Universal Display Corp (OLED) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Universal Display Corporation's second-quarter 2025 earnings conference call. My name is Sherry, and I will be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

女士們、先生們，大家好！歡迎參加環球顯示器公司（Universal Display Corporation）2025年第二季財報電話會議。我叫Sherry，將擔任今天電話會議的主持人。（操作員指示）提醒一下，本次會議將會被錄音以供重播。

I would now like to turn the call over to Darice Liu, Senior Director of Investor Relations. Please proceed.

現在我想將電話轉給投資者關係高級總監 Darice Liu。請繼續。

Thank you, and good afternoon, everyone. Welcome to Universal Display's second-quarter earnings conference call. Joining me on the call today are Steve Abramson, President and Chief Executive Officer; and Brian Millard, Chief Financial Officer and Treasurer.

謝謝大家，下午好。歡迎參加環球顯示公司第二季財報電話會議。今天與我一起參加電話會議的還有總裁兼執行長史蒂夫·艾布拉姆森 (Steve Abramson) 和首席財務官兼財務主管布萊恩·米勒德 (Brian Millard)。

Before Steve begins, let me remind you that today's call is a property of Universal Display. Any redistribution, retransmission or rebroadcast of any portion of this call in any form without the expressed written consent of Universal Display is strictly prohibited.

在史蒂夫開始之前，請允許我提醒您，今天的電話會議是 Universal Display 的財產。未經 Universal Display 明確書面同意，嚴禁以任何形式重新分發、重新傳輸或重新廣播本次電話會議的任何部分。

Further, this call is being webcast live and will be made available for a period of time on Universal Display's website. This call contains time-sensitive information that is accurate only as of the date of the live webcast of this call, July 31, 2025.

此外，本次電話會議將進行網路直播，並將在 Universal Display 的網站上發布一段時間。本次電話會議包含時間敏感訊息，僅在本次電話會議現場直播日期（2025 年 7 月 31 日）之前準確。

During this call, we may make forward-looking statements based on current expectations. These statements are subject to a number of significant risks and uncertainties, and our actual results may differ materially. These risks and uncertainties are discussed in the company's periodic reports filed with the SEC and should be referenced by anyone considering making any investments in the company's securities. Universal Display disclaims any obligation to update any of these statements.

在本次電話會議中，我們可能會根據目前預期做出前瞻性陳述。這些聲明受到許多重大風險和不確定性的影響，我們的實際結果可能存在重大差異。這些風險和不確定性在公司向美國證券交易委員會提交的定期報告中進行了討論，任何考慮對公司證券進行投資的人都應參考這些風險和不確定性。Universal Display 不承擔更新任何這些聲明的義務。

Now I would like to turn the call over to Steven Abramson.

現在我想把電話轉給史蒂文·艾布拉姆森。

Thanks, Darice, and welcome to everyone on today's call. We are pleased to deliver record performance in the second quarter with revenue of $172 million and net income of $67 million or $1.41 per diluted share. As we look to the full year, we are raising the low end of our 2025 revenue guidance range to $650 million to $700 million.

謝謝，達里斯，歡迎大家參加今天的電話會議。我們很高興看到第二季業績創下新高，營收達 1.72 億美元，淨利達 6,700 萬美元，即每股攤薄收益 1.41 美元。展望全年，我們將 2025 年收入預期範圍的下限提高至 6.5 億美元至 7 億美元。

The OLED market continues to demonstrate a robust long-term growth trajectory fueled by expanding product portfolios and increasing adoption across consumer electronics and automotive markets. While macro uncertainties may continue to persist, we believe that the OLED industry is entering a dynamic new phase of expansion, primarily fueled by growing OLED demand in tablets, laptops, and monitors where OLEDs are estimated to be less than 5% of the current IT market.

OLED 市場持續展現出強勁的長期成長軌跡，這得益於產品組合的擴大以及消費性電子和汽車市場採用率的提高。儘管宏觀不確定性可能持續存在，但我們相信 OLED 行業正在進入一個充滿活力的新擴張階段，主要受平板電腦、筆記型電腦和顯示器對 OLED 需求不斷增長的推動，而據估計，OLED 在當前 IT 市場的份額不到 5%。

According to Omdia market research, OLED IT units are forecasted to more than double to 48.6 million units in 2027 from 23 million units in 2024. Smartphones and TVs are also projected to maintain their upward trajectory with anticipated growth rates of 11% and 10%, respectively, over the same period.

