Nova Ltd (NVMI) 2025 Q2 法說會逐字稿

Welcome to the Nova Limited second-quarter 2025 results conference call. (Operator Instructions) Please note this event is being recorded.

歡迎參加 Nova Limited 2025 年第二季業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Ms. Miri Segal, CEO of MS-IR. Please go ahead.

現在，我想將會議交給 MS-IR 執行長 Miri Segal 女士。請繼續。

Thank you, operator, and good day, everyone. I would like to welcome all of you to Nova's second-quarter 2025 financial results conference call. With us on the line today are Gaby Waisman, President and CEO; and Guy Kizner, CFO.

謝謝接線員，大家好。歡迎大家參加 Nova 2025 年第二季財務業績電話會議。今天與我們通話的是總裁兼執行長 Gaby Waisman 和財務長 Guy Kizner。

Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward-looking statements, and the Safe Harbor statement outlined in today's earnings release also pertains to this call. If you have not received a copy of the release, please view it in the Investor Relations section of the company's website.

在我們開始之前，我想提醒我們的聽眾，本次電話會議中提供的某些資訊可能包含前瞻性陳述，今天的收益報告中概述的安全港聲明也適用於本次電話會議。如果您尚未收到該新聞稿的副本，請在公司網站的投資者關係部分查看。

Gabi will begin the call with a business update, followed by Guy, with an overview of the financials. We will then open the call for the question-and-answer session.

加比 (Gabi) 將在電話會議上首先介紹業務更新情況，然後蓋伊 (Guy) 將概述財務狀況。然後我們將開始問答環節。

I will now turn the call over to Gaby Waisman, Nova's President and CEO. Gaby, please go ahead.

現在我將把電話轉給 Nova 總裁兼執行長 Gaby Waisman。加比，請繼續。

Thank you, Miri, and thank you all for joining us today. I will start the call by summarizing our second-quarter performance highlights. Following my commentary, Guy Kizner, Nova's Chief Financial Officer, will review the quarterly financial results in detail.

謝謝你，米里，也謝謝大家今天加入我們。我將在電話會議開始時總結我們第二季的業績亮點。在我發表評論之後，Nova 的財務長 Guy Kizner 將詳細回顧季度財務結果。

Nova delivered another record quarter with revenue at the top end of our guidance and profitability that exceeded guidance. Our quarterly revenue grew 3% sequentially and 40% year over year. This performance was driven by multiple revenue streams with record revenue of our Chemical Metrology division and Service business. Our product portfolio and value proposition, which support technological transitions and improvements in yield and productivity, resulted in record results in the logic foundry and advanced packaging segments.

Nova 再創季度紀錄，營收達到我們預期的最高水準，獲利能力也超出預期。我們的季度營收季增 3%，年增 40%。這項業績是由多種收入來源推動的，其中包括化學計量部門和服務業務創紀錄的收入。我們的產品組合和價值主張支持技術轉型以及產量和生產率的提高，在邏輯代工和先進封裝領域取得了創紀錄的業績。

In the first half of 2025, our revenue grew 45% compared to the same period last year, fueled by logic capacity build out across advanced and mature nodes, DRAM and advanced packaging capacity increases, driven by higher metrology intensity.

2025 年上半年，我們的收入與去年同期相比增長了 45%，這得益於先進和成熟節點的邏輯產能建設、DRAM 和先進封裝產能的增加以及計量強度的提高。

We continue to invest in expanding our business and market share, building on the growing technological complexity of our customers' processes. Nova's ability to thrive in a rapidly evolving industry is rooted in a resilient and diversified business model.

我們將繼續投資擴大我們的業務和市場份額，以應對客戶流程日益增長的技術複雜性。Nova 能夠在快速發展的行業中蓬勃發展，其根源在於其具有彈性和多樣化的商業模式。

Our multiple revenue streams are designed to balance fluctuations and sustain growth. This foundation is strengthened by long standing customer partnerships, agile operations, and the steadfast commitment of our teams. Together, these elements position us to capitalize on emerging opportunities, navigate challenges effectively, and execute on our long-term strategic vision with confidence.

我們的多種收入來源旨在平衡波動並維持成長。長期的客戶合作關係、靈活的營運以及我們團隊的堅定承諾進一步鞏固了這一基礎。這些因素共同使我們能夠利用新興機會、有效應對挑戰並滿懷信心地執行我們的長期策略願景。

AI is a secular growth engine driving an increasing demand for a variety of highly efficient devices, resulting in more sophisticated designs and manufacturing processes, which in turn drive investment in advanced nodes, packaging, and related metrology. Larger dye sizes, greater design diversity, and yield requirements are accelerating development cycles and creating a need for advanced metrology at additional steps.

