芯源系統 (MPWR) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Monolithic Power Systems, Inc. second quarter earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. Now I'd like to turn the conference over to Arthur Lee to read the safe harbor statement. Please go ahead.

大家好，感謝您稍候。歡迎參加 Monolithic Power Systems, Inc. 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給 Arthur Lee，由他宣讀安全港聲明。請開始。

Earlier today, MPS released a written commentary on the results of its operations for the second quarter ended June 30, 2026. This document can be found on our website. Before we begin, I would 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 involve risks and uncertainties.

今天稍早，MPS 已發布截至 2026 年 6 月 30 日止第二季營運結果的書面評論。該文件可在我們的網站上找到。在開始之前，我想提醒各位，在今天的簡報過程中，我們可能會依據 1995 年《私人證券訴訟改革法》之定義，發表涉及風險與不確定性的前瞻性陳述與預測。

The risks, 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 Q2 2026 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.

可能導致實際結果與這些前瞻性陳述不同的風險、不確定性及其他因素，已載於 2026 年第二季財報評論中的安全港聲明，以及我們向 SEC 提交的文件（包括 Form 10-K 與 Form 10-Q）中；上述文件可在我們的網站上找到。我們的陳述以今日為準，且我們不承擔更新此資訊的任何義務。

Now I would like to turn the call over to Tony.

現在我想把電話會議交給 Tony。

Thanks, Arthur. Good afternoon, and welcome to our Q2 2026 earnings call. In Q2, MPS achieved record quarterly revenue of $981 million, 22% higher than the first quarter of 2026 and 48% higher than the second quarter of 2025. Our performance was a result of our continued innovation, our consistent execution and the resilience of our diversified market strategy.

謝謝你，Arthur。各位下午好，歡迎參加我們 2026 年第二季財報電話會議。第二季，MPS 創下單季營收新高，達 9.81 億美元，較 2026 年第一季高出 22%，較 2025 年第二季高出 48%。我們的表現來自持續創新、穩健執行，以及多元化市場策略的韌性。

Let me take a moment to call out a few of the highlights from the quarter. All end markets grew sequentially with enterprise data growing 45% as we continue to see strong broad-based ordering patterns. We extended our capacity goal significantly beyond $6 billion to support future revenue growth and our transformation into a full solution provider. We received initial orders for high-speed DDR5 memory components, which we expect to grow our SAM into next year.

我先花點時間說明本季幾項重點。所有終端市場皆呈現季增，其中企業資料（Enterprise Data）成長 45%，我們持續看到強勁且廣泛的下單型態。我們將產能目標大幅提升，遠超過 60 億美元，以支援未來營收成長，以及我們轉型為完整解決方案供應商。我們收到高速 DDR5 記憶體元件的初始訂單，預期將在明年擴大我們的 SAM（可服務市場）。

We began sampling high-voltage AC to DC products for 800-volt data center architectures as we expand beyond our current AI and server core power solutions. And finally, in our automotive market, so far this year, we have shipped products for over 1,500 new sockets as we increase our footprint in both ADAS as well as in other applications within the vehicle.

我們開始提供適用於 800 伏特資料中心架構的高電壓 AC 對 DC 產品樣品，藉此在現有 AI 與伺服器核心電源解決方案之外持續擴展。最後，在車用市場方面，截至今年目前為止，我們已為超過 1,500 個新插槽（socket）出貨產品，並在 ADAS 以及車內其他應用中持續擴大我們的布局。

Overall, while we continue to adjust for the fluid geopolitical and macroeconomic environment, our diversified market strategy remains unchanged. MPS focuses on innovation and solving our customers' most challenging problems. We consistently invest in new technologies that open new end markets and applications and accelerate our transition from chip only to a full-service silicon solution-based provider.

整體而言，儘管我們持續因應多變的地緣政治與總體經濟環境進行調整，我們的多元化市場策略仍維持不變。MPS 專注於創新並解決客戶最具挑戰性的問題。我們持續投資於能開拓新終端市場與應用的新技術，並加速我們從僅提供晶片轉型為以矽解決方案為基礎的全方位服務供應商。

And finally, we continuously expand and diversify our global supply chain, allowing us to capture future growth opportunities, maintain supply stability and rapidly adapt to market changes as they occur. Before moving to Q&A, I am also pleased to announce that our Board of Directors has authorized an additional $500 million for stock repurchases, increasing our total current authorization to $1 billion.

最後，我們持續擴張並多元化全球供應鏈，使我們能掌握未來成長機會、維持供應穩定，並在市場變化發生時快速因應。在進入問答之前，我也很高興宣布，我們董事會已核准額外 5 億美元的庫藏股回購額度，使目前總核准額度提高至 10 億美元。

Operator, you may now open the webinar for questions.

接線員，您現在可以開放線上會議進行提問。

(Operator Instructions)

(接線員指示)

Rick Schafer, Oppenheimer.

Rick Schafer，Oppenheimer。

Thank you. Congrats on the beat and raise you guys. I guess I don't have to ask about capacity, Tony. Communications was up 80%. I think last quarter, it was up about 50% if memory serves. So that's a pretty big step-up.

謝謝。恭喜你們業績超預期並上調展望。我想我不用再問產能的問題了，Tony。通訊業務成長 80%。我記得上季大約成長 50%。所以這次是相當明顯的加速。

I'm just curious, is that mostly transceiver power or are you seeing meaningful contribution now from the other sockets of switch, DPU, SmartNIC? I mean has that kicked in? Is that helping drive that? And then any color you can give on how the second half sets up? I mean does that momentum continue to grow into 3Q?

我只是好奇，這主要是收發器電源（transceiver power）帶動的嗎？還是你們現在也看到交換器、DPU、SmartNIC 等其他插槽有顯著貢獻？我的意思是，那部分是否已經開始發酵？是否也在推動成長？另外，你們能否談談下半年會如何發展？例如這股動能是否會延續並在第三季持續增長？

Yeah. We see -- hi, Rick, we see a lot of growth and a lot of demand, modules and chips, and we see from multiple of our customers.

是的。Rick 你好，我們看到很多成長與需求，不論是模組或晶片，而且來自我們多家客戶。

And Tony, do you want to have the detail?

