科磊 (KLAC) 2026 Q2 法說會逐字稿

Good afternoon. My name is Stephanie, and I'll be your conference operator today. At this time, I would like to welcome everyone to the KLA Corporation December quarter 2025 earnings conference call and webcast. (Operator Instructions)

午安.我叫史蒂芬妮，今天我將擔任你們的會議接線生。在此，我謹代表 KLA 公司歡迎各位參加 2025 年 12 月季度收益電話會議和網路直播。（操作說明）

Thank you. I will now turn the call over to Kevin Kessel, Vice President of Investor Relations and Market Analytics. Please go ahead.

謝謝。現在我將把電話交給投資者關係和市場分析副總裁凱文凱塞爾。請繼續。

Welcome to December 2025 quarterly earnings call. I'm joined by our CEO, Rick Wallace; and our CFO, Bren Higgins. We will discuss today's results as well as our March quarter and calendar 2026 outlook, which we released after the market closed and is available on our website along with supplemental materials.

歡迎參加2025年12月季度財報電話會議。與我一同出席的還有我們的執行長里克華萊士和財務長布倫希金斯。我們將討論今天的業績，以及我們在市場收盤後發布的 2026 年 3 月季度和全年展望，該展望以及補充資料可在我們的網站上查閱。

We are presenting today's discussion and metrics on a non-GAAP financial basis unless otherwise specified. All full-year references we make were for the calendar years. The earnings materials contain detailed reconciliation of GAAP and non-GAAP results. KLA's IR website also contains future investor events, presentations, corporate governance information, and links to our SEC filings.

除非另有說明，我們今天的討論和指標均以非GAAP財務準則為基礎。我們所有提及的全年均指日曆年。獲利資料包含 GAAP 和非 GAAP 結果的詳細調整表。KLA 的投資者關係網站還包含未來投資者活動、簡報、公司治理資訊以及我們向美國證券交易委員會提交的文件的連結。

Our comments today are subject to risk and uncertainties reflected in the disclosure of risk factors in our SEC filings. Any forward-looking statements, including those we make on the call today, are subject to those risks, and KLA cannot guarantee those forward-looking statements will come true. Our actual results may differ significantly from those projected in our forward-looking statements.

我們今天的評論存在風險和不確定性，這些風險和不確定性已反映在我們向美國證券交易委員會提交的文件中揭露的風險因素中。任何前瞻性陳述，包括我們今天在電話會議上所做的陳述，都存在風險，KLA 無法保證這些前瞻性陳述會實現。我們的實際結果可能與我們前瞻性聲明中預測的結果有重大差異。

We will begin the call with Rick providing commentary on the business environment in our quarter, followed by Bren with financial highlights and our outlook. Before I turn the call over to Rick, I wanted to remind everyone that we are hosting our Investor Day on March 12, and invitations were recently e-mailed out.

我們將首先由 Rick 對我們本季的商業環境進行評論，然後由 Bren 介紹財務亮點和我們的展望。在將電話交給里克之前，我想提醒大家，我們將於 3 月 12 日舉辦投資者日活動，邀請函已於近日透過電子郵件發送出去。

Now over to Rick.

現在輪到瑞克了。

Thank you, Kevin. I will summarize KLA's overall performance for 2025 and the December quarter as well as cover the current industry landscape. For 2025, KLA continued to deliver relative growth outperformance along with strong profitability, free cash flow generation, and return to shareholders.

謝謝你，凱文。我將總結 KLA 2025 年的整體業績和 12 月季度業績，並介紹當前的行業狀況。2025 年，KLA 繼續保持相對優異的成長表現，同時獲利能力強勁，自由現金流產生能力強，並為股東帶來回報。

Over 2025, revenue grew 17% to a record $12.745 billion with our process control systems business outpacing the industry growth by several points. Earnings per share grew 29% year over year, demonstrating the strong leverage in our model, and KLA maintained industry-leading gross margins and operating margins of 62.8% and 43.6%, respectively.

到 2025 年，營收成長 17%，達到創紀錄的 127.45 億美元，其中我們的製程控制系統業務的成長速度比產業平均高出幾個百分點。每股盈餘年增 29%，顯示我們模型的強大槓桿作用，KLA 維持了業界領先的毛利率和營業利率，分別為 62.8% 和 43.6%。

Company also grew free cash flow 30% to $4.4 billion and returned $3 billion in a combination of dividends and share buybacks. KLA's process control system revenue grew 19% and our service business grew 15% for the year. And 2025 is expected to be another year of process control share growth for KLA. The demand for AI infrastructure, coupled with KLA's industry leadership and process control, positions the company well in supporting all major growth factors in semiconductor manufacturing, including advanced logic, high bandwidth memory, and advanced packaging.

該公司自由現金流也成長了 30%，達到 44 億美元，並透過股息和股票回購的方式返還了 30 億美元。KLA 的製程控制系統營收成長了 19%，我們的服務業務成長了 15%。預計 2025 年將是 KLA 流程控制市場佔有率持續成長的一年。對人工智慧基礎設施的需求，加上 KLA 的行業領先地位和流程控制，使該公司能夠很好地支援半導體製造的所有主要成長因素，包括先進邏輯、高頻寬記憶體和先進封裝。

In the December quarter, KLA delivered stronag results across the board with revenue of $3.3 billion, non-GAAP diluted EPS of $8.85, and GAAP diluted EPS of $8.68. Highlights contributing to this performance includes 70% year-over-year revenue growth fueled by investment in leading-edge Foundry Logic and high bandwidth memory in DRAM.

在12月季度，KLA全面取得了強勁的業績，營收達33億美元，非GAAP攤薄後每股收益為8.85美元，GAAP攤薄後每股收益為8.68美元。推動這項績效的亮點包括：營收年增70%，這主要得益於對尖端晶圓代工邏輯和DRAM高頻寬記憶體的投資。

AI remains a core driver of KLA's performance and a key factor in our growing industry leadership. As KLA's solutions enable our customers to deliver products needed for AI, our systems are also applying AI-driven analytics to deliver actual insights that streamline chip manufacturing and accelerate innovation and time to yield for next-generation AI applications. We believe that our experience reflects the compelling capabilities, cost, and power consumption available with GPU-based compute architectures and is fueling the ongoing HPC infrastructure buildout.

人工智慧仍是科樂美業績的核心驅動力，也是我們不斷提升產業領導地位的關鍵因素。KLA 的解決方案使我們的客戶能夠交付人工智慧所需的產品，同時，我們的系統也應用人工智慧驅動的分析來提供實際的見解，從而簡化晶片製造，加速下一代人工智慧應用的創新和良率提升。我們相信，我們的經驗反映了基於​​ GPU 的運算架構所具備的強大功能、成本優勢和功耗優勢，並正在推動高效能運算基礎架構的持續建置。

Looking ahead, KLA's innovations with AI will produce actionable data for our customers that accelerate system performance, reduce the cost of ownership, and improve their return on investment in KLA systems.

展望未來，KLA 在人工智慧領域的創新將為我們的客戶提供可操作的數據，從而加快系統性能，降低擁有成本，並提高他們在 KLA 系統上的投資回報率。

In the December quarter, KLA continued to grow in advanced packaging. The rising demand for more powerful systems of chips is driving advanced packaging and increasing the value of process control in the chip package, which has fueled significant growth in this expanding market for KLA.

在12月季度，KLA在先進封裝領域持續保持成長。對功能更強大的晶片系統的需求不斷增長，推動了先進封裝技術的發展，並提高了晶片封裝製程控制的價值，這為KLA在這個不斷擴大的市場中帶來了顯著的成長。

KLA continues to see strong momentum in advanced packaging revenue growth and market share with calendar 2025 total systems revenue of approximately $950 million, representing over 70% year-over-year growth. And as we look forward to calendar 2026, we expect this momentum to continue with year-over-year percentage growth expectations in the mid- to high-teens, driven by faster than market growth for our process control products.

KLA在先進封裝收入成長和市場份額方面持續保持強勁勢頭，預計到2025年系統總收入將達到約9.5億美元，年增超過70%。展望 2026 年，我們預計這一勢頭將繼續保持，同比增長率預計在 15% 到 10% 之間，這主要得益於我們製程控制產品高於市場平均的成長。

KLA services business grew to $786 million in the December quarter, up 6% sequentially and 18% year over year. This was the 16th consecutive year of annual service revenue growth with a compounded annual growth rate greater than 12% over that timeframe.

KLA 服務業務在 12 月季度成長至 7.86 億美元，較上季成長 6%，較去年同期成長 18%。這是公司連續第 16 年實現年度服務收入成長，在此期間的複合年增長率超過 12%。

Finally, the December quarter remains strong for both free cash flow and capital returns. Quarterly free cash flow is a record $1.26 billion. Total capital return in the December quarter was $797 million, comprised of $548 million in share repurchase and $250 million in dividends. Total capital returns over the past 12 months was $3 billion.

最後，12 月當季的自由現金流和資本回報都保持強勁。季度自由現金流達到創紀錄的12.6億美元。12 月季度總資本回報為 7.97 億美元，其中包括 5.48 億美元的股票回購和 2.5 億美元的股息。過去 12 個月的總資本回報為 30 億美元。

The industry dynamics to support the demand for AI infrastructure reinforced KLA's growing relevance for our customers, and our broad product portfolio plays a critical role in enabling customer success. Additionally, the emerging and fast-growing advanced packaging market further strengthens KLA's relative position.

產業動態推動了對人工智慧基礎設施的需求，這進一步增強了 KLA 對客戶的重要性，而我們廣泛的產品組合在幫助客戶取得成功方面發揮了關鍵作用。此外，新興且快速成長的先進封裝市場進一步鞏固了KLA的相對地位。

Finally, rising semiconductor content across diverse end markets, coupled with strategic investments and legacy notes, remains a key driver of dependable, long-term growth for KLA and the semiconductor equipment industry.

最後，隨著各個終端市場半導體含量的不斷提高，加上策略性投資和歷史收益，KLA 和半導體設備產業仍將實現可靠的長期成長。

With that, I'll turn the call over to Bren to discuss the quarter's financial highlights.

接下來，我將把電話交給布倫，讓他來討論本季的財務亮點。

Thanks, Rick. KLA's December quarter results reflect strong year-over-year growth with an industry-leading margin profile. The results also exemplify our market leadership, consistent business execution, and the dedication of our global teams in meeting customer commitments.

