康寧 (GLW) 2026 Q2 法說會逐字稿

Welcome to the Corning Incorporated second-quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

歡迎參加康寧公司（Corning Incorporated）2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議正在錄音。

It is my pleasure to introduce to you, Chris Keenan, Director of Investor Relations.

我很榮幸向各位介紹投資人關係總監 Chris Keenan。

Thank you, Carmen. Good morning, and welcome to Corning's second-quarter 2026 earnings call. With me today are Wendell Weeks, Chairman, Chief Executive Officer, and President; and Ed Schlesinger, Executive Vice President and Chief Financial Officer.

謝謝你，Carmen。各位早安，歡迎參加康寧 2026 年第二季財報電話會議。今天與我一同出席的有董事長、執行長兼總裁 Wendell Weeks，以及執行副總裁兼財務長 Ed Schlesinger。

I'd like to remind you that today's remarks contain forward-looking statements that fall within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that could cause actual results to differ materially. These factors are detailed in the company's financial reports.

我想提醒各位，今天的發言包含前瞻性陳述，屬於 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所界定的範圍。這些陳述涉及風險、不確定性及其他因素，可能導致實際結果出現重大差異。相關因素已在公司財務報告中詳述。

You should also note that we will be discussing our consolidated results using core performance measures, unless we specifically indicate our comments relate to GAAP data. Our core performance measures are non-GAAP measures used by management to analyze the business. For the second quarter, differences between GAAP and core EPS principally reflects adjustments for hedged exposures along with largely noncash discrete tax items and restructuring and impairment charges.

另外請注意，除非我們特別指出評論與 GAAP 數據相關，否則我們將使用核心績效衡量指標來討論合併業績。我們的核心績效衡量指標為非 GAAP 指標，管理層用以分析業務表現。就第二季而言，GAAP 與核心每股盈餘（EPS）之差異，主要反映避險曝險的調整，以及多為非現金的一次性稅務項目與重組及減損費用。

A reconciliation of core results to the comparable GAAP value can be found in the Investor Relations section of our website at corning.com. You may also access core results on our website with downloadable financials in the Interactive Analyst Center. Supporting slides are being shown live on our webcast, and we encourage you to follow along. They are also available on our website for downloading.

核心結果與可比 GAAP 數值的調節表，可在 corning.com 網站的投資人關係（Investor Relations）專區查閱。您也可在我們網站的互動式分析師中心（Interactive Analyst Center）下載財務資料並取得核心結果。支援投影片正於我們的網路直播中即時展示，我們鼓勵您同步觀看。投影片亦可於我們網站下載。

And now I'll turn the call over to Wendell.

現在我把電話交給 Wendell。

Thank you, Chris. And good morning, everyone.

謝謝你，Chris。各位早安。

Today, we announced outstanding second quarter results that demonstrated progress on our newly upgraded Springboard Plan. Now for those of you who have been on the Springboard journey with us, you'll recall that we launched Springboard from quarter four 2023 with an annualized sales run rate of $13 billion. Over the past 2.5 years, we have significantly increased our sales, and we have successfully transformed the financial profile of the company.

今天，我們公布了優異的第二季業績，展現我們在新升級的 Springboard 計畫上取得的進展。對於一路與我們同行、參與 Springboard 旅程的各位，您會記得我們在 2023 年第四季啟動 Springboard，當時年化銷售運行率為 130 億美元。在過去 2.5 年中，我們大幅提升銷售，並成功改造公司的財務體質。

Our plan is to now grow our annualized sales run rate to $20 billion by the end of 2026, $30 billion by the end of 2028, and $40 billion by the end of 2030. We're entering a new phase of accelerating growth. We expect to deliver a sales CAGR of 19% from quarter four 2026 to quarter four 2030, while growing earnings faster than sales, with significantly higher returns on invested capital and substantially more free cash flow.

我們的計畫是：到 2026 年底將年化銷售運行率提升至 200 億美元、到 2028 年底提升至 300 億美元、到 2030 年底提升至 400 億美元。我們正進入加速成長的新階段。我們預期從 2026 年第四季到 2030 年第四季的銷售年複合成長率（CAGR）為 19%，同時讓獲利成長快於銷售成長，並帶來顯著更高的投入資本報酬率（ROIC）與大幅增加的自由現金流。

With that context, let me get into the second quarter results. Year-over-year, in the quarter, sales grew 17% to $4.74 billion. EPS grew 30% to $0.78. Gross margin expanded 120 basis points to 39.6%. Operating margin expanded 190 basis points to 20.9%. ROIC expanded 180 basis points to 14.9%. And we grew free cash flow to $1.42 billion. Our results were led by Optical Communications where we grew sales 32% year-over-year to over $2 billion, and net income grew 77% to $438 million.

在這樣的背景下，我來談談第二季的業績。以年增率來看，本季銷售成長 17% 至 47.4 億美元。每股盈餘（EPS）成長 30% 至 0.78 美元。毛利率擴張 120 個基點至 39.6%。營業利益率擴張 190 個基點至 20.9%。投入資本報酬率（ROIC）擴張 180 個基點至 14.9%。自由現金流成長至 14.2 億美元。我們的成果主要由光學通訊業務帶動，該業務銷售年增 32% 至超過 20 億美元，淨利年增 77% 至 4.38 億美元。

We continue to see strong demand for our Gen AI products and enterprise networks and our orders are accelerating. From the beginning of Springboard, we have more than tripled enterprise sales. In quarter two, we grew sales 65% year-over-year to $1.27 billion. And our Gen AI product sales nearly doubled.

我們持續看到 Gen AI 產品與企業網路的強勁需求，訂單正在加速成長。自 Springboard 啟動以來，我們的企業端銷售已超過三倍。第二季，我們的銷售年增 65% 至 12.7 億美元。而我們的 Gen AI 產品銷售幾乎翻倍。

Keep in mind, this is all just scale-out. We're not yet seeing scale-up or photonics in our results. All together, we're pursuing a significant opportunity in optical communications, and I will go into more detail in just a moment.

請記住，這些都只是規模擴展（scale-out）。我們的業績尚未反映規模提升（scale-up）或光子技術（photonics）。整體而言，我們正把握光學通訊領域的重大機會，稍後我會再更詳細說明。

Turning to Solar. Our sales grew 90% year-over-year, and we completed an extended maintenance shutdown and equipment upgrade at our solar wafer facility. We expect our sales and profitability to improve in the third quarter.

接著談太陽能。我們的銷售年增 90%，並完成太陽能晶圓廠的延長維護停機與設備升級。我們預期第三季的銷售與獲利能力將改善。

Also in the quarter, we continued the drumbeat of major customers choosing to adopt our latest innovations and support the expansion of our manufacturing platforms to accelerate both their and our growth plans. To recap our progress, last year, Apple expanded our long-standing relationship, committing to produce 100% of iPhone and Apple Watch cover glass at our Kentucky facility. In quarter one, Corning and Meta announced a multiyear up to $6 billion agreement to support Meta's apps, technologies, and AI ambitions using our newest innovations in optical fiber, cable and connectivity solutions.

此外，本季我們持續看到重要客戶選擇採用我們最新的創新成果，並支持擴充我們的製造平台，以加速他們與我們的成長計畫。回顧我們的進展，去年 Apple 擴大了與我們長期的合作關係，承諾在我們肯塔基州工廠生產 100% 的 iPhone 與 Apple Watch 蓋板玻璃。第一季，康寧與 Meta 宣布一項多年、最高達 60 億美元的協議，將使用我們在光纖、纜線與連接解決方案方面的最新創新，支持 Meta 的應用程式、技術與 AI 企圖。

Then in May, NVIDIA now is a multiyear commercial and technology partnership with Corning to dramatically expand US-based manufacturing of the advanced optical connectivity solutions needed to power next-generation AI infrastructure. In June, Amazon announced a multibillion-dollar agreement with Corning under which will supply the optical fiber, cable, and connectivity solutions that power Amazon's expanding data center infrastructure across the United States. These deep customer partnerships support extraordinary growth that has been outlined in our upgraded Springboard Plan that we shared at our May investor event.

接著在 5 月，NVIDIA 與康寧建立多年期的商業與技術合作夥伴關係，以大幅擴增美國本土先進光學連接解決方案的製造能力，為下一代 AI 基礎設施提供動力。6 月，Amazon 宣布與康寧達成一項數十億美元協議，依據該協議，我們將供應光纖、纜線與連接解決方案，為 Amazon 在全美擴張中的資料中心基礎設施提供支援。這些深度的客戶合作關係，支撐了我們在 5 月投資人活動中分享、並已納入升級版 Springboard 計畫所概述的非凡成長。

Now as most of you know, we provided a whole lot of exciting news in detail at that event. And I encourage you to check out the presentations on our website if you were not able to attend. This morning, I'll share just a very quick recap of the key takeaways.

如各位所知，我們在那場活動中已詳細提供了許多令人振奮的消息。若您未能參加，我鼓勵您到我們網站查看相關簡報。今天早上，我只會非常快速地回顧幾項重點結論。

Our internal Springboard Plan is to grow our annualized sales run rate to $20 billion by the end of 2026, $30 billion by the end of 2028, and $40 billion by the end of 2030. To keep it simple, we're thinking of this as our Springboard 20-30-40 Plan.