Tony，你要補充細節嗎？

Yeah, I'll just add a little more color. Rick, you do see contribution from both optical module solutions as well as from what we generally bucketed as switches. And as I think as I've mentioned previously, that's kind of a big bucket that would include power solutions for not only top-of-rack switches, but DPUs, NIC cards and other things in the rack. So you're starting to see that grow as well. Optical is still the bigger portion just because it's had a longer runway since last year, but you are seeing growth from both of those really driving the comms end market.

好，我再補充一些說明。Rick，你確實看到來自光學模組解決方案以及我們一般歸類為交換器（switches）的部分都有貢獻。如同我之前提過的，那是一個很大的類別，包含不只是機櫃頂端（top-of-rack）交換器的電源解決方案，也包括 DPU、NIC 卡以及機櫃內其他設備。所以你也開始看到那部分在成長。光學仍是較大的占比，因為自去年以來它的成長跑道更長，但你確實看到兩者的成長共同推動通訊終端市場。

Okay. And then my follow-up, I'm just curious, I mean, I believe you're shipping 48-volt vertical power modules to a couple of customers now. And I don't know if you could update us on that. I mean do you expect to add any more this year? Maybe a sense of what your expectations are for 48-volt vertical power mods in terms of maybe the mix versus VR this year or next year, how does -- Thanks.

了解。那我的追問是，我有點好奇，我相信你們現在已經向幾家客戶出貨 48 伏特垂直電源模組（vertical power modules）。不知道你們是否能更新一下進展。今年是否預期會再新增更多客戶？另外，能否談談你們對 48 伏特垂直電源模組的預期，例如今年或明年相對於 VR 的組合占比會如何？謝謝。

It's more than a couple of customers. And we see new customers coming online, and we start to ship.

不只幾家客戶。我們看到新客戶陸續上線，並開始出貨。

Yeah. And I think over the long term, as power requirements continue to increase across our end markets, Rick, we've talked about the fact that modules and solutions will increasingly be an important part of our business. So I think you'll see that trend continue over the next couple of years.

是的。而且我認為從長期來看，隨著我們各終端市場的電力需求持續提升，Rick，我們一直談到模組與解決方案將會日益成為我們業務的重要部分。所以我想你會在未來幾年看到這個趨勢持續。

Thank you, guys.

謝謝你們。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Hey, guys. Thank you for taking my questions. And let me echo the congrats on the fantastic results. Maybe to start, I mean, you gained nearly $120 million in the Enterprise Data segment in one quarter, which is pretty astounding.

嗨，各位。謝謝讓我提問。也讓我附和一下，恭喜你們交出非常出色的成績。也許先從這裡開始：你們在單一季度內於企業資料（Enterprise Data）部門增加了將近 1.2 億美元的營收，這相當驚人。

Can you walk through the drivers of that upside and growth? And I think importantly, you had the inventory dynamics play out a couple of years ago. Can you speak to your confidence that there's no inventory build in here and the overall visibility in that segment? Thank you.

您能否帶我們梳理一下這些超預期表現與成長的驅動因素？而且我認為很重要的是，你們在幾年前已經經歷過庫存動態的變化。能否談談你們有信心這裡不會出現庫存堆積，以及該細分市場整體能見度如何？謝謝。

Thanks for remembering the last couple of years, we have all these shortages in the industry, we pulled off, okay? Thanks for remembering that. We will continue to -- there's no reason not to believe we will not pull along, although it is very difficult, okay, but we're going to make it happen.

謝謝你記得過去幾年，我們在產業裡遇到各種短缺，我們都挺過來了，好嗎？謝謝你記得這件事。我們會繼續——沒有理由不相信我們不會繼續推進，雖然這非常困難，好嗎，但我們會讓它發生。

Yeah. And I'll just add, if you look at kind of the underlying growth drivers for that particular end market, they really haven't changed from what we've talked about. We've talked about ramping existing customers, ramping new customers, seeing the module content increase, to Rick's question previously, seeing platform refreshes that drive content and then, of course, CPU. And we saw all that be very, very strong in Q2.

是的。我再補充一下，如果你看那個特定終端市場的底層成長驅動，其實跟我們之前談的並沒有改變。我們談過既有客戶放量、新客戶放量、模組內容量提升；回到先前 Rick 的問題，也看到平台更新換代帶動內容量，當然還有 CPU。而我們在第二季看到這些都非常、非常強勁。

And I think since you're kind of talking about the sustainability of that, there's probably a couple of different ways in addition to what Michael said. Obviously, our channel inventory is one indicator, and that remains very low. So we believe that's continuing to sell through over time. And I think right now, based on what we can see, we're willing to raise the floor for that particular end market from 85% for the year to 130% for the year.

我想既然你在談這種成長的可持續性，除了 Michael 說的之外，可能還有幾個角度。顯然，我們的通路庫存是一個指標，而目前仍然非常低。所以我們相信這會隨時間持續被消化（sell-through）。而且就目前我們能看到的情況，我們願意把該特定終端市場今年的下限，從全年 85% 上調到全年 130%。

Yeah. I want to add in this enterprise data centers is relatively new. And we start to see these significant business since about two, three years ago -- three years ago starting. And we don't have any concentrated customers. And pretty much we engage from a large to small. And that's where you see the revenue happen now. And it will continue that way in the next year.

是的。我想補充的是，企業資料中心對我們來說相對較新。我們大約從兩、三年前——應該是三年前開始——看到這些顯著的業務。而且我們沒有任何高度集中的客戶。基本上我們從大型到小型客戶都有合作。這也是你現在看到營收發生的原因。而明年也會持續以這種方式發展。

Thank you both for all the color. I will take the hint to not ask about AI servers again. That said, I guess --

謝謝兩位提供這麼多細節。我會領會暗示，不再問 AI 伺服器的問題。不過我想——--

Thank you very much.

非常感謝。

I know your policies, Michael. Great to see the initial orders for the DDR5 high-speed interface controller. You mentioned that could be SAM expansive. Can you maybe help us with how much? And it does seem like quite a new capability for Monolithic. Are there other applications that you could use this technology for beyond memory controllers as well? Thank you.

