ChipMOS Technologies Inc (IMOS) 2025 Q3 法說會逐字稿

Greetings and welcome to the ChipMOS third-quarter 2025 results conference call.

各位來賓，歡迎參加 ChipMOS 2025 年第三季業績電話會議。

(Operator Instructions)

（操作說明）

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

現在我謹將會議交給 ChipMOS Technologies 策略與投資人關係團隊的沈國生博士，請他介紹公司在會中的管理團隊。沈醫生，您可以開始了。

Thank you, operator. Welcome, everyone, to ChipMOS's third-quarter 2025 results conference call.

謝謝接線生。歡迎各位參加 ChipMOS 2025 年第三季業績電話會議。

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.

今天公司方面有董事長兼總裁鄭世傑先生，以及財務會計管理中心副總裁蘇女士。今天參加電話會議的還有發言人兼策略與投資者關係高級副總裁黃傑西先生。

SJ will chair the meeting and review business highlights and provide more color on the operating environment. After Silvia'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，回顧業務亮點，並詳細介紹營運環境。在 Silvia 審查完公司的主要財務表現後，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.

請注意，我們已在 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。

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.

在我們開始發表準備好的評論之前，我們提醒您查看我們的前瞻性聲明免責聲明，該聲明在今天演示文稿的第二頁以及我們發布的業績新聞稿中均有標註，稱為“安全港聲明”。

As a reminder, today's conference call is being recorded. A replay will be made available later today on the company's website.

再次提醒，今天的電話會議正在錄音。今天晚些時候，公司網站將提供重播影片。

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，我想把電話交給我們公司的董事長兼總裁鄭世傑先生。請繼續，先生。

Thank you, GS. We appreciate everyone joining our call today.

謝謝你，GS。感謝今天所有參加我們電話會議的人。

This was a strong quarter for us. Results benefited from strong memory product demand. We continue to leverage our leadership position to drive growth and build long-term value for shareholders. We remain strategic in our CapEx investments as we prioritize keeping our balance sheet strong while supporting our growth programs. This core approach has enabled us to build shareholder value in both up and down markets.

這對我們來說是一個表現強勁的季度。強勁的記憶體產品需求推動了業績成長。我們將繼續利用我們的領先地位來推動成長，並為股東創造長期價值。我們在資本支出投資方面保持策略性，優先保持資產負債表的穩健，同時支持我們的成長計畫。這種核心方法使我們能夠在市場上漲和下跌時都為股東創造價值。

While our business is strong, we are focused on delivering further growth and executing on our business strategy. We are prioritizing supporting our customers, increasing market share, expanding profitability, and building shareholder value.

雖然我們的業務發展勢頭良好，但我們仍專注於實現進一步成長並執行我們的業務策略。我們優先考慮的是支持客戶、提高市場份額、擴大獲利能力和創造股東價值。

In terms of Q3 highlights, our revenue increased 7.1% compared to Q2. This is the highest revenue level since Q3 2022, reflecting the strength of our business. Q3 gross margin was 12.4%, which increased 580 basis points compared to Q2. Q3 net earnings were NTD0.50, with accumulated net earnings for the first nine months roughly even.

第三季亮點方面，我們的營收比第二季成長了7.1%。這是自 2022 年第三季以來的最高營收水平，反映了我們業務的強勁勢頭。第三季毛利率為 12.4%，比第二季成長了 580 個基點。第三季淨利為新台幣0.50元，前九個月累計淨利大致持平。

In terms of the details, our overall utilization rate was 66% in Q3, with an improvement in memory products led by strong demand in support of AI, computing and data centers. The Assembly UT was up to 68%. The average test utilization was also up to 70% in Q3. Regarding DDIC -- was 67%. Bumping was 57%.

