芯源系統 (MPWR) 2025 Q4 法說會逐字稿

Welcome, everyone, to the MPS fourth-quarter 2025 earnings webinar. My name is Arthur Lee, and I'll be the moderator for this webinar. Joining me today are Michael Hsing, CEO and Founder of MPS; Brittany Blagan, EVP and CFO; Rob Dean, Corporate Controller; and Tony Ballow, Vice President of Finance.

歡迎各位參加MPS 2025年第四季財報網路研討會。我叫亞瑟李，我將擔任本次網路研討會的主持人。今天與我一同出席的有：MPS 執行長兼創辦人 Michael Hsing；執行副總裁兼財務長 Brittany Blagan；公司財務長 Rob Dean；以及財務副總裁 Tony Ballow。

Earlier today, along with our earnings announcement, MPS released a written commentary on the results of our operations. Both documents can be found on our website.

今天早些時候，MPS 在發布獲利報告的同時，也發布了一份關於我們營運績效的書面評論。這兩份文件都可以在我們的網站上找到。

Before we begin, I'd like to remind everyone that in the course of today's presentation, we may make forward-looking statements and projections within the meaning of the Private Securities Litigation Reform Act of 1995 that involved risk and uncertainties. The risk, uncertainties, and other factors that could cause actual results to differ from these forward-looking statements are identified in the Safe Harbor statements contained in the Q4 2025 earnings release, our Q4 2025 earnings commentary, and in our SEC filings, including our Forms 10-K and Forms 10-Q, which can be found on our website. Our statements are made as of today, and we assume no obligation to update this information.

在開始之前，我想提醒大家，在今天的演講過程中，我們可能會做出1995年《私人證券訴訟改革法案》意義上的前瞻性陳述和預測，這些陳述和預測涉及風險和不確定性。可能導致實際結果與這些前瞻性聲明之間存在差異的風險、不確定性和其他因素，已在 2025 年第四季度收益發布、2025 年第四季度收益評論以及我們向美國證券交易委員會提交的文件（包括 10-K 表格和 10-Q 表格）中的“安全港”聲明中予以說明，這些文件可在我們的網站上找到。我們的聲明僅代表截至今日的信息，我們不承擔更新此信息的義務。

Now, I'd like to turn the call over to Tony.

現在，我想把電話交給東尼。

Thanks, Arthur. Good afternoon, and welcome to our Q4 2025 earnings call. Today, we made an announcement that after 15 years at MPS and 10 years as CFO, Bernie will be retiring.

謝謝你，亞瑟。下午好，歡迎參加我們2025年第四季財報電話會議。今天，我們宣布，在 MPS 工作 15 年，擔任財務長 10 年後，伯尼將退休。

Before we begin our prepared remarks, I'd like to turn the webinar over to him for his thoughts on his time at MPS and the transition ahead. Bernie?

在我們開始演講之前，我想把網路研討會交給他，讓他談談他在MPS的工作經驗以及未來的過渡計畫。伯尼？

Thanks, Tony. As I was preparing for today, I realized that this is my 40th earnings call as MPS' CFO. That's a nice round number to finish up with. It's been my pleasure and honor to work closely with Michael for so long and to have been a part of MPS' leadership team.

謝謝你，托尼。在準備今天的財報電話會議時，我意識到這已經是我作為 MPS 財務長參加的第 40 次財報電話會議了。這是一個不錯的整數，可以作為結尾。能夠與邁克爾密切合作這麼長時間，並成為MPS領導團隊的一員，我感到非常榮幸和高興。

I want to thank our investors and analysts who trust you placed in me. It is natural for all businesses to go through cycles. Your support has been consistent regardless of the circumstances, and I have greatly appreciated it. As I look ahead, MPS' prospects remain bright.

我要感謝各位投資人和分析師對我的信任。所有企業都會經歷週期性波動，這是很自然的。無論情況如何，您始終如一地支持我，我對此深表感激。展望未來，MPS 的前景依然光明。

With our unique culture, our dedicated employees in a fantastic portfolio of products, MPS is well positioned to sustain the broad-based growth you've come to expect from us during the last 10 years. I have a lot of confidence in the team. I am transitioning my responsibilities to, starting with Rob Dean, who will be our interim CFO.

憑藉我們獨特的企業文化、敬業的員工以及出色的產品組合，MPS 完全有能力維持過去 10 年來您所期望的全面成長。我對團隊充滿信心。我正在逐步交接我的職責，首先由羅伯·迪恩擔任我們的臨時財務長。

While many of you may not know Rob, we have been partners in this enterprise for the last nine years. And like my predecessor and for myself, Rob continues the MPS tradition of transitioning from MPS' controllership to CFO. This ensures a lot of continuity in the role. Likewise, I will remain with the company to support the successful transition.

雖然你們中的許多人可能不認識羅布，但我們在過去的九年裡一直是這家企業的合作夥伴。和我的前任一樣，羅布也延續了MPS的傳統，從MPS的財務長過渡到財務長。這確保了該職位的連續性。同樣，我也會留在公司，支持順利過渡。

Rob, would you like to say a few words?

羅布，你想說幾句嗎？

Yes. Thanks, Bernie, and I'm grateful to you and Michael for this opportunity to continue the tradition and to have been part of the MPS finance team where you been CFO. I know I speak for the entire finance team when I thank you, Bernie, for everything you've done over the last 15 years.

是的。謝謝伯尼，我非常感謝您和麥可給我這個機會延續這項傳統，也感謝你們曾是MPS財務團隊的一員，而您當時擔任財務長。我知道我代表整個財務團隊感謝伯尼在過去 15 年所做的一切。

He's not only helped guide the business to consistent growth and execution, but he's grown a great team around him. I work closely with Michael and the executive team for close to a decade. We've developed a strong relationship, which I expect to continue as we grow the company and take on the opportunities ahead. I appreciate the confidence they have placed in me in this new role. I look forward to meeting all of you in the coming days and weeks.

他不僅幫助公司實現了持續成長和有效運營，而且還組建了一支優秀的團隊。我與邁克爾和管理團隊密切合作了近十年。我們已經建立了牢固的關係，我希望隨著公司的發展壯大和迎接未來的機遇，這種關係能夠繼續保持下去。我非常感謝他們對我的信任，讓我擔任這個新職位。我期待在接下來的幾天和幾週內與大家見面。

With that, I'll pass it over to Tony.

這樣，我就把麥克風交給東尼了。

Thanks, Rob. I'll now move to our prepared remarks before going to Q&A. In 2025, MPS posted its 14th consecutive year growth with a full year revenue of $2.8 billion, up 26.4% from 2024. For Q4 2025, we had a record quarterly revenue of $751.2 million, 1.9% above Q3 2025, and 20.8% higher than the fourth quarter of 2024. This performance reflected our consistent execution, continued innovation and less customer focus.

謝謝你，羅伯。接下來我將開始我的發言，之後進入問答環節。2025 年，MPS 連續第 14 年成長，全年營收達 28 億美元，比 2024 年成長 26.4%。2025 年第四季度，我們的季度營收創下歷史新高，達到 7.512 億美元，比 2025 年第三季成長 1.9%，比 2024 年第四季成長 20.8%。這項業績反映了我們一貫的執行力、持續的創新精神以及對客戶關注度的降低。

Let me call out a few highlights from 2025. Our non-enterprise data end markets grew by over 40% year over year, showcasing the strength of our diversified business model. We achieved our milestone of securing more than $4 billion of geographically balanced capacity and continue to add additional supply chain partners to support future growth. We had record module revenue and positioned ourselves for a further shift to solutions by sampling our 800-volt power solution for data center.

