ChipMOS Technologies Inc (IMOS) 2025 Q1 法說會逐字稿

Greetings, and welcome to the ChipMOS first quarter 2025 results conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

您好，歡迎參加 ChipMOS 2025 年第一季業績電話會議。此時，所有參與者都處於只聽模式。正式演講結束後將進行問答環節。

I would now like to turn the conference over to Dr. GS Shen of ChipMOS Technologies Strategy and Investor Relations team to introduce the management team of the company in conference. Dr. Shen, you may begin.

現在我想將會議交給南茂科技策略與投資人關係團隊的GS Shen博士，他在會中介紹公司的管理團隊。沈博士，你可以開始了。

Thank you, operator. Welcome everyone to ChipMOS first quarter 2025 results conference call. Joining us today from the company are Mr. SJ Cheng, Chairman and President; and Ms. Silvia Su, Vice President of Finance and Accounting Management Center. We are also joined on the call today by Mr. Jesse Huang, Spokesperson and Senior Vice President of Strategy and Investor Relations.

謝謝您，接線生。歡迎大家參加南茂科技2025年第一季業績電話會議。今天與我們一起出席活動的有公司董事長兼總裁 SJ Cheng 先生；以及財務與會計管理中心副總裁蘇女士。我們今天的電話會議還有發言人兼策略和投資者關係高級副總裁 Jesse Huang 先生的參與。

SJ will chair the meeting and review business highlights and provide more color on the operating environment. After Sylvia's review of the company's key financial results, SJ will provide our current business outlook. All company executives will then participate in an open Q&A session.

SJ 將主持會議並回顧業務亮點並提供更多有關營運環境的資訊。在 Sylvia 審查公司主要財務業績後，SJ 將提供我們目前的業務展望。隨後，所有公司高層將參加公開問答環節。

Please note, we have posted a presentation on the MOPS and also on the ChipMOS' website, www.chipmos.com, to accompany today's conference call. Before we begin the prepared comments, we remind you to review our forward-looking statements disclaimer, which is noted as the Safe Harbor notice on the second page of today's presentation and in the results press release we issued. As a reminder, today's conference call is being recorded, and a replay will be made available later today on the company's website.

請注意，我們已經在 MOPS 和 ChipMOS 網站 www.chipmos.com 上發布了演示文稿，以配合今天的電話會議。在我們開始準備好的評論之前，我們提醒您查看我們的前瞻性聲明免責聲明，該免責聲明在今天的演示文稿的第二頁和我們發布的結果新聞稿中被標記為安全港通知。提醒一下，今天的電話會議正在錄製中，重播將於今天晚些時候在公司網站上提供。

At this time, I'd like to now turn the call over to our company's Chairman and President, Mr. SJ Cheng. Please go ahead, sir.

現在，我想將電話轉給我們公司的董事長兼總裁 SJ Cheng 先生。先生，請繼續。

Yes. Thank you, GS. We appreciate everyone joining our call today. The first quarter came in as expected and followed normal patterns around the holidays. We did not see anything too much out of the norm. Our team has remained focused on execution. We are working closely in support of our customers and making sure we have the right capacity. Our long-term plans remain a priority, and we are well positioned in our core markets and with new developing applications. Our balance sheet is strong, and we remain conservative on capital expenditures as we build long term value for shareholders.

是的。謝謝你，GS。我們感謝今天參加我們電話會議的各位。第一季的表現符合預期，假期期間的業績也保持正常。我們沒有看到任何太過異常的情況。我們的團隊一直專注於執行。我們正在密切合作以支持我們的客戶並確保我們擁有適當的能力。我們的長期計劃仍然是優先事項，我們在核心市場和新開發應用中佔據有利地位。我們的資產負債表強勁，我們在資本支出方面保持保守，為股東創造長期價值。

In terms of Q1 highlights, our revenue increased 2.5% compared to Q4 2024. Q1 gross margin was 9.4%, which is flat with Q4 2024. Q1 net earnings were TWD0.24 compared to TWD0.32 in Q4 2024. In terms of the details, our overall utilization rate was 62% in Q1 2025 compared to 59% in Q4 2024. We saw improvement across the board, with the biggest increase coming in bumping UT, which increased to 65% from 54% in Q4. The assembly UT is 55% in Q1. The average test utilization was 61%, and DDIC was 65%.