人工智慧是一個長期成長引擎，推動著對各種高效設備的需求不斷增長，從而產生更複雜的設計和製造工藝，進而推動對先進節點、封裝和相關計量的投資。更大的染料尺寸、更大的設計多樣性以及產量要求正在加速開發週期，並需要在額外步驟中進行先進的計量。

Moreover, there is a demand for advanced packaging solutions specifically designed to accommodate and process wafers of various forms and shapes. All of these translate into demand for more metrology capabilities and create new opportunities.

此外，還需要專門設計用於適應和處理各種形式和形狀的晶圓的先進封裝解決方案。所有這些都轉化為對更多計量能力的需求並創造新的機會。

Nova's recent performance offers compelling validation of the alignment of our strategic direction with the market. The strength and relevance of our portfolio are increasingly evident as we continue to deliver solutions that not only align with customer priorities but also anticipate their future needs. This reinforces our position as a trusted partner in enabling their success and ours in a shifting industry landscape.

Nova 近期的表現有力地證明了我們的策略方向與市場保持一致。隨著我們繼續提供不僅符合客戶優先事項而且預測其未來需求的解決方案，我們的產品組合的優勢和相關性日益明顯。這鞏固了我們作為值得信賴的合作夥伴的地位，在不斷變化的行業格局中幫助他們和我們取得成功。

More specifically, for the June quarter, there are four areas I want to highlight today. Nova is in a pole position to take advantage of the industry's shift to Gate-All-Around architecture. We are already working with the four leading customers who are implementing this process. Notably this quarter, we recognize revenue from a Gate-All-Around customer that adopted multiple Nova platforms across the entire portfolio with additional solutions currently under evaluation.

更具體地說，對於六月季度，我今天想強調四個面向。Nova 處於有利地位，可以利用產業向 Gate-All-Around 架構轉變的優勢。我們已經與實施此流程的四家主要客戶展開合作。值得注意的是，本季我們從 Gate-All-Around 客戶那裡獲得了收入，該客戶在整個產品組合中採用了多個 Nova 平台，其他解決方案目前正在評估中。

This quarter's record performance in advanced packaging has further reinforced our standing in this rapidly expanding segment. With our chemical metrology division performing exceptionally well.

本季先進封裝領域的創紀錄表現進一步鞏固了我們在這一快速擴張領域的地位。我們的化學計量部門表現非常出色。

In addition, our optical metrology portfolio for advanced packaging, which has expanded to include Nova Sentronics platforms, supports evolving customer needs and captures the increasing demand in this critical segment. To round out key market segments, Nova is also well positioned in the memory market, particularly in DRAM and high bandwidth memory.

此外，我們用於先進封裝的光學計量產品組合已擴展到包括 Nova Sentronics 平台，可支援不斷變化的客戶需求並滿足這一關鍵領域日益增長的需求。為了完善關鍵細分市場，Nova 在記憶體市場，尤其是在 DRAM 和高頻寬記憶體方面也佔據了有利地位。

Our leadership in chemical metrology continues to expand, supported by record results in high bandwidth memory, and a recent win at a leading memory manufacturer, which expanded our market share in front-end chemical metrology for interconnect applications.

我們在化學計量領域的領導地位不斷擴大，這得益於高頻寬記憶體的創紀錄業績，以及最近贏得一家領先記憶體製造商的青睞，這擴大了我們在互連應用前端化學計量領域的市場份額。

In optical metrology, a leading memory manufacturer has adopted the Nova Sentronics platform for key applications in high bandwidth memory. This recent acceptance is the result of the solution's unique ability to address major challenges such as high voltage, non-symmetric shapes, and different surface conditions.

在光學計量領域，一家領先的記憶體製造商已採用 Nova Sentronics 平台用於高頻寬記憶體的關鍵應用。該解決方案最近獲得認可，是因為其具有獨特的能力，能夠應對高壓、非對稱形狀和不同表麵條件等重大挑戰。

On the materials metrology front, we recently introduced the active charge compensation feature on the Nova VeraFlex platform for 3D (inaudible) applications. This innovative solution further enhances accuracy in X-ray metrology by effectively addressing photoelectron induced charge distortion, enabling precise analysis of critical memory cell components such as nitrogen. With shipments to two leading memory manufacturers this quarter, we believe that active charge compensation will further accelerate the adoption of the VeraFlex platform in advanced free demand manufacturing.

在材料計量方面，我們最近在 Nova VeraFlex 平台上引入了 3D（聽不清楚）應用的主動電荷補償功能。此創新解決方案透過有效解決光電子引起的電荷畸變，進一步提高了X射線計量的準確性，從而能夠對氮等關鍵儲存單元組件進行精確分析。隨著本季向兩家領先的記憶體製造商的出貨，我們相信主動電荷補償將進一步加速 VeraFlex 平台在先進自由需求製造的應用。

Finally, our Service business continues to act as a growth driver for us, with 10 consecutive quarters of revenue increase and yet another quarterly record. Service revenue grew 7% sequentially and 31% year over year. An important driver of this performance is value added services, which focus on productivity improvements in our install base and adding capabilities to address new applications.