Michael，我知道你們的政策。很高興看到 DDR5 高速介面控制器的初始訂單。你提到這可能會擴大 SAM（可服務市場）。能否幫我們量化一下大概有多少？而且這看起來對 Monolithic 來說是相當新的能力。除了記憶體控制器之外，這項技術是否也能用在其他應用上？謝謝。

Yes. Yes. This is a new to us. This is a high speed, high -- very high speeds into the gigahertz kind of things and very positioning pretty much as an analog circuitry. And we can expand the technology to other communications. And now we established a know-how. So that's -- these are true fundamental know-hows. And other business we haven't -- we want to get this one to launch first, and then we will migrate to other applications.

是的。是的。這對我們來說是新的。這是高速、非常高速的技術，速度進入 GHz 等級，並且在定位上基本上屬於類比電路。我們可以把這項技術擴展到其他通訊領域。而現在我們已經建立了相關 know-how（專業技術/訣竅）。所以——這些都是真正基礎性的 know-how。至於其他業務我們還沒有——我們想先把這個產品成功推出，然後再延伸到其他應用。

Yeah. In terms of the second part of your question, which was how expansive it could be, I'd still say we're very much early innings. We want to prove ourselves in this particular market. So I think it's too early for us to call any kind of revenue ramp on our side. We're just signaling that we continue to run our playbook and look for new sockets out there that can expand our overall SAM over time.

是的。就你問題的第二部分，也就是它能擴大到多大，我仍會說我們還在非常早期的階段。我們想先在這個特定市場證明自己。所以我認為現在對我們來說還太早去預估任何營收放量曲線。我們只是表明，我們會持續按照既定策略運作，並尋找新的插槽（sockets），以便隨時間擴大我們整體的 SAM。

But in the history, when we were mentioning something, it will turn into our revenue.

但從過去的經驗來看，只要我們提到某件事，最後都會轉化成我們的營收。

Thank you, both, and congratulations again.

謝謝兩位，也再次恭喜。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes. Thank you. Let me echo the congratulations for another record quarter. How should we think about the segments for Q3? I mean it sounds like all markets are growing right now. But just wondering on a relative basis, if you can give us some color on each segment into Q3.

是的。謝謝。讓我也呼應一下，恭喜再創一個創紀錄的季度。我們應該如何看待第三季各個細分市場的表現？聽起來目前所有市場都在成長。但我想了解相對而言，你們能否就第三季各個細分市場提供一些說明。

Well, I don't know all markets, maybe Tony can point out some of the not so good ones. I think the consumer one we kind of still lagging because of all the efforts that we focused on it and the consumer market doesn't mean we give it up.

嗯，我不確定是不是所有市場，也許 Tony 可以指出一些沒那麼好的。我認為消費性那一塊我們仍然有點落後，因為我們把很多努力放在那裡；但消費性市場並不代表我們會放棄。

And we'll continue a very diversified way of growing our business. And as we talked -- as I talked about in the past, MPS is transitioning from a chip company, a semiconductor company to be a semiconductor-based solution providers with our solutions. And so other segments and automotive continue to grow. Other ones, the communication side will continue to grow. And industrial is kind of lagging a little bit but it doesn't mean we're defocused on it.

我們會持續以非常多元化的方式來成長我們的業務。而且正如我們談過——我過去也提過，MPS 正在從一家晶片公司、半導體公司，轉型為以半導體為基礎的解決方案供應商，提供我們的解決方案。因此其他細分市場以及車用仍會持續成長。其他方面，通訊端也會持續成長。工業端則稍微落後一些，但不代表我們不再聚焦在那裡。

I'll just add a little bit. I think the story is going to feel pretty similar. You're certainly being led by the data-centric businesses with enterprise data and comms, of course, leading the pack. I think industrials could grow a little bit with the market. But again, we primarily said that's a design win type year for us this year where we continue to pile up additional sockets that will turn into revenue in the future.

我再補充一點。我認為整體故事會感覺相當類似。你們當然會看到以資料為中心的業務領先，其中企業資料中心與通訊業務當然是領頭羊。我認為工業端可能會隨市場小幅成長。但同樣地，我們主要的說法是，今年對我們而言更像是設計導入（design win）的一年，我們會持續累積更多插槽，未來會轉化為營收。

I think the areas that we're cautious on are the ones Michael had pointed out. And then we said this last quarter as well, consumer being one. And then I think the notebook side of storage and compute will continue to remain cautious on that one as we go into the second half.

我認為我們較為謹慎的領域，就是 Michael 剛剛指出的那些。而且我們上個季度也這麼說過，消費性是一個。另外我認為，儲存與運算的筆電端，在進入下半年時我們仍會對那一塊保持謹慎。

Yes, that's great color. As a follow-up, you mentioned you're now sampling the 800-volt solution. When should we expect to see some revenues from Monolithic Power there? And are these products based on silicon GaN and silicon carbide? Or is it one or the other? Thanks.

是的，這些說明很有幫助。追問一下，你提到你們現在正在送樣 800 伏特解決方案。我們應該何時能看到 Monolithic Power 在這方面開始有一些營收？而這些產品是基於矽基 GaN（氮化鎵）與碳化矽嗎？還是兩者擇一？謝謝。

We have -- in the past, Tore, I openly said I don't believe GaN and okay, now I think it's proof I'm wrong, but it's up to a point where we can't ignore GaN. And we -- since last year, we developed our own GaN and we'll have a working device.

過去我們——Tore，我曾公開說我不相信 GaN，而現在我認為這證明我錯了，但已經到了我們不能忽視 GaN 的程度。而我們——從去年開始，我們開發了自家的 GaN，而且我們會有一個可運作的裝置。

And in terms of 800-volt solution, now we totally rely on MPS' own silicon carbide device. And revenue-wise, probably you will know and all the market will know where is the data center transition happened. When that happens, we will have revenues. In terms of when, we don't know -- we know as much as you know.

至於 800 伏解決方案，我們現在完全依賴 MPS 自家的碳化矽元件。而就營收而言，你大概會知道，而且整個市場也會知道資料中心的轉換發生在哪裡。當那件事發生時，我們就會有營收。至於時間點，我們不知道——我們知道的跟你知道的一樣多。

Thank you very much. Congrats, again.

非常感謝。再次恭喜。

William Stein, Truist Securities.

William Stein，Truist Securities。

Great. Thanks for taking my questions. I want to add my congrats to the fantastic results and outlook. I'm wondering if you could talk about whether pricing meaningfully influenced the sequential growth or the outlook in Q3.

