奇景光電 (HIMX) 2026 Q2 法說會逐字稿

Hello, ladies and gentlemen. Welcome to Himax Technologies Incorporation, Second Quarter 2026 Earnings Conference Call.

各位女士、先生，大家好。歡迎參加奇景光電股份有限公司 2026 年第二季財報電話會議。

At this time, all participants are in listen-only mode, and later we will conduct a question-and-answer session, and instructions will follow at that time. And as a reminder, this conference call is being recorded.

此刻所有與會者將以只聽模式參與，稍後我們將進行問答環節，屆時會提供相關指示。並提醒各位，本次電話會議將被錄音。

I would now like to turn the conference over to Ms. Karen Tao, Head of IR/PR at HIMEX. Ms. Tao, please go ahead.

現在我想把會議交給HIMEX 投資人關係／公關主管 Karen Tao 女士。Tao 女士，請開始。

Welcome, everyone. My name is Karen Tao, Head of IR/PR at HIMEX.

各位好，歡迎大家。我叫 Karen Tao，是 HIMEX 的投資人關係／公關主管。

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

今天與我一同出席的有總裁暨執行長 Jordan Wu，以及財務長 Jessica Peng。

As our companies prepare comments. We have allocated time for our questions in the Q&A section.

在我們公司準備評論的同時，我們已在問答環節中預留時間供各位提問。

If you have not yet received a copy of today's result release, please e-mail hfxir@himax.com.tw or himx@mcgroup.us or download a copy from Himax website.

若您尚未收到今日的財報新聞稿，請寄電子郵件至 hfxir@himax.com.tw 或 himx@mcgroup.us，或至奇景網站下載。

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 the actual event of results to differ materially from those described in the conference call.

在開始正式發言前，我想提醒各位，本次電話會議中的部分陳述（包括對未來預期財務結果與產業成長的陳述）屬於前瞻性陳述，涉及多項風險與不確定性，可能導致實際事件或結果與本次電話會議所描述者有重大差異。

A list of risk factors can be found in the company's latest SEC filing on 20F in the section titled Risk Factors, as may be amended.

風險因素清單可見於公司最新向美國證券交易委員會（SEC）申報的 20-F 文件中「風險因素」章節（及其可能之修訂）。

Except for the company's full year of 2025 financials, which were provided in the company's 20F and filed with the SEC on March 27, 2026. The financial information included in this conference call is unaudited and consolidated and prepared in accordance with IFRS accounting.

除公司 2025 全年度財務報表已載於公司 20-F 並於 2026 年 3 月 27 日向 SEC 申報外，本次電話會議所包含之財務資訊為未經查核之合併數，並依國際財務報導準則（IFRS）編製。

Such financial information is generated internally and has not been subjected to the same review and scrutiny and may vary materially from the audited consolidated financial information for the same period.

該等財務資訊由內部產生，未經同等程度之審閱與查核，且可能與同期間經查核之合併財務資訊存在重大差異。

On today's call, I will first review HIMEC's consolidated financial performance for the second quarter 2026, followed by our third quarter outlook.

在今天的電話會議中，我將先回顧 HIMEC 2026 年第二季的合併財務表現，接著提供第三季展望。

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

接著 Jordan 將更新我們業務的最新狀況，之後我們將開放提問。

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

您可以透過網路直播平台線上提交問題，或以電話提問。

We will review our financials on an IFRS basis.

我們將以 IFRS 基礎檢視財務數據。

The rapid rise in AI demand is placing a presentative strength on member chip supply and affecting many non-AI applications, creating a more challenging cost and capacity environment across the industry.

AI 需求的快速攀升，正對成熟製程晶片供應造成前所未有的壓力，並影響許多非 AI 應用，使整體產業面臨更具挑戰性的成本與產能環境。

Against this bedrock, we are pleased to report that our second quarter revenues, gross margin and profits all exceeded the guidance we provided on May 7, 2026.

在此背景下，我們很高興報告第二季營收、毛利率與獲利皆超越我們於 2026 年 5 月 7 日所提供的財測指引。

Second quarter revenues registered $227.4 million, representing a sequential increase of 14.2% and up 5.9% compared to the same period last year.

第二季營收為 2.274 億美元，較前一季成長 14.2%，並較去年同期成長 5.9%。

Q2 revenues exceeded our guidance range of a 10% to 13% increase, primarily driven by better-than-expected automotive IC sales.

第二季營收高於我們所提供的 10% 至 13% 成長指引區間，主要受惠於車用 IC 銷售優於預期。

Gross margin was 33.1%, substantially exceeding the guidance of around 32%, up from 30.4% in the previous quarter and 31.2% a year ago.

毛利率為 33.1%，明顯高於約 32% 的指引，較前一季的 30.4% 與去年同期的 31.2% 均有所提升。

This is primarily due to a more favorable product mix, which increased the sales from higher margin automotive IC products.

這主要是因為產品組合更有利，使高毛利的車用 IC 產品銷售占比提高。

Q2 profit per diluted ADAs was $11.04.

第二季稀釋後每 ADS 盈餘為 11.04 美分。

Significantly exceeding the guidance range of $8.6 to $10.03, up from $4.06 in the previous quarter and $9.05 a year ago.

大幅超越 8.6 至 10.03 美分的指引區間，較前一季的 4.06 美分提升，亦高於去年同期的 9.05 美分。

Revenue from large DC driver came in at $19.2 million.

大尺寸面板驅動 IC 營收為 1,920 萬美元。

Representing a decline of 21.0% from the previous quarter, attributable to panel makers pulling forward their inventory purchases for high-end TV ICs in prior quarters.

較前一季下滑 21.0%，主因面板廠在前幾季已提前拉貨高階電視 IC 以建立庫存。

In contrast, sales for both the monitor and notebook IC product increases quarter-over-quarter due to higher legacy product shipment to key customers.

相較之下，顯示器與筆電 IC 產品銷售皆較前一季成長，係因對主要客戶的既有產品出貨增加。

Sales of large panel driver IC accounted for 8.4% of total revenues for the quarter, compared to 12.2% last quarter and 11.6% a year ago.

本季大尺寸面板驅動 IC 銷售占總營收 8.4%，相較上季為 12.2%，去年同期為 11.6%。

Revenue from small and medium-sized display driver IC segment totaled $162.3 million, reflecting an increase of 19.6% sequentially.

中小尺寸顯示驅動 IC 事業部營收合計 1.623 億美元，較前一季成長 19.6%。

Q2 automotive driver sales, including both traditional DDIC and TDDI, increased by double-digit quarter over quarter.

第二季車用驅動 IC 銷售（包含傳統 DDIC 與 TDDI）較前一季呈現雙位數成長。

Primarily driven by broadband customer replenishment of TDDI and DTIC following seasonally lower shipment during the Lunar New Year in Q1.

主要受惠於寬頻客戶在第一季農曆新年期間出貨季節性偏低後，於第二季回補 TDDI 與 DTIC。

The raise up of new TDDI and DTIC projects for leading panel customers also contributed to sequential increase.

此外，針對領先面板客戶的新 TDDI 與 DTIC 專案放量，也帶動了季增。

Customers continued to operate under a max-to-order model while maintaining main inventory levels.

客戶仍持續採取按單生產（make-to-order）模式運作，同時維持主要庫存水位。

Our automotive business, comprising DDIC, TDDI, TCon and Olay IC sales, remained the largest revenue contributor in the second quarter, representing well over 50% of auto revenue.

我們的車用業務（包含 DDIC、TDDI、TCON 與 Olay IC 銷售）在第二季仍為最大營收貢獻來源，車用營收占比遠超過 50%。

Second quarter tablet IC sales covering both LCD and OLED products also increases sequentially, attributable to customers' early pull in demand against the backdrop of the rising memory price sentiment in the market.

第二季平板 IC 銷售（涵蓋 LCD 與 OLED 產品）亦較前一季成長，主因在市場記憶體價格上漲情緒升溫的背景下，客戶提前拉貨。

Together with the continuous shipment for a customer's premium OLED model.

並加上持續出貨予某客戶的高階 OLED 機種。

In contrast, smartphone IC sales decreased sequentially following the initial run-up of an OLED IC for leading smartphone brand midstream model in Q1.

相較之下，智慧型手機 IC 銷售較前一季下滑，係因第一季針對領先手機品牌中階機種的 OLED IC 初期拉貨告一段落。

The small and medium-sized driver IC segment accounted for 71.4% of total sales for the quarter, compared to 68.2% in the previous quarter and 67.3% a year ago.

本季中小尺寸驅動 IC 事業部占總銷售 71.4%，相較前一季為 68.2%，去年同期為 67.3%。

Q2 non-driver sales reached $45.9 million, a 17.7% increase from the previous quarter, attributable to robust automotive TCON shipment supported by requirement across the board customer base.

第二季非驅動產品營收達 4,590 萬美元，較前一季成長 17.7%，主因車用 TCON 出貨強勁，並獲得客戶群全面需求的支持。

TCON business accounted for over 10% of the total sales, with more than half contributed by automotive TCON.

TCON 業務占總銷售超過 10%，其中逾半由車用 TCON 貢獻。

As the market leader in automotive t-coms, particularly in solution featuring local DME functionality, we expect strong growth momentum to continue into next year.

作為車用 TCON 市場領導者，特別是在具備本地 DME 功能的解決方案方面，我們預期強勁的成長動能將延續至明年。

Non-driver products accounted for 20.2% of total revenues as compared to 19.6% in the previous quarter and 21.1% a year ago.

非驅動產品占總營收 20.2%，相較前一季為 19.6%，去年同期為 21.1%。

Second-quarter operating expenses were $15.7 million and increases of 0.8% from previous quarters and 3.6% compared to the same period last year.

第二季營業費用為 1,570 萬美元，較前一季增加 0.8%，並較去年同期增加 3.6%。

The year-over-year increase was mainly attributable to higher tip-on expenses.

