慧榮科技 (SIMO) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Silicon Motion Technology Corporation's second-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您撥冗等候。歡迎參加慧榮科技股份有限公司 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

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. Such forward-looking statements include, without limitations, statements regarding trends in the semiconductor industry and our future results of operations, financial conditions, and business prospects.

本次電話會議包含《1933 年證券法》第 27A 條及經修訂之《1934 年證券交易法》第 21E 條所定義的前瞻性陳述。此等前瞻性陳述包括但不限於：半導體產業趨勢，以及我們未來的營運成果、財務狀況與業務前景等相關陳述。

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. These statements involve risks and uncertainties and actual market trends and our results may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons.

儘管此等陳述係基於我們自身資訊以及我們認為可靠之其他來源資訊，您仍不應對其過度依賴。這些陳述涉及風險與不確定性，實際市場趨勢及我們的業績可能因多種原因而與此等前瞻性陳述所明示或暗示者有重大差異。

Potential risks and uncertainties include but are 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.

潛在風險與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；技術與消費者對多媒體消費性電子產品需求的不可預測變化；我們與主要客戶關係的現況及任何變動；以及台灣政治、經濟、法律與社會條件的變化。

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

如需進一步了解上述風險與不確定性及其他因素之討論，請參閱我們不時向美國證券交易委員會（SEC）提交的文件。我們不承擔更新任何後續陳述之義務；該等陳述僅以本次電話會議當日為準。

And with that, I'll now hand you over to Mr. Tom Sepenzis, Vice President of Investor Relations and Strategy. Please go ahead.

接下來，我將把電話交給投資人關係與策略副總裁 Tom Sepenzis 先生。請開始。

Good morning, everyone, and welcome to Silicon Motion's second-quarter 2026 financial results conference call and webcast. Joining me today is Wallace Kou, our President and CEO; and Jason Tsai, our CFO. Wallace will first provide a review of our key business developments, and then Jason will discuss our second-quarter results and outlook. Following our prepared remarks, we will conclude with a Q&A session.

各位早安，歡迎參加慧榮 2026 年第二季財務結果電話會議與網路直播。今天與我一同出席的有：總裁暨執行長 Wallace Kou，以及財務長 Jason Tsai。Wallace 將先回顧我們的主要業務進展，接著 Jason 將說明第二季業績與展望。在我們的準備發言之後，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.

在開始之前，我想提醒各位注意我們的「安全港」政策，該政策已於本次會議開場時宣讀。如需全面了解投資本公司證券所涉及的風險，請參閱我們向美國證券交易委員會提交的申報文件。

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.

如需更多關於我們財務結果的細節，請參閱我們的新聞稿；該新聞稿已於昨日收盤後以 Form 6-K 向外提交。本次網路直播將在我們網站的投資人關係專區提供限期重播。

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.

為了增進投資人對我們持續經濟表現的理解，我們將在本次會議中討論非 GAAP 資訊。我們在內部使用非 GAAP 財務衡量指標來評估並管理營運。

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. The reconciliation of the GAAP to non-GAAP financial data can be found in our earnings release issued yesterday. We ask that you review it in conjunction with this call.

因此，我們選擇提供此資訊，使您能以與我們分析自身營運結果一致的方式，對我們的營運表現進行比較。GAAP 與非 GAAP 財務數據之調節表可見於我們昨日發布的財報新聞稿。我們建議您在收聽本次會議時一併參閱。

With that, I will turn the call over to Wallace.

接下來，我把電話交給 Wallace。

Thank you, Tom. Hello and thank you for joining the call today. We delivered another outstanding quarter, achieving record revenue of $451 million and gross margin above 50%, driven by continued growth across all core markets. Stronger operation performance translating into record earnings for ADS, reflecting our ongoing solution from the leading NAND flash controller makers into a diversified supplier of controller and solution, spanning AI infrastructure to the edge.

謝謝你，Tom。各位好，感謝今天加入本次電話會議。我們再度交出亮眼的一季，營收創下 4.51 億美元新高，毛利率也超過 50%，主要受惠於所有核心市場的持續成長。更強勁的營運表現帶動 ADS 每股盈餘創新高，反映我們正持續從領先的 NAND 快閃記憶體控制器供應商，轉型為橫跨 AI 基礎建設到邊緣端的多元化控制器與解決方案供應商。

During the June quarter, we grew our embedded eMMC/UFS portfolio, delivered both sequential and year-over-year gain in SSD controllers, began the initial commercial ramp over MonTitan enterprise speed products, and posted strong growth in our Ferrari for automotive and enterprise bull drive solution business.

在 6 月季度期間，我們擴大了嵌入式 eMMC/UFS 產品組合；SSD 控制器在季對季與年對年皆取得成長；開始對 MonTitan 企業級產品進行初期商業化放量；並在我們的 Ferrari 車用與企業級「bull drive」解決方案業務上繳出強勁成長。

With expanding consumer market share and rapidly broadening suite of enterprise and AI controller and solution, our competitive position keeps strengthening. We expect to deliver record revenue in 2026, up more than 100% year over year, setting the foundation for sustained growth in the years ahead.

隨著消費市場市占率擴大，以及企業級與 AI 控制器與解決方案組合快速擴充，我們的競爭地位持續強化。我們預期 2026 年將再創營收新高，年增超過 100%，為未來數年的持續成長奠定基礎。

With the right product in the right market at the right time, we have never been better positioned to capitalize on the accelerating demand for intelligent storage from the data center to the edge. I would like to take a moment to address the current market environment.

在對的時間、以對的產品切入對的市場，我們從未像現在這樣具備更佳的定位，得以掌握從資料中心到邊緣端對智慧儲存加速成長的需求。我想花一點時間談談目前的市場環境。

The AI supercycle has fueled significant demand for HBM , DRAM, NAND, and HDDs, driving substantial price increases over the past year and creating mounting subtrade and supply pressure across memory and storage technology. As component prices, NAND and DRAM in particular, continue to climb.

AI 超級循環帶動對 HBM、DRAM、NAND 與 HDD 的顯著需求，推升過去一年價格大幅上漲，並在記憶體與儲存技術供應鏈造成日益加劇的分項交易與供應壓力。隨著零組件價格，尤其是 NAND 與 DRAM，持續攀升。

OEM are finding it increasingly difficult to build affordable consumer products such as smartphone and PC, especially at the low end. We expect this scarcity to persist likely until 2028 when new fabs come online and help bring NAND supply back to reduce supply-demand gap.

OEM 越來越難以打造價格可負擔的消費性產品，例如智慧型手機與 PC，特別是在低階市場。我們預期這種供給吃緊的情況可能會持續到 2028 年，屆時新晶圓廠投產，將有助於恢復 NAND 供給並縮小供需缺口。

While the NAND environment will stay challenging through 2028, we have a clear path to deliver a significant top and bottom-line growth. Silicon Motion is in the early inning of a complete transformation to a diversified supplier of NAND flash controller and solution from AI infrastructure to the edge where there is accelerating demand for next-generation storage.

雖然 NAND 的市場環境在 2028 年前仍將充滿挑戰，但我們有清晰的路徑可實現營收與獲利的顯著成長。慧榮正處於全面轉型的早期階段，從 AI 基礎建設到邊緣端，成為多元化的 NAND 快閃記憶體控制器與解決方案供應商，而這些領域對次世代儲存的需求正在加速。

I will now discuss our embedded eMMC and UFS business, which include controller for smartphone and other IoT and connected devices. This business continued to thrive and grow significantly, outpace the industry despite the supply headwinds that NAND makers increasingly rely on third-party controller, while focusing their own resources on DRAM, HBM solutions.

接下來我將說明我們的嵌入式 eMMC 與 UFS 業務，該業務包含用於智慧型手機及其他 IoT 與連網裝置的控制器。儘管 NAND 供應逆風存在，該業務仍持續蓬勃發展並顯著成長，表現優於產業；因為 NAND 製造商在將自身資源聚焦於 DRAM、HBM 解決方案的同時，愈來愈依賴第三方控制器。

Our outperformance was driven primarily by market share gains as NAND makers de-emphasized these solutions to the benefit to our multi-maker customers. Across the many markets where we sell our embedded eMMC/UFS products, OEMs are trimming specification to offset some of the rising cost of memory and storage.

