慧榮科技 (SIMO) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Silicon Motion Technology Corporation's third quarter 2025 earnings conference call.

您好，感謝您的耐心等待。歡迎參加 Silicon Motion Technology Corporation 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

Please be advised that today's conference is being recorded. This conference call contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 as amended.

請注意，今天的會議正在錄影。本次電話會議包含符合 1933 年證券法第 27A 條和 1934 年證券交易法第 21E 條（經修訂）規定的前瞻性聲明。

Such forwarding statements include without limitation, statements regarding trends in the operations, financial condition, and business prospects. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. The statements involve risk and uncertainties and actual market trends and our results may differ materially from those expressed or implied in the following statements for a variety of reasons.

此類前瞻性聲明包括但不限於營運趨勢、財務狀況和業務前景的聲明。雖然這些陳述是基於我們自己的資訊以及我們認為可靠的其他來源的信息，但您不應過分依賴它們。這些聲明涉及風險和不確定性以及實際市場趨勢，由於各種原因，我們的結果可能與以下聲明中明示或暗示的結果有重大差異。

Potential risks and uncertainties include the not limited to continued competitive pressure in the semiconductor industry and the effect of such pressure on prices, unpredictable changes in technology and consumer demand for multimedia consumer electronics, the state of and any change in our relationship with our major customers, and changes in political, economic, legal, and social conditions in Taiwan.

潛在風險和不確定性包括但不限於半導體產業持續的競爭壓力及其對價格的影響、多媒體消費電子產品技術和消費者需求的不可預測的變化、我們與主要客戶關係的狀況及任何變化，以及台灣政治、經濟、法律和社會狀況的變化。

For additional discussion of this risk and uncertainties and other factors, please see the documents we file from time to time with the Securities and Exchange Commission. We assume no obligation to update any following statements which apply only as of the date of this conference call.

有關此風險、不確定性及其他因素的更多討論，請參閱我們不時向美國證券交易委員會提交的文件。我們不承擔更新以下任何聲明的義務，這些聲明僅適用於本次電話會議之日。

And with that, I'll now hand you over to Mr. Tom Sepenzis, Senior Director of IR and Strategy. Please go ahead, sir.

接下來，我將把發言權交給投資人關係與策略資深總監湯姆‧塞彭齊斯先生。請繼續，先生。

Thank you, operator. Good morning, everyone, and welcome to Silicon Motion's third quarter 2025 financial results conference call and webcast. Joining me today is Wallace Kou, our President and CEO; and Jason Tsai, our CFO.

謝謝接線生。各位早安，歡迎參加 Silicon Motion 2025 年第三季財務業績電話會議和網路直播。今天與我一同出席的有我們的總裁兼執行長寇偉倫，以及我們的財務長蔡傑森。

Wallace will provide a review of our key business developments, and then Jason will discuss our third quarter results and outlook. Following our prepared remarks, we will conclude with a Q&A session.

Wallace 將回顧我們主要的業務發展情況，然後 Jason 將討論我們第三季度的業績和展望。在發言結束後，我們將進行問答環節。

Before we begin, I would like to remind you of our safe harbor policy, which was read at the start of this call for a comprehensive overview of the risks involved in investing in our securities, please refer to our filings with the US Securities and Exchange Commission. For more details on our financial results, please refer to our press release, which was filed on Form 6-K after the close of market yesterday. This webcast will be available for replay in the investor relations section of our website for a limited time.

在開始之前，我想提醒各位注意我們的安全港政策，該政策已在本次電話會議開始時宣讀。如需全面了解投資我們證券所涉及的風險，請參閱我們向美國證券交易委員會提交的文件。有關我們財務業績的更多詳情，請參閱我們昨天收盤後以 6-K 表格形式提交的新聞稿。本次網路直播將在我們網站的投資者關係版塊提供限時重播。

To enhance investors' understanding of our ongoing economic performance, we will discuss non-GAAP information during this call. We use non-GAAP financial measures internally to evaluate and manage our operations. We have therefore chosen to provide this information to enable you to perform comparisons of our operating results in a manner consistent with how we analyze our own operating results.

為了增進投資者對我們目前經濟表現的了解，我們將在本次電話會議中討論非GAAP資訊。我們內部使用非GAAP財務指標來評估和管理我們的營運。因此，我們選擇提供這些信息，以便您能夠以與我們分析自身經營業績一致的方式來比較我們的經營業績。

The reconciliation of the GAAP and non-GAAP financial data can be found in our earnings release issued yesterday. We ask that you review it in conjunction with this call. With that, I will turn the call over to Wallace.

GAAP 和非 GAAP 財務數據的調整表可在我們昨天發布的獲利報告中找到。請您在本次通話的同時審閱此文件。接下來，我將把電話交給華萊士。

Thank you, Tom. Hello, everyone, and thank you for joining us today. I'm pleased to report that we delivered another strong performance in the third quarter, exceeding our revenue and operation margin guidance, that we continue to benefit from the introduction of new controller existing and new markets and driving increased market share across our portfolio.

謝謝你，湯姆。大家好，感謝各位今天收看我們的節目。我很高興地報告，我們在第三季度再次取得了強勁的業績，超過了我們的收入和營業利潤率預期，我們繼續受益於新控制器在現有市場和新市場的推出，並推動了我們產品組合市場份額的成長。

We remain focused on delivering both top and bottom line growth and improving profitability, while investing heavily in the next generation controllers, increasing our engineering resources to support new product and market and further positioning Silicon Motion for long-term market share expansion.

我們將繼續專注於實現營收和利潤雙重成長，提高獲利能力，同時大力投資下一代控制器，增加工程資源以支持新產品和市場，進一步鞏固 Silicon Motion 的長期市場份額擴張地位。

We expect strong revenue growth to continue as we introduce compelling new PCIe5 controller, next generation EMC and UFS controller that drive higher share benefit from strong growth in our multi business and MonTitan enterprise business began to scale. I'm excited about the foundation for growth that we are building across each of our major markets. And I believe we are well-positioned to see sustained revenue and profitability growth in both the near and long-term.

我們預計隨著我們推出極具吸引力的新型 PCIe5 控制器、下一代 EMC 和 UFS 控制器，以及 MonTitan 企業業務的強勁成長和規模化發展，營收將繼續保持強勁成長勢頭。我對我們在各個主要市場建立的成長基礎感到興奮。我相信，無論在短期或長期，我們都已做好充分準備，實現持續的收入和獲利成長。

Let me start by discussing in broader market environment and then each of our major business in greater detail. AI remains a significant growth factor across memory and storage industry, driving strong demand for NAND and other technology, including DRAM and HDD. The growing AI demand has for the first time, greater supply shortages in HDD and DRAM, leading to price increases for the past three quarters, a trend we expect will continue at least through 2026.

首先，讓我從更廣泛的市場環境著手，然後更詳細地談談我們的每項主要業務。人工智慧仍然是記憶體和儲存產業的重要成長因素，推動了對 NAND 和其他技術（包括 DRAM 和 HDD）的強勁需求。人工智慧需求的成長首次導致硬碟和DRAM的供應短缺加劇，導致過去三個季度價格上漲，我們預計這一趨勢至少會持續到2026年。

In the early stage of AI development, AI training drove strong demand for high performance memory and storage using DRAM, HBM, and NAND for lower capacity TLC-based USB, the focus in changing to inference, which relies more on high performance, high capacity storage rather than raw computing power.

在人工智慧發展的早期階段，人工智慧訓練推動了對高效能記憶體和儲存的強烈需求，使用 DRAM、HBM 和 NAND 來取代容量較低的基於 TLC 的 USB，重點轉向推理，推理更依賴高效能、高容量的存儲，而不是原始的運算能力。

The increasing demand from inference is putting a large strand in the HDD supply chain that traditionally served this market, and is expected to continue well into next year as HDD makers struggle to quickly meet the growing demand. Inference is also increasing NAND demand for high capacity, high performance QLT-based HD. And creating a significant trend for the land market supply and the availability.

推理領域日益增長的需求給傳統上服務該市場的硬碟供應鏈帶來了巨大壓力，預計這種情況將持續到明年，因為硬碟製造商正努力快速滿足不斷增長的需求。推理技術也增加了對高容量、高效能 QLT 高清快閃記憶體 NAND 的需求。並由此形成土地市場供應和可用性的重大趨勢。

But the AI is still in its infancy. We expect that these demand drivers will continue to impact supply availability across all memory technology for quite some time as CapEx spend increases to catch up with market demand over the next few years.