很好。謝謝讓我提問。我也要恭喜你們出色的成果與展望。我想請教，定價是否對連續成長或第三季展望有顯著影響？

Yeah, it's -- I know what you mean whether we increased the price or not. And we don't -- MPS never gouge price when the supply chain is tight. And we want to build a consistent models or we execute consistently within our models.

是的——我知道你的意思，是在問我們有沒有漲價。而我們不會——MPS 在供應鏈吃緊時從不哄抬價格。我們希望建立一致的模式，或是在我們的模式內一貫地執行。

And when the supply chain is tight, and raise price; how about when oversupply, reduce price, we don't. And we operate in consistent way and our customers appreciate that. So in terms of whether it's due to the price increase, definitely not. It's all products.

供應鏈緊時就漲價；那供過於求時要不要降價？我們也不會。我們以一致的方式運作，客戶也很欣賞這點。所以就是否因為漲價而帶動而言，絕對不是。是所有產品的帶動。

Yeah. The only thing I would add to that at all is for us on pricing, it's very consistent to Michael's point. We have raised some prices, but it's primarily been kind of one of three areas in general, right, where we've seen input costs go up to make sure that we don't get diluted on the margin line, where people are asking for expedites because obviously, that can influence our own supply chain.

是的。我唯一要補充的是，就我們的定價而言，正如 Michael 所說，非常一致。我們確實調升過一些價格，但主要大致是在三種情況：當我們看到投入成本上升時，為了確保毛利率不被稀釋；當客戶要求加急交貨時，因為那顯然會影響我們自己的供應鏈。

And then finally, where people might be asking for specific supply chains outside of China, which can be naturally more expensive. So we're maintaining a very consistent approach to what you've heard previously as we look at our pricing.

最後一種是，當客戶可能要求使用中國以外的特定供應鏈，而那自然會更昂貴。因此，在檢視我們的定價時，我們維持你先前聽到的那種非常一致的做法。

That's really helpful. Michael, I want to shift for a second to some things that I think are closer to your interest, some of the smaller but emerging growth opportunities like robotics, humanoid robotics and home automation or building automation. Can you talk about your traction in those two emerging markets?

這很有幫助。Michael，我想先把話題轉一下，談一些我認為更接近你興趣的事情：一些規模較小但正在浮現的成長機會，例如機器人、人形機器人，以及居家自動化或樓宇自動化。你能談談你們在這兩個新興市場的進展嗎？

Thank you very much. As I'm speaking, 1 million square feet building is installing our building controls. But I have to tell you we're still lagging of the software. The hardware is all done with some minor revisions, but the software is the ease of use and how we implement it. And by the end of this year, we should be able to complete everything. And there's multiple of our customers -- it's not our customers, potential customers, they are waiting for us to install in their building.

非常感謝。在我說話的同時，有一棟 100 萬平方英尺的建築正在安裝我們的樓宇控制系統。但我必須告訴你，我們在軟體方面仍然落後。硬體都已完成，只需要一些小幅修訂，但軟體在於易用性以及我們如何落地實施。到今年年底，我們應該能把所有事情都完成。而且有多家——不是我們的客戶，是潛在客戶——正在等我們把系統安裝到他們的建築裡。

And we're looking at -- we're not in the market segment, but we are looking at this opportunity, to my surprise, it's about $40 billion to $50 billion. And MPS has all the key products and the technology. The software is what we will build. And that's again, you're exactly talking about the topics that I'm working on.

我們在看——我們目前不在這個市場區隔裡，但我們正在評估這個機會；令我驚訝的是，它大約有 400 億到 500 億美元。而 MPS 擁有所有關鍵產品與技術。軟體是我們將要建立的部分。而這也再次印證，你說的正是我正在做的題目。

The other one is the robotics. The robotics, there's a lot of -- especially a lot of Chinese companies show a lot of entertainment and we will see. We have -- all our design-in solutions, they all happen in the US sites and also China sites. And they're all using MPS solutions.

另一個是機器人。機器人方面，有很多——尤其很多中國公司表現出很大的興趣，我們會再觀察。我們——所有的 design-in（導入設計）方案，都發生在美國據點以及中國據點。而且它們都在使用 MPS 的解決方案。

And now the next question is, how we're going to -- where the robot is going to use. And from our own factory and this is not humanoid robot, we use our own product to improve especially the modules, not the production but testing, and also the reliability test.

而現在下一個問題是，我們要怎麼——機器人會用在哪裡。就我們自己的工廠而言，這不是人形機器人；我們用自家的產品來改善，特別是在模組方面，不是生產，而是測試，以及可靠度測試。

And we use our own motion controls and robotics and it's the same as equivalent to robots to make all these things happen. And our customers is, actually, our suppliers to these -- to our own automations. They will use those solutions everywhere else.

我們使用自家的運動控制與機器人技術，基本上等同於用機器人來讓這些事情發生。而我們的客戶其實是——這些自動化的供應商，也就是我們自動化系統的供應商。他們會把這些解決方案用到其他所有地方。

Thank you.

謝謝。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Hey, guys. I'll offer my congratulations as well. Tony or Michael, just wanted to come back to the optical transceiver part of the business since I think that's the biggest part of comms. Can you just sort of discuss what you're seeing on the competitive landscape? Is the competition mostly PMICs? Is it mostly discrete DC to DC converters from folks like TI or Analog Devices? And then can you give us any sense what you think your share might be for power management within those optical transceivers? And then I've got a follow-up.

嗨，各位。我也要表示恭喜。Tony 或 Michael，我想回到光收發器這塊業務，因為我認為那是通訊領域中最大的一部分。你們能否談談你們看到的競爭態勢？競爭主要是 PMIC 嗎？主要是像 TI 或 Analog Devices 這些廠商的分立式 DC-DC 轉換器嗎？另外，你們能否讓我們大概了解一下，你們在這些光收發器裡的電源管理市占可能是多少？我還有一個追問。

That's a very boring topic, okay? That's -- over the last few years, we talk about power modules. I think you realized those very early on. I mean it's more than five years ago now. And we have these power modules, very high power density modules.

這是個很無聊的題目，好嗎？這——過去幾年我們一直在談電源模組。我想你很早就意識到那些了。我是說，現在已經超過五年前了。而我們有這些電源模組，是非常高功率密度的模組。

And these are encapsulated modules. And since we have highest power density ICs, we integrated -- fully integrated into these modules with the inductors and with all the capacitors, it's a total power solution -- plug-in power solutions in a very small form factor.

