奇景光電 (HIMX) 2025 Q4 法說會逐字稿

Hello, ladies and gentlemen, welcome to Himax Technologies, Inc Fourth Quarter and Fiscal Year of 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to Ms. Karen Tiao, Head of IR/PR in Himax.

各位女士、先生，歡迎參加海邁科技有限公司2025財年第四季及全年業績電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。現在我將把會議交給海邁斯投資者關係/公共關係負責人 Karen Tiao 女士。

Ms. Tiao, please go ahead.

蒂奧女士，請繼續。

Welcome, everyone. My name is Karen Tiao, Head of IR/PR at Himax. Joining me today are Jordan Wu, President and Chief Executive Officer; and Jessica Pan, Chief Financial Officer. After the company's prepared comments, we have allocated time for questions in the Q&A section. If you have not yet received a copy of today's results release, please e-mail hx_ir@himax.com.tw or HIMX@mzgroup.us or download a copy from Himax's website.

歡迎各位。我是Karen Tiao，Himax的投資人關係/公共關係主管。今天與我一同出席的有總裁兼執行長吳喬丹（Jordan Wu）和財務長潘潔西卡（Jessica Pan）。在公司發言結束後，我們安排了問答環節供大家提問。如果您尚未收到今天的業績發布文件，請發送電子郵件至 hx_ir@himax.com.tw 或 HIMX@mzgroup.us，或從 Himax 網站下載副本。

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 that involve a number of risks and uncertainties that could cause actual events or results to differ materially from those described in this conference call.

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，包括有關預期未來財務業績和行業增長的陳述，都是前瞻性陳述，涉及諸多風險和不確定性，可能導致實際事件或結果與本次電話會議中描述的內容存在重大差異。

A list of risk factors can be found in the company's latest SEC filings, Form 20-F in the section entitled Risk Factors as may be amended. Except for the company's full 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 this conference call is unaudited and consolidated and prepared in accordance with IFRS accounting. Such financial information is generated 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 from the audited consolidated financial information for the same period.

風險因素清單可在公司最新的美國證券交易委員會文件（20-F 表格）中「風險因素」部分找到，該部分內容可能會進行修訂。除本公司 2024 年全年財務資料（已在本公司 20-F 表格中提供，並於 2025 年 4 月 2 日提交給美國證券交易委員會）外，本次電話會議中包含的財務資訊未經審計，並根據國際財務報告準則 (IFRS) 編制。此類財務資訊由內部生成，並未經過與我們年度合併財務報表相同的審查和審核程序（包括內部審計程序和獨立審計師的外部審計），因此可能與同一時期的經審計合併財務資訊有重大差異。

On today's call, I will first review Himax's consolidated financial performance for the fourth quarter and full year 2025, followed by our first quarter 2026 outlook. Jordan will then 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. We will review our financials on an IFRS basis. We are pleased to report that our Q4 profit was at the high end of the projected range issued on November 6, 2025, while sales and gross margin were both in line with the guidance. Fourth quarter revenue registered $203.1 million, representing a sequential increase of 2.0%, better than our flat quarter-over-quarter guidance.

在今天的電話會議上，我將首先回顧海麥克斯2025年第四季和全年的綜合財務業績，然後展望2026年第一季。接下來，Jordan 將介紹我們公司的最新情況，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您的問題。我們將按照國際財務報告準則（IFRS）審查我們的財務狀況。我們很高興地報告，我們的第四季度利潤達到了 2025 年 11 月 6 日發布的預測範圍的高端，而銷售額和毛利率均符合預期。第四季營收為 2.031 億美元，環比成長 2.0%，優於我們先前持平的季度環比預期。

Gross margin was 30.4%, in line with our guidance of flat to slightly up from 30.2% in the previous quarter. Q4 profit per diluted ADS was $0.36 at the high end of the guidance range of $0.20 to $0.40. Revenue from large display driver came in at $21.7 million, representing an increase of 14.2% from the previous quarter, outperforming our guidance range of a single digit increase sequentially. This was primarily due to the rush order for both the TV and notebook IC legacy products from panel makers. Customers restocking of TV and monitor IC products, along with new notebook TDDI project entering mass production during the quarter contributed to the sequential increase.

毛利率為 30.4%，與我們先前預期持平或略高於上一季的 30.2% 相符。第四季每股攤薄收益為 0.36 美元，處於先前預期的 0.20 美元至 0.40 美元區間的高端。大型顯示器驅動業務的收入為 2,170 萬美元，較上一季增長 14.2%，超過了我們先前預期的個位數環比增長。這主要是由於面板製造商對電視和筆記型電腦積體電路傳統產品的緊急訂單。本季客戶對電視和顯示器 IC 產品的補貨，以及新的筆記型電腦 TDDI 專案進入量產階段，都促成了環比成長。

Sales of large panel driver IC accounted for 10.7% of total revenue for the quarter compared to 9.5% last quarter and 10.5% a year ago. Revenue from the small and medium-sized display driver segment totaled $139.1 million, reflecting a slight decline of 1.3% sequentially. Q4 automotive driver sales, including both the traditional DDIC and TDDI, increased approximately 10% quarter-over-quarter, largely driven by widespread adoption of our market-leading TDDI technology among major customers across all continents. Despite softness in global automotive markets, our automotive driver IC sales for the full year 2025 grew single digit year-over-year, outpacing the broader market. Meanwhile, revenues for both smartphone and tablet IC segment declined quarter-over-quarter as customers pull forward purchases in prior quarters.

本季大面板驅動IC的銷售額佔總營收的10.7%，而上一季為9.5%，去年同期為10.5%。中小尺寸顯示驅動器業務的收入總計 1.391 億美元，環比略微下降 1.3%。第四季汽車驅動器銷售額（包括傳統的 DDIC 和 TDDI）環比增長約 10%，這主要得益於我們市場領先的 TDDI 技術在各大洲主要客戶中的廣泛應用。儘管全球汽車市場疲軟，但我們2025年全年的汽車驅動積體電路銷量仍實現了個位數同比增長，超過了整體市場增長速度。同時，由於客戶提前購買了前幾季的產品，智慧型手機和平板電腦 IC 部門的收入均較上季下降。

The small and medium-sized display driver IC segment accounted for 68.5% of total sales for the quarter compared to 70.8% in the previous quarter and 70.3% a year ago. Q4 non-driver sales reached $42.3 million, a 7.9% increase from the previous quarter, primarily attributable to increased ASIC TCON shipment to a leading projector customer, along with robust TCON shipment for automotive application. TCON -- Himax continued to hold an undisputed leadership position with the dominant market share in automotive TCON. TCON business accounted for over 10% of total sales with notable contribution from automotive TCON. Also during the quarter, our automotive OLED on sale touch IC enter mass production with the leading brand, marking another milestone and strengthening the foundation for future growth.

中小尺寸顯示驅動IC細分市場在本季佔總銷售額的68.5%，而上一季為70.8%，去年同期為70.3%。第四季非驅動晶片銷售額達到 4,230 萬美元，比上一季成長 7.9%，主要歸功於向一家領先的投影機客戶增加了 ASIC TCON 的出貨量，以及汽車應用 TCON 出貨量的強勁成長。TCON—海麥克斯繼續保持著無可爭議的領導地位，在汽車TCON市場佔據主導地位。TCON業務佔總銷售額的10%以上，其中汽車TCON業務貢獻顯著。本季度，我們的汽車OLED觸控IC與領先品牌一起進入量產階段，標誌著又一個里程碑，並為未來的成長奠定了堅實的基礎。

Non-driver products accounted for 20.8% of total revenue as compared to 19.7% in the previous quarter and 19.2% a year ago. Fourth quarter operating expenses were $54.9 million, a decrease of 9.6% from the previous quarter, but increase of 11.6% compared to the same period last year. The sequential decrease was mainly attributed to a reduction in the annual employee bonuses and the depreciation of the NT dollar against the U.S. dollar, partially offset by a increase in tape-out expenses. As part of our standard company practice, annual cash and RSU bonuses are granted at the end of September each year, leading to higher IFRS operating expenses in the Q3 than in other quarters.

非駕駛產品佔總營收的 20.8%，而上一季為 19.7%，去年同期為 19.2%。第四季營運支出為 5,490 萬美元，比上一季下降 9.6%，但比去年同期成長 11.6%。環比下降主要歸因於年度員工獎金減少和新台幣對美元貶值，部分被印製費用增加所抵銷。作為公司標準做法的一部分，年度現金和限制性股票單位獎金會在每年 9 月底發放，導致第三季的 IFRS 營運費用高於其他季度。

The year-over-year increase was primarily driven by the increase in tape-out expenses. Salary expenses and appreciation of the NT dollar against the U.S. dollar were also factors behind the year-over-year increase. Amid ongoing macroeconomic challenges, we continue to emphasize strict budget and expense controls. Fourth quarter operating profit was $6.8 million, representing an operating margin of 3.4% compared to negative 0.3% in the previous quarter and 9.7% for the same period last year.

年增幅主要由制帶費用增加所致。薪資支出和新台幣對美元升值也是年增的因素。在宏觀經濟持續面臨挑戰的情況下，我們繼續強調嚴格的預算和支出控制。第四季營業利潤為 680 萬美元，營業利潤率為 3.4%，而上一季為負 0.3%，去年同期為 9.7%。

The sequential increase was the result of increased revenue and higher gross margin as well as the lower operating expenses. The year-over-year decline reflected the lower sales and gross margin, coupled with higher operating expenses. Q4 after-tax profit was $6.3 million or $0.36 per diluted ADS compared to $1.1 million or $0.06 per diluted ADS last quarter and down from $24.6 million or $0.14 in the same period last year.

環比成長是由於收入增加、毛利率提高以及營運費用降低所致。同比下降反映了銷售額和毛利率的下降，以及營運費用的增加。第四季稅後利潤為 630 萬美元，即每股攤薄 ADS 0.36 美元，而上一季為 110 萬美元，即每股攤薄 ADS 0.06 美元，低於去年同期的 2,460 萬美元，即每股 0.14 美元。

Now let's quickly review the financial performance for the full year 2025. 2025 was a challenging year for the global economy, shared by tariffs and other geopolitical uncertainties. Panel customers generally maintained a conservative net-to-order strategy with a lean inventory levels. While consumer electronics demand remains soft, automotive and AI-related applications where Himax has strong exposure proved comparatively resilient. Despite disciplined expense control, our full year 2025 operating expenses increased by 1.1% as we strategically invested in select non-display IC areas with compelling long-term growth potential, some of which are poised to ramp meaningfully starting in 2027.

現在讓我們快速回顧一下 2025 年全年的財務表現。 2025 年對全球經濟來說是充滿挑戰的一年，關稅和其他地緣政治不確定性為全球經濟帶來了挑戰。面板客戶通常採取保守的淨訂單策略，以維持較低的庫存水準。儘管消費性電子產品需求依然疲軟，但Himax重點關注的汽車和人工智慧相關應用領域卻表現出相對的韌性。儘管嚴格控制了支出，但由於我們對具有令人矚目的長期成長潛力的特定非顯示積體電路領域進行了策略性投資，其中一些領域有望從 2027 年開始顯著成長，因此我們 2025 年全年的營運支出增加了 1.1%。

Reflecting this market conditions, our 2025 full year revenue totaled $832.2 million, a decline of 8.2% compared to 2024. Revenue from large panel display driver IC totaled $90.7 million in 2025, marking a decrease of 28.0% year-over-year and representing 10.9% of total sales as compared to 13.9% in 2024.

受此市場狀況影響，我們 2025 年全年營收總計 8.322 億美元，較 2024 年下降 8.2%。2025 年，大面板顯示驅動 IC 的收入總計 9,070 萬美元，年減 28.0%，佔總銷售額的 10.9%，而 2024 年這一比例為 13.9%。

Small and medium-sized driver sales totaled $575.1 million, reflecting a decrease of 8.0% year-over-year and accounting for 69.1% of our total revenue as compared to 69.0% in 2024. Non-driver product sales totaled $166.4 million, an increase of 7.0% year-over-year and representing 20.0% of our total sales as compared to 17.1% a year ago. Gross margin in 2025 was 30.6%, slightly up from 30.5% in 2024. Operating expenses in 2025 were $210.2 million, a slight increase of 1.1% from 2024, primarily due to increase in tape-out and salary expenses as well as the appreciation of the NT dollar against the U.S. dollar in 2025, partially offset by the lower employee bonus compensation compared to last year. 2025 operating income was $44.1 million, or 5.3% of sales, as compared to $68.2 million, or 7.5% of sales in 2024.

中小型駕駛銷售額總計 5.751 億美元，年減 8.0%，佔總收入的 69.1%，而 2024 年這一比例為 69.0%。非駕駛產品銷售額總計 1.664 億美元，年增 7.0%，佔總銷售額的 20.0%，而一年前這一比例為 17.1%。2025年毛利率為30.6%，略高於2024年的30.5%。 2025年營業費用為2.102億美元，較2024年略微增長1.1%，主要原因是製版和薪資支出增加，以及2025年新台幣兌美元升值，部分被員工獎金較上年減少所抵銷。 2025年營業利潤為4,410萬美元，佔銷售額的5.3%，而2024年為6,820萬美元，佔銷售額的7.5%。

Our net profit for 2025 was $43.9 million, or $0.25 per diluted ADS, a decline from $79.8 million, or USD0.46 per diluted ADS in 2024. Turning to the balance sheet, we had $286.2 million of cash, cash equivalents and other financial assets as of December 31, 2025. This compares to $224.6 million at the same time last year and $278.2 million a quarter ago. Q4 operating cash inflow was $16.8 million, compared to an inflow of $6.7 million in the prior quarter.