具體來說，第三季我們的整體利用率為 66%，其中記憶體產品的利用率有所提高，這得益於人工智慧、運算和資料中心的強勁需求。議會 UT 高達 68%。第三季平均檢測利用率也高達 70%。關於 DDIC——為 67%。碰撞率為 57%。

Regarding our manufacturing business, Assembly represented about 30% of Q3 revenue, led by a recovery in our memory products. Mixed-signal and memory testing represented about 25%. Wafer Bumping represented about 22% of Q3 revenue.

就我們的製造業務而言，組裝業務佔第三季收入的約 30%，這主要得益於儲存產品的復甦。混合訊號和記憶體測試約佔 25%。晶圓凸塊業務約佔第三季營收的 22%。

On a product basis, DDIC represented about 22% of total revenue in Q3, with gold Bumping representing about 20% of Q3 revenue.

從產品角度來看，DDIC 在第三季佔總營收的約 22%，黃金 Bumping 在第三季佔總營收的約 20%。

Revenue from DRAM and SRAM together represented about 19% of Q3 revenue. Our mixed-signal products represented about 10% of Q3 revenue.

DRAM 和 SRAM 的營收合計約佔第三季營收的 19%。我們的混合訊號產品約佔第三季營收的 10%。

As additional color, our memory products represented about 49% of Q3 revenue. Memory product revenue increased 16% compared to Q2 and increased about 35% on a year-over-year basis. We benefited from pricing and volume and our position with leading customers.

此外，我們的儲存產品約佔第三季營收的 49%。記憶體產品營收較第二季成長 16%，較去年同期成長約 35%。我們受益於價格優勢、銷售優勢以及與領先客戶的關係。

DRAM represented about 18% of Q3 revenue. This was up significantly, increasing about 22% compared to Q2. Niche DRAM was also up, increasing 12% compared to Q2.

DRAM 約佔第三季營收的 18%。這一數字顯著增長，與第二季度相比增長了約 22%。小眾 DRAM 的銷量也有所成長，與第二季相比成長了 12%。

Flash revenue represented about 30% of Q3 revenue, which was up about 13% compared to Q2 and was up about 35% on a year-over-year basis. NAND Flash represented about 38% of our Q3 Flash revenue. This is up over 7% compared to Q2 and up about 60% on a year-over-year basis. NOR Flash increased 13% compared to Q2 and increased 25% on a year-over-year basis.

閃銷收入約佔第三季營收的 30%，比第二季成長約 13%，較去年同期成長約 35%。NAND快閃記憶體約占我們第三季快閃記憶體收入的38%。與第二季相比成長超過 7%，與去年同期相比成長約 60%。NOR Flash 的銷量較第二季成長了 13%，年增了 25%。

Moving on to Driver IC and gold bump revenue, we benefited from a favorable product mix, which offset some industry-wide pockets of soft-end market demand. This represented about 41% of Q3 revenue, which was about flat with Q2 but down about 22% on a year-over-year basis.

接下來談談驅動晶片和金凸點晶片的收入，我們受益於有利的產品組合，這抵消了行業範圍內一些疲軟的端端市場需求。這約佔第三季營收的 41%，與第二季基本持平，但年減約 22%。

Gold bump revenue was down less than 1% compared to Q2 and was down about 3% on a year-over-year basis. Our DDIC revenue was also down under 1% compared to Q2. Demand related to auto panels contributed more than 37% of our Q3 DDIC revenue, which increased about 15% compared to Q2.

與第二季相比，黃金加價收入下降不到 1%，年減約 3%。與第二季相比，我們的 DDIC 收入也下降了不到 1%。與汽車面板相關的需求貢獻了我們第三季 DDIC 營收的 37% 以上，比第二季成長了約 15%。

Regarding OLED, this represented about 23% of our Q3 DDIC revenue and it was down about 7% compared to Q2.

就 OLED 而言，這約占我們第三季 DDIC 收入的 23%，與第二季相比下降了約 7%。

On an end-market basis, total revenue from automotive and industrial represented about 25% of Q3 revenue. This was about 4% higher than Q2, delivering stronger growth than the broader industry due to our customer mix and strategic position within those customers.