謝謝你，里克。KLA 12 月季度業績反映出強勁的同比增長，並擁有行業領先的利潤率。這些結果也體現了我們的市場領導地位、持續的業務執行力以及我們全球團隊在履行對客戶承諾方面的奉獻精神。

Revenue was $3.3 billion, above the guidance midpoint of $3.225 billion. Non-GAAP diluted EPS was $8.85, and GAAP diluted EPS was $8.68, each above the midpoint of the respective guidance ranges. Gross margin was 62.6%, 60 basis points above the midpoint of guidance due to stronger than modeled service performance and manufacturing efficiencies.

營收為33億美元，高於先前預期的32.25億美元中位數。 （非GAAP準則）稀釋後每股收益為 8.85 美元，GAAP 稀釋後每股收益為 8.68 美元，均高於各自預期範圍的中點。毛利率為 62.6%，比預期中位數高出 60 個基點，主要得益於服務績效和生產效率的提升，且高於預期。

Operating expenses were $653 million and included $384 million in R&D and $269 million in SG&A. Operating margin was 42.8%. Other income and expense net was $32 million. The quarterly effective tax rate was 15%. At the guided tax rate of 14%, non-GAAP earnings per share would have been $8.99.

營運費用為 6.53 億美元，其中包括 3.84 億美元的研發費用和 2.69 億美元的銷售、管理及行政費用。營業利益率為 42.8%。其他收入和支出淨額為 3,200 萬美元。季度實際稅率為15%。以 14% 的指導稅率計算，非 GAAP 每股收益為 8.99 美元。

Non-GAAP net income was 1.17 billion. GAAP net income was $1.15 billion. Cash flow from operations was $1.37 billion. And free cash flow was $1.26 billion. The company had 132 million diluted weighted average shares outstanding for the quarter. The breakdown of revenue by reportable and end markets and major products and regions can be found within the shareholder letter and slides.

非GAAP淨利為11.7億美元。以美國通用會計準則計算，淨利為11.5億美元。經營活動產生的現金流量為13.7億美元。自由現金流為12.6億美元。該公司本季稀釋後加權平均流通股數為 1.32 億股。股東信和幻燈片中提供了按可報告市場、終端市場、主要產品和地區劃分的收入明細。

Moving to the balance sheet. KLA ended the quarter with $5.2 billion in total cash, cash equivalents, and marketable securities, and debt of $5.9 billion. The company has a flexible and attractive bi-maturity profile, supported by investment grade ratings from all three major rating agencies.

接下來查看資產負債表。KLA本季末持有現金、現金等價物及有價證券總額為52億美元，負債為59億美元。該公司擁有靈活且具吸引力的雙到期日結構，並獲得了三大評級機構的投資等級評級。

KLA generates consistent, strong, free cash flow driven by our high performing operating model. Over the past five years, free cash flow has grown at a 20% compound annual growth rate, above the 16% revenue compound annual growth rate over the same period. This growth, coupled with resiliency across business cycles, helps enable a comprehensive capital returns strategy that features double-digit dividend growth and share repurchases to support long-term shareholder value creation.

KLA憑藉其高效的營運模式，能夠持續產生強勁的自由現金流。過去五年，自由現金流的複合年增長率為 20%，高於同期收入的複合年增長率 16%。這種成長，加上在商業週期中的韌性，有助於實施全面的資本回報策略，該策略包括兩位數的股息成長和股票回購，以支持長期股東價值創造。

Turing to the outlook. The industry outlook for 2026 is strengthened over the past few months. We expect the core WFE market to grow and the high single to low double digits, reaching the low-$120 million range up from approximately $110 billion in 2025. In addition, we expect the advanced packaging component of the market to grow at a similar rate to approximately $12 billion for a total market forecast in the mid-$130 billion range, an increase in the low double digits versus our forecast for 2025.

展望未來。過去幾個月來，2026 年的產業前景得到加強。我們預期核心 WFE 市場將會成長，成長速度將達到個位數高點到兩位數低位，從 2025 年的約 1,100 億美元成長到 1.2 億美元低點。此外，我們預計先進封裝市場部分將以類似的速度成長，達到約 120 億美元，使整個市場規模預測達到 1,300 億美元左右，與我們對 2025 年的預測相比，將實現兩位數的低成長。

Customer spending profile is expected to broaden across all major end markets. Given KLA's strong business momentum, expanding market share, and higher process control intensity at the leading edge across all segments, we begin 2026 well positioned to outperform and increase our share of the overall market. We are experiencing strong customer momentum that has accelerated over the three months and is reflected in our system backlog and sales funnel. Our view today is that the first half of 2026 revenue will grow mid single digits compared to the second half of 2025, with accelerating growth in the second half of the calendar year.

預計消費者的消費模式將在所有主要終端市場中拓展。鑑於 KLA 強勁的業務發展勢頭、不斷擴大的市場份額以及在所有細分市場領先地位下更高的流程控制強度，我們已做好充分準備，在 2026 年取得優異成績並提高我們在整體市場份額。我們正經歷著強勁的客戶成長勢頭，這種勢頭在過去三個月中不斷增強，並反映在我們的系統積壓訂單和銷售管道中。我們目前的看法是，2026 年上半年的營收將比 2025 年下半年實現中等個位數的成長，並且下半年的成長速度將加快。

Customer lead times for our products are increasing due to supply constraints, limiting first-half growth potential across many of our products.

由於供應限制，我們產品的客戶交貨週期正在增加，這限制了我們許多產品上半年的成長潛力。

KLA's unique product portfolio differentiation and value proposition are focused on enabling technology transitions, accelerating process node capacity ramps, and ensuring yield entitlement and high-volume manufacturing. (technical difficulty) of our customers technology roadmaps are compelling, presenting both challenges and opportunities for KLA to maintain its relative outperformance. In this industry environment, we remain focused on supporting customers, investing for the future, executing product roadmaps, and driving productivity across the enterprise.

KLA獨特的產品組合差異化優勢和價值主張專注於助力技術轉型、加速製程節點產能提升，並確保良率和大規模生產。 （技術難度）客戶的技術路線圖極具吸引力，這不僅為KLA保持相對領先地位帶來了挑戰，也帶來了機會。在當前的產業環境下，我們將繼續專注於支援客戶、投資未來、執行產品路線圖以及提高整個企業的生產力。

KLA's March quarter guidance is as follows. Revenue of $3.35 billion, plus or minus $150 million. Foundry Logic revenue from semiconductor customers is forecasted to be consistent with the December quarter at approximately 60%, and memory is expected to be approximately 40% of semi-process control systems revenue to semiconductor customers.

KLA 3月份季度業績預期如下。營收為 33.5 億美元，上下浮動 1.5 億美元。來自半導體客戶的代工邏輯收入預計將與 12 月季度持平，約為 60%；預計記憶體收入將佔半導體客戶半製程控制系統收入的約 40%。

Within memory, DRAM is expected to be roughly 85% and then the remaining 15%. As always, these business mixed approximations pertains solely to our semiconductor customers and do not reflect our total semiconductors process control systems revenue.

記憶體中，DRAM 預計約佔 85%，其餘 15%。與以往一樣，這些業務混合估算僅與我們的半導體客戶有關，並不反映我們半導體製程控制系統的總收入。

Gross margin for the quarter is forecasted to be 61.75%, plus or minus 1 percentage point. Although volume levels are relatively consistent quarter to quarter, product mix is modestly weaker versus the December quarter. This guidance also includes the incremental impact of the rapidly escalating cost of DRAM shifts used in the company's image processing computers that ship with our systems, creating a headwind to our gross margin expectations. This frightening environment has changed profoundly over the past two to three months and has been highlighted regularly in industry press and analyst reports.

本季毛利率預計為 61.75%，上下浮動 1 個百分點。雖然銷量水準在各季度之間相對穩定，但產品組合與 12 月季度相比略有減弱。該指導意見還包括公司影像處理計算機（隨我們的系統一起出貨）中使用的 DRAM 移位成本快速上漲帶來的增量影響，這將對我們的毛利率預期造成不利影響。在過去兩三個月裡，這種令人恐懼的環境發生了深刻的變化，產業新聞和分析師報告也經常對此進行強調。

While we expect this pricing environment to be transitory, current modeling suggests that this situation will persist through 2026 and have a roughly 75 to 100 basis points negative impact on gross margins for the calendar year. As DRAM capacity additions accelerate over the next several quarters, we expect this cost dynamic to improve as we exit the calendar year, and we are modeling a return to a normalized pricing environment for our memory requirements and our longer-term business forecasts. Considering this impact, coupled with product mix and volume expectations, we expect gross margins to be approximately 62%, plus or minus 50 basis points in calendar 2026.

雖然我們預計這種定價環境是暫時的，但目前的模型表明，這種情況將持續到 2026 年，並對日曆年的毛利率產生約 75 至 100 個基點的負面影響。隨著未來幾季 DRAM 產能的加速成長，我們預計到年底這一成本動態將有所改善，我們正在模擬記憶體需求和長期業務預測將回歸正常價格環境。考慮到這一影響，以及產品組合和銷售預期，我們預計 2026 年毛利率約為 62%，上下浮動 50 個基點。

Operating expenses are forecasted to be approximately $645 million in the March quarter. For 2026, we continue to prioritize next-generation product development and company infrastructure investments to support expected revenue growth over the next several years, and we anticipate these expenses to grow by roughly $15 million sequentially throughout the year.

預計3月季度的營運支出約為6.45億美元。2026 年，我們將繼續優先發展下一代產品，並增加公司基礎設施投資，以支持未來幾年預期的收入成長。我們預計這些支出將在全年內逐週增加約 1500 萬美元。

Our business model is designed to deliver 40% to 50% incremental operating margin leverage on revenue growth over the long run. Other model assumptions include other income and expense net of approximately $25 million for the March quarter and expected to remain at this quarterly level for the calendar year. For taxes, our established practice is to provide an effective tax rate assumption for the calendar year when providing guidance for the March quarter.

我們的商業模式旨在從長遠來看，透過營收成長實現 40% 至 50% 的增量營運利潤率槓桿作用。其他模型假設包括其他收入和支出淨額約為 2,500 萬美元（3 月份季度），預計全年將保持這一季度水準。對於稅務方面，我們一貫的做法是在提供三月季度業績指引時，提供一個日曆年度的有效稅率假設。

Given expectations of geographic distribution of revenue and profit, Pillar 2 adoption and recent tax changes in the United States, the planning tax rate for 2026 is 14.5%. We would expect some quarter-to-quarter tax rate variance due to discrete items. For the March quarter, non-GAAP diluted EPS is expected to be $9.08, plus or minus $0.78; and GAAP diluted EPS is expected to be $8.85, plus or minus $0.78. EPS guidance is based on a fully diluted share account of approximately 131.7 million shares.