我們2025年的淨利為4,390萬美元，即每股攤薄後美國存託憑證（ADS）0.25美元，低於2024年的7,980萬美元（每股攤薄後ADS 0.46美元）。資產負債表顯示，截至2025年12月31日，我們持有現金、現金等價物及其他金融資產共計2.862億美元。相較之下，去年同期為2.246億美元，上一季為2.782億美元。第四季經營活動現金流入為1,680萬美元，而上一季為670萬美元。

We had $28.5 million in long-term unsecured loans, with $6.0 million representing the current portion at the end of 2025. Our year-end inventories were $152.7 million, an increase from $137.4 million last quarter, but lower than $158.7 million a year ago. Accounts receivable at the end of December 2025 was $200.9 million, little change from last quarter, but down from $236.8 million a year ago. DSO was 88 days at the quarter end, as compared to 87 days last quarter and 96 days a year ago. Fourth quarter capital expenditures were $4.0 million, versus $6.3 million last quarter and $3.2 million a year ago.

我們擁有2850萬美元的長期無擔保貸款，其中截至2025年底的流動部分為600萬美元。年末存貨為1.527億美元，較上季的1.374億美元增加，但低於去年同期的1.587億美元。截至2025年12月底，應收帳款為2.009億美元，與上季基本持平，但低於去年同期的2.368億美元。季末應收帳款週轉天數為88天，而上季為87天，去年同期為96天。第四季資本支出為400萬美元，而上季為630萬美元，去年同期為320萬美元。

Fourth quarter CapEx was mainly for R&D-related equipment for our IC design business. Total capital expenditures for 2025 were $20.1 million as compared to $13.1 million in 2024. The increase was primarily due to the construction in progress for the new preschool near our Tainan headquarters built for employees' children, with completion expected by the end of Q2 2026. As of December 31, 2025, Himax had 174.4 million ADS outstanding, little change from last quarter. On a fully diluted basis, the total number of ADS outstanding for the fourth quarter was 174.5 million.

第四季資本支出主要用於積體電路設計業務的研發相關設備。 2025年全年資本支出總額為2,010萬美元，而2024年為1,310萬美元。成長的主要原因是位於台南總部附近、為員工子女新建的幼兒園正在建設中，預計將於2026年第二季末竣工。截至2025年12月31日，海麥克斯已發行美國存託股份（ADS）為1.744億股，與上季基本持平。以完全稀釋後的數據計算，第四季已發行ADS總數為1.745億股。

Now turning to our first quarter 2022 guidance. We expect Q1 revenues to decline 2.0% to 6.0% sequentially. Gross margin is expected to be flat to slightly down, depending on product mix. Q1 profit attributable to the shareholder is estimated to be in the range of $0.02 to $0.04 per fully diluted ADS. I will now turn the call over to Jordan to discuss our Q1 2026 outlook. Jordan, the floor is yours

現在來看看我們對2022年第一季的業績展望。我們預計第一季營收將季減2.0%至6.0%。毛利率預計將持平或略有下降，具體取決於產品組合。第一季歸屬於股東的利潤預計在每股完全稀釋後的美國存託股份（ADS）0.02美元至0.04美元之間。接下來，我將把電話會議交給Jordan，請他討論我們對2026年第一季的展望。 Jordan，請你發言。

Thank you Karen, les reached $42.3 million, a 7.9% increase from the previous quarter, primarily attributable to increased ASIC TCON shipment to a leading projector customer, along with robust TCON shipment for automotive application. TCON -- Himax continued to hold an undisputed leadership position with the dominant market share in automotive TCON. TCON business accounted for over 10% of total sales with notable contribution from automotive TCON. Also during the quarter, our automotive OLED on sale touch IC enter mass production with the leading brand, marking another milestone and strengthening the foundation for future growth. Non-driver products accounted for 20.8% of total revenue as compared to 19.7% in the previous quarter and 19.2% a year ago.

謝謝Karen，Les的營收達到4,230萬美元，較上一季成長7.9%，主要得益於向一家領先的投影機客戶交付的ASIC TCON晶片數量增加，以及汽車應用TCON晶片出貨量強勁成長。 TCON晶片方面，Himax持續保持著無可爭議的領先地位，在汽車TCON市場佔據主導地位。 TCON業務佔總銷售額的10%以上，其中汽車TCON業務貢獻顯著。此外，本季我們針對領先品牌的汽車OLED觸控IC晶片也進入量產階段，這標誌著又一個里程碑，並為未來的成長奠定了堅實的基礎。非驅動產品佔總營收的20.8%，高於上一季的19.7%和去年同期的19.2%。

Fourth quarter operating expenses were $54.9 million, a decrease of 9.6% from the previous quarter, but increase of 11.6% compared to the same period last year. The sequential decrease was mainly attributed to a reduction in the annual employee bonuses and the depreciation of the NT dollar against the U.S. dollar, partially offset by a increase in tape-out expenses. As part of our standard company practice, annual cash and RSU bonuses are granted at the end of September each year, leading to higher IFRS operating expenses in the Q3 than in other quarters. The year-over-year increase was primarily driven by the increase in tape-out expenses.

第四季營運費用為5,490萬美元，季減9.6%，但年增11.6%。環比下降主要歸因於年度員工獎金減少和新台幣兌美元貶值，部分被印刷費用增加所抵銷。根據公司慣例，年度現金獎金和限制性股票單位（RSU）獎金於每年9月底發放，導致第三季的國際財務報告準則（IFRS）營運費用高於其他季度。年增幅主要由印刷費用增加所致。

Salary expenses and appreciation of the NT dollar against the U.S. dollar were also factors behind the year-over-year increase. Amid ongoing macroeconomic challenges, we continue to emphasize strict budget and expense controls. Fourth quarter operating profit was $6.8 million, representing an operating margin of 3.4% compared to negative 0.3% in the previous quarter and 9.7% for the same period last year. The sequential increase was the result of increased revenue and higher gross margin as well as the lower operating expenses.

薪資支出和新台幣兌美元升值也是較去年同期成長的因素。在宏觀經濟持續面臨挑戰的情況下，我們繼續強調嚴格的預算和費用控制。第四季營業利潤為680萬美元，營業利益率為3.4%，而上一季為-0.3%，去年同期為9.7%。環比成長得益於收入增加、毛利率提高以及營業費用降低。

The year-over-year decline reflected the lower sales and gross margin, coupled with higher operating expenses. Q4 after-tax profit was $6.3 million or $0.36 per diluted ADS compared to $1.1 million or $0.06 per diluted ADS last quarter and down from $24.6 million or $0.14 in the same period last year. Now let's quickly review the financial performance for the full year 2025. 2025 was a challenging year for the global economy, shared by tariffs and other geopolitical uncertainties. Panel customers generally maintained a conservative net-to-order strategy with a lean inventory levels.

同比下滑反映了銷售額和毛利率的下降，以及營運費用的增加。第四季稅後利潤為630萬美元，即每股攤薄後美國存託憑證（ADS）0.06美元，低於去年同期的2460萬美元，即每股攤薄後美國存託憑證（ADS）0.14美元。現在，讓我們快速回顧一下2025年全年的財務表現。 2025年對全球經濟而言是充滿挑戰的一年，關稅和其他地緣政治不確定性為全球經濟帶來了挑戰。面板客戶普遍保持了保守的淨訂單量策略，庫存水準較低。

While consumer electronics demand remains soft, automotive and AI-related applications where Himax has strong exposure proved comparatively resilient. Despite disciplined expense control, our full year 2025 operating expenses increased by 1.1% as we strategically invested in select non-display IC areas with compelling long-term growth potential, some of which are poised to ramp meaningfully starting in 2027. Reflecting this market conditions, our 2025 full year revenue totaled $832.2 million, a decline of 8.2% compared to 2024. Revenue from large panel display driver IC totaled $90.7 million in 2025, marking a decrease of 28.0% year-over-year and representing 10.9% of total sales as compared to 13.9% in 2024. Small and medium-sized driver sales totaled $575.1 million, reflecting a decrease of 8.0% year-over-year and accounting for 69.1% of our total revenue as compared to 69.0% in 2024.

儘管消費性電子產品需求依然疲軟，但Himax重點關注的汽車和人工智慧相關應用領域卻表現出相對的韌性。儘管我們嚴格控制了成本，但由於我們對具有強勁長期成長潛力的特定非顯示積體電路領域進行了策略性投資，2025 年全年營運費用仍成長了 1.1%。其中一些領域預計將從 2027 年開始實現顯著成長。受此市場環境影響，我們 2025 年全年營收總計 8.322 億美元，較 2024 年下降 8.2%。 2025 年，大尺寸面板顯示驅動積體電路的營收總計 9,070 萬美元，年減 28.0%，佔總銷售額的 10.9%，而 2024 年這一比例為 13.9%。中小尺寸驅動積體電路的營收總計 5.751 億美元，年減 8.0%，佔總營收的 69.1%，與 2024 年的 69.0% 持平。

Non-driver product sales totaled $166.4 million, an increase of 7.0% year-over-year and representing 20.0% of our total sales as compared to 17.1% a year ago. Gross margin in 2025 was 30.6%, slightly up from 30.5% in 2024. Operating expenses in 2025 were $210.2 million, a slight increase of 1.1% from 2024, primarily due to increase in tape-out and salary expenses as well as the appreciation of the NT dollar against the U.S. dollar in 2025, partially offset by the lower employee bonus compensation compared to last year. 2025 operating income was $44.1 million, or 5.3% of sales, as compared to $68.2 million, or 7.5% of sales in 2024.

非駕駛產品銷售額總計 1.664 億美元，年增 7.0%，佔總銷售額的 20.0%，而一年前這一比例為 17.1%。2025 年毛利率為 30.6%，略高於 2024 年的 30.5%。2025年的營運支出為2.102億美元，較2024年略微增長1.1%，主要原因是製版和薪資支出增加，以及2025年新台幣對美元升值，部分被員工獎金較上年減少所抵銷。 2025年的營運收入為4,410萬美元，佔銷售額的5.3%，而2024年為6,820萬美元，佔銷售額的7.5%。

Our net profit for 2025 was $43.9 million, or $0.25 per diluted ADS, a decline from $79.8 million, or USD 0.46 per diluted ADS in 2024. Turning to the balance sheet, we had $286.2 million of cash, cash equivalents and other financial assets as of December 31, 2025. This compares to $224.6 million at the same time last year and $278.2 million a quarter ago. Q4 operating cash inflow was $16.8 million, compared to an inflow of $6.7 million in the prior quarter. We had $28.5 million in long-term unsecured loans, with $6.0 million representing the current portion at the end of 2025.

我們 2025 年的淨利潤為 4,390 萬美元，即每股攤薄 ADS 0.25 美元，低於 2024 年的 7,980 萬美元，即每股攤薄 ADS 0.46 美元。從資產負債表來看，截至 2025 年 12 月 31 日，我們擁有 2.862 億美元的現金、現金等價物和其他金融資產。相比之下，去年同期為 2.246 億美元，上一季為 2.782 億美元。第四季經營現金流入為 1,680 萬美元，而上一季為 670 萬美元。我們有 2,850 萬美元的長期無擔保貸款，其中 600 萬美元代表截至 2025 年底的當前部分。

Our year-end inventories were $152.7 million, an increase from $137.4 million last quarter, but lower than $158.7 million a year ago. Accounts receivable at the end of December 2025 was $200.9 million, little change from last quarter, but down from $236.8 million a year ago. DSO was 88 days at the quarter end, as compared to 87 days last quarter and 96 days a year ago. Fourth quarter capital expenditures were $4.0 million, versus $6.3 million last quarter and $3.2 million a year ago. Fourth quarter CapEx was mainly for R&D-related equipment for our IC design business.

我們年末庫存為 1.527 億美元，比上一季的 1.374 億美元有所增加，但低於一年前的 1.587 億美元。截至 2025 年 12 月底，應收帳款為 2.009 億美元，與上一季相比變化不大，但低於一年前的 2.368 億美元。本季末的應收帳款週轉天數為 88 天，而上一季為 87 天，去年同期為 96 天。第四季資本支出為 400 萬美元，而上一季為 630 萬美元，去年同期為 320 萬美元。第四季資本支出主要用於積體電路設計業務的研發相關設備。

Total capital expenditures for 2025 were $20.1 million as compared to $13.1 million in 2024. The increase was primarily due to the construction in progress for the new preschool near our Tainan headquarters built for employees' children, with completion expected by the end of Q2 2026. As of December 31, 2025, Himax had 174.4 million ADS outstanding, little change from last quarter. On a fully diluted basis, the total number of ADS outstanding for the fourth quarter was 174.5 million. Now turning to our first quarter 2022 guidance.

2025 年的總資本支出為 2,010 萬美元，而 2024 年為 1,310 萬美元。此次成長主要是由於我們在台南總部附近為員工子女建造的新幼兒園正在建設中，預計將於 2026 年第二季末竣工。截至 2025 年 12 月 31 日，Himax 已發行 1.744 億份 ADS，與上一季相比變化不大。以完全稀釋後的基準計算，第四季流通在外的美國存託憑證總數為 1.745 億份。現在來看看我們2022年第一季的業績預期。

We expect Q1 revenues to decline 2.0% to 6.0% sequentially. Gross margin is expected to be flat to slightly down, depending on product mix. Q1 profit attributable to the shareholder is estimated to be in the range of $0.02 to $0.04 per fully diluted ADS. I will now turn the call over to Jordan to discuss our Q1 2026 outlook. Jordan, the floor is yours.

