使用警語：中文譯文來源為 Google 翻譯，僅供參考，實際內容請以英文原文為主
Operator
Operator
Hello ladies and gentlemen. Welcome to HE Technologies Incorporation, 3rd quarter of 2025 earnings conference call.
女士們、先生們，大家好。歡迎參加 HE Technologies Incorporation 2025 年第三季業績電話會議。
At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session.
目前，所有參與者均處於唯讀模式。稍後我們將進行問答環節。
Will follow at that time. As a reminder, this conference call is being recorded.
屆時將另行通知。再次提醒，本次電話會議正在錄音。
I would now like to turn the conference over to Ms. Karen Tao, head of IR, PR, and Hx. Ms. Tao, please go ahead.
現在我謹將會議交給女士。Karen Tao，IR、PR 和 Hx 負責人。多發性硬化症。陶，請繼續。
Karen Tiao - Head of Investor Relations/Public Relations
Karen Tiao - Head of Investor Relations/Public Relations
Welcome everyone to the high 3rd quarter 2025 earth call.
歡迎大家參加2025年第三季地球高階呼喚。
My name is Karen Teo, head of IRPIA Jaime.
我叫 Karen Teo，是 IRPIA Jaime 的負責人。
Joining me today are The officer.
今天和我一起的還有這位警官。
After the company's prepared comments, we have allocated time for question in the Q&A section.
公司發言結束後，我們安排了問答環節供大家提問。
If you have not yet received a copy of today's result release.
如果您尚未收到今天公佈的成績單。
Please email hx_IR. Attmax.com. Tw or H I M X S N V.
請發送電子郵件至 hx_IR.Attmax.com。Tw 或 H I M X S N V。
As is the press release on financial portals or download a copy of Hiax website at www.himax.com.tw.
詳情請參閱財經入口網站上的新聞稿，或造訪 Hiax 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 effected future financial results and industry growth and forward-looking statements, they involve a number of risks and.
在正式發言之前，我想提醒大家，本次電話會議中的一些陳述，包括有關未來財務業績和行業增長的陳述以及前瞻性陳述，都涉及諸多風險。
Cause actual events or result to different materially from those described in this conference call.
導致實際事件或結果與本次電話會議中所述內容有重大差異。
A list of risk factors can be found in the company's SAC filing Form 20 for the year ended December 31st, 2024 in the section entitled Risk Factors as may be amended.
風險因素清單可在本公司截至 2024 年 12 月 31 日止年度的 SAC 申報表 20 的「風險因素」部分中找到（如有修訂）。
Except for the company 4 years of 2024 financials 2035.
除了公司 2024 年到 2035 年的 4 年財務數據。
The financial information included in this conference call is audited and consulted and prepared in accordance with IFRS accounting.
本次電話會議中所包含的財務資訊均經過審計和諮詢，並依照國際財務報告準則編製。
Such financial information is generated internally and has not been subjected to the same review and scrutiny, including internal auditing procedures and external audit requirement.
此類財務資訊由內部生成，並未經過相同的審查和核查，包括內部審計程序和外部審計要求。
To which we subject our annual consolidated financial statements and may vary materially on the audited consolidated financial information for the same period.
我們對年度合併財務報表進行審計，結果可能與同期經審計的合併財務資訊有重大差異。
The company undertakes no obligation to publicly update or revise any overlooking statements where, as a result of new information, future events, or otherwise.
對於因新資訊、未來事件或其他原因而導致的任何疏漏聲明，本公司不承擔公開更新或修改的義務。
On the debate call, I was hurt. Odd by performance for the 3rd quarter 2025, followed by our fourth quarter outlook. Jordan will give an update on the status of of our business, and after which we will take questions.
在辯論電話會議上，我感到很受傷。 2025年第三季業績表現不佳，隨後我們展望了第四季。喬丹將介紹我們業務的最新情況，之後我們將回答問題。
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您的問題。
We will review our financials on an IFRS basis.
我們將按照國際財務報告準則（IFRS）審查我們的財務狀況。
US tariff measures continue to disrupt global trade dynamics, adding to the macroeconomic and demand uncertainty.
美國關稅措施持續擾亂全球貿易動態，加劇宏觀經濟和需求的不確定性。
While this, we are pleased to report that our third quarter revenues and profits both significantly exceeded the guidance range announced on August 7th, 2025, while both Martin came in within guidance.
儘管如此，我們很高興地報告，我們第三季的收入和利潤均大幅超過了 2025 年 8 月 7 日公佈的指導範圍，而 Martin 的業績也均在指導範圍內。
This photograph B of 7.3%, which significantly outperformed our guidance range of a 12.0% to 7.0% decline primarily driven by better than expected sales for automotive IC and Tcom product line.
這張照片 B 的跌幅為 7.3%，遠超我們先前預測的 12.0% 至 7.0% 的跌幅範圍，主要得益於汽車 IC 和 Tcom 產品線的銷售額好於預期。
The gross margin was 3.2% in line with our identity.
毛利率為3.2%，符合我們的預期。
Q3 profit per diluted ADS was at 0.$0.06, substantially exceeding the guidance range of the loss of 2.0 to 4.$0.00.
第三季每股攤薄後 ADS 的利潤為 0.06 美元，遠超過先前預測的虧損 2.0 美元至 4.00 美元的範圍。
Be strong and guided the revenue. Revenues from large display drivers can at $9.0 million.
保持穩健的運營，並引導營收成長。大型顯示器驅動業務的營收可達 900 萬美元。
Representing a supply of 23.6% on the All three lines within the large panel fiber IC segment declined primarily due to the absence of the traditional system of shopping momentum amid a volatile microeconomic environment.
大型面板光纖 IC 領域所有三條生產線的供應量佔 23.6%，下降的主要原因是動盪的微觀經濟環境導致傳統購物動能體系的缺失。
As well as the customers pulling forward purchases in prior quarters.
此外，還有顧客提前購買前幾季的商品。
Sales of large driver IC accounted for 9.5% of total revenues for the quarter compared.
同期，大型驅動積體電路的銷售額佔總收入的 9.5%。
The last quarter and 13.8% a year ago.
上一季為13.8%，一年前為13.8%。
Revenue from the small and medium sized display driver segment totaled $141.0 million.
中小尺寸顯示驅動器細分市場的收入總計達 1.41 億美元。
Reflecting a slight decline of 2.4%. Q3 automotive driver cells, including both the traditional DDIC and TDDI, increased single.
反映出小幅下降了 2.4%。第三季汽車驅動單元，包括傳統的 DDIC 和 TDDI，單價有所上漲。
On our guidance there is a slight sequential decline indicating resilient underlying demands by global softeners in automotive sales.
根據我們的預測，環比略有下降，顯示全球汽車銷售疲軟的因素並未削弱潛在需求的韌性。
The sequential, the growth was mainly driven by replenishment in both TDDI and TDI products.
從順序來看，成長主要由 TDDI 和 TDI 產品的補貨推動。
With costs adhering to a ma to order model and keeping inventory lean in view of an uncertain demand outlook.
成本控制遵循按訂單生產模式，並鑑於需求前景不明朗，保持庫存精簡。
Business comprising DDIC, TTDI, Tcom, and Olay IC sales remain the largest revenue contributor in the third quarter, representing over 15% of the total revenues.
第三季度，DDIC、TTDI、Tcom 和 Olay IC 銷售業務仍然是最大的收入貢獻者，佔總收入的 15% 以上。
Meanwhile, revenue for both smartphones and tablet IC segments declined quarter over quarter as customers pull forward purchases in prior quarters.
同時，由於客戶提前提取前幾季的購買款項，智慧型手機和平板電腦 IC 部門的收入均較上季下降。
Display driver IED segment accounted for 17.8% of total sales for the quarter compared to 67.3% in the previous quarter and 69.9% a year ago.
顯示器驅動器 IED 細分市場在本季佔總銷售額的 17.8%，而上一季為 67.3%，去年同期為 69.9%。
Q3 non-driver sales reached $39.2 million a 13.7% decrease from the previous quarter but outperforming our guidance range.
第三季非駕駛員銷售額達到 3,920 萬美元，比上一季下降 13.7%，但超過了我們的預期範圍。
I may continue to hold an undisputed leadership position with the dominant market share in automotive com. Tecom business accounted for around 12% of total sales with notable contributions from automotive Tcom. A driver car accounted for 19.7. As compared to 21.1% in the previous quarter and 50.3% a year ago.
我可能繼續保持無可爭議的領導地位，在汽車通訊領域佔據主導市場份額。 Tecom業務約佔總銷售額的12%，其中汽車Tcom貢獻顯著。單車銷售額佔19.7%，上一季為21.1%，去年同期為50.3%。
Third quarter operating expenses were $15.7 million an increase of 34.2% from the previous quarter and roughly flat compared to the same period last year.
第三季營運支出為 1,570 萬美元，比上一季成長 34.2%，與去年同期基本持平。
The sequential increase was mainly attributed to the annual.
連續成長主要歸因於年度成長。
Which we award employees at the end of September each year.
我們每年九月底都會頒發這些獎項給員工。
Typically resulting in much higher Q3 employee compensation expenses compared to other quarters over the year.