但人工智慧仍處於起步階段。我們預計，隨著未來幾年資本支出增加以滿足市場需求，這些需求驅動因素將在相當長的一段時間內繼續影響所有記憶體技術的供應。

Growing AI demand is also forcing a more disciplined cappa spending approach and is driving difficult resource allocation decisions by the memory and storage maker to prioritize engineering resources across multiple technologies, products, and markets.

人工智慧需求的成長也迫使記憶體和儲存設備製造商採取更嚴格的成本控制和支出方式，並促使他們做出艱難的資源分配決策，以優先考慮跨多個技術、產品和市場的工程資源。

Increasingly, we are seeing a greater willingness by the NAND flash maker to rely on the commotion to complete their product portfolio as they shift their internal resources to focus on DRAM, HBM, and future customized memory technology for high performance AI installment. We are in an active discussion with all NAND maker about expanding our partnership and taking a broader range of long-term to offset growing internal resource shortages.

我們越來越看到，NAND 快閃記憶體製造商越來越願意依靠這種變革來完善其產品組合，因為他們正在將內部資源轉移到 DRAM、HBM 和未來用於高效能 AI 安裝的客製化記憶體技術上。我們正在與所有 NAND 製造商積極討論擴大合作夥伴關係，並採取更廣泛的長期合作，以彌補日益嚴重的內部資源短缺。

Looking ahead, we see continued NAND price increases and shortages, given the impact of AI on overall demand, which has been amplified by reduced new capacity investment as a flash maker over the past year.

展望未來，鑑於人工智慧對整體需求的影響，以及過去一年作為快閃記憶體製造商減少新產能投資加劇了這種影響，我們預計 NAND 價格將繼續上漲並出現短缺。

Despite the challenges inherent with the NAND price increases, we believe our business will remain robust. Our module maker customers have been building their inventory ahead of the anticipated price increases and are well-positioned for the next year to meet the expected market demand. Our derived business with NAND maker continue to be strong, accounting for more than 50% of our revenue, and we expect to gain significant share over the next few years.

儘管NAND價格上漲帶來了許多挑戰，但我們相信公司業務仍將保持穩健發展。我們的組件製造商客戶一直在提前儲備庫存，以應對預期的價格上漲，並為明年滿足預期的市場需求做好了充分準備。我們與 NAND 製造商的衍生業務依然強勁，占我們收入的 50% 以上，我們預計在未來幾年內將獲得相當大的市場份額。

Additionally, more than 70% of our business with NAND flash maker and multi-maker customers goes directly to PC, smartphones, servers, and other devices OEM that are not significantly impacted by high NAND markets. We are a robust design pipeline in eMMC, UFS, (inaudible) and end device controllers and our varied pipeline to benefit from the increases in price trend.

此外，我們與 NAND 快閃記憶體製造商和多製造商客戶的業務中，超過 70% 直接銷往 PC、智慧型手機、伺服器和其他設備 OEM，這些設備不會受到 NAND 市場高企的顯著影響。我們在 eMMC、UFS、（聽不清楚）和終端設備控制器方面擁有強大的設計流程，並且我們多樣化的流程能夠從價格上漲趨勢中受益。

Additionally, given increased in NAND prices, we expect OEN to more rapidly adopt QLC technologies where we have significant advantage over our competition. And finally, we are starting to scale our new enterprise products, including MonTitan, which are less price sensitive than the consumer market.

此外，鑑於 NAND 價格上漲，我們預計 OEN 將更快採用 QLC 技術，因為我們在這一領域擁有相對於競爭對手的顯著優勢。最後，我們開始擴大新企業產品的規模，包括 MonTitan，這些產品對價格的敏感度低於消費市場。

We expect AI demand to continue to put a greater demand on inference than it has. A more large learning model reach maturity, putting more focus on the high performance, high capacity storage capability that a QLC-based SSD ideally suited to address.

我們預期人工智慧的需求將繼續對推理能力提出比以往更高的要求。規模更大的學習模型日趨成熟，更加重視高效能、高容量的儲存能力，而基於 QLC 的 SSD 正好能夠完美地滿足這項需求。

I will now discuss each of our business units in greater details, starting with the eMMC and UFS. We experience another exceptional quarter of growth in our eMMC UFS business with the trends across the board in smartphones, automotive, industrial, and IoT. eMMC and UFS revenue was up over 20% sequentially, as we continue to increase our market share and capitalize our new product introduction.

接下來，我將更詳細地討論我們各個業務部門，首先是 eMMC 和 UFS。由於採用智慧型手機、汽車、工業和物聯網等各領域的成長趨勢，我們的eMMC UFS業務又迎來了一個卓越的季度成長。 eMMC和UFS營收季增超過20%，這得益於我們不斷擴大市場佔有率並充分利用新產品上市帶來的收益。

Mom makers are benefiting as NAND maker have walked away from eMMC and UFS2 due to lower HD margin, which has helped maker gain market share rapidly using our eMMC and controls. Overall, end market demand in the third quarter was higher than expected and help us deliver strong sequential growth with our NAND flash partner as well.

由於 NAND 快閃記憶體製造商因高清利潤率較低而放棄了 eMMC 和 UFS2，因此母盤製造商受益匪淺，這幫助製造商利用我們的 eMMC 和控制技術迅速獲得市場份額。整體而言，第三季終端市場需求高於預期，這也有助於我們與 NAND 快閃記憶體合作夥伴實現強勁的環比成長。

[Smartphone OEM] continued to shift to our new UFS controller in mainstream and now value line devices driving better AP margin for our business. Additionally, we continue to have success with our engagement with the QLC controller.

[智慧型手機 OEM] 繼續在主流和現在的入門級設備中採用我們新的 UFS 控制器，從而為我們的業務帶來更好的 AP 利潤。此外，我們與 QLC 控制器的合作也持續取得成功。

Our first customer is introducing a second smartphone with our chip in the current quarter. We plan to introduce additional model next year. Given the current NAND environment, we expect that other smartphone manufacturers will increasingly look to QLC to deliver high capacity storage at lower cost, which could lead to further customer engagement.

我們的首位客戶將在本季推出第二款搭載我們晶片的智慧型手機。我們計劃明年推出另一款車型。鑑於目前的 NAND 環境，我們預計其他智慧型手機製造商將越來越多地尋求使用 QLC 以更低的成本提供高容量存儲，這可能會進一步提高客戶參與度。

UFS will continue to grow rapidly in the smartphone market as low-end smartphones continue migrating from eMMC to UFS to deliver better performance cost effectively. [Smartphones] are rapidly shifting away from eMMC to UFS. eMMC remains an important revenue driver for the motion.

隨著低階智慧型手機不斷從eMMC遷移到UFS以更經濟高效地提升效能，UFS在智慧型手機市場將繼續快速成長。 [智慧型手機]正迅速從eMMC轉向UFS。 eMMC仍然是推動這一趨勢的重要收入來源。

As we mentioned, the market eMMC extended well beyond mobile phones and accounts for more than 900 million units annually. The market for eMMC include automotive, commercial, industrial, IoT, smart devices, databox, and the streaming devices, robotics, and many more, including the rapidly growing market for smart glasses championed by Meta, Apple, Google, Amazon, Xiaomi, and others.

正如我們所提到的，eMMC 的市場應用範圍遠遠超出了行動電話領域，年銷量超過 9 億片。eMMC 的市場涵蓋汽車、商業、工業、物聯網、智慧設備、數據盒、串流媒體設備、機器人等眾多領域，其中包括由 Meta、蘋果、Google、亞馬遜、小米等公司引領的快速成長的智慧眼鏡市場。

These solutions will likely continue to use eMMC, providing a strong foundation for market growth for years to come. But the NAND flash maker increasingly concentrate on the enterprise market. The opportunity for motion, eMMC, UFS continue to grow.

這些解決方案很可能會繼續使用eMMC，為未來幾年的市場成長奠定堅實的基礎。但這家NAND快閃記憶體製造商越來越專注於企業市場。運動控制、eMMC、UFS 的發展機會持續成長。

We expect to see further market share expansion as a flash maker outsource more and believe that our share gain in eMMC UFS will remain strong -- a strong contributor to our future growth. Leading to expanding market opportunity and market growth.

