格芯 (GFS) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to the GlobalFoundries Inc.'s fourth quarter of fiscal year 2025 financial results. (Operator Instructions). And now I'd like to introduce your host for today's program, Eric Chow, Investor Relations.

感謝您的耐心等待，歡迎收聽 GlobalFoundries Inc. 2025 財年第四季財務業績報告。（操作說明）現在，我謹向大家介紹今天節目的主持人，投資者關係部的周先生。

Thank you, operator. Good morning, everyone, and welcome to GlobalFoundries fourth quarter and full year 2025 earnings call. On the call with me today are Tim Breen, CEO; and Neils Anderskouv, President and Chief Operating Officer; and Sam Franklin, CFO.

謝謝接線生。各位早安，歡迎參加 GlobalFoundries 2025 年第四季及全年財報電話會議。今天和我一起通話的有：執行長 Tim Breen；總裁兼營運長 Neils Anderskouv；以及財務長 Sam Franklin。

A short while ago, we released GF's fourth quarter and full year 2025 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.

不久前，我們發布了GF 2025年第四季度和全年財務業績，這些業績以及今天隨附的幻燈片演示文稿均可在我們的網站 investors.gf.com 上查閱。本次電話會議正在錄音，錄音回放將在我們的投資者關係網頁上提供。

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.

在本次電話會議中，我們將介紹 IFRS 和非 IFRS 財務指標。最直接可比較的 IFRS 指標和非 IFRS 指標的調節表可在今天的新聞稿和隨附的幻燈片中找到。

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.

請注意，這些財務數據未經審計，可能會有所變動。今天電話會議上的某些陳述可能被視為前瞻性陳述。此類陳述可以透過諸如相信、期望、打算、預料、可能等詞語或使用將來時態來識別。

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.

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作任何前瞻性陳述的義務。

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 furnished with the SEC.

有關可能導致實際結果與前瞻性聲明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在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，包括我們在 20-F 表格年度報告中“風險因素”標題下的章節以及我們向美國證券交易委員會提供的任何 6-K 表格當前報告中的章節。

In terms of upcoming events, we will be participating in fireside chats at the Morgan Stanley Technology, Media and Telecom Conference in San Francisco on March 4, and the Cantor Global Technology and Industrial Growth Conference in New York City on March 11. In addition, we are looking forward to hosting a publicly webcast investor webinar at 4:30 p.m.

在即將舉行的活動中，我們將參加 3 月 4 日在舊金山舉行的摩根士丹利科技、媒體和電信大會的爐邊談話，以及 3 月 11 日在紐約市舉行的坎托全球科技和產業增長大會。此外，我們期待在下午 4:30 舉辦一場公開的網路直播投資者網路研討會。

Eastern Time on March 10. At this event, we will provide a business, technical and strategy update on how GF is at the forefront of the silicon photonics and advanced packaging revolution.

美國東部時間3月10日。在本次活動中，我們將提供關於GF如何處於矽光子學和先進封裝革命前沿的業務、技術和策略最新資訊。

We will begin today's call with Tim providing a summary update on the current business environment, technologies and end markets, followed by Sam, who will provide details on our fourth quarter and full year results and also provide first quarter 2026 guidance. We will then open the call for questions with Tim, Neils and Sam. We request that you please limit your questions to one with one follow-up.

今天，我們將首先由 Tim 為大家帶來當前商業環境、技術和終端市場的簡要更新，然後由 Sam 詳細介紹我們第四季度和全年的業績，並提供 2026 年第一季的業績指引。接下來，我們將開放提問環節，屆時 Tim、Neils 和 Sam 將接受提問。請您將問題限制在一個問題內，並可提出後續問題。

I'll now turn the call over to Tim.

現在我將把電話交給提姆。

Thank you, Eric, and welcome, everyone, to our fourth quarter and full year 2025 earnings call. I am pleased to announce that GF delivered strong results in the fourth quarter with revenue, gross margin and EPS at or above the high end of the guidance ranges.

謝謝艾瑞克，也歡迎各位參加我們2025年第四季及全年財報電話會議。我很高興地宣布，GF第四季業績表現強勁，營收、毛利率和每股盈餘都達到或超過預期範圍的高端。

For the fifth consecutive quarter, the communications infrastructure and data center end market demonstrated double-digit percentage year-over-year growth, driven by strong momentum in areas such as SATCOM and optical networking.

通訊基礎設施和資料中心終端市場連續第五個季度實現了兩位數的同比增長，這主要得益於衛星通訊和光網路等領域的強勁成長勢頭。

As a result of the team's consistent execution, disciplined cost management and relentless focus on profitability, we grew gross margin by nearly 400 basis points year-over-year in the fourth quarter. These achievements show that with our unique differentiated portfolio aligned to key long-term secular trends, GF is well positioned to seize emerging opportunities and deliver durable profitable growth.

由於團隊的持續執行、嚴格的成本管理和對盈利能力的不懈追求，我們在第四季度實現了毛利率同比增長近 400 個基點。這些成就表明，憑藉我們獨特的差異化產品組合與關鍵的長期發展趨勢相一致，GF 已做好充分準備，抓住新興機遇，實現持久盈利增長。

We made significant progress towards our strategic objectives in 2025, focusing on the three core pillars of our customer value proposition, namely, technology differentiation, deep customer and ecosystem partnerships and leveraging our uniquely diversified geographical footprint.

我們在實現 2025 年策略目標方面取得了重大進展，重點關注客戶價值主張的三大核心支柱，即技術差異化、與客戶和生態系統建立深度合作關係以及利用我們獨特的多元化地域佈局。

Let me summarize some of our key business milestones and highlights in the year. In 2025, GF made extraordinary strides strengthening our technology differentiation across multiple vectors. In the exciting growth area of silicon photonics, we acquired AMF and InfiniLink, which together brings valuable state-of-the-art IP and synergetic customer bases. We expect both of these acquisitions to accelerate our technology roadmap, broaden our portfolio of optical networking solutions and drive greater customer value.

讓我總結一下我們今年的一些主要業務里程碑和亮點。2025年，GF在多個領域取得了非凡的進步，增強了我們的技術差異化優勢。在令人興奮的矽光子學成長領域，我們收購了 AMF 和 InfiniLink，這兩家公司共同帶來了寶貴的尖端智慧財產權和協同客戶群。我們期望這兩項收購都能加快我們的技術路線圖，拓寬我們的光網路解決方案組合，並為客戶創造更大的價值。

As evidenced by our recently announced collaboration with Corning for detachable fiber attach, we are building a unique and differentiated ecosystem of partners for silicon photonics. In the burgeoning realm of physical AI, our acquisition of MIPS enables GF to become a diversified and holistic technology solutions provider with an expansive portfolio of offerings and a larger-than-ever serviceable addressable market.

從我們最近宣布與康寧公司合作開發可拆卸光纖連接器來看，我們正在為矽光子學建造一個獨特且差異化的合作夥伴生態系統。在蓬勃發展的實體人工智慧領域，我們收購 MIPS 使 GF 成為一家多元化、整體性的技術解決方案提供商，擁有廣泛的產品組合和比以往任何時候都更大的服務目標市場。

Lastly, we accelerated our gallium nitride technology road map with a licensing agreement signed with TSMC. The addition of this proven GaN technology will accelerate the development of our next-generation GaN platform and enable us to deliver even more differentiated power solutions for high-growth areas, such as the data center from our US footprints.

最後，我們與台積電簽署了許可協議，加快了氮化鎵技術路線圖的推進。這項成熟的 GaN 技術的加入將加速我們下一代 GaN 平台的開發，並使我們能夠從我們在美國的基地為資料中心等高成長領域提供更具差異化的電源解決方案。

The second key strategic pillar where GF made significant strides was to deepen customer partnerships and accelerate design win momentum. In 2025, we secured over 500 design wins, a company record and a leading indicator of future production revenue.

GF 取得重大進展的第二個關鍵策略支柱是深化客戶合作關係，加速設計中標動能。2025年，我們獲得了超過500個設計訂單，創下公司紀錄，也是未來生產收入的領先指標。

These wins were across the broadest set of applications and widest range of customers in our history. With over 95% of these design wins secured on a sole-source basis to GF, it is a testament to the significant value offered by our differentiated technology and global footprint. 2025 saw us broaden our customer base and engage with nearly all of the leading industry players across the major end markets.

這些勝利涵蓋了我們歷史上最廣泛的應用領域和最廣泛的客戶群。GF以獨家採購的方式贏得了超過95%的設計項目，這充分證明了我們差異化的技術和全球佈局所帶來的巨大價值。 2025年，我們擴大了客戶群，並與主要終端市場中幾乎所有領先的產業參與者建立了合作關係。

As highlighted in our physical AI investor webinar in December, this includes active engagements with all four US hyperscalers, all 5 top automotive OEMs, all six mobile fabless and OEM and seven of the top eight industrial IDMs. Of our many significant customer announcements in 2025, I would like to highlight three specific areas.

正如我們在 12 月的實體人工智慧投資者網路研討會上所強調的那樣，這包括與所有四家美國超大規模資料中心營運商、所有五家頂級汽車原始設備製造商、所有六家行動無晶圓廠和原始設備製造商以及八家頂級工業整合裝置製造商中的七家進行積極互動。在2025年我們眾多重要的客戶公告中，我想重點介紹三個具體領域。

We meaningfully expanded our long-standing partnership with Apple to build and deliver wireless connectivity and power management chips in our US-based fabs. We deepened our collaboration with Cirrus Logic to advance the development and commercialization of next-generation BCD and GaN power technologies in the US.

我們與蘋果公司建立了長期合作關係，並在美國本土的工廠中生產和交付無線連接和電源管理晶片，從而顯著擴大了合作關係。我們深化了與 Cirrus Logic 的合作，以推動下一代 BCD 和 GaN 功率技術在美國的開發和商業化。

And most recently, our collaborations with Navitas and onsemi are set to accelerate the development and scaling of 650-volt and 100-volt GaN technology for AI data centers and other critical power applications. And finally, in 2025, we advanced our third key strategic pillar, leveraging our diversified geographical footprint.

最近，我們與 Navitas 和 Onsemi 的合作將加速 650 伏特和 100 伏特 GaN 技術的發展和規模化，以用於人工智慧資料中心和其他關鍵電源應用。最後，在 2025 年，我們利用多元化的地域佈局，推進了第三個關鍵策略支柱。

In June 2025, we increased our commitment to invest $16 billion in the US, with plans to expand manufacturing and advanced packaging capabilities in our New York and Vermont facilities. Furthermore, we announced plans to invest EUR 1.1 billion to expand our Dresden facility, increasing the fabs wafer production capacity to over 1 million wafers per year by the end of 2028 and making it the largest of its kind in Europe.

2025 年 6 月，我們增加了對美國 160 億美元的投資承諾，計劃擴大我們在紐約和佛蒙特州工廠的製造和先進包裝能力。此外，我們宣布計劃投資 11 億歐元擴建德勒斯登工廠，到 2028 年底，將晶圓廠的年產能提高到 100 萬片以上，使其成為歐洲同類工廠中規模最大的。

We also made significant progress in making our technologies available on all continents, creating valuable optionality for all of our customers.

我們在將我們的技術推廣到所有大洲方面也取得了重大進展，為我們所有的客戶創造了寶貴的選擇。

In summary, we are very pleased with the progress made towards our strategic objectives in 2025, which sets the foundation for us to capture opportunities in 2026 and beyond. For GF, we expect these opportunities to be driven by the three most significant megatrends defining our industry today.

總而言之，我們對 2025 年在實現策略目標方面的進展感到非常滿意，這為我們在 2026 年及以後抓住機會奠定了基礎。對於GF而言，我們預計這些機會將由當今定義我們行業的三大最重要趨勢所驅動。

The rapid scaling of AI data centers, the proliferation of AI into the physical world and the critical need for resilient diversified global semiconductor supply. The rapid expansion of compute for AI data centers is reshaping demands on infrastructure and creating two critical bottlenecks, networking and power. Addressing these bottlenecks will be paramount for the continued scaling of AI, and these requirements are driving rapid shifts in semiconductor demand.