而這些是封裝式模組。而且因為我們擁有最高功率密度的 IC，我們把它們整合——把電感以及所有電容都完整整合進這些模組裡；這是一個完整的電源解決方案——以非常小的外形尺寸提供可插拔的電源解決方案。

And I said with straight face, we are the highest power density company in the world now. And I don't know about optical market segment. As long as we provide the best power densities, we will win all these sockets, including optical modules.

我很認真地說，我們現在是全球功率密度最高的公司。而我不太在意光學市場區隔怎麼樣。只要我們提供最好的功率密度，我們就會拿下所有這些插槽（design win），包括光模組。

As far as the share comment goes, obviously, we won't talk about specific customers. But certainly, I think if you look at the overall market, there's still room for us to grow. And I think just net of both the TAM growth and share, I think it can absolutely be a primary growth driver in the comms segment going forward. I don't think we can actually quote the exact percentage of share at this time.

就市占率的評論而言，顯然我們不會談論特定客戶。但我認為，如果你看整體市場，我們仍然有成長空間。而且我認為，綜合TAM成長與市占率變化的淨效應來看，未來它絕對可以成為通訊（comms）部門的主要成長驅動力。我想我們目前還無法引用確切的市占率百分比。

Okay. But you certainly still see share gain opportunities in that market, it sounds like.

好的。但聽起來你們在那個市場確實仍然看到市占率提升的機會。

Yeah. I think at some customers, we absolutely would see additional opportunity to gain share in some of the sockets. But I think the net of this is that within the comms segment between TAM and share, there's still a very substantial growth opportunity ahead of us.

是的。我認為在某些客戶那裡，我們在部分插槽（sockets）上確實還有進一步提升市占率的機會。但整體而言，在通訊部門內，無論是TAM還是市占率，我們前方仍有非常可觀的成長機會。

Great. And then I guess just coming back to the capacity support. In the past, I think when you went from $2 billion to $4 billion, you talked about the incremental capacity largely coming from outside of China. As you've now built capacity up to and beyond $6 billion, can you give us some sense what the geographic split of that capacity is? Is it fairly balanced between China and non-China? Does it lean one way or the other?

很好。接著我想回到產能支援的問題。過去我記得你們從20億美元做到40億美元時，曾提到新增產能主要來自中國以外。現在你們已把產能提升到並超過60億美元，能否讓我們了解一下這些產能的地理分布大概如何？是在中國與非中國之間相對均衡嗎？還是偏向其中一邊？

It's not settled down yet. Okay. We now do depending on our customers' requirements, at this time, whatever all we need, it goes, okay. And wherever we can provide the products, they will buy. But we built a very balanced approach. And what is the percentage in the end, it's difficult to call now.

目前還沒有完全定型。好的。我們現在會依照客戶的需求，在這個時間點，凡是我們需要的就去做，好嗎。而且只要我們能提供產品，他們就會採購。但我們建立的是一個非常均衡的策略。至於最終的百分比是多少，現在很難下定論。

The only thing I'd add on that is when you just quote a total number, it sometimes gets lost in the detail. But I think we've been increasingly focused not just on the foundry side of the business, but also the back-end part of the business because as Michael has alluded to, modules and solutions will become increasingly important. And so that's actually a more complicated back-end process as well. So as we look to bring on new partners and look to bring them on a geographically balanced way, that goes for both the front end and the back end.

我唯一想補充的是，當你只引用一個總數字時，有時候細節會被忽略。但我認為我們越來越聚焦的不只是晶圓代工（foundry）端的業務，也包括後段（back-end）業務，因為如Michael所提到的，模組與解決方案將變得愈來愈重要。因此後段流程其實也更複雜。所以當我們尋找新的合作夥伴，並以地理上均衡的方式導入時，這同時適用於前段與後段。

Understood. Thank you.

了解。謝謝。

Yeah, especially our module assembly is more difficult. It's a 3D effect. It's more complicated than you assemble a phone even. And so it requires a lot of experiment and then a lot of know-how to getting all of these modules. So we now expand to anywhere in the world, so we'll find these equipments and these capabilities to make that happen.

是的，尤其是我們的模組組裝更困難。它有3D效應。甚至比組裝一支手機還要複雜。因此需要大量的實驗，以及大量的專業知識，才能把所有這些模組整合起來。所以我們現在擴展到世界各地，會去找到這些設備與能力來實現它。

Joe Quatrochi, Wells Fargo.

Joe Quatrochi，富國銀行（Wells Fargo）。

Yeah. Thanks for taking the questions. I was wondering if maybe you could just kind of give us an update on how you're thinking about automotive demand through the second half of this year. You talked about 1,500 new design sockets year-to-date. Just how we should think about the ramp of revenue from those new wins as well?

是的。謝謝讓我提問。我想請你們更新一下，對於今年下半年汽車需求的看法。你們提到今年迄今有1,500個新的設計插槽。我們應該如何看待這些新案子帶來的營收爬坡（ramp）？

Yeah. I think the year is still playing out pretty much as expected. And just to repeat what we said in the past, we thought the first half would be flat with the second half ramping up. And I think we feel pretty comfortable with that second half overall ramp. I think where we land on a year-over-year basis, we're still thinking the end market could be in the mid-teens kind of year-over-year.

是的。我認為今年的進展大致符合預期。再重申我們之前說過的，我們認為上半年會持平、下半年會爬升。而且我想我們對下半年整體的爬升相當有信心。至於年對年（YoY）落點，我們仍認為終端市場可能會是年對年中十位數（mid-teens）的成長。

The one thing about the ramp that gives us additional confidence is that it's very broadly based. It's not isolated to one or two customers from what Michael was talking about and sort of the diversification that we look for in all of our end markets right now.

關於爬升有一點讓我們更有信心的是，它的基礎非常廣泛。並不是只集中在一兩個客戶，這也呼應Michael提到的，以及我們目前在所有終端市場都在追求的多元化。

We called out the 1,500 specifically to show that that's not just very much focused on ADAS, which has been a historical strength for us, but we continue to see broadening out in the portfolio for other sockets in the vehicle.

