP declines you were seeing in auto -- in mobile rather and some of the actions that you were taking there. Could you go into a little more detail of the reason for the actions that you've taken there?

是的。謝謝。早安.我想第一個問題是談談您在汽車領域看到的一些平均售價下降——或者在移動領域，以及您在那裡採取的一些行動。您能否更詳細地說明一下您採取這些行動的原因？

And how that affects GlobalFoundries as you go into calendar '26. How much additional volume do you expect to get from those actions? And what impact is that going to have on revenue and margins as you go into next year?

以及這對 GlobalFoundries 26 年的發展有何影響。您期望透過這些行動獲得多少額外的交易量？那麼，這對明年的收入和利潤會產生什麼影響呢？

Yeah. Thank you, Chris. I mean maybe to just go a little bit deeper into it, as we said, This has been very much focused on the mobile space and there are reasons for that in terms of the dynamics of the market. And it's actually very much with a few customers where we are operating on a dual source basis, where we have decisions to make around what share we would like to have how those customers grow in different applications is transitioning. And we make deliberate calls in partnership with them around what's the right way to maximize our revenue opportunity, and that's not just a tactical step for this year.

是的。謝謝你，克里斯。我的意思是，也許只是稍微深入一點，正如我們所說的，這主要集中在行動領域，從市場動態來看，這是有原因的。事實上，我們與少數客戶在雙源基礎上開展運營，我們需要決定希望擁有的份額以及這些客戶在不同應用中的成長方式。我們與他們合作，認真討論如何以正確的方式最大化我們的收入機會，這不僅僅是今年的戰術步驟。

That's also a long-term step for securing longevity in a number of those sockets. So we're not ready yet to quantify kind of '26, obviously not going to guide at this stage. But we see this as a strong upside around maintaining GF relevance in those technologies at higher share levels, and our customers are obviously pleased with that outcome as well.

這也是確保許多插座長久使用壽命的長期措施。因此，我們尚未準備好量化 26 種情況，顯然現階段不會提供指導。但我們認為這對於保持 GF 在更高份額水平上與這些技術的相關性具有強大的優勢，我們的客戶顯然也對這一結果感到滿意。

It's just a follow up on, maybe I can just add to the share gains that we're targeting a here both short and long term, and I think that's an important detail to add. So some of these are long-term agreement oriented.

這只是一個後續問題，也許我可以補充我們短期和長期的目標份額成長，我認為這是需要補充的重要細節。其中一些是面向長期協議的。

Right. Okay. And just as you look into next year, it looks like you're going to exit the year with utilization, I guess, in the 80s or so also contemplating some of what you're doing in mobile, where do you stand on a capacity standpoint right now? And for how long is GlobalFoundries is going to be able to keep the CapEx at relatively low levels and presumably drive some cash flow as you go into next year?

正確的。好的。展望明年，看起來你們的利用率將在 80 年代左右達到峰值，同時考慮到你們在移動領域所做的一些事情，你們目前的容量狀況如何？那麼，GlobalFoundries 能夠在多長時間內將資本支出保持在相對較低的水平，並在明年推動一些現金流？

Yeah. Macro picture, obviously, without getting too specific about 2026 financially at this stage. We definitely see the megatrends we've been underwriting to be continuing going into the year. you look across the markets that we are serving. We see the data center market, the CID market for us continued to deliver strong growth.

是的。顯然，這是一個宏觀圖景，目前還不能對 2026 年的財務狀況進行太具體的描述。我們確實看到，我們一直承保的大趨勢將持續到今年。看看我們所服務的市場。我們看到資料中心市場、CID 市場持續實現強勁成長。

Neils mentioned a couple of those ramps that are really from a standing start moving into the hundreds of millions of dollars, growth rates of sort of 2x year-on-year, and we see really at the early innings of that. So there are some secular drivers there that are compelling. We see a continued really strong story in automotive as we grow into new applications.

尼爾斯提到了幾個真正從零開始就進入數億美元的成長階段，成長率大約是去年同期的兩倍，我們確實看到了這個階段的早期發展。因此，存在一些令人信服的長期驅動因素。隨著我們向新的應用領域發展，我們看到汽車產業繼續保持強勁發展勢頭。

Again, we more than doubled automotive sensing in 2025 over 2024. And that's a new category. A lot of people think of us as an MCU player, but actually our car content is growing and diversifying into new areas, like sensing, including radar, including imaging, but also areas like battery management and other applications. So there's a lot of content growth. There's a lot of diversification within those end markets.