讓我來介紹一下2025年的幾個亮點。我們的非企業數據終端市場年增超過 40%，展現了我們多元化商業模式的實力。我們實現了獲得超過 40 億美元地域均衡產能的里程碑，並將繼續增加供應鏈合作夥伴以支持未來的成長。我們獲得了創紀錄的模組收入，並透過對資料中心 800 伏特電源解決方案進行樣品測試，為進一步向解決方案轉型做好了準備。

In automotive, we launched solutions for 48-volt and zonal architectures, including the first fully integrated 48 volt eFuse and a kilowatt-level zonal controller that will support growth in 2026 and beyond. We expanded our customer base and data center for power solutions across AI, server, memory, optical modules, and switch applications with leading-edge current density, power efficiency, and packaging.

在汽車領域，我們推出了適用於 48 伏特和區域架構的解決方案，包括首款完全整合的 48 伏特電子保險絲和千瓦級區域控制器，這將支援 2026 年及以後的成長。我們擴大了客戶群和資料中心，為人工智慧、伺服器、記憶體、光模組和交換器應用提供電源解決方案，並實現了領先的電流密度、功率效率和封裝技術。

I am also pleased to announce that our quarterly dividend will increase 28% to $2 per share. For the three years ending with December 2025, and MPS has returned over 72% of free cash flow to stockholders through share repurchases and dividends. Our proven long-term growth strategy remains intact as MPS focuses on innovation and solving our customers' most challenging problems. We continue to invest in new technology, expand into new markets and to diversify both our end market applications and global supply chain. This will allow us to capture future growth opportunities maintain supply chain stability and quickly adapt to market changes as they occur.

我很高興地宣布，我們的季度股息將增加 28%，達到每股 2 美元。截至 2025 年 12 月的三年間，MPS 透過股票回購和分紅，將超過 72% 的自由現金流返還給了股東。MPS 將繼續秉持行之有效的長期成長策略，專注於創新，解決客戶面臨的最具挑戰性的問題。我們將繼續投資新技術，拓展新市場，並使我們終端市場應用和全球供應鏈多元化。這將使我們能夠抓住未來的成長機會，保持供應鏈穩定，並迅速適應市場變化。

I will now open the webinar for questions.

現在我將開放網路研討會問答環節。

Thank you, Tony. (Operator Instructions) Chris Caso, Wolfe Research.

謝謝你，托尼。（操作說明）克里斯‧卡索，沃爾夫研究公司。

Yes. Thank you. And Bernie, I'm lucky to be the first to congratulate you on your retirement and wish you all the best. It's been a pleasure all these years.

是的。謝謝。伯尼，我很榮幸能成為第一個祝賀你退休並祝你一切順利的人。這些年來一直都很愉快。

Thank you very much, Chris.

非常感謝你，克里斯。

So for my first question, I guess, as we look into the March quarter, could you give some color on what you're seeing, with respect to the different segments, what do you see within the various market segments?

那麼我的第一個問題是，當我們展望三月的季度時，您能否就不同細分市場的情況，具體說說您觀察到的各個細分市場的情況？

Sure. Let me start to call this by talking a little bit about Q4 '25. We saw a good step-up in the ordering patterns in the quarter. Our book-to-bill ratio was well in excess of 1. And that's really reflected in our backlog, which is starting to extend out into Q2 and Q3 of '26.

當然。讓我先簡單談談 2025 年第四季的情況。本季訂單模式出現了顯著改善。我們的訂單出貨比遠高於 1。這一點確實反映在我們的積壓訂單中，積壓訂單已開始延至 2026 年第二季和第三季。

We also finished with fairly routine rather our channel inventory stayed at the low end of our range. So we feel that we're servicing real demand and that we're seeing a lot of strong ordering trend. So as we look at the fourth quarter, you can see that we saw some pretty good strength, particularly as it relates to enterprise data and also to the communications. We expect that those trends, along with automotive, should continue to extend into Q1 and into the remainder of the year.

最後，我們的通路庫存也基本上保持正常水平，處於較低水平。因此，我們感覺我們正在滿足真正的需求，我們看到了許多強勁的訂單趨勢。因此，當我們回顧第四季度時，可以看到一些相當強勁的成長勢頭，尤其是在企業數據和通訊領域。我們預計這些趨勢，以及汽車行業的趨勢，將持續到第一季以及今年剩餘的時間。

Thank you. As a follow-up, and you mentioned enterprise data. And obviously, that's been a focus of attention, not just for you, but the whole market. You had made some comments on enterprise data for '26 on the last earnings call. And if I just annualize the Q4 numbers, you pretty much get to where that guidance was. So what are your thoughts on that in the year? And perhaps is there a seasonal element to enterprise data as we go through the year?

謝謝。作為後續問題，您提到了企業數據。顯然，這不僅是您關注的焦點，也是整個市場的焦點。在上次財報電話會議上，你曾就 2026 年的企業數據發表過一些評論。如果我把第四季的數據按年計算，結果就基本上符合之前的預期了。那你對今年的情況有什麼看法？或許，隨著一年中的不同時間，企業資料也存在季節性因素？

Sure. I'll start off on this one. As I said, in Q4, we saw some fairly pronounced changes in ordering patterns, which has given us a fair amount more of confidence as far as what the outlook for enterprise data could be in '26. Now, I think for those who worked with me for the last 10 years, you know that I like to stay pretty conservatively profiled when I make an estimate.

當然。我先從這個開始。正如我所說，在第四季度，我們看到訂購模式發生了一些相當明顯的變化，這讓我們對 2026 年企業數據的前景更有信心。我想，過去十年與我共事的人都知道，我在做估價時喜歡保持相當保守的態度。

So I probably say that whereas last quarter, I talked about a range of between 30% and 40%. Maybe I can increase that to a floor of 50% growth for 2025.

所以我可能會說，上個季度我談到的範圍在 30% 到 40% 之間。或許我可以把2025年的最低成長率提高到50%。

Well, 50%? I thought that we can do a lot more than that.

嗯，50%？我認為我們能做的遠不止這些。

Conservatively. (laughter) Well, I see -- this is the one I see up here. Okay. We won the many design wins and across the board, not from one company, one large company, okay, we have multiple customers. They're all very big -- they call, what, these things seven or eight or whatever, okay? We won all the designs again. And we are proven, well, one of the variable AI power supply.

保守地。（笑聲）嗯，我明白了——這就是我在這裡看到的那個。好的。我們贏得了許多設計項目，而且是全方位的，不是來自一家公司，也不是來自一家大公司，好吧，我們有多個客戶。它們都非常大——它們被稱為，七、八歲或什麼的，好嗎？我們再次贏得了所有設計方案。事實證明，我們是可變人工智慧電源之一。

And also, I see the other end, we have all the capacities. We can deliver this year to our customer needs. And I don't see why not. So not only 50%, okay, we'll be a lot more than that.

而且，我也看到了另一方面，我們擁有所有的能力。今年我們能夠滿足客戶的需求。我看不出有什麼理由不行。所以不僅僅是 50%，好吧，我們會遠遠超過這個數字。

Maybe just one last thing to add. Chris, you've heard us talk about the drivers for growth, which is really around growing existing customers, adding new customers, seeing new platforms coming to market, and then, of course, just server tailwinds. I think we always knew those were in place and now we're just seeing some of the backlog to go along with it.

最後還有一點要補充。克里斯，你已經聽我們談論過成長的驅動因素，這實際上圍繞著現有客戶的成長、新客戶的增加、新平台的上市，當然還有伺服器的順風。我認為我們一直都知道這些措施已經到位，現在我們只是看到了隨之而來的一些積壓工作。

The only other thing I'd add, right, is we focus a lot on enterprise data, but I think we've seen a strong data center demand, which is really also pulled through storage growth optical modules, switches, and other areas we've talked about. So I think, overall, we've seen strong data center demand through the end of the year.