從終端市場來看，汽車和工業領域的總收入約佔第三季營收的 25%。這比第二季度高出約 4%，由於我們的客戶組合以及我們在這些客戶中的策略地位，實現了比整個行業更強勁的成長。

Smartphone revenue represented about 36% of Q3 revenue and was up 3% compared to Q2. TV panel demand represented 11% of Q3 revenue, which was flat compared to Q2.

智慧型手機營收約佔第三季營收的 36%，比第二季成長了 3%。電視面板需求佔第三季營收的 11%，與第二季持平。

Both consumer and computing significantly increased compared to Q2, led by strong customer demand and new products released to production.

受強勁的客戶需求和新產品投產的推動，消費品和運算產品均較第二季大幅成長。

Related revenue represented about 22% and 6% of Q3 revenue, respectively.

相關收入分別佔第三季營收的約 22% 及 6%。

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

現在，我把電話交給蘇女士，請她回顧2025年第三季的財務表現。西爾維婭，請繼續。

Thank you, SJ.

謝謝你，SJ。

All dollar amounts cited in our presentation are in NT dollars. The following numbers are based on the exchange rates of NTD30.46 against USD1, as of September 30, 2025. All the figures were prepared in accordance with Taiwan International Financial Reporting Standards.

我們簡報中提到的所有金額均以新台幣為單位。以下數字是根據 2025 年 9 月 30 日新台幣兌美元 30.46 的匯率計算。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 third quarter of 2025, total revenue was NTD6,144 million. Net profit attributable to the company was NTD352 million in Q3. Net earnings for the third quarter of 2025 were NTD0.50 per basic common share or USD0.33 per basic ADS. Return on equity in Q3 was 6.0%.

根據簡報第 12 頁“綜合經營業績摘要”，2025 年第三季總收入為新台幣 61.44 億。第三季歸屬於公司的淨利為新台幣3.52億元。2025 年第三季淨收益為每股普通股新台幣 0.50 元或每股美國存託 0.33 美元。第三季淨資產收益率為 6.0%。

Referencing presentation page 13, Consolidated Statements of Comprehensive Income compared to Q2 2025. Total Q3 2025 revenue increased 7.1% compared to Q2 2025. Q3 2025 gross profit was NTD760 million, with gross margin at 12.4% compared to 6.6% in Q2 2025, Our operating expenses in Q3 2025 were NTD410 million or 6.7% of total revenue, which decreased 3.3% compared to Q2 2025. Operating profit for Q3 2025 was NTD370 million, with operating profit margin at 6.0% compared to 0.4% in Q2 2025.

參考簡報第 13 頁，2025 年第二季綜合收益合併報表。2025年第三季總營收比2025年第二季成長7.1%。2025年第三季毛利為新台幣7.6億，毛利率為12.4%，而2025年第二季為6.6%。 2025年第三季營業費用為新台幣4.1億，佔總營收的6.7%，較2025年第二季下降3.3%。2025 年第三季營業利潤為新台幣 3.7 億，營業利益率為 6.0%，而 2025 年第二季為 0.4%。

Net non-operating income in Q3 2025 was NTD69 million compared to net non-operating expenses in Q2 2025 -- was NTD682 million. The difference is mainly due to the positive impact on the foreign exchange of NTD774 million from the foreign exchange losses of NTD690 million in Q2 2025 to the foreign exchange gains of NTD84 million in Q3 2025.

2025 年第三季非經營性淨收入為新台幣 6,900 萬元，而 2025 年第二季非經營性淨支出為新台幣 6.82 億元。差異主要源自於 2025 年第二季外匯虧損 6.9 億新台幣轉為 2025 年第三季外匯收益 8,400 萬新台幣，外匯收益為 7.74 億新台幣。

Profit attributable to the company in Q3 2025 was NTD352 million compared to loss attributable to the company in Q2 2025 -- was NTD533 million. The difference is mainly due to an increase of net non-operating income of NTD751 million and the operating profit of NTD349 million, which was offset by the income tax change of NTD214 million from the income tax benefit of NTD128 million in Q2 2025 to income tax expense of NTD86 million in Q3 2025.

