Universal Display Corp (OLED) 2026 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Universal Display Corporation's third-quarter 2026 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 call is being recorded for replay purposes.

各位女士、先生，大家好，歡迎參加環宇顯示公司（Universal Display Corporation）2026 年第三季財報電話會議。我是 Sherry，將擔任今天會議的主持人。（接線員指示）提醒各位，本次電話會議將錄音，以供日後重播。

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

現在我想把電話交給投資人關係資深總監 Darice Liu。請開始。

Thank you. Good afternoon, everyone. Welcome to Universal Display's third-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。各位下午好。歡迎參加環宇顯示第三季財報電話會議。今天與我一同出席的有：總裁暨執行長 Steve Abramson，以及財務長兼財務主管（Treasurer）Brian Millard。

Before Steve begins, let me remind you 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 express written consent of Universal Display is strictly prohibited. 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, October 28, 2026.

在 Steve 開始之前，先提醒各位，今天的電話會議屬於環宇顯示之財產。未經環宇顯示明確書面同意，以任何形式對本次電話會議的任何部分進行再散布、再傳送或再廣播，均嚴格禁止。此外，本次電話會議將進行即時網路直播，並將在一段期間內於環宇顯示網站提供回放。本次電話會議包含具時效性的資訊，僅在本次即時網路直播日期（2026 年 10 月 28 日）當日為準確。

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，我們可能會基於目前的預期發表前瞻性陳述。這些陳述受到多項重大風險與不確定性影響，我們的實際結果可能會有重大差異。相關風險與不確定性已在公司向美國證券交易委員會（SEC）提交的定期報告中討論，任何考慮投資本公司證券的人士均應參考。環宇顯示不承擔更新任何此類陳述之義務。

Now, I would like to turn the call over to Steve Abramson.

現在，我想把電話交給 Steve Abramson。

Thanks, Darice, and good afternoon, everyone. The OLED industry continues to build toward its next phase of growth. The past few months have highlighted both the expanding reach of OLED and the industry's continued investment in innovation and adoption. We saw continued momentum in foldables, new OLED capacity announcements, growing efforts to expand OLED TV share, and important advancements in several key areas of our technology road map.

謝謝你，Darice，各位下午好。OLED 產業持續邁向下一階段的成長。過去幾個月凸顯了 OLED 版圖的擴大，以及產業在創新與導入方面的持續投資。我們看到可摺疊裝置持續增溫、新的 OLED 產能公告、擴大 OLED 電視市占的努力增加，以及我們技術路線圖中數個關鍵領域的重要進展。

We also introduced our groundbreaking OLEDX platform and reached a major commercialization milestone through the launch of NovaJet by Universal Vapor Jet Corporation or UVJC. Together, these developments reinforce our confidence in OLED's long-term trajectory and UDC's leadership role in helping shape that future.

我們也推出了具突破性的 OLEDX 平台，並透過 Universal Vapor Jet Corporation（UVJC）推出 NovaJet，達成一項重要的商業化里程碑。這些進展共同強化了我們對 OLED 長期發展軌跡的信心，以及 UDC 在協助塑造該未來方面的領導地位。

Let me begin with foldables where we are seeing meaningful innovation, investment, and adoption across the industry. Foldables reached an important milestone with Apple's launch of the iPhone Duo, their first foldable smartphone. Initial production allocations sold out within minutes of pre-orders opening, with delivery estimates now extending into 2027 due to strong demand and limited early supply.

我先從可摺疊裝置談起；我們看到整個產業在此領域出現具意義的創新、投資與採用。可摺疊裝置迎來一個重要里程碑：Apple 推出 iPhone Duo，這是其首款可摺疊智慧型手機。預購開放後，初期配額在數分鐘內即售罄；由於需求強勁且早期供應有限，目前交貨預估已延伸至 2027 年。

Foldables are not just an Apple story. The race to establish leadership in foldables is accelerating. Ahead of the iPhone duo launch, Samsung released its Galaxy Z8 series, Xiaomi introduced its new 18 Fold, and Huawei unveiled its third-generation tri-fold, the Mate XT2. These launches, together with broader industry activity, underscore the growing importance of foldables as a strategic category for leading smartphone makers.

