意法半導體 (STM) 2025 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics second quarter 2025 earnings release conference call and live webcast. I am Moira, the chorus call operator. (Operator Instructions) and the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.

女士們，先生們，歡迎參加意法半導體 2025 年第二季收益發布電話會議和現場網路直播。我是合唱團呼叫操作員莫伊拉。 （操作員指示）會議正在錄音。（操作員指示）會議不得錄製以供出版或廣播。

At this time, it's my pleasure to hand over to Jérôme Ramel, EVP Corporate Development and Integrated External Communications. Please go ahead.

現在，我很高興將工作交給企業發展和全面外部溝通執行副總裁 Jérôme Ramel。請繼續。

Thank you, Moira. Thank you, everyone, for joining our second quarter 2025 financial results call. Hosting the call today is Jean-Marc Chery, ST President and Chief Executive Officer. Joining Jean-Marc on the call today are Lorenzo Grandi, President and CFO; and Marco Cassis, President, Analog, Power & Discrete, MEMS and Sensors Group and Head of STMicroelectronics Strategy, System Research and Application and Innovation Office.

謝謝你，莫伊拉。感謝大家參加我們的 2025 年第二季財務業績電話會議。今天主持電話會議的是 ST 總裁兼執行長 Jean-Marc Chery。今天與 Jean-Marc 一起參加電話會議的還有總裁兼財務長 Lorenzo Grandi；以及模擬、功率與分立裝置、MEMS 和感測器集團總裁兼意法半導體策略、系統研究與應用和創新辦公室負責人 Marco Cassis。

This is live webcast and presentation materials can be accessed on ST Investor Relations website. A replay will be available shortly after the conclusion of this call. This call will include forward-looking statements that involve risk factors that could cause ST results to differ materially from management expectations and plans. We encourage you to review the safe harbor statement contained in the press release that was issued with the results this morning and also in ST's recent regulatory filings for a full description of these risk factors. (Operator Instructions)

這是現場網路直播，演示材料可以在 ST 投資者關係網站上查閱。本次通話結束後不久將提供重播。本次電話會議將包括前瞻性陳述，其中涉及可能導致 ST 績效與管理層預期和計劃有重大差異的風險因素。我們鼓勵您查看今天早上發布的新聞稿中包含的安全港聲明以及 ST 最近的監管文件中包含的有關這些風險因素的完整描述。（操作員指示）

Now I'd like to turn the call over to Jean-Marc Chery, ST President and CEO.

現在我想把電話轉給 ST 總裁兼執行長 Jean-Marc Chery。

Thank you, Jérôme. Good morning, everyone, and thank you for joining ST for our Q2 2025 earnings conference call. I will start with an overview of the second quarter including business dynamics. I will then hand over to Lorenzo for the detailed financial overview, and I will then comment on the outlook and conclude before answering your questions.

謝謝你，傑羅姆。大家早安，感謝大家參加 ST 2025 年第二季財報電話會議。我將首先概述第二季的情況，包括業務動態。然後，我將把詳細的財務概覽交給 Lorenzo，然後我將對前景進行評論並得出結論，然後再回答您的問題。

So starting with Q2. We delivered revenues at $2.77 million, $56 million above the midpoint of our business outlook range with automotive slightly below our expectations, which was customer-specific more than offset by higher revenues in Personal Electronics and Industrial. Gross margin of 33.5% was in line with the midpoint of our business outlook range.

所以從 Q2 開始。我們實現了 277 萬美元的收入，比我們業務展望範圍的中點高出 5,600 萬美元，其中汽車業務的收入略低於我們的預期，但客戶特定的收入被個人電子和工業業務的收入增加所抵消。33.5%的毛利率與我們業務展望範圍的中點一致。

Let's now discuss our business dynamics during Q2. In Automotive, during the quarter, we grew revenues about 14% sequentially, driven in particular by Asia Pacific, excluding China and the Americas. Our book-to-bill came back below parity driven by some specific customer dynamics. While the current situation on trade and tariffs is creating uncertainty on the level of car production, we confirm that Q1 was a low point for automotive revenues. We expect sequential growth in the third quarter versus the second quarter.