人工智慧資料中心的快速擴張、人工智慧在物理世界的普及以及對具有彈性的多元化全球半導體供應的迫切需求。人工智慧資料中心運算能力的快速擴張正在重塑對基礎設施的需求，並造成了兩個關鍵瓶頸：網路和電力。解決這些瓶頸對於人工智慧的持續擴展至關重要，而這些需求正在推動半導體需求的快速變化。

With years of focused R&D and capacity investments as well as close collaboration with leading customers, GF is at the center of this transformation and is well positioned to capitalize on both key opportunities. In data center power, we have already seen encouraging momentum in the fourth quarter, with two first-of-their-kind design wins secured on our GaN and BCD platforms.

憑藉多年來專注的研發和產能投資，以及與領先客戶的密切合作，GF 處於這項變革的中心，並已做好充分準備，把握這兩個關鍵機會。在資料中心電源領域，我們在第四季度已經看到了令人鼓舞的發展勢頭，我們在 GaN 和 BCD 平台上獲得了兩項開創性的設計訂單。

We expect to start volume production this year, and we believe the data center power opportunity is still in its very early stages. As we continue to leverage our winning technology to develop, ramp and scale in data center power, we look forward to securing additional customer partnerships in this exciting growth area for GF. Meanwhile, optical networking has clearly emerged as a strong acceleration opportunity for our business at GF.

我們預計今年開始大量生產，我們認為資料中心電源市場仍處於非常早期的階段。隨著我們繼續利用我們領先的技術來開發、擴大和提升資料中心電力，我們期待在這個令人興奮的GF成長領域中獲得更多客戶合作夥伴關係。同時，光網路顯然已成為GF業務強勁的加速發展機會。

We delivered on our objective to roughly double our silicon photonics revenue within our communication infrastructure and data center end market to over $200 million in 2025. Even on this higher base, we expect to nearly double the contribution from silicon photonics again in 2026, driven by strong customer demand for our differentiated technology, a robust ramp in supply capacity and the integration of our recent acquisition of Advanced Micro Foundry.

我們實現了目標，在 2025 年將通訊基礎設施和資料中心終端市場的矽光子學收入大致翻一番，達到 2 億美元以上。即使在此更高的基數上，我們預計在 2026 年，矽光子學的貢獻將再次翻一番，這得益於客戶對我們差異化技術的強勁需求、供應能力的穩步提升以及我們最近收購的 Advanced Micro Foundry 的整合。

Closed in November last year, the addition of AMF will accelerate our silicon photonics road map, broaden our customer base and drive opportunities for scale and geographic synergies in Singapore. This highly complementary acquisition is expected to deliver consistent accretive growth to our corporate gross margin targets in 2026.

去年 11 月完成的 AMF 收購將加速我們的矽光子學路線圖，擴大我們的客戶群，並為我們在新加坡的規模化和地理協同效應帶來機會。這項高度互補的收購預計將在 2026 年為我們的公司毛利率目標帶來持續的增值成長。

As we continue to ramp opportunities for silicon photonics across pluggable applications, and we begin to scale opportunities in the field of co-packaged optics, we now believe that we are on a path to reach a $1 billion run rate revenue level for silicon photonics by the end of 2028, a substantial acceleration from our prior objective.

隨著我們不斷擴大矽光子技術在可插拔應用領域的機遇，並開始擴大共封裝光學領域的機遇，我們現在相信，到 2028 年底，矽光子技術的年化收入將達到 10 億美元，這比我們之前的目標有了顯著的提升。

Moving on to the second major megatrend, physical AI. The emerging technical requirements of physical AI mapped directly to GF's core strengths, building highly integrated, low-power, secure and cost-efficient connected ICs.

接下來是第二個主要趨勢：實體人工智慧。實體人工智慧的新興技術要求與GF的核心優勢直接對應，即建構高度整合、低功耗、安全且經濟高效的互聯積體電路。

The addition of MIPS last August is enabling an acceleration of our physical AI capabilities combining our world-class manufacturing capabilities and customer relationships with a full suite of risk 5 processor IP, subsystems and software.

去年八月加入 MIPS 後，我們得以加速發展實體 AI 能力，將我們世界一流的製造能力和客戶關係與全套 5 級處理器 IP、子系統和軟體結合。

Along with the recently signed acquisition of Synopsys Processor IP solutions business, and its team of highly skilled engineers, we expect yet another paradigm shift forward. Integrating Synopsys ARC technology portfolio of high-performance, ultra-low power compute and AI cores positions us to deliver processing solutions across a broad spectrum of physical AI applications from software-defined vehicles to medical devices, defense applications, industrial robotics and beyond.

隨著近期對 Synopsys 處理器 IP 解決方案業務及其高技能工程師團隊的收購，我們預計未來將出現另一個典範轉移。整合 Synopsys ARC 高效能、超低功耗運算和 AI 核心技術組合，使我們能夠為廣泛的實體 AI 應用提供處理解決方案，從軟體定義的車輛到醫療設備、國防應用、工業機器人等等。

The processor IP portfolio is a highly complementary addition to our MIPS Risk 5 IP portfolio. Together, we expect to be at the forefront of supporting our customers in powering next-generation edge processing workloads, multimodal sensors, real-time control and actuation, all enabling distributed intelligence and action within physical AI devices.

處理器 IP 產品組合是我們 MIPS Risk 5 IP 產品組合的高度補充。我們共同致力於走在支援客戶的最前沿，協助他們實現下一代邊緣處理工作負載、多模態感測器、即時控制和執行，從而在實體 AI 設備中實現分散式智慧和行動。

The Synopsys ARC acquisition is expected to significantly accelerate our physical AI road map, given ARC's proven leadership in AI-focused IP and software, along with the infusion of its world-class engineering talent.

鑑於 Synopsys ARC 在人工智慧領域的智慧財產權和軟體方面擁有公認的領先地位，以及其世界一流的工程人才的注入，此次收購有望顯著加快我們在物理人工智慧領域的發展路線圖。

By adding the ARC portfolio to MIPS, we expect GF to become a full spectrum risk five processor IP provider, serving a global base of over 300 active customers, now equipped with an expanded range of solutions, including ultra-low power neuroprocessor course, and it's widely used ASIP designer and MetaWare software tool chain as part of our offering.

透過將 ARC 產品組合添加到 MIPS，我們期望 GF 成為全方位風險五處理器 IP 供應商，服務全球 300 多家活躍客戶，並擁有更廣泛的解決方案，包括超低功耗神經處理器課程，以及廣泛使用的 ASIP 設計器和 MetaWare 軟體工具鏈，作為我們產品的一部分。

The final megatrend defining our industry is the critical importance of geographically diversified semiconductor supply in a fragmented deglobalizing world.

定義我們產業的最後一個大趨勢是，在全球化程度降低、分散的世界中，地理多元化的半導體供應至關重要。

Geopolitical tensions, tariffs and export controls are actively driving firms to reshore or onshore their semiconductor supply. Companies now routinely mandate non-China, non-Taiwan sourcing, while others have publicly announced the US as central to their long-term supply chain strategy.

地緣政治緊張局勢、關稅和出口管制正在積極推動企業將半導體供應鏈遷回國內。現在，許多公司都強制要求從中國、台灣以外的地區採購，而另一些公司則公開宣布美國是其長期供應鏈策略的核心。

GS is ready to meet these requirements in a way no other company can. GF flexible and scaled footprint spans the US, Europe and Asia, making us uniquely suited to satisfy customer requirements and capture meaningful share from this secular shift.

GS能夠以其他任何公司都無法做到的方式滿足這些要求。GF 靈活且規模化的業務佈局遍及美國、歐洲和亞洲，使我們能夠以獨特的方式滿足客戶需求，並從這一長期趨勢中獲取可觀的市場份額。

Strong customer engagements are turning into meaningful new design wins, tapeouts and preparations for high-volume ramps. Over the course of 2025, new design wins that were specifically driven by a manufacturing footprint were worth well over $3 billion of combined expected lifetime revenue.

強大的客戶互動正在轉化為有意義的新設計訂單、流片和大規模量產的準備工作。到 2025 年，由製造佈局直接推動的新設計訂單總價值預計將超過 30 億美元。

As more and more customers choose us for our three continent footprint, we expect to build on this momentum in 2026 and beyond. Accelerated revenue growth and profitability tailwinds to GF are only starting to take shape, but we are setting the foundation with customer partnerships today. We expected fully leverage our unique geographic advantage placing us at the forefront of semiconductor onshoring in the years to come.

隨著越來越多的客戶因為我們在三大洲的業務佈局而選擇我們，我們預計在 2026 年及以後將繼續保持這一發展勢頭。GF 的收入成長和獲利能力提升的利好因素才剛開始顯現，但我們今天正透過與客戶的合作奠定基礎。我們期望充分利用我們獨特的地理優勢，在未來幾年內引領半導體產業回流。

Let me now discuss our recent design wins, customer engagements and business highlights across each of our end markets. In automotive, we made significant progress in 2025 in growing our content in the car beyond our traditional leadership in automotive MCUs.

現在讓我來談談我們最近在各個終端市場取得的設計專案、客戶合作和業務亮點。在汽車領域，我們在 2025 年取得了重大進展，進一步拓展了我們在汽車內容方面的優勢，超越了我們在汽車 MCU 領域的傳統領先地位。

For example, automotive smart sensors and networking revenue more than tripled in 2025 compared to 2024, driven by robust ramps in radar, cameras and other sensors critical for next-generation ADAS. In 2025, we secured over 50% more design wins in automotive compared to the year prior, which builds on years of increasing design win momentum.

例如，受雷達、攝影機和其他對下一代 ADAS 至關重要的感測器的強勁成長推動，2025 年汽車智慧感測器和網路收入比 2024 年成長了三倍多。2025 年，我們在汽車領域的設計訂單數量比前一年增加了 50% 以上，這延續了多年來設計訂單數量不斷增長的勢頭。

Automotive design wins typically take several years to fully ramp, yet we have outperformed the automotive semis market every year in our existence as a public company.

汽車設計專案通常需要數年時間才能全面啟動，然而，作為一家上市公司，我們每年都超越了汽車半掛車市場。

In smart mobile devices, we continue our focus on the most differentiated applications for high-end handsets. We secured several new design wins in the fourth quarter across camera controllers, RF front end and power management, including a few notable highlights. We secured a design win on our 22 UX platform targeting next-gen imaging in mobile phones and action cameras with an estimated lifetime revenue of over $500 million.

在智慧型行動裝置領域，我們持續專注於高階手機最具差異化的應用。我們在第四季度獲得了多個新的設計訂單，涵蓋攝影機控制器、射頻前端和電源管理等領域，其中一些亮點特別突出。我們憑藉下一代手機和運動相機成像技術的 22 個 UX 平台贏得了設計訂單，預計終身收入將超過 5 億美元。

With best-in-class analog performance, low noise optimization and compelling cost competitiveness, we expect further UX wins in areas such as IoT, automotive and industrial. We won a camera controller program for premium tier Android with Cambridge Mechatronics on our FinFET platform an opportunity for meaningful share gain in a relatively new area for GF.

憑藉一流的類比性能、低雜訊優化和極具競爭力的成本優勢，我們期待在物聯網、汽車和工業等領域贏得更多用戶體驗的成功。我們憑藉 FinFET 平台贏得了劍橋機電一體化公司面向高端 Android 系統的相機控制器項目，這對於 GF 來說是一個在相對較新的領域獲得有意義市場份額的機會。

Thanks to its superior RF noise performance, our newly launched CBIC platform was selected by Broadcom for a low-noise amplifier, the second major customer to adopt this technology. In home and industrial IoT, we deepened our long-term collaboration with a leading MCU supplier with a fourth quarter design win for its next-gen AI-enabled MCUs used in a variety of physical AI applications.