可摺疊並不只是 Apple 的故事。爭奪可摺疊領導地位的競賽正在加速。在 iPhone Duo 發表之前，Samsung 推出了 Galaxy Z8 系列，Xiaomi 發表了全新 18 Fold，Huawei 則推出第三代三折機 Mate XT2。這些發表連同更廣泛的產業動態，凸顯可摺疊作為主要智慧手機品牌策略性品類的重要性日益提升。

Foldable smartphones are becoming one of the industry's most compelling growth stories. While the broader smartphone market continues to face macroeconomic uncertainty, premium devices have remained relatively resilient, and foldables are emerging as one of the fastest-growing segments.

可摺疊智慧型手機正成為產業最具吸引力的成長故事之一。儘管整體智慧手機市場仍面臨總體經濟不確定性，高階機種相對具韌性，而可摺疊正崛起為成長最快的細分市場之一。

Omdia forecasts foldable smartphone shipments will reach 45 million units by 2030, up approximately 150% from 18 million units in 2025. Foldables deliver big stream versatility in a pocket-sized device, combining the convenience and portability of a smartphone with the immersive experience and added functionality of a much larger display.

Omdia 預測，可摺疊智慧型手機出貨量將於 2030 年達到 4,500 萬支，較 2025 年的 1,800 萬支增加約 150%。可摺疊在口袋大小的裝置中提供大螢幕的多樣使用彈性，結合智慧手機的便利與可攜性，以及更大顯示器所帶來的沉浸式體驗與額外功能。

With nearly two to three times a square inches of a traditional smartphone, foldable showcase what OLEDs do uniquely well, enabling thin, lightweight, flexible, and power-efficient displays that conventional technologies simply cannot match.

可摺疊的顯示面積接近傳統智慧手機的兩到三倍（以平方英吋計），充分展現 OLED 的獨特優勢：可實現超薄、輕量、可撓曲且高能效的顯示器，這是傳統技術無法比擬的。

Another major area of expansion is IT, where OLED adopts, is accelerating across notebooks, tablets, and monitors. As new capacity comes online, Omdia expects OLED IT shipments to reach 89 million units in 2030, more than tripling from 27 million units in 2025.

另一個主要擴張領域是 IT，OLED 在筆電、平板與顯示器的採用正在加速。隨著新產能陸續上線，Omdia 預期 OLED IT 出貨量將於 2030 年達到 8,900 萬台，較 2025 年的 2,700 萬台增加逾三倍。

Industry investment continues to support that growth outlook. Panel makers have collectively committed approximately $20 billion toward Gen 8.6 OLED capacity, including investments by Samsung Display, BOE, Visionox, and TCL Chinastar.

產業投資持續支撐上述成長展望。面板廠合計已承諾約 200 億美元投入第 8.6 代 OLED 產能，包括 Samsung Display、BOE、Visionox 與 TCL 華星（Chinastar）的投資。

Most recently, Samsung Display announced plans to restart construction of a new greenfield OLED facility focused on foldables and IT applications, while LG Display is expanding Gen 6 capacity and evaluating future Gen 8 investments.

最近，Samsung Display 宣布計畫重啟一座全新綠地（greenfield）OLED 廠的建設，聚焦可摺疊與 IT 應用；同時，LG Display 正擴充第 6 代產能，並評估未來第 8 代投資。

We are also seeing encouraging developments in TVs. New OLED TV models from LG, Sony, and Panasonic are using LG Display's lower-cost SE architecture, helping broaden OLED's addressable market while preserving its premium picture quality.

我們也在電視領域看到令人鼓舞的進展。LG、Sony 與 Panasonic 的新款 OLED 電視機種採用 LG Display 成本更低的 SE 架構，在維持其高階畫質的同時，協助擴大 OLED 的可服務市場。

Beyond consumer electronics, we continue to see attractive prospects in the automotive market, always design flexibility, image quality, and ability to support immersive digital interiors position the technology well for next-generation vehicle platforms.

除了消費性電子之外，我們在車用市場也持續看到具吸引力的前景。OLED 的設計彈性、影像品質，以及支援沉浸式數位座艙的能力，使其非常適合下一代車輛平台。

OLED's impact in automotive also extends beyond the cockpit. This month marks 10 years of OLED lighting in Audi production vehicles, highlighting how OLED technology continues to expand its role in automotive design, functionality, and communication.

