美光科技 (MU) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to Micron's second quarter 2025 financial call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持，歡迎參加美光 2025 年第二季財務電話會議。(操作員指示)提醒一下，今天的節目正在錄製。

And now I'd like to introduce your host for today's program, Satya Kumar, Corporate Vice President, Investor Relations and Treasury. Please go ahead, sir.

現在，我想介紹今天節目的主持人、投資者關係和財務部公司副總裁薩蒂亞·庫馬爾 (Satya Kumar)。先生，請繼續。

Thank you, and welcome to Micron Technology's fiscal second quarter 2025 financial conference call. On the call with me today are Sanjay Mehrotra, our Chairman, President and CEO, and Mark Murphy, our CFO. Today’s call is being webcast from our Investor Relations site at investors.micron.com, including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website, along with the prepared remarks for this call.

謝謝，歡迎參加美光科技 2025 財年第二季財務電話會議。今天與我一起參加電話會議的有我們的董事長、總裁兼執行長 Sanjay Mehrotra 和我們的財務長 Mark Murphy。今天的電話會議將透過我們的投資者關係網站 investor.micron.com 進行網路直播，包括音訊和幻燈片。此外，詳細介紹我們季度業績的新聞稿已在網站上發布，同時發布本次電話會議的準備好的評論。

Today’s discussion of financial results is presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures can be found on our website. We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on X at MicronTech.

除非另有說明，否則今天討論的財務結果均以非 GAAP 財務基礎呈現。您可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的對帳表。我們鼓勵您在整個季度訪問我們的網站 micron.com，以獲取有關公司的最新信息，包括我們可能參加的財務會議的信息。您也可以在 MicronTech 的 X 上關注我們。

As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, including demand for our products; our market share, market, pricing and cost trends and drivers; our plans for manufacturing; the impact of developing technologies such as AI; product ramp plans; technologies and market position; expected capabilities of our future products; our planned investments and expenditures; our expected results and guidance; regulatory matters and other matters.

提醒一下，我們今天討論的問題包括有關市場需求和供應的前瞻性陳述，包括對我們產品的需求；我們的市場佔有率、市場、定價和成本趨勢和驅動因素；我們的製造計劃；人工智慧等技術發展的影響；產品提升計劃；技術和市場地位；我們未來產品的預期能力；我們計劃的投資和支出；我們的預期結果和指導；監管事項及其他事項。

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. We refer you to the documents we file with the SEC, including our Form 10-K, Forms 10-Q and other reports and filings, for a discussion of risks that may affect our future results.

這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與今天的陳述有重大差異。請您參閱我們向美國證券交易委員會提交的文件，包括我們的 10-K 表格、10-Q 表格以及其他報告和文件，以討論可能影響我們未來業績的風險。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們無法保證未來的結果、活動水準、績效或成就。我們沒有義務更新任何前瞻性陳述以使這些陳述符合實際結果。

I'll now turn the call over to Sanjay.

我現在將電話轉給桑傑。

Thank you, Satya. Good afternoon, everyone. Micron is in the best competitive position in our history, and we are achieving share gains across high margin product categories in our industry. Our strong product momentum has enabled us to build deeper customer relationships, and Micron’s industry-leading products are now more firmly entrenched in our customers’ high-value product roadmaps.

謝謝你，薩蒂亞。大家下午好。美光公司目前處於歷史上最佳的競爭地位，並且我們在行業內高利潤產品類別的份額正在不斷增長。我們強勁的產品動能使我們能夠建立更深層的客戶關係，而美光業界領先的產品現在更加牢固地紮根於客戶的高價值產品路線圖中。

In fiscal Q2, data center DRAM revenue reached a new record. HBM revenue grew more than 50% sequentially to a new milestone of over $1 billion of quarterly revenue. Our HBM shipments were ahead of our plans, demonstrating strong execution of our ongoing ramp. The combination of our revenue from high-capacity DRAM modules and our industry-leading LP DRAM for the data center also exceeded the billion-dollar milestone for the quarter.

財年第二季度，資料中心DRAM營收創下新高。HBM 營收季增超過 50%，創下季度營收超過 10 億美元的新里程碑。我們的 HBM 出貨量超出了我們的計劃，表明我們正在進行的產能提升具有強大的執行力。本季度，我們高容量 DRAM 模組的營收與業界領先的資料中心 LP DRAM 的營收總和也突破了 10 億美元的大關。

Micron remains the only company in the world to ship low-power DRAM into the data center in high volume, showcasing our pioneering innovation and deep partnership with our customers for differentiated solutions.

美光仍然是全球唯一一家向資料中心大量出貨低功耗 DRAM 的公司，展示了我們的開創性創新以及與客戶在提供差異化解決方案方面建立的深度合作夥伴關係。

As we build on this momentum, we expect fiscal Q3 revenue to be another record for Micron, driven by shipment growth across both DRAM and NAND. We see the combination of AI data center demand and the ramp of HBM and its associated trade ratio contributing to tightness at the leading edge and constraining non-HBM DRAM supply.

隨著我們在此勢頭的基礎上，我們預計美光第三財季營收將再創紀錄，這得益於 DRAM 和 NAND 出貨量的增長。我們看到，AI 資料中心的需求、HBM 的成長以及相關貿易比率的結合，導致了尖端技術的緊張，並限制了非 HBM DRAM 的供應。

We expect supply actions announced by NAND companies to improve the dynamics in the NAND market

我們預計 NAND 公司宣布的供應行動將改善 NAND 市場的動態

Micron’s 1-beta DRAM technology leads the industry, and we are extending our leadership with the launch of our 1-gamma node and the industry’s first shipments of 1-gamma-based D5 products last month. Micron’s 1-gamma is our first DRAM node incorporating EUV, and we have achieved 20% lower power, 15% better performance and over 30% improvement in bit-density compared to our 1-beta DRAM.

美光的 1-beta DRAM 技術引領產業，而隨著我們上個月推出 1-gamma 節點以及業界首批基於 1-gamma 的 D5 產品，我們進一步擴大了領導地位。Micron 的 1-gamma 是我們第一個採用 EUV 的 DRAM 節點，與我們的 1-beta DRAM 相比，我們實現了功耗降低 20%、效能提高 15% 以及位元密度提高 30% 以上。

Micron’s leading-edge Gen-9 NAND technology node delivers the industry’s fastest TLC-based NAND, and we are managing the ramp of this node mindful of the supply-demand balance in the industry.

美光科技領先的第 9 代 NAND 技術節點提供了業界最快的基於 TLC 的 NAND，我們在管理該節點的提升時考慮到了業界的供需平衡。

Micron continues to make disciplined investments that position us to capitalize on the significant growth opportunities driven by AI. We are focused on growing HBM capacity in our existing manufacturing facilities to meet requirements through 2026.

美光繼續進行有紀律的投資，使我們能夠利用人工智慧推動的巨大成長機會。我們專注於擴大現有製造工廠的 HBM 產能，以滿足 2026 年的需求。

In January, we broke ground on an HBM advanced packaging facility in Singapore. This investment allows us to meaningfully expand our total advanced packaging capacity beginning in calendar 2027. Our new DRAM fab construction in Idaho completed an important construction milestone that enabled the receipt of the first disbursement of funding from our CHIPS grant for the project during the quarter. This new Idaho fab will provide meaningful DRAM output starting in fiscal 2027.

今年一月，我們在新加坡動工興建 HBM 先進封裝工廠。這項投資使我們能夠從 2027 年開始大幅擴大我們的先進封裝總產能。我們在愛達荷州的新 DRAM 工廠建設完成了一個重要的建設里程碑，這使得我們在本季度收到了該項目 CHIPS 撥款的第一筆資金。這家位於愛達荷州的新工廠將從 2027 財年開始提供有意義的 DRAM 產出。

Turning to our end markets. Dramatic improvements in computation hardware have reduced the per-token cost of generative AI models. These hardware improvements, along with more efficient algorithms and software, drive down the cost of inference and make generative-AI-based capabilities more accessible to new applications and use cases.

轉向我們的終端市場。計算硬體的顯著改進降低了生成式 AI 模型的每個令牌成本。這些硬體改進，加上更有效率的演算法和軟體，降低了推理成本，並使基於生成式人工智慧的功能更容易被新的應用程式和用例所使用。

This broadening deployment creates a powerful growth vector for aggregate AI demand, and recent innovations and those in the pipeline from key contributors to the AI ecosystem will continue to fuel this growth trend.

這種不斷擴大的部署為人工智慧的整體需求創造了強大的成長動力，而最近的創新以及人工智慧生態系統主要貢獻者正在醞釀的創新將繼續推動這一成長趨勢。

As GPU and custom AI accelerator performance capabilities continue to improve with each new generation of product, these high-performance processors are starved of memory bandwidth. HBM memory provides the bandwidth necessary to leverage these powerful processors in the most effective and efficient manner, and we are excited to see the growth opportunities ahead for this complex and high-value product category, where our customers now recognize Micron as the HBM technology leader in our industry.

隨著 GPU 和客製化 AI 加速器效能隨著每一代新產品的推出而不斷提升，這些高效能處理器的記憶體頻寬卻十分匱乏。HBM 記憶體提供了以最有效、最高效的方式利用這些強大處理器所需的頻寬，我們很高興看到這個複雜且高價值的產品類別未來的成長機會，我們的客戶現在將美光視為我們行業的 HBM 技術領導者。

Recently, large hyperscale customers reiterated strong year-over-year growth for their capital investments in calendar 2025. We project mid-single-digit server unit growth in calendar 2025, with growth in both traditional and AI servers.