再一次，2025 年的汽車感測數量將比 2024 年增加一倍以上。這是一個新的類別。很多人認為我們是一家 MCU 廠商，但實際上我們的汽車內容正在不斷增長並向新領域多樣化發展，例如感測、雷達、成像，以及電池管理和其他應用等領域。因此內容成長了很多。這些終端市場呈現多樣化。

And then even within IoT within Smart Mobile, again, we're seeing content growth. We're seeing areas where we're taking share of new applications. And those are also beneficiaries of that US sourcing dynamic that we talked about earlier. All of this to say, we see a pretty strong secular demand growth going into the next couple of years.

即使在智慧型手機和物聯網領域，我們也看到了內容的成長。我們正在看到我們在新應用領域中佔據一定份額。這些也是我們之前談到的美國採購動態的受益者。綜上所述，我們預計未來幾年長期需求將出現相當強勁的成長。

We do that at a time where we have a very advantaged footprint, right? We finished some significant expansions in the last couple of years. So we're sitting with available capacity, able to ramp quickly globally. And then for the areas we will invest we benefit from significant level of support. And in the US alone, in the Big Beautiful Bill, increasing the ITC from 25% to 35% on top of our chips support, which, as we mentioned, we're already engaging with and receiving and state-level incentives.

我們這樣做的時候，我們的足跡非常有利，對嗎？我們在過去幾年完成了一些重大擴張。因此，我們擁有可用的產能，能夠在全球快速提升產能。對於我們將要投資的領域，我們將獲得大量支持。僅在美國，《大美麗法案》就將晶片支援基礎上的 ITC 從 25% 提高到了 35%，正如我們所提到的，我們已經參與其中並獲得了州一級的激勵措施。

We're talking that more than 50% of our CapEx to be supported by those governments programs, which gives us a very good confidence on driving scale in a very capital-efficient way. And so it's a bit early to talk about the actual CapEx number for next year. There are pockets. We see really good demand. We will definitely invest behind those. But I think the macro story is great footprint, well positioned for that growth. And when the investments do come, they're going to come with a lot of support for efficiency given those government programs.

我們正在談論超過 50% 的資本支出將由這些政府計劃支持，這使我們對以資本高效的方式擴大規模充滿信心。因此現在談論明年的實際資本支出數字還為時過早。有口袋。我們看到的需求確實很好。我們一定會對此進行投資。但我認為宏觀故事有著巨大的影響力，為實現這一成長做好了準備。當投資真正到來時，它們將為這些政府計劃帶來大量效率支持。

And maybe if I can just add a couple of things from a technical standpoint. We've spent the last few years on building a very capital-efficient strategy around two sameness across the factories, which enable us to be capital efficient as we move out and expand on that front. So I think as we look at some of these initiatives we put in place over the last few years, we expect to continue to be very capital efficient, and we expect to stay within the model that we laid out earlier.

也許我可以從技術角度補充幾點。過去幾年，我們一直致力於圍繞工廠的兩個相同點來建立一個非常高效的資本策略，這使我們能夠在工廠遷出和擴張時提高資本效率。因此，我認為，當我們回顧過去幾年實施的一些措施時，我們預計將繼續保持高度的資本效率，並預計將繼續遵循我們先前製定的模式。

Thank you.

謝謝。

CJ Muse, Cantor Fitzgerald.

CJ Muse、康托·菲茨傑拉德。

Yeah. Good morning. Good afternoon. Thank you for taking the question. I guess first question, implicitly with the vision for growth in '25, you're calling for revenues up 8% or more into the December quarter. So curious, with the benefit of greater nonwafer revenues there. Can you kind of quantify what the uplift to gross margins looks like, particularly when we reflect the lower ASP kind of impact from Smart mobile?

是的。早安.午安.感謝您回答這個問題。我想第一個問題是，您隱含地期望 25 年的成長願景是讓營收在 12 月季度成長 8% 或更多。非常好奇，那裡的非晶圓收入增加。您能否量化毛利率的提升情況，特別是當我們反映智慧型手機較低的平均售價影響時？

Yeah. CJ, it's John. The ASP dynamic plays with utilization as well. So those can somewhat offset each other really in terms of the actual gross margin outcome of some of those decisions. And as Tim and Neils indicated, it's important from a share gain perspective to maintain our momentum in those -- in that opportunity.