我們內部的 Springboard 計畫是：到 2026 年底將年化銷售運行率提升至 200 億美元、到 2028 年底提升至 300 億美元、到 2030 年底提升至 400 億美元。為了簡化表述，我們把它稱為 Springboard 20-30-40 計畫。

As a reminder, our internal plans are the output of the strategic planning process we run with each of our market access platforms. These are actual business plans. We set our objectives and compensation based upon those plans.

提醒各位，我們的內部計畫是我們與各市場進入平台（market access platforms）共同運作之策略規劃流程的產出。這些是實際的營運計畫。我們依據這些計畫設定目標與薪酬。

When our businesses submit plans to corporate, they factor in a variety of probable listed outcomes. They try to account for the known unknowns. The business plans aim for a 70% confidence interval, which means based on their analysis, there is a 70% chance that they will deliver sales greater than or equal to that number. We then translate our internal plan into a corporate level risk-adjusted high confidence plan for investors, which Ed will recap in just a few minutes.

當各事業單位向總部提交計畫時，會納入多種可能的列舉結果。他們會嘗試將已知的未知因素納入考量。這些營運計畫以 70% 信賴區間為目標，也就是依其分析，有 70% 的機率能達成大於或等於該數字的銷售。接著我們會把內部計畫轉換為提供投資人的公司層級、經風險調整的高信心計畫，Ed 將在幾分鐘後為各位回顧。

I'll share some of the key assumptions in our internal plan. For 2027 to 2030, we incorporated a forward rate of JPY150 per US dollar to account for a weaker yen. We plan for flat TV, IT, and smartphone end markets, and the impact of higher memory price.

我將分享我們內部計畫中的一些關鍵假設。針對 2027 至 2030 年，我們採用 1 美元兌 150 日圓（JPY150）的遠期匯率，以反映日圓走弱。我們規劃電視、IT 與智慧型手機終端市場持平，以及記憶體價格上升的影響。

We planned for a declining ICE demand, offset by increasing Corning Auto content. We also plan to capture a larger solar opportunity with an upgraded sales outlook. We included new innovations and form factors in Gorilla Glass, and we see accelerating growth in fiber-to-the-home, and data center interconnect in Carrier.

我們已規劃因應 ICE 需求下滑，並以 Corning Auto 內容增加來抵銷。我們也計劃透過上調銷售展望，把握更大的太陽能機會。我們在 Gorilla Glass 納入新的創新與外形規格，同時我們看到家用光纖到府（FTTH）以及 Carrier 業務中的資料中心互連（DCI）正在加速成長。

With that context, let's look at our growth across the company. To start, I'll lift the chart to show you our total revenue base. We are entering a phase of accelerating growth. For the first phase of Springboard, ending in quarter four 2026, we expect to deliver an attractive sales CAGR of 15% along with a dramatically enhanced financial profile.

在這樣的背景下，讓我們看看公司整體的成長。首先，我會把圖表拉出來，讓各位看到我們的總營收基礎。我們正進入一個加速成長的階段。在 Springboard 的第一階段（至 2026 年第四季結束），我們預期可達成具吸引力的 15% 銷售年複合成長率（CAGR），並同時大幅強化財務體質。

Looking at quarter two 2026 versus the start of Springboard, we doubled EPS and expanded operating margin 460 basis points and ROIC 610 basis points. So overall, we have an excellent launch point for highly profitable future growth.

比較 2026 年第二季與 Springboard 起點，我們的每股盈餘（EPS）倍增，營業利益率擴張 460 個基點，投入資本報酬率（ROIC）提升 610 個基點。因此整體而言，我們已具備極佳的起跑點，可望帶動未來高獲利的成長。

From that large point, as we enter 2027, we expect our growth rate to accelerate to a CAGR of 19%, a 400-basis-point increase. We expect consumer electronics, solar, carrier, auto, and life sciences, all to grow. In aggregate, we are planning for a mid-single-digit CAGR in those MAPs. We plan to introduce our springboard approach of frequent updates for investors with deeper dives into individual MAPs as they hit significant milestones.

在此基礎上，進入 2027 年時，我們預期成長率將加速至 19% 的年複合成長率（CAGR），提高 400 個基點。我們預期消費性電子、太陽能、Carrier、汽車與生命科學都將成長。整體而言，我們規劃這些 MAP 的年複合成長率為中個位數。我們計劃採用 springboard 的作法，為投資人提供更頻繁的更新，並在各個 MAP 達到重要里程碑時，進行更深入的專題說明。

At our May event, we had just reached such milestones in enterprise and photonics. And so that was the focus of our presentations. We're working in a fast-moving space and a variety of perspectives on future AI network architectures. Our fundamental views haven't changed since we presented in May. Also, I want to reiterate the key takeaways.

在我們 5 月的活動中，我們剛好在 Enterprise 與 Photonics 達成這些里程碑。因此，那次簡報的重點就放在這些領域。我們所處的是一個快速變動的領域，對於未來 AI 網路架構也存在多種觀點。自 5 月簡報以來，我們的基本看法並未改變。另外，我想再次強調幾個關鍵重點。

Starting in Enterprise. We have the opportunity to grow faster than the rate of GPU growth, driven by the technical drivers that increase optical in the data center. At the most basic level, assuming no changes to the network, we would grow as GPUs grow. You all will have your own opinion on what the rate of growth of GPUs will be.

先從 Enterprise 開始。在資料中心光學化的技術驅動下，我們有機會以高於 GPU 成長率的速度成長。在最基本的情境下，假設網路不做任何變更，我們的成長會跟著 GPU 一起成長。各位對 GPU 的成長速度會有自己的判斷。

The insight that we'd like to reiterate today is some of the potential network changes that offer us the opportunity to grow faster than GPUs in our Enterprise MAP. We will cover the technical drivers, the logic, and the impact of each.

我們今天想再次強調的洞見，是一些潛在的網路變更，讓我們在 Enterprise MAP 中有機會跑贏 GPU 的成長。我們將說明各項技術驅動因素、其背後邏輯，以及各自的影響。

The first driver is cluster size growth. The logic is that cluster sizes greater than 130,000 GPUs will require a third optical layer. As clusters grow, that is good for our content opportunity. As shown here, once cluster sizes get above 130,000 GPUs, we exceed the network scale capability that can be achieved with a 512 radix switch with two layers. This requires adding a third layer. Basically, three layers divided by two layers yields 50% more content per GPU for very large clusters. These large clusters are a fast-growing segment of AI factories. Therefore, cluster size growth is a positive for Corning relative to GPU growth.

第一個驅動因素是叢集規模成長。其邏輯是：當叢集規模超過 130,000 顆 GPU 時，將需要第三層光學層級。叢集越大，對我們的內容機會越有利。如圖所示，一旦叢集規模超過 130,000 顆 GPU，就會超出使用 512 radix 交換器、兩層架構所能達到的網路擴展能力。因此必須增加第三層。基本上，三層相較兩層，等於每顆 GPU 的內容增加 50%，適用於超大型叢集。這些大型叢集是 AI 工廠中成長最快的區隔。因此，相較於 GPU 成長，叢集規模成長對 Corning 更為有利。

Let's turn to the second driver. The second driver is bandwidth growth. Historically, GPU and ASIC bandwidth doubles about every two years. We link them through a combination of lane rate and number of lanes. Typically, this is a neutral to positive impact, depending on SerDes cycles. We increased bandwidth either by increasing land rate or SerDes, which would have a neutral impact on fiber content or by increasing the quantity of lanes, which can have a positive impact on fiber content.

接著看第二個驅動因素。第二個驅動因素是頻寬成長。歷史上，GPU 與 ASIC 的頻寬大約每兩年翻倍。我們透過 lane 速率與 lane 數量的組合把它們連結起來。通常其影響為中性到正向，取決於 SerDes 週期。我們提升頻寬的方式，可能是提高 lane 速率或 SerDes（對光纖內容影響偏中性），或是增加 lane 的數量（可能對光纖內容帶來正向影響）。

You can see that when we move from Hopper to Blackwell, the SerDes stayed the same at 100G, but the bandwidth needed to double, thus requiring that we increase the fibers from 8 to 16, doubling the amount of content. As we are moving into the Rubin era of GPU architectures, we see a jump in SerDes to 200G. Thus, we're able to keep the lane quantity consistent, resulting in a neutral impact on fiber content.

你可以看到，從 Hopper 轉到 Blackwell 時，SerDes 仍維持在 100G，但所需頻寬必須翻倍，因此需要把光纖從 8 條增加到 16 條，使內容量翻倍。當我們進入 Rubin 世代的 GPU 架構時，我們看到 SerDes 提升到 200G。因此我們能維持 lane 數量一致，對光纖內容的影響為中性。

Feynman likely won't be the primary system until the 2029, 2030 time frame. There is still a lot we don't know about it. But if it follows past patterns, and stays at 200G, the number of lanes would double, bandwidth doubles, and that would double fiber again. Or if 400G SerDes is available, the fiber content would be neutral or no change.

Feynman 很可能要到 2029、2030 年左右才會成為主要系統。目前仍有許多未知。但若遵循過去模式並維持在 200G，lane 數量將翻倍、頻寬翻倍，光纖也會再翻倍。或者若 400G SerDes 可用，光纖內容將呈中性或不變。

Likewise, there are other optical schemes, which can be used to increase fiber efficiency, such as BiDi and WDM, which can also reduce the need to increase the number of fibers per GPU. This has yet to be adjudicated. Now we'll know more in a year or so. But the main takeaway is bandwidth is neutral or positive for us. In our 20-30-40 Springboard Plan, we assumed the impact of bandwidth on fiber count per GPU to be neutral.