OLED 在車用領域的影響也不僅限於座艙。本月是 Audi 量產車導入 OLED 照明滿 10 週年，凸顯 OLED 技術持續擴大其在汽車設計、功能性與溝通表達上的角色。

Foldables, IT, TVs, and automotive each address different markets, and together, they are expanding Ola's reach across a broader set of products, applications, and customers. As OLED continues to evolve, so does the opportunity to push the boundaries of performance, efficiency, and visual experience. That is where UDC's technology leadership matters.

可摺疊、IT、電視與車用各自面向不同市場，而合在一起，正將 OLED 的觸角擴展到更廣泛的產品、應用與客戶。隨著 OLED 持續演進，推進效能、效率與視覺體驗邊界的機會也隨之增加。這正是 UDC 技術領導力發揮關鍵作用之處。

At IMID, a major Korean display conference in August, we introduced OLEDX, a proprietary technology platform designed to extract more light out of an OLED display and deliver it to the user. Our phosphorescent technologies revolutionized OLED efficiency by maximizing light generation, but currently, not all of that light reaches the user.

在 8 月於韓國舉行的重要顯示器會議 IMID 上，我們推出 OLEDX——一個專有技術平台，旨在從 OLED 顯示器中萃取更多光並將其傳遞給使用者。我們的磷光技術透過最大化發光量，徹底改變了 OLED 的效率；但目前並非所有光都能到達使用者。

OLEDX is designed to dramatically increase the amount of light that reaches the user. Put simply, phosphorescence creates the photons, and OLEDX helps make every photon count. Together, these complementary technologies can unlock the next level of OLED performance, enabling higher efficiency, enhanced image fidelity, and greater control over the viewing experience.

OLEDX 的設計目標是大幅提升到達使用者的光量。簡而言之，磷光產生光子，而 OLEDX 協助讓每一個光子都發揮價值。這兩項互補技術結合，可解鎖下一階段的 OLED 效能，帶來更高效率、更佳影像忠實度，以及對觀看體驗更強的控制能力。

Phosphorescent blue remains a central element of our innovation road map, and we continue to make advancements across key performance metrics, including efficiency, color, lifetime, and manufacturability.

磷光藍光仍是我們創新路線圖的核心要素，我們持續在多項關鍵效能指標上取得進展，包括效率、色彩、壽命與可製造性。

We are also expanding our work into a broader range of materials and device architectures to accelerate commercialization. While commercialization timing remains depending on customer road maps, we believe phosphorescent blue represents a significant opportunity for both UDC and the OLED industry.

我們也將工作擴展至更廣泛的材料與元件架構，以加速商業化。雖然商業化時程仍取決於客戶的路線圖，我們相信磷光藍光對 UDC 與 OLED 產業都代表重大機會。

Our materials portfolio is also expanding through next-generation red and green emitters designed to support broader color gamuts and emerging architectures such as PSF or phosphorescentized fluorescent OLEDs.

我們的材料產品組合也正透過下一代紅光與綠光發光材料擴充，以支援更廣的色域，以及 PSF（phosphorescentized fluorescent OLED，磷光化螢光 OLED）等新興架構。

To further accelerate progress, we are leveraging artificial intelligence, machine learning, and advanced computational tools for our innovation pipeline. Our AI-enabled discovery platform has generated a virtual library of more than 1 billion molecular designs and evaluated approximately 50 million candidates using proprietary models, enabling us to explore a broader molecular design space more quickly and efficiently.

為了進一步加速進展，我們正將人工智慧、機器學習與先進計算工具導入創新管線。我們的 AI 賦能探索平台已建立超過 10 億個分子設計的虛擬資料庫，並使用專有模型評估約 5,000 萬個候選者，使我們能更快速且更有效率地探索更廣泛的分子設計空間。

From that effort, we have already identified hundreds of promising innovative molecular cores, synthesized new candidates, and generated leads to advance our commercial blue program. These capabilities are accelerating progress in phosphorescent blue and enhancing our ability to discover and optimize next-generation OLED materials across our broader portfolio.

透過這項努力，我們已辨識出數百個具潛力的創新分子核心，合成新的候選材料，並產生推進商用藍光計畫的線索。這些能力正在加速磷光藍光的進展，並提升我們在更廣泛產品組合中發現與最佳化下一代 OLED 材料的能力。

The other core business, our equipment subsidiary, UVJC, recently launched NovaJet, the first commercial system and a significant milestone for a technology platform UDC has spent years developing. With the potential applications spanning multiple large end markets, including semiconductors, photovoltaics, solid-state batteries, organic electronics, and life sciences, we believe UVJC can create new long-term avenues for value creation.

