奇景光電 (HIMX) 2024 Q4 法說會逐字稿

Hello, ladies and gentlemen.

女士們、先生們，大家好。

Welcome to the Himax Technologies Inc. fourth quarter and full year 2024 earnings conference call.

歡迎參加 Himax Technologies Inc. 2024 年第四季和全年財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員指示）提醒一下，本次電話會議正在錄音。

And now I would like to turn the conference over to Eric Li, Chief IR and PR officer at Himax.

現在，我想將會議交給 Himax 的首席投資者關係和公關官 Eric Li。

Mr. Lee, please begin.

請李先生開始。

Welcome everyone to the Himax fourth quarter and the full year 2024 earnings call.

歡迎大家參加 Himax 第四季和 2024 年全年財報電話會議。

My name is Eric Li, Chief IR/PR Officer at IMAX.

我叫 Eric Li，IMAX 首席投資者關係/公關官。

Joining me today are Jordan Wu, President and Chief Executive Officer, Jessica Pen, Chief Financial Officer.

今天與我一起出席的還有總裁兼執行長 Jordan Wu 和財務長 Jessica Pen。

After the company prepared comments.

待公司準備意見後。

We have allocated time for questioning in a Q&A fashion.

我們已安排時間以問答形式進行提問。

If you have not yet received a copy of today's results released, please email HIMX@mzgroup.us or hx_ir@himax.com.tw, access the press release on financial portals or download a copy from Himax’s website at www.himax.com.tw.

如果您尚未收到今天發布的結果副本，請發送電子郵件至 HIMX@mzgroup.us 或 hx_ir@himax.com.tw，在金融入口網站上造訪新聞稿，或從 Himax 網站 www.himax.com.tw 下載副本。

Before we begin the formal remarks, I'd like to remind everyone that some of the statements in this conference call, including statements regarding expected future finance result and industrial growth, are forward-looking statements that involve a number of risks and uncertainties that could cost actual events or resort to differ materially from those described in this conference call.

在我們開始正式發言之前，我想提醒大家，本次電話會議中的某些陳述，包括關於預期未來財務結果和工業增長的陳述，都是前瞻性的陳述，涉及許多風險和不確定性，這些風險和不確定性可能導致實際事件或手段與本次電話會議中描述的大不相同。

A list of risk factors can be found in the company SEC filings, form 20-F for the year ended December 31, 2023, in a session entitled risk factors may be amended.

風險因素清單可在本公司向美國證券交易委員會提交的截至 2023 年 12 月 31 日的年度 20-F 表格中找到，該表格位於題為「風險因素可能會被修改」的章節中。

Except for the company's full year of 2023 financials, which were provided in the company's 20-F and the filed with SEC on April 2, 2024, the financial information included in this conference call is audited and consolidated and prepared in accordance with

除本公司 2023 年全年財務資料（已在公司 20-F 文件中提供並於 2024 年 4 月 2 日提交給美國證券交易委員會）外，本次電話會議中包含的財務資訊均按照以下規定進行審計和合併並編制：

[Is accounting].

【是會計】。

Such financial information is generated internally and has not been subjected to the same review and the scrutiny, including internal auditing procedures and external audits by an independent auditor or to which we subject our annual consolidated financial statements and may vary materially from the audited consolidated financial information for the same period.

此類財務資訊是內部產生的，並未經過相同的審查和審查，包括內部審計程序和獨立審計師的外部審計或我們對年度合併財務報表進行的審查和審查，並且可能與同一時期的審計合併財務資訊有重大差異。

The company undertakes no obligation to publicly update or revise any forward-looking statements where as a result of new information, future events, or otherwise.

本公司不承擔因新資訊、未來事件或其他原因而公開更新或修改任何前瞻性聲明的義務。

On today's call, I will first review the Himax consolidated financial performance of the fourth quarter and the full year 2024, followed by our first quarter, 2025 outlook.

在今天的電話會議上，我將首先回顧 Himax 第四季和 2024 年全年的綜合財務業績，然後回顧我們對 2025 年第一季的展望。

Jordan will then give an update on the status of our business, after which we will take questions.

然後喬丹將介紹我們業務的最新狀況，然後我們將回答問題。

You can submit your questions online through the webcast or by phone.

您可以透過網路直播或電話在線提交問題。

We will review our financials on an IFRS basis

我們將根據國際財務報告準則審查我們的財務狀況

We are delighted to announce that the Q4 revenues, gross margin, as well as profits all surpassed the guidance issued on November 7, 2024, despite prevailing economic challenges.

我們很高興地宣布，儘管面臨當前經濟挑戰，但第四季度的收入、毛利率以及利潤均超過了 2024 年 11 月 7 日發布的指引。

The better-than-expected financial results were primarily driven by stronger order momentum across product lines along with cost improvements and a better product mix.

財務業績優於預期主要得益於各產品線訂單動能強勁以及成本改善及產品組合改善。

Fourth quarter revenues $237.2 million an increase of 6.7% sequentially, significantly exceeding our guidance of a slight decrease to flat and 4.2% year over year.

第四季營收為 2.372 億美元，季增 6.7%，大大超過我們預期的年比略有下降至持平和成長 4.2%。

Gross margin reached 30.5%.

毛利率達30.5%。

Exceeding our guidance flat to slightly up from 30% in the previous quarter and up from 30.3% in the same period last year.

超出我們的預期，與上一季的 30% 持平至略有上升，與去年同期的 30.3% 有所上升。

The sequential increase was driven by a favorable product mix and the cost improvements.

連續的成長是由於有利的產品組合和成本改善。

Q4 profit per diluted ADS was $0.14, considerably above the guidance range of 9.$0.03 to $0.11, thanks to better-than-expected revenues and improved cost.

第四季每股攤薄 ADS 利潤為 0.14 美元，大幅高於 9.03 美元至 0.11 美元的指導範圍，這得益於好於預期的營收和成本的改善。

Revenue from large display drivers came in at $25 million reflecting on 18.6% sequential decline.

大型顯示器驅動器收入為 2500 萬美元，環比下降 18.6%。

The decrease was primarily attributed to continued customer destocking after substantial Q2 replenishment for shopping festivals as well as heightened price competition from Chinese peers.

下降主要歸因於第二季度購物節大量補貨後客戶持續去庫存，以及來自中國同行的價格競爭加劇。

Sales of large panel driver ICs accounted for 10.5% of total revenues for the quarter compared to 13.8% last quarter and 14.8% a year ago.

大面板驅動IC的銷售額佔本季總收入的10.5％，而上季為13.8％，去年同期為14.8％。

Revenue from small and medium sized display driver segment totaled $166.8 million an increase of 7.4% sequentially exceeding our guidance of flat quarter over quarter thanks to stronger than expected sales in the automotive and the tablet markets.

中小型顯示器驅動器部門的收入總計 1.668 億美元，環比增長 7.4%，超過我們對季度持平的預期，這得益於汽車和平板電腦市場的銷售強於預期。

Q4 automotive driver sales, including both traditional DDIC and TDDI, experienced mid-teens increase significantly outperforming our expectation of a single digit increase, with both the DDIC and TDDI showing stronger than expected sales.

第四季度汽車驅動器銷量（包括傳統 DDIC 和 TDDI）均經歷了中等幅度的增長，大大超過了我們預期的個位數增長，其中 DDIC 和 TDDI 的銷售均強於預期。

This surge was primarily driven by continued rush order from Chinese panel customers carried over from Q3 following the Chinese government renewed trading stimulus initiative announced in mid-August 2024 to boost automobile consumption.

這一激增主要是由於中國政府於 2024 年 8 月中旬宣布新的貿易刺激計劃以刺激汽車消費後，中國面板客戶從第三季度開始持續的緊急訂單所致。

Remarkably, our Q4 automotive TDDI cells have exceeded the DDIC sales for the first time, underscoring the global adoption of our TDDI solutions, which are increasingly essential in modern vehicles and reflects the growing demand for more intuitive, interactive and cost-effective touch panel futures.

值得注意的是，我們第四季度的汽車 TDDI 單元銷量首次超過 DDIC，凸顯了我們的 TDDI 解決方案在全球範圍內的採用，該解決方案在現代汽車中越來越重要，並反映了對更直觀、交互性和成本效益的觸控螢幕未來日益增長的需求。

Powered by TDDI technology.

採用 TDDI 技術。

Our automotive business, comprising drivers, Tcon, and OLED IC sales, accounted for around 50% of total Q4 revenues.

我們的汽車業務包括驅動器、Tcon 和 OLED IC 銷售，佔第四季總收入的 50% 左右。

Meanwhile, Q4 tablet IC sales exceeded the guidance of a low teens decline, with sales up slightly glacially driven by rush orders from leading end customers.

同時，第四季平板電腦 IC 銷售額超出預期，出現低點下滑，在主要終端客戶的緊急訂單推動下，銷售額小幅上漲。

Q4 smartphone IC sales declined slightly in line with our guidance.

第四季智慧型手機 IC 銷量略有下降，符合我們的預期。

The small and medium-sized driver IC segment accounted for 17.3% of the total sales for the quarter compared to 69.9% in previous quarter and 71.6% a year ago.

中小型驅動IC部分佔本季總銷售額的17.3％，而上一季為69.9％，去年同期為71.6％。

Q4 non-driver sales reached $45.4 million exceeding the guidance range with a 24.9% increase from the previous quarter.

第四季非駕駛員銷售額達到 4,540 萬美元，超出預期範圍，較上一季成長 24.9%。

The growth was primarily driven by a one-time product shipment to a leading projector customer in for monitor application.

成長主要得益於向一家領先的投影機客戶出貨一次性產品用於顯示器應用。

In Q4, automotive Tcon sales continued to grow sequentially due to the widespread adoption of our market-leading local dimming Tcon with over two hundred secured design-win projects across major panel makers, Tier 1 suppliers, and automotive manufacturers worldwide.

第四季度，汽車 Tcon 銷售額繼續環比增長，這得益於我們市場領先的局部調光 Tcon 得到廣泛採用，並且已獲得全球主要面板製造商、一級供應商和汽車製造商的超過兩百個設計中標項目。

Non-driver products accounted for 19.2% of total revenues as compared to 16.3% in the previous quarter and 13.6% a year ago.