由於其卓越的射頻雜訊性能，我們新推出的 CBIC 平台被博通公司選中用於低雜訊放大器，博通公司是第二個採用該技術的主要客戶。在家庭和工業物聯網領域，我們與一家領先的 MCU 供應商深化了長期合作，在第四季度贏得了其下一代 AI 賦能 MCU 的設計訂單，該 MCU 將用於各種實體 AI 應用。

We are also seeing notable opportunities for connectivity solutions on our FinFET platform, including SoCs for next-generation WiFi 8 and other IoT applications, such as point-of-sale retail. In aerospace and defense, we secured new design wins across secure connectivity and RF applications that will begin ramping in our Multi New York fab.

我們還看到，我們的 FinFET 平台在連接解決方案方面存在著顯著的機會，包括用於下一代 WiFi 8 和其他物聯網應用（如零售銷售點）的 SoC。在航空航太和國防領域，我們在安全連接和無線射頻應用方面獲得了新的設計訂單，這些訂單將在我們的紐約多廠開始量產。

As physical AI proliferates in the coming years and manifests across many different new applications and form factors, we expect our home and industrial IoT business to be a key beneficiary.

隨著實體人工智慧在未來幾年內迅速普及，並在許多不同的新應用和外形尺寸中得到體現，我們預計我們的家庭和工業物聯網業務將成為主要受益者。

In 2026, we expect a stronger second half for this end market compared to the first half, driven by the ramp of new products in areas such as AI-enabled MCUs, WiFi connectivity and power management. In communications, infrastructure and data center, we secured an important co-packaged optics design win for scale-up networks on our CLO silicon photonics platform.

2026 年，我們預計下半年該終端市場將比上半年表現更強勁，這主要得益於人工智慧 MCU、WiFi 連接和電源管理等領域新產品的推出。在通訊、基礎設施和資料中心領域，我們憑藉 CLO 矽光子平台，為規模化網路贏得了一項重要的共封裝光學設計訂單。

These photonic IC design wins at both endpoints at the scale-up network marked an important step in the industry's rollout of CPO. As AI clusters grow, the capabilities of our silicon photonics portfolio position GF at the center of the shift towards high bandwidth, lower latency interconnects that underpins scale-up AI networking. Beyond silicon photonics, our leading portfolio of high-performance SiGe using applications such as TIAs and driver ICs serve critical needs across optical networking.

在規模化網路兩端取得的這些光子積體電路設計成功，標誌著業界在 CPO 推廣方面邁出了重要一步。隨著 AI 集群的成長，我們矽光子產品組合的能力使 GF 處於向高頻寬、低延遲互連轉變的核心地位，而這種互連是 AI 網路規模化發展的基礎。除了矽光子學之外，我們領先的高效能 SiGe 產品組合，例如 TIA 和驅動 IC，可滿足光網路的關鍵需求。

GF is not just participating in these critical optical networking opportunities. Our products and innovation are actively driving informed. In satellite communications, we continue to expand our leadership by winning additional content on the satellite, enabling direct to cellular phone services.

GF 不僅僅是參與這些關鍵的光網路機會。我們的產品和創新正在積極推動訊息傳播。在衛星通訊領域，我們透過贏得更多衛星內容，不斷擴大我們的領先地位，從而實現直接面向蜂窩電話的服務。

GF technology enables ubiquitous global connectivity by eliminating traditional mobile dead zones through satellite to mobile technology. Our most recent design win in the fourth quarter further broadens our content across the full SATCOM ecosystem, from terminals on the ground to satellites in orbit.

GF技術透過衛星到行動通訊技術消除了傳統的行動通訊盲區，從而實現了無處不在的全球連接。我們在第四季度贏得的最新設計項目進一步擴大了我們在整個衛星通訊生態系統中的內容覆蓋範圍，從地面終端到軌道衛星。

For all of these reasons, we are enthusiastic about further growth and acceleration in our communications infrastructure and data center end market, where we expect to outperform peers and achieve over 30% year-on-year revenue growth in 2026.

鑑於以上所有原因，我們對通訊基礎設施和資料中心終端市場的進一步成長和加速充滿信心，我們預計在 2026 年將超越同行，實現超過 30% 的年收入成長。

In conclusion, GF is at an exciting inflection point. Our acquisitions are expanding GF's capabilities as a holistic technology solutions provider and our differentiated technology and footprint are proving an excellent fit in the confluence of major AI and onshoring megatrends.

總之，GF正處於一個令人興奮的轉折點。我們的收購正在擴大GF作為整體技術解決方案提供者的能力，我們差異化的技術和佈局在人工智慧和本土化兩大趨勢的交匯處展現出極佳的契合度。

In addition, I'm encouraged by our record design win momentum, breadth of customer engagements and clear path towards a richer mix of business. I have never been more optimistic about our long-term potential than I am now.

此外，我們創紀錄的設計專案成功勢頭強勁，客戶參與範圍廣泛，並且朝著更豐富的業務組合邁出了清晰的步伐，這些都令我倍感鼓舞。我從未像現在這樣對我們的長期發展潛力充滿信心。

I'll now pass the call over to Sam for a deeper dive on fourth quarter and full year 2025 financials.

現在我將把電話交給 Sam，讓他更深入地分析 2025 年第四季和全年的財務狀況。

Thank you, Tim. For the remainder of the call, including guidance, other than revenue, cash flow and net interest income, I will reference non-IFRS metrics. As Tim noted, our fourth quarter results were at or above the high end of the guidance ranges we provided in our last quarterly update.

謝謝你，提姆。在本次電話會議的剩餘部分，包括績效指引，除收入、現金流量和淨利息收入外，我將參考非國際財務報告準則指標。正如蒂姆所指出的，我們第四季度的業績達到或超過了我們在上一季更新中提供的預期範圍的上限。

We delivered fourth quarter revenue of $1.83 billion, up 8% sequentially and flat year-over-year. We shipped approximately 619,300-millimeter equivalent wafers in the quarter, up 3% sequentially and 4% from the prior year period.

我們第四季營收為 18.3 億美元，季增 8%，較去年同期持平。本季我們出貨了約 619,300 毫米當量晶圓，較上季成長 3%，比上年同期成長 4%。

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 in the fourth quarter.

來自終端市場的晶圓收入約佔總收入的 88%，非晶圓收入（包括光阻收入、非經常性工程加急費和其他項目）約佔第四季總收入的 12%。

For the full year, we delivered revenue of approximately $6.791 billion, up 1% year-over-year. We shipped approximately 2.3 million 300-millimeter equivalent wafers, a 10% increase from 2024, which equated to utilization levels of approximately 85% for 2025.

全年營收約 67.91 億美元，年增 1%。我們出貨了約 230 萬片 300 毫米等效晶圓，比 2024 年成長了 10%，相當於 2025 年的產能利用率約為 85%。

Let me now provide an update on our revenue by end markets. Smart mobile devices represented approximately 36% of fourth quarter total revenue and 39% of full year revenue.

現在讓我向大家報告我們按終端市場劃分的收入情況。智慧型行動裝置約佔第四季總營收的 36%，佔全年營收的 39%。

Fourth quarter revenue declined approximately 13% sequentially and 11% from the prior year period. Full year 2025 revenue decreased 12% year-over-year, principally driven by GF initiated onetime pricing adjustments made in 2025 with a small number of mobile customers where GF was dual sourced.

第四季營收季減約 13%，年減約 11%。2025 年全年營收年減 12%，主要原因是 GF 在 2025 年對少數行動客戶（GF 採用雙重來源）進行了一次性價格調整。

We expect to gain greater share of wallet with these customers in 2026, and we also believe that pricing has stabilized in this end market. In 2026, we expect our smart mobile devices business to largely track the overall smartphone market.

我們預計到 2026 年，我們將從這些客戶那裡獲得更大的市場份額，我們也相信，在這個終端市場，價格已經趨於穩定。我們預計到 2026 年，我們的智慧型行動裝置業務將與整體智慧型手機市場基本保持一致。

Moreover, as we continue our multiyear journey to diversify our products and end market portfolios, 2025 was the first full year where more than 60% of GF's total revenue came from markets other than smart mobile devices.

此外，隨著我們繼續推進多年產品和終端市場組合多元化策略，2025 年是 GF 總收入超過 60% 來自智慧型行動裝置以外市場的第一個完整年度。

While revenue from smart mobile devices remains a key component of our end market mix, we do expect this trend to continue as growth from IoT, automotive, and communications infrastructure and data center benefit from faster growing SAM opportunities, where GF is demonstrating strong design win momentum.

雖然智慧型行動裝置的收入仍然是我們終端市場組合的關鍵組成部分，但我們預計這一趨勢將繼續下去，因為物聯網、汽車、通訊基礎設施和資料中心的成長將受益於快速成長的SAM機會，而GF在這些領域展現出了強勁的設計中標勢頭。

Automotive represented approximately 23% of fourth quarter total revenue and 21% of full year 2025 revenue, which is up from just 2% 5 years ago and is a testament to the design wins, content growth and customer partnerships that GF has developed over the last decade.

汽車業務約佔第四季度總收入的 23%，佔 2025 年全年收入的 21%，而 5 年前這一比例僅為 2%，證明了 GF 在過去十年中取得的設計成功、內容增長和客戶合作關係。

Fourth quarter revenue increased approximately 40% sequentially and 3% year-over-year, partly driven by the timing of customer shipments as indicated on our prior earnings call. Full year Automotive revenue grew approximately 17% year-over-year to a record $1.4 billion. And with continued share gains and content expansion, we expect to sustain this momentum in 2026.

第四季營收季增約 40%，年增約 3%，部分原因是客戶出貨時間的安排，正如我們在先前的財報電話會議上所指出的。全年汽車業務收入年增約 17%，達到創紀錄的 14 億美元。隨著市場份額的持續增長和內容的不斷擴展，我們預計這一勢頭將在 2026 年得以維持。

Home and Industrial IoT represented approximately 17% of the quarter's total revenue and 18% of full year revenue. Fourth quarter revenue increase in this end market approximately 17% sequentially and decreased 15% year-over-year. Full year home and industrial IoT revenue declined 6% year-over-year, driven by the end of life of certain aerospace and defense products.

家庭和工業物聯網約佔本季總營收的 17%，佔全年營收的 18%。第四季該終端市場營收季增約 17%，年減 15%。受某些航空航太和國防產品生命週期結束的影響，全年家庭和工業物聯網收入較去年同期下降 6%。

With new Aerospace and Defense and other IoT applications, forecast to ramp into production in the second half of 2026, we expect a return to full year revenue growth for our IoT end market this year, albeit with a skew towards the second half.

隨著新的航空航太和國防以及其他物聯網應用預計將在 2026 年下半年投入生產，我們預計今年物聯網終端市場將恢復全年收入成長，儘管成長將偏向下半年。

Finally, communications infrastructure and data center represented approximately 12% of the quarter's total revenue and 11% of full year revenue, marking a notable return to revenue growth for this end market.

最後，通訊基礎設施和資料中心約佔本季總收入的 12% 和全年收入的 11%，標誌著該終端市場收入顯著回升。

Fourth quarter revenue, which includes revenue from silicon photonics, increased approximately 29% sequentially and 32% year-over-year. For the full year 2025, communications infrastructure and data center revenue grew 29% year-over-year, well above our prior expectation for low 20s percentage year-over-year growth, driven by strong momentum in optical networking, silicon photonics and satellite communications. We delivered on both of the key growth objectives we set out earlier in the year.

第四季營收（包括矽光子學營收）季增約 29%，年增約 32%。2025 年全年，通訊基礎設施和資料中心營收年增 29%，遠高於我們先前預期的 20% 左右的年成長率，這主要得益於光網路、矽光子學和衛星通訊的強勁成長勢頭。我們實現了年初制定的兩項關鍵成長目標。

Specifically, we grew satellite communications to over $100 million in revenue, and we approximately doubled our silicon photonics revenue in 2025.

具體來說，我們的衛星通訊收入成長到超過 1 億美元，到 2025 年，我們的矽光子學收入大約翻了一番。

As evidenced by our results, we continue to focus our strategy on shifting the mix of our business towards margin accretive, high-value secular growth markets, where our differentiated product portfolio is very well suited to support the required content expansion and evolution.