我們預計隨著快閃記憶體製造商更多地外包生產，市場份額將進一步擴大，並相信我們在 eMMC UFS 領域的份額成長將保持強勁勢頭——這將是我們未來成長的重要貢獻者。從而帶來更大的市場機會和市場成長。

I would now just tell our clients business. Our client revenue was up more than 20% sequentially in the September quarter after a slower start in the first half of the year.

我現在只會告訴我們的客戶業務。今年上半年開局較為緩慢，但9月季度客戶營收季增超過20%。

We are beginning to see greater PC demand driven by some setting of Windows 10 this month and the adoption of AI at the edge in commercial and the consumer PC, which require higher performance SSD solution. We are also benefiting from the policy impact of our eight channel PCIe5 controller that launched at the end of the last year, which is with revenue growing 45% sequentially in the third quarter and which now represents more than 15% of our client revenue.

本月，受 Windows 10 某些設定以及商業和消費級 PC 邊緣 AI 的應用推動，PC 需求量有所增加，這需要更高效能的 SSD 解決方案。我們也受惠於去年底推出的八通道 PCIe5 控制器的政策影響，第三季的營收季增了 45%，目前占我們客戶營收的 15% 以上。

This new controller has significantly higher SSD than our PCIe4 offering. And it will help drive revenue growth as it scales. As we have discussed, we have four of the six NAND flash makers and nearly all the module makers using this performance leading controller for their high-end operation.

這款新控制器的固態硬碟容量比我們現有的 PCIe4 產品高出許多。隨著規模擴大，這將有助於推動收入成長。正如我們之前討論過的，六家 NAND 快閃記憶體製造商中有四家以及幾乎所有模組製造商都在其高端產品中使用這款性能領先的控制器。

And then we expect to capture significant market share in the top tier for the PC market first time, which represents approximately 10% to 15% of the overall market.

然後，我們預計首次在PC市場的高端市場佔據相當大的市場份額，這大約佔整個市場的10%到15%。

We have wins with all the top OEM in many of the upcoming high-end models that are expected to shift later this year in the scale through our next. We are introducing our 26 nanometer PCIe5 controller during the four channel version by targeting the mass PC market and that we will begin initial shipments this quarter. We have already secured design wins with also four NAND flash maker and nearly all the module maker for this controller as well.

我們與所有頂級 OEM 廠商都達成了合作，將在即將推出的許多高階車型中推出，預計今年稍後透過我們的下一代產品進行大規模推廣。我們將推出 26 奈米 PCIe5 控制器，採用四通道版本，目標市場為大眾 PC 市場，並將於本季開始首次出貨。我們已經與四家 NAND 快閃記憶體製造商以及幾乎所有該控制器的模組製造商達成了設計合作協議。

This new controller targets the largest segment of PC. And retail is the market and we expect that it will help drive our client PC market share from approximately 30% today to 40% over the next few years.

這款新型控制器瞄準了個人電腦市場最大的細分領域。零售市場是其主要市場，我們預計它將有助於在未來幾年內將我們的客戶電腦市場份額從目前的約30%提升至40%。

We expect the PCIe5 will become the dominant technology in consumer education over the next few years, and we are in the best position to benefit given our strong customer partnership with both NAND flash makers and module makers.

我們預計 PCIe5 將在未來幾年成為消費教育領域的主導技術，而我們與 NAND 快閃記憶體製造商和模組製造商建立了強大的客戶合作關係，因此我們處於最有利的地位，能夠從中受益。

I will not provide an update of our automotive business. We continue to experience significant design wing activity in our automotive segment across each of our units, including eMMC, UFS, PCIe, and our Ferri embedded solution.

我不會提供我們汽車業務的最新進展。我們在汽車領域的各個部門，包括 eMMC、UFS、PCIe 和 Ferri 嵌入式解決方案，都持續進行重要的設計研發活動。

While the overall market has experienced challenges in 2025, given the broader geopolitical and terror issues, we continue to grow our product portfolio and market share. We are also benefiting from the super trend of increased vehicle compact, which is driving the need for additional high-speed, high performance storage.

儘管 2025 年整體市場面臨許多挑戰，包括更廣泛的地緣政治和恐怖主義問題，但我們仍在不斷擴大產品組合和市場份額。我們也受惠於汽車小型化這一超級趨勢，這推動了對更多高速、高性能儲存設備的需求。

We recently won significant design wins with a Tier 1 Japanese auto manufacturer in the global model that could contribute to top-line growth moving forward. As I mentioned during our last call, we also recently won with a large South Korea customer that has started to sample our eMMC controlled based solution to multiple automotive OEM, which we expect to drive further growth in our most business in 2026 and.

我們最近與一家日本一級汽車製造商在全球範圍內贏得了重要的設計訂單，這可能有助於未來的營收成長。正如我在上次通話中提到的，我們最近也贏得了一家韓國大型客戶的訂單，該客戶已開始向多家汽車OEM廠商試用我們基於eMMC控制的解決方案，我們預計這將推動我們在2026年及以後的大部分業務進一步增長。

We are also on track to extend our lead in A5 certification, which we achieved this year with the Level 3 certification for PCIe4 controller. We plan to take our next generation automotive PCIe controller package.

我們預計將進一步擴大在 A5 認證方面的領先優勢，今年我們透過 PCIe4 控制器的 3 級認證實現了這一目標。我們計劃推出下一代汽車級 PCIe 控制器封裝。

Increased demand for advanced storage solution in automotive is being driven by AI multiple screen integration, ADAS sensors, cameras, navigation, and other application. We are shipping to many of the leading automotive manufacturers in the world, including Tesla, BYD, Xiaomi, Mercedes, Toyota, Honda, and many others.

汽車領域對先進儲存解決方案的需求不斷增長，這主要得益於人工智慧多螢幕整合、ADAS感測器、攝影機、導航等應用的發展。我們向世界許多領先的汽車製造商供貨，包括特斯拉、比亞迪、小米、賓士、豐田、本田等等。

Entering the second half of 2025, we experienced greater than expected demand from our partner in China, as our strong design pipeline has led to market share gains with leading car maker like BYD and CD. Chinese automotive brands are rapidly taking market share worldwide, even their leadership in electric low-cost vehicles.

進入 2025 年下半年，我們在中國合作夥伴的需求超出預期，因為我們強大的設計產品線已幫助我們在比亞迪和 CD 等領先汽車製造商中獲得了市場份額。中國汽車品牌正迅速搶佔全球市場份額，甚至在低成本電動車領域也處於領先地位。

We continue to introduce compelling new automotive controllers. And as we expand our customer relationship, we remain confident that automotive will represent at least 10% of our revenue by 2026. Finally,

我們持續推出極具吸引力的新型汽車控制器。隨著我們不斷拓展客戶關係，我們仍然相信到 2026 年，汽車產業將至少占我們收入的 10%。最後，

I will now provide an update to our enterprise business. The requirement of AI computation training and ignorance are rapidly evolving and driving new requirements on storage and memory solutions that deliver performance capacity, power, and affordability. These growing opportunities are expanding the prospect for second motion MonTitan family of enterprise grade controller.

接下來我將報告我們企業業務的最新進展。人工智慧運算訓練和無知的需求正在迅速發展，並對儲存和記憶體解決方案提出了新的要求，這些解決方案需要具備高效能、高功耗和經濟實惠的條件。這些不斷增長的機會正在擴大二次運動 MonTitan 系列企業級控制器的前景。

The need for increased fee and lower latency is driving greater adoption of the lead in the data centers and the industry is increasingly looking to adopt that solution in one storage -- fuel storage, and eventually near to fuel storage as well.

對更高費用和更低延遲的需求正在推動資料中心更廣泛地採用鉛，而該行業正越來越多地尋求在單一儲存（燃料儲存）中採用該解決方案，並最終在燃料儲存附近也採用該解決方案。

Our MonTitan solutions, ideally we need to address the increasing requirements of AI workload for both Compute SSD using TLC high capacity one storage SSD using filler. The opportunity for compute SSD represent most of the enterprise market today while high capacity SSD are just beginning when.

我們的 MonTitan 解決方案，理想情況下，我們需要滿足 AI 工作負載不斷增長的需求，包括使用 TLC 高容量的運算 SSD 和使用填充的儲存 SSD。計算型 SSD 目前佔據了企業市場的大部分份額，而高容量 SSD 的市場才剛起步。

But I expected to be much larger market opportunity longer. In MonTitan for compute storage TLCD application is increasing. This quarter, our customers are beginning publication with end customer TLC Enterprise and data center with TLC-based high performance UHD using our MonTitan controller, targeting the high performance requirements of AI in the data center.

