奇景光電 (HIMX) 2025 Q1 法說會逐字稿

Hello ladies and gentlemen. Welcome to the Himax Technologies Incorporation. First quarter of 2025 earnings conference call. At this time, all participants are in the listen-only mode. Later we will conduct a question-and-answer session, and instructions will follow at the time. As a reminder, this conference call is being recorded.

女士們、先生們，大家好。歡迎來到 Himax Technologies Incorporated。2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。稍後我們將進行問答環節，屆時將會提供說明。提醒一下，本次電話會議正在錄音。

Now I would like to turn the conference over to Ms. Karen Tiao, Head of IR and PR at Himax . Ms. Tiao, go ahead. Please

現在，我想將會議交給 Himax 投資者關係和公關主管 Karen Tiao 女士。刁老師，請說。請

Welcome everyone to the highest first quarter 2025 earnings school. My name is Karen Tiao, head of IR/PR at Himax. Joining me today are Jordan Wu, President and Chief Executive Officer. Jessica, Chief Financial Officer.

歡迎大家來到 2025 年第一季收益最高的學校。我叫 Karen Tiao，是 Himax 的投資人關係/公關主管。今天與我一起出席的是總裁兼執行長 Jordan Wu。傑西卡，財務長。

After the company prepared comments, we have allocated time for questions in a Q&A section. If you have not received a copy of today's result, release, please email hx_ir@himax.com.tw or Himax@mzgroup.us Access to the press release on financial portals or download a copy from Himax website at www.himax.com.tw

在公司準備好評論後，我們在問答環節中安排了提問時間。如果您尚未收到今天的結果副本，請發送電子郵件至 hx_ir@himax.com.tw 或 Himax@mzgroup.us 訪問金融入口網站上的新聞稿或從 Himax 網站 www.himax.com.tw 下載副本

Before we begin the formal remarks, I would like to remind everyone that some of the statements in this conference call, including statements regarding expected future financial results and industry growth, are forward-looking statements. They involve a number of risks and uncertainties that could cause actual events or results to different materially although 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，包括有關預期未來財務業績和行業增長的陳述，都是前瞻性陳述。它們涉及許多風險和不確定性，可能導致實際事件或結果與本次電話會議中所述的大不相同。

A list of risk factors can be found in the company's SEC filing. For 20-F for the year ended December 31, 2024. In the section entitled Risk factors that may be amended.

風險因素清單可以在該公司提交給美國證券交易委員會 (SEC) 的文件中找到。20-F 為截至 2024 年 12 月 31 日的年度。在標題為「可能被修改的風險因素」的部分。

Except for the companies for year 2024 financials, which were provided in the company's 20-F and filed with SEC on April 2, 2025, the financial information included in the conference call is audited and consolidated and prepared in accordance with IFRS accounting.

除本公司 2024 年的財務狀況（已在公司 20-F 文件中提供並於 2025 年 4 月 2 日向美國證券交易委員會 (SEC) 提交）外，電話會議中包含的財務資訊均按照國際財務報告準則 (IFRS) 會計進行審計和合併並編制。

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

此類資訊通常在內部進行，並未經過與我們對年度合併財務報表進行的相同的審查和審查，包括內部審計程序和獨立審計師的外部審計，並且可能與同一期間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 whereas a result of new information, future events, or otherwise. On today's call, I will first review the highest consolidated financial performance for the first quarter of 2025, followed by our second quarter outlook.

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。在今天的電話會議上，我將首先回顧 2025 年第一季的最高綜合財務業績，然後回顧第二季的展望。

Jordan will give an update on the status of our business, after which we will take questions. You can submit your questions online through the webcast or by phone.

喬丹將介紹我們業務的最新情況，之後我們將回答問題。您可以透過網路直播或電話在線提交問題。

We will review our financial on an IRS. Despite the typical season of slowdown due to Lunar New Year holidays. We are pleased to announce that our QI revenue was at the high end of projected rate issue on February 13, 2025.

我們將根據國稅局的規定審查我們的財務狀況。儘管農曆新年假期是典型的銷售放緩季節。我們很高興地宣布，我們的 QI 收入達到了 2025 年 2 月 13 日預計利率的高端。

Because margin remains in line with the guidance, while profit is the guidance range. First quarter revenue registered $215.1 million a decrease of 9.3% sequentially, reaching the high end of our guidance range of a decline of 8.5% to 12.5% by representing a 3.7% increase year over year.

因為利潤率與指導保持一致，而利潤處於指導範圍內。第一季營收為 2.151 億美元，季減 9.3%，達到我們預期的降幅 8.5% 至 12.5% 的高端水平，但年增 3.7%。

Gross margin was 30.5% in line with our guidance of around 30.5% from last quarter and up from 29.3% in the same period last year. The year over year increase was driven by available product mix and continued cost optimization.

毛利率為 30.5%，符合我們上季 30.5% 左右的預期，高於去年同期的 29.3%。同比成長是由可用的產品組合和持續的成本優化所推動的。

Q1 profit per diluted ADS was $11.04 cents Exceeding the guidance range of $9.0 cents to $11.0 cents, primarily due to the lower operating expenses. Revenue for large display drivers came in at $25.0 million flat from last quarter, despite the seasonal downturn.

第一季每股攤薄美國存託憑證利潤為 11.04 美分，超出 9.0 美分至 11.0 美分的指導範圍，主要原因是營運費用較低。儘管受到季節性低迷的影響，大型顯示器驅動器的收入仍與上一季持平，為 2500 萬美元。

This was primarily driven by demands by Chinese government subsidies and as a reviving domestic consumption. No, and monitor IT cells because recorded solid double-digit growth in Q1. In contract, TVIC sales declined as expected due to customers fully forward their inventory purchases in the final quarter.

這主要是受中國政府補貼需求和國內消費復甦的推動。不，並監控 IT 單元，因為其在第一季實現了穩健的兩位數成長。相反，由於客戶在最後一個季度完全轉發了庫存購買，TVIC 銷售額如預期下降。

Sales of large panel driver IC accounted for 11.6% of total revenues for the quarter compared to 10.5% last quarter and 50.1% a year ago.

大面板驅動IC銷售額佔本季總營收的11.6%，上季為10.5%，去年同期為50.1%。

Revenue from the small and medium sized display drivers in total of $150.5 million reflecting the sequential decline of 9.8% aim at the typical low season. However, Q1 automotive driver cell, including both traditional DDIC and TDDI, are our guidance of loading sequential decline just a single digit from the last quarters.

中小型顯示器驅動器的總收入為 1.505 億美元，與典型的淡季相比，環比下降 9.8%。然而，包括傳統 DDIC 和 TDDI 在內的 Q1 汽車驅動單元，我們預計負載環比下降幅度僅比上一季低一位。

The sequential decline reflected the wining effect of the Chinese government renewed the trading stimulus announced in mid-August 2024 while demanding other major market remains stable. Fewer older sales rose nearly 20% year over year, reflecting ongoing customer reliance on our technology and the strength of our competitive mode.

環比下降反映了中國政府在2024年8月中旬宣布的貿易刺激措施的有效性，同時要求其他主要市場保持穩定。舊款銷量減少，年增近 20%，反映出客戶持續依賴我們的技術以及我們競爭模式的實力。

Our automotive business comprising DDIC, TDDI, Tcon, and OLED IC sales remain the largest revenue contributor in the first quarter, representing more than 15% of total sales. Meanwhile, both smartphone and tablet driver sales declined as expected amid a subdued festival season.

我們的汽車業務包括 DDIC、TDDI、Tcon 和 OLED IC 銷售，仍然是第一季最大的收入貢獻者，佔總銷售額的 15% 以上。同時，在節慶季銷售低迷的背景下，智慧型手機和平板電腦的銷售量均如預期般下降。

The small and medium sized driver IC segments accounted for 70.0% of total sales for the quarter compared to 70.3% in the previous quarter and 6 9.5% a year ago.