我們的優異表現主要來自市占率提升，因 NAND 製造商降低對這些解決方案的投入，使我們的多家客戶受益。在我們銷售嵌入式 eMMC/UFS 產品的多個市場中，OEM 正在下修規格，以抵消部分記憶體與儲存成本上升的影響。

While we still expect smartphone units to be down 10% to 15% in 2026, we anticipate strong growth in our mobile business in 2026, driven by continued market share gains and SSD improvement from a mix shift toward newer UFS controllers.

雖然我們仍預期 2026 年智慧型手機出貨量將下滑 10% 至 15%，但我們預期 2026 年行動業務將強勁成長，主要由持續的市占率提升，以及產品組合轉向較新一代 UFS 控制器所帶來的 SSD 改善所驅動。

Our eMMC business is delivering strong results as we win new business across a range of markets, including automotive, smart glasses, watches, drones, robots, next-generation cable setup box, smart TV, and more. With the NAND maker, this interested in these markets, we were operating in an environment of stronger pricing power and profitability.

我們的 eMMC 業務表現強勁，因為我們在多個市場贏得新案，包括車用、智慧眼鏡、手錶、無人機、機器人、次世代有線機上盒、智慧電視等。由於 NAND 製造商對這些市場興趣不高，我們所處的環境具備更強的定價能力與獲利能力。

Overall, we expect strong revenue growth in our embedded eMMC and UFS segment in 2026, and I'm pleased with the exceptional performance our team delivered in the first half this year. We expect our growing portfolio of new product transition to next-generation solution and expansion into additional markets to drive share gains, to keep outpacing the micro pressure in the smartphone market.

整體而言，我們預期 2026 年嵌入式 eMMC 與 UFS 部門營收將強勁成長，我也對團隊在今年上半年交出的卓越表現感到欣慰。我們預期不斷擴大的新產品組合、向次世代解決方案的轉換，以及拓展至更多市場，將推動市占率提升，並持續跑贏智慧型手機市場的微幅壓力。

Moving on to our SSD business, which include edge and enterprise SSD controllers. Our Edge SSD business improved instantly in the second quarter, following a seasonally soft first quarter, delivering 40% to 45% year-over-year growth. We are beginning to see payoff from our PCIe 5 investment at the edge with our four-channel controller ramping steadily since its introduction in the fourth quarter of last year.

接著談我們的 SSD 業務，包含邊緣端與企業級 SSD 控制器。我們的邊緣端 SSD 業務在第二季於第一季季節性偏弱後立即改善，年增達 40% 至 45%。自去年第四季推出以來，我們的四通道控制器穩步放量，開始看到我們在邊緣端 PCIe 5 投資的成果。

However, the transition from PCIe 4 to PCIe 5 is proceeding more slowly than we anticipated six months ago. OEM are increasingly pairing the latest generation, more cost-effective NAND with PCIe 4 SSD in value and mainstream PC. This offers a way of reducing the overall bill of material.

然而，從 PCIe 4 過渡到 PCIe 5 的進展比我們六個月前預期的更為緩慢。OEM 越來越多在入門與主流 PC 中，將最新一代、成本效益更高的 NAND 與 PCIe 4 SSD 搭配使用。這提供了一種降低整體物料成本（BOM）的方式。

We are securing a meaningful share of this business across both NAND makers and module manufacturers with our leading controllers. Despite the slower pace of PCIe 5 transition, our four-channel during this PCIe 5 controller continues to gain adoption among customers seeking leading performance in the mid- to high-end segment of the PC market. We therefore expect to further increase Edge SSD average selling price as we progress through the remaining of the year.

憑藉我們領先的控制器，我們在 NAND 製造商與模組製造商兩端都取得了這項業務的可觀市占。儘管 PCIe 5 的轉換步調較慢，我們的 PCIe 5 四通道控制器仍持續獲得採用，特別是在 PC 市場中高階區段、追求領先效能的客戶。因此，隨著今年剩餘時間的推進，我們預期 Edge SSD 的平均售價（ASP）將進一步提升。

I would now like to provide you with an update on our new MonTitan enterprise SSD business. Our new ESD business entered commercial production in the second quarter with two Tier 1 customers, and we expect to ramp five additional Tier 1 customers in the second half of the year. There is an exceptional strong start after several years of investment in our enterprise AI cloud controllers.

接下來我想向各位更新我們新的 MonTitan 企業級 SSD（eSSD）業務。我們新的 eSSD 業務已於第二季與兩家 Tier 1 客戶進入商業量產，並預期在下半年再導入另外五家 Tier 1 客戶量產爬坡。在我們對企業級 AI 雲端控制器投入數年之後，這是一個格外強勁的開局。

NAND is an essential and growing technology across enterprise storage ecosystem. Spanning one storage and compute storage application, MonTitan is well positioned for rapid growth. Our first customers are targeting the compute market using TLC NAND, which is in growing demand for next-generation AI platform that leverage NAND to support compute storage solution that deliver high-speed, low latency storage dedicated for near GPU and near CPU KV cache.

NAND 是企業儲存生態系中不可或缺且持續成長的關鍵技術。涵蓋儲存與運算儲存（compute storage）應用，MonTitan 具備快速成長的良好定位。我們的首批客戶正以 TLC NAND 鎖定運算市場；隨著下一代 AI 平台對 TLC 的需求攀升，這些平台利用 NAND 來支援運算儲存解決方案，提供高速、低延遲的儲存，專門用於靠近 GPU 與 CPU 的 KV cache。

Several customers are leveraging MonTitan to target this market and will be ramping production throughout the remainder of this year. We continue to believe that TLC MonTitan solution will rank faster than QLC-based solution until 2 terabit QLC NAND size become more broadly available.

多家客戶正運用 MonTitan 來切入此市場，並將在今年剩餘期間持續提升量產規模。我們仍然認為，在 2Tb QLC NAND 容量密度更廣泛供應之前，TLC 的 MonTitan 解決方案在爬坡速度上將快於以 QLC 為基礎的解決方案。

High-capacity one-storage SSD leveraging QLC NAND remains a larger addressable market for MonTitan for long-term growth, and we expect the QLC-based solution will begin their initial ramp in the second half of this year with multiple customer. We are seeing increasing inbound interest in our MonTitan for QLC solution to drive long-term growth.

以 QLC NAND 為基礎的高容量儲存型 SSD 仍是 MonTitan 長期成長更大的可服務市場（TAM）；我們預期 QLC 解決方案將於今年下半年在多家客戶端開始初期量產爬坡。我們也看到市場對 MonTitan 的 QLC 解決方案詢問度持續上升，以推動長期成長。

Finally, we are completing the takeout of our next-generation 4-nanometer PCIe Gen. 6 controller in August of the year, targeting hyperscaler and CSP. We developed this controller in close collaboration with several customers, and we have already secured multiple design wing with both flash maker and CSPs. We expect this new controller to be a significant growth driver in 2028.

最後，我們將於今年 8 月完成下一代 4 奈米 PCIe Gen 6 控制器的 tape-out，目標客戶為超大規模資料中心（hyperscaler）與雲端服務供應商（CSP）。我們與多家客戶緊密合作共同開發此控制器，且已在快閃記憶體製造商與 CSP 端取得多項設計導入（design win）。我們預期這款新控制器將在 2028 年成為重要的成長動能。

With KLC and QLC MonTitan controller already in customer qualification and clear rollout plan in place, I'm confident we will hit our revenue target this year, and I expect significant growth in 2027 and beyond as the business scales. Our customer base is strong and expanding, and MonTitan is well-positioned to drive meaningful revenue growth from here. I look forward to sharing further updates.

隨著 TLC 與 QLC 的 MonTitan 控制器已進入客戶認證階段，且具備明確的導入時程規劃，我有信心我們將達成今年的營收目標；並預期隨著業務規模化，2027 年及之後將出現顯著成長。我們的客戶基礎穩健且持續擴大，MonTitan 也已做好準備，從現在起推動具意義的營收成長。我期待後續與各位分享更多更新。

And then finally, I would like to provide an update on our Ferri for automotive and enterprise boot dry storage business. Our Ferri automotive and enterprise boot drive storage business is growing rapidly across automotive and AI infrastructure markets. NAND makers are leaving the automotive market as the volume are non-meaningful to their business and the quality and technical support demand are significantly greater than in other markets.