同樣地，還有其他光學方案可用來提升光纖效率，例如 BiDi 與 WDM，也能降低每顆 GPU 需要增加光纖數量的需求。這些方案目前尚未定案。大約一年左右我們會知道更多。但主要重點是：頻寬對我們而言是中性或正向。在我們的 20-30-40 Springboard 計畫中，我們假設頻寬對每顆 GPU 的光纖數量影響為中性。

The third driver is scale-up. Today, this is 100% copper, but optical is beginning to penetrate the scale-up network. This adds an entirely new optical network. And while the timing of adoption and penetration are very difficult to predict the size of the opportunity for an increase in optical content is quite large.

第三個驅動因素是 scale-up。目前這部分 100% 使用銅纜，但光學正開始滲透 scale-up 網路。這會新增一個全新的光學網路。雖然採用與滲透的時點非常難以預測，但光學內容增加的機會規模相當可觀。

First, let's consider what has been announced regarding optical scaling. Recently, NVIDIA announced a Vera Rubin Ultra configuration, which will scale-up to 576 GPUs in eight separate racks. Each rack will have 72 Rubin Ultra GPUs, which are interconnected with copper and then extended rack-to-rack with direct optical connections.

首先，我們來看看目前已公布的光學 scale-up 相關資訊。近期，NVIDIA 公布 Vera Rubin Ultra 的配置，可 scale-up 到 576 顆 GPU，分布在 8 個獨立機櫃（rack）中。每個機櫃將有 72 顆 Rubin Ultra GPU，機櫃內以銅纜互連，並以直接光學連線延伸至機櫃與機櫃之間。

This is a transition step to optical that is effectively a hybrid system approach to scale-up. Optical is now playing a role. The percent of optical ports has not yet been announced publicly. What has been announced is the scale-out bandwidth of 1.6 terabits per second and the scale-up bandwidth for the individual GPU, which will be 14.4 terabits per second. So let's bracket the opportunity.

這是一個朝向光學過渡的轉換步驟，本質上是 scale-up 的混合式系統作法。光學現在開始扮演角色。光學埠的占比目前尚未對外公開。已公布的是 scale-out 頻寬為每秒 1.6 太比特（Tbps），以及單顆 GPU 的 scale-up 頻寬將達每秒 14.4 太比特。因此我們來界定這個機會的範圍。

At the lowest end, we can assume 100% of the scale-up network will be done as it is today and that's copper. What this translates to is the same opportunity that we have today which is no fiber in the scale-up and 16 fibers per GPU in scale-out.

在最低端的情境下，我們可以假設 scale-up 網路仍像今天一樣 100% 使用銅纜。這代表我們的機會與今天相同：scale-up 沒有光纖，而 scale-out 每顆 GPU 需要 16 條光纖。

Now let's compare that to a fully optical scale-up system. We take the 14.4 terabits per second bandwidth for scale-up and the 1.6 terabits per second bandwidth for scale-out, and divide them by the 200G SerDes. This will translate into 72 lanes and 8 lanes, respectively, each requiring two fibers. This results in 144 fibers needed to support the scale-up bandwidth and 16 fibers to support this scale-out bandwidth. When we combine these demands, we get a total fiber content of 160 fibers per GPU, which is 10 times the amount of fibers of the current scale-out network.

現在把這與全光學的 scale-up 系統相比。我們將 scale-up 的每秒 14.4 太比特頻寬與 scale-out 的每秒 1.6 太比特頻寬，分別除以 200G SerDes。這將分別對應到 72 條 lane 與 8 條 lane，且每條 lane 需要兩條光纖。因此，支援 scale-up 頻寬需要 144 條光纖，支援 scale-out 頻寬需要 16 條光纖。將兩者需求合併後，每顆 GPU 的光纖內容合計為 160 條，是目前 scale-out 網路光纖數量的 10 倍。

What we know for sure is neither of those cases will be the hybrid system that was just announced. It will be somewhere in between. To be exact on the opportunity, we would need to both know the percent of optical ports in the offering and to know what extent these new hybrid optical scale-up nodes penetrate AI factories, who, regretfully, I can't share the first because it's confidential.

我們確定知道的是，這兩種情況都不會是剛剛宣布的混合系統。它會介於兩者之間。要精確評估這個機會，我們需要同時知道該方案中光學埠的占比，以及這些新的混合式光學 scale-up 節點在 AI 工廠中的滲透程度；很遺憾，第一點我無法分享，因為屬於機密。

And no one knows for sure what the answer is to the second question, which is just how successful will these be? But it is clearly a very large opportunity for us. And this is a topic that generates much technical debate, and you'll be able to get your own point of view by engaging with experts.

而且沒有人能確定第二個問題的答案，也就是它們究竟會有多成功？但這對我們顯然是一個非常巨大的機會。這也是一個會引發大量技術辯論的主題，你可以透過與專家交流來形成自己的觀點。

When I put all of these technical drivers together, recalculate that the demand for optical content per GPU in our enterprise MAP will increase by 1.3 times to 1.5 times by 2028. As we head into 2030, we see the potential that, that number could have much, much higher. Much of that increase is driven by the scale-up opportunity quickly increasing, which leads us to the next incremental opportunity inside the box.

當我把所有這些技術驅動因素整合起來，重新計算後，我們企業 MAP 中每顆 GPU 的光學內容需求到 2028 年將增加 1.3 倍到 1.5 倍。展望 2030 年，我們看到這個數字有可能會高出非常、非常多。這種增長很大一部分是由 scale-up 機會快速擴大所驅動，這也引導我們進入盒內（inside the box）的下一個增量機會。

Scale-up also supercharges our opportunity and our new Photonics MAP, which serves a new class of customers. We are bringing optics inside the box for a new generation of technology for co-packaged optics and near package optics. Although these technologies will likely start with scale-out, it is clear that scale of drives a dramatic increase in the size of the opportunity.

Scale-up 也大幅強化了我們的機會，以及我們新的 Photonics MAP，該 MAP 服務一類新的客戶。我們正把光學帶入盒內，面向新一代的共封裝光學（co-packaged optics）與近封裝光學（near package optics）技術。雖然這些技術很可能會先從 scale-out 開始，但很明顯，scale-up 會推動機會規模大幅增加。

Optical scale-up is new technology that will likely have an exponential adoption curve leading to timing challenges that are difficult to predict. Based on our assumptions and our discussions and agreements with customers, we believe we have the opportunity for a $10 billion market access platform by 2030.

光學 scale-up 是一項新技術，可能會呈現指數型採用曲線，導致時點上的挑戰難以預測。基於我們的假設，以及與客戶的討論與協議，我們相信到 2030 年我們有機會建立一個 100 億美元的市場進入平台（MAP）。

Essentially, new inside-the-box optical functions create the opportunity for Corning passive photonics to manage light. Historically, we have had no inside-the-box content. What's happening here is that because of the potential for improvement of latency, faceplate density, power, and reliability, customers are looking for the opportunity to move away from pluggables and toward co-packaged optics and near package optics.

本質上，新的盒內光學功能為康寧（Corning）的被動光子（passive photonics）提供了管理光的機會。過去我們在盒內沒有任何內容。目前正在發生的是：由於在延遲、面板密度（faceplate density）、功耗與可靠性方面具有改善潛力，客戶正在尋求從可插拔（pluggables）轉向共封裝光學與近封裝光學的機會。

So as you can see in this diagram, light creation, modulation, and delivery of being coated optical signal now move inside the box at the Silicon Photonic Optical Engine. And everything in yellow is potential Corning content where none existed inside the box before. This creates an opportunity for Corning to supply the passive photonics required to move and manage the light.

因此，如你在這張圖中所見，光的產生、調變，以及對被承載的光學訊號的傳輸，現在都移入盒內的矽光子光學引擎（Silicon Photonic Optical Engine）。而圖中所有黃色部分都是康寧的潛在內容——過去在盒內並不存在。這為康寧提供了供應移動並管理光所需之被動光子元件的機會。

Well, we just walked through a lot of information together. Obviously, this is a greatly abbreviated version of the entire presentation we shared at our May investor event. Again, I'd encourage you to catch up on the full presentation on our website if you haven't seen it.

好，我們剛才一起走過了大量資訊。顯然，這是我們在 5 月投資人活動中分享之完整簡報的高度精簡版。再次鼓勵各位，如果還沒看過，請到我們網站補看完整簡報。

Before I turn it over to Ed, let me just recap the main takeaways that I'd like to leave you with today. We delivered a great second quarter, demonstrating the progress on our 20-30-40 Springboard Plan. We plan to grow our annualized sales run rate to $20 billion by the end of 2026, $30 billion by the end of 2028, and $40 billion by the end of 2030. We're entering the new phase of accelerating growth. We expect to deliver a sales CAGR of 19% from quarter four 2026 to quarter four 2030, while growing earnings faster than sales with significantly higher returns on invested capital and substantially more free cash flow.