2025 年第三季歸屬於公司的利潤為新台幣 3.52 億，而 2025 年第二季歸屬於公司的虧損為新台幣 5.33 億。差異主要源自於淨非經營收入增加新台幣7.51億元和經營利潤增加新台幣3.49億元，但被所得稅變動新台幣2.14億元所抵消，即2025年第二季度所得稅收益新台幣1.28億元變為2025年第三季度所得稅支出新台幣。

Basic weighted average outstanding shares were 707 million shares compared to Q3 2024.

截至 2024 年第三季度，基本加權平均流通股數為 7.07 億股。

Total revenue for Q3 2025 increased 1.2% compared to Q3 2024. Gross margin at 12.4% decreased 1.5 ppts compared to Q3 2024. Operating expenses decreased 8.6% compared to Q3 2024. Operating profit margin at 6.0% decreased 0.9 ppts compared to Q3 2024.

2025 年第三季總營收比 2024 年第三季成長 1.2%。毛利率為 12.4%，比 2024 年第三季下降了 1.5 個百分點。與 2024 年第三季相比，營運費用下降了 8.6%。營業利益率為 6.0%，比 2024 年第三季下降了 0.9 個百分點。

Net non-operating income in Q3 2025 was NTD69 million compared to net non-operating expenses in Q3 2024 -- was NTD65 million. The difference is mainly due to the positive impact on the foreign exchange of NTD157 million from the foreign exchange losses of NTD73 million in Q3 2024 to the foreign exchange gains of NTD84 million in Q3 2025 and partially offset by the increase of interest expense of NTD13 million and impairment loss on investments accounted for using equity method of NTD10 million.

2025 年第三季非經營性淨收入為新台幣 6,900 萬元，而 2024 年第三季非經營淨支出為新台幣 6,500 萬元。該差異主要歸因於 2024 年第三季外匯損失 7,300 萬新台幣轉為 2025 年第三季外匯收益 8,400 萬新台幣，外匯收益增加 1.57 億新台幣，部分被利息支出增加 1,300 萬新台幣和採用權益法核算核算損失 100 萬台幣的投資減值。

Profit attributable to the company increased 17.6% compared to Q3 2024. The difference is mainly due to an increase of net non-operating income of NTD134 million and partially offset by the decrease of operating profit of NTD50 million and the increase of income tax expense of NTD31 million.

與 2024 年第三季相比，歸屬於公司的利潤成長了 17.6%。此差異主要由於非經營性淨收入增加1.34億新台幣，部分被營業利潤減少5,000萬新台幣和所得稅費用增加3,100萬新台幣所抵銷。

Referencing presentation page 14, Consolidated Statements of Financial Position & Key Indices, total assets at the end of Q3 2025 were NTD42,946 million. Total liabilities at the end of Q3 2025 were NTD19,575 million. Total equity at the end of Q3 2025 was NTD23,371 million.

根據財務狀況及主要指標合併報表第 14 頁的介紹，截至 2025 年第三季末，總資產為新台幣 429.46 億。截至 2025 年第三季末，總負債為新台幣 195.75 億。截至 2025 年第三季末，總權益為新台幣 233.71 億。

Accounts receivable turnover days in Q3 2025 were 88 days. Inventory turnover days was 55 days in Q3 2025.

2025 年第三季應收帳款週轉天數為 88 天。2025年第三季庫存週轉天數為55天。

Referencing presentation page 15, Consolidated Statements of Cash Flows, as of September 30, 2025, our balance of cash and cash equivalents was NTD12,977 million, which represents a decrease of NTD2,242 million compared to the beginning of the year. The decrease is in support of our CapEx, dividend-to-shareholder, and share repurchase program.