最後，我們的服務業務持續成為我們的成長動力，連續10個季度實現營收成長，並再創季度紀錄。服務收入季增 7%，年增 31%。這項業績的一個重要驅動因素是增值服務，它專注於提高我們安裝基礎的生產力並增加滿足新應用的能力。

In summary, our teams demonstrated effective execution and delivered consistently strong results in all segments, markets, and regions. Our near-term guidance remains solid, and we continue to focus on investing in our portfolio, which proves to be well matched with our customers' expectations and technologic inflection.

總而言之，我們的團隊表現出了有效的執行力，並在所有細分市場、市場和地區取得了持續強勁的業績。我們的近期指引依然穩健，我們將繼續專注於投資我們的投資組合，事實證明，這與客戶的期望和技術變化非常匹配。

Most importantly, we are fully aligned and committed to executing our strategic plan, which continues to guide our long-term priorities and investments. In October, Guy and I will attend SEMICON West and we will be available for in-person meeting. I invite you to reach out to our IR contact to schedule a meeting. We look forward to having meaningful conversations with you.

最重要的是，我們完全一致並致力於執行我們的戰略計劃，該計劃將繼續指導我們的長期優先事項和投資。十月份，Guy 和我將參加 SEMICON West，我們將進行面對面的會議。我邀請您聯絡我們的 IR 聯絡人來安排會議。我們期待與您進行有意義的對話。

Now for some more details on our financial, let me hand over the call to Guy.

現在，為了了解有關我們財務狀況的更多細節，請允許我將電話交給蓋伊。

Thanks, Gaby. Good day, everyone, and thank you for joining our 2025 second-quarter conference call. I will begin by reviewing our second-quarter financial achievements and then provide guidance for the third quarter.

謝謝，加比。大家好，感謝您參加我們的 2025 年第二季電話會議。我將首先回顧我們第二季度的財務業績，然後為第三季度提供指導。

Total revenues in the second quarter of 2025 reached a record level of $220 million, marking the fifth consecutive quarter of record-breaking results. This performance reflects the growth of 3% quarter over quarter and 40% year over year.

2025年第二季總營收達到創紀錄的2.2億美元，是連續第五個季度創下破紀錄的業績。這一業績體現出季度環比成長 3%，較去年同期成長 40%。

Product revenue distribution was approximately 75% for logic and foundry, and 25% from memory. Product revenues included four customers and four territories, which contributed each 10% or more to product revenues, highlighting the company's well balanced and diversified reach across markets and customers.

產品收入分佈約75%來自邏輯和代工，25%來自記憶體。產品收入包括四個客戶和四個地區，每個客戶和地區對產品收入的貢獻均達到或超過 10%，凸顯了公司在各個市場和客戶之間的均衡和多樣化覆蓋。

In the second quarter, blended gross margins were 58% on a GAAP basis and 60% on a non-GAAP basis, in the upper end of our target model range of 57% to 60%. The high gross margin in the quarter was attributed to a product mix weighted towards high margin offerings.

第二季度，根據 GAAP 計算的混合毛利率為 58%，根據非 GAAP 計算的混合毛利率為 60%，處於我們目標模型範圍 57% 至 60% 的上限。本季的高毛利率歸因於產品組合偏向高利潤產品。

As expected, operating expenses increased to $61.6 million on a GAAP basis and $56.9 million on a non-GAAP basis. Operating margins in the second quarter reached 30% on a GAAP basis and 34% on a non-GAAP basis, surpassing the upper range of our target model of 28% to 33%. This excellent result was driven by a healthy quarterly gross margins and the company's robust operational model.

正如預期的那樣，按照 GAAP 計算，營運費用增加至 6,160 萬美元，按照非 GAAP 計算，營運費用增加至 5,690 萬美元。第二季的營業利潤率以 GAAP 計算達到 30%，以非 GAAP 計算達到 34%，超過了我們目標模式的 28% 至 33% 的上限。這一優異業績得益於健康的季度毛利率和公司強勁的營運模式。

The effective tax rate in the second quarter was approximately 15.5%. Earnings per share in the second quarter on a GAAP basis were $2.14 per diluted share. And earning per share on a non-GAAP basis were $2.20 per diluted share, exceeding the high end of our second-quarter guidance, marking the 7th consecutive quarter of record-breaking performance. This achievement underscores the effectiveness of our business strategy and the increasing value our solutions deliver to customers and stakeholders alike.