我唯一要補充的是，我們非常關注企業數據，但我認為我們已經看到了強勁的數據中心需求，這實際上也是由儲存成長、光模組、交換器以及我們討論過的其他領域所推動的。所以我認為，總體而言，到年底為止，我們看到了資料中心的強勁需求。

Got it. Okay, thank you. All the best, Bernie.

知道了。好的，謝謝。祝你一切順利，伯尼。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

Yeah, thanks for taking the questions. And my congrats to Bernie as well. Thanks for all the help. Maybe just to follow up on that, in the enterprise data and the increase in outlook, how much of that is related to like traditional server CPU demand? And it seems like it is accelerating as well.

謝謝你回答這些問題。我也要祝賀伯尼。感謝大家的幫忙。或許可以進一步探討一下，在企業資料和預期成長方面，有多少與傳統伺服器 CPU 需求相關？而這個趨勢似乎還在加速。

Well, as I said, we have a lot of new design wins in the game in -- particularly last 1.5 years. And we see continuously change and adopt our modules and even from a -- changing from silicon to modules. And we see the trend. And with our power densities, I mean, we're winning the market.

正如我所說，我們在過去一年半的時間裡，尤其是在遊戲設計方面，取得了許多新的突破。我們看到我們的模組不斷變化和採用，甚至從矽片轉變為模組。我們看到了這種趨勢。就我們的功率密度而言，我的意思是，我們正在贏得市場。

Yeah. I think to go back to part of your question, which had to do with the traditional, maybe, CPU data center. The lines between AI, GPUs, and CPU are getting pretty blurry, because they're so integral to one another these days.

是的。我想回到你問題的一部分，那部分可能與傳統的 CPU 資料中心有關。如今人工智慧、GPU 和 CPU 之間的界線越來越模糊，因為它們彼此之間密不可分。

They're using the same kind of a poly supply now.

他們現在使用的是同一種聚合物供應。

Exactly, but I would say that we've been trending very well in both categories. So I can talk to a trend line, but I can't really give you an absolute figure.

沒錯，但我認為我們在這兩方面都發展得非常好。所以，我可以談談趨勢線，但我無法給你一個絕對數字。

Okay. That's helpful. And then as a follow-up, as I think about just kind of like storage and compute and maybe the exposure to like PCs, are you seeing anything related to just kind of memory prices increasing, and just kind of maybe some pressure on some demand destruction around that part of the market?

好的。那很有幫助。然後，作為後續問題，當我思考儲存和計算以及個人電腦等相關領域時，您是否看到記憶體價格上漲，以及這部分市場需求可能受到抑制等情況？

Oh, you're talking about PC. The PC is a different animal then the data centers, okay?

哦，你說的是個人電腦。個人電腦和資料中心完全是兩碼事，懂嗎？

I mean, new question is asking about memory and the constraints there, whether we're seeing that effect us.

我的意思是，新的問題是在詢問記憶及其限制，以及我們是否看到了這些限制對我們的影響。

Oh, memory constraints?

哦，記憶體限制？

Right.

正確的。

As I said earlier, we don't have constraints on the capacity side.

正如我之前所說，我們在產能方面沒有限制。

I think where you're going, Joe, as well is also is there are any demand destruction in PCs. I think as you looked at Q4 into Q1, remember, we're coming off a very strong first half of 2025. So we expected that to be down a bit, as well as we are participating more selectively in the emerging parts of that business. I don't think we know how it's going to play out through the rest of this year at this point. So I don't think it's possible to say how that market might trend. We hear a lot of the same, but I think it's too early for us to tell.

喬，我認為你的意思也是，個人電腦市場是否有任何需求萎縮。我認為，當你回顧 2025 年第四季到第一季的情況時，請記住，我們剛剛經歷了 2025 年上半年的強勁成長。因此，我們預計這一比例會略有下降，因為我們對新興業務的參與也更有選擇性。我認為目前我們還無法預知今年剩餘時間事態發展。所以我認為現在無法預測該市場的走向。我們聽到了很多類似的說法，但我認為現在下結論還為時過早。

Okay.

好的。

On the memory constraint on the PC?

個人電腦記憶體受限嗎？

Yeah.

是的。

I don't know. We don't know those markets, okay? We don't know what our customers do. We deliver what our customers ask. I care less.

我不知道。我們對那些市場並不了解，好嗎？我們不知道我們的客戶在做什麼。我們滿足客戶的需求。我不太在意。

Josh Buchalter, Cowen.

Josh Buchalter，Cowen。

I want to echo the congrats and best wishes to Bernie after an incredible run and a long, sometimes straight trip. I very much appreciate the support over the year, and congrats and best of luck to Rob.

我謹向伯尼表示祝賀和最美好的祝愿，祝賀他取得了令人矚目的成就，走過了一段漫長而有時甚至一帆風順的征程。我非常感謝大家一年來的支持，恭喜羅布，並祝他一切順利。

Maybe just to start, the incremental confidence in enterprise data is great to see. And it seems like you guys are suggesting, you feel better about visibility there than you have in the past. Is that a fair read? And if so, as part of this, it's just the market is maturing and scaling, and also just the capacity needs are so great. I was just hoping you could maybe speak to how visibility compared to maybe a year ago or something? Thank you.

或許首先，看到人們對企業數據的信心逐漸增強，這是一件好事。看來你們的意思是，你們感覺現在那裡的曝光度比以前好。這樣的解讀是否公正？如果是這樣，那部分原因在於市場正在成熟和規模化，產能需求也非常巨大。我只是希望您能談談與一年前相比，目前的可見度情況如何？謝謝。

Yeah. I think in prior quarters, I've said that we've been experiencing a turnaround, much of which has been around the enterprise data or more broadly AI markets, but that the anomaly had been that we've been seeing very short lead times, and that they were not putting a lot of backlog in our books. And I'd say that the fundamental change that's also making us more confident right now is that we are seeing longer ordering patterns, because some of our customers are concerned about capacity constraints, not necessarily with us, but just in general.

是的。我認為在前幾個季度，我曾說過我們一直在經歷一場好轉，其中大部分都與企業數據或更廣泛的人工智慧市場有關，但異常之處在於我們看到交付週期非常短，而且他們並沒有給我們留下很多積壓訂單。我認為，目前讓我們更有信心的根本性變化是，我們看到訂單週期更長了，因為我們的一些客戶擔心產能限制，不一定是針對我們，而是普遍存在這種擔憂。

Okay. That's helpful color. Thank you, Bernie. And the 40% on enterprise data growth number for 2025 is obviously huge and above your historical algorithm of I think it was 10% to 15% above the analog industry. Is that still the right way we should be thinking about the non-compute exposed verticals into 2026 as well? Thank you, and congrats again.

好的。這是個很有幫助的顏色。謝謝你，伯尼。2025 年企業數據成長率達到 40% 的數字顯然非常巨大，高於你們的歷史演算法預測的比類比產業高出 10% 到 15%。對於2026年的非運算密集型垂直產業，我們是否仍該這樣思考？謝謝，再次恭喜。

I will try to manage your expectation. We're not going to -- not a 26%, we have a 40% growth, okay? And this growth, okay, we are still small players in the overall markets, compare all the market size, okay? And some growth in some years, we see the opportunities, we can grow better than any other years, okay? But the long-term trade or even short-term trade and even '26, we will grow.

我會盡量讓你的期望值保持在合理範圍內。我們不會－不是26%，而是40%的成長，好嗎？而這種成長，好吧，我們在整個市場中仍然是小玩家，要比較整個市場規模，好嗎？有些年份會有一些成長，我們看到了機會，我們可以比其他年份成長得更好，好嗎？但從長遠來看，無論是短期貿易還是 2026 年，我們都會成長。

Okay, thank you.