另一項核心業務——我們的設備子公司 UVJC——近期推出 NovaJet，這是首套商用系統，也是 UDC 多年來投入開發之技術平台的重要里程碑。由於其潛在應用橫跨多個大型終端市場，包括半導體、光伏、固態電池、有機電子與生命科學，我們相信 UVJC 能夠開創新的長期價值創造途徑。

The industry continues to navigate macroeconomic uncertainty and elevated component costs, particularly memory pricing, display makers and brands continue to invest in OLED capacity, technology, and new products. We believe those investments reinforce the industry's long-term growth outlook.

儘管產業仍在因應總體經濟不確定性與零組件成本居高不下（尤其是記憶體價格），面板製造商與品牌商仍持續投資於 OLED 產能、技術與新產品。我們認為，這些投資強化了產業的長期成長展望。

And with that, Brian, I'll turn the call over to you.

接下來，Brian，我把電話會議交給你。

Thanks, Steve. Revenue for the third quarter of 2026 was $160 million compared to $140 million last year. We continue to expect full-year revenue to track toward the lower end of our prior guidance range of $630 million to $670 million.

謝謝，Steve。2026 年第三季營收為 1.60 億美元，去年同期為 1.40 億美元。我們仍預期全年營收將落在先前指引區間 6.30 億至 6.70 億美元的較低端。

Total material sales in the third quarter were $80 million, compared to $83 million in the third quarter of 2025. The decrease in material sales primarily reflected customer mix and a $4.8 million unfavorable year-over-year change in cumulative catch-up adjustments related to estimated product mix partially offset by higher unit material volume.

第三季材料總銷售額為 8,000 萬美元，2025 年第三季為 8,300 萬美元。材料銷售下滑主要反映客戶組合因素，以及與估計產品組合相關之累計追溯調整（cumulative catch-up adjustments）較去年同期不利變動 480 萬美元；部分被材料出貨量（單位）增加所抵銷。

Green emitter sales, which include our yellow-green emitters, were $61 million compared to $65 million in the third quarter of last year. Red emitter sales were $19 million compared to $17 million in the third quarter of 2025.

綠光發光材料銷售（包含我們的黃綠光發光材料）為 6,100 萬美元，去年第三季為 6,500 萬美元。紅光發光材料銷售為 1,900 萬美元，2025 年第三季為 1,700 萬美元。

Revenue from royalty and license fees was $75 million in the third quarter compared to $53 million in the prior-year period. The increase was primarily due to higher unit material volume, customer mix, and the absence of the $9.5 million out-of-period adjustment that reduced royalty and license revenue in the third quarter of 2025.

第三季權利金與授權費收入為 7,500 萬美元，去年同期為 5,300 萬美元。增加主要來自材料出貨量（單位）提高、客戶組合，以及 2025 年第三季因 950 萬美元跨期調整（out-of-period adjustment）而降低權利金與授權收入的情況今年不再發生。

The ratio of material sales to royalty and license revenue was approximately 1.1:1 in both the third quarter and the first nine months of this year, which is now our full-year ratio expectation as a result of customer and product mix changes.

材料銷售與權利金及授權收入之比率，在第三季以及今年前九個月均約為 1.1:1；由於客戶與產品組合變化，這也成為我們對全年比率的最新預期。

Adesis, our contract development and manufacturing subsidiary, generated $5.2 million of revenue during the quarter compared to $3.7 million in the third quarter of 2025.

Adesis（我們的委託開發與製造子公司）本季營收為 520 萬美元，2025 年第三季為 370 萬美元。

Cost of sales was $43 million for the quarter. Total gross margin was 73% compared to 75% in the prior-year period. We expect total gross margins for the full year to trend toward the lower end of the 74% to 76% guidance range due to product mix and customer mix.

本季銷貨成本為 4,300 萬美元。總毛利率為 73%，去年同期為 75%。由於產品組合與客戶組合因素，我們預期全年總毛利率將趨近於 74% 至 76% 指引區間的較低端。

Operating expenses, excluding cost of sales, were $64 million compared to $61 million in the prior-year period. Operating income was $54 million, representing an operating margin of 33% compared to $43 million and 31% in the prior-year period.