第二季有效稅率約為15.5%。根據 GAAP 計算，第二季每股收益為每股 2.14 美元。以非公認會計準則計算，每股收益為每股 2.20 美元，超過了我們第二季預期的最高值，連續第 7 季創下破紀錄的業績。這項成就凸顯了我們業務策略的有效性以及我們的解決方案為客戶和利害關係人帶來的不斷增長的價值。

Turning to the balance sheet. We ended the second quarter with $856 million in cash, cash equivalent, bank deposit, and marketable securities. Our free cash flow for our second quarter reached $43 million. An additional $4.7 million was paid in connection with the acquisition of Sentronics as part of the final purchase price adjustment.

轉向資產負債表。截至第二季末，我們擁有 8.56 億美元的現金、現金等價物、銀行存款和有價證券。我們第二季的自由現金流達到了 4,300 萬美元。作為最終購買價格調整的一部分，在收購 Sentronics 時還額外支付了 470 萬美元。

Next, I'd like to outline our guidance for the third quarter of 2025. We currently expect revenue for the quarter to be between $215 million and $227 million. GAAP earnings per diluted share to range from $1.77 to $1.97. Non-GAAP earnings per diluted share to range from $2.02 to $2.22.

接下來，我想概述我們對 2025 年第三季的指導。我們目前預計本季的營收將在 2.15 億美元至 2.27 億美元之間。以美國通用會計準則 (GAAP) 計算，每股攤薄收益預計在 1.77 美元至 1.97 美元之間。以非美國通用會計準則 (Non-GAAP) 計算，每股攤薄收益預計在 2.02 美元至 2.22 美元之間。

At the midpoint of our third-quarter estimates, we anticipate the following: gross margins of approximately 57% on a GAAP basis and approximately 59% on a non-GAAP basis; operating expenses on a GAAP basis to increase to approximately $63 million; operating expenses on a non-GAAP basis to increase to approximately $57.5 million; financial income on a non-GAAP basis to remain similar to that of the second quarter; effective tax rate is expected to be approximately 16%.

在我們第三季預估的中點，我們預期：以 GAAP 計算的毛利率約為 57%，以非 GAAP 計算的毛利率約為 59%；以 GAAP 計算的營運費用將增至約 6,300 萬美元；以非 GAAP 計算的營運費用將增至約 5,750 萬美元；

Before I conclude my remarks, I would like to note the following. Nova's first-half 2025 revenues increased more than 45% over the comparable half of 2024 outperforming WFE growth forecasts. The company's solid guidance for the third quarter of the year positions Nova to continue outperforming on a year-over-year basis throughout the rest of 2025.

在結束我的演講之前，我想指出以下幾點。Nova 2025 年上半年的營收較 2024 年上半年成長 45% 以上，超過了 WFE 的成長預測。該公司對今年第三季的穩健預期使 Nova 預計將在 2025 年剩餘時間內繼續保持同比成長。

In addition, in our last earnings call, we shared our expectation that the newly implemented tariffs could reduce gross margins by approximately 30 to 50 basis points. Based on the latest updates and improved visibility, we now estimate the impact will be closer to 20 basis points, a more favorable outcome than initially anticipated.

此外，在我們上次的收益電話會議上，我們分享了我們的預期，即新實施的關稅可能會使毛利率降低約 30 至 50 個基點。根據最新更新和改進的可見性，我們現在估計影響將接近 20 個基點，這比最初預期的結果更有利。

With that, we will be pleased to take your questions. Operator?

我們將很高興回答您的問題。操作員？

(Operator Instructions) Atif Malik, Citi.

（操作員指示）花旗銀行的 Atif Malik。

Thank you for taking my questions. First question for Gaby. Gaby, you highlighted Gate-All-Around as a major shift for you guys. Some of your peers saw their Taiwan sales decline sequentially in the June quarter, but the Japan sales go up. I was just curious with respect to your aggregate, Gate-All-Around sales, how did they appear in the June quarter and what kind of trajectory you see in the second half for aggregate Gate-All-Around wafer starts or sales across multiple regions. And then I have a follow up for Guy.

感謝您回答我的問題。第一個問題問 Gaby。Gaby，你強調 Gate-All-Around 對你們來說是一個重大轉變。一些同業的台灣地區銷售額在第二季度環比下降，但日本地區的銷售額卻上升。我只是好奇你們的整體 Gate-All-Around 銷售情況，它們在 6 月份季度的表現如何，以及您認為下半年總體 Gate-All-Around 晶圓的開工率或跨多個地區的銷售情況會呈現什麼樣的趨勢。然後我要跟進 Guy 的情況。

Definitely, thank you so much, Atif, for the question.