年增主要歸因於較高的 tape-out 費用。

We remain disciplined in managing costs while continuing to invest strategically in select non-driver IC business with compelling long-term growth potential.

我們在持續策略性投資於具備長期成長潛力的特定非驅動 IC 業務之同時，仍維持嚴謹的成本控管。

Second quarter operating income was $24.6 million, representing an operating margin of 10.8% compared to 5.1% in the previous quarter and 8.4% for the same period last year.

第二季營業利益為 2,460 萬美元，營業利益率為 10.8%，相較前一季為 5.1%，去年同期為 8.4%。

Both the quarter-over-quarter and year-over-year changes were primarily driven by higher revenues and gross margin.

無論季增或年增的變動，主要皆由較高的營收與毛利率所帶動。

Second quarter asset tax profits was $19.9 million or $11.4 cents per diluted ADS, compared to $8.0 million or $0.4 cents per diluted ADS last quarter and up from $16.5 million or $0.95 cents in the same period last year.

第二季稅後淨利為 1,990 萬美元，或稀釋後每 ADS 11.4 美分；相較上季為 800 萬美元或稀釋後每 ADS 0.4 美分，並高於去年同期的 1,650 萬美元或 9.5 美分。

Turning to the balance sheet.

接下來談資產負債表。

We had $298.7 million of cash equivalents and other financial assets as of June 13, 2026.

截至 2026 年 6 月 13 日，我們持有現金約當物及其他金融資產共 2.987 億美元。

This compared to $332.8 million at the same time last year and $287.6 million a quarter ago.

相較之下，去年同期為3.328億美元，上一季為2.876億美元。

The sequential increase was mainly driven by operating cash flow of $17.5 million in the second quarter.

此一季增主要由第二季1,750萬美元的營運現金流所帶動。

Before moving on, I would like to highlight one point regarding this quarter's cash flow.

在繼續往下之前，我想強調本季現金流的一點。

This is our usual practice, income tax payments are made in the second quarter.

依我們一貫作法，所得稅款會在第二季支付。

Under a new Taiwan government policy, we are entitled to defer approximately $11.0 million of this payment for one year without interest.

依據台灣政府的新政策，我們可將其中約1,100萬美元的款項無息遞延一年支付。

Excluding this deferral, second quarter operating cash flow would have been approximately $6.5 million.

若排除此項遞延，第二季營運現金流約為650萬美元。

Looking ahead to Q3.

展望第三季（Q3）。

We anticipate the decline in cash equivalent, and other financial assets, primarily due to a payment of the $44 million for the annual dividend to shareholder made on July 10.

我們預期現金及約當現金與其他金融資產將下滑，主要原因是7月10日支付給股東的年度股利4,400萬美元。

In addition, subject to the final four decisions, we will distribute around $11.7 million, but immediately invest a portion of this year's employee bonus award at the end of the Q3.

此外，視最終董事會決議而定，我們將發放約1,170萬美元，並於第三季末立即將其中一部分投入今年的員工獎金。

Our quarter end inventory as of June 13, 2026 were $151.5 million, about the same as the $151.7 million on last quarter, but higher than the $134.6 million in the same period last year.

截至2026年6月13日的季末存貨為1.515億美元，與上一季的1.517億美元大致相同，但高於去年同期的1.346億美元。

After maintaining lean inventory levels for several years.

在維持精實存貨水位數年之後。

We proactively adjusted our inventory strategy about a year ago, selectively building inventory in anticipation of the tightening supply across the industry.

約一年前，我們主動調整存貨策略，因應產業供應趨緊的預期，選擇性地建立存貨。

Accounts receivable at the end of June was $220.3 million, up from $190.9 million last quarter and $219.0 million a year ago.

6月底應收帳款為2.203億美元，高於上一季的1.909億美元，也略高於一年前的2.190億美元。

DSO was 93 days at the quarter end as compared to 86 days last quarter and 92 days a year ago.

季末DSO為93天，相較上一季為86天、去年同期為92天。

Second quarter capital expenditure, primarily for R&D-related equipment for our ICD5 business was $4.3 million versus $2.9 million last quarter and $4.6 million a year ago.

第二季資本支出主要用於ICD5業務的研發相關設備，為430萬美元，上一季為290萬美元，去年同期為460萬美元。

As of June 13, 2026, Himax had 174.4 million ADS outstanding on trends from last quarter.

截至2026年6月13日，Himax流通在外的ADS為1.744億股，與上一季趨勢一致。

On a fully diluted basis, the total number of ADS outstanding for the second quarter was 174.4 million.

以完全稀釋基礎計算，第二季流通在外的ADS總數為1.744億股。

During the quarter, on July 1st, we announced the proposed divestiture of investment in one of our equity method investor T.

本季期間，我們於7月1日宣布擬處分我們對其中一家採權益法認列之被投資公司T的投資。

Based on the information provided by the said investor T company, we expect to recognize a protect scandal of approximately $23 million to $24 million upon closing.

根據該被投資公司T所提供的資訊，我們預期在交割完成時將認列約2,300萬至2,400萬美元的處分收益。

The transaction is expected to close in the fourth quarter of this year, subject to customary closing conditions and regulatory approval.

該交易預計於今年第四季完成，惟仍須符合一般交割條件及取得主管機關核准。

We will provide more updates appropriately as the transaction progresses.

隨著交易進展，我們將適時提供更多更新。

Now turning to our third quarter 2026 guidance.

接下來說明我們2026年第三季的財測指引。

We expect Q3 revenue to increase the 7% to 11% sequentially.

我們預期第三季營收將較上一季成長7%至11%。

Gross margin is expected to be around 34% depending on the product mix.

毛利率預期約為34%，視產品組合而定。

Q3 profit attributable to shareholders is estimated to be in the range of the $0.08 to $0.10 per fully diluted ADS.

第三季歸屬股東之獲利，估計為每股完全稀釋ADS 0.08至0.10美元。

As we have done historically, we will grant employees annual bonus, including RSUs and cash awards on or around September 13 this year.

如同以往，我們將於今年9月13日前後發放員工年度獎金，包括RSU與現金獎勵。

The third quarter guidance for profit per diluted ADS has taken into account the expected 2026 annual bonus, which subject to board approval is now estimated to be around $13 million.

第三季每股稀釋ADS獲利指引已納入預期的2026年度獎金；該獎金仍須董事會核准，目前估計約為1,300萬美元。

Out of which $11.7 million will be vested and expenses immediately on the brand date.

其中1,170萬美元將於核准日立即歸屬並即時認列費用。

As a reminder, the total annual bonus amount and immediately vested portion are our current best estimate only and the actual amount could vary materially depend on among other things, our Q4 profit expectation and the final board decision for the total bonus amount and investing scheme.

提醒各位，年度獎金總額及立即歸屬部分僅為我們目前的最佳估計；實際金額可能因多項因素而有重大差異，包括我們對第四季獲利的預期，以及董事會對獎金總額與歸屬/投資方案的最終決議。

It is also worth noting that the $30 million expected annual bonus does not yet include the above-mentioned again on investment from diversities of an equity method invested team, and the transaction is pending regulatory approval and has not yet closed.

另值得注意的是，預期的3,000萬美元年度獎金尚未納入前述因處分採權益法投資所帶來的再投資收益；該交易仍待主管機關核准，且尚未完成交割。

As is the case for previous years, we expect the annual bonus grant in 2026 to lead to higher third quarter operating expenses compared to the other quarters of the year.

如同往年，我們預期2026年的年度獎金發放將使第三季營業費用高於年度其他季度。

In comparison, the annual bonus for 2025 and 2024 were $7.7 million and $12.5 million, respectively.

相較之下，2025年與2024年的年度獎金分別為770萬美元與1,250萬美元。

Which $7.5 million and $11.2 million listed immediately.

其中分別有750萬美元與1,120萬美元為立即歸屬。

In providing our Q3 financial guidance, the Q3 expense related to the employee bonus is estimated to be $11.8 million, representing $0.06.8 per diluted ADS before tax. Comprising of the $11.7 million of the immediately vested portion of this year's bonus as stated above and $0.1 million of the amortized portion of the unvested bonuses from previous years.

在提供第三季財測指引時，與員工獎金相關的第三季費用估計為1,180萬美元，稅前相當於每股稀釋ADS 0.068美元。其組成包括上述今年獎金中立即歸屬部分的1,170萬美元，以及前幾年未歸屬獎金之攤銷部分10萬美元。

By comparison, employee bonus expenses in each of the last three quarters was around $0.2 million.

相較之下，過去三個季度每季的員工獎金費用約為20萬美元。

I will now turn the call over to Jordan to discuss our Q&A outlook.

接下來我把電話交給Jordan，請他說明我們的問答展望。

Jordan, the floor is yours.

Jordan，交給你。

Thank you, Karen.

謝謝你，Karen。

The ongoing surge in air demand continues to impact non-AI applications.

AI需求的持續激增仍在影響非AI應用。

This has rippled across the broader semiconductor supply chain, resulting in.

這已在更廣泛的半導體供應鏈中產生連鎖效應，導致

Capacity constraints and foundry packaging testing facilities on the mature process nodes where many of our products are manufactured.

在許多我們產品所採用的成熟製程節點上，晶圓代工、封裝與測試產能出現限制。

Consequently, we are experiencing higher manufacturing and procurement costs, extended lead times, and increased difficulty in securing sufficient capacity across a broad range of our product lines.

因此，我們正面臨更高的製造與採購成本、更長的交期，以及在多條產品線上取得足夠產能的難度提升。

We expect the supply environment to remain challenging in the near time to enhance our production accessibility and secure the capacity needed to beat our customer needs and support upcoming production reps.

我們預期短期內供應環境仍將具挑戰；我們將提升生產可取得性並確保所需產能，以滿足客戶需求並支援即將到來的量產爬坡。

We continue to leverage our established supply chain in Taiwan, while further strengthening our presence across China, Singapore, Korea, Japan, and Malaysia.