根據 Omdia 市場研究，預計 OLED IT 設備數量將從 2024 年的 2,300 萬台增長一倍以上，達到 2027 年的 4,860 萬台。預計智慧型手機和電視也將維持上升趨勢，同期預估成長率分別為 11% 和 10%。

Beginning next year, the first Gen 8.6 OLED fabs from Samsung Display and BOE are expected to come online, marking a pivotal shift in medium-sized OLED manufacturing capacity and capability. In addition, it was recently reported that Visionox Gen 8.6 OLED fab in Hefei designed with a production capacity of 32,000 plates per month is progressing ahead of schedule.

從明年開始，三星顯示器和京東方的首批 8.6 代 OLED 工廠預計將投產，這標誌著中型 OLED 製造產能和能力的重大轉變。此外，根據近日消息，維信諾位於合肥、設計產能為3.2萬片/月的第8.6代OLED工廠專案進展順利。

LG Display approved almost $1 billion to boost its OLED technology capabilities and capacity at its Paju, Korea plant and Vietnam module facility. And TCL China Star is evaluating plans for a new Gen 8.6 OLED plant.

LG Display 批准投資近 10 億美元，用於提升其韓國坡州工廠和越南模組工廠的 OLED 技術能力和產能。TCL華星正在評估新建8.6代OLED工廠的計畫。

Another driver of medium-sized OLED demand is automotive displays, which were highlighted at SID Display Week in May. On the trade show floor in San Jose, concept vehicles showcased the vision for the future of in-vehicle display technology, featuring innovations such as transparent sun roof and window display panels, slidable rear seat monitors, and expansive pillar-to-pillar dashboards.

中型 OLED 需求的另一個驅動因素是汽車顯示器，該顯示器在 5 月的 SID 顯示器週上成為焦點。在聖荷西的展會現場，概念車展示了車載顯示技術的未來願景，其中包括透明天窗和車窗顯示面板、可滑動的後座顯示器以及寬大的柱狀儀表板等創新技術。

Panel makers offered a glimpse of how OLEDs are poised to redefine the on-road experience for design, functionality, and immersive visual performance. According to Omdia, OLED adoption in the automotive sector continues to expand, particularly among luxury brands and new energy vehicles.

面板製造商展示了 OLED 如何從設計、功能和沈浸式視覺性能重新定義道路體驗。根據Omdia報道，OLED在汽車領域的應用持續擴大，尤其是在豪華品牌和新能源汽車中。

A market research firm projects automotive OLED display shipments will grow by more than 300% from 2.8 million units in 2024 to 9.1 million units in 2029. OLED technology continues to reshape design possibilities for consumer electronics.

一家市場研究公司預測，汽車 OLED 顯示器出貨量將成長 300% 以上，從 2024 年的 280 萬台增加到 2029 年的 910 萬台。OLED 技術不斷重塑消費性電子產品的設計可能性。

Also at Display Week, panel makers showcased an array of foldable, rollable, stretchable, and even polygonal displays. These innovations highlight the flexibility of OLEDs and its ability to enhance how users engage with devices across various categories. UBI Research reports that with more OEMs anticipating to enter the foldable device market and existing brands planning to expand their foldable product lines, foldable shipments are expected to more than double by 2029 compared to last year.

此外，在顯示週上，面板製造商展示了一系列可折疊、可捲曲、可拉伸甚至多邊形的顯示器。這些創新凸顯了 OLED 的靈活性及其增強使用者與各類設備互動方式的能力。UBI Research 報告稱，隨著越來越多的 OEM 廠商預計進入可折疊設備市場，以及現有品牌計劃擴大其可折疊產品線，預計到 2029 年可折疊設備的出貨量將比去年增長一倍以上。

On the R&D front, our decades of deep expertise and proprietary knowledge continue to fuel bold ideas and scalable solutions. From early-stage research to commercial volume production, we're advancing the frontier of phosphorescent OLED materials and technologies.

在研發方面，我們數十年的深厚專業知識和專有知識不斷為大膽的想法和可擴展的解決方案提供動力。從早期研究到商業化批量生產，我們正在推動磷光 OLED 材料和技術的前沿發展。

Central to this effort is our proprietary AI/ML platform, which strengthens our discovery and development process. Established more than a decade ago, our internal computational team models molecular interactions at the atomic level, accelerating lead optimization and enhancing development pathways. This enables us to efficiently broaden our portfolio of next-generation reds, greens, yellows, blues and hosts to meet the evolving needs of our customers and the broader display in consumer electronics market.