確實，非常感謝阿蒂夫提出這個問題。

Overall, we are currently positioned well across all four Gate-All-Around customers, and we're very excited about this opportunity. We also mentioned that we have a plan to reach an aggregate of $500 million from Gate-All-Around revenue until the end of 2026 and we're on track to achieve that. We saw a strong demand in the first half of this year, and we see stability in the second half from Gate-All-Around. So overall, we are very encouraged by that and by the momentum that Gate-All-Around continues to provide us.

總體而言，我們目前在所有四個 Gate-All-Around 客戶中都佔據有利地位，我們對這個機會感到非常興奮。我們也提到，我們計劃在 2026 年底從 Gate-All-Around 收入中實現總計 5 億美元的目標，而且我們有望實現這一目標。我們看到今年上半年的需求強勁，我們看到下半年 Gate-All-Around 的需求將趨於穩定。總體而言，我們對此感到非常鼓舞，並且對 Gate-All-Around 繼續為我們提供的動力感到非常鼓舞。

Great. And then Guy, the gross margins were strong, 60% versus 58% guide and you talked about the product mix. If you can just provide more color. Are the record chemicals business driving the upside of the gross margins, and was there any tariff impact to the 60% number for the June quarter?

偉大的。然後蓋伊，毛利率很高，為 60%，而指導價為 58%，您談到了產品組合。如果您可以提供更多顏色。創紀錄的化學品業務是否推動了毛利率的上升？關稅對 6 月季度的 60% 毛利率有何影響？

So the tariffs impacts were marginal. The stronger result for the first half, as I mentioned, was driven by product mix, not necessarily the contribution for a chemical metrology, but it's a specific mix of a variety of our offering that drove this exceptional gross margin result.

因此關稅的影響很小。正如我所提到的，上半年業績表現強勁是由產品組合推動的，不一定是化學計量的貢獻，而是我們多種產品的特定組合推動了這一卓越的毛利率結果。

Good. Thank you.

好的。謝謝。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

This is Michael Mani on for Vivek Arya. Thanks so much for taking our questions.

這是 Michael Mani 為 Vivek Arya 主持的節目。非常感謝您回答我們的問題。

Wanted to start on Sentronics. Could you talk about the momentum you received in the business so far this year, and more specifically, how much did it contribute to growth in June and how much is it contributing in September? Essentially what I'm trying to parse out is how much the organic business is growing, if you'd be able to offer that.

想要開始使用 Sentronics。您能否談談今年迄今為止業務上取得的進展，更具體地說，它對 6 月份的成長貢獻有多大，對 9 月的成長貢獻有多大？本質上，我想分析的是有機業務的成長速度，如果你能提供的話。

So thank you for the question, Michael. We're very encouraged by the integration of Sentronics into our business and we are investing in ensuring the go-to-market in which we concluded the transition into Nova, whereas most of our sales are currently direct as part of our global business group. We see the -- we see very encouraging signs of adopting the Sentronics portfolio with the multiple customers and the expansion to various territories.

謝謝你的提問，麥可。Sentronics 融入我們的業務讓我們感到非常鼓舞，我們正在投資確保進入市場，並完成向 Nova 的過渡，而目前我們的大部分銷售都是作為我們全球業務集團的一部分直接進行的。我們看到了——我們看到了多個客戶採用 Sentronics 產品組合併擴展到各個地區的非常令人鼓舞的跡象。

So overall, we are very optimistic and very bullish about the growth and the potential accretive addition of Sentronics to our business.

因此，總體而言，我們對 Sentronics 為我們的業務帶來的成長和潛在增值非常樂觀。

Got it. Thank you. And on Gate-All-Around, one of your larger IDM customers is pretty meaningfully cut down the CapEx for next year. I know you just mentioned that you're still on track to complete your $500 million sales to Gate-All-Around by next year.

知道了。謝謝。在 Gate-All-Around 方面，你們的一家較大的 IDM 客戶大幅削減了明年的資本支出。我知道您剛才提到，您仍有望在明年完成 Gate-All-Around 的 5 億美元銷售。

So could you just help us unpack maybe how impactful that customer was to achieving that goal and if more broadly you see any changes in the road map there with them or in any customers that maybe gives us a little more pause into the next year.

那麼，您能否幫助我們分析該客戶對於實現該目標的影響有多大？如果您更廣泛地看到他們或任何客戶的路線圖有任何變化，這也許會讓我們在明年稍微停下來思考一下。

Thank you for the question. So overall, I think that the exposure we have and the strong positioning across all four Gate-All-Around customers provides us the ground for confidence in our ability to achieve the overall growth and revenue that we forecast from Gate-All-Around. We are well on track with that, and we believe that next year is going to be even stronger than this year in that respect.