中小型驅動 IC 部分佔本季總銷售額的 70.0%，而上一季為 70.3%，去年同期為 9.5%。

Q1 on driver sales reached $39.6 million a 10.8% decrease from the previous quarter. The sequential decline was primarily attributable to the essence of a one-time ASIC Tcon shipment to a leading projector customer in the final quarter, coupled with the moderation in automotiveity consumer at several quarters of robust growth.

第一季驅動器銷售額達到 3,960 萬美元，較上一季下降 10.8%。環比下降主要歸因於最後一個季度向一家領先的投影機客戶一次性出貨 ASIC Tcon，再加上汽車消費在經歷了幾個季度的強勁增長後有所放緩。

That being said, our position in the local community can then arrival, supported by increasing validation and adoption for leading makers, one suppliers, and automotive manufacturers around the world. We also have a robust pipeline of over 200 design wing projects that are set to gradually enter its production in the coming years.

話雖如此，我們在當地社區的地位可以得到提升，並得到世界各地領先製造商、供應商和汽車製造商越來越多的認可和採用。我們還擁有超過 200 個設計機翼項目的強大儲備，這些項目將在未來幾年內逐步投入生產。

Now driver products accounted for 18.4% of total revenues as compared to 19.2% in the previous quarter and 15.4% a year ago. First quarter operating expenses were $45.7 million a decrease of 7.0% from the previous quarter, and a decline of 9.8% from a year ago. Amid the ongoing macroeconomic challenges. We are strictly enforcing budget and expense controls.

目前驅動產品佔總營收的 18.4%，而上一季為 19.2%，去年同期為 15.4%。第一季營運費用為 4,570 萬美元，較上一季下降 7.0%，比去年同期下降 9.8%。在持續的宏觀經濟挑戰中。我們嚴格執行預算和費用控制。

First quarter of earning income was $19.8 million or 9.2% of sales compared to 9.7% of sales last quarter and 4.8% of sales for the same period last year. The sequential decrease was mainly a result of lower sales, upset by lower operating expenses. The value increases alluded primarily on higher sales, improved gross margin, and lower operating expenses.

第一季獲利為 1,980 萬美元，佔銷售額的 9.2%，而上一季的銷售額為 9.7%，去年同期的銷售額為 4.8%。環比下降主要是由於營業費用下降導致銷售額下降。價值成長主要意味著銷售額增加、毛利率提高以及營運費用降低。

First quarter profit was $20 million or $11.04 cents per diluted 80 compared to $24.6 million or $0.40 per diluted ADS last quarter and up from $12.5 million or $0.71 in the same period last year.

第一季獲利為 2,000 萬美元，即每股攤薄收益 11.04 美分，而上季獲利為 2,460 萬美元，即每股攤薄收益 0.40 美元，高於去年同期的 1,250 萬美元，即每股攤薄收益 0.71 美元。

Turning to a balance sheet, we had $281 million of cash equivalent, and other financial assets as of March 31, 2025. This compares to $277.4 million at the same time last year and the $224.6 million a year ago. We achieved a strong positive operating case of $56.0 million for the first quarter.

從資產負債表來看，截至 2025 年 3 月 31 日，我們擁有 2.81 億美元的現金等價物和其他金融資產。相較之下，去年同期為 2.774 億美元，去年同期為 2.246 億美元。我們第一季實現了 5,600 萬美元的強勁正營運業績。

As of March 31, 2025, we had $33.0 million in long-term unsecured loans with $6.0 million being the current position. Of order and inventory as of March 31, 2025, were $129.9 million lower than $158.7 million last quarter and $201.9 million same period last year.

截至 2025 年 3 月 31 日，我們擁有 3,300 萬美元的長期無擔保貸款，其中當前餘額為 600 萬美元。截至 2025 年 3 月 31 日的訂單和庫存為 1.299 億美元，低於上一季的 1.587 億美元和去年同期的 2.019 億美元。

Our inventory level has steadily declined for 10 consecutive quarters since peaking during the COVID-19 pandemic when the when the industry was undergoing a supply shortage. As macroeconomic uncertainty impairs the visibility across the ecosystem. We will continue to manage our inventory conservatively.

自新冠疫情期間（行業供應短缺）達到高峰以來，我們的庫存水準已連續 10 個季度穩步下降。由於宏觀經濟的不確定性削弱了整個生態系統的可見性。我們將繼續保守地管理我們的庫存。

Accounts receivable at the end of March 1995 was $217.5 million down from $236.8 million last quarter was slightly up from $212.3 million a year ago. DFO was 29 days in quarter end as compared to 96 days last quarter and 23 days a year ago. First quarter capital expenditure was $5.2 million versus $3.2 million last quarter and $2.7 million a year ago.

1995 年 3 月底的應收帳款為 2.175 億美元，低於上一季的 2.368 億美元，略高於去年同期的 2.123 億美元。本季末的 DFO 為 29 天，而上一季為 96 天，去年同期為 23 天。第一季資本支出為 520 萬美元，而上一季為 320 萬美元，去年同期為 270 萬美元。

First quarter of CapEx was mainly for R&D related equipment for our IC design business and ongoing construction of new preschool near our China headquarters for children of employees. The preschool is scheduled to open in 2026, reinforcing our commitment to a family friendly workplace.

第一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以及在中國總部附近為員工子女建造的新幼兒園。該幼兒園計劃於 2026 年開學，這進一步體現了我們對建立家庭友善工作場所的承諾。

Prior to today's call, we announced an annual cash dividend of $37.0 cents per ADS, totaling $64.5 million and payable on July 11, 2025, with a payable ratio of 81.1% of the previous year's profits. Himax will continue to focus on maintaining a healthy balance sheet or driving sustainable long-term growth to deliver value for shareholders through high dividends and share repurchases.

在今天的電話會議之前，我們宣布年度現金股利為每股美國存託憑證 37.0 美分，總計 6,450 萬美元，將於 2025 年 7 月 11 日支付，支付率為上一年利潤的 81.1%。奇景將繼續專注於維持健康的資產負債表或推動可持續的長期成長，透過高股息和股票回購為股東創造價值。

As of March 31, 2025, Himax had a $174.9 million ADS outstanding. A challenge from that quarter. On a fully diluted basis, the total number of outstanding for the first quarter was [$165.1 million].

截至 2025 年 3 月 31 日，奇景光電的未償還 ADS 為 1.749 億美元。來自那個方面的挑戰。以完全稀釋後計算，第一季的未償債務總額為[1.651億美元]。

Now turning to the 2nd quarter 2025 guidance. We expect second quarter revenues to decrease 5.0% to increase to 3.0% sequentially. Gross margin is expected to be around 31.0.0%, depending on the product mix.

現在轉向 2025 年第二季的指引。我們預計第二季營收將下降 5.0%，季增 3.0%。預計毛利率約為 31.0.0%，視產品組合而定。

The second quarter profit attributable to shareholders is a make it to be in the range of $0.085 to $0.115 per fully diluted ADS. I will now turn the call over to Jordan to discuss our Q2 2025 Outlook.

第二季歸屬於股東的利潤預計為每股完全稀釋美國存託憑證 0.085 美元至 0.115 美元。現在我將把電話轉給喬丹，討論我們對 2025 年第二季的展望。

Jordan, the floor is yours.

喬丹，現在請你發言。

Thank you, Karen. To start off, I'd like to quickly comment on the recent broad and significant [$30] dollar appreciation against the US dollar. Its impact on our financial results is limited and has been accounted for in the financial guidance for the quarter. All high revenues, and nearly all of our cost of sales are US dollar denominated, providing the national hedge for buying and selling activities.