最近，大型超大規模客戶重申了 2025 年資本投資將實現強勁同比增長。我們預計 2025 年伺服器數量將以中位數個位數成長，傳統伺服器和 AI 伺服器都將成長。

We see strong demand for HBM and have once again increased our HBM TAM estimate for calendar 2025 to over $35 billion. We remain on track to reach HBM share similar to our overall DRAM supply share, on a run-rate basis, in calendar Q4 2025.

我們看到了對 HBM 的強勁需求，並再次將我們對 2025 年 HBM TAM 的預測上調至 350 億美元以上。以運行率計算，我們仍有望在 2025 年第四季實現 HBM 份額與我們的整體 DRAM 供應份額相似的目標。

As previously mentioned, Micron is sold out of our HBM output in calendar 2025. We are seeing strong demand for our HBM supply in 2026 and are in discussions with our customers on agreements for their calendar 2026 HBM demand.

如前所述，美光的 HBM 產量將在 2025 年售罄。我們發現 2026 年 HBM 供應需求強勁，並且正在與客戶討論 2026 年 HBM 需求協議。

Micron’s industry-leading HBM3E delivers a 30% power reduction compared to the competition, and our HBM3E 12-high has a remarkable 20% power advantage over competing 8H products while providing a 50% higher memory capacity. We have begun volume production of HBM3E 12 high and are focused on ramping capacity and yield. We anticipate HBM3E 12 high will comprise the vast majority of our HBM shipments in the second half of calendar 2025.

與競爭對手相比，美光業界領先的 HBM3E 可將功耗降低 30%，而我們的 HBM3E 12-high 與競爭對手的 8H 產品相比，功耗優勢顯著，降低了 20%，同時內存容量卻提高了 50%。我們已經開始大量生產HBM3E 12高階產品，並致力於提高產能和產量。我們預計，到 2025 年下半年，HBM3E 12 high 將占我們 HBM 出貨量的絕大部分。

We are making good progress on additional platform and customer qualifications with HBM. Micron HBM3E 8 high is designed into NVIDIA’s GB200 system, and our HBM3E 12 high is designed into the GB300. In fiscal Q2, we initiated volume shipments to our third large HBM3E customer and anticipate additional customers over time. We expect multibillion dollars in HBM revenue in fiscal 2025.

我們在與 HBM 合作的附加平台和客戶資格方面取得了良好進展。Micron HBM3E 8 高設計用於 NVIDIA 的 GB200 系統，而我們的 HBM3E 12 高設計用於 GB300。在第二財季，我們開始向第三大 HBM3E 客戶批量發貨，並且預計隨著時間的推移會有更多的客戶。我們預計 2025 財年的 HBM 營收將達到數十億美元。

Looking ahead, we are enthusiastic about Micron’s HBM4, which will ramp in volume in calendar 2026. Our HBM4 provides a bandwidth increase of over 60% compared to HBM3E. The timing of our HBM4 is aligned to our customers’ requirements, and we are focused on delivering the best HBM4 products to the market across power efficiency, quality and performance.

展望未來，我們對美光的 HBM4 充滿期待，其產量將於 2026 年增加。與 HBM3E 相比，我們的 HBM4 頻寬增加了 60% 以上。我們的 HBM4 時機與客戶需求一致，我們專注於向市場提供具有最佳功率效率、品質和性能的 HBM4 產品。

Our proven HBM product performance, our strong HBM roadmap and our demonstrated manufacturing excellence uniquely position Micron to capitalize on next-generation HBM4 and HBM4E solutions.

我們經過驗證的 HBM 產品性能、強大的 HBM 路線圖以及經過證明的卓越製造能力使美光科技能夠利用下一代 HBM4 和 HBM4E 解決方案。

Micron has led the adoption of LP in data center. In AI servers, Micron’s LP lowers memory power consumption by over two-thirds compared to D5. We expect to maintain our leadership position in LP for server as it transitions from soldered components to a SOCAMM or Small Outline Compression Attached Memory Module form factor.

美光科技在資料中心領域引領了 LP 的採用。在 AI 伺服器中，美光的 LP 與 D5 相比，將記憶體功耗降低了三分之二以上。隨著伺服器 LP 從焊接組件向 SOCAMM 或小外形壓縮連接記憶體模組外形尺寸轉變，我們期望保持在伺服器 LP 領域的領導地位。

Micron’s SOCAMM was developed in collaboration with NVIDIA to support the GB300. LP DRAM in a SOCAMM form factor enables easier server manufacturability and serviceability and helps drive broader LP adoption in the server market. We are on track to deliver multibillion dollars in revenue in fiscal 2025 from our portfolio of high-capacity D5 modules and LP products for the data center.

Micron 的 SOCAMM 是與 NVIDIA 合作開發的，以支援 GB300。SOCAMM 外形尺寸的 LP DRAM 讓伺服器的製造和維護變得更加容易，並有助於推動 LP 在伺服器市場的更廣泛應用。我們預計在 2025 財年透過資料中心高容量 D5 模組和 LP 產品組合創造數十億美元的收入。

In data center NAND, demand moderated in fiscal Q2 due to short-term customer inventory-driven impacts, and we see a return to bit shipment growth in the months ahead. In calendar Q4 2024, based on industry analyst reports, Micron achieved yet another record high market share in data center SSDs, with revenue growth in each category, including performance, mainstream and capacity SSDs.

在資料中心 NAND 方面，由於短期客戶庫存驅動的影響，第二財季需求放緩，我們預計未來幾個月出貨量將恢復成長。2024 年第四季度，根據行業分析師報告，美光在數據中心 SSD 中再次取得了創紀錄的市場份額，並且性能、主流和容量 SSD 等每個類別的收入均有所增長。

Our high performance 9550 SSD, which is on NVIDIA’s GB200 NVL72-approved vendor list, completed qualifications at multiple customers. During the quarter, we announced that Micron’s data center-class G8 QLC-based NAND components are qualified for production in Pure Storage’s high-capacity 150 TB DirectFlash module.

我們的高效能 9550 SSD 位元列 NVIDIA GB200 NVL72 認可供應商名單，並已通過多家客戶的認證。在本季度，我們宣布美光資料中心級 G8 QLC NAND 元件已具備在 Pure Storage 的高容量 150 TB DirectFlash 模組中生產資格。

Micron’s data center-class NAND components give customers the ability to leverage our industry-leading NAND design and process technology in their custom storage solutions. Micron's leadership in QLC NAND supports the transition from HDD to NAND solutions in the data center. We expect to generate multiple billions of dollars in data center NAND revenue and once again grow our data center NAND market share in calendar 2025.

Micron 的資料中心級 NAND 元件使客戶能夠在其客製化的儲存解決方案中利用我們業界領先的 NAND 設計和製程技術。美光在 QLC NAND 領域的領導地位支持資料中心從 HDD 到 NAND 解決方案的過渡。我們預計在 2025 年資料中心 NAND 收入將達到數十億美元，並且我們的資料中心 NAND 市場份額將再次擴大。

We expect the PC market to grow mid-single digits in unit terms in calendar 2025, with growth weighted to the second half of calendar 2025. The Windows 10 end-of-life in October 2025, combined with an aging installed base and a desire amongst customers to ensure that their PC hardware specs can support compelling AI applications in the future, are key catalysts that drive this growth.

我們預計，2025 年 PC 市場銷售將實現中等個位數成長，成長主要集中在 2025 年下半年。Windows 10 將於 2025 年 10 月終止服務，加上安裝基礎老化，以及客戶希望確保其 PC 硬體規格能夠在未來支援引人注目的 AI 應用程序，這些都是推動這一增長的關鍵催化劑。

AI PCs require a minimum of 16GB of DRAM, with many models requiring even higher memory versus the average 12GB PC content last year. During the quarter, we sampled our 16Gb 1-gamma-based D5 products to PC clients. In NAND, we launched our G9-based 4600 performance SSDs, the fastest in the world for the client market, and completed qualifications of our 2650 mainstream SSDs at multiple PC OEMs.

人工智慧 PC 至少需要 16GB 的 DRAM，與去年平均 12GB 的 PC 記憶體相比，許多型號甚至需要更高的記憶體。在本季度，我們向 PC 用戶端提供了基於 16Gb 1-gamma 的 D5 產品樣品。在NAND領域，我們推出了基於G9的4600性能SSD，這是客戶端市場上全球最快的SSD，並且完成了2650主流SSD在多個PC OEM廠商的認證。

Turning to mobile, our expectations for smartphone unit volume growth in calendar 2025 remain at low single-digit percentages. Smartphone customer inventory dynamics have played out as anticipated, leading to mobile DRAM and NAND bit shipment growth in our fiscal Q3. AI adoption continues to be a significant driver for increased mobile DRAM demand.

談到行動領域，我們對 2025 年智慧型手機銷售成長的預期仍為個位數的低百分比。智慧型手機客戶庫存動態正如預期的那樣，推動我們第三財季行動 DRAM 和 NAND 位元出貨量成長。人工智慧的採用持續成為行動 DRAM 需求成長的重要驅動力。

AI-capable flagship phones increasingly feature DRAM capacities of 12GB or higher, compared to the 8GB in last year’s models. Smartphone OEMs are using Micron’s industry-leading 9.6 Gbps LP5X DRAM to improve AI performance, delivering up to 20% more tokens per second than those using legacy speed grades on the same SoC.