非駕駛員產品佔總收入的 19.2%，而上一季為 16.3%，去年同期為 13.6%。

Fourth quarter operating expenses were $49.2 million a decrease of 19.1% from the previous quarter and a decrease of 6% from a year ago.

第四季營運費用為4,920萬美元，季減19.1%，年減6%。

The sequential decrease stemmed primarily from a reduction in annual employee bonuses, partially offset by an increase in R&D expenses.

環比下降主要由於員工年度獎金減少，但被研發費用的增加部分抵消。

As part of our standard company practice, we grant annual bonuses, including cash and RSUs to employees at the end of September each year.

作為公司標準慣例的一部分，我們每年 9 月底向員工發放年度獎金，包括現金和 RSU。

This results in higher IFRS operating expenses in third quarter compared to other quarters of the year.

這導致第三季的 IFRS 營運費用較一年內其他季度更高。

The year over year decrease was mainly due to a decline in employee bonus compensation because the amortized portion of prior year’s bonuses for 2023 was higher than that for 2024, offsetting the higher annual bonus compensation grant for 2024 compared to 2023.

年比下降主要由於員工獎金補償下降，因為 2023 年上一年獎金的攤銷部分高於 2024 年，抵消了 2024 年較 2023 年更高的年度獎金補償補助。

Amid ongoing macroeconomic challenges, we are strictly enforcing budget and expense control with full-year 2024 operating expenses declining 5.6% compared to last year.

在持續的宏觀經濟挑戰中，我們嚴格執行預算和費用控制，2024 年全年營運費用較去年下降 5.6%。

Fourth quarter operating income was $23.1 million or 9.7% of sales compared to 2.6% of sales last quarter and 7.3% of sales for the same period last year.

第四季營業收入為 2,310 萬美元，佔銷售額的 9.7%，而上季佔銷售額的 2.6%，去年同期佔銷售額的 7.3%。

The sequential increase was primarily the result of higher sales improved growth margin and lower operating expenses.

連續成長主要由於銷售額增加、成長利潤率提高以及營運費用降低。

The year over year increase was primarily the result of higher sales, higher gross margin, and a lower employee bonus compensation due to the amortized portion of high yield bonuses.

年比成長主要由於銷售增加、毛利率增加，以及由於高收益獎金的攤銷部分導致員工獎金補償減少。

Fourth quarter after tax profit was $24.6 million or $0.14 per diluted ADS, reflecting a meaningful increase from $13 million or [7.$0.04] per diluted ADS last quarter and half from $23.6 million or [13.$0.05] in the same period last year.

第四季稅後利潤為 2,460 萬美元，或每股攤薄 ADS 利潤 0.14 美元，較上一季的 1,300 萬美元或每股攤薄 ADS 利潤 [7.$0.04] 大幅增加，較去年同期的 2,360 萬美元或每股攤薄 ADS 利潤 [13.$0.05] 增加一半。

Now let's quickly review the financial performance for the full year 2024.

現在讓我們快速回顧一下2024年全年的財務表現。

Revenues total $906.8 million a slightly decline of 4.1% compared to 2023, persistent global demand weakness, coupled with uncertainty about the market trend led to conservative purchasing decisions and the inventory management by our panel customers.

總收入為 9.068 億美元，與 2023 年相比略有下降 4.1%，全球需求持續疲軟，再加上市場趨勢的不確定性，導致我們的面板客戶做出保守的採購決策和庫存管理。

Given this uncertainty, we implemented the strict expenses resulting in a 5.6% reduction in operating expenses for the year.

鑑於這種不確定性，我們實施了嚴格的費用支出，導致全年營運費用減少了 5.6%。

However, our optimism in the automotive business remains unwavering, with automotive IC sales increasing by nearly 20% year over year in 2024, far outpacing the overall automotive market growth.

不過，我們對汽車業務的樂觀態度仍堅定不移，2024年汽車IC銷售額將年增近20％，遠超過整體汽車市場的成長。

Among our automotive product lines, automotive TDDI and Tcon sales, both relatively new technology, urged by more than 70%, driven by accelerated adoption across the board.

在我們的汽車產品線中，汽車 TDDI 和 Tcon 的銷售成長了 70% 以上，這得益於全面加速採用。

The growth strengthened our market leadership in the positions as well for continued success as the automotive sector embrace more advanced technology resulting from the mega trend of increasing size, quantity, and the sophistication of display inside vehicles.

隨著汽車行業採用更先進的技術，以及車內顯示器的尺寸、數量和複雜程度不斷增加的大趨勢，這一增長加強了我們的市場領導地位，並為我們繼續取得成功奠定了基礎。

Revenue for large panel display drivers totaled $125.9 million in 2024, marking a decrease of 28.3% year over year and representing 13.9% of total sales as compared to 18.6% in 2023.

2024 年大型面板顯示器驅動器的收入總計 1.259 億美元，年減 28.3%，佔總銷售額的 13.9%，而 2023 年為 18.6%。

Small and medium sized drivers totaled $625.4 million reflecting a slight decrease of 0.6% year over year and accounting for 69% of our total revenues as compared to 66.5% in 2023.

中小型駕駛者總計 6.254 億美元，年比略有下降 0.6%，占我們總收入的 69%，而 2023 年為 66.5%。

Non-driver sales totaled $155.5 million an increase of 10.6% year over year and representing 17.1% of our total sales as compared to 14.9% a year ago.

非駕駛銷售額總計 1.555 億美元，比去年同期成長 10.6%，佔總銷售額的 17.1%，而一年前為 14.9%。

Gross margin in 2024 was 30.5%, up from 27.9% in 2023.

2024 年毛利率為 30.5%，高於 2023 年的 27.9%。

The margin expansion was driven by a strategic focus on cost improvement and operational efficiency optimization combined with the favorable product mix that included a higher percentage of high margin products such as automotive and Tcon.

利潤率的提高主要得益於成本改善和營運效率優化的策略重點，以及包括汽車和Tcon等高利潤產品更高比例的有利的產品組合。

The successful diversification of foundry sources also contributed to margin increase.

成功實現代工來源多元化也有助於利潤率的提升。

Operating expenses in 2024 were $208 million a decline of 5.6% from 2023, primarily due to lower employee bonus compensation, as the amortized the portion of bonuses in 2023 was higher than that in 2024. 2024 operating income was $68.2 million or 7.5% of sales, an increase from $43.2 million or 4.6% of sales in 2023.

2024 年營業費用為 2.08 億美元，較 2023 年下降 5.6%，主要由於員工獎金補償減少，因為 2023 年攤銷的獎金部分高於 2024 年。

Our net profit for 2024 was $79.8 million or $0.46 per diluted ADS slide significantly up from $50.6 million or $0.29 per diluted ADS in 2023.

我們 2024 年的淨利潤為 7,980 萬美元或每股攤薄 ADS 0.46 美元，較 2023 年的 5,060 萬美元或每股攤薄 ADS 0.29 美元大幅上升。

Turning to the balance sheet, we have $224.6 million of cash equivalent, and other financial assets as of December 31, 2024.

談到資產負債表，截至 2024 年 12 月 31 日，我們擁有 2.246 億美元的現金等價物和其他金融資產。

This compared to $2006.4 million at the same time last year and the $2006.5 million a quarter ago.

相比之下，去年同期為 200,640 萬美元，上一季為 200,650 萬美元。

We achieved a strong positive operating cash flow of $35.4 million for the fourth quarter compared to a cash outflow of $3.1 million in Q3.

與第三季的 310 萬美元現金流出相比，第四季我們實現了強勁的 3,540 萬美元的正營運現金流。

We made a total of $13.1 million annual cash bonus to employees resulting in the low operating cash flow of the quarter.

我們向員工發放了總計1,310萬美元的年度現金獎金，導致本季的營運現金流較低。

As of December 31, 2024, we had $34.5 million in long term unsecured loans, with $6 billion representing the current portion.

截至 2024 年 12 月 31 日，我們擁有 3,450 萬美元的長期無擔保貸款，其中 60 億美元為當前部分。

Our year-end inventory were $158.7 million lower than $192.5 million last quarter, and $217.3 million at the end of last year.

我們的年終庫存比上季的 1.925 億美元低 1.587 億美元，也比去年年底的 2.173 億美元低。

Our inventory levels have steadily declined over the past couple of quarters and are now at healthy level.

過去幾個季度，我們的庫存水準穩定下降，目前處於健康水準。

Accounts receivables at the end of December 2024 was $236.8 million.

2024 年 12 月底的應收帳款為 2.368 億美元。

Little changed from $224.6 million last quarter and $235.8 million a year ago.

與上季的 2.246 億美元和去年同期的 2.358 億美元相比變化不大。

DSO was 96 days at the quarter end, as compared to 92 days last quarter and 91 days a year ago.

本季末的 DSO 為 96 天，而上季為 92 天，去年同期為 91 天。

Fourth quarter capital expenditures were $3.2 million versus $2.6 million last quarter and $15.1 million a year ago.

第四季的資本支出為 320 萬美元，而上季為 260 萬美元，去年同期為 1,510 萬美元。

Fourth quarter CapEx was mainly for R&D related equipment for our IC design business.

第四季的資本支出主要用於我們積體電路設計業務的研發相關設備。

Total capital expenditures for 2024 were $13.1 million as compared to $23.4 million in 2023.

2024 年總資本支出為 1,310 萬美元，而 2023 年為 2,340 萬美元。

The decrease was primarily due to reduced spending on in-house testers for our IC design business in 2024.

下降的主要原因是 2024 年我們 IC 設計業務的內部測試人員的支出減少。

As of December 31, 2024, Himax had $174.9 million ADS outstanding, little changed from last quarter.

截至 2024 年 12 月 31 日，奇景光電的未償還 ADS 為 1.749 億美元，與上一季相比變化不大。

On a fully diluted basis, the total number of ADS outstanding for the first quarter was $175.1 million.

以全面攤薄計算，第一季流通在外的美國存託憑證總額為 1.751 億美元。

Now turning to our first quarter, 2025 guidance.

現在談談我們的 2025 年第一季指引。

We expect first quarter of 2025 revenues to decrease by 8.5% to 12.5% sequentially, reflecting the low season demand due to Lunar New Year holidays.

