高通 (QCOM) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

Welcome to the Qualcomm first quarter fiscal 2025 earnings conference call.

歡迎參加高通2025財年第一季財報電話會議。

(Operator Instructions)

（操作員指令）

As a reminder, this conference is being recorded, February 5, 2025.

提醒一下，本次會議正在錄製中，時間為 2025 年 2 月 5 日。

Playback number for today's call is (877) 660-6853.

今天電話回放號碼是 (877) 660-6853。

International callers, please dial (201) 612-7415.

國際電話請撥 (201) 612-7415。

Playback reservation number is 13750899.

播放預約號碼：13750899。

I would now like to turn the call over to Mauricio Lopez-Hodoyan, Vice President of Investor Relations.

現在，我想將電話轉給投資人關係副總裁 Mauricio Lopez-Hodoyan。

Mr. Lopez-Hodoyan, please go ahead.

請洛佩茲-霍多揚先生開始。

Thank you, and good afternoon, everyone.

謝謝大家，下午好。

Today's call will include prepared remarks by Cristiano Amon and Akash Palkhiwala.

今天的電話會議將包括克里斯蒂亞諾·阿蒙 (Cristiano Amon) 和阿卡什·帕爾基瓦拉 (Akash Palkhiwala) 的準備好的演講。

In addition, Alex Rodgers will join the question-and-answer session.

此外，亞歷克斯·羅傑斯（Alex Rodgers）也將參加問答環節。

You can access our earnings release and a slide presentation that accompanied this call on our Investor Relations website.

您可以在我們的投資者關係網站上存取我們的收益報告和本次電話會議的幻燈片簡報。

In addition, this call is being webcast on qualcomm.com, and a replay will be available on our website later today.

此外，本次電話會議將在 qualcomm.com 上進行網路直播，重播將於今天晚些時候在我們的網站上提供。

During the call today, we will use non-GAAP financial measures as defined in Regulation G, and you can find the related reconciliations to GAAP on our website.

在今天的電話會議中，我們將使用 G 條例中定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的對帳表。

We will also make forward-looking statements, including projections and estimates of future events, business or industry trends, or business or financial results.

我們還將做出前瞻性陳述，包括對未來事件、業務或行業趨勢或業務或財務結果的預測和估計。

Actual events or results could differ materially from those projected in our forward-looking statements.

實際事件或結果可能與我們的前瞻性陳述中的預測有重大差異。

Please refer to our SEC filings, including our most recent 10-K, which contain important factors that could cause actual results to differ materially from the forward-looking statements.

請參閱我們的 SEC 文件，包括我們最新的 10-K 文件，其中包含可能導致實際結果與前瞻性陳述有重大差異的重要因素。

And now to comments from Qualcomm's President and Chief Executive Officer, Cristiano Amon.

現在來聽聽高通總裁兼執行長克里斯蒂亞諾·阿蒙的評論。

Thank you, Mauricio, and good afternoon, everyone.

謝謝你，毛里西奧，大家下午好。

Thanks for joining us today.

感謝您今天加入我們。

In fiscal Q1, we delivered record revenues of $11.7 billion in non-GAAP earnings per share of $3.41.

在第一財季，我們實現了創紀錄的 117 億美元營收，非 GAAP 每股收益為 3.41 美元。

Our chipset business achieved record revenues of $10.1 billion, the first $10 billion quarter for QCT, including record quarterly Handset and Automotive revenues.

我們的晶片組業務實現了創紀錄的 101 億美元的收入，這是 QCT 第一個收入突破 100 億美元的季度，其中包括創紀錄的季度手機和汽車收入。

Licensing business revenues were $1.5 billion.

許可業務收入為15億美元。

We're off to a great start in fiscal '25.

我們在25財年取得了良好的開端。

Our mobile roadmap is the strongest in our history, with exceptional traction for Snapdragon in premium tier handsets, and we are delivering growth across our diversification initiatives.

我們的行動路線圖是我們歷史上最強大的，驍龍在高階手機中具有非凡的吸引力，而且我們正在透過多元化舉措實現成長。

This quarter, Automotive and IoT revenues grew 61% year over year and 36% year over year, respectively.

本季度，汽車和物聯網營收分別較去年同期成長61％和36％。

We're committed to achieving $22 billion on non-handset revenues by 2029 as outlined in our 2024 Investor Day.

正如我們在 2024 年投資者日中所概述的那樣，我們致力於在 2029 年實現 220 億美元的非手機收入。

Our advanced connectivity, computing and edge AI technologies and product portfolio, continue to be highly differentiated and increasingly relevant to a broad range of industries.

我們先進的連接、運算和邊緣人工智慧技術和產品組合繼續高度差異化，並且與廣泛的行業越來越相關。

We also remain very optimistic about the growing edge AI opportunity across our business, particularly as we see the next cycle of AI innovation and scale.

我們對整個業務中不斷增長的邊緣人工智慧機會仍然非常樂觀，特別是當我們看到下一輪人工智慧創新和規模的時候。

DeepSeek-R1 and other similar models recently demonstrated that AI models are developing faster, becoming smaller, more capable and efficient, and now able to run directly on device.

DeepSeek-R1 和其他類似模型最近表明，AI 模型正在發展得更快、更小、更強大、更高效，並且現在能夠直接在設備上運行。

In fact, DeepSeek-R1 the still models were running on Snapdragon power smartphones and PCs within just a few days of its release.

事實上，DeepSeek-R1 靜態模型在發布後僅幾天就在搭載驍龍處理器的智慧型手機和個人電腦上運行。

As we enter the era of AI inference, we expect that while training will continue in the cloud, inference will run increasingly on device, making AI more accessible, customizable, and efficient.

隨著我們進入人工智慧推理時代，我們預計，雖然訓練仍將在雲端進行，但推理將越來越多地在設備上運行，使人工智慧更易於訪問、可自訂和更有效率。

This will encourage the development of more targeted, purpose-oriented models and applications, which we anticipate will drive increased adoption, and in turn, demand for Qualcomm platforms across a range of devices.

這將鼓勵開發更有針對性、更適合用途的模型和應用程序，我們預計這將推動高通平台的採用，進而推動各種設備對高通平台的需求。

With the industry's most powerful and efficient AI processors for the edge, we're well positioned to drive this transition and benefit from this upcoming inflection point.

憑藉著業界最強大、最高效的邊緣 AI 處理器，我們有能力推動這一轉變並從即將到來的轉折點中獲益。

Let me now share some key highlights from the business.

現在讓我分享一些業務的關鍵亮點。

In Handsets, we're pleased that the recently launched Samsung Galaxy S25 series of smartphones will be powered by the Snapdragon 8 Elite for Galaxy globally.

在手機方面，我們很高興最近推出的三星 Galaxy S25 系列智慧型手機將在全球搭載驍龍 8 Elite Galaxy 作業系統。

The Snapdragon 8 Elite for Galaxy delivers the latest AI experiences, showcasing one of the best integrations of Galaxy AI and Google Gemini.

適用於 Galaxy 的 Snapdragon 8 Elite 提供最新的 AI 體驗，展示了 Galaxy AI 與 Google Gemini 的最佳整合之一。

We are encouraged by the number of AI features, which has nearly doubled in the Galaxy S25 series.