謝謝你的提問。因此，總體而言，我認為，我們在 Gate-All-Around 四大客戶中的曝光度和強大定位，讓我們有信心實現 Gate-All-Around 所預測的整體成長和收入。我們在這方面進展順利，我們相信明年在這方面的表現會比今年更加強勁。

Great, thank you. And if I could just ask one more quick question. You've talked about in the past this lab-to-fab strategy that will especially help drive growth in your Materials Metrology segment where you're sole source, where are we in the strategy if you take a step back? Would you say this is something that's more impactful to growth in the next few years? Will it take longer to play out? Are there certain milestones in terms of customer road map inflections that we should be looking for to see when this part of the business really inflects? Just how should we measure progress in that part of the strategy.

太好了，謝謝。我可以再問一個簡單的問題嗎？您過去曾談到這種從實驗室到工廠的策略，該策略將特別有助於推動您作為唯一來源的材料計量領域的成長，如果您退一步來看，我們的策略處於什麼位置？您是否認為這會對未來幾年的成長產生更大的影響？玩起來會不會花更久？在客戶路線圖變更方面是否存在某些里程碑，我們應該專注於這些里程碑來了解這部分業務何時真正改變？我們究竟該如何衡量該戰略部分的進展？

So it's an excellent question, and I will divide it into a few areas which relate to our Material Metrology portfolio and the lab-to-fab strategy. So first, with regards to XPS, our key efforts are on driving additional value for this tool in order to expand the adoption and increase the number of tools per fab and part of my speech earlier related to another addition of active charge compensation, which is intended to open up a new area of applications for us, especially in 3D NAND.

這是一個很好的問題，我將把它分為幾個與我們的材料計量產品組合和實驗室到工廠策略相關的領域。首先，關於 XPS，我們的主要努力是推動工具的附加價值，以擴大採用範圍並增加每個晶圓廠的工具數量。我之前的演講部分涉及增加主動電荷補償，旨在為我們開闢一個新的應用領域，特別是在3D NAND。

And we continue in terms of our road map to invest in adding value-improving cost of ownership in order to continue and do so, and we're very pleased with the traction that we see in the adoption of XPS and XRF across fabs.

我們將繼續按照我們的路線圖進行投資，以增加價值並降低擁有成本，以便繼續這樣做，我們對晶圓廠採用 XPS 和 XRF 所取得的進展感到非常高興。

With regards to the new tools such as the inline SIMS, the Metrion, and the Raman, the Elipson, so we spoke about the additional key evaluations that we embarked on at the beginning of this year that we expect to turn into revenue, two very strategic evaluations for us, and we are well on track to achieve that.

關於新工具，例如線上 SIMS、Metrion 和拉曼、Elipson，我們談到了我們在今年年初開始進行的額外關鍵評估，我們預計這些評估將轉化為收入，這兩項評估對我們來說非常具有戰略意義，而且我們正朝著實現這一目標的步伐前進。

And with regards to the Elipson, we already see repeated orders with very encouraging indications from multiple customers, including a leading Gate-All-Around customer with the potential for multiple tools. So overall I think that we have a very robust plan in terms of lab to fab, focusing of course on material metrology, which is certainly around the adoption of the well positioned XPS and introduction and expansion of the footprint of the Metrion and Elipson, which are positioned especially for advanced nodes.

關於 Elipson，我們已經看到多個客戶重複下訂單，並表現出非常令人鼓舞的跡象，其中包括一家擁有多種工具潛力的 Gate-All-Around 領先客戶。因此，總的來說，我認為我們在從實驗室到晶圓廠方面有一個非常健全的計劃，當然重點是材料計量，這當然圍繞著採用定位良好的 XPS 以及引入和擴展 Metrion 和 Elipson 的覆蓋範圍，它們專門針對先進節點定位。

Great. Thank you so much for the helpful color.

偉大的。非常感謝您提供的有用顏色。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Ezra Weener on for Blayne. Thanks for taking my questions. Just kind of want to start, a lot of your peers are seeing a lot of strength in China. Can you talk a little bit about your geographic mix and what you're seeing there and what you think that will do into next year? And then secondly, in terms of HBM, I know it's not a big piece of your business, but you did mention strength there, which is also not exactly what we're seeing with peers. So can you talk about what's driving that strength?

埃茲拉·維納 (Ezra Weener) 替換布萊恩 (Blayne)。感謝您回答我的問題。我只是想說，很多同行都看到了中國的巨大實力。您能否稍微談談您的地理分佈、您在那裡看到的情況以及您認為明年會產生什麼影響？其次，就 HBM 而言，我知道這不是你們業務的很大一部分，但你們確實提到了它的優勢，這與我們在同行中看到的也不完全一樣。那麼你能談談是什麼推動了這種優勢嗎？

Thank you for those questions. So I'll start with HBM, and I'll relate in general to advanced packaging, which is a growing market for us with the continued momentum. Last year, it was about 15% of our business, and this year, we expect a higher percentage. It's a new market for us. So HBM is growing, and in general, it's about a third of our Advanced Packaging business.