這項工作的核心是我們專有的 AI/ML 平台，它加強了我們的發現和開發過程。我們的內部計算團隊成立於十多年前，在原子層級模擬分子相互作用，加速先導優化並增強開發途徑。這使我們能夠有效地擴大下一代紅色、綠色、黃色、藍色和主機的產品組合，以滿足客戶不斷變化的需求和消費性電子市場的更廣泛顯示。

Our end-to-end innovation expands our leadership position and delivers technologies that support the OLED industry's growth trajectory. Regarding blue, as we noted in our May earnings call, the verification of commercialization level performance of blue phosphorescent OLED panels on a mass production line by one of our customers marked a major milestone in our development journey.

我們的端到端創新擴大了我們的領導地位，並提供支援 OLED 產業成長軌跡的技術。關於藍色，正如我們在 5 月財報電話會議上指出的那樣，我們的一位客戶在量產線上驗證了藍色磷光 OLED 面板的商業化水平性能，標誌著我們發展歷程中的一個重要里程碑。

While the specific timing for the debut of our PHOLED Blue in commercial products will be guided by the OLED market, this achievement represents a critical step forward in our roadmap and underscores the significant progress we've made. We believe our phosphorescent blue is a game changer, not only for our customers in the broader OLED industry, but also for consumers and for us as a company.

雖然我們的 PHOLED Blue 在商業產品中首次亮相的具體時間將由 OLED 市場決定，但這項成就代表著我們路線圖向前邁出了關鍵一步，並凸顯了我們取得的重大進展。我們相信，我們的磷光藍將帶來變革，不僅對更廣泛的 OLED 行業的客戶如此，而且對消費者和我們公司也是如此。

As we look across the broader market, consumer devices are becoming increasingly intelligent and interconnected driven by AI, 5G and always-on connectivity. This evolution is fueling unprecedented demand for energy-efficient technologies.

放眼更廣闊的市場，在人工智慧、5G 和始終在線連接的推動下，消費設備正變得越來越智慧和互聯。這種演變正在推動對節能技術的空前需求。

Our universal PHOLED materials are at the heart of this transformation. Our broadening portfolio of power-saving OLED materials and technologies helps extend battery life, reduce thermal load, and enable next-generation features in smartphones, wearables, IT devices, automotive displays, and more. And with our phosphorescent blue, we're poised to unlock up to an additional 25% improvement in OLED display energy efficiency, ushering in a new era of sustainable performance.

我們的通用 PHOLED 材料是這項轉變的核心。我們不斷擴大的節能 OLED 材料和技術產品組合有助於延長電池壽命、減少熱負荷，並支援智慧型手機、穿戴式裝置、IT 裝置、汽車顯示器等的下一代功能。憑藉我們的磷光藍，我們有望將 OLED 顯示器的能源效率再提高 25%，開創永續性能的新時代。

On that note, let me turn the call over to Brian.

關於這一點，請允許我將電話轉給 Brian。

Thank you, Steve. And again, thank you, everyone, for joining our call today. Revenue in the second quarter was $172 million, compared to $159 million in the second quarter of 2024. For the year, as Steve shared, we believe revenues will be in the range of $650 million to $700 million. Amid ongoing macroeconomic uncertainty, this guidance reflects our best current assessment.

謝謝你，史蒂夫。再次感謝大家今天參加我們的電話會議。第二季營收為 1.72 億美元，而 2024 年第二季營收為 1.59 億美元。正如史蒂夫所說，我們預計今年的收入將在 6.5 億美元至 7 億美元之間。在宏觀經濟持續不確定的背景下，該指引反映了我們目前的最佳評估。

We now estimate that our 2025 ratio of materials to royalty and licensing revenues will be in the ballpark of 1.3:1. Our total material sales were $89 million in the second quarter compared to material sales of $95 million in the second quarter of 2024.

我們目前預計，2025年材料收入與專利費及授權收入的比例將在1.3:1左右。第二季我們的材料總銷售額為8,900萬美元，而2024年第二季的材料銷售額為9,500萬美元。

Green emitter sales, which include our yellow green emitters, were $64 million. This compares to $72 million in the second quarter of 2024. Red emitter sales were $24 million. This compares to $23 million in the second quarter of 2024.