從我們的業績可以看出，我們將繼續把業務組合的重點放在提高利潤率、增加價值的長期成長市場上，在這些市場中，我們差異化的產品組合非常適合支持所需的內容擴展和發展。

In 2025, revenue from our automotive and communications infrastructure and data center end markets, together comprised a record one third of our total revenue, up from approximately 27% the year prior and signals a consistent step forward towards our ongoing mix shift.

2025 年，來自汽車、通訊基礎設施和資料中心終端市場的收入合計佔總收入的三分之一，創歷史新高，高於前一年的約 27%，這標誌著我們在持續轉型過程中穩步邁出了重要一步。

As we focus on growing differentiated technology solutions for our customers in areas that are accretive towards our corporate gross margin targets, we expect this mix shift between and within end markets to provide a robust platform to continue growing GF's profitability.

隨著我們專注於為客戶開發差異化技術解決方案，以提升公司毛利率目標，我們預計終端市場之間和終端市場內部的這種組合轉變將為GF繼續提高盈利能力提供強大的平台。

In the fourth quarter, we delivered gross profit of $530 million, which translates into approximately 29% gross margin, up 300 basis points sequentially and 360 basis points year-over-year. For the full year, we delivered gross profit of $1.773 billion and gross margin of 26.1%, equating to an 80 basis points increase year-over-year. R&D for the quarter was $115 million, and SG&A was $80 million.

第四季度，我們實現了 5.3 億美元的毛利，毛利率約為 29%，較上季成長 300 個基點，較去年同期成長 360 個基點。全年來看，我們實現了17.73億美元的毛利和26.1%的毛利率，比去年同期成長了80個基點。本季研發費用為 1.15 億美元，銷售、管理及行政費用為 8,000 萬美元。

Total operating expenses of $195 million were up 9% quarter-over-quarter and represented approximately 11% of total revenue. We delivered operating profit of $335 million for the quarter, as an operating margin of 18.3%, above the high end of our guided range and up 270 basis points from the year prior period.

總營運支出為 1.95 億美元，季增 9%，約佔總收入的 11%。本季我們實現了 3.35 億美元的營業利潤，營業利潤率為 18.3%，高於我們預期範圍的上限，比上年同期增長了 270 個基點。

For the full year, GF delivered operating profit of $1.066 billion at a 15.7% operating margin, an increase of 210 basis points year-over-year.

全年來看，GF實現營業利潤10.66億美元，營業利益率為15.7%，較去年同期成長210個基點。

Fourth quarter net interest income, net of other expenses, was $16 million, and we incurred tax expense of $41 million in the quarter. We delivered fourth quarter net income of approximately $310 million, an increase of approximately $54 million from the prior year period.

第四季淨利息收入（扣除其他費用後）為 1,600 萬美元，本季我們產生了 4,100 萬美元的稅項支出。我們第四季淨收入約 3.1 億美元，比上年同期增加約 5,400 萬美元。

As a result, we reported diluted earnings of $0.55 per share for the fourth quarter on a fully diluted share count of approximately 560 million shares.

因此，我們公佈的第四季度稀釋後每股收益為 0.55 美元，完全稀釋後的股份總數約為 5.6 億股。

On a full year basis, GF delivered net income of approximately $965 million and diluted earnings per share of $1.72, up 10% year-over-year. Let me now provide some key cash flow and balance sheet metrics. Cash flow from operations for the fourth quarter was $374 million. For the full year, cash flow from operations was $1.731 billion.

以全年計算，GF實現淨收入約9.65億美元，稀釋後每股收益為1.72美元，年增10%。現在讓我提供一些關鍵的現金流量和資產負債表指標。第四季經營活動產生的現金流量為 3.74 億美元。全年經營活動產生的現金流量為 17.31 億美元。

Fourth quarter CapEx, net of proceeds from government grants was $110 million or roughly 6% of revenue. Full year net CapEx for 2025 was approximately $574 million or 8% of revenue. Adjusted free cash flow for the quarter was $264 million, which represented an adjusted free cash flow margin of approximately 14% in the quarter.

第四季資本支出（扣除政府撥款收益後）為 1.1 億美元，約佔收入的 6%。2025 年全年淨資本支出約 5.74 億美元，佔營收的 8%。本季調整後自由現金流為 2.64 億美元，本季調整後自由現金流利潤率約 14%。

Adjusted free cash flow for the full year 2025 was $1.2 billion at a free cash flow margin of approximately 17%, building on our objectives set out at the start of the year and demonstrating a new record for GF. This is thanks to the multiyear investments we have made in our diversified capacity footprint as well as our continuous drive to improve our productivity and cost structure.

2025 年全年調整後自由現金流為 12 億美元，自由現金流利潤率約為 17%，實現了年初設定的目標，創下了 GF 的新紀錄。這得歸功於我們多年來對多元化產能佈局的投資，以及我們不斷努力提高生產效率和優化成本結構。

At the end of the fourth quarter, our combined total of cash, cash equivalents and marketable securities stood at approximately $4 billion. Our total debt was $1.2 billion, and we also have a $1 billion revolving credit facility, which remains undrawn. In light of our consistent free cash flow generation and balance sheet metrics.

截至第四季末，我們的現金、現金等價物和有價證券總額約為 40 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，目前尚未動用。鑑於我們持續穩定的自由現金流和資產負債表指標。

I would like to share an update regarding our capital allocation strategy. Our top priority continues to center on disciplined reinvestment into GF and focusing on high ROI opportunities. As demonstrated by our recent acquisitions and the continued remixing of our business, our strong balance sheet has been a key enabler of our strategy to pursue value-accretive investments.

我想和大家分享我們資本配置策略的最新進展。我們最重要的任務仍然是有紀律地對GF進行再投資，並專注於高投資報酬率的機會。從我們最近的收購和業務的持續重組可以看出，我們強勁的資產負債表是我們追求增值投資策略的關鍵推動因素。

Taking these factors into account, we believe our robust cash position enables us to further enhance shareholder returns through the implementation of a share repurchase authorization. Today, I am pleased to announce that our Board of Directors has authorized a share repurchase of up to $500 million, supported by our solid balance sheet, margin expansion and the implementation of our long-term strategic pillars that Tim outlined.

考慮到這些因素，我們相信我們強勁的現金狀況使我們能夠透過實施股份回購授權來進一步提高股東回報。今天，我很高興地宣布，在穩健的資產負債表、利潤率擴張以及蒂姆概述的長期戰略支柱的實施的支持下，我們的董事會已批准回購高達 5 億美元的股票。

We believe share repurchases represent a compelling and accretive use of capital as well as helping offset the impact of share-based compensation. We intend to begin repurchasing shares this quarter and look forward to keeping you updated as we execute on this important step in our capital allocation road map. Now let me provide you with our outlook for the first quarter of 2026.

我們認為股票回購是一種引人注目且能增值的資本運用方式，同時也有助於抵銷股權激勵的影響。我們計劃在本季開始回購股票，並期待在執行我們資本配置路線圖中這一重要步驟的過程中，及時向您報告最新進展。現在讓我向大家介紹一下我們對 2026 年第一季的展望。

We expect total GF revenue to be $1.625 billion, plus or minus $25 million. Given our consistent customer momentum and recent IP-related acquisitions, we expect non-wafer revenue to be in the 10% to 12% range of total revenue, up from 8% to 12% in prior years.

我們預計 GF 總收入為 16.25 億美元，上下浮動 2,500 萬美元。鑑於我們持續的客戶成長動能和最近在智慧財產權方面的收購，我們預計非晶圓收入將佔總收入的 10% 至 12%，高於前幾年的 8% 至 12%。

We expect gross margin to be approximately 27%, plus or minus 100 basis points, which reflects a continuation of year-over-year gross margin expansion. Excluding share-based compensation, we expect total operating expenses to be $225 million plus or minus $10 million.

我們預計毛利率約為 27%，上下浮動 100 個基點，這反映了毛利率同比持續增長的趨勢。不計入股權激勵費用，我們預計總營運費用為 2.25 億美元，上下浮動 1,000 萬美元。

We expect to maintain a similar quarterly operating expense run rate for the first half of 2026. We expect operating margin to be in the range of 13.2%, plus or minus 180 basis points.

我們預計 2026 年上半年將維持類似的季度營運費用運作率。我們預計營業利潤率將在 13.2% 左右，上下浮動 180 個基點。

At the midpoint of our guidance, we expect share-based compensation to be approximately $63 million of which roughly $16 million is related to cost of goods sold. We expect net interest and other income for the quarter to be between $2 million and $10 million and income tax expense to be between $17 million and $35 million.

根據我們的預期，股權激勵支出中位數約為 6,300 萬美元，其中約 1,600 萬美元與銷售成本相關。我們預計本季淨利息及其他收入將在 200 萬美元至 1,000 萬美元之間，所得稅支出將在 1,700 萬美元至 3,500 萬美元之間。

Based on the tax environments across the jurisdictions we operate in, we expect an effective tax rate in the high teens percentage range for the full year 2026. Based on a fully diluted share count of approximately 560 million shares, we expect diluted earnings per share for the first quarter to be $0.35, plus or minus $0.05. For the full year 2026, we expect non-IFRS net CapEx to be in the range of 15% to 20% of full year revenue.

根據我們營運所在司法管轄區的稅收環境，我們預計 2026 年全年的實際稅率將在十幾個百分點的範圍內。基於約5.6億股的完全稀釋股份數，我們預期第一季稀釋後每股收益為0.35美元，上下浮動0.05美元。對於2026年全年，我們預計非國際財務報告準則（IFRS）淨資本支出將佔全年收入的15%至20%。

The projected year-over-year increase in net CapEx in 2026 is primarily driven by strong customer demand in capacity corridors, where we are oversubscribed such as in silicon photonics, FDX, SiGe as well as in establishing new capabilities in areas such as advanced packaging.

預計 2026 年淨資本支出將逐年成長，主要原因是產能走廊（例如矽光子學、FDX、SiGe 等）的客戶需求強勁，以及在先進封裝等領域建立新能力。

Not only are these important drivers of revenue growth, they are critical long-term accelerators of GF's gross margin expansion. Given the timing of these investments, we expect net CapEx may vary quarter-to-quarter subject to the timing of expenditure and receipt of government grants.

這些不僅是營收成長的重要驅動因素，也是GF毛利率長期擴張的關鍵加速器。鑑於這些投資的時間安排，我們預期淨資本支出可能會因支出時間和政府撥款的到帳時間而逐季變動。

We will continue to thoughtfully manage our capital spending plans to align with the broader demand environment. Although, we expect 2026 to represent a year's strategic investment in our capacity, we remain focused on our disciplined expansion principles and free cash flow generation.

我們將繼續審慎管理資本支出計劃，使其與整體需求環境一致。儘管我們預計 2026 年將是我們產能策略投資的一年，但我們仍將專注於我們嚴謹的擴張原則和自由現金流的產生。

For 2026, we expect a free cash flow margin of approximately 10% of full year revenue as we receive customer prepayments and continue to invest in accretive and expanding product corridors.

預計到 2026 年，隨著客戶預付款的收取以及對增值和擴張產品線的持續投資，自由現金流利潤率將達到全年收入的 10% 左右。

To wrap up, I would like to thank the dedication of our employees around the world for their unwavering commitment to our customers and strategic objectives over the course of the last year, and I look forward to building on this in 2026.

最後，我要感謝我們全球員工在過去一年中對客戶和策略目標的堅定奉獻，我期待在 2026 年在此基礎上再接再厲。

Let me now pass the call back to Tim for some closing remarks.

現在我把電話轉回給提姆，請他做些總結發言。

As you saw in our 6-K filing this morning, today is Niels' last earnings call at GF, and I want to express my sincere gratitude for his service and contributions. Over the past three years, Niels brought clarity, strategic discipline and a deep customer focus that strengthened our operations and helped advance our product and technology road map. I wish him the very best in his next endeavors. Here is Niels for some final remarks.