我們預計 2025 年第一季的營收將環比下降 8.5% 至 12.5%，這反映了農曆新年假期導致的淡季需求。

The revenue guidance implies a year over year performance ranging from flat to 4.6% increase.

營收預期意味著年比業績將在持平至成長 4.6% 之間。

Gross margin is expected to be around 30.5%, depending on product mix.

預計毛利率在 30.5% 左右，具體取決於產品組合。

This compares to 29.3% of same period last year.

相比之下，去年同期的比例為 29.3%。

The first quarter profit attributable to shareholders is estimated to be in the range of $9 to $0.11 per fully diluted ADS, implying a year over year increase of 26% to 54%.

第一季股東應占利潤預計在每股美國存託憑證攤薄收益 9 美元至 0.11 美元之間，年增 26% 至 54%。

We have noticed that some peers' customers placed the order early due to tolerate factors, especially in the consumer electronic sector, resulting in Q1 revenue forecasts exceeding normal seasonal demand.

我們注意到部分同業客戶由於容忍因素，提前下單，尤其消費電子領域，導致Q1營收預測超出正常季節性需求。

In contrast, no similar trend has been observed in the automotive semiconductor market.

相較之下，汽車半導體市場並未出現類似的趨勢。

Since Himax’s automotive business accounts for more than half of our total revenues.

由於 Himax 的汽車業務占我們總收入的一半以上。

Our Q1 revenues forecast has not benefited from tariff factors.

我們對第一季營收的預測並未受益於關稅因素。

I will now turn the call over to Jordan to discuss our Q1 2025 outlook.

現在我將把電話轉給喬丹，討論我們對 2025 年第一季的展望。

Jordan, the floor is yours.

喬丹，現在你來發言。

Thank you, Eric.

謝謝你，埃里克。

In 2024, our sales revenues in each quarter consistently for guidance for this strong performance is certainly commendable.

2024年，我們每季的銷售收入都持續保持指引，這種強勁的表現當然是值得稱讚的。

It also highlights the challenges we faced, such as limited market visibility and conservative customer demand, where many customers relied on cross holders to address their actual demands.

這也凸顯了我們所面臨的挑戰，例如市場可見度有限和客戶需求保守，許多客戶依賴交叉持有者來滿足他們的實際需求。

On the other hand, rush orders are indicative of the high inventory position of our panel customers in general.

另一方面，緊急訂單表明我們的面板客戶的庫存水準普遍較高。

In the past few quarters, we have consistently demonstrated our ability to handle most of such rush orders, underscoring our agility, adaptability, strong capabilities in inventory management, and swift market responsiveness.

在過去幾個季度中，我們始終如一地展示了處理大多數此類緊急訂單的能力，凸顯了我們的敏捷性、適應性、強大的庫存管理能力以及快速的市場響應能力。

The automotive IC sales remained our largest revenue contributor in 2024, accounting for almost half of total revenues, achieving close to 20% annual growth.

2024年，汽車IC銷售仍是我們最大的收入貢獻者，佔總收入的近一半，達到近20％的年增長率。

This performance highlights Himax’s automotive leadership in technological innovations, product development, and market share.

這項業績凸顯了奇景光電在技術創新、產品開發和市場佔有率方面的汽車領導地位。

Looking ahead, we expect our automotive TDDI and Tcon technologies to maintain growth momentum, further strengthening our market competitiveness.

展望未來，我們預計我們的汽車TDDI和Tcon技術將保持成長勢頭，進一步增強我們的市場競爭力。

Beyond LCD technology, Himax is advancing development in the automotive OLED sector with numerous projects currently underway in partnership with leading panel makers.

除了 LCD 技術之外，奇景光電也正在推動汽車 OLED 領域的發展，目前正在與領先的面板製造商合作進行多個專案。

We anticipate that automotive OLED IC will serve as one of the key growth drivers for Himax in the coming years, further solidify our leadership in automotive display market.

我們預計汽車OLED IC將成為奇景未來幾年的主要成長動力之一，進一步鞏固我們在汽車顯示器市場的領導地位。

Meanwhile, Himax is actively expanding its technology development beyond display ICs.

同時，奇景光電正積極拓展顯示IC以外的技術開發。

To that end, in the WiseEye AI segment, we have made notable progress with the novel brands and achieved significant breakthroughs in smart door lock, palm vein authentication, and smart home applications, collaborating with world leading customers to develop new innovations.

為此，在WiseEye AI領域，我們與新品牌合作取得了顯著進展，並在智慧門鎖、掌靜脈認證和智慧家庭應用方面取得了重大突破，並與世界領先的客戶合作開發新的創新。

We anticipate a strong growth trajectory in our WiseEye business in 2025 and beyond.

我們預計 2025 年及以後 WiseEye 業務將實現強勁的成長軌跡。

Himax's proprietary wafer-level optics technology for co-packaged optics has recently garnered significant attention in the capital markets.

Himax 專有的共封裝光學晶圓級光學技術最近在資本市場上引起了廣泛關注。

In fact, as early as June 2024, Himax and FOCI, a global leader in silicon photonic connectors, jointly announced the industry-leading CPO technology.

事實上，早在2024年6月，奇景光電就與全球矽光連接器領導廠商FOCI聯合公佈了業界領先的CPO技術。

The collaboration, spanning several years unites Himax’s WLO technology with FOCI’s CPO solutions for cutting-edge AI multi-chip modules.

此次合作為期數年，將 Himax 的 WLO 技術與 FOCI 的 CPO 解決方案結合在一起，打造出尖端的 AI 多晶片模組。

Since the announcement, we have provided updates on the latest progress in each quarterly earnings call.

自宣布以來，我們在每個季度收益電話會議上都提供了最新進展的更新。

Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capacity, making it a core element of the solution.

Himax 的 WLO 技術透過提供必要的光耦合容量在 CPO 中發揮關鍵作用，使其成為解決方案的核心要素。

CPO significantly enhances bandwidth and accelerates data transmission while reducing signal loss, latency, and power consumption.

CPO 顯著提高了頻寬並加速了資料傳輸，同時減少了訊號損失、延遲和功耗。

Additionally, it can help drastically decrease the size and cost of MCM.

此外，它還可以幫助大幅減小 MCM 的尺寸和成本。

While CPO is still in engineering validation and child production stage this year, with customer’s mass production timelines undisclosed and the recent AI market disruption from DeepSeek.

而今年 CPO 仍處於工程驗證和子生產階段，客戶量產時間表尚未公開，最近 DeepSeek 擾亂了 AI 市場。

The prospect of CPO remains unchanged.

CPO 的前景不變。

The widespread adoption of CPL for data transmission to be conducted via optics instead of metal wire is on track in high performance AI applications.

在高效能 AI 應用中，CPL 已被廣泛採用，可透過光學元件而非金屬線進行資料傳輸。

This is evident by the significant increase in customers' recent trial production volume forecast.

從近期客戶試產量預測的大幅提升就可以看出這一點。

Indicating an accelerated timeline for CPO technology to mass production.

預示CPO技術走向量產的時間表將加快。

Furthermore, Himax and FOCI, in close collaboration with leading AI customers and partners, are actively developing future generations of CPO technologies to meet the explosive high-speed optical data transmission demand in HPC and AI.

此外，奇景光電與FOCI與領先的AI客戶和合作夥伴密切合作，積極開發未來幾代CPO技術，以滿足HPC和AI領域爆發式的高速光數據傳輸需求。

Through WLO and CPO technologies, Himax is well positioned to engage in the high-speed AI computing market with high expectations for its growth.

奇景光電透過WLO及CPO技術，已做好充分準備參與高速AI運算市場，並對該市場的成長抱有很高的期望。

We believe that CPO technology beyond cloud applications will see further adoption in sectors such as automotives and robots in the future.

我們相信，除了雲端應用之外，CPO技術未來也將在汽車、機器人等領域進一步應用。

Our current goal is to accelerate CPO adoption in cloud applications, thereby helping drive for the CPU adoption in AI applications.

我們目前的目標是加速 CPO 在雲端應用程式中的採用，從而幫助推動 CPU 在 AI 應用程式中的採用。

At CES this year, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR.

今年CES上，奇景光電展示了一系列創新成果，包括車用顯示技術、WiseEye AI、以及用於AR/VR的先進光學技術。

Notably, a clear trend emerged at this year’s CES as the industry demonstrated growing enthusiasm for AR glasses, fueled by more companies entering the space and integrating generative AI to accelerate the development of lightweight, compact, and all-day AI glasses.

值得注意的是，今年的 CES 上出現了一個明顯的趨勢，業界對 AR 眼鏡的熱情日益高漲，越來越多的公司進入該領域並整合生成式人工智慧，以加速輕便、緊湊、全天候人工智慧眼鏡的開發。

Yeah.

是的。

For AR glasses, Himax offers three critical technologies, namely LCoS micro display, WLO waveguide, and ultralow power WiseEye AI.

對於AR眼鏡，奇景提供三種關鍵技術，分別為LCoS微顯示器、WLO波導和超低功耗WiseEye AI。

Our latest, patented Front-lit LCoS Microdisplay delivers unparalleled brightness with an industry-leading 400k nits, exceptional optical power efficiency, compact form factor, lightweight, and superior display quality, making it one of the most viable solutions in the see through AR classes market.

我們最新的專利前光式 LCoS 微型顯示器具有無與倫比的亮度，達到業界領先的 400k 尼特，具有卓越的光學功率效率、緊湊的外形、輕巧的重量和卓越的顯示質量，使其成為透視 AR 類市場中最可行的解決方案之一。

In waveguide in collaboration with leading tech plans, high leverages, proprietary WLO expertise, build on advanced metal imprint technology to offer industry leading optical solutions that optimize light transmission and display efficiency.

在波導方面，我們與領先的技術計劃、高槓桿率、專有的 WLO 專業知識合作，以先進的金屬壓印技術為基礎，提供業界領先的光學解決方案，優化光傳輸和顯示效率。

In the field of AI sensing for AR glasses, Himax's WiseEye provides always-on AI sensing capabilities, which are being applied by developers to significantly enhance AI interactivity while consuming just a few a few milliwatts of power.

在AR眼鏡的AI感知領域，奇景光電的WiseEye提供始終開啟的AI感知功能，被開發者應用在僅消耗幾毫瓦功率的情況下，大幅提升AI互動性。

In automotive display IC technology, we unveiled the industry's most comprehensive LCD and OLED solutions at CES, showcasing a range of next generation smart cabin technologies.