我們預計第一季營收將季減2.0%至6.0%。預計毛利率將持平或略有下降，具體取決於產品組合。預計第一季歸屬於股東的利潤在每股完全稀釋的美國存託股份 (ADS) 0.02 美元至 0.04 美元之間。現在我將把電話交給 Jordan，讓他來討論我們 2026 年第一季的展望。喬丹，現在輪到你發言了。

Thank you, Karen. Overall, market conditions remain under pressure from ongoing macroeconomic uncertainty. Recent sharp price increases in memory have further weighed on the market sentiment for electronic products. However, compared with consumer products, the automotive segment, which accounts for over half of Himax's total sales, is more immune to memory price fluctuations. Having said that, our visibility for the whole year outlook of automotive sector remains limited amid the backdrop of uncertain government policy and consumer sentiment.

謝謝你，凱倫。整體而言，市場狀況仍受到持續性宏觀經濟不確定性的影響。近期記憶體價格的急遽上漲進一步打壓了電子產品的市場情緒。然而，與消費品相比，佔海麥克斯總銷售額一半以上的汽車領域受記憶體價格波動的影響較小。儘管如此，在政府政策和消費者情緒不明朗的背景下，我們對汽車產業全年前景的預測仍然有限。

However, we expect the first quarter to be the trough of the year, with sales rebounding in the second quarter and business momentum continuing to improve into the second half, supported by lean customer inventory levels and new projects for automotive customers scheduled to enter mass production later in the year.

不過，我們預計第一季將是全年的低谷，銷售額將在第二季度反彈，業務勢頭將在下半年繼續改善，這得益於客戶庫存水平較低以及計劃在今年晚些時候投入量產的汽車客戶新項目。

In addition, continued growth in our non-driver IC businesses, particularly TCON and WiseEye AI, should provide incremental support. In the automotive display IC business, we remain optimistic about our long-term business outlook, backed by our leading new technology offerings and strong design-win pipeline. In DDIC and TDDI, we have already secured hundreds of design wins, commanding 40% market share in automotive DDIC and well over half in the global TDDI market, maintaining a substantial lead over competitors.

此外，我們非驅動型積體電路業務的持續成長，特別是 TCON 和 WiseEye AI，應該會提供增量支援。在汽車顯示IC業務方面，憑藉我們領先的新技術產品和強大的中標設計項目儲備，我們對長期業務前景依然保持樂觀。在 DDIC 和 TDDI 領域，我們已經獲得了數百個設計訂單，在汽車 DDIC 市場佔據了 40% 的市場份額，在全球 TDDI 市場佔據了超過一半的市場份額，保持著對競爭對手的顯著領先優勢。

Concurrently, Himax has also established strong technology leadership in all emerging automotive display areas, including automotive TCON with advanced local dimming functionality, LTDI for large-size automotive displays, advanced TCON solutions for advanced head-up displays, automotive OLED panels and Micro LED technologies.

同時，海邁思在所有新興汽車顯示器領域也建立了強大的技術領先地位，包括具有先進局部調光功能的汽車TCON、用於大型汽車顯示器的LTDI、用於先進抬頭顯示器的先進TCON解決方案、汽車OLED面板和Micro LED技術。

A growing number of customers are accelerating the adoption of these advanced display technologies in new vehicle models, driving new growth momentum for Himax's automotive display IC business in the years ahead. We believe the automotive market still offers significant upside potential, driven by rapid innovation and ongoing advancements in smart cabin as well as more vivid, intuitive, immersive displays such as knob-on-display, curved display, large-sized HUD on windshield, Micro LED for both interior and exterior of the vehicle and many more. Despite lingering economic uncertainty, beyond our mainstream business of display IC solutions, we continue to expand into areas such as ultralow power AI for endpoint devices, Front-lit LCoS microdisplay and waveguide for AR glasses and WLO for co-packaged optics. All these technologies are seeing exciting upside potential in the next couple of years, driven by the recent breakout of AI. As adoption continues to broaden, some of these technologies have already begun translating into real-world applications with more expected to follow suit in the near future.

越來越多的客戶正在加速在新車型中採用這些先進的顯示技術，這將為海邁汽車顯示IC業務在未來幾年帶來新的成長動力。我們相信，在智慧座艙的快速創新和持續進步，以及更生動、直觀、沉浸式的顯示器（如旋鈕式顯示器、曲面顯示器、擋風玻璃上的大尺寸抬頭顯示器、用於車輛內外飾的微型 LED 顯示器等）的推動下，汽車市場仍然具有巨大的增長潛力。儘管經濟狀況持續不明朗，但除了我們主流的顯示 IC 解決方案業務之外，我們還繼續拓展到其他領域，例如用於終端設備的超低功耗 AI、用於 AR 眼鏡的前照式 LCoS 微顯示器和波導以及用於共封裝光學器件的 WLO。受人工智慧近期爆發式成長的推動，所有這些技術在未來幾年都將展現出令人興奮的發展潛力。隨著應用範圍的不斷擴大，其中一些技術已經開始轉化為現實世界的應用，預計在不久的將來會有更多技術效仿。

We expect these initiatives to become new meaningful growth drivers while also improving our product mix and overall profitability. Some of these advanced technological capabilities were showcased through multiple live demonstrations at CES earlier this year. First, on ultralow power AI, we are differentiated in the market by offering total solutions that integrate in-house AI processor, CMOS image sensor and algorithm, helping customers streamline development and accelerate time to market. Himax's industry-leading WiseEye AI features industry-leading ultralow power design, with power consumption at just single-digit milliwatt levels. Combined with a compact form factor, on-device AI inferencing, and 24/7 always-on image and voice sensing, WiseEye is empowering battery-powered endpoint devices across a wide range of new AI applications.

我們期望這些措施能夠成為新的、有意義的成長動力，同時改善我們的產品組合和整體獲利能力。今年早些時候，在CES展會上透過多次現場演示展示了其中一些先進的技術能力。首先，在超低功耗人工智慧領域，我們透過提供整合自主研發的人工智慧處理器、CMOS影像感測器和演算法的整體解決方案，在市場上脫穎而出，幫助客戶簡化開發流程並加快產品上市速度。Himax 業界領先的 WiseEye AI 採用業界領先的超低功耗設計，功耗僅為個位數毫瓦等級。WiseEye 結合了緊湊的外形尺寸、設備端 AI 推理以及全天候 (24/7) 的圖像和語音感知功能，為各種新型 AI 應用中的電池供電終端設備賦能。

For use cases requiring real-time voice and vision sensing, WiseEye also serves as an ideal perceptual front end for large language models, working in tandem with LLMs to enhance a device's ability to perceive and understand real-world contexts and deliver a more intelligent, responsive and low-latency human-machine interaction. This capability is reflected in applications such as keyword spotting for AI PCs and environmental awareness and sensing in smart glasses. At CES this year, Himax showcased a broad portfolio of WiseEye-powered endpoint AI solutions spanning applications including smart home, security and surveillance, automotive, smart city, access control, AI PCs and smart glasses.

對於需要即時語音和視覺感知的應用場景，WiseEye 也可用作大型語言模型的理想感知前端，與 LLM 協同工作，增強設備感知和理解現實世界環境的能力，並提供更智能、響應更迅速、延遲更低的人機交互。這種能力體現在人工智慧電腦的關鍵字辨識以及智慧眼鏡的環境感知等應用中。在今年的 CES 展會上，海邁思展示了一系列基於 WiseEye 技術的終端 AI 解決方案，涵蓋智慧家庭、安防監控、汽車、智慧城市、門禁管制、AI PC 和智慧眼鏡等應用領域。

One notable example in the field of security applications is the newly introduced WiseGuard solution, a significant technological innovation for next-generation security applications. WiseGuard features high-accuracy AI sensing even in low-luminance environments along with proactive key events capture, all while consuming merely mini-watt level power, thereby extending battery life for end devices.

在安全應用領域，一個值得注意的例子是新推出的 WiseGuard 解決方案，這是下一代安全應用的重大技術創新。WiseGuard 即使在低光照環境下也能實現高精度 AI 感應，並能主動捕捉關鍵事件，同時僅消耗微瓦級功率，從而延長終端設備的電池續航時間。

I will elaborate on this later. All these demonstrations reinforced WiseEye's growing relevance across multiple end markets. After many years of R&D and promotion, we expect to see very strong growth for the WiseEye business starting from this year. Turning to smart glasses, one of Himax's key strategic focus areas. We are uniquely positioned as one of the few companies with both microdisplay and low power AI capabilities, both critical for the success of AR glasses.

我稍後會詳細說明。所有這些演示都鞏固了 WiseEye 在多個終端市場中日益增長的重要性。經過多年的研發和推廣，我們預計從今年開始，WiseEye 業務將實現非常強勁的成長。轉向智慧眼鏡，這是海麥克斯的關鍵戰略重點領域之一。我們是少數幾家同時擁有微顯示器和低功耗人工智慧技術的公司之一，這兩項技術對於擴增實境眼鏡的成功都至關重要，因此我們擁有獨特的優勢。

Fueled by the rapid advancement of AI, the smart glasses market is undergoing a strong resurgence, creating significant new opportunities for WiseEye AI and LCoS microdisplays. Smart glasses developers can leverage WiseEye's ultralow power AI capabilities to enhance device interactivity, supporting both outward-facing environmental awareness and object recognition as well as inward-facing eye-tracking and iris authentication. This allows smart glasses to simultaneously understand user intent and external surroundings, delivering a more natural and seamless human-machine interaction experience.

受人工智慧快速發展的推動，智慧眼鏡市場正在強勁復甦，為 WiseEye AI 和 LCoS 微顯示器創造了重要的全新機會。智慧眼鏡開發者可以利用 WiseEye 的超低功耗 AI 功能來增強設備的交互性，支援面向外部的環境感知和物體識別，以及面向內部的眼球追蹤和虹膜認證。這使得智慧眼鏡能夠同時理解使用者意圖和外部環境，從而提供更自然、更流暢的人機互動體驗。

In microdisplay, Himax's latest proprietary Front-lit LCoS microdisplay achieves an optimal balance among size, weight, power consumption, resolution and cost, while meeting the stringent optical performance requirements of next-generation see-through AR smart glasses. Our LCoS solution is a full-color microdisplay which can be configured for a high brightness, low power green-only mode and switch back upon command from the central processor, seamlessly covering both indoor and outdoor usages.

在微顯示器領域，海邁科技最新的自主研發的正面發光LCoS微顯示器在尺寸、重量、功耗、解析度和成本之間實現了最佳平衡，同時滿足了下一代透視式AR智慧眼鏡嚴格的光學性能要求。我們的 LCoS 解決方案是一款全彩微型顯示器，可配置為高亮度、低功耗的純綠色模式，並可根據中央處理器的命令切換回來，無縫覆蓋室內和室外應用。

Himax is working closely with multiple waveguide partners across China, Europe, Isreal, Japan, Taiwan and the U.S., bundling each other's technologies into complete display systems for AR glasses, with several joint achievements demonstrated at CES. Before turning to our segment outlook, I'd like to highlight our progress in CPO. Himax continues to make solid progress in collaboration with our strategic partner, FOCI. Our main goal for 2026 is to complete mass-production readiness with just small quantity shipments for the year. In addition, we are actively advancing multiple future generations of high-speed optical transmission technologies and advanced CPO architectures.

Himax 與中國、歐洲、以色列、日本、台灣和美國的多家波導合作夥伴緊密合作，將彼此的技術整合到完整的 AR 眼鏡顯示系統中，並在 CES 上展示了多項聯合成果。在展望我們的業務板塊前景之前，我想重點介紹我們在首席採購官 (CPO) 方面取得的進展。Himax 與我們的策略夥伴 FOCI 持續攜手取得穩定進展。我們 2026 年的主要目標是完成大規模生產的準備工作，但當年只會小批量出貨。此外，我們正積極推動多代未來高速光傳輸技術和先進的CPO架構。

These efforts focus on higher fiber channel density and more sophisticated optical designs to support the increasingly demanding requirements. Specifically, in collaboration with the leading global customer and partner, Himax and FOCI are finalizing the manufacturing process of a state-of-the-art design supporting 6.4T transmission bandwidth, a spec positioned for the AI data center market with the biggest volume potential while demanding the highest transmission bandwidth. Recently, FOCI successfully completed an equity rights issue of TWD 3.16 billion to fund equipment purchases and prepare for CPO mass production. Himax participated in the share subscription, demonstrating our continuous support for our partner and further strengthening the collaboration between the 2 companies. Himax expects CPO to become an important contributor to both revenue and profitability over the next few years.

這些努力主要集中在提高光纖通道密度和更複雜的光學設計上，以滿足日益增長的需求。具體來說，Himax 和 FOCI 與全球領先的客戶和合作夥伴合作，正在最終確定支援 6.4T 傳輸頻寬的先進設計的製造流程，該規格面向 AI 資料中心市場，該市場具有最大的市場潛力，同時需要最高的傳輸頻寬。近日，FOCI成功完成31.6億新台幣的股權配售，用於購置設備並為CPO大規模生產做準備。Himax參與了此次股份認購，這反映了我們對合作夥伴的持續支持，並進一步加強了兩家公司之間的合作。Himax 預計 CPO 將在未來幾年內成為公司收入和獲利能力的重要貢獻者。

With that, I will now begin with an update on the large panel driver IC business. In Q1, large display driver IC sales are expected to increase single digit sequentially, mainly driven by continued replenishment of TV IC product from Chinese panel customers, carried over from Q4 last year. Looking ahead, our focus in the notebook market is on premium models featuring OLED displays and touch functionality. This trend is being reinforced by recent rising memory prices, which have put pressure on lower-end notebook models and further accelerated the shift towards higher-end devices. Himax offers a full spectrum of IC solutions for both LCD and OLED notebooks, including DDICs, TCON, touch controllers and TDDI.