營業費用（不含銷貨成本）為 6,400 萬美元，去年同期為 6,100 萬美元。營業利益為 5,400 萬美元，營業利益率為 33%；去年同期為 4,300 萬美元與 31%。

Other income was $37 million compared to $1 million in the prior-year period, primarily reflecting a $29 million unrealized non-cash gain on a UDC Ventures investment and a $7 million foreign exchange gain on our Korean won tax receivable. The effective tax rate for the quarter was approximately 20%.

其他收益為 3,700 萬美元，去年同期為 100 萬美元，主要反映 UDC Ventures 一項投資的 2,900 萬美元未實現非現金收益，以及我們以韓元計價之稅款應收款項所產生的 700 萬美元匯兌收益。本季有效稅率約為 20%。

GAAP net income was $79 million or $1.72 per diluted share compared to net income of $44 million or $0.92 per diluted share in the third quarter of 2025. Excluding the UDC Ventures gain net of tax, adjusted net income was approximately $56 million or $1.23 per diluted share. Because the gain was non-cash and unrelated to our core business, we believe adjusted results better reflect operating performance. A reconciliation of GAAP to non-GAAP results is included in today's earnings materials.

依 GAAP 計算之淨利為 7,900 萬美元，或每股稀釋盈餘 1.72 美元；2025 年第三季淨利為 4,400 萬美元，或每股稀釋盈餘 0.92 美元。扣除 UDC Ventures 收益（稅後）後，調整後淨利約為 5,600 萬美元，或每股稀釋盈餘 1.23 美元。由於該收益屬非現金且與核心業務無關，我們認為調整後結果更能反映營運表現。GAAP 與非 GAAP 結果之調節表已包含於今日的財報資料中。

I would like to briefly highlight UDC Ventures, which we launched a few years ago to complement our longstanding commitment to innovation and technology leadership. Today, the portfolio includes about a dozen investments and approximately $80 million in assets under management.

我想簡要說明 UDC Ventures。我們在幾年前成立該平台，以補強我們長期以來對創新與技術領導地位的承諾。目前投資組合包含約十餘項投資，管理資產約 8,000 萬美元。

Our focus is on three areas: innovations across the display ecosystem that support our core technologies, AI and machine learning initiatives that advance materials discovery, and disruptive technologies with the potential to create new markets and transform industries.

我們聚焦三大領域：支援我們核心技術、涵蓋顯示生態系的各項創新；推進材料發現的 AI 與機器學習計畫；以及具備創造新市場與改變產業潛力的顛覆性技術。

We are already seeing strategic benefits from the company's technologies and relationships fostered through UDC Ventures, and we believe the platform will continue to strengthen our innovation ecosystem, expand our technology pipeline, and create long-term value.

我們已經從 UDC Ventures 所促成的技術與關係中看到策略性效益，並相信該平台將持續強化我們的創新生態系、擴大技術管線，並創造長期價值。

Turning to capital allocation. During the third quarter, we repurchased approximately 963,000 shares for approximately $79 million. For the first nine months of this year, we repurchased approximately 2.1 million shares for approximately $193 million.

接著談資本配置。第三季期間，我們回購約 963,000 股，金額約 7,900 萬美元。今年前九個月，我們回購約 210 萬股，金額約 1.93 億美元。

Over the last 12 months, we returned more than $340 million to shareholders through dividends and share repurchases and reduced our outstanding share count by more than 5%. And today, we announced that our Board of Directors declared a fourth quarter cash dividend of $0.50 per share.

過去 12 個月，我們透過股利與庫藏股回購向股東返還超過 3.40 億美元，並將流通在外股數降低超過 5%。此外，我們今日宣布董事會宣告第四季現金股利每股 0.50 美元。

We ended the quarter with approximately $828 million in cash, cash equivalents, and investments. Our strong balance sheet and cash generation provide substantial flexibility to invest in innovation, pursue growth opportunities, and continue returning capital to shareholders.

本季結束時，我們持有約 8.28 億美元的現金、約當現金與投資。我們強健的資產負債表與現金創造能力，提供充足彈性以投資創新、追求成長機會，並持續回饋資本給股東。

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

接下來我把電話會議交回給 Steve。

Thanks, Brian. Foldables and IT are helping drive the next wave of OLED adoption. OLEDX, phosphorescent blue, and our broader innovation pipeline continues to push the boundaries of OLED performance. Through UVJC, UDC Ventures, and Adesis, we are also extending our reach and creating additional avenues for long-term growth.