在我把時間交給 Ed 之前，先快速回顧我今天希望各位帶走的重點。我們交出了一個非常出色的第二季，展現我們在 20-30-40 跳板計畫（Springboard Plan）上的進展。我們計畫把年化銷售 run rate 在 2026 年底提升至 200 億美元、在 2028 年底提升至 300 億美元、並在 2030 年底提升至 400 億美元。我們正進入加速成長的新階段。我們預期從 2026 年第四季到 2030 年第四季的銷售 CAGR 為 19%，同時以快於銷售的速度成長獲利，並帶來顯著更高的投入資本報酬率（ROIC）以及大幅更多的自由現金流。

We expect growth across the company highlighted by significant opportunities in our enterprise networks and Photonics MAPs. In enterprise, we expect to capture strong growth as data center cluster size increases in scale-out and optical scale-up takes hold. And in our new Photonics MAP, we plan to build a $10 billion revenue stream by 2030.

我們預期公司各領域都將成長，其中以企業網路與 Photonics MAP 的重大機會最為突出。在企業端，隨著資料中心叢集規模在 scale-out 上擴大、以及光學 scale-up 開始成形，我們預期將掌握強勁成長。而在我們新的 Photonics MAP 中，我們計畫在 2030 年前建立 100 億美元的營收來源。

We continue to deepen relationships with industry leaders, most recently with Amazon and NVIDIA in these long-term partnerships support our extraordinary growth opportunity. We're obviously living through a very exciting time for the company. We plan to continue our Springboard approach of frequent updates for investors with deeper dives into the individual MAPs as they hit significant milestones. And I look forward to updating you as we make progress on our journey to doubling the company over the next several years. We are so glad that you're on this journey with us.

我們持續深化與產業領導者的關係，最近與 Amazon 與 NVIDIA 的合作；這些長期夥伴關係支撐我們非凡的成長機會。我們顯然正處於公司非常令人振奮的時刻。我們計畫持續以跳板方式，頻繁向投資人更新，並在各個 MAP 達到重要里程碑時進行更深入的解析。我也期待在我們朝著未來幾年公司規模翻倍的旅程中取得進展時，向各位更新。我們非常高興你們與我們一同踏上這段旅程。

With that, I'll turn things over to Ed. Ed?

接下來，我把時間交給 Ed。Ed？

Thank you, Wendell. Good morning, everyone.

謝謝你，Wendell。各位早安。

I'm very pleased with our strong second quarter results. We delivered another quarter of double-digit year-over-year sales growth while continuing to improve our financial profile. Year-over-year in Q2, sales grew 17% to $4.74 billion, and EPS increased 30% to $0.78 per share, both above our guided range. Operating margin grew 190 basis points to 20.9%. ROIC was up 180 basis points to 14.9%. And we delivered free cash flow of $1.42 billion.

我對我們強勁的第二季業績感到非常滿意。我們在持續改善財務體質的同時，再度交出一季兩位數的年增銷售成長。第二季年增來看，銷售成長 17% 至 47.4 億美元，EPS 成長 30% 至每股 0.78 美元，兩者都高於我們的指引區間。營業利益率提升 190 個基點至 20.9%。ROIC 提升 180 個基點至 14.9%。我們也創造了 14.2 億美元的自由現金流。

Turning to the segments and starting with Optical Communications. Sales were $2.07 billion, up 32% year over year. Net income was $438 million, up 77% year over year. The segment delivered record profitability in the second quarter with NPAT as a percent of sales of 21%.

接著看各事業部，先從光學通訊（Optical Communications）開始。銷售額為 20.7 億美元，年增 32%。淨利為 4.38 億美元，年增 77%。該事業部在第二季達到創紀錄的獲利能力，NPAT 占銷售比重為 21%。

Sales in Enterprise grew 65% year-over-year, driven by continued strong demand for our Gen AI innovations and our orders are accelerating. The portion of enterprise sales related to AI data centers nearly doubled in the quarter.

企業端（Enterprise）銷售年增 65%，主要由我們生成式 AI（Gen AI）創新產品的持續強勁需求所帶動，而且訂單正在加速。本季企業銷售中與 AI 資料中心相關的部分幾乎翻倍。

Carrier sales grew 1% year-over-year in the second quarter. Longer term, in Carrier, we expect to grow sales mid-single digits driven by fiber-to-the-home deployments and data center interconnect.

電信商（Carrier）銷售在第二季年增 1%。長期來看，在電信商領域，我們預期在光纖到府（fiber-to-the-home）部署與資料中心互連（data center interconnect）的帶動下，銷售將以中個位數成長。

Across Optical Communications, we continue to expand and strengthen strategic agreements across our key customer base, reinforcing Corning's position as a critical supplier to next-generation AI and broadband infrastructure.

在整個光學通訊業務中，我們持續擴大並強化與主要客戶群的策略協議，進一步鞏固康寧作為下一代 AI 與寬頻基礎建設關鍵供應商的地位。

Moving to Glass Innovations. Second quarter sales were $1.46 billion, up $20 million or 1% year-over-year, primarily driven by higher display glass sales. Net income was $354 million, up 9% year over year.

接著看玻璃創新（Glass Innovations）。第二季銷售為 14.6 億美元，年增 2,000 萬美元或 1%，主要由顯示玻璃銷售增加所帶動。淨利為 3.54 億美元，年增 9%。

Now we've received a lot of questions about the impact of memory prices. For the full year, we expect memory prices to impact the handheld market with units to be down a mid-teens percentage. Despite these headwinds, we expect Gorilla Glass sales to outperform the end market driven by strong demand for our innovations and our position in the premium segment of the market.

我們也收到許多關於記憶體價格影響的問題。就全年而言，我們預期記憶體價格將影響手持裝置市場，出貨量將下滑約中十位數百分比。儘管面臨這些逆風，我們預期 Gorilla Glass 的銷售表現將優於終端市場，主要由我們創新產品的強勁需求以及我們在高階市場區隔的地位所驅動。

We saw this dynamic in the first half of the year as well. Even in a down market, our More Corning strategy to increase our content per device with products like glass ceramics or products for foldable displays, makes a positive difference.

我們在上半年也看到了同樣的動態。即使在下行市場中，我們的「More Corning」策略——透過玻璃陶瓷等產品或可摺疊顯示器用產品來提升單機內容價值——也能帶來正向的差異。

In the display market, the impact of memory prices is expected to be less significant. In fact, as component costs increase TV brands and panel makers are shifting to higher price and larger-size TVs, which favors Corning with our strong position in Gen 10.5 glass. And in advanced optics, we expect strong demand for advanced memory to support long-term demand from chip makers and semiconductor equipment suppliers for our solutions.

在顯示器市場中，記憶體價格的影響預期較不顯著。事實上，隨著零組件成本上升，電視品牌與面板製造商正轉向更高價格與更大尺寸的電視，這有利於康寧，因為我們在第 10.5 代玻璃方面具備強勢地位。而在先進光學領域，我們預期先進記憶體需求強勁，以支撐晶片製造商與半導體設備供應商對我們解決方案的長期需求。

In our Automotive segment, Q2 sales were $471 million, up 2% year-over-year. Net income of $82 million was up 4% year-over-year. Our sales to the automotive market were up 2% and driven by More Corning content outperformed the global automotive vehicle market, which was down 2%.

在我們的汽車事業部門，第二季銷售額為 4.71 億美元，年增 2%。淨利 8,200 萬美元，年增 4%。我們對汽車市場的銷售年增 2%，主要由「更多康寧含量」（More Corning content）所帶動，表現優於全球汽車整車市場（該市場年減 2%）。

Diesel sales grew 3% year-over-year and 13% sequentially driven by improving North American Class 8 orders. Looking ahead, we remain focused on our More Corning content strategy. We expect underlying secular trends favorable to Corning to remain intact and drive adoption of larger and higher resolution in-vehicle displays as well as new emission control products.

柴油相關銷售年增 3%，較前一季成長 13%，主要受北美 8 級（Class 8）訂單改善所帶動。展望未來，我們仍將聚焦於「更多康寧含量」策略。我們預期有利於康寧的長期結構性趨勢仍將持續，並推動車載顯示器朝更大尺寸與更高解析度採用，以及帶動新的排放控制產品導入。

In Solar, Q2 sales were $438 million, up $207 million or 90% year over year. The segment reported a net loss of $7 million. In Q2, as expected, we experienced an additional $30 million of expense versus Q1 as our solar wafer factory underwent an extended maintenance shutdown transitioning to a permanent power system while repairing and upgrading production equipment. Customer demand is strong across the MAP, and we expect sales and profit to improve beginning in the third quarter.

在太陽能業務方面，第二季銷售額為 4.38 億美元，年增 2.07 億美元（或 90%）。該部門淨損 700 萬美元。第二季如預期，我們相較第一季額外增加 3,000 萬美元費用，原因是我們的太陽能晶圓工廠在轉換為永久供電系統期間進行延長維護停機，同時修復並升級生產設備。MAP 各領域的客戶需求強勁，我們預期自第三季起銷售與獲利將改善。

Overall, in the business, we continue to secure long-term customer commitments for polysilicon, wafers, and modules. The market preference for US-made solar products continues to strengthen, supported by ongoing trade and tax policy developments and other government initiatives to advance domestic manufacturing. Corning remains well positioned in this area as we are the only US-based polysilicon and wafer manufacturer. And we remain firmly on track to build our solar business into a $3 billion revenue stream with profitability above the corporate average.

整體而言，在該業務中，我們持續取得多晶矽、晶圓與模組的長期客戶承諾。市場對美國製造太陽能產品的偏好持續增強，並受到持續中的貿易與稅務政策發展，以及其他推動國內製造的政府倡議所支持。康寧在此領域仍具備良好定位，因為我們是唯一一家以美國為基地的多晶矽與晶圓製造商。我們也仍堅定按計畫推進，將太陽能業務打造為 30 億美元營收來源，且獲利能力高於公司平均水準。

Sales in Life Sciences and Emerging Growth businesses were up 8% sequentially, driven by strong performance in our life sciences research business, and net income was up 13% sequentially.