接著最後，我想更新我們 Ferri 車用與企業級開機碟（boot drive）儲存業務的進展。我們的 Ferri 車用與企業級開機碟儲存業務，正於車用與 AI 基礎設施市場快速成長。由於車用市場的出貨量對 NAND 製造商而言並不具顯著貢獻，且品質與技術支援需求遠高於其他市場，NAND 製造商正逐步退出車用市場。

And the NAND makers, access automotive. The module makers show seem likely successors, but they do not have the infrastructure, the resources, the certification process, or the expertise to deliver automotive-grade products. This has balanced Silicon Motion's significantly as we know the automotive market, the customers, and supply chain extremely well.

而 NAND 製造商正在退出車用市場。模組製造商看似可能成為接替者，但他們缺乏基礎設施、資源、認證流程與專業能力，無法交付車規等級產品。這使 Silicon Motion 顯著受益，因為我們非常了解車用市場、客戶以及供應鏈。

We have developed our automotive products and certifications for over a decade and already supports three of the NAND makers with the automotive controller and firmware. Our success in automotive has generated interest in our fairway solution for additional large and growing markets, including robots, drones, advanced networking and other applications.

我們已投入超過十年開發車用產品與相關認證，並已為三家 NAND 製造商提供車用控制器與韌體支援。我們在車用領域的成功，也帶動市場對我們 Ferri 解決方案在其他大型且成長中的市場之興趣，包括機器人、無人機、先進網路與其他應用。

In the emerging robotic market, we are now actively engaged with multiple companies that want to leverage our storage products. We believe there are multiple opportunities in the emerging physical AI market for storage in humanoid robotics, including vision systems, light us, computing storage, balance systems, and many others. In fact, it appears that from our initial conversation, the opportunity in robotics may be larger in automotive, and our Ferri solution will be ideally suited to support this future opportunity.

在新興的機器人市場，我們目前正積極與多家公司合作，這些公司希望採用我們的儲存產品。我們相信，在新興的實體 AI（physical AI）市場中，人形機器人的儲存需求存在多重機會，包括視覺系統、LiDAR、運算儲存、平衡系統等多種應用。事實上，從我們初步對談來看，機器人領域的機會可能比車用更大，而我們的 Ferri 解決方案將非常適合支援這項未來機會。

Moving on to our growing enterprise boot drive storage business, this is a new and growing market. Enterprise boot drive for server CPU has been around for over 30 years, and the NAND maker has supported this market with solutions that employ both DRAM and the NAND. As we move into next generation of AI and enterprise application, enterprise CPU customers will continue to use enterprise boot drive with DRAM to enhance random write performance and reduce latency.

接著談到我們成長中的企業級開機碟儲存業務，這是一個新且正在成長的市場。伺服器 CPU 的企業級開機碟已存在超過 30 年，NAND 製造商一直以同時採用 DRAM 與 NAND 的解決方案來支援此市場。隨著我們邁向下一代 AI 與企業應用，企業級 CPU 客戶將持續使用搭載 DRAM 的企業級開機碟，以提升隨機寫入效能並降低延遲。

Most other customers, including CPU. CPU and switch makers are looking for enterprise boot drive solution with our unique viewless technology that offers enhanced security and is our primary focus today focus today. While some NAND makers may choose to continue the support of conventional architectures, they do not have, given this, PCIe SD controller, and they are not likely going to dedicate the R&D Resources necessary to develop them for a comparatively low-volume market.

大多數其他客戶，包括 CPU。CPU 與交換器（switch）製造商正在尋求採用我們獨特的無 DRAM（DRAM-less）技術的企業級開機碟解決方案，以提供更強的安全性，這也是我們目前的主要聚焦方向。雖然部分 NAND 製造商可能選擇持續支援傳統架構，但在此情況下，他們並沒有相對應的 PCIe SSD 控制器，而且也不太可能為了相對低出貨量的市場投入必要的研發資源來開發。

Silicon Motion has the right technical know-how, the leading controller, and firmware technology in the right relationship to deliver 20 enterprise boot drive solution, and this is why we are winning in the market. The Ferri and Boot Drive Storage Solutions segment is growing rapidly, and we expect new customer design wins in both automotive and AI infrastructure to drive strong growth for the future.

Silicon Motion 具備正確的技術專長、領先的控制器與韌體技術，以及適當的合作關係，能夠提供企業級開機碟解決方案，這也是我們在市場上勝出的原因。Ferri 與開機碟儲存解決方案事業部成長迅速，我們預期在車用與 AI 基礎設施兩端都將取得新的客戶設計導入，推動未來強勁成長。

One of the most important reasons of our success in the solution business has been our long-term relationship, which have allowed us to secure NAND from multiple suppliers despite recent supply shortage, a significant and enduring differentiator. In second quarter '26, Ferri and enterprise boot drive solutions more than doubled sequentially and represent near 30% of our total revenue, up from 4% a year ago, and we are just getting started.

我們在解決方案業務成功的最重要原因之一，是我們長期建立的合作關係；即使近期供應短缺，我們仍能從多家供應商取得 NAND，這是一項重要且持久的差異化優勢。在 26 年第二季，Ferri 與企業級開機碟解決方案營收較前一季成長逾一倍，並占我們總營收接近 30%，高於一年前的 4%；而這才剛開始。

In conclusion, we reported our second consolidated quarter of record revenue for Silicon Motion as we executed across our rapidly diversifying business. We are fundamentally a much stronger company today than we were just a year ago, with a broad suite of products to support the increasing demand from AI from the data center to the edge.

總結來說，隨著我們在快速多元化的業務上持續落實執行，Silicon Motion 繳出第二個合併營收創新高的季度。相較於一年前，我們如今在基本面上是一家更強健的公司，擁有完整的產品組合，以支援從資料中心到邊緣端日益增加的 AI 需求。

This gave us a strong balance across our markets and greater flexibility to capitalize on pockets of strength by overcoming end market challenge like those we are seeing today in PC and smartphones. I'm extremely proud of our teams for building a durable, diversified business that benefits from best-in-class technology, expanding share and entry into new end markets, all while monetize the strong relationship we have built with OEMs, module maker, and NAND maker over the past two decades.

這讓我們在各終端市場之間形成更均衡的布局，並具備更高的彈性，能在克服終端市場挑戰（例如我們目前在 PC 與智慧型手機所見）之際，把握局部強勢需求。我為我們的團隊感到非常自豪：我們打造出一個具韌性且多元化的業務，受惠於同級最佳技術、持續擴大市占並進入新的終端市場，同時也將過去二十年與 OEM、模組製造商與 NAND 製造商建立的強大關係加以變現。

I'm more confident than ever that we will deliver broad-based sustainable growth across our business in 2026 and beyond. Now let me turn the call to Jason to go over our financial performance and outlook.

我比以往任何時候都更有信心，我們將在 2026 年及之後於各項業務實現廣泛且可持續的成長。接下來我把電話交給 Jason，請他說明我們的財務表現與展望。

Thank you, Wallace, and good morning to everyone joining us today. I will discuss additional details of our second-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. A reconciliation of our GAAP to non-GAAP data is included in the earnings release issued yesterday.

謝謝 Wallace，也向今天加入我們的各位道早安。我將進一步說明我們第二季業績的更多細節，並提供我們的展望。請注意，除非另有特別說明，我今天的評論將主要聚焦於我們的非 GAAP（Non-GAAP）結果。我們的 GAAP 與非 GAAP 數據調節表已包含在昨日發布的財報新聞稿中。

Our second-quarter performance was even stronger than expected. Sales increased 32% sequentially and 127% year-on-year to $451 million, coming in well above the high end of our guided range of $393 million to $411 million, delivering our third consecutive quarter record revenue. We experienced strong growth across all our businesses in the second quarter with standout growth in Ferri for automotive, enterprise boot drives, and embedded eMMC and UFS.