謝謝你，凱倫。首先，我想快速評論一下近期美元兌美元大幅升值 [30] 的情況。其對我們財務業績的影響有限，並已在本季度的財務指導中予以說明。我們所有的高收入以及幾乎所有的銷售成本都是以美元計價的，為買賣活動提供了全國性的對沖。

In addition, the bulk of our R&D expenses set for employees' salaries are also US dollar based. For employee compensation, the major item of our opening expenses, where our employees are paid in the local currency of their location for their salaries, their bonuses are all US dollar based.

此外，我們用來支付員工薪資的研發費用大部分也是以美元計算的。對於員工薪酬（我們開業費用的主要項目），我們的員工以其所在地的當地貨幣支付工資，他們的獎金均以美元支付。

Other major non-US dollar expenses, mostly anti-dollar denominated, include utilities and income tax expenses. Why we don't hedge for currency risk of no US dollar-based expenses as the cost of such hedging would usually outweigh the benefit. We do purchase any dollar in advance to cover the income tax payable, thereby minimizing the currency risk of a major expense.

其他主要非美元支出（多以非美元計價）包括水電費和所得稅支出。為什麼我們不對沖沒有基於美元的費用的貨幣風險，因為這種對沖的成本通常會超過收益。我們確實會提前購買美元來支付應付的所得稅，從而最大限度地降低大額支出的貨幣風險。

Now I would like to comment on the recent announced on the recently announced US tariff measures which have intensified global trade tensions, triggered volatility in capital markets, and heightened macroeconomic and market demand uncertainty.

現在我想就近期美國宣布的關稅措施發表評論。這些措施加劇了全球貿易緊張局勢，引發了資本市場動盪，增加了宏觀經濟和市場需求的不確定性。

Currently, tariffs have not had a significant direct impact on Himax's business. The IC products are not directly exported to the US. Instead, they are assembled into panels or modules by customers outside the United States and they sold into a global market.

目前，關稅尚未對奇景光電的業務產生重大直接影響。IC產品不直接出口到美國。相反，它們由美國以外的客戶組裝成面板或模組，然後銷往全球市場。

Including the United States. Just a negligible portion, about 2% of high products are shipped directly to the United States. Only customers for these products are subject to US tariffs. Almost all of these products are manufactured in Taiwan or some or some customers have requested a shipments to avoid tariff duties. Many others have opted to deter the orders amid ongoing tariff-related uncertainties.

包括美國。只是微不足道的一部分，大約2%的高產品直接運往美國。只有這些產品的客戶才需要繳納美國關稅。幾乎所有這些產品都是在台灣製造的，或者一些客戶要求發貨以避免關稅。由於關稅相關的不確定性持續存在，許多其他公司選擇阻止這些訂單。

Our conservative revenue guidance reflects the highly cautious stance of our customers in general to towards the global economic outlook and then market demand amid ongoing tariff development. Looking into the second half of the year, overall market visibility remains slow, with the world continuing to closely monitor the development of terrorist negotiations.

我們保守的收入預期反映了我們的客戶對全球經濟前景以及在關稅持續發展的情況下的市場需求的高度謹慎態度。展望下半年，整體市場能見度依然低迷，全球持續密切關注恐怖主義談判的進展。

As a terrorist-driven supply chain restructuring gains momentum, Himax is deepening its way establish supply chain in Taiwan, while further strengthening its supply chain presence in China, Korea, Singapore, and other regions to ensure production flexibility and cost competitiveness. And to better mitigate geopolitical risks.

在恐怖攻擊引發的供應鏈重組浪潮中，奇景光電深化在台灣的供應鏈佈局，並進一步強化在中國、韓國、新加坡等地區的供應鏈佈局，以確保生產的彈性與成本競爭力。並更好地降低地緣政治風險。

Amid the volatile macro environment, most panel customers have adopted and made to order model and are keeping inventories clear. In response, we are carefully monitoring where it starts, maintaining low inventory levels, and rigorously controlling operating expenses. Currently, we are further optimizing costs by diversifying both foundry and back-end packaging testing while mitigating risks and enhancing manufacturing ability.

在宏觀環境波動的情況下，大部分面板客戶均採用訂單生產模式，維持庫存清空。作為回應，我們正在仔細監控疫情的起因，保持低庫存水平，並嚴格控制營運費用。目前，我們正在透過多樣化代工和後端封裝測試來進一步優化成本，同時降低風險並提高製造能力。

This approach is exemplified by the major milestone recently achieved in our automotive display I collaboration with next ship in China. With products now in mass production and adopted by leading automakers. This not only validates our diversified supply chain strategy but also underscores of steadfast commitment to scaling capacity and cost optimization.

我們與中國 Next Ship 公司在汽車顯示器 I 領域的合作最近取得了重大里程碑，這就是這項方法的體現。目前產品已投入量產並被領先的汽車製造商採用。這不僅驗證了我們多元化的供應鏈策略，也強調了我們對擴大產能和優化成本的堅定承諾。

Turning to the automotive market. Auto motivity business currently accounts for harsh of finances. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industries' most comprehensive suite of panel ICs expanding LCD to OED.

轉向汽車市場。汽車動力業務目前佔據了財務的很大一部分。奇景光電服務於汽車顯示器市場近二十年，在展示技術領先地位的同時，保持了全球各主要地區均衡的市場份額，並提供了業界最全面的面板IC套件，將LCD擴展到OED。

Combined with over a decade of warrior relationships with global TOI suppliers and automotive brands. These trends help mitigate potential risk from tariffs and reinforce the long-term stability of our automotive business.

結合與全球 TOI 供應商和汽車品牌十多年的良好合作關係。這些趨勢有助於減輕關稅帶來的潛在風險，並增強我們汽車業務的長期穩定性。

In addition, I remains committed to a number of innovative fields, namely, ultra-low power AI, AR glasses, and co-packaged optics of CPO. Technologies in these areas are approaching maturity. And offers substantial growth potential.

此外，我還致力於超低功耗AI、AR眼鏡、CPO共封裝光學等多個創新領域。這些領域的技術正在趨於成熟。並具有巨大的成長潛力。

As a pioneer and leader in key technologies enabling these novel areas, Himax is working closely with supply chain partners from technology development through to mass production to actively expand new business opportunities. These innovative fields are relatively less affected by macroeconomic fluctuations and customer development efforts have not slowed due to terrorist facilities.

奇景光電作為這些新興領域關鍵技術的先驅與領導者，正與供應鏈夥伴緊密合作，從技術開發到量產，積極拓展新的商機。這些創新領域受宏觀經濟波動的影響相對較小，客戶開發力道也沒有因為恐怖分子設施而放緩。

We expect these businesses to contribute meaningfully to both revenue and gross margin in the years ahead. Despite the volatile geopolitical environment, Himax continues to actively explore high growth markets, establish close partnerships with industry leading companies, and continue to expand our global footprint while developing long-term competitive advantages.

我們預計這些業務將在未來幾年對收入和毛利率做出重大貢獻。儘管地緣政治環境動盪，奇景光電仍持續積極開拓高成長市場，與行業領先公司建立密切的合作夥伴關係，並在發展長期競爭優勢的同時繼續擴大我們的全球影響力。

In our latest cross-border cooperation. We established a three-partition alliance with Powership and Tata Electronics, a subsidiary of Tata Group, India's largest and most influential conglomerate. This collaboration combines electronics, this manufacturing, and local supply chain integration strengths, powerships, mature weapon manufacturing capabilities.

在我們最新的跨境合作中。我們與Powership和印度最大、最具影響力的企業集團塔塔集團的子公司塔塔電子建立了三方聯盟。此次合作結合了電子、製造和本地供應鏈整合優勢、動力艦艇和成熟的武器製造能力。

And IC leading display IC and Wii also low power AI technologies to jointly create a powerful ecosystem. Collaboration echoes. The made in India strategy of the Indian government for high tech areas while exploring the huge potential demand of the Indian market. With that, I will now begin with an update on the large panel of IT business.