我們持續運用在台灣既有的供應鏈，同時進一步強化在中國、新加坡、韓國、日本與馬來西亞的布局。

In PayRail, as we mentioned last quarter, we have been working closely with customers on pricing adjustments to share these increased costs.

在PayRail方面，如同上季所提，我們一直與客戶密切合作進行價格調整，以分攤這些增加的成本。

Some adjustments took effect in the second quarter with additional pricing adjustments possibly implemented on time as the market conditions warrant.

部分調整已於第二季生效；視市場狀況需要，後續也可能適時實施更多價格調整。

Now we stand in this industry-wide supply has changed.

在目前全產業供應格局已改變的情況下。

We remain optimistic about the long-term growth prospects of our automotive display IC business.

我們對車用顯示驅動IC業務的長期成長前景仍保持樂觀。

We continue to view automotive as one of the industry's most attractive secular growth markets, driven by rapid advancements in smart vehicle materials.

我們仍將車用視為產業中最具吸引力的長期結構性成長市場之一，主要受智慧車輛快速演進所驅動。

This trend is characterized by, among other things, the growing number of displays per vehicle, now averaging more than three and continuing to rise. Along with larger, high-resolution displays and more diverse vehicle cabin configurations, including curved, integrated, multi-display and pillar-to-pillar designs.

此趨勢的特徵包括（但不限於）每輛車搭載的顯示器數量持續增加，目前平均已超過三個且仍在上升。同時也包括更大尺寸、高解析度顯示器，以及更多元的座艙配置，例如曲面、整合式、多顯示器與pillar-to-pillar（A柱到A柱）設計。

Carmat is well positioned to capitalize on these industry trends through our comprehensive automotive display portfolio.

Carmat具備良好條件，能透過我們完整的車用顯示產品組合掌握這些產業趨勢帶來的機會。

Expanding both LCD and OLED technologies.

同時擴展LCD與OLED技術。

A broad and diversified global customer base and a robust design pipeline.

擁有廣泛且多元的全球客戶基礎，以及強勁的設計導入管線。

We further differentiate ourselves by continuously introducing next generation of multi-display technologies, including LTDI solutions for ultra-large displays. Advanced TGAN solutions for head-up displays, OLED driver and touch control ICs, and micro-ALED display technologies.

我們也持續推出下一代多顯示技術以進一步差異化，包括用於超大尺寸顯示器的LTDI解決方案。用於抬頭顯示器的先進TGAN解決方案、OLED驅動與觸控控制IC，以及micro-ALED顯示技術。

Our portfolio also includes laptop display solutions and capacitive physical buttons where customer interest continues to grow. Driven in part by regulatory and vehicle safety initiatives in key automotive markets, including China and Europe.

我們的產品組合亦包含筆電顯示解決方案與電容式實體按鍵，客戶興趣持續升溫。部分原因是主要車用市場（包括中國與歐洲）的法規與車輛安全倡議所推動。

Where greater emphasis is being placed on intuitive physical controls to enhance driver safety and reduce driver distraction.

在這些市場中，對直覺式實體控制的重視程度提高，以提升駕駛安全並降低駕駛分心。

The industry's ongoing pursuit of reshare.

產業持續追求重新分攤（reshare）。

Human-machine interfaces, immersive infotainment, and enhancing cable user experiences, is thriving the adoption of a broader range of our display technologies.

人機介面、沉浸式車載資訊娛樂，以及提升座艙使用者體驗，正推動更廣泛採用我們的顯示技術組合。

This not only increases Timax's dollar content per vehicle, but also creates multiple long-term growth opportunities.

這不僅提高 Timax 每輛車的美元含量，也創造多項長期成長機會。

Our well-established global supply chain provides us with greater flexibility to navigate the current supply environment while securing the capacity needed to support both existing projects and upcoming production ramps.

我們成熟的全球供應鏈讓我們在當前供應環境中具備更高彈性，同時確保支援既有專案與即將到來量產爬坡所需的產能。

We also see an important trend in the automotive industry with automakers introducing new vehicle models and accelerating. Pace and intensifying competition.

我們也看到汽車產業的一項重要趨勢：車廠推出新車型並加速。節奏加快且競爭加劇。

As a result, product life cycles are becoming shorter, creating greater pressure to improve engineering efficiency, reduce development costs, and shorten time to market for new car models.

因此，產品生命週期正在縮短，對提升工程效率、降低開發成本，以及縮短新車型上市時間帶來更大壓力。

These challenges are driving broader adoption of platform standardization across multiple vehicle models.

這些挑戰正推動跨多個車型更廣泛採用平台標準化。

Favoring suppliers with comprehensive and validated technology portfolios and proven track directions.

並更偏好具備完整且已驗證的技術產品組合，以及經證實的技術路線的供應商。

HIME is one such supplier hosting the industry's most compelling automotive display IP offerings, market-leading positions across automotive DDIC, TDDI and T-Con.

HIME 即為其中之一，提供業界最具吸引力的車用顯示 IP 方案，並在車用 DDIC、TDDI 與 T-Con 等領域具備市場領先地位。

And continued leadership in next-generation technologies, such as LTDI and OLED technologies.

並持續領先於下一代技術，例如 LTDI 與 OLED 技術。

By adopting high-end solutions as part of their standardized platforms, customers can quickly deploy validated display IT products across multiple new vehicle developments, reducing engineering efforts.

客戶將高階解決方案納入其標準化平台後，可快速在多個新車開發案中部署已驗證的顯示 IT 產品，降低工程投入。

Lowering system costs, and shortening development cycle of each project.

降低系統成本，並縮短各專案的開發週期。

In addition to automotive, we are also making solid progress across several strategic growth areas, including smart glasses, ultra-powered AI, and CPO.

除車用之外，我們也在多個策略性成長領域取得穩健進展，包括智慧眼鏡、超低功耗 AI，以及 CPO。

These emerging businesses diversify our revenue base into markets with attractive long-term growth prospects and margin profiles, while strengthening our overall competitive position.

這些新興業務將我們的營收基礎多元化至具吸引力的長期成長前景與毛利結構的市場，同時強化整體競爭地位。

We believe they are poised to become increasingly meaningful contributors to our future growth.

我們相信它們將成為未來成長中愈來愈重要的貢獻來源。

First, on smart glasses, an area we remain particularly optimistic about.

首先是智慧眼鏡，我們對此領域仍特別樂觀。

Timax is one of the few companies offering both ultra-low power AI sensing and micro-display technologies, both critical building blocks for next-generation smart glasses.

Timax 是少數同時提供超低功耗 AI 感測與微型顯示技術的公司之一，兩者皆是下一代智慧眼鏡的關鍵基礎模組。

On the AI sensing front, Wi-FY enables.

在 AI 感測方面，Wi-FY 使能。

Ultra-low power also focus on outward and inward sensing, supporting an expanding range of AI use cases, including contextual awareness, real-time visual assistance, and personalized user experiences.

超低功耗亦聚焦於外向與內向感測，支援不斷擴展的 AI 應用情境，包括情境感知、即時視覺輔助與個人化使用者體驗。

Recently, a leading global brand just launched a smart glasses product powered by our Wi-FY technology, and we continue to see strong design-in momentum across customers worldwide.

近期，一家全球領先品牌剛推出採用我們 Wi-FY 技術的智慧眼鏡產品，我們也持續看到全球客戶強勁的 design-in 動能。

In particular, we are seeing growing engagement with leading global brands, technology platform providers, ODMs, as well as hyperscalers. Who traditionally do not offer hardware products, but are now entering smart glasses market, with some projects poised to end mass production as we move into 2027.

特別是，我們看到與全球領先品牌、技術平台供應商、ODM，以及超大規模業者（hyperscalers）的互動日益增加。這些業者傳統上不提供硬體產品，但如今正進入智慧眼鏡市場，部分專案在邁入 2027 年時有望進入量產尾聲。

On the display side, our Fraunin REO Cosmico display delivers an optimal balance of size, weight, resolution. Image quality, power consumption, and cost.

在顯示端，我們的 Fraunin REO Cosmico 顯示器在尺寸、重量、解析度。影像品質、功耗與成本之間提供最佳平衡。

It can also be configured to operate in a high-frightness, ultra-low power, green-loading mode and seamlessly switch to full-color operation as needed.

它也可設定在高亮度、超低功耗、綠色載入（green-loading）模式下運作，並可依需求無縫切換至全彩運作。

This flexibility differentiates our solution from alternative display technologies.

這種彈性使我們的方案有別於其他顯示技術。

Letting customers optimize power efficiency while maintaining visual performance and meeting their system design cost targets.

讓客戶在維持視覺效能並達成系統設計成本目標的同時，最佳化電源效率。

Together, these capabilities make our Frounding Diacost a compelling display platform for next-generation AI glasses equipped with see-through displays.

綜合上述能力，使我們的 Frounding Diacost 成為下一代配備透視顯示（see-through display）的 AI 眼鏡之具吸引力的顯示平台。

Currently, we are working closely with multiple web guide partners across Asia, Europe, and North America to deliver integrated AR display solutions that simply fly system integration and short-term customer development cycles.

目前，我們正與亞洲、歐洲與北美多家 web guide 夥伴緊密合作，提供整合式 AR 顯示解決方案，以簡化系統整合並縮短客戶開發週期。

This is driving broader customer engagement and positioning us to convert more opportunities into design wins.

這正帶動更廣泛的客戶互動，並使我們能將更多機會轉化為 design win。

Backed by well over a decade of Ayoko's expertise and the proven trend record of successful production shipments.

憑藉 Ayoko 超過十年的專業經驗，以及成功量產出貨的可靠實績。

We are well positioned to support the next generation of AR glasses.

我們已做好準備支援下一代 AR 眼鏡。

Now I would like to provide a brief update on our progress in CTO.

接下來我想簡要更新我們在 CTO 的進展。

Customer development timelines remain aggressive.

客戶開發時程仍然相當積極。

With demand showing no sign of slowing.