我們第二季的表現甚至比預期更強勁。銷售額較前一季成長32%、較去年同期成長127%至4.51億美元，遠高於我們先前指引區間3.93億至4.11億美元的上緣，並締造連續第三季的單季營收新高。第二季我們所有業務均呈現強勁成長，其中以車用Ferri、企業開機碟（Boot Drive）、以及嵌入式eMMC與UFS的成長最為突出。

Gross margin was 50.2%, exceeded our guided range of 48.5% to 49.5% as we capitalized on new product introductions. Operating expenses increased sequentially to $122.1 million, given increased investments in new controller and solution development, new tape-out related expenses and higher headcount.

毛利率為50.2%，高於我們指引區間48.5%至49.5%，主要受惠於新產品導入所帶來的效益。營業費用較前一季增加至1.221億美元，反映我們加大對新控制器與解決方案開發的投資、新一輪tape-out相關費用，以及人力增加。

Operating margin was 23.1% and exceeded our guided range of 21% to 22%, driven by higher-than-expected revenue gross margins during the second quarter. Our earnings per ADS was $2.43. Total stock-based compensation, which we exclude from non-GAAP results, was $3.4 million in the June quarter.

營業利益率為23.1%，高於我們指引區間21%至22%，主要由第二季營收與毛利率優於預期所帶動。每ADS盈餘為2.43美元。6月季度的股票基礎酬勞總額為340萬美元，我們在非GAAP結果中予以排除。

We had $181.8 million in cash, cash equivalents and restricted cash at the end of the second quarter, compared to $210.9 million at the end of the first quarter. Cash decreased in the second quarter through a combination of dividend payments of $16.9 million and an increase in inventories to support our growing business.

第二季末我們的現金、約當現金及受限制現金為1.818億美元，相較第一季末的2.109億美元。第二季現金下降，主要因支付1,690萬美元股利，以及為支應業務成長而增加庫存。

We continue to navigate the memory and storage supply challenges effectively. Investments in new advanced geometry products for both our established markets and our emerging enterprise markets are ongoing, and we are building a balanced and resilient portfolio of products that target everything from AI infrastructure to the edge. These investments will continue throughout 2026 as we support the growing demand for our new enterprise portfolio and fuel our growing market share across our consumer portfolio.

我們持續有效因應記憶體與儲存供應方面的挑戰。我們對新一代先進製程（advanced geometry）產品的投資持續進行，涵蓋既有市場與新興的企業市場，同時也在打造一個均衡且具韌性的產品組合，目標涵蓋從AI基礎設施到邊緣端的各種應用。為支援新企業產品組合日益成長的需求，並推動我們在消費性產品組合的市占率提升，這些投資將持續至2026年。

For the third quarter of 2026, we now expect revenue to grow 15% to 20% sequentially to $519 million to $541 million. We expect growth across nearly all our product segments led by Ferri for automotive, Enterprise Boot Drive Solutions and our new MonTitan Enterprise SSD controllers. Gross margins are expected to increase sequentially to 50% to 51% in the September quarter given the product mix existed by greater contribution from MonTitan and our PCIe 5 controllers.

對於2026年第三季，我們目前預期營收將較前一季成長15%至20%，達5.19億至5.41億美元。我們預期幾乎所有產品線都將成長，主要由車用Ferri、企業開機碟解決方案，以及我們新的MonTitan企業級SSD控制器帶動。由於產品組合受MonTitan與我們PCIe 5控制器貢獻提升所帶動，預期9月季度毛利率將較前一季上升至50%至51%。

Operating margin is expected to grow substantially to 27.5% to 28.5% as strong revenue growth drives leverage to the bottom line. Our effective tax rate is expected to be 22%. Stock-based compensation and dispute-related expenses is expected to be in the range of $14.9 million to $15.9 million.

在強勁營收成長帶動獲利槓桿向下延伸的情況下，預期營業利益率將大幅提升至27.5%至28.5%。預期有效稅率為22%。股票基礎酬勞與爭議相關費用預期介於1,490萬至1,590萬美元。

2026 is on track to deliver record revenue for Silicon Motion, with topline expected to more than double this year. While we continue to invest heavily in R&D this year to expand our portfolio with leading-edge solutions, we're confident that along with much higher revenue and improved gross profitability, our operating margins can exceed 30% exiting this year.

2026年正朝著為Silicon Motion創下歷史新高營收的目標前進，預期今年營收規模將較去年增加逾一倍。儘管我們今年仍持續大幅投入研發以擴充具領先優勢的解決方案產品組合，但我們有信心，隨著營收大幅提升與毛利率改善，我們在今年結束時的營業利益率可望超過30%。

We're navigating today's memory and storage supply constraints and elevated pricing with a remarkable success, a direct result of the relationships we spent more than two decades building with NAND flash makers. At the same time, our leadership in the merchant controller market and our multi-year investments in enterprise and AI SSDs are starting to pay off, with MonTitan and our enterprise boot drive storage business now ramping in volume.

我們在當前記憶體與儲存供應受限、價格走高的環境下，仍能取得顯著成果，這直接得益於我們與NAND快閃記憶體製造商歷經二十多年建立的合作關係。同時，我們在第三方（merchant）控制器市場的領導地位，以及多年來對企業級與AI SSD的投資也開始開花結果，MonTitan與我們的企業開機碟儲存業務目前正進入放量爬坡階段。

Our diversification strategy to expand beyond consumer-centric applications into automotive and enterprise is beginning to yield outsized results. Our wins in these new markets are for solutions that bring much better visibility, much longer product cycles, and much higher barriers to entry that ensure strong long-term revenue and profitability growth for Silicon Motion.

我們將業務從以消費性應用為主擴展至車用與企業市場的多元化策略，正開始帶來超預期的成果。我們在這些新市場的勝出，多為能提供更佳能見度、更長產品週期、以及更高進入門檻的解決方案，這些特性可確保Silicon Motion長期營收與獲利能力的強勁成長。

We will be less subject to consumer cyclicality as these new winds scale in a diverse range of end markets and our visibility and predictability will further improve significantly. Together, these drivers are the foundation of the transformation Wallace spoke about earlier and will set the stage for significant revenue growth at Silicon Motion in 2026 and well beyond. I look forward to sharing more on our progress next quarter.

隨著這些新勝出案在多元終端市場放量，我們受消費性景氣循環影響將降低，而我們的能見度與可預測性也將進一步顯著提升。綜合而言，這些驅動因素正是Wallace先前提到的轉型基礎，並將為Silicon Motion在2026年及更長遠的未來奠定顯著的營收成長舞台。我期待在下個季度與各位分享更多進展。

This concludes our prepared comments. I'd like to open it up for questions.

以上為我們事先準備的發言。接下來開放提問。

(Operator Instructions) Neil Young, Needham & Company.

(接線員指示) Neil Young，Needham & Company。

So it sounds like there's some bigger contribution from Ferri that I think people have expected. So I was wondering if you could give us the approximate boot drive revenue contribution in 2Q or maybe some idea of the percentage split between the boot drive, enterprise boot drive and Ferri? And maybe what's embedded in the 3Q guidance between the two of those? And then I have a follow-up.

聽起來Ferri的貢獻比大家原先預期的更大一些。我想請問你們能否提供第二季開機碟（boot drive）營收貢獻的大致數字，或是開機碟、企業開機碟與Ferri之間的比例分布概念？另外，在第三季指引中，這兩者各自隱含了哪些假設？我還有一個追問。

Yeah. Neil, we're not giving out that level of granularity. I can tell you, though, that we are seeing tremendous growth across both of those categories. So this isn't really driven by one or the other. It's driven by both.

是的。Neil，我們不會提供到那麼細的拆分。不過我可以說，我們在這兩個類別都看到非常強勁的成長。所以這並不是由其中一個所驅動。而是兩者共同帶動。

For Q3, again, we're not going to be providing that much detail, but certainly from the backlog that we've talked about, that we've seen, that we haven't been building, and the order patterns that we're seeing, we're seeing very strong contributions across all of these SSD solution products.

至於第三季，我們同樣不會提供那麼多細節，但從我們先前提到、我們看到但尚未完全出貨的積壓訂單（backlog），以及我們觀察到的下單模式來看，這些SSD解決方案產品在各方面都將有非常強勁的貢獻。

Okay, great. Thanks. That's helpful. And then on MonTitan you obviously gave the update on the customers and production, sort of what you're expecting to the rest of the year. Are you still guiding to that 10% revenue run rate exiting 2026?