我們對 AI 功能的數量感到鼓舞，Galaxy S25 系列的 AI 功能數量幾乎增加了一倍。

We expect this trend to continue as part of the transition to AI smartphones.

我們預計這一趨勢將會作為向人工智慧智慧型手機轉變的一部分持續下去。

We're extremely proud of this launch and our longstanding strategic partnerships with Samsung and Google.

我們對此次發布以及與三星和谷歌的長期戰略合作夥伴關係感到非常自豪。

As a reminder, the Snapdragon 8 Elite is our most powerful mobile platform today featuring the industry's fastest custom CPU, the most powerful NPU, incredible GPU performance, and the best camera.

提醒一下，Snapdragon 8 Elite 是我們目前最強大的行動平台，具有業界最快的客製化 CPU、最強大的 NPU、令人難以置信的 GPU 效能和最好的相機。

In addition to Samsung, we're very pleased with the design traction and strong end-customer demand for recently launched Snapdragon 8 Elite Power flagship smartphones by Chinese OEMs.

除了三星之外，我們對中國 OEM 廠商最近推出的 Snapdragon 8 Elite Power 旗艦智慧型手機的設計吸引力和強勁的終端客戶需求感到非常滿意。

Our design win momentum in PCs has also increased, with more than 80 designs in production or development on our category-leading Snapdragon X series platforms, and we're targeting more than 100 designs to be commercialized through 2026.

我們在個人電腦領域的設計勝利動能也有所增強，在我們領先的驍龍 X 系列平台上，有超過 80 種設計處於生產或開發狀態，我們的目標是到 2026 年實現超過 100 種設計的商業化。

Importantly, we recently announced our newest compute platform, the Snapdragon X, specifically designed to address PCs in the $600 price range, further expanding our addressable opportunity.

重要的是，我們最近發布了我們的最新計算平台 Snapdragon X，專為滿足 600 美元價格範圍內的個人電腦需求而設計，進一步擴大了我們的可尋址機會。

Snapdragon X features best in class performance, multi-day battery life, powerful on-device AI, and Copilot+ experiences.

Snapdragon X 具有一流的性能、長達數天的電池壽命、強大的設備 AI 和 Copilot+ 體驗。

We look forward to PCs powered by Snapdragon X from leading OEMs including Acer, ASUS, Dell, HP, and Lenovo in the coming months.

我們期待在未來幾個月內，包括宏碁、華碩、戴爾、惠普和聯想在內的領先 OEM 廠商推出搭載 Snapdragon X 的 PC。

In partnership with Lenovo, we introduced the world's first mini desktop AI PCs powered by the Snapdragon X series.

我們與聯想合作推出了全球首款搭載驍龍X系列的迷你桌上型AI電腦。

These devices redefined compact computing in a new form factor ideal for developers, consumers, and enterprises.

這些設備以新的形式重新定義了緊湊型計算，非常適合開發人員、消費者和企業。

The number of NPU powered on device AI experiences running natively on Snapdragon has continued to grow with more than 50 AI applications now optimized for Windows 11, including apps for enterprise collaboration, productivity, creativity, and more.

在驍龍上原生運行的設備 AI 體驗中，由 NPU 驅動的數量持續增長，目前已有超過 50 個 AI 應用程式針對 Windows 11 進行了最佳化，包括用於企業協作、生產力、創造力等的應用程式。

Microsoft also announced it is bringing NPU optimized versions of DeepSeek-R1 directly to Copilot+ PCs, beginning with the Qualcomm Snapdragon X series.

微軟也宣布將直接將針對 NPU 最佳化的 DeepSeek-R1 版本引入 Copilot+ PC，首先推出的是高通驍龍 X 系列。

Additionally, The broader app ecosystem continues to expand with Snapdragon native apps now including 20 of the most popular VPNs, 50 of the most popular security and cold storage apps, as well as new applications for creators.

此外，更廣泛的應用生態系統不斷擴展，驍龍原生應用現已包括 20 個最受歡迎的 VPN、50 個最受歡迎的安全和冷藏應用，以及創作者的新應用。

While we're still in the early phase of the transition to Copilot+ PCs, we are pleased with consumer reception for Snapdragon X series, which has exceeded our expectations.

雖然我們仍處於向 Copilot+ PC 過渡的早期階段，但我們對消費者對 Snapdragon X 系列的接受度感到滿意，這已經超出了我們的預期。

According to Circana, in December, Snapdragon X Series had more than 10% share of the greater than $800 Windows laptops in US retail.

據 Circana 稱，12 月份，Snapdragon X 系列在美國零售市場 800 美元以上的 Windows 筆記型電腦中佔有超過 10% 的份額。

In XR, we remain the preferred solutions provider for VR, MR, and AR across major OEMs and ecosystems, and our strategic long-term collaborations with Meta and other key partners are playing a key role in growing this area.

在 XR 領域，我們仍然是主要 OEM 和生態系統中 VR、MR 和 AR 的首選解決方案提供商，並且我們與 Meta 和其他主要合作夥伴的長期策略合作在這一領域的發展中發揮關鍵作用。

The Snapdragon-based Ray-Ban Meta glasses continue to exceed expectations as they adopt more AI features.

基於驍龍的雷朋 Meta 眼鏡採用了更多 AI 功能，繼續超越預期。

We remain optimistic that we are at the beginning of an inflection point for smart glasses to gain scale as they become wearable AI.

我們仍然樂觀地認為，隨著智慧眼鏡成為穿戴式人工智慧，我們正處於一個轉折點的開始階段，並將實現規模化。

Additionally, at the recent XR Unlocked event, Google announced Android XR, and we are pleased that the first device available for purchase later this year will be built by Samsung and powered by the Snapdragon XR platform.

此外，在最近的 XR Unlocked 活動中，Google宣布了 Android XR，我們很高興今年稍後可供購買的首款設備將由三星製造並搭載驍龍 XR 平台。

We continue to expand our industrial IoT portfolio of products and solutions, and we are encouraged by the positive reception across multiple industry verticals, including energy and utilities, robotics, manufacturing, warehousing and logistics, retail, enterprise, and commercial.

我們繼續擴大我們的工業物聯網產品和解決方案組合，並受到能源和公用事業、機器人、製造、倉儲和物流、零售、企業和商業等多個垂直行業的積極歡迎，這令我們感到鼓舞。

At CES, we introduced our AI On-Prem Appliance and Inference Suite, which enables generative AI inference in computer vision workloads to run on dedicated on-premises hardware, allowing sensitive customer data, fine-tuned models, and inference loads to remain within the enterprise.

在 CES 上，我們推出了 AI On-Prem 設備和推理套件，它使電腦視覺工作負載中的生成式 AI 推理能夠在專用的內部部署硬體上運行，從而允許敏感的客戶資料、微調模型和推理負載保留在企業內部。

The AI Inference Suite provides ready-to-use AI applications and agents, tools and libraries to easily operationalize AI and GenAI applications in a variety of deployments on premises or in the cloud.

AI 推理套件提供可立即使用的 AI 應用程式和代理程式、工具和函式庫，以便在本地或雲端的各種部署中輕鬆運行 AI 和 GenAI 應用程式。

Our first wave partners for these new platforms include Honeywell, IBM and others.

這些新平台的首批合作夥伴包括霍尼韋爾、IBM 等公司。

We also announced the next evolution of Qualcomm Aware, our cloud-based asset visibility platform.