通常會導致第三季員工薪資支出遠高於其他季度。
Increased expenses, salary expenses, as well as the appreciation of $20 against the US dollar in Q3, were also factors behind the sequential increase.
支出增加、薪資支出增加，以及第三季美元兌美元升值 20 美元，也是季增的因素。
Our grant for 2025 was $7.7 million slightly higher than the guidance of $7.5 million as the bonus amount determined based on the expected four-year profit was revised up for the following month improved Q3 financial performance.
由於第三季財務表現改善，根據預期四年利潤確定的獎金金額在下個月進行了上調，因此我們 2025 年的撥款為 770 萬美元，略高於此前預期的 750 萬美元。
Of the $7.7 million 7.5 million dollars was immediately.
770萬美元中，有750萬美元是立即到帳的。
Spent in 2 years, the total bonus expenses for QC 2025 amounts to $8.1 million.
QC 2025 的獎金支出總額在兩年內達到 810 萬美元。
Significantly more than 13.9 minutes recorded in Q3 2024.
2024 年第三季記錄的長度明顯超過 13.9 分鐘。
For reference, the annual bonus granted for 2024 and 2023 was 19.
作為參考，2024 年和 2023 年的年度獎金為 19。
$0.5 million and $10.4 million respectively.
分別為 50 萬美元和 1040 萬美元。
Of which $11.2 million and $9.7 million were vested and dispensed immediately.
其中 1,120 萬美元和 970 萬美元已歸屬並立即發放。
Amid ongoing macroeconomic challenges, we continue to exercise strict budgets and expensive controls.
在宏觀經濟持續面臨挑戰的情況下，我們繼續實施嚴格的預算和昂貴的管控措施。
The order operating loss was 0.
該訂單的營運虧損為0。
Representing a negative operating margin of 0.3% compared to 8.4% in the previous quarter and 2.6% for the same period last year.
與上一季的 8.4% 和去年同期的 2.6% 相比，本季營業利潤率為負 0.3%。
The sequential decline was primarily attributable to higher employee bonuses, which as stated earlier was $8.1 million compared to $0.8 million last quarter couple.
環比下降主要歸因於員工獎金增加，如前所述，本季獎金為 810 萬美元，而上一季為 80 萬美元。
Decrease was mainly due to a reduced sales.
下降的主要原因是銷售額減少。
Q3 after tax profit was $1.1 million or 0.$0.06 per diluted ADS compared to $50.5 million or 9.$0.05 per diluted ADS last quarter and down from $13.0 million.
第三季稅後利潤為 110 萬美元，即每股攤薄 ADS 0.06 美元，而上一季為 5,050 萬美元，即每股攤薄 ADS 9.05 美元，低於上一季的 1,300 萬美元。
$0.04 in the same period last year.
去年同期為 0.04 美元。
On turning to a balance sheet, we had a $278.2 million of cash equivalent, and our financial assets as of September 13, 2025.
從資產負債表來看，截至 2025 年 9 月 13 日，我們擁有 2.782 億美元的現金等價物和金融資產。
This compares to 200.
這與 200 相比。
And $6.5 million at the same time last year and 332.8 million.
而去年同期為 650 萬美元，今年同期為 3.328 億美元。
A The sequential decline in cash balance mainly reflected the $54.5 million dividend and the $30.1 million employee bonus payout.
A 現金餘額環比下降主要反映了 5,450 萬美元的股息和 3,010 萬美元的員工獎金支出。
Q3 operating cash inflow was $6.7 million compared to an inflow of $15.5 million in the prior quarter.
第三季經營活動現金流入為 670 萬美元，上一季為 1,550 萬美元。
The sequential decrease mainly reflected.
順序下降主要反映了這一點。
For payments in Q3 for inventory procured in entire quarters to support customers' demands along with employee bonuses, payments mentioned above.
第三季為滿足客戶需求而購買的整個季度的庫存款項以及員工獎金，如上所述的款項。
The employee bonus paid out this year included 7 $7.3 million for the immediate vested portion of this year's award and $5.8 million for the vested award granted over the past three years.
今年發放的員工獎金包括 730 萬美元（今年獎金的立即歸屬部分）和 580 萬美元（過去三年授予的歸屬獎金）。
At the end of Q3, of which $6.0 million was the current portion.
第三季末，其中 600 萬美元為當期款項。
Our quarterly inventories were $137.4 million a slight increase from $134.6 million last quarter and lower than 192.
本季庫存為 1.374 億美元，較上季的 1.346 億美元略有增加，但低於 1.92 億美元。
After several quarters of inventory declined from its peak during the industry-wide supply shortage, Q3 inventory slightly increased but remained at a healthy level.
在經歷了幾個季度的行業供應短缺高峰期後，庫存量有所下降，第三季庫存量略有上升，但仍保持在健康水平。
As macroeconomic uncertainty limits the visibility across the ecosystem.
宏觀經濟的不確定性限制了整個生態系的可見性。
We will continue to manage our inventory conservatively.
我們將繼續採取保守的庫存管理策略。
Available at the end of September 2025 was $200.7 million decreased from once at $219.0 million last quarter and down from $224.6 million a year ago.
截至 2025 年 9 月底，可用資金為 2.007 億美元，低於上季的 2.19 億美元，也低於一年前的 2.246 億美元。
CSO was 87 days at the quarter end as compared to 92 days last quarter and a year ago.
本季末的 CSO 為 87 天，而上一季和去年同期均為 92 天。
3rd quarter capital expenditure.
第三季資本支出。
$3 million versus $4.6 million last quarter and $2.6 million a year ago.
本季為 300 萬美元，而上季為 460 萬美元，去年同期為 260 萬美元。
3rd quarter capac was mainly for R&D related equipment for our IT design business and the construction in progress for the new preschool near our China headquarters built for employees children.
第三季產能主要用於我們IT設計業務的研發相關設備，以及在我們中國總部附近為員工子女建造的新幼兒園的建設。
September 13, 2025.
2025年9月13日。
I me 0.5 million 8 years outstanding little changed from the last quarter.
我 0.50 萬 8 年未償還，與上一季相比變化不大。
On a fully diluted basis.
以完全稀釋後的基礎為準。
The total number of ADA outstanding for the third quarter was 174.4 million.
第三季未償還的 ADA 總數為 1.744 億。
Now, turning to our 4th order 2025 guidance.
現在，讓我們來看看我們的第四份訂單 2025 年指引。
We expect Q4 revenues to be flat sequentially.
我們預計第四季營收將與上一季持平。
What Martin is expected, Be up depending on what I make.
馬丁的期望是，根據我的收入而定。
He for profit attributable to shareholders is estimated to be in the range of 2.0 to 4.$0.00 perusing directed aid. I will now turn the call over to Jordan to discuss our Q for 2025 outlook.
根據定向援助計劃，他歸屬於股東的利潤預計在 2.0 美元至 4.0 美元之間。現在我將把電話交給 Jordan，讓他討論我們對 2025 年的展望。
Jordan the performing yours.
喬丹正在表演你的。
Welcome.
歡迎。
Jordan Wu - President, Chief Executive Officer, Director
Jordan Wu - President, Chief Executive Officer, Director
Thank you, Karen.
謝謝你，凱倫。
The US-China tariff negotiations recently reached a preliminary framework, sending a positive signal to the market.
中美關稅談判近期達成初步框架，向市場發出正面訊號。
Yet, most panel customers continue to adopt a make to order model and maintain low inventory levels.
然而，大多數面板客戶仍然採用按需生產模式，並保持較低的庫存水準。
In the automotive dispa citizens.
在汽車經銷商。
Demand visibility remains low as customers continue to act conservatively and sustain the inventory levels.
由於客戶繼續採取保守策略並維持庫存水平，需求可見度仍然很低。
Despite the limited short-term visibility in the automotive market, remain optimistic about our automotive business outlook for the next.
儘管汽車市場短期前景不明朗，但我們對未來幾年的汽車業務前景仍保持樂觀。
By our leading new technology offerings and comprehensive customer coverage.
憑藉我們領先的新技術產品和全面的客戶服務。
Meanwhile, we continue to focus on the expansion into emerging areas beyond display ICs, including ultra low power AI, CPO, and smart glasses, all level applications categorized by high growth potential, high added value, and high technological barriers.
同時，我們繼續專注於向顯示積體電路以外的新興領域拓展，包括超低功耗人工智慧、CPO 和智慧眼鏡等，這些應用均具有高成長潛力、高附加價值和技術障礙等特點。
Positioned to become new growth drivers for Hye soon.
有望很快成為Hye公司新的成長動力。
Before I elaborate on those new business areas, let me touch base on the automotive IT business.
在詳細介紹這些新的業務領域之前，讓我先簡單介紹一下汽車IT業務。
Fex has been deeply engaged in the automotive display market for nearly two decades, offering a comprehensive.
Fex 已深耕汽車顯示器市場近二十年，提供全面的解決方案。
Technologies spanning from LCD to outlet.
從液晶顯示器到插座等各種技術。
Amid intense industry competition, Primax holds a solid leadership position with number one global market share across all segments of automotive display ICs and an overwhelming lead of our competitors.