接下來，我將開始介紹大型面板驅動IC業務的最新情況。第一季度，大型顯示驅動IC銷售量預計將環比實現個位數成長，主要原因是去年第四季中國面板客戶對電視IC產品的持續補貨需求。展望未來，我們在筆記型電腦市場的重點是配備 OLED 顯示器和觸控功能的高階機型。近期記憶體價格上漲進一步強化了這一趨勢，給低階筆記型電腦機型帶來了壓力，並進一步加速了向高階設備的轉變。Himax 為 LCD 和 OLED 筆記型電腦提供全系列的 IC 解決方案，包括 DDIC、TCON、觸控控制器和 TDDI。

This broad product coverage allows us to address diverse panel architectures and system designs while increasing our content per device. During the first quarter, we began mass production of our touch IC for OLED notebooks with a leading notebook vendor, marking a milestone for another key application for our OLED on-cell touch technology beyond automotive. By leveraging proven touch integration capabilities from automotive applications and extending them into consumer electronics, we are creating new growth opportunities in premium OLED IT devices. TCON solutions are a key pillar of our notebook display IC portfolio, playing a critical role in image enhancement and system-level integration, strengthening our ability to provide customers with a comprehensive one-stop solution. We continue to expand our notebook TCON portfolio to address diverse customer design requirements and cost considerations.

廣泛的產品覆蓋範圍使我們能夠應對各種面板架構和系統設計，同時增加每個設備的內容。第一季度，我們與一家領先的筆記型電腦供應商合作，開始批量生產用於 OLED 筆記型電腦的觸控 IC，這標誌著我們的 OLED on-cell 觸控技術在汽車以外的另一個關鍵應用領域取得了里程碑式的進展。透過利用汽車應用中成熟的觸控整合技術並將其擴展到消費性電子產品領域，我們正在高端 OLED IT 設備領域創造新的成長機會。TCON 解決方案是我們筆記型電腦顯示 IC 產品組合的關鍵支柱，在影像增強和系統級整合方面發揮至關重要的作用，增強了我們為客戶提供一站式綜合解決方案的能力。我們不斷擴展筆記型電腦TCON產品組合，以滿足客戶多樣化的設計需求和成本考量。

Our solutions support a wide range of panel resolutions, refresh rates and gaming-oriented applications, while delivering high value-added features with a strong focus on power efficiency, which is becoming increasingly important for thin-and-light and AI PCs. Turning to the small and medium-sized display driver IC business. In Q1, small and medium-sized display driver IC business is expected to decline single digit from last quarter. Q1 automotive driver IC sales, including TDDI and traditional DDIC, are set to decrease by double digit quarter-over-quarter, following two consecutive quarters of order replenishment. This decrease also reflects typical seasonal softness related to the Lunar New Year holidays, along with the tapering effect of automotive subsidy programs in major markets such as China and the U.S.

我們的解決方案支援各種面板解析度、刷新率和麵向遊戲的應用，同時提供高附加價值功能，並高度重視能源效率，這對於輕薄型和人工智慧電腦來說變得越來越重要。轉向中小尺寸顯示驅動IC業務。預計第一季中小顯示驅動IC業務將比上一季下滑。繼連續兩個季度訂單補充之後，第一季汽車驅動積體電路（包括TDDI和傳統DDIC）的銷售額預計將環比下降兩位數。這一下降也反映了與農曆新年假期相關的典型季節性疲軟，以及中國和美國等主要市場汽車補貼計劃逐漸減少的影響。

That said, our long-term competitive position remains solid, supported by hundreds of design wins already secured across TDDI, DDIC, TCON and an expanding OLED portfolio. In addition, our diversified foundry footprint enables supply flexibility and allows us to better navigate shifts in customer demand. We continue to lead the global automotive display market with a 40% share in DDIC, well over half in TDDI and an even higher market share in local dimming TCON. Himax also continues to lead in automotive display IC innovation by pioneering solutions across a wide range of panel types while addressing diverse design needs and cost considerations. For example, in ultra-large touch displays, we introduced the industry's first LTDI solution back in 2023, which has already been mass produced in several vehicle models.

儘管如此，我們的長期競爭地位依然穩固，這得益於我們在 TDDI、DDIC、TCON 領域已獲得的數百個設計訂單，以及不斷擴大的 OLED 產品組合。此外，我們多元化的代工廠佈局使我們能夠靈活供應，更好地應對客戶需求的變化。我們在 DDIC 領域佔據 40% 的市場份額，在 TDDI 領域佔據超過一半的市場份額，在局部調光 TCON 領域佔據更高的市場份額，繼續引領全球汽車顯示器市場。Himax 在汽車顯示 IC 創新領域也持續保持領先地位，率先針對各種面板類型開發解決方案，同時滿足不同的設計需求和成本考量。例如，在超大觸控顯示器領域，我們早在 2023 年就推出了業界首個 LTDI 解決方案，該方案已在多款車型中量產。

Design activity continues to expand across continents and after several years of sustained effort, we expect meaningful revenue contributions starting this year. For smaller displays with form factors and budget constraints, we provide single-chip solutions that combine TDDI and local dimming TCON, an attractive choice for customers as it can significantly reduce cost and improve power efficiency. Looking ahead, OLED panel adoption in automotive displays is expected to accelerate, creating an opportunity for Himax to further strengthen our leadership in the automotive display market. Our ASIC OLED driver and TCON solutions have already been in mass production for a few years and we now offer new standard IC products to support broader and more scalable deployment. At the same time, we continue to collaborate with leading panel makers on new custom ASICs to meet diverse customer requirements.

設計活動持續在各大洲擴展，經過數年的持續努力，我們預計從今年開始將帶來可觀的收入貢獻。對於尺寸較小、預算有限的顯示器，我們提供結合了 TDDI 和局部調光 TCON 的單晶片解決方案，這對客戶來說是一個有吸引力的選擇，因為它可以顯著降低成本並提高電源效率。展望未來，OLED面板在汽車顯示器領域的應用有望加速，這將為海邁進一步鞏固其在汽車顯示器市場的領先地位創造機會。我們的 ASIC OLED 驅動器和 TCON 解決方案已經量產幾年了，現在我們提供新的標準 IC 產品，以支援更廣泛、更具可擴展性的部署。同時，我們繼續與領先的面板製造商合作開發新的客製化ASIC晶片，以滿足客戶多樣化的需求。

Together, these efforts position Himax to capture increasing semiconductor content as premium automotive display technologies evolve from LCD to OLED. Complementing our OLED portfolio for automotive applications, we are also a leader in advanced OLED touch ICs, featuring industry-leading signal-to-noise ratio performance that ensures reliable operation even under challenging conditions such as glove or wet-finger use. Our OLED touch ICs entered mass production in 2024 and continue to see a growing design-in pipeline globally, many of which are scheduled to enter mass production in the coming quarters. Moving to smartphone IC sales, we expect Q1 smartphone revenue, covering both LCD and OLED products, to increase quarter over quarter as new OLED solutions begin mass production with a leading panel maker for a leading smartphone brand's mainstream model. For tablet ICs, Q1 sales are also expected to grow sequentially, driven by the commencement of IC shipment for customer's new premium OLED tablet.

這些努力使 Himax 能夠在高端汽車顯示技術從 LCD 向 OLED 發展的過程中，佔據日益增長的半導體市場份額。除了以汽車應用的 OLED 產品組合外，我們還是先進 OLED 觸控 IC 領域的領導者，其具有業界領先的信噪比性能，即使在戴手套或手指潮濕等嚴苛條件下也能確保可靠運作。我們的 OLED 觸控 IC 於 2024 年投入量產，並且在全球範圍內持續獲得不斷增長的設計訂單，其中許多產品計劃在未來幾個季度投入量產。再來看智慧型手機 IC 銷售，我們預計第一季智慧型手機收入（包括 LCD 和 OLED 產品）將環比成長，因為領先的面板製造商將為領先的智慧型手機品牌的主流機型量產新的 OLED 解決方案。平板電腦 IC 的銷售量預計也將環比成長，這主要得益於客戶新款高階 OLED 平板電腦的 IC 出貨量開始增加。

Moving forward in tablet market, we are advancing new technologies that enable value-added features such as active stylus, ultra-slim bezel design, higher frame rates and power-saving architectures, positioning Himax to capture more semiconductor content in next-generation premium tablets while reinforcing our competitive edge. I would like to now turn to our non-driver IC business update where we expect Q1 revenue to decrease single digit sequentially. First for an update on our TCON business. We anticipate Q1 TCON sales to decline by a single digit quarter over quarter, primarily due to the absence of ASIC TCON shipments to a leading projector customer that occurred in the prior quarter. The sequential decline also reflects a moderation in automotive TCON shipments following several quarters of solid growth, which we view as normal seasonality rather than a change in underlying demand.

展望平板電腦市場的未來，我們正在推動新技術，以實現主動式手寫筆、超薄邊框設計、更高幀速率和節能架構等增值功能，使 Himax 能夠在下一代高端平板電腦中佔據更多半導體市場份額，同時鞏固我們的競爭優勢。現在我想談談我們的非驅動型積體電路業務最新情況，我們預計第一季營收將環比下降個位數。首先，讓我們報告一下TCON業務的最新進展。我們預計第一季 TCON 銷售額將環比下降個位數，主要原因是上一季向一家領先的投影機客戶交付 ASIC TCON 的情況在本季沒有發生。環比下降也反映出汽車TCON出貨量在經歷了幾個季度的穩健增長後有所放緩，我們認為這是正常的季節性因素，而不是潛在需求的變化。

For the full year 2025, our automotive TCON sales still grew approximately 50% year over year. Backed by hundreds of secured design wins, this momentum provides a strong foundation for sustained growth. TCON for monitor, notebook and TV products is expected to increase sequentially in Q1, primarily a result of customers replenishing inventory for high-end products. Meanwhile, head-up displays or HUDs are poised to become a central element of next-generation smart cockpits, a trend clearly highlighted at CES, where numerous panel makers and automotive names, equipped with our IC solutions, showcased their latest trendy and innovative HUD concepts. HUD for automotive is rapidly evolving from simple text and symbols to high-brightness, high-contrast, AR-enriched visuals integrated into automotive displays.

2025 年全年，我們的汽車 TCON 銷售額仍較去年同期成長約 50%。憑藉數百個已成功中標的設計項目，這一發展勢頭為持續成長奠定了堅實的基礎。預計第一季顯示器、筆記型電腦和電視產品的 TCON 將環比增長，這主要是由於客戶補充高端產品的庫存所致。同時，抬頭顯示器（HUD）有望成為下一代智慧座艙的核心元素，這一趨勢在 CES 上得到了充分體現，眾多面板製造商和汽車品牌都配備了我們的 IC 解決方案，展示了他們最新的時尚創新 HUD 概念。汽車抬頭顯示器 (HUD) 正在迅速發展，從簡單的文字和符號演變為高亮度、高對比度、擴增實境 (AR) 增強的視覺效果，並整合到汽車顯示器中。

This shift is driving demand for sophisticated TCON technologies, an area where Himax holds a strong leadership position in automotive display TCON solutions. To address this trend, we introduced a multifunctional integrated TCON featuring the industry's first full-area selectable local de-warping capability, combined with Himax's market-leading local dimming and on-screen display technologies, offering the flexibility to meet diverse design and cost requirements while simplifying overall system integration. This new TCON continues to deliver exceptional contrast performance while effectively eliminating the so-called postcard effect in HUDs, a common issue caused by light leakage in conventional TFT-LCD panels. Our industry-leading OSD function is also integrated, ensuring that critical safety information remains visible even when the main system is powered down, thereby enhancing overall driving safety. The new TCON solution supports a broad range of HUD architectures, including Windshield HUD, Augmented Reality HUD, and Panoramic HUD.

這種轉變推動了對先進 TCON 技術的需求，而 Himax 在汽車顯示器 TCON 解決方案領域佔據著強大的領導地位。為了因應這一趨勢，我們推出了一款多功能整合式 TCON，它具有業界首個全區域可選局部去畸變功能，並結合了海邁市場領先的局部調光和螢幕顯示技術，能夠靈活滿足各種設計和成本要求，同時簡化整體系統整合。這種新型 TCON 繼續提供卓越的對比度性能，同時有效消除 HUD 中所謂的“明信片效應”，這是傳統 TFT-LCD 面板漏光造成的常見問題。我們業界領先的OSD功能也已整合到系統中，確保即使主系統斷電，關鍵安全資訊仍可見，從而提升整體駕駛安全性。全新的TCON解決方案支援多種HUD架構，包括擋風玻璃HUD、擴增實境HUD和全景HUD。

Multiple customer projects are already underway with leading panel makers and Tier 1 players, reflecting strong market recognition of our advanced HUD TCON technology. Switching gears to the WiseEye product line, a cutting-edge ultralow power AI sensing total solution, targeting endpoint device markets. As AI advances at an unprecedented pace, WiseEye stands out with context-aware, on-device AI inferencing that combines industry-leading power efficiency, consuming only a few milliwatts, with a compact form factor and robust, industrial-grade security and pre-trained no-code/low-code AI algorithm, enabling easy deployment across a broad spectrum of applications. This powerful combination unlocks advanced AI capabilities in endpoint devices that were once constrained by power and size limitations. This is driving innovative new product concepts across a broad range of applications, from notebooks, surveillance and access control to smart home, smart retail and more recently, smart glasses, which the industry widely expects to become the next breakout market.