但我原本預期市場機會會更大，持續時間也會更長。在MonTitan中，用於計算儲存的TLCD應用程式正在增加。本季度，我們的客戶開始發布基於 TLC 的高效能 UHD 終端客戶 TLC 企業級資料中心，該資料中心採用我們的 MonTitan 控制器，旨在滿足資料中心中 AI 的高效能需求。

We expect these qualifications to progress into the first half of next year and begin to run commercially in the second half of next year.

我們預計這些資格認證將在明年上半年取得進展，並在明年下半年開始商業化營運。

For high performance, high capacity QCSD, our MonTitan-based solution help deliver significant advantage over HDD for the AI inference in for CSP, hyperscaler, and enterprise by elevating the speed and power bottleneck inherent HDD technology for one storage.

對於高效能、高容量的 QCSD，我們基於 MonTitan 的解決方案透過提升速度和功率瓶頸，為 CSP、超大規模資料中心和企業級 AI 推理提供了比 HDD 更顯著的優勢，從而將 HDD 技術固有的速度和功率瓶頸提升到一個儲存空間。

The street to NAND technology for long storage is being accelerated by the current supply shortage in the major HD manufacturers, making HDD more expensive and high capacity QLC is cost effective performance options.

由於主要硬碟製造商目前面臨供應短缺，導致硬碟價格上漲，而高容量 QLC 則成為性價比更高的選擇，這加速了 NAND 技術在長期儲存領域的應用。

Longer-term, one star requirement offer a much bigger market opportunity when compared to the opportunity for compute SSD and we see increasing interest in our industry leading MonTitan QLC solution. We are on track to begin and customer qualification for QLC based high capacity late this year or early next year.

從長遠來看，一星級需求比計算 SSD 的市場機會要大得多，我們看到人們對我們領先業界的 MonTitan QLC 解決方案的興趣日益濃厚。我們正按計畫推進，將於今年底或明年年初開始進行基於QLC的高容量產品的客戶資格認證。

We are increasingly confident in MonTitan a significant new growth opportunity given our successes and the win today in both the compute and high capacity one storage market. We remain confident that MonTitan will deliver 5% to 10% of revenue at the late 2026 or 2027 time frame, but they, these new opportunities and customers in the near and the midterm.

鑑於我們在運算和高容量儲存市場的成功以及今天在運算和高容量儲存市場的勝利，我們對 MonTitan 的前景越來越有信心，認為它是一個重要的全新成長機會。我們仍然相信，MonTitan 將在 2026 年底或 2027 年實現 5% 至 10% 的收入成長，但他們也看到了近期和中期內的新機會和新客戶。

And then finally, we continue to collaborate with customer deliver compounding enterprise full drive solutions that can work across multiple platforms engaging directly with the world leading AI GPU makers as well as hyperscaler and the CSP.

最後，我們繼續與客戶合作，提供可跨多個平台運行的複合型企業級全驅動解決方案，直接與世界領先的 AI GPU 製造商、超大規模資料中心營運商和 CSP 合作。

We began volume shipments of a full drive to the leading AI GPU makers this quarter for their current GPU product and start in quotation of their next generation GPU for products. Working on expanding our relationship with the customer, we are also in the Caucasian process of our (inaudible) solution for a variety of switch product also as well, including (inaudible) based design, as well as internet switch design, both of which are expected to run later next year.

本季度我們開始向領先的 AI GPU 製造商批量交付完整的硬碟，用於他們當前的 GPU 產品，並開始為他們的下一代 GPU 產品提供報價。為了拓展與客戶的關係，我們也積極推動針對各種交換機產品的（聽不清楚）解決方案，包括（聽不清楚）設計以及網路交換器設計，這兩項計畫都將於明年稍後啟動。

We expect the blue-dry solution will add an additional long-term sustainable growth driver for the motion as we expand our story technology and business partnership with this leading GPU, CPU makers.

我們預計，隨著我們與這家領先的 GPU 和 CPU 製造商擴大故事技術和業務合作關係，藍色乾燥解決方案將為運動領域帶來額外的長期可持續成長動力。

In conclusion, the third quarter of 2025 delivers significant growth of our business, but we asked you on our diversification strategy with new products and new markets. We continue to see the reward of investments that have made over the past few years. This investment through our market leading nanometer products, our new UFS controller, our new MonTitan, and booster-amplified car solution of growing automotive portfolios and our new microSD product for multiple occasions, including Nintendo Switch 2.

總而言之，2025 年第三季我們的業務實現了顯著成長，但我們詢問了您關於我們透過新產品和新市場實現多元化策略的問題。我們持續看到過去幾年投資帶來的回報。這項投資涵蓋了我們市場領先的奈米產品、我們新的UFS控制器、我們新的MonTitan、以及不斷增長的汽車產品組合的增強型汽車解決方案，還有我們適用於多種場合的新型microSD產品，包括Nintendo Switch 2。

We have never been in a better position than our market share, given our leading product portfolio and the growing need for flash makers to shift their focus on consumers to enterprise patients. Given the growing demand in our legacy business and our new automotive and enterprise products, I'm increasingly confident that we will deliver a strong, sustainable, top and bottom line growth given our current backlog, I'm very confident in our ability to exceed our target annual revenue run rate of more than $1 billion this quarter.

鑑於我們領先的產品組合以及快閃記憶體製造商日益增長的需求，即從消費者轉向企業患者，我們目前的市場份額從未如此之高。鑑於我們傳統業務以及新的汽車和企業產品需求不斷增長，我越來越有信心，憑藉我們目前的積壓訂單，我們將實現強勁、可持續的營收和利潤增長。我對我們本季實現超過 10 億美元年度營收目標的能力非常有信心。

Now let me turn the call to Jason to go over our financial performance outlook.

現在我把電話交給傑森，讓他來介紹我們的財務表現展望。

Thank you, Wallace, and good morning to everyone joining us today. I'll discuss additional details of our third quarter results and then provide our outlook. Please note that my comments today will focus primarily on our non-GAAP results unless otherwise specifically noted. The reconciliation of our gaps and non-GAAP data is included in the earnings released today.

謝謝你，華萊士，也祝今天所有參加我們節目的朋友們早安。我將進一步討論我們第三季業績的細節，然後提出我們的展望。請注意，除非另有特別說明，我今天的發言將主要集中在我們的非GAAP業績上。今天發布的收益報告中包含了我們對差距和非GAAP數據的調整。

In the September quarter, sales increased 22% to 242 million, coming in well above the high end of our guided ranges experience a strong rebound, mobile demand, strong growth in our PCIe5 planet. Gross margins was at the higher end of our guidance range and increased again in the quarter to 48.7%, so we continue to capitalize on new product productions being made.

9 月季度，銷售額成長 22% 至 2.42 億，遠超我們預期範圍的高端，經歷了強勁反彈，行動需求強勁成長，我們的 PCIe5 業務也實現了強勁成長。毛利率處於我們預期範圍的較高水平，並且在本季度再次增長至 48.7%，因此我們繼續利用新產品生產帶來的收益。

Operating expenses increased sequentially to 79.5 million as we continue to invest in new projects and expand our customer engagements to further growth and support our significant pipeline of new opportunities.

由於我們持續投資新項目並擴大客戶合作以進一步成長並支持我們大量新機遇，營運支出較上季增加至 7,950 萬。

Operating margins increased sequentially to 15.8%, well above our guided range, resulting from improved gross margins, higher than expected revenues during the quarter. Our earnings for ADS was $1.

營業利潤率較上季成長至 15.8%，遠超我們預期範圍，這得益於毛利率的提高以及本季營收高於預期。我們ADS的收益為1美元。

Total stock compensation, which we exclude from non-GAAP results, was 5.5 million in the third quarter, and we had 272.4 million cash, cash equivalent for restricted cash at the end of the third quarter compared to 282.3 million at the end of the second quarter 2025.

第三季股票補償總額（不包括在非GAAP業績）為550萬美元，截至第三季末，我們持有2.724億美元現金及受限現金等價物，而2025年第二季末為2.823億美元。

Cash declined in the third quarter primarily from a combination of dividend payment of 16.7 million and an increase in inventory to support our expected strong business rate.

第三季現金減少主要是由於支付了 1,670 萬美元的股息以及為支持我們預期強勁的業務成長而增加了庫存。

Our team executed well and our operational discipline delivered significant outperformance despite continuing investment in new advanced geometry products and our emerging MonTitan platform for their enterprise and AI markets.