現在讓我們討論一下第二季的業務動態。在汽車領域，本季我們的營收季增了約 14%，這主要得益於亞太地區（不包括中國）和美洲地區的成長。受一些特定客戶動態的影響，我們的訂單出貨比又回到了平價以下。儘管當前的貿易和關稅狀況為汽車生產水準帶來了不確定性，但我們確認第一季是汽車收入的低谷。我們預計第三季將比第二季持續成長。

During the quarter, we continued to execute our strategy for car electrification. We had wins with both silicon carbide and silicon devices and modules for multiple new DC-DC converters and onboard charger designs as well as with our smart power and smart fuse solutions for electric vehicle power systems. In a continuing challenging automotive market environment, we remain focused on building our pipeline of business and solid execution of our road maps in Power & Discrete for car electrification.

本季度，我們繼續執行汽車電氣化策略。我們在多種新型 DC-DC 轉換器和車載充電器設計的碳化矽和矽元件及模組以及電動車電源系統的智慧電源和智慧保險絲解決方案方面都取得了成功。在持續充滿挑戰的汽車市場環境中，我們仍然專注於建立業務管道並穩固執行汽車電氣化電源和分立裝置路線圖。

In car digitalization, we saw further traction with our portfolio of automotive Microcontrollers. We are making good progress in executing our road map with many new products set to launch in 2025 and 2026 across our [A-based] stellar and STM32 product families. We are also continuing to see strong design-in momentum globally with both large-scale OEMs and Tier 1 suppliers. One significantly in Q2 was for a one box braking system by a leading electric vehicle maker in China.

在汽車數位化方面，我們的汽車微控制器產品組合獲得了進一步的發展。我們在執行路線圖方面取得了良好的進展，計劃於 2025 年和 2026 年在我們的 [基於 A 的] 恆星和 STM32 產品系列中推出許多新產品。我們也繼續看到全球大型 OEM 和一級供應商的強勁設計勢頭。第二季的一項重要成果是中國一家領先的電動車製造商推出了單箱煞車系統。

Moving to legacy applications where we have a broad portfolio of application-specific products based on our smart power technologies and leading position in multiple domains such as airbags, door zone and braking solutions. A notable win here was a high-volume airbag solution with a world leader in automotive electronic safety systems. The third generation of a long-term partnership.

轉向傳統應用，我們擁有基於智慧電源技術的廣泛應用特定產品組合，並在安全氣囊、門區和煞車解決方案等多個領域處於領先地位。這裡一個顯著的勝利是與汽車電子安全系統領域的世界領導者合作，提供大容量安全氣囊解決方案。長期合作關係的第三代。

With our automotive grade sensors, we continue to see strong design-in momentum and opportunities wins in the quarter included MEMS sensors for ADAS, airbag control and infotainment systems as well as an imaging sensor for in-cabin monitoring.

憑藉我們的汽車級感測器，我們繼續看到強勁的設計勢頭和本季度贏得的機會，包括用於 ADAS、安全氣囊控制和資訊娛樂系統的 MEMS 感測器以及用於車內監控的影像感測器。

There are also a growing number of opportunities for sensors to improve the driving experience with applications such as road noise constellation, occupancy monitoring, and seat position sensors. In Industrial, Q2 revenues were above expectations with strong sequential growth and continued year-over-year improvement, confirming that Q1 was the bottom. I would also like to highlight that specifically for General purpose microcontrollers, we are back to year-on-year growth.

感測器透過道路噪音星座、佔用監控和座椅位置感測器等應用來改善駕駛體驗的機會也越來越多。工業領域，第二季營收超出預期，季增強勁，年比持續改善，證實第一季已觸底。我還想強調的是，特別是對於通用微控制器而言，我們又恢復了年成長。

In terms of month of inventory distribution overall, we are now back to a normal situation in China, close to normalization in other ASEAN countries and improving but still above normal in other geographies. In Q2, our book-to-bill ratio remained above 1 and bookings continue to increase sequentially, supporting our expectation of further sequential growth in the third quarter compared to the second quarter.