考慮到收入和利潤的地理分佈預期、第二支柱的採用以及美國最近的稅收變化，2026 年的規劃稅率為 14.5%。由於存在一些特殊項目，我們預期季度間的稅率會有一些波動。預計3月季度的非GAAP稀釋後每股收益為9.08美元，上下浮動0.78美元；GAAP稀釋後每股收益為8.85美元，上下浮動0.78美元。每股盈餘預期基於約1.317億股的完全稀釋股份帳戶。

In conclusion, our near-term revenue guidance reflects consistent growth and relative strength. We expect to outperform the market in 2026, driven by multiple tailwinds driving rising process control intensity and growth in advanced packaging. KLA continues to focus on delivering a differentiated product portfolio that addresses customers technology roadmap requirements and production efficiency objectives, which are driving our longer-term relevance and growth expectations.

總之，我們的近期營收預期反映了持續成長和相對優勢。我們預計在 2026 年將跑贏市場，這得益於多項利好因素，包括製程控制強度的提升和先進封裝技術的成長。KLA 繼續專注於提供差異化的產品組合，以滿足客戶的技術路線圖要求和生產效率目標，這推動了我們長期的相關性和成長預期。

The KLA operating model guides our best-in-class execution. Our focus on customer success, innovative solutions, and operational excellence drives industry-leading financial performance, enabling us to return capital consistently and predictively.

KLA 的營運模式指導著我們一流的執行力。我們專注於客戶成功、創新解決方案和卓越運營，從而推動了行業領先的財務業績，使我們能夠持續、可預測地實現資本回報。

KLA's business is uniquely positioned to capitalize on today's technology inflections and growth drivers. We are encouraged by strengthening customer confidence and engagement, which informs our business forecast. The long-term secular trends driving semiconductor industry demand and investments and WFE and advanced packaging are compelling and represent a relative performance opportunity for KLA over the next several years.

KLA 的業務具有獨特的優勢，能夠充分利用當今的技術變革和成長動力。客戶信心和參與度的不斷提高令我們倍感鼓舞，也為我們的業績預測提供了基礎。推動半導體產業需求和投資以及晶圓廠設備和先進封裝的長期發展趨勢十分顯著，並代表著未來幾年科樂集團 (KLA) 的相對業績成長機會。

KLA's business has gone from being primarily indexed to leading-edge R&D investment and fab capacity ramp to now addressing all growth phases in WFE and advanced packaging, enabling leading-edge process development, time to resolve in fab capacity ramps, and optimizing yield in a high-volume production environment.

KLA 的業務已從主要依靠前沿研發投資和晶圓廠產能提升，發展到如今涵蓋 WFE 和先進封裝的所有增長階段，從而能夠進行前沿製程開發，縮短晶圓廠產能提升的時間，並在大批量生產環境中優化良率。

In addition, the growing investment in custom silicon, particularly among hyperscalers developing their own custom chips, has led to a proliferation of new higher-value design starts and increased demand on our customers to deliver performance, volume, and time to market. The design mix and complexity grows, so does the need for advanced process control.

此外，對客製化矽的投資不斷增長，尤其是超大規模企業開發自己的客製化晶片，導致新的高價值設計項目激增，也對我們的客戶提出了更高的要求，要求他們提供性能、產量和上市時間。隨著設計組合和複雜性的增加，對先進製​​程控制的需求也隨之增加。

As a result, KLA is seeing consistent growth in process control intensity as each new chip design requires rigorous inspection, metrology, and yield optimization solutions. KLA is uniquely positioned to benefit from these trends as we expand our market leadership and deliver differentiated value to our customers.

因此，隨著每款新晶片設計都需要嚴格的檢驗、計量和良率優化解決方案，KLA 的製程控制強度也持續成長。KLA憑藉其獨特的優勢，能夠從這些趨勢中獲益，從而擴大我們的市場領導地位，並為客戶提供差異化的價值。

That concludes our prepared remarks. Kevin, please begin the Q&A.

我們的發言稿到此結束。凱文，請開始問答環節。

Thank you, Bren. Operator, can you please provide the instructions and begin the Q&A session?

謝謝你，布倫。操作員，請您提供操作說明並開始問答環節好嗎？

(Operator Instructions) Vivek Arya, Bank of America Securities.

（操作員說明）Vivek Arya，美國銀行證券。

For the first one, your forecast for WFE for this year, yesterday your peer reported and suggested that WFE could grow over 20%. I think they said 23%, and you're suggesting something in the high single to low double. So I was hoping you could clarify what is kind of the apples to apples inclusion or exclusion.

對於第一個問題，即您對今年 WFE 的預測，昨天您的同行報告並指出 WFE 可能會成長超過 20%。我認為他們說的是 23%，而你建議的應該是高個子到低個子之間的某個數字。所以我希望您能澄清一下，什麼是真正意義上的同類比較，哪些是包含的，哪些是排除的。

And then part of that, you're suggesting advanced packaging only grows I think in that same pace, high single to low double. But that's very surprising given how fast the AI market is growing and just the correlation of that advanced packaging market to AI. So basically, if you could just give us apples to apples why such a big disconnect between your view of WFE growth versus what your peers suggested yesterday.

然後，你暗示高級包裝只會以相同的速度增長，從高單層到低雙層。但考慮到人工智慧市場成長如此迅速，以及先進包裝市場與人工智慧的相關性，這確實令人驚訝。所以，如果你能為我們提供一個公平的比較，為什麼你對 WFE 增長的看法與你的同行昨天提出的建議之間存在如此大的脫節。

Hey, Vivek, it's Bren. So I did talk about this a little bit in the letter, but I think one of the issues that has become a little bit noisy over the last couple of years has been the rise of advanced packaging at the market. And the inclusion of it in WFE forecast, and I think you and I talked about this in your conference back in June, was that what do people exactly include in these numbers and it varies a little bit across analysts and across companies.

嘿，維韋克，我是布倫。我在信中稍微談到了這一點，但我認為在過去幾年裡，市場上先進封裝技術的興起是一個比較引人注目的問題。而將其納入 WFE 預測中，我想你我曾在六月的會議上討論過這個問題，那就是人們究竟在這些數據中包含了什麼，這在不同的分析師和公司之間略有不同。

If you look at our forecast, our view on consistent traditional core WFE in 2025 was around approximately, and we'll see how people report, but approximately $110 billion. And that the advanced packaging market as we look at it, the total market is roughly in that $11 billion range, so we'll call it the low-120s. As we look at 2026, looking at it in the same way, we see advanced packaging growing somewhere in excess of $12 billion, so it'll probably be in in double-digits. We'll see. It tends to be a quicker turn business, so we'll see how that plays out. And that core WFE is rising from $110 billion, as we said, to about one -- somewhere in the in the low-120s.

如果你看一下我們的預測，我們對 2025 年傳統核心 WFE 的持續看法大約是 1100 億美元左右，我們會看看人們如何報告。而我們所看到的先進封裝市場，其總市場規模約為 110 億美元左右，所以我們稱之為 120 億美元出頭。展望 2026 年，以同樣的方式來看，我們看到先進封裝市場規模將超過 120 億美元，因此可能達到兩位數的成長。我們拭目以待。這個行業的周轉速度通常比較快，所以我們拭目以待。正如我們所說，核心 WFE 正在從 1100 億美元增長到大約 1200 億美元左右。

So I think when you add the two together, you end up in the mid-130s, which is I think consistent with what Lam said yesterday, but that's how to think about the market. I don't know how they think about it and what they include and what they don't. We try to capture all elements of the market as it relates to process and process control and so that's how we look at it overall. In terms of what happens on the wafer film frame, advanced component, and so on.

所以我覺得把這兩個數字加起來，最終會達到 130 多，我認為這和林昨天說的一致，但這就是看待市場的方式。我不知道他們是怎麼想的，也不知道他們會考慮哪些因素，排除哪些因素。我們試圖捕捉與流程和流程控制相關的市場所有要素，這就是我們看待問題的整體方式。就晶圓薄膜框架、先進組件等方面而言。

So that's how we see it. Hopefully that helps.

這就是我們的看法。希望這能有所幫助。

And one -- Vivek, Rick. Just to add one part of that, the question on the growth of packaging. When we're talking to our customers, they are frustrated with the shelves that they have available. So part of what's slowing down the growth this year is their ability to have their factories built to support packaging because of the growth. So that's why we see it more -- we'll see a lot more growth in '27 as a result of that. There is demand, but I think it's a matter of getting the facilities ready, which is a theme generally right now with our customers.

還有一位——維韋克，里克。補充一點，關於包裝產業發展的問題。當我們與客戶交談時，他們常常對現有的貨架感到不滿。今年成長放緩的部分原因是，由於業務成長，他們沒有足夠的能力建造工廠來支援包裝生產。所以這就是為什麼我們看到這種情況更多——因此，我們將在 2027 年看到更大的成長。需求是有的，但我認為關鍵在於設施的準備工作，這也是我們客戶目前普遍面臨的問題。

So I think on the go forward, we're just going to aggregate it. And I think maybe that helps. But what I tried to do is provide over the last several months or so some disaggregated view of what's traditional core WFE, the same WFE we've looked at over the last multiple decades and what the advanced packaging market looks like as you add the two together. And you get to the mid-30 -- 130 as we look at 2026.

所以我覺得接下來我們會把它匯總起來。我覺得這或許會有幫助。但在過去幾個月裡，我嘗試提供的是傳統核心 WFE（我們在過去幾十年裡一直在研究的 WFE）的一些細分觀點，以及將兩者結合起來後，先進封裝市場的情況。到 2026 年，這個數字將達到 30 多歲——130 歲。

Okay. And for my follow up, just kind of two clarifications. One is what's your assumption of China WFE kind of absolute percentage growth? How much was China WFE -- as part of that $120-plus billion in your definition kind of all in WFE, how much was China? And then what are your assumptions about what China would do this year?

好的。最後，我還有兩點要澄清。一是你預期中國WFE類型的絕對百分比成長率是多少？在您定義的超過 1200 億美元的 WFE 中，中國 WFE 佔了多少？那麼，你認為中國今年會採取什麼行動？

And then how much are your supply constraints limiting your growth? Is there a way to quantify how much growth you're kind of leaving on the table because of your -- where are those supply constraints? And how much are they limiting your growth this year? Thank you.

