Nova Ltd (NVMI) 2025 Q4 法說會逐字稿

Good day, and welcome to the Nova Ltd fourth quarter and full-year 2025 financial results conference call (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Miri Segal, CEO of MS-IR. Please go ahead.

大家好，歡迎參加 Nova Ltd 2025 年第四季及全年財務業績電話會議（操作說明）。請注意，本次會議正在錄音。現在我謹將會議交給微軟投資者關係公司（MS-IR）執行長米里·西格爾。請繼續。

Thanks, operator, and good day, everyone. I would like to welcome all of you to Nova's conference call. With us on the line today are Gaby Waisman, President and CEO; and Guy Kizner, CFO. 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. Gaby 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. I will now turn the call over to Gaby Waisman, Nova's President and CEO. Gaby, please go ahead.

謝謝接線員，祝大家今天愉快。歡迎各位參加Nova的電話會議。今天和我們連線的是總裁兼執行長 Gaby Waisman 和財務長 Guy Kizner。在開始之前，我想提醒各位聽眾，本次電話會議中提供的某些資訊可能包含前瞻性陳述，並且今天發布的收益報告中概述的「安全港」聲明也適用於本次電話會議。如果您尚未收到新聞稿副本，請在公司網站的投資者關係部分查看。Gaby 將首先報告業務最新進展，隨後 Guy 將概述財務狀況。接下來我們將開啟問答環節。現在我將把電話交給 Nova 的總裁兼執行長 Gaby Waisman。蓋比，請繼續。

Thank you, Miri, and thank you all for joining us today. I will start the call by summarizing our fourth quarter and full year performance highlights. Following my commentary, Guy will review the quarterly and annual financial results in detail. 2025 was an exceptional year for Nova, delivering record performance across our business and strong execution in a rapidly expanding semiconductor landscape.

謝謝米莉，也謝謝大家今天能來參加。我將首先總結我們第四季和全年的業績亮點。在我發言之後，Guy將詳細回顧季度和年度財務表現。 2025年對Nova來說是非凡的一年，我們在各項業務中均取得了創紀錄的業績，並在快速擴張的半導體市場中展現了強大的執行力。

We delivered record annual revenue of $880.6 million, up 31% year over year, along with record GAAP and non-GAAP profitability with earnings per share growing 29% year over year. Fourth-quarter revenue exceeded the midpoint of our guidance, reaching $222.6 million, up 14% year over year. This performance highlights the depth of our portfolio, solid customer demand, our leading market position, and our disciplined operational focus. It underscores Nova's strategic alignment with key vectors in the industry and strengthens our foundation as we move into another year of growth.

我們實現了創紀錄的年度收入 8.806 億美元，年增 31%，同時 GAAP 和非 GAAP 獲利能力也創下新高，每股收益較去年同期成長 29%。第四季營收超過預期中位數，達到 2.226 億美元，年增 14%。這項業績凸顯了我們產品組合的深度、強勁的客戶需求、領先的市場地位以及嚴謹的營運重點。這凸顯了 Nova 與產業關鍵方向的策略一致性，並鞏固了我們邁入下一個成長年份的基礎。

We entered 2026 with a robust investment cycle, translating into accelerating demand for leading-edge nodes and steady investments in mature ones. It has manifested in capacity additions, higher-yield pressures, and a need to maximize device performance. Rising design complexity is increasing the number of process steps and accelerating adoption of new integration methods such as backside power delivery and hybrid bonding.

2026 年伊始，我們迎來了強勁的投資週期，這意味著對尖端節點的需求將加速成長，而對成熟節點的投資也將穩定增加。這體現在產能提升、良率壓力增大以及對裝置性能最大化的需求。設計複雜性的增加導致製程步驟增多，並加速了背面供電和混合鍵合等新型整合方法的採用。

Coupled with faster time to market and yield requirements, it is broadening the need for precise metrology. Some manufacturers have already announced an increase in CapEx plans, contributing to the positive outlook. We are confident that our operational agility, flexibility, and grit enable us to address our customer needs. An emerging segment fueled by the AI era is silicon photonics, a technology that uses light photons instead of electrons to transfer data, enabling ultrafast data transmission at lower power consumption. It requires very high accuracy measurements of optical structures such as waveguides and modulators, necessitating precise alignment and 3D characterization, which opens new opportunities for Nova.

隨著產品上市時間的加速和良率要求的提高，對精確計量技術的需求也日益增長。一些製造商已經宣布增加資本支出計劃，這有助於提振市場前景。我們相信，憑藉我們高效的營運能力、靈活的應變能力和堅韌不拔的精神，我們能夠滿足客戶的需求。人工智慧時代催生了一個新興領域，即矽光子學。這項技術利用光子而不是電子來傳輸數據，從而以更低的功耗實現超高速數據傳輸。它需要對波導和調製器等光學結構進行非常高精度的測量，需要精確的對準和 3D 表徵，這為 Nova 開闢了新的機會。

These market and technology dynamics are reinforcing our strategic alignment with the fastest-growing and most technically demanding segments of our industry. We are engaged with our customers to address their high-value challenges and are well positioned to capitalize on the opportunities they pose. We expect positive momentum to propel our performance in the coming quarters. One of the highlights of the fourth quarter was when a global leading logic customer selected Nova's integrated metrology portfolio for CMP applications across gate-all-around processes.