好的，謝謝。

Quinn Bolton, Needham.

奎因·博爾頓，尼德姆。

Hey, thanks for taking my question. And Bernie, it's been a great run, a great decade. So thank you for all your help along the way. Welcome, Rob.

嘿，謝謝你回答我的問題。伯尼，你走過了輝煌的十年。所以，非常感謝你一路以來的幫助。歡迎你，羅布。

I wanted to ask, some of your competitors in the AI power space. You're talking about their business is doubling in 2026. And I know your business and their businesses don't overlap 100%. There's different compositions. My question is, do you guys think that you're gaining share as you look into 2026, broadly in the AI power segment?

我想問一下，你們在人工智慧領域的競爭對手有哪些？你是說他們的業務將在 2026 年翻倍。我知道你們的業務和他們的業務並不完全重合。有不同的成分。我的問題是，你們認為展望 2026 年，在人工智慧領域，你們的市佔率會不斷成長嗎？

Yeah. I'll refuse to get into a pissing context. (laughter) And the, who wear less on the stage, okay? We let the numbers speak itself. As always, as our seaside peals are, what, 20, 21 years history? We never do that.

是的。我拒絕捲入與小便有關的話題。（笑聲）還有那些在舞台上穿得比較少的人，好嗎？我們讓數字說話。和以往一樣，我們的海邊鐘聲已經有20、21年的歷史了？我們從來不那樣做。

I do think that we clearly have great products, broad engagement across the customers. We have design wins in a broad swath. So how the market then plays out remains to be seen, I think. But I think we're very confident in our product portfolio and the engagements we have right now.

我認為我們顯然擁有優秀的產品，並獲得了廣泛的客戶群。我們在許多領域都獲得了設計訂單。所以，市場接下來會如何發展，還有待觀察。但我認為我們對目前的產品組合和合作項目都非常有信心。

Got it. And then, Michael (multiple speakers)?

知道了。然後，邁克爾（多位發言者）？

That's as a much better small talk -- that's much.

那是一種更好的閒聊方式——這很棒。

Well, as you said, we'll see where the numbers shake out at the end of the year. Michael, I wanted to ask -- you talked about sampling your (multiple speakers)

正如你所說，我們到年底再看看最終的數字吧。邁克爾，我想問一下——你剛才提到給你的……做採樣（多位發言者）

You're probably seeing much early.

你可能看到的還比較早。

Okay. I wanted to ask you about the 800-volt solutions for 800-volt racks. Some of the participants in the market are suggesting NVIDIA and others are looking for GaN-based solutions. I think you guys are offering a silicon carbide-based solution. And so just wondering if you can talk about what you're seeing in the market. Is there a preference for GaN or silicon carbide? Do you think there will be a mix of compound semiconductor solutions for that 800-volt to 12- or 6-volt stage in those 800-volt racks?

好的。我想諮詢一下關於800伏機架的800伏解決方案。市場上的一些參與者推薦英偉達（NVIDIA）的產品，而其他參與者則在尋找基於氮化鎵（GaN）的解決方案。我認為你們提供的是一種基於碳化矽的解決方案。所以，我想問您能否談談您目前在市場上觀察到的情況。氮化鎵和碳化矽哪個比較好？您認為在這些 800 伏特機架中，800 伏特到 12 伏特或 6 伏特的轉換階段會採用多種化合物半導體解決方案嗎？

Yeah, yeah. Okay. Again, okay. And this is not a good venue to talk about technical terms.

是啊是啊。好的。好的。這裡不適合討論技術術語。

Actually, I'm happy to be a person who really knows the semiconductor device. And we are [developing] silicon carbide, okay? And 10 years ago, I was wrong about GaN. But in the last few years, we developed our own GaN devices, okay?

事實上，我很慶幸自己是個真正了解半導體元件的人。我們正在研發碳化矽，好嗎？10年前，我對氮化鎵的看法是錯的。但在最近幾年，我們開發了自己的氮化鎵裝置，好嗎？

And 800 volts, since Tony is mentioning about it and we're entering a pissing context, okay, that revenue is not for this year, not even for next year. So I can -- maybe end of the next year? However, we are the first company to sample it. Now that's a part of a pissing contest talking.

既然東尼提到了 800 伏特，而且我們又開始討論這個話題了，好吧，那 800 伏特的收入不是今年的，甚至也不是明年的。所以，也許明年年底可以？然而，我們是第一家對其進行測試的公司。這簡直就是一場互相指責的較量。

And again, we've done a good job and shown ourselves to be very adaptive changes to the market. So whether it turns out to be GaN or silicon carbide, that is what's demanded, I'm sure that we'll be well positioned to take advantage of it.

再次證明，我們做得很好，也證明了我們能夠非常迅速地適應市場變化。所以，無論最終是氮化鎵還是碳化矽，只要是市場需要的，我相信我們都能善用它。

Got it. Thank you.

知道了。謝謝。

Rick Schafer, Oppenheimer.

Rick Schafer，奧本海默。

Thanks. And I would just say, Bernie, it's been a genuine pleasure. You're going to be missed. And Michael, I just want to confirm for everybody that you're never retiring, right?

謝謝。我只想說，伯尼，這真是我的榮幸。我們會想念你的。邁克爾，我只想向大家確認一下，你永遠不會退休，對吧？

Well, it's happened to be -- today is my 86th earnings call. I'm working to double it.

巧合的是，今天是我第 86 次財報電話會議。我正在努力讓它翻倍。

Okay. Well, be serious, okay? And I enjoy this MPS thing, okay, and immensely, okay. We actually created this platform. Everybody can maximize their capability. And with the -- and the more interesting things to me is, we, as a company evolve. And we form -- we sell semiconductor, power management.

好的。好了，認真點，好嗎？我很喜歡這種MPS的東西，真的，非常喜歡。這個平台實際上是我們創建的。每個人都能最大限度地發揮自己的潛能。而且，對我來說更有趣的是，我們作為一個公司也在不斷發展。我們生產半導體和電源管理產品。

Now in the semiconductor, we're get into MCU. We get in to a data converters, we get to even high speed. These are a few gigahertz of stuff. And you will see the revenue some. And on the overall market segment address, we migrate from silicon to systems, a module to systems, and you will see a lot more. I may enjoy this process a lot. And every year, I'm a part of it, again, and I have on product line.

現在，在半導體領域，我們要進入微控制器（MCU）領域。我們進入數據轉換器，甚至可以達到高速。這可是幾吉赫茲的東西啊。你會看到一些收益。就整體市場細分而言，我們將從矽晶片轉向系統晶片，從模組轉向系統晶片，你會看到更多變化。我可能會非常享受這個過程。每年我都會參與其中，而且我還有自己的產品線。

Thanks, Michael. It's reassuring. Also, I just had a quick clarification and then I've got a couple of follow-ups. But the clarification, Michael, you said earlier, that CPU and GPU and server are using the same power supplies now. So does that mean that server CPU is already migrating to 48 volt?

謝謝你，麥可。這讓人感到安心。另外，我剛才有個簡單的澄清，然後還有幾個後續問題。但需要澄清的是，Michael，你之前說過，CPU、GPU 和伺服器現在使用的是同一個電源。這是否意味著伺服器 CPU 已經開始向 48 伏特電壓過渡了？

It stood -- they use mostly -- okay, if they have some advanced, okay, and high-priced servers or special servers that have a special need, they still use 12 volts. And -- but I'm aware of some models in the 48 volts, my guess is still small. I'm not very clear on that.