在汽車顯示IC技術方面，我們在CES上發布了業界最全面的LCD和OLED解決方案，展示了一系列下一代智慧座艙技術。

These solutions not only improve the intuitive operation of smart cabins but also enhance driving safety and provide an exceptional user experience.

這些解決方案不僅改善了智慧駕駛艙的直覺操作，還提高了駕駛安全性並提供了卓越的使用者體驗。

A prime example is the advanced Display HMI solution developed in collaboration with AUO which meets the demands for large size, high resolution, and freeform automotive displays.

一個典型的例子是與友達光電合作開發的先進顯示 HMI 解決方案，它滿足了大尺寸、高解析度和自由形態汽車顯示器的需求。

At CES, Himax also partnered with several AI ecosystem partners to showcase its ultralow power WiseEye Modules over a range of innovative production-ready AIoT applications.

在 CES 上，奇景光電也與多家 AI 生態系統合作夥伴合作，在一系列創新的、可投入生產的 AIoT 應用中展示其超低功耗 WiseEye 模組。

These applications include palm vein authentication, baby cry detection, people flow management, and human sensing detection.

這些應用包括手掌靜脈認證、嬰兒哭聲檢測、人流管理和人體感知檢測。

The modules are designed for easy integration, making it highly suitable for various AIoT applications.

這些模組設計易於集成，非常適合各種 AIoT 應用。

With that, I will now begin with an update on the large panel driver IC business.

現在我將開始介紹大型面板驅動IC業務的最新進展。

In Q1, we anticipate a single digit sequential sales increase for large display drivers driven by demand, spurred by Chinese government subsidies for household appliances and revally demand.

在第一季度，我們預計大螢幕驅動器的銷售額將因需求而出現個位數的連續成長，這主要得益於中國政府對家電的補貼以及新需求的推動。

In the sluggish household sector.

在家居領域表現低迷。

Notebook and monitor sales are expected to increase in Q1.

預計第一季筆記型電腦和顯示器的銷量將會增加。

In contrast, TV IC sales are set to decline as customers pull forward their inventory purchases in the prior quarter, coupled with the seasonal slowdown in Q1.

相比之下，由於客戶在上一季提前購買庫存，加上第一季的季節性放緩，電視 IC 銷售預計將下降。

Looking ahead in the local sector, we are seeing an increase in demand for premium notebooks to adopt OLED displays and touch features, partially fueled by the rise of AI PC. Himax is well positioned to capitalize on this trend, offering a comprehensive range of ICs for both the LCD and OLED notebooks, including TDDIC, Tcon, touch controllers, and TDDI.

展望本地市場，我們看到對採用 OLED 顯示器和觸控功能的高階筆記型電腦的需求不斷增加，部分原因是受到 AI PC 興起的推動。 Himax 充分利用了這一趨勢，為 LCD 和 OLED 筆記型電腦提供了全面的 IC，包括 TDDIC、Tcon、觸控控制器和 TDDI。

A standout innovation is our pioneering in-cell touch TDDI for LCD displays, which improves the ease of system design and integration by embedding the touch controller within the TDDI chip while maintaining the conventional display driver setup for Tcon data transmission.

一項突出的創新是我們開創性的用於 LCD 顯示器的內嵌觸控 TDDI，它透過在 TDDI 晶片中嵌入觸控控制器提高了系統設計和整合的簡易性，同時保留了用於 Tcon 資料傳輸的傳統顯示驅動器設定。

This design simplifies the integration for customers, reducing engineering complexity and speeding up for development.

這種設計簡化了客戶的集成，降低了工程複雜性並加快了開發速度。

This solution also supports high resolution displays up to 400k and larger screens up to 16 inches aligning with the growing demand for advanced visual stunning and immersive laptops.

該解決方案還支援高達 400k 的高解析度顯示器和高達 16 吋的更大螢幕，以滿足對先進的視覺震撼和沈浸式筆記型電腦日益增長的需求。

With mass production already underway for a leading notebook vendor’s AI PC, more projects are lined up.

隨著領先筆記型電腦供應商的 AI PC 開始量產，更多的專案也正在籌備中。

For OLED notebooks, in addition to our OLED DDIC and Tcon solutions, we are also developing on-sale touch controller technology with multiple projects underway, with top panel makers and notebook vendors.

對於 OLED 筆記型電腦，除了我們的 OLED DDIC 和 Tcon 解決方案外，我們還在與頂級面板製造商和筆記型電腦供應商合作開發在售的觸控控制器技術，並正在進行多個專案。

Last but not least, progress has been made on the next-generation eDP 1.5 display interface for Tcon for both LCD and OLED panels.

最後但同樣重要的一點是，Tcon 針對 LCD 和 OLED 面板的下一代 eDP 1.5 顯示介面已經取得了進展。

This interface will support high frame rates, low power consumption, adaptive sync, and high resolution, key features essential for next-generation AI PCs.

該介面將支援高幀率、低功耗、自適應同步和高解析度，這些都是下一代 AI PC 必不可少的關鍵功能。

By delivering innovative, cutting-edge technologies, Himax is well positioned to lead in the rapidly evolving landscape for AI PCs and premium notebooks.

透過提供創新的尖端技術，奇景光電在快速發展的人工智慧個人電腦和高階筆記型電腦領域佔據領先地位。

Turning to the small and medium sized display driver IC business.

轉向中小尺寸顯示器驅動IC業務。

For the full year 2024, our automotive driver IC sales, comprising of TDDI and traditional DDIC, increased nearly 20% year over year, significantly outpacing global automotive growth, largely driven by the continued adoption of TDDI technology among major customers across all continents.

2024 年全年，我們的汽車驅動 IC 銷售額（包括 TDDI 和傳統 DDIC）年增近 20%，大幅超過全球汽車成長，這主要得益於各大洲主要客戶持續採用 TDDI 技術。

However, we anticipate Q1 automotive revenue to decline blowing sequentially following two quarters of demand.

不過，我們預期第一季的汽車收入將因兩季的需求而持續下降。

Despite this, Q1 automotive sales are still projected to increase by mid-teens on year-on-year basis.

儘管如此，預計第一季汽車銷量仍將年增 15% 左右。

In the automotive TDDI sector, with cumulative shipments significantly surpassing those of our competitors.

在汽車TDDI領域，累計出貨量大幅超越競爭對手。

We continue to reinforce our market leadership, which currently stands at well over 50%.

我們持續鞏固我們的市場領導地位，目前我們的市場領導地位已遠超過50%。

We nearly finally design projects secured in a continuous influx of new pipeline and design-wins across the board, of which only 30% already in mass production.

我們幾乎終於在不斷湧入的新流程和全面設計中標中獲得設計項目，其中只有 30％ 已經投入量產。

We expect to sustain this peace and growth in the years ahead.

我們希望在未來幾年內維持這種和平與成長。

While traditional automotive DDIC sales for 2024 declined due to their gradual partial replacement by TDDI.

而2024年傳統汽車DDIC的銷售量因逐漸被TDDI部分取代而下降。

Our DDIC shipment volume still saw a modest increase in the last year.

去年我們的DDIC出貨量仍然略有成長。

This demonstrates the steady demand for mature DDIC products, such as those used in cluster displays, HUDs, and rear- and side-view mirrors, which do not require such functionality.

這表明對成熟的 DDIC 產品的需求穩定，例如用於群集顯示器、HUD 以及後視鏡和側視鏡的產品，這些產品不需要這樣的功能。

Furthermore, the long-term trust and loyalty from our DDIC customers, some of whom have relied on our solutions for over a decade, is indicative of our strong customer retention.

此外，我們的 DDIC 客戶長期信任和忠誠，其中一些客戶已經依賴我們的解決方案超過十年，這表明我們具有強大的客戶保留率。

We continue to lead the automotive DDIC market, maintaining a global market share of approximately 40%.

我們持續引領汽車DDIC市場，維持約40%的全球市場份額。

Himax continues to lead in automotive display IC innovation by pioneering solutions that deliver superior performance, efficiency, and enhance user experiences.

Himax 透過提供具有卓越性能和效率並增強用戶體驗的開創性解決方案，持續引領汽車顯示器 IC 創新。

As part of this ongoing innovation, our latest TED or Tcon Embedded Driver IC solution, which combines TDDI with local dimming Tcon into a single chip, provides a cost-effective, flexible, and comprehensive solution for our customers.

作為持續創新的一部分，我們最新的 TED 或 Tcon 嵌入式驅動器 IC 解決方案將 TDDI 與局部調光 Tcon 結合到單一晶片中，為我們的客戶提供經濟高效、靈活且全面的解決方案。

Another new technology was highlighting is the automatic TDDI with advanced user aware touch control, which differentiates between driver and passenger touches to prevent cross touch and enhance driver safety.

另一項值得關注的新技術是具有先進用戶感知觸控控制的自動 TDDI，它可以區分駕駛員和乘客的觸摸，以防止交叉觸摸並提高駕駛員的安全性。

In addition, we offer a unique knob-on-in-cell-display solution that combines a physical knob with a TDDI.

此外，我們還提供獨特的單元內旋鈕顯示器解決方案，將實體旋鈕與 TDDI 結合。

This design seamlessly merges in technology with tactile controls, offering drivers a safer, more intuitive interaction that reduces distractions and enhances the overall driver experience.

該設計將技術與觸覺控制無縫融合，為駕駛員提供更安全、更直觀的交互，減少干擾並增強整體駕駛體驗。

Moving to smartphone and tablet IC sales, we expect a sequential decline in both product lines, as is typical during the low season to due to the Lunar New Year.

對於智慧型手機和平板電腦 IC 的銷售，我們預計這兩條產品線都會出現環比下滑，這在農曆新年等淡季是常見的情況。

Next for an update on our OLED business.

接下來我們將介紹我們的 OLED 業務的最新進展。

In the automotive OLED market, we have established strategic partnerships with the panel makers in Korea, China, and Japan.

在汽車OLED市場，我們與韓國、中國和日本的面板製造商建立了戰略合作夥伴關係。

As OLED technology extends beyond premium car models, Himax is well positioned as the preferred partner, leveraging our strong presence and proven track record in the automotive LCD display sector.