根據《合併現金流量表》第 15 頁的介紹，截至 2025 年 9 月 30 日，我們的現金及現金等價物餘額為新台幣 129.77 億，比年初減少了新台幣 22.42 億。此次減持是為了支持我們的資本支出、股東分紅和股票回購計畫。

Net free cash inflow for the first nine months of 2025 was NTD1,521 million compared to net free cash outflow, NTD401 million, for the same period in 2024. The difference is due to a reduction in CapEx of NTD1,625 million, a cash dividend paid of NTD436 million, and increases in depreciation expenses of NTD271 million. This also reflects an income tax change of NTD208 million from the income tax expense of NTD188 million in the first nine months of 2024 to income tax benefit of NTD20 million in the first nine months of 2025, which was partially offset by the decrease of operating profit of NTD650 million.

2025 年頭九個月的淨自由現金流入為新台幣 15.21 億，而 2024 年同期淨自由現金流出為新台幣 4.01 億。差額是由於資本支出減少新台幣16.25億元、支付現金股息新台幣4.36億元以及折舊費用增加新台幣2.71億元所致。這也反映出所得稅的變化，從 2024 年前九個月的所得稅支出 1.88 億新台幣變為 2025 年前九個月的所得稅收益 2,000 萬新台幣，變化為 2.08 億新台幣，但部分被營業利潤減少 6.5 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.

我們繼續平衡資本配置策略，投資於能夠推動我們成功的長期產能和收入來源領域，同時透過分配股利為股東創造價值。

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.

自由現金流的計算方法是：將折舊、攤提、利息收入和營業利潤相加；然後從總和中減去資本支出、利息支出、所得稅支出和股息。

Referencing presentation page 16, Capital Expenditures and Depreciation, we invested NTD797 million in CapEx in Q3. The breakdown of CapEx in Q3 was 5.6% for Bumping, 22.2% for LCD Driver, 14.1% for Assembly, and 58.1% for testing.

參考簡報第 16 頁“資本支出和折舊”，我們在第三季資本支出方面投資了 7.97 億新台幣。第三季資本支出構成如下：凸點製造佔 5.6%，液晶驅動器佔 22.2%，組裝佔 14.1%，測試佔 58.1%。

Depreciation expenses were NTD1,267 million in Q3. As of October 31, 2025, the company's outstanding ADS number was approximately 3.5 million units, which represents around 9.7% of the company's issued common shares.

第三季折舊費用為新台幣12.67億元。截至 2025 年 10 月 31 日，該公司已發行的 ADS 數量約為 350 萬股，約佔該公司已發行普通股的 9.7%。

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董事長鄭世傑先生，請他談談我們的展望。請繼續，先生。

Thank you, Silvia.

謝謝你，西爾維亞。

As we look ahead to Q4, there is a lot of enthusiasm around the memory market, with reports of increased demand, capacity, and pricing. Recent reports from public companies and analyst comments suggest we are in a sustained upcycle, tied to the explosive AI growth.

展望第四季度，記憶體市場一片繁榮景象，有通報需求、產能和價格均有成長。近期上市公司的報告和分析師的評論表明，我們正處於持續上升週期，這與人工智慧的爆炸性成長密切相關。

We have managed through many periods of prolonged growth and contraction. It is too early to tell how long and how strong the current period of growth will be.

我們成功度過了許多漫長的成長和收縮時期。現在判斷當前增長期將持續多久、力度如何還為時過早。

But for ChipMOS, we are focused on supporting our customers, both now and over the long term. This approach has served us well over the past few decades and is our guiding strategy in the current period.

但對於 ChipMOS 而言，我們專注於為客戶提供支持，無論現在還是未來。過去幾十年，這種方法對我們非常有效，也是我們當前時期的指導策略。

Despite the excitement, we are taking a conservative view toward end consumer demand in Q4, given the global economic uncertainty around trade, tariffs, jobs, and inflation. However, we are encouraged by the strong demand from DRAM and enterprise NAND, which is being led by the DDR generational change and [eSSD] demand from AI cloud data center.