那麼，你的供應限制在多大程度上限制了你的成長？有沒有辦法量化因為供應限製而錯失了多少成長機會？ ——這些供應限制在哪裡？今年它們對你的成長造成了多大的限制？謝謝。

All right. There's a lot in there. For China, our expectation is that China is flattish, maybe slightly positive, modest growth in 2026. It was modestly negative in 2025. For the company, as a percent our revenue, we think it'll be somewhere in the mid-20% to high-20% range as we look at it.

好的。裡面內容很多。對於中國，我們預期中國經濟在 2026 年將保持平穩，或許略有正成長，屬於溫和成長。2025 年的預測略為負數。對於公司而言，我們認為，以收入百分比計算，這部分支出應該在 20% 到 20% 之間。

I think if you look at the total China WFE inclusive of the restricted fabs, we see China somewhere in the -- we'll call it in the mid -- maybe mid-$30 billion range -- mid- to high-$30 billion range in 2026.

我認為，如果把中國晶圓廠的總量包括受限晶圓廠在內，我們可以看到，到 2026 年，中國的晶圓廠規模大概在——我們姑且稱之為——300 億美元中段——300 億美元中高段。

Anything on supply constraints?

供應限制方面有什麼消息嗎？

Look, I think as it relates to the first half, we're virtually sold out across most of our products. Given the lead time of our products, our decisions that we're driving in the first half or decisions made in the middle of 2025 generally. As we move into the second half and as we talked about in the prepared remarks, we see the second half accelerating versus the first half. We have a little bit more flexibility.

你看，就上半年而言，我們的大部分產品幾乎都已售罄。考慮到我們產品的交付週期，以及我們在上半年或 2025 年年中所做的決策。進入下半場，正如我們在準備好的演講稿中提到的，下半場的節奏比上半場加快了。我們有更大的靈活性。

But there are constraints in terms of what our customers are asking for. We're seeing our lead times extend. There are facility readiness dynamics that will play a role in terms of timing of shipments. The one good thing is that given the new facility or greenfield visibility we have is it does give us pretty good confidence as we look out into 2027, and most of our conversations today about new orders are for deliveries late in '26 and into '27.

但是，客戶的需求是有限制的。我們發現交貨週期正在延長。設施準備等因素也會對出貨時間產生影響。唯一值得慶幸的是，鑑於我們對新設施或綠地項目的了解，這確實讓我們對 2027 年充滿信心，我們今天關於新訂單的大部分討論都是關於 2026 年末和 2027 年的交付。

So it's pretty clear from a visibility point of view, we feel pretty good about our ability to ramp the business. I think if you look back to 2022, I think we did a pretty good job in terms of ramping to support a pretty robust environment. And so, I think that those practices and our investments and how we manage our supply chain will play through in terms of our ability to satisfy demand as we look out over the next 12 to 24 months.

所以從可見性的角度來看，我們顯然對擴大業務規模的能力感到非常滿意。我認為回顧 2022 年，我們在擴大規模以支持一個相當穩健的環境方面做得相當不錯。因此，我認為，在未來 12 到 24 個月內，這些做法、我們的投資以及我們管理供應鏈的方式，將對我們滿足需求的能力產生影響。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Your core process control systems business delivered yet another strong year of WFE outperformance. I think it grew 20% versus 2025 WFE of like plus 10% to 12%. Within this inspection significantly outperformed yet again for like the third or can't remember, fourth consecutive year growing 25% patterning, growing 12%,

貴公司的核心流程控制系統業務在WFE（工作流程效率）方面又取得了強勁的業績成長。我認為它比 2025 年世界預期增長了 20%，比預期增長了 10% 到 12%。在本次檢查中，該公司的表現再次顯著優於預期，這已經是連續第三年（或記不清了，是第四年）成長了25%，成長速度為12%。

How are you guys thinking about the growth in inspection and patterning relative to WFE view of sort of low-teens growth this year? Given the focus on yield and manufacturability, would you expect a similar level or more of outperformance in control for calendar 2026?

你們如何看待偵測和模式辨識領域的成長，與WFE預計今年兩位數左右的成長相比如何？鑑於對良率和可製造性的關注，您是否預期 2026 年曆年的控制性能會有類似或更高的超額收益？

Yeah, Harlan. It's Rick. Thank you. I think recognizing the outperformance, I think we're feeling really good about the trends that we're seeing especially in inspection and especially as they relate to the BBP products. And to Bren's point, I think we've been trying to add capacity in that product line. And probably we're going to need it based on our conversations with customers.

是的，哈蘭。是里克。謝謝。我認為，鑑於目前的優異表現，我們對所看到的趨勢感到非常滿意，尤其是在檢測方面，特別是與血液傳播病原體 (BBP) 產品相關的趨勢。正如布倫所說，我認為我們一直在努力增加該產品線的產能。根據我們與客戶的溝通，我們可能確實需要它。

So I think there'll be continued growth. And everything about what we're seeing in the build-out for AI, Bren talked about the increased designs, the larger die, and now what we're seeing in HBM, which has become a huge driver, in many ways, the bigger story is the change in intensity around memory has been pretty dramatic in terms of if we look back the last couple years, and they have a heavy usage of advanced inspection to support that. So it's good. I mean, we're looking at a modeling as we go forward. And our customers have told us '26 is expansion and setting the stage for even more expansion than '27. And so we think we'll continue to see strong growth associated with that.

所以我認為成長勢頭會持續下去。關於我們在人工智慧建設方面所看到的種種變化，Bren 談到了增加的設計、更大的晶片，以及我們現在在 HBM 領域看到的進展，它在許多方面都成為了一個巨大的驅動力。更值得關注的是，過去幾年記憶體領域的發展強度發生了相當大的變化，而且他們大量使用了先進的檢測技術來支援這項變化。所以這很好。我的意思是，我們正在逐步建立模型。我們的客戶告訴我們，2026 年是擴張，為 2027 年比 2027 年更大的擴張奠定了基礎。因此，我們認為與此相關的強勁成長勢頭將會持續。

I think that the capacity -- I mean, metrology is historically a little closer tied to some of the capacity. So we'll see some relative recovery. And then reticle is going to be very strong because it's so tied to the number of design starts and the challenges associated with advanced mounts.

我認為能力——我的意思是，計量學在歷史上與某些能力聯繫得更緊密。所以我們將會看到一些相對的復甦。而且，瞄準鏡的十字線會非常強大，因為它與設計啟動的數量以及高級安裝所面臨的挑戰密切相關。

Bren, am I missing anything?

布倫，我漏掉了什麼嗎？

Yeah. I think to your question about relative performance, I think despite the more mix related to memory, as Rick talked about our performance in HBM is changing the intensity profile. And so we feel pretty good about our ability to sustain multi-year outperformance that we've seen. So I think it's pretty exciting. The portfolio is in a really good place from an overall share point of view and we're seeing intensity rise in a number of a number of markets. So feel pretty good about it.

是的。關於你提出的相對性能問題，我認為儘管與記憶體相關的混合因素更多，正如 Rick 所說，我們在 HBM 中的表現正在改變強度分佈。因此，我們對能夠持續保持多年來的優異業績感到非常有信心。所以我認為這非常令人興奮。從整體份額來看，該投資組合的狀況非常好，而且我們看到許多市場的交易強度正在上升。所以感覺應該挺好的。

Great. Thank you for that. And for my follow-up, it's pretty well understood that on all these new sorts of advanced technology transitions, you do need a lot more inspection and metrology capabilities, right? But on top of that, given the industry's chip supply tightness, your customers are looking to even further squeeze more supply for a given sort of current installed base. I'm wondering is this -- and so their focus you know, just as much on technology transition, but on the existing capacity footprint trying to drive more supply via yield improvements, better manufacturability. I'm wondering if this is also driving incremental demand for your process control solution.

偉大的。謝謝。至於我的後續問題，大家普遍認為，在所有這些新型先進技術轉型過程中，都需要更多的偵測和計量能力，對吧？但除此之外，鑑於行業晶片供應緊張，您的客戶希望在現有裝機量的基礎上進一步壓榨更多的供應。我想知道這是否意味著——所以他們的重點不僅在於技術轉型，還在於現有產能佈局，試圖透過提高良率和更好的可製造性來推動更多供應。我想知道這是否也推動了對貴公司製程控制解決方案的需求成長。

Yeah, certainly. I mean, we have seen in some cases back penetration of technologies once the recognition was that -- two things have happened in some cases. If you go back in time, they'd move from one technology to the next and not really pay much attention to the prior. Now there's more demand at the prior, and if they're getting advantages and the capabilities in the latest technology node, we see back penetration to squeeze out, to your point, more yield.

當然可以。我的意思是，在某些情況下，我們看到，一旦人們意識到——在某些情況下發生了兩件事——技術就會重新滲透。如果回到過去，他們會從一項技術直接過渡到下一項技術，而不會真正關注先前的技術。現在對舊技術的需求更大，如果他們能夠獲得最新技術節點的優勢和能力，我們將看到舊技術重新滲透，從而擠出更多利潤，正如你所說。

Right now, because of the constraints, and I think if you -- when we talk to all our customers, we hear a common theme is they're constrained by the ability to build new fabs and new shelves. But to your point, they're -- for the most part, trying to do everything they can to optimize. And then the pricing environment is such for them that additional yield is worth And so that's the other factor that's driving them.

目前，由於種種限制，而且我認為，當我們與所有客戶交談時，我們都會聽到一個共同的主題，那就是他們建造新廠房和新貨架的能力受到了限制。但正如你所說，他們——在大多數情況下——都在盡一切可能進行最佳化。而且，目前的定價環境對他們來說意味著額外的收益是值得的。所以，這也是促使他們這麼做的另一個因素。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

Maybe just to kind of understand the supply constraints that you're seeing in the first half. Any way that you can kind of help us understand just what could growth has potentially kind of been first half or second half if you didn't have those supply constraints? And then is it mostly just DRAM? Or is it also other components like optics and things?

或許只是為了了解上半年遇到的供應限制問題。您能否幫助我們了解一下，如果沒有這些供應限制，上半年或下半年的成長潛力究竟會有多大？那麼它主要就是DRAM嗎？或也包括光學元件等其他組件嗎？

Well, Joe, the biggest long lead-time aspect of our buildout of materials and optical components, so to my earlier point about the lead time for that tends to be pretty long. So that does -- like I said, we were making decisions last summer that was affecting what we expect to ship in the first half of the year. So that's probably the biggest factor.