這些市場和技術動態正在加強我們與產業內成長最快、技術要求最高的細分市場的策略一致性。我們與客戶緊密合作，共同應對他們面臨的高價值挑戰，並已做好充分準備，抓住這些挑戰帶來的機會。我們預計積極的發展動能將推動我們在未來幾季的業績成長。第四季的一大亮點是，一家全球領先的邏輯客戶選擇了 Nova 的整合計量產品組合，用於全包圍式製程的 CMP 應用。

Following a comprehensive evaluation, the customer adopted our full CMP product suite, extending their earlier back-end deployment into front-end high-volume manufacturing. Multiple orders have already been placed for 2026 with additional orders expected as capacity ramps. This win reflects our close collaboration with customers to accelerate time to market, support their technology roadmaps, and enhance yields. Another highlight is our services organization, delivering record quarterly and annual revenues. This performance was driven by capacity installation, adoption of our value-added services to support yield improvement, and a focus on shifting from Time and Materials towards annual service contracts.

經過全面評估，客戶採用了我們完整的 CMP 產品套件，將其早期的後端部署擴展到前端大量生產。2026 年已下了多筆訂單，隨著產能提升，預計還會有更多訂單。此次成功體現了我們與客戶的緊密合作，以加快產品上市速度，並支持他們的技術路線圖，並提高產量。另一個亮點是我們的服務部門，實現了創紀錄的季度和年度收入。這項業績的取得得益於產能建設、加值服務的應用（旨在提高產量）以及從按工時計費轉向年度服務合約。

We are especially proud that our teams earned multiple service excellence awards from leading customers in Asia, underscoring our deep commitment to customer success. Nova's growth this year was broad-based. In gate-all-around processes, we are now firmly established as a foundational partner in the industry's transition to next-generation architectures and expect to see demand increase further in 2026.

我們尤其感到自豪的是，我們的團隊獲得了亞洲領先客戶頒發的多個卓越服務獎，這凸顯了我們對客戶成功的堅定承諾。Nova今年的成長是全方位的。在全方位架構流程中，我們已穩固確立了作為產業向下一代架構過渡的基礎合作夥伴的地位，並預計到 2026 年需求將進一步成長。

In advanced packaging, revenue rose more than 60% year over year, representing approximately 20% of product revenue. We saw strong traction across both dimensional and chemical metrology platforms and broad adoption of our dedicated products. And in memory, we saw record results driven primarily by DRAM applications where manufacturers expanded adoption of the materials and chemical metrology offering.

在先進封裝領域，營收年增超過 60%，約佔產品收入的 20%。我們在尺寸計量和化學計量平台上都獲得了強勁的成長勢頭，我們的專用產品也得到了廣泛應用。在記憶體領域，我們看到了創紀錄的業績，這主要得益於DRAM應用，製造商擴大了對材料和化學計量產品的採用。

Nova's advanced metrology solutions secured multiple strategic qualifications across leading global manufacturers, reinforcing our position as a trusted partner for next-generation technology inflections. A few examples include the ELIPSON materials metrology solution, which was selected as tool of record by a leading foundry for advanced gate-all-around production and recent adoption of the Metrion platform for gate-all-around as well as advanced 3D NAND and DRAM device manufacturing. At the same time, our Nova WMC optical metrology system gained traction in advanced packaging and high-bandwidth memory.

Nova 的先進計量解決方案獲得了多家全球領先製造商的策略認證，鞏固了我們作為下一代技術變革值得信賴的合作夥伴的地位。例如，ELIPSON 材料計量解決方案被一家領先的代工廠選為先進環柵生產的指定工具；此外，Metrion 平台最近也被應用於環柵以及先進的 3D NAND 和 DRAM 裝置製造。同時，我們的 Nova WMC 光學計量系統在先進封裝和高頻寬記憶體領域獲得了廣泛應用。

On the technology front, we continue to invest in R&D, including a noble metrology solution that leverages our optical and materials metrology core competencies amplified by Nova's unique strengths in modeling and signal analysis. This new solution is designed to address emerging challenges associated with technology inflections such as gate-all-around, CFET, and advanced memory. Nova's unique strengths in physical and AI-driven modeling will come together in this new solution, enabling precise measurement of individual nanoscale structures, improved parameter decorrelation for complex architectures, and coverage of critical gaps left by existing metrology technologies.

在技​​術方面，我們繼續投資研發，包括一項卓越的計量解決方案，該方案利用了我們在光學和材料計量方面的核心競爭力，並結合了 Nova 在建模和訊號分析方面的獨特優勢。該新方案旨在應對與技術變革相關的新興挑戰，例如環柵技術、CFET 和先進記憶體。Nova 在實體和 AI 驅動建模方面的獨特優勢將在這項新解決方案中得到體現，從而能夠精確測量單一奈米級結構，改進複雜架構的參數去相關性，並彌補現有計量技術留下的關鍵空白。

Looking ahead to 2026, we are entering the year with increasing confidence in the market environment. We see favorable trends across logic, advanced packaging and memory applications. Current order patterns point to another growth year for Nova with momentum expected to build through the first half and accelerate in the second half of the year.

展望2026年，我們對市場環境越來越有信心。我們看到邏輯、先進封裝和記憶體應用領域都呈現出良好的發展趨勢。目前的訂單模式表明，Nova 將繼續保持成長勢頭，預計上半年成長動能將逐漸增強，下半年成長速度將加快。

Our priorities for 2026 remain clear: continue to expand our leadership in advanced nodes, proliferate our materials metrology platforms, deepen our share in advanced packaging ecosystems, and scale our operations to support increasing customer requirements. To that end, we are strengthening our operational foundation for the next phase of expansion, including the launch of a new state-of-the-art ERP system to manage growing volume of business with greater efficiency and scalability.