我們已與領先的面板製造商和一級供應商開展多個客戶項目，這反映了我們先進的HUD TCON技術獲得了市場的廣泛認可。接下來，我們將重點放在WiseEye產品線，這是一款面向終端設備市場的尖端超低功耗AI感測整體解決方案。隨著AI以前所未有的速度發展，WiseEye憑藉其情境感知型裝置端AI推理功能脫穎而出。此功能將業界領先的能源效率（僅消耗幾毫瓦）、緊湊的外形尺寸、強大的工業級安全性以及預訓練的無程式碼/低程式碼AI演算法完美結合，從而能夠輕鬆部署到各種應用場景中。這種強大的組合釋放了以往受限於功耗和尺寸的終端設備中的先進AI功能。這正在推動各種應用領域的創新產品概念的湧現，從筆記型電腦、監控和門禁系統到智慧家庭、智慧零售，以及最近被業界普遍看好的智慧眼鏡——智慧眼鏡有望成為下一個爆發式成長的市場。

Starting with notebooks, WiseEye's human presence detection is seeing expanding adoption among leading global brands, driven by its ultralow power consumption, instant responsiveness and privacy-centric design, well aligned with the industry's move toward always-aware, AI-driven PCs. Building on this foundation, additional feature enhancements are being developed to address more complex real-world scenarios while preserving exceptional power efficiency and improving user convenience. One example is gesture recognition that emulates keyboard inputs, enabling users to scroll pages or adjust volume without touching the keyboard. Another advanced feature currently under development for next-generation AI PCs is a voice-activated keyword spotting function. Here WiseEye acts as an ultralow power front end that continuously monitors audio and performs wake-word detection, activating the main CPU only when a designated trigger phrase is recognized.

從筆記型電腦開始，WiseEye 的人體存在檢測技術憑藉其超低功耗、即時響應和以隱私為中心的設計，正被許多全球領先品牌廣泛採用，這與業界向始終感知、人工智慧驅動的 PC 發展的趨勢高度契合。在此基礎上，WiseEye 正在開發更多功能增強方案，以應對更複雜的實際應用場景，同時保持卓越的能源效率並提升使用者體驗。例如，手勢辨識功能可以模擬鍵盤輸入，使用戶無需觸碰鍵盤即可滾動頁面或調整音量。另一項正在為下一代 AI PC 開發的高級功能是語音啟動關鍵字辨識。 WiseEye 在此作為超低功耗前端，持續監控音訊並進行喚醒詞偵測，僅在識別到指定的觸發詞時才啟動主 CPU。

This advanced feature enables continuous audio monitoring, even in noisy environments, while maintaining minimal impact on overall system power consumption. In the surveillance domain, at the recent CES we introduced our latest WiseGuard endpoint AI solutions, highlighting the versatile deployment of WiseEye AI in security applications. WiseGuard is a turnkey solution capable of accurately detecting and tracking multiple individuals, including their presence, location, and movement. Its proactive and continuous sensing capability enables security systems to anticipate and capture important events in advance, providing more forward-looking protection compared with traditional reactive security solutions. WiseGuard performs always-on sensing and AI processing at single digit mini-watt level, enabling up to 5 years of battery life and reliable, low-maintenance operation in compact, battery-powered devices.

這項先進功能即使在吵雜的環境中也能實現持續音訊監控，同時將對系統整體功耗的影響降至最低。在監控領域，我們在最近的CES展會上推出了最新的WiseGuard終端AI解決方案，重點介紹了WiseEye AI在安防應用中的多功能部署。 WiseGuard是一款即插即用的解決方案，能夠精準地偵測和追蹤多人，包括他們的存在、位置和移動軌跡。其主動且持續的感知能力使安防系統能夠提前預測並捕捉重要事件，與傳統的被動式安防解決方案相比，提供更具前瞻性的保護。 WiseGuard持續以毫瓦級的功耗進行感知和AI處理，從而在緊湊的電池供電設備中實現長達5年的電池壽命和可靠、低維護的運作。

At the same time, it maintains high-precision event detection at distances of up to 10 meters and under extreme low light environments. Immediately after its debut, WiseGuard has attracted strong market interest driven by its compelling advantages for scalable smart home and security systems. Meanwhile from a module perspective, WiseEye technology is seeing expanding adoption across a wide range of domains, including leading brands' upcoming smart home applications and various surveillance applications. Notably, our PalmVein module has had a strong design-in pipeline across multiple industries, covering smart access, workforce management, smart door locks and more recently, computer monitor and automotive applications. In the domain of AR and AI glasses, WiseEye delivers fast responsiveness for a wide range of AI functions while maintaining exceptional power efficiency.

同時，WiseGuard 能夠在 10 公尺的距離內以及極低光照環境下保持高精度事件偵測。自推出以來，WiseGuard 憑藉其在可擴展智慧家庭和安防系統方面的顯著優勢，迅速吸引了市場的廣泛關注。此外，從模組角度來看，WiseEye 技術正在各個領域中得到更廣泛的應用，包括領先品牌即將推出的智慧家庭應用和各種監控應用。值得一提的是，我們的 PalmVein 模組已在多個行業中擁有強大的設計應用前景，涵蓋智慧門禁、勞動力管理、智慧門鎖，以及最近的電腦顯示器和汽車應用。在 AR 和 AI 眼鏡領域，WiseEye 能夠快速回應各種 AI 功能，同時保持卓越的能源效率。

It enables intelligent, context-aware vision sensing in next-generation wearable and smart glasses through both outward- and inward-facing capabilities. Outward sensing supports environmental awareness, object recognition and spatial mapping, while inward sensing enables iris authentication and tracks eye movement, gaze direction and pupil dynamics for natural, intuitive human-machine interaction. WiseEye is gaining strong traction in smart glasses, with a growing number of design-in engagements underway among global tech names, solution platform providers and smart glasses specialists. A leading brand's smart glasses are poised to enter mass production later this year, marking an important milestone for WiseEye in the smart glasses market. That concludes my report for this quarter.

它透過內外雙向感知功能，為下一代穿戴式裝置和智慧眼鏡提供智慧、情境感知視覺感知。外向感知支持環境感知、物體辨識和空間映射，而內向感知則支持虹膜認證，並可追蹤眼球運動、注視方向和瞳孔動態，從而實現自然直觀的人機互動。 WiseEye 在智慧眼鏡領域正迅速崛起，越來越多的全球科技公司、解決方案平台供應商和智慧眼鏡專家正在與其進行設計合作。一家領先品牌的智慧眼鏡預計將在今年稍後投入量產，這標誌著 WiseEye 在智慧眼鏡市場上邁出了重要一步。以上就是本季的報告。

Thank you for your interest in Himax. We appreciate you joining today's call and are now ready to take questions.human-machine interaction. This capability is reflected in applications such as keyword spotting for AI PCs and environmental awareness and sensing in smart glasses. At CES this year, Himax showcased a broad portfolio of WiseEye-powered endpoint AI solutions spanning applications including smart home, security and surveillance, automotive, smart city, access control, AI PCs and smart glasses. One notable example in the field of security applications is the newly introduced WiseGuard solution, a significant technological innovation for next-generation security applications.

感謝您對海邁的關注。我們非常感謝您參加今天的電話會議，現在開始回答您的問題。海邁的WiseEye技術能夠實現人機交互，其應用包括人工智慧電腦的關鍵字識別以及智慧眼鏡的環境感知。在今年的CES展會上，海邁展示了一系列基於WiseEye技術的終端人工智慧解決方案，涵蓋智慧家庭、安防監控、汽車、智慧城市、門禁控制、人工智慧電腦和智慧眼鏡等應用領域。其中，安防應用領域的一個顯著例子是新推出的WiseGuard解決方案，這是下一代安防應用的重大技術創新。

WiseGuard features high-accuracy AI sensing even in low-luminance environments along with proactive key events capture, all while consuming merely mini-watt level power, thereby extending battery life for end devices. I will elaborate on this later. All these demonstrations reinforced WiseEye's growing relevance across multiple end markets. After many years of R&D and promotion, we expect to see very strong growth for the WiseEye business starting from this year. Turning to smart glasses, one of Himax's key strategic focus areas.

WiseGuard 即使在低光照環境下也能實現高精度 AI 感知，並能主動捕捉關鍵事件，同時功耗僅為毫瓦級，從而延長終端設備的電池續航時間。稍後我會詳細介紹這一點。所有這些演示都進一步鞏固了 WiseEye 在多個終端市場日益增長的重要性。經過多年的研發和推廣，我們預計 WiseEye 業務從今年開始將強勁成長。接下來，我們將轉向智慧眼鏡，這是 Himax 的關鍵策略重點領域之一。

We are uniquely positioned as one of the few companies with both microdisplay and low power AI capabilities, both critical for the success of AR glasses. Fueled by the rapid advancement of AI, the smart glasses market is undergoing a strong resurgence, creating significant new opportunities for WiseEye AI and LCoS microdisplays. Smart glasses developers can leverage WiseEye's ultralow power AI capabilities to enhance device interactivity, supporting both outward-facing environmental awareness and object recognition as well as inward-facing eye-tracking and iris authentication. This allows smart glasses to simultaneously understand user intent and external surroundings, delivering a more natural and seamless human-machine interaction experience. In microdisplay, Himax's latest proprietary Front-lit LCoS microdisplay achieves an optimal balance among size, weight, power consumption, resolution and cost, while meeting the stringent optical performance requirements of next-generation see-through AR smart glasses.

作為少數同時擁有微顯示器和低功耗人工智慧技術的公司之一，我們擁有獨特的優勢，這兩項技術對於擴增實境（AR）眼鏡的成功至關重要。在人工智慧快速發展的推動下，智慧眼鏡市場正在強勁復甦，為WiseEye人工智慧和LCoS微顯示器創造了巨大的新機會。智慧眼鏡開發者可以利用WiseEye的超低功耗人工智慧技術來增強設備的互動性，支援面向外部環境的感知和物體識別，以及面向內部的眼動追蹤和虹膜認證。這使得智慧眼鏡能夠同時理解使用者意圖和外部環境，從而提供更自然、更流暢的人機互動體驗。在微顯示器方面，Himax最新的自主研發的前照式LCoS微顯示器在尺寸、重量、功耗、解析度和成本之間實現了最佳平衡，同時滿足了下一代透視式AR智慧眼鏡嚴苛的光學性能要求。

Our LCoS solution is a full-color microdisplay which can be configured for a high brightness, low power green-only mode and switch back upon command from the central processor, seamlessly covering both indoor and outdoor usages. Himax is working closely with multiple waveguide partners across China, Europe, Isreal, Japan, Taiwan and the U.S., bundling each other's technologies into complete display systems for AR glasses, with several joint achievements demonstrated at CES. Before turning to our segment outlook, I'd like to highlight our progress in CPO. Himax continues to make solid progress in collaboration with our strategic partner, FOCI. Our main goal for 2026 is to complete mass-production readiness with just small quantity shipments for the year.

我們的LCoS解決方案是一款全彩微型顯示器，可配置為高亮度、低功耗的純綠色模式，並可根據中央處理器的指令切換回其他模式，無縫覆蓋室內外應用場景。海麥克斯正與遍佈中國、歐洲、以色列、日本、台灣和美國的眾多波導合作夥伴緊密合作，將彼此的技術整合到完整的AR眼鏡顯示系統中，並在CES上展示了多項聯合成果。在展望我們的業務前景之前，我想重點介紹一下我們在CPO（彩色光電產品）領域的進展。海麥克斯與策略夥伴FOCI的合作持續取得穩定進展。我們2026年的主要目標是完成量產準備，並在當年進行小批量出貨。

In addition, we are actively advancing multiple future generations of high-speed optical transmission technologies and advanced CPO architectures. These efforts focus on higher fiber channel density and more sophisticated optical designs to support the increasingly demanding requirements. Specifically, in collaboration with the leading global customer and partner, Himax and FOCI are finalizing the manufacturing process of a state-of-the-art design supporting 6.4T transmission bandwidth, a spec positioned for the AI data center market with the biggest volume potential while demanding the highest transmission bandwidth. Recently, FOCI successfully completed an equity rights issue of TWD 3.16 billion to fund equipment purchases and prepare for CPO mass production. Himax participated in the share subscription, demonstrating our continuous support for our partner and further strengthening the collaboration between the two companies.

此外，我們正積極推動多代高速光傳輸技術和先進的CPO架構。這些努力著重於提高光纖通道密度和更精密的光學設計，以滿足日益增長的需求。具體而言，海麥克斯（Himax）與全球領先的客戶和合作夥伴FOCI正攜手完成一項尖端設計的製造工藝，該設計支持6.4T傳輸頻寬，專為AI數據中心市場量產潛力巨大且對傳輸頻寬要求極高的應用而設計。近期，FOCI成功完成31.6億新台幣的股權增發，用於設備採購和CPO量產準備。海麥克斯參與了此次認購，體現了我們對合作夥伴的持續支持，並進一步加強了兩家公司的合作。

Himax expects CPO to become an important contributor to both revenue and profitability over the next few years. With that, I will now begin with an update on the large panel driver IC business. In Q1, large display driver IC sales are expected to increase single digit sequentially, mainly driven by continued replenishment of TV IC product from Chinese panel customers, carried over from Q4 last year. Looking ahead, our focus in the notebook market is on premium models featuring OLED displays and touch functionality. This trend is being reinforced by recent rising memory prices, which have put pressure on lower-end notebook models and further accelerated the shift towards higher-end devices.