就第一季的亮點而言，我們的營收與 2024 年第四季相比成長了 2.5%。第一季毛利率為 9.4%，與 2024 年第四季持平。第一季淨收益為 0.24 新台幣，而 2024 年第四季為 0.32 新台幣。具體而言，2025 年第一季我們的整體利用率為 62%，而 2024 年第四季為 59%。我們看到了全面改善，其中增幅最大的是 UT 的提升，從第四季的 54% 增加到了 65%。Q1 的組裝 UT 為 55%。平均測試利用率為 61%，DDIC 為 65%。

Regarding our Manufacturing business, assembly represented 24.4% of Q1 revenue. Mixed Signal and Memory Testing represented 21.8%, and Wafer Bumping represented 25.4% of Q1 revenue. On a product basis, our DDIC product represented 27.3% of total revenue in Q1, with gold bumping representing about 23.9%. Revenue from DRAM and SRAM represented 14.1% of total Q1 revenue. Our Mixed Signal products represented 10% of total Q1 revenue.

關於我們的製造業務，組裝佔第一季收入的 24.4%。混合訊號和記憶體測試佔第一季營收的 21.8%，晶圓凸塊佔 25.4%。從產品來看，我們的 DDIC 產品佔第一季總收入的 27.3%，其中金礦開採佔 23.9%。DRAM 和 SRAM 的營收佔第一季總營收的 14.1%。我們的混合訊號產品佔第一季總收入的 10%。

As additional color, our Memory products represented 38.8% of total Q1 revenue. Memory product revenue increased 2.4% compared to Q4 2024 and decreased slightly by 0.6% on a year-over-year basis. This was a benefit from pricing and volume. DRAM represented 13.6% of total Q1 revenue and increased 10.7% compared to Q4 2024.

另外，我們的記憶體產品佔第一季總收入的 38.8%。記憶體產品收入與 2024 年第四季相比成長了 2.4%，與去年同期相比略有下降 0.6%。這是定價和數量帶來的好處。DRAM 佔第一季總營收的 13.6%，與 2024 年第四季相比成長了 10.7%。

Flash revenue represented about 24.7% of Q1 revenue, which was up 4.9% compared to Q4 2024 and was up 8.6% on a year-over-year basis. NAND Flash represented 37.7% of Q1 total Flash revenue. This is up significantly by around 30% compared to Q4 2024. NOR Flash decreased 7.2% compared to Q4 2024 but increased significantly by 27.6% on a year-over-year basis.

Flash營收約佔第一季營收的24.7%，與2024年第四季相比成長4.9%，與去年同期相比成長8.6%。NAND Flash 佔第一季快閃記憶體總營收的 37.7%。與 2024 年第四季相比，這一數字大幅增加了約 30%。NOR Flash 與 2024 年第四季相比下降了 7.2%，但與去年同期相比大幅成長了 27.6%。

Moving on to Driver IC and Gold Bump revenue. This represented about 51% of total Q1 revenue. We saw some benefit from restocking and some short-term rush orders. This offset the impact of fewer working days for the Lunar New Year holiday. Overall, this segment was up 2.9% compared to Q4 2024 and was up 0.7% on a year-over-year basis. Of note, Gold Bump revenue increased significantly 24.5% compared to Q4 2024 and was up near 30% on a year-over-year basis.

繼續討論驅動 IC 和 Gold Bump 收入。這約佔第一季總收入的 51%。我們從補貨和一些短期緊急訂單中看到了一些好處。這抵消了農曆新年假期工作日減少的影響。總體而言，該細分市場與 2024 年第四季相比成長了 2.9%，與去年同期相比成長了 0.7%。值得注意的是，Gold Bump 的營收與 2024 年第四季相比大幅成長了 24.5%，年比成長了近 30%。

Our DDIC revenue was down 10.6% compared to Q4 2024. Demand related to auto panels contributed about 33% of our Q1 DDIC revenue, which down slightly by about 1.1% compared to Q4 2024.

與 2024 年第四季相比，我們的 DDIC 收入下降了 10.6%。汽車面板相關需求貢獻了我們第一季DDIC營收的約33%，與2024年第四季相比略有下降約1.1%。

Regarding OLED, this increased to 25.6% of Q1 DDIC revenue but was impacted by seasonal destocking and decreased 2.5% compared to Q4 2024. On an end market basis, total revenue from Automotive and Industrial represented about 27% of Q1 revenue. This increased 13% compared to Q4 2024.