2026 年，我們的工作重點依然明確：繼續擴大我們在先進節點領域的領先地位，推廣我們的材料計量平台，加深我們在先進封裝生態系統中的份額，並擴大我們的營運規模以支援不斷增長的客戶需求。為此，我們正在加強下一階段擴張的營運基礎，包括推出最先進的ERP系統，以更有效率、更具可擴展性地管理不斷增長的業務量。

We are also expanding our global manufacturing footprint by building new production capacity in Asia, enhancing cost efficiency while positioning us closer to key customers and supply chain partners. We remain focused on executing with discipline, capturing opportunities and outperforming WFE. I'm thankful to our employees for their dedication and commitment and to our customers and partners for their trust in Nova. For more details on the financials, let me hand over the call to Guy.

我們也透過在亞洲建立新的生產能力來擴大我們的全球製造規模，提高成本效益，同時使我們更接近主要客戶和供應鏈合作夥伴。我們將繼續專注於嚴謹執行，抓住機遇，超越 WFE。我感謝員工們的奉獻和付出，也感謝顧客和合作夥伴對Nova的信任。關於財務方面的更多細節，我把電話交給蓋伊。

Thanks, Gaby. Good day, everyone. I will begin by reviewing our financial achievements for the fourth quarter of 2025, then summarizing our performance for the full year and finally, provide guidance for the first quarter of 2026. In the fourth quarter of 2025, total revenues reached $222.6 million, above the guidance midpoint of $220 million. This performance reflects a growth of 14% year over year. Product revenue distribution was approximately 75% from logic and foundry and 25% from memory.

謝謝你，蓋比。大家好。我將先回顧我們 2025 年第四季的財務業績，然後總結我們全年的業績，最後對 2026 年第一季的業績進行展望。2025 年第四季度，總營收達到 2.226 億美元，高於先前預期的 2.2 億美元中位數。這一業績反映出年增14%。產品收入分配中，約 75% 來自邏輯電路和代工，25% 來自記憶體。

Product revenue included three customers and four territories, which contributed each 10% or more to product revenues. In the fourth quarter, blended gross margins were 57.6% on a GAAP basis and 59.6% 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 favorable product mix.

產品收入包括三個客戶和四個地區，每個客戶和地區對產品收入的貢獻都達到或超過 10%。第四季度，以 GAAP 計算的綜合毛利率為 57.6%，以非 GAAP 計算的綜合毛利率為 59.6%，均處於我們 57% 至 60% 的目標模型範圍的上限。本季高毛利率歸功於有利的產品組合。

Operating expenses increased in the fourth quarter and came in at $67.5 million on a GAAP basis and $62 million on a non-GAAP basis. We continue to ramp up R&D and sales and marketing spending in targeted manner to advance our product roadmap and unlock future growth opportunities. Operating margins in the fourth quarter reached 27% on a GAAP basis and 32% on a non-GAAP basis.

第四季營運費用增加，以美國通用會計準則計算為 6,750 萬美元，以非美國通用會計準則計算為 6,200 萬美元。我們將繼續有針對性地增加研發、銷售和行銷方面的投入，以推進我們的產品路線圖並釋放未來的成長潛力。第四季營業利潤率以美國通用會計準則 (GAAP) 計算達 27%，以非美國通用會計準則 (non-GAAP) 計算達 32%。

The effective tax rate in the fourth quarter was approximately 11% on a GAAP basis, primarily reflecting the release of uncertain tax positions following the completion of a tax assessment audit. The effective tax rate on a non-GAAP basis was approximately 16%.

第四季的實際稅率以 GAAP 計算約為 11%，主要反映了在完成稅務評估審計後釋放了不確定的稅務事項。以非GAAP準則計算，實際稅率約為16%。

Earnings per share in the fourth quarter on a GAAP basis were $1.94 per diluted share, and earnings per share on a non-GAAP basis were $2.14 per diluted share, exceeding the midpoint of our fourth-quarter guidance of $2.11.

第四季以美國通用會計準則計算的每股收益為 1.94 美元（稀釋後），以非美國通用會計準則計算的每股收益為 2.14 美元（稀釋後），超過了我們第四季度業績指引的中點 2.11 美元。

Moving on to the annual results of 2025. Revenues increased 31% year over year, reflecting our continued outperformance of the industry through disciplined execution of our strategy. We are also building the foundations to sustain this outperformance by gaining market share, qualifying our differentiated portfolio with strategic customers, and advancing innovation through continued investment in R&D of more than 15% of revenues.

接下來是2025年的年度業績。營收年增 31%，反映出我們透過嚴格執行策略，持續超越產業平均。我們也正在透過以下方式奠定基礎，以維持這種優異的業績：獲得市場份額，透過策略客戶認可我們差異化的產品組合，並透過持續投資研發（研發投入佔收入的 15% 以上）來推進創新。

The geographic revenue split in 2025 was as follows: China was 33%, Taiwan was 29%, Korea was 16%, US was 9% and other territories contributed the remaining 13%. Gross margins for the year were 57.4% on a GAAP basis and 59% on a non-GAAP basis. Operating margin for the year came in at 29% on a GAAP basis and 33% on a non-GAAP basis, in the upper end of our target model range of 28% to 33%. These operating margins demonstrate the strong value proposition of our process control solutions and our consistent operational execution. Earnings per diluted share on an annual basis came in at $7.96 on a GAAP basis and $8.62 on a non-GAAP basis.