需求也未見放緩跡象。

Together with our strategy partner, 4C, we continue to deepen customer engagement by offering a flexible portfolio of solutions, including customized designs tailored specifically for our customers' needs as well as a standardized technology platform.

我們與策略夥伴 4C 持續深化客戶互動，提供具彈性的解決方案組合，包括依客戶需求量身打造的客製化設計，以及標準化技術平台。

Developed in collaboration with a leading foundry partner.

該平台與一家領先晶圓代工夥伴共同開發。

Our solutions support both co-packaged and portable packaging architectures to address diverse customer needs.

我們的解決方案同時支援共封裝（co-packaged）與可攜式封裝（portable packaging）架構，以滿足多元客戶需求。

Our primary focus for the second-half of this year remains on achieving mass production readiness, including key customer qualification milestones, while continuing. To improve manufacturing yields and establish stable mass production capabilities.

我們今年下半年的主要重點仍是達成量產就緒，包括關鍵客戶認證里程碑，同時持續。提升製造良率並建立穩定的量產能力。

We have already made encouraging progress towards these objectives.

我們已在這些目標上取得令人鼓舞的進展。

Both our Gen. 1 products supporting 1.6T and 3.2T transmission families and Gen. 2 products designed for 6.4T families.

我們的 Gen.1 產品支援 1.6T 與 3.2T 傳輸系列，以及 Gen.2 產品則為 6.4T 系列所設計。

Have begun engineering production ramps as scheduled in the third quarter.

已如期於第三季開始工程量產爬坡。

These products are expected to drive sequential shipment growth quarter over quarter, laying the foundation for a more meaningful volume shipment beginning in 2037.

預期這些產品將帶動出貨量逐季成長，並為 2037 年開始更具規模的出貨奠定基礎。

The official mass production timing remains subject to customer deployment schedules.

正式量產時點仍取決於客戶的部署時程。

Nevertheless, we expect our shipments in 2027 to be significantly higher than in 2026, starting to make meaningful contributions to our financials.

儘管如此，我們預期 2027 年出貨量將顯著高於 2026 年，並開始對財務表現做出實質貢獻。

At the same time, we also co-developed next-generation optical solutions with customers, featuring higher.

同時，我們也與客戶共同開發下一代光學解決方案，具備更高。

Fiber cloud architectures, enhanced optical precision, and increasingly sophisticated designs such as CWDM or coarse wavelength division multiplexing to address the explosive bandwidth demands of WPC and AI data center applications.

光纖雲端架構、更高的光學精度，以及如 CWDM（粗波分多工）等日益精密的設計，以因應 WPC 與 AI 資料中心應用爆發性的頻寬需求。

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

接下來，我將更新大尺寸面板驅動 IC 業務。

In Q3, large exposed driver IC sales are expected to decline by single-digits from last quarter.

第三季，大尺寸 exposed driver IC 銷售預期較上季下滑個位數百分比。

Monetary IC sales are expected to decline quarter over quarter as customers already pull forward inventory purchases in prior quarters.

Monetary IC 銷售預期將季減，因客戶已在前幾季提前拉貨備庫。

In contrast, TV IC sales are poised for sequential increases driven by higher. Legacy product shipments to customers.

相較之下，TV IC 銷售可望呈現季增，主要受更高。舊世代產品對客戶出貨增加所帶動。

Looking ahead in the notebook market, we are seeing encouraging design momentum, particularly in OLED notebooks with several industry trends creating favorable tailwinds.

展望筆電市場，我們看到令人鼓舞的設計動能，特別是在 OLED 筆電方面，數項產業趨勢帶來有利的順風。

Writing memory prices are accelerating the shift from entry-level to premium notebook models, while the scheduled ramp-up of new Gen. 8.6 OLED facts in China later this year and into 2027 is expected to further drive OLED penetration in the notebook market.

記憶體價格上漲正加速市場由入門款轉向高階筆電機種；同時，中國今年稍晚至 2027 年新一代。8.6 代 OLED 產線的既定擴產爬坡，預期將進一步提升 OLED 在筆電市場的滲透率。

Timex is well positioned to capitalize on this favorable industry trend with our comprehensive notebook supply, notebook display or the IC portfolio.

Timex 憑藉我們完整的筆電供應、筆電顯示或 IC 產品組合，具備把握此有利產業趨勢的良好位置。

Spanning DDIC, TCOM, power management IC and touch controllers.

涵蓋 DDIC、TCOM、電源管理 IC 與觸控控制器。

This one-stop offering lets us serve customers with a complete solution while increasing our value content per device.

此一站式方案讓我們能以完整解決方案服務客戶，同時提高每台裝置的價值含量。

Turning to the small and medium-sized display driver IC business, in Q3. Small and medium-sized display ID business is expected to increase by high single-digits from last quarter.

轉向中小尺寸顯示驅動 IC 業務，第三季。中小尺寸顯示 ID 業務預期較上季成長高個位數百分比。

Q3 of the multi-driver ID sales, including GDDI and traditional DDIC, are set to increase by a solid double-digit quarter-over-quarter.

第三季多驅動 ID 銷售（包含 GDDI 與傳統 DDIC）預計將呈現穩健的雙位數季增。

This increase reflects broader customer demand of CVIC and TVDI products, together with the mass production of multiple LTDI projects across car brands worldwide.

此成長反映客戶對 CVIC 與 TVDI 產品的更廣泛需求，以及多個 LTDI 專案在全球各車品牌的量產。

Strong sequential growth underscores the accelerated adoption of larger and more sophisticated automotive displays with Chinese automakers leading the charge.

強勁的連續成長凸顯更大尺寸且更高階的車用顯示器正加速導入，其中以中國車廠領軍。

We continue to see healthy underlying customer demand supported by multiple new projects entering mass production in the coming quarters.

我們持續看到健康的基本客戶需求，並受到未來幾季多個新專案進入量產的支持。

We expect our full year 2026 automotive IG sales automotive driver IG sales to grow by double-digits from last year.

我們預期 2026 全年汽車 IG 銷售與汽車 driver IG 銷售將較去年呈現雙位數成長。

We saw strong growth momentum extending into next year as adoption of smart car interiors continue to drive increases in the number size and sophistication of displays in both electric and conventional vehicles.

我們看到強勁的成長動能延續到明年，因智慧座艙內裝的採用持續推動電動車與傳統車款的顯示器數量、尺寸與複雜度提升。

As I noted earlier, the industry's shift towards platform standardization is creating meaningful opportunities for IMAX.

如我先前所提，產業朝向平台標準化的轉變，正為 IMAX 創造具實質意義的機會。

This is evidenced by the growing number of customers adopting our industry pioneering LTDI level dimming T-Card solutions as the standard platform for their ultra-large automotive displays.

這可從越來越多客戶採用我們業界首創的 LTDI 分區調光 T-Card 解決方案，作為其超大型車用顯示器的標準平台看出。

Following years of customer engagement, several of these projects are now entering mass production across multiple car brands.

在多年客戶互動之後，其中數個專案目前正跨多個車品牌進入量產。

These ultra-large display panels typically require four or more LTDI chips, and in some cases, more than 10, together with at least one double dimming T-card per panel.

這些超大型顯示面板通常需要 4 顆或以上的 LTDI 晶片，在某些情況下甚至超過 10 顆，並且每片面板至少搭配 1 片雙調光 T-card。

As customers increasingly adopt our solution across multiple ultra-large display platforms, this not only strengthens customer stickiness and makes it more difficult for competitors to compete with us, but also increases our content value on a per panel and per vehicle basis.

隨著客戶在多個超大型顯示平台上日益採用我們的解決方案，這不僅強化客戶黏著度、讓競爭對手更難與我們競爭，也提升我們在每片面板與每輛車上的內容價值。

Looking ahead, the accelerating adoption of OLED displays in automotive presents a compelling long-term growth opportunity and is poised to become a key pillar of our automotive business.

展望未來，車用 OLED 顯示器加速採用帶來具吸引力的長期成長機會，並有望成為我們車用業務的關鍵支柱。

For several years, we have been collaborating closely with leading OLED panel makers in Korea and China.

多年來，我們一直與韓國與中國的領先 OLED 面板製造商緊密合作。

And our comprehensive portfolio of DDICs, T-cards, touch control ICs, and customized basic solutions gives customers the flexibility to select the solutions that meet their specific requirements.

我們完整的 DDIC、T-cards、觸控控制 IC 與客製化基礎解決方案產品組合，讓客戶能彈性選擇符合其特定需求的方案。

This broad product coverage and our early customer engagements have already translated into numerous development programs, providing a solid foundation for future growth as premium automotive displays transition from their city to wallet.

這樣廣泛的產品覆蓋與我們早期的客戶導入，已轉化為眾多開發專案，為未來成長奠定穩固基礎，隨著高階車用顯示器從其 city 轉向 wallet。

With solid adoption on the way, we continually introduce innovative IC solutions to address evolving customer needs.

在穩健採用持續推進之際，我們持續推出創新的 IC 解決方案，以因應客戶需求的演進。

For example, our latest TED or DECOM embedded driver IC solution.

例如，我們最新的 TED 或 DECOM 內嵌式驅動 IC 解決方案。

Which integrates DDI-CMT card into a single chip, offers a cost-effective, flexible, and highly integrated solution ideal for smaller, low-resolution automotive displays.

該方案將 DDI-CMT card 整合於單一晶片中，提供具成本效益、彈性且高度整合的解決方案，特別適用於較小、低解析度的車用顯示器。

Our TED technology is now being adopted across a diverse range of applications, including automotive, robotics and IT applications, with several projects involving customized ASIC solutions co-developed with leading global end customers.

我們的 TED 技術目前正被採用於多元應用，包括車用、機器人與 IT 應用；其中多個專案涉及與全球領先終端客戶共同開發的客製化 ASIC 解決方案。

Moving to smartphone IC sales, we expect Q3 smartphone revenue to increase quarter-over-quarter driven by continued shipment for leading smartphone brand's mainstream models and inventory build-up for its upcoming premium models for tablet ICs. Q3 sales are expected to decrease sequentially as diversity constraints limit our ability to support additional shipments.