正如您今天早上在我們提交的 6-K 文件中看到的那樣，今天是 Niels 在 GF 的最後一次財報電話會議，我想對他的服務和貢獻表示衷心的感謝。在過去的三年裡，尼爾斯帶來了清晰的思路、策略紀律和對客戶的深刻關注，這加強了我們的運營，並幫助推進了我們的產品和技術路線圖。祝他未來一切順利。下面請尼爾斯作最後總結發言。

Thank you, Tim. As I step down from my role as President and COO, I want to express my deep gratitude to the entire GlobalFoundries team. The past three years have been some of the most rewarding of my career. And together, we sharpened our strategic focus, strengthen our business discipline and advance the three foundational strategic pillars that now define GFC position in the market.

謝謝你，提姆。在我卸任總裁兼營運長之際，我想對整個 GlobalFoundries 團隊表達我深深的感激之情。過去三年是我職業生涯中最有成就感的三年。我們共同努力，明確了策略重點，加強了業務紀​​律，並推進了現在定義 GFC 在市場中地位的三大基礎策略支柱。

I'm incredibly proud of how we aligned our manufacturing, commercial and product organizations to move with greater speed, customer focus and purpose, a shift that is now reflected by the strong technical advancements across our road map, expanding design win momentum and our stronger operating rhythm.

我非常自豪我們調整了製造、商業和產品組織，使其能夠以更快的速度、更以客戶為中心、更有目標地前進，這種轉變現在體現在我們路線圖的強大技術進步、不斷擴大的設計中標勢頭和更強勁的運營節奏中。

What stand out most though is the relentless dedication of our people their commitment, their drive to win and their belief in what GF can achieve have shaped the company's trajectory and laid a powerful foundation for the years ahead.

最突出的還是我們員工的不懈奉獻精神，他們的承諾、對勝利的渴望以及對GF所能取得成就的信念，塑造了公司的發展軌跡，並為未來幾年奠定了堅實的基礎。

GF is in a stronger position today than at any point in its history, and I have full confidence that Tim and the team will continue to accelerate the company's strategy and deliver exceptional results. It has been an honor to be part of this mission to you. And with that, let's open the call to Q&A. Operator?

GF如今的地位比歷史上任何時期都更加穩固，我完全相信蒂姆和他的團隊將繼續加速推進公司策略，並取得卓越的成果。能夠參與這項為你們服務的任務，我深感榮幸。接下來，讓我們進入問答環節。操作員？

(Operator Instructions) Mehdi Hosseini, Susquehanna Financial Group.

（操作員說明）Mehdi Hosseini，Susquehanna Financial Group。

Yes, sir. Thanks for let me ask you a question, and the first one, I want to focus on silicon photonics, especially in the context of the recent SAP acquisition in Singapore and InfiniLink from November of last year. Can you remind us what the strategy here is and how GlobalFoundries is intended to differentiate? And I have a follow-up.

是的，先生。謝謝您允許我提問，第一個問題，我想重點談談矽光子學，特別是最近 SAP 在新加坡的收購以及去年 11 月成立的 InfiniLink 公司。您能否提醒我們一下，這裡的策略是什麼？ GlobalFoundries 打算如何實現差異化？我還有一個後續問題。

Thanks, Mehdi. It's a great question. Obviously, you've seen over the last year a very strong acceleration and a lot of public announcements about the need for silicon photonics as a critical enabler of the scale-up of AI in the data center build-out that we're seeing.

謝謝你，邁赫迪。這是一個很好的問題。顯然，在過去一年中，我們看到了矽光子學的強勁發展勢頭，以及許多公開聲明，表明矽光子學是我們在資料中心建設中看到的AI規模化發展的關鍵推動因素。

That's something we've been working on for more than a decade as GF organically building an incredible organic platform. And obviously, in 2025, we added to that with inorganic plays, including the acquisition of AMF and also of InfiniLink.

這是 GF 十多年來一直在努力的方向，我們一直在穩步建立一個強大的有機平台。顯然，在 2025 年，我們透過非有機成長的方式進一步擴大了規模，包括收購 AMF 和 InfiniLink。

Look, our goal, and I think where we're making great progress is to be the best in the industry for three key reasons: Number one, having the strongest process technology offering, and that includes an offering for 200 gig per lane technologies today and a road map to 400 gig per lane and beyond, which is what the industry needs to achieve the next level of performance, and we're well on track to deliver that and those acquisitions support in that journey.

你看，我們的目標，也是我認為我們取得巨大進展的地方，是成為業內最佳，原因有三：第一，擁有最強大的工藝技術產品，包括目前每通道 200 G 的技術產品，以及每通道 400 G 及更高水平的技術路線圖，這是行業實現更高性能水平所需要的，我們正朝著這個目標穩步前進，而收購這一目標也為這一目標所支持了這一目標。

Also having the strongest enablement, obviously, these are new areas for customers to design, and they need robust PDKs, simulations, modeling and so on to be able to bring their solutions to market.

此外，顯然，這些領域也是客戶需要設計的新領域，他們需要強大的 PDK、模擬、建模等工具才能將他們的解決方案推向市場。

They also need ecosystem partners within that, some of the partnerships we've mentioned, for example, with Corning, brings the table specialized solutions, things like detachable fiber attach, which are critical for the transition to copackage optics, and the last thing that, of course.

他們還需要生態系統合作夥伴，例如我們提到的與康寧的合作，可以帶來專門的解決方案，例如可拆卸光纖連接，這對於向共封裝光學元件過渡至關重要，當然還有最後一點。

GF is well known for is that global manufacturing footprint. And so we're scaling silicon photonics in Singapore and the US including on a 300-millimeter platform, which, again, we think gives us a lot of opportunity to grow the business and differentiate going forward.

GF最出名的就是其全球製造佈局。因此，我們正在新加坡和美國擴大矽光子學的規模，包括在 300 毫米平台上，我們認為這將為我們未來的業務成長和差異化帶來許多機會。

I think you're seeing the proof points reflected in the revenue trajectory, we obviously had a strong 2025 doubling from the prior year, and we think that will continue through the course of 2026 and beyond.

我認為你已經從收入軌跡中看到了證據，我們顯然在 2025 年實現了比上一年翻倍的強勁增長，我們認為這種情況將持續到 2026 年及以後。

And that's given us also confidence to accelerate what we said previously about reaching $1 billion run rate revenue, which we think will reach by end of 2028. So overall, very strong momentum, lots more opportunities ahead. We're very much at the beginning of this transition in the data center.

這也讓我們更有信心加快實現先前所說的10億美元年化收入目標，我們認為到2028年底就能實現這個目標。總的來說，發展勢頭非常強勁，未來還有很多機會。我們目前仍處於資料中心轉型初期。

Great. And then the second question, actually a different topic, but perhaps part of your longer-term strategy. And one -- I would like for you to remind us, what is your strategy with quantum compute? And I asked that because IonQ recently acquired SkyWater. SkyWater was a smaller analog fab.

偉大的。第二個問題，其實是一個不同的主題，但或許是你長期策略的一部分。還有一個問題──我想請您提醒我們一下，您在量子運算方面的策略是什麼？我之所以這麼問，是因為 IonQ 最近收購了 SkyWater。SkyWater 是一家規模較小的類比電路製造廠。

And I think your strategy on the risk side is somewhat also a strategic with a lower opportunity that Quantum brings. So can you remind us what the strategy is? And any additional color that you can provide us would be great.

我認為你們在風險方面的策略在某種程度上也是戰略性的，因為量子技術帶來的機會較少。那麼，您能提醒我們一下，你們的策略是什麼嗎？如果您能提供其他顏色，那就太好了。

No, thank you. Actually, longer term, very excited about the trajectory for quantum. And I think the reason is you see now significant investment going into building scalable, full-tolerant quantum systems. And that's the key. It's not about proving at the lab scale now.

不，謝謝。實際上，從長遠來看，我對量子力學的發展軌跡感到非常興奮。我認為原因在於，現在有大量資金投入在建構可擴展、完全容錯的量子系統中。這就是關鍵所在。現在的問題不是在實驗室規模上進行驗證。

It's about proving that we can actually build functional systems at scale. GF has very specific solutions for different quantum modalities, everything from Photonics, which we've talked about just now and more broadly, including partnerships that we have with companies like CyQuantum.

關鍵在於證明我們確實能夠大規模地建構功能完善的系統。GF針對不同的量子模式擁有非常具體的解決方案，涵蓋了從我們剛才討論的光子學到更廣泛的領域，包括我們與CyQuantum等公司的合作關係。

But we actually also have partnerships in areas like spin qubit, ion trap, topological quantum. So a lot of these modalities that are all competing in a way to prove they can be the first ones to scale. GF provides for all of those.

但實際上，我們在自旋量子位元、離子阱、拓樸量子等領域也有合作關係。因此，這些不同的模式都在相互競爭，以證明自己可以率先實現規模化。GF 提供所有這些服務。

Obviously, since that announcement that you referred to, people have recognized even more the importance of high-volume manufacturing. Again, it's not just about proving at the lab scale, but how do you actually industrialize and build larger scale systems.

顯然，自從你提到的那項聲明發布以來，人們就更加認識到大規模生產的重要性。再次強調，這不僅僅是實驗室規模的驗證問題，而是如何真正工業化並建立更大規模的系統。

We have good partnerships out there. We expect to announce more in the coming months. And again, just given the depth of our technical bench, it's an area I think will play a critical role going forward.

我們與許多機構建立了良好的合作關係。我們預計將在未來幾個月內公佈更多資訊。再說一遍，鑑於我們技術人才的深度，我認為這將在未來發揮至關重要的作用。

Thank you.

謝謝。

Ross Seymour, Deutsche Bank.

羅斯·西摩，德意志銀行。

Hi guys, I want to talk a little bit about the supply side of the equation. You talked about what CapEx was doing. But as we think about areas of tightness, pricing environment and some of your more unique process technologies. How are you viewing the tightness of the differentiation and what that means for kind of sustained CapEx going forward beyond this year?

大家好，我想稍微談談供給方面的問題。你談到了資本支出正在做的事情。但當我們思考資源緊張的領域、定價環境以及你們一些更獨特的工藝技術時。您如何看待這種差異化程度的收緊，以及這對今年以後持續的資本支出意味著什麼？

So thank you for the question. I think we're seeing, particularly in these areas of differentiated technology, combined with strong end market traction, a big step-up, that's compared to a year ago in corridors, such as silicon photonics. Also, our FDX platform, a lot of use cases there from the car to the IoT and beyond. In areas like silicon germanium, we haven't spoken so much about, but again, getting pulled through in a lot of the optical connectivity in the data center. So the demand drivers are strong.

謝謝你的提問。我認為我們看到，尤其是在這些差異化技術領域，加上強勁的終端市場需求，與一年前相比，矽光子學等領域取得了巨大的進步。此外，我們的 FDX 平台也有很多應用場景，從汽車到物聯網等等。在矽鍺等領域，我們還沒有過多討論，但它再次被廣泛應用於資料中心的光纖連接。因此，需求驅動因素強勁。

those corridors are running hot. We're able to meet our customers' demands today. But given the ramp profiles of new designs that have been won already and are now taping out, will we see good areas rough to invest there and scale. The good news for us in terms of those investments is they're highly accretive, short time to market within our existing 4-wall footprint. So they come with quick ramp and very good capital efficiency.

那些走廊熱浪滾滾。我們目前能夠滿足客戶的需求。但考慮到已經中標並正在逐步完善的新設計的坡道輪廓，我們是否會看到值得投資和擴大規模的良好區域？對我們來說，這些投資的好消息是它們收益很高，而且在我們現有的四面牆範圍內，上市時間很短。因此，它們具有快速啟動和非常高的資本效率。

And maybe one thing to add to that is, obviously, they're also eligible for some of the best government support we've had in, frankly, our history in terms of putting that capacity on given the strategic nature of the footprint. So I think a good opportunity for us to grow, to invest more strongly against that customer demand.