我們也宣布了基於雲端的資產視覺化平台 Qualcomm Aware 的下一代版本。

As a horizontal enablement platform, Qualcomm Aware allows for a highly integrated way to add cloud-based observability and insights, geolocation, fine indoor positioning, firmware updates, and device management services to connected devices.

作為橫向支援平台，Qualcomm Aware 可以高度整合的方式為連網裝置添加基於雲端的可觀察性和洞察、地理定位、精細室內定位、韌體更新和裝置管理服務。

In Edge Networking, we're pleased with the momentum in Wi-Fi 7 with recent product launches from Cisco, Charter, Eero, Netgear, Nokia, and Ubiquiti.

在邊緣網路方面，我們對 Wi-Fi 7 的發展勢頭感到滿意，最近思科、Charter、Eero、Netgear、諾基亞和 Ubiquiti 都推出了相關產品。

We're also seeing strong traction for our 5G fixed wireless access with next-generation design wins at operators in North America and India.

我們的 5G 固定無線存取也獲得了北美和印度營運商的下一代設計青睞，獲得了強勁發展勢頭。

We continue to strengthen our position in automotive as the industry's leading technology partner for the software-defined vehicle, AI-powered, in-cabin systems, advanced driver assistance, and connected car experiences.

我們持續加強在汽車領域的地位，作為軟體定義汽車、人工智慧、車內系統、高級駕駛輔助和連網汽車體驗領域的業界領先技術合作夥伴。

At CES, we announced new collaborations with Alps Alpine, Amazon, Google, Leapmotor, Mahindra, and Hyundai Mobis, which will use Snapdragon Digital Chassis solutions to drive AI-powered, in-cabin, and advanced driver assistance systems.

在 CES 上，我們宣布與阿爾卑斯阿爾派、亞馬遜、谷歌、零跑車、馬恆達和現代摩比斯建立新的合作關係，他們將利用驍龍數位底盤解決方案來推動人工智慧驅動的車內高級駕駛輔助系統。

We also expanded our partnerships with several Tier-1 suppliers to now utilize the Snapdragon Cockpit Elite platform, including with Panasonic Automotive Systems, Garmin, and Desay SV.

我們也擴大了與多家一級供應商的合作夥伴關係，目前已使用 Snapdragon Cockpit Elite 平台，其中包括松下汽車系統、Garmin 和德賽西威。

These collaborations will bring advanced intelligence, including generative AI to all levels of software-defined vehicles, enabling automakers to build safe and extraordinary user experiences.

這些合作將為各個層級的軟體定義汽車帶來包括生成式人工智慧在內的先進智能，使汽車製造商能夠打造安全且非凡的使用者體驗。

We're very pleased with the strong industry reception to Snapdragon Cockpit Elite platform since its launch late last year.

自去年年底推出以來，驍龍駕駛艙精英平台得到了業界的熱烈歡迎，我們對此感到非常高興。

Our new collaboration with Hyundai Mobis will combine the Snapdragon Ride Flex system-on-chip and the Snapdragon Ride automated driving stack with Hyundai Mobis cutting-edge software and sensors.

我們與現代摩比斯的新合作將把 Snapdragon Ride Flex 系統單晶片和 Snapdragon Ride 自動駕駛堆疊與現代摩比斯尖端軟體和感測器結合。

This will deliver a comprehensive system solution that powers advanced infotainment and advanced driver system systems, bringing a one-of-a-kind user experience to future vehicles.

這將提供全面的系統解決方案，為先進的資訊娛樂和先進的駕駛系統提供支持，為未來的汽車帶來獨一無二的用戶體驗。

Another significant milestone was the launch of the Snapdragon Digital Chassis Workbench, a cloud-based workflow for developers building the software-defined vehicle.

另一個重要的里程碑是推出 Snapdragon 數位底盤工作台，這是一個基於雲端的工作流程，供開發人員建立軟體定義汽車。

To complement the hardware and software of the Snapdragon Digital Chassis, Workbench provides a complete development and test environment to build and deploy automotive applications.

為了補充 Snapdragon 數位底盤的硬體和軟體，Workbench 提供了完整的開發和測試環境來建置和部署汽車應用程式。

Finally, we remain very pleased with the execution of our QTL business in recent years, and we're well positioned to maintain fiscal '24 revenue scale going forward.

最後，我們對近年來 QTL 業務的執行情況感到非常滿意，並且我們有能力維持未來 24 財年的收入規模。

Over the past year, we have extended key agreements with major OEMs, and we're poised to shortly execute new long-term license agreements with two additional large OEMs.

在過去的一年裡，我們與主要的 OEM 延長了關鍵協議，我們準備很快與另外兩家大型 OEM 簽訂新的長期許可協議。

We also recently signed Transsion to a long-term 4G license to go along with the 5G license signed in the last fiscal year.

我們最近也與傳音控股簽署了一份長期 4G 許可證，以配合上個財年簽署的 5G 許可證。

Our progress reaffirms QTL as the industry's most extensive licensing program of cellular essential patents.

我們的進展再次證實了 QTL 作為業界最廣泛的細胞基本專利授權計畫的地位。

Before I turn the call over to Akash, I would like to provide an update on the Arm versus Qualcomm trial from December 2024.

在我將電話轉給 Akash 之前，我想提供有關 2024 年 12 月 Arm 與 Qualcomm 審判的最新情況。

The jury's verdict vindicated Qualcomm's CPU innovations and affirmed the Qualcomm’s contract with Arm provides a license for Qualcomm's products containing our proprietary Orion CPUs in industries such as smartphones, automotive, next-generation PCs, IoT, and data center.

陪審團的裁決證明了高通的 CPU 創新是正確的，並確認高通與 Arm 簽訂的合約為高通包含我們專有的 Orion CPU 的產品提供了許可，這些產品可用於智慧型手機、汽車、下一代 PC、物聯網和資料中心等行業。

In addition, Arm recently notified us that it was withdrawing its October 22, 2024 notice of breach and indicated that it has no current plan to terminate the Qualcomm architecture license agreement.

此外，Arm 最近通知我們，它正在撤回其 2024 年 10 月 22 日的違約通知，並表示目前沒有終止高通架構許可協議的計劃。

We're excited to continue to develop performance-leading, world-class products that benefit consumers worldwide that include our incredible Orion custom CPUs.

我們很高興能夠繼續開發性能領先、世界一流的產品，讓全球消費者受益，其中包括我們令人難以置信的 Orion 客製化 CPU。

I will now turn the call to Akash.

現在我將電話轉給 Akash。

Thank you, Cristiano, and good afternoon, everyone.

謝謝你，克里斯蒂亞諾，大家下午好。

I'll start with a summary of our record performance in the first fiscal quarter.

我將先總結我們第一財季的創紀錄業績。

We are pleased to announce revenues of $11.7 billion and non-GAAP EPS of $3.41, both of which were above the high end of our guidance.

我們很高興地宣布，公司營收為 117 億美元，非公認會計準則每股收益為 3.41 美元，這兩項數據均高於我們預期的最高值。

QTL revenues of $1.5 billion and EBT margin of 75% were in line with expectations.

QTL 的收入為 15 億美元，息稅前利潤率為 75%，符合預期。

QCT delivered record revenues of $10.1 billion, which was above the high end of our guidance on outperformance across Android handsets, IoT, and automotive.