儘管市場情緒高漲，但考慮到全球經濟在貿易、關稅、就業和通貨膨脹等方面的不確定性，我們對第四季的終端消費者需求持保守態度。然而，DRAM 和企業級 NAND 的強勁需求令我們感到鼓舞，這主要得益於 DDR 的世代更迭以及 AI 雲端資料中心對 [eSSD] 的需求。

Meanwhile, edge AI and lower-cost AI solutions are expected to significantly increase memory demand, led by the need to support various new end devices. Based on the reports I just mentioned and our discussions with customers, we expect the current memory momentum will remain solid over the coming quarters.

同時，由於需要支援各種新型終端設備，邊緣人工智慧和低成本人工智慧解決方案預計將大幅增加記憶體需求。根據我剛才提到的報告以及我們與客戶的討論，我們預計目前的記憶體市場成長動能將在未來幾季保持強勁。

In addition, solid memory products' momentum growth is expected to help improve related UT levels of Assembly and Test. DRAM momentum is also expected to maintain solid, driven by customers' strong demand for DDR4 and DDR5 release to production. Flash momentum is slightly slowed down, impacted by customers' stock adjustments, Therefore, we expect memory momentum will be better than DDIC in Q4.

此外，固態儲存產品的強勁成長勢頭有望幫助提高相關的組裝和測試的UT水平。受客戶對 DDR4 和 DDR5 量產的強勁需求推動，DRAM 的發展勢頭預計也將保持穩健。閃付成長勢頭略有放緩，受到客戶庫存調整的影響，因此我們預計第四季度內存增長勢頭將優於DDIC。

In our DDIC product business, the demand of TV and smartphone is expected to be soft in Q4, which -- in line with the broader industry; and reflects the end of China's subsidy policies, which were (inaudible) to drive restocking.

在我們的DDIC產品業務中，預計第四季度電視和智慧型手機的需求將疲軟，這與整個行業的趨勢一致；並反映了中國補貼政策的結束，這些政策旨在（聽不清楚）推動補貨。

However, automotive panel momentum and OLED demand for US smartphone are relatively stable compared to other DDIC products. We are positive about this business over the long term but understand it is a fluid environment.

然而，與其他DDIC產品相比，汽車面板的發展動能和美國智慧型手機OLED需求相對穩定。我們對這項業務的長期發展持樂觀態度，但也明白這是一個瞬息萬變的環境。

Regarding to our future business strategy, we continue to focus our investments on supporting of higher growth, higher-margin product areas. This has been a constant focus for us, an area we have made major progress on over the years.

關於我們未來的業務策略，我們將繼續把投資重點放在支援高成長、高利潤的產品領域。這一直是我們的關注重點，多年來我們在這個領域取得了重大進展。

By aligning with our strategic customers' product roadmaps, we plan to expand our logic and mixed-signal product portfolio from MEMS and [TV SOC] products to include PMIC of DDR5 modules; logic product, for smart devices serving high-tech and healthcare.

透過與策略客戶的產品路線圖保持一致，我們計劃將我們的邏輯和混合訊號產品組合從 MEMS 和 [TV SoC] 產品擴展到包括 DDR5 模組的 PMIC；以及服務於高科技和醫療保健的智慧型裝置的邏輯產品。

We also plan to support ASIC for AI-related application products to enhance the long-term growth momentum of our logic and mixed-signal product line. This represents a significant new market expansion opportunity for us and has the potential to be a meaningful revenue growth opportunity.

我們還計劃支援用於人工智慧相關應用產品的 ASIC，以增強我們邏輯和混合訊號產品線的長期成長勢頭。這對我們來說是一個重要的全新市場擴張機會，並有可能帶來可觀的收入成長。

We will continue to closely monitor end market trends and adjust product strategies based on industry developments to capture growing business opportunities, while monetizing idle assets to support the bottleneck capacity expansion of DRAM and flash products and the development demand of customers' new DRAM project.