而IC領先的顯示IC也與Wii的低功耗AI技術共同打造了強大的生態系統。合作產生共鳴。印度政府在開拓印度市場龐大潛在需求的同時，大力推行高科技領域的「印度製造」策略。現在，我將開始介紹 IT 業務大型小組的最新情況。

In Q2, last display I sales are expected to decline by a single digit sequentially driven by customers pull forward orders placed in private quarters against the backdrop of Chinese government subsidies boosting domestic consumption. Monitor and not for sales are expected to decrease in Q2, whereas our TVIC sales are set to increase sequentially, driven by higher shipments to key and customers.

在第二季度，由於中國政府補貼刺激國內消費的背景下客戶提前下達私人訂單，預計最後一台顯示器的銷售額將比上一季下降一位數。預計第二季顯示器和非顯示器銷售額將下降，而我們的 TVIC 銷售額將環比成長，這得益於對主要客戶出貨量的增加。

Looking ahead in the novel sector, we are observing a growing trend for premium notebooks to adopt all the displays and advanced touch features partially fueled by the rise of the IPC.

展望新興領域，我們觀察到高階筆記型電腦採用全顯示器和先進觸控功能的趨勢日益增長，這部分得益於 IPC 的興起。

Himax is well positioned to capitalize on this trend, offering a comprehensive range of ICs for both the LCD and OLED notebooks, including DDIC, Tcon, touch controllers, and TDDI. In addition, we are expanding our high-speed interface, product portfolio to support faster, data transfer rates, lower latency, and improved power efficiency.

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 DDIC、Tcon、觸控控制器和 TDDI。此外，我們正在擴展我們的高速介面和產品組合，以支援更快的資料傳輸速率、更低的延遲和更高的功率效率。

Fish's that are critical for the next generation displaced. We have made progress on the next generation EDP 1.5 display interface for Tcon for both LCD and OLED panels. The high-speed interface supports high frame rates, low power consumption, adaptive sick and high resolution.

對於流離失所的下一代來說至關重要的魚。我們在用於 LCD 和 OLED 面板的 Tcon 的下一代 EDP 1.5 顯示介面方面取得了進展。高速介面支援高幀率、低功耗、自適應幀率和高解析度。

Key features essential for next generation IPCs through ongoing portfolio expansion and continuous technology innovation, high is well positioned to lead in the rapidly evolving landscape of AIPC and premium notebooks.

透過持續的產品組合擴展和持續的技術創新，下一代 IPC 必不可少的關鍵特性，high 在快速發展的 AIPC 和高階筆記型電腦領域佔據領先地位。

Turning to the small and medium sized display IC business in Q2, small and medium sized display driver IC is expected to decline single digit from last quarter. We expect Q2 automotive driver ID sales, including both TDDI and traditional DDIC, to decline meetings sequentially, reflecting the combined impact of tariffs. And the winning effect of China's automotive subsidy program.

展望第二季中小尺寸顯示器IC業務，預計中小尺寸顯示器驅動IC較上季將出現個位數衰退。我們預計第二季汽車駕駛 ID 銷售量（包括 TDDI 和傳統 DDIC）將環比下降，這反映了關稅的綜合影響。以及中國汽車補貼計畫的勝利效應。

Despite its near-term headwinds, automotive TDDI adoption continues to expand across the globe, driven by growing demand for more intuitive, interactive, and cost-effective touch panel features essential in modern vehicles. Has accumulative shipments of automotive TDDI have outpaced competitors with nearly 50 design projects secured to date, majority of which have yet to a mass production.

儘管近期面臨阻力，但汽車 TDDI 的採用仍在全球範圍內持續擴大，這得益於現代汽車對更直觀、交互性更強、更具成本效益的觸控螢幕功能的需求不斷增長。車用TDDI累計出貨量遙遙領先競爭對手，目前已獲得近50個設計項目，其中大部分尚未量產。

On top of a continuous influx of new pipelines and design ways across the board, we are well positioned for continued growth, further reinforcing our leadership in this space. For automotive for automotive DDIC, we continue to see solid shipments for the automotive DDIC for non-touch applications, including cluster displays, SUVs, and me and rear and side view mirrors.

除了不斷湧入新的管道和設計方式之外，我們還為持續成長做好了準備，進一步鞏固了我們在該領域的領導地位。對於汽車 DDIC，我們繼續看到非觸控應用的汽車 DDIC 出貨量穩定，包括叢集顯示器、SUV 以及後視鏡和側視鏡。

Our confidence is further strengthened by the growing proliferation of advanced technologies such as LVT LTDI or la pass and display driver integration in large display car models. Himax is a pioneer in LTDI technology, which supports seamless integrated large touch display mark panels, typically larger than 30 inches or spanning pillar to pillar across the entire width of the cockpit.

隨著LVT LTDI或la pass等先進技術以及大型顯示器車型中的顯示驅動器整合的日益普及，我們的信心得到了進一步增強。Himax 是 LTDI 技術的先驅，該技術支援無縫整合大型觸控顯示標記面板，通常大於 30 英吋或跨越整個駕駛艙寬度的支柱。

The LTDI also features high density functionality for responsive performance, making it ideal for next generation smart cabin designs that emphasize its place and intuitive touch interaction. Additionally, we are seeing an increasing number of customers choosing to adopt our integrated LTDI and Tcon solution. It's a standard platform for the ulla automotive display development.

LTDI 還具有高密度功能以實現響應性能，使其成為強調其位置和直覺觸控互動的下一代智慧艙設計的理想選擇。此外，我們看到越來越多的客戶選擇採用我們的整合 LTDI 和 Tcon 解決方案。它是ulla汽車顯示器開發的標準平台。

Such panels typically require four or more LED chips and at least 1 hour panel. This type of adoption of more high automotive IC offerings. Not only reflects strong customer loyalty to our technologies but also signifies an increase in value for us on a per panel basis.

這種面板通常需要四個或更多的 LED 晶片和至少 1 小時的面板。這種類型的採用更高階的汽車 IC 產品。這不僅反映了客戶對我們技術的強烈忠誠度，也意味著我們每塊面板的價值有所提升。

Multiple projects with global leading car brands are set to be mass production starting the end of 2025. How many continues to lead the global automotive display market, holding the 40% share in DDIC over 50% in TDDI and even, and then even higher share in cutting edge global team Tcon technologies.

與全球領先汽車品牌合作的多個專案將於2025年底開始量產。多少繼續引領全球汽車顯示器市場，在DDIC中佔有40%的份額，在TDDI中佔有50%以上的份額，甚至在全球尖端團隊Tcon技術中佔有更高的份額。

Move to smartphone and IC sales. We expect Q2 smartphone IC revenues to decline meetings from last quarter. IC sales are poised to grow by high sequentially, driven by renewed demand from leading customers following several quiet quarters. Next, for an update on OLED business. In the automotive OLED market, we have forged strategic alliances with leading panel makers in Korea, China, and Japan.

轉向智慧型手機和 IC 銷售。我們預計第二季智慧型手機 IC 營收將較上一季下降。受主要客戶在經歷幾個平靜的季度後重新燃起的需求推動，IC 銷售額有望實現連續高成長。接下來介紹一下OLED業務的最新狀況。在汽車OLED市場，我們與韓國、中國和日本領先的面板製造商建立了策略聯盟。

As all the technology expands beyond premium car models, Himax is well positioned to become the partner of choice and accelerate all its adoption in vehicles. By capitalizing on our strong presence and proven track record in automotive LCD displays.

隨著所有技術擴展到高端車型之外，奇景光電已準備好成為首選合作夥伴，並加速其在車輛中的應用。利用我們在汽車液晶顯示器領域的強大影響力和良好的業績記錄。

Leveraging our first mover advantage, we offer a comprehensive suite of solutions, including DDIC , Tcon, and on sale touch controllers. It's worth noting that our vast outlet on sale touch control technology, both and 3-digit signal to noise ratio exceeding 45 DB. Delivering reliable performance, even under the challenging operational conditions such as God worrying or we finger.