2025 年的地域所得分配如下：中國佔 33%，台灣佔 29%，韓國佔 16%，美國佔 9%，其他地區佔剩餘的 13%。本年度毛利率以美國通用會計準則 (GAAP) 計算為 57.4%，以非美國通用會計準則 (non-GAAP) 計算為 59%。本年度的營業利潤率以 GAAP 計算為 29%，以非 GAAP 計算為 33%，為我們目標模式範圍 28% 至 33% 的上限。這些營運利潤率體現了我們製程控制解決方案的強大價值主張和我們始終如一的營運執行力。以 GAAP 準則計算，年度稀釋後每股收益為 7.96 美元；以非 GAAP 準則計算，年度稀釋後每股收益為 8.62 美元。

Turning to the balance sheet. We ended 2025 with more than $1.6 billion in cash, cash equivalents, bank deposit, and marketable securities. During 2025, the company generated $218 million in free cash flow and presented healthy parameters related to working capital management. Next, I would like to share the details of our guidance for the first quarter of 2026. We currently expect revenues for the quarter to be between $222 million and $232 million.

接下來看一下資產負債表。截至 2025 年底，我們擁有超過 16 億美元的現金、現金等價物、銀行存款和有價證券。2025年，該公司產生了2.18億美元的自由現金流，並在營運資本管理方面表現出良好的指標。接下來，我想和大家分享我們對 2026 年第一季的業績預期詳情。我們目前預計本季營收將在 2.22 億美元至 2.32 億美元之間。

GAAP earnings per diluted share to range from $1.90 to $2.02. Non-GAAP earnings per diluted share to range from $2.13 to $2.25. At the midpoint of our first-quarter 2026 estimate, we anticipate the following: gross margins of approximately 56% on a GAAP basis and approximately 58% on a non-GAAP basis.

GAAP稀釋後每股盈餘預計在1.90美元至2.02美元之間。非GAAP稀釋後每股盈餘預計在2.13美元至2.25美元之間。根據我們對2026年第一季業績的預測，GAAP毛利率約為56%，非GAAP毛利率約為58%。

Operating expenses on a GAAP basis to decrease to approximately $65 million; operating expenses on a non-GAAP basis to decrease to approximately $60 million. Financial income on a non-GAAP basis is expected to be approximately $16 million. Effective tax rate is expected to be approximately 16%.

以美國通用會計準則 (GAAP) 計算的營運費用將減少至約 6,500 萬美元；以非美國通用會計準則 (non-GAAP) 計算的營運費用將減少至約 6,000 萬美元。預計以非GAAP準則計算的財務收入約為1,600萬美元。實際稅率預計約為16%。

To conclude, our 2025 results reflect strong execution and continued progress against our strategy. As we look to 2026, we see positive momentum in the business and remain focused on investing in innovation, strategic customer relationship, and capacity to support long-term performance. With that, we will be pleased to take your questions. Operator?

總之，我們2025年的業績反映了我們策略的強勁執行力和持續進展。展望 2026 年，我們看到業務發展勢頭良好，並將繼續專注於投資創新、策略客戶關係和能力建設，以支持長期績效。那麼，我們很樂意回答您的問題。操作員？

(Operator Instructions) Blayne Curtis, Jefferies

（操作說明）布萊恩‧柯蒂斯，傑富瑞

Ezra Weener on for Blayne. Just wanted to start by looking at your guidance. You've talked about the first quarter, but can you talk a little bit about the year, what you're seeing? We've heard a lot of different WFE outlooks and what you're seeing for your WFE outlook that you plan to outperform.

埃茲拉·維納替補布萊恩上場。我想先看看您的指導意見。您已經談到了第一季的情況，但您能否談談今年的情況，以及您觀察到的情況？我們已經聽到了很多不同的WFE（工作場所支出）展望，以及您對WFE展望的看法，您計劃超越這些看法。

So I believe that the most important, and thank you for the question, Ezra, factors in outperforming the WFE is having the right growth engine, and we are well positioned in that respect. With regards to WFE, we anticipate it to be in the low-double digits based on, I assume the same data that you are seeing. So we definitely see a momentum gathering where we expect the second half of the year to accelerate. And we do see the first half of '26 higher than '25. So it's definitely progressing in the right direction.

所以我認為，最重要的因素（謝謝你的提問，埃茲拉），是超越 WFE 的關鍵在於擁有正確的成長引擎，而我們在這方面已經做好了充分的準備。關於 WFE，我們預計它將在兩位數的低位，我假設這是基於與您看到的相同數據。因此，我們確實看到成長勢頭正在增強，預計下半年增速將加快。而我們看到 2026 年上半年的數值高於 2025 年。所以，這無疑是朝著正確的方向發展。

Got it. And then just a follow-up would be, if WFE does accelerate, do you have any bottlenecks in terms of your own production and being able to meet demand

知道了。最後還有一個問題，如果WFE真的加速發展，你們自身的生產能力和滿足需求方面是否有任何瓶頸？

So it's a great question. First of all, we have made significant investments over the last year to expand our manufacturing capacity, and we have the sufficient one to support our growth outlook, including, of course, clean room capacity for advanced packaging in particular. And this year, we continue to invest in infrastructure, including new production capacity in Asia and also the investment in IT infrastructure, such as the ERP to improve the efficiency and scalability. And we believe that these actions give us the ability to manage higher volumes with better cost and time efficiency, being closer to the customers and providing greater transparency.