我們將繼續密切關注終端市場趨勢，並根據產業發展調整產品策略，以抓住不斷成長的商機，同時將閒置資產變現，以支援DRAM和快閃記憶體產品的產能擴張瓶頸以及客戶新DRAM專案的發展需求。

We also continue our cost reductions, quality improvement, and operating strength actions to further improve profit and maintain business growth momentum and competition advantage. This is a fundamental practice for us that is ongoing and never done.

我們將繼續採取降低成本、提高品質和增強營運能力的措施，以進一步提高利潤，維持業務成長動能和競爭優勢。這是我們的一項基本實踐，需要持續進行，永無止境。

I am also pleased to report that we distributed our latest dividend to shareholders in July. This has been part of our overall capital allocation strategy, along with share repurchases, CapEx investments, and other levers.

我很高興地報告，我們已在7月向股東派發了最新一輪股息。這與我們整體資本配置策略的一部分，以及股票回購、資本支出投資和其他手段相結合。

Although the company faced headwinds in the first half of the year along with the broader industry, our focus and operational strength put us in a great position, with accumulated unappropriated retained earnings, which were sufficient to support a stable dividend payout.

儘管公司上半年與整個產業一樣面臨諸多不利因素，但我們的專注和營運實力使我們處於有利地位，累積的未分配留存收益足以支持穩定的股利支付。

Our management is working in order to be in a position to declare another dividend next year on the same level as this year. We will execute the related capital allocation programs to improve shareholders' equity, based on the global economic environment and industrial situation.

我們的管理階層正在努力，爭取明年能夠派發與今年相同水準的股利。我們將根據全球經濟環境和產業情勢，執行相關的資本配置計劃，以提高股東權益。

Finally, we would like to announce that after a period of internal review, we have decided to move to semi-annual conference calls from quarterly conference calls. Financial reporting of operation results per regulation will remain reviewed by our accountant, quarterly; approved by our Board; and then, published.

最後，我們想宣布，經過一段時間的內部審查，我們決定將季度電話會議改為半年一次的電話會議。根據相關規定，營運業績的財務報告將繼續由我們的會計師按季度審核；由我們的董事會批准；然後公佈。

As of now, we plan to host a conference call for the fourth quarter of 2025, with the next call to be held for the first six-months results of 2026.

目前，我們計劃召開 2025 年第四季的電話會議，下一次電話會議將公佈 2026 年上半年的業績。

Although the timing of our calls is changing, we will remain very accessible to investors and analysts. We plan to continue participating in investment forums and conferences and other various investor and analyst meetings to enhance communication with investors and ensure a more complete understanding of our operating environment and financial results.

雖然我們電話會議的時間有所改變，但我們仍將保持與投資者和分析師的密切聯繫。我們計劃繼續參加投資論壇、會議以及其他各種投資者和分析師會議，以加強與投資者的溝通，並確保更全面地了解我們的經營環境和財務表現。

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

操作員，我們的正式發言到此結束，現在可以接受提問了。操作員？

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Michael Hsu, Yuanta.

Michael Hsu，元大。

Could you break down 3Q cost details; and what the benefit will be in Q4 or further out, as you increased memory OSAT prices in 3Q?

能否詳細說明一下第三季的成本情況；以及由於第三季提高了記憶體OSAT價格，第四季或更遠時期會有哪些收益？

The electricity charge increased NTD78 million compared to 2Q due to the higher summer electricity rate charged since May 16. This increased NTD52 million on a year-over-year basis.

由於自5月16日起實施較高的夏季電價，電費較第二季增加了7,800萬新台幣。與上年同期相比，增加了新台幣5,200萬元。

Depreciation decreased NTD16 million compared to 2Q but was up NTD46 million on a year-over-year basis.

與第二季相比，折舊減少了1,600萬新台幣，但與去年同期相比增加了4,600萬新台幣。

The material cost increased NTD13 million compared to 2Q and increased NTD255 million, while Assembly increased NTD268 million on a year-over-year basis.