謝謝，Brian。可摺疊裝置與 IT 正在推動 OLED 採用的下一波浪潮。OLEDX、磷光藍光，以及我們更廣泛的創新管線，持續突破 OLED 效能的界限。透過 UVJC、UDC Ventures 與 Adesis，我們也在延伸觸角並創造更多長期成長的途徑。

As we look ahead, we are excited about the opportunities before us and our ability to create value across a growing range of technologies, markets, and applications through innovation, technology leadership, and disciplined execution.

展望未來，我們對眼前的機會以及透過創新、技術領導與嚴謹執行，在日益擴大的技術、市場與應用範圍中創造價值的能力感到振奮。

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.

我要感謝每一位員工的衝勁、渴望、投入與熱忱，協助提升並塑造 Universal Display 的成就與進展。我們致力成為 OLED 生態系的領導者，實現卓越的長期成長，並為產業、客戶與股東提供最先進的技術與材料。

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

接下來，接線員，我們開始問答。

(Operator Instructions) Brian Lee, Goldman Sachs.

（接線員指示）高盛 Brian Lee。

Maybe first one for you, Brian. On the gross margin on materials, it's 50% second straight quarter. Can you kind of just walk through the puts and takes, the path to recovery? I think you had talked about getting back to the historical normal of 60% or so by the second half of the year, is that still on pace for 4Q here or is there kind of a different trajectory we should be expecting?

也許先問你第一題，Brian。材料毛利率連續第二季都是 50%。你能否說明一下其中的利多與利空因素，以及復甦路徑？我記得你曾提到在下半年回到約 60% 的歷史常態；就目前來看，第四季仍在軌道上嗎？還是我們應該預期不同的走勢？

Yeah. Hi, Brian. There has been a little bit of an evolution over the last few months in terms of the customer and product mix this year. So as you heard in my remarks, we are now expecting still to be within the range of our total gross margin guidance of 74% to 76% but toward the lower end of that range. So that's really just a function of changes that we've seen in the mix of customers this year as well as the products that they're purchasing.

是的。嗨，Brian。過去幾個月在今年的客戶與產品組合方面確實有一些變化。如同你在我發言中聽到的，我們目前仍預期全年總毛利率會落在 74% 到 76% 的指引區間內，但會偏向區間的較低端。這主要就是我們今年看到的客戶組合變化，以及他們所採購產品組合變化所致。

Okay, fair enough. I mean, do you anticipate there's normalization as you move into next year? Is there visibility on that or is this potentially the new normal?

好的，合理。我的意思是，你是否預期進入明年會有正常化？對此是否有能見度，還是這可能就是新的常態？

Yeah. I mean, looking into next year, I mean, we'll give formal guidance in February. But as looking at the top line, there's certainly macro uncertainty that we do expect is going to continue into next year.

是的。我的意思是，展望明年，我們會在二月提供正式指引。但就營收（top line）來看，確實存在總體經濟不確定性，我們預期這種情況會延續到明年。

So if you look at based on that, especially the memory environment expected to continue to be tight and challenging into 2027. So if you look at that, the third-party research firms seem to be indicating on the top line, roughly mid-single-digit growth expected next year in terms of square area of OLED devices.

因此，如果你基於這點來看，尤其是記憶體環境預期將持續緊俏且具挑戰性，一路延續到 2027 年。所以從這個角度看，第三方研究機構似乎指出，就營收端而言，明年 OLED 裝置的面積（square area）預計約為中個位數成長。

And on the gross margin side, there are a number of moving pieces if you look to next year. There are some higher input costs that we do expect to materialize next year. However, as we continue to grow, there are efficiencies and scale that we can generate through our manufacturing processes.

而在毛利率方面，展望明年有許多變動因素。我們確實預期明年會出現一些較高的投入成本。不過，隨著我們持續成長，我們也能透過製造流程產生效率與規模效益。

We're also looking at some manufacturing process improvements for the plants that we do think will provide you somewhat of an offset, but there are a number of pressures that we're facing on the gross margin side heading into '27.

我們也在評估工廠的一些製程改善，我們認為這將提供一定程度的抵銷，但在邁入 2027 年之際，我們在毛利率端仍面臨多項壓力。

Fair enough. Last question for me, I'll pass it on. Just bigger picture, two of the maybe medium- to longer-term opportunities for you guys, if you could update us on them. One, blue phosphorescent material commercialization, kind of where are you on that?