QCT 實現了創紀錄的 101 億美元的營收，高於我們對 Android 手機、物聯網和汽車領域優異表現的預期上限。

QCT handset revenues were a record $7.6 billion with 13% year-over-year growth, reflecting higher volume and content increase in Android premium tier, driven by industry-leading performance of our newly launched Snapdragon 8 Elite platform.

QCT 手機收入達到創紀錄的 76 億美元，年增 13%，這反映了 Android 高階市場的銷售和內容增加，這得益於我們新推出的 Snapdragon 8 Elite 平台的業界領先效能。

Higher volume in Android premium tier in the quarter was driven by stronger end consumer demand for recently launched flagship smartphones and global share in Samsung Galaxy S25 devices.

本季 Android 高階手機銷售增加，得益於終端消費者對近期推出的旗艦智慧型手機的需求強勁，以及三星 Galaxy S25 裝置的全球份額。

QCT IoT revenues of $1.5 billion increased 36% year over year driven by new product launches with our industry-leading processors and on-device AI capability across Consumer, Networking, and Industrial.

QCT IoT 營收為 15 億美元，年增 36%，這得益於我們推出的採用業界領先處理器的新產品以及跨消費、網路和工業領域的設備 AI 功能。

We delivered our sixth consecutive quarter of record QCT automotive revenues of $961 million, representing 61% year-over-year growth on continued content increase in new vehicle launches as automakers deploy our high-performance, low-power computing, and connectivity chips to bring next-generation experiences to consumers.

我們連續六個季度創下了 QCT 汽車營收記錄，達到 9.61 億美元，年增 61%，因為隨著汽車製造商部署我們的高性能、低功耗運算和連接晶片，為消費者帶來下一代體驗，新車上市內容持續增加。

QCT EBT margins of 32% exceeded the high end of our guidance, reflecting the benefit of revenue upside and operating leverage.

QCT 的 EBT 利潤率為 32%，超過了我們預期的高端，反映了營收成長和營運槓桿的好處。

QCT EBT dollars of $3.2 billion increased by 25% versus the year-ago period.

QCT EBT 為 32 億美元，較去年同期成長 25%。

Lastly, we returned $2.7 billion to stockholders, including $1.8 billion in stock repurchases and $942 million in dividends.

最後，我們向股東返還了 27 億美元，其中包括 18 億美元的股票回購和 9.42 億美元的股息。

Now turning to guidance.

現在轉向指導。

For the second fiscal quarter, we are forecasting non-GAAP revenues of $10.2 billion to $11 billion and non-GAAP EPS of $2.70 to $2.90. In QTL, we estimate revenues of $1.25 billion to $1.45 billion and EBT margins of 69% to 73%, reflecting normal seasonality for handset units.

對於第二財季，我們預測非 GAAP 收入為 102 億美元至 110 億美元，非 GAAP 每股收益為 2.70 美元至 2.90 美元。在 QTL，我們預計收入為 12.5 億美元至 14.5 億美元，EBT 利潤率為 69% 至 73%，反映了手機部門的正常季節性。

In QCT, we expect revenues of $8.9 billion to $9.5 billion and EBT margins of 29% to 31%, with strong year-over-year growth across Handsets, IoT, and Automotive.

在 QCT，我們預計營收為 89 億美元至 95 億美元，息稅前利潤率將達到 29% 至 31%，手機、物聯網和汽車業務將實現強勁的同比增長。

We expect QCT Handset revenues to grow by approximately 10% on a year-over-year basis, including the benefit of increased shipment for Samsung Galaxy S25 smartphones.

我們預計 QCT 手機營收將年增約 10%，其中包括三星 Galaxy S25 智慧型手機出貨量增加帶來的好處。

On a sequential basis, the decline in QCT Handset revenues is primarily driven by seasonality and shipments to Apple.

從環比來看，QCT 手機收入的下降主要歸因於季節性因素和對蘋果的出貨量。

We expect IoT and Automotive revenues to grow by approximately 15% and 50%, respectively, versus the year-ago period, driven by the strong product momentum I just outlined.

我們預計，受我剛才概述的強勁產品勢頭的推動，物聯網和汽車收入將分別比去年同期增長約 15％ 和 50％。

Lastly, we estimate non-GAAP operating expenses to be approximately $2.25 billion.

最後，我們估計非 GAAP 營業費用約為 22.5 億美元。

In closing, we are very pleased with our strong first-quarter results with new records across the following metrics: total company revenue, non-GAAP EPS, QCT revenues, QCT Handset revenues, and QCT Automotive revenues.

最後，我們對第一季強勁的業績感到非常滿意，以下指標創下了新高：公司總收入、非 GAAP 每股收益、QCT 收入、QCT 手機收入和 QCT 汽車收入。

In QTL, we've finalized renewal negotiations for long-term licenses with two key Chinese OEMs and expect to execute those agreements shortly.

在 QTL，我們已與兩家主要的中國 OEM 完成了長期許可的續約談判，並預計很快就會執行這些協議。

We also recently signed Transsion to a long-term 4G license in addition to the 5G license signed in the last fiscal year.

除了上財年簽署的5G許可證外，我們最近還與傳音控股簽署了長期4G許可證。

With these additional long-term agreements, we expect fiscal '25 QTL revenues to be consistent with fiscal '24.

透過這些額外的長期協議，我們預計 25 財年的 QTL 收入將與 24 財年保持一致。

Our recent product announcements at CES across PC, Automotive, Consumer, and Industrial IoT, along with the continued performance leadership in premium tier Android handsets underscore our position as the connected computing leader across edge devices.

我們最近在 CES 上發布的涵蓋個人電腦、汽車、消費性電子和工業物聯網領域的產品，以及在高階 Android 手機領域持續保持的性能領先地位，都凸顯了我們在邊緣設備領域互聯運算領域的領先地位。

Lastly, as AI approaches an inflection point of scaling at the edge, our leadership in high-performance on-device inference solutions positions us to benefit as we lead this transition.

最後，隨著人工智慧接近邊緣擴展的拐點，我們在高效能設備推理解決方案方面的領導地位使我們在引領這一轉變時受益。

This concludes our prepared remarks.

我們的準備好的演講到此結束。

Back to you, Mauricio.

回到你身邊，毛里西奧。

Thank you, Akash.

謝謝你，阿卡什。

Operator, we're now ready for questions.

接線員，現在我們可以回答問題了。

(Operator Instructions) Joshua Buchalter, TD Cowen.

(操作員指示) Joshua Buchalter，TD Cowen。

I guess to start, I wanted to clarify the QTL guidance.

我想先澄清一下 QTL 指導。

So you're talking to sort of flat levels in fiscal '25 versus 2024.

所以你談論的是 2025 財年與 2024 財年的持平水平。

I know you signed the two agreements recently.

我知道你們最近簽署了這兩項協議。

Could you maybe speak to how we should think about your assumptions on overall unit shipments and the royalty per unit tracking through the year?

您能否談談我們應該如何看待您對全年整體單位出貨量和每單位特許權使用費的假設？

Thank you.

謝謝。

Hey, Joshua, it's Akash.

嘿，約書亞，我是阿卡西。

I think our overall assumption on the market is that it is either flat or grows low single digits on a year-over-year basis.

我認為，我們對市場的總體假設是，市場要么保持平穩，要么同比增長低個位數。

Now, of course, this doesn't take into account upside opportunities in terms of the China subsidy and the AI replacement rate.