與去年型號的 8GB 相比，具有 AI 功能的旗艦手機越來越多地配備 12GB 或更高的 DRAM 容量。智慧型手機 OEM 正在使用美光業界領先的 9.6 Gbps LP5X DRAM 來提高 AI 性能，與在同一 SoC 上使用傳統速度等級的廠商相比，每秒可多提供 20% 的代幣。

During the quarter, we announced that our LP5X DRAM and UFS 4.0 NAND were featured in the high-end of the Samsung Galaxy S25 series. Micron's mobile DRAM and UFS storage solutions are in high demand and will continue to launch in flagship and high-end smartphones throughout the year.

本季度，我們宣布我們的 LP5X DRAM 和 UFS 4.0 NAND 被應用於三星 Galaxy S25 系列的高階產品。美光的行動 DRAM 和 UFS 儲存解決方案需求旺盛，並將全年繼續在旗艦和高階智慧型手機中推出。

Additionally, we are now sampling the industry's first mobile G9-managed NAND-based UFS 4.1 solution in densities up to 1TB.

此外，我們現在正在對業界首款基於行動 G9 管理的 NAND UFS 4.1 解決方案進行抽樣，其密度高達 1TB。

Automotive OEMs, industrial and consumer-embedded customers are in the later stages of adjusting their inventory levels. In automotive, which comprises the largest portion of our EBU revenue, memory and storage content per car continues to increase as AI-enabled in-vehicle infotainment systems become more enriched and driver-assistance functions become more capable.

汽車OEM、工業和消費嵌入式客戶正處於調整庫存水準的後期階段。汽車產業佔據了我們 EBU 收入的最大份額，隨著支援人工智慧的車載資訊娛樂系統變得更加豐富以及駕駛輔助功能變得更加強大，每輛汽車的記憶體和儲存內容持續增加。

Advanced robotaxi platforms today contain over 200GB of DRAM, or 20x to 30x higher than the amount of DRAM in the average car. Micron is well-positioned to capitalize on this trend with our industry-leading portfolio of automotive products.

目前先進的機器人計程車平台包含超過 200GB 的 DRAM，比普通汽車中的 DRAM 數量高出 20 到 30 倍。憑藉其業界領先的汽車產品組合，美光科技完全有能力利用這一趨勢。

During the quarter, we announced the production readiness of the industry's first automotive LP5X DRAM product that supports a 9.6 Gbps speed grade, addressing the increasing performance requirements of AI-driven applications in vehicles.

在本季度，我們宣佈業界首款支援 9.6 Gbps 速度等級的汽車 LP5X DRAM 產品已準備好投入生產，以滿足汽車中人工智慧驅動應用日益增長的性能要求。

Additionally, our 4150 SSD became the industry's first enterprise SSD product that is automotive-qualified and is now sampling at target customers, further reinforcing our commitment to innovation and leadership in this important market.

此外，我們的 4150 SSD 成為業界首款符合汽車標準的企業級 SSD 產品，目前正在向目標客戶提供樣品，進一步加強了我們在這個重要市場的創新和領導地位的承諾。

Now, turning to our market outlook. Calendar 2024 DRAM bit demand growth was in the high teens, consistent with our prior expectations. Calendar 2024 NAND bit demand growth was approximately 10%, slightly below our previous view of low double digits.

現在，談談我們的市場展望。2024 年 DRAM 比特需求成長率達到百分之十幾，與我們先前的預期一致。2024 年 NAND 位需求成長約 10%，略低於我們先前預測的低兩位數。

We forecast calendar 2025 DRAM bit demand growth in the mid- to high-teens percentage range and NAND in the low-double-digit percentage range. Over the medium term, we expect industry bit demand growth of mid-teens CAGR for both DRAM and NAND.

我們預測 2025 年 DRAM 位元需求成長率將達到中高十位數百分比範圍，而 NAND 成長率將達到低兩位數百分比範圍。從中期來看，我們預期 DRAM 和 NAND 的產業需求成長率將達到十五六成。

As we have previously discussed, NAND technology transitions provide a significant increase in overall bit output. Sustained NAND industry supply-demand balance can result from increasing the time between node transitions along with sustained reductions in NAND industry capex and wafer capacity. NAND industry wafer capacity underutilization can help to improve the near-term dynamics in the NAND market.

正如我們之前所討論的，NAND 技術的轉變顯著提高了總體位元輸出。節點轉換間隔時間的增加以及 NAND 產業資本支出和晶圓產能的持續減少可能導致 NAND 產業供需持續平衡。NAND 產業晶圓產能利用不足有助於改善 NAND 市場的近期動態。

We expect Micron’s supply growth in calendar 2025 to be lower than industry demand growth for both DRAM and NAND. We expect our inventory days to decline as we move through calendar 2025. We expect to maintain our bit share in DRAM and NAND in calendar 2025.

我們預計，2025 年美光的供應成長將低於 DRAM 和 NAND 的產業需求成長。我們預計，隨著 2025 年的到來，我們的庫存天數將會減少。我們預計在 2025 年將維持 DRAM 和 NAND 的市場佔有率。

In DRAM, we expect a strong ramp of HBM throughout calendar 2025. As noted before, HBM3E consumes 3x the amount of silicon compared to D5 to produce the same number of bits. Looking ahead, we expect the trade ratio to increase with HBM4 and then again with HBM4E when we expect it to exceed 4 to 1. This sustained and significant increase in silicon intensity for the foreseeable future contributes to tightness for industry-leading edge node supply and constrains capacity for non-HBM products.

在 DRAM 方面，我們預計 2025 年 HBM 將出現強勁成長。如前所述，與 D5 相比，HBM3E 消耗的矽量是 D5 的 3 倍，但產生相同數量的位數。展望未來，我們預期 HBM4 的交易比率將會上升，而 HBM4E 的交易比率則會再次上升，我們預期交易比率將超過 4 比 1。在可預見的未來，矽強度的持續顯著增加將導致業界領先的邊緣節點供應緊張，並限制非 HBM 產品的產能。

In NAND, we continue to underutilize our fabs, and our wafer output is down mid-teens percentage from prior levels. We plan to reuse a portion of our underutilized NAND equipment to support capital-efficient conversions to leading-edge nodes. This strategy results in over 10% structural reduction of NAND wafer capacity exiting fiscal 2025 compared to levels exiting fiscal 2024.

在NAND方面，我們的晶圓廠利用率仍然不足，晶圓產量較之前的水平下降了百分之十幾。我們計劃重新利用部分未充分利用的 NAND 設備，以支援向前沿節點的資本高效轉換。該策略將導致 2025 財年的 NAND 晶圓產能與 2024 財年的水準相比結構性減少 10% 以上。

We will continue to prudently manage our NAND supply, including the levels of our capital investment, the pace of ramp of our new technology node, fab capacity and utilization consistent with our demand growth.

我們將繼續審慎管理我們的 NAND 供應，包括我們的資本投資水準、新技術節點的成長速度、晶圓廠產能和利用率，以符合我們的需求成長。

Our capital spending plans remain unchanged at approximately $14 billion for fiscal 2025. A significant portion of our capital investments are focused on multiyear facility investments to support our DRAM and HBM manufacturing, including our Idaho fab, Singapore HBM advanced packaging facility and Taiwan DRAM test facility. Micron will remain disciplined with our overall equipment investments to manage our supply growth consistent with demand.

我們的資本支出計畫維持不變，2025財年約為140億美元。我們的資本投資很大一部分集中在多年設施投資上，以支援我們的 DRAM 和 HBM 製造，包括愛達荷州工廠、新加坡 HBM 先進封裝設施和台灣 DRAM 測試設施。美光將繼續嚴格控制整體設備投資，以管理與需求一致的供應成長。

On tariffs, Micron serves as the US importer of record for a very limited volume of products that would be subject to newly announced tariffs on Canada, Mexico and China. We continue to monitor the possibility of future tariffs and are prepared to work with our customers and suppliers to understand future tariff effects and supply chain options that may arise. Where tariffs do have an impact, we intend to pass those costs along to our customers.

在關稅方面，美光科技是美國的進口商，其進口的極少量產品將受到加拿大、墨西哥和中國新宣布的關稅影響。我們將繼續監控未來關稅的可能性，並準備與我們的客戶和供應商合作，以了解未來可能出現的關稅影響和供應鏈選擇。如果關稅確實產生影響，我們打算將這些成本轉嫁給我們的客戶。

With that, I will now turn it over to Mark for our financial results and outlook.

說完這些，我現在將把我們的財務表現和展望交給馬克。

Thank you, Sanjay, and good afternoon, everyone. Micron delivered fiscal Q2 EPS above the guidance range and revenue and gross margin within the range. Total fiscal Q2 revenue was approximately $8.1 billion, down 8% sequentially and up 38% year-over-year.

謝謝你，桑傑，大家下午好。美光第二財季每股盈餘超出預期，且營收和毛利率處於預期範圍內。第二財季總營收約 81 億美元，季減 8%，較去年同期成長 38%。

Fiscal Q2 DRAM revenue was $6.1 billion, up 47% year-over-year, and represented 76% of total revenue. Sequentially, DRAM revenue decreased 4%, with bit shipments decreasing in the high-single-digit percentage range and prices increasing in the mid-single-digit percentage range as a result of improving portfolio mix.