感謝您提出這些問題。因此，我將從 HBM 開始，並總體介紹先進封裝，這對我們來說是一個持續成長的市場。去年，它約占我們業務的 15%，今年，我們預計這一比例會更高。對我們來說這是一個新市場。因此 HBM 正在成長，總體而言，它約占我們先進封裝業務的三分之一。

With regards to the second question relating to China. So earlier this year, we said that China will be flat or slightly lower. We now expect the nominal value to be moderately higher year over year, whereas revenue is slightly skewed towards the first half. Percentage wise, China is forecasted to decrease year over year because of the higher investments in advanced nodes.

關於第二個有關中國的問題。因此，今年早些時候，我們曾表示，中國經濟將持平或略有下降。我們現在預計名義價值將同比略有上升，而收入則略微偏向上半年。從百分比來看，由於中國在先進節點的投資增加，預計其百分比將逐年下降。

Got it, thank you very much.

明白了，非常感謝。

Matthew Prisco, Cantor.

馬修·普里斯科，領唱。

Thanks for taking the questions, guys. I guess to start in your Dimensional Metrology business, can you look for an update on the competitive landscape there and any potential changes in share dynamics or adoption trends over the last three months?

謝謝大家回答這些問題。我想從您的尺寸計量業務開始，您能否了解那裡的競爭格局的最新情況以及過去三個月中份額動態或採用趨勢的任何潛在變化？

Thank you, Matthew. So with regards to Dimensional Metrology, we have two key product lines, the integrated metrology and the standalone OCD. In terms of the competitive landscape, there's not much change in that respect. We have one key competitor on the integrated metrology, and we're competing with two on the standalone OCD. With regards to integrated metrology, we continue to lead, and we saw a strong momentum and results in the second quarter of the year, and we believe that that leadership will be maintained.

謝謝你，馬修。因此，就尺寸計量而言，我們有兩條主要產品線，即整合計量和獨立 OCD。從競爭格局來看，這方面並沒有太大的改變。我們在整合計量領域有一個主要競爭對手，在獨立 OCD 領域我們與兩個競爭對手競爭。在綜合計量方面，我們繼續保持領先地位，並在今年第二季度看到了強勁的勢頭和成果，我們相信這種領先地位將得以保持。

With regards to stand-alone OCD, we are extremely encouraged by the market share gains that we see in the market. We have a unique technology and value proposition which drives our market share both in the front end in the advanced nodes as well as in the advanced packaging, and we believe that there are good grounds to see a continued expansion of that business for us.

對於獨立 OCD，我們對市場上看到的市場份額成長感到非常鼓舞。我們擁有獨特的技術和價值主張，推動了我們在先進節點前端以及先進封裝領域的市場份額，我們相信有充分的理由看到我們的業務持續擴張。

Perfect, thank you. And then maybe specific to Elipson and Metrion, how are you guys thinking about revenue contribution from these systems in in 2025 and potential for growth there in 2026. And maybe how has that outlook changed over the last three months as well.

非常好，謝謝。然後也許具體到 Elipson 和 Metrion，你們如何看待這些系統在 2025 年的收入貢獻以及 2026 年的成長潛力。也許在過去三個月裡這種觀點也發生了什麼樣的變化。

So, Elipson and Metrion are well on track in terms of our business plan. We are seeing both being adopted by advanced [knot] manufacturers. We are targeting both memory and logic with these tools, and we have a very strong focus on the evaluations which will result in becoming a process tool of record, and then of course the proliferation in lines in which those advanced nodes become high volume.

因此，就我們的商業計劃而言，Elipson 和 Metrion 進展順利。我們看到這兩種技術都被先進的[結]製造商所採用。我們利用這些工具瞄準記憶體和邏輯，並且非常重視評估，這將成為記錄的流程工具，然後當然是這些先進節點大量生產的生產線的擴散。

So we see growth year over year. Obviously this is something that we need to focus on, especially in becoming these processed pool of records for those customers. And then, of course, with the proliferation of high volume, we expect a relative part of that business in order to grow.

因此，我們看到了逐年的成長。顯然這是我們需要關注的事情，特別是成為這些客戶的記錄處理池。當然，隨著銷量的激增，我們預計該業務的相對部分將會成長。

Thanks very much.

非常感謝。

Charles Shi, Needham & Company.