就 OLED 而言，這一數字增加到第一季 DDIC 收入的 25.6%，但受到季節性去庫存的影響，與 2024 年第四季相比下降了 2.5%。從終端市場來看，汽車和工業總收入約佔第一季營收的 27%。與 2024 年第四季相比，這一數字成長了 13%。

Smartphone revenue represented 36.5% of total Q1 revenue and increased slightly compared to Q4 2024. We are encouraged by recent reports of healthier inventory and demand levels in this market. We also had some benefit of short-term rush orders as we moved through Q1.

智慧型手機營收佔第一季總營收的 36.5%，與 2024 年第四季相比略有成長。近期有關該市場庫存和需求水準更為健康的報告令我們感到鼓舞。隨著第一季的推進，我們也從短期緊急訂單中獲益良多。

TV panel demand represented 14.3% of Q1 revenue, which was down 1.7% compared to Q4 2024. Consumer-related revenue represented 18.7%, and computing accounted for 3.5% of Q1 revenue, respectively.

電視面板需求佔第一季營收的 14.3%，與 2024 年第四季相比下降 1.7%。消費者相關收入佔第一季營收的 18.7%，計算收入佔 3.5%。

Now let me turn the call to Ms. Silvia Su to review the first quarter 2025 financial results. Silvia, please go ahead.

現在，請容許我請 Silvia Su 女士回顧 2025 年第一季的財務表現。西爾維婭，請繼續。

Thank you, SJ. All dollar amounts cited in our presentation are in NT dollars. The following numbers are based on the exchange rates of TWD33.19 against USD1 as of March 31, 2025. All the figures were prepared in accordance with Taiwan International Financial Reporting standards.

謝謝你，SJ。我們簡報中引用的所有美元金額均為新台幣。以下數字是根據 2025 年 3 月 31 日 33.19 新台幣兌 1 美元的匯率。所有數據均依照台灣國際財務報告準則編製。

Referencing presentation page 12, consolidated operating results summary. For the first quarter of 2025, total revenue was TWD5,532 million. Net profit attributable to the company was TWD176 million in Q1. Net earnings for the first quarter of 2025 were TWD0.24 per basic common share or USD0.15 per basic ads. EBITDA for Q1 was TWD1,425 million. EBITDA was calculated by adding depreciation and amortization together with operating profit. Return on equity in Q1 was 2.8%.

參考簡報第 12 頁，合併經營績效摘要。2025年第一季度總營收為55.32億新台幣。第一季歸屬於公司的淨利為1.76億新台幣。2025 年第一季淨收益為每基本普通股 0.24 新台幣或每基本廣告 0.15 美元。第一季EBITDA為14.25億新台幣。EBITDA 是透過將折舊和攤提加上營業利潤計算得出的。第一季的股本回報率為2.8%。

Referencing presentation page 13, consolidated statements of comprehensive income. Compared to Q4 2024, total Q1 2025 revenue increased 2.5% compared to Q4 2024. Q1 2025 gross profit was TWD518 million, with gross margin mostly flat at 9.4% compared to 9.5% in Q4 2024. Our operating expenses in Q1 2025 were TWD411 million or 7.4% of total revenue, which decreased 4.7% compared to Q4 2024 as we continue to manage all costs. Operating profit for Q1 2025 was TWD116 million, with operating profit margin at 2.1%, which is also mostly flat compared to Q4 2024.

參考第 13 頁的簡報，合併綜合損益表。與 2024 年第四季相比，2025 年第一季總營收較 2024 年第四季成長 2.5%。2025 年第一季毛利為 5.18 億新台幣，毛利率與 2024 年第四季的 9.5% 相比基本持平，為 9.4%。由於我們繼續管理所有成本，2025 年第一季我們的營運費用為 4.11 億新台幣，佔總收入的 7.4%，與 2024 年第四季相比下降了 4.7%。2025年第一季營業利潤為1.16億新台幣，營業利益率為2.1%，與2024年第四季相比基本持平。

Net non-operating income in Q1 2025 was TWD82 million, which decreased TWD73 million compared to Q4 2024. The difference is mainly due to the decrease of foreign exchange gains of TWD75 million. Profit attributable to the company in Q1 2025 decreased 24.1% compared to Q4 2024, primarily reflecting the impact of a decrease of net non-operating income of TWD73 million, which was offset by an [TWD70 million] decrease in income tax expense. Basic weighted average outstanding shares were 723 million shares.