綠色發光體的銷售額（包括我們的黃綠色發光體）為 6,400 萬美元。相比之下，2024 年第二季的營收為 7,200 萬美元。紅色發射器的銷售額為 2400 萬美元。相比之下，2024 年第二季的營收為 2,300 萬美元。

As we've discussed in the past, material buying patterns can vary quarter to quarter. Second-quarter royalty and license fees were $76 million compared to the prior year's $60 million. Adesis' second quarter revenue was $7.5 million compared to $3.5 million in the second quarter of 2024.

正如我們過去討論過的，材料購買模式每季都會有所不同。第二季特許權使用費和授權費為 7,600 萬美元，而去年同期為 6,000 萬美元。Adesis 第二季的營收為 750 萬美元，而 2024 年第二季的營收為 350 萬美元。

Second-quarter cost of sales was $39 million, translating into total gross margins of 77%. This compares to $38 million and total gross margins of 76% in the second quarter of 2024. We continue to believe that total gross margins for the full year will be in the range of 76% to 77%.

第二季銷售成本為 3,900 萬美元，總毛利率為 77%。相較之下，2024 年第二季的總毛利率為 3,800 萬美元，總毛利率為 76%。我們仍然認為全年總毛利率將在 76% 至 77% 之間。

Operating expenses, excluding cost of sales, were $64 million in the second quarter of 2025 and 2024. We now expect 2025 OpEx to decrease year over year by a low single-digit percentage. Operating income was $69 million in the second quarter, translating in operating margin of 40%. This compares to the prior-year period of $56 million and operating margin of 36%. We now expect our 2025 operating margins to be at the upper end of our 35% to 40% guidance range.

2025 年和 2024 年第二季的營運費用（不包括銷售成本）為 6,400 萬美元。我們現在預計 2025 年營運支出將年減個位數百分比。第二季營業收入為 6,900 萬美元，營業利潤率為 40%。相較之下，去年同期的營業利益率為 5,600 萬美元，營業利益率為 36%。我們現在預計 2025 年的營業利潤率將達到 35% 至 40% 的指導範圍的上限。

The income tax rate was 20% in the second quarter of 2025. We expect our effective tax rate for the year to be approximately 19%. Second-quarter 2025 net income was $67 million or $1.41 per diluted share. This compares to $52 million or $1.10 per diluted share in the comparable period in 2024.

2025年第二季所得稅稅率為20%。我們預計今年的有效稅率約為 19%。2025 年第二季淨收入為 6,700 萬美元，即每股攤薄收益 1.41 美元。相較之下，2024 年同期的利潤為 5,200 萬美元，即每股攤薄收益 1.10 美元。

We ended the quarter with approximately $932 million in cash, cash equivalents, and investments. Our Board of Directors approved a $0.45 quarterly dividend, which will be paid on September 30, 2025, to shareholders of record as of the close of business on September 16, 2025.

本季末，我們擁有約 9.32 億美元的現金、現金等價物和投資。我們的董事會批准了 0.45 美元的季度股息，將於 2025 年 9 月 30 日支付給截至 2025 年 9 月 16 日營業結束時登記在冊的股東。

Our capital allocation program reflects our expected continued positive cash flow generation and commitment to return capital to our shareholders.

我們的資本配置計畫反映了我們預期的持續正現金流產生和向股東返還資本的承諾。

With that, I'll turn the call back to Steve.

說完這些，我就把電話轉回給史蒂夫。

Thanks, Brian. Since our inception, UDC has been driven by a bold vision and the resilience to transform challenges into opportunities for growth. Through disciplined execution and a focused strategic approach, we've built a company that is agile, resilient, and forward thinking.

謝謝，布萊恩。自成立以來，UDC 一直以大膽的願景和韌性為動力，將挑戰轉化為成長機會。透過嚴謹的執行和專注的策略方針，我們建立了一家敏捷、有彈性且具有前瞻性思維的公司。

Over the years, we've remained committed to our growth framework, anchored by a robust and expanded global infrastructure, a flexible and adaptive supply chain, deepening customer relationships and a steadfast dedication to innovation and product leadership. The strategic foundation empowers us to respond swiftly to change, anticipate industry shifts and continue delivering breakthrough OLED technologies and materials that are shaping the future of displays and lighting.