當然，這並沒有考慮到中國補貼和人工智慧替代率的上行機會。

But the baseline assumption is what goes into the QTL forecast that we just gave.

但是基線假設是我們剛剛給出的 QTL 預測的內容。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

I have a couple of questions, but maybe if I can start off on the PC platform and particularly Snapdragon X. Maybe, Cristiano, if you can sort of talk about how you're sort of thinking about 2025 and 2026 playing out in terms of device launches on your Snapdragon platform for PCs.

我有幾個問題，但也許我可以從 PC 平台開始，特別是 Snapdragon X。

I'm particularly more interested in hearing how you're now thinking about the adoption curve between enterprises and consumers.

我特別感興趣的是聽聽您現在如何看待企業和消費者之間的採用曲線。

What are you hearing from the OEM partners in terms of how to think about the adoption curve rate of enterprise and consumer as we go through the next couple of years?

您從 OEM 合作夥伴那裡聽到了什麼關於如何看待未來幾年企業和消費者的採用曲線率的消息？

And I have a quick follow-up.

我還有一個快速的跟進。

Thank you.

謝謝。

Very good, Samik.

非常好，薩米克。

Thank you for your question.

感謝您的提問。

Look, we're very happy with the trajectory that we are on PCs.

看，我們對我們在個人電腦上的發展軌跡非常滿意。

Maybe I'll start answering the question by providing some bookends, right?

也許我會透過提供一些書擋來開始回答這個問題，對嗎？

We said at the Investor Day last year that we expect to get $4 billion in Windows PC revenue by 2029.

我們在去年的投資者日上表示，預計到 2029 年 Windows PC 的營收將達到 40 億美元。

We actually said at that time $4 billion out of a $35 billion, if I’m not mistaken, SAM, which if you calculate, you assume a share about 12% of the market we're addressing.

實際上，如果我沒有記錯的話，我們當時說的是 350 億美元中的 40 億美元，SAM，如果你計算一下，你會發現它佔據了我們所針對的市場的 12% 左右。

I think we started very well with a number of designs.

我認為我們一開始的多個設計都非常好。

One metric that we have is the design traction continue.

我們的一個指標是設計牽引力的持續性。

We have now over 80 design wins launched or in development across the X Series, and we're targeting commercialization of more than 100 devices as we go to 2025 to 2026.

目前，我們已經在 X 系列中推出或正在開發超過 80 項設計，我們的目標是在 2025 年至 2026 年期間實現超過 100 款設備的商業化。

So design traction is good.

因此設計牽引力很好。

It continues to increase, which is a good sign.

它持續增加，這是一個好兆頭。

The second data point we actually provided on the script is we look at the United States retail.

我們在腳本中實際提供的第二個數據點是美國零售業。

We started to expand retail in different markets.

我們開始在不同的市場擴大零售。

We're looking at United States, which one and one of the priority markets that we had.

我們正在關注美國，這是我們的優先市場之一。

And the data show that the sale -- within the sale of US retail of Windows laptops above $800, we had more than 10% share, which is actually consistent with the projection we made on how we're going to grow in the five years.

數據顯示，在美國零售價超過 800 美元的 Windows 筆記型電腦中，我們的份額超過 10%，這實際上與我們對未來五年成長的預測一致。

And we like the metric this early in the process.

我們喜歡在這個過程的早期就採用這個指標。

We're still starting.

我們才剛開始。

As I said, we'll continue to expand new markets.

正如我所說，我們將繼續拓展新市場。

We like the results today, and the design traction has continued to increase.

我們喜歡今天的結果，設計吸引力也持續增加。

The first wave was consumer.

第一波是消費者浪潮。

Now it's being deployed towards commercial.

現在它正在向商業化部署。

That's why we have emphasized, it's showing a lot of the commercial applications now native on Snapdragon, from VPN, from security, et cetera.

這就是我們強調的原因，它展示了許多現在在 Snapdragon 上原生的商業應用程序，包括 VPN、安全等等。

And we're excited, especially because of that, we launched a new product to expand addressability to now $600 price laptops, which we're not compromising AI.

我們非常興奮，尤其是因為這一點，我們推出了一款新產品，將可尋址性擴展到現在售價 600 美元的筆記型電腦，而且我們不會在 AI 方面做出妥協。

And as I mentioned in the call, actually, a few days after Microsoft announced DeepSeek-R1 running on Snapdragon X Series laptop first.

正如我在電話會議中提到的，實際上，幾天後微軟就宣布 DeepSeek-R1 將首先在 Snapdragon X 系列筆記型電腦上運行。

So actually, we're starting.

所以實際上我們已經開始了。

We're happy with the traction, consistent with our long-term projections.

我們對這一進展感到滿意，這與我們的長期預測一致。

We're just going to keep executing.

我們只是將繼續執行。

Got it, got it.

知道了，知道了。

No, thank you for that.

不，謝謝你。

And maybe for my follow-up, I can sort of take the queue from what Akash mentioned for the last question, which is China market for smartphones and the subsidies that you're seeing.

也許在我的後續問題中，我可以根據 Akash 在上一個問題中提到的內容進行回答，即中國智慧型手機市場以及您所看到的補貼。

Sort of what are you seeing on the ground in terms of response from the consumer to the subsidies?

您看到消費者對於補貼的實際反應是什麼？

And what are you sort of thinking in terms of the impact to overall the Chinese smartphone OEM and their sort of growth sustainability?

您認為這對中國智慧型手機 OEM 整體及其成長永續性有何影響？

And I don't know if, Akash, you gave the number in terms of what growth you saw with the Chinese OEMs -- Chinese Android OEMs this quarter.

Akash，我不知道您是否給出了本季中國 OEM（中國 Android OEM）的成長數字。

But how are you thinking about sort of the growth trajectory going forward with them, particularly in light of these subsidies?

但是，您如何看待它們未來的成長軌跡，特別是考慮到這些補貼？

Thank you.

謝謝。

Sure.

當然。

So let me address it in parts.

因此，讓我分部分討論這個問題。

So as it relates to the subsidy, as you know, they just began in January.

至於補貼，如你所知，補貼政策從一月才剛開始。

So we are not that far into the cycle.

因此我們尚未進入這個週期。

And so we'll have a better view of it next quarter.

因此下個季度我們會對此有更好的了解。

In terms of historical reference point, in the past, we have seen that when subsidies have come in, it has improved the size of the market.

從歷史參考點來看，過去我們看到，當補貼到位時，市場規模就會擴大。

So there is an opportunity that comes with it, but it's not something that is contemplated yet in our second-quarter guidance.

因此，這是一個機遇，但我們在第二季度的預期中還沒有考慮到這一點。

Now let me go back to first quarter because that's where I made the volume comment as well.

現在讓我回到第一季度，因為我也在那裡發表了數量評論。

If you look at the first quarter upside that we had in Handsets, very strong performance, record performance.

如果你看一下我們第一季在手機領域的成長，你會發現其表現非常強勁，創下了紀錄。

And there were two drivers.

有兩名司機。

First is the content increase year over year that we have discussed in detail as more capability gets added to the chipset, it shows up in our price points.

首先是我們已經詳細討論過的內容逐年增加，因為晶片組增加了更多功能，這會反映在我們的價格點上。

The second was the volume increase that we saw on a year-over-year basis as well.