儘管我們持續投資於新的先進幾何產品和企業及人工智慧市場的新興 MonTitan 平台，但我們的團隊執行出色，營運紀律也帶來了顯著的超額收益。

Now we'll discuss our fourth quarter outlook. Revenue is expected to increase 5% to 10% to 254 million to 266 million above our initial target of 250 million we had set at the start of this year.

接下來我們將討論第四季的展望。預計營收將比年初設定的 2.5 億目標成長 5% 至 10%，達到 2.54 億至 2.66 億。

We expect four quarter strength to be driven primarily from our client SSD controllers and SSD solutions. Gross margins are expected to be in the range of 48.5% to 49.5%, and operating margin is expected to be in the range of 15% -- 19% to 20%, approaching our historical operating profitability levels as we plan to benefit from higher revenue, higher gross margins, and lower operating expenses sequentially.

我們預計未來四個季度的業績成長主要來自我們的客戶 SSD 控制器和 SSD 解決方案。預計毛利率將在 48.5% 至 49.5% 之間，營業利潤率將在 15% 至 19% 至 20% 之間，隨著我們計劃受益於更高的收入、更高的毛利率和更低的營運費用，這將使我們的營業盈利能力接近歷史水平。

Our effective tax rate is expected to be approximately 18%. Stock-based compensation and dispute-related expenses is expected to be in the range of 18.1% to 19.1 million. Despite the uncertainty this year, given rapid geopolitical changes and tariff impacts, our team has remained focused on execution and building an incredibly strong pipeline for long-term growth.

我們的實際稅率預計約為18%。預計股票選擇權補償和爭議相關費用將佔總收入的 18.1% 至 1,910 萬美元。儘管今年地緣政治局勢瞬息萬變，關稅影響巨大，充滿不確定性，但我們的團隊始終專注於執行，並致力於建立一個極其強大的長期成長管道。

We have successfully scaled new products, engaged with new customers, and expanded into new markets that will lead to higher market share and greenfield growth opportunities and enterprise storage, and we're just getting started.

我們已成功擴大新產品規模，與新客戶建立聯繫，並拓展到新市場，這將帶來更高的市場份額、全新的成長機會和企業存儲，而這只是個開始。

We expect to continue to invest to further expand our position as a leading merchant controller maker in the world for eMMC and UFS, fine SSDs, automotive applications, high performance and high capacity enterprise and data storage -- data center storage

我們將繼續投資，進一步鞏固我們作為全球領先的商用控制器製造商的地位，產品涵蓋eMMC和UFS、高端SSD、汽車應用、高性能高容量企業級資料儲存以及資料中心儲存等領域。

As we look ahead, our pipeline for growth in 2026 and beyond has never been stronger, and we look forward to discussing it in greater detail when we report again in three months. This concludes our prepared comments. I'd like to open up for questions now. Operator?

展望未來，我們2026年及以後的成長前景從未如此強勁，我們期待在三個月後再次發布報告時對此進行更詳細的討論。我們的發言到此結束。現在我想接受提問。操作員？

Neil Young, Needham& Company.

尼爾楊，Needham & Company。

Hey everybody, thanks for letting me ask you a question. Can you dive a little deeper in your comment, in the press release about white box AI server makers continuing to leverage mainstream hardware components?

大家好，感謝各位允許我提問。您能否在評論中更深入地探討一下關於白盒AI伺服器製造商繼續利用主流硬體組件的新聞稿？

I believe your SSD controller sales are typically a PC/other consumer applications. So can you just give us a sense of how much of the SSD controller revenue in this quarter came from? The white box AI server makers you referenced and where you expect that to trend going forward and then have a follow-up. Thanks.

我認為你們的固態硬碟控制器銷售主要面向個人電腦及其他消費性應用。那麼，您能否簡單介紹一下本季 SSD 控制器營收的來源？您提到的白盒 AI 伺服器製造商，以及您預計其未來發展趨勢，並進行後續跟進。謝謝。

The man with a white box is an AI all in one server and the primarily they come from China and Taiwan. Some are deep sick all in one server white box and some in others on the other training model. I think there are 2,508 channel PCIe5 controller is well positioned in the market. We cannot comment we don't know exactly the volume, but it's a growing momentum for all the. Yeah in one server. It's similar like a media and now that MGX DGX GPU for this kind of market.

那個拿著​​白色盒子的人是一個人工智慧一體化伺服器，它們主要來自中國大陸和台灣。有些伺服器的白色盒子嚴重損壞，而有些伺服器則使用其他訓練模型。我認為擁有 2508 個通道的 PCIe5 控制器在市場上定位良好。我們無法評論，因為我們不清楚確切的數量，但這對所有人來說都是一個不斷增長的勢頭。是的，在一台伺服器上。它類似於媒體，現在MGX DGX GPU就是為這種市場而生的。

Okay, thanks. And then looking at the gross margin guide midpoint coming in at 49%, I was wondering if you could, maybe walk through the moving pieces of the gross margin in 4Q, and then, if possible, could you share sort of where you expect gross margin to trend next year, if not, at least what the main drivers of the gross margin improvement should be in 2026. Thanks.

好的，謝謝。然後，考慮到毛利率預期中位數為 49%，我想請您分析一下第四季度毛利率的變動因素，如果可能的話，能否分享一下您對明年毛利率走勢的預期？如果不能，至少能否說明一下 2026 年毛利率改善的主要驅動因素是什麼？謝謝。

Yeah, so certainly as we continue into the fourth quarter scaling new products like PCIe5, new generation products tend to have better gross margins that offset the declining gross margins of older products. We do expect to see, as MonTitan continues to scale, to have some incremental benefits, but certainly that remains a relatively small portion of our business today. We're not guiding for 2026 at this point. We'll talk more about that in three months' time, so stay tuned for that.

是的，隨著我們進入第四季度，像 PCIe5 這樣的新產品不斷擴大規模，新一代產品的毛利率往往更高，可以抵消老產品毛利率下降的影響。我們預計，隨著 MonTitan 的持續發展，將會帶來一些額外的好處，但可以肯定的是，這在目前我們的業務中仍然只佔很小一部分。我們目前不提供 2026 年的業績指引。我們將在三個月後詳細討論這個問題，敬請期待。

But certainly, we are excited that we're back to kind of the normalized range that we historically have been, historical range has been 48% to 50%, and we're guiding smack in the middle of that. So we're pretty happy that we've been able to recover off of obviously some tough times a couple of years ago, but we're back to where we were historically.

當然，我們很高興能夠回到歷史上一直保持的正常範圍，歷史範圍是 48% 到 50%，而我們目前的指導值正好位於這個範圍的中間。所以我們很高興能夠從幾年前的艱難時期中恢復過來，回到我們歷史上的水平。

Do you have any follow-up question, Neil?

尼爾，你還有其他問題嗎？

That's all for me. Thank you.

我就說這些了。謝謝。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Yeah, thanks for taking the question and team congratulations on real good execution. I wanted to start with a question that takes off from Jason's comments that the company is just getting started and in enterprise storage and ask a question that's fairly broad and has a couple of parts to it.

是的，謝謝你回答這個問題，也恭喜團隊執行得非常出色。我想先提出一個問題，這個問題源自於 Jason 的評論，即該公司剛起步，並且涉足企業儲存領域。我想問一個比較廣泛且包含幾個部分的問題。

So if we look at what our ambition is over the next year plus with MonTitan and Enterprise storage classically defined and think about what's going on currently with boot drive controllers and full solutions already starting to ship and picking up and maybe diversifying our customer base next year and then and this part would be for you Wallace as we think about some of the news that's coming out of Korea and other.

所以，如果我們展望未來一年多的時間，看看MonTitan和企業級儲存的經典定義，並思考一下目前啟動驅動器控制器和完整解決方案的進展情況，這些解決方案已經開始出貨並逐漸普及，明年我們或許可以實現客戶群的多元化。接下來這部分內容是給Wallace的，因為我們還要考慮一些來自韓國和其他地方的新聞。

Countries about the development of high bandwidth flash and while some could be skeptical that that may just be like storage class memory which went nowhere for 15 years, but with some leading OEMs behind it very likely could. How do we think about the arc of those drivers as we go from '25 to '26 and '27 and what can enterprise broadly defined be for the company longer.