或許還要補充一點，顯然，考慮到該基地的戰略性質，他們也有資格獲得我們歷史上最好的政府支持，以增強其能力。所以我認為這對我們來說是一個很好的發展機會，我們可以加強投資力度來滿足客戶的需求。

And Ross, maybe just to put a couple of numbers around that as well and kind of reinforcing Tim's point there around the guiding principles that we have for deploying CapEx. And as Tim said, number one, customer-led demand; number two, in accretive corridors; and number three, in a highly capital-efficient manner. Actually, 2025 as well is a good example of where we've already demonstrated that's starting to come through, not least in the increased investments we've made in Silicon Photonics to support the ramp that we've seen so far. But also some of those government grants that we've seen come through as a result of the strategic importance of our overall footprint. And so you take our gross CapEx in 2025 versus 2024.

羅斯，或許我也可以舉幾個例子來佐證提姆的觀點，也就是我們在部署資本支出方面所遵循的指導原則。正如提姆所說，第一，客戶需求驅動；第二，在增值走廊；第三，以高度資本效率的方式。事實上，2025 年也是一個很好的例子，我們已經證明這一點正在開始實現，尤其是在我們加大對矽光子學的投資以支持我們迄今為止所看到的成長方面。但也有一些政府撥款，這得益於我們整體業務佈局的策略重要性。所以，你可以比較一下我們 2025 年和 2024 年的總資本支出。

You're actually up about 15%, but on a net basis, down about 7%. The single biggest driver there is that we are now starting to see the level of increased government support across the US, across Germany, across Singapore, start to fall through. So relative to 2024, about $10 million of government grants came through 2025, about $150 million. We expect that to grow again in 2026. So really kind of plays to those thought of those three core principles.

實際上你上漲了約 15%，但淨下跌了約 7%。造成這種情況的最大單一原因是，我們現在開始看到美國、德國、新加坡等地政府加強支持的勢頭開始減弱。因此，相對於 2024 年，到 2025 年將有約 1,000 萬美元的政府撥款到位，到 2025 年將有約 1.5 億美元到位。我們預計2026年這數字將再次成長。所以，這其實契合了這三個核心原則的理念。

I guess as my follow-up, just if we take all of these investments on one side and I think, Tim, you described it as kind of a holistic technology solution provider in your transcript. How do we think about the margin structure?

我想作為後續問題，如果我們把所有這些投資放在一邊，蒂姆，你在你的演講稿中將其描述為整體技術解決方案提供者。我們如何看待利潤結構？

What does it mean to the gross margin over time for the company and perhaps even the OpEx intensity. It seems like the business model, whether it be mix shifting or just a solution approach is really a different model than when you last updated us on some of your long-term targets. So I just wanted to see how some of those targets might be changing.

隨著時間的推移，這對公司的毛利率以及營運支出強度意味著什麼？看來，無論是產品組合調整還是僅僅採取解決方案的方法，目前的商業模式與您上次向我們介紹的一些長期目標相比，確實有所不同。所以我只是想看看其中一些目標可能會發生怎樣的變化。

Sure, Ross. I'll take that one. And I think there's a couple of important points to unpack there, both in terms of some of the margin drivers and as you say on the OpEx side of the equation as well.

當然可以，羅斯。我選那個。我認為這裡有幾個重要的點需要分析，既包括一些利潤驅動因素，也包括你所說的營運支出方面的問題。

The margin, I think, is really starting to come through and what you saw us deliver in the fourth quarter as well. You take a relatively flat revenue profile year-over-year in the fourth quarter, we delivered almost 400 basis points of increased gross margin.

我認為，利潤率真的開始顯現出來了，正如你們在第四季看到的那樣。儘管第四季營收年比基本持平，但我們的毛利率卻提高了近 400 個基點。

Now some of that comes through the continuation of our focus on productivity of disciplined spending, very modest utilization pick up during the year as you heard, we were about 85% for the full year of 2025.

部分原因在於我們繼續專注於提高生產效率，嚴格控制支出，正如你所聽到的，今年的利用率只是略有上升，我們預計 2025 年全年利用率將達到 85% 左右。

Where we're really starting to now see the fruits of the strategic decisions that have been taken come through is around the mix. Clearly, with silicon photonics roughly doubling in 2025.

我們現在真正開始看到已採取的策略決策的成果體現在產品組合方面。顯然，矽光子學在 2025 年將成長近一倍。

That comes through at a highly accretive gross margin. That contributed to that large step-up that we saw and enjoyed in quantum in data center in 2025.

這最終帶來了極高的毛利率。這促成了我們在 2025 年在資料中心量子技術領域看到並享受到的巨大飛躍。

And you overlay that with automotive, which has typically been a strong tailwind for us from a margin perspective, but also a secular growth perspective, you take the combination of those two, and that's about $2.2 billion of revenue in 2025, about 1/3 of our total revenue.

再加上汽車產業，從利潤率的角度來看，汽車產業一直是我們的強勁成長動力，從長期成長的角度來看也是如此。將這兩者結合起來，到 2025 年，我們的收入將達到約 22 億美元，約占我們總收入的三分之一。

That on a stand-alone basis, it's larger than some of the competitors that we see within this space. And so this continued diversification of the portfolio from an end market perspective and a product perspective is going to be a good driver of margin tailwind over the years to come.

單就規模而言，它比我們在這個領域看到的一些競爭對手更大。因此，從終端市場和產品角度來看，這種持續的投資組合多元化將在未來幾年成為利潤率成長的良好驅動力。

And then the last piece, which I'll just call out there as we think about it on a long-term basis is really about scale. And Tim talked about it in some of his prepared remarks as well, but we are being super disciplined about how we invest in our capacity.

最後一點，我想在這裡提一下，當我們從長遠角度考慮這個問題時，它實際上是關乎規模。提姆在他的一些準備好的演講稿中也談到了這一點，但我們對如何投資於自身能力有著非常嚴格的紀律。

And first and foremost, we're doing it within the four walls that we have available. We have four walls opportunities available in Morten New York, in Burlington, where we are today as well as what we recently announced in Germany as well, which is converting our legacy BTF facility.

首先，我們是在現有條件下完成這項工作的。我們在紐約州莫頓、伯靈頓（我們目前所在地）以及最近在德國宣布的改造舊式 BTF 設施方面，都有四面牆的機會。

So as we continue to get our sites to scale and get that scale with an improvement of the mix from a product and an end market perspective, we really expect to see good margin drivers over the years to come. And then maybe briefly, Ross, on your OpEx piece, you asked the question there. Look, I think it's fair to say there's a tactical element to OpEx and a strategic element to the OpEx as well.

因此，隨著我們不斷擴大網站規模，並從產品和終端市場角度改進產品組合，我們預計未來幾年將出現良好的利潤成長。然後，羅斯，也許可以簡要地，在你的 OpEx 文章中，你提出了這個問題。我認為，營運支出既包含戰術因素，也包含戰略因素，這種說法是公平的。

From a tactical perspective, if you look at 2025 and to some degree, 2024, we were getting the benefit of certain legacy tool sales coming through as a contra to OpEx.

從戰術角度來看，如果你展望 2025 年，甚至在某種程度上展望 2024 年，我們會發現某些傳統工具的銷售帶來了好處，抵消了營運支出。

We also had good flow-through from the AM ITC during those years as well. We don't expect some of those tool sales to recur in 2026. And so there's a natural float up in some of the OpEx there. From a strategic point of view, look, it's very focused in terms of some of the inorganic plays that you've seen us make over the last few months.

那些年，我們從 AM ITC 也獲得了良好的資金支持。我們預計其中一些工具的銷售額在 2026 年不會再次出現。因此，營運支出自然會有所上漲。從策略角度來看，它非常注重過去幾個月我們所採取的一些非有機成長策略。

And really, if I take R&D as an example, the incremental investment in R&D programs across our existing product portfolio, but also in relation to the likes of MIPS and in future, the Synopsys processor IP business, that's really focusing on new IP cores, including AI cores, processor IP, again, positioning the future growth here. So a natural float up in some of the OpEx on that front as well. Hope that helps.

以研發為例，我們不僅在現有產品組合中加大研發投入，而且在 MIPS 等產品以及未來的 Synopsys 處理器 IP 業務方面也加大投入，真正專注於新的 IP 內核，包括 AI 核心和處理器 IP，再次強調，這為未來的成長奠定了基礎。因此，這方面的營運支出自然也會有所上升。希望對您有幫助。

Thanks, congrats Niels as well.

謝謝，也恭喜尼爾斯。

Mark Lipacis, Evercore ISI.

Mark Lipacis，Evercore ISI。

Yeah, thanks for taking the question. Tim, if I look at the acquisition of the recent ones on the processor side, MIPS and ARC and then on the connectivity side, it's the Advanced Micro Foundry for SIFO and InfiniLink. So is there a synergy between these, for example, if the customers who are using the processor, are they're also using the connectivity IP?

好的，謝謝你回答這個問題。Tim，如果我看一下最近在處理器方面的收購，例如 MIPS 和 ARC，再看看在連線方面，例如收購 Advanced Micro Foundry 的 SIFO 和 InfiniLink。那麼，這兩者之間是否存在協同效應呢？例如，使用處理器的客戶是否也使用連接 IP？

Or are these separate ideas? And then separate from that, is -- are these acquisitions, they -- are they just broadening your portfolio that you can offer? Or is this -- are they meant to also move you up the value chain, so to speak.

或者它們是不同的概念？此外，這些收購是否只是擴大您可提供的產品組合？或者說，它們也是為了幫助你提升價值鏈上的位置。

So are you becoming more than what you've been in the past, I'd like a classic foundry. I don't know if that's the right way to say it, but are you moving up the value chain with these acquisitions? Is that part of the idea?

所以，你是否正在超越過去的自己？我想要一個經典的鑄造廠。我不知道這樣說是否恰當，但你們是否透過這些收購提升了自身的價值鏈？這是你的想法之一嗎？

Yes. No, Mark, thank you for the question. It's a great one. I mean really quick recap on the photonics-oriented acquisitions because we've already spoken about that a bit. Those are absolutely about bringing new technology to that road map, accelerating capacity, by the way, bringing also new customers.

是的。不，馬克，謝謝你的提問。這是個很棒的例子。我的意思是，快速回顧一下光子學領域的收購情況，因為我們之前已經稍微討論過這方面的內容了。這些都是為了將新技術引入該路線圖，並加快產能提升，順便帶來新客戶。

AMF came with different customers that GF hadn't worked, deeply within the past and now we have new opportunities to grow with those customers. By the not just in photonics, many of them are also potential customers for the rest of the portfolio. So that's highly synergetic.

AMF帶來了GF過去從未合作過的不同客戶，現在我們有了與這些客戶共同發展的新機會。不僅在光子學領域，他們中的許多人也是我們其他產品組合的潛在客戶。所以這具有很強的協同效應。

And then InfiniLink, great team in Cairo, Egypt, where you've got very good design skills in our platform. That's helping customers onboard more quickly, build more innovative solutions and architectures, including some of the customers that are building more co-packaged optics type solutions, which are more complex have more packaging and so on in them.

還有 InfiniLink，他們是埃及開羅一支很棒的團隊，在我們的平台上展現了非常出色的設計技能。這有助於客戶更快地上手，建立更具創新性的解決方案和架構，包括一些正在建立更多共封裝光學解決方案的客戶，這些解決方案更加複雜，包含更多封裝等等。

So that's highly geared towards that data center AI build-out and obviously build on our organic photonic story. The mission synopsis is different. And so I think you can think of that more as laying a foundation for that physical AI transition. We firmly believe that will outstrip the current boom on the data center over the long haul because the number of applications are much, much broader.

所以這很大程度上是為了建構資料中心人工智慧，顯然也是在延續我們的有機光子學理念。任務概要有所不同。所以我覺得你可以把它看作是為物理人工智慧的過渡奠定基礎。我們堅信，從長遠來看，這將超越目前資料中心的繁榮，因為應用範圍要廣泛得多。

And what's interesting is the customer reaction we had to those acquisitions first one we announced MIPS and then even more so when we announced Synopsys, I got a lot of answers sheet says very, very positive feedback to customers who said, listen, this is great because this allows us to engage earlier together in the road map, and we're thinking about how we solve critical problems in the car, in the IoT, in the defense space and so on.