多年來，我們始終致力於我們的成長框架，以強大而不斷擴展的全球基礎設施、靈活而適應性強的供應鏈、深化的客戶關係以及對創新和產品領導地位的堅定奉獻為基礎。這個策略基礎使我們能夠迅速應對變化、預測產業變化並繼續提供突破性的 OLED 技術和材料，塑造顯示器和照明的未來。

I would like to thank each of our employees for their drive, desire, dedication, and heart in elevating and shaping Universal Display's accomplishments and advancements. We are committed to being a leader in the OLED ecosystem, achieving superior long-term growth and delivering cutting-edge technologies and materials for the industry, for our customers, and for our shareholders.

我要感謝我們的每一位員工，感謝他們的幹勁、渴望、奉獻精神和熱心，提升和塑造了 Universal Display 的成就和進步。我們致力於成為 OLED 生態系統的領導者，實現卓越的長期成長，並為產業、客戶和股東提供尖端技術和材料。

And with that, operator, let's start the Q&A.

接線員，讓我們開始問答環節。

(Operator Instructions) Jim Ricchiuti, Needham & Company.

（操作員說明）Jim Ricchiuti，Needham & Company。

Hi, thanks. Good afternoon. Maybe I'll start with a question on some of the discussion around the new form factors potentially for smartphones since I think you alluded to it, Steve, in your introductory remarks. How much benefit do you see, does the company see from a foldable phone, assuming we're going to see more of these hit the market versus traditional smartphones? I assume there's more content, but I wonder if you can give us some additional color on that.

你好，謝謝。午安.也許我會以一個關於智慧型手機新外形的一些討論的問題開始，因為我認為你在開場白中提到了這一點，史蒂夫。假設與傳統智慧型手機相比，我們將看到更多可折疊手機進入市場，您認為公司從可折疊手機中獲得了多少好處？我認為還有更多內容，但我想知道您是否可以為我們提供一些額外的資訊。

Yeah, hi, Jim. It's Brian. So we certainly do see incremental revenue, just based on the surface area and the square area of those displays. Depending on the type of foldable, there can be up to kind of close to 2x to 3x in that range, the material compared to a traditional single layer phone. So it's certainly a really exciting market and a growing market. So we know that our customers are very focused on the foldable market.

是的，你好，吉姆。我是布萊恩。因此，僅基於這些顯示器的表面積和麵積，我們確實看到了增量收入。根據可折疊類型的不同，與傳統單層手機相比，其材料厚度可接近 2 倍到 3 倍。所以這確實是一個非常令人興奮且不斷成長的市場。因此我們知道我們的客戶非常關注可折疊市場。

Many in the OEM community are -- either have launched or are planning to launch foldable phones in the coming years. So it's a great market and one that we're monitoring very closely and supporting our customers in their development.

許多 OEM 廠商要么已經推出可折疊手機，要么計劃在未來幾年推出可折疊手機。所以這是一個很好的市場，我們正在密切關注並支持我們的客戶發展。

And Jim, I've been using the foldable phone since they first came out a while ago. And they're just great because I can use the phone with the main screen for normal conversations and I want to write a book or review a PowerPoint or whatever, I can just fold it out. So it's really the only phone I need to carry with me when I travel.

吉姆，自從折疊式手機剛推出以來，我就一直在使用它。它們非常棒，因為我可以使用手機的主螢幕進行正常對話，當我想寫一本書或審查 PowerPoint 或其他什麼時，我只需將其折疊起來即可。所以它實際上是我旅行時唯一需要隨身攜帶的手機。

It will be interesting to see how this market develops. Quick question on blue. Usually, you guys give some revenue numbers for the blue development emitter revenue. What was it in the quarter, can you say?

看看這個市場如何發展將會很有趣。關於藍色的快速問題。通常，你們會給出一些藍色開發排放源收入的收入數字。您能說說本季的情況嗎？

Yeah. We recorded $1.1 million of blue revenues in the quarter, so that's $2.2 million through the six months.

是的。本季我們的藍色收入為 110 萬美元，因此六個月的總收入為 220 萬美元。

Okay. Thank you. I'll jump back in the queue.

好的。謝謝。我會重新回到隊列中。

Thanks, Jim.

謝謝，吉姆。

Martin Yang, Oppenheimer & Company.

馬丁楊，奧本海默公司。

Thank you for taking my question. First question on contract research services revenue. This quarter is a little higher than normal. Can you talk about why?

感謝您回答我的問題。第一個問題是關於合約研究服務收入。本季比正常水準略高。能談談為什麼嗎？

Yeah, thanks, Martin. The contract research revenue is the revenue generated by our Adesis business. So that's a business we acquired a number of years ago, contract research organization as well as a contract manufacturer. So they've had a number of recent successes with some customers that have resulted in increased revenues. So very pleased with their business year to date, and we expect good things going forward as well from Adesis.