利用我們的先發優勢，我們提供全面的解決方案，包括 DDIC、Tcon 和銷售觸控控制器。值得注意的是，我們大量銷售觸控技術，且3位數訊號雜訊比超過45 DB。即使在上帝擔心或我們手指等具有挑戰性的操作條件下也能提供可靠的性能。

The solution entered mass production in 2024, and an increasing number of leading global brands are rapidly adopted it for their premium car models. We expect to be a key beneficiary of the shift to all its place for the automotive industry over the next few years, and locking a new growth driver for us that further reinforces our leadership.

該解決方案於2024年實現量產，並被越來越多的全球領先品牌迅速應用於其高端車型。我們期望成為未來幾年汽車產業轉型的主要受益者，並為我們鎖定新的成長動力，進一步鞏固我們的領導地位。

In addition, we have expanded our comprehensive audit portfolio into the table and no markets covering DDIC Tcon and touch controllers through partnerships with all the panel makers in Korea and China. Several new projects are slated to enter mass production with top tier brands later this year.

此外，我們透過與韓國和中國的所有面板製造商建立合作夥伴關係，將我們全面的審計組合擴展到涵蓋 DDIC Tcon 和觸控控制器的桌面和無市場。多個新項目計劃於今年稍後與頂級品牌合作進入量產階段。

Meanwhile, we are developing radioactive features such as active sliders and gaming models to further enhance our photo differentiation and competitive edge. In the market, we are making solid progress in our collaborations with customers in Korea and China and expects production to start later this year.

同時，我們正在開發主動滑桿和遊戲模型等放射性功能，以進一步增強我們的照片差異化和競爭優勢。在市場上，我們與韓國和中國客戶的合作正在取得穩步進展，預計今年稍後開始生產。

I would like to now turn to our non-driver business update where we expect the second quarter earnings to increase loading sequentially. First, for an update on our Tcon business.

現在我想談談我們的非駕駛員業務更新，我們預計第二季的收益將連續增加。首先，介紹一下我們的 Tcon 業務的最新情況。

We anticipate Q2 Tcon sales to increase high team sequentially, primarily due to increased shipment of Tcon for notebook and automotive products. Automotive ticket sales are set to increase by double digits in Q2 fueled by a strong pipeline of over 200 design wing projects gradually entering mass production.

我們預計第二季 Tcon 的銷售額將季比大幅成長，主要原因是筆記型電腦和汽車產品的 Tcon 出貨量增加。受 200 多個設計翼項目逐步進入量產階段的強勁推動，第二季汽車票務銷售額預計將實現兩位數成長。

With a steady influx of new projects coupled with growing realization and widespread adoption of in both premium and mainstream car models worldwide. Himax continues to maintain an unchallenged leadership position with a dominant market share.

隨著新項目的穩定湧入，以及全球高端和主流車型的日益普及和廣泛採用。奇景光電繼續保持無可爭議的領導地位，佔據主導地位的市場份額。

In the 2nd quarter, we expect Tcon business to account for over 12% of solar sales with notable contributions from automotive Tcon. Meanwhile, head display or [HUD] is emerging as a major growth area within automotive displays where lode and Tcon adoption is accelerated.

在第二季度，我們預計 Tcon 業務將佔太陽能銷售額的 12% 以上，其中汽車 Tcon 的貢獻尤為顯著。同時，頭戴裝置或 [HUD] 正在成為汽車顯示器中的主要成長領域，其中 lode 和 Tcon 的採用正在加速。

Our industry leading nodity can eliminates the postcard effect often see in SUVs caused by fay is typical of conventional TFT LCD panels delivering crisp, high fidelity images on the windshield. Additionally, efficient advanced transparency detection to prevent the display from obstructing the driver's view, thereby ensuring driver safety.

我們業界領先的nodity可以消除在SUV中經常看到的明信片效果，這是傳統TFT LCD面板的典型特徵，可以在擋風玻璃上提供清晰、高保真的圖像。此外，高效先進的透明度偵測可防止顯示器遮擋駕駛員的視線，從而確保駕駛員的安全。

With several SUV projects already underway, they are increasing inquiries, we are excited about the potential opportunity ahead. Our automotive business is well positioned for growth over the next few years. Switching gears to the WiseEye, a low power AI sending solution. A cutting edge and point AI integration featuring industry leading a low power AI processor, always of simultaneous sensor, and CNN based AI algorithm.

由於多個 SUV 項目已在進行中，他們的詢問量正在增加，我們對未來的潛在機會感到興奮。我們的汽車業務已做好在未來幾年實現成長的良好準備。切換到 WiseEye，一種低功耗 AI 發送解決方案。尖端和點 AI 集成，具有業界領先的低功耗 AI 處理器、始終同步的傳感器和基於 CNN 的 AI 演算法。

In a rapidly evolving AI landscape, WiseEye AI technology stands out for it, for its, expertise in all device AI categorized by remarkably low power consumption, operating as a single digit maybe once, and enabling AI functionality, inventory powered endpoint devices. Additionally, WiseEye AI significantly extends battery life and improves all data processing efficiency by uploading pack.

在快速發展的人工智慧領域，WiseEye 人工智慧技術脫穎而出，因為它在所有設備人工智慧方面的專業知識，其特點是功耗極低，可能只運行一次，並且支援人工智慧功能、庫存供電的端點設備。此外，WiseEye AI 透過上傳包顯著延長電池壽命並提高所有資料處理效率。

From the main processor. These attributes unlock new opportunities across a wide range of everyday battery powered and point applications, evidenced by production of WiseEye, AI across diverse applications, including notebooks, tablet, smart door lock, surveillance system, access control, smart retail, and many others.

來自主處理器。這些屬性為各種日常電池供電和點應用帶來了新的機遇，WiseEye 和 AI 在各種應用中的生產證明了這一點，包括筆記型電腦、平板電腦、智慧門鎖、監控系統、門禁控制、智慧零售等。

On notebook Building on the success of their notebooks. WiseEye AI is expanding into additional use cases across other leading notebook brands, with some entering production later this year and expanding further into 2026.

關於筆記本 基於其筆記本的成功。WiseEye AI 正在擴展到其他領先筆記型電腦品牌的更多用例，其中一些將於今年稍後投入生產，並進一步擴展到 2026 年。

The current assumption is further fueled by the rise of AI PC. Size low power, all device, infra capabilities align seamlessly with the industry's shift towards more intelligence, context-aware, and energy efficient computing. WiseEye advanced local influence in technology enables real-time high position user engagement.

人工智慧PC的興起進一步推動了當前的假設。尺寸、低功耗、全設備、基礎設施功能與產業向更智慧、情境感知和節能運算的轉變無縫契合。WiseEye 先進的本地影響力技術可實現即時高位用戶參與。

Detection by analyzing presence and motion, supporting the process of intelligent features such as estimation, gaze tracking, facial expression recognition, voice command, adaptive screening, secure identity, authentication, and many others.

透過分析存在和運動進行檢測，支持估計、凝視追蹤、面部表情識別、語音命令、自適應篩選、安全身份、身份驗證等智慧功能的過程。

These features enhance interactivity and user comfort without compromising battery life or system performance, making it fit for the demands of high performance and energy efficient next-generation AI PCs. WiseEye continues to achieve a significant market success across various sectors such as smart Olog where we introduce the world's first smart door lock with 24/7 century monitoring.

這些功能在不影響電池壽命或系統性能的情況下增強了互動性和用戶舒適度，使其適合高性能和節能的下一代 AI PC 的需求。WiseEye 繼續在智慧 Olog 等各個領域取得重大市場成功，我們推出了世界上第一款具有 24/7 全天候監控功能的智慧門鎖。

A real time event recorded. We are now expanding globally by collaborating with a number of leading dollar makers worldwide to integrate a suite of innovative features including biometric access, puzzle recognition, and anti-itch protection. Several of these added solutions are for mass production later this year.