各國都在關注高頻寬快閃記憶體的發展，雖然有些人可能懷疑這可能就像 15 年來毫無進展的儲存級記憶體一樣，但由於一些領先的 OEM 廠商的支持，它很有可能會取得成功。從 2025 年到 2026 年和 2027 年，我們如何看待這些驅動因素的演進軌跡？從長遠來看，企業的定義又是什麼？

Thank you for your question. Please remain on the line. Your conference will resume shortly.

謝謝你的提問。請不要掛斷電話。會議即將繼續進行。

Presenters, you may continue your conference.

各位發言人，你們可以繼續進行會議了。

Craig, you may want to repeat your question?

克雷格，你可能需要再問一次你的問題？

Sorry, Craig.

抱歉，克雷格。

Yeah, the question is this if we look at enterprise storage broadly, including MonTitan as traditional enterprise storage, but also include the boot drive business with one customer shipping now but maybe diversifying and think longer-term about what's possible from high bandwidth flash if that were to be. An opportunity because certainly that's going to be QLC where you're particularly strong. Just to talk about --

是的，問題是這樣的：如果我們從廣義上看待企業存儲，包括 MonTitan 作為傳統企業存儲，但也包括啟動盤業務（目前只有一家客戶在出貨，但可能正在多元化發展），並思考高頻寬閃存的長期發展前景。這是一個機會，因為QLC肯定是你們的強項。只是想聊聊--

Just a moment, sir. The conference will resume shortly, just a moment. Ladies and gentlemen, please remain on the line. Your conference will resume shortly. Please remain on the line, your conference will resume shortly. Please remain on the line. Your conference will resume shortly. We have the speakers back.

稍等片刻，先生。會議即將繼續，請稍等片刻。女士們先生們，請保持通話。會議即將繼續進行。請保持通話，會議即將繼續。請不要掛斷電話。會議即將繼續進行。音箱已經修好了。

Hi there, sorry about that. We're back.

您好，很抱歉。我們回來了。

Okay, should I give the question a third shot? Okay, alright, yeah, thank you. Yeah, so looking at, enterprise storage broadly from MonTitan classic Enterprise storage that's starting to ramp with qualifications and then shipments next year, but boot drive controllers and storage getting going now.

好吧，我該再問第三次這個問題嗎？好的，好的，謝謝。是的，從廣義的企業儲存來看，MonTitan 經典的企業儲存產品正在逐步獲得認證，明年將開始出貨，而啟動磁碟機控制器和儲存產品現在也開始發展起來了。

And with the potential for high bandwidth flash to come in as a much needed AI-based solution a few years down the road, how do we think about the longer-term mark of storage as we just get started with boot drives this year pick up MonTitan, and then ramp those over the ensuing few years and. And what could high bandwidth flash do for the business as a third driver longer-term? Thank you.

鑑於高頻寬快閃記憶體有望在未來幾年成為急需的基於人工智慧的解決方案，我們該如何看待儲存的長期發展？今年我們才剛開始使用啟動盤，選擇了MonTitan，然後在接下來的幾年裡逐步擴大規模。長遠來看，高頻寬快閃記憶體作為第三個驅動因素，能為企業帶來什麼？謝謝。

So first of all, I want to clarify. The 5% to 10% of the total revenue '26 to '27 does not include a boot drive for the current the GPU design and also for the additional switch boot drive solution. But we do see moving to 2026 is the best and challenging year for storage industry, there's so many new opportunities coming, not the conventional computer storage, but also.

首先，我想澄清一下。2026 年至 2027 年總收入的 5% 至 10% 不包括目前 GPU 設計的啟動磁碟機以及額外的交換器啟動磁碟機解決方案。但我們認為，2026 年是儲存產業發展的最佳和最具挑戰性的一年，將會出現許多新的機遇，不僅是傳統的電腦存儲，還有其他方面。

Warm storage is the high capacity and then moving forward it will be near GPU storage. So there's so many new opportunities for MonTitan controller to feed in. And we also preparing to welcome growing market. We just need to for more R&D resources to meet the demand. And in parallel, I think this is a great opportunity we see MonTitan scale up. Our boot drive solution also good scale up quickly in 2026 and moving to some CSV design too.

熱儲存容量大，未來將接近GPU儲存。因此，MonTitan 控制器有許多新的機會可以應用。我們也在為迎接不斷成長的市場做好準備。我們只需要投入更多研發資源來滿足需求。同時，我認為這對MonTitan來說是一個絕佳的擴張機會。我們的啟動盤解決方案在 2026 年也能快速擴展，也會轉向一些 CSV 設計。

And Wallace, what's your view on the potential for high bandwidth flash to be a third driver of Enterprise broadly defined longer-term?

華萊士，你認為高頻寬快閃記憶體有可能成為企業級應用（廣義定義）的第三個長期驅動因素嗎？

The high HBF I think this is a very interesting product. And this is, there's all designed for AI inference near GPU. We see there's SLC 3D, 3D SLC technology moving to meet certain near GPU leaders requirements. But HBF also very interesting the packaging technology is the conventional standard 3D net.

我覺得這款產品HBF值很高，非常有趣。而這一切都是為在 GPU 附近進行 AI 推理而設計的。我們看到 SLC 3D、3D SLC 技術正在發展以滿足某些接近 GPU 領先水準的要求。但HBF的包裝技術也非常有趣，它是傳統的標準3D網狀結構。

But this will require a new controller and packing technology. We will monitor carefully because we believe initially this belonged to all the NAND makers development and we are also invited to join the business, but I think we are out of a resource, want to monitor when the market become more mature, more stable, and we will participate.

但這將需要新的控制器和封裝技術。我們會密切關注，因為我們認為這最初屬於所有 NAND 製造商的發展範疇，我們也受邀參與其中，但我認為我們目前資源不足，希望等到市場更加成熟、穩定後再參與。

Thank you. And then the second question is a question regarding the comments from you and Jason around NAND sufficiency and the implications for shipments next year. So you have an advantage you're leverage with all NAND suppliers. What messaging are they giving you with regard to how they're going to prioritize their output and capacity allocations across enterprise versus PC versus smartphone and then consumer applications and what does that mean for the various growth drivers of the business in 2026? Thank you.

謝謝。第二個問題是關於您和 Jason 對 NAND 容量充足性的評論以及對明年出貨量的影響。所以你擁有優勢，可以與所有NAND供應商談判。他們向你們傳達了怎樣的訊息，關於他們將如何優先考慮企業應用、PC 應用、智慧型手機應用以及消費者應用之間的產出和產能分配，這對 2026 年業務的各種成長驅動因素意味著什麼？謝謝。

I think you asked a very good question. We're facing -- it never happened before, the HDD, DRAM, HVM, NAND, all in severe shortage in 2026. Most of our capacity are sold out.

我認為你問了一個非常好的問題。2026 年，我們將面臨前所未有的局面：硬碟 (HDD)、動態記憶體 (DRAM)、高容量記憶體 (HVM)、NAND 快閃記憶體都將嚴重短缺。我們的房源大多已售罄。

And I think I did talk to many of us the major makers, and but I really cannot comment what kind of allocation policy going to do. However, the leading maker, they will keep a discipline. And they will consider the balancing for the industry. They're not just favor AI and server of AI data center. They will consider certain percent for smartphone, certain percentage for PC, and certain for automotive. Of course, the majority will go to the AI and the AI server. So but balancing is very important, so we can keep the whole industry moving forward.

我想我的確和很多主要廠商都談過了，但我真的無法評論什麼樣的分配政策會起作用。然而，作為行業領導者，他們會保持嚴謹的作風。他們會考慮如何平衡產業發展。他們不僅青睞人工智慧和人工智慧資料中心的伺服器。他們會考慮智慧型手機、個人電腦和汽車分別佔一定比例的份額。當然，大部分數據會流向人工智慧和人工智慧伺服器。所以，保持平衡非常重要，這樣我們才能讓整個產業繼續向前發展。

Suji Desilva, ROTH Capital.

Suji Desilva，ROTH Capital。

Hi Wallace. Hi Jason. Congratulations on the progress here. For MonTitan you're going to talk about two lead customers and customers initially now more. I know one of them was an OEM who was, I think in turn trying to themselves secure hyperscale customers. Has that happened with that lead customer? And if so, what's the start of ramp timing for that customer?