第二財季 DRAM 營收為 61 億美元，年增 47%，佔總營收的 76%。與上一季相比，DRAM 收入下降了 4%，由於產品組合改善，出貨量下降了高個位數百分比，而價格上漲了中個位數百分比。

Fiscal Q2 NAND revenue was $1.9 billion, up 18% year-over-year, and represented 23% of Micron’s total revenue. Sequentially, NAND revenue decreased 17%, with bit shipments modestly higher and prices decreasing in the high-teens percentage range. FQ2 NAND bit shipments were above our expectations, driven by higher consumer-oriented shipments.

財年第二季 NAND 營收為 19 億美元，年增 18%，佔美光總營收的 23%。與上一季相比，NAND 收入下降了 17%，其中比特出貨量略有增加，而價格則下降了百分之十幾。FQ2 NAND 位元出貨量超出我們的預期，這得益於面向消費者的出貨量增加。

Now turning to revenue by business unit. Compute and Networking Business Unit revenue was up 4% sequentially to $4.6 billion and reached 57% of our total revenue. For the third consecutive quarter, CNBU revenue reached a new quarterly record, driven by a more than 50% sequential increase in HBM revenue.

現在來談談按業務部門劃分的收入。計算和網路業務部門營收季增 4% 至 46 億美元，占我們總營收的 57%。連續第三個季度，CNBU 營收創下季度新高，這得益於 HBM 營收季增 50% 以上。

Revenue for the Storage Business Unit was $1.4 billion, down 20% sequentially. Decline in SBU revenue was driven primarily by lower storage investments from data center customers after several quarters of very strong growth and overall NAND industry pricing.

儲存業務部門營收為 14 億美元，季減 20%。SBU 營收下降的主要原因是經過幾季的強勁成長和整體 NAND 產業定價後，資料中心客戶的儲存投資減少。

Mobile Business Unit revenue was $1.1 billion, down 30% sequentially, as mobile customers continued to improve their inventory positions.

由於行動客戶的庫存狀況持續改善，行動業務部門營收為 11 億美元，季減 30%。

Embedded Business Unit revenue was $1.0 billion, down 3% sequentially. Lower sequential revenue was primarily due to inventory improvement initiatives at automotive customers.

嵌入式業務部門營收為 10 億美元，季減 3%。連續收入下降主要由於汽車客戶的庫存改善措施。

The consolidated gross margin for fiscal Q2 was 37.9%, down 160 basis points sequentially due primarily to pricing in consumer-oriented segments of the market, especially in NAND, and NAND mix shift to consumer-oriented products as mentioned earlier. Our ongoing high-value mix shift in our DRAM portfolio partially offset some of these factors.

財年第二季的綜合毛利率為 37.9%，比上一季下降 160 個基點，這主要歸因於市場面向消費者細分市場的定價，尤其是 NAND，以及如前所述的 NAND 組合轉向面向消費者的產品。我們 DRAM 產品組合中正在進行的高價值組合轉變部分抵銷了其中一些因素。

Operating expenses in fiscal Q2 were $1.0 billion, flat sequentially. R&D expenses were lower than plan due to earlier product qualification and timing of certain R&D projects. We generated operating income of $2 billion in fiscal Q2, resulting in an operating margin of 24.9%, which was down approximately 260 basis points sequentially and up 21 percentage points from the year ago quarter.

第二財季營運費用為 10 億美元，與上一季持平。由於產品認證較早且某些研發項目的時間表合理，因此研發費用低於計劃。我們在第二財季實現了 20 億美元的營業收入，營業利潤率為 24.9%，比上一季下降約 260 個基點，比去年同期上升 21 個百分點。

Fiscal Q2 adjusted EBITDA was $4.1 billion, resulting in an EBITDA margin of 50.7%, up 10 basis points sequentially and up 14 percentage points or $2 billion from the year-ago quarter. Fiscal Q2 taxes were $214 million on an effective tax rate of 10.7%, lower than our guidance due to the effects of one-time items in the quarter.

財年第二季調整後的 EBITDA 為 41 億美元，EBITDA 利潤率為 50.7%，比上一季上升 10 個基點，比去年同期上升 14 個百分點或 20 億美元。財政第二季的稅收為 2.14 億美元，有效稅率為 10.7%，由於本季一次性項目的影響，低於我們的預期。

Non-GAAP diluted earnings per share in fiscal Q2 was $1.56, above the high end of the guidance range, compared to $1.79 per share in the prior quarter and $0.42 in the year-ago quarter.

第二財季非公認會計準則攤薄每股收益為 1.56 美元，高於預期範圍的高位，而上一季為每股 1.79 美元，去年同期為 0.42 美元。

Turning to cash flows and capital spending, in fiscal Q2, our operating cash flows were over $3.9 billion, and our capital expenditures were $3.1 billion, net of proceeds from government incentives. As a result, free cash flows in the quarter were $857 million.

談到現金流和資本支出，在第二財季，我們的營運現金流超過 39 億美元，資本支出為 31 億美元，扣除政府激勵收益。因此，本季的自由現金流為 8.57 億美元。

Our fiscal Q2 ending inventory was $9.0 billion or 158 days, up as communicated previously, and an increase of nine days from the prior quarter. On the balance sheet, we held $9.6 billion of cash and investments at quarter end and maintained $12.1 billion of liquidity when including our untapped credit facility.

我們的財政第二季期末庫存為 90 億美元或 158 天，與先前通報的相比有所增加，比上一季增加了 9 天。在資產負債表上，我們在季度末持有 96 億美元的現金和投資，包括尚未開發的信貸額度在內，我們維持了 121 億美元的流動性。

During fiscal Q2, we extended our debt maturities through a $1.0 billion 10-year senior note offering and a $1.7 billion term loan, with proceeds principally used to pay down notes maturing in 2026 and the previous term loan balance. We ended the quarter with $14.4 billion in total debt, low net leverage and a weighted average maturity on our debt of 2032.

在第二財季，我們透過發行 10 億美元的 10 年期優先票據和 17 億美元的定期貸款延長了債務期限，所得款項主要用於償還 2026 年到期的票據和之前的定期貸款餘額。截至本季末，我們的總負債為 144 億美元，淨槓桿率較低，負債加權平均到期日為 2032 年。

Following quarter end, we renewed and increased the size of our five-year revolving credit facility to $3.5 billion. This provides an additional billion dollars of liquidity and further improves our financial flexibility.

在季末之後，我們更新了五年期循環信貸額度並將其規模增加至 35 億美元。這提供了額外的10億美元流動資金，並進一步提高了我們的財務靈活性。

Now turning to our outlook for the third fiscal quarter. We forecast growth in DRAM and NAND bit shipments in FQ3. We forecast sequentially lower fiscal Q3 gross margin, which includes the effects of higher consumer-oriented volumes. NAND underutilization continues to weigh on gross margins.

現在來談談我們對第三財季的展望。我們預測第三季 DRAM 和 NAND 的出貨量將會成長。我們預測第三季的毛利率將環比下降，其中包括面向消費者的銷售增加的影響。NAND利用率不足繼續影響毛利率。

We project operating expenses in fiscal Q3 to be approximately $1.13 billion and fiscal 2025 OpEx to increase by over 10%, reflecting planned increases to support our portfolio of high-value products, including HBM.

我們預計第三財季的營運費用約為 11.3 億美元，2025 財年的營運支出將增加 10% 以上，這反映了為支持包括 HBM 在內的高價值產品組合而計劃的增長。

We expect DIO to decrease in the third fiscal quarter on higher bit shipments. We continue to project ending fiscal 2025 with tight DRAM inventories. For fiscal Q3 and Q4, we estimate our non-GAAP tax rate to be approximately 14%. In fiscal Q3, we forecast CapEx to be over $3 billion. Our CapEx projection for fiscal 2025 remains approximately $14 billion. The overwhelming majority of the fiscal 2025 CapEx is to support HBM, as well as facility, construction, back-end manufacturing and R&D investments.

我們預計，由於出貨量增加，第三財季的 DIO 將會下降。我們繼續預測 2025 財年末 DRAM 庫存將會緊張。對於財政第三季度和第四季度，我們預計非 GAAP 稅率約為 14%。在第三財季，我們預測資本支出將超過 30 億美元。我們對 2025 財年的資本支出預測仍約為 140 億美元。2025 財年資本支出的絕大部分用於支援 HBM 以及設施、建設、後端製造和研發投資。

Impacts from potential new tariffs are not included in our guidance given the uncertainty around tariff timing, nature and implementation.

由於關稅時間、性質和實施的不確定性，我們的指引並未包括潛在新關稅的影響。

With all these factors in mind, our non-GAAP guidance for fiscal Q3 is as follows. We expect revenue to be $8.80 billion, plus or minus $200 million; gross margin to be in the range of 36.5%, plus or minus 100 basis points; and operating expenses to be approximately $1.13 billion, plus or minus $15 million. As mentioned, we expect the fiscal Q3 tax rate to be around 14%. Based on a share count of approximately 1.14 billion shares, we expect EPS to be $1.57 per share, plus or minus $0.10.