記錄的即時事件。目前，我們正在與全球多家領先的美元製造商合作，整合一系列創新功能，包括生物辨識存取、拼圖識別和防癢保護，從而實現全球擴張。其中幾項新增的解決方案將於今年稍後投入量產。

WiseEye also powers smart retail. It amplified our collaboration with E Ink on e-signing. It's always on AI detects viewers attributes such as gender, appearance, and age, followed by real-time personalized ass. And nearby product recommendations, creating immersive engagement that elevates the in-store shopping experience.

WiseEye 也為智慧零售提供支援。它擴大了我們與 E Ink 在電子簽名方面的合作。它始終處於 AI 偵測狀態，可偵測觀眾的性別、外觀、年齡等屬性，然後進行即時個人化設定。以及附近的商品推薦，創造沉浸式互動，提升店內購物體驗。

Next, for an update on my WiseEye module business. Equipped with pre-trained, no code or low code AI or WiseEye modules simplify AI integration and support diverse use cases, including human presence detection, gender and age recognition, gesture recognition, face me, voice commands, thermal image sensing, power and authentication, and people flow management.

接下來，介紹一下我的 WiseEye 模組業務的最新情況。配備預先訓練的無程式碼或低程式碼 AI 或 WiseEye 模組，簡化了 AI 整合並支援多種用例，包括人體存在檢測、性別和年齡識別、手勢識別、面部識別、語音命令、熱圖像感應、電源和身份驗證以及人流管理。

Among them, the Japan module has generated strong engagement across several industries. Multiple design wings have been secured with much production under way by global customers for smart access. Work management and smart door lock as we continue to explore additional application opportunities.

其中，日本模組已引起多個行業的強烈關注。全球客戶已確定多種設計方案，並正在為智慧門禁系統進行大量生產。工作管理和智慧門鎖，我們將繼續探索更多的應用機會。

Meanwhile, to meet growing demand for flexible access control in various settings, the upgraded WiseEye PalmVein suite now combines palm‑vein recognition and facial recognition with keyhole camera input. Underpinned by an advanced lightness check for high precision, multimodal authentication.

同時，為了滿足各種環境下對靈活存取控制日益增長的需求，升級後的 WiseEye PalmVein 套件現在將掌靜脈辨識和臉部辨識與鎖孔攝影機輸入結合在一起。採用先進的亮度檢查，實現高精度、多模式認證。

This upgraded power module not only enhances security by offering multiple layers of biometric verification, but also ensures adaptability across the range, a wide range of environments. These attributes make it particularly appealing to global brands looking to differentiate their products with enhanced security, greater use, convenience, and first all custom customization.

升級後的電源模組不僅透過提供多層生物辨識驗證來增強安全性，而且還確保了全範圍、廣泛環境的適應性。這些屬性使得它對於希望透過增強的安全性、更高的實用性、便利性和首先的所有客製化來區分其產品的全球品牌特別有吸引力。

We anticipate increasing sales contribution from side across a diverse array of applications starting next year and I'm excited about its long-term growth potential. Looking ahead, WiseEye is poised to scale rapidly across the broader AIoT market and emerge as a key growth driver for Himax in the years ahead.

我們預計從明年開始，各種應用領域的銷售貢獻都會增加，我對其長期成長潛力感到興奮。展望未來，WiseEye 預計將在更廣泛的 AIoT 市場迅速擴張，並成為奇景光電未來幾年的主要成長動力。

Separately We are bringing intelligence a low power, always on to wear glasses. Powered by real-time con content where AI running a single digit milliwatt. One uniquely delivers the two essentials for AI devices. Instant responsiveness and all the better.

另外，我們正在推出一款低功耗、始終佩戴的智慧眼鏡。由即時內容驅動，其中 AI 運行個位數毫瓦。一款獨特產品可滿足 AI 設備的兩個基本需求。即時響應，效果更佳。

Disadvantages have already led to WiseEye AI being adopted by a leading AI platform with ongoing engineering engagements evolving several other prominent global AI AR techniques for the upcoming AI classes.

缺點已經導致 WiseEye AI 被領先的 AI 平台採用，並且正在進行的工程工作為即將到來的 AI 課程開發了其他幾種突出的全球 AI AR 技術。

WiseEye I suppose always on our sensing, enabling AI classes to detect and analyze the surrounding environment in real time. This powers Instant response and key functionality, such as objects recognition, navigation assistance, translation, and environmental mapping.

我認為 WiseEye 始終處於感知狀態，使 AI 類別能夠即時偵測和分析周圍環境。這為即時回應和關鍵功能（例如物件辨識、導航輔助、翻譯和環境映射）提供了支援。

Greatly enhancing the overall experience. WiseEye also enables precise inward, detecting subtle eye movements, gaze direction, people sizes, and blinking. Providing critical data for more intuitive and natural user interactions in their applications.

大大增強了整體體驗。WiseEye 還可以精確地向內偵測細微的眼球運動、注視方向、人物大小和眨眼。提供關鍵數據，以便在應用程式中實現更直觀、更自然的用戶互動。

Next for an update on WOO. As you may recall, in June 2024, Himax, in partnership with FOCI, a world leader in silicon photonics collectors, unveiled a state of the art second photonics packaging technology, a critical technology to enable co-packaged optics or CPO technology.

接下來是有關 WOO 的更新。您可能還記得，2024 年 6 月，奇景光電與全球領先的矽光子收集器製造商 FOCI 合作，推出了最先進的第二光子封裝技術，這是實現共封裝光學元件或 CPO 技術的關鍵技術。

This innovation of CPO integrates silicon photonic chips and optical connectors within my chip modules, replacing traditional metal wire transmission with high-speed optical communication. 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.

CPO的這項創新將矽光子晶片和光連接器整合在我的晶片模組中，以高速光通訊取代傳統的金屬線傳輸。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，並顯著縮小了MCM的尺寸和成本。

Currently, several shipments of our first-generation silicon photonics packaging solution for engineering realization and trial production are proceeding as planned. With volumes set to increase in the coming quarters.

目前，我司第一代矽光封裝方案的工程化、試生產批量發貨正在按計劃進行。未來幾季銷量將會增加。

In addition, Himax continues to advance its technology roadmap in close collaboration with FOCI top AI companies and founding partners through the joint development of future generation CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC applications.

此外，奇景光電持續與FOCI頂尖AI企業及創始夥伴緊密合作，共同開發未來一代CPO解決方案，以達成技術藍圖，滿足AI與HPC應用所帶動的不斷增長的頻寬需求。

We are pleased to see our partner FOCI achieving significant advancements in single photonics packaging with notable improvements in automated production and testing. Together, we are actively progressing in process validation and yield optimization to enable full-scale production for leading AI customers.

我們很高興看到我們的合作夥伴 FOCI 在單光子封裝方面取得了重大進步，並在自動化生產和測試方面取得了顯著的改進。我們正積極推動製程驗證和產量優化，為領先的人工智慧客戶提供全面生產。

Himax is exceptionally positioned to capitalize on future growth opportunities in high performance computing, AI, and data center markets. Alongside the CPO progress, certain global technology leaders are now engaging our WOO expertise to develop next generation waveguides for AR glasses.

Himax 擁有得天獨厚的優勢，能夠抓住高效能運算、人工智慧和資料中心市場的未來成長機會。隨著 CPO 的進展，一些全球技術領導者正在利用我們的 WOO 專業知識來開發 AR 眼鏡的下一代波導。

A testament to the market's growing confidence in high technology. With strong growth opportunities from CPO and their glasses in the making, we are as optimistic as ever that our WOO business can emerge as a significant revenue and profit agent for us in the years ahead.