是的，謝謝，馬丁。合約研究收入是我們 Adesis 業務產生的收入。這是我們幾年前收購的企業，既是合約研究組織，也是合約製造商。因此，他們最近與一些客戶取得了一些成功，從而增加了收入。我們對他們今年迄今為止的業務非常滿意，我們期待 Adesis 未來也能取得良好的業績。

So that's a factor of their own customers doing better, which is not related to your core business. Is that right?

所以這是他們自己的客戶表現較好的一個因素，與您的核心業務無關。是嗎？

Correct, entirely unrelated to our OLED business. They serve a number of companies in the life sciences industry primarily. And it's due to some of the manufacturing and CRO contracts that they have in that side of the business.

正確，與我們的 OLED 業務完全無關。他們主要為生命科學產業的多家公司提供服務。這是因為他們在該業務領域擁有一些製造和 CRO 合約。

Got it. A second question on the topic of AI and ML, you highlighted your long history of using those tools and techniques. Maybe can you give us a more concrete example of how using AI/ML have helped you to advance material research and benefit your customers? Thanks.

知道了。關於人工智慧和機器學習的第二個問題，您強調了使用這些工具和技術的悠久歷史。您能否給我們一個更具體的例子，說明如何使用 AI/ML 幫助您推進材料研究並使您的客戶受益？謝謝。

Well, the OLED is a very complicated device. It has a lot of different physical and chemical and other scientific properties. By using AI/ML with the appropriate algorithms or algorithms, it can speed up the determination of what the most likely pathway for success would be. And we built up a very large OLED database for AI/ML, and machine learning is pretty dependent on the size and the quality of the databases.

嗯，OLED 是一種非常複雜的設備。它具有許多不同的物理、化學和其他科學特性。透過使用具有適當演算法或演算法的 AI/ML，可以加快確定最可能的成功途徑。我們為 AI/ML 建立了一個非常大的 OLED 資料庫，機器學習非常依賴資料庫的大小和品質。

Thanks, Steve. That's it for me.

謝謝，史蒂夫。對我來說就是這樣。

Thanks, Martin.

謝謝，馬丁。

(Operator Instructions) Brian Lee, Goldman Sachs.

（操作員指示）高盛的 Brian Lee。

Hey, everyone, good afternoon, thanks for taking the questions. I jumped on a little bit late, so apologies in advance if some of this has been covered. But the revenue guidance for the year, I mean, you've had a really strong first half.

大家好，下午好，感謝大家回答問題。我有點晚了，所以如果其中的一些內容已經被涵蓋，我提前表示歉意。但就今年的營收預期而言，我的意思是，你們上半年的表現非常強勁。

So if you kind of back into the midpoint, it's implying kind of a flattish revenue line for the second half at the midpoint. I know last year, you had a pretty abnormal seasonal pattern of revenue given the product cycle in the first half of the year that was new.

因此，如果你回到中點，這意味著下半年的收入線在中點會比較穩定。我知道，考慮到去年上半年的新產品週期，你們的營收季節模式相當不正常。

This year, could you maybe kind of walk us through what you're seeing out there in the marketplace as to why seasonality, again, is less pronounced, less second-half improvement than what you've historically seen? Or if there's any kind of conservatism being baked into just trying to understand what the seasonality is looking like?

今年，您能否向我們介紹一下您在市場上看到的情況，為什麼季節性不再那麼明顯，下半年的改善不如歷史上所見？或者是否存在某種保守主義，只是想了解季節性是什麼樣的？

Yeah. Thanks, Brian. Good question. So we -- as you said, certainly, the first half of the year has come in quite strong and a little bit stronger than we had originally planned for the year. And I think as we look at the rest of the year, we're hearing that the full year should be pretty close to what we had originally planned.

是的。謝謝，布萊恩。好問題。所以，正如您所說，今年上半年的表現確實相當強勁，比我們最初計劃的要好一些。我認為，當我們展望今年剩餘時間時，我們聽到的全年情況應該非常接近我們最初的計劃。

And as we look at kind of upside and downside scenarios, we just felt like as we were preparing for this call in this release that there wasn't really a likely scenario where we're going to be in that bottom end. So it felt appropriate to raise guidance by $10 million on the low side. And I think we're hearing from our customers that they're expecting the rest of the year to continue to be as planned. So nothing is appearing of course.