從整體庫存分佈月份來看，中國目前已恢復正常，其他東協國家也接近正常水平，其他地區則有所改善但仍高於正常水平。在第二季度，我們的訂單出貨比保持在1以上，並且訂單量繼續環比增長，這支持了我們對第三季度較第二季度進一步環比增長的預期。

During the quarter, we made strong progress with our design-in activity for our power in Analog portfolio across a launch of applications. These included Power Systems, industrial fans and drives, motor control, white goods, solar inverters, air conditioning, metering and power for data servers.

在本季度，我們在一系列應用的模擬電源產品組合設計活動方面取得了長足的進展。其中包括電力系統、工業風扇和驅動器、馬達控制、白色家電、太陽能逆變器、空調、計量和數據伺服器電源。

For data servers, we announced that we are working closely with NVIDIA on a new high-power density DC-DC architecture for AI data centers that will operate at 800-volt DC. This will enable higher power density, more compact designs and a lot less cabling and metal ports. To deliver the needed solution, ST is putting together a combination of its most advanced technologies enabled by silicon material, silicon carbide and gallium nitride as well as smart power processes like BCD using galvanic isolation. Our portfolio of industrial sensors also gained momentum in application like container tracking, white goods and livestock monitoring.

在資料伺服器方面，我們宣布正與 NVIDIA 密切合作，為 AI 資料中心開發新的高功率密度 DC-DC 架構，該架構將在 800 伏特直流電壓下運作。這將實現更高的功率密度、更緊湊的設計，並大幅減少佈線和金屬端口。為了提供所需的解決方案，意法半導體將其最先進的技術結合在一起，這些技術由矽材料、碳化矽和氮化鎵以及使用電流隔離的 BCD 等智慧電源製程提供支援。我們的工業感測器產品組合在貨櫃追蹤、白色家電和牲畜監控等應用領域也獲得了發展勢頭。

Moving to embedded processing. Our STM32 microcontrollers have continued to gain traction with the broad developer community. Use of our software ecosystem continues to grow strongly, and we are now close to 1.5 million unique users on a 12-month falling basis versus the 1.3 million unique users for 2024.

轉向嵌入式處理。我們的 STM32 微控制器繼續受到廣大開發者社群的青睞。我們的軟體生態系統的使用持續強勁成長，目前我們的獨立用戶數以 12 個月的下降幅度接近 150 萬，而 2024 年的獨立用戶數為 130 萬。

As mentioned earlier, in Q2, we were back to year-over-year growth for our General Purpose Microcontrollers with both sequential and year-over-year growth in the ITs. This confirms the strength of our product portfolio and our global ecosystem. In Personal Electronics, and to a lesser extent in communication equipment and computer peripherals, were above our expectations. We continue to be excited by growth opportunities in our engaged customer programs driven by both increased content in Personal Electronics and expanding low earth orbit satellite market.

如前所述，在第二季度，我們的通用微控制器恢復了同比增長，IT 也實現了環比和同比增長。這證實了我們的產品組合和全球生態系統的實力。個人電子產品以及通訊設備和電腦週邊設備（程度較輕）的表現均超出了我們的預期。我們繼續對我們所參與的客戶計畫中的成長機會感到興奮，這得益於個人電子產品內容的增加和低地球軌道衛星市場的不斷擴大。

In terms of corporate development activities, at the end of May, we held our Annual General Meeting of Shareholders, all proposed resolutions were approved by the shareholders. For sustainability, we have received two notable recognition for our public commitments reporting and environmental and social performance.

在公司發展活動方面，五月底，我們召開了年度股東大會，所有提議的決議均獲得股東批准。在永續性方面，我們因公開承諾報告和環境與社會績效獲得了兩項顯著認可。

ST has been recognized in the Time World's most sustainable companies list for the second consecutive year, we have been ranked 25th most sustainable company globally and first in the electronics, hardware and equipment category. We have also been recognized for leadership on climate and water security by the global environmental nonprofit CDP with a place on its list for tracking climate change and the rating of A- for water security.