海麥克斯預計，未來幾年，CPO將成為公司營收和獲利的重要貢獻者。接下來，我將先介紹大面板驅動IC業務的最新情況。預計第一季度，大顯示驅動IC的銷售量將環比實現個位數成長，主要得益於中國面板客戶對電視IC產品的持續補貨，這部分訂單延續自去年第四季。展望未來，我們在筆記型電腦市場的重點是配備OLED顯示器和觸控功能的高階機型。近期記憶體價格的上漲進一步強化了這一趨勢，記憶體價格上漲給低階筆記型電腦帶來了壓力，並加速了市場向高端設備的轉變。

Himax offers a full spectrum of IC solutions for both LCD and OLED notebooks, including DDICs, TCON, touch controllers and TDDI. This broad product coverage allows us to address diverse panel architectures and system designs while increasing our content per device. During the first quarter, we began mass production of our touch IC for OLED notebooks with a leading notebook vendor, marking a milestone for another key application for our OLED on-cell touch technology beyond automotive. By leveraging proven touch integration capabilities from automotive applications and extending them into consumer electronics, we are creating new growth opportunities in premium OLED IT devices. TCON solutions are a key pillar of our notebook display IC portfolio, playing a critical role in image enhancement and system-level integration, strengthening our ability to provide customers with a comprehensive one-stop solution.

海邁思為LCD和OLED筆記型電腦提供全系列IC解決方案，包括DDIC、TCON、觸控控制器和TDDI。如此廣泛的產品覆蓋範圍使我們能夠滿足各種面板架構和系統設計的需求，同時提升單一裝置的晶片容量。第一季度，我們與一家領先的筆記型電腦廠商合作，開始量產用於OLED筆記型電腦的觸控IC，這標誌著我們的OLED on-cell觸控技術在汽車以外的另一個重要應用領域邁出了重要一步。透過借鑒汽車應用中成熟的觸控整合能力，並將其拓展到消費性電子領域，我們正在高端OLED IT設備領域創造新的成長機會。 TCON解決方案是我們筆記型電腦顯示IC產品組合的關鍵支柱，在影像增強和系統級整合方面發揮至關重要的作用，增強了我們為客戶提供一站式綜合解決方案的能力。

We continue to expand our notebook TCON portfolio to address diverse customer design requirements and cost considerations. Our solutions support a wide range of panel resolutions, refresh rates and gaming-oriented applications, while delivering high value-added features with a strong focus on power efficiency, which is becoming increasingly important for thin-and-light and AI PCs. Turning to the small and medium-sized display driver IC business. In Q1, small and medium-sized display driver IC business is expected to decline single digit from last quarter. Q1 automotive driver IC sales, including TDDI and traditional DDIC, are set to decrease by double digit quarter-over-quarter, following two consecutive quarters of order replenishment.

我們持續拓展筆記型電腦TCON產品組合，以滿足客戶多樣化的設計需求和成本考量。我們的解決方案支援多種面板解析度、更新率和遊戲應用，同時提供高附加價值功能，並高度重視能源效率，這對於輕薄型PC和AI PC而言正變得日益重要。轉向中小尺寸顯示驅動IC業務。預計第一季中小顯示驅動IC業務將比上一季下滑。繼連續兩個季度訂單補充之後，第一季汽車驅動積體電路（包括TDDI和傳統DDIC）的銷售額預計將環比下降兩位數。

This decrease also reflects typical seasonal softness related to the Lunar New Year holidays, along with the tapering effect of automotive subsidy programs in major markets such as China and the U.S. That said, our long-term competitive position remains solid, supported by hundreds of design wins already secured across TDDI, DDIC, TCON and an expanding OLED portfolio. In addition, our diversified foundry footprint enables supply flexibility and allows us to better navigate shifts in customer demand. We continue to lead the global automotive display market with a 40% share in DDIC, well over half in TDDI and an even higher market share in local dimming TCON. Himax also continues to lead in automotive display IC innovation by pioneering solutions across a wide range of panel types while addressing diverse design needs and cost considerations.

這一下降也反映了與農曆新年假期相關的典型季節性疲軟，以及中國和美國等主要市場汽車補貼計劃逐漸減少的影響。儘管如此，我們長期的競爭地位依然穩固，這得益於我們在TDDI、DDIC、TCON等公司已獲得的數百個設計訂單，以及不斷擴大的OLED產品組合。此外，我們多元化的代工廠佈局使我們能夠靈活供應，更好地應對客戶需求的變化。我們在 DDIC 領域佔據 40% 的市場份額，在 TDDI 領域佔據超過一半的市場份額，在局部調光 TCON 領域佔據更高的市場份額，繼續引領全球汽車顯示器市場。Himax 在汽車顯示 IC 創新領域也持續保持領先地位，率先針對各種面板類型開發解決方案，同時滿足不同的設計需求和成本考量。

For example, in ultra-large touch displays, we introduced the industry's first LTDI solution back in 2023, which has already been mass produced in several vehicle models. Design activity continues to expand across continents and after several years of sustained effort, we expect meaningful revenue contributions starting this year. For smaller displays with form factors and budget constraints, we provide single-chip solutions that combine TDDI and local dimming TCON, an attractive choice for customers as it can significantly reduce cost and improve power efficiency. Looking ahead, OLED panel adoption in automotive displays is expected to accelerate, creating an opportunity for Himax to further strengthen our leadership in the automotive display market. Our ASIC OLED driver and TCON solutions have already been in mass production for a few years and we now offer new standard IC products to support broader and more scalable deployment.

例如，在超大觸控顯示器領域，我們早在 2023 年就推出了業界首個 LTDI 解決方案，該方案已在多款車型中量產。設計活動持續在各大洲擴展，經過數年的持續努力，我們預計從今年開始將帶來可觀的收入貢獻。對於尺寸較小、預算有限的顯示器，我們提供結合了 TDDI 和局部調光 TCON 的單晶片解決方案，這對客戶來說是一個有吸引力的選擇，因為它可以顯著降低成本並提高電源效率。展望未來，OLED面板在汽車顯示器領域的應用有望加速，這將為海邁進一步鞏固其在汽車顯示器市場的領先地位創造機會。我們的 ASIC OLED 驅動器和 TCON 解決方案已經量產幾年了，現在我們提供新的標準 IC 產品，以支援更廣泛、更具可擴展性的部署。

At the same time, we continue to collaborate with leading panel makers on new custom ASICs to meet diverse customer requirements. Together, these efforts position Himax to capture increasing semiconductor content as premium automotive display technologies evolve from LCD to OLED. Complementing our OLED portfolio for automotive applications, we are also a leader in advanced OLED touch ICs, featuring industry-leading signal-to-noise ratio performance that ensures reliable operation even under challenging conditions such as glove or wet-finger use. Our OLED touch ICs entered mass production in 2024 and continue to see a growing design-in pipeline globally, many of which are scheduled to enter mass production in the coming quarters. Moving to smartphone IC sales, we expect Q1 smartphone revenue, covering both LCD and OLED products, to increase quarter over quarter as new OLED solutions begin mass production with a leading panel maker for a leading smartphone brand's mainstream model.

同時，我們繼續與領先的面板製造商合作開發新型客製化ASIC晶片，以滿足客戶的多元化需求。這些努力使Himax能夠在高端汽車顯示器技術從LCD向OLED演進的過程中，佔據日益增長的半導體市場份額。除了以汽車應用的 OLED 產品組合外，我們還是先進 OLED 觸控 IC 領域的領導者，其具有業界領先的信噪比性能，即使在戴手套或手指潮濕等嚴苛條件下也能確保可靠運作。我們的 OLED 觸控 IC 於 2024 年投入量產，並且在全球範圍內持續獲得不斷增長的設計訂單，其中許多產品計劃在未來幾個季度投入量產。再來看智慧型手機 IC 銷售，我們預計第一季智慧型手機收入（包括 LCD 和 OLED 產品）將環比成長，因為領先的面板製造商將為領先的智慧型手機品牌的主流機型量產新的 OLED 解決方案。

For tablet ICs, Q1 sales are also expected to grow sequentially, driven by the commencement of IC shipment for customer's new premium OLED tablet. Moving forward in tablet market, we are advancing new technologies that enable value-added features such as active stylus, ultra-slim bezel design, higher frame rates and power-saving architectures, positioning Himax to capture more semiconductor content in next-generation premium tablets while reinforcing our competitive edge. I would like to now turn to our non-driver IC business update where we expect Q1 revenue to decrease single digit sequentially. First for an update on our TCON business. We anticipate Q1 TCON sales to decline by a single digit quarter over quarter, primarily due to the absence of ASIC TCON shipments to a leading projector customer that occurred in the prior quarter.

平板電腦晶片方面，預計第一季銷售額也將季增，主要得益於客戶新款高階OLED平板電腦的晶片出貨量開始增加。展望平板電腦市場，我們正在推進新技術，以實現諸如主動式手寫筆、超窄邊框設計、更高幀速率和節能架構等增值功能，從而使海麥克斯能夠在下一代高端平板電腦中佔據更多半導體市場份額，並鞏固我們的競爭優勢。接下來，我想談談非驅動型晶片業務的最新進展，我們預計第一季營收將環比下降個位數。首先是TCON業務的最新進展。我們預計第一季TCON銷售額將環比下降個位數，主要原因是上一季向一家領先的投影機客戶交付的ASIC TCON晶片在本季未能交付。

The sequential decline also reflects a moderation in automotive TCON shipments following several quarters of solid growth, which we view as normal seasonality rather than a change in underlying demand. For the full year 2025, our automotive TCON sales still grew approximately 50% year over year. Backed by hundreds of secured design wins, this momentum provides a strong foundation for sustained growth. TCON for monitor, notebook and TV products is expected to increase sequentially in Q1, primarily a result of customers replenishing inventory for high-end products. Meanwhile, head-up displays or HUDs are poised to become a central element of next-generation smart cockpits, a trend clearly highlighted at CES, where numerous panel makers and automotive names, equipped with our IC solutions, showcased their latest trendy and innovative HUD concepts.

環比下滑也反映出汽車TCON出貨量在經歷了幾個季度的穩健增長後有所放緩，我們認為這是正常的季節性波動，而非潛在需求的變化。 2025年全年，我們的汽車TCON銷售額仍較去年同期成長約50%。憑藉數百個已獲批准的設計訂單，這一成長勢頭為持續成長奠定了堅實的基礎。預計第一季顯示器、筆記型電腦和電視產品的TCON出貨量將環比成長，這主要是由於客戶正在補充高階產品的庫存。同時，抬頭顯示器（HUD）有望成為下一代智慧座艙的核心組件，這一趨勢在CES展會上得到了充分體現。眾多面板製造商和汽車廠商在展會上展示了他們最新的時尚創新HUD概念，這些產品均採用了我們的IC解決方案。

HUD for automotive is rapidly evolving from simple text and symbols to high-brightness, high-contrast, AR-enriched visuals integrated into automotive displays. This shift is driving demand for sophisticated TCON technologies, an area where Himax holds a strong leadership position in automotive display TCON solutions. To address this trend, we introduced a multifunctional integrated TCON featuring the industry's first full-area selectable local de-warping capability, combined with Himax's market-leading local dimming and on-screen display technologies, offering the flexibility to meet diverse design and cost requirements while simplifying overall system integration. This new TCON continues to deliver exceptional contrast performance while effectively eliminating the so-called postcard effect in HUDs, a common issue caused by light leakage in conventional TFT-LCD panels. Our industry-leading OSD function is also integrated, ensuring that critical safety information remains visible even when the main system is powered down, thereby enhancing overall driving safety.

汽車抬頭顯示器（HUD）正迅速從簡單的文字和符號發展到整合於汽車顯示器中的高亮度、高對比度、擴增實境（AR）增強的視覺效果。這種轉變推動了對先進TCON技術的需求，而Himax在汽車顯示TCON解決方案領域擁有強大的領先地位。為了因應這一趨勢，我們推出了一款多功能整合TCON，它具備業界首創的全區域可選局部去畸變功能，並結合了Himax市場領先的局部調光和螢幕顯示（OSD）技術，能夠靈活滿足各種設計和成本要求，同時簡化整體系統整合。這款新型TCON在保持卓越對比性能的同時，有效消除了HUD中常見的「明信片效應」（即傳統TFT-LCD面板漏光造成的常見問題）。此外，它還整合了我們業界領先的OSD功能，確保即使主系統斷電，關鍵安全資訊仍可見，從而提升整體駕駛安全性。

The new TCON solution supports a broad range of HUD architectures, including Windshield HUD, Augmented Reality HUD, and Panoramic HUD. Multiple customer projects are already underway with leading panel makers and Tier 1 players, reflecting strong market recognition of our advanced HUD TCON technology. Switching gears to the WiseEye product line, a cutting-edge ultralow power AI sensing total solution, targeting endpoint device markets. As AI advances at an unprecedented pace, WiseEye stands out with context-aware, on-device AI inferencing that combines industry-leading power efficiency, consuming only a few milliwatts, with a compact form factor and robust, industrial-grade security and pre-trained no-code/low-code AI algorithm, enabling easy deployment across a broad spectrum of applications. This powerful combination unlocks advanced AI capabilities in endpoint devices that were once constrained by power and size limitations.

全新的TCON解決方案支援多種HUD架構，包括擋風玻璃HUD、擴增實境HUD和全景HUD。目前，我們已與多家領先的面板製造商和一級供應商開展了多個客戶項目，這充分體現了我們先進的HUD TCON技術在市場上的強大認可度。接下來，我們將重點介紹WiseEye產品線，這是一款面向終端設備市場的尖端超低功耗AI感測整體解決方案。隨著人工智慧以前所未有的速度發展，WiseEye 憑藉其上下文感知、設備端人工智慧推理功能脫穎而出，該功能結合了業界領先的能源效率（僅消耗幾毫瓦）、緊湊的外形尺寸、強大的工業級安全性和預訓練的無程式碼/低程式碼人工智慧演算法，從而能夠輕鬆部署到各種應用中。這種強大的組合釋放了終端設備中曾經受制於功率和尺寸限制的高級人工智慧功能。

This is driving innovative new product concepts across a broad range of applications, from notebooks, surveillance and access control to smart home, smart retail and more recently, smart glasses, which the industry widely expects to become the next breakout market. Starting with notebooks, WiseEye's human presence detection is seeing expanding adoption among leading global brands, driven by its ultralow power consumption, instant responsiveness and privacy-centric design, well aligned with the industry's move toward always-aware, AI-driven PCs. Building on this foundation, additional feature enhancements are being developed to address more complex real-world scenarios while preserving exceptional power efficiency and improving user convenience. One example is gesture recognition that emulates keyboard inputs, enabling users to scroll pages or adjust volume without touching the keyboard. Another advanced feature currently under development for next-generation AI PCs is a voice-activated keyword spotting function.