2025年第一季淨營業外收入為8,200萬新台幣，較2024年第四季減少7,300萬新台幣。差異主要由於匯兌收益減少7,500萬新台幣所致。2025 年第一季公司應佔利潤較 2024 年第四季下降 24.1%，主要反映營業外淨收入減少 7,300 萬新台幣的影響，但被所得稅費用減少 [7,000 萬新台幣] 所抵銷。基本加權平均流通股數為7.23億股。

Compared to Q1 2024, total revenue for Q1 2025 increased 2.1% compared to Q1 2024. Gross margin at 9.4% decreased 4.8 ppts compared to Q1 2024. Operating expenses decreased 4.3% compared to Q1 2024. Operating profit margin at 2.1% decreased 4.6 ppts compared to Q1 2024. Net non-operating income in Q1 2025 was TWD82 million, which decreased TWD74 million compared to Q1 2024. The difference is mainly due to the decrease of foreign exchange gains of TWD91 million and partially offset by the increase of interest income of TWD26 million.

與 2024 年第一季相比，2025 年第一季的總營收比 2024 年第一季成長了 2.1%。毛利率為 9.4%，與 2024 年第一季相比下降了 4.8 個百分點。與 2024 年第一季相比，營運費用下降了 4.3%。營業利益率為 2.1%，與 2024 年第一季相比下降了 4.6 個百分點。2025年第一季營業外淨利為8,200萬新台幣，較2024年第一季減少7,400萬新台幣。差異主要由於外匯收益減少 9,100 萬新台幣，部分被利息收入增加 2,600 萬新台幣所抵銷。

Profit attributable to the company decreased 59.7% compared to Q1 2024. The difference is mainly due to a decreased operating profit of TWD247 million and the decrease of net non-operating income of TWD74 million and partially offset by the decrease of income tax expense of TWD60 million.

與2024年第一季相比，公司應占利潤下降了59.7%。差異主要由於營業利潤減少2.47億新台幣及營業外淨利減少0.74億新台幣，部分被所得稅費用減少0.60億新台幣所抵銷。

Referencing presentation page 14, consolidated statements of financial position and key indices. Total assets at the end of Q1 2025 were TWD43,214 million. Total liabilities at the end of Q1 2025 were TWD18,270 million. Total equity at the end of Q1 2025 was TWD24,944 million. Accounts receivable turnover days in Q1 2025 were 85 days. Inventory turnover days was 49 days in Q1 2025.

參考第 14 頁的簡報、合併財務狀況表和關鍵指標。2025年第一季末總資產為432.14億新台幣。2025年第一季末總負債為182.7億新台幣。2025年第一季末總權益為新台幣249.44億元。2025年第一季應收帳款週轉天數為85天。2025年第一季庫存週轉天數為49天。

Referencing presentation page 15, consolidated statements of cash flows. As of March 31, 2025, our balance of cash and cash equivalents was TWD13,566 million, which represents a decrease of TWD1,653 million compared to the beginning of the year.

參考第 15 頁的演示文稿，合併現金流量表。截至2025年3月31日，本公司現金及現金等價物餘額為135.66億新台幣，較年初減少16.53億新台幣。

Net free cash inflow for the first quarter of 2025 was TWD831 million compared to TWD800 million for the same period in 2024. The difference is mainly due to the increase of depreciation expenses of TWD128 million, interest income of TWD26 million and the decrease of CapEx of TWD63 million and income tax expenses of TWD60 million and partially offset by TWD247 million decrease in operating profit.

2025 年第一季淨自由現金流入為 8.31 億新台幣，而 2024 年同期為 8 億新台幣。差異主要由於折舊費用增加1.28億新台幣、利息收入增加0.26億新台幣，資本支出減少0.63億新台幣及所得稅費用減少0.60億新台幣，部分被營業利潤減少2.47億新台幣所抵銷。

We continue to balance our capital allocation strategy by investing in the long-term capacity and revenue generation areas that will drive our success while returning value to shareholders through the distribution of dividends. Free cash flow was calculated by adding depreciation, amortization, interest income, together with operating profit and then subtracting CapEx, interest expense, income tax expense, and dividend from the sum.