了解。我的最後一個問題，問完我就交棒。從更宏觀的角度來看，有兩個可能屬於中長期的機會，想請你們更新一下。第一個是藍色磷光材料的商業化，你們目前進度如何？

And then two, on the NovaJet, congrats on the progress there. Kind of next milestones, do you need an equipment partner, kind of what should we be thinking in terms of how close you are to commercializing and seeing real orders on that technology? Thank you.

第二個是 NovaJet，恭喜你們在那方面的進展。接下來的里程碑是什麼？你們是否需要設備合作夥伴？就商業化進度以及何時能看到這項技術的實際訂單，我們應該怎麼看？謝謝。

Hey, Brian. So on blue, we're continuing to work with all our customers to align development efforts with future requirements. We're continuing to expand our team. As we talked in the prepared remarks, we're integrating even more as AI grows, it's helping us invent new molecules and accelerate the growth of that area. So we're very excited about the future, and it's still a story to be told.

嗨，Brian。關於藍色材料，我們持續與所有客戶合作，使開發工作與未來需求對齊。我們也持續擴編團隊。如同我們在事先準備的發言中提到的，隨著 AI 成長，我們進一步整合運用，AI 正在幫助我們發明新分子並加速該領域的發展。所以我們對未來非常興奮，而這仍是一個有待持續書寫的故事。

On UVJC, this is pretty exciting because you may remember the old OVJP technology. Well, we pivoted on that, moved it to Singapore, and are focusing on a number of other areas such as life sciences, semiconductor packaging, photovoltaics, even solid-state batteries. And this is the initial product is going to be a small footprint tool that will enable researchers and technologists to work with the technology because there's a really exciting technology of dry printing to see how it can apply in these myriad opportunities.

至於 UVJC，這相當令人振奮，因為你可能還記得早期的 OVJP 技術。我們在那之後做了轉向，把它移到新加坡，並聚焦在其他多個領域，例如生命科學、半導體封裝、太陽能光電（photovoltaics），甚至固態電池。而初期產品將是一款小型化設備，讓研究人員與技術專家能夠使用這項技術，因為乾式列印（dry printing）是一項非常令人興奮的技術，可用來探索它如何應用在這些多元機會上。

So we're going to continue to evolve the UVJC platform, and we'll keep you posted from time to time.

因此，我們會持續演進 UVJC 平台，也會不時向各位更新進展。

Okay, thank you. I'll pass it on.

好的，謝謝。我把問題交給下一位。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Yes. Thanks for taking my question. A couple of follow-ups for me. Brian, to hit your lower end of the revenue target for calendar '26 suggests that there's a big ramp coming in Q4 sequential growth in Q4 much higher than Q3. Should we assume that that's a reflection of the current sell-through and there is minimum downside to this?

是的，謝謝讓我提問。我有幾個追問。Brian，要達到 2026 年曆年營收目標區間的下緣，意味著第四季將出現很大的爬坡，第四季的季增幅度會遠高於第三季。我們是否應該假設這反映了目前的終端銷售（sell-through），因此下行風險很有限？

Yeah. I mean, Mehdi, so there's a handful of products that launch in the second half of the year that we typically see strength from, so we expect that momentum to continue into the fourth quarter. And there's also a handful of products that launch typically in the first quarter of each year and we see material buying and some production for that. Those launches happening in the fourth quarter. We do believe it's achievable, and that's our plan at this point is to achieve that low end of the prior range, which is consistent with what we had thought back at the end of July.

是的。我的意思是，Mehdi，下半年會有少數幾個產品上市，我們通常會從中看到較強的動能，因此我們預期這股動能會延續到第四季。另外，每年第一季通常也會有一些產品上市，我們會看到材料採購以及部分生產；而這些上市活動會在第四季發生。我們認為這是可達成的，而我們目前的計畫就是達成先前區間的下緣，這也與我們在七月底時的看法一致。

Okay. I know there was a question on blue already addressed, you're working with your customer, but I'm kind of surprised there is no development revenue captured. How can I reconcile lack of development revenue on blue with your continued engagement with customers?

好的。我知道先前已有人問過藍色材料，你們也提到正在與客戶合作，但我有點意外的是，沒有認列任何藍色材料的開發收入。我要如何把藍色材料缺乏開發收入，與你們持續與客戶互動這件事對起來？

Well, our customers still have some blue materials that they're working on. But I think it also, and this is important, reflects the continued strategic transition as we advance the next generation of phosphorescent blue materials. So during this, these transitions can affect development revenue from quarter to quarter, and we do expect the blue revenue to remain lower during this time period.