ST 連續第二年入選《時代》雜誌全球最具永續發展能力的公司榜單，在全球最具永續發展能力的公司中排名第 25 位，並在電子、硬體和設備類別中排名第一。我們也因在氣候和水安全方面的領導地位而獲得了全球環境非營利組織 CDP 的認可，我們在追蹤氣候變遷方面名列前茅，並在水安全方面獲得 A- 評級。

Now over to Lorenzo, who will present our key financial figures.

現在請 Lorenzo 為我們介紹關鍵財務數據。

Thank you, Jean-Marc, and good morning, everyone. Let's start with a detailed review of the second quarter starting with the revenues on a year-over-year basis. By reportable segment, Analog product, MEMS and Sensors was down 15.2%, mainly due to a decrease in Analog to a lesser extent, a decrease in imaging while MEMS grew double digit. Power & Discrete product decreased 22.2%. Embedded Processing revenues declined 6.5%, mainly due to custom processing. RF and optical communication declined 17.9%.

謝謝你，讓-馬克，大家早安。讓我們先詳細回顧一下第二季度，首先是同比收入。按報告部門劃分，模擬產品、MEMS 和感測器下降了 15.2%，主要是由於模擬產品的下降幅度較小，成像產品的下降，而 MEMS 實現了兩位數的成長。電源和分立裝置產品下降22.2%。嵌入式處理收入下降6.5%，主要由於客製化處理。射頻和光通訊下降了17.9%。

By end market. Automotive declined by about 24%. Industrial by about 8%, while Personal Electronic Communication Equipment and Computer peripheral, each declined by about 5%. Year-over-year sales to OEMs decreased 15.3% and 12% to distribution. On a sequential basis, all segments contributed to the growth. embedded processing, Power & Discrete, and RF and optical communication reported double-digit growth, respectively, 14.1%, 12.9% and 10.1%.

按終端市場。汽車銷量下降了約24%。工業下降了約8%，而個人電子通訊設備和電腦週邊設備則分別下降了約5%。與去年同期相比，OEM 銷售額下降了 15.3%，分銷銷售額下降了 12%。按環比計算，所有部門均對成長做出了貢獻。嵌入式處理、功率和分立元件以及射頻和光通訊均實現了兩位數成長，分別為 14.1%、12.9% 和 10.1%。

Analog products, MEMS and Sensors also grew by 5.9%. All our end markets grew led by Industrial, up by about 15%, followed by Automotive, up by about 14%, with Communication equipment, computer peripheral and Personal Electronic up, respectively, about 6% and 3%.

類比產品、MEMS和感測器也成長了5.9%。我們所有的終端市場均實現成長，其中工業市場成長約 15%，其次是汽車市場成長約 14%，通訊設備、電腦週邊設備和個人電子產品分別成長約 6% 和 3%。

Turning now to profitability. Gross profit in the second quarter was $926 million, decreasing 28.5% on a year-over-year basis. Gross margin was at 33.5%, decreasing 660 basis points year-over-year, mainly due to unfavorable product mix lower manufacturing efficiency and, to a lesser extent, higher unused capacity charges. Total net operating expenses excluding restructuring, amounted to $869 million in the second quarter, in line with our expectations and declining 6% on a year-over-year basis.

現在談談獲利能力。第二季毛利為9.26億美元，年減28.5%。毛利率為 33.5%，較去年同期下降 660 個基點，主要原因是產品結構不佳、製造效率較低，且未使用產能費用較高（但程度較輕）。不包括重組在內的總淨營運費用在第二季達到 8.69 億美元，符合我們的預期，年減 6%。

For the third quarter of 2025, we expect a net OpEx to stand at about $860 million. Slightly decreasing quarter-on-quarter despite the negative currency effect, reflecting our ongoing cost discipline and the first benefits of the resizing of our global cost base. As a reminder, these amounts are net of other income and expenses and exclude restructuring.