我們繼續平衡我們的資本配置策略，投資於能夠推動我們成功的長期產能和創收領域，同時透過分配股利為股東帶來價值。自由現金流的計算方法是將折舊、攤提、利息收入與營業利潤相加，然後從總額中減去資本支出、利息支出、所得稅支出和股息。

Referencing presentation page 16, capital expenditures and depreciation. We invested TWD570 million in CapEx in Q1. The breakdown of CapEx in Q1 was 8.3% for Bumping, 29.7% for LCD Driver, 18.9% for Assembly, and 43.1% for Testing. Depreciation expenses were TWD1,309 million in Q1. As of April 30, 2025, the company's outstanding ads number was approximately 3.6 million units, which represents around 9.9% of the company's issued common shares.

參考第 16 頁的演示文稿，資本支出和折舊。我們在第一季投資了 5.7 億新台幣的資本支出。第一季的資本支出細分為：Bumping 8.3%、LCD Driver 29.7%、Assembly 18.9%、Testing 43.1%。第一季折舊費用為13.09億新台幣。截至 2025 年 4 月 30 日，該公司的未發行廣告數量約為 360 萬個，約占公司已發行普通股的 9.9%。

That concludes the financial review. I will now turn the call back to our Chairman, Mr. SJ Cheng, for our outlook. Please go ahead, sir.

財務審查到此結束。現在我將把電話轉回給我們的主席鄭紹俊先生，請他介紹我們的展望。先生，請繼續。

Thank you, Silvia. As we look ahead, we want to note a few key points. First, we are in the right long-term and markets with a leadership position to build on. We expect this to benefit our business in upmarkets and help reduce the impact of slowdowns in softer markets. Second, our location is strategically important in the supply chain to our customers. We expect this will continue to give us an important advantage over the long term. Third, our balance sheet is strong, and our team is very experienced. We have managed through many cycles over the years and know how to quickly adapt. Our focus is on supporting customers and ensuring the highest reliability and quality.

謝謝你，西爾維亞。展望未來，我們想注意幾個關鍵點。首先，我們處於正確的長期市場，並擁有可以繼續發展的領導地位。我們預計這將有利於我們在高端市場的業務，並有助於減少疲軟市場經濟放緩的影響。其次，我們的位置對於客戶的供應鏈來說具有重要的策略意義。我們預計這將在長期內繼續為我們帶來重要優勢。第三，我們的資產負債表強勁，我們的團隊經驗豐富。多年來，我們已經經歷了許多周期，並且知道如何快速適應。我們的重點是支援客戶並確保最高的可靠性和品質。

As everyone knows, we are all facing fluid trade policies as it relates to the US and China restrictions. We remain in close contact with our customers and will continue to monitor the situation. This can impact our outlook along with everyone else if there is a demand slowdown. For now, we are seeing a low to no impact of tariff and China restrictions, even excluding any pull in demand. However, the impact has been to cause uncertainty about the coming quarters. Strategically, improving our utilization rate will be priority.

眾所周知，我們都面臨著與美國和中國的限制相關的不斷變化的貿易政策。我們與客戶保持密切聯繫，並將繼續關注情況。如果需求放緩，這可能會影響我們以及其他所有人的前景。目前，即使排除任何拉動需求的影響，我們看到關稅和中國限制的影響也很小甚至沒有影響。然而，其影響卻為未來幾季帶來了不確定性。從策略上來說，提高我們的利用率是首要任務。

In Q2 in our Memory Product business, we expect to benefit from customers restocking. We also expect to benefit from stable prices and some positive growth in commodity and niche DRAM. And we are seeing signs of rebounding of Flash in Q2. Therefore, we expect Memory momentum will be better than DDIC in Q2.

在我們的記憶體產品業務第二季度，我們預計將受益於客戶補貨。我們也預計將受益於穩定的價格以及商品和利基 DRAM 的一些積極增長。我們看到了第二季 Flash 反彈的跡象。因此，我們預計第二季記憶體的發展動能將優於DDIC。

In our DDIC Product business, the UT level for smartphone product is improving, particularly in our OLED product, with customers restocking in Q2. We are positive about this business but understand this is a fluid environment.

在我們的DDIC產品業務中，智慧型手機產品的UT水準正在提高，特別是我們的OLED產品，客戶在第二季補貨。我們對這項業務持樂觀態度，但了解這是一個不穩定的環境。

Regarding our 2025 CapEx, we are taking a conservative approach with our CapEx budget in 2025, similar to prior years. We plan to carefully invest in new added capacity based on customer demand and UT level. Our focus is on supporting customers as we drive strong free cash flow while reducing the further depreciation pressure and maintain our competitive advantage and strength.