嗯，我們的客戶手上仍有一些藍色材料正在進行開發。但我認為同時也——而且這點很重要——反映出我們在推進下一代磷光藍材料時，持續進行的策略性轉換。在這些轉換期間，開發收入可能會在季度之間受到影響，而我們也預期在這段期間藍色材料收入將維持在較低水準。

Got it. Thank you, guys.

了解。謝謝各位。

Thanks, Mehdi.

謝謝你，Mehdi。

(Operator Instructions) Martin Yang, Oppenheimer & Company.

（接線員指示）Martin Yang，Oppenheimer & Company。

Hi, thanks for taking my question. I have one question on PSF. On these new architectures, when your role takes on a sensitizer as opposed to an emitter. Can you maybe comment on how should we think about the economic value from UDC either on a per panel or per color basis relative to more conventional architecture? Do you see more opportunity for you equal less? Any comment is appreciated. Thank you.

嗨，謝謝讓我提問。我有一個關於 PSF 的問題。在這些新架構中，你們的角色是作為敏化劑（sensitizer）而不是發光體（emitter）。你們能否談談，我們應該如何看待 UDC 的經濟價值——不論是以每片面板或每種顏色為基礎——相對於較傳統架構的差異？你們看到的機會是更多、相同還是更少？任何評論都很感謝。謝謝。

Martin, at this point, we're kind of seeing it in the same range of pure phosphorescence. PSF is just starting out, we'll have to see how that works. The phosphorescence is obviously essential for PSF, and right now, it does seem as though it's occupying in the same range of doping percentage and revenues to us.

Martin，就目前而言，我們看到的仍大致落在純磷光（pure phosphorescence）的相同範圍。PSF 才剛起步，我們還需要觀察它的實際運作情況。磷光對 PSF 顯然是不可或缺的，而目前看起來，它在摻雜比例以及帶給我們的收入方面，似乎也落在相同的區間。

Got it. A second question on volume versus pricing. So we've seen volume growth relative to revenue decline in the past two quarters, which implies the pricing is in some pressure on a year-over-year basis. Can you help us understand what is attributing to that decline?

了解。第二個問題是關於出貨量與定價。我們看到過去兩季出貨量成長但營收下滑，這意味著在年對年基礎上定價承受一些壓力。你能幫我們理解造成這種下滑的原因是什麼嗎？

Yeah. Hey, Martin. It's Brian. So there's two factors driving that. The first is just customer mix. We have different arrangements with each of our customers in that regard, and obviously, customers have more volume. You would expect to have better pricing.

是的。嗨，Martin，我是 Brian。主要有兩個因素在驅動。第一個就是客戶組合（customer mix）。我們與各客戶在這方面的安排不同，而顯然，出貨量更大的客戶，你會預期其價格條件會更好。

As well as we did have a cumulative catch-up change. It was about a $4.8 million swing from Q3 of '25 to Q3 this year. And so -- and a significant portion of that hit the materials line. So if you normalize for that, you still have a little bit of a discrepancy, but lesser of one, and that's really due to the customer mix changes.

另外，我們也有一項累計追溯調整（cumulative catch-up change）。從 2025 年第三季到今年第三季，約有 480 萬美元的擺動（swing）。其中相當一部分反映在材料（materials）項目。因此，如果把這項因素正常化（normalize）後，你仍會看到一點點差異，但幅度較小，而那主要就是由客戶組合變化所致。

Thank you, Brian. That's it for me.

謝謝你，Brian。我這邊就這些。

Thanks, Martin.

謝謝你，Martin。

There are no further questions at this time. I would like to turn the floor back over to Brian Millard for some closing remarks.

目前沒有其他問題。我想把時間交回給 Brian Millard，請他做結語。

Thank you for joining us today. We remain confident in long-term drivers for the company and the industry and including the continued adoption across new products, applications, and form factors.

感謝各位今天加入。我們對公司與產業的長期驅動因素仍然有信心，包括在新產品、應用與外形規格（form factors）上的持續採用。

We appreciate your continued interest, and look forward to speaking with you next quarter.

感謝各位持續的關注，我們期待在下個季度再與各位交流。

Thank you. This does conclude our conference. You may disconnect your lines at this time.

謝謝。本次電話會議到此結束。各位現在可以掛線。