好的，了解。謝謝。這很有幫助。另外關於MonTitan，你們已經更新了客戶與量產進度，以及今年剩餘時間的預期。你們是否仍維持在2026年結束時達到10%營收run rate的指引？

And then maybe helpful if you could distinguish the timing of the TLC compute and the KV cash programs from the QLC warm storage programs, just what you're seeing there?

另外，如果可以的話，能否區分一下TLC運算（compute）與KV快取（cache）專案相較於QLC溫資料儲存（warm storage）專案的時程差異，說明你們目前看到的情況？

Yeah. We're still on track. I think Wallace had mentioned that we're well on track to achieve that 5% to 10% of our overall revenue coming from MonTitan exiting this year. So we are confident that we can achieve that.

是的。我們仍在既定軌道上。我想Wallace提到過，我們很有把握在今年結束時，MonTitan可貢獻我們整體營收的5%到10%。因此我們有信心能達成。

In terms of where we're seeing more contribution. Certainly, initially, we're seeing more contribution from TLC-based solutions, but we are seeing early QLC shipments that will begin late this year. But we don't expect QLC to become more meaningful until probably late '27 into '28 as 2 terabit dies become more affordable.

就目前貢獻較多的部分而言，一開始我們確實看到以TLC為基礎的解決方案貢獻較大，但我們也已看到QLC的早期出貨，將在今年稍晚開始。不過我們預期QLC要到大約2027年末到2028年，隨著2Tb die成本更具吸引力時，才會變得更具意義。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

This is for the team. I think it will be very helpful for us and the investment community if you guys could elaborate on a revenue mix by end market, like enterprise, consumer, and auto, and how it would map to specific products? And I understand you don't want to be specific, but any kind of a qualitative view on how end market and products are mapping would be great. And I have a follow-up.

這題是問管理團隊。我認為若你們能進一步說明按終端市場（例如企業、消費、車用）的營收組合，以及它如何對應到特定產品，將對我們與投資社群非常有幫助。我理解你們不想提供過於精確的數字，但若能提供任何定性的觀點，說明終端市場與產品如何對應，會很棒。我也有一個追問。

I think as we said in the past, all our partner lines are growing in 2026. Of course, our Edge SSD, I think because the PC market unit declined, but however, due to the multi-share gain, we continue to grow 50% compared with the last year, first half.

我想如同我們過去所說，2026年我們所有產品線都在成長。當然，我們的Edge SSD，我想因為PC市場出貨量下滑，但由於我們取得多份額（multi-share）提升，我們在上半年相較去年同期仍成長了50%。

Our enterprise, because the base is small, so we grow faster enterprise controller. And for Ferri and for automotive and boot drive, we do have multiple major customers supporting our growth trends. So we expect to see continued growth through the 2026 and through 2027.

我們的企業級業務因為基期較小，所以企業級控制器成長更快。而在 Ferri 以及車用與開機碟（boot drive）方面，我們確實有多家主要客戶支撐我們的成長趨勢。因此我們預期在 2026 年以及 2027 年將持續成長。

I think another way to look at it also is the majority of eMMC and UFS is really going to be consumer-centric. Today, SSD controller sales, the majority of that is going to be consumer-centric going to Edge SSD controllers.

我想另一種看法是，eMMC 與 UFS 的大多數需求其實會以消費性市場為主。目前 SSD 控制器的銷售，多數也會以消費性為主，並且會走向邊緣端（Edge）SSD 控制器。

But certainly, as we exit this year, getting to that 5% to 10% coming from MonTitan contribution. Ferri and boot drives, Ferri for automotive and enterprise boot drive solutions. Again, you can imagine those are going to be more less consumer centric.

但可以確定的是，當我們走出今年時，MonTitan 的貢獻將達到 5% 到 10%。Ferri 與開機碟，Ferri 用於車用以及企業級開機碟解決方案。同樣地，你可以想像這些會相對不那麼以消費性市場為主。

Okay. Moving on to my next question, the 2-terabit guide and the timing of the QLC RAM. It's been more than a year of waiting and I'm just wondering if Wallace could share with us, is that the qualification as an issue -- is that the capacity or is it something else? And I'm asking this question in the context of would this actually provide an opportunity for controller suppliers like Silicon Motion? Or is it just a manufacturing ramp that is delayed? Any color will be great.

好的。接著我的下一個問題是 2Tb 的指引以及 QLC RAM 的時程。已經等了一年多了，我想請 Wallace 跟我們分享一下：是認證（qualification）出了問題——是產能問題，還是其他原因？我問這個問題的背景是：這是否會為像慧榮（Silicon Motion）這樣的控制器供應商帶來機會？或者只是製造端的爬坡延後？任何補充說明都很有幫助。

So I think you asked a very good question we have been waiting for also a very long time, too. The 2-terabit QLC is supposed to be the great darling for the NAND industry and to drive the QLC-based storage SSD to be a next level.

我認為你問了一個非常好的問題，我們也等了很久。2Tb QLC 原本應該是 NAND 產業的明日之星，並推動以 QLC 為基礎的儲存 SSD 進入下一個層級。

However, due to the price increase supply shortage, I think high-capacity data storage drive is less attractive because the price is too high. And we also see the DRAM NAND maker, the [DALVINI] put more focus and [CapEx] into the DRAM HBM. That's why the development for 2 terabit of the fine-tune the quality to the next level, it will take a much longer time.

然而，由於價格上漲與供應短缺，我認為高容量資料儲存硬碟的吸引力降低，因為價格太高。我們也看到 DRAM/NAND 製造商把更多重心與資本支出（CapEx）放在 DRAM HBM 上。因此，2Tb 的開發要把品質微調到下一個水準，將需要更長的時間。

So this is why at the current market situation, definitely, I think the DDR for HBM is more attractive and driving more high profit. But it just takes some time, we believe, because still high demand through the AI inference for the data storage.

所以在目前的市場情況下，我認為用於 HBM 的 DDR 顯然更具吸引力，也帶動更高的獲利。但我們相信這只是需要一些時間，因為 AI 推論仍帶來對資料儲存的高需求。

So demand for storage is much bigger than the current supply and through the new [CapEx], we see the arrangement, 2028 will see meaningful recovery from NAND supply. And we see -- that's why we see all the NAND makers should have a 2-terabit QLC by that time.

因此，儲存需求遠大於目前供給；透過新的資本支出（CapEx），我們看到相關規劃，2028 年 NAND 供給將出現有意義的復甦。也因此我們認為到那個時候，所有 NAND 製造商都應該會有 2Tb QLC。

And I want to make it clear, Mehdi, that the delays here are on availability of NAND side. Our controllers are here. Our controllers are ready. As we said, we're going to be starting to ramp -- early ramp of some of the QLC-based solutions with our customers by the end of this year. So this isn't something that's a controller issue. This is an industry availability issue of the NAND.

Mehdi，我想把話說清楚：這裡的延遲是在 NAND 端的供應可得性。我們的控制器已經在這裡。我們的控制器已經準備好了。如同我們所說，我們將在今年底前與客戶開始對部分 QLC 解決方案進行早期量產爬坡（early ramp）。所以這不是控制器的問題。這是 NAND 供應的產業可得性問題。

Matthew Bryson, Wedbush.

Wedbush 的 Matthew Bryson。

Congratulations on the good results. Just with gross margins, given how strong the embedded piece was, and that's typically a lower gross margin segment for Silicon Motion. I would have expected a little bit of a headwind there. Can you talk a little bit about the puts and the takes that affected the gross margin line in Q2?

恭喜有很好的業績表現。關於毛利率，考量到嵌入式（embedded）業務表現很強，而那通常是慧榮毛利率較低的區塊，我原本預期毛利率會有一些逆風。能否談談在第二季影響毛利率的利多與利空因素？

Yeah, so I think what we've always said is that our MonTitan controllers are margin accretive. And so as those have begun to ramp, that's been able to help offset and drive strong gross margins for us here in the second quarter as well as in the back half of the year.

是的，我想我們一直以來都說 MonTitan 控制器對毛利率是有增益的（margin accretive）。因此，隨著它們開始放量，也幫助我們在第二季以及下半年抵銷並帶動強勁的毛利率表現。

In the back half of the year, we're also going to benefit from additional growth in our PCIe 5 controllers, for example. So that's -- all of these things are going to be margin accretive that's going to offset some of the margin pressure that we see from the solutions business.