你好，華萊士。嗨，傑森。恭喜你們的進展。對於 MonTitan，您將談到兩個主要客戶，以及最初更多的客戶。我知道其中一家是原始設備製造商 (OEM)，我認為他們反過來也在努力爭取超大規模客戶。那位主要客戶也遇過這種情況嗎？如果屬實，該客戶的產能爬坡時間是什麼時候？

I cannot comment the ramping. I think they're very close to the, As tier one customers, some was developed the firmware themselves, some of the joint development with that together. We cannot comment on the renting, getting very close, but because MonTitan getting a tremendous demand from multiple customers at tier two, so we're busy to provide solutions for both TLC and QLC. Hopefully, we can start a small ramp in the Q4 and then we see the more meaningful ramp In the 2026.

我無法對加速過程發表評論。我認為他們關係非常密切，作為一級客戶，有些韌體是他們自己開發的，有些則是與他們共同開發的。我們無法對租賃事宜發表評論，因為租賃事宜已經非常接近完成，但由於 MonTitan 收到了來自二級客戶的大量需求，所以我們正忙於為 TLC 和 QLC 提供解決方案。希望我們能在第四季度開始小幅成長，然後在 2026 年看到更顯著的成長。

Okay, thanks. Well, it's very helpful. And my other questions on the arbitration. I'm wondering if there's any update there. Thanks.

好的，謝謝。嗯，這很有幫助。還有我關於仲裁的其他問題。我想知道那邊有沒有什麼最新消息。謝謝。

Yeah, thanks, Suji. Yeah, the arbitration, we had the -- arbitration had begun. The hearing was held as scheduled earlier this month. The tribunal has scheduled oral closing arguments to be in March of 2026, and it is expected that a decision by the tribunal will be available sometime after that.

謝謝你，蘇吉。是的，仲裁，我們已經開始了──仲裁已經開始了。聽證會已於本月初按計劃舉行。仲裁庭已安排於 2026 年 3 月進行口頭結案陳詞，預計仲裁庭的裁決將在之後某個時間公佈。

Tiffany Yeh, Morgan Stanley. Please go ahead, Tiffany.

蒂芬妮葉，摩根士丹利。請繼續，蒂芙尼。

Yeah, thank you. So, good morning and good evening, gentlemen. Thanks a lot for taking my questions and congrats on the great results and guidance. So my first question is that it seems your inventory value rose around 62% in the third quarter. May we know the reason behind, this is due to the inventory preparation for the BT substrate shortage, and I have a follow-up. Thank you.

是啊，謝謝。先生們，早安，晚上好。非常感謝您解答我的問題，也祝賀您取得如此優異的成績，並感謝您的指導。我的第一個問題是，你們的庫存價值在第三季似乎成長了約 62%。我們想知道背後的原因，這是由於BT基材短缺而進行的庫存準備，我還有一個後續問題。謝謝。

Yeah, so inventory did come up. The inventory increases to support the growing backlog of new business and orders that we have already received, and that's expected to ship over the next few quarters. And the increase in inventories across really all of our product categories, including some low cost land that we had procured earlier as well as, controllers for SSDs as well as eMMC and UFS. So it's a pretty broad based demand that we're seeing and we're preparing ahead of that.

是的，所以庫存問題確實出現了。庫存增加是為了滿足不斷增長的新業務積壓和我們已經收到的訂單的需求，預計這些訂單將在未來幾個季度發貨。我們所有產品類別的庫存都有所增加，包括我們之前採購的一些低成本土地，以及 SSD、eMMC 和 UFS 的控制器。所以我們看到的需求相當廣泛，我們正在為此做好準備。

Oh, okay. Got it. So it seems that the, BD software shortage has kept some of our fabulous peers upside in person next year. So do we see any impact from that, or, because that's what you just indicated, we're fully loaded now, so no worry about that impact?

哦好的。知道了。看來，BD軟體短缺使得我們一些優秀的同行明年能夠線下亮相。那麼我們是否會看到任何影響？或者，正如你剛才所說，我們現在已經滿載運轉，所以不用擔心這種影響？

I think the subtract PCB shortage are lonely time denying power business. We have prepared in advance, but we do need to prepare the production ramp for more controller as well as the Ferri power line. That's why increase our inventory right now.

我認為減少PCB短缺是電力業務面臨的孤獨時期。我們已經提前做好了準備，但我們也需要為更多控制器的生產爬坡以及 Ferri 電力線做好準備。所以，我們現在就應該增加庫存。

Got it. Can I have one more question? So as we head into 2026, we see both our foundry partners and (inaudible) partners all initiating price hike to reflect the elevated material costs. So, how shall we think about the impact to our profitability? And do you think we can further pass through all these elevated costs to our customers? That's all. Thank you.

知道了。我可以再問一個問題嗎？因此，隨著我們邁入 2026 年，我們看到我們的代工廠合作夥伴和（聽不清楚）合作夥伴都開始漲價，以反映不斷上漲的材料成本。那麼，我們該如何看待這對我們獲利能力的影響呢？你認為我們還能把所有這些上漲的成本轉嫁給我們的客戶嗎？就這樣。謝謝。

I think what I can say that TSMC will increase the wafer price from 5,432 nanometer, start from 2025. Our PCIe Gen 6 TSMC 4 nanometer, but it won't be production until late '27 or '28, so there's no cost impact boundary wafer impact for our cost in our controller in the next two to three years.

我認為可以肯定的是，台積電將從 2025 年開始提高 5432 奈米晶圓的價格。我們的 PCIe Gen 6 採用台積電 4 奈米工藝，但要到 2027 年底或 2028 年才會量產，因此在未來兩到三年內，我們的控制器成本不會受到晶圓邊界工藝的影響。

And Tiffany, most of our products are on more trailing edge process geometry, so availability and pricing is certainly better at those trailing edges. The more advanced ones we have today are 6 nano, but a lot of our other products are 12 and 20 or even higher process geometries.

蒂芙尼，我們的大多數產品都採用後緣工藝幾何形狀，因此在這些後緣地區，供貨和價格肯定更好。我們目前最先進的製程是 6 奈米，但我們的許多其他產品採用的是 12 奈米、20 奈米甚至更高的製程幾何尺寸。

Okay. So maybe the impact from Foundry is quite, nearly limited in 2026, but, how about OSATs. Thank you.

好的。所以，到 2026 年，Foundry 的影響可能相當有限，但是，OSAT 呢？謝謝。

OSAT, I think because we have a preliminary agreement, so the OSAT cost impact will be very limited to us, almost irrelevant.

我認為，由於我們已經達成了初步協議，所以 OSAT 成本對我們來說將非常有限，幾乎可以忽略不計。

Gokul Hariharan, JP Morgan.

Gokul Hariharan，摩根大通。

Yeah, hi, Wallace and, Jason, first question, given this very rapid, increase in NAND flash pricing and it seems like we're going to be in a reasonably short supply situation all through 2026, what are the business dynamics that you're seeing from your customers, historically, because the motion used to be a little bit more affected, when NAND flash is very tight given OEMs try to allocate to certain customers.

嗨，華萊士和傑森，第一個問題，鑑於 NAND 快閃記憶體價格的快速上漲，而且看起來我們將在 2026 年全年面臨相當短缺的供應情況，你們從客戶那裡觀察到的業務動態是怎樣的？因為過去，當 NAND 快閃記憶體供應非常緊張時，由於 OEM 廠商試圖將供應分配給某些客戶，業務動態受到的影響會更大一些。

At the same time, QLC NAND is clearly rising. Could you talk a little bit about anything more that you see in terms of either engagement, any reason why you're not kind of getting more bullish about your 5% to 10% kind of, enterprise, SSB exposure given a lot of the activities happening in QLC NAND right now.

同時，QLC NAND 的市佔率明顯上升。您能否再談談您在參與度方面看到的其他情況，以及鑑於目前 QLC NAND 領域發生的許多活動，您為何對您在企業級 SSB 領域 5% 到 10% 的敞口沒有更加樂觀的原因？

I think first of all, more than 50% of a business engage with the NAND OEM business. So we are really well protected in the NAND maker. Secondly, most of our module maker, they have prepared the potential NAND price increase and shortage in advance.

我認為首先，超過 50% 的企業都與 NAND OEM 業務有業務往來。所以，我們在NAND快閃記憶體製造商方面確實得到了很好的保障。其次，我們的大多數模組製造商都已提前做好了應對 NAND 價格上漲和短缺的準備。

So they all have at least 8 to 12 months inventory. And I think they also, although they do have a certain contract with the NAND supplier, but definitely it will be some impact. But I think that most of our customers, when we discussed in the last couple of weeks, they all have a confidence they should walk through in the 2026.