喬，當我們生產材料和光學元件時，交貨週期最長的部分就是交貨週期，所以我之前提到過，這方面的交貨週期往往很長。所以，就像我剛才說的，我們去年夏天所做的決定會影響到我們預計在今年上半年出貨的產品。所以這可能是最大的因素。

We don't really look at what we could have done. Certainly, in the last few months, we've seen a strengthening from customers for more demand in the first half. And so, I mean, the good thing about our differentiation in our market position is that we can balance pretty well across our customers to make sure that we're trying to meet their needs. At the same time, we're not missing business or losing business.

我們其實不去反思我們本來可以做些什麼。當然，在過去的幾個月裡，我們看到客戶對上半年的需求有所增強。所以，我的意思是，我們市場定位的差異化優勢在於，我們可以很好地平衡各個客戶的需求，並確保我們努力滿足他們的需求。同時，我們既沒有錯失業務，也沒有失去業務。

So our lead times are extending. Our customers know that. And so we're managing it accordingly.

因此，我們的交貨週期正在延長。我們的客戶都知道這一點。因此，我們正在採取相應的管理措施。

I don't think -- yeah, I know I could have done this or could have done that. What can you do? And so, I think that's the nature of our conversations with customers and then we look to improve as we can.

我不認為——是的，我知道我本來可以做這個或做那個。你能做什麼？所以，我認為這就是我們與客戶溝通的本質，然後我們會盡力改進。

As we move into second half of '26, we'll see the business accelerate. Would expect second half to cap high single maybe low-double-digit-type growth as we move into the second half of the year.

進入 2026 年下半年，我們將看到業務加速發展。預計下半年將維持在個位數高成長水平，或許是兩位數低成長水平。

I think as an industry you have to remember if we moved independently -- if we could supply everything everybody wanted right away, it still would be a limit. There are other factors that limit their ability to ramp these fabs. So our customers when we talk to them are having the same conversation with our peers that they're having with us is collectively they need all the equipment in order to be able to ramp. And so the frustration for a lot of them now is they've got demand, and in some cases, they don't even have the ability to build the shelves as fast as they want and then fill it out.

我認為，作為一個行業，我們必須記住，如果我們獨立發展——如果我們能夠立即滿足每個人的所有需求，那仍然會是一個限制。還有其他因素限制了他們擴大這些晶圓廠產能的能力。所以，當我們與客戶交談時，他們與我們的同行交談的內容，與他們與我們交談的內容相同，那就是他們需要所有必要的設備才能實現產能爬坡。因此，現在許多商家感到沮喪的是，他們有需求，但在某些情況下，他們甚至沒有能力以他們想要的速度建造貨架並填滿貨架。

So to Bren's point, collectively, we're all being asked to accelerate equipment delivery, but it's not really because we don't have BBP that we're missing out. It's part of their overall solution. So when we talk to them, they really want to prioritize when they get that equipment to be able to facilitate it. But we're not going to lose share because (inaudible).

所以正如 Bren 所說，我們所有人都被要求加快設備交付速度，但這並不是因為我們沒有 BBP 才導致我們錯失良機。這是他們整體解決方案的一部分。所以當我們和他們交談時，他們真的希望優先考慮何時獲得能夠促進此事的設備。但我們不會失去市場份額，因為（聽不清楚）

And then as follow-up, just trying to understand like the kind of trajectory of gross margin. I mean, it seems like maybe based on the guidance, March is kind of the bottom, and we move higher from here. Anything you can share on just the ability to, like pass through higher component costs or reprice your backlog?

然後，作為後續研究，只是想了解毛利率的走勢。我的意思是，根據目前的指導意見來看，3月份似乎是底部，之後我們會開始走高。關於如何將更高的組件成本轉嫁出去，或者如何重新調整積壓訂單的價格，您有什麼可以分享的嗎？

Yeah. So I think you're right. It looks like March is probably the low point for the year as that goes. And as we move across the year, we'll see it increment up. We're going to be -- our first priority as it relates to memory supply is securing supply to ensure that we can meet our delivery commitments and support our customers. That's our primary focus.

是的。所以我覺得你是對的。看來三月可能是今年的低谷期了。隨著時間推移，我們會看到它不斷增長。我們將把記憶體供應的首要任務是確保供應，以履行我們的交付承諾並支援我們的客戶。這是我們的主要關注點。

We'd also would expect that the tariff burden as we progress through 2026, given some of the process things we're doing within the company, will also diminish in terms of its impact. I talked about a 50- to a 100-basis-point impact related to tariffs. We're closer to the top end of that range today, and we'll see that come down I think over time.

我們也預計，隨著我們推進到 2026 年，鑑於公司內部正在進行的一些流程工作，關稅負擔的影響也將逐漸減輕。我談到了關稅可能帶來的 50 到 100 個基點的影響。我們今天更接近這個範圍的上限，我認為隨著時間的推移，我們會看到它下降。

So as it relates, I thought it was important to give you some sense of it in terms of the expectations for the year, 62%, plus or minus 50 basis points. We think the memory situation is transitory. And really, as it relates to how we price our products, it's much more of a value-oriented pricing model and less about cost movement particularly around commodities.

所以，就此而言，我認為有必要向你們介紹今年的預期，即 62%，上下浮動 50 個基點。我們認為這種記憶問題只是暫時的。而實際上，就我們的產品定價而言，我們更採用價值導向的定價模式，而不是成本變動，尤其是在大宗商品方面。

So it's important that we continue to maintain the product cadence that we have in terms of launching new products and variants of new products. And that gives us an opportunity to enhance our cost of ownership offering to our customers add new capability and also take into consideration some of these dynamics around cost that we've been dealing with for some time starting with some of the pretty significant inflation just a few years ago to this issue today. So that's how we're thinking about it right now.

因此，我們必須繼續保持現有的產品節奏，並不斷推出新產品和新產品的衍生產品。這讓我們有機會提升我們為客戶提供的擁有成本優勢，增加新的功能，同時也考慮到我們一段時間以來一直在應對的一些成本動態，從幾年前相當嚴重的通貨膨脹到今天這個問題。這就是我們目前的想法。

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，坎托·菲茨傑拉德。

I guess first question on gross margins. How are you thinking about the progression through the year given the overall guide of 62%? And then more importantly, I guess, what are your thoughts around 2027 and the ability to kind of pass along the higher DRAM cost, which I don't assume will go away anytime soon? And I guess, as you deliver kind of newer products, what impact should that have on incremental gross margins into next year?

我想第一個問題是關於毛利率的。鑑於全年整體目標為 62%，您如何看待全年的發展？更重要的是，我想，您對 2027 年以及能否將更高的 DRAM 成本轉嫁給消費者有什麼看法？我認為 DRAM 成本在短期內不會消失。那麼，隨著你們推出更新的產品，這對明年的毛利率成長會有什麼影響呢？

Yeah. So over the course of the rest this year, I think that margins -- look, product mix is probably the biggest factor in quarter-to-quarter variability, but I would expect gross margins to trend north, part of it being our expectations around mix here but also expected increases in overall volume. So I think that there's some scale benefits that we'll see that will flow through.

是的。因此，在今年剩餘的時間裡，我認為利潤率——你看，產品組合可能是季度間波動的最大因素，但我預計毛利率將呈上升趨勢，部分原因是我們對產品組合的預期，但也預期整體銷量會增長。所以我認為我們會看到一些規模效益逐步顯現出來。

Over the long run, I feel pretty comfortable with -- as we talked about our model that we presented at our last Investor Day of 63%-plus-type gross margin profile. I feel still very good about that and given the mix of our business, the growth rates of service and so on. So I think as we look into 2027, I would expect to see gross margins continue on kind of an incremental cadence from where they are. And I feel pretty good about 63%-plus as we go forward and we see some normalization in some of these cost areas.

從長遠來看，我對——正如我們在上次投資者日上提出的模型——63%以上的毛利率前景感到非常滿意。我對此仍然感到非常滿意，考慮到我們業務的組合、服務業的成長率等等。因此，我認為展望 2027 年，我預計毛利率將繼續以漸進的方式成長。我對未來63%以上的成長率感到相當樂觀，我們看到某些成本領域出現了一些正常化趨勢。

And then I wanted to focus on DRAM. I think your share of wallet historically has been kind of [7%, 8%, 9%], depending on the year. But curious now with HBM, particularly as we evolve to HPM4 and 4E. How do you see that share kind of progressing in '26 and '27? Thanks so much.

然後我想專注於DRAM。我認為你歷來在錢包中所佔的份額大概是 [7%、8%、9%]，取決於年份。但現在我對 HBM 很感興趣，特別是隨著我們向 HPM4 和 4E 演進。您認為這一份額在 2026 年和 2027 年的發展趨勢如何？非常感謝。

Sure. I think that technologically, there's a lot of reasons to explain why we're seeing higher adoption. One, we talked about before is less redundancy. The value of these devices is higher, so there's a less willingness to give away real estate to redundancy. There's -- because you got to move so much data in and out, there's more metalization layers which require more inspection. And then the increased use of the advanced lithography, which requires an EUV more inspection. So all those things are driving up the intensity of DRAM, and it looks much more similar to what logic did not that long ago.

當然。我認為從技術角度來看，有很多原因可以解釋為什麼我們看到更高的普及率。第一點，我們之前討論過，就是減少冗餘。這些設備的價值更高，因此人們不太願意為了冗餘而浪費空間。因為需要傳入和傳出大量的數據，所以會有更多的金屬化層，這需要更多的檢測。然後，先進光刻技術的廣泛應用，需要進行更多 EUV 檢測。因此，所有這些因素都在提高 DRAM 的強度，使其看起來與不久前的邏輯電路非常相似。

So I think all those issues are driving that. And we feel really good about that going forward as we're engaging with customers and they're seeing the benefits of -- for many of them, they haven't been employing a lot of process control like this in most of their working lifetime. So we're seeing them getting used to that and coming to us for more capability.

所以我認為所有這些問題都在推動這種情況的發生。我們對此感到非常樂觀，因為我們正在與客戶互動，他們也看到了這樣做的好處——對他們中的許多人來說，在他們的大部分職業生涯中，他們都沒有採用過很多這樣的流程控制。所以我們看到他們逐漸習慣了這一點，並且來尋求更多能力。

I think the other thing is the process variability, flexibility in the past depending on end market. But something that customers could bend devices and it -- with high performance compute, they don't have the ability to do that. So that's driving more rigor around ensuring that each of the devices in the stacks performs pretty tight specs.