考慮到所有這些因素，我們對第三季的非 GAAP 指引如下。我們預計營收為 88 億美元，上下浮動 2 億美元；毛利率在36.5%左右，正負100個基點之間；營運費用約 11.3 億美元，上下浮動 1,500 萬美元。如上所述，我們預計第三季的稅率將在 14% 左右。基於約 11.4 億股的股票數量，我們預計每股收益為 1.57 美元，上下浮動 0.10 美元。

In fiscal Q2, Micron delivered earnings above guidance range, achieved record revenues again in data center DRAM, ramped our leading HBM and released the industry’s most advanced DRAM process technology. For fiscal Q3, we project record quarterly revenue at the midpoint of our guidance. We are focusing our R&D resources, exercising capital discipline and maintaining a strong balance sheet as we extend our leadership and tap into substantial growth opportunities ahead.

在第二財季，美光的獲利超出了預期範圍，在資料中心 DRAM 領域再次創下了創紀錄的收入，提升了我們領先的 HBM，並發布了業界最先進的 DRAM 製程技術。對於第三財季，我們預期季度營收將達到預期中位數，創下歷史新高。我們集中研發資源，嚴格資本紀律，維持強勁的資產負債表，擴大我們的領導地位，挖掘未來巨大的成長機會。

I will now turn it back over to Sanjay.

現在我將把話題交還給桑傑。

Thank you, Mark. Micron is uniquely positioned to capitalize on the transformative growth driven by AI, from data centers to edge devices, and we are on track for record revenue and significantly improved profitability in fiscal 2025. We are confident in our ability to navigate the current market dynamics with disciplined investments and a focus on our high-value portfolio mix shift.

謝謝你，馬克。美光擁有獨特的優勢，可以利用人工智慧從資料中心到邊緣設備的變革性成長，並且我們預計在 2025 財年實現創紀錄的收入和顯著提高的獲利能力。我們有信心，透過嚴謹的投資和專注於高價值投資組合的轉變，我們能夠駕馭當前的市場動態。

This is the most exciting time I've seen for memory and storage, and Micron's innovations are at the forefront of this revolution. We are excited about the opportunities ahead and remain committed to delivering value for all our stakeholders.

這是我所見過的記憶體和儲存最令人興奮的時刻，美光的創新處於這場革命的前沿。我們對未來的機會感到興奮，並將繼續致力於為所有利害關係人創造價值。

Thank you for joining us today. We will now open for questions.

感謝您今天加入我們。我們現在開始回答問題。

Harlan Sur, JP Morgan.

哈蘭‧蘇爾 (Harlan Sur)，摩根大通 (JP Morgan)。

Yeah, good afternoon. Thanks for taking my question. Back in mid-February at an investor conference, I know the team had walked us through the dynamics on a weaker gross margin profile during the May quarter. That's playing out, but you did anticipate an improved gross margin profile beyond this quarter, fiscal Q3.

是的，下午好。感謝您回答我的問題。早在 2 月中旬的一次投資者會議上，我就知道團隊已經向我們介紹了 5 月季度毛利率下降的動態。這是正在發生的事情，但您確實預計本季（即財政第三季）以後的毛利率會有所改善。

So is that still the case that we should see gross margin improvements maybe starting in fiscal Q4 and potentially beyond? And is that a possible data center and your consumer-related products? Is that across total DRAM and your NAND segments? Any color here would be great.

那麼，我們是否仍應該看到毛利率從第四財季甚至更久以後出現改善？這是一個可能的資料中心和您的消費者相關產品嗎？這是否涵蓋了整個 DRAM 和 NAND 段？這裡的任何顏色都可以。

Sure, Harlan, this is Mark. I'll take that. So let me just make some comments about the third quarter. It is down sequentially, as we had indicated in the conference. And again, as we said in the conference down primarily due to higher mix of consumer-oriented volumes, lower CQ1 pricing on consumer-oriented markets and industry and can just generally, all that partially offset by higher HBM.

當然，哈蘭，我是馬克。我接受。因此，我只想對第三季發表一些評論。正如我們在會議上指出的那樣，它是逐級下降的。正如我們在會議上所說的那樣，下降主要是由於面向消費者的銷售組合較高，面向消費者的市場和行業的 CQ1 定價較低，並且一般來說，所有這些都可以透過更高的 HBM 部分抵消。

We do see -- while down, conditions have improved since those public comments. And the updated view is reflected in the guide today.

我們確實看到——儘管情況有所下降，但自從那些公眾評論以來情況已經有所改善。更新後的觀點已反映在今天的指南中。

Now we're not providing guidance on the fourth quarter. However, we do expect gross margin to be up somewhat. There's always tailwinds and headwinds. As you know, on tailwinds, we do expect market conditions to improve. We do expect HBM and other high-value products to grow and contribute to mix improvement.

現在我們不提供第四季的指引。然而，我們確實預計毛利率會上升。總會有順風和逆風。如您所知，在順風作用下，我們確實預期市場狀況將會改善。我們確實預計 HBM 和其他高價值產品將會成長並有助於改善產品組合。

Some headwinds, we do see NAND underutilization as we talked about. And actually, since our capacity has come down structurally, we're going to see less of those costs in the third quarter on period and see more of those costs hit us as inventory clears in the fourth quarter.

一些阻力，我們確實看到NAND利用率不足，正如我們所討論的那樣。實際上，由於我們的產能結構性下降，第三季這些成本將年減，而第四季隨著庫存清理，這些成本將進一步增加。

It's still -- we've taken actions to manage the NAND supply, and that's important, and that part of the business is still getting its legs back under it, but we intend to take price action in the second quarter calendar and just (technical difficulty) to maintain supply discipline.

我們已採取行動來管理 NAND 供應，這很重要，這部分業務仍在恢復中，但我們打算在第二季度採取價格行動，並且（技術難度）保持供應紀律。

And then we are going to see in fourth quarter, the beginning of some start-up costs related to construction activities and new node in DRAM that we're working. So in short, we would expect fourth quarter margins to be up somewhat from third quarter.

然後我們將在第四季度看到與我們正在進行的 DRAM 的建設活動和新節點相關的一些啟動成本的開始。簡而言之，我們預計第四季的利潤率將較第三季略有上升。

I appreciate that. And then, Sanjay, you increased your industry bit demand outlook from mid-teens last earnings to mid- to high teens this quarter for calendar '25 for DRAM. I assume part of it is the HBM related dynamics as you increased your TAM outlook for HBM this year. But is the team seeing any other segments within DRAM that are driving the better industry, this demand profile as the year unfolds?

我很感激。然後，桑傑，您將 DRAM 行業位需求預期從上一季的中等水平提高到了本季度的中等至高等水平。我認為部分原因是 HBM 相關的動態，因為您今年提高了 HBM 的 TAM 前景。但是，隨著時間的推移，團隊是否看到 DRAM 中的任何其他部分正在推動產業更好地發展，這種需求狀況如何？

We had projected that customer inventories will get in a better place by spring-time frame in the consumer side of the business. And it's turning out to be the way we had projected. And of course, the smartphone and PC markets are also seeing more and more devices that have AI implemented. That drives content growth. So as customer inventories got closer to healthier levels, we are seeing resumption of purchases by customers, and all that plays into our guide for 2025 bit demand.

我們預計，到春季，消費業務方面的客戶庫存狀況將會變得更好。而事實也正如我們所預期的。當然，智慧型手機和個人電腦市場也正在出現越來越多具備人工智慧的設備。這推動了內容的成長。因此，隨著客戶庫存接近更健康的水平，我們看到客戶恢復購買，所有這些都影響了我們對 2025 年比特需求的指導。

And as you noted, of course, data center continues to be strong. And in data center, of course, HBM is a strong contributor towards revenue growth in terms of bit demand growth for data center, of course, high-density DIMMs, as well as LP where Micron leads the industry, all of these actually contributing towards the demand increase in 2025 as well.

正如您所說，資料中心當然繼續保持強勁。在資料中心，HBM 當然是資料中心位需求成長方面收入成長的強大貢獻者，當然還有高密度 DIMM 以及美光引領產業的 LP，所有這些實際上也都為 2025 年的需求成長做出了貢獻。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Thank a lot. Mark, can you give us a little detail on the fiscal Q3 guidance? You're guiding revenue up about $750 million. How much of that is coming from DRAM versus NAND? And I know you said that bits are up in both. But can you give us a sense of how much bits are up in each of those two markets? And then I had another question as well.

非常感謝。馬克，您能否向我們詳細介紹一下第三季的財務指引？您預計收入將增加約 7.5 億美元。其中有多少是來自於 DRAM，有多少是來自於 NAND？我知道您說過，兩方面的情況都有改善。但您能否告訴我們這兩個市場分別上漲了多少呢？然後我還有另一個問題。

Yes. Tim, we've provided you the consolidated revenue number. You have the year-to-date figures on both revenue and DRAM, our revenue and bit growth and price for both DRAM and NAND. And then we've provided you a demand growth for the year in bits.

是的。提姆，我們已經向您提供了合併收入數字。您可以獲得年初至今的收入和 DRAM 數據、我們的收入和比特增長以及 DRAM 和 NAND 的價格。然後，我們為您提供了年度需求成長的數據。

So I think we've provided you the contours of the business, and you should be able to make some volume and price assumptions on the revenue outlook. We do expect bit growth in both DRAM and NAND in third quarter.

所以我認為我們已經為您提供了業務的輪廓，您應該能夠根據收入前景做出一些數量和價格假設。我們確實預計第三季 DRAM 和 NAND 的位數都會成長。

Okay. But I guess, Mark, can you say that you expect revenue growth in both DRAM and NAND as well?