由於 OLED 技術的應用範圍已不限於高階車型，奇景光電憑藉在汽車液晶顯示器領域的強大影響力和成功業績，已成為首選合作夥伴。

Capitalizing on our first mover advantage, we aim to drive the growing adoption of OLED in automotive displays by offering a comprehensive range of solutions, including DDIC, Tcon, and on-cell touch controller.

利用我們的先發優勢，我們旨在透過提供全面的解決方案（包括 DDIC、Tcon 和 on-cell 觸控控制器）來推動 OLED 在汽車顯示器中的日益普及。

We believe this positions us as a primary beneficiary of the anticipated shift towards already place for high-end vehicles in a couple of years, enabling us to capture new growth opportunities and further strengthen our leadership.

我們相信，這將使我們成為未來幾年預期向高端汽車轉變的主要受益者，使我們能夠抓住新的成長機會並進一步鞏固我們的領導地位。

Beyond the automotive sector, we have also made strides in the tablet and notebook markets partnering with leading all the panel makers in Korea and China.

除了汽車領域外，我們還與韓國和中國所有領先的面板製造商合作，在平板電腦和筆記型電腦市場取得長足進步。

Our comprehensive OLED product portfolio, covering DDIC, Tcon, and touch controllers, has driven several new projects that are on track to begin mass production this year.

我們全面的 OLED 產品組合涵蓋 DDIC、Tcon 和觸控控制器，並已推動多個新項目，這些項目預計今年開始量產。

In the smartphone OLED market, we are making solid progress in our collaborations with customers in Korea and China, and we anticipate smart production to start later this year.

在智慧型手機 OLED 市場，我們與韓國和中國客戶的合作正在穩步進展，預計智慧生產將於今年稍後開始。

First quarter, small and medium sized display driver IC business is expected to decline lowing sequentially.

第一季度，中小尺寸顯示器驅動IC業務預計將季減。

I would like to now turn to our non-drive IC business update where we expect the first quarter revenue to decrease high teens sequentially.

現在我想談談我們的非驅動 IC 業務更新，我們預計第一季營收將環比下降百分之十幾。

First, for an update on our Tcon business.

首先，介紹一下我們的 Tcon 業務的最新情況。

We anticipate Q1 Tcon sales to decrease mid-teens sequential, primarily due to the recurrence of a one-time ASIC Tcon shipment to a leading projector customer last year.

我們預計第一季的 Tcon 銷售額將環比下降百分之十幾，這主要是由於去年向一家領先的投影機客戶再次出貨了一次性 ASIC Tcon。

It was a moderation in automatic shipments following several quarters of strong growth.

在經歷了幾個季度的強勁增長之後，自動出貨量有所放緩。

That being said, Himax maintains an unchallenged position in local dimming Tcon, evidenced by growing validation and widespread adoption in both premium and mainstream car models worldwide.

話雖如此，奇景光電在區域調光 Tcon 領域仍保持著無可爭議的地位，其在全球高端和主流車型中的日益認可和廣泛採用證明了這一點。

We are confident in the continued growth of our automotive business supported by our strong market presence in local dimming Tcon, with strong pipelines of over 200 designing projects set to gradually enter production in the coming years.

憑藉我們在局部調光 Tcon 領域強大的市場影響力，我們對汽車業務的持續成長充滿信心，超過 200 個設計專案的強大管道將在未來幾年逐步投入生產。

Heads up display or HUD is another field gain traction within auto commodity displays, driving increased adoption of local dimming Tcon technology and emerging as a particularly promising application.

平視顯示器或HUD是汽車商品顯示器中另一個獲得關注的領域，推動了局部調光Tcon技術的採用，並成為特別有前景的應用。

Our industry-leading local dimming Tcon provides distinct advancements with high contrast ratio and optimized power consumption.

我們業界領先的局部調光 Tcon 具有高對比度和優化功耗等明顯的進步。

It effectively eliminates the postcard effect often seen in HUDs, caused by backlight leakage, typical of traditional conventional TFT LCD panels, ensuring clear and precise images on the windshield.

它有效地消除了傳統 TFT LCD 面板常見的因背光洩漏引起的HUD 常見的明信片效果，確保擋風玻璃上的圖像清晰準確。

Additionally, the Tcon features advanced transparency detection to prevent the display from obstructing the driver's view, thereby ensuring driving safety.

此外，Tcon 還具有先進的透明度檢測功能，以防止顯示器阻礙駕駛員的視線，從而確保駕駛安全。

Several HUD projects are already in progress, and we are excited about the potential opportunities ahead.

多個 HUD 專案已在進行中，我們對未來的潛在機會感到興奮。

We are well positioned for continuous growth in automotive Tcon over the next few years.

我們已做好準備，在未來幾年內實現汽車 Tcon 的持續成長。

Switching gears to the WiseEye ultralow power AI sensing solution, a cutting-edge endpoint AI integration feature in industry leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm.

轉向 WiseEye 超低功耗 AI 感測解決方案，這是業界領先的超低功耗 AI 處理器、始終開啟的 CMOS 影像感測器和基於 CNN 的 AI 演算法中的尖端端點 AI 整合功能。

WiseEye AI delivers a significant competitive edge in the rapidly growing AI market through its ultralow power consumption and context-aware, on-device AI inferencing that seamlessly integrates vision and other sensing capabilities into endpoint applications, particularly battery-powered devices.This not only enhances intuitive user interaction but also makes AI more practical and accessible.

WiseEye AI 透過其超低功耗和情境感知的裝置 AI 推理功能，在快速成長的 AI 市場中提供了顯著的競爭優勢，將視覺和其他感測功能無縫整合到端點應用程式中，特別是電池供電的裝置。

Additionally, WiseEye AI offloads tasks from the main processor, effectively extending battery lifespan and improving overall data processing efficiency.

此外，WiseEye AI 還可以卸載主處理器的任務，有效延長電池壽命並提高整體資料處理效率。

Building on the success with Dell notebooks, Himax WiseEye AI is continuing to expand its market presence, with additional use cases expected across other leading notebook brands, some of which are set for production later this year.

在戴爾筆記型電腦成功的基礎上，Himax WiseEye AI 正在繼續擴大其市場佔有率，預計其他領先的筆記型電腦品牌將有更多用例，其中一些將於今年稍後投入生產。

WiseEye also continues to achieve significant market success across various sectors.

WiseEye 在各個領域也持續取得巨大的市場成功。

For smart door lock, we collaborated with DESMAN, a leading high-end brand in China to introduce the world's first smart door lock with 24/7 sentry monitoring and real-time event recording.

智慧門鎖方面，我們與中國領先的高階品牌DESMAN合作，推出全球首款具有24/7哨兵監控和即時事件記錄的智慧門鎖。

Building on this achievement, we are expanding globally by collaborating with other leading door lock makers worldwide to integrate innovative AI features, including parcel recognition, anti-pinch protection, and palm vein biometric access, further extending applications, possibilities.

基於這項成就，我們正與全球其他領先的門鎖製造商合作，整合創新的人工智慧功能，包括包裹識別、防夾保護和掌靜脈生物識別訪問，從而實現全球擴張，進一步擴展應用和可能性。

Several of these value-added solutions are set to enter production later this year.

其中一些增值解決方案預計將於今年稍後投入生產。

At CES 2025, Himax joined forces with ecosystem partners to unveil a suite of innovative, production-ready AIoT applications, powered by our tiny form factor, plug-and-play WiseEye Modules.

在 2025 年國際消費電子展 (CES) 上，奇景光電與生態系統合作夥伴聯手推出了一套創新且可立即投入生產的 AIoT 應用程序，這些應用程式由我們微型外形、即插即用的 WiseEye 模組提供支援。

Himax offers a series of modules, each incorporating an ultralow power WiseEye AI processor, an AoS image sensor, and advanced algorithms.

Himax 提供一系列模組，每個模組都包含一個超低功耗 WiseEye AI 處理器、一個 AoS 影像感測器和先進的演算法。

These modules feature no-code slash low-code AI platform capabilities, simplifying AI integration and supporting diverse use cases such as human presence detection, gender and age recognition, gesture recognition, face mesh, voice command, thermal image sensing, pose estimation, and people flow management.

這些模組具有無代碼/低代碼AI平台功能，簡化了AI整合並支援多種用例，例如人體存在檢測、性別和年齡識別、手勢識別、人臉網格、語音命令、熱圖像感應、姿勢估計和人流管理。

By streamlining development and reducing development costs, WiseEye Modules open new opportunities for automation, enhance interactivity, and elevate user experiences across a variety of industries.

透過簡化開發流程並降低開發成本，WiseEye 模組為自動化開闢了新的機會，增強了互動性並提升了各行各業的用戶體驗。

A broad range of innovative, ultralow power WiseEye Modules are also under development in collaboration with ecosystem partners, such as crying baby detection, dynamic gesture recognition, and human sensing, among others.

此外，我們還與生態系統合作夥伴合作開發了各種創新的超低功耗 WiseEye 模組，例如嬰兒哭鬧檢測、動態手勢識別和人體感應等。

One standout in our WiseEye Module portfolio is the Himax WiseEye PalmVein solution, which has quickly gained traction since its introduction just one year ago.

我們的 WiseEye 模組產品組合中脫穎而出的一款產品是 Himax WiseEye PalmVein 解決方案，自一年前推出以來就迅速獲得了廣泛關注。

We have secured multiple design wins, with mass production already underway by a US customer for smart access applications and a Taiwan-based door lock vender for its leading smart door lock brands.

我們已獲得多項設計大獎，其中一家美國客戶的智慧門禁應用和一家台灣門鎖供應商的領先智慧門鎖品牌已開始量產。

To meet growing customer demand for flexibility across various environments, the upgraded WiseEye PalmVein suite now features bimodal authentication, combining both palm vein and face recognitions.

為了滿足客戶對各種環境中靈活性日益增長的需求，升級後的 WiseEye PalmVein 套件現在具有雙模式身份驗證功能，結合了掌靜脈和臉部辨識。

This dual-authentication solution enhances security by offering two layers of biometric verification, which not only increases reliability but also makes it highly adaptable to various environments.

這種雙重認證解決方案透過提供兩層生物特徵驗證來增強安全性，不僅提高了可靠性，而且使其能夠高度適應各種環境。

The rise of physical AI agents marks a significant shift in human-machine interaction, enabling devices to perceive, process, and respond to their surroundings in real time.