材料成本較第二季增加1,300萬新台幣，較上年同期增加2.55億新台幣；而組裝成本較上年同期增加2.68億新台幣。

Meanwhile, we increased memory products' OSAT prices from about 5% to 18% in Q3 to offset the material cost increases and we will reflect material cost changes, over time.

同時，為了抵消材料成本的上漲，我們在第三季將儲存產品的 OSAT 價格提高了約 5% 至 18%，我們將隨著時間的推移反映材料成本的變化。

While the price of gold continues to increase along with supply shortages of BT substrate, customers understand the situation and accept the OSAT price increase due to the higher material cost.

儘管黃金價格持續上漲，BT基板供應短缺，但客戶理解這種情況，並接受了由於材料成本上漲而導致的OSAT價格上漲。

Follow-up question, could you share the UT level or capacity outlook for 4Q '25 or 1H '26?

後續問題，能否分享 2025 年第四季或 2026 年上半年的 UT 水準或產能展望？

Based on my personal viewpoint, the memory market outlook for next year would be good, including HBM, DDR5/4, NAND, flash, and also NOR Flash.

根據我個人的看法，明年的記憶體市場前景良好，包括 HBM、DDR5/4、NAND、快閃記憶體以及 NOR Flash。

It also echoes our industry peers' and customers' comments in their recent earnings call.

這也與我們業內同業和客戶在最近的財報電話會議上的評論相呼應。

Under this situation, we would expand Assembly and Test capacity for those processes with bottlenecks. Should it require higher CapEx in order to expand more capacity, we would ask customers to sign-take or pay contract in order to protect our investment. The price would also be renegotiated.

在這種情況下，我們將擴大存在瓶頸工序的組裝和測試產能。如果需要更高的資本支出才能擴大產能，我們將要求客戶簽訂「要么接受要么付款」的合同，以保護我們的投資。價格也將重新協商。

Regarding DDIC product, we plan -- monetize idle assets to support the bottleneck capacity expansion of DRAM and flash products; and high-end logic Test capacity. We plan to expand our logic and mixed-signal product portfolio from MEMS and TV SOC products to include PMIC of DDR5 modules; and logic product for smart devices serving high-tech and healthcare.

關於 DDIC 產品，我們計劃——將閒置資產貨幣化，以支援 DRAM 和快閃記憶體產品的瓶頸產能擴張；以及高端邏輯測試能力。我們計劃將邏輯和混合訊號產品組合從 MEMS 和 TV SoC 產品擴展到包括 DDR5 模組的 PMIC；以及服務於高科技和醫療保健的智慧型裝置的邏輯產品。

We also plan to support ASIC for AI-related application products to enhance the long-term growth momentum of our logic and mixed-signal product line.

我們還計劃支援用於人工智慧相關應用產品的 ASIC，以增強我們邏輯和混合訊號產品線的長期成長勢頭。

We also utilize the clean-room space of the related monetized DDIC capacity for related new investment of Assembly and Test.

我們也利用相關貨幣化 DDIC 產能的無塵室空間，進行相關的組裝和測試新投資。

Thank you. I am not showing any further questions in the queue.

謝謝。隊列中不再顯示任何其他問題。

I would like to turn the call back over to GS Shen.

我想把電話轉回沈先生。

That concludes our question-and-answer session. Thank you for participating.

我們的問答環節到此結束。感謝您的參與。

I'll turn the floor back to Mr. SJ Cheng for any closing comments.

現在我把發言權交還給程先生，請他作總結發言。

Thank you, everyone, for joining our conference call.

感謝各位參加我們的電話會議。

Please email our IR team, if you have any more questions.

如果您還有其他疑問，請發送電子郵件給我們的投資者關係團隊。

We appreciate your support. Goodbye.

感謝您的支持。再見。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄稿中的英文陳述是由現場通話中的口譯員翻譯的。本次活動的翻譯人員由活動贊助公司提供。