到 2025 年第三季度，我們預計淨營運支出將達到約 8.6 億美元。儘管受到貨幣的負面影響，但環比仍略有下降，這反映了我們持續的成本控制以及全球成本基礎調整的初步好處。提醒一下，這些金額是扣除其他收入和支出後的金額，不包括重組。

In the second quarter, we reported a $133 million operating loss, which included $190 million for impairment, restructuring charges and other related phase out costs, reflecting impairment of assets and restructuring charges, predominantly associated with the previously announced company-wide program to reshape our manufacturing footprint and resize our global cost base.

在第二季度，我們報告了 1.33 億美元的營運虧損，其中包括 1.9 億美元的減損、重組費用和其他相關的逐步淘汰成本，反映了資產減損和重組費用，主要與先前宣布的重塑製造足跡和調整全球成本基礎的公司範圍計劃有關。

Excluding this nonrecurring item, which is mostly noncash, Q2 non-US GAAP operating margin was 2.1% positive with the Analog MEMS and Sensors at 7.5%, Power & Discrete minus 12.5%, embedded processing, 13.5% and RF Optical Communication at 17.9%. Q2 '25 net income was a negative $97 million compared to a positive $353 million in the year ago quarter. Diluted earnings per share were a negative $0.11 compared to a positive of $0.38, excluding the previously mentioned nonrecurring items, non-US GAAP, net income and diluted earnings per share were respectively a positive $57 million and a positive $0.06.

不包括這項非經常性項目（大部分為非現金），第二季非美國 GAAP 營業利潤率為正 2.1%，其中類比 MEMS 和感測器為 7.5%，電源和分立元件為負 12.5%，嵌入式處理為 13.5%，射頻光通訊為 17.9%。2025 年第二季淨收入為負 9,700 萬美元，去年同期為正 3.53 億美元。稀釋每股收益為負 0.11 美元，而稀釋每股收益為正 0.38 美元，不包括前面提到的非經常性項目，非美國 GAAP，淨收入和稀釋每股收益分別為正 5700 萬美元和正 0.06 美元。

Net cash from operating activities decreased 49.6% in Q2 to $354 million on a year-over-year basis. Second quarter net CapEx was at $465 million compared to the $528 million in Q2 '24. Free cash flow was a negative $152 million in the second quarter compared to a positive $159 million in the year ago quarter.

第二季經營活動淨現金年減 49.6% 至 3.54 億美元。第二季淨資本支出為 4.65 億美元，而 24 年第二季為 5.28 億美元。第二季自由現金流為負 1.52 億美元，去年同期為正 1.59 億美元。

Inventory at the end of this quarter was EUR3.27 billion compared to EUR2.81 billion in Q2 '24. Day sales of inventory at quarter end was 166 days and slightly above our expectation, mainly due to currency impact compared to the 167 days for the previous quarter and to 130 days in the year ago quarter.

本季末的庫存為 32.7 億歐元，而 24 年第二季為 28.1 億歐元。季度末庫存銷售天數為 166 天，略高於我們的預期，主要由於貨幣影響，而上一季為 167 天，去年同期為 130 天。

We expect days of inventory to significantly decrease in the third quarter compared with the second quarter. Cash dividends paid to stockholders in Q2 '25, a total of $81 million. In addition, ST executed share buybacks of $92 million. ST maintained its financial strength with a net financial position that remain solid at $2.67 billion as of June 28, 2025, reflecting total liquidity of $5.63 million and a total financial debt of $2.96 billion.

我們預計第三季的庫存天數將較第二季大幅下降。25 年第二季向股東支付的現金股利總計 8,100 萬美元。此外，ST 還進行了 9,200 萬美元的股票回購。 ST維持了財務實力，截至 2025 年 6 月 28 日，淨財務狀況依然穩固，為 26.7 億美元，總流動資金為 563 萬美元，總金融債務為 29.6 億美元。

Now back to Jean-Marc, who will comment on our outlook.