它仍然——他們大多——好吧，如果他們有一些先進的、好的、昂貴的伺服器或有特殊需求的特殊伺服器，他們仍然使用 12 伏特電壓。而且——但我知道有些型號是 48 伏特的，我的猜測仍然是小規模的。我對此不太清楚。

But this is -- and the majority is still 12, and now they -- it's clear the modules, the way to go, and if we want to improve efficiency.

但是，大多數仍然是 12，現在他們——很明顯，模組是前進的方向，如果我們想要提高效率的話。

Thanks for clearing that out. So my first question really is on optical transceiver, because that's basically a brand-new product line, a little over a year old, I believe. And by our count, in our model, it's close to roughly 5% of sales exiting last year. I think, now, which is a pretty remarkable ramp.

謝謝你澄清這一點。所以我的第一個問題其實是關於光收發器的，因為這基本上是一個全新的產品線，我相信它推出才一年多一點。根據我們的統計，在我們的模型中，這大約佔去年銷售額的 5%。我認為，現在看來，這是一個相當了不起的進步。

So I guess, I'm not thinking, we're asking what are your expectations for that business this year? And what does that imply for comp segment? What are sort of the puts and takes within the comp segment?

所以我想，我不是思考，我們是在問你對今年的業務有何預期？這對競爭格局意味著什麼？競爭格局中存在哪些投入與產出問題？

I can comment on -- give me -- this -- because we entered the module journey since 2016 or '17. And these happen to be the highest power density product on the market. Then optical modules, they wanted it, because they have unlimited room. So okay, in terms of our business, I don't know the details and maybe Bernie -- Tony can answer it okay.

我可以對此發表評論——給我——因為我們從 2016 年或 2017 年開始了模組化學習之旅。而這些產品恰好是市場上功率密度最高的。然後是光模組，他們想要光模組，因為它們的空間無限大。好吧，就我們公司的情況而言，我不太清楚細節，也許伯尼——托尼可以回答這個問題。

Yeah. I'll just follow up. I think we have obviously seen great growth in optical modules over the past, I think, 1.5 years. I think the way we look at the market very typical for MPS is sort of interconnect. So it's not just optical modules, but engagements for CPO, active copper, or other things as well, because the market will then figure out what interconnect technology is actually going to succeed over the long term.

是的。我稍後會跟進。我認為在過去的1.5年裡，光模組領域顯然取得了巨大的成長。我認為我們看待 MPS 市場的方式非常典型，就是某種互連。所以，這不僅僅是光模組，還包括 CPO、有源銅纜或其他產品的合作，因為市場最終會弄清楚哪種互連技術才能真正長期成功。

We obviously don't guide by some end market lead-load sub-end market, but we would expect optical module to continue to grow as you start to see the 1.6 ramp. As we go through it and for communications, it should be an area of growth for us in '26, both on optical modules and in switches because that's where our data center switches are as well.

我們顯然不會以終端市場主導或次終端市場為指導，但我們預計隨著 1.6 的爬坡開始，光模組將繼續成長。隨著我們不斷深入研究，就通訊而言，這應該會成為我們在 2026 年的成長領域，無論是光模組還是交換機，因為我們的資料中心交換機也都在那裡。

And then if I can sneak in one on automotive. I mean, obviously, a great year in '25. And I'm just curious what are the -- what you see, is it the top drivers of segment growth this year? I know you highlighted 48-volt zonal, and I didn't hear you say much about ADAS, but I assume ADAS. I don't if you can update us on how big ADAS is within that segment now?

然後，如果我能偷偷加一篇關於汽車的文章就好了。我的意思是，很顯然，2025 年是偉大的一年。我很好奇，您認為今年推動該細分市場成長的主要因素是什麼？我知道你重點提到了 48 伏特區域照明，但我沒怎麼聽到你提到 ADAS，但我假設你提到了 ADAS。不知道您能否介紹一下ADAS目前在該細分市場的規模？

Or -- and if there's any way to quantify sort of a shift this year that you expect in potential content per vehicle?

或者——有沒有辦法量化今年您預期每輛車潛在內容的變化？

Sure. I want to take a victory lap on 2025 where automotive grew 43% year over year and --

當然。我想慶祝一下2025年汽車產業年增43%的佳績。--

But that's only the beginning.

但這只是個開始。

That's exactly the point here, is that what we saw in 2025 and is going to continue is that, well, ADAS certainly was a strong initial ramp, particularly in '23, '24, and '25. I think we saw a lot more diversification into other content opportunities on the automotive platform.

這正是關鍵所在，我們在 2025 年看到的，並且還將繼續看到的是，ADAS 的確經歷了一個強勁的初期增長，尤其是在 2023 年、2024 年和 2025 年。我認為我們看到汽車平台上出現了更多向其他內容機會的多元化發展。

And so as we look ahead here, keep in mind, we're not necessarily driven by the SAAR of the business but we are -- our growth is dependent upon how fast our customers implement these new technologies, particularly as it relates to Zonal and 48 volt?

因此，展望未來，請記住，我們不一定受業務的 SAAR 驅動，但我們確實受到其驅動——我們的成長取決於客戶實施這些新技術的速度，尤其是在區域和 48 伏特方面？

Or even ADAS. In the majority of cars on the market is a no where anything close to what testament does, okay? And that's the car I drive, okay. You have a full -- I don't drive anymore. And I think a majority of people still drive. Okay. And that adoption rate that came in a large automotive company, they do things very slowly much slower than the Tesla.

甚至包括高級駕駛輔助系統（ADAS）。市面上絕大多數汽車都無法與 Testament 的效果相提並論，懂嗎？這是我開的車，好的。你有完整的——我已經不開車了。而且我認為大多數人仍然開車。好的。而且，大型汽車公司的採納速度非常慢，遠比特斯拉慢很多。

And for futures, we are up to this point, after the next couple of years, I see our products provide the complete power supply chipsets. And also we have all the firmware, software win, very much engaged with all the carmakers. And I don't see why not.

至於未來，我們目前預計，在接下來的幾年裡，我們的產品將提供完整的電源晶片組。此外，我們在韌體和軟體方面也取得了成功，與所有汽車製造商都有著密切的合作。我看不出有什麼理由不行。

That business is going to continue to grow. You actually, guys -- okay, you know how many cars shipped with ADAS, which levels. You can count MPS in it.

這家企業將會繼續成長。實際上，你們知道有多少輛汽車配備了 ADAS，以及它們的等級。你可以把MPS算進去。

And Rick, we're a little hesitant to probably call any numbers for the full year just because there is a lot of macro uncertainty still, great design wins, great engagement with Tier 1s and OEMs, but whether it's tariffs, whether it's the end of EV subsidies, or whether you can talk about what the impact on the auto market is from the memory shortage, I don't think we know. So I think we're a little hesitant to actually put a growth rate on it for the year.

里克，我們不太願意對全年業績做出任何預測，因為宏觀經濟方面仍然存在許多不確定性。雖然我們在設計方面取得了巨大成功，與一級供應商和汽車製造商的合作也很順利，但無論是關稅、電動車補貼的結束，還是記憶體短缺對汽車市場的影響，我認為我們都還不清楚。所以我覺得我們有點猶豫要不要給今年的成長率。

Appreciate it. Thanks, guys.

謝謝。謝謝各位。

Gary Mobley, Loop Capital.

Gary Mobley，Loop Capital。

Hey, guys. Thanks fort aking questions. Bernie, your retirement is well deserved and look forward to working with you, Rob. I think everybody on the call would share the same sentiment that I have that you're definitely one of my favorite CFOs and for my retirement gift to you. I wanted to throw you a big softball question, but I think it's an important topic.