在激烈的行業競爭中，Primax 憑藉在汽車顯示 IC 所有細分市場中全球市場份額第一的地位，以及對競爭對手的絕對領先優勢，佔據了穩固的領導地位。
As smart interiors advanced.
隨著智慧室內設計技術的進步。
Larger high resolution and more innovative displays, including the adoption of all the displays for higher vehicles.
更大、更高解析度、更具創新性的顯示屏，包括所有高端車輛均採用的顯示器。
Is well positioned to benefit from this trend.
已做好充分準備，從這一趨勢中獲益。
Looking ahead, we expect further growth in automotive PDDI and PA technologies driven by.
展望未來，我們預期汽車PDDI和PA技術將進一步成長，這主要得益於以下因素的推動：
For panel makers, tier one suppliers, and, automakers.
適用於面板製造商、一級供應商和汽車製造商。
Both TDDI and Tcom are advanced display solutions for vehicles and have already been successfully designed into hundreds of projects worldwide.
TDDI 和 Tcom 都是先進的車載顯示器解決方案，並且已經在全球數百個專案中成功應用。
Meanwhile, in the traditional DDIC segment, shipments remain relatively stable due to long product.
同時，在傳統的DDIC領域，由於產品週期長，出貨量保持相對穩定。
And the nature of many applications such as dashboards, heads up displays, and rear and side view mirrors that do not require touch functionality, thereby continuing to generate long-term and stable DDIC revenues for Hx.
而儀錶板、抬頭顯示器、後視鏡和側視鏡等許多應用的特性，並不需要觸控功能，因此將繼續為 Hx 創造長期穩定的 DDIC 收入。
In addition, HMA has been deeply engaged in automotive OLED technology development.
此外，HMA一直致力於汽車OLED技術研發。
An increasing number of leading global automakers accelerating adoption of all the technology in new vehicle models. We expect all the display adoption in the automotive sector to grow rapidly starting in 2027.
越來越多的全球領先汽車製造商正在加快在新車型中採用所有相關技術。我們預計從 2027 年開始，汽車產業所有顯示器的應用將快速成長。
Despite lingering economic uncertainty, continued.
儘管經濟不確定性依然存在，但仍持續。
Expand its business beyond display ICs focusing on ultra low power AI, CTO, and smart glasses.
將其業務拓展到顯示積體電路以外的領域，專注於超低功耗人工智慧、CTO 和智慧眼鏡。
Through years of dedicated investment and R&D, CMax has established a solid technological foundation and a strong patent portfolio in these areas while closely collaborating with partners to.
透過多年的專注投資和研發，CMax 在這些領域建立了堅實的技術基礎和強大的專利組合，同時與合作夥伴密切合作。
Production and real world educations.
生產實踐和真實世界的教育。
As these emerging businesses gradually materialize, they are poised to become key growth engines for Hemax, reduce our reliance on the display IC market, and further enhance both profitability and long-term competitiveness.
隨著這些新興業務逐步成型，它們有望成為海邁的關鍵成長引擎，減少我們對顯示IC市場的依賴，並進一步提高獲利能力和長期競爭力。
First, on the white side.
首先，從白色的一面開始。
Wii enables battery-powered endpoint devices with real-time analysis, precise recognition, and environmental awareness, and ultra low power consumption of merely a few miniwatts.
Wii 讓電池供電的終端設備能夠進行即時分析、精確識別和環境感知，且功耗極低，僅為幾微瓦。
Leveraging these core strengths, Wii has been successfully adopted by multiple leading global mobilebook brands with ongoing collaborations with customers.
憑藉這些核心優勢，Wii 已被多家全球領先的行動圖書品牌成功採用，並與客戶保持持續的合作關係。
Wi FY has also been widely deployed across various domains such as smart door locks, van authentication, and smart home appliances, partnering with top tier global customers to co-develop a range of innovative applications. Our Wi FY module business.
Wi FY 已廣泛應用於智慧門鎖、車輛認證、智慧家庭設備等多個領域，並與全球頂級客戶合作，共同開發一系列創新應用。我們的 Wi FY 模組業務。
For design and ease of integration, making it highly suitable for diverse AIOT applications.
其設計精良且易於集成，使其非常適合各種人工智慧物聯網應用。
It has already been adopted in applications such as smart parking systems, access control, convent authentication, smart offices, and smart home, with the number of design projects fast expanding.
它已被應用於智慧停車系統、門禁控制、身份驗證、智慧辦公室和智慧家庭等領域，設計項目數量正在快速增長。
Further, the recent major education addition.
此外，近期教育領域新增了一項重大措施。
The new product category categorized by extremely demanding low power.
新產品類別，其特點是功耗要求極低。
Wi FY enables real-time AI functionality and industry leading ultra low power consumption while supporting always on sens sensing for surroundings and event-based eye tracking to deliver a natural and intuitive human-machine interaction.
Wi FY 可實現即時 AI 功能和業界領先的超低功耗，同時支援始終開啟的環境感知和基於事件的眼動追踪，從而提供自然直觀的人機互動。
Brands and startups to integrate into their new smart glasses projects.
品牌和新創公司將整合到他們的新型智慧眼鏡專案中。
Looking ahead, the Wi FY business is entering a phase of rapid growth, becoming one of our key growth engines. In the field of cop optics or CPO, Text leverages its proprietary.
展望未來，Wi FY業務正進入快速成長階段，成為我們關鍵的成長引擎之一。在警用光學元件（CPO）領域，Text充分利用其專有技術。
But narrow imprinted technology.
但這是窄幅壓印技術。
Together with our partner 4C.
與我們的合作夥伴 4C 一起。
We have achieved significant breakthrough in silicon photonics technology with the first generation solution being validated by customers and partners as we work towards mass production readiness in 2026.
我們在矽光子技術方面取得了重大突破，第一代解決方案已通過客戶和合作夥伴的驗證，我們正在努力實現 2026 年的大規模生產準備。
In, joint development efforts with leading customers.
與領先客戶進行共同開發工作。
Technologies to meet the explosive bandwidth demands HTC and AI applications.
滿足爆炸性頻寬需求的技術 HTC 和 AI 應用。
While addressing the critical challenge of overheating in high-speed transmission, HM expects CPO to become a major revenue and profit contributor in the years ahead.
在解決高速傳輸過熱這一關鍵挑戰的同時，HM 預計 CPO 將在未來幾年成為主要的收入和利潤貢獻者。
Let me touch base on the status of our smart glasses businesses.
讓我簡要介紹一下我們智慧眼鏡事業的現況。
Driven by generative AI and large language models, the smart glasses market is experiencing a resurgence and is seen as the next high growth, high volume market opportunity.
在生成式人工智慧和大型語言模型的推動下，智慧眼鏡市場正在復甦，並被視為下一個高成長、高銷售的市場機會。
Smart glasses has been one of HEx's long-term strategic focus areas where we are among.
智慧眼鏡一直是HEx的長期策略重點領域之一，我們也是其中的佼佼者。
She That possess 3 critical enabling technologies for smart glasses, namely ultra low power, intelligent image sensing, micro display, and nano optics.
她擁有智慧眼鏡的 3 項關鍵使能技術，即超低功耗、智慧影像感測、微顯示和奈米光學。
Giving TMax a unique opportunity to take advantage of the potentially explosive growth of smart glasses.
這為 TMax 提供了一個獨特的機會，使其能夠利用智慧眼鏡潛在的爆炸性增長。
In intelligent sense.
從智力層面來說。
Delivers always on ultra low power contextual awareness with average power consumption of just a few million watts.
始終提供超低功耗的上下文感知功能，平均功耗僅為數百萬瓦。
It significantly enhances the interactivity and perception of smart glasses while preserving battery life of the smart glasses device.
它顯著增強了智慧眼鏡的互動性和感知能力，同時保持了智慧眼鏡設備的電池續航力。
Them display Climax's latest from the Air Force m display specifically.
它們專門展示了 Climax 最新推出的空軍 m 顯示器。
A office has attracted strong market attention since its debut.
該辦公大樓自推出以來就引起了市場的強烈關注。
It achieves an optimal combination of factor, weight, pulse consumption, and cost while delivering high brightness and high color saturation in full color display performance.
它在提供高亮度、高色彩飽和度的全彩顯示性能的同時，實現了因子、重量、脈衝消耗和成本的最佳組合。
All key attributes for Aliso
Aliso 的所有關鍵屬性
It's over a decade with leading tech names and a proven record of reliable delivery, Imax's new Air Force product now its sampling stage has attracted the attention of numerous AR glasses players worldwide.
憑藉與領先科技公司十餘年的合作以及可靠的交付記錄，Imax 的全新 Air Force 產品目前已進入樣品階段，吸引了全球許多 AR 眼鏡廠商的注意。
In the field of nano optics.
在奈米光學領域。
Pex offers proprietary WLO technology for advanced nano.
Pex 提供專有的 WLO 技術，用於先進的奈米技術。
Guy solutions which when bundled with micro display forms the display system required of glasses.