在下半年，我們也將受惠於 PCIe 5 控制器等產品的額外成長。所以——這些因素都會對毛利率有增益，並抵銷我們在解決方案業務上看到的一些毛利壓力。

And Jason, just when we're thinking about things moving forward with MonTitan seemingly being as successful as it's been. I know longer-term, you've talked about kind of gross margins being a little bit below 50%. Should we be rethinking that if MonTitan is going to ramp like this? Any commentary there would be really helpful.

另外 Jason，當我們往前看，MonTitan 看起來相當成功。我知道長期來看，你曾提到毛利率大概會略低於 50%。如果 MonTitan 會以這樣的速度放量，我們是否應該重新思考這個假設？任何評論都會很有幫助。

Yeah, I think we're still comfortable with the 48% to 50%. As I think we've said in the past, we're going to see a little variability of that depending on mix in any given periods. So we're still targeting 48% to 50%. Certainly, in certain periods like Q2, Q3, when we're seeing a little bit above that, we're certainly going to be able to take advantage of some of these mix benefits in the near term. But long-term, we still expect to be in that 48% to 50%.

是的，我想我們仍然對 48% 到 50% 的區間感到有信心。如同我們過去所說，這個數字會因為每個期間的產品組合而有些波動。所以我們仍以 48% 到 50% 為目標。當然，在某些期間例如第二季、第三季，我們看到略高於這個區間時，我們也會在短期內把握這些組合帶來的好處。但長期而言，我們仍預期會落在 48% 到 50%。

Sebastien Naji, William Blair.

William Blair 的 Sebastien Naji。

Congrats on another quarter of record results here. First, I just wanted to ask about what you're seeing in the mobile market and specifically at the Chinese smartphone makers. Last night, Qualcomm reported and posited that calendar Q2 will be the trough for China handset demand in their business. And given your exposure to some of those vendors, could you maybe just comment on whether you're saying the same signals that point to a potential recovery in the second-half or if you're seeing anything different?

恭喜本季再度創下紀錄性的業績。首先我想問一下你們在手機市場、特別是中國手機品牌廠商那邊看到的情況。昨晚高通表示，在他們的業務中，曆年第二季將是中國手機需求的谷底。考量你們對其中一些供應商的曝險，你們是否也看到相同訊號，顯示下半年可能復甦？或你們看到的是不同的情況？

Yeah, we see the China smartphone market is very challenging due to the price increase of both LPDDR5 and also the storage product. for threshold value line, I think it's offering much more because if you're looking for the DRAM and the NAND, it's almost 50%, 60% of the total bond cost for the low-end smartphone. So this is a challenge.

是的，我們看到中國智慧型手機市場非常具挑戰性，原因是 LPDDR5 以及儲存產品的價格都上漲。對於入門價位帶（threshold value line）而言，我認為壓力更大，因為如果你看 DRAM 與 NAND，在低階智慧型手機的整機物料成本中幾乎占了 50%、60%。所以這是一個挑戰。

But however, because we work with the NAND maker also into us in certain model and model maker continue to gain market share and we benefit from collaborating with smartphone maker directly through the QLC development. So we see our demand for smartphone for our UFS and eMMC, they continue to grow from Q2 and also moving to next quarter. I think we do not have a single-end market share in the low end, that's why the impact for our business is relatively small.

不過，因為我們也與 NAND 製造商合作，並在某些機型導入；同時部分品牌廠持續提升市占，我們也透過與手機廠直接合作進行 QLC 開發而受惠。因此我們看到手機端對我們 UFS 與 eMMC 的需求，從第二季開始持續成長，並延續到下一季。我想我們在低階市場並非只依賴單一客戶的市占，因此對我們業務的影響相對較小。

Got it. Okay. That's helpful. And then maybe for my follow-up just on the boot drive business, can you comment on whether you're starting to see the benefit of BlueField-4 sales in either Q2 or your Q3 guidance as NVIDIA starts to ramp their Vera Rubin platform or has much of the growth so far been tied to the first-generation BlueField-3 program?

了解。好的。這很有幫助。接著追問關於開機碟（boot drive）業務：隨著 NVIDIA 開始放量其 Vera Rubin 平台，你們是否在第二季或第三季指引中，已開始看到 BlueField-4 銷售帶來的效益？還是目前的成長多半仍與第一代 BlueField-3 專案相關？

We cannot comment specifically regarding the time, but I think the BlueField-4 DDN will go with customer's announcement, right? But we do have a pretty large share for BlueField supply for the boot drive. So we're very happy when it ran up in the second-half this year.

我們無法就時間點做具體評論，但我想 BlueField-4 DDN 會配合客戶的公告，對吧？不過我們在 BlueField 的開機碟供應上確實有相當大的市占。因此當它在今年下半年放量時，我們會非常高興。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

And team, congratulations on the AI solution evolution that you're entering with the business. Wallace, I wanted to start by seeing if you could characterize the growth that we could expect to see in the Ferri and DPU business over the next few quarters versus what we've just seen, that 110% rise?

以及團隊，恭喜你們在業務上正邁入 AI 解決方案演進的新階段。Wallace，我想先請你說明一下，未來幾個季度 Ferri 與 DPU 業務的成長，你預期會如何，相較於我們剛看到的 110% 成長？

And similarly help us frame the right expectations for MonTitan. And I wanted to see if in so doing you could also help us understand if you thought the MonTitan business could over time rise to the size of what you're seeing with their INTPU.

同樣地，也請協助我們建立對 MonTitan 的正確預期。另外我也想了解，在這樣的脈絡下，你是否認為 MonTitan 業務隨時間推進，有機會成長到你們目前在 INTPU 看到的規模？

Yeah, we cannot comment specific customer, but what I can tell you that boot drive business is going to grow very strong, not just through one customer, it's through multiple customer. We said last time, boot drive not only winning for GPU, also winning for GPU and the telco company, and we see we're engaged with the leading server maker too. So boot drive will grow very broadly, but definitely with the leading GPU company, it will grow even much stronger and even for next year.

是的，我們無法評論特定客戶，但我可以告訴你，boot drive 業務將會非常強勁地成長，不只是來自單一客戶，而是來自多個客戶。我們上次提到，boot drive 不僅在 GPU 端取得勝利，也在 GPU 與電信公司端取得勝利，而且我們也看到自己正與領先的伺服器製造商合作。因此 boot drive 會非常廣泛地成長；但可以確定的是，與領先的 GPU 公司合作的部分，成長會更強，甚至延伸到明年。

Our MonTitan is very exciting. We have two Tier 1 customer ramping from second quarter. We'll add five more customer coming second half. And we believe next year, we're going to ramp much more revenue growth than this year. And we saw our PCIe Gen6 had much broader design win even before we even tape out. So we have very, very high competence MonTitan Gen5, Gen4 going to carry significant growth for our company for long-term growth and profitability.

我們的 MonTitan 非常令人振奮。我們有兩家 Tier 1 客戶從第二季開始放量。下半年我們還會再新增五家客戶。我們相信明年我們的營收成長幅度會遠高於今年。而且我們看到 PCIe Gen6 在我們甚至尚未 tape out 之前，就已取得更廣泛的 design win。所以我們對 MonTitan Gen5、Gen4 非常、非常有信心，將在長期為公司帶來顯著的成長與獲利能力。

I'd also point out that our solutions business, the boot drive, just a reminder, it's controller plus NAND. So ASPs are going to be naturally much higher than what you're going to see on a controller only. So while certainly, we're excited about the scale and opportunity of MonTitan, just keep that difference in mind where ASPs are going to be certainly lower on MonTitan than relative to the boot drive side.

我也想補充，我們的 solutions 業務，也就是 boot drive，提醒一下，它是控制器加上 NAND。因此 ASP 自然會比單純控制器產品高很多。所以雖然我們對 MonTitan 的規模與機會同樣感到興奮，但請記得這個差異：MonTitan 的 ASP 相較於 boot drive 端一定會更低。

Yeah, and that really relates to my follow-up question, Jason, so thanks for the color. And the question is this, given the company's unusually long and broad expertise with NAND makers as a controller designer, and given the evolution we're seeing in the memory industry where customers really want full solutions, to what extent are customers asking for more of a full solution beyond what you're providing today in businesses that may be auto related or associated with MonTitan? And to what extent would that look attractive for you as a way to further evolve the business model? Thank you.