我們特別點出1,500這個數字，是為了說明這不只是聚焦在ADAS（先進駕駛輔助系統）——那一直是我們的歷史強項——我們也持續看到產品組合在車內其他插槽上擴展。

Yeah, we focus on them -- these zonals, the 48-volt systems and also, we'll address the battery side and LiDAR. And so these are the emerging market -- emerging requirements from automotive. I think in the next few years, they all will be installed in a car and we'll see very popular in the market. And now we see MPS revenue growth.

是的，我們聚焦在這些——區域控制器（zonals）、48伏特系統，同時也會切入電池端以及LiDAR。所以這些都是汽車領域的新興市場——新興需求。我認為在未來幾年，它們都會被安裝在車上，並在市場上變得非常普及。而我們現在也看到MPS營收成長。

Thanks for that. And then as a follow-up, I think last quarter, you talked about plans to enter the RCD market and starting to sample with customers. Just curious, any update in terms of how that's going?

謝謝說明。接著追問一下，我記得上季你們談到計畫進入RCD市場，並開始向客戶送樣。想請問目前進展如何，有沒有更新？

Sampling. We are still developing a lot of new products. And this is very new to us. But we're confident that it will be turning to revenue, although we have some revenue now.

送樣。我們仍在開發許多新產品。而這對我們來說是非常新的領域。但我們有信心它會轉化為營收，雖然我們現在已經有一些營收了。

Yeah. Just to keep it from a model basis, we have not -- that's not going to be a needle mover in 2026 for us, right, in terms of revenue.

是的。就模型假設而言，我們並沒有——就營收來說，這在2026年不會成為能顯著推動數字的因素（needle mover），對吧。

Yeah. Thank you.

是的。謝謝。

Chris Caso, Wolfe Research.

Chris Caso，Wolfe Research。

Yeah. Thank you. Good evening. I guess the first question is an update on where CPU server power stands right now. I know that you guys have gained a lot of share over the years on that, and that market is heating up because of agentic CPU. So how impactful has that been to the ED segment? And where do you see that going as you go into the end of the year into next year?

是的。謝謝。晚安。我第一個問題是想更新一下，目前CPU伺服器電源的狀況如何。我知道你們多年來在那方面拿下了很多市占率，而因為代理型（agentic）CPU，這個市場正在升溫。那對ED部門的影響有多大？以及當你們走到今年底、進入明年時，你們怎麼看它的走勢？

Yeah. Thanks, Chris. Let me start and then Michael and Rob can jump in as well. I think one of the things is we've been talking about it for close to a year that CPU has been one of the growth drivers for us in enterprise data. So it's something that has been and I think will continue to be part of the overall growth story. To the extent that agentic AI drives further CPU growth, that will continue to be a tailwind for us.

是的。謝謝你，Chris。我先回答，然後Michael和Rob也可以補充。我認為其中一點是，我們談CPU作為企業資料（enterprise data）業務的成長驅動因素，已經接近一年了。所以這一直是、而且我認為也將持續是整體成長故事的一部分。如果代理型AI進一步帶動CPU成長，這將會持續成為我們的順風（tailwind）。

As you know, it's difficult for us to separate sometimes a pure AI sale from a CPU sale. So it's a little difficult for us to parse them specifically. But if we start to see some of the forecasts come to play that you've seen from some others in the industry, we think that could be an additional growth vector for us even going forward. From a share perspective, again, I think we'll probably pass on specific share. I think we're very broadly indexed across both x86 and ARM players. And so no matter who sort of wins in that race, we think we can participate.

如你所知，我們有時很難把純 AI 的銷售與 CPU 的銷售區分開來。所以我們要特別去拆解它們會有點困難。但如果我們開始看到你在產業內其他公司所提到的一些預測逐步實現，我們認為即使往後看，這也可能成為我們額外的成長動能。就市占的角度來看，同樣地，我想我們大概不會提供具體的市占數字。我想我們在 x86 與 ARM 的玩家上都有非常廣泛的布局。因此不論誰在那場競賽中勝出，我們都認為我們可以參與其中。

I think I answered your question one time in terms of the, okay, what is the percentage at the time, in the CPU side, we want to get in the CPU market segment. I think I was asked what the market shares we want to be, okay? I mentioned in the earnings call that if it's lower than 30%, I call it failures, okay. I think that we'll comfortably say now we're past that. And that's where the good position we are in now, and we'll continue that.

我想我之前回答過你這個問題，關於，好，當時在 CPU 端，我們想在 CPU 市場區隔拿到的比例是多少。我想當時有人問我我們希望的市占是多少，對吧？我在法說會上提到，如果低於 30%，我就稱之為失敗，好嗎。我想我們現在可以很有把握地說，我們已經超過那個水準了。而這就是我們目前所處的良好位置，我們也會持續維持下去。

Thank you for that. As a follow-up, maybe a bit of a longer-term question. And maybe as we look out, say, over the next two years, two years-plus, do you still expect that -- and then enterprise data has been the fastest-growing part of your business because it's been the fastest end market. Do you expect that to continue to be the case?

謝謝你的說明。作為追問，可能是一個偏長期的問題。如果我們往外看，例如未來兩年、兩年以上，你是否仍預期——而且企業資料一直是你們業務中成長最快的部分，因為它也是成長最快的終端市場。你是否預期這種情況會持續？

And I know, Michael, you like to run a diversified business, but that end market is just growing so quickly. So I guess maybe the question is, is the growth in that end market and enterprise data make it more difficult to diversify the business?

我也知道，Michael，你喜歡經營一個多元化的業務，但那個終端市場成長實在太快了。所以我想問的是，那個終端市場與企業資料的成長，是否會讓業務多元化變得更困難？

Good question. We never focus on any market segments. And we provide picks and shovels and blue jeans. And as long as we're making the best of it, we will win those segments. And -- so we are not really a gold diggers out there to find out the empty mountain. But we don't do that kind of thing. And we just provide basically the best elements for other people to succeed at that.