Guy 解決方案與微型顯示器結合，構成了眼鏡所需的顯示系統。
Looking ahead, we expect revenues from AR and AR glasses related applications to grow substantially over the next few years.
展望未來，我們預計未來幾年AR和AR眼鏡相關應用的營收將大幅成長。
With an update of the last last panel driver IC diss.
更新了最後一個面板驅動IC diss。
In Q4 plus displayed driver IC sales are expected to increase single-digit sequentially driven by new notebook TDDI projects entering mass production along with customers restocking of American IC products following several subdued quarters.
預計第四季度顯示驅動積體電路 (IC) 的銷售額將環比增長個位數，這主要得益於新的筆記型電腦 TDDI 項目進入量產階段，以及客戶在經歷了幾個低迷季度後重新採購美國集成電路產品。
Despite a challenging We continue to advance our technology roadmap for next generation displays to achieve faster data transmission, lower latency, improved power efficiency, and high-speed interface for next generation premium and gaming displays.
儘管面臨挑戰，我們仍將繼續推進下一代顯示器的技術路線圖，以實現更快的資料傳輸、更低的延遲、更高的電源效率以及為下一代高階和遊戲顯示器提供的高速介面。
In the local sector, we continue to focus on the growing adoption of O displays and advanced catch features in premium.
在本地市場，我們繼續關注高端產品中 O 型顯示器和先進捕捉功能的日益普及。
By the rise of AIPCs and demand for more interactive productivity enhancing experiences.
隨著人工智慧個人電腦（AIPC）的興起以及人們對更具互動性和生產力提升體驗的需求，這種情況發生了變化。
Timex is well positioned to capitalize on opportunities with comprehensive range of ICs for both LCD and O and notebooks, including DDIC, TCA, touch controllers, and TDDI.
Timex 擁有全面的 IC 產品線，涵蓋 LCD 和 O 以及筆記型電腦，包括 DDIC、TCA、觸控控制器和 TDDI，因此能夠很好地把握機會。
But there were projects for all the displaced.
但所有流離失所者都有相應的項目。
Panel members in Korea and China.
韓國和中國的專家小組成員。
Turning to the small and medium sized display driver IC pieces.
接下來我們來看看中小型顯示驅動IC晶片。
In Q4, small and medium sized display dri rice citizen is expected to slight, decline from, last quarter.
預計第四季中小規模顯示器dri rice citizen將比上一季略有下降。
Automotive drive ID sales, including TDDI and traditional DDIC, are set to increase single-digit quarter over quarter.
汽車驅動ID的銷售額，包括TDDI和傳統DDIC，預計將實現個位數季度環比增長。
Largely driven by the continued adoption of TDDF technology among major costs across all continents.
很大程度上是由於 TDDF 技術在各大洲的主要成本中持續應用。
Despite the challenging micro environment or automotive driver sales for the full, year 2, Projected to grow single-digit year over year.
儘管第二年汽車駕駛銷售面臨嚴峻的微觀環境挑戰，但預計仍將實現個位數年增。
With total volume projected to outgrow the global auto automotive shipment.
預計總銷量將超過全球汽車出貨量。
Prime remains the leader in this market with the market share well above 50%, far outpaces those of competitors.
Prime 仍然是該市場的領導者，市佔率遠超 50%，遠超過競爭對手。
Traditional automotive DVIC demand remain.
傳統汽車DVIC需求仍然存在。
Partial replacement by TdDI.
部分替代TdDI。
The transition continues to be gradial as many automotive displays such as the sports, SUVs, and rear and side view mirrors do not require touch functionality and typically have long product life cycles.
由於許多汽車顯示器（如跑車、SUV 以及後視鏡和側視鏡）不需要觸控功能，而且產品生命週期通常較長，因此這種轉變仍然是漸進的。
Timex holds a solid 40% market share in traditional DBIC.
Timex 在傳統 DBIC 市場中佔據 40% 的穩固市佔率。
For both legacy and next generation of multi display applications.
適用於傳統和新一代多顯示器應用。
PMA also continues to lead in automotive display IC innovation by pioneering solutions across a range, a wide range of panel types while addressing diverse design needs and cost considerations.
PMA 也持續引領汽車顯示器 IC 創新，率先推出涵蓋各種面板類型的解決方案，同時滿足多樣化的設計需求和成本考量。
So. In ultra ultra large touch displays, we led the industry by introducing the OTDS solution which began mass production in Q3, 2023.
因此，在超大觸控顯示器領域，我們率先推出了 OTDS 解決方案，該方案於 2023 年第三季開始量產，引領了產業發展。
OTDI has been gaining traction driven by increasing popularity of larger ve displays that demand higher performance, improved signal integrity, and simplified.
OTDI 的發展勢頭強勁，這得益於更大尺寸的顯示器越來越受歡迎，這些顯示器需要更高的性能、更好的訊號完整性和更簡化的顯示方式。
The global threat of track to mass production as we move into 2026.
隨著我們邁入 2026 年，軌道大規模生產對全球構成了威脅。
For for smaller displays form factor and budget constraints, we provide single chip designs that combine TDDI and local DBT card.
對於尺寸較小的顯示器和預算限制，我們提供結合了TDDI和本地DBT卡的單晶片設計。
This enables advanced level dimming in small sized displays reduced.
這使得小型顯示器能夠實現高級調光。
The cost and improves power efficiency, making it an attractive choice for customers.
成本更低，能源效率更高，對客戶來說是個有吸引力的選擇。
For high-end displays during the recent SIC, vehicle for displays and interfaces symposium, one of the industry's leading events for the motive display and HMI technologies.
在最近的SIC（車載顯示器和介面研討會）上，高階顯示器得到了展示。 SIC是汽車顯示和人機互動技術領域的行業領先盛會之一。
Hi Max showcased the industry's first OE Touch IC.
Hi Max展示了業界首款OE觸控IC。
Both take off. Capacitive touch keys, enabling flexible design options and delivering a safer, more intuitive control experience for OLED automotive displays.
兩者同時起飛。電容式觸控按鍵，可實現靈活的設計選擇，並為OLED車用顯示器帶來更安全、更直覺的控制體驗。
Timex continues to advance in the active display technologies that enhance driver safety and heavy ergonomics.
Timex 在主動式顯示技術領域不斷取得進步，從而提升了駕駛安全性和人體工學性能。
Is expected to accelerate starting in 2027.
預計從 2027 年開始加速成長。
This presents an attractive opportunity to further solidify our leadership in the automotive display market where we already have a dominant market share position across DDIC, DDTI, and local DVT.
這為我們進一步鞏固在汽車顯示器市場的領導地位提供了一個極具吸引力的機會，我們已經在 DDIC、DDTI 和本地 DVT 市場佔據了主導地位。
We provide a6 OED driver and TA solutions that enter mass production a few years back.
我們提供幾年前已投入量產的 a6 OED 驅動器和 TA 解決方案。
And now we also provide standard ICs ready for broader deployment.
現在我們也提供可供更廣泛部署的標準積體電路。
In parallel, we are collaborating with major panel makers on new custom basic development to address diverse customer requirements.
同時，我們正與各大面板製造商合作開發新的客製化基礎晶片，以滿足客戶多樣化的需求。
Our advanced audit on sale touch control technology delivers an industry leading signal to noise ratio.
我們先進的銷售觸控技術審計實現了業界領先的信噪比。
Ensuring reliable performance even under challenging conditions such as glove or with operation.
即使在戴手套或操作等具有挑戰性的條件下，也能確保可靠的性能。
It's all like on sale touch ICs enter enter mass production in 2024 and RP.
就像所有正在銷售的觸控積體電路將在 2024 年進入量產階段一樣，RP。
Mothers As the industry transitions to next generation OLED display for high-end vehicles, IMAX is uniquely positioned to capture the accelerating adoption of OLED in future automotive displays, replicating our success in the LCD by leveraging nearly two decades.
隨著汽車產業向高階汽車的下一代 OLED 顯示器過渡，IMAX 憑藉其獨特的優勢，能夠抓住未來汽車顯示器中 OLED 加速普及的機遇，並利用近二十年在 LCD 領域的成功經驗，複製我們在 LCD 領域的成功。
Display expertise, strategic partnerships established with leading panel makers across China, Korea, and Japan.
顯示器專業技術，與中國、韓國和日本的領先面板製造商建立了戰略合作夥伴關係。
And the proven record in mass production and product quality that adheres to the world's most stringent global standards for quality, reliability, and safety.
在大量生產和產品品質方面擁有良好的記錄，符合全球最嚴格的品質、可靠性和安全標準。
Moving to a smartphone and IC sales for, We expect revenues for false segments.
轉向智慧型手機和積體電路銷售，我們預計虛假細分市場的收入將會增加。
To decline for the water.
拒絕喝水。
As customers pull forward purchases in parkas.
顧客紛紛拿出購買的羽絨外套。
However, in the smartphone market, we are making solid progress in collaborations with customers in Korea and China, with smart production set to ramp in Q4 this year and volume to increase further in the.
然而，在智慧型手機市場，我們與韓國和中國的客戶合作取得了穩步進展，智慧生產將於今年第四季開始加速，產量將進一步增加。
Meanwhile, for all the tablets, several new projects with top tier brands are expected to enter mass production, heading into 2026.