Charles Shi，Needham & Company。

Thanks for taking my questions, Gaby and Guy. Maybe the first one, you reaffirmed that that $500 million, cumulative Gate-All-Around revenue from last year to next year. Can you give us a sense of where you are for this year in terms of the progress towards the $500 million? Are you like 40% there, 45% there? Probably not 50% there, but that kind of give us some sense of where you are tracking towards that goal, let's say by the end of this year.

感謝 Gaby 和 Guy 回答我的問題。也許是第一個，您重申了從去年到明年 Gate-All-Around 的累計收入為 5 億美元。您能否告訴我們今年您在實現 5 億美元目標方面取得了哪些進展？那裡是 40% 還是 45%？可能還沒有達到 50%，但這可以讓我們了解你們實現這一目標的進度，比如說在今年年底。

Thank you, Charles. So first of all, we relate to the fact that '26 is going to be stronger than '25, which is in turn stronger than '24. This is a natural evolution of investments in gate around, so this is still the case, and we see that we are well on track in terms of this year with the Gate-All-Around revenue.

謝謝你，查爾斯。首先，我們認為 26 年會比 25 年更強，而 25 年又比 24 年更強。這是 Gate-All-Around 投資的自然演變，所以情況仍然如此，我們看到，就今年 Gate-All-Around 的收入而言，我們的進展順利。

Do you -- any chance you can give us a little bit of quantitative color? I mean, we don't need it precise, but do you want to see if they can give us some better sense about the way you are tracking towards this year.

您能否提供我們一些定量資訊？我的意思是，我們不需要精確，但你想看看他們是否能讓我們更了解你今年的追蹤方式。

I still don't have those final numbers. I guess that this call could be provided better around the end of this year.

我還沒有得到最終的數字。我估計今年年底左右這個電話會議可能會提供得更好。

Thank you. Look forward to that. Maybe next question. Thanks for the China color you provided. Obviously, numbers have been going up for you guys. You guys did a good job. But relative to 9 days ago, 180 days ago, let's say the relative to the beginning of the year, the demand environment definitely is improving, a little bit further, but if I may, between China versus the ex-China demand environment, where have you seen the greater upside so far?

謝謝。期待這一點。也許是下一個問題。感謝您提供的中國色彩。顯然，你們的數字一直在上升。你們做得很好。但相對於 9 天前、180 天前，或者說相對於年初，需求環境肯定在改善，而且有所進步，但如果可以的話，在中國與中國以外地區的需求環境中，到目前為止，您在哪裡看到了更大的上行空間？

The reason why I ask this is some of your US peers were more or less saying, yeah, the ex-China outlook is more or less similar to what they see at what they saw at the beginning of the year, but China has shown good amount of upside so far. Is that something you guys are seeing similarly, or you actually have a little bit different dynamics there?

我之所以問這個問題，是因為你們的一些美國同行或多或少都在說，是的，除中國以外的前景與他們今年年初看到的情況大致相同，但中國迄今為止已經顯示出了良好的上行空間。你們是否看到了類似的東西，或者實際上你們看到了一些不同的動態？

Thank you. We do have different dynamics, so it's very difficult to relate to peers as we're acting in different segments and we have a different product portfolio. What I can say is that the resilience we see is due to the fact that we have now three different divisions, the Chemical, the Material, Dimensional, they are all acting differently and have their own dynamics, plus the new edition of Sentronics that gives us a strong footprint in in packaging and advanced packaging.

謝謝。我們確實有不同的動態，因此很難與同行建立聯繫，因為我們在不同的領域開展業務，並且擁有不同的產品組合。我可以說的是，我們看到的韌性是由於我們現在有三個不同的部門，即化學、材料、尺寸，它們都有不同的行動和自己的動態，再加上新版 Sentronics，使我們在封裝和先進封裝領域佔據了強大的地位。

So I would say in general that we see different dynamics to result in revenue streams that may be different than other peers in the industry.

因此，總的來說，我們看到了不同的動態，從而產生了可能與業內其他同行不同的收入流。

So should feel it's like more or less a similar upside ex-China versus China?

那麼，應該感覺這或多或少與中國以外地區的上漲趨勢類似嗎？

Yeah.

是的。

Thank you.

謝謝。

(Operator Instructions) At this time, it seems we have no further questions, and that concludes the Q&A session. I would like to turn the conference back over to Gabby Waisman, Nova's President and CEO for closing remarks. Thank you.

（操作員指示）目前，我們似乎沒有其他問題，問答環節到此結束。我想將會議交還給 Nova 總裁兼執行長 Gabby Waisman 做閉幕發言。謝謝。

Thank you, operator, and thank you all for joining our call today.

謝謝接線員，也謝謝大家今天參加我們的電話會議。

Ladies and gentlemen, that concludes today's conference. Thank you for joining us. You may now disconnect your lines.

女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路了。