是的。CJ，我是約翰。ASP 動態也與利用率有關。因此，就某些決策的實際毛利率結果而言，這些因素實際上可以相互抵銷。正如蒂姆和尼爾斯所指出的，從份額增長的角度來看，保持我們的發展勢頭非常重要——抓住這個機會。

As far as the fourth quarter and where the gross margin can have -- we'll see how the quarter progresses here, but I do anticipate a significant improvement from third quarter to fourth quarter in gross margin driven by the factors I talked about earlier with stronger product mix. We've got some of the non-wafer revenue coming through as well as some additional improvement in both depreciation and utilization.

至於第四季度的毛利率會如何——我們將拭目以待本季的進展情況，但我確實預計，受我之前談到的更強勁的產品組合等因素推動，第四季的毛利率將從第三季顯著提高。我們獲得了一些非晶圓收入，並且在折舊和利用率方面也取得了一些額外的改善。

Perfect. And then maybe just a follow-on to that. I think a quarter ago, you talked about hope for exiting the year with a 30% gross margin. So curious, what are your -- what are the moving parts in your mind today for how we should be thinking about 2026 gross margins -- and as part of that based on kind of the design wins you have today, how are you thinking about the growth rate for Smart Mobile next year? Thanks so much.

完美的。然後也許只是對此的後續。我想，一個季度前，您曾談到希望今年的毛利率達到 30%。很好奇，您今天對我們應該如何考慮 2026 年的毛利率有什麼看法？基於您今天獲得的設計勝利，您如何看待明年智慧型手機的成長率？非常感謝。

Yeah, I'll take the first part, CJ. So all the drivers that we just talked about are remain intact. We've got growth in high-margin businesses like our comms infrastructure and data center with silicon photonics and satellite communications. These are robust opportunities for us, showing strong growth as well as improved factory utilization, our ongoing cost improvements and relatively efficient capital profile that's allowing us to leverage the installed base of wafer fabrication and the capacity that we have with a relatively light CapEx.

是的，我會選擇第一部分，CJ。因此，我們剛才談到的所有驅動因素都保持不變。我們的高利潤業務取得了成長，例如我們的通訊基礎設施和資料中心，以及矽光子學和衛星通訊。對我們來說，這些都是強勁的機會，顯示出強勁的成長動能以及工廠利用率的提高、我們持續的成本改進和相對高效的資本配置，這使我們能夠利用晶圓製造的現有基礎和相對較低的資本支出所擁有的產能。

Maybe, CJ, just on the mobile trajectory, again, a bit a bit early to call very specifically. But again, all those growth drivers we've talked about for mobile, both that are for the market, but also idiosyncratically to GF, I think a very much intact. And so we continue to see reasons for the market to grow overall, especially the premium handset, new form factors, new devices, there definitely are some refresh cycle dynamics that at some point will play through. And so we're bullish on that. Neils has also talked about things like smart glasses as long-term drivers, new form factors.

也許，CJ，只是在移動軌跡上，再次強調，現在進行非常具體的預測還為時過早。但是，我們再次談到的行動領域所有成長動力，無論是針對市場，還是 GF 特有的，我認為都非常完整。因此，我們繼續看到市場整體成長的原因，特別是高階手機、新外型、新設備，肯定會有一些更新周期動態在某個時候發揮作用。因此我們對此持樂觀態度。尼爾斯也談到了智慧眼鏡等作為長期驅動力和新形態的因素。

Hard to call how quickly. I think that's still a when, not an if -- though in terms of penetration. So we're quite bullish on overall market growth, especially taking a multiyear view. But I think we're even more bullish on our own execution in that space with taking more share.

很難說速度有多快。我認為這仍是一個時間問題，而不是是否會發生的問題——儘管就滲透率而言。因此，我們非常看好整體市場成長，尤其是從多年期來看。但我認為，我們對自己在該領域的執行力以及佔據更多份額更有信心。

We talked about areas like haptics display imaging, power management, all critical features in the smart mobile device sector, including our strong base in connectivity, which still is a challenge, right, getting more and more bands in less in their space, isn't easy, and that's an area we've historically had strength and continue to innovate. So I think we're actually bullish longer term on the category as an end market.