生命科學與新興成長業務的銷售額較前一季成長 8%，主要由我們生命科學研究業務的強勁表現所帶動；淨利較前一季成長 13%。

Shifting to our outlook. In the third quarter, we expect sales to grow approximately 16% year-over-year to a range of $4.9 billion to $5 billion and core EPS to grow approximately 28% year-over-year to a range of $0.85 to $0.89. In our solar business, we expect sales and profit to improve beginning in the third quarter.

接著談我們的展望。第三季我們預期銷售額年增約 16%，至 49 億至 50 億美元區間；核心每股盈餘（core EPS）年增約 28%，至 0.85 至 0.89 美元區間。在太陽能業務方面，我們預期自第三季起銷售與獲利將改善。

For CapEx, we expect to increase our investment run rate into Q3 and Q4, and to invest approximately $2 billion for the year to support the compelling growth plan Wendell just described in optical communications.

在資本支出（CapEx）方面，我們預期在第三季與第四季提高投資的執行速率，並預計全年投資約 20 億美元，以支持 Wendell 剛才在光通訊所描述的具吸引力成長計畫。

For the full year, we remain on track to generate significantly more free cash flow year-over-year while continuing to invest in our growth opportunities alongside our customers.

就全年而言，我們仍按計畫在持續與客戶一同投資成長機會的同時，產生顯著高於去年同期的自由現金流。

Now before we move to Q&A, let me turn back to our Springboard Plan for a moment. I'll start by reiterating how we translate our internal plan into our high confidence plan to aid with your investment decisions. Our internal Springboard Plan is to grow our annualized sales run rate to $20 billion by the end of 2026, $30 billion by the end of 2028, and $40 billion by the end of 2030, with earnings growing faster than sales.

在進入問答之前，讓我先回到我們的 Springboard 計畫談一下。我先重申我們如何將內部計畫轉化為高信心計畫，以協助各位做出投資決策。我們的內部 Springboard 計畫，是在 2026 年底將年化銷售執行速率提升至 200 億美元、在 2028 年底提升至 300 億美元、在 2030 年底提升至 400 億美元，且獲利成長速度快於銷售成長。

Our high confidence plan is to grow sales to an annualized run rate of $27 billion by the end of 2028 and $35 billion by the end of 2030. Interestingly, in either case, we expect to double the size of the company by the end of 2030. If we achieve our internal plan, we'll double our sales run rate from Q4 '26 through Q4 2030. Our high confidence plan doubles our run rate from Q4 2025 through Q4 2030.

我們的高信心計畫，是在 2028 年底將銷售提升至年化執行速率 270 億美元，並在 2030 年底提升至 350 億美元。有趣的是，無論哪一種情境，我們都預期在 2030 年底前將公司規模加倍。若達成內部計畫，我們將在 2026 年第四季至 2030 年第四季期間把銷售執行速率加倍。而高信心計畫則是在 2025 年第四季至 2030 年第四季期間把執行速率加倍。

And as a reminder on how the plans work, our internal plans are the output of the strategic planning process we run with each of our market access platforms. These are actual business plans. We set our objectives and compensation upon these plans. To arrive at our high confidence plan, we take our internal plans and further risk adjust them.

再提醒各位計畫如何運作：我們的內部計畫是我們與各個市場進入平台（market access platforms）共同執行的策略規劃流程之產出。這些是真實的營運計畫。我們依據這些計畫設定目標與薪酬。為了形成高信心計畫，我們會在內部計畫的基礎上進一步進行風險調整。

At the corporate level, we seek to probabilistically adjust for factors, including macroeconomic slowdowns, changes in government policy, timing of multiple secular trends, and the rate of adoption for our related innovations.

在公司層級，我們會以機率方式針對多項因素進行調整，包括總體經濟放緩、政府政策變動、多項長期結構性趨勢的發生時點，以及相關創新技術的採用速度。

One of the most significant areas we are adjusting for is the timing on scale-up of the network. This impacts both enterprise and photonics. Adoption of optical scale-up into AI factories is a significant technical change. The overall size of the opportunity is dramatic, but calling the timing is challenging. We will get smarter about this with each passing month. And as we've done throughout Springboard, we'll provide updates and milestones that help you as investors track against both plans.

我們正在調整的最重要領域之一，是網路擴容（scale-up）的時程。這同時影響企業與光子（photonics）業務。將光學擴容導入 AI 工廠是一項重大的技術變革。整體機會規模非常可觀，但要判斷時點具有挑戰。我們會隨著每個月的推進而變得更有把握。並且如同我們在整個 Springboard 期間所做的，我們將提供更新與里程碑，協助各位投資人追蹤兩套計畫的進展。

Overall, we have an excellent launch point for highly profitable future growth. If you compare the Q2 2026 results we shared today with our Q4 2023 Springboard starting point, we have increased sales by 45%, improved operating margin by 460 basis points, grew EPS 100%, and expanded ROIC by 610 basis points. So we are operating from a very strong financial profile, and we expect that financial profile to improve from here.

整體而言，我們已具備極佳的起跑點，可望實現高獲利的未來成長。若將我們今天分享的 2026 年第二季結果與 2023 年第四季 Springboard 的起點相比，我們的銷售增加 45%、營業利益率提升 460 個基點、每股盈餘（EPS）成長 100%，且投入資本報酬率（ROIC）擴大 610 個基點。因此，我們目前的財務體質非常強健，且我們預期該財務體質將在此基礎上持續改善。

Our plan is to grow sales at a 19% CAGR from Q4 of '26 to Q4 2030. You can expect us to continue to run at or above 20% operating margin even as we continue to invest to capture all of the growth. We'll come back later this year to give you an update on how we're thinking about operating margin.

我們的計畫是在 2026 年第四季至 2030 年第四季期間，以 19% 的年複合成長率（CAGR）成長銷售。即使我們持續投資以掌握所有成長機會，各位也可以預期我們將持續維持在 20% 或以上的營業利益率。我們將在今年稍晚回來更新我們對營業利益率的思考。

And we've been growing EPS faster than sales, and we expect that to continue. We've significantly improved ROIC to approximately 15%, and we expect to continue improving ROIC into the high teens through the planning cycle.

我們的 EPS 一直以快於銷售的速度成長，我們預期這將持續。我們已將 ROIC 顯著提升至約 15%，並預期在本次規劃週期內持續改善 ROIC 至 10% 後段（high teens）。

And most importantly, we expect free cash flow to grow significantly. Typically, when we invest organically, we invest significant amounts of capital upfront which means we take risk before the revenue and free cash flow shows up. As part of Springboard, we are deepening key customer relationships with long-term agreements to more appropriately share the risk and cost of our acquired expansions with our customers. So the results will be attractive, and we expect free cash flow to grow even as we invest to capture the higher sales.

最重要的是，我們預期自由現金流將顯著成長。通常在我們進行有機投資時，會在前期投入大量資本，這代表在營收與自由現金流出現之前，我們先承擔風險。作為 Springboard 的一部分，我們正透過長期協議深化關鍵客戶關係，以更適切地與客戶分攤我們擴產所帶來的風險與成本。因此成果將具吸引力，我們預期即使持續投資以取得更高銷售，自由現金流仍將成長。

Overall, we've outlined a compelling new plan to further enhance our financial profile. The performance and progress on key milestones that we just shared for Q2 show we are off to a strong start, and we look forward to continuing to update you on the significant value creation opportunity.

整體而言，我們已提出一項具吸引力的新計畫，以進一步強化我們的財務體質。我們剛分享的第二季關鍵里程碑之表現與進展顯示，我們已強勢起步，並期待持續向各位更新這項重大價值創造機會的進展。

With that, I will turn things back over to Chris for Q&A.

接下來，我把時間交還給 Chris 進行問答。

Thank you, Ed. Operator, we're ready for the first question.

謝謝你，Ed。接線員，我們準備好進行第一個提問了。

(Operator Instructions) Asiya Merchant, Citi.

(接線員指示) Asiya Merchant，花旗。

A great set of results here. If I can just dig into Wendell and the second half growth expectations, you're especially into 4Q as we look into your 3Q guide, you have improving optical capacity that's ramping and the solar facility migration that you talked about seems to have done its bid in the second quarter. Why should 4Q, assuming an exit run rate of $5 billion a year, why is there just very limited 4Q growth? Is there something in the other markets that we should be thinking about?

這是一組非常亮眼的業績。如果我可以再深入問一下 Wendell 以及下半年成長預期，特別是從你們第三季指引來看，你們在第四季的布局更明顯：光學產能正在提升並逐步爬坡，而你們提到的太陽能廠區遷移似乎也已在第二季完成其影響。為什麼第四季在假設年化退出運行率為 50 億美元的情況下，第四季成長卻非常有限？是否有其他市場的因素是我們需要納入考量的？

Thanks, Asiya. So first of all, as we shared, we expect to continue to increase our sales significantly from our current run rate sort of through the next planning cycle to get from a $20 billion run rate to $30 million, to $40 million over the next four years or so. In the third quarter, our guide implies that we might actually get to that $20 billion that we put out for the end of this year, a quarter or so early, and then we expect to continue to grow from there.