同時，到 2026 年，所有平板電腦的幾個頂級品牌新項目預計將進入量產階段。
Imperial, we are developing new technologies that enable value-added features such as active stylus, partial thin basal designs, and the higher frame rate for.
Imperial，我們正在開發新技術，以實現諸如主動式觸控筆、部分超薄基底設計以及更高的幀速率等增值功能。
I would like to now turn to our non-dry IC business update where we expect Q4 revenue to increase single-digit sequentially.
現在我想談談我們的非乾式積體電路業務最新進展，我們預計第四季度營收將環比實現個位數成長。
First, for an update on our tea business.
首先，請容許我報告我們茶葉業務的最新進展。
We anticipate Q4 ticket sales to be flat.
我們預計第四季門票銷售額將與上季持平。
However, Q4 automotive TCO sales are well positioned to grow single-digit sequentially fueled by a strong pipeline of more than 200 design wing projects that are gradually entering mass production.
然而，由於有超過 200 個設計單元專案正在逐步進入量產階段，第四季度汽車 TCO 銷售額預計將實現個位數環比成長。
Many of these projects feature local limiting functionality, an area where Imax maintains a dominant market position.
這些項目中有很多都具有局部限制功能，而 Imax 在該領域保持著市場主導地位。
2025 automotive gun sales are set to grow by approximately 50% year on year.
預計到2025年，汽車槍枝銷量將年增約50%。
Lay a solid foundation for sustained growth as we move into 2026.
為邁向2026年的持續成長奠定堅實基礎。
In contrast, T for monitor, notebook, and TV products are expected to decline sequentially, primarily a result of customers pull forward inventory.
相比之下，顯示器、筆記型電腦和電視產品的 T 值預計將環比下降，這主要是由於顧客提前提取庫存所致。
This shit. We continue to lead in auto automotive tea innovation. Our new generation of DBT cards offer advanced features such as H sharp sharpness and tie that dynamic range, ideas for customers looking to upgrade their displays for better panel performance.
這玩意兒。我們持續引領汽車茶飲創新。我們新一代的 DBT 卡提供 H sharp 清晰度和動態範圍等先進功能，為希望升級顯示器以獲得更好面板性能的客戶提供了思路。
Meanwhile, head of this place a reputedly emerging.
與此同時，這個地方的首領據稱正在崛起。
High contrast, AI enhanced visuals within automotive displays.
汽車顯示器採用高對比度、人工智慧增強的視覺效果。
Purely demand for advanced solutions.
純粹是對先進解決方案的需求。
To address this trend, we launched an integrated Tup that features the industry's first full area selectable local developing function.
為了因應這一趨勢，我們推出了整合式 Tup，它具有業界首個全區域可選局部顯影功能。
The time is.
時間到了。
And onscreen display technologies.
以及螢幕顯示技術。
The newly introduced multi-functional Tc offers industry first full area selectable local walking capability.
新推出的多功能 Tc 提供了業界首創的全區域可選局部行走功能。
A major advancement over existing solutions that typically offer only full screen or limit limited split screen the walking.
與現有解決方案相比，這是一個重大進步，現有解決方案通常只能提供全螢幕或有限的分割畫面顯示。
Build on Globaldi technology.
基於 Globaldi 技術。
The new developing Tcom solution continues to deliver exceptional contrast performance and effectively, eliminates the undesired, postcar effect commonly seen in SUDs caused by back light leakage typical of the commission of TFT LCD panels.
新的 Tcom 解決方案繼續提供卓越的對比度性能，並有效消除了 TFT LCD 面板調試過程中常見的背光洩漏導致的 SUD 中常見的不良的後車效果。
Our industry needed be.
我們的行業需要如此。
Patient to remain visible on the display even when the main system is shut down.
即使主系統關閉，患者影像仍應保持在顯示幕上。
Thereby enhancing overall driver safety.
從而提高駕駛員的整體安全。
The new TA solution supports a broad range of SUD architectures including windshield SUD, augmented reality SUD, and these systems.
新的 TA 解決方案支援廣泛的 SUD 架構，包括擋風玻璃 SUD、擴增實境 SUD 和這些系統。
Or accommodating diverse design and cost requirements.
或滿足不同的設計和成本要求。
Several custom, customer projects are already underway reflecting show market recognition of our advanced SUD Tup technology.
目前已有多個客製化客戶專案正在進行中，這反映出市場對我們先進的 SUD Tup 技術的認可。
Switching gears to the right side ultra low power AI transit.
切換到右側超低功耗人工智慧交通系統。
Low power AI processor OSR sensor and CMM based AI algorithm and its core.
基於低功耗 AI 處理器 OSR 感測器和 CMM 的 AI 演算法及其核心。
As AI continues to advance at an unprecedented pace, Wi FY is unique, uniquely positioned with context aware of device AI inferences that delivers.
隨著人工智慧以前所未有的速度不斷發展，Wi FY 憑藉其獨特的、對設備人工智慧推理具有上下文感知能力的優勢，在業界佔據了獨特的地位。
Power efficiency of just a few minutes watts.
功率效率僅幾分鐘瓦。
With a compact 4 factor were fortified.
透過緊湊的 4 個因素得到了加強。
By industrial grade security.
採用工業級安全防護。
This combination enables advanced AI capabilities in endpoint devices that were once constrained by power and size limitations.
這種組合使得曾經受制於功率和尺寸限制的終端設備也能具備先進的人工智慧功能。
Driving expanding adoption across a wide range.
推動其在廣泛領域內不斷普及。
Devices and smart home solutions and more recently AI and AI glasses.
設備和智慧家庭解決方案，以及最近的人工智慧和人工智慧眼鏡。
It's growing momentum highlights YSI's role as a trusted on device AI system enabler.
YSI 的發展勢頭日益強勁，凸顯了其作為值得信賴的設備端 AI 系統賦能者的地位。
Powering smarter and more powerful and more power efficient solutions across everyday devices and AI.
為日常設備和人工智慧提供更智慧、更強大、更節能的解決方案。
In notebooks, Wii's human presence detection has been expanded adoption across leading global brands driven by its ultra low power consumption of merely a few miniwatts.
在筆記型電腦領域，Wii 的人體存在檢測功能因其超低功耗（僅幾微瓦）而被全球領先品牌廣泛採用。
Instant, responsiveness and privacy-centric design perfectly aligned with the industry's transition, toward, always the a special to end the mass production, starting in 2026.
即時響應和以隱私為中心的設計與行業的轉型完美契合，始終致力於結束大規模生產，從 2026 年開始。
Meanwhile, additional, feature upgrades are being developed with our notebook costs to tackle more complex real-world scenarios and deliver greater user experience, all while maintaining exceptional power efficiency.
同時，我們正在開發額外的功能升級，以降低筆記型電腦的成本，從而應對更複雜的實際應用場景，提供更佳的用戶體驗，同時保持卓越的能源效率。
Is is gesture recognition that mimics keyboard input.
它是模仿鍵盤輸入的手勢辨識。
Allowing pace slowing or volume adjustment without keyboard.
無需鍵盤即可減慢播放速度或調整音量。
With last language model AI driving a shift from a predefined command input to natural language human-machine interaction.
最後，人工智慧語言模型正在推動從預定義命令輸入到自然語言人機互動的轉變。
Another vast fish currently under development is the He was spotted function.
另一個正在開發中的龐大功能是「他被發現了」。
In which Wii serves as an ultra low power front end that performs that performs wakeward detection.
其中 Wii 用作超低功耗前端，執行喚醒檢測。
Activating the CPU only when a specific trigger phrase is detected.
僅當偵測到特定觸發短語時才啟動 CPU。
Enabling continuous audio monitoring while consuming very little power.
實現持續音頻監聽，同時功耗極低。
This domain Wii AI enhances security systems by combining accurate human object distinction with event-driven activation, significantly reducing force triggers.
Wii AI 的這一領域透過將精確的人體物體區分與事件驅動活化相結合來增強安全系統，從而顯著減少強制觸發。
In addition to the China market where shipments to leading smart door lock vessels are already underway.
除了中國市場之外，我們已經開始向領先的智慧門鎖船舶發貨。
We are now partnering this world.
我們現在正與這個世界攜手合作。
Parent biometric ax access, puzzle recognition, and anti-pitch protection.
家長生物辨識斧頭訪問、拼圖識別和防俯臥撐保護。
Recently, we introduced a state of the art bi-modal solution combining palm vent.
最近，我們推出了一種結合了掌部通風口的先進雙模解決方案。
And facial authentication. To meet customer demand for greater.
以及人臉辨識。為了滿足客戶對更高水準的需求。
The small dog luck. The dual authentication approach enhances both security and user experience.
小狗的運氣真好。雙重認證方式既提升了安全性，也改善了使用者體驗。
Marking a significant advancement in biometric technology while still consuming extremely low power, making it ideal for follow up education, which is extremely demanding for power consumption.
這項技術在生物辨識技術方面取得了重大進步，同時功耗仍然極低，使其成為後續教育的理想選擇，因為後續教育對功耗要求極高。
Several of the projects are late for 26.