是的，Jason，這也正好連到我的追問，謝謝你的補充說明。問題是：鑑於公司作為控制器設計商，與 NAND 製造商之間擁有異常長期且廣泛的專業合作經驗；同時也看到記憶體產業的演進，客戶確實更想要完整解決方案。那麼，在可能與車用相關、或與 MonTitan 相關的業務上，客戶在多大程度上會要求你們提供超出目前所提供的、更完整的解決方案？以及從你們的角度，這在多大程度上會是一個具吸引力、可用來進一步演進商業模式的方向？謝謝。

Yeah, you raised a pretty good question. I think today, MonTitan controller business that are totally independent of boot drive business. However, I think in certain cases, we see the added value together as a package sale and penetration.

是的，你提出了一個很好的問題。我認為目前 MonTitan 控制器業務與 boot drive 業務是完全獨立的。不過，在某些情況下，我們確實看到把兩者作為套裝一起銷售與滲透，能帶來額外價值。

And because we do see our boot drive solution business have a very unique position because, first of all, NAND maker does not have a DRAM with its Enterprise SSD controller. Second, they have a less interest to invest for because it's a relatively smaller market compared with Enterprise SSD solution. So we are in very unique position to grow the Enterprise boot drive business.

而且我們確實看到，我們的 boot drive 解決方案業務具有非常獨特的定位，因為第一，NAND 製造商在其企業級 SSD 控制器上並沒有搭配 DRAM。第二，他們投資意願較低，因為相較於企業級 SSD 解決方案，這是一個相對較小的市場。因此我們處於非常獨特的位置，可以成長企業級 boot drive 業務。

In the same time, we can also offer the MonTitan controller business together to support the Tier 1 customer who don't get enough supply from NAND maker directly. So that is how we play and try to grow together. So far MonTitan, because we already have very, very strong momentum and we don't even have enough R&D resources to support so many projects, it's very exciting to see the position we are today, but we'll continue to invest and we're definitely going to see much stronger growth in 2027.

同時，我們也可以一併提供 MonTitan 控制器業務，來支援那些無法直接從 NAND 製造商取得足夠供應的 Tier 1 客戶。這就是我們的打法，並嘗試讓兩者一起成長。就 MonTitan 而言，因為我們已經有非常、非常強的動能，甚至研發資源都不足以支援這麼多專案，能看到我們今天所處的位置非常令人振奮；但我們會持續投資，而且我們確實預期在 2027 年會看到更強勁的成長。

Thank you very much, Wallace. Good luck to you.

非常感謝你，Wallace。祝你順利。

Subham Singhania, JPMorgan.

Subham Singhania，JPMorgan。

Hi. This is [Google] from JPMorgan. So first question on the boot drive market, could you help us kind of size this market a little bit? Because it seems like this market is growing much faster and become much larger than what we would have expected or even you would have expected maybe a year back when you outlined this market for us.

你好。我是 JPMorgan 的 [Google]。第一個問題關於 boot drive 市場，你能否協助我們大致估算一下這個市場規模？因為看起來這個市場的成長速度更快、規模也更大，超出我們的預期，甚至可能也超出你們一年前在向我們說明這個市場時的預期。

And secondly, could you also address how the market share and competition you're expecting to shape up here? Given it looks like right now, Silicon Motion is kind of a large majority of the market, do you feel like there will be some competition entering this market in the next maybe one or two generations?

第二，你也能否談談你們預期這裡的市占率與競爭態勢會如何發展？鑑於目前看起來 Silicon Motion 佔了市場很大一部分，你是否覺得在接下來一到兩代產品中，會有一些競爭者進入這個市場？

So boot drivers have a very, very wide range opportunity. First of all, near CPU boot drive, that's with a conventional enterprise controller with a DRAM together because with DRAM, you have a much better render write performance and with low latency.

所以 boot drive 的機會範圍非常、非常廣。首先是靠近 CPU 的 boot drive，這是搭配 DRAM 的傳統企業級控制器，因為有 DRAM 會有更好的隨機寫入效能與更低延遲。

So that's for server, CPU, doesn't matter Intel or AMD or even Vera, they have a boot drive with DRAM. That business belongs to NAND maker. It's conventional, traditional. We don't compete that sector. However, I think some of the server makers come to Silicon Motion, they will like have a solution. So we do provide some controller to either NAND maker or to multi maker to support that portion with the DRAM for boot drive.

這是用在伺服器、CPU 端，不論是 Intel、AMD，甚至 Vera，他們都有搭配 DRAM 的 boot drive。那部分業務屬於 NAND 製造商。它是傳統、既有的。我們不在那個領域競爭。不過，我認為有些伺服器製造商會來找 Silicon Motion，他們希望有一個解決方案。因此我們也會提供一些控制器給 NAND 製造商或模組廠，來支援那一部分搭配 DRAM 的 boot drive。

But for the rest of the other sectors like DPU, like TPU, NPU, like PCIe switch, like NVLink switch, like Ethernet switch, there is a boot drive they need and today they favor DRAM because it costs better without DRAM and we have specific security support and performance also very good. And as long as we can secure the NAND supply, that portion is really our crown jewelry to grow in the next few years.

但在其他領域，例如 DPU、TPU、NPU、PCIe switch、NVLink switch、Ethernet switch，他們也需要 boot drive，而目前他們偏好不使用 DRAM，因為無 DRAM 成本更好，而且我們有特定的安全性支援，效能也非常好。只要我們能確保 NAND 供應，那一部分就是我們未來幾年成長的皇冠上的寶石。

And we do see the demand is stronger because the boot drive number per [silver rack], that's huge. That's more than [30, 40], it depends, the silver rack. So this is a really, really great opportunity we see. And not only the number of boot drive, but the capacity might be increased in the next few years, right? So this -- we really can boost our sales revenue growth in the top line and the bottom line.

而且我們確實看到需求更強，因為每個 [silver rack] 所需的 boot drive 數量非常可觀。那會超過 [30、40] 個，取決於 silver rack。所以我們看到這是一個非常、非常好的機會。而且不只是 boot drive 的數量，未來幾年容量也可能提升，對吧？因此這——我們確實能在營收端（top line）與獲利端（bottom line）推升銷售與成長。

Any thoughts on competition, Wallace, from either regular NAND makers or any of the other module makers that you do see come into this market or you think you got this largely locked down for the next couple of generations?

Wallace，對於競爭方面你有什麼看法？不論是一般 NAND 製造商，或你看到的其他模組廠是否會進入這個市場？還是你認為未來幾代你們基本上已經把這個市場鎖定住了？

So far, we see we are comfortable, in good position. We did not see more competition and really to NAND maker because the density is really 236, 512 gigabytes compared with enterprise drive, 16 terabytes, 30 terabytes, much more smaller. So we don't see competition from NAND maker come here and we are largest emerging company, we also don't see the competition from multi-maker either.

到目前為止，我們覺得我們很有把握，處於良好位置。我們沒有看到更多競爭；而且對 NAND 製造商而言，這裡的容量密度大約是 236、512GB，相較於企業級硬碟 16TB、30TB，小得多。因此我們不認為 NAND 製造商會來這裡競爭；而我們是最大的新興公司，同時也沒有看到模組廠的競爭。

Understood. That's clear. My second question is on MonTitan, and could you talk a little bit about your market opportunity, especially as you migrate to PCIe Gen6 with your next generation MonTitan platform? What is the competitive landscape looking like? Because I can remember several enterprise controller companies are kind of terminating or slowing down their development in PCIe Gen6.

了解。很清楚。我的第二個問題是關於 MonTitan，你能否談談你們的市場機會，特別是當你們下一代 MonTitan 平台遷移到 PCIe Gen6 時？競爭格局看起來如何？因為我記得有幾家企業級控制器公司正在終止或放慢 PCIe Gen6 的開發。

So could you help us understand like your market opportunity when it comes to when it comes to MonTitan with PCIe Gen6? I think originally, it was mostly about QLC, but it definitely seems like you're kind of expanded beyond just the QLC opportunity to give you cash offloading and some of the TLC opportunities as well.