實體人工智慧代理的興起標誌著人機互動的重大轉變，使設備能夠即時感知、處理和回應周圍環境。

A key emerging trend is the integration of cloud-based large language models, which enables these agents’ advanced reasoning and language understanding, enhancing their ability to interact with and adapt to the physical world.

一個重要的新興趨勢是基於雲端的大型語言模型的集成，這使得這些代理能夠進行高級推理和語言理解，增強它們與物理世界互動和適應物理世界的能力。

Himax WiseEye AI is at the forefront of this revolution, delivering always-on sensor 17 fusion, ultralow power on-device processing, while seamlessly interfacing with LLMs, to provide the essential real-time AI capabilities for next-generation applications.

Himax WiseEye AI 處於這場革命的前沿，提供始終在線的傳感器 17 融合、超低功耗設備處理，同時與 LLM 無縫連接，為下一代應用提供必要的實時 AI 功能。

A good illustration of this innovation was showcased at CES 2025, where Himax and Seeed Studio introduced the SenseCAP Watcher, a physical AI agent powered by WiseEye AI.

這項創新的一個很好的例子是在 CES 2025 上展示的，Himax 和 Seeed Studio 推出了 SenseCAP Watcher，這是一個由 WiseEye AI 驅動的實體 AI 代理。

Equipped with vision and audio sensor fusion, along with a speaker, this battery-powered IoT device combines on-device AI with cloud-based LLMs to interpret commands, recognize objects, respond to events, and facilitate real-time interaction.

這款電池供電的物聯網設備配備了視覺和音訊感測器融合以及揚聲器，將設備上的人工智慧與基於雲端的 LLM 相結合，以解釋命令、識別物件、響應事件並促進即時互動。

Drawing from the success of SenseCAP Watcher, we are actively working on multiple projects leveraging WiseEye AI to further drive advancements in physical AI agent applications.

借鑒 SenseCAP Watcher 的成功經驗，我們正在積極開展利用 WiseEye AI 的多個項目，以進一步推動實體 AI 代理應用的進步。

Separately, we are excited about our collaboration with the leading AR player to integrate WiseEye AI into the next generation of AR glasses.

另外，我們很高興與領先的 AR 廠商合作，將 WiseEye AI 整合到下一代 AR 眼鏡中。

As I mentioned earlier, at CES, there was a renewed enthusiasm on AR glasses with AI becoming an integral component to enhance intuitive and seamless human device interaction.

正如我之前提到的，在 CES 上，人們對 AR 眼鏡的熱情再度高漲，AI 成為增強直覺和無縫人機互動不可或缺的組成部分。

WiseEye AI addresses two critical challenges in their classes, namely, real-time responsiveness and power efficiency.

WiseEye AI 解決了同類產品中的兩個關鍵挑戰，即即時響應能力和電源效率。

For example, WiseEye supports always on our sense enabling AR glasses to detect and analyze the surrounding environment with real-time context-aware AI.

例如，WiseEye 支援始終在線的感知，使 AR 眼鏡能夠使用即時情境感知 AI 檢測和分析周圍環境。

This capability powers instant response, real-time object recognition, navigation assistance, sensation, and environmental mapping, enhancing the overall AI experience.

此功能支援即時回應、即時物件辨識、導航輔助、感覺和環境映射，增強整體 AI 體驗。

Notably, WiseEye AI’s exceptional ultralow power consumption, measured in single digit milliwatts, also makeit perfectly suited for AR glasses for all-day wear.

值得注意的是，WiseEye AI 的超低功耗（以個位數毫瓦為單位）也使其非常適合全天佩戴的 AR 眼鏡。

In another example.

在另一個例子中。

We collaborate with Ganzin on eyeball tracking technology which powered by one side precisely detects subtle eyeball movements, gauge detection, pimple sizes, and blanket. thereby providing critical data for the enhancement of user interaction in AR glasses

我們與 Ganzin 合作開發眼球追蹤技術，一方面可以精確檢測細微的眼球運動、測量、粉刺大小和毯子。從而為增強 AR 眼鏡的用戶互動提供關鍵數據

In June 2024, Himax, in partnership with FOCI, a world leader in silicon photonics connector, unveiled an industry-leading co-packaged optics or CPO technology, leveraging Himax state-of-the-art WLO technology.

2024 年 6 月，Himax 與矽光子連接器領域的全球領導者 FOCI 合作，利用 Himax 最先進的 WLO 技術，推出了業界領先的共封裝光學元件或 CPO 技術。

The innovation integrates silicon photonic chips and optical connectors within MCM replacing traditional mega wire transmission with high-speed optical communication.

此創新將矽光晶片和光連接器整合在MCM中，以高速光通訊取代傳統的兆線傳輸。

The technology significantly enhances bandwidth, boost data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM.

該技術顯著提高了頻寬，提高了資料傳輸速率，減少了訊號遺失和延遲，降低了功耗，並大幅縮小了MCM的尺寸和成本。

In working closely withal, we are making significant strides through a solid partnership with leading AI semiconductor companies and fun with small scale production of the first-generation CPO solution already underway.

在密切合作中，我們透過與領先的 AI 半導體公司建立穩固的合作夥伴關係以及已經開始的第一代 CPO 解決方案的小規模生產取得了重大進展。

As mentioned earlier, the significant increase in engineering validation and trial production volume combined with the anticipated sample volume increases in the coming quarters.

如前所述，工程驗證和試製量大幅增加，加上預計未來幾季樣品量將會增加。

It's a strong indication that CPO technology is being accelerated towards mass production.

這有力地顯示CPO技術正在加速走向量產。

In addition, in close collaboration with leading AI customers slash partners.

此外，也與領先的AI客戶和合作夥伴密切合作。

We are speeding up the development of CPO technology for the next few generations.

我們正在加速研發未來幾代CPO技術。

We are more optimistic than ever about the outlook for our WLO business, which is poised to generate significant growth opportunities and become a major revenue and profit contributor in the years ahead.

我們對WLO業務的前景比以往任何時候都更加樂觀，該業務將在未來幾年創造巨大的成長機會，並成為主要的收入和利潤貢獻者。

Alongside the CPO progress, we are witnessing a rising a rise in engineering collaborations with global technology leaders who are utilizing our WO expertise to make advanced guides for AR glasses, highlighting the recognition of our WLO capabilities.

隨著 CPO 的進展，我們目睹了與全球技術領導者的工程合作日益增多，他們正在利用我們的 WO 專業知識為 AR 眼鏡製作先進的指南，凸顯了我們 WLO 能力的認可。

For an update on LCoS, we recently introduced our industry leading 400k niche luminous from the airport final display, setting a new benchmark for brightness with extremely low power consumption of nearly 300 milliwatts.

關於 LCoS 的最新進展，我們最近推出了業界領先的 400k 亮度機場最終顯示屏，以近 300 毫瓦的極低功耗設定了亮度的新基準。

At CES 2025, we showcased an AR glasses POC for pro concept.

在 CES 2025 上，我們展示了一款針對專業概念的 AR 眼鏡 POC。

Featuring the display with a third-party waveguide, achieving over 1,000 nits of brightness to the eye.

此顯示器採用第三方波導，可實現超過 1,000 尼特的眼睛亮度。

This demonstration highlighted its ability for outdoor high conditions.

這次演示凸顯了其在戶外高溫條件下的能力。

With a light weight of just 0.98 g and also compact form factor of less than 0.5 cc., combined with excellent color performance, high maxes from the coal display is ideal for all the AR glasses and underscores the technology's readiness for real world applications.

煤炭顯示器的重量僅為 0.98 克，體積不到 0.5 cc，結合出色的色彩性能，其高峰值非常適合所有 AR 眼鏡，並凸顯了該技術已為實際應用做好準備。

Following the recent release of our 400k ultra luminous from the cosmic display, we are actively engaged in significant projects through strategic collaborations with industry leaders.

繼我們最近發布400k超亮宇宙顯示器後，我們正透過與產業領袖的策略合作，積極參與重大計畫。

Himax's proven track record of over a decade in local technology coupled with a history of successful production shipments, highlights our readiness to meet the demands of large-scale production of air.

Himax 在本地技術領域擁有十多年的成功經驗，加上成功的生產出貨歷史，凸顯了我們已準備好滿足大規模空氣生產的需求。

That concludes my report for this quarter.

這就是我本季的報告。

Thank you for your interest in Himax.

感謝您對 Himax 的關注。

We appreciate your joining today's call and are now ready to take questions.

感謝您參加今天的電話會議，現在我們準備好回答您的問題了。

Yes, thank you, ladies and gentlemen, we will now begin the question-and-answer session.

是的，謝謝女士們、先生們，我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Now we'll have our first question,

現在我們來討論第一個問題，

[Johnny Tan, Nomura].

[Johnny Tan，野村證券]。

Go ahead, please.

請說。

Oh, thank you, Jordan and Eric for taking my question.

哦，謝謝喬丹和艾瑞克回答我的問題。

My first question is regarding to CPO.

我的第一個問題是關於 CPO 的。

Because maybe in the past few months, some investors were asking about whether the CPO or our CPO is, firstly, adopted by scale up or scale up, scale out scale up server systems.

因為可能在過去的幾個月裡，一些投資者在詢問 CPO 或我們的 CPO 是否首先採用擴大或擴大、擴大規模、擴大規模的伺服器系統。

So wondering if you could kindly elaborate more there.

所以想知道您是否可以進一步詳細說明。

And also you mentioned about there has been already some small-scale production.

而且您也提到已經有一些小規模的生產。

And could you give us some updates on when should we see more sizeable mass production scale in the coming years.

您能否向我們介紹一下未來幾年何時能夠實現更大規模的量產？

And also, could you update a little bit on the competition landscape there is like how well our position right now compare with the multiple peers.

另外，您能否稍微更新一下競爭格局，例如我們目前的地位與眾多同行相比如何。

This is my first question.

這是我的第一個問題。

Thank you.

謝謝。

Thank you, Tony.

謝謝你，托尼。

I'll try to, it's it's not an easy question.