這推動了從筆記型電腦、監控和門禁控製到智慧家庭、智慧零售，以及最近興起的智慧眼鏡等各種應用領域的創新產品概念，業界普遍認為智慧眼鏡將成為下一個爆發式成長的市場。從筆記型電腦開始，WiseEye 的人體存在檢測技術正被全球領先品牌廣泛採用，這得益於其超低功耗、即時響應和以隱私為中心的設計，與行業向始終感知、人工智能驅動的個人電腦發展的方向非常契合。在此基礎上，我們正​​在開發更多功能增強功能，以應對更複雜的實際場景，同時保持卓越的能源效率並提高用戶便利性。例如，手勢識別可以模擬鍵盤輸入，使用戶無需觸摸鍵盤即可滾動頁面或調整音量。目前正在為下一代人工智慧電腦開發的另一項先進功能是語音啟動關鍵字辨識功能。

Here WiseEye acts as an ultralow power front end that continuously monitors audio and performs wake-word detection, activating the main CPU only when a designated trigger phrase is recognized. This advanced feature enables continuous audio monitoring, even in noisy environments, while maintaining minimal impact on overall system power consumption. In the surveillance domain, at the recent CES we introduced our latest WiseGuard endpoint AI solutions, highlighting the versatile deployment of WiseEye AI in security applications. WiseGuard is a turnkey solution capable of accurately detecting and tracking multiple individuals, including their presence, location, and movement. Its proactive and continuous sensing capability enables security systems to anticipate and capture important events in advance, providing more forward-looking protection compared with traditional reactive security solutions.

WiseEye 在這裡充當超低功耗前端，持續監控音訊並執行喚醒單字偵測，僅在識別到指定的觸發短語時才啟動主 CPU。這項先進功能即使在吵雜的環境中也能實現持續音訊監控，同時對系統整體功耗的影響也降至最低。在監控領域，我們在最近的 CES 展會上推出了最新的 WiseGuard 端點 AI 解決方案，重點介紹了 WiseEye AI 在安全應用中的多功能部署。WiseGuard 是一款交鑰匙解決方案，能夠準確地偵測和追蹤多個人員，包括他們的存在、位置和移動。其主動和持續的感知能力使安全系統能夠提前預測和捕捉重要事件，與傳統的被動安全解決方案相比，提供更具前瞻性的保護。

WiseGuard performs always-on sensing and AI processing at single digit mini-watt level, enabling up to 5 years of battery life and reliable, low-maintenance operation in compact, battery-powered devices. At the same time, it maintains high-precision event detection at distances of up to 10 meters and under extreme low light environments. Immediately after its debut, WiseGuard has attracted strong market interest driven by its compelling advantages for scalable smart home and security systems. Meanwhile from a module perspective, WiseEye technology is seeing expanding adoption across a wide range of domains, including leading brands' upcoming smart home applications and various surveillance applications. Notably, our PalmVein module has had a strong design-in pipeline across multiple industries, covering smart access, workforce management, smart door locks and more recently, computer monitor and automotive applications.

WiseGuard 以個位數毫瓦級的功耗執行持續的感測和 AI 處理，從而在緊湊型電池供電設備中實現長達 5 年的電池壽命和可靠、低維護的運作。同時，它在 10 公尺的距離內以及在極低光照環境下仍能保持高精度的事件偵測。WiseGuard一推出，便憑藉其在可擴展智慧家庭和安全系統方面的顯著優勢，立即引起了市場的強烈關注。同時，從模組的角度來看，WiseEye 技術正在各個領域得到更廣泛的應用，包括領先品牌即將推出的智慧家庭應用和各種監控應用。值得一提的是，我們的 PalmVein 模組在多個行業中擁有強大的設計應用管道，涵蓋智慧門禁、勞動力管理、智慧門鎖，以及最近的電腦顯示器和汽車應用。

In the domain of AR and AI glasses, WiseEye delivers fast responsiveness for a wide range of AI functions while maintaining exceptional power efficiency. It enables intelligent, context-aware vision sensing in next-generation wearable and smart glasses through both outward- and inward-facing capabilities. Outward sensing supports environmental awareness, object recognition and spatial mapping, while inward sensing enables iris authentication and tracks eye movement, gaze direction and pupil dynamics for natural, intuitive human-machine interaction. WiseEye is gaining strong traction in smart glasses, with a growing number of design-in engagements underway among global tech names, solution platform providers and smart glasses specialists. A leading brand's smart glasses are poised to enter mass production later this year, marking an important milestone for WiseEye in the smart glasses market.

在 AR 和 AI 眼鏡領域，WiseEye 能夠快速回應各種 AI 功能，同時保持卓越的能源效率。它透過面向外部和麵向內部的功能，為下一代穿戴式裝置和智慧眼鏡實現智慧的、情境感知視覺感測。外部感知支持環境感知、物體識別和空間映射，而內部感知可實現虹膜認證，並追蹤眼球運動、注視方向和瞳孔動態，從而實現自然、直觀的人機互動。WiseEye 在智慧眼鏡領域獲得了強勁的發展勢頭，越來越多的全球科技公司、解決方案平台提供商和智慧眼鏡專家正在與 WiseEye 進行設計合作。某知名品牌的智慧眼鏡將於今年稍晚進入量產階段，這標誌著 WiseEye 在智慧眼鏡市場上邁出了重要一步。

That concludes my report for this quarter. Thank you for your interest in Himax. We appreciate you joining today's call and are now ready to take questions.

我的本季報告到此結束。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。

(Operator Instructions) Now we'll have our first question, Tiffany Yeh, Morgan Stanley.

（操作員說明）現在我們來提問，摩根士丹利的蒂芬妮葉。

Congrats on the great results. Yes. So my first question is on first quarter gross margin. I know why the margin would be flat to down in first quarter. Is it because of product mix? Or are we seeing elevated pressure coming from like the increasing material costs and also the offset costs? And I have a follow-up.

恭喜取得如此優異的成績！是的。我的第一個問題是關於第一季的毛利率。我知道為什麼第一季利潤率會持平或下降。是因為產品組合的原因嗎？或者，我們看到的壓力增加是否源自於材料成本上漲以及其他成本因素？我還有一個後續問題。

Thank you, Tiffany. Actually, we are only guiding for a flat to slight decline only. So we are not seeing material change from the gross margin last quarter. And the difference is really the product mix change. We are seeing proportion-wise, slightly less auto shipment in Q1 compared to last quarter.

謝謝你，蒂芙尼。實際上，我們預計市場將保持平穩或略微下跌。因此，我們沒有看到毛利率與上季相比發生實質變化。真正的差異在於產品組合的變化。從比例來看，第一季汽車出貨量比上一季略有下降。

And you pointed out about the material price increase, which is obviously a factor and it has been a factor for like a pretty long time, as we all know, as we know, gold prices -- gold price has been increasing over the years. And now on top of that, we are seeing foundry capacity tightening and therefore, prices appear to be rising. And for that reason, we -- I mean, with our foundry vendors, we are in discussion with them, how to get our delivery support while in the meantime, hoping for a manageable price increase from them. At the same time, we are also in active discussion with our customers about the possibility for price increase to reflect our cost. So that both are ongoing.

您指出了原物料價格上漲的問題，這顯然是一個因素，而且這個問題已經持續了相當長一段時間，我們都知道，黃金價格——黃金價格多年來一直在上漲。而現在，再加上晶圓代工廠產能收緊，因此價格似乎正在上漲。因此，我們——我的意思是，我們正在與我們的代工廠供應商討論如何獲得交付支持，同時希望他們能接受一個可控的價格上漲。同時，我們也正在與客戶積極討論價格上漲的可能性，以反映我們的成本。所以這兩件事都在進行中。

So we don't have any conclusion yet. But I think so far -- I mean, this is all pretty recent. And so far, we are seeing our customers all kind of recognize the fact that as we all know, memory price, the memory demand and squeeze out the supply of other types of ICs and therefore, demand is -- appears to be rising for other kind of memory IC products because the supply is being squeezed and price is rising. So again, we are in discussion with both our customer side and vendor side. So -- but that doesn't really quite -- that is not really quite a factor for our Q1 corresponding type guidance.

所以目前我們還無法得出任何結論。但我覺得到目前為止——我的意思是，這一切都是最近才發生的。到目前為止，我們看到我們的客戶都意識到，眾所周知，記憶體價格上漲，記憶體需求擠壓了其他類型積體電路的供應，因此，其他類型記憶體積體電路產品的需求似乎正在上升，因為供應受到擠壓，價格上漲。所以，我們再次與客戶方和供應商方進行討論。所以——但這並不是——這並不是我們第一季相應類型指導的一個真正因素。

If anything, I think that is going to becoming a factor starting from Q2 and onwards.

我認為，從第二季開始，這將會成為一個影響因素。

Very clear. So my second question would be regarding CPO. Could you give us more details or maybe some guidance for the CPO revenue in maybe 2026 and 2027 as I think investors are very excited about our development and progress in this area?

非常清楚。所以我的第二個問題是關於首席採購官（CPO）的。您能否提供更多關於 2026 年和 2027 年 CPO 收入的細節或一些指導？因為我認為投資者對我們在該領域的發展和進展感到非常興奮。

Actually, we are also online getting a few questions surrounding CPO. So I'll try to kind of address them together. Again, we said that in last quarter's earnings call and I'm going to repeat that. Now the main goal of 2026 for us and also for our partner FOCI is to complete the validation of both our Gen 1 and Gen 2 products. It's validation by key customers/partners.

事實上，我們在網路上也收到了一些關於首席產品長（CPO）的問題。所以我會盡量把它們放在一起討論。我們在上個季度的財報電話會議上已經說過這​​一點，我再重複一次。現在，我們和我們的合作夥伴 FOCI 在 2026 年的主要目標是完成我們第一代和第二代產品的驗證。這是來自主要客戶/合作夥伴的驗證。

So with the validation being the target, the revenue contribution will be limited for 2026 because we will be talking about sample shipments only. Notably, while I'm commenting on 2027 in close collaboration with anchor customer and partner, again, [inaudible] Himax are close to finalizing the Gen 2 product, which targets bandwidth of greater than 6.4T, okay? This is important. Again, we are finalizing the Gen 2 product for its production readiness targeting bandwidth of greater than 6.4T. And for this product, Gen 2 product, we can potentially see meaningful top and bottom line contribution from -- starting from 2027, even before the official MP gets started.

因此，由於驗證是目標，2026 年的收入貢獻將受到限制，因為我們只討論樣品出貨。值得注意的是，雖然我是在與主要客戶和合作夥伴密切合作的情況下評論 2027 年的情況，但再次強調，[聽不清楚] Himax 即將完成第二代產品的開發，該產品的目標頻寬超過 6.4T，明白嗎？這很重要。我們正在最終確定第二代產品的生產準備工作，目標是實現超過 6.4T 的頻寬。對於這款第二代產品，我們預計從 2027 年開始，甚至在正式的 MP 專案啟動之前，就看到其對公司營收和利潤的顯著貢獻。

The reason why I emphasize this is because when and how this CPO product will start up production is really a call which can only be made by the customer. I mean, we don't fully know. And also a reminder that it actually involves a complex and lengthy ecosystem run by our customer, right? So it is not a matter of when we are proven to be ready, the customer can just click a button and then in full volume production, it is not going to happen that way. So we cannot -- we don't have full visibility on exactly when and how the ramping -- the mass production ramping will take place.

我之所以強調這一點，是因為這款 CPO 產品何時以及如何投產，實際上只能由客戶決定。我的意思是，我們並不完全清楚。另外，也要提醒大家，這實際上涉及一個由我們的客戶運營的複雜而漫長的生態系統，對吧？所以這不是我們證明準備好後，客戶只需點擊一個按鈕就能全面量產的問題，事情不會那樣發生。因此，我們無法——我們無法完全了解大規模生產何時以及如何開始爬坡。

Our current view is that it is likely to be 2027 or 2028, we don't know. However, what I'm trying to say is even before the official ramping, official MP, let's say, 2027 or 2028, even before then, because prior to the official MP, there will be further [inaudible] shipments for various purposes with a certain quantity, which will be greater than 2026. So even before the official MP gets started, just from pre-MP shipments, we -- based on our internal count, the contribution can be already pretty meaningful for Himax as a total -- in terms of our total revenue, certainly even more so for our total profit, right? So I guess that address your issue about 2027. And again, I want to emphasize these products are targeting 6.5T bandwidth spec is done in close collaboration with our anchor customer and partner.