我們討論了觸覺顯示成像、電源管理等領域，智慧行動裝置領域的所有關鍵功能，包括我們在連接方面的強大基礎，這仍然是一個挑戰，對吧，在更小的空間內獲得越來越多的樂團並不容易，而這是我們歷來具有實力並繼續創新的領域。因此我認為，我們實際上對該類別作為終端市場的長期前景持樂觀態度。

Very helpful. Thank you.

非常有幫助。謝謝。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Thank you for taking my questions. So my first one, just a few Q4 clarifications. What is the percentage of sales contribution from non-wafer revenue? How much is the tailwind from lower depreciation -- and I thought I heard you endorse the 30% gross margin exit rate from Q4, but I just wanted to double check that. So basically, nonbase revenue contribution tailwind from lower depreciation? And are you comfortable with the 30% gross margin exit rate from Q4?

感謝您回答我的問題。所以我的第一個問題只是一些關於第四季的澄清。非晶圓收入佔銷售貢獻的百分比是多少？折舊減少帶來的順風有多大？我以為我聽到您同意從第四季度開始的 30% 的毛利率退出率，但我只是想再確認一下。那麼基本上，非基礎收入貢獻順風是來自於較低的折舊嗎？您對第四季 30% 的毛利率退出率滿意嗎？

Yeah, Vivek, this is John. So on the non-wafer revenue, typically, that's running roughly 10% of our revenue. We expect it to be up from that in the fourth quarter, a couple of points, call it, 12%, 13% of the mix in the fourth quarter. And if you look at the three factors I described of product mix, the non-wafer revenue as well as the combined effect of depreciation and utilization, you can roughly think of more or less a point each there of contribution. So whether we get all the way to 30%, we'll see, but I think we can get -- we can make a lot of progress towards that goal in the fourth quarter.

是的，維韋克，我是約翰。因此，非晶圓收入通常占我們收入的約 10%。我們預計第四季的銷售額將比去年同期上升幾個百分點，達到 12% 或 13%。如果你看一下我所描述的產品結構、非晶圓收入以及折舊和利用率的綜合影響這三個因素，你就可以粗略地想到它們各自或多或少都有一點貢獻。因此，我們是否能達到 30% 的目標，我們拭目以待，但我認為我們可以——我們可以在第四季度朝著這個目標取得很大進展。

Right. And from my follow-up, automotive, it has been a very strong area for you, but auto production has not been that great. I understand the content aspect of it. But -- what is the risk that we find that your auto customers have taken on excess inventory? Like what is your visibility, Tim, into the deployment of all these wafers into a product just because there's a big gap between your growth versus auto production. Thank you.

正確的。從我的後續觀察來看，汽車一直是你們非常強大的領域，但汽車生產卻不是那麼好。我了解它的內容方面。但是—如果我們發現您的汽車客戶承擔了過多的庫存，那麼風險是什麼？提姆，您對將所有這些晶圓部署到產品中有何看法，因為您的成長與自動生產之間存在很大差距。謝謝。

Yeah, it's a great question, Vivek, I'll comment, and I'll ask a (inaudible) bit of color. We obviously spend a lot of time, and as you can see from our announcements, not just with the other semiconductor companies and IDM serving the automotive sector, but also the Tier 1 our partnerships with Continental with [bartrage] talked about those in the past, we spent a lot of time with them, we even spend a lot of time with the OEMs.

是的，這是一個很好的問題，Vivek，我會發表評論，我會問一些（聽不清楚）有關顏色的問題。我們顯然花了很多時間，正如您從我們的公告中看到的那樣，不僅與服務於汽車行業的其他半導體公司和 IDM 合作，而且與 Tier 1 合作，我們與大陸集團和 [bartrage] 在過去談到了這些，我們花了很多時間與他們合作，我們甚至花了很多時間與 OEM 合作。

So I think we have a pretty good handle. I think it endorses a few key trends, and you name them. The content growth really is extraordinarily important and secular and continuing because the nature of the product is changing, right?

所以我認為我們的處理得很好。我認為它支持了一些關鍵趨勢，你可以說出它們的名字。內容成長確實非常重要、長期且持續，因為產品的性質正在改變，對嗎？

A car is no longer a mechanical device, a car is a super complex electronic engine with a lot of the features being dependent on semiconductors in many different domains. So I think, again, first step is all the secular trends fully intact. I think the answer is absolutely.