這是一個很好的問題。首先，過去一年我們進行了大量投資以擴大生產能力，我們擁有足夠的產能來支持我們的成長前景，當然也包括用於先進包裝的無塵室產能。今年，我們將繼續投資基礎設施，包括在亞洲新增產能，以及投資IT基礎設施，例如ERP系統，以提高效率和可擴展性。我們相信，這些措施使我們能夠以更高的成本和時間效率管理更高的業務量，更貼近客戶，並提供更高的透明度。

Matthew Prisco, Cantor.

馬修·普里斯科，領唱。

Maybe just to start, can you offer any additional color on maybe how customer conversations have evolved over the past three months across each end market? And then those customer conversations, are those translating into actual orders at this point to support that second half inflection?

首先，您能否進一步介紹過去三個月中，各個終端市場的客戶對話是如何演變的？那麼，目前這些與客戶的對話是否已經轉化為實際訂單，從而支撐下半年的成長動能呢？

So thank you, Matthew. So let me start with perhaps taking it into the growth engines, the primary growth engines and drivers for us this year and take it to the customers specifically. So we see '26 as another growth year with several key drivers. First is the advanced logic and gate-all-around. We see proliferation of gate-all-around across all leading manufacturers with increasing process control intensity.

所以，謝謝你，馬修。那麼，讓我先從成長引擎著手，談談我們今年的主要成長引擎和驅動力，然後具體談談客戶。因此，我們認為 2026 年將是另一個成長年，有幾個關鍵驅動因素。首先是高級邏輯和全方位閘電路。我們看到，隨著製程控制強度的增加，所有領先的製造商都在廣泛採用全方位門控製程。

On DRAM and high-bandwidth memory, we see a healthy recovery in DRAM and continued build-out of HBM capacity. In advanced packaging, we see growing contribution from hybrid bonding. And of course, we support it with our both dimensional and chemical portfolio that we see significant growth over there.

在DRAM和高頻寬記憶體方面，我們看到DRAM市場健康復甦，HBM容量持續成長。在先進封裝領域，我們看到混合鍵結技術發揮越來越重要的作用。當然，我們在維度和化學品方面的產品組合也為此提供了支持，我們看到了該領域的顯著成長。

Overall, we see the increased capital investments as has been published by several of our customers. Of course, it takes time until this has turned out into WFE orders and, of course, revenue for company. But we've seen those latest announcements as very encouraging and building the momentum getting to 2026.

總體而言，我們看到資本投資增加，正如我們的幾位客戶所公佈的那樣。當然，這需要時間才能轉化為 WFE 訂單，最終為公司帶來收入。但我們認為這些最新的公告非常令人鼓舞，並為實現 2026 年的目標積蓄了動力。

Okay. That's helpful. And then maybe as a follow-up, can you walk us through share dynamics in your dimensional metrology business, both from the overall portfolio and that integrated CD opportunity you talked about? And maybe a specific focus on PRISM as well and Nova's positioning there and kind of adoption trends of those systems?

好的。那很有幫助。然後，作為後續問題，您能否為我們介紹一下貴公司尺寸計量業務的份額動態，包括整體產品組合以及您提到的整合 CD 機會？或許還可以聚焦在 PRISM，以及 Nova 在 PRISM 中的定位和這些系統的採用趨勢？

So I hope I understand the question correctly. But if you're talking about the overall market share, so as per the Gartner latest report for 2024, we grew to become second in market share with an overall market share in CD and film film at about 25%. That represented an overall increase of about 25%, and we are seeing continued market share gains across our portfolio.

所以，我希望我正確地理解了這個問題。但如果你指的是整體市場份額，那麼根據 Gartner 2024 年的最新報告，我們的市佔率成長到第二位，在 CD 和底片領域的整體市佔率約為 25%。這代表整體成長了約 25%，而且我們看到我們的投資組合中的市佔率持續成長。

In terms of the integrated metrology, we've I've mentioned the fact that we have a leading global logic customer adopting our integrated metrology portfolio and product suite for its gate-all-around CMP processes. We've also mentioned the fact that both ELIPSON and METRION has had an excellent year in '25 and are becoming important growth engines for the company. ELIPSON is a tool of record at a top foundry for advanced gate-all-around production with additional tools at another leading logic and memory customers.

就整合計量而言，我已經提到過，我們有一家全球領先的邏輯客戶正在採用我們的整合計量產品組合和產品套件，用於其全方位 CMP 製程。我們也提到，ELIPSON 和 METRION 在 2025 年都取得了優異的成績，並且正在成為該公司重要的成長引擎。ELIPSON 是頂級晶圓代工廠用於先進全方位閘電路生產的記錄工具，同時也是另一個領先的邏輯和記憶體客戶的附加工具。

We also see repeat orders and proliferation from R&D into high-volume manufacturing. And on the METRION side, we have recently qualified at both gate-all-around logic customer and a leading memory manufacturing manufacturer as we have planned to and discussed, and this is a very significant milestone for the company.

我們也看到重複訂單以及研發成果向大規模生產的轉換。在 METRION 方面，我們最近已按照計劃和討論，分別獲得了全方位邏輯客戶和一家領先的記憶體製造商的認證，這對公司來說是一個非常重要的里程碑。

In both cases, of course, we are at the early phase of proliferation, and our goal is to evolve to become a multiple tool per fab similar to how we scaled XPS historically. And just as a side note, we've just shipped the 300th XPS tool, and it's definitely a reason to become -- to be optimistic.