有趣的是，客戶對我們這些收購的反應。首先是宣布收購 MIPS，然後是宣布收購 Synopsys，我收到了很多回复，客戶反饋非常積極，他們說：“這太棒了，因為這使我們能夠更早地共同參與路線圖的製定，我們正在思考如何解決汽車、物聯網、國防等領域的關鍵問題。”

And I think it's, therefore, not just, Sam kind of alluded to accretive revenue, which it is, but it's also synergetic to our manufacturing footprint and allows us to engage much earlier, which means those engagements are much more strategic much longer and more durable as well.

因此，我認為這不僅僅是，正如 Sam 所暗示的那樣，它能增加收入，而且它還能與我們的製造佈局產生協同效應，使我們能夠更早地參與其中，這意味著這些參與更具戰略性，持續時間更長，也更持久。

So I think the synergies are with our current business, but both of them really play to those megatrends that we're talking about.

所以我認為，協同效應體現在我們目前的業務上，而且它們都真正契合了我們正在討論的那些大趨勢。

Very helpful. And then a follow-up, if I may. When you listen to your customers on their earnings calls like most of them are of the view that the supply chain inventory correction has largely played out. And I'm wondering if you could give us a sense like what is the visibility for you guys look into 2026 compared to a year ago?

很有幫助。如果可以的話，我還有一個後續問題。當你在客戶的財報電話會議上傾聽他們的意見時，你會發現他們中的大多數人都認為供應鏈庫存調整基本上已經結束。我想請您介紹一下，與一年前相比，你們對 2026 年的展望有何看法？

And any color you can provide us on like how your customers are thinking about giving you like longer lead times and longer kind of visibility or higher facility into the year versus a year ago? Is that helpful?

您能否提供一些信息，例如您的客戶對延長交貨週期、提高產品可見度或改善設施等方面的看法，與去年相比？這樣有幫助嗎？

It's a great question. And I think across all end markets, it is significantly more visibility versus a year ago. I think that's consistent. Obviously, there are some markets where the visibility is extremely high. And you hear that on other earnings calls, again, anything touching the data center.

這是一個很好的問題。我認為在所有終端市場，其可見度都比一年前顯著提高。我認為這是前後一致的。顯然，有些市場的可見度非常高。你在其他財報電話會議上也會聽到類似的說法，任何與資料中心有關的話題都會被提及。

Most of the customers are talking about '27. For them, '26 is already a deal that I think is very consistent based on what you're also hearing from the big spend of data center CapEx and so on.

大多數顧客都在談論「27」。對他們來說，我認為「26」已經是一個非常一致的交易，這與你從資料中心資本支出等方面聽到的消息相符。

So that's very strong. I think for us on areas like automotive, we're just sustaining momentum and not just in classical areas like microcontrollers where we have a strong business again, good visibility, but areas that are ramping very nicely like smart sensors, things imaging, think radar, some even emerging opportunities in LiDAR.

所以這非常強。我認為，在汽車等領域，我們正在保持成長勢頭，不僅在像微控制器這樣我們再次擁有強勁業務、前景良好的傳統領域，而且在智慧感測器、物聯網成像、雷達，甚至雷射雷達等新興領域也發展得非常順利。

And so you're seeing new growth, but this is also based on design wins that happened in some cases two three four years ago, and that's just the nature of that automotive business.

因此，你會看到新的成長，但這也要歸功於兩三年前贏得的一些設計項目，而這正是汽車產業的本質。

So I think we remain with pretty good confidence and visibility into the automotive side. I think we talked about the IoT. It's a bit more of a story of product transition this year.

所以我認為我們對汽車行業仍然保持著相當不錯的信心和清晰的了解。我想我們當時聊到物聯網了。今年的故事更像是產品轉型。

So we do see growth. We definitely see stronger growth in the back half because we know which products are taping out and are moving into ramps in the back half of the year.

所以我們確實看到了成長。我們預計下半年的成長動能會更加強勁，因為我們知道哪些產品銷售量正在放緩，哪些產品將在下半年開始逐步恢復銷售。

But I'll call out key areas, again, like medical, they're starting to pick up, which is very interesting, I think, longer term, very, very good growth driver. Other areas of the IoT, I think, also industrial picking up as well on the same basis.

但我還是要重點指出一些關鍵領域，例如醫療領域，它們開始復甦，我認為這非常有趣，從長遠來看，這是一個非常好的成長驅動力。我認為，物聯網的其他領域，以及工業領域，也以同樣的方式興起。

And then look, smart mobile, we said we track the overall market. I think that's the one that people ask the most questions about in general from a market dynamics point of view, if you listen to some of those earnings calls. I'd say our portfolio is geared more to the premium handset and premium handset is typically more resilient to some of the disruptions you've heard about from other calls. So again, overall tracking the market. Obviously, we're watching the space very carefully.

然後，我們來看看智慧型手機市場，我們說過我們會追蹤整個市場。我認為，從市場動態的角度來看，如果你聽一些財報電話會議，你會發現這是人們普遍問得最多的問題。我認為我們的產品組合更側重於高階手機，而高階手機通常更能抵禦你從其他電話會議中聽到的一些幹擾。所以，總而言之，要追蹤市場整體狀況。顯然，我們正在非常密切地關注這一領域。

CJ Muse, Cantor Fitzgerald.

CJ Muse，坎托·菲茨杰拉德。

Yeah, good morning. I'm just curious if you could spend a little time on the silicon photonics side. You talked about doubling revenues again here in 2016. Curious if there's a change in mix, customer base within that? And then as part of the bigger picture within CID, how are you thinking about kind of the growth trajectory for that overall business, particularly given silicon photonics doubling once again?

早安.我只是好奇您是否可以花點時間了解矽光子學的內容。你曾說過要在2016年再次實現營收翻倍。想知道產品組合和客戶群是否有所改變？那麼，從CID的整體發展規劃來看，您如何看待該業務的成長軌跡，特別是考慮到矽光子技術再次翻倍？

Yes. No, great question, C.J. So overall, what I mentioned with AMF is we brought in new customers to the mix, which is great, and those customers as to say, have more opportunities that we can grow. That's given us a pretty broad portfolio into silicon photonics. As a reminder, the majority of photonics revenue today is in the pluggable space pluggables are doing very, very well globally.

是的。不，問得好，C.J.。總的來說，我剛才提到的AMF專案為我們帶來了新的客戶，這很好，這些客戶也為我們提供了更多發展機會。這使我們在矽光子學領域擁有了相當廣泛的產品組合。需要提醒的是，目前光子學收入的大部分來自可插拔領域，可插拔元件在全球表現非常出色。

If you walk around any AI data center today, you'll find a huge number of pluggable optical transceivers being used. Obviously, that pulls on silicon photonics, but also within our CID end market that pulls on things like high-performance silicon germanium actually a very strong business for us that, again, we're investing in given that the capacity is being very, very well utilized today.

如今，如果你去任何一個人工智慧資料中心走走，你會發現那裡都在使用大量的可插拔光收發器。顯然，這不僅推動了矽光子學的發展，也推動了我們的 CID 終端市場的發展，該市場對高性能矽鍺等技術的需求實際上非常強勁，我們正在加大投資，因為目前的產能得到了非常充分的利用。

So I think that part is there. What you're also seeing and hearing about is the beginning of the co-package optics, transition. I think we've always been consistent that, that was a '27 scale ramp more than a '26 scale ramp, but all the progress we're seeing in terms of design wins, in terms of takeout, planning gives that a good indication that that's on track.

所以我覺得那部分已經具備了。你現在所看到和聽到的，正是共封裝光學器件過渡的開端。我認為我們一直堅持認為，那是一個 27 年比例的坡道，而不是 26 年比例的坡道，但我們在設計方案的製定、方案的完成和規劃方面所取得的所有進展都很好地表明，一切都在按計劃進行。

And that's just because CPO is the only way to address certain performance workloads, especially on scale up networks. And so look, I think photonics still, like I said, very early in its rollout and those form factor changes will also drive significant increases of content.

這是因為 CPO 是解決某些效能工作負載的唯一方法，尤其是在橫向擴展網路中。所以你看，我認為光子技術仍然像我之前說的那樣，處於非常早期的發展階段，而這些外形尺寸的變化也將推動內容的大幅成長。

And maybe, C.J just to capture one other aspect that look in 2025, we grew our I&D business about 30%. So really an inflection from some of the legacy migration that we saw in 2023, 2024. To Tim's point, a big piece of that is silicon photonics and optical networking, but we're also now seeing this continued growth from a communications infrastructure perspective and specifically within satellite communications as well.

或許，C.J. 還要補充一點，展望 2025 年，我們的 I&D 業務成長了約 30%。所以這其實是對我們在 2023 年、2024 年看到的某些遺留系統遷移的一種轉變。正如 Tim 所說，其中很大一部分是矽光子學和光網絡，但我們現在也看到，從通訊基礎設施的角度來看，尤其是在衛星通訊領域，這種成長勢頭仍在持續。

So you look at the LEO satellite launch projections over the course of the next couple of years, the continued commercialization industrialization of this technology as well. We believe that's a good tailwind as well heading into 2026 and consistent with the commentary that we provided on the call, we expect to have a similar growth rate in '26 as well.

所以，你要看看未來幾年低地球軌道衛星的發射預測，以及這項技術的持續商業化和產業化進程。我們認為這對 2026 年來說也是一個良好的順風，並且與我們在電話會議上提供的評論一致，我們預計 2026 年的成長率也將類似。

Very helpful. And then -- and maybe just to get our arms around all of the acquisitions in '25. How should we think about kind of the incremental revenues and the implications to gross margins as well as OpEx. Any kind of framework around that?

很有幫助。然後——也許只是為了全面了解 2025 年的所有收購情況。我們應該如何看待增量收入及其對毛利率和營運支出的影響？有沒有什麼相關的框架？

Yes, happy to. And look, there's obviously a period of ramp and integration that comes through with these acquisitions as well. I sort of categorize a little bit the difference between, say, an InfiniLink acquisition, which is really focused on high capability, design team that will support revenue growth in the outer years, particularly within photonics and packaging, versus, say, AMF and MIPS, which are revenue generated from day one, albeit more with a second half ramp.

是的，我很樂意。而且，很明顯，這些收購都需要一個過渡和整合期。我大致可以把收購 InfiniLink 和收購 AMF、MIPS 的差異歸類一下。 InfiniLink 的收購真正專注於高能力的設計團隊，以支援未來幾年的收入成長，尤其是在光子學和封裝領域；而 AMF 和 MIPS 則從第一天起就能產生收入，儘管在下半年成長速度會更快。

So the disclosures we provided on both MIPS and AMF in the past, where we expect MIPS to deliver about $60 million to $100 million of revenue in 2026, albeit with a second half skew. And similarly, AMF, call it, at least $75 million in '26.

因此，我們過去對 MIPS 和 AMF 都進行了披露，我們預計 MIPS 將在 2026 年帶來約 6000 萬美元至 1 億美元的收入，儘管下半年會出現偏差。同樣地，AMF，姑且稱之為，到 2026 年至少 7500 萬美元。

But look, they're not the reasons why we acquired both of those companies, the multiyear opportunity that comes with acquiring those companies is really where the focus is for GF, and we're going to provide more color on that when we get together as part of the circum photonics webinar that Eric outlined.

但是，這些並不是我們收購這兩家公司的原因，收購這兩家公司帶來的多年發展機會才是GF的真正關注點，我們將在Eric概述的Circum Photonics網絡研討會上對此進行更詳細的闡述。

So good opportunities on a multiyear basis, short term, call it roughly $150 million there or thereabouts, we'd expect across the two. As it relates to both of those, they are margin accretive. So think about it as roughly a point of incremental margin in 2026.