汽車不再是一個機械裝置，而是一個超級複雜的電子引擎，其許多功能都依賴許多不同領域的半導體。因此我認為，第一步是所有長期趨勢都完全保持完整。我認為答案是肯定的。

And then you try to understand the inventory dynamics across the chain, and that's where it's a bit more complex. And actually, what we hear, as I mentioned, that the inventory is further down the chain of semiconductors, not in general of cars, but the semiconductors are actually pretty low at the Tier 1 level in particular.

然後你試著了解整個鏈條的庫存動態，這就是它更複雜的地方。實際上，正如我所提到的，我們聽到的是，庫存位於半導體鏈的下游，而不是一般的汽車庫存，而是半導體在一級供應商中的庫存實際上相當低。

And again, it may move through the system in different lumps. But I think the overall chain is actually lighter than it could be. And that actually could lead you to believe there could be upside on demand as inventories get restocked. Obviously, rate and pace of restocking always a difficult thing to call. But we continue to be very strongly supportive of the sector.

而且，它可能以不同的塊狀形式在系統中移動。但我認為整體鏈條實際上比它應該的要輕。這實際上可能會讓你相信，隨著庫存補充，需求可能會出現上行。顯然，補貨的速度和節奏總是很難預測。但我們將繼續大力支持該行業。

So maybe just add a little bit to that. So we -- since we went public, we have consistently outgrown the automotive market and gained share. And a lot of that has been done based on a very strong automotive microcontroller solution that has enablers to outgrow the market.

所以也許只需添加一點點即可。因此，自上市以來，我們的成長速度一直領先於汽車市場，且市場份額不斷擴大。其中許多都是基於非常強大的汽車微控制器解決方案而實現的，該解決方案具有超越市場成長的推動力。

On top of that, if you look at the design wins we've had over the last few years, there's been a lot more in automotive power, battery management systems, smart sensors and of course, a driver assist overall. So that momentum building on top, we're starting to see what I would call substantial growth, specifically in smart sensors already happening here in 2025 and we expect that to continue as we move forward.

除此之外，如果你看看我們過去幾年取得的設計成果，你會發現我們在汽車電源、電池管理系統、智慧感測器以及駕駛輔助系統方面取得了更多進展。因此，在這種勢頭的推動下，我們開始看到我所說的大幅增長，特別是智慧感測器在 2025 年已經出現的增長，我們預計這種增長將持續下去。

So these are technologies like, of course, 22FDX, you've seen several announcements from the radar suppliers in the industry. Has almost become the de facto standard for radars. But we're also seeing 12 RP flying its way into display controllers. We're even receiving 12 LP plus Autopro getting into next-generation radars, and then, of course, the 130 BCD battery management systems is also a new leg of growth.

當然，這些都是像 22FDX 這樣的技術，您已經看到業內雷達供應商發布的幾份公告。幾乎已經成為雷達事實上的標準。但我們也看到 12 RP 正在進入顯示控制器領域。我們甚至收到了 12 個 LP 加 Autopro 用於下一代雷達，當然，130 個 BCD 電池管理系統也是一個新的成長點。

So if you look at it from a projection standpoint, while we have been outgrowing the market for the last several years, we actually expect based on the solid design-in pipeline we've had in the last few years to be able to continue to do that for the coming years in automotive.

因此，如果從預測的角度來看，雖然我們在過去幾年中的成長速度已經超過了市場，但實際上，基於過去幾年中我們穩固的設計流程，我們預計在未來幾年內我們能夠繼續在汽車領域保持這種成長速度。

Jonathan, we'll just take one last question.

喬納森，我們只回答最後一個問題。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah. Hi, thanks for taking my questions. I had two of them. One of the [mid-sky], can you talk a little bit about how you're seeing the risk side demand between Asia and Western companies? And then I have a quick follow-up.

是的。你好，謝謝你回答我的問題。我有兩個。其中一位[中天]，您能否談談您如何看待亞洲和西方公司之間的風險方面需求？然後我有一個快速的跟進。

Yeah. So I think it's interesting. Obviously, the ecosystem is evolving. And if you look at it, there aren't a huge number of very scaled players in risk driven. That's one of the that we get from the ecosystem that they actually want to see serious companies that they trust, like GF backing the ecosystem.