嘿，夥計們。感謝提問。伯尼，你退休實至名歸，期待與你共事，羅布。我想電話會議上的每個人都會和我一樣，認為你絕對是我最喜歡的財務長之一，這是我送給你的退休禮物。我本來想問你一個很簡單的問題，但我覺得這是一個很重要的主題。

Looking back over the past decade, when you've been CFO, you've outperformed the overall analog chip market, the overall voltage regulator market, consistently every year and seemingly for different reasons each year. But thinking about the outperformance of the market in 2025, maybe if you can give us a sense of what drove that?

回顧過去十年，當你擔任財務長時，你的業績每年都優於整個類比晶片市場和整個穩壓器市場，而且每年似乎都有不同的原因。但考慮到 2025 年市場的優異表現，您能否為我們介紹一下推動這一現象的原因？

Was that just share gains in volt's regulator die? Or was this something more substantial like moving into data converters, -- was it tied to the higher content associated with modules and related, can you give us some KPIs as it relates to sort of your module mix right now? Anything you can help us get a better understanding of that consistent market share growth.

那隻是伏特穩壓器晶片的市佔率成長嗎？或者這是更實質的事情，例如轉向數據轉換器，——這是否與模組相關的更高內容有關，以及相關方面？您能否提供一些與您目前的模組組合相關的關鍵績效指標？您提供的任何資訊都將有助於我們更好地了解市場份額持續增長的原因。

Sure, Gary. And thank you for the kind words. They're appreciated. When you look at the overall performance for the company in 2025. We had -- what had been our largest revenue end market in enterprise data had actually declined 2%, and yet overall, the company grew 26%.

當然可以，加里。謝謝你的鼓勵。他們很受讚賞。當你展望公司2025年的整體表現。我們最大的收入終端市場——企業數據——實際上下降了 2%，但總體而言，公司成長了 26%。

And strategically, how we're differentiated from our competition is that we are represented with the best technology, the best services across all of the end markets that we service. And this is really just a reflection of our execution against that strategy over all of these years. It wasn't that, pardon my saying, we pulled the rabbit out in the hat. We actually are able to adapt very quickly to changes in the market. So that's what this is really a reflection of in our performance in 2025.

從戰略角度來看，我們與競爭對手的區別在於，我們在所服務的所有終端市場中都擁有最好的技術和最好的服務。這實際上反映了我們多年來對該戰略的執行情況。恕我直言，我們並沒有憑空變出什麼制勝法寶。我們實際上能夠非常迅速地適應市場變化。所以，這其實反映了我們在 2025 年的表現。

Thanks. As my follow-up, I wanted to ask about maybe some nuances in your increased visibility and incontinence regarding that. If I talk to you guys three months ago, I think you were thinking maybe the 2026 year was going to be a little more second half weighted, just given the stronger bookings that you've seen. The stronger order backlog as you see here today, would you say the shape of the year is a little more linear, less dependent on the second half?

謝謝。作為後續問題，我想詢問您在提高可見度和尿失禁方面可能存在的一些細微差別。如果我三個月前和你們談這件事，我想你們當時可能會覺得 2026 年下半年的業績可能會更強勁一些，因為你們已經看到了更強勁的預訂量。如您今天所見，訂單積壓情況更加強勁，您認為今年的經濟走勢會更加線性，對下半年的依賴會降低嗎？

I'd say that the first half for enterprise data, in particular, but for the company, it is more secure. I think there's still a lot of variables that need to be shaped before we really understand what the second half trajectory is going to look like. But obviously, the initial signs that we saw from the ordering pattern in Q4, and continuing into the year, have been exceptionally positive. So now, we have more of the high-level issue of trying to figure out what's real demand and what may be some double ordering on the part of our customers as they try to secure capacity.

我認為前半部對企業資料尤其如此，但對公司而言，它更安全。我認為在真正了解下半季的發展軌跡之前，還有很多變數需要確定。但顯然，從第四季的訂單模式以及今年持續的趨勢來看，最初的跡像都非常積極。所以現在，我們面臨的更多是高層次的問題，即如何弄清楚什麼是真正的需求，以及我們的客戶為了確保產能而可能進行的重複訂購。

As I said, that's a high-level issue, and we've shown that we can adapt to that, as well as anybody by the performance we gave in late 2020 and early 2021.

正如我所說，這是一個高層次的問題，而我們在 2020 年末和 2021 年初的表現已經證明，我們能夠適應這種情況，而且不遜於任何人。

We work with the customers very -- especially all these large data center customers very closely. And they will give us a very good lead times and forecast. So we have the capacity ready given we just met demand.

我們與客戶的合作非常密切—尤其是與這些大型資料中心客戶的合作。他們會給我們非常準確的提前期和預測。鑑於我們剛剛滿足了需求，所以我們的產能已經準備就緒。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes, thankyou. And congratulations, Bernie. You're a class act. And I'm going to miss you tremendously.

是的，謝謝。恭喜你，伯尼。你真是個有風度的人。我會非常想念你。

My first question, Michael, I'm going to zoom in, in a market where there's perhaps less contests, which is storage and especially power. It seems to be an area that could see quite a bit of upside and growth in data centers this year. So I was hoping you could talk a little bit about the profile of that business? I mean, I think historically, it's been more tied to client and edge devices. But again, what's the company's position, SSD for data center going into 2026?

邁克爾，我的第一個問題是，我想聚焦到一個競爭可能較小的市場，那就是儲能，尤其是電力市場。今年，資料中心領域似乎有望迎來相當大的成長和發展空間。所以我想請您簡單介紹一下這家公司的狀況？我的意思是，我認為從歷史上看，它更多地與客戶端和邊緣設備聯繫在一起。但是，該公司對2026年資料中心使用固態硬碟（SSD）的立場是什麼？

Yeah. These are the power management and also the single processes, okay, these are all in the consortium driven by JEDEC. I mean, maybe to you are a lot more familiar than I do.

是的。這些是電源管理以及單一進程，好的，這些都是由 JEDEC 推動的聯盟的一部分。我的意思是，也許你比我更熟悉它。

And we are proud of it. And DDR4, we don't have much business, okay, very little. And DDR5s were in on the dining table before DDR4 wasn't, okay? And so now this business is ramping. I mean, memories and that came in all shifted to DDR5 in the game. And we clearly see the volumes now in last year and this year.

我們為此感到自豪。至於 DDR4，我們沒什麼生意，好吧，幾乎沒有。DDR5 記憶體比 DDR4 記憶體更早出現在餐桌上，懂嗎？所以現在這項業務正在加速發展。我的意思是，所有的回憶都轉移到了遊戲中的 DDR5 上。我們可以清楚地看到去年和今年的交易量。

And we're not stopping there. We'll migrate on to -- we expanded our product lines to the single site. And this is all in the memory modules.

但我們不會就此止步。我們將遷移到—我們已將產品線擴展到單一站點。而這一切都在記憶體模組中。

And so I think there was a portion of your question as well about the non-DDR5 part of that business, sort of SDD and HDD. And we have seen an uptick in that part of the business as well.

所以我覺得你的問題中也有一部分是關於非 DDR5 部分，也就是 SSD 和 HDD。我們也看到這部分業務有所成長。

And I think you're right. It's being pulled through much more by the enterprise than consumer these days. And that's why we generally talk about storage being data center-driven, inside of the storage and compute segment.

我認為你是對的。如今，企業比消費者更能推動這項業務的發展。因此，我們通常將儲存視為資料中心驅動的，這是儲存和運算領域的一部分。

Yes, that's what I was trying to get to. And as my follow-up, Michael, congratulations on getting to $4 billion in capacity, but it looks like you're going to need quite a bit more of that. So perhaps you could give us a little bit sense of what you're doing on the capacity front, especially in the next three years because you're clearly going to need much more than $4 billion.