第二個是我們看到的銷量較去年同期成長。

And when you really look at the volume increase and break it down into drivers, we had higher share, of course, at Samsung.

當你真正觀察銷量的成長並將其分解為驅動因素時，我們當然在三星擁有更高的份額。

They are using us globally in the GS25.

他們在 GS25 中在全球範圍內使用我們。

So that helps purchases that went into the December quarter before the phone launch.

這有助於手機發布前 12 月季度的購買。

The second is we saw higher end-consumer demand in China for premium devices.

第二，我們發現中國終端消費者對高階設備的需求較高。

And if you think about how that happens, it's a long-term trend that we have seen in China that the premium tier continues to grow, and it's a benefit that showed up in the quarter as well.

如果你思考一下這是如何發生的，你會發現這是我們在中國看到的長期趨勢，即高端產品系列持續成長，這也是本季顯現出來的優勢。

The second is our customers are gaining share in the China market.

第二是我們的客戶在中國市場的份額正在擴大。

And so that is a benefit that translates through as well.

這也是一種好處。

So we feel very good about all those drivers.

因此，我們對所有這些司機都感到非常滿意。

They're all kind of sustained long-term drivers in our business that positions us well as we could look at the second half of the fiscal year.

這些都是我們業務持續的長期驅動力，使我們在財年下半年處於有利地位。

Stacy Rasgon, Bernstein Research.

伯恩斯坦研究公司的史黛西‧拉斯岡 (Stacy Rasgon)。

For the first one, I wanted to ask about the QTL guide flat year over year.

第一個問題，我想問 QTL 指南同比持平的情況。

So in the Q, it suggests that you're still negotiating with Huawei.

所以在問題中，這表明您仍在與華為談判。

And I'm assuming the QTL guide for Q2, which is a little lighter than the normal, has no Huawei in it because of that.

因此，我假設 Q2 的 QTL 指南比正常的指南要輕一些，並且其中沒有華為。

Does the annual guide for flat year over year assume you do not settle Huawei?

年度指南同比持平是否意味著您沒有解決華為的問題？

And if you do renegotiate and get some money, would there be upside to that number based on your current assumptions?

如果您確實重新談判並獲得一些錢，那麼根據您目前的假設，這個數字會有所上升嗎？

Yeah.

是的。

This is Alex.

這是亞歷克斯。

So thanks for the question, Stacy.

謝謝你的提問，史黛西。

So basically, what we've managed to accomplish over the last year or so is essentially signing up everybody to extension.

所以基本上，我們在過去一年左右所取得的成就基本上就是讓每個人都簽署了續約協議。

So we've had a really good run of execution with bringing on Transient for 4G, which is a significant development because they've popped up the ranks of OEMs in terms of unit volume -- very high up the ranks, actually.

因此，我們在將 Transient 引入 4G 方面取得了非常好的進展，這是一個重大進展，因為就單位產量而言，他們已經在 OEM 排名中名列前茅——實際上，排名非常高。

So the 4G complements the 5G license that we have them signed up to, and they're transitioning to more 5G content in their overall product offering.

因此，4G是我們為他們簽署的5G許可證的補充，他們正在向其整體產品供應中的更多5G內容轉變。

And then we have these last two significant Chinese OEMs that we've signed up or that we finished negotiations with, and the execution is just pending return from the Lunar New Year holiday.

然後，我們與最後兩家重要的中國 OEM 廠商簽約或完成了談判，執行工作只等農曆新年假期結束後即可完成。

The Huawei discussions are still in play.

有關華為的討論仍在進行中。

So the numbers don't actually include the potential from a renewal with Huawei.

因此這些數字其實並不包括與華為續約的潛力。

And basically, everything else is taken care of.

基本上，其他一切都已經處理好了。

Got it.

知道了。

So that flat guidance doesn't include any Huawei settlement, just to be clear?

那麼，為了清楚起見，這個固定指引不包括任何華為的和解協議嗎？

Correct.

正確的。

Neither the second-quarter guidance or the full-year comment.

無論是第二季的業績指引，或是全年的評論。

That's great.

那太棒了。

And for my follow-up, I just want to note we've seen a fair amount of just, in general, personal electronics strength recently.

作為我的後續回答，我只想指出，我們最近看到，整體而言，個人電子產品實力相當強大。

And there's some thought that maybe some of it might be related to sort of pre-tariff pull forward.

有人認為這可能與某種關稅前提前措施有關。

I don't know if you guys would be able to have any view on that, but do you have any comments on what you might see in whether or not the threat of tariffs might be driving some prebuilds or increased demand in the near term?

我不知道你們對此有何看法，但您是否對關稅威脅是否會在短期內推動一些預建或增加需求有何評論？

Yeah, absolutely not.

是的，絕對不是。

I think it's funny, Stacy.

我認為這很有趣，史黛西。

We expect everybody to be asking this question.

我們預計每個人都會問這個問題。

We actually are seeing -- it's pretty simple, right?

我們實際上看到——這很簡單，對吧？

So number 1 is higher than expected, I think, share at Samsung with the launch of GS25 globally.

因此，我認為，隨著 GS25 在全球的推出，三星的市佔率第一名的排名高於預期。

The second thing is end-customer demand in China.

第二件事是中國終端客戶的需求。

And we have data on the sell-through.

我們還有銷售數據。

Basically, Snapdragon Elite have been quite successful.

基本上，Snapdragon Elite 已經相當成功了。

Demand on smartphones, launch of 8 Elite exceed our expectations.

智慧型手機的需求，8 Elite 的推出超出了我們的預期。

It's built on what Akash said.

它是基於 Akash 所說的話而建立的。

The trend of premium tier continues to expand.

高端化趨勢持續擴大。

Smartphone is number 1 consumer electronic device purchase.

智慧型手機是第一大消費性電子設備購買者。

I think there is a positive launch of AI features.

我認為人工智慧功能的推出是正面的。

Customers build great devices.

客戶打造出色的設備。

They are gaining share in the premium tier, and that is record-driving demand.

他們在高端市場的份額不斷擴大，這推動了需求創下新高。

And as Akash outlined, all of our smartphone products, products from our customers in China using 8 Elite, the price points that they launch those devices in the market, they're all eligible for the subsidy.

正如 Akash 所概述的，我們所有的智慧型手機產品、來自中國使用 8 Elite 的客戶的產品，以及他們在市場上推出這些設備的價格點，都有資格獲得補貼。

So that's not contemplated in the Q2 guide, which it could be an interesting development.

因此，第二季度指南中沒有考慮到這一點，這可能是一個有趣的發展。

We saw they usually further expand the premium tier.

我們發現他們通常會進一步擴大優質層級。

But this is no inventory.

但這不是庫存。

This is no build-out ahead of tariffs.

這並不是在徵收關稅之前的擴張。

This is the end-customer demand.

這是最終客戶的需求。

Chris Caso, Wolfe Research.

克里斯·卡索（Chris Caso），沃爾夫研究公司。

I guess following on with those comments, Cristiano, how should we think about the June quarter now?

克里斯蒂亞諾，我想繼續這些評論，我們現在該如何看待六月季度？

Because typically, June quarter, there are no flagship launches and that has some effect on QCT.

因為通常情況下，六月季度沒有旗艦產品發布，這對 QCT 有一定影響。

Given the share gain at Samsung, does that affect the seasonality for June at all?