是的。所以我認為這很有趣。顯然，生態系統正在不斷發展。如果你看一下，你會發現風險驅動領域並沒有大量的規模龐大的參與者。這是我們從生態系統中得到的訊息之一，他們實際上希望看到他們信任的嚴肅公司，例如 GF 支持生態系統。

And so I think that's a trend that's going to increase demand because people can rely on risk-five solutions when they're backed by larger companies. I've been around the world talking to customers about MIPS and testing their reactions. As I said, they're very positive. I'd say it's global, Krish, in terms of good reputation in Asia, markets like Korea, very strong, very strong interest in MIPS to give you an anecdote.

因此，我認為這是一種會增加需求的趨勢，因為當人們得到大公司的支持時，他們可以依賴風險五解決方案。我走遍了世界各地，與客戶談論 MIPS 並測試他們的反應。正如我所說，他們非常積極。我想說，Krish，就亞洲的良好聲譽而言，它是全球性的，韓國等市場非常強大，人們對 MIPS 的興趣非常濃厚，可以告訴你一個軼事。

But we see it globally. We see it in Europe, given again the appetite to embrace open source ecosystem for this cause. And of course, in the US where MIPS has historically been very strong, engaged with a number of customers. So I think it's a global phenomenon, obviously, but too early to call long-term trajectory of that mix, but there's strong demand across the Board.

但我們在全球範圍內都看到這種情況。我們在歐洲看到了這一點，再次展現了擁抱開源生態系統的意願。當然，MIPS 在美國一直表現非常強勁，與許多客戶都有合作。因此我認為這顯然是一個全球現象，但現在斷言這種組合的長期發展軌跡還為時過早，但各行各業的需求都很強勁。

Got you. Very helpful. And then a quick question on your China for China. Have we disclosed who the Chinese foundry you're working with is? And how to think about the margin profile of the business? And any concerns on tech transfer or export controls? Thank you.

明白了。非常有幫助。然後我想快速問一個有關中國的問題。我們是否透露過與您合作的中國代工廠是哪一家？以及如何考慮企業的利潤狀況？對技術轉移或出口管制有什麼擔憂嗎？謝謝。

Yeah. The way we think about this is GF China, right? This is our commitment to support our customers from the China footprint in terms of quality, in terms of delivery. So our promise to them is everything you'd expect from GF you will get from our manufacturing in China, we'll manage our partner. And as a result, we're not talking about identity as much as the offerings that we're going to be making available to our customers that we're now seeing all of that interest on. From a margin point of view, it's in line with corporate.

是的。我們對此的看法是 GF 中國，對嗎？這是我們的承諾，在品質和交付方面為中國客戶提供支援。因此，我們向他們承諾，您將從我們在中國的製造中獲得您對 GF 所期望的一切，我們將管理我們的合作夥伴。因此，我們不再過多地談論身份，而是談論我們將向客戶提供的、目前備受關注的產品。從利潤率的角度來看，它與企業一致。

Now and in the future, we don't see this as a concern there at all. And obviously, everyone talks about IP protection in China. Part of that went into are selecting the right partner but also putting the right controls in place with how we manage our customers' designs. Our customers are part of that story as well, auditing the end-to-end setup, and they're comfortable. And these are automotive grade companies who take their IP very seriously. So I think we're going into this very eyes open but obviously with clear plans in place to manage our partnership.

現在和將來，我們根本不會擔心這個問題。顯然，每個人都在談論中國的智慧財產權保護。其中一部分是選擇正確的合作夥伴，同時也要對如何管理客戶的設計實施正確的控制。我們的客戶也是這個故事的一部分，他們審核端到端設置，並且感到很舒服。這些都是汽車級公司，他們非常重視自己的智慧財產權。因此我認為我們會非常謹慎地對待這個問題，但顯然我們已經制定了明確的計劃來管理我們的合作關係。

Very helpful. Thank you.

非常有幫助。謝謝。

Thank you. This concludes the question-and-answer session. I'd like to turn the program back to management for any further remarks.

謝謝。問答環節到此結束。我想將該計劃交還給管理層，以便提出進一步的意見。

Thank you, Jonathan. Thank you, everyone, for joining us on the call today. We look forward to seeing many of you at the upcoming events that we announced at the beginning of the call, and we'll stay in touch and take many calls as we go through that. Thank you, everyone.

謝謝你，喬納森。感謝大家今天參加我們的電話會議。我們期待在電話會議開始時宣布的即將舉行的活動中見到你們，並且我們將保持聯繫並接聽許多電話。謝謝大家。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。