好問題。我們從不把焦點放在任何特定的市場區隔。我們提供的是「鎬子、鏟子和牛仔褲」。只要我們把這些做到最好，我們就能在那些區隔勝出。所以我們並不是出去當淘金者，去找那座空山。我們不做那種事。我們基本上只是提供最好的關鍵元件，讓其他人能在那裡取得成功。

And one time automotive was big, and other times, consumer was big, okay? And we let our customers -- let the market to decide that. As long as we focus on the fundamental development, I think that we will win in the very long term. And clear example was a couple of years ago, the AI go sideways or enterprise data went sideways, even dropped slightly, okay. And that year, all the other businesses grew tremendously, including automotives. And that's exactly what we want to see. And we have -- we want to provide to our investors a very consistent way of growing MPS.

有時候車用很大，有時候消費性很大，好嗎？我們讓客戶——讓市場來決定。只要我們專注在基本面的研發，我認為長期來看我們會贏。很明顯的例子是幾年前，AI 走平或企業資料走平，甚至還小幅下滑，好嗎。而在那一年，其他所有業務都大幅成長，包括車用。這正是我們想看到的。我們希望為投資人提供一種非常一致、穩健的方式來推動 MPS 成長。

I mean even in last Q2, right, outside of enterprise data, the rest of the businesses saw double-digit growth. So I understand your comment on what TAM might be growing faster, but you can see you're still seeing pretty substantial growth outside of ED.

我的意思是，即使在上一個 Q2，對吧，除了企業資料之外，其餘業務都呈現雙位數成長。所以我理解你對於 TAM 可能成長更快的評論，但你也可以看到，在 ED 之外你們仍然有相當可觀的成長。

Thank you.

謝謝。

Kelsey Chia, Citi.

花旗的 Kelsey Chia。

Hi, good evening. So based on the strong and broad-based ordering patterns you guys have, may I know how much visibility do you have in the enterprise data end market? And I was wondering if you can provide any color as to how 2027 outlook could look like based on the design wins, visibility, expected product ramp or elaborate on any incremental revenue opportunities and ramp within that segment?

嗨，晚安。基於你們強勁且廣泛的下單型態，想請問你們在企業資料終端市場有多少能見度？另外也想請你們分享一些看法：基於設計導入（design wins）、能見度、預期產品放量（ramp），2027 年的展望可能會是什麼樣子？或是能否進一步說明該區隔任何新增的營收機會與放量節奏？

Yeah, I'll start on that one. And I think in general, 2027 is a bit far away. We're still trying to land 2026. But I think if you -- to answer the first part of your question and the visibility, again, the longer-term ordering patterns that we saw begin even late last year have really maintained. And our book-to-bill this cycle was again well above 1. So we do have more than a quarter type visibility like we were dealing with maybe midway through 2025.

好的，我先回答這題。整體來說，2027 年還有點遠。我們現在還在努力把 2026 年落地。但要回答你問題的第一部分、也就是能見度：同樣地，我們從去年底甚至更早開始看到的較長期下單型態，確實一直維持著。而且這一輪我們的接單出貨比（book-to-bill）再次明顯高於 1。所以我們確實擁有超過一季的能見度，不像 2025 年年中左右那時候我們面對的狀況。

That doesn't mean we necessarily have visibility all the way out to the end of 2027, though. But I think the way I would address that is I think the underlying structural growth drivers haven't really changed, right? We have best-of-breed from the current density and modules. You see more and more of our end markets adopting those high current density modules for their applications, and we continue to win new sockets. So I think our ability to continue to grow into '27 is still structurally very solid, but I think it's too early to put a number on it.

但這不代表我們一定能一路看到 2027 年底。不過我會這樣回應：我認為底層的結構性成長驅動因素其實沒有改變，對吧？我們在目前的高電流密度產品與模組方面屬於同級最佳（best-of-breed）。你會看到越來越多終端市場在其應用中採用這些高電流密度模組，而我們也持續拿下新的插槽（socket）導入。所以我認為我們持續成長到 2027 年的能力，在結構上仍然非常扎實，但現在要給出一個數字還太早。

We -- well, here is the -- the true demand is determined by the market. And we don't want our customers to end up with lot of waste for inventories. At the same time, we will watch us, our own inventory, we will end up a lot of inventory we cannot sell. So we clearly balance that. And what is the forecast?

我們——嗯，真正的需求是由市場決定的。我們不希望客戶最後產生大量多餘的庫存浪費。同時，我們也會看我們自己的庫存，避免最後堆出一堆賣不掉的庫存。所以我們會清楚地在兩者之間取得平衡。那預測是什麼？

We don't do -- even though we have NCNRs, and we don't shovel into our customers' throat. That's bad relationships. And our relationship is very long term. And so it cannot -- although the order booking is very good, as Tony said it, okay, but we don't see the business in that way. And we do things swiftly according to our customer demand.

我們不會——即使我們有 NCNR（不可取消、不可退貨）條款，我們也不會硬塞給客戶。那會破壞關係。而我們的客戶關係是非常長期的。所以不能——雖然如 Tony 所說，接單確實非常好，好嗎，但我們不會用那種方式看待生意。我們會依照客戶需求迅速地採取行動。

Got it. And also with such strong revenue outlook, could you help us think about gross margins and OpEx trajectory? It seems that you guys are landing somewhat below your long-term OpEx guidance right now.

了解。另外，在如此強勁的營收展望下，你們能否協助我們思考毛利率與營業費用（OpEx）的走勢？看起來你們目前的 OpEx 落在長期 OpEx 指引之下的某個位置。

Well we're in the models, okay, we're still in the models although in the low end. I said I wasn't -- I'll be happier and, okay, we're higher. I said I wasn't happy. And look at this, we focus on growing the revenue and growing the net profit, EPS. That's the key reason.

嗯，我們還在模型區間內，好嗎，只是偏低端。我說過我不——如果更高我會更開心。我說我不滿意。你看，我們專注在營收成長以及淨利、EPS 的成長。這才是關鍵原因。

The other one is that nobody wants us to have a high gross margin with lack of growth. Nobody want us to do that. And our shareholders doesn't want us to do that, certainly. And so we focus on this, will be gross margins, I said it. And we will figure out we will grow higher. Certainly, in the near future, we'll probably stay similar or maybe slightly higher.

另一點是，沒有人希望我們在缺乏成長的情況下還維持很高的毛利率。沒有人希望我們那樣做。而我們的股東當然也不希望我們那樣做。所以我們專注在這一點，也就是毛利率，我已經說過了。而我們也會想辦法讓我們成長得更快。當然，在不久的將來，我們可能會維持相近，或是略微更高。

Kelsey, this is Rob. I'll add to what Michael was saying and add on to what Tony was saying about the strong order levels, which continued into Q2, give us the ability to incrementally expand our guidance on gross margin again, just slightly, but it's there. So as Michael said, we're at the low end of where we want to be, but we're feeling comfortable about where we're at for Q3.