當然，在這兩種情況下，我們都處於擴散的早期階段，我們的目標是發展成為每個晶圓廠配備多種工具，類似於我們過去擴展 XPS 的方式。順便提一下，我們剛剛交付了第 300 台 XPS 工具，這絕對是一個值得我們——保持樂觀的理由。

We also see share gain traction with our stand-alone OCD solutions for packaging and advanced packaging and also on the front-end copper dual damascene for our chemical portfolio. So definitely quite optimistic in terms of the share gain momentum as we enter 2026

我們還看到，我們用於包裝和先進包裝的獨立 OCD 解決方案以及我們化學品組合的前端銅雙大馬士革製程也獲得了市場份額。因此，就我們進入2026年而言，我們對股價上漲動能絕對相當樂觀。

Michael Mani, Bank of America Securities.

Michael Mani，美國銀行證券。

Could you just clarify your view for the business this year between DRAM and foundry and logic, which one do you expect to grow faster? And thanks for your WFE view for 2026 of low-double digits. I guess as you look out to this year, you said you'd be able to outperform, and that makes sense because you have the right product suite, gaining share. It's going to be a very leading edge heavy year. But does the degree of outperformance you expect this year look very different from the past couple of years? It feels like it should be stronger given all those dynamics, but would love to hear your view on that.

您能否具體說明一下您對今年DRAM、晶圓代工和邏輯電路業務的看法，您預計哪一個業務的成長速度會更快？感謝您對 2026 年 WFE 的預測，即低兩位數成長。展望今年，您曾表示能夠取得優異成績，這很有道理，因為您擁有合適的產品組合，並且正在贏得市場份額。這將是技術前沿領域非常突出的一年。但您預計今年的超額收益程度與過去幾年相比會有很大不同嗎？考慮到所有這些因素，感覺它應該更強才對，很想聽聽你的看法。

Thank you for the question. We do see several vectors in growth this year, stemming especially from advanced logic and DRAM. We see significant growth coming from advanced packaging as well. I think that I mentioned the fact that we had about 60% growth in '25 in advanced packaging, bringing the total share out of the company's revenue to about 20%. And we believe that advanced packaging will still have a double-digit growth this year. So the major vectors for growth are both leading-edge advanced logic and DRAM as well as advanced packaging. In terms of NAND, we do see some signs of improvement, but we are waiting an inflection point similar to what we've seen on DRAM and HBM. And in terms of outperformance, of course, we are aiming to outperform WFE, but it's still early on this year to indicate any specific number.

謝謝你的提問。今年我們看到幾個成長方向，尤其來自先進的邏輯電路和DRAM。我們也看到先進包裝技術將帶來顯著成長。我想我之前提到過，我們在 2025 年先進封裝業務成長了約 60%，使該業務在公司總收入中所佔份額達到約 20%。我們相信，今年先進包裝仍將維持兩位數的成長。因此，主要的成長方向既包括尖端的先進邏輯和DRAM，也包括先進的封裝技術。就 NAND 而言，我們確實看到了一些改進的跡象，但我們仍在等待類似於 DRAM 和 HBM 的轉折點。至於業績表現，我們當然希望超越 WFE，但現在距離年底還早，無法給出任何具體數字。

Got it. And then on China, so I think you mentioned it came in at 33% of sales for 2025. I think that was a little higher than expected. So heading into this year, I mean, what's your view for the market? Is it flat? Is it slightly down? And any sort of color on what exactly you're seeing that might be driving that lack of growth?

知道了。然後是關於中國市場，我想你提到過，預計到 2025 年，中國市場的銷售額將佔總銷售額的 33%。我覺得比預期的高。展望今年，您對市場有何看法？它是平的嗎？是不是稍微下降了一點？您能否就造成成長乏力的具體原因提供一些見解？

So we've had 39% of our business from China in 2024. And as you indicated, it normalized to about 33% last year. China is a large and very, very important territory for us, and we expect it to continue and represent around 30% of our sales. We do see shorter lead times in China, which reduced visibility, but we are seeing trends that make us believe that China will continue to have steady investments this year to maintain this proportion that I've just indicated as part of our overall sales.

因此，到 2024 年，我們 39% 的業務將來自中國。正如你所指出的，去年這一比例恢復正常，約 33%。中國對我們來說是一個幅員遼闊、非常重要的市場，我們預計它將繼續占我們銷售額的 30% 左右。我們確實看到中國的交貨週期縮短了，這降低了可見性，但我們看到的趨勢讓我們相信，中國今年將繼續保持穩定的投資，以維持我剛才提到的在我們整體銷售額中所佔的比例。

Naturally, as advanced nodes and DRAM invest more and China is focused on mature nodes, we'll see the relative portion of China go down even if the nominal sales remain flat, but we are seeing signs of improvement in the business in China as well.

當然，隨著先進製程節點和DRAM投入的增加，以及中國專注於成熟製程節點，即使名義銷售額保持平穩，我們也會看到中國相對份額下降，但我們也看到了中國業務改善的跡象。

Shane Brett, Morgan Stanley.

Shane Brett，摩根士丹利。

So my first question is on leading-edge logic. So how should I think about your share position in the context of your largest customer adding more 3-nanometer wafers this year? I'm asking this because your Taiwan revenue is up nearly 90% year over year in 2025, which is very reflective of your strong position. I'm just curious just how much better this can be for you in 2026.