轉到智慧型手機 IC 銷售，我們預期第三季智慧型手機營收將季增，主要受惠於對領先智慧型手機品牌主流機種的持續出貨，以及為其即將推出的高階機種進行平板 IC 的庫存備貨。第三季銷售預期將較前一季下滑，因多元化限制使我們支援額外出貨的能力受限。

I would like to now turn to our non-driver IC business update, where we expect Q3 revenue to increase by low-teens sequentially.

接著我想更新我們的非驅動 IC 業務，我們預期第三季營收將季增低十位數百分比。

First, for an update on our TCOM business, we anticipate Q3 TCOM sales. To increase by those teams quarter-over-quarter.

首先，針對我們的 TCOM 業務更新，我們預期第三季 TCOM 銷售。將較前一季增加 those teams。

Our automotive T-Con business is expected to deliver decent double-digit growth in Q3, extending the strong momentum from Q2 and far outpacing our corporate average.

我們的車用 T-Con 業務預期在第三季實現不錯的雙位數成長，延續第二季的強勁動能，且遠高於公司平均水準。

This growth is driven by continued legacy product shipments across a broad diversified customer base, along with several new projects entering mass production.

此成長來自於在廣泛且多元的客戶基礎上持續出貨既有產品，以及多個新專案進入量產。

Despite ongoing industry-wide capacity constraints, we are confident in the strong growth trajectory of our automotive T-Con business.

儘管全產業仍面臨產能限制，我們對車用 T-Con 業務的強勁成長軌跡仍具信心。

With hundreds of design wins already secured and new design wins continuing to expand, we are well positioned for another robust growth year in automotive T-Con as we move into 2027.

在已取得數百個 design win 且新的 design win 持續擴增之下，隨著邁入 2027 年，我們已為車用 T-Con 再迎來一個強勁成長年度做好準備。

During the quarter, we are pleased to announce that our T2000 TCOM has been adopted into e-ink's next generation coloring paper platform.

本季我們很高興宣布，我們的 T2000 TCOM 已被採用於 e-ink 下一代彩色電子紙平台。

Pimax's proprietary parallel processing architecture is at the core of this ASIC product, enabling simultaneous display refresh and data transmission.

Pimax 的專有平行處理架構是此 ASIC 產品的核心，可同時進行顯示刷新與資料傳輸。

Significantly enhancing dynamic display performance while preserving the ultra-low power advantage of e-paper technology.

在保留電子紙技術超低功耗優勢的同時，大幅提升動態顯示效能。

This breakthrough enables smoother display of dynamic content on large-format e-paper displays, helping accelerate the transition.

此突破讓大尺寸電子紙顯示器能更順暢呈現動態內容，並有助於加速轉型。

From traditional static signage to dynamic applications such as retail advertising, targeting information displays, and smart commercial environments.

從傳統的靜態看板，轉向零售廣告、目標資訊顯示與智慧商業環境等動態應用。

Switching gear to the Wi-FY product line, a cutting-edge ultra-low power AI-sensitive solution, targeting. Battery-powered endpoint devices.

切換到 Wi-FY 產品線，這是一項尖端的超低功耗 AI 感測解決方案，鎖定。電池供電的端點裝置。

Wi-FY differentiates itself with an industry-leading ultra-low power architecture, consuming only a few milliwatts while delivering on-device AI inferencing, 24/7 hours-on-image and voice sensing, and. And exceptionally compact form factor.

Wi-FY 以業界領先的超低功耗架構展現差異化，在僅消耗數毫瓦功率的同時，提供裝置端 AI 推論、24/7 全天候影像與語音感測，並且。具備極為精巧的外形尺寸。

Its unique combination enables endpoint AI devices that were previously implantable due to power and size constraints.

其獨特組合使得過去因功耗與尺寸限制而無法實現的端點 AI 裝置成為可能。

Drawing broad adoption across applications, including notebooks, similar systems, access control. Power van authentication, smart office, and smart glasses, with design activities continuing to expand across leading customers worldwide.

並在多種應用中獲得廣泛採用，包括筆電、類似系統、門禁控制。Power van 驗證、智慧辦公與智慧眼鏡；同時設計活動也持續在全球領先客戶間擴大。

On the WiseEye module front, design activities continue to expand, driven by its pod-and-play architecture, partial power consumption, and on-device AI capabilities.

在 WiseEye 模組方面，受惠於其即插即用架構、部分功耗與裝置端 AI 能力，設計活動持續擴增。

During the quarter, we are pleased to announce that our Wise Life Biometric PowerMan modules achieved the certification of TUV REMland, one of the world's leading and most credible independent testing, inspection, and certification organizations.

本季我們很高興宣布，我們的 Wise Life Biometric PowerMan 模組取得 TUV REMland 認證；該機構是全球領先且最具公信力的獨立測試、檢驗與認證組織之一。

The assessment validated our recognition accuracy. Response speed, and liveness detection.

該評估驗證了我們的辨識準確度。反應速度與活體偵測能力。

This verification, together with our early achievement of GDPR compliance, one of the world's strictest data privacy standards, reinforces the privacy, security, and performance of our metric authentication solutions.

此項驗證，加上我們先前已達成 GDPR 合規（全球最嚴格的資料隱私標準之一），進一步強化我們生物特徵驗證解決方案的隱私性、安全性與效能。

Giving customers great confidence to accelerate development across security-sensitive applications.

讓客戶更有信心加速在高安全敏感度應用上的開發。

We are seeing expanding design activities from our partner modules across smart access, workforce management, smart door locks, and more recently computer monitors and smart office solutions.

我們看到合作夥伴模組在智慧門禁、勞動力管理、智慧門鎖，以及近期的電腦螢幕與智慧辦公解決方案等領域，設計活動持續擴大。

Built on the same core hardware platform as the Wideside technology, our WideScar module is specifically designed for security applications, delivering partial low power operation, a wide field of view, long-range detection, and exceptional low-light performance.

建立在與 Wideside 技術相同的核心硬體平台上，我們的 WideScar 模組專為安防應用設計，提供部分低功耗運作、寬視角、長距離偵測與卓越的低光效能。

White Scar accurately detects and continuously tracks multiple divisions, including their presence, location, and movement, substantially reducing the false triggers commonly associated with traditional PRR-based solutions.

White Scar 可精準偵測並持續追蹤多個 divisions，包括其存在、位置與移動，大幅降低傳統 PRR 型解決方案常見的誤觸發。

Its proactive. Telephone service sensing capability enables security systems to detect and continuously track activity from the outset, capturing the full sequence of events rather than only the moment motion is detected, providing a significant advantage over traditional reactive solutions.

其主動式。Telephone service 感測能力，使安防系統能從一開始就偵測並持續追蹤活動，捕捉完整事件序列，而非僅在偵測到移動的瞬間，較傳統被動式解決方案具顯著優勢。

Westgard delivers up to five years of battery life while maintaining high precision detection over long distances, even in environments with illumination as low as 1 lux.

Westgard 在維持長距離高精度偵測的同時，可提供長達五年的電池續航，即使在照度低至 1 lux 的環境亦然。

Since its debut just six months ago, Westgard has seen encouraging customer engagement across a wide range of applications.

自六個月前推出以來，Westgard 在廣泛應用領域獲得令人鼓舞的客戶互動。

Including surveillance cameras, access control, IoT and wildlife monitoring.

包括監控攝影機、門禁控制、物聯網與野生動物監測。

We are also pleased to share that White Star has already been adopted by a US customer for surveillance applications with mass production scheduled to begin towards the end of this year.

我們也很高興分享，White Star 已被一家美國客戶採用於監控應用，並預計於今年底前後開始量產。

As mentioned earlier, Wi-FY is gaining broad market recognition for smart glasses as a compact ultra-low power, always-on AI perception front-end.

如先前所述，Wi-FY 作為一款小型化、超低功耗、常時啟動的 AI 感知前端，正獲得智慧眼鏡市場的廣泛認可。

Wi-FY supports our facing environmental sensing, first through seeing understanding by analyzing the user's contextual surroundings and environment.

Wi-FY 支援我們的面向環境感測，首先透過分析使用者的情境周遭與環境來進行場景理解。

Followed by object classification to recognize and identify specific objects typically associated with the identified scene.

接著進行物件分類，以辨識並識別通常與已辨識場景相關的特定物件。

We also support neural facing capabilities, including hypo-tracking for intuitive gaze-based interaction. And iris authentication for secure identity verification.

我們也支援神經面向能力，包括用於直覺式凝視互動的 hypo-tracking。以及用於安全身分驗證的虹膜認證。

Together, these capabilities enable AI glasses to continuously capture visual snapshots of the real world and enable intelligent, responsive, low latency human-machine interaction while consuming only a few milliwatts of power.

綜合上述能力，AI 眼鏡得以持續擷取真實世界的視覺快照，並在僅消耗數毫瓦功率的情況下，實現智慧、即時回應、低延遲的人機互動。

With the leading global brand launching Wi-FY powered smart glasses this fall, we are seeing growing engagement from platform providers, ODMs and consumer electronics companies worldwide.

隨著全球領先品牌將於今年秋季推出採用 Wi-FY 驅動的智慧眼鏡，我們看到來自全球平台供應商、ODM 與消費性電子公司日益提升的參與度。

Some of these projects are expected to enter mass production in the coming quarters.

其中部分專案預期將在未來幾個季度進入量產。

That concludes my report for this quarter.

以上為我本季的報告。

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

感謝各位對奇景光電（Himax）的關注。我們感謝各位參與今天的電話會議，現在準備開始問答。

Yes, thank you, Jordan. And ladies and gentlemen, we are now in question-and-answer session. If you would like to ask the question, please press star key and number one on your telephone keypad and you will enter the queue.