因此，從多年期來看，這是一個不錯的機會；從短期來看，我們預計兩者加起來大約能帶來 1.5 億美元的收益。就這兩方面而言，它們都能增加利潤。所以可以把它看作是 2026 年利潤率的大致增量點。

And C.J., maybe just to add on because we've talked about the photonics kind of 2028 run rate goal that we've set and increasing and confidence to deliver given how we pulled it in. We have a similar goal for what we're doing on the custom design and IP side with MIPS and now with Synopsys.

C.J.，或許可以補充一點，因為我們已經討論過我們設定的 2028 年光子學運行率目標，並且鑑於我們取得的進展，我們有信心實現這一目標。我們在客製化設計和 IP 方面與 MIPS 以及現在的 Synopsys 有著相似的目標。

Again, we believe that can be more than $1 billion business for us -- incremental $1 billion business for us over time. And so again, these are meaningful opportunities. Obviously, we start from today, but there's a lot of growth behind the plans.

我們再次相信，這可以為我們帶來超過 10 億美元的業務——隨著時間的推移，這將為我們帶來 10 億美元的增量業務。所以，這些都是很有意義的機會。顯然，我們是從今天開始，但計畫背後蘊藏著巨大的發展潛力。

Thank you.

謝謝。

Thank you.

謝謝。

Krish Sanker, TD Cowan.

Krish Sanker，TD Cowan。

Yeah, hi, thanks for taking my question. I told them to. Tim, can you give some color on how to think about wafer volumes in ASP in 2026 given the different moving parts between smart mobile and trend in auto and data center infrastructure?

你好，謝謝你回答我的問題。我告訴他們這麼做。Tim，考慮到智慧型手機、汽車和資料中心基礎設施發展趨勢等不同因素的影響，能否詳細說明2026年ASP晶圓產量該如何看待？

Yes, it's a great question. I'll start and then Sam adds some costs. So I think you're kind of alluding to also the pricing environment. You've also heard comments from other players out there. We definitely see a stronger pricing environment in 2026.

是的，這是一個很好的問題。我先開始，然後山姆再補充一些費用。所以我覺得你其實也是在暗示價格環境的問題。你也聽到了其他玩家的評論。我們預計2026年的價格環境將更加強勁。

You see that evidenced not just by some of our peers and other players in the industry looking at price raises, but you're also hearing about customers of ours raising prices as well. So I think people are willing to pay for those growth areas, where they want increased volumes, they're willing to pay, and they're also passing in some cases, those on to their customers.

不僅我們的一些同行和業內其他參與者正在考慮提價，而且您還會聽到我們的客戶也在提價。所以我認為人們願意為那些成長領域付費，他們希望在這些領域獲得更大的銷量，他們願意為此付費，而且在某些情況下，他們也會將這些成本轉嫁給他們的客戶。

So I think, again, versus a year ago, you're in quite a different price environment. We were very deliberate in our price decisions in '25, specifically in the smart mobile space. But again, we don't see any significant action in '26 on the same basis and overall in a better spot from a pricing point of view.

所以我覺得，跟一年前相比，現在的價格環境已經大不相同了。2025 年，我們在價格決策方面非常謹慎，尤其是在智慧型手機領域。但同樣地，我們預計 2026 年不會有任何重大變化，而且從定價的角度來看，整體情況會更好。

We will grow wafer volumes this year. But I think, as Sam alluded to, the mix is really is really the driver for us in terms of the profitability growth because the delta between the most valuable wafer and the least valuable wafer is very significant, driven by the technology, the application and the market dynamics. And I think that mix driver will probably the stronger reason for growth from a profitability point of view in 2026.

今年我們將提高晶圓產量。但我認為，正如 Sam 所暗示的那樣，這種組合才是我們獲利成長的真正驅動力，因為最有價值的晶圓和最不有價值的晶圓之間的差距非常大，這是由技術、應用和市場動態驅動的。而且我認為，從獲利能力的角度來看，這種組合驅動因素可能會成為 2026 年成長的更強動力。

Yes, that's right, Krish. And just one point from Tim, and we'll focus principally on the guidance for the first quarter, but you can see some of that coming through, right, on a year-over-year basis, call it revenue up about 3%. But then you look at where the midpoint of the gross margin guide is as well. That's up over 3 points. And so it really plays into some of those comments, Tim was making around the mix as well.

是的，沒錯，克里什。提姆只提一點，我們將主要關注第一季的業績指引，但你可以看到其中一些已經顯現出來，對吧，按年計算，收入增長約 3%。但你也要看看毛利率指引值的中點在哪裡。比之前高出了3分多。所以，這也確實與蒂姆之前對混音發表的一些評論不謀而合。

Got it. And then a quick follow-up. You gave a lot of color on the acquisitions, both the MIPS and Synopsys, ARC, IP, which makes a lot of sense. I'm just wondering, are you like kind of enclosing more into ARM territory? Are going to be competing with ARM in the future, or how to think about it?

知道了。然後是一個簡短的後續問題。你詳細介紹了這些收購，包括 MIPS 和 Synopsys、ARC、IP，這很合理。我只是好奇，你們是不是逐漸向 ARM 領域拓展？未來你們會和ARM競爭嗎？或是應該怎麼看待這個問題？

It's a great question. And I think the way we are anchoring all of these acquisitions is in a strong focus on what our customers are asking us for. And so one of my priorities since I've taken the role to spend a huge amount of time on the road meeting customers and understanding the gaps and the challenges they have. And they want optionality. They want choices.

這是一個很好的問題。我認為我們所有這些收購的核心在於，我們始終高度關注客戶的需求。因此，自從我擔任這個職位以來，我的首要任務之一就是花大量時間在路上與客戶見面，了解他們遇到的差距和挑戰。他們想要的是選擇權。他們想要選擇。

And let's take the risk five example. Risk five is a strategic priority for the majority of semiconductor companies. You've seen that from everything from Mesa to Qualcomm.

我們以風險五為例。風險五是大多數半導體公司的策略重點。從 Mesa 到 Qualcomm，你已經看到了這種情況。

Obviously, all of the IDMs have been very public in their support for risk V, and there are many, many more. And so what they said is we'd love to have a provider who can invest behind that road map, who can drive a multiyear kind of support structure who can invest in building tools and software so we can simulate our designs and our architectures before we make them in silicon.

顯然，所有 IDM 都公開表示支援風險 V，而且還有很多很多其他 IDM。因此，他們表示，我們非常希望找到一家能夠投資支援該路線圖的供應商，一家能夠推動多年支援體系的供應商，一家能夠投資開發工具和軟體的供應商，以便我們能夠在用矽片製造之前模擬我們的設計和架構。

And so I think the feedback for that reason has been really, really good and so on. So I think a bit less is competition, but more about filling gaps in the portfolio that the customers need today.

所以我覺得，也因為如此，得到的回饋都非常好等等。所以我認為競爭有所減少，更多的是填補客戶目前所需產品組合的空白。

Thank you very much.

非常感謝。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Non-wafer revenue, obviously, you're pushing into custom silicon it's gross margin accretive, but how accretive is it? And the 10%, 12% for March quarter as a portion of revenue, is that sort of what we should think about staying in that range for the rest of the year? And then I also had a follow-up too.

非晶圓收入，顯然，你正在向客製化矽領域努力，這可以提高毛利率，但提高的幅度有多大？3 月季度營收佔比 10% 到 12%，我們是否應該考慮在今年餘下的時間裡將這一比例保持在相應範圍內？然後我還有後續跟進。

Sure, I'll take that one, Tim. And as you think about what comprises our non-wafer revenue, look, the masks, the reticles IP royalties, nonrecurring engineering, all of those are key leading indicators for us in terms of where we see some of the opportunity as it relates to future production revenue and that has continued to ramp during the course of 2025, and we expect a similar range as we outlined for the call as it relates to at least the FERC quarter.

好的，我接受這個任務，提姆。當你思考我們非晶圓收入的組成時，你會發現，掩模、光罩、知識產權許可費、非經常性工程費用，所有這些都是我們判斷未來生產收入機會的關鍵領先指標，這些指標在 2025 年期間持續增長，我們預計至少在 FERC 季度，收入範圍將與我們在電話會議上概述的範圍相似。

But really, as we look at it over the longer term, clearly, the key addition as it relates to the last few months, is that a mix and what that kind of IP processor, software licensing royalty, revenue framework will provide as well. So it's the right range to think about for now. And clearly, that is a step-up of, call it, roughly 2 points in that range from where we were this time last year.

但從長遠來看，很明顯，與過去幾個月相關的關鍵新增內容是，這種混合模式以及這種智慧財產權處理、軟體授權版稅和收入框架也將帶來什麼。所以，目前來看，這個範圍是適當的。顯然，這比去年這個時候的情況提高了大約 2 個百分點。

And then from an overall margin perspective, the non-wafer revenue has traditionally and will continue to fall through at a level which is highly accretive to the corporate targets that we've set out.

從整體利潤率的角度來看，非晶圓收入歷來低於並將繼續低於我們設定的公司目標的增值水準。

Okay, Sam. And then the middle of 2025, you thought you could get to 30% exiting the year, you got closed, but you didn't quite get there. So sitting here right now, do you think we can exit this year at 30% or possibly even higher than that?

好的，山姆。然後到了 2025 年中，你以為年底可以達到 30% 的轉換率，結果卻未能如願。所以，你現在覺得我們今年能以 30% 甚至更高的收益率結束嗎？

Sure, Tim. And we tried to give you a couple of the considerations on the call, and I'll just kind of reinforce some of those principles. And it really ties to some of the growth in margin that we've seen during the course of the last 12 months as well, continued expansion of margin associated with mix, continued improvement associated with productivity and really cost discipline within the business, call that a couple of points on its own.

當然可以，提姆。我們在電話會議上已經向你提出了一些需要考慮的因素，我在這裡再重申其中的一些原則。而且，這與我們在過去 12 個月中看到的利潤率成長也密切相關，利潤率的持續擴張與產品組合有關，生產力的持續提高與業務內部的成本控制有關，這本身就是幾個要點。

Really, the wildcard at this point is what happens from a utilization point of view as we get into the second half of this year, we see strong oversubscription in certain corridors from a technology point of view that will continue during the course of this year, and you heard that reflected in some of the comments from both eComms infrastructure and data center point of view, but also automotive as well. So I would say they're the kind of core components.

實際上，目前最大的變數在於今年下半年利用率方面會發生什麼。從技術角度來看，某些領域的產能過剩現象將持續到今年底。從電子商務基礎設施和資料中心的角度來看，以及從汽車行業的角度來看，一些評論都反映了這一點。所以我認為它們是核心部件。

Look, the long-term goal for us is still to be driving towards that 40% gross margin target. And I think what you've seen from us over the course of the last six months, some very deliberate strategic actions to not only keep us on track to that, but ultimately go through it.

你看，我們的長期目標仍然是朝著 40% 的毛利率目標邁進。我認為在過去的六個月裡，你們已經看到了我們採取的一些非常審慎的策略行動，這些行動不僅是為了讓我們保持正軌，而且是為了最終實現這一目標。

And I'd say, Tim, just to a little bit -- I'm going to give you a yes for 2026 to the question of getting to our 30% target. But as Sam said, our focus is not to get there. Our focus is to get there and keep going to that long-term target that we talked about.

提姆，我想說，就一點點而言——對於我們能否在 2026 年實現 30% 的目標，我的回答是肯定的。但正如薩姆所說，我們的重點不是到達那裡。我們的目標是實現並繼續朝著我們討論過的長期目標前進。

Okay, thank you.

好的，謝謝。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Eric Chow for any further remarks.

謝謝。今天的問答環節到此結束。我謹將發言權交還給周永康，請他再作發言。

Thanks, Jonathan. Thanks, everyone, for joining today. We're looking forward to seeing you at our next investor webinar on March 10, where we'll discuss how we're at the forefront of silicon photonics and advanced packaging. Thank you.

謝謝你，喬納森。感謝各位今天的參與。我們期待在 3 月 10 日的下一場投資者網路研討會上見到您，屆時我們將討論我們如何在矽光子學和先進封裝領域處於領先地位。謝謝。

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

謝謝各位的參與。節目到此結束。您現在可以斷開連線了。再會。再會。