是的，這正是我想要表達的意思。邁克爾，我還要補充一點，恭喜你的產能達到 40 億美元，但看起來你還需要更多資金。所以，或許您可以給我們簡單介紹一下您在產能方面正在採取的措施，尤其是在未來三年，因為您顯然需要的資金將遠遠超過 40 億美元。

Yes. We are very aware of that, okay? And speaking, of course, and we're continuously expanding our capacity and MPS history, okay. The worst things are shutting customers down, okay? And fortunately, we haven't happened in the MPS, okay.

是的。我們非常清楚這一點，好嗎？當然，我們一直在不斷擴大我們的能力和MPS歷史，好的。最糟糕的情況就是讓顧客流失，好嗎？幸運的是，這種情況還沒有在 MPS 發生，好嗎？

And now gets a little -- it gets a little more complicated, okay? We established the last -- from the beginning of the last year, we established our supply management. And this is not only for silicon and we -- and not for semiconductors, including silicon carbides and gaining nitrides and the materials and we do our modules and all the module components.

現在情況變得有點——變得有點複雜了，好嗎？我們從去年年初開始建立了供應鏈管理系統。這不僅適用於矽，也適用於半導體，包括碳化矽、氮化矽以及我們製造的模組和所有模組組件的材料。

And so we established the supply chain management. So I think it's -- and also quality, don't -- okay, it's not everybody can play the game. Every supplier can play the game. These are -- we go through heavy audited. And so their standards, to meet our standard ultimately is a reflect into our margins. And so the short answer is, yes, we are expanding very fast.

於是，我們建立了供應鏈管理系統。所以我覺得——而且品質也一般——好吧，不是每個人都能玩這個遊戲。每個供應商都可以參與其中。這些都是——我們經過了嚴格的審計。因此，他們的標準要達到我們的標準，最終會反映在我們的利潤率上。所以簡而言之，答案是肯定的，我們的擴張速度非常快。

Okay, thanks, appreciate it.

好的，謝謝，感激不盡。

Kelsey Chia, Citi Research.

Kelsey Chia，花旗研究部。

Hi, Bernie, congratulations to your retirement. Really appreciate the opportunity to work with you over the past year. So I think on my first question is with regards to the updated guidance for enterprise data. Is there any market share gains assumption there? Or is it just primarily due to this industry growth?

嗨，伯尼，恭喜你退休。非常感謝過去一年與您共事的機會。所以我想我的第一個問題是關於企業數據的最新指南。這裡是否存在市場佔有率成長的預期？或者這主要歸因於該行業的成長？

And also MPS has demonstrated strong execution and historically been sure during peer supply constraints. So is it fair to assume that MPS could navigate any potential supply constraints, and see, and to take share in this environment?

此外，MPS也展現了強大的執行力，在同業供應受限的情況下，MPS歷來都能保持穩定。那麼，是否可以合理地假設 MPS 能夠克服任何潛在的供應限制，並在這種環境下獲得市場份額？

Sure. And I think that I'd be doing a disservice to this conversation if I tried to break it down in the formula that says what share gains or what's new business. And I'd rather sort of respond a little differently, but this is a large market. We talk about the large -- the top six, seven customers. And we are fully engaged with them in a strategic manner, where we're developing not just the release of the next generation, but the one beyond that.

當然。我覺得如果我試著用公式來解釋哪些市場佔有率成長或哪些業務是新業務，那對這場討論就不公平了。我更傾向於採取稍微不同的應對方式，但這畢竟是一個很大的市場。我們談論的是大客戶──前六、七大客戶。我們與他們進行了全面的策略合作，不僅開發下一代產品，還開發更遠的下一代產品。

But this also is end market with a long tail, and we're participating in the mid-market and the small size as well. So we're still very, very early in how this market is going to roll out and what our positioning is going to be. And I think that we're as well positioned as anybody to take advantage of the market opportunity, but this is a long and very big story.

但這也是具有長尾效應的終端市場，我們也參與中端市場和小規模市場。所以，我們目前還處於市場發展初期，目前尚不清楚這個市場將如何展開，以及我們的市場定位是什麼。我認為我們和其他人一樣，都處於有利地位，可以抓住市場機遇，但這將是一個漫長而龐大的故事。

Well, the company is -- I'm thinking about beyond AI, beyond enterprise data centers. And you I'm not retiring. I'll say 15 years ahead.

嗯，這家公司——我指的是超越人工智慧、超越企業資料中心的領域。而我，並沒有退休。我估計是未來15年。

That's great and continue the outperformance. And MPS outlined a gross margin target of 55% to 60%. Could you provide an update, with regards to which end markets are currently above or below the corporate average or outline some of the specific gross margin drivers?

太棒了，繼續保持優異表現。MPS 設定的毛利率目標為 55% 至 60%。能否提供一些最新信息，說明目前哪些終端市場的業績高於或低於公司平均水平，或概述一些具體的毛利率驅動因素？

Yeah. We're in the range, but on the low side. I noticed that. Okay.

是的。我們在這個範圍內，但偏低一些。我注意到了。好的。

Let me add a little bit of color there. So Michael said this earlier, when we look at all of the opportunities, we keep in mind what is the corporate model for gross margin, which is between 55% and 60%. And I've been fairly consistent over the course of the last four to six quarters when we've been trending it between 55.5% and 55.8%, which as Michael said, is the low end of our model. That in order for us to show improvement, we really need to have a little longer time horizon as far as backlog to be able to manage in it.

讓我來增添一些色彩。正如麥可之前所說，當我們審視所有機會時，我們會牢記毛利率的企業模式，即 55% 到 60%。在過去的四到六個季度裡，我們的趨勢一直相當穩定，介於 55.5% 到 55.8% 之間，正如邁克爾所說，這是我們模型的下限。為了取得進步，我們需要更長的時間跨度來處理積壓的工作，以便進行管理。

So we are starting to see a backlog developing, which I don't want to make too much out of one quarter's of experience, but we should be able to resume at some time during the year, the cadence that we've historically shown of incremental sequential improvements at maybe 10 to 20 basis points quarter-over-quarter.

所以我們開始看到積壓訂單出現，我不想僅憑一個季度的經驗就妄下結論，但我們應該能夠在年內某個時候恢復我們過去一直保持的節奏，即每個季度逐步改進 10 到 20 個基點。

Sounds good. Thank you. Thanks. Bernie.

聽起來不錯。謝謝。謝謝。伯尼。

Jack Egan, Charter Research.

Jack Egan，Charter Research。

Great. I'll echo the congratulations for Bernie and Rob. I had a bit of a technical one. So during last year's Investor Day, you mentioned a packaging innovation that would allow you to basically double the current density of your modules to about 3-amp per millimeter squared I was just curious, are there any updates on that? Like is that still a work in progress?

偉大的。我謹向伯尼和羅布表示祝賀。我遇到了一個技術方面的問題。所以在去年的投資者日上，您提到了一項封裝創新，這項創新可以讓您的模組電流密度基本上翻倍，達到每平方毫米約 3 安培。我很好奇，這項創新有什麼最新進展嗎？那件工作還在進行中嗎？

Or is there kind of a time line for that milestone?

或者說，這個里程碑有大致的時間表嗎？

We start sampling those products. And again, we expect to have a shipping in this quarter and next call --this call. Yes. Those are already implemented already qualified, and our customers were a qualification on it.

我們開始對這些產品進行抽樣檢測。我們再次預計本季和下次電話會議（即本次電話會議）將有出貨。是的。這些方案已經實施並經過了驗證，我們的客戶也對此進行了驗證。

Got it. Okay. Great to hear. And then kind of from a higher level then. Last quarter, you talked a bit about the gross margin implications of moving from a silicon supplier to a system provider over the long term I was a bit curious about the impact on OpEx as well.