謝謝，Asiya。首先，如同我們分享的，我們預期在下一個規劃週期內，會從目前的運行率持續大幅提升銷售額，目標是在未來約四年內，從 200 億美元的運行率提升到 300 億、再到 400 億。在第三季，我們的指引意味著我們可能會比原先預期提前大約一季就達到我們所提出的今年年底 200 億美元運行率目標，之後我們也預期會在此基礎上持續成長。

And I think most importantly, we've been growing at a mid-teens growth rate year-over-year, call it, 15% or so. We're starting to see that growth rate accelerate, and we actually expect our growth rate from the end of this year through the end of the planning cycle to also accelerate up to closer to 20%, our CAGR is 19%. So I don't think we're implying anything specific with respect to any of our other MAPs. I think a lot of the growth will come from enterprise and Photonics as we've shared. And certainly, we expect solar to grow from our current levels.

而且我認為最重要的是，我們一直以年增中十位數的成長率在成長，大約可說是 15% 左右。我們開始看到這個成長率加速，我們也預期從今年年底到規劃週期結束，我們的成長率也會加速、接近 20%；我們的年複合成長率（CAGR）是 19%。所以我不認為我們在任何其他 MAP 上暗示了什麼特別的事情。如同我們分享的，很多成長將來自企業端與 Photonics。當然，我們也預期太陽能會從目前水準繼續成長。

Just to normal, simpler so is just in May, we provided that we get to the $20 billion run rate by quarter 4. And our growth rates are just going better. And so it looks like we could hit it a quarter early, and we didn't want to upgrade our Springboard Plan again after just doing it in May. So when we get around to updating and providing quarter four guide, we'll do that. Meanwhile, there's no implied message.

再用更正常、更簡單的方式說：我們在 5 月提供的說法是，到第四季我們會達到 200 億美元的運行率。而我們的成長表現只是比預期更好。所以看起來我們可能會提前一季達標，而我們不想在 5 月才剛更新 Springboard Plan 之後又再次上調。等到我們更新並提供第四季指引時，我們會再做調整。同時，這裡沒有任何隱含訊息。

Great. If I can just ask one more on optical margins here. It looks like that should be ramping nicely here in the second half. You do have capacity hopefully ramping to meet demand and it seems like orders are accelerating here, especially on the AI side. Just if you can help us think about how we should think about margins and net income margins in Optical, that would be great.

很好。我再問一個關於光學毛利率的問題。看起來下半年應該會有不錯的爬坡。你們的產能希望能提升以滿足需求，而且訂單似乎正在加速，尤其是在 AI 相關方面。如果你們能協助我們理解，光學業務的毛利率以及淨利率該如何看待，會很有幫助。

Yes. Thanks, Asiya. So last quarter, we got to 20%. This quarter, we're over 20%, a significant improvement from where we were when we first started the Springboard Plan I think we'll continue to see nice growth in optical, and we can certainly see margin expansion as well.

是的。謝謝，Asiya。上個季度我們達到 20%。這一季我們超過 20%，相較於我們剛開始推動 Springboard Plan 時的水準有顯著改善。我認為我們會持續看到光學業務良好的成長，當然也能看到毛利率擴張。

Josh Spector, UBS.

Josh Spector，瑞銀。

So I want to ask about your Investor Day update. I mean, appreciating you just went through a pretty big rehash of that. But to be crystal clear here, I mean, has anything changed now versus two months ago? And specifically thinking about photonics and scale-up just -- there's been a lot of industry chatter around supply chain readiness for this and potential delays.

我想問一下你們投資人日的更新。我理解你們剛才已經相當完整地重新說明了一遍。但為了非常明確：相較於兩個月前，現在有任何改變嗎？特別是就 Photonics 與 scale-up 的擴產而言——業界有很多討論，提到供應鏈是否已準備就緒，以及可能的延遲。

I mean it seems like you're reiterating that Photonics could be $1 billion-plus business potentially next year. do you still have your visibility to that? And would you characterize anything differently today versus two months ago?

看起來你們仍在重申 Photonics 明年可能成為超過 10 億美元的業務。你們對此仍有能見度嗎？以及相較於兩個月前，你們今天會用不同方式來描述任何事情嗎？

So what you're hearing from us is we see no changes to our fundamental belief that we just shared with you in May. Yes, there has been much industry speculation on the exact timing of when everything begins and that's fair enough. You have to understand, when we provide that Springboard Plan, we're adjusting for different probabilities of different timings and different content opportunities.

你從我們這裡聽到的是：我們對於 5 月與你分享的基本判斷沒有任何改變。是的，業界對於一切何時開始的確切時點有很多推測，這也合理。你必須理解，當我們提出 Springboard Plan 時，我們已針對不同時程、不同內容機會的各種可能性做了機率調整。

And what we're doing is we're basing that set of judgments with an understanding of the different ways different product sets and timing can go. So we see no real change inside the real ecosystem. There is much less drama and what it looks like from the people outside of it. We're doing the steady work that it takes to build a $10 billion new photonics platform and bringing a significant new technical node to overall AI, which is scale-up, which is where the biggest opportunity is for us.

我們所做的是：在理解不同產品組合與時程可能發展方向的前提下，做出這一系列判斷。因此，我們在實際生態系內部沒有看到實質變化。相較於外界看起來的情況，內部的戲劇性要少得多。我們正在穩健地做必要的工作，去打造一個 100 億美元規模的全新 Photonics 平台，並為整體 AI 帶來一個重要的新技術節點，也就是 scale-up——這是我們最大的機會所在。

And it's just inside the ecosystem; there's just way less change than from what sort of gets speculated on because all of us on the inside know the various trade-offs we can make to still deliver scale-up depending on what happens with other component suppliers and ship dynamics. Does that make sense, Josh?

而且在生態系內部，變化遠比外界推測的要少，因為我們這些在內部的人都知道：無論其他零組件供應商與出貨動態如何變化，我們仍可透過各種取捨來交付 scale-up。Josh，這樣說有道理嗎？

Yes. That makes sense. I appreciate that.

有。這樣說得通。謝謝你的說明。

And I don't think we guided anything for next year on Photonics, just to be clear, right? You're -- we gave the longer term, $10 billion. We gave the chart and what the growth is. But we've yet to provide a specific number for you in Photonics. So the $1 billion photonics analysis that you've done, I get it. I get how you get to those numbers. We'll update sort of each quarter as we go, and we're giving you the long-term photonics plan that we presented in our 20-30-40 plan.

另外，為了說清楚，我們其實沒有對明年的 Photonics 提供任何指引，對吧？我們提供的是較長期的 100 億美元目標。我們提供了圖表以及成長路徑。但我們尚未給你一個 Photonics 的具體數字。所以你做的「10 億美元 Photonics」分析，我理解。我也理解你是如何推導出那些數字的。我們會隨著每一季的進展逐步更新；而我們提供給你的是我們在 20-30-40 計畫中所呈現的長期 Photonics 規劃。

George Notter, Wolfe Research.

George Notter，Wolfe Research。

I was just curious about the mixture of the optical business that's covered under long-term agreements. I'm wondering what that looks like right now. I'm wondering what that looks like maybe a year from now. And then I guess I assume you guys are going to be more aggressive on pricing in the optical business for customers that are not under LTAs. I'm just curious about where that stands right now, what kind of pricing increases are you taking? Any perspective there would be great.

我想了解一下：光學業務中，受到長期協議（LTA）涵蓋的組合占比大概是多少。我想知道目前看起來如何。也想知道一年後可能會是什麼樣子。另外我猜，你們對於未受 LTA 約束的客戶，在光學業務的定價上會更積極。我想了解目前的狀況：你們正在採取什麼樣的漲價幅度？任何觀點都會很有幫助。

Thanks for the question, George. You can't expect us to continue to increase the amount of long-term agreements that we enter into because all of our significant capacity moves are backed by those type of agreements as we seek to appropriately share the risk and rewards of the incredibly strong growth in our capabilities that our customers want. So that will be a steadily increasing drumbeat.

謝謝你的問題，George。你可以預期我們會持續提高我們所簽訂的長期協議數量，因為我們所有重大的產能擴充行動，都是以這類協議作為支撐；我們希望在客戶所期待、且我們能力正快速成長的強勁趨勢下，能夠適當地分享風險與報酬。因此，這會是一個穩步增加的節奏。

Sometimes, the customers want to be public, and then we announce, sometimes not. But that workflow continues and we continue to see more and more customers wanting more and more from us and that they're willing to commit to underpin any investments that we need to make. That's the first part of your question. Did I answer that to your satisfaction, George, before -- that's great.

有時候客戶希望公開，於是我們就會公告；有時候則不希望。但這個流程會持續進行，我們也持續看到越來越多客戶希望從我們這裡取得更多，而且他們願意承諾、為我們需要進行的任何投資提供支撐。這是你問題的第一部分。George，在我繼續之前——我這樣回答有符合你的期待嗎？——很好。

Yes. I'm just curious about like is this a minor piece of the overall optics business, a major piece of the overall optics business it smaller than a breadbox...

是的。我只是好奇，這在整體光學業務中是個小部分、主要部分，還是小到可以忽略不計……

Will be the lion share of our optical business because when I say that you're going to underpin any major capacity expansion will be underpinned by these agreements that appropriately share the sort of risk and rewards given our rate of growth, just the math that, that is just going to be the overwhelming part of our overall optical business. Does that make sense?