是的，謝謝你，Jordan。各位女士、先生，我們現在進入問答時間。若您想提問，請在電話鍵盤按下星號鍵再按 1，即可進入排隊序列。

And after you are announced, please ask your question.

在主持人點名後，請提出您的問題。

If you find that your question has been answered before it's your turn to speak, you may press star key and number two to cancel the question.

若您發現輪到您發言前問題已被回答，您可按下星號鍵再按 2 取消提問。

And in addition to submitting questions via phone, you may also submit questions through the webcast, where the checkbox is available on the right-hand side of the screen.

此外，除透過電話提問外，您也可透過網路直播提交問題；畫面右側提供勾選框。

Thank you.

謝謝。

Now for dialing participants, if you would like to ask questions, please press 1 on your telephone keypad.

現在，撥入的與會者若想提問，請在電話鍵盤按 1。

Thank you.

謝謝。

And our first question will be coming from Donnie Tan Nomura. Go ahead, please.

我們的第一個問題來自野村（Nomura）的 Donnie Tan。請開始。

Thank you, Jordan, for taking my question. My first question... It's regarding to the CPO revenue outlook into 2027, as you mentioned about the revenue could be more meaningful for next year.

謝謝你，Jordan，讓我提問。我的第一個問題……是關於 CPO 到 2027 年的營收展望；你提到明年營收可能會更有意義。

Can you classify how do you define meaningful for 2027?

你能否說明你們如何定義 2027 年的「有意義」？

And maybe you can also provide us with the overall business outlook in 2027 as well.

另外，也請你提供 2027 年整體業務展望。

Thank you.

謝謝。

Thank you.

謝謝。

Perhaps let me start with your second question, the outlook for next year.

或許我先從你的第二個問題，也就是明年的展望開始。

As we don't usually provide guidance beyond one quarter, but we're positioned, I think, to see robust sales growth for next year.

由於我們通常不提供超過一個季度的財測指引，但我認為我們已具備條件在明年看到強勁的銷售成長。

With continuously improved gross margin. As our gross margin this year has improved from last year, and we believe the trend is likely to continue next year.

同時毛利率也將持續改善。因為我們今年的毛利率已較去年提升，我們相信這個趨勢很可能在明年延續。

Before I elaborate further, there is one important thing for clarification. And as you mentioned in your question, we are going to for that being before CPO starts mass production officially.

在我進一步說明之前，有一點重要事項需要釐清。如你在問題中提到的，在 CPO 正式開始量產之前，我們將會……

It's a good idea that we kind of separate our CPO for our outlook discussion because our CPO is arguably a once in a lifetime opportunity for Himax.

我認為把 CPO 從我們的展望討論中先行區隔開來是個好主意，因為 CPO 對奇景而言可說是一生一次的機會。

At the pre-mass production stage, its outlook will be too uncertain to quantify, at least for the purpose of outlook comments.

在量產前階段，其前景不確定性太高，至少就展望評論而言難以量化。

So what I'm about to say below does not include contributions from CPO and I will leave the comments on CPO for the next question, which you already just raised.

因此，我接下來要說的內容不包含 CPO 的貢獻；至於 CPO 的評論，我會留到下一個問題，也就是你剛剛提出的那個。

So we start now back to our view on 2027.

那我們現在回到對 2027 年的看法。

I think a very important trend for next year, our financials, is that the non-driver areas will likely outgrow driver ICs. Contribution approaching 30% from around 20% at present.

我認為明年我們財務表現的一個非常重要趨勢是：非驅動（non-driver）領域很可能會成長快於驅動 IC。其營收占比可望從目前約 20% 提升至接近 30%。

This is treatment mainly by automotive T-Cons, which will enjoy another year of very strong growth thanks to our robust design pipeline.

這主要由車用 T-Con 所帶動；受惠於我們強勁的設計案（design pipeline），該業務明年可望再迎來非常強勁的一年成長。

And the Wi-FY product line for new applications such as smart glasses, white-scar module, and Pelman authentication, which I mentioned in my prepared remarks.

以及 Wi-FY 產品線在智慧眼鏡、白疤模組（white-scar module）與 Pelman 認證等新應用上的導入，我在事先準備的講稿中也有提到。

Positioned to contribute to growth momentum.

這些都已就位，可望貢獻成長動能。

As to our kind of mainstream automotive business, now over half of our sales, it will continue to grow as well on top of a year of double-digit growth this year.

至於我們的主流車用業務，目前已占我們銷售額的一半以上，在今年雙位數成長的基礎上，明年也將持續成長。

In saying so, we are assuming a flattish year for overall vehicle shipment.

我們在此假設整體汽車出貨量將大致持平。

Which I think is a fair assumption, implying our confidence to outperform the auto market again like we do this year and actually the last few years.

我認為這是合理的假設，也意味著我們有信心再次跑贏車市，就像今年以及過去幾年一樣。

Our positive outlook is driven by two factors, one, the continuous growth of number of squares per league, which has already exceeded three this year from almost now 15 years back.

我們的正向展望來自兩個因素：第一，每輛車的顯示面積（number of squares per league）持續成長，從約 15 年前的水準一路提升，今年已超過 3。

And two, more importantly, the fast rising IC content per automotive display.

第二，更重要的是，每個車用顯示器的 IC 含量快速上升。

In other words, both the number of displays and content value per display will continue to will continue the favorable trend that we have experienced over the last few years.

換言之，顯示器數量與每個顯示器的內容價值都將延續我們過去幾年所經歷的有利趨勢。

So I'll take SUD as an example. We mentioned about SUD in our prepared remarks.

我以 SUD 為例。我們在事先準備的講稿中提到過 SUD。

SUD used to be a tiny niche market that did not use LCD for image protection.

SUD 過去是非常小眾的市場，並未使用 LCD 進行影像投射。

Starting just a few years ago, SUD has become one of the strongest segments, growth segments within our design win pipeline. Now, we have many such design wins for SUD within for mass production starting this year and over the next few years.

從幾年前開始，SUD 已成為我們設計導入管線中成長最強勁的區塊之一。目前我們在 SUD 已取得多個設計導入，並自今年起以及未來幾年陸續進入量產。

Every new SUV in the car represents net increase in number of LCD displays per week, as almost all new SUVs now use LCD for image projection and i.e. Requiring our solution.

每一款新 SUV 車型都代表每車 LCD 顯示器數量的淨增加，因為幾乎所有新 SUV 現在都使用 LCD 進行影像投射，亦即需要我們的解決方案。

Hinax has been leading the charge in supporting the industry's.

奇景一直走在前面，協助產業的

New SUD designs, which require not only traditional DDIC, but also very sophisticated T-cons for always so-called D-walkin and the elimination of so-called postcard effect.

新 SUD 設計；這些設計不僅需要傳統 DDIC，還需要非常先進的 T-Con，以支援所謂的 D-walkin，以及消除所謂的明信片效應（postcard effect）。

Perhaps for those who are not familiar with this, D-walkin is a feature in our SUD T-con that kind of mathematically. Carter X, optimal distortion caused by the curved surface of windshield.

對不熟悉的人來說，D-walkin 是我們 SUD T-con 的一項功能，透過數學方式校正由擋風玻璃曲面造成的最佳化失真。

Okay, that's the walking. And toss car effect is a visual artifact, so to speak, a visual artifact where the rectangular borders of the possession become kind of illuminated and visible by the driver, which is bad, right? So our T-carn can get rid of that artifact.

好，這就是 walkin。而明信片效應是一種視覺瑕疵（visual artifact），也就是投射畫面的矩形邊框會被點亮、讓駕駛看見，這當然不好，對吧？我們的 T-con 可以去除這個瑕疵。

Such advanced features add significantly to our IT content value and have become a strong mold that helps spend our competitors.

這類先進功能大幅提高我們的 IC 內容價值，並已成為強大的護城河，幫助我們甩開競爭對手。

And I would say the OTDI, which, again, we also mentioned in our current remarks, is also a good example where we pioneered the technology concept a few years back, targeting ultra-large size automatic displays requiring touch functionality.

另外我想說，OTDI（同樣我們在本次講稿中也有提到）也是很好的例子：我們在幾年前率先提出這個技術概念，鎖定需要觸控功能的超大尺寸車用顯示器。

We are now the exclusive supplier of the solution in the market right now, which numbers at least five chips per panel, including one T-Con, and for higher-end designs, more than 10.

目前我們是市場上該解決方案的獨家供應商；每片面板至少需要 5 顆晶片，包括 1 顆 T-Con，而在更高階的設計中，晶片數甚至超過 10 顆。

Our LEDI solution is ramping nicely this year across several leading auto brands with a solid and still expanding design pipeline.

我們的 LEDI 解決方案今年在多個領先車廠品牌上順利放量，設計案管線穩健且仍在擴大。

Perhaps the last, but.

或許最後一個，但

Certainly not the least important example is the higher value for display countable IC is the OLED display for automotive. Then we offer DDIC, T-count, TED, and discrete touch controller.

當然不是最不重要的例子，是車用 OLED 顯示器帶來更高的每顯示器 IC 價值。我們可提供 DDIC、T-con、TED，以及獨立觸控控制器。

Each of them having higher SP compared to those LCD panels because of the more complicated features required of OLED displays.

由於 OLED 顯示器需要更複雜的功能，因此上述每一項的 ASP 都高於 LCD 面板所用的對應產品。

And because OLED is now projected to replace LCD over time, over the next few years for high-end mobile displays, we are working closely with several leading OLED panel makers in Korea and China with major rapid expected starting from probably second-half next year and certainly well into 2028.

而且由於 OLED 現在預期將在未來幾年逐步取代 LCD，用於高階行動顯示器，我們正與韓國與中國的多家領先 OLED 面板廠密切合作，預期主要放量可能從明年下半年開始，並且一路延伸至 2028 年。

So in short, again, we don't give our official guidance for next year, so I'm not going to be able to quantify the growth, but we are quite positive about the prospect of our automotive business for next year.