知道了。好的。很高興聽到這個消息。然後，從更高的層面來說。上個季度，您談到了從晶片供應商轉型為系統供應商對長期毛利率的影響，我也很好奇這對營運支出有何影響。

I mean is that going to require you to kind of bring on new teams with experience in systems? Or is there enough overlap between the chip design and system design processes that you can accomplish it organically, I guess, just any details on the impact that R&D dollars or SG&A leverage would be nice.

我的意思是，這是否需要你們引進一些具有系統方面經驗的新團隊？或者說，晶片設計和系統設計流程之間是否存在足夠的重疊，以至於可以自然實現？我想，如果能提供一些關於研發資金或銷售、管理及行政費用槓桿作用的細節資訊就太好了。

Well, we need to -- first thing, okay? First, okay, and we only gain not lose, okay? I never believe they get big dollars get investments and translates to the bigger game. Okay, that's a bu******.

嗯，我們首先需要……好嗎？首先，好的，我們只會獲益不會受損，好嗎？我從不相信他們能賺到大錢、獲得投資，然後就能在更大的領域取得成功。好吧，那純粹是胡說八道。

And so look at MPS. We're creating a few thousand, 4,000 to 5,000 products, and I was tracking -- we address the multiple second market. While we can put up all these one plus one is equals three, and again, not just the two anymore. We can pull all these products put in the systems and we can provide higher values to users, which doesn't mean we're building a refrigerated and we being TVs, okay.

所以，我們來看看MPS。我們正在生產數千種產品，4000到5000種，我一直在追蹤——我們面向的是多個二級市場。雖然我們可以把所有這些一加一等於三，而且，不只兩個了。我們可以將所有這些產品放入系統中，並為用戶提供更高的價值，但這並不意味著我們要建造一個冷藏櫃，然後把電視機也放進去，好嗎？

We're building some things to alleviate our customers' design effort, the manufacturing effort. And that give us a high ASP. And I said earlier, [that we're sick and tired of selling silicon], and okay, but why we can just put all the silicon together and migrates to system levels like modules and again like system, you will see more and more.

我們正在開發一些產品，以減輕客戶在設計和製造方面的工作量。這樣就能獲得較高的平均售價。我之前說過，[我們已經厭倦了銷售矽]，好吧，但是為什麼我們可以把所有的矽都集中在一起，遷移到系統級別，比如模組，再遷移到系統級別，你會看到越來越多的這樣的例子。

So at least, I can say the net margins, net profit had to increase. There can be a company, there's going to be a lot more efficient.

所以至少可以說，淨利率和淨利都提高了。如果有一家公司，效率會大大提高。

I want to touch on something. This transformation has been occurring now for well over 10 years. If you think about, we were pretty much completely an analog design house 10, 12 years ago. And then we've been able to migrate where we added both digital engineers and software engineers. And now we've had to take on new responsibilities and new skill sets related to packaging, and as Michael said, in testing.

我想談談我的看法。這種轉變已經持續了十多年。想想看，10、12年前，我們幾乎完全是一家模擬設計公司。然後我們進行了遷移，增加了數位工程師和軟體工程師。現在我們必須承擔與包裝相關的新責任和新技能，正如邁克爾所說，還有測試方面的新技能。

And each time we've done this, we've maintained the same level of R&D efficiency of getting the most out of the dollars spent. So just changing to develop new skill sets around the new opportunities we've identified, does not necessarily mean that it's going to get more expensive or it's going to compress our operating margins.

每次我們這樣做，都能保持同樣的研發效率，並最大限度地利用每一分錢。因此，僅僅為了抓住我們發現的新機會而改變自身，培養新的技能，並不一定意味著成本會增加或營業利潤會下降。

And I'll just have one last comment. Even we made the model during Investor Day, Jack, that was fully aware of this transition. And so we talked about growing OpEx slower than revenue, and giving some leverage to the model. We knew this transition was happening when we put that guidance out there.

我最後還有一點要補充。傑克，就連我們在投資人日期間建立的模型，也完全意識到了這種轉變。因此，我們討論了營運支出成長速度要低於收入成長速度，並賦予該模式一定的槓桿作用。我們在發布相關指導方針時就知道這種轉變即將發生。

Sebastian Naji, William Blair.

塞巴斯蒂安·納吉，威廉·布萊爾。

Yeah, good afternoon and thanks for taking question. I'll just echo the best wishes for you, Bernie on your retirement. My first question is really on the shift to vertical power solutions in the data center. As we move to 2026, what are your expectations for adoption of vertical power? And has that changed at all from your view in previous quarters?

好的，下午好，謝謝回答問題。我謹代表伯尼，祝福您退休生活一切順利。我的第一個問題其實是關於資料中心向垂直供電解決方案的轉變。展望 2026 年，您對垂直電源的採用有何預期？與您前幾季的觀點相比，這方面是否有所改變？

That's a long -- that's everybody is going to vertical power I guess, okay. those ones don't get so later, they will.

那是一個漫長的過程——我想大家都會走向垂直領域，好吧。那些人以後不會那麼厲害，他們會的。

This is just the direction of the market. It's the only energy-efficient solution you can put in place if you're going to operate in these high-voltage current. So that's just a natural evolution of the marketplace.

這只是市場的發展方向。如果你要在高壓電流下運行，這是唯一能採取的節能解決方案。所以這只是市場發展的自然過程。

Got it. So would you think that starts to drive revenue in 2026 then? Is that fair to say?

知道了。那麼你認為這會在2026年開始推動營收成長嗎？這樣說公平嗎？

Yeah, yeah.

是啊是啊。

Great. Great. That's helpful. And then maybe just as a follow-up on your optical module business. I think you talked about this a little bit in a previous question. But as we think about the shift to co-packaged optics that's getting a lot more attention these days, how does that potentially change your revenue opportunity in optics? Is it more revenue per port, or the ASPs significantly higher? Any thoughts on that?

偉大的。偉大的。那很有幫助。然後，或許可以作為您光模組業務的後續跟進。我想你在之前的問題中已經稍微談到這一點。但隨著我們思考如今越來越受關注的共封裝光學元件的轉變，這可能會如何改變您在光學領域的收入機會？是每個連接埠的收入更高了，還是平均售價顯著提高了？對此有什麼看法？

Higher, current high density is always good for us. And we're smart in the increased power. And there's a lot more opportunity for us.

更高的電流密度對我們總是有好處的。我們很聰明地利用了不斷增強的權力。我們還有很多機會。

And a higher level of integration.

以及更高程度的融合。

Yeah, high-level integrations. And [why that come] -- the competition gap.

是的，高層整合。而（造成這種情況的原因）是——競爭差距。

Got it, I think the only thing I'd add there is, again, I think that's, again, very long term. I don't think that necessarily moves the needle on '26, just to be sure, but it's certainly something we're engaged in over the longer term.

明白了，我想我唯一要補充的是，我認為這，再次強調，是非常長期的。我不認為這一定會對 2026 年產生影響，但可以肯定的是，這是我們長期關注的事情。

Okay, that makes sense. Thank you.

嗯，這說得通。謝謝。

This concludes our Q&A session. I would now like to turn the webinar back over to Tony.

問答環節到此結束。現在我想把網路研討會交還給東尼。

I'd like to thank all of you for joining us today on this conference call. Our first quarter 2026 conference call will likely be held in late April. Thank you, and have a great day.

感謝各位今天參加本次電話會議。我們2026年第一季電話會議可能會在4月下旬舉行。謝謝，祝您今天過得愉快。