所以我的第一個問題是關於前沿邏輯的。那麼，考慮到您最大的客戶今年增加了更多 3 奈米晶圓，我應該如何看待您的市場份額？我這樣問是因為貴公司預計 2025 年台灣地區的營收將年增近 90%，這充分體現了貴公司強大的市場地位。我只是好奇，到 2026 年，這對你來說究竟能有多大的改善。

So I'm not sure I can discuss specific shares with a specific customer. But I can say that in terms of gate-all-around specifically, and we'll talk a bit more about the advanced nodes in gate-all-around, we're well positioned across all four players. And we see the growth this year and the momentum increasing compared to last one. In terms of 3-nanometer, of course, the intensity is not as high as it is in gate-all-around in the 2 nanometer, but it's still very significant. So any investment in advanced nodes is very beneficial for us.

所以我不太確定是否可以和特定客戶討論特定的股票。但我可以肯定地說，就全方位門控而言，我們稍後會更詳細地討論全方位門控中的高級節點，我們在所有四個玩家中都處於有利地位。我們看到今年的成長勢頭比去年更加強勁。當然，就 3 奈米製程而言，其強度不如 2 奈米製程的環柵製程那麼高，但仍然非常顯著。因此，對先進節點的任何投資對我們來說都非常有利。

Got it. And then for my follow-up, so for advanced packaging revenue, you kind of talked about low double digits. But I guess relative to some of the etch and dep players, that feels a little bit light, but it's in line with your kind of metrology inspection peers. Just what's the dynamic that's going on in advanced packaging this year that's, I guess, leading to a bit of a moderation from 60% growth to kind of low double digits this year?

知道了。然後，我的後續問題是，關於高級包裝收入，您剛才提到了兩位數的低成長率。但我覺得相對於一些蝕刻和沈積設備製造商來說，這感覺有點輕，但這與你們這類計量檢測同行的情況一致。今年先進包裝領域究竟發生了什麼變化，導致其成長速度從 60% 放緩至兩位數的低點？

So advanced packaging for us is relatively new, and we see the penetration of more and more products and gaining share in advanced packaging. So out of the 20% of product revenue that I indicated, about a quarter to third, depending on the quarter is high-bandwidth memory and the rest is logic. We do see strong double-digit growth this year as well. And since we are engaged with all players and introducing more and more solutions and capabilities, we believe that this is a great opportunity for us, and we'll see the growth continuing into this year as well.

因此，先進包裝對我們來說是一個相對較新的領域，我們看到越來越多的產品滲透到先進包裝領域，並不斷擴大市場份額。因此，在我提到的 20% 的產品收入中，大約四分之一到三分之一（取決於季度）是高頻寬內存，其餘部分是邏輯電路。我們預計今年也將實現兩位數的強勁成長。由於我們與所有參與者都有合作，並不斷推出更多解決方案和功能，我們相信這對我們來說是一個絕佳的機會，而且我們預計今年的成長動能也將持續下去。

Elizabeth Sun, Citi.

伊麗莎白·孫，花旗銀行。

This is Elizabeth for Atif. First question is for is for guidance, for gross margin guidance for Q1 is 58% slightly is down sequentially. So I'm just wondering what's the puts and takes in the gross margin guide for Q1.

這是伊莉莎白給阿提夫的。第一個問題是關於業績指引，第一季的毛利率指引為 58%，較上季略有下降。所以我想知道第一季毛利率預期有哪些變化。

Sure. So this quarter, we reported gross margin of 59.6%. Looking ahead for the next quarter, we are guiding gross margin of 58%, plus/minus [1% point]. And this reflects the current specific product mix as we see it right now for the quarter. But as we always said, margins can fluctuate on a quarterly basis. And the right way to look on our margin profile is on the annual basis. So nothing really changed structurally. It's based on specific product mix in a specific quarter.

當然。因此，本季我們的毛利率為 59.6%。展望下一季度，我們預期毛利率為 58%，上下浮動 1 個百分點。這反映了我們目前在本季看到的具體產品組合。但正如我們一直所說，利潤率可能會按季度波動。看待我們利潤率狀況的正確方法是按年來看。所以結構上並沒有發生什麼實質的改變。它是根據特定季度的特定產品組合而定的。

Got it. And then on gate-all-around accumulative revenue of $500 million until '26. So we are already in '26. I'm just wondering like you have a lot of announcement recently. So I'm wondering for gate-all-around in total, are you seeing the accumulated revenue to be maybe above the $500 million level?

知道了。然後，到 2026 年，票房累計收入達到 5 億美元。所以現在已經是2026年了。我只是好奇，因為你最近有很多公告要發布。所以我想知道，從所有門票收入來看，您認為累積收入是否會超過 5 億美元？

So we do see the momentum. And as I mentioned, we are well positioned across all players, and we are on track with getting to the $500 million mark as an accumulated revenue for '24 to '26. Obviously, '26 is expected to be higher than '25. So we'll see how it goes. Right now, I can say that we're on track to getting to this target.

所以我們確實看到了這種勢頭。正如我之前提到的，我們在所有方面都處於有利地位，我們預計在 2024 年至 2026 年期間實現 5 億美元的累積收入目標。顯然，預計 '26 年的數據會高於 '25 年。我們拭目以待。目前我可以肯定地說，我們正朝著這個目標穩步前進。

Charles Shi, Needham & Company.