好的。但我想，馬克，您能否說您預計 DRAM 和 NAND 的收入也會成長？

DRAM with the HBM and data center exposure will be -- the bias of growth will be there.

具有 HBM 和資料中心曝光的 DRAM 將存在成長偏差。

Okay. Cool. And then -- so Mark, I mean, obviously, everything you're doing here is great. I think the bugaboo obviously is -- margins are still a bit low, certainly into the fiscal Q4. So I guess I had like a two-part question. One, I know you don't want to guide fiscal Q4 margins, but do you think you can get back to what you just did in fiscal Q2 in fiscal Q4?

好的。涼爽的。然後——馬克，我的意思是，顯然，你在這裡所做的一切都很棒。我認為顯然令人擔心的是——利潤率仍然有點低，尤其是在財政第四季。所以我想我的問題分為兩個部分。第一，我知道您不想預測第四財季的利潤率，但您認為第四財季的利潤率能恢復到第二財季的水平嗎？

And I guess, broadly, when does this stuff clear and sort of we begin to see the true goodness flowing through from HBM and from all the cost downs you're doing on the non-HBM DRAM side? So sort of when do we start to get kind of a clean gross margin number, if you will?

我想，從廣義上講，什麼時候這些東西才會清楚，我們才能開始看到 HBM 帶來的真正好處，以及你們在非 HBM DRAM 方面所做的所有成本降低？那麼，我們什麼時候可以開始獲得清晰的毛利率數字呢？

Tim, we're not going to provide a fourth quarter number. We have indicated that fourth quarter gross margins would be up somewhat from third quarter. I think as Sanjay mentioned in the prepared remarks, we're in the best position we've ever been in on technology and market exposure products. Manufacturing is operating very well.

提姆，我們不會提供第四季的數據。我們已經表示，第四季的毛利率將較第三季略有上升。我認為，正如桑傑在準備好的演講中提到的那樣，我們在技術和市場曝光產品方面處於有史以來最好的地位。製造業運作良好。

On the cost side, maybe to help you with the modeling, our all in DRAM costs for fiscal year '25, we expect to be flattish. Our all-in NAND cost for FY25, in line with front-end cost reductions in the low double digits. So we are taking supply actions on the NAND side, consists of underloading, reducing CapEx, delaying node transitions, as we talked about. And we're beginning to see some signs of improvement on that part of the business.

在成本方面，也許可以幫助你進行建模，我們預計25財年的全部DRAM成本將保持穩定。我們 25 財年的全部 NAND 成本與兩位數以下的前端成本降低一致。因此，正如我們所討論的，我們正在 NAND 方面採取供應措施，包括減輕負荷、減少資本支出、延遲節點轉換。我們開始看到該部分業務出現了一些改善的跡象。

On the DRAM side of the business, we know the continued HBM growth and broader data center. And then the lead edge on DRAM is tight, and we're, again, projecting our DIO levels to be below our target by the end of the fiscal year.

在 DRAM 業務方面，我們知道 HBM 的持續成長和更廣泛的資料中心。然後 DRAM 的領先優勢就很小了，我們再次預測，到本財年末，我們的 DIO 水準將低於我們的目標。

And Tim, I'll just add that, of course, we continue to be focused on increasing the mix of our revenue towards higher profit pools of the industry, both in DRAM and NAND. So in terms of our product portfolio, as we have said, it is best positioned. So continue to drive the product portfolio and mix, focusing on, really strengthened profitability.

提姆，我只想補充一點，當然，我們將繼續專注於增加我們的收入結構，以實現行業更高的利潤池，包括 DRAM 和 NAND。因此，就我們的產品組合而言，正如我們所說，它處於最佳定位。因此，繼續推動產品組合和產品組合，並專注於真正增強盈利能力。

And demand trends we have talked about, I mean we feel good about DRAM demand trend. And of course, in NAND, the supply discipline will be important. We, of course, are extremely focused on that. And AI is benefiting our DRAM demand across data center and edge as well. And of course, our technology position, our product position and our cost position continues to be healthy.

我們已經討論過需求趨勢，我的意思是我們對 DRAM 需求趨勢感覺良好。當然，對於 NAND 來說，供應紀律非常重要。當然，我們非常關注這一點。人工智慧也使我們資料中心和邊緣的 DRAM 需求受益。當然，我們的技術地位、產品地位和成本地位持續保持健康。

Krish Sankar, TD Cowen.

克里什·桑卡爾（Krish Sankar），TD Cowen。

Thanks for taking my question. I have two of them, first either Sanjay or Mark. You've seen some of the memory prices improve of late. I'm just wondering how much of that is true end demand versus actually tariff-related pull-ins? And how sustainable do you think the industry pricing dynamics today are?

感謝您回答我的問題。我有兩個，第一個是 Sanjay，第二個是 Mark。最近您會發現一些記憶體價格有所上漲。我只是想知道其中有多少是真正的最終需求，有多少是實際與關稅相關的拉動？您認為當今產業定價動態的可持續性如何？

So of course, as we have indicated, the DRAM demand drivers as well as NAND on the consumer side of the business in smartphones, particularly in smartphones as well as in PCs are improving as the customers are getting closer to their normal inventory levels in the consumer market again, along the lines of what we had projected.

因此，當然，正如我們已經指出的那樣，隨著客戶再次接近消費市場的正常庫存水平，智慧型手機業務消費端的 DRAM 需求驅動因素以及 NAND，尤其是智慧型手機和個人電腦的需求正在改善，這與我們的預測一致。

PC, probably more second half of this year that we start seeing greater demand trend with respect to AI PCs and increasing penetration of AI PCs. AI PCs require greater DRAM content than what was in the past, we have talked about that last year, average 12 gigabyte in PCs and AI PCs with the NPU running at 14 tops or higher requires 16 gigabytes or higher.

PC，可能在今年下半年，我們將開始看到對人工智慧 PC 的需求趨勢越來越大，而人工智慧 PC 的滲透率也將不斷提高。人工智慧 PC 需要的 DRAM 容量比過去更大，我們去年就討論過，平均每台 PC 需要 12 GB，而 NPU 運行速度達到 14 倍或更高的人工智慧 PC 則需要 16 GB 或更高。

So these are good demand trends on the PC side and same thing happening on the smartphone side. You have seen several introductions and more of these are smartphones and more of them to be rolling out with AI smartphones that too have higher DRAM content greater than 12 gigabyte versus last year at 8 gigabyte. And of course, data center demand trend in DRAM continues to be strong as well.

因此，PC 端的需求趨勢良好，智慧型手機端也呈現同樣的趨勢。您已經看到了幾次介紹，其中更多的是智慧型手機，而且更多的是推出具有 AI 智慧型手機，這些智慧型手機的 DRAM 內容也高於 12 GB，而去年為 8 GB。當然，資料中心對 DRAM 的需求趨勢也持續強勁。

So all of this, I mean, first of all, demand trends are in a good place. And of course, on the supply side, leading-edge supply, as we mentioned in the prepared remarks, as well as Mark just mentioned, leading-edge DRAM supply is tight. And certainly, that is happening because of increasing demand for the HBM and HBM trade ratio.

所以，所有這一切，我的意思是，首先，需求趨勢處於良好狀態。當然，在供應方面，前沿供應，正如我們在準備好的評論中提到的，以及馬克剛才提到的，前沿 DRAM 供應緊張。當然，這種情況的發生是因為對 HBM 和 HBM 交易比率的需求不斷增加。

And on NAND, the supply actions by various players and underutilization in the fabs certainly is improving the supply picture as well. So all of this is improving the demand/supply environment in the industry. And of course, we are well focused on driving an inflection towards higher pricing in CQ2 and we are well positioned with our products across the end market segments.

對 NAND 而言，各參與者的供應行動以及晶圓廠的利用不足肯定也在改善供應狀況。所以，所有這些都在改善產業的供需環境。當然，我們非常專注於推動第二季價格上漲，我們的產品在終端市場中佔據有利地位。

And we really look forward to continue to maximize the opportunities for our business and continue to increase the mix of our business toward higher profit pools of the industry.

我們真誠地希望繼續最大限度地拓展我們的業務機會，並繼續增加我們的業務組合，以實現行業更高的利潤。

Got it. Thanks, Sanjay. And then a quick question on the gross margin side. Clearly, HBM3E 8-high is obviously a mature technology as you move to 12-high in HBM port. Would the yields might be lower than 8-high? Just kind of curious, does it have any negative impact on gross margins? Or is it de minimis at this point?

知道了。謝謝，桑傑。然後關於毛利率方面有一個快速問題。顯然，當您在 HBM 端口中轉向 12-high 時，HBM3E 8-high 顯然是一項成熟的技術。收益率會不會低於8高？只是有點好奇，這對毛利率有負面影響嗎？還是目前為止這只是最低限度？

First of all, in HBM3E 8-high, I'm very pleased with how our team has executed. And we mentioned in the prepared remarks that we actually delivered greater volume of HBM3E versus our plans in our FQ2 and exceeded revenue for the first time, a major milestone of more than $1 billion.

首先，在 HBM3E 8-high 中，我對我們團隊的表現非常滿意。我們在準備好的評論中提到，我們實際上在第二財季交付了比計劃更多的 HBM3E，並且首次超過了收入，這是一個超過 10 億美元的重要里程碑。

And HBM3E continues to do well with 8-high, our yields, our capacity ramp is going well. Our execution is going well. And all that experience of 8-high in terms of capacity ramp as well as yield ramp will, of course, help us as we ramp our 12-high.