我會盡力，這不是一個簡單的問題。

I'll try to address the question perhaps from a slightly different angle, but I think, I mean, understandably you guys are You got the one issue you guys are really interested in now is that you know exactly how much contribution this will be for Himax in the foreseeable future and even in the long term.

我會試著從稍微不同的角度來回答這個問題，但我認為，我的意思是，可以理解你們現在真正感興趣的一個問題是，你們到底知道這對 Himax 在可預見的未來甚至長期內會有多大的貢獻。

I assume that is basically the essence of your question.

我認為這基本上就是你問題的本質。

As I just mentioned, this year, 2025 will be a year for engineering, meditation, with only sample shipments for us.

正如我剛才提到的，2025 年將是工程之年、冥想之年，我們只會收到樣品。

So, while the sample shipment will accelerate quarter by quarter, the revenue contribution will be rather limited if you compare that with our total revenue.

因此，雖然樣品出貨量將逐季加速，但與我們的總收入相比，其收入貢獻將相當有限。

The fourth quarter, which presumably will be the peak of this year.

第四季度，預計會是今年的高峰。

The revenue is said to be millions of dollars, based on current forecast, but again, it's still quite small compared to our total size, and things can still change as it is still early.

根據目前的預測，收入據說將達到數百萬美元，但與我們的總規模相比，這仍然很小，而且由於還處於早期階段，情況仍可能會改變。

Now, in all likelihood, mass production will commence in 2026.

現在，很有可能將於 2026 年開始大規模生產。

But we don't know how and certainly we won't comment on exactly when.

但我們不知道如何實現，當然也不會評論具體時間。

In 2026.

在2026年。

It's probably still more than a year from now, there are still many unknowns, like how many customers, how many, projects or they are learning curve, et cetera.

可能還需要一年多的時間，仍然有很多未知數，例如有多少客戶，有多少個項目，或是他們的學習曲線等等。

And therefore, while 2026 is likely to be the first year of mass production, it is still early and is still difficult to give a very new indication for the year at this point.

因此，雖然 2026 年很可能成為大規模生產的第一年，但現在還為時過早，目前很難對這個年份給出全新的預測。

Now if we look further ahead and like ignore the exact timing and wrapping curve, etc. For the time being, right?

現在，如果我們進一步展望未來，並暫時忽略確切的時間和包裝曲線等，對嗎？

And that's just TRY to kind of paint the picture for and I will call it annualized potential revenue for Himax because the 1st year of production could be just a quarter or whatever.

這只是嘗試描繪前景，我將其稱為 Himax 的年度潛在收入，因為生產的第一年可能只是一個季度或其他時間。

I don't know, but if it does try to analyze it, right, and analyze the potential revenue for high when the CPO business reaches quote unquote in early stages of mass production.

我不知道，但如果它確實嘗試分析它，對的，並分析當 CPO 業務達到大規模生產的早期階段時的潛在高收入。

Right, so maybe that is how I can try to give you a preliminary indication and the reason why I say early stage of mass production is because I believe the ultimate demand for CPO is probably above and beyond anything we can imagine at this point.

好的，也許這就是我可以嘗試給你一個初步跡象的方式，我之所以說大規模生產的早期階段是因為我相信對 CPO 的最終需求可能超出我們目前可以想像的任何需求。

So, by quote unquote early stage, I'm thinking probably the first couple of years when the industry is perhaps still testing the water, which maybe only premium models equipped with CPO.

因此，說到早期階段，我認為可能是在最初幾年，因為這個行業可能仍在試水，可能只有高階車型才配備 CPO。

In making the assessment, we have considered leading AI customers total advance GPU shipment outlook.

在進行評估時，我們考慮了領先的 AI 客戶整體的 GPU 出貨量前景。

Which, for which you guys have provided a lot, right?

你們為此做出了很多貢獻，對吧？

And the leading foundry, total coal capacity plan, which is very much a public information and we have assumed a very low percentage of CPO attached rate for both.

而領先的鑄造廠，煤炭總產能計劃，很大程度上是一個公開信息，我們假設兩者的原棕油附加率百分比都非常低。

Right, so when I say 30 stages.

好的，當我說 30 個階段。

The early stage of mass production, this is what I mean, right?

量產初期，我是這個意思吧？

The rate for pos is still very low percentage wise.

從百分比來看，pos 的利率仍然很低。

So, with such conservative assumptions, I can say that our annualized CPO revenue could still reach hundreds of millions of dollars.

所以，在這樣保守的假設下，我可以說，我們的年化 CPO 收入仍然可以達到數億美元。

When we get there.

當我們到達那裡時。

Again, this is early stage and this is the best I can do in terms of providing a very good indication.

再說一遍，這還處於早期階段，就提供非常好的指示而言，這是我能做的最好的事情。

So, to me, this is not really a question of whether or even when it will happen because it will definitely happen in our view, but rather how fast the CPO technology will penetrate.

因此，對我來說，這實際上不是一個是否會發生或何時發生的問題，因為在我們看來它肯定會發生，而是 CPO 技術滲透的速度有多快。

Well, we believe, with all its, obvious benefits like raising transmission bandwidth and lowering power consumption, at a relatively, very low cost.

我們相信，它具有許多明顯的好處，例如提高傳輸頻寬、降低功耗，而且成本相對較低。

The CPO technology has the potential of ramping quickly, we believe, because of all these benefits, right?

我們相信，由於所有這些優勢，CPO 技術具有快速發展的潛力，對嗎？

It has the potential of ramping quickly.

它具有快速提升的潛力。

However, at the end of the day, that is still a decision to be made by own customers.

然而，歸根結底，這仍然是由客戶自己做出的決定。

So, all we can do is to get ourselves well prepared to meet any customer demand or rapid time, and that's exactly what we'll do.

因此，我們所能做的就是做好充分準備來滿足任何客戶的需求或快速的時間，而這正是我們要做的。

I don't know if that, answers your question.

我不知道這是否回答了你的問題。

Yeah, thank you, Jordan, for sharing, this variable information.

是的，謝謝你，喬丹，分享這些變數資訊。

.

。

Yes, but just, maybe I'm wondering maybe if we talk about maybe 2026, do you think that CPO is mainly used for the on-rack switches, or it can be directly used for the con connection between

是的，但是，也許我想知道，如果我們談論 2026 年，您是否認為 CPO 主要用於機架交換機，或者它可以直接用於

[GPUs and GPUs].

[GPU 與 GPU]。

Again, we are so upstream, we are probably not the best person to answer such questions.

再說一遍，我們處於上游，可能不是回答此類問題的最佳人選。

However, as far as we are told, it will be, firstly adopted in switches.

然而，據我們所知，它將首先被應用於交換器。

And and and that is going to account for the bulk of the volume in the early stage.

這將佔據早期階段的大部分交易量。

That's what we're told, although again, you're probably.

這就是我們所聽到的，儘管你可能還是這麼說。

Not asking the right person because at the end of the day that is our I mean what we provide is those critical optical components, right, and how our customer are going to use it for whatever application we, it's really their call and they don't necessarily need to share such information with us.

沒有問正確的人，因為歸根結底，我們提供的是那些關鍵的光學元件，對吧，以及我們的客戶將如何將它用於任何應用程序，這實際上是他們的決定，他們不一定需要與我們分享這些資訊。

However, we also know as I mentioned in my prepared remarks, in addition to clarification, we believe eventually this world also has great potential for things like automotive and robots.

然而，正如我在準備好的發言中提到的那樣，我們也知道，除了澄清之外，我們相信這個世界最終在汽車和機器人等方面也具有巨大的潛力。

I mean, when it comes to very consumer products, CPU technology is low cost compared to those applications, but if it's, you're talking about like notebook or smartphone, it is still relatively high cost, right?

我的意思是，當涉及到消費產品時，與這些應用程式相比，CPU 技術的成本較低，但如果是筆記型電腦或智慧型手機，則成本仍然相對較高，對嗎？

So I don't know about those potentials and I'm certainly not counting those in our assessment.

所以我不知道這些潛力，而且我當然不會在我們的評估中考慮這些潛力。

I'm not even counting automotive or a robot or whatever.

我什至沒有計算汽車或機器人或其他東西。

I'm just saying, in a long time we believe those are also, good areas to use CPO.

我只是說，從長遠來看我們相信這些也是使用 CPO 的好領域。

However, so I want to emphasize in our assessment, we are only counting color application, we're only assuming a very low attached rate for those, for the color application only.

然而，我想強調的是，在我們的評估中，我們只計算顏色應用，我們只假設這些應用的附加率非常低，僅適用於顏色應用。

And that can easily result in hundreds of millions of annual sales for us.

這很容易為我們帶來每年數億美元的銷售額。

Back to you,

回到你身上，

[Tommy].

[湯米]。

Oh, thank you, Jordan.

哦，謝謝你，喬丹。

Yeah, my second question is related to the call driver so, automotive driver, I see a sequentially declining into the first quarter as you just guided.

是的，我的第二個問題與呼叫驅動因素有關，因此，對於汽車驅動因素，我看到第一季出現連續下降，正如您剛才引導的那樣。

I'm wondering if it is just like the previous quarters that customers have some, normal inventory adjustment or order adjustment or is there anything changed in terms of the competition landscape.

我想知道這是否與前幾季一樣，客戶有一些正常的庫存調整或訂單調整，或者競爭格局方面是否有任何變化。

And looks like gross margin in the first quarter remains at a similar level in fourth quarter, but with lower sales contribution from automotive.

看起來第一季的毛利率與第四季保持在同一水平，但汽車銷售貢獻較低。

So do we have better product mix in the first quarter for the fourth quarter, or there are other reasons behind that gross margin can still hang over there similarly as fourth quarter.

那麼，我們第一季的產品組合是否比第四季更好，或者有其他原因導致毛利率仍能維持在與第四季類似的水平。

Thank You.

謝謝。

Right.

正確的。

So basically, two questions.

基本上，有兩個問題。

The first question is about Q1 outlook, the sales.

第一個問題是關於第一季的前景、銷售狀況。

I think the sequential decline really just reflects, the seasonal, factor, the lunar new year, long holidays and if you If you take that into consideration, if you compare this remit guidance with any other previous years, I think this is not necessarily a bad first quarter for us.

我認為連續的下降實際上只是反映了季節性因素、農曆新年、長假等，如果你考慮到這些因素，並將這個匯款指引與前幾年進行比較，我認為這對我們來說不一定是一個糟糕的第一季。

I mean, again, in our very remarks, we mentioned that we notice, some of our peers.