那麼您能否協助我們理解一下，當談到 MonTitan 搭配 PCIe Gen6 時，你們的市場機會是什麼？我想一開始主要是圍繞 QLC，但看起來你們確實已經不僅限於 QLC 的機會，也擴展到現金卸載以及部分 TLC 的機會。

I think our MonTitan Gen5 has already set a foundation for our customer. So when we developed Gen6, not only Gen6, Gen5 customers all sign in, but we attract many Tier 1 customers from NAND maker in the CSP. So there's more than a dozen Tier 1 customers waiting for MonTitan PCIe Gen6, and this has a very unique architecture we offer and particular focus on either AI inference, especially around the NVIDIA CMX architecture, but also particularly for the data storage.

我認為我們的 MonTitan Gen5 已經為我們的客戶奠定了基礎。因此當我們開發 Gen6 時，不僅是 Gen6，原本的 Gen5 客戶也都會加入，同時我們也在 CSP 端吸引了許多來自 NAND 製造商的 Tier 1 客戶。因此目前有十多家 Tier 1 客戶在等待 MonTitan PCIe Gen6，而我們提供的是非常獨特的架構，並特別聚焦於 AI 推論，尤其是圍繞 NVIDIA CMX 架構，同時也特別針對資料儲存。

So we have multiple dimension and support and support multi-host. And also it will be very efficient under the new AI era. And we work closely with the NAND maker and also leading server maker as well as the CSP. And so this particular sound feature, we exclusively designed for certain customers. We believe when MonTitan PCIe Gen6 starts to ramp, will be much stronger and faster, quicker than our PCIe Gen5.

因此我們具備多個維度的能力並支援多主機。而且在新的 AI 時代下也會非常高效。我們與 NAND 製造商以及領先的伺服器製造商和 CSP 都密切合作。而這項特定的聲音功能，是我們為特定客戶獨家設計的。我們相信當 MonTitan PCIe Gen6 開始放量時，將會比我們的 PCIe Gen5 更強、更快、爬坡更迅速。

Any idea about how much of the market can you address with the PCIe Gen6 solution? Do you think you can address maybe 30%, 40% of the market already with that, or that is too high an expectation?

對於 PCIe Gen6 解決方案，你們大概可以切入多少市場？你覺得用它就能覆蓋大概 30%、40% 的市場嗎？還是這樣的期待太高？

Well, we set a market just a minimum of 15% to 20% at the beginning. Hopefully, you can grow faster.

嗯，我們一開始設定的市場目標至少是 15% 到 20%。希望之後能更快成長。

(Operator Instructions) Suji Desilva, Roth Capital.

（接線員指示）Suji Desilva，Roth Capital。

Congratulations on the progress here. Maybe the first question for Jason. With the mix that's steadily shifting, would we think that a seasonality would be more muted in the '27 timeframe or '28, perhaps, and linearity be greater, more steady? Or would that still be kind of a further out trend?

恭喜你們在這裡的進展。第一個問題可能問 Jason。隨著產品組合持續轉移，我們是否可以認為在 2027 年或 2028 年期間，季節性會更不明顯、線性度更高、更穩定？還是說那仍然是更長期才會出現的趨勢？

Yeah, we're not going to comment on '27 yet at this time, we're only guiding one quarter out, so stay tuned on that. To your point, there are a lot of moving pieces, depending on how quickly certain businesses scale, that could certainly limit the seasonality that we historically would see. But right now, given how much we're in the early stages of some of these businesses ramping and some of these new customers coming on, it's hard for me to say right now, and we're not guiding that far out.

是的，我們目前不會評論 2027 年，因為我們現在只提供往後一季的指引，所以請持續關注。如你所說，變動因素很多，取決於某些業務擴張的速度，確實可能會限制我們過去歷史上會看到的季節性。但就目前而言，鑑於我們仍處於一些業務放量的早期階段、也有一些新客戶正在導入，我現在很難下定論，而且我們也不會提供那麼遠期的指引。

Fair enough, Jason. Thanks. And then maybe the second question for Wallace, perhaps. The Ferri roadmap, how are you evolving that to support newer end markets like robotics? And when might that be a meaningful contributor? How far out could that be?

了解，Jason。謝謝。第二個問題可能問 Wallace。Ferri 的產品路線圖，你們如何演進以支援像機器人這樣較新的終端市場？以及它大概何時會成為有意義的貢獻者？可能要多久之後？

And it's a very good question and we have been constantly monitoring the survey and engage with the robot developer on China and US, also including the drone. And so we see the drone will come in earlier with a high volume and robot will probably come later.

這是個非常好的問題。我們一直在持續監測相關調查，並與中國和美國的機器人開發者互動，也包括無人機。因此我們看到無人機會更早進入，且出貨量會更大；機器人可能會晚一些。

But however, the diversify is so many new opportunities for the storage and not just one solution per robot, there's multiple. So there's many. We would like to engage and also provide certain reference as well as the custom design to show the differentiation with robot maker.

不過，多元化帶來了非常多新的儲存機會，而且不是每一種機器人只對應一種解決方案，而是有多種。所以機會很多。我們希望能參與其中，並提供一些參考設計以及客製化設計，向機器人製造商展現差異化。

And now, I think the initial as of next year, the volume is still pretty small. But we believe '29, 2030 will be much higher volume and we want to start in the early stage and make sure we can occupy the higher market share.

目前來看，我認為從明年開始的初期，量仍然相當小。但我們相信到 2029 年、2030 年出貨量會高很多，我們希望在早期就開始布局，確保能取得更高的市占率。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

A couple of follow-ups. First one, would it be possible if you could just elaborate on the mix of eMMC and UFS, either the mix of the specific product or mixed by like a smartphone versus other consumer electronics? And I do have another follow-up.

我有幾個追問。第一個，你們是否可以再詳細說明一下 eMMC 與 UFS 的組合占比，無論是以特定產品的組合來看，或是以智慧型手機相對於其他消費性電子的組合來看？我還有另一個追問。

So within the eMMC and UFS business, majority of revenue comes from UFS just given that it's a much higher ASP product. Unit volumes in eMMC are still very strong. But given the much lower ASPs in eMMC, it's a smaller contributor to our overall revenue.

在 eMMC 與 UFS 業務中，營收的大部分來自 UFS，因為它是 ASP 高得多的產品。eMMC 的出貨量仍然非常強勁。但由於 eMMC 的 ASP 低很多，因此對我們整體營收的貢獻較小。

The vast majority of our UFS business is going to smartphones. The majority of our eMMC business is going to really more IoT consumer-centric connected devices.

我們的 UFS 業務絕大多數是供應給智慧型手機。我們的 eMMC 業務多數則是供應給更偏 IoT、以消費者為主的連網裝置。

Got you. Thanks. And then I'm not asking for a guide, but when I look into 2027, your commentary and excitement around new product ramp suggest to me that Ferri and boot drive could at least be a third of your revenue mix. Is that in the ballpark?

了解。謝謝。接著我不是要你們給指引，但當我看 2027 年時，你們對新產品放量的評論與興奮程度讓我覺得，Ferri 和 boot drive 至少可能占你們營收組合的三分之一。這個估計大致合理嗎？

Look, I think certainly the backlog we have and the strength we're seeing in the pipeline with our customers and new customers ramping, I think that's certainly a possibility.

你看，我認為以我們目前的在手訂單，以及我們在客戶端看到的管線強度、加上新客戶的放量情況來看，這確實是有可能的。

Thank you. We have now reached the end of the question-and-answer session. I'll now turn the conference back to Mr. Wallace Kou for closing remarks.

謝謝。我們現在已經到達問答環節的結束。接下來我將把會議交回給 Wallace Kou 先生作結語。

Thank you, everyone, for joining us today and for your continued interest 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.

感謝各位今天的參與，以及持續關注 Silicon Motion。未來幾個月我們將參加數場投資人會議。這些活動的日程將公布在我們公司網站的投資人關係專區，我們也期待在這些活動中與各位交流。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.

感謝各位參與今天的會議。本次議程到此結束。各位現在可以掛線。