證明市場對高科技的信心日益增強。憑藉 CPO 及其眼鏡帶來的強勁成長機會，我們一如既往地樂觀地認為，我們的 WOO 業務將在未來幾年成為我們重要的收入和利潤來源。

Moving on to our latest advancement in the LCoS microdisplay technology. At Display week 2025 next week in San Jose, we will debut our ultra-luminous, miniatured edge Dual-Edge Front-lit LCoS microdisplay.

繼續介紹我們在 LCoS 微顯示技術的最新進展。在下週於聖荷西舉行的 2025 年顯示週上，我們將首次推出超亮、微型邊緣雙邊緣前照式 LCoS 微型顯示器。

This industry leading solution. Integrate both the illumination optics and the panel into an exceptionally compact form factor as small as 0.09 cc. And weighing only 0.2 grams. While targeting up to 350,000 nits and one lumen output at just 250 milli watt maximum to power consumption.

這個行業領先的解決方案。將照明光學元件和麵板整合到小至 0.09 cc 的極其緊湊的外形中。而且重量只有0.2公克。目標是在最大功耗僅為 250 毫瓦的情況下實現高達 350,000 尼特和 1 流明的輸出。

Demonstrating unparalleled optical efficients. The luminous breakthrough ensures excellent high level visibility, even in bright ambient conditions while its contact form factor enables the development of sleep everydays. Within the industry leading compact form factor, superior brightness, and power efficiency, it is ideally suited for next generation AR glasses and mounted displays where space, weight, thermal constraints are critical.

展現出無與倫比的光學效率。發光技術的突破確保了即使在明亮的環境條件下也能獲得出色的高水平可見度，而其接觸形狀則支持日常睡眠的發展。它具有業界領先的緊湊外形、卓越的亮度和功率效率，非常適合空間、重量和熱限制至關重要的新一代 AR 眼鏡和安裝顯示器。

Growing collaborations with leading global tech companies are underway. We are confident that technological advancements would help revitalize their glasses market during its expansion and unlock new opportunities for immersive visual experiences. That concludes my report for this quarter.

與全球領先科技公司的合作正在不斷加強。我們相信，技術進步將有助於其眼鏡市場在擴張過程中煥發活力，並為沉浸式視覺體驗開闢新的機會。這就是我本季的報告。

Thank you for your interest in Himax. We appreciate you joining today's call and are now ready to take questions.

感謝您對 Himax 的關注。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, President Wu, and ladies and gentlemen, we are now in question-and-answer session. (Operator Instructions)

是的，謝謝吳主席，女士們、先生們，我們現在進入問答環節。（操作員指示）

Thank you.

謝謝。

We do have a couple of questions from the, online. The first question is, could you explain the validation process for CPO?

我們確實收到了一些來自網路上的問題。第一個問題是，您能解釋一下 CPO 的驗證流程嗎？

The valid, the validation process is now being conducted by, our leading our being, 4 and ourselves, our leading customer and our hungry partner. And it is a work in progress, at the moment, and the process involves primarily the realization of our, current, generation of products.

有效的驗證過程現在由我們的領導者、我們自己、我們的主要客戶和我們渴望的合作夥伴進行。目前，這項工作仍在進行中，該過程主要涉及我們當前一代產品的實現。

As well as the newly developed equipment, including manufacturing, assembly and testing equipment are involved, for the production of the product. And the equipment also includes the manufacturing equipment for the SAU as well as the equipment for the founding of [FAU] together with the cos.

以及新開發的設備，包括製造、組裝和測試設備，用於產品的生產。而且設備中還包括SAU的製造設備以及與cos一起創立[FAU]的設備。

So, it's, so it's going to be a challenge because, not just the products, but also the nutrition process is brand new. And it's. it's primarily in-house development on the side of Himax as well as. However, we are we believe the process is going well and we have good confidence on the successful validation of the about technology.

所以，這將是一個挑戰，因為不僅是產品，而且營養過程也是全新的。而且它主要是 Himax 內部開發的。然而，我們相信這個過程進展順利，我們對該技術的成功驗證充滿信心。

I don't want to comment exactly when, although certainly there's a timetable I can, all I can say is not very distant in the future. And once the validation process is concluded, then, Policy, in particular, were part of immediate expansion of their capacity which will not take a long time. And that's how we were, get ourselves ready for the mass production, scheduled for next year.

我不想評論具體時間，儘管我可以給出一個時間表，但我只能說這不是很遙遠的將來。一旦驗證過程結束，政策就會立即擴大其能力，這不會花很長時間。我們就是這樣為明年的大規模生產做好準備的。

And in our prepared remarks, we mentioned that the sample shipments from high to policy is stated to increase quarter by quarter this year and by Q4, you will reach, in the amount of millions of dollars for Himax.

在我們準備好的評論中，我們提到，從高到低的樣品出貨量今年將逐季度增加，到第四季度，Himax 的出貨量將達到數百萬美元。

And these sample shipments are actually exactly for the purpose of such validation. So, once the validation is done, and we'll certainly start the next phase which is trial production, TRY to, make sure, nothing is going to go wrong and also for year improvement and optimization. So that's the, That's my answer to the question.

而這些樣品出貨其實正是為了進行這樣的驗證。因此，一旦驗證完成，我們肯定會開始下一階段，即試生產，盡力確保一切順利，並進行年度改進和優化。這就是我對這個問題的回答。

There's another question. Do you have a guidance for 2025? How do we see the demand into the second half?

還有一個問題。您對 2025 年有什麼指導嗎？我們如何看待下半年的需求？

As we, well, since our IPO we never provide full-year guidance, and we do comment on the trend we're seeing, but we never really like, the immediate quarter guidance, we never provide that. So, we are definitely not do that, at this moment, especially when the micro uncertainty is so high.

自從我們首次公開募股以來，我們從未提供過全年指引，我們確實對我們看到的趨勢發表了評論，但我們從來都不喜歡立即的季度指引，我們從未提供過這樣的指引。所以，我們現在絕對不會這麼做，尤其是在微觀不確定性如此之高的情況下。

And What I would, however, again make a certain qualitative comment on the visibility of the second half and in short, this year is a particularly low visibility as we all know, especially with tariffs and another thing is. We are seeing our customers. I indeed, especially for the auto demand in China, and you will appreciate also accounts for now about half of total sales. In China, after Quite a few rounds of government stimulus programs.

然而，我想再次對下半年的可見性做出一定的定性評論，簡而言之，眾所周知，今年的可見性特別低，尤其是關稅和其他因素。我們正在接待我們的客戶。我確實，特別是對於中國的汽車需求，你會意識到現在也占到總銷售量的一半左右。在中國，經過了好幾輪政府刺激計畫。

Our customers are worried that further new government program target to stimulate so-called consumption. May not be as effective as before because, consumers have been through quite a few of such things and now, I mean, everybody is aware of the global uncertainty. In macroeconomies. So, that is, a major, that is a concern area for customers and that.

我們的客戶擔心政府將推出進一步的新計畫來刺激所謂的消費。可能不像以前那麼有效，因為消費者已經經歷過不少這樣的事情，而且現在，我的意思是，每個人都意識到了全球的不確定性。在宏觀經濟中。所以，這是一個主要的、也是客戶關心的領域。

And that is reflected due to, rather conservative guidance, because, our customers are saying, see, for the tariffs, how the tariff negotiation is going to unfold, nobody knows and then.

這反映出相當保守的指導，因為我們的客戶說，看看關稅，關稅談判將如何展開，沒有人知道。

Another thing is, sure, Chinese government is, in all likelihood is going to launch new programs to boost the local economy. However, whether that program, will be as effective like the one program that was launched exactly about a year from ago, that was quite effective, whether this year's program will be as effective. So, it's a measure and not. We start, so we were actually able to grow our automotive, by 20% last year.