我認為另一點是流程的可變性，過去根據終端市場的不同而具有靈活性。但是，客戶可以彎曲設備，而高效能運算設備則無法做到這一點。因此，這促使人們更加嚴格地確保堆疊中的每個設備都能達到非常嚴格的規格。

The demand environment is also driving opportunities in our service businesses. Customers look to keep these tools up to have maximum uptime to ensure good performance where in the past with redundancy, you might see less contract penetration. We think it's a growth opportunity here moving forward given the nature of these devices and their requirements.

市場需求環境也為我們的服務業務帶來了機會。客戶希望保持這些工具的正常運行，以獲得最大的正常運行時間，從而確保良好的性能；而過去，由於冗餘機制的存在，合約滲透率可能會降低。鑑於這些設備的特性及其要求，我們認為這是一個未來的發展機會。

Shane Brett, Morgan Stanley.

Shane Brett，摩根士丹利。

My first question is, I just wanted to follow-up on CJ's question earlier, but you've previously talked about DRAM process control intensity increasing 100 basis points with EUV and another 100 basis points with HBM. But is there a world in which DRAM process control intensity just really gets close to advanced logic? Thank you.

我的第一個問題是，我想跟進 CJ 之前提出的問題，您之前提到過，使用 EUV 製程可以將 DRAM 製程控制強度提高 100 個基點，而使用 HBM 製程又可以提高 100 個基點。但是，是否存在這樣一種情況：DRAM 製程控制強度真的能夠接近高階邏輯呢？謝謝。

Well, it's still ways away from advanced logic given the high mix of designs. And so that's, I think, the biggest issue that you see in advanced logic that's different than memory. So we're pretty encouraged by what we're seeing. We'll see how this plays out with more EUV layers and so on in DRAM devices.

鑑於設計方案的多樣性，距離高階邏輯還有很長的路要走。所以，我認為這是高級邏輯與記憶體相比最大的問題。所以，我們對目前的情況感到非常鼓舞。我們將看看隨著 DRAM 裝置中 EUV 層數的增加等等，這種情況會如何發展。

So we think that it's just -- the market requirements are driving more inspection, more metrology, and we think that will be a positive trend. Not sure I'm ready to commit to something that looks like advanced logic just given the nature of those devices and the differences in the logic fab versus memory.

所以我們認為，市場需求正在推動更多的檢驗和計量，我們認為這將是一個正面的趨勢。考慮到這些裝置的特性以及邏輯裝置製造與記憶體製造之間的差異，我不太確定自己是否準備好投入看起來像是高階邏輯元件的領域。

And my follow-up is on Foundry Logic. So you've called out a broadening of foundry customers over the last year and it's clearly materializing with your customers CapEx announcements. But could you talk about the process control intensity at these customers? And just how good can leading-edge logic for you be this year? Thank you.

我的後續文章是關於 Foundry Logic 的。所以你指出過去一年代工廠客戶群不斷擴大，而這顯然正在透過客戶的資本支出公告得到證實。您能否談談這些客戶的流程控制強度？今年，前沿邏輯技術究竟能為您帶來多大的好處？謝謝。

I'll start and then let Bren fill in. We are seeing the broadening -- we're definitely seeing the intensity. I think to Bren's point, there's a couple of factors that you have to look at, maybe three really. One is the technology node, and big factor is die size, and then another one is the mix. And so, if you have a company that's doing advanced logic, but they're not on large die and they're not high mix, that intensity is just not going to be as high as if you have somebody that's doing all three. But it's higher than it's been, and in order to be competitive, they're increasing it.

我先開始，然後讓布倫接替我。我們看到了這種趨勢的蔓延——我們確實看到了這種趨勢的強度。我認為布倫的觀點是對的，你需要考慮幾個因素，或許三個比較適合。一是技術節點，二是晶片尺寸，三是混合比例。因此，如果一家公司從事先進的邏輯電路設計，但他們沒有採用大型晶片，也沒有採用高混合工藝，那麼這種強度就不會像同時從事這三項業務的公司那麼高。但現在的價格比以前高了，為了保持競爭力，他們還在不斷提高價格。

So we kind of model that going forward, and that's -- and we'll lay this out in a lot more detail when we look at our 2030 conversation at the Analyst Day. But we are seeing it going up for this year. And there's -- when we talk to our customers in advanced logic, even they are talking about, it depends. It depends on if they get more customers, it depends on how much more capacity they need, then their investments will follow based on that. So it's a little hard for us judge what that's going to end up being.

因此，我們對未來發展進行了一些建模，我們將在分析師日討論 2030 年展望時更詳細地闡述這一點。但我們看到今年的漲幅預計會上升。而且——當我們用高級邏輯與客戶交談時，即使他們也在談論，這取決於具體情況。這取決於他們能否獲得更多客戶，取決於他們需要增加多少產能，然後他們的投資將根據這些情況而定。所以我們很難判斷最終結果會如何。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Good single digits half on half versus the back half of last year. But I think you made a comment answering a question about --

與去年下半年相比，上半年的勝率都達到了個位數，表現良好。但我認為你曾就某個問題發表過評論。--

Tim, do you mind starting over? I think when you began your question, you were kind of like right in the middle, so we didn't pick up the start of the question. I didn't want you to finish and then have to do it again, if you don't mind.

提姆，你介意重新開始嗎？我覺得你開始提問的時候，好像是從中間開始的，所以我們沒有聽到問題的開頭。如果你不介意的話，我不想讓你做完之後還要重做一次。

Okay, perfect. So, Brent, we know you said the first half of this year, it's going be at mid-singles versus the back half of last year. So we know what June is. June's like $3.6 billion and change. I think in answering a question, you said high singles to low doubles, and I think you meant the back half of the year. Is that a half-on-half comment? Because that would sort of imply that this calendar back half would be something like $7.5 billion. And I asked because that's not up that much versus the $3.6 billion that you're saying for June.

好的，完美。布倫特，我們知道你說過今年上半年會比去年下半年的成績差一些。所以我們知道六月是什麼了。六月的收入大約是36億美元多一點。我認為你在回答問題時說的是單打高分段到雙打低分段，我想你的意思是下半年。這是模稜兩可的評論嗎？因為那意味著今年下半年的營收將達到 75 億美元左右。我這麼問是因為這和您所說的 6 月份的 36 億美元相比，增幅並不算大。

Tim, yes. So there was a half-to-half statement I said. So we'll see how it plays out, right? I'm not going to guide specifically with more detail. I tried to give you a sense of our expectations of growth in the second half of the year. And I think it's likely in that sort of high single, low double range for now. So we'll see how things play out as we move forward.

提姆，是的。所以我發表了一份模稜兩可的聲明。所以，我們拭目以待吧？我不會提供更詳細的指導。我試著讓你們了解我們對下半年成長的期望。我認為目前來看，它很可能處於單邊高、雙邊低的區間。所以，讓我們拭目以待，看看事情接下來會如何發展。

Okay. And then advanced packaging, I think unless I looked back through the transcripts, I saw last quarter on the October call, I thought the expectation was that the advanced packaging market this year would grow more than 20%. And now, I think you're saying mid- to high-teens. Did the market downtick or did stuff pull in? Or maybe I'm just parsing numbers, but I'm just kind of wondering if like something changed. Thanks.

好的。至於先進封裝，我想除非我回顧一下先前的記錄，否則我在上個季度的 10 月電話會議上看到，當時的預期是今年先進封裝市場將成長超過 20%。現在，我想你的意思是說十幾歲中後期。市場下跌了還是商品被拉低了？或許我只是在解讀數字，但我只是有點想知道是不是有什麼地方改變了。謝謝。

No. We're pretty encouraged by what we're seeing in the market. It's not a large market, so the percentages can move around a fair amount. We're very encouraged by what we're seeing from a share point of view across the market. So we'll see. I try to provide some context. I think it's likely in that, we'll call it 10% to 20% range. And so that's why we said what we said.

不。我們對目前的市場狀況感到非常鼓舞。這是一個規模不大的市場，所以百分比可能會有相當大的波動。從市場佔有率的角度來看，我們感到非常鼓舞。我們拭目以待。我盡量提供一些背景資訊。我認為很可能就在這個範圍內，我們姑且稱之為 10% 到 20% 吧。所以，這就是我們說出那些話的原因。

What's interesting about our process control position in that market, if you go back to 2021 and process control, we were roughly 10% of that market. That overall market was what I call the rounding error in terms of how you thought about WFE.

有趣的是，如果我們回顧 2021 年的製程控制市場，就會發現我們在該市場的地位約佔 10%。就你對 WFE 的理解而言，整個市場就像是四捨五入的誤差。

But now, as you look at the size of the market and the opportunity that's there, it is now becoming part of what's called -- what I think is this core overall equipment market. Our share was down in the 10% range. I think when you look at 2025, we're close to half the market and share. And I think in 2026, we feel pretty good about our prospects moving forward.

但現在，當你審視市場規模和機會時，它正在成為所謂的——我認為是核心整體設備市場的一部分。我們的份額下降了10%左右。我認為展望 2025 年，我們將接近一半的市佔率。我認為，到 2026 年，我們對未來的發展前景相當樂觀。

So it's a great opportunity. There's a lot of advancements that's happening there. Sampling, rates are high. And we have a broader portfolio that we think customers will start to leverage more as we move forward. So it's a pretty, I think, exciting market. And we have great drivers within what I call traditional WFE, and we have this evolving SAM that we think will augment our growth here moving forward.

所以這是一個絕佳的機會。那裡正在發生很多進步。抽樣率很高。我們擁有更廣泛的產品組合，我們認為隨著公司的發展，客戶將會更多地利用這些產品組合。所以我覺得，這是一個相當令人興奮的市場。我們在我稱之為傳統 WFE 的領域擁有強大的驅動力，而且我們不斷發展的 SAM 也讓我們相信，它將促進我們未來的成長。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究公司。

I guess first question would be characterizing the relative growth of memory versus Foundry Logic for this year. And I recognize that a lot of that probably has to do with clean room space constraints as you said. But what do you -- how do you think it shapes up for this year and then particularly in the second half of the year as some of the revenue starts to improve?

我想第一個問題應該是描述今年記憶體業務與代工邏輯業務的相對成長。正如你所說，我意識到這很大程度上可能與無塵室空間限制有關。但是，您認為今年的情況會如何？尤其是下半年，隨著部分收入開始改善，情況又會如何？

Well, we think that certainly the DRAM part of the market will grow faster than Foundry Logic will grow. It's driven mostly by the demands for HBM, but also as we talked about the challenges in conventional memory as well. So the way we're modeling is we think overall Foundry Logic is 10% to 15% for the year from a WFE point of view and the DRAM part of the market is probably 15% to 20% versus last year.