我的意思是，我們再次在評論中提到，我們注意到我們的一些同行。

Their customers are giving them rush pulling orders because of tar considerations.

他們的客戶因為焦油問題而給了他們緊急拉貨訂單。

We are not seeing the same in automotive, I guess for a variety of reasons.

我想，由於多種原因，我們在汽車領域並沒有看到同樣的情況。

I don't want to comment exactly on the reasons, but because I truly don't know exactly.

我不想評論確切的原因，但因為我確實不知道確切的原因。

In detail, but I mean we are certainly checked with our customers and that's the feedback we get from them.

詳細地說，但我的意思是我們肯定會與客戶核實，這是我們從他們那裡得到的回饋。

I mean we are getting all like normal level orders without the customers considering, tariff factor.

我的意思是，我們接到的都是正常水準的訂單，沒有考慮客戶關稅因素。

For their po orders, right, for one, so I think, The sequential decline.

對於他們的採購訂單來說，對的，首先，所以我認為，會出現連續下降。

It's just a fair reflection of the Chinese New Year holidays. and also I said quite specifically our pre prepare remarks, we believe across the automotive display, I see, ecosystem, the inventory level is quite deep, quite healthy, right?

這只是對中國農曆新年假期的一個公平反映。而且我也非常具體地談到了我們的預先準備的評論，我們相信在整個汽車顯示器生態系統中，庫存水平相當深，相當健康，對嗎？

So that is definitely good news for us as we, look forward to the whole year's outlook.

因此，對我們來說，這無疑是個好消息，我們期待全年的展望。

And you also mentioned cross margin.

您也提到了跨保證金。

Yes, it is the result of mix and specifically, we are seeing a TDDI remains quite strong, although TDDI we are seeing some decline, again, I mean, It's just a one single quarter phenomenon.

是的，這是混合的結果，具體來說，我們看到 TDDI 仍然非常強勁，儘管我們看到 TDDI 有所下降，但我的意思是，這只是一個季度的現象。

I, I'm not sure I should speculate on the reasons or comment on, why the change of direction, in both areas is one single quarter phenomena.

我，我不確定我是否應該推測原因或評論為什麼兩個領域的方向變化都是一個季度的現象。

So, I don't see anything unusual there, just like it just happens that the DPIC, is going to be up slightly, but TDI will be down slightly.

因此，我沒有發現任何不尋常的情況，就像 DPIC 會略有上漲，而 TDI 會略有下降一樣。

So, all we, all consider our cross margin is going to remain about flat.

因此，我們都認為我們的交叉保證金將保持穩定。

Thank you, Jordan.

謝謝你，喬丹。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

There are a few questions from online Q&A box.

以下是來自線上問答框的幾個問題。

They are really true that they are all related to automotive.

它們確實都與汽車有關。

So, you guys may quickly repeat their questions, question one automotive revenue mix between Chinese and Non-Chinese cars.

因此，你們可能會快速重複他們的問題，質疑中國汽車和非中國汽車之間的汽車收入組合。

No obvious difference there.

沒有明顯的區別。

I mean, given our market share, we have to do both in fact, for the so-called Non-Chinese cars we are talking about Europe, USA, Japan, Korea, all these major car markets, our market share, I would say is quite evenly spread across all major markets.

我的意思是，考慮到我們的市場份額，事實上我們必須同時做到這兩點，對於所謂的非中國汽車，我們談論的是歐洲、美國、日本、韓國，所有這些主要汽車市場，我想說我們的市場份額在所有主要市場分佈得相當均勻。

Although Chinese customers tend to be more aggressive in terms of bringing our new technology to mass production, which is a clear trend we are observing.

儘管中國客戶在將我們的新技術投入量產方面更積極，這是我們觀察到的明顯趨勢。

Other than that, in terms of market share, we don't see a significant difference between Chinese and non-Chinese.

除此之外，在市場佔有率方面，我們並沒有發現中國和非中國之間有顯著差異。

Top three of the wanted customers and their respective regular percentage contributions.

最想要的三位客戶以及他們各自的定期貢獻百分比。

Our direct customers, our paying customers are panel makers, and we also get to a lesser extent because of touch business.

我們的直接客戶、我們的付費客戶是面板製造商，而且我們也因觸摸業務而獲得較小程度的收益。

We also get some businesses from much lesser extent from tier ones, and we don't let, we don't really get the, revenuees from OF and customers.

我們也從一級供應商那裡獲得了一些較小程度的業務，我們並沒有真正從 OF 和客戶那裡獲得收入。

Right, so if, so in this regard, if you ask me the top three automotive customers, they are, obvious customers with LCD maker with the biggest capacity.

是的，所以在這方面，如果你問我前三大汽車客戶，他們顯然是產能最大的 LCD 製造商的客戶。

So I don't want to name their names right now, but it's probably not too difficult to get.

所以我現在不想說出他們的名字，但可能不太難獲得。

They are major panel makers with the biggest capacity.

它們是產能最大的主要面板製造商。

Oh, Percentage of the remaining 70% of all TDDI design wins.

哦，所有 TDDI 設計獲勝剩餘 70% 的百分比。

Those that have not yet entered MP is expected to MP in 2025, not necessarily.

還未進入MP的國家預計2025年進入MP，但不一定。

Typically we we have a customer will get inquiries and there could be a bidding process or customer will just go us the design way.

通常，我們會有客戶收到詢問，然後可能會有一個投標過程，或者客戶會直接向我們提供設計方案。

But anyway, at some point there will be the official kickoff and that is when we define it as design win, right?

但無論如何，在某個時候將會正式啟動，那時我們將其定義為設計勝利，對嗎？

It's the official kickoff, typically involving tier one.

這是正式的開球，通常涉及第一層。

Right, so it is panel makers equipped with our ICs promoted to tier ones, and, when tier ones get their inquiries or.

是的，因此，配備了我們的IC的面板製造商被提升為一級供應商，並且，當一級供應商收到他們的詢問時。

From OEM, and they make a decision which panel to use and which IC to use, and they, they've gone through the evaluation stage and they finalize it and they make the final call and that's when the official design process gets kicked off and that's how we define design way, right?

從 OEM 開始，他們會決定使用哪個面板和哪個 IC，然後他們經過評估階段，最終確定並做出最終決定，這時正式的設計過程就開始了，這就是我們定義設計方式的方式，對嗎？

So when we are getting inquiries that we don't call that or even approval concept, we call it design in, but they are not defined as our number of projects design with.

因此，當我們收到不稱之為批准概念的詢問時，我們稱之為設計，但它們並未定義為我們設計的項目數量。

So our project, number of project design with is actually quite strict.

所以我們的項目，項目設計的數量其實是相當嚴格的。

And so from ddesign-wins earning project kick off to mass production.

因此從 ddesign-wins 贏得專案啟動到大規模生產。

It varies quite a lot, depending on how, whether it's a very mature technology or it's very new technology.

它變化很大，取決於它是一項非常成熟的技術還是一項非常新的技術。

Also it depends, it depends on the type of customers, and I would say indeed, Chinese customers tend to be with a shorter design cycles, compared to others.

這也取決於客戶的類型，事實上，與其他客戶相比，中國客戶的設計週期往往更短。

So the time can be, can vary from as far as, very exceptional, but we've seen as far as 9 months to 2. 5 years or sometimes even longer, right?

因此，時間可能會有所不同，但我們已經看到了 9 個月到 2.5 年甚至更長的時間，對嗎？

So this pipeline and then, so you imagine they probably spread across the Almost even across this period between one year to two plus years.

因此，您可以想像，這條管道可能分佈在幾乎均勻的一年到兩年以上的這段時間內。

So, 2025 will only be a portion of it.

因此，2025年只是其中的一部分。

Some will still wait until later.

有些人仍會等到稍後。

Question, are you working with one or multiple CPO customers to utilize your CPO solution?

問題是，您是否與一個或多個 CPO 客戶合作以利用您的 CPO 解決方案？

I mean, we have made an announcement with is our clear, and While we've been approached by others, I I think this is a bit sensitive, a question to answer.

我的意思是，我們已經明確地宣布了這一點，雖然其他人也與我們接洽，但我認為這是一個有點敏感的問題，需要回答。

I think, certainly, I would just say oy is our very strong, solid and close partner and they are requests and demands R&D or ramping or otherwise, is of the highest utmost priority to us, for the time being for any foreseeable future in fact.

我認為，當然，我只想說，oy 是我們非常強大、堅實和親密的合作夥伴，他們的要求和需求，無論是研發還是擴大規模，事實上，在目前和可預見的未來，對我們來說都是最優先考慮的事情。

So I think I would just say that without directly answering your question, and I think the two of us together, we should be able to, take out, I mean, we are, to be H1st, we are seeing little competition, so the issue for us is to work together and resolve all issues for customers and enter into mass production and making sure we have a smooth delivery and quality and whatnot rather than thinking about diversifying our customer or supplier base that is definitely not the for the foreseeable future.

所以我想我只想說，而不直接回答你的問題，我認為我們兩個一起，我們應該能夠，我的意思是，我們是 H1st，我們看到的競爭很少，所以我們的問題是共同努力，為客戶解決所有問題，進入大規模生產，確保我們有一個順利的交付和質量等等，而不是考慮多樣化我們的客戶或供應商基礎，這在可預見的未來肯定不是可預見的未來。

Okay, thank you.

好的，謝謝。

Then there are no questions at the moment.

那麼現在沒有任何問題。

Thank you.

謝謝。

Thank you.

謝謝。

As a final note, Eric Li, our Chief IR/PR Officer, will maintain the marketing activities and continue to attend investor conferences.

最後要說的是，我們的首席投資者關係/公關長 Eric Li 將繼續進行行銷活動並繼續參加投資者會議。

We'll announce the details as they come about.

一旦有詳細信息，我們將會立即公佈。

Thank you and have a nice day.

謝謝您，祝您有愉快的一天。

Thank you, Jordan.

謝謝你，喬丹。

And ladies and gentlemen, this concludes fourth quarter and full year 2024 earnings conference call.

女士們、先生們，2024 年第四季和全年財報電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。

We thank you and goodbye.

我們感謝您並且再見。