當我們考慮上行和下行情景時，我們只是覺得，就像我們在這次發布中為這次呼籲做準備一樣，我們不太可能處於那種底端情景。因此，將指導金額低調提高 1000 萬美元是合適的。我認為我們從客戶那裡聽說，他們預計今年剩餘時間的業績將繼續按計劃進行。所以當然什麼都沒有出現。

As we mentioned back on the May call, we did have some tariff-related buying that went on in April. So that was mostly pulling really from May and June, so all within Q2. Maybe a little bit of pull-in from Q3 but not a significant amount. But the full year still is very much on track.

正如我們在 5 月電話會議上提到的那樣，4 月我們確實進行了一些與關稅相關的購買。因此，這主要是從五月和六月開始的，所以全部在第二季度內。可能與第三季相比有一點拉動，但幅度不大。但全年情況仍然非常正常。

Yeah. No, that's super helpful, Brian. I guess that was going to be my second question. I mean, China, seasonally for multiple years in a row has always kind of been down for you in Q2 versus Q1. And China was outstanding in terms of revenue contribution for Q2. I presume they're the ones that were the bulk, if not all, of the pull-in in April.

是的。不，這非常有幫助，布萊恩。我想這是我的第二個問題。我的意思是，中國連續幾年第二季的季節性表現一直低於第一季。中國在第二季度的收入貢獻方面表現出色。我推測，他們就是四月吸引遊客的主要群體，如果不是全部的話。

But even if you think about the pull-in coming from May and June, it's just a lot of abnormal seasonality for that region. So what are your thoughts on like inventory? Do you have visibility into the channel there?

但即使考慮到 5 月和 6 月的拉動，對該地區來說這只是一種異常的季節性現象。那麼您對於類似庫存有何看法？您能看到那裡的頻道嗎？

Could they have pulled forward from -- you said maybe a little bit of Q3. But just given the volume of revenue that they contributed in Q2, just wondering if you have any thoughts on kind of inventory as well as maybe it being more pull forward than you anticipated at the time when you gave that color.

他們是否能夠從——您說的可能是第三季的一點點——中提前領先？但考慮到他們在第二季度貢獻的收入量，我只是想知道您是否對庫存類型有什麼看法，以及它可能比您在給出該顏色時預期的更具前瞻性。

Yes. So we do get, I'd say, pretty limited information on inventory from our customers. I mean, some anecdotal information here and there. I think an important thing to note is that our Chinese customers have always had pretty variable ordering patterns. So there's not really been a consistent pattern over a long period of time to look to point to.

是的。所以我想說，我們從客戶那裡獲得的庫存資訊非常有限。我的意思是，這裡和那裡有一些軼事資訊。我認為需要注意的一件重要事情是，我們的中國客戶的訂購模式一直非常多樣化。因此，長期以來，並沒有真正形成一個一致的模式可供參考。

But based on what we know right now, we think, as I said, there was some tariff-related buying in Q2. We think it was mostly intra-quarter, but we'll see how the rest of the year plays out. But we're hearing consistent feedback from the customers on what the rest of the year looks like in their forecast.

但根據我們目前所了解的情況，我們認為，正如我所說，第二季度存在一些與關稅相關的購買。我們認為這主要是季度內的情況，但我們會看看今年剩餘時間的情況如何。但我們聽到了客戶對今年剩餘時間的預測的一致反饋。

Okay, fair enough. I'll pass it on. Thanks, everyone.

好的，很公平。我會傳達的。謝謝大家。

Thanks.

謝謝。

Scott Searle, ROTH Capital Partners.

塞爾（Scott Searle），羅仕證券資本合夥公司（ROTH Capital Partners）。

Hey, good afternoon. Thanks for taking the questions. First, just wondering what you're seeing in design activity from a tandem architecture standpoint and what end markets you're seeing the most interest in activity?

嘿，下午好。感謝您回答這些問題。首先，只是想知道從串聯架構的角度來看，您在設計活動中看到了什麼，以及您看到哪些終端市場對活動最感興趣？

And second, in terms of overall capacity, I'm wondering if you could give us some updated thoughts in terms of where current industry utilization is at. And then in terms of some of the new capacity coming online in 2026, we've got 8.6 Gen fabs from both BOE and Samsung coming on board. I'm wondering what that does to your overall industry capacity model and what other big projects are coming behind that in '27? Thanks.