幾個項目都逾期到26日了。
Notably, how a solution complies with Europe's General Data Protection Regulation or GDPR.
值得注意的是，該解決方案如何符合歐洲一般資料保護規範（GDPR）。
One of the world's strictest data privacy laws.
世界上最嚴格的資料隱私法之一。
Our recent exhibition at the Sketch Sweden 2025 illustrate Climax's proactive expansion into Europe's security and access.
我們最近在 Sketch Sweden 2025 上的展覽展示了 Climax 積極拓展歐洲安全和准入領域的舉措。
One of the most privacy regulated and innovation-driven markets globally.
全球隱私監管最嚴格、創新驅動力最強的市場之一。
Hamax demonstrated its technological readiness and credibility to European system integrators, OEMs, and customers seeking secure, contactless, and power efficient authentication solutions.
Hamax 向尋求安全、非接觸式和節能認證解決方案的歐洲系統整合商、OEM 廠商和客戶展示了其技術準備和信譽。
Next for an update.
接下來是更新資訊。
Which integrates time Max's ultra low power image sensor, AI processor and pre-trained low code slash low code the algorithm.
它整合了 Time Max 的超低功耗影像感測器、AI 處理器和預訓練的低程式碼演算法。
It's designed to make AI simple and accessible, helping developers accelerate innovation and scale their products from prototypes to commercial deployment.
它旨在讓人工智慧變得簡單易用，幫助開發者加速創新，並將產品從原型擴展到商業部署。
Thanks to The Wi FY module has been adopted across a wide range of domains, including leading brands, upcoming smart home appliances, and various security applications.
由於 Wi FY 模組已被廣泛應用於各個領域，包括領先品牌、即將推出的智慧家庭設備以及各種安全應用。
Notably, our par module has attracted strong interest across multiple industries, rapidly securing design wins in smart access, workforce.
值得注意的是，我們的PAR模組已引起多個行業的濃厚興趣，並在智慧門禁、勞動力等領域迅速贏得了設計訂單。
Door locks and more many of our Wi FY module projects are scheduled to end mass production in 2026.
門鎖以及我們許多其他 Wi FY 模組專案計劃於 2026 年結束大規模生產。
Is the AI sensitive hand for AR and AI glasses.
AI靈敏手部功能適用於AR和AI眼鏡。
Wi FY AI processors continue to build strong momentum, being adopted and integrated into next generation smart glasses by a growing number of Smart glasses makers are leveraging Wii to deliver instant responsiveness for a wide range of AI applications.
Wii FY AI 處理器持續保持強勁發展勢頭，越來越多的智慧眼鏡製造商正在採用並將其整合到下一代智慧眼鏡中。智慧眼鏡製造商正在利用 Wii 為各種 AI 應用提供即時回應能力。
While maintaining extended battery life.
同時保持較長的電池續航力。
The increasing number of design activities reflects broad recognition of unique ability to bring intelligent, context aware vision sensing to next generation wearable.
設計活動的日益增加反映出人們普遍認識到，將智慧、情境感知視覺感測技術應用於下一代穿戴式裝置具有獨特的能力。
And they are devices.
它們是設備。
Specifically to empower both outward and inward vision sensory.
具體而言，是為了增強向外和向內的視覺感知能力。
Our vision says it supports surrounding perception.
我們的視覺效果表明它支持周圍的感知。
Object recognition. Special awareness or in a sense it tracks eye movement, gives direction, and pupil dynamics to enable natural and intuitive user interactions.
物體辨識。特殊感知，或從某種意義上說，它追蹤眼球運動、提供方向感和瞳孔動態，從而實現自然直覺的使用者互動。
Together, these capabilities redefine how users engage with both digital and physical environments, paving the way for more immersive power efficient.
這些功能共同重新定義了使用者與數位和實體環境的互動方式，為更具沉浸感和更節能的體驗鋪平了道路。
The latest advancement in the cosmetic.
化妝品領域的最新進展。
Following years of dedicated R&D and close collaboration with the industry, players, our proprietary DOH from lead zero cost micro display.
經過多年的專注研發以及與產業參與者的密切合作，我們專有的DOH技術實現了零成本的微型顯示。
Has achieved a breakthrough.
已取得突破性進展。
Delivering an optimal com.
提供最佳的溝通。
For factor, weight, power efficiency, performance, and cost while offering ultra high luminance and vibrant RGB display, that means the industry's stringent specifications for next generation see-through AI glasses.
在提供超高亮度和鮮豔 RGB 顯示器的同時，兼顧重量、能源效率、性能和成本，這意味著下一代透視 AI 眼鏡必須滿足業界嚴格的規格要求。
This breakthroughs This breakthrough is showcased.
這項突破性進展得到了充分展示。
From this airport man display.
來自這個機場男士展示。
Which combines illumination optics and the panel into an ultra compact four factor of just 0.09 cc and 0.2 g delivering up to 350,000 needs of brightness and wide wide lumin output.
它將照明光學元件和麵板整合到一個超緊湊的四因素組件中，體積僅為 0.09 立方厘米，重量僅為 0.2 克，可滿足高達 350,000 的亮度需求和寬廣的流明輸出。
It's a maximum power consumption of just 250 milliwatts.
它的最大功耗僅為 250 毫瓦。
Even under bright sunlight, while the ultra compact design enables sleek and lightweight AR glasses suitable for everyday use.
即使在強烈的陽光下，其超緊湊的設計也使得這款輕巧時尚的 AR 眼鏡適合日常使用。
Samples of our airports were released early this quarter and are now being actively evaluated by several.
本季度初，我們發布了部分機場的樣本，目前已有多家機場正在積極進行評估。
And specialized smart glasses makers with joint development efforts progressing steadily.
專業智慧眼鏡製造商之間的聯合研發工作也在穩步推進。
We announce further progress in due course.
我們將在適當時候公佈更多進展。
That concludes my report for this quarter.
我的本季報告到此結束。
Thank you for the time.
感謝您抽出時間。
We appreciate you 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。
Operator
Operator
Yes, thank you, Jordan. Ladies and gentlemen, we are now in question and If you would like to ask the question, please press key number one on your telephone keypad, and you will enter the queue.
是的，謝謝你，喬丹。女士們、先生們，現在是提問環節。如果您想提問，請按電話鍵盤上的數字 1，您將進入隊列。
After you are announced, please ask your question.
被叫到名字後，請提問。
If you find that your question has been answered before it's your turn to speak, you may press key 2 to cancel the question.
如果在輪到你發言之前，你的問題已經得到解答，你可以按鍵 2 取消提問。
Thank you.
謝謝。
In addition to submitting questions via phone, you may also submit questions through the webcast.
除了透過電話提交問題外，您還可以透過網路直播提交問題。
It's available on the right hand side of the screen.
它位於螢幕右側。
Thank you.
謝謝。
Now please press start one on your keypad if you would like to ask the question.
如果您想提問，請按鍵盤上的開始鍵 1。
Thank you.
謝謝。
We are now in question-and-answer session. If you want.
我們現在進入問答環節。如果你想。
Star key and number one on your telephone keypad.
電話鍵盤上的星號鍵和數字1鍵。
Thank you.
謝謝。
Now we'll have the first question. Jonathan Tan from Nomura, go ahead, please.
現在我們來回答第一個問題。野村證券的Jonathan Tan，請開始。
Jonathan Tan - Investor Relation
Jonathan Tan - Investor Relation
Thank you, Jordan, for taking my question. My first question is regarding your fourth quarter guidance.
謝謝喬丹回答我的問題。我的第一個問題是關於貴公司第四季業績預期。
So. It looks like the revenue and gross margin, can sequentially improve.
所以，看起來營收和毛利率有望環比成長。
That's why we have a little bit conservative EPS guidance for the 4th quarter. And the second question is that For the CPO progress, I noticed that I think in the past couple of quarters you indicated some breakthrough.
因此，我們對第四季的每股盈餘預期略顯保守。第二個問題是，關於首席產品長 (CPO) 的進展，我注意到，我認為在過去的幾個季度裡，你們似乎取得了一些突破。
On the CPO business and it looks like we have another progress, in the, recently, so just.
關於首席產品長 (CPO) 業務，看起來我們最近又取得了進展，所以就是這樣。
When the We can deliver a meaningful revenue from the CPO business in 2026.
到 2026 年，我們就能從 CPO 業務中獲得可觀的收入。
Thank you.
謝謝。
Jordan Wu - President, Chief Executive Officer, Director
Jordan Wu - President, Chief Executive Officer, Director
Thank you, Tony, for your first question about our seemingly better, top-line and the gross margin guidance compared to bottom line. Well, thank you for pointing that out.
東尼，謝謝你提出的第一個問題，關於我們看似更好的營收和毛利率預期與淨利潤相比如何。謝謝您指出這一點。
As a standard practice, we estimate our quarterly income tax based on our assessment of full year total income.
依照慣例，我們根據全年總收入的評估來估算季度所得稅。
And in Q3, as we actually underestimated the Q3 profit in our guidance.
第三季度，我們實際上低估了第三季的利潤預期。
Right. And therefore we have a major bitit in our, guidance, and so we underestimate the Q3 profit and Income tax expense.