我們認為，DRAM市場的成長速度肯定會比代工邏輯晶片市場的成長速度更快。這主要是由對 HBM 的需求所驅動的，但正如我們討論的那樣，傳統記憶體面臨的挑戰也是原因之一。因此，我們目前的模型預測是，從WFE的角度來看，晶圓代工邏輯晶片市場今年的整體份額將達到10%至15%，而DRAM市場份額可能達到15%至20%，與去年相比。

Flash, a little harder to pin. I think it's slower than DRAM. It's a lower base, so lower number. But I think the biggest, at least from our point of view, I mean, certainly biggest drivers for WFE this year and from a growth point of view overall is what's happening in advanced logic and what we're seeing in the DRAM market.

閃光燈，不太容易固定位置。我認為它比DRAM慢。基數較低，所以數值也較低。但我認為，至少從我們的角度來看，今年WFE最大的驅動力，以及從整體成長的角度來看，肯定是先進邏輯領域正在發生的事情以及我們在DRAM市場看到的情況。

Thank you. As a follow up, I think you've talked about 12% to 14% kind of normalized service growth. Given the rising utilization rates, the fact that the folks are a bit tight now, how does that affect the service growth for both '26 and as you kind of start into '27?

謝謝。作為後續，我認為您之前提到過 12% 到 14% 的正常服務成長率。鑑於利用率不斷上升，以及人們現在手頭有點緊，這會對 2026 年以及 2027 年初的服務成長產生怎樣的影響？

Well, there's a number of factors that are driving gross certainly to your point, I mean, higher utilizations. I mean, our tools tend to stay very well utilized no matter where customer overall utilizations are because it's the best way to manage capital even in downturn just to drive yield. So our customers in terms of how they buy our systems is they buy them, they run them at very high uptime. And the value is in the performance of the systems and matching performance in terms of information on defectivity and metrology and so on.

嗯，有很多因素導致了毛利率上升，當然也正如你所說，我的意思是，更高的利用率。我的意思是，無論客戶的整體利用率如何，我們的工具往往都能得到很好的利用，因為即使在經濟低迷時期，這也是管理資本以提高收益的最佳方式。所以，我們的客戶購買我們的系統後，會以非常高的正常運行時間運行它們。其價值在於系統的性能以及在缺陷率和計量資訊等方面的匹配性能。

So the growth expectations of the growing install base -- this install base living longer, opportunities where things are tighter in the market, opportunities around memory, as I talked about earlier, opportunities in packaging. And then growing streams in our acquired businesses where we think we can leverage the infrastructure of KLA to drive revenue growth and service out of acquired businesses. Those are all our vectors for growth here moving forward.

因此，不斷增長的安裝基礎帶來的成長預期——這個安裝基礎的壽命更長，市場競爭更加激烈，內存方面的機會，正如我之前提到的，封裝方面的機會。然後，在我們收購的業務中，我們認為可以利用 KLA 的基礎設施來推動被收購業務的收入成長和服務成長，從而拓展業務領域。這些就是我們未來發展的所有方向。

So we feel very confident about the 12% to 14% go-forward target model for service revenue, and I think there are a lot of drivers that suggest we can operate at the higher end of the range versus the lower over time.

因此，我們對未來服務收入 12% 至 14% 的目標模型非常有信心，而且我認為有很多因素表明，隨著時間的推移，我們可以在該範圍的較高水平上運營，而不是在較低水平上運營。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

I was wondering if you could maybe provide a little bit more precision following on the last question. Do you expect that -- I mean, clearly, you expect DRAM to be stronger in the short term, but do you expect the growth in Foundry Logic to actually expand substantially into the back half of the year such that those growth rates would be closer to matched or not? I'm just trying to think about how that plays out in terms of process control intensity for you over the course of this year. Thank you.

我想請您就上一個問題提供更詳細的解釋。您是否預期——我的意思是，很顯然，您預期 DRAM 在短期內會表現更強勁，但您是否預期晶圓代工邏輯業務的增長會在下半年大幅擴大，從而使這些增長率更接近或接近？我只是想思考一下，在今年的時間裡，這會對你的過程控制強度產生什麼樣的影響。謝謝。

Yeah. So I can't comment exactly on where the overall industry levels will be. I mean, certainly as it relates to KLA's business, I would expect the Foundry Logic part of our business to be kind of stronger in the second half than the first half right now. But it is -- I think it's pretty fluid and there's I think kind of consistent growth expectations half to half across both segments.

是的。因此，我無法準確評論整個行業的水平會達到什麼程度。我的意思是，就 KLA 的業務而言，我預計我們業務中的 Foundry Logic 部分在下半年會比上半年表現得更強。但我認為情況相當不穩定，而且我認為這兩個細分市場的成長預期大致相當一致，各佔一半。

Well, and we know from public comments some of our customers have made, they are definitely facility constrained. Right? So their ability to ramp -- I'm sure they're going to do everything they can to pull that in, but I think we're going see in the Foundry Logic space setup for '27 is pretty remarkable. We'll see more, I think, late in '26 as they have the opportunity. But there's a lot of discussions already about preparing us the equipment supply companies for '27.

嗯，我們從一些客戶的公開評論中也了解到，他們的設施確實受到了限制。正確的？所以他們的產能提升能力——我相信他們會盡一切努力實現這一點，但我認為我們將在 Foundry Logic 為 2027 年打造的空間佈局中看到相當了不起的成果。我認為，到了 2026 年末，當他們有機會的時候，我們會看到更多這樣的情況。但目前已經有很多討論，要讓我們這些設備供應公司為 2027 年做好準備。

And then maybe as a follow-up. Relative to the China market, you outlined your expectations for WFE growth there. But I'm wondering in terms of your competitive landscape, you have a very, very strong portfolio sort of across the board in your product space. Have you heard any kind of incremental interest from your customers in China or from the government in terms of promoting more onshore solutions there? Thank you.

然後或許可以作為後續報道。針對中國市場，您概述了您對中國WFE成長的預期。但我想了解的是，就你們的競爭格局而言，你們在產品領域各方面都擁有非常非常強大的產品組合。您是否聽到中國客戶或政府方面對推廣更多本土解決方案表現出任何日益濃厚的興趣？謝謝。

Well, I think that to the degree where we can compete, we continue to offer capabilities that our customers want. I think the biggest constraint we have and the biggest challenge we have sometimes in China is when we're not permitted to sell but alternative non-US companies are permitted to sell to the same customers. And those are conversations we've had with the government. We're not going to opine on those decisions overall which companies are on that list.

我認為，在能夠參與競爭的範圍內，我們會持續提供客戶想要的功能。我認為我們在中國面臨的最大限制和最大挑戰是，我們有時被禁止向中國市場銷售產品，但其他非美國公司被允許向同樣的客戶銷售產品。這些都是我們與政府的對話。我們不會對這些決定發表意見，也不會對哪些公司被列入名單發表意見。

In terms of competition from China, I think there's been more progress made quite a bit more in the process tools than there has been in either lithography or in process control, partly largely because of the technology required to do that. So we feel pretty good about competing anywhere in the world including China. And what we push for in the cases where we've had some unfair disadvantages, we just want a level playing field as it pertains to actions taken by the government.

就來自中國的競爭而言，我認為在製程工具方面取得的進展比光刻或製程控制方面要大得多，這部分或大部分是因為實現這些所需的技術。因此，我們對在世界任何地方（包括中國）參與競爭都充滿信心。在我們遭遇不公平劣勢的情況下，我們所爭取的只是政府採取行動時應有的公平競爭環境。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Hi. This is Robert Burns on the line for Krish. Thank you for taking my questions. I know you've talked a good amount from the previous questions. But just in terms of these capacity constraints, are there any areas of the market that are larger pain points in your ability to ship tools to? And any areas where potentially you could be constrained and would need more capacity once Foundry Logic takes off more in calendar year '27?

你好。這是羅伯特·伯恩斯為克里什報到。謝謝您回答我的問題。從之前的問題來看，我知道你已經說了不少東西了。但就這些產能限製而言，在向市場交付工具方面，是否存在一些更棘手的痛點？那麼，在 Foundry Logic 於 2027 年全面發展後，您可能會在哪些方面受到限制，需要更多產能？

I mean, if you think about -- this is Rick. If you think about our portfolio, we by and large ship the same products -- same kind of products for advanced technologies whether it's memory or Foundry Logic. So it's not like we're constrained to support the memory guys or the logic guys. It's more the thing Brent talked about where optics is an example where you only have so much capacity over time and you can add it, but you can't add it quickly because it takes a lot of work to increase the number of -- the output of very complex optics. So it's more product-specific to our products than it is customer-specific.

我的意思是，如果你仔細想想——這是里克。如果你看看我們的產品組合，你會發現我們整體上銷售的是相同的產品——無論是記憶體還是晶圓代工邏輯晶片，都是面向先進技術的同類產品。所以，我們並非只能支援記憶體開發人員或邏輯開發人員。更確切地說，就像布倫特談到的那樣，光學就是一個例子，隨著時間的推移，你的產能是有限的，你可以增加產能，但你不能快速增加產能，因為增加非常複雜的光學器件的輸出數量需要大量的工作。所以，這更多是針對我們的產品，而不是針對客戶。

And I guess the only other thing I'd add to that is what's driving the mark today is really leading-edge demand. And so it isn't like we -- when we went through 2023 and 2024 with more legacy products where you had a broader mix of products. What customers want today are leading-edge solutions. And so that's that's where most of the focus is.

我唯一要補充的是，如今推動這一趨勢的真正因素是前沿技術的需求。所以情況和我們 2023 年和 2024 年的情況不一樣——當時我們有更多傳統產品，產品組合也更廣泛。如今客戶需要的是領先的解決方案。所以，這就是我們關注的重點。

And then your DRAM shipments were particularly strong this quarter. I think you had mentioned in the last call you expected them to be up. But were there any shifts in your view over the quarter? And what sort of demand visibility do you have into that market for this year?

而且，你們本季的DRAM出貨量尤其強勁。我想你在上次通話中提到過，你預計他們會起床。但你在本季中觀點是否有所轉變？您對今年該市場的需求預測有何看法？

Yeah. As we said earlier, I mean, certainly over the last few months, we've seen fundamentals of overall equipment spending strengthen and certainly a desire by our customers to get tools sooner rather than later. So we've tried to manage our way around that, and the demand is broad based. So I would say that overall demand has strengthened in last few months in that part of the market. The whole part -- all markets frankly.