關於我們的 2025 年資本支出，我們對 2025 年的資本支出預算採取保守態度，與前幾年類似。我們計劃根據客戶需求和 UT 等級謹慎投資新增產能。我們的重點是支持客戶，因為我們推動強勁的自由現金流，同時減少進一步的折舊壓力並保持我們的競爭優勢和實力。

In addition, we did a routine facility annual maintenance and added a 69 kV UHV power supply circuit at Chupei factory. This will help ensure we have a reliable power source over the long term at our Chupei factory. The installation resulted in in fewer working days at our Chupei factory and also impacts our April revenue.

此外，我們還進行了例行設施年度維護，並在竹北工廠增加了 69 kV 特高壓電源電路。這將有助於確保我們的 Chupei 工廠長期擁有可靠的電源。此次安裝減少了我們 Chupei 工廠的工作天數，也影響了我們 4 月的收入。

Finally, in terms of our capital allocation, our Board approved our latest dividend, TWD1.2 per common share. In addition, our Board also approved a new share repurchase program today, given the dislocation in our share price with market volatility around the new tariffs. Under the program, the company will repurchase up to 15 million shares on the open market of the Taiwan Stock Exchange and transfer to employees as related regulations after. This reflects our strong balance sheet, leadership market position, and our focus on building shareholder value.

最後，就我們的資本配置而言，董事會批准了最新的股息，每股普通股 1.2 新台幣。此外，鑑於我們的股價與新關稅引起的市場波動脫節，我們的董事會今天也批准了一項新的股票回購計畫。根據該計劃，該公司將在台灣證券交易所公開市場回購最多1,500萬股股份，並於之後依相關規定轉讓給員工。這反映了我們強勁的資產負債表、領先的市場地位以及我們對創造股東價值的關注。

Operator, that concludes our formal remarks. We can now take questions.

接線員，我們的正式發言到此結束。現在我們可以回答問題了。

Thank you. At this time, we will be conducting a question-and-answer session.

謝謝。此時，我們將進行問答環節。

[Annie], UBS.

[安妮]，瑞銀。

Can you please give us more color about the momentum and demand of DDIC product for the second half of 2025? Would it be expected to decline compared to the first half?

您能否向我們詳細介紹一下 2025 年下半年 DDIC 產品的發展動能與需求？與上半年相比，預計會下降嗎？

As everyone knows, we are all facing fluid trade policies as it relates to the US and China restrictions. It has been to cause uncertainty about the coming quarters and second half. Therefore, as our Chairman just mentioned, for the 2Q outlook, we expect Memory momentum will be better than DDIC in Q2.

眾所周知，我們都面臨著與美國和中國的限制相關的不斷變化的貿易政策。這給未來幾季和下半年帶來了不確定性。因此，正如我們的董事長剛才所提到的，對於第二季的展望，我們預計第二季的記憶體動能將優於 DDIC。

Michael Hsu, Yuanta.

元大，Michael Hsu。

A follow-up question for better memory momentum in Q2. Is the visibility be as clear in Q3?

關於第二季更好的記憶動力的後續問題。Q3 中的可見度是否同樣清晰？

We expect our customers will benefit from the stable prices and expanding and applications. Therefore, we expect Memory momentum will be better than DDIC in the second half.

我們預計我們的客戶將受益於穩定的價格和不斷擴大的應用。因此，我們預計下半年內存的發展勢頭將優於DDIC。

Could you give us the momentum sequence of niche DRAM and Flash product for second half?

您能否為我們介紹下半年利基 DRAM 和 Flash 產品的發展動能序列？

Among our Memory Product, NOR Flash is better than low power DDR and the NAND Flash.

在我們的記憶體產品中，NOR Flash 優於低功耗 DDR 和 NAND Flash。

Thank you. And I am not showing any further questions in the queue. I would like to turn the call back over to GS Shen.

謝謝。並且我不會在隊列中顯示任何其他問題。我想把電話轉回給 GS Shen。

That concludes our question-and-answer session. Thank you for participating. I'll turn the floor back to Mr. SJ Cheng for any closing comments.

我們的問答環節到此結束。感謝您的參與。現在請 SJ Cheng 先生發表最後評論。

Thank you, everyone, for joining our conference call. Please email our IR team if you have any more questions. We appreciate your support. Goodbye.

感謝大家參加我們的電話會議。如果您還有其他問題，請發送電子郵件給我們的 IR 團隊。感謝您的支持。再見。

13.6%Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

13.6%女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。