所以他們至少都有8到12個月的庫存。而且我認為，儘管他們與 NAND 供應商簽訂了一定的合同，但這肯定會產生一定的影響。但我認為，在過去幾週的討論中，我們的大多數客戶都對2026年充滿信心。

So we did not see the impact of our business as the coming quarter, or even the first half of 2026. We feel very strong for our backlog and we see we will benefit from the from the NAND supply shortage and become a stronger player in the industry.

因此，我們預計到下一個季度，甚至到 2026 年上半年，我們的業務都不會受到影響。我們對我們的訂單積壓情況非常有信心，我們認為我們將受益於NAND快閃記憶體供應短缺，並成為業內更強大的參與者。

Understood. Any updates on the QLC NAND pipeline, design pipeline and revenue pipeline? I was thinking maybe you would be sounding a little bit more bullish about enterprise SSD given a lot of the activity on QLC NAND recently.

明白了。QLC NAND產品線、設計流程和營收計畫有任何最新進展嗎？我原本以為，鑑於最近 QLC NAND 的活躍度很高，你可能會對企業級 SSD 更加看好一些。

That's exactly true. We are very exciting about the high demand for QLC high capacity enterprise CD. We just need to have as a result. I think they, as you can see, even it's not just the AI inferences, really require high capacity enterprise D because the HDD shortage also trigger higher demand for an urgent demand for the high capacity SSD. That's why we're very busy. I cannot comment about the potential the outcome, but we have to deliver results ASAP.

完全正確。我們對QLC高容量企業級CD的高需求感到非常興奮。我們只需要得到結果。我認為，正如你所看到的，即使不僅僅是人工智慧推理，也確實需要高容量的企業級硬碟，因為硬碟短缺也引發了對高容量固態硬碟的迫切需求。這就是我們如此忙碌的原因。我無法評論結果的可能性，但我們必須盡快取得成果。

And Gokul, we're not changing our expectations at this point yet, in spite of the strong demand, we're still targeting 5% to 10% of our revenue in that '26, '27 time frame.

Gokul，儘管需求強勁，但我們目前還沒有改變預期，我們仍然計劃在 2026 年、2027 年期間實現 5% 到 10% 的收入。

Okay, are you an existing customers because new designs will obviously take time to kind of cascade in, but are your existing customers optimizing meaningfully, compared to what you thought maybe six months back?

好的，您是現有客戶嗎？因為新設計顯然需要時間才能逐步推廣，但與您六個月前的想法相比，您的現有客戶是否進行了有意義的優化？

Well, I think across the board we're certainly doing better, right? We're coming in ahead of where we were anticipating exiting the year at, so we're going to be above the billion dollar run rate. We are seeing strength in eMMC UFS as we gain share there. We're seeing strength with our PCIe5 as we gain share there. So across the board we are, and so our business today is certainly stronger than what we had anticipated at the start of the year.

嗯，我覺得整體來說，我們肯定做得更好了，對吧？我們目前的業績比預期年底的業績好，所以我們的年化收入將超過十億美元。我們看到eMMC UFS領域表現強勁，市佔率不斷擴大。我們的 PCIe5 產品表現強勁，市場佔有率不斷擴大。因此，從各方面來看，我們的業務都比年初預期的要好得多。

Sure, yeah, I think this is more to do with enterprise rather than consumer very clear, I think, but this is more to do with enterprise.

當然，是的，我認為這與企業有關，而不是與消費者有關，這一點很清楚，我認為這與企業有關。

Yeah, I mean, look, we're our target is still remains at 5% to 10% in '26, '27. Obviously if we can get do that faster, we certainly will, but we are resource constrained. We are working as fast as we can. Our products are beginning to sample with end customers, so as they get ready to ramp up, we're going to be ready to support them. So there are a number of processes in place that right now we're working through.

是的，我的意思是，你看，我們的目標仍然是2026年、2027年達到5%到10%。顯然，如果我們能更快完成這項工作，我們肯定會這樣做，但我們的資源有限。我們正在盡最大努力加快速度。我們的產品正開始向終端客戶進行樣品測試，因此當他們準備擴大生產規模時，我們將做好為他們提供支援的準備。所以，目前我們正在推動一系列流程。

Got it. Just back to client assess these, how are you thinking about the next couple of quarters? I think, we have probably seen a lot of the benefits of the Windows 10, sunsetting, and, demand pulling for PC as a result of that, as we kind of start to map that, in the next couple of quarters. How do you see this, pan out? Do you, see a little bit of moderation and growth there, or the tech migration to PCIe5 is good enough to kind of offset any of that volume growth tail off.

知道了。回到客戶評估環節，您對未來幾季有什麼想法？我認為，隨著 Windows 10 的逐步淘汰，我們可能已經看到了由此帶來的諸多好處，以及由此導致的對 PC 的需求下降，我們將在接下來的幾個季度開始規劃這一趨勢。你覺得這件事最終會如何發展？你認為這方面會有一些緩和與成長，還是說向 PCIe5 的技術遷移足以抵銷任何銷售成長放緩的趨勢？

I think you're correct. We benefit from PCIe5 market share again as we set our PCIe channel have a full name maker and nearly all the module maker design win. So when PCIe5 start to ramp from late this quarter, I think we benefit from revenue growth as well as the market share gain.

我認為你是對的。我們再次受益於 PCIe5 市場份額，因為我們的 PCIe 通路擁有完整的品牌製造商，幾乎所有模組製造商的設計都取得了成功。因此，當 PCIe5 從本季末開始逐步普及時，我認為我們將受益於營收成長和市佔率提升。

Our four channel mainstream dealers, PCIe5 also is near production. I think we'll start to see initial production by late this quarter and start to ramping up from middle of next year through the another combination for name maker as well as the module maker. So when PCIe5 become mainstream in the PC market, Silicon Motion will benefit from the market trend because we will move toward 40% of the global market share.

我們的四大通路主流經銷商，PCIe5 也即將投入生產。我認為我們將在本季末開始看到初步生產，並從明年年中開始透過名稱製造商和模組製造商的另一種組合來逐步提高產量。因此，當 PCIe5 在 PC 市場成為主流時，Silicon Motion 將受益於此市場趨勢，因為我們將朝著 40% 的全球市場份額邁進。

And I said in the comments that we do anticipate our SSD controller business to grow again sequentially in the fourth quarter.

我在評論中說過，我們預計我們的 SSD 控制器業務將在第四季度繼續環比成長。

Okay, so just a clarification. So for PCIe Gen 5, let's say for next year, what percentage of the PCIe market do you expect it to be, is it like 15%, 20% or once you have your four channel control also already or is it even higher than that?

好的，我再澄清一下。那麼，對於 PCIe Gen 5，比如說明年，您預計它將佔據 PCIe 市場的多少百分比？是 15%、20% 嗎？還是說，一旦有了四通道控制，它還會更高？

We cannot comment for PCIe and what they plan to ramp. We just know when they ramp more model, we benefit from market share again.

我們無法對 PCIe 及其計劃的產能提升發表評論。我們知道，當他們加大生產力度時，我們就能再次從市佔率中受益。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions)

（操作說明）

Matt Bryson, Wedbush.

馬特布萊森，韋德布希。

Matt, please unmute your line. Your line is open.

馬特，請打開靜音。您的線路已開通。

All right, we are not getting a response from Matt. So I'm not showing any further questions. I'll now turn the conference back to Mr. Wallace Kou for closing comments.

好的，我們還沒有收到馬特的回覆。所以，我不再展示任何其他問題。現在我將把會議交還給寇先生，請他作總結發言。

Thank you everyone for joining us today and for your continuing support in Silicon Motion. We will be attending several investor conferences over the next few months. The schedule of these events will be posted on the Investor Relations section of our corporate website, and we look forward to speaking with you at these events. Thank you everyone for joining us today.

感謝各位今天蒞臨現場，也感謝大家一直以來對 Silicon Motion 的支持。接下來幾個月，我們將參加幾場投資者會議。這些活動的日程安排將發佈在我們公司網站的投資者關係版塊，我們期待在這些活動中與您交流。感謝各位今天蒞臨。

Thank you for your participation in today's conference. This does conclude the program. You may not disconnect your lines.

感謝您參加今天的會議。節目到此結束。您不得斷開線路。