總結來說，我們同樣不提供明年的正式財測指引，因此我無法量化成長幅度；但我們對明年車用業務的前景相當正面。

Having said that, the industry supply will remain tight with literally all major boundaries, including indicated.

話雖如此，整體產業供給仍將維持吃緊，幾乎所有主要環節都受限，包括已明確指出的部分。

Further price hikes next year, certainly all foundries in Taiwan and to a great extent major foundries in China as well.

明年進一步的漲價，當然台灣所有晶圓代工廠，以及在很大程度上中國主要晶圓代工廠也會如此。

So it's just something we will need to continue to manage like we have done so far this year.

所以這就是我們需要像今年迄今一樣持續管理的事情。

So I hope that addresses your second question for next year's outlook.

希望這能回答你第二個關於明年前景的問題。

And your first question is about CTO sales indication, right, sales outlook for next year.

而你的第一個問題是關於 CTO 銷售指引，對吧，也就是明年的銷售展望。

Again, I will not be able to quantify that, but so qualitatively, what I can say is that for sure, CTO will see very significant growth next year.

同樣地，我無法量化，但就定性而言，我能說的是，CTO 明年肯定會有非常顯著的成長。

But we'll be comparing it with the low base this year.

但我們是拿今年的低基期來比較。

But the growth will be very significant.

不過成長幅度會非常顯著。

The extent of CPO's contribution to overall financial next year will depend on when the end customer kick off mass production and obviously the wrapping curve.

CPO 對明年整體財務的貢獻程度，將取決於終端客戶何時啟動量產，當然也取決於爬坡曲線。

For now, it is too early to say, but as I said earlier, even in the most.

目前還太早下定論，但如我先前所說，即使在最

Conservative scenario, CPO will make a meaningful contribution to our financials, especially the bottom line starting 2027 with volume growth quarter over quarter starting from this quarter, next quarter and throughout the whole of next year.

保守的情境下，CPO 也會對我們的財務帶來有意義的貢獻，尤其是自 2027 年起對獲利（bottom line）的貢獻；而出貨量將從本季、下季開始，並在明年全年呈現逐季成長。

While the volume indication from end customers is actually extremely high, so we start the main goal for us this year is still for us and our partner Fauci is still to complete the validation of our products by key customers/partners in terms of both quality and manufacturability.

雖然終端客戶給出的量的指引其實非常高，但我們今年的主要目標仍是我們與合作夥伴 Fauci 完成關鍵客戶/合作夥伴對我們產品在品質與可製造性兩方面的驗證。

But as I said earlier, revenue contribution during this year was nearly limited.

但如我先前所說，今年的營收貢獻幾乎是有限的。

However, we are seeing quite significant growth this quarter and another very significant growth next quarter out of engineering runs.

不過，我們看到本季有相當顯著的成長，而下季在工程試產（engineering runs）方面還會再有一次非常顯著的成長。

Again, while we don't comment on the exact timing of mass production.

同樣地，我們不評論量產的確切時點。

Because the ecosystem is far too complicated for us to even speculate the exact timing of mass production.

因為生態系過於複雜，我們甚至無法推測量產的確切時間。

We should be able to see meaningful top and partner line contribution from the CCL products starting in 2027.

我們應該能在 2027 年開始，從 CCL 產品看到對營收與獲利的有意義貢獻。

And actually, even before we share mass production, early shipments for engineering rounds will already have positive impact on financial study quality of research. Now, you asked me to quantify, what is meaningful. I guess meaningful means meaningful, right?

而且事實上，即使在量產之前，工程批次的早期出貨也會對財務研究品質帶來正面影響。你要我量化，什麼叫「有意義」。我想有意義就是有意義，對吧？

Meaningful means it's not going to be like, low single-digit percentage, certainly.

「有意義」的意思是，肯定不會只是低個位數百分比。

Certainly not for the bottom line. So meaningful is something we can actually, when it happens, we can categorize it and elaborate further. It's not going to be like marginally negligible addition to our financials.

尤其不會是對獲利（bottom line）而言。所以所謂「有意義」，等到它發生時，我們可以再加以分類並進一步說明。它不會只是對我們財務報表邊際上可忽略不計的增加。

But again, what are some early indication for next year's volume?

但再回到明年出貨量的一些早期指標是什麼？

Has been kind of provided by customers, I think is, again, this CEO should focus on validation.

客戶某種程度上已提供一些，我認為同樣地，這位 CEO 應該把重點放在驗證上。

And once we have a solid footing on that with customers, firmer indication of mass production timelabel and revenue curve, hopefully in the not too distant future, we'll be able to better qualify the impact.

一旦我們在客戶端把驗證做扎實，對量產時間表與營收曲線就會有更明確的指引；希望在不久的將來，我們能更好地量化其影響。

To our financials.

對我們的財務表現。

But I guess it is fair to say that our competence level towards success of mass production continues to rise.

但我想可以公平地說，我們對量產成功的信心程度持續上升。

Our competence level continues to rise and it has surely risen to another level compared to even just a quarter.

我們的信心程度持續上升，甚至相較於僅僅一季之前，確實又提升到另一個層級。

And I guess the last point I want to say is that.

我想最後一點我想說的是。

In close collaboration with a few top customers.

在與幾家頂尖客戶的緊密合作下。

Fourth, we are focusing on holding core Gen2 product right now, which is a high-end product supporting 6.4T bandwidth or higher.

第四，我們目前正聚焦於核心 Gen2 產品，這是一款支援 6.4T 或更高頻寬的高階產品。

And it is a spec. For time being, that is a position for the market with the biggest volume potential.

而這是一個規格。就目前而言，這個定位對應的是市場上具最大出貨量潛力的區塊。

And actually, we will continue to make innovative designs for optics to meet the ever-rising needs of higher transmission bandwidth with the next target's next goal being 12.8T.

而且事實上，我們會持續在光學上做創新設計，以滿足不斷攀升的更高傳輸頻寬需求；下一個目標是 12.8T。

So it's going to be a long road ahead.

所以前方會是一條漫長的路。

And again, as I said earlier, I think it's a once-in-a-lifetime opportunity for HIMAX, the city opportunity.

再一次，如我先前所說，我認為這對 HIMAX 來說是千載難逢的機會，是一個城市級的機會。

I was answering this question.

我剛才是在回答這個問題。

Hey, thank you, Jordan.

嘿，謝謝你，Jordan。

Thank you.

謝謝。

Next one came from the year, Morgan Stanley. Go ahead, please.

下一位來自 Morgan Stanley 的 Yier。請說。

Thanks, Jordan. Thanks, Karen, for taking my question.

謝謝，Jordan。謝謝 Karen 接受我的提問。

So I would like to follow-up on the CPO fund. I think there are many... Peers or emerging players that would want to tap into this FAU or I would say WLO market. May I ask how you will address this competition and what are high-max key advantages over the peers? Yeah.

我想追問一下 CPO 基金。我認為有很多……同業或新興玩家也想切入這個 FAU，或我會說 WLO 市場。想請問你們會如何應對這些競爭？Himax 相較同業的關鍵優勢是什麼？是的。

Thank you.

謝謝。

Okay, thank you. It's a good question.

好的，謝謝。這是個好問題。

I think as far as we know, we are probably the only one providing optics using web-level optics or web-based solution or the social competition actually use traditional.

據我們所知，我們可能是唯一一家使用晶圓級光學（WLO）或晶圓式解決方案來提供光學元件的公司；而其他競爭者其實使用的是傳統的。

Molding glass type of technology. So I think there's a key difference. And we certainly believe our technology offers a lot of advantages, but okay, nobody has proven itself by having big volume mass production yet. So I think we just have to prove it by actually doing it successfully.

玻璃模造（molding glass）類型技術。所以我認為這是關鍵差異。我們當然相信我們的技術有很多優勢，但目前還沒有人透過大規模量產來證明自己。所以我們必須透過實際成功做到來證明。

Having said that, I think we are our technology together with FOSI is much more mature compared to the peers as far as we can tell.

話雖如此，我認為就我們所能判斷，我們的技術加上與 FOSI 的合作，相較同業成熟度高得多。

But having said that, I think, again, our focus for now is we the mindset for now for us. It's not to worry too much about competition, but we are the enemy, we are our own enemy. For that we focus on getting our products validated this year solidly and we saw customers request for volume, try to ramp the volume successfully with good year rate, good outcome to meet their demands.

但即便如此，我認為同樣地，我們目前的重點、我們現在的心態是。不要太擔心競爭，而是我們自己才是敵人，我們是自己的敵人。因此我們專注於今年把產品在客戶端扎實完成驗證；並在看到客戶提出量的需求後，嘗試以良率佳、成果好的方式成功拉升產量，以滿足他們的需求。

And I think so, again, we -- I guess also it's a policy for us not to comment about our competition, but I think for the time being, the most important thing for us is to focus our sales efforts for successful mass production. Having said that, I think.

我想所以同樣地，我們——我想這也是我們的政策，不評論競爭對手；但就目前而言，對我們最重要的是把銷售與執行重點放在成功量產上。話雖如此，我想。

Again, I said this is the market. It's a once in a lifetime opportunity kind of market. The market is so big. I can't imagine a few years down the road, Hymax and Hosu will be the only player, the only vendor in the market. It's just unthinkable because the market is so big and I don't think anybody can take market percent of the market. So for us, I think it's.

同樣地，我說過這個市場。這是一個千載難逢的市場。市場非常大。我無法想像幾年後 Hymax 和 Hosu 會是市場上唯一的玩家、唯一的供應商。這根本不可思議，因為市場太大了，我不認為任何人能拿下市場的百分之百。所以對我們而言，我想這是。

It's the mindset, again, is focus on our efforts, bring successful mass production and hope it will be one of the earliest and will be serving among the best customers, and we'll take it from there.

心態上再次強調：專注於我們的努力，推動成功量產；希望我們能是最早期之一，並服務最好的客戶群，然後再從那裡繼續推進。

And I think and lastly, certainly.