查爾斯史，李約瑟公司。

Maybe two. First one is regarding China, how -- it looks like you talked about a little bit reduced visibility, but overall looking strong. It sounds like probably second half should see some pickup in China revenue relative to second half as well, in line with the overall trend for what -- I mean what you guided for your overall revenue. Is that still the case? And how do you feel about sustaining maybe last year's China growth somewhere around 11% based on your -- the geographical breakdown you just provided? Any color would be great.

或許兩個。第一個問題是關於中國的，看起來你提到能見度略有下降，但總體而言看起來很強勁。聽起來下半年中國市場的收入應該會比上半年回升，這與你們對整體收入的預期趨勢一致。現在情況仍然如此嗎？那麼，根據您剛才提供的地理劃分數據，您如何看待維持去年中國市場約11%的成長速度？任何顏色都可以。

Thank you, Charles. So overall, if we look at process control in China, at least according to the data that we have from external sources, process control in China actually went down. But as I mentioned before, for us, it nominally went up, and we're very encouraged about the position that we have there. Obviously, as I mentioned before, proportionally, it went down from 39% to 33%. And the more investment there is in advanced nodes, it's expected to continue to go down, whereas I believe that it will normalize around the 30%. So it will continue to be a dominant and key territory for us moving forward. In terms of the trends, we currently see the -- some increased visibility, even though in general, visibility went down in China as well. But what we see now gives us more confidence about at least the nominal level of business in China in '26.

謝謝你，查爾斯。所以總的來說，如果我們看一下中國的過程控制，至少根據我們從外部來源獲得的數據，中國的過程控制實際上有所下降。但正如我之前提到的，對我們來說，名義上是上漲的，我們對目前的地位感到非常鼓舞。顯然，正如我之前提到的，按比例計算，它從 39% 下降到 33%。隨著對先進節點的投資增加，預計這一比例將繼續下降，但我認為最終會穩定在 30% 左右。因此，它仍將是我們未來發展中的重要和關鍵領域。就趨勢而言，我們目前看到——一些可見度有所提高，儘管總體而言，中國的可見度也有所下降。但我們現在看到的情況讓我們對 2026 年中國的商業活動至少在名義上達到一定程度更有信心。

Got it. The other question, I know this is actually a question I got asked a lot. One of your peers talked about rising memory prices having some impact on gross margin. Wondering if you are seeing any of that. I know it's kind of hard to compare what you see versus what your peer sees. And I just want to get some clarification. Is memory price creating any pressure on your gross margin?

知道了。另一個問題，我知道這個問題其實很多人都問過我。你的一位同事談到，記憶體價格上漲對毛利率產生了一定影響。想知道你是否也看到了這些情況。我知道要將你看到的東西與你的同齡人看到的東西進行比較有點困難。我只是想弄清楚一些事情。記憶體價格是否對你們的毛利率造成了壓力？

Not sure I fully understood the question. But overall, we don't see a correlation between memory pricing to our gross margin. No.

我不太確定我是否完全理解了這個問題。但總體而言，我們並未發現記憶體定價與毛利率之間存在相關性。不。

Vedvati Shrotre, Evercore ISI.

Vedvati Shrotre，Evercore ISI。

I think most of my questions have been answered. So the one I had was, can you talk about how your lead times have changed maybe three months versus now? And within that, your peers talked about the optical components being constrained. Does that impact you as well as you go through the year?

我覺得我的大部分問題都得到了解答。我問的問題是，您能否談談您的交貨週期發生了哪些變化，例如從三個月前到現在？其中，你的同行們談到了光學元件所受到的限制。這是否也會對你這一年產生影響？

Yes. So thank you for the question,. I agree with the fact that there is more pressure on the lead times. which, of course, impacts visibility as well. But that pressure on lead times calls for our operational agility to improve, which we're doing, as I previously mentioned. We're working with our suppliers and with our supply chain to make sure that we have both the material and to have the capacity to support the business and the anticipated growth this year. So there is additional pressure on the lead times, but we are making ourselves more agile in order to accommodate for that.

是的。謝謝你的提問。我同意交貨週期面臨更大壓力這一事實，這當然也會影響到產品的可見度。但這種對交貨時間的壓力要求我們提高營運彈性，正如我之前提到的，我們正在這樣做。我們正與供應商和供應鏈合作，以確保我們擁有足夠的原材料和產能來支持業務發展和今年的預期成長。因此，交貨週期面臨更大的壓力，但我們正在提高自身的靈活性以應對這種情況。

And is the optical component a driver of that lead time pressure?

光學元件是否是造成交貨期壓力的原因？

No. I think that the lead time pressure is coming from the customers that they have to turn CapEx into WFE and to actual deliveries into the fab. It's across the board, meaning that it impacts both the material, chemical, and dimensional metrology portfolio that we have. There's no difference in the requests that we have from different components of our portfolio.

不。我認為交貨期壓力來自客戶，他們必須將資本支出轉化為WFE，並最終交付到晶圓廠。這是全面性的，這意味著它會影響我們現有的材料、化學和尺寸計量產品組合。我們從投資組合的不同組成部分收到的請求沒有任何區別。

This concludes our question-and-answer session. I would like to turn the conference back over to Gaby Waisman, Nova's President and CFO -- CEO, excuse me, for closing remarks.

我們的問答環節到此結束。我謹將會議交還給 Nova 的總裁兼財務長——抱歉，是執行長 Gaby Waisman，請她致閉幕詞。

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

謝謝接線員，也謝謝各位今天參加我們的電話會議。

The conference has concluded. Thank you for attending today's presentation. You may now disconnect.

會議已結束。感謝各位參加今天的報告會。您現在可以斷開連線了。