鑑於三星的市佔率成長，這會對六月的季節性產生影響嗎？

And how should we be thinking of that in general?

那我們整體上應該如何看待這個問題呢？

Yeah.

是的。

I think, Chris, you're right in terms of understanding our seasonality.

克里斯，我認為你對我們的季節性的理解是正確的。

When you look at the last several years, the kind of the framework across quarters, it is driven by the timing of the flagship launches.

回顧過去幾年，跨季度的框架類型是由旗艦產品發布的時機所驅動。

And so as a result, we expect kind of first quarter to be the high point from an EPS perspective, and third quarter is the low point because you don't have as many flagship launches in it.

因此，從每股收益的角度來看，我們預計第一季將是高點，而第三季將是低點，因為其中沒有那麼多旗艦產品的發布。

On your question, specifically on Samsung, Samsung is in kind of the impact of the higher share.

關於您的問題，具體到三星，三星確實受到了更高份額的影響。

It's included in the first quarter and the second-quarter guide as well.

它也包含在第一季和第二季的指南中。

And so it will be included in the third and fourth quarter as well.

所以它也將被納入第三季和第四季。

So I don't think it fundamentally changes the seasonality across the quarters.

所以我不認為它從根本上改變各個季度的季節性。

Got it.

知道了。

As a follow-up, if you could address some of the higher price points that you're seeing on Snapdragons now.

作為後續問題，您是否可以談談目前 Snapdragon 上出現的一些價格較高的問題。

And certainly, there are more features in there because of AI.

當然，由於人工智慧的存在，它還有更多功能。

But to some extent, it's also about cost too because the wafer costs are higher.

但從某種程度上來說，這也與成本有關，因為晶圓的成本較高。

What's the impact of that on Qualcomm, not just from a quarter basis but looking a little bit out?

這對高通有何影響？

Should we expect ASP to be a tailwind for you?

我們是否應該期待 ASP 對您來說是一個順風？

And then how are your OEM customers dealing with that?

那麼你的 OEM 客戶如何處理這個問題呢？

Is it a factor of we're just going to see a mix higher to higher-end phones?

這是否是我們將會看到高階到更高階手機混合的因素？

Or is that going to result in higher ASP?

或者這會導致更高的 ASP？

Chris, the primary driver here is that there is a consumer demand for more capable smartphones.

克里斯，這裡的主要驅動力是消費者對功能更強大的智慧型手機的需求。

And so as we go from generation to generation, we're adding a lot more capability on the processing side, on AI side, and connectivity, and that is showing up in the price points in our chip.

因此，隨著我們一代又一代地發展，我們在處理方面、人工智慧方面和連接方面增加了更多的功能，而這反映在我們晶片的價格上。

So that's the primary driver.

所以這是主要驅動因素。

Of course, as you are aware, TSMC price increases for 3- and 4-nanometer did kick in, in January.

當然，如您所知，台積電 3 奈米和 4 奈米製程的價格在 1 月確實開始上漲。

And so as we've said in the past, our objective there is to reflect the cost increases in ASPs over a period of time.

正如我們過去所說的那樣，我們的目標是反映 ASP 在一段時間內的成本成長。

So those are really the key drivers.

所以這些確實是關鍵驅動因素。

When you step back, I think one of the messages that Cristiano gave earlier is an important one, is that the overall market, it's not just about each tier kind of having a more capable chip but a mix shift across tiers and a larger market for premium devices.

回顧一下，我認為克里斯蒂亞諾之前傳達的一個訊息很重要，那就是整個市場，不僅僅是每個層級都擁有更強大的晶片，而且是跨層級的混合轉變和高端設備的更大市場。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

I just want to ask a more cyclical question, probably most applicable to your IoT segment.

我只想問一個更具週期性的問題，可能最適用於您的物聯網領域。

That business has been very strong year over year, but you've had a couple of quarters with negative sequential comps.

該業務同比去年表現都非常強勁，但也有幾季的環比成長表現不佳。

Is that just normal seasonality?

這只是正常的季節性現象嗎？

Or is there a cyclicality involved that some of your broad-based peers are seeing?

或者是否存在一些廣泛同行都看到的周期性現象？

Just kind of want to judge where we are in that cyclical trend.

只是想判斷我們處於這種週期性趨勢的哪個階段。

Yeah, Ross, there's definitely -- one of the big drivers on the quarterly profile is because of Consumer IoT, and that does have cyclicality involved because you're building for the holiday season.

是的，羅斯，季度概況的一大驅動因素是消費者物聯網，而且這確實具有周期性，因為你正在為假期季節做準備。

And then when we get into the March quarter, of course, you're past that point.

然後，當我們進入三月季度時，當然，你已經過了那個點。

When you look at the other two parts of our IoT business, which is Industrial and Edge Networking, we're consistently seeing strength across the quarters.

當您查看我們的物聯網業務的另外兩個部分，即工業和邊緣網路時，我們會發現各個季度都持續保持強勁勢頭。

Great to hear.

很高興聽到這個消息。

I guess as a follow-up question then, switching gears to the gross margin, Akash.

那麼，作為後續問題，轉換話題到毛利率，Akash。

Congratulations again.

再次恭喜。

It looks like you kept that in QCT pretty much flat sequentially despite your thought that it was going to go down in the December quarter.

儘管您認為 12 月季度的銷售額會下降，但看起來您在 QCT 中保持的銷售額與上一季基本持平。

Is that something that is just structurally going to be a little higher than that, I guess, kind of implied 48% to 49% range?

我猜，從結構上來說，這是否會比這個數字略高一點，隱含在 48% 到 49% 的範圍裡？

And if so, what's changed?

如果是的話，有什麼改變嗎？

Yeah.

是的。

The gross margin, both in our December quarter and our March quarter benefit from the fact that we have stronger premium tier volume.

我們 12 月季度和 3 月季度的毛利率均受益於我們更強勁的高端產品銷售。

That improves the mix -- overall mix of our portfolio, and that shows up in gross margin.

這改善了我們產品組合的整體結構，並體現在毛利率上。

So that's the primary driver of the strength.

這正是實力的主要驅動力。

And so as you see the mix changes, it will flow through the margin numbers.

因此，當您看到混合變化時，它將流經利潤數字。

But yeah, we are very happy just like you that the margin's been very strong.

但是的，我們和您一樣對利潤率一直很高感到非常高興。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Thanks a lot.

多謝。

I had two.

我有兩個。

Cristiano, is there any evolution in the way you're thinking about the modem situation at your large customer?

克里斯蒂亞諾，您對大客戶的數據機情況的看法有什麼變化嗎？

I know there's been some back and forth on that recently.

我知道最近關於這個問題有一些爭論。

Is there any change there?

那裡有什麼變化嗎？

Are you feeling like maybe you'll be there a little bit longer than you had expected?

您是否感覺到您可能會在那裡停留的時間比預期的要長一些？

That's the first question.

這是第一個問題。

Yeah, the answer is no.

是的，答案是否定的。

I think we're really operating with the assumptions.

我認為我們確實是按照這些假設來運作的。

I think we've been very clear, I think, what those things are.

我想我們已經非常清楚這些事情是什麼了。

We expect 20% share for the launch that happens in 2026.

我們預計 2026 年推出的產品將佔有 20% 的份額。

And the current agreement ends after that.