另一件事是，中國政府很可能會推出新的計畫來促進當地經濟發展。然而，該計劃是否會像大約一年前啟動的那個計劃一樣有效，那個計劃非常有效，今年的計劃是否也會同樣有效。所以，它是一種衡量標準，但又不是。我們開始了，所以去年我們的汽車業務實際上成長了 20%。

Which was quite good considering the global auto sales was, only above flat at best. But it is actually harder to predict how the auto sales, will grow this year, although in our target is still to at least enjoy, achieve some growth this year. And for to achieve the growth, I think, we are fairly confident in achieving growth in new technology areas, i.e. TDDI, DDIC, because our pioneer, pioneering position and the strong design with pipelines in these areas.

考慮到全球汽車銷量最多只是略高於持平水平，這已經相當不錯了。但實際上，很難預測今年汽車銷售將如何成長，儘管我們的目標仍然是今年至少實現一些成長。為了實現成長，我認為我們對在新技術領域（例如 TDDI、DDIC）實現成長相當有信心，因為我們在這些領域的先驅地位和強大的管道設計。

And I would just point out again that our market shares in this new technology areas are always above 50% globally and we are still seeing aggressive adoption of such new techno technology. So, in this area, we are fairly confident. However, depending on the global automotive shipment, the overall automotive shipment, we may see some decline in the traditional DDIC area as it will continue to be partially replaced by TDDI. However, I would also like to point out, the traditional DDIC will never be totally replaced.

我想再次指出的是，我們在這個新技術領域的全球市場份額始終在 50% 以上，而且我們仍然看到這種新技術正在被積極採用。所以，在這個領域，我們相當有信心。然而，根據全球汽車出貨量，整體汽車出貨量，我們可能會看到傳統DDIC領域有所下降，因為它將繼續被TDDI部分取代。不過，我也想指出，傳統的DDIC永遠不會被完全取代。

We in the smart phone market because Some types of automotive displays such as dashboard, side mirror, rear mirror, and SUV will never need, touch functionality. So, as a reminder, we also enjoy about 40% go market share and pay the leader in the traditional DDIC market.

我們在智慧型手機市場因為某些類型的汽車顯示器（如儀表板、側視鏡、後視鏡和 SUV）永遠不需要觸控功能。因此，提醒一下，我們還享有約 40% 的市場份額，並在傳統 DDIC 市場中處於領先地位。

Would you comment on the Obsidian investment? That's another question.

您對 Obsidian 的投資有何評論？這是另一個問題。

Obsidian investment. Its obsidian is a Sydney, Australia based company specialized in in a very unique proprietary thermal imaging sensing technology and we love the company because we, our technology and the technology is a perfect fit because, in a very unique and the proprietary design, they are thermal sensor.

黑曜石投資。黑曜石是一家位於澳洲雪梨的公司，專門研究非常獨特的專有熱成像感測技術，我們喜歡這家公司，因為我們的技術與該技術完美契合，因為在非常獨特和專有的設計中，它們是熱感測器。

Needs our CMOC sensor inside. And our optical solution can also be very effective to improve the optical design. And in addition, our power AI is a perfect fit for there are some more inexpensive, solution because, the benefit of thermal image, thermal imaging compared to visual imaging such as the images, it's quite clear, thermal imaging has a major benefits of, keeping, privacy concern from, away, and also it works well in the, in total darkness in the evening, right.

需要我們的 CMOC 感知器。而且我們的光學解決方案也能非常有效地改善光學設計。此外，我們的人工智慧電源非常適合一些更便宜的解決方案，因為熱成像的好處，熱成像與視覺成像相比，很明顯，熱成像的主要優點是可以避免隱私問題，而且它在晚上完全黑暗的環境中也能很好地工作，對吧。

And that is those are the witnesses of CMOS. So, we love the investment because one obsidian thermal imaging is it's a very good supplement to our RGB sensor image. And also, they are key components actually, it's something we can supply provide very good support, for that. And also, our one side, special technology as low power is a perfect fit.

那些就是CMOS的見證者。因此，我們喜歡這項投資，因為黑曜石熱成像是對我們的 RGB 感測器影像的很好的補充。而且，它們實際上是關鍵部件，我們可以為此提供非常好的支援。而且，我們的低功耗特殊技術非常適合。

Some imaging together with, a power AI can create a very good, very convincing application for our joint customers. So, we are together working on new generation of design, and we are proactively promoting the technology, together. Whether it were for trade shows or customers and we believe, obsidian, thermal image when it's successful and hopefully, we are seeing next year, hopefully, you will start to see a meaningful value. It's a very, unique proprietary technology.

一些成像技術加上強大的人工智慧可以為我們的共同客戶創建一個非常好、非常令人信服的應用程式。因此，我們共同致力於新一代的設計，並共同積極推動這項技術。無論是針對貿易展覽還是客戶，我們都相信，黑曜石熱成像一旦取得成功，希望我們明年能夠看到，希望您能夠開始看到其有意義的價值。這是一項非常獨特的專有技術。

To offer thermal imaging together with AI with reasonable cost, reasonable low cost while offering, reasonable resolution and one of their strengths is very unique, uniquely low signal noise. So, their application can be Universal, we are seeing many application areas, especially in those areas, as I mentioned, for privacy is a major concern or in the evening, you need to continue to detect the objects.

以合理的成本提供熱成像和人工智慧，同時提供合理的低成本、合理的分辨率，其優勢之一非常獨特，訊號雜訊極低。因此，它們的應用可以是通用的，我們看到許多應用領域，特別是在那些領域，正如我所提到的，隱私是一個主要關注點，或者在晚上，你需要繼續檢測物體。

So, we are quite excited about this and so, we are going to work very closely. Oh and, what else? When shall we see meaningful contribution from CPO related products we mentioned. In the last earnest call, this year will only be simple contribution, so they are meaningful, but they are still negligible compared to our total sales. We also indicated, next year 2026 will be the first year of mass production.

因此，我們對此感到非常興奮，並且我們將密切合作。哦，還有什麼？我們什麼時候才能看到我們提到的CPO相關產品的有意義的貢獻。上次鄭重聲明，今年只是簡單的貢獻，因此雖然有意義，但與我們的總銷售額相比仍然微不足道。我們也表示，明年2026年是量產元年。

And but we don't know and we're not going to comment exactly when. So, I would say, by the time it starts the official mass production, the contribution will be meaningful, but so hopefully that will be somewhere next year, exactly when next year and we are not prepared to comment at this moment.

但我們不知道，也不會評論具體時間。所以，我想說，當它開始正式大規模生產時，其貢獻將是有意義的，但希望那將是在明年的某個時候，確切地說是明年的某個時候，我們目前還沒有準備好發表評論。

I think that's some questions are rather repetitive from the ones I just mentioned. The key bottleneck for the CPO project right now, again, we need to get the product, and the process validated, and I think that's the key bottleneck. It certainly our customers will have their own technical challenges to deal with, but again, I think it is everybody's objective that we're going to mass production next year. And I think we are all quite confident and excited about this joint objective.

我認為這些問題與我剛才提到的問題有些重複。目前 CPO 專案的關鍵瓶頸是，我們需要再次驗證產品和流程，我認為這是關鍵瓶頸。當然，我們的客戶將面臨自己的技術挑戰，但我認為，明年實現大規模生產是每個人的目標。我認為我們都對這共同目標充滿信心和興奮。

I think that's about it for all the questions we received so far.

我想這就是我們目前收到的所有問題。

Okay, also as a final note, Karen Tiao, our head of IR/PR will maintain visit the marketing activities and continue to attend the conferences. We announce the details as they come about.

好的，最後要說的是，我們的投資人關係/公關主管 Karen Tiao 將繼續參與行銷活動並繼續參加會議。一旦有詳細信息，我們會立即公佈。

Thank you and have a nice day.

謝謝您，祝您有愉快的一天。

Thank you, President Wu, and ladies and gentlemen, this concludes the first quarter of 2025 earnings conference. You may now disconnect.

謝謝吳總裁，女士們、先生們，2025年第一季財報會議到此結束。您現在可以斷開連線。

Thank you and goodbye.

謝謝，再見。