我們目前的看法是，很可能是 2027 年或 2028 年，但我們也不確定。然而，我想說的是，即使在正式增產之前，比如說 2027 年或 2028 年，甚至在那之前，因為在正式增產之前，還會有更多用於各種用途的[聽不清]貨物出貨，數量將超過 2026 年。因此，即使在正式的 MP 開始之前，僅從 MP 之前的出貨量來看，根據我們的內部統計，這對於 Himax 來說，就總收入而言，其貢獻已經相當可觀，就總利潤而言，當然更是如此，對吧？所以我想這應該可以解答你關於2027年的問題了。我再次強調，這些產品的目標是達到 6.5T 頻寬，其規格是與我們的主要客戶和合作夥伴密切合作制定的。

It is not like we are closing our doors and we try to think of a product and try to push it to the customer. Now it is actually from beginning to now, it has been a joint development by our direct customer -- our direct partner FOCI and our joint anchor customer and partner. And the so-called 6.4T transmission product spec, the target is the AI data center market with the biggest volume potential while demanding the highest transmission bandwidth, it is -- you're talking about the GPU market, right, which requires a very high transmission rate. So that -- I guess that, Tiffany, that kind of addresses your question directly. And also people asked about what is the volume potential or revenue potential when it start MP.

這並不是說我們要關門大吉，而是我們要努力構思產品並推銷給顧客。實際上，從一開始到現在，它都是由我們的直接客戶——我們的直接合作夥伴 FOCI 和我們的共同核心客戶和合作夥伴共同開發的。所謂 6.4T 傳輸產品規格，其目標是 AI 資料中心市場，該市場擁有最大的市場潛力，同時需要最高的傳輸頻寬，也就是——您說的是 GPU 市場，對吧，它需要非常高的傳輸速率。所以——我想，蒂芙尼，這應該直接回答了你的問題。還有人問，MP 開始銷售後，銷售潛力或收入潛力是多少。

For this, I'll kind of repeat what I mentioned earlier in our earlier session. Even in what I call early stage of mass production, meaning we are not -- we are far from reaching full penetration, full deployment and so on and so forth. I mean, how exactly that is defined, I cannot say precisely. But in early-stage mass production, for Himax, we'll be talking about hundreds of millions of sales. So it's going to be very, very significant based on what the customer is telling us, based on how we price it and based on our internal calculation.

為此，我將重複我在上次會議中提到的內容。即使我稱之為大規模生產的早期階段，這意味著我們還沒有——我們距離全面滲透、全面部署等等還很遙遠。我的意思是，它究竟是如何定義的，我無法給出確切的答案。但就早期量產而言，對Himax來說，我們將談論數億的銷售量。所以，最終結果將非常非常重要，這取決於客戶的回饋、我們的定價方式以及我們的內部計算。

And so I'm still holding the same view now. And the good news is we do have existing WLO capacity to support and manage a pretty big volume of production for that kind of scale, hundreds of millions of dollars of annual sales, okay? So I guess that kind of summarizes my answer for all questions related to CPO right now [marries] my answer for all questions related to CPO right now.

所以我現在仍然堅持同樣的觀點。好消息是，我們現有的 WLO 產能足以支援和管理如此大規模的生產，年銷售額可達數億美元，好嗎？所以我想這大致概括了我現在對所有與首席採購官 (CPO) 相關問題的回答。

(Operator Instructions)

（操作說明）

A question from online inquiry. Our OLED sales, is this going to be huge in 2026? Is price or price premium versus conventional panels? Actually, for OLED, we have -- in our prepared remarks, we said we started shipping in mass production volume for smartphone starting actually a bit of last quarter and certainly this quarter. But the sales contribution from the smartphone OLED for Himax right now is still low.

來自網路諮詢的問題。我們的OLED銷量在2026年會大幅成長嗎？是價格優勢還是相對於傳統太陽能板的溢價？實際上，對於 OLED，我們在準備好的發言稿中提到，我們從上個季度開始，當然也從本季開始，開始大規模生產智慧型手機螢幕並進行出貨。但目前Himax智慧型手機OLED的銷售貢獻仍很低。

If you combine the smartphone OLED for Himax together with IT and automotive OLED together, our expected sales contribution for 2026 is still less than 10% of our total sales. So I would say probably high single digit of contribution 2026. The ramping -- the real ramping is going to be 2027. I will explain why 2027 and why it's different from 2026 in a minute. I get back to your question about margin.

如果將 Himax 的智慧型手機 OLED 與 IT 和汽車 OLED 加在一起，我們預計 2026 年的銷售貢獻仍不到我們總銷售額的 10%。所以我認為2026年的貢獻率可能會達到個位數高點。真正的產能爬坡期將在 2027 年到來。我稍後會解釋為什麼是 2027 年，以及它與 2026 年有何不同。我稍後會回答你關於利潤率的問題。

For Himax, the OLED products gross margin for smartphone, it is actually lower than our corporate average. So to be honest, we are not very, very keen. I mean we recognize the fact that our peers are already ahead of us and probably shipping bigger volume than us. So it is already a very competitive market with low margin across the board. So that is for smartphone.

對於Himax而言，智慧型手機OLED產品的毛利率實際上低於我們公司的平均水平。說實話，我們並不是非常非常熱衷。我的意思是，我們意識到我們的同行已經領先我們，而且出貨量可能比我們更大。因此，這已經是一個競爭非常激烈、利潤率普遍較低的市場。這是針對智慧型手機的。

However, I would say something very different for automotive OLED and IT OLED. The ICs -- these two areas are our focus area right now and they both enjoy much better gross margin compared to our traditional LCD products. And also on a per panel basis, the IC content are materially higher, again, than LCD products. So I would probably describe our status separately for auto and IT. First on auto.

但是，對於汽車OLED和IT OLED，我的看法則截然不同。IC——這兩個領域是我們目前的重點領域，與我們傳統的LCD產品相比，它們的毛利率要高得多。此外，就單一面板而言，其積體電路含量也明顯高於液晶顯示器產品。因此，我可能會分別描述我們在汽車和IT領域的現狀。首先是自動模式。

We are in strategic partnership with top-tier Korean and Chinese panel makers. And this is a market which is now being led by major Korean panel makers. And we are the prime IC partners for both Korean panel makers. And I say that we expect to see breakout demand from 2027 mainly because it is actually now the Korea makers leading the charge in terms of aggressively promoting the OLED market, which up to now has been -- volume-wise has suffered from two main factors. One is cost and the other one is reliability.

我們與韓國和中國頂尖的面板製造商建立了戰略合作夥伴關係。而這個市場目前正由韓國主要面板製造商主導。我們是這兩家韓國面板製造商的主要積體電路合作夥伴。我認為，從 2027 年開始，OLED 市場將爆發式成長，這主要是因為目前韓國製造商正積極推動 OLED 市場的發展，而 OLED 市場迄今為止的銷量一直受到兩個主要因素的影響。一個是成本，一個是可靠性。

And through many years of efforts across the ecosystem, the reliability has been kind of resolved. So it's a issue of yesterday, it's no longer a issue. So the real issue is now cost. But Korea makers, they have a lot of legacy OLED capacity, which can only do rigid displays, advantage of those capacities, which are fully depreciated, running with very good efficiency and so on and so forth to price their products aggressively to the extent that the OLED prices for automotive products in certain specs are already approaching the levels of LCD products already. And certainly, OLED enjoy better quality and lighter weight and so on, a few very good benefits.

經過整個生態系統多年的努力，可靠性問題基本上已經解決。所以這是昨天的問題，現在已經不是問題了。所以現在真正的問題是成本。但是韓國製造商擁有大量只能生產剛性顯示器的傳統 OLED 產能，他們利用這些已完全折舊的產能，以非常高的效率運行等等優勢，對他們的產品進行激進定價，以至於某些規格的汽車 OLED 產品的價格已經接近 LCD 產品的水平。當然，OLED 還具有更好的畫質和更輕的重量等等優點，這些都是非常好的優勢。

So when you start to see prices approaching those of LCD, this becomes very appealing. So we are in the middle of very, very busy design activities with our panel makers and Tier 1s at the moment. So with a lot of design-in design win projects going on and many of which are slated for mass production in 2027. So this year, while we do ship some volumes, but I think hopefully, 2027 volume will be much, much bigger than this year. And for this, we offer our standard products, including driver IC and timing controller and AC products for both leading panel customers, again, for both timing controller and driver IC.

所以，當價格開始接近液晶顯示器的價格時，這就變得非常有吸引力了。目前，我們正與面板製造商和一級供應商進行非常非常繁忙的設計活動。因此，目前有許多設計融入設計的項目正在進行中，其中許多項目計劃於 2027 年進行大規模生產。所以今年，雖然我們確實出貨了一些，但我希望 2027 年的出貨量能比今年大得多。為此，我們為領先的面板客戶提供標準產品，包括驅動 IC、定時控制器和交流產品，同樣也包括定時控制器和驅動 IC。

And on top of that, we also offer discrete touch IC, which we are now leading the pack. We are competed -- they are all -- we are competing in technology in performance compared to their old vendors. So we are international and Chinese brands. So that is for automotive. And for IT, slightly different story, but very similar timing.

除此之外，我們還提供獨立的觸控積體電路，目前我們在該領域處於領先地位。我們之間存在著競爭——他們都是——我們在技術性能方面與他們的老供應商競爭。所以，我們既是國際品牌，也是中國品牌。以上內容是關於汽車產業的。而對於IT產業來說，情況略有不同，但時間點非常相似。

2027 is likely to be a breakout year. Now for IT, you need large panel size, larger panel size. So you do require Gen 8.5 or 8.6 to be mass producing IT products effectively. Korean panel makers have led the charge. Back a couple of years ago, they have completed their 8.5 Gen production line.

2027年很可能是突破性的年份。現在對於IT產業來說，你需要大尺寸的面板，更大的面板尺寸。所以，要有效地大規模生產 IT 產品，確實需要第 8.5 代或第 8.6 代技術。韓國面板製造商一直走在前面。幾年前，他們就完成了 8.5 代生產線。

But Chinese are catching up. So across the board, quite a few Chinese panel makers are starting mass production for their Gen 8.6 OLED line, all targeting IC products, mainly tablet and notebook, right. And likewise, we are going through very, very busy design status stage with a few such customers. So the story here is that when you have new Gen 8.6 OLED line coming into production, joining production in the same time 2027, it is likely to be price pressure. And that's certainly for market demand for notebook makers is good news.

但中國正在迎頭趕上。因此，許多中國面板製造商都開始大規模生產其第 8.6 代 OLED 產品線，目標市場都是 IC 產品，主要是平板電腦和筆記型電腦，對吧。同樣，我們也正在與一些這樣的客戶進行非常非常繁忙的設計階段洽談。所以，這裡的情況是，當新的第 8.6 代 OLED 產品線在 2027 年同時投產時，價格壓力可能會隨之而來。這對筆記型電腦製造商來說，無疑是個好消息，因為市場需求旺盛。

And again, OLED panel enjoys lighter weight, better contrast and better brightness and good power consumption and all these benefits, as we all know, right? So the major issue stopping OLED panel from high penetration is cost. And the fact that quite a few Chinese Gen 8.6 are coming online starting 2027, I think it's likely to bring down the cost substantially and trigger the demand. So again, we are going through a design stage right now. Any other question? go, they have completed their 8.5 Gen production line.

而且，OLED 面板重量更輕、對比度更高、亮度更好、功耗更低等等優點，我們都知道，對吧？所以，阻礙OLED面板普及的主要問題是成本。而從2027年開始，相當多的中國產8.6代OLED面板將陸續上線，我認為這很可能會大幅降低成本，從而刺激市場需求。所以，我們目前正處於設計階段。還有其他問題嗎？對了，他們已經完成了8.5代OLED面板的生產線。

But Chinese are catching up. So across the board, quite a few Chinese panel makers are starting mass production for their Gen 8.6 OLED line, all targeting IC products, mainly tablet and notebook, right. And likewise, we are going through very, very busy design status stage with a few such customers. So the story here is that when you have new Gen 8.6 OLED line coming into production, joining production in the same time 2027, it is likely to be price pressure. And that's certainly for market demand for notebook makers is good news.

但中國廠商正在迎頭趕上。目前，許多中國面板廠商已經開始量產其第8.6代OLED面板，目標市場主要是平板電腦和筆記型電腦等積體電路產品。同樣，我們也正與一些客戶進行非常繁忙的設計階段對接。因此，可以預見的是，當新的第8.6代OLED面板在2027年投產時，價格壓力可能會隨之而來。這對筆記型電腦廠商的市場需求無疑是個好消息。

And again, OLED panel enjoys lighter weight, better contrast and better brightness and good power consumption and all these benefits, as we all know, right? So the major issue stopping OLED panel from high penetration is cost. And the fact that quite a few Chinese Gen 8.6 are coming online starting 2027, I think it's likely to bring down the cost substantially and trigger the demand. So again, we are going through a design stage right now. Any other question?

而且，OLED 面板重量更輕、對比度更高、亮度更好、功耗更低等等優點，我們都知道，對吧？因此，阻礙OLED面板高普及率的主要問題是成本。而且，從 2027 年開始，相當多的中國第八代半處理器將陸續上線，我認為這可能會大幅降低成本並刺激需求。所以，我們現在又處於設計階段了。還有其他問題嗎？

Thank you, Jordan. And we don't have further questions at the moment. We thank you for all your questions, and I'll pass the call back to Jordan. Thank you.

謝謝你，喬丹。我們目前沒有其他問題了。感謝各位提出的問題，我這就把電話轉回喬丹。謝謝。

Thank you. As a final note, Karen Tiao, our Head of IR/PR, will maintain investor marketing activities and continue to attend investor conferences. We will announce the details as they come about. Thank you and have a nice day.

謝謝。最後要說明的是，我們的投資人關係/公共關係主管 Karen Tiao 將繼續進行投資人行銷活動，並繼續參加投資人會議。我們會根據情況公佈具體細節。謝謝，祝您愉快。

Yes. Thank you. And ladies and gentlemen, this concludes fourth quarter 2025 earnings conference. You may now disconnect. Thank you again. Goodbye.

是的。謝謝。女士們、先生們，2025年第四季財報電話會議到此結束。您現在可以斷開連線了。再次感謝。再見。