現行協議隨即終止。

We're assuming no renewals, so which means nothing in 2027.

我們假設沒有續約，所以這對 2027 年來說毫無意義。

For 2025 launchings, we expect share to be between 100% and 20%.

對於 2025 年的發射，我們預計份額將在 100% 至 20% 之間。

So we don't know.

所以我們不知道。

But I think we've been very clear about how we're modeling that business, and I think that's the assumption going forward.

但我認為我們已經非常清楚我們如何塑造這項業務，我認為這就是未來的假設。

Akash, can you give us an idea of how big the PC business was within IoT?

Akash，您能告訴我們 PC 業務在物聯網領域佔多大比重嗎？

You said you were 10%, I think, of the $800 -- or sorry, the above $800 laptop market in the US.

您說您佔據了美國 800 美元（或抱歉，是 800 美元以上的筆記型電腦市場）市場份額的 10%。

I'm guessing you did about $100 million, a little bit more than $100 million in December.

我猜你 12 月的收入大約是 1 億美元，略多一點。

Is that close?

那近嗎？

Thanks.

謝謝。

Yeah, Tim, it's Akash.

是的，提姆，我是阿卡什。

So from an overall revenue perspective, I think the way we've set it up is we give -- we've set targets long term for '29 for each of these areas, and we plan to give an annual update on each of those targets.

因此，從整體收入角度來看，我認為我們的設定方式是——我們為每個領域設定了 29 年的長期目標，我們計劃對每個目標進行年度更新。

So we're not breaking it down every quarter by area.

因此我們不會按地區對每季進行細分。

To me, what's the most important thing on the PC is the market that we were playing in, which is devices over $800 and our focus on retail to begin with.

對我來說，PC 領域最重要的是我們所處的市場，也就是售價超過 800 美元的設備，而我們首先關注的是零售。

We're very happy that we were able to get 10% share.

我們很高興能夠獲得10%的份額。

I think just as Cristiano said earlier, if we equate that to our long-term target, which is 12% of the overall market, that's a great start towards the number we'd set up.

我認為就像克里斯蒂亞諾之前所說的那樣，如果我們將其等同於我們的長期目標，即佔據整個市場的 12%，那麼對於我們設定的數字來說，這是一個很好的開始。

Tal Liani, Bank of America.

美國銀行的塔爾·利阿尼 (Tal Liani)。

Hey, guys.

嘿，大家好。

I want to focus on a 20% growth of smartphones and QCT this quarter.

我想關注本季智慧型手機和 QCT 的 20% 成長。

And the question is how long will this continue?

問題是這種情況會持續多久？

The market itself is not growing.

市場本身並沒有成長。

Last quarter, there was growth in China that was very strong.

上個季度，中國經濟成長非常強勁。

This quarter, we had the initial Samsung.

本季度，我們迎來了第一家三星公司。

So can you talk about longevity of the current trends?

那麼您能談談當前趨勢的持久性嗎？

How long can it continue?

還能持續多久？

Could you grow even if the market doesn't grow?

即使市場沒有成長，你還能成長嗎？

And then just an update on China demand.

接下來是關於中國需求的最新消息。

Thanks.

謝謝。

Sure, Tal.

當然，塔爾。

So let me break it down.

讓我來分析一下。

If you look at our year-over-year performance in QCT handsets, we were up 13%.

如果你看一下我們 QCT 手機的年比業績，你會發現我們的成長了 13%。

And as I said earlier, the drivers of those is really a combination of higher volume and higher ASPs.

正如我之前所說，這些驅動因素實際上是更高的銷售量和更高的 ASP 的組合。

The ASPs as content increase, which we've talked about, we've seen consistently that continue to increase over the last several years.

正如我們所討論的，隨著內容的增加，ASP 在過去幾年中持續成長。

And as we look forward, we think that's very sustainable.

展望未來，我們認為這是非常永續的。

Just we're adding a lot more capability to the device and the consumers are looking for that opportunity.

我們只是為設備添加了更多功能，而消費者正在尋找這樣的機會。

In terms of volume, one of the key metrics for us is the fact that the premium tier continues to grow.

就數量而言，我們關注的關鍵指標之一是高端產品系列的持續成長。

So if you look at the last three or four years, devices greater than $400 have gone from being 21% of the market to now over 30% of the market.

如果你回顧過去三、四年，你會發現超過 400 美元的設備佔據的市場份額從 21% 上升到現在的 30% 以上。

And so that is a trend that's incredibly positive for us because that's the market that we are very strong in.

所以這個趨勢對我們來說非常積極，因為這是我們非常強大的市場。

And so we have a combination of the units within that part of the market is growing very quickly.

因此，我們將該部分市場內的各個單位進行整合，使其成長非常迅速。

And within that, our content is growing as well.

同時，我們的內容也在不斷增長。

And those are the two factors that drive the Handset growth of 13% on a year-over-year basis.

這兩個因素推動了手機銷量年增 13%。

When you look at the March quarter, we're guiding Handset growth of 10% on a year-over-year basis, which is again a very strong number.

從三月季度來看，我們預計手機銷量將年增 10%，這又是一個非常強勁的數字。

So pretty happy with how we are set up in that business and both in the first half of the year, and it positions us well as we look forward.

因此，對於我們在該業務以及今年上半年的進展情況，我們感到非常滿意，這為我們的未來做好了準備。

China update?

中國更新？

Can you repeat your question on that, Tal, please?

塔爾，你能重複一下你的問題嗎？

I said just China.

我說的只是中國。

China was strong in the last few quarters.

中國在過去幾季表現強勁。

Can you give -- maybe I missed it, but what's the current trends in China?

您能否提供—也許我錯過了，但中國目前的趨勢是什麼？

Yeah.

是的。

I think China, definitely strong in the premium tier.

我認為中國在高端市場絕對實力強勁。

We've seen that part of the market grow.

我們已經看到這部分市場正在成長。

We've also seen our customers gain share within that market.

我們也看到我們的客戶在該市場的份額不斷擴大。

And then last thing is we're going to have subsidies come in, and so that is a potential that that benefits that part of the market as well.

最後一件事是我們將提供補貼，這也有可能使該部分市場受益。

So pretty, I think, positive tailwinds for us there.

所以，我認為，這對我們來說是積極的順風。

Thank you.

謝謝。

That concludes today's question-and-answer session.

今天的問答環節到此結束。

Mr. Amon, do you have anything further to add before adjourning the call?

阿蒙先生，在休會之前您還有什麼要補充的嗎？

Just would like to thank all the Qualcomm employees, our partners, and suppliers for all they have done during the quarter.

我只想感謝所有高通員工、我們的合作夥伴和供應商在本季所做的一切。

As I said before, we're very pleased with this. This is our first $10 billion quarter in QCT. I think we cannot be more confident on the strategy that we lay out. Everything was within Qualcomm control, and we're just going to keep executing on that. Thank you very much.

正如我之前所說，我們對此感到非常高興。這是 QCT 第一個營業額突破 100 億美元的季度。我認為，我們對我們所製定的策略非常有信心。一切都在高通的掌控之中，我們將繼續執行這個目標。非常感謝。

Ladies and gentlemen, this concludes today's conference.

女士們、先生們，今天的會議到此結束。

You may now disconnect at this time.

您現在可以斷開連線。