是的。正如我們之前所說，我的意思是，在過去的幾個月裡，我們看到整體設備支出基本面有所增強，而且我們的客戶也確實希望盡快獲得工具。所以我們嘗試透過各種方式來解決這個問題，而且需求基礎很廣泛。所以我認為，過去幾個月來，該部分市場的整體需求有所增強。整個部分——坦白說，所有市場都是如此。

Stacey Rasgon, Bernstein Research.

Stacey Rasgon，伯恩斯坦研究公司。

My first one, I want to ask Tim's question a slightly different way. So you gave the guidance for the first half, which kind of gives me June. And again, if I'm modeling, you said high single to low double. The second half would be up, call it 10%. That would put us -- my math suggests that kind of total revenue is up, I don't know, 12%, 13%, which is about what you're suggesting the whole WFE market is growing. So you said you're gaining share, so why wouldn't that number be higher? Like where is the share gains given that half over half in the second half that you're talking about?

我的第一個問題是，我想用稍微不同的方式問一下提姆的問題。所以你給了上半年的指導，這大概就是六月的情況了。再說一遍，如果我在建模，你說的是高單打到低雙打。下半場已經結束了，大概佔10%。這樣一來——我的計算表明，總收入將成長，我不知道，12%、13%，這和你所說的整個WFE市場的成長幅度差不多。你說你們的市佔率正在成長，那麼為什麼這個數字不會更高呢？例如，你提到的下半年股價上漲一半的局面，那麼股價上漲的幅度在哪裡呢？

Well, so Stacey, I mean, part of this is the blended numbers, right? So you're getting that. When we talk about share gain overall, we're looking at our semiconductor process control business in terms of its relative performance against total equipment market. So there is that.

嗯，Stacey，我的意思是，這其中一部分是混合數字，對吧？所以你明白了。當我們談到整體市佔率成長時，我們指的是半導體製程控制業務相對於整個設備市場的相對表現。事情就是這樣。

Again, that allow you to do the work. I'm not going to guide the full year to that level of precision. I will say that we feel very good about our ability to grow faster than the market. And you've got service element, you've got our non-semi elements that are also factors in our growth rate.

再說一遍，這樣你就可以完成工作了。我不會將全年的預測精確到那種程度。我想說，我們對自身能夠實現比市場更快的成長感到非常有信心。服務因素、非半成品因素也是我們成長率的因素。

Okay. Because, I mean, services is growing about that much as well. You said 12% to 14%, and I just feel like that half over half, and maybe there's just conservatism built into it. But it feels like, like I said, call it 10% or whatever feels light.

好的。因為，我的意思是，服務業的成長幅度也差不多是這個水準。你說的是 12% 到 14%，我覺得差不多一半一半吧，也許這裡麵包含了一些保守因素。但感覺就像我說的，就算說是 10% 或任何感覺輕鬆的程度吧。

Anyways, so my second question, just around China. The last time you reported it was after the affiliate rule been put in place and before it was taken off. What are your thoughts on, I guess, recovery of that revenue? And, like, how does that bake in to your thoughts on China revenue next year? Because to my mind, like, you're -- I don't know if your China guidance for next year now is higher than it was last quarter or not, but presumably some of that affiliate revenue should be coming back.

總之，我的第二個問題，就在中國境內。你上次報告此事是在聯盟規則實施之後、取消之前。您對如何恢復這部分收入有什麼看法？那麼，這會如何影響你對明年中國市場營收的預期呢？因為在我看來，就像——我不知道你現在對明年中國市場的預期是否高於上個季度，但想必部分關聯公司的收入應該會恢復。

Yeah. I would have -- I think that three months ago, we thought China would be modestly down, and now I think it's going to be up for us this year. So that business has come back in and feathered through within our forecast and some of the commentary we provided here.

是的。三個月前，我們認為中國經濟會略有下滑，但現在我認為今年中國經濟對我們來說將會上升。因此，這項業務已經恢復，並符合我們的預測和我們在這裡提供的一些評論。

And how much was that again? I can't remember. $300 million or $350 million? I can't remember.

那總共多少錢來著？我記不清了，是3億美元還是3.5億美元？我記不起來了。

Yeah. In that ballpark, I mean, some service elements, but yeah, in that ballpark.

是的。大致上就是這個範圍，我的意思是，一些服務要素，但是，是的，大致就是這個範圍。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

As I look out, you talk about more share gains. Where should I be paying attention? Is that more on the leading-edge Foundry Logic side? Is that more in the advanced packaging side? Just because to Stacey's question, you're talking about a core WFE that you're growing in line with -- maybe you're being a conservative to start the year and end up beating that as we go along. But I would imagine if you include advanced packaging as well. That's an area where you had a lot of strength. So imagine that would accelerate the growth rate.

我環顧四周，你們卻在談論更多的股票成長。我該注意哪些方面？這是否更偏向代工邏輯的尖端技術？那是不是更偏向先進封裝技術？因為對於 Stacey 的問題，你談論的是一個核心的 WFE，你正在按照這個核心 WFE 進行成長——也許你在年初比較保守，但隨著時間的推移，最終會超越這個目標。但我想如果把先進的包裝技術也考慮進去的話，情況就不同了。那是你非常擅長的領域。想像一下，這將加快成長速度。

Maybe explain where you're seeing those share gains. Is it more so on the AP side or on the leading-edge Foundry Logic side?

或許可以解釋一下你在哪裡看到了這些市場佔有率的成長。這種情況在AP方面比較常見，還是在領先的代工廠邏輯方面比較常見？

Well, we're certainly seeing share gains in AP. As I talked about earlier, I think there's a lot of positive momentum there. I think we've done extremely well with logic, and I think there's a lot of momentum on the memory side. As it relates to the overall business, I wouldn't say our share is pretty consistent across the different segments. I mean, so it really comes down to our products.

嗯，我們確實看到AP的市佔率有所成長。正如我之前所說，我認為那裡有很多積極的勢頭。我認為我們在邏輯方面做得非常好，而且我認為我們在記憶體方面也勢頭強勁。就整體業務而言，我認為我們在各個細分市場的份額並不太穩定。我的意思是，歸根結底還是取決於我們的產品。

The reticle inspections had a really strong year. We think that that's part of the markets inflecting. We're doing pretty well there. We see some positive momentum in our electron beam businesses. And so we think that that's a positive here moving forward as well. So I think between what's happening in packaging, what's happening in e-beam, what's happening in reticle, and our largest businesses like our broadband plasma business or high-end pattern inspection, it's a market that's growing faster and we have a strong share. So we'll influence the overall share numbers just because of the relative growth rate of that segment versus other parts of the market.

瞄準鏡檢查工作今年表現非常出色。我們認為這是市場轉向的一部分。我們在那邊做得相當不錯。我們看到電子束業務出現了一些正面的發展動能。所以我們認為這對未來的發展也是一個正面的面向。所以我認為，從包裝、電子束、光罩等領域的發展，以及我們最大的業務（如寬頻等離子業務或高端圖案檢測）來看，這是一個成長更快的市場，我們佔據了很大的市場份額。因此，由於該細分市場相對於其他市場部分的相對成長率，我們將對整體市場份額產生影響。

So those are the areas we feel pretty good about our share position here in 2025.

所以，我們對2025年在這些領域的市佔率感到相當有信心。

In terms of gaining share, and we think that we'll continue to increment what is that -- it was a really strong share position we'll continue to increment here moving forward given the nature of the portfolio and our ability to compete, meeting customers technical requirements and their cost requirements, being able to leverage the network effect across the systems. So we think that enhances our competitive offerings and positions us well here moving forward from a share point of view.

就市場佔有率而言，我們認為我們將繼續擴大市場份額——這是一個非常強大的市場份額地位，鑑於產品組合的性質和我們的競爭能力，滿足客戶的技術要求和成本要求，並能夠利用系統間的網絡效應，我們將繼續擴大市場份額。因此，我們認為這增強了我們的競爭力，並從市場份額的角度使我們在未來的發展中處於有利地位。

And if I may, just a really quick follow up. Your competitor talked about the different vectors of market growth into their guidance for WFE in 2026 and said, Foundry Logic, good growth; DRAM, good growth; but NAND, a bit below that. I was curious if you agree with that assessment when you look at the broader market.

如果可以的話，我想快速補充一點。你的競爭對手在 2026 年 WFE 的預測中談到了市場成長的不同方向，並表示：晶圓邏輯晶片成長良好；DRAM 成長良好；但 NAND 的成長略低於預期。我想知道，從更廣泛的市場角度來看，您是否同意這種評估。

And then obviously, you're hearing some NAND guys report tonight, maybe talking a bit more aggressively about spend. Do you think that as this year goes along, maybe that view can change if you see an acceleration a bit more quickly on the NAND side from a technology transition perspective or some greenfield? I know it's a smaller business for you but interested in your thoughts.

然後很顯然，你今晚會聽到一些 NAND 廠商的報告，他們可能會更積極地談論支出問題。您是否認為，隨著今年的進行，如果從技術轉型或全新領域的角度來看，NAND 方面的發展速度加快一些，這種觀點可能會改變？我知道這對你來說只是個小生意，但我很想聽聽你的想法。

I think the challenge, given the constraints in the industry around how much can actually be supplied, any new demand that's showing up today, as I said earlier, in terms of our conversations with customers, is more about '27 deliveries. Also, they're not a competitor. They're a peer. We have enough competitors. Thank you.

我認為，鑑於行業內實際供應量受到限制，目前出現的挑戰是，正如我之前所說，根據我們與客戶的對話，任何新的需求都更多地與 2027 年的交付有關。此外，他們也不是競爭對手。他們是同輩。我們的競爭對手已經夠多了。謝謝。

Thank you, Tom. All right. I wanted just to thank everyone for their time. I know it's a very busy earnings season and a very busy earnings day. We look forward to seeing hopefully many of you at our Investor Day in New York on March 12.

謝謝你，湯姆。好的。我只想感謝大家抽空。我知道現在是財報季，財報發布日也非常繁忙。我們期待在3月12日於紐約舉行的投資者日活動上見到各位。

And with that, I'll turn it back the operator for any final instructions.

最後，我將把麥克風交還給操作員，以便接收任何最終指示。

Thank you. This concludes the KLA Corporation December quarter 2025 earnings call and webcast. Please disconnect your line at this time and have a wonderful day.

謝謝。KLA公司2025年12月季度財報電話會議和網路直播到此結束。請您此時斷開電話，祝您有美好的一天。