它將會是我們光學業務中占比最大的部分，因為當我這麼說時，你會看到任何重大的產能擴張，都會由這些能夠在我們成長速度之下、適當分攤風險與報酬的協議來支撐。就數學上來看，這將會是我們整體光學業務中壓倒性的主要部分。這樣說有道理嗎？

Yes, that makes sense. And then on pricing?

是的，這樣說有道理。那接著談定價呢？

So now we'll do pricing. I didn't forget the second part of your question, George. Let's just sort of start with what we see in the results, and then we'll talk about how do we do it, right? So what you just want to, Ed just ran through with you is you saw Opto sales up about 30% and net income up almost 80%. So you see dramatically improving profitability, right? Now how we do that isn't just about increasing the price of bare fiber the price is higher, but that really isn't how we're driving that profitability improvement.

好，現在我們來談定價。George，我沒有忘記你問題的第二部分。我們先從結果中看到的情況談起，然後再談我們是怎麼做到的，好嗎？你剛剛聽到的，Ed 已經帶你看過：你看到光學（Opto）銷售額成長約 30%，淨利成長接近 80%。所以你看到獲利能力大幅改善，對吧？那我們怎麼做到的，不只是把裸光纖的價格提高——價格確實更高，但這並不是我們推動獲利改善的主要方式。

We create value by delivering innovations in fiber cable connectivity and to dramatically reduce our customers' cost to increase their speed of deployment or increase the reliability of their networks. And then when we create value for our customers with our innovations, we get to keep a portion of that value of the innovation. And that is what's driving this really significant increase in profitability that you see.

我們透過在光纖、纜線與連接性方面提供創新來創造價值，從而大幅降低客戶成本、提升部署速度，或提高其網路的可靠性。當我們用創新為客戶創造價值時，我們就能保留其中一部分創新所帶來的價值。而這正是你所看到的獲利能力顯著提升的驅動因素。

I would expect that to continue. Implied in your question is also a question of sort of how much demand versus how much supply. We continue to have the enviable situation of if we could make more, we could sell more. And especially if we could make more of our most innovative products, we see nothing but growing appetite for these new high-density product sets that we started on so long ago that are definitely gaining and accelerating in their adoption rate.

我預期這種趨勢會持續。你問題中也隱含了另一個問題：需求相對於供給到底如何。我們仍然處在一個令人稱羨的狀況：如果我們能做得更多，我們就能賣得更多。尤其是如果我們能生產更多最具創新性的產品，我們看到的只有對這些新型高密度產品組合日益增長的需求；這些產品我們很久以前就開始布局，現在其採用率確實正在提升並加速。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

I was wondering if you could maybe drill down a little bit more into the moving pieces of guidance for Q3. At the consolidated level, at the midpoint, you have a point of deceleration implied in your Q3 guide? And I hear all the positives around your longer-term story around reacceleration Q2 was obviously underpinned by very strong optical enterprise strength.

我想請你們能否再更深入拆解一下第三季（Q3）財測指引的各項變動因素。在合併層級，以中位數來看，你們的 Q3 指引似乎隱含成長動能放緩？但我也聽到很多關於你們長期故事、以及未來會再加速成長的正面訊息；而 Q2 顯然是由光學企業端非常強勁的表現所支撐。

So the question is really, do you expect that strength to continue? I think, Wendell, you might have mentioned that AI was potentially a double in related sales were double in -- is that a trend that you expect to sustain here into Q3, Q4 as well? Or are there other moving pieces that are creating a slight shortfall within Q3??

所以問題是，你們預期這種強勢會延續嗎？我想 Wendell 你可能提到 AI 相關銷售可能翻倍、或是已經翻倍——這個趨勢你們預期在 Q3、Q4 也能持續嗎？還是說有其他變動因素，導致 Q3 看起來略有落差？？

Wamsi, thanks for the question. So our guide for Q3 is not intended to imply any deceleration in growth. I think it's similar -- it's intended to imply similar year-over-year growth as we had in Q2. And then as we've shared longer term, we expect that growth rate to actually accelerate. So that's sort of how you should think about it in total. And for sure, enterprise growth is a significant component of that as you go into Q3.

Wamsi，謝謝你的問題。我們對 Q3 的指引並不是要暗示成長放緩。我認為它——是要暗示與 Q2 類似的年對年成長。而且如同我們先前分享的長期觀點，我們預期該成長率實際上會加速。所以整體上你應該這樣理解。而且可以確定的是，進入 Q3 後，企業端成長會是其中一個重要組成。

Are there anything add in there that any end markets that are going to track below seasonal for any particular reason as you think about Q3? And maybe I'll just ask this as well. You grew enterprise sales by $300 million roughly quarter-on-quarter Q1 to Q2, but your net margin didn't see a lot of operating leverage. What were some of the offsets to that leverage that you might get with that level of increase in sales?

那在你們看 Q3 時，有沒有任何終端市場會因為某些特定原因而低於季節性表現？另外我也想順便問：你們企業端銷售從 Q1 到 Q2 季對季大約增加了 3 億美元，但淨利率並沒有看到太多營運槓桿。在那樣的銷售增幅下，有哪些因素抵銷了你們本來可能獲得的槓桿效益？

Yes. So on your -- the first part of your question, I would say, as I shared in my prepared remarks, I think the areas that maybe aren't going to grow at normal seasonality would be things that might be impacted by memory like the handheld market, in general, will be significantly weaker than the first half of the year, we will outperform that market because we'll sell more content per device into the market. But certainly, that could have an impact automotive market remains relatively muted, but I don't know that it has a huge impact on seasonality, but those are similar dynamics to what you saw in the second quarter.

是的。先回答你問題的第一部分：如同我在事先準備的講稿中提到的，我認為可能不會按正常季節性成長的領域，會是那些可能受到記憶體影響的項目；例如手持裝置市場，整體而言，下半年會明顯弱於上半年，我們會優於該市場，因為我們在該市場每台裝置能賣出更多內容（content）。但這確實可能帶來影響。汽車市場仍相對低迷，不過我不確定它對季節性有多大影響；但這些動態與你在第二季看到的情況相似。

And then on margins, I think we continue -- I think Wendell's description of margins, specifically in optical is really compelling from our perspective, and we expect those margins to continue to increase as we grow and sell more of our new innovations, and we're able to capture more value. And again, Corning's overall operating margin continues to expand as we grow as well.

至於利潤率，我認為我們仍然——我覺得 Wendell 對利潤率、特別是光學業務利潤率的描述，從我們的角度看非常有說服力；而且我們預期，隨著我們成長並銷售更多新創新產品、並能捕捉更多價值，這些利潤率會持續提升。同樣地，康寧（Corning）的整體營業利益率也會隨著成長而持續擴張。

Joseph Cardoso, JPM.

Joseph Cardoso，摩根大通。

I know there's a few assumptions here. But when I do the rough back of the envelope in half on the 3Q guide, it implies a pretty nice uptick in both gross and operating margins and a nice improvement in the associated incrementals there. First, is that fair directionally?

我知道這裡有幾個假設。但當我用粗略的「背面算式」去看第三季指引的中位數時，它似乎暗示毛利率與營業利益率都會有不錯的上升，而且相關的增量利潤率也會有明顯改善。第一，方向上這樣理解合理嗎？

And then second, if so, what are the moving pieces driving the step up into 3Q? And how should we think about the sustainability there, just given in the prepared remarks, kind of sticking with the operating margin target of 20%-plus. Just trying to wrap back that a little bit more.

第二，如果是的話，推動第三季利潤率跳升的關鍵變動因素是什麼？另外，考量你們在準備講稿中仍維持 20% 以上的營業利益率目標，我們該如何看待這種改善的可持續性？我只是想把這件事再串回來理解得更清楚一些。

Yes, Joe, I think your assessment is correct. And one thing I would call out is we expect our solar business to improve profit and profitability from Q2 to Q3 as we've gotten past this cycle of improving our manufacturing performance there. So that is definitely a driver.

是的，Joe，我認為你的判斷方向是正確的。我想特別指出一點：我們預期太陽能業務在 Q2 到 Q3 之間，利潤與獲利能力都會改善，因為我們已經度過了那段提升製造績效的週期。所以這肯定是一個驅動因素。

And as we've shared maybe more broadly, even going back to our IR event in May, we expect to be at or above the 20% operating margin target. We had set a couple of years ago. We haven't set a new target. We'll come back later this year. We'll talk a little bit about that.

而且如同我們更廣泛分享過的，甚至回到我們 5 月的投資人關係（IR）活動，我們預期會達到或高於我們幾年前設定的 20% 營業利益率目標。我們尚未設定新的目標。我們會在今年稍晚再回來，再多談一點這件事。

But I think the things to consider are we're still ramping that solar business, so that's not fully done. So profitability will continue to improve. We want to see that. We want to get a little bit more of that behind us. And then we have to build a very significant photonics business as we see the scale-up of the network and Photonics kicking in. And we also want to continue to see that. We feel great about our profitability. But before we would change our target, we just want to have a little bit more experience behind us.

但我認為需要考量的是：我們仍在拉升（ramp）太陽能業務，所以這還沒有完全結束。因此獲利能力會持續改善。我們希望看到這點。我們希望在這方面再多累積一些成果。此外，隨著網路擴建與光子（Photonics）規模化開始發力，我們還必須打造一個非常可觀的光子業務。我們也希望持續看到那個進展。我們對獲利能力感到非常有信心。但在我們調整目標之前，我們只是希望能有更多的實際經驗作為支撐。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. Maybe just on the carrier business for a second. Is that a reflection of just challenging comps in terms of some of the newer customers that were ramping last year. Is that reallocation of some of the enterprise share? Just trying to get a little bit of insight into this quarter's results versus kind of your indications that, that would still be mid-single-digit growth.