正確的。因此，我們的業績指引出現了重大偏差，我們低估了第三季的利潤和所得稅支出。
So we underestimated that at the time we provided our guidance last quarter. Therefore we have to kind of quote they call back the income tax that we under accrued in Q3 into Q4 and that turned out to be rather significant given that compared to our current level of income.
因此，我們在上個季度提供業績指引時低估了這一點。因此，我們不得不把第三季少計入第四季的所得稅追回，考慮到我們目前的收入水平，這筆追回的金額相當可觀。
So we have to, in the 4th quarter.
所以，在第四季度，我們必須這麼做。
Another, major reason, is higher R&D expenses during in Q4.
另一個主要原因是第四季研發支出較高。
So in addition to a few relatively expensive new takeouts scheduled for Q4, which is just the timing issue, right? It's not, I mean we don't necessarily plan it that way, but it just happened that way, so we have a few more expensive takeout schedule for Q4.
所以除了計劃在第四季度推出的幾款價格相對昂貴的新外賣產品之外，這只是時間安排的問題，對吧？我的意思是，我們並非有意如此計劃，但事情就是這樣發生的，所以我們在第四季度增加了一些價格較高的外賣訂單。
In addition to that, we have recently been awarded the major R&B grant by Taiwan government's, so-called, I don't know what it's called, IC Innovation Program, Qinhuang Jihua IC Innovation Program. The government actually announced that, publicly, so I'm allowed to talk about it.
除此之外，我們最近還獲得了台灣政府的重大研發資助，該資助項目被稱為，我不知道叫什麼，IC創新計劃，秦皇基化IC創新計劃。政府已經公開宣布了此事，所以我可以談論此事。
The schedule of the grant is such that we are kind of asked to get the salary the spending, related to that project, which Wii product line, so we are kind of requested to speed up the spending.
撥款的進度安排是這樣的：我們被要求盡快支付與該專案（即 Wii 產品線）相關的工資支出，因此我們被要求加快支出速度。
We are also getting the speed up in our grant, but as our spending has to be much higher than the grant, and that's how the GAAP is made, right? So we have to, Kind of what speed up the R&D spending related to that project.
我們的撥款速度也在加快，但是我們的支出必須遠高於撥款額，而這正是 GAAP 的運作方式，對吧？所以我們必須加快與該專案相關的研發投入。
So these are the reasons. So, you are right, if I take a longer, longer-term view, there's, no, particular reason why our expense in Q4 is higher than those of the other three quarters of the year, but it just happened a few factors together, and, again, thank you for pointing that out, Question.
以上就是原因。所以，你說得對，如果我從更長遠的角度來看，我們第四季的支出高於其他三個季度並沒有什麼特別的原因，只是幾個因素共同作用的結果。再次感謝你指出這一點，Question。
We are together with our partner FC, right, our focus right now is getting the 1st generation product validation completed and, at the same time finalizing the development for the second-generation product which by the way, is in a very advanced stage.
我們與合作夥伴 FC 一起，目前的重點是完成第一代產品的驗證，同時完成第二代產品的開發，順便說一句，第二代產品已經處於非常成熟的階段。
CPO, or GPU, product line, customers GPU product line.
CPO，或 GPU，產品線，客戶的 GPU 產品線。
So, to recap, this year 2024, 2025, sorry, 2025 has been a year for engineering validation with small quantity sample shipments.
綜上所述，2024 年、2025 年（抱歉，應該是 2025 年）是進行工程驗證的一年，主要以小批量樣品出貨為主。
So in all likelihood, For volume production in 2026.
因此，很有可能在 2026 年實現量產。
No, It's for the timing of the customer's mass production and also the revenue contribution for us in 2026, the next year, it is much harder for us to comment.
不，由於客戶批量生產的時間以及2026年（明年）對我們收入的貢獻等問題，我們很難對此發表評論。
And okay, the main goal of 2026 is to complete the validation of our product and manufacturing process right by key customer slash partner.
好的，2026 年的主要目標是透過關鍵客戶/合作夥伴完成我們產品和製造流程的驗證。
And we believe, conservatively there could be revenue contribution, but we don't really estimate the revenue contribution to be significant compared to our overall revenue.
保守估計，這或許能帶來一些收入貢獻，但我們不認為這部分收入貢獻會對我們的整體收入產生顯著影響。
Rather, we believe it will still be limited, because the switch to CPO, involves.
相反，我們認為它仍然會受到限制，因為轉向 CPO 涉及許多方面。
Ecosystem. Which requires long time, right? So, we, our technology may be ready, and our immediate customer may be ready, but then the repercussion of the switch, throughout the whole ecosystem all the way down to the data center operators can be quite complex. So that is why we are not, However, we believe we can potentially see broader meaning for top-line and bottom line contributions starting in 2027 when we expect shipments for engineering rights. That is actually, by the way, based on our assessment, it is still before MP that is only engineering rights, but that engineering.
生態系。這需要很長時間，對吧？因此，我們的技術可能已經準備就緒，我們的直接客戶也可能已經準備就緒，但是這種切換對整個生態系統乃至資料中心營運商的影響可能會非常複雜。所以這就是我們目前不這麼認為的原因。但是，我們相信從 2027 年開始，隨著工程權的交付，我們可能會看到對營收和利潤貢獻的更廣泛的意義。順便說一句，根據我們的評估，這實際上仍然在 MP 之前，只是工程權利，但那項工程。
We believe can already contributed rather meaningfully to our top-line and bottom line.
我們相信，這已經對我們的營收和利潤做出了相當有意義的貢獻。
And after that, after 2027, we shall enter official MP when the growth will likely be explosive.
之後，也就是 2027 年之後，我們將正式進入 MP 階段，屆時成長可能會爆發式成長。
But again, I want to emphasize all these, everything I said above, about timetable and contribution and and all that, just our own best estimate.
但是，我再次強調，我上面所說的關於時間表、貢獻等等的一切，都只是我們自己最好的估計。
Ultimately, when and how the ramp will take place is a call to be made by the customers.
最終，坡道何時以及如何建設，將由客戶決定。
I actually related to this, I've, seen online, the question about potential market penetration of the CPO technology.
我對此感同身受，我在網路上看到了關於 CPO 技術潛在市場滲透率的問題。
So I will address that, the question online as well. Naturally, based on.
所以我會回答這個問題，包括網路上的這個問題。當然，這是基於…
And again, the growth will be explosive, and naturally as the technology becomes proven, and, more mature CPO adoption we believe will rise for AI AI data center application.
而且，成長將會是爆炸性的，隨著技術的成熟和更成熟的CPO採用，我們相信AI資料中心應用將會上升。
So we believe with all the obvious benefits like substantial.
所以我們相信，它具有許多顯而易見的益處，例如實質的益處。
Reducing power consumption and all that right of data data transmission, we all know the rio.
降低能耗以及所有資料傳輸的權利，我們都知道裡約熱內盧。
At all at a relatively low cost compared to the overall cost of a complex AI system.
與複雜的人工智慧系統的總成本相比，其成本相對較低。
The CDO technology has a potential of very high market penetration of data center eventually and we're not just saying this as our own opinion we actually got a.
CDO 技術最終有可能在資料中心市場獲得非常高的滲透率，我們這麼說不僅僅是出於我們自己的觀點，我們實際上已經得到了證實。
To support our direct customer or end customer, everybody seems to be holding that view, so everybody's like holding the press and watching our step by step from validation to engineering up to mass production, and, so it's very exciting times for us, and we're certainly under a lot of pressure, but we are quite confident we should be able to achieve, what I just mentioned. But again, the ultimate timetable will be a core.
為了支持我們的直接客戶或最終客戶，每個人似乎都持有這種觀點，所以每個人都像拿著印刷機一樣，一步一步地關注著我們從驗證到工程設計再到批量生產的過程，因此，這對我們來說是一個非常激動人心的時刻，我們當然也承受著很大的壓力，但我們相當有信心能夠實現我剛才提到的目標。但最終的時間表仍將是核心內容。
The okay, thank you.
好的，謝謝。
Operator
Operator
If you would like to ask the question, please press star key and number one on your keypad.
如果您想提問，請按鍵盤上的星號鍵和數字 1。
And you may also submit your questions through the webcast system.
您也可以透過網路直播系統提交您的問題。
Thank you.
謝謝。
Jordan Wu - President, Chief Executive Officer, Director
Jordan Wu - President, Chief Executive Officer, Director
One other question about our, outlook for particularly for promoted market, products, 2026, I guess.
關於我們對2026年市場和產品的展望，特別是針對推廣市場的展望，還有一個問題。
The question is, because we do hold a very significant market share in the automotive display market.
問題在於，因為我們在汽車顯示器市場確實佔據了非常重要的市場份額。
The monkey display monkey, so.
猴子展示猴子，就是這樣。
I guess Our view is probably meaningful for investors.
我想我們的觀點對投資人來說可能很有意義。
We believe the auto market seems to be showing signs of, bottoming out, or bottoming out, judging by the customers' low inventory levels and showing, rush orders over the last few quarters, and that is also actually for our, exceeding our guidelines last quarter.