HBM3E 持續表現良好，8 高，我們的收益率，我們的產能提升進展順利。我們的執行進展順利。當然，8-high 在產能提升和產量提升方面的經驗將有助於我們提升 12-high 的生產能力。

You know, we have announced before that we are now in volume production with our 12-high. Just like any other new product, and these are highly complex products, HBM is the most complex product ever made in the industry. These kind of complex products, of course, in the early stages, there is a yield ramp.

你知道，我們之前已經宣布過，我們現在已經開始大量生產12高。就像其他新產品一樣，這些都是高度複雜的產品，HBM 是業內有史以來最複雜的產品。當然，這類複雜產品在早期階段會有一個產量上升。

We expect 12-high to, of course, have a premium over 8-high and of course, will continue to be accretive to our DRAM margins nicely as well. And we remain very focused in second half shifting the vast majority of the second half of the calendar year, shifting the vast majority of our volume to 12-high.

我們預計 12-high 當然會比 8-high 有溢價，當然也會繼續很好地增加我們的 DRAM 利潤率。我們仍然非常專注於下半年，將下半年的絕大部分時間轉移到 12 高點。

And as we ramp that volume, of course, yields will continue to go up as well. And with that, by the end of this calendar year, as we shared with you, we expect to reach our HBM share to be in line with our overall industry DRAM share.

當然，隨著產量的增加，收益率也會持續上升。正如我們與您分享的那樣，到今年年底，我們預計 HBM 份額將與整個行業 DRAM 份額保持一致。

Joseph Moore, Morgan Stanley.

摩根士丹利的約瑟夫·摩爾。

Great. Thank you. I wanted to make sure I got the inventory targets right. So you're at 153 days and you'll be below the target model, which I think is 120 days in two quarters. And I guess if that's right, that seems like a lot of reduction.

偉大的。謝謝。我想確保我的庫存目標正確。因此，您的預期時間為 153 天，低於目標模型，我認為目標模型是兩個季度的 120 天。我想，如果這是正確的，似乎減少了很多。

Can you talk about how much volume do you need to do that? How much is the inventory kind of impacted by some of the HBM supply trends, things like that? Could you just characterize a little bit, how you reduce that much inventory?

你能說說需要多少容量才能做到這一點嗎？庫存在多大程度上受到 HBM 供應趨勢等因素的影響？您能否稍微描述一下如何減少這麼多庫存？

Yes, Joe, it's Mark. So 158 days. I think it was the DIO in the second quarter. As we've talked about, conditions are tighter in DRAM than NAND. You've heard about the supply actions that we've taken on NAND. We have seen good volume growth there, and that is expected to continue. But the industry conditions are such that you've heard us talk about underutilization, reducing CapEx and delaying the node transition.

是的，喬，我是馬克。所以是158天。我認為是第二季的 DIO。正如我們所討論的，DRAM 的條件比 NAND 更嚴格。你們已經聽說了我們針對 NAND 採取的供應行動。我們看到那裡的銷售成長良好，預計這種成長將持續下去。但產業狀況是這樣的，您已經聽到我們談論利用率不足、減少資本支出和延遲節點轉換。

On the DRAM side, as Sanjay mentioned, AI-driven growth and related to HBM and other product sets, but particularly HBM with the trade ratio is creating tightness in that market. And the target we have for inventories that we've stated before is 120 days, and we would expect to be below that on DRAM in our fiscal fourth quarter.

在 DRAM 方面，正如 Sanjay 所提到的，AI 驅動的成長與 HBM 和其他產品組相關，特別是 HBM 和交易比率正在造成該市場的緊張。我們先前提出的庫存目標是 120 天，我們預期第四財季 DRAM 的庫存目標將低於這個數字。

Okay. Great. And did you guide inventory for this coming quarter with -- I assume that starts to come down now?

好的。偉大的。您是否對下一季的庫存進行了指導——我認為現在庫存開始下降了？

We just said that on days, that will go down through the year.

我們剛才說了，在一年的時間裡，這個數字將會下降。

C.J. Muse, Cantor Fitzgerald.

C.J. Muse、領唱者費茲傑拉。

Yeah. Good afternoon. Thank you for taking the questions. I guess first question, one to follow up on gross margins, Mark, is there a point where we're thinking about the underutilization charges and the period cost into kind of May and August on the NAND side? And then is there also a way to think about the incremental construction cost as we go into August and November?

是的。午安.感謝您回答這些問題。我想第一個問題是跟進毛利率，馬克，我們是否會考慮 NAND 方面的利用不足費用以及 5 月和 8 月的期間成本？那麼，當我們進入八月和十一月時，還有什麼辦法可以考慮增量建築成本呢？

Yes. So CJ, we had less period costs in our third quarter here than we had originally projected in part due to the fact that we've structurally brought down our capacity. And so more of the underutilization charge will go into inventories, and then that will flush through that way versus a period cost.

是的。因此，CJ，我們第三季的期間成本低於我們最初預期的水平，部分原因是我們從結構上降低了產能。因此，更多的未充分利用費用將進入庫存，然後以這種方式沖減期間成本。

Those period costs, I'd say the under-absorption costs do weigh on gross margins in fourth quarter and into '26. Now even with that, the combination of growth in the business, the improved market conditions and the mix improvements, those will, we believe, result in somewhat higher gross margins in the fourth quarter.

我想說，這些期間成本，即吸收不足的成本，確實會對第四季以及 26 年的毛利率造成影響。即使如此，我們相信，業務成長、市場條件改善和產品組合改善等因素將使第四季的毛利率略有提高。

As it relates to start-up costs, the effect is relatively small on a sequential basis, third to fourth quarter. But as we approach wafer outs in Idaho, that number will increase through '26. And so we'll provide more color on that as our plans and timing is finalized.

由於它與啟動成本有關，因此從第三季到第四季的連續影響相對較小。但隨著愛達荷州晶圓產量的接近，這個數字將會增加到26年。當我們的計劃和時間最終確定後，我們將提供更多詳細資訊。

Very helpful. And a quick follow-up. You revised your HBM industry revenue outlook higher. Curious if there's a framework and how you're thinking about kind of first half versus second half for the industry?

非常有幫助。並快速跟進。您上調了 HBM 行業收入預期。好奇是否存在一個框架，以及您如何看待該行業的上半場和下半場？

Of course, the revenue in the second half as you go from 8-high to 12-high continues to go up because 12-high will be carrying a certain premium over 8-high. So if we have projected more than $35 billion for calendar year 2025 and a bigger portion of that in second half of calendar '25 versus first half. And more than $35 billion, of course, is the industry TAM for HBM that we have referred to here.

當然，從 8 高到 12 高，下半年的收入會繼續上升，因為 12 高比 8 高有一定的溢價。因此，如果我們預測 2025 年曆年的收入將超過 350 億美元，並且其中很大一部分將在 2025 日曆年下半年而不是上半年出現。當然，我們在此提到的 HBM 產業 TAM 超過 350 億美元。

And I'll just point out that, of course, with respect to HBM, there is expansion of HBM customer base taking place. Micron itself, now we are shipping to a third large customer that we have begun shipping our products to. So that also is contributing to the growth in HBM revenue in the second half as the customer base expands.

我只想指出，當然，就 HBM 而言，HBM 客戶群正在擴大。美光本身，現在我們正在向第三個大客戶發貨，我們已經開始向該客戶發貨我們的產品。隨著客戶群的擴大，這也有助於下半年 HBM 收入的成長。

Chris Caso, Wolfe Research.

克里斯‧卡索（Chris Caso），沃爾夫研究公司。

Yes. Thank you. First question is with regard to the lower end of the market. And if you could tell us about what the exposure is, particularly on DRAM side, LP4 and DDR4. And I guess as you start to see growth in HBM, get some normalization in some of the consumer markets as you go to the second half of the year, I guess, is that going to be kind of -- have a de minimis effect on revenue and margins as you go into the second half?

是的。謝謝。第一個問題是關於低端市場的。您能否告訴我們曝光情況，特別是在 DRAM 方面，LP4 和 DDR4。而且我想，隨著您開始看到 HBM 的成長，隨著進入今年下半年，一些消費市場逐漸恢復正常，我想，這會對下半年的收入和利潤率產生微不足道的影響嗎？

So regarding D4 and LP4, last quarter in our earnings call, we had shared that our revenue from those products, LP4 and D4, for the remainder of the fiscal year, we have said at the time, corresponds to about 10% of our total company revenue. So we continue to see that for the remainder of the fiscal year. And your second question is that -- can you repeat the second question?

關於 D4 和 LP4，在上個季度的財報電話會議上，我們曾表示，在本財年剩餘時間內，來自這些產品 LP4 和 D4 的收入約占我們公司總收入的 10%。因此，在本財政年度的剩餘時間內，我們將繼續看到這種情況。你的第二個問題是──你能重複第二個問題嗎？

Yes. It's just -- does that have a de minimis effect on margins? I guess the point is, does that cease being a drag on margins as you go into the second half as other parts of the business grow?