我想最後，而且當然。

We have a lot of analysis on the pros and cons of our technology versus others, but again, I'm not going to comment on that publicly.

我們對自身技術相較其他技術的優缺點做了很多分析，但同樣地，我不會在公開場合評論。

And last but not least, the market is too big for anybody to try to take it 100% and is the market big enough for actually quite a few players to.

最後但同樣重要的是，市場太大了，任何人都不可能拿下 100%；而市場也大到足以容納相當多的玩家。

To prosper tremendously, I think.

我認為會大幅繁榮。

And now the important thing is to bring it up successfully and to prove it, it's a real technology, it's a real deal.

而現在重要的是要把它成功推進並加以證明：這是一項真正的技術，是貨真價實的。

I have a question regarding the overall CPO industry. Yes, as you guys have been working with Fosi on all these mass production preparations for so many years, I think you're also in talk with other guys in the supply chain. What do you think are the biggest bottlenecks for CPO mass production right now?

我有一個關於整體 CPO 產業的問題。是的，既然你們與 Fosi 在這些量產準備上合作了這麼多年，我想你們也在和供應鏈上的其他夥伴交流。你們認為目前 CPO 量產最大的瓶頸是什麼？

You think how much time it would take for this to be conquered?

你覺得要花多少時間才能克服？

Thank you.

謝謝。

We are very upstream, right? So I mean...

我們是在非常上游，對吧？所以我的意思是……

You probably asked the wrong person to make a comment for the so-called bottleneck throughout the entire ecosystem.

你可能問錯人了，要我去評論所謂整個生態系的瓶頸。

What I can say, what I emphasize is that the ecosystem is actually quite complicated.

我能說、我想強調的是，這個生態系其實相當複雜。

And our focus for now is to, again, make sure we are going to be the bottleneck, right? So we don't want to be the bottleneck ourselves, technology-wise, that's step one.

而我們目前的重點是，再次，確保我們不會成為瓶頸，對吧？所以我們不希望在技術面成為瓶頸，這是第一步。

And once the mass production gets started, we don't want to be the bottleneck for capacity as well, and that's the goal.

而一旦量產啟動，我們也不希望在產能上成為瓶頸，這就是目標。

As to the bottleneck of the whole ecosystem, to be H1st, I really don't know because, all I can say is the engineering, the civil engineering, which will have some meaningful value, right?

至於整個生態系的瓶頸，坦白說，我真的不知道；我能說的是工程面、土木工程面，可能會有一些有意義的價值，對吧？

By us at OC over the next, by the end of this year, let's say, by the end of this year.

由我們 OC 在接下來……到今年底，姑且說到今年底。

It's not just to validate our solution, but also to validate the whole ecosystem. So our technology will be used, will be taken to validate our end customers, the major GPU and CPU makers of the world, they are poor solution. And if we start, they will also take their solution to their server customers and certainly the back-end house, all offset houses who have to put the covers or whatnot, right, the FAU together with the COP, TSMC's COP solution and all that, right.

不只是驗證我們的解決方案，也是在驗證整個生態系。因此，我們的技術會被用來、被拿去讓我們的終端客戶——全球主要的 GPU 與 CPU 製造商——來驗證他們的解決方案。而如果我們開始了，他們也會把他們的解決方案帶給他們的伺服器客戶，當然還有後段的封裝廠、所有需要把上蓋或其他東西裝上去的封裝廠，對吧，把 FAU 與 COP、台積電的 COP 解決方案等等整合在一起。

Over the next, by the end of this year at least, I think there will be a lot of efforts in this regard.

接下來……至少到今年底，我認為在這方面會有很多努力。

But we've been the very upstream to provide our FAU and for that our optics within FAU first.

但我們一直是在非常上游，先提供我們的 FAU，以及 FAU 內部的光學。

And our FAU has to be validated in itself. Then with good FAU, the ecosystem can start to validate.

而我們的 FAU 必須先完成自身的驗證。然後有了好的 FAU，生態系才能開始進行驗證。

The packaging, the assembly of the whole module, and then all the way down to, servers and eventually, probably change your algorithm to, because transmission methodology will be different, right, compared to traditional meta-based transmission. So I think, to be H1st, it's far too complicated for me to comment.

封裝、整個模組的組裝，然後一路到伺服器，最終可能還要改你的演算法，因為傳輸方法會不同，對吧？相較於傳統的 meta-based 傳輸。所以我認為，坦白說，這太複雜了，我很難評論。

And all I can say is we don't want to be the bottleneck ourselves. That's the goal.

我能說的就是我們不希望自己成為瓶頸。這就是目標。

Thank you, Jordan.

謝謝你，Jordan。

Thank you.

謝謝。

Thank you.

謝謝。

One question from online box. How do you expect your smart glasses revenue to trend in 27?

有一個來自線上提問箱的問題。你們預期 27 年智慧眼鏡營收的趨勢會如何？

Do you expect smart glasses revenue?

你們預期智慧眼鏡營收？

To be launched next year.

會在明年推出。

We are talking about Wide side, right, which we, I'm not going to repeat it, we have mentioned, elaborated in our prepared remarks.

我們談的是 Wide side，對吧？這部分我就不重複了，我們在事先準備的發言中已經提到並詳細說明。

LCOS will be for the future, LCOS for now is to seek a design win, so that is not going to be a mass production story for next year. Wide side, however. We're very much a story for next year for smart glasses.

LCOS 是未來的方向；就目前而言，LCOS 是在尋求 design win，因此明年不會是量產的故事。但 Wide side 則不同。我們在智慧眼鏡方面，明年非常有機會。

We mentioned there's a major customer which has launched this product a while back with our wide side serving the function of always long visual understanding of the surroundings.

我們提到有一個主要客戶在不久前已經推出這個產品，而我們的 wide side 扮演的功能是長時間、持續地對周遭環境進行視覺理解。

We actually asked the main end customer about modern potential and the response from them is they're just getting it started, right, promotion-wise. So they have to wait a while for them to give us a more meaningful feedback.

我們其實也問了主要終端客戶關於市場潛力，而他們的回覆是他們才剛開始，對吧，在推廣方面。所以他們還需要一段時間，才能給我們更有意義的回饋。

So we are not getting what are the other conservative or pessimistic or positive feedbacks from them yet for understandable reasons.

因此，我們目前還沒有從他們那邊得到較保守、悲觀或正向的回饋，這也可以理解。

I think what's equally exciting is that there are quite a number of major design-in or design-win projects.

我認為同樣令人振奮的是，還有相當多重要的 design-in 或 design-win 專案。

In the pipeline that we certainly, we haven't lost because the customer is not fully ready yet.

在管線中；我們當然沒有失去它們，只是客戶還沒有完全準備好。

They involve, in some cases, major hyper scalers who have left them known to be offering like hardware devices like smartphone as part of their business portfolio, but they are very much into smart glasses because.

其中有些案子涉及大型 hyperscaler；他們過去就以提供硬體裝置（例如智慧型手機）作為其業務組合的一部分而為人所知，但他們也非常投入智慧眼鏡，因為——

They all see smart glasses as a very good contour for their AI models to get the useful data, useful information of the actual users.

他們都把智慧眼鏡視為一個很好的載體，讓他們的 AI 模型取得實際使用者的有用數據與有用資訊。

So I think we are seeing very strong design momentum, and which is a major customer.

所以我認為我們看到非常強的設計動能，而且也有一個主要客戶。

How they use Wi-FY are not totally identical. Everybody is trying to be innovative and in our prepared remarks, what we mentioned is broadly speaking a typical use this concept where we are always watching the surroundings.

他們使用 Wi-FY 的方式並不完全相同。每個人都在嘗試創新；而在我們的事先準備發言中提到的是，廣義來說，一個典型的使用概念是我們會持續觀察周遭環境。

On a continuous basis and then first we determine the scene that you are standing in and then we start to do object classification and with that you can have AI interaction.

以連續的方式，先判斷你所處的場景，接著開始做物件分類，然後你就可以進行 AI 互動。

So that is a common theme.

所以這是一個共同主題。

So all I can say is.

所以我能說的就是——

Probably give us a two or more quarters, we should be able to quantify it better, but for now, we can see the momentum, but even with the first customer, the measurement with a very high-profile launch, we are not really getting feedback yet in terms of number of chips they need for next year or the year after.

大概再給我們兩季或更久，我們應該就能更好地量化；但就目前而言，我們看得到動能。不過即便是第一個客戶、且有非常高調的上市發表，我們在明年或後年他們需要多少顆晶片方面，還沒有真正收到回饋。

So the momentum is very strong, but I'm afraid it's too early for me to give a competitive comment yet.

所以動能非常強，但恐怕現在還太早，我無法給出具體的評論。

Hopefully in a few quarters time, we will be able to provide better answers.

希望再過幾季，我們就能提供更好的答案。

Yes, thank you, Jordan.

好的，謝謝你，Jordan。

There are no questions at the moment. We thank you for all your questions. Then I'll pass the call back to Mr. Jordan Wu. Please proceed.

目前沒有問題了。感謝大家的提問。接下來我把電話交回給吳先生。Jordan Wu。請繼續。

Thank you.

謝謝。

Thank you.

謝謝。

As a final note, Karen Tiao, our head of IRPR will maintain VISTA marketing activities and continue to attend VISTA conferences. We will allow the details as they come about.

最後補充一點，我們的 IRPR 負責人 Karen Tiao 將維持 VISTA 的行銷活動，並持續參加 VISTA 會議。相關細節我們會在有進一步消息時再行公布。

Thank you and have a nice day.

謝謝，祝大家有美好的一天。

Thank you, Jordan. And ladies and gentlemen, this concludes second quarter 2026 earnings conference. We will now disconnect.

謝謝你，Jordan。各位女士、先生，以上為 2026 年第二季法說會到此結束。我們現在將中斷連線。

Thank you again. Goodbye.

再次感謝。再見。