我們認為，從客戶較低的庫存水準和過去幾季出現的緊急訂單來看，汽車市場似乎正在出現觸底反彈的跡象，而且實際上，上個季度我們的業績也超過了預期。
Having said that, the automotive market is, quite sensitive to the overall, economic condition and the tariff.
話雖如此，汽車市場對整體經濟狀況和關稅相當敏感。
And therefore, we don't really anticipate a very strong recovery next year, and in our view, and in our base, our internal business.
因此，我們並不預期明年會出現非常強勁的復甦，而且在我們看來，根據我們的實際情況，我們的內部業務也難以實現復甦。
So our current strategy is to, maintain the technology leadership and we start to further deepen customer engagement, and the very important focus, for us, next year is to continue to diversify our supply chain, and this is in response to the customer's request, some customers request or.
因此，我們目前的策略是保持技術領先地位，並開始進一步深化客戶互動。明年對我們來說非常重要的重點是繼續實現供應鏈多元化，這是為了回應客戶的要求，一些客戶要求或。
Our geographical diversification of our supply chain and our production.
我們實現了供應鏈和生產的地域多元化。
So we have a very strong confidence over, dominant market share right now, backed by leading technology offerings and strong design wind pipelines, numbering hundreds of programs.
因此，我們目前擁有非常強大的市場主導地位，這得益於領先的技術產品和強大的風電專案儲備，其中包括數百個專案。
Very diverse customer base.
客戶群非常多元化。
So, we feel it's, we are probably reaching the bottom, but the next year if there's a rebound, we don't anticipate a very strong rebound. We believe it's a mild recovery, that's our current view.
所以，我們感覺我們可能已經觸底反彈了，但明年如果出現反彈，我們預計反彈幅度不會很大。我們認為這是一次溫和的復甦，這是我們目前的看法。
But Is is a design wing with a single large customer or multiple smaller ones.
但 Is 是一個設計部門，服務於一個大客戶或多個小客戶。
I presumably you are talking about a, smart glasses.
我猜你指的是智慧眼鏡。
We have enough very remarks. We have 3 things for smart glasses, white side for always on application.
我們已經有很多評論了。我們有 3 款智慧眼鏡配件，白色面適用於始終開啟的應用。
For for smart glasses that covers both AI glasses and AI glasses.
適用於智慧眼鏡，涵蓋 AI 眼鏡和 AI 眼鏡。
And the second thing is our airco micro display which is only applicable to ARC through classes, right? And the third one is our WLOO narrow print technology where we are, holding a, what we call optical, foundry service business.
第二點是我們的空調微型顯示屏，它只適用於透過課程進行的 ARC，對嗎？第三點是我們的 WLOO 窄幅印刷技術，我們有所謂的光學代工服務業務。
Only a very selected a small number of costs, so the first one, involving.
只有極少數精選的成本，所以第一個涉及。
Rather complex, design and manufacturing process development, so it is going to be a few years away, although we are talking about some of the most, significant costs, the biggest snaps, some of the biggest snaps in the industry, so we still feel obligated.
設計和製造流程開發相當複雜，因此還需要幾年時間，儘管我們談論的是一些最重大的成本，最大的按扣，業內最大的按扣，所以我們仍然感到有義務這樣做。
But in terms of revenue contribution, the third thing meaning WOO is a factory service for old guy, targeting, very big name customers. I think it's still a few years away.
但就收入貢獻而言，第三點意味著 WOO 是老年人的工廠服務，目標客戶是知名大客戶。我覺得還需要幾年時間。
AI is a, is a, is an ongoing progress, very active ongoing progress.
人工智慧是一個，是一個，是一個持續進步的過程，一個非常活躍的持續進步的過程。
Small, across, not just US major names but also Chinese, even, Koreans and Japanese, are coming to us. And, also, they are also major Customer who are offering a platform of Air glass or smart glasses solution.
規模較小的公司，不僅來自美國，而且來自中國、韓國和日本的公司，都在湧入我們。而且，他們也是提供空氣玻璃或智慧眼鏡解決方案平台的主要客戶。
And we had she has been taken as their standard offering, part of the standard offering. So it's That platform solution, gets into, more, for the production which is anticipated to, take place starting next year. I think we will see.
而我們卻把她當作他們的標準產品，當作標準產品的一部分。所以，這個平台解決方案將更多地應用於預計從明年開始的生產中。我想我們拭目以待。
Site for that right and for a cosmical display which is for AR see-through glasses only right not AR glasses you need to have glasses which display to to meet our airco solution.
該網站提供宇宙顯示功能，僅適用於 AR 透視眼鏡，而非 AR 眼鏡。您需要配戴能夠顯示宇宙景象的眼鏡才能滿足我們的空調解決方案要求。
We, again, prepare remarks, we believe we are offering a combination of, factors with a techno a real product which Promising and we believe is something that is fully addressing the very difficult requirements of, classes for now. However, that's the product we are only in sampling stage.
我們再次準備發言，我們相信我們提供的是一種技術因素與真正產品的結合，該產品很有前景，我們相信它能夠完全滿足目前各班級非常苛刻的要求。然而，目前我們只對該產品進行樣品測試。
So from sampling stage to ultimate mass production, it is going to take some time. So I don't really anticipate the minimal, sales contribution from your course next.
因此，從樣品製作階段到最終的大規模生產，需要一些時間。所以我並不指望你的課程能帶來多少銷售貢獻。
The year after, because again we are only in sampling stage and you know customers need to take our core solution to match, with guys, and then we start, as a display solution that develop the full set of, smart glasses, products, so that is still going to take some time although.
第二年，因為我們仍然處於樣品階段，你知道客戶需要將我們的核心解決方案與他們的產品和服務相匹配，然後我們才會開始開發全套智慧眼鏡產品，作為展示解決方案，所以這仍然需要一些時間。
Small names across the board, okay.
都是些小品牌，好的。
But this is very new and we are in sampling stage so it's going to be still quite an effort for us to take that to mass production to deal with our customers.
但這項技術非常新穎，我們目前還處於樣品階段，因此要將其投入大規模生產以滿足客戶需求，我們還需要付出相當大的努力。
Could you give us a Generation CPO progress you expect higher revenue number with second gen.
您能否提供一下第二代產品（Generation CPO）的進展情況，您預期第二代產品的收入會更高？
I'll push him up.
我會把他推上去。
I cannot comment on specifics, but the key difference of 1st gen and second gen is, the number of channels, right? And basically we are more than doubling up from second, from 1st gen to second gen.
我無法評論具體細節，但第一代和第二代的主要區別在於頻道數量，對嗎？基本上，我們比第一代產品多出一倍以上，從第一代到第二代產品。
And naturally, it's tremendous, and that also involves a pretty fundamental.
當然，這意義非凡，而且也涉及一些非常根本的問題。
A revision of our optical design.
我們對光學設計進行了修改。
To achieve that goal.
為了實現這一目標。
And costs have made it very specific that they are they are Key customers are, Very hopeful for the success of our second gen because with the success of our second gen, it will be a very good product idea for GPU which as you know is is something requiring a high bandwidth transmission.
成本問題使得他們非常明確地指出，他們是我們的關鍵客戶，他們對我們的第二代產品寄予厚望，因為如果我們的第二代產品取得成功，它將成為一個非常好的 GPU 產品理念，正如您所知，GPU 需要高頻寬傳輸。
So, upon the success and mass production of Second gen, we believe, certainly the Mentioned in my, earlier, Q&A, we stick, I stick to our timetable for, next year, the year after, in 2028. So again, we don't want to, over promise and let people feel that, it is going to be immediate re contribution, but second gen.
因此，我們相信，在第二代產品成功量產之後，正如我在先前的問答中提到的，我們將堅持，我堅持我們明年、後年，也就是 2028 年的時間表。所以，我們再次強調，我們不想過度承諾，讓人們覺得，第二代產品會立即產生貢獻。
For us, for our partner and our customer.
為了我們自己，為了我們的合作夥伴和客戶。
Anything else?
還要別的嗎？
Operator
Operator
Okay, then thank you for all your questions. I think that will be the end of the Q&A session, and I'll pass the call back to Mr. Jordan Wu.
好的，謝謝大家提出的所有問題。我想問答環節到此結束，我會把電話轉回給先生。吳喬丹.
Thank you.
謝謝。
Jordan Wu - President, Chief Executive Officer, Director
Jordan Wu - President, Chief Executive Officer, Director
Thank you all for that. As a final note, Karen Teo, our head of IRPR will maintain investor marketing activities and continue to attend investor conferences, and we'll announce the details as they come about.
謝謝大家。最後，我們的投資者關係與公共關係主管 Karen Teo 將繼續進行投資者行銷活動並繼續參加投資者會議，具體細節我們將另行公佈。
Thank you.
謝謝。
Operator
Operator
Thank you, Jordan. And ladies and gentlemen, this concludes 3rd quarter 2025 earnings conference. You may now disconnect.
謝謝你，喬丹。女士們、先生們，2025年第三季財報電話會議到此結束。您現在可以斷開連線了。
Thank you again. Goodbye.
再次感謝。再見。