是的。這只是──這對利潤率的影響微乎其微嗎？我想關鍵在於，隨著業務進入下半年，其他部分的成長，這是否不再對利潤率造成拖累？

I mean it is a smaller part of the overall company revenue. And it is -- I mean, we are, of course, leading in D5 and HBM. And D5 based -- and LP5-based product in data center as well as other parts of the consumer markets. So of course, LP4 and D4 will continue to become smaller over time.

我的意思是它只占公司整體收入的一小部分。是的—我的意思是，我們在 D5 和 HBM 方面處於領先地位。以及基於 D5 和 LP5 的產品，適用於資料中心以及消費市場的其他部分。因此當然，隨著時間的推移，LP4 和 D4 會變得越來越小。

And just keep in mind that, overall, industry conditions in DRAM are improving from the point of view of DRAM demand drivers and the supply tightness. And that can also play some role in the overall dynamics of all parts of the DRAM market.

請記住，從 DRAM 需求驅動因素和供應緊張程度的角度來看，總體而言，DRAM 產業狀況正在改善。這也會對 DRAM 市場各部分的整體動態產生一定的影響。

Thank you. As a follow-up on HBM, what you said in the past is you sold out for the year. But yet, your TAM assumptions have moved higher for the past several quarters. As we look into next year, presumably, the higher TAM this year translates to your entire TAM assumptions as you go to next year. Do you still have the capability to increase your capacity to maintain that market share in HBM, which is equal to our overall share of DRAM as you go into next year?

謝謝。作為對 HBM 的後續報道，您過去說過，今年您的產品已經銷售一空。但過去幾個季度，您的 TAM 假設已經上升。當我們展望明年時，大約今年更高的 TAM 將轉化為您明年的全部 TAM 假設。您是否仍有能力提高產能以維持 HBM 的市場份額，即明年我們的 DRAM 整體份額將相當？

So of course, we have said that as we exit calendar '25, our share in HBM will correspond to our industry DRAM shares. So if you look at that run rate, I mean, clearly, in calendar year 2026, our share would be higher for the full year basis versus 2025.

因此當然，我們已經說過，當我們退出日曆'25時，我們在HBM中的份額將與我們的行業DRAM份額相對應。因此，如果您看一下該運行率，我的意思是，顯然，在 2026 日曆年，我們的全年份額將高於 2025 年。

And we remain very focused on continuing to increase our capacity of HBM. I mentioned earlier that we are doing, executing quite well in terms of continuing to increase the capacity, continuing to shift from 8-high to 12-high, very much focused on bringing HBM4 into the market next year and, of course, addressing all the capacity needs related to that as well.

我們將繼續致力於提高 HBM 的產能。我之前提到過，我們在繼續提高產能、繼續從 8 高轉向 12 高方面做得相當好，非常專注於明年將 HBM4 推向市場，當然，也解決與此相關的所有產能需求。

So while we are not projecting 2026 market share at this time, we feel very good about our HBM position, our close relationships with our customers, our execution on our technology and products and our manufacturing overall.

因此，雖然我們目前還沒有預測 2026 年的市場份額，但我們對 HBM 的地位、與客戶的密切關係、我們在技術和產品上的執行以及我們的整體製造感到非常滿意。

Chris Danely, Citi.

花旗銀行的克里斯丹尼利 (Chris Danely)。

Thanks, guys. So if we look at the May guidance and then just going back the last three quarters, your revenue is between $7.8 billion and $8.8 billion per year. And the last time that happened was about three years ago, that was the last upturn, but your gross margins were 10 points higher.

謝謝大家。因此，如果我們查看 5 月份的指引，然後回顧過去三個季度，您的年收入在 78 億美元至 88 億美元之間。上一次發生這種情況大約是在三年前，那是最後一次好轉，但你們的毛利率高出了 10 個百分點。

So why are gross margins -- because depreciation hasn't changed that much. Why are gross margins like 10 points lower at essentially the same revenue base? And does this mean that we can forget about your gross margins ever going to the 50s again? Or maybe give us a path to getting them back there, if you think that that's conceivable?

那為什麼毛利率會這樣呢？為什麼在收入基數基本上相同的情況下，毛利率卻低了 10 個百分點呢？這是否意味著我們可以不再考慮您的毛利率是否再次達到 50% 了？或者如果您認為可行的話，是否可以給我們一條讓他們返回那裡的途徑？

Overall, our gross margins in DRAM have been healthy and again, supported by our strong technology and product positions based on our D5 products, LP5 products, HBM products. NAND is what has weighed down on our margins.

整體而言，我們的 DRAM 毛利率一直都很健康，這得益於我們基於 D5 產品、LP5 產品和 HBM 產品的強大技術和產品地位。NAND 拖累了我們的利潤率。

And of course, we have continued to focus. And NAND, it is because of the overall industry environment and overall industry demand/supply imbalances. And so of course, both in DRAM and NAND, it's always a function of demand/supply environment but also very much a focus of ours on increasing the mix of the business towards high-value solutions. And that's what we continue to do in NAND as well.

當然，我們會繼續保持關注。而NAND，這是因為整體產業環境和整體產業需求/供應不平衡。因此，當然，無論是 DRAM 還是 NAND，它始終是需求/供應環境的函數，但我們也非常注重增加業務組合向高價值解決方案的轉變。這也是我們在 NAND 領域繼續做的事情。

And as we see a greater supply discipline, we would certainly fully expect that NAND fundamentals would improve in the industry as well. Of course, it's important to maintain the focus on sustained supply discipline there as well.

而且，隨著我們看到供應紀律的加強，我們當然完全可以預期，NAND 產業的基本面也會改善。當然，繼續關注持續的供應紀律也很重要。

So as we look ahead, as we have pointed out, that we remain very focused on continuing to strengthen the mix of our revenue, mix of our products in the business towards higher-margin products, both in NAND and DRAM, continue to focus on product portfolio strength, managing demand supply very closely and managing our technology development and ramp into production closely to make sure that our supply and demand is well aligned and of course, very much focused on overall costs as well.

因此，展望未來，正如我們所指出的，我們仍然非常注重繼續加強我們的收入結構，將我們的產品組合轉向利潤率更高的產品，包括NAND和DRAM，繼續關注產品組合的實力，密切管理需求供應，管理我們的技術開發和生產，以確保我們的供需良好協調，當然，我們也非常關注總體成本。

And with that, we are certainly optimistic here that the structural -- overall with the industry that the improvements will occur in the business fundamentals.

有鑑於此，我們當然對結構性——整個行業的基本面將得到改善感到樂觀。

Thanks, Sanjay. Just one brief follow-up on that. So you talked about increasing the mix to higher-value solutions. And then in the commentary and also in the press release, you said that part of the reason that the gross margin was lower was this increasing consumer exposure.

謝謝，桑傑。對此我只想簡單跟進一下。所以您談到了增加組合以獲得更高價值的解決方案。然後在評論和新聞稿中，您說毛利率較低的部分原因是消費者曝光度的增加。

And your NAND actually was down a lot more than DRAM. So are you seeing increased consumer exposure in DRAM? And why is that happening? And how do you guys change that?

而你的 NAND 實際上比 DRAM 下降得更多。那麼，您是否看到 DRAM 的消費者曝光率增加呢？為什麼會發生這種情況？那麼你們將如何改變這現狀呢？

Well, first of all, we are doing well in data center and our mix of business in data center for DRAM, as we have pointed out, continues to increase. And we have leadership products in DRAM with data centers, including, not just HBM, but we have also talked about when we just announced SOCAMM products, these are important products. So doing well with respect to DRAM.

首先，我們在資料中心方面做得很好，正如我們所指出的，我們在資料中心的 DRAM 業務組合持續成長。我們在資料中心 DRAM 領域擁有領先產品，不僅包括 HBM，而且我們在剛發布 SOCAMM 產品時也談到了這些重要的產品。就 DRAM 而言，表現良好。

On the consumer side, of course, over the last few quarters, there was overhang of customer inventory on the consumer side, and that was there in DRAM as well.

當然，在消費者方面，在過去幾個季度中，消費者方面存在客戶庫存過剩的情況，DRAM 方面也存在這種情況。

And as that customer inventories get closer to normalization along the lines of what we have said before, of course, along with the AI drivers in consumer devices, we see a strong bounce back particularly in smartphones with respect to demand. And that's causing actually overall HBM trade ratio as well as a strong bounce back in the consumer demand is causing tightness in leading edge as well.

隨著客戶庫存逐漸接近我們之前所說的正常化，當然，隨著消費設備中的人工智慧驅動因素，我們看到需求強勁反彈，特別是智慧型手機的需求。這實際上導致了整體 HBM 貿易比率以及消費者需求的強勁反彈，也導致了前沿的緊張。

And of course, these fundamentals of demand and supply enable us to drive inflection in pricing higher in CQ2 time frame.

當然，這些需求和供應的基本面使我們能夠在第二季的時間範圍內推動價格上漲。

And same thing on the NAND side that supply actions that have been taken in the industry as well as consumer inventories -- on the -- customer consumer inventory is getting normalized, is bringing back demand on the NAND side as well. And of course, we'll be driving inflection in pricing higher on the NAND side as well in CQ2.

在 NAND 方面也是一樣，產業和消費者庫存採取的供應行動——客戶消費者庫存正在趨於正常化，這也帶回了 NAND 方面的需求。當然，我們也將在第二季推動 NAND 價格的上漲。

Thank you. And this does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.

謝謝。問答環節和今天的節目到此結束。謝謝女士們、先生們的參與。您現在可以斷開連線。再會。