其次，就整體產能而言，我想知道您是否可以就當前行業利用率的情況給我們一些最新的想法。就 2026 年上線的一些新產能而言，京東方和三星都將加入 8.6 代晶圓廠。我想知道這對您的整體產業產能模式有何影響，以及 27 年還有哪些其他大型專案即將推出？謝謝。

Thanks, Scott. So starting on the tandem question, the tandem architecture is primarily used to date in the IT and automotive segments of the business. So IT, as you know, is quite low from a penetration perspective and one of the key growth drivers that we see and the industry sees in the next few years.

謝謝，斯科特。從串聯問題開始，串聯架構迄今主要用於 IT 和汽車業務領域。因此，正如您所知，從滲透率的角度來看，IT 相當低，但它是我們以及整個行業在未來幾年看到的關鍵成長動力之一。

So right now, only approximately 4%, 5% thereabouts of the OLED displays that are -- sorry, of the displays that are produced for the IT segment are OLED. So we have a lot of growth opportunity and the Gen 8.6 fabs that you mentioned coming online next year will be key to adding more capacity to meet that demand in the IT segment.

因此，目前，為 IT 領域生產的 OLED 顯示器中只有大約 4% 到 5% 是 OLED。因此，我們有很多成長機會，您提到的明年上線的 8.6 代晶圓廠將是增加產能以滿足 IT 領域需求的關鍵。

That additional capacity is -- we had estimated earlier this year that some of the additional capacity from end of '23 to end of '25, the installed capacity would increase by 10% to 15%. So that's kind of roughly part of that increase would relate to the Gen 8.6 fabs coming online.

我們今年稍早曾估計，從 23 年底到 25 年底，新增產能將使裝置容量增加 10% 至 15%。因此，這大致是部分成長與第 8.6 代晶圓廠上線有關。

And then on the industry utilization, our customers continue to do quite well. They're all growing their OLED businesses. And we believe industry utilization is quite strong at this point. We don't have a specific percentage for you, but we're hearing positive feedback from our customers on their utilization.

然後在行業利用率方面，我們的客戶繼續表現良好。他們都在發展自己的 OLED 業務。我們相信，目前行業利用率相當高。我們沒有為您提供具體的百分比，但我們聽到了客戶對其利用率的正面回饋。

And I think the key thing for the next few years is these Gen 8.6 fabs that we've been talking about from Samsung, BOE and Visionox, those are the three that have been announced and are moving forward. They all are kind of kicking off a multiyear CapEx cycle that we expect in the next few years in large part to meet the demand for the IT segment.

我認為未來幾年的關鍵是我們一直在談論的三星、京東方和維信諾的 8.6 代晶圓廠，這三家公司已經宣布並正在推進。它們都開啟了一個多年的資本支出週期，我們預計未來幾年將在很大程度上滿足 IT 領域的需求。

Brian, if I could follow up quickly on the tandem architecture front in IT. Are most customers and most OLED designs implying a tandem architecture? Thanks.

布萊恩，我能否快速跟進 IT 領域的串連架構前沿？大多數客戶和大多數 OLED 設計是否都採用串聯架構？謝謝。

I think it's going to be -- continue to be a little bit of a mix. Tandem is certainly a more complex and more costly display to manufacture. It really -- tandem and IT really only started in the last 12 to 18 months, so it's relatively new. And there's been single layer OLED products in the IT market for a number of years now.

我認為這將是——繼續有點混合。Tandem 的製造無疑更為複雜且成本更高。串聯和 IT 實際上只是在過去 12 到 18 個月內才開始出現，所以相對較新。單層 OLED 產品在 IT 市場上已經出現很多年了。

So going forward, it's possible that maybe the tandem structure is used in more premium offerings, but we think we'll continue to see a mix going forward on both tandem and single.

因此，展望未來，串聯結構可能會用於更多高端產品，但我們認為，我們將繼續看到串聯和單機的混合。

Great, thanks. We'll get back in the queue.

太好了，謝謝。我們將回到隊列中。

Thanks, Scott.

謝謝，斯科特。

Thank you. This concludes our question-and-answer session. I would like to turn the program back over to Brian Millard for any additional closing remarks.

謝謝。我們的問答環節到此結束。我想將節目交還給 Brian Millard，請他做最後的補充演講。

Thank you for your time today. We appreciate your interest and support.

感謝您今天抽出時間。我們感謝您的關注與支持。

Thank you. This concludes today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線。