很好。我想先問一下電信營運商（carrier）業務。這是否反映了同業比較基期（comp）較具挑戰性，因為去年有一些新客戶正在放量（ramping）？還是說這是企業端份額重新分配的結果？我只是想更了解本季結果相較於你們先前所暗示的「仍會是中個位數成長」之間的差異。

And then maybe adding on to that, there's been a lot of talk about kind of new incremental investments made in kind of reinforcing some of those lines or adding new kind of incremental long-haul capacity? Just any commentary about participation there?

接著也許延伸這點，市場上一直有很多討論，關於新增的增量投資，用來強化其中一些線路或新增一些增量的長途容量？想請問對於你們在那方面的參與，有沒有任何評論？

So just customer timing what you're seeing in the quarter. If you look at the first half sort of this year of 2026 versus the first half of 2025, sales are up about 17% in Carrier, about $0.25 billion. So just the way Carriers work, what project is happening when in our timing of what we're doing with that particular customer. But so we're not seeing anything in Carrier where we're not -- where we don't see a growing set of demand, both in DCI, as you mentioned, but also in fiber to the home. So that's going to continue to be a nice growth rate. Did that address your question?

所以就本季你看到的客戶時點而言。如果你看2026年上半年相較於2025年上半年，Carrier 的銷售額約成長17%，約2.5億美元。所以就 Carrier 的運作方式來說，取決於特定客戶在什麼時候發生什麼專案，以及我們對該客戶的執行時程。但我們在 Carrier 這邊沒有看到任何——我們沒有看到需求不成長的情況；相反地，我們看到需求持續擴大，包含你提到的 DCI，也包含光纖到府（FTTH）。所以這將會持續帶來不錯的成長率。這樣有回答到你的問題嗎？

Yes. And just -- I mean, there has been conversations with Verizon and Google, just incremental projects that are coming online. And do you view those as ability to participating in those as kind of extra growth opportunities?

有。另外——我是說，確實有跟 Verizon 和 Google 的一些對話，關於一些即將上線的增量專案。你們是否認為參與這些專案，能夠帶來額外的成長機會？

I put that in the same -- in the same category at the commentary we just had in enterprise. So we have Customers really want our new product sets, right, as much as we can do. So any and all of those new opportunities that are coming to us almost always first.

我會把那放在和我們剛才談到企業端相同的類別。也就是說，客戶真的很想要我們的新產品組合，對吧？我們能做多少就做多少。所以這些所有的新機會，幾乎總是會優先來到我們這邊。

And then so we have a good amount of demand. And what we're trying to do is make sure that we're positioning to continue to build these great customer franchises that are just going to last for decades, and give us the opportunity to innovate and create value and give our investors the chance to count on a long-term annuity. And that's what tends to drive our customer choice.

因此我們有相當多的需求。而我們正在做的是，確保我們的定位能持續建立這些很棒的客戶特許經營關係（customer franchises），讓它們可以延續數十年，並給我們創新、創造價值的機會，也讓投資人有機會依賴長期的年金式現金流。而這通常就是驅動客戶選擇我們的原因。

Last question, please.

最後一個問題，謝謝。

Mehdi Hosseini, Susquehanna.

Mehdi Hosseini，Susquehanna。

Most of the good ones have already been asked. So I have two follow-up. Starting with window, there is increased effort to bring semiconductor manufacturing into US. We do have a raw wafer manufacturer former NMC. And in that context, I'm just wondering, why not allocate a larger portion of your polysilicon to electronic grade where there's a clear path to better profitability and it kind of fits into making USA thing? And I have a follow-up.

大部分好的問題都已經被問過了。所以我有兩個追問。先從「窗口」談起，美國正加大力道把半導體製造帶回美國。我們確實有一家原始晶圓製造商，前身是 NMC。在這個背景下，我想問的是，為什麼不把你們更大比例的多晶矽分配到電子級（electronic grade）？那裡有明確的更高獲利路徑，而且也符合「讓美國製造」這件事。我還有一個追問。

I think to your point, we would expect more and more of our product set to -- we're going to increase the amount of poly in the semi, especially in the highest grade semi going forward. So that, we will continue. As a percent of our overall mix of revenue, so is just so much bigger in terms of volume. But we will -- I think your advice is good, and you should expect us to continue to increase our participation in the highest grade of semi poly.

我想就你提到的點，我們預期我們的產品組合中，會有越來越多——我們未來會提高半導體用多晶矽（semi poly）的比重，尤其是最高等級的半導體級。所以這部分我們會持續推進。就我們整體營收組合的占比而言，因為其他部分的量實在大很多。但我們會——我認為你的建議很好，你也可以預期我們會持續提高在最高等級半導體級多晶矽的參與度。

Okay. All right. And that should help with a better profitability for Solar Division. And then second question -- thank you so much for all the details as it relates to optical, and you provided a lot of insight that could actually be applied to the whole supply chain.

好的。好。而這應該有助於太陽能事業部更好的獲利能力。第二個問題——非常感謝你提供這麼多與光學相關的細節，你也提供了很多洞見，其實可以套用到整個供應鏈。

What I want to get from you is, to what extent a scale-up and fiber array unit is already done into a Springboard? You were into a lot of details, but I'm a little bit confused how much of that is baked into your Springboard program.

我想從你這裡釐清的是：光纖陣列單元（FAU）的擴產（scale-up）在多大程度上已經納入 Springboard？你講了很多細節，但我有點困惑，這些到底有多少已經被納入你們的 Springboard 計畫。

So I can totally understand where some of the confusion can come from. Because we have -- the every of the fiber to the sort of face plate in enterprise, and that is a huge increase potentially with scale-up and then what we do is what we call photonics is what's inside the face plate, which among many other things, is also what you referred to as an FAU harness or fiber ray unit harness. So that is what we're putting in that photonics number -- at Photonics MAP which you see at $10 billion. The FAUs are part of that. There's a lot more content than just those within that Photonics MAP.

我完全理解這種困惑可能從哪裡來。因為我們有——從光纖一路到企業端的那種面板（face plate），而那在擴產下可能會大幅增加；然後我們所謂的 photonics（光子）是面板內部的東西，其中包含很多項目，也包含你提到的 FAU 線束（harness）或光纖陣列單元線束。所以那就是我們放在 photonics 這個數字裡的——也就是你看到的 Photonics MAP，規模為100億美元。FAU 是其中的一部分。在那個 Photonics MAP 裡，內容不只有這些，還有更多。

The best way to understand that is if you take a look at that diagram I showed you, that all the yellow, that's all potential Corning content and that will give you a good picture of the variety of different products within it. I'm sorry, go on.

理解這點最好的方式，是看我給你看的那張圖：所有黃色的部分，都是潛在的康寧（Corning）內容，這會讓你清楚看到其中各式各樣不同產品的範圍。抱歉，你繼續。

Sorry to interrupt you. So the $10 billion baseline assumption does include some of the opportunities highlighting the yellow color on slide 26. But there could be upside or this is just based on the assumption, we don't know the slope of the adoption?

抱歉打斷你。所以100億美元的基準假設，確實包含投影片26上以黃色標示的一些機會。但可能還有上行空間？或者這只是基於假設，因為我們不知道採用曲線（adoption）的斜率？

Yes, a lot that depends -- the biggest driver here is going to be, if you're on the right question, which is what percent of the ports are optical, right? And then how successful is optical Scale-up in AI factories. And that dynamic you're just seeing you're going to have two parts to scale-up, which is why we pay such close attention to it, which is both the dramatic increase in our enterprise products, as well as the dramatic increase in our inside-the-box or photonics products.

是的，很多取決於——這裡最大的驅動因素會是：如果你問到重點了，也就是有多少比例的埠（ports）會是光學的，對吧？以及光學 Scale-up 在 AI 工廠裡會有多成功。而你看到的這個動態，會讓 scale-up 有兩個部分，這也是我們為什麼如此密切關注：一方面是我們企業端產品的顯著增加，另一方面是我們盒內（inside-the-box）或 photonics 產品的顯著增加。

And that's why I laid out exactly the technical drivers that you can keep an eye on as an investor and talk to people, to develop a point of view because the answers to those questions drive how much faster than GPU growth do we grow.

這也是為什麼我把你作為投資人可以觀察的技術驅動因素講得很清楚，你可以去跟人交流、形成自己的觀點，因為這些問題的答案，會決定我們的成長速度能比 GPU 成長快多少。

Well, thank you for joining us. And before we close, I wanted to let everyone know that we will be attending Citi's 2026 Global TMT Conference on September 9. Additionally, we'll be scheduling management visits to investor offices in select cities. And finally, a web replay of today's call will be available on our site starting later this morning.

感謝各位參與。在結束之前，我想讓大家知道，我們將於9月9日參加花旗（Citi）2026年全球 TMT 大會。此外，我們也會在部分城市安排管理層前往投資人辦公室拜訪。最後，今天電話會議的網路重播將於今天稍晚在我們網站上提供。

Once again, thank you all for joining us. Operator, that concludes our call. Please disconnect all lines.

再次感謝各位參與。接線員，我們的電話會議到此結束。請斷開所有線路。

Thank you. You may now disconnect.

謝謝。您現在可以斷線。