Kelsey，我是 Rob。我補充一下 Michael 的說法，也延伸 Tony 提到的強勁訂單水準，這股動能延續到第二季，讓我們有能力再次小幅上調毛利率指引，幅度不大，但確實有上調。所以如 Michael 所說，我們目前在我們希望達到區間的低端，但對第三季的狀況我們感到安心。

And Kelsey, the last part of your question was a little bit on OpEx. And I think in general, we haven't changed any of our thesis around how we're trying to invest for the future. I think what you see is when you get to higher levels of revenue, it's difficult to keep the levels of spending up to that model. And so you see some additional leverage as you flow through to operating margin. And I think you've seen pretty healthy expansion in operating margin over the past couple of quarters.

Kelsey，你問題的最後一部分是關於營業費用（OpEx）。我認為整體而言，我們並沒有改變任何關於如何為未來投資的核心論點。你看到的是，當營收來到更高水準時，要讓支出水準完全跟上那個模型會比較困難。因此，當這些因素流入營業利益率時，你會看到一些額外的槓桿效益。而且你也看到過去幾個季度營業利益率有相當健康的擴張。

Got it. Thank you.

了解。謝謝。

Ben Naji, William Blair.

Ben Naji，William Blair。

Yes. Thanks for taking the questions, and congrats on a great quarter here. It's great to see the momentum across the business. AI data center is clearly a strong tailwind for the enterprise data business, also in communications, a little bit even in storage and compute. I mean if I start to add up all these segments, you're looking at data center exposure that's approaching roughly 50%. I mean is that the right way to think about it across your different end markets?

是的。謝謝讓我提問，也恭喜你們這一季表現非常出色。很高興看到整個業務的動能。AI 資料中心顯然是企業資料業務的強勁順風，在通訊領域也是如此，甚至在儲存與運算方面也有一些帶動。如果我把這些部門加總起來，你們的資料中心曝險看起來接近約 50%。這樣理解你們不同終端市場的結構是否正確？

I think you're picking the right components as you go in there, right? Obviously, the optical module business, the switch business can be pulled to our data center, all of enterprise data. And then remember, inside of storage, you really kind of have three big sub buckets, DDR5, HDD and SSD. HDD and SSD, I think over time, are becoming increasingly enterprise focused, whereas at one point, they might have been more consumer-based.

我認為你在拆解時抓到正確的組成項了，對吧？很明顯，光學模組業務、交換器業務都可以歸到我們的資料中心，也就是整個企業資料業務。另外請記得，在儲存裡面其實大致有三個主要子類別：DDR5、HDD 和 SSD。我認為隨著時間推移，HDD 和 SSD 會越來越偏向企業端；而在某個時期，它們可能更偏向消費端。

So we haven't broken out storage and compute versus notebook in there, but I think you're picking the right components as you look at those things that could provide some of the healthy demand pull through by data center right now.

所以我們沒有在這裡把儲存與運算和筆電的部分拆開揭露，但我認為你在看那些目前可能因資料中心而帶來健康需求拉動的項目時，抓到正確的組成了。

Okay. Great. And then maybe just as a quick follow-up on the incremental supply capacity that you're bringing online. Is that -- is any of that on newer node processes like 40-nanometer? Or is that mostly on existing 65-nanometer solutions?

好的。很好。接著可能快速追問一下你們正在新增上線的增量供應產能。其中有任何是採用較新的製程節點，例如 40 奈米嗎？還是主要都在既有的 65 奈米解決方案上？

I think it's mostly the existing. And this thing, we're talking about sometimes from now on, we have the increase all in the capacity. Again, Tony said, this is not about -- only about the silicon and wafers, we're building a lot more -- we're building systems. And that changed the complexity of the silicon only. I mean we have been on this journey since 2017 and all the procurement, vendor qualification, component qualification, we have -- it became mature. And now we have to pull some more new tricks in the next year or so to increase all these capacities?

我認為主要是既有的。而且我們談到的這件事，有時候是指從現在開始，我們在整體產能上會有所提升。再說一次，Tony 提到，這不只是關於矽晶與晶圓；我們正在打造更多——我們是在打造系統。而這讓複雜度不再只是矽晶本身。我的意思是，我們自 2017 年以來一直在走這段旅程，包含採購、供應商認證、零組件認證，我們——這些都變得成熟了。而現在，未來一年左右我們必須再想一些新方法，來提升所有這些產能？

Right, right. Would you say it's the worst or the hardest to increase capacity over the last 10 years that you've seen?

對，對。你會說這是你過去 10 年看到最糟、或最難提升產能的一次嗎？

It's different periods, different times and qualified vendors. And again, in the silicon side, we have a lot of experience and you move onto systems, how you assemble all these systems and how you qualify all these vendors and how you take the yield loss is in completely different models that we have to operate on it. And we became -- I would say that we became a lot more mature and there's a lot more room to go, a lot more improvement to go.

不同時期、不同時間點，以及不同的合格供應商情況都不一樣。而且再說一次，在矽晶這一端我們有很多經驗；但當你轉向系統端，如何組裝這些系統、如何認證所有這些供應商，以及如何承擔良率損失，這是我們必須運作的完全不同模型。而我們也變得——我會說我們變得成熟得多，而且還有很大的空間可以再往前走、再改善。

Got it. Great. Thank you so much.

了解。很好。非常感謝。

I'm showing there are no further questions in the queue at this time. I will now turn the call back over to Tony Balow for any closing comments.

我這邊顯示目前佇列中沒有其他問題。我現在把電話交回給 Tony Balow，請他做結語。

Alright. Thank you, operator, and thank you all for joining us for the conference call today. We look forward to speaking with all of you for our next call for our third quarter 2026 results. Thank you again, and have a nice day.

好的。謝謝接線員，也謝謝各位今天參加我們的電話會議。我們期待在下一次電話會議與各位交流，屆時將公布 2026 會計年度第三季的業績。再次感謝，祝各位有美好的一天。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝各位的參與，現在可以掛線。