現在回到 Jean-Marc，他將對我們的展望發表評論。

Thank you, Lorenzo. Let's move to our business outlook for Q2 2025. So we are expecting Q3 '25 revenues at $3.17 billion, plus/minus [350 basis points]. At the midpoint, our Q3 net revenues will increase 14.6% sequentially and decreased by 2.5% year-over-year with all end markets, but automotive back to year-on-year growth. We expect our gross margin to be about 33.5%, plus/minus 200 basis points including about 340 basis points of unused capacity charges compared to the second quarter. Gross margin is also impacted by about 140 basis points of negative sequential impact resulting mainly from currency effect and from the start of the nonrecurring costs related to our manufacturing shipping program.

謝謝你，洛倫佐。讓我們來看看 2025 年第二季的業務展望。因此，我們預計 25 年第三季的營收為 31.7 億美元，上下浮動 [350 個基點]。從中位數來看，我們的第三季淨收入將比上一季成長 14.6%，所有終端市場淨收入將比去年同期下降 2.5%，但汽車市場將恢復年成長。我們預計毛利率約為 33.5%，與第二季相比上下浮動 200 個基點，其中包括約 340 個基點的未使用容量費用。毛利率也受到約 140 個基點的負面連續影響，這主要由於貨幣效應以及與我們的製造運輸計劃相關的非經常性成本的開始。

This business outlook does not include any impact for potential further changes to global trade tariffs compared to the current situation. For the full year 2025, we plan to maintain our net CapEx plan between $2 billion and $2.3 billion, mainly to execute the reshaping of our manufacturing footprint.

與當前情況相比，該業務展望不包括全球貿易關稅可能進一步變化的影響。2025年全年，我們計劃將淨資本支出計畫維持在20億美元至23億美元之間，主要用於重塑我們的製造足跡。

To conclude, we expect Q3 revenues to show solid sequential growth driven by a cyclical recovery and our engaged customer programs. This will enable a continued year-over-year improvement. Our priorities remain supporting our customers to designing our products accelerating new product introduction and executing our company wide program to reshape our manufacturing footprint and resize our global cost base. Finally, I confirm we are executing our plan to deliver annual cost savings in the high triple-million-dollar range exiting 2027.

總而言之，我們預計在周期性復甦和我們積極參與的客戶計畫的推動下，第三季營收將呈現穩健的環比成長。這將使業績逐年持續改善。我們的首要任務仍然是支持客戶設計我們的產品，加速新產品的推出，並執行我們全公司的計劃，重塑我們的製造足跡並調整我們的全球成本基礎。最後，我確認我們正在執行我們的計劃，到 2027 年，每年可節省高達三百萬美元的成本。

Thank you, and we are now ready to answer your questions.

謝謝，我們現在準備回答您的問題。

(Operator Instructions)

（操作員指示）

Janardan Menon, Jefferies.

Janardan Menon，傑富瑞集團。

My question is mainly on gross margin. I was -- could you just pull out the one-off effect from your manufacturing reshaping program in your Q3 gross margin guidance and then I was wondering whether you could comment on how you expect gross margin to evolve into subsequent quarters. I mean sales are growing and our utilization levels are growing. So how would you expect -- what will be the various puts and takes that you would expect gross margin evolution beyond Q3?

我的問題主要關於毛利率。您能否在第三季毛利率預測中提出製造業重塑計劃的一次性影響，然後我想知道您是否可以評論一下您預計毛利率將如何在接下來的幾個季度中演變。我的意思是銷售額正在成長，我們的利用率也在提高。那麼您如何預期—您預計第三季之後毛利率的變動將受到哪些影響？

Thank you the question, Janardan. But in terms of the gross margin of Q3, first of all, I want to clarify the gross margin, but pricing are not collapsing. Let's say, pricing are in line with what was our expectation. So at the midpoint of our sequential basis, gross margin is negatively impacted, as we said, by this 140 basis points. That is resulting mainly from currency effect and to a lesser extent, from the start of nonrecurring costs related to our manufacturing reshaping program. You asked me more or less to size, I would say that in this 140 basis point around 20% of this 140 is related to the reshaping of the manufacturing program.

謝謝你的提問，Janardan。但就第三季的毛利率而言，首先我想澄清一下毛利率，但定價並沒有崩盤。可以說，定價符合我們的預期。因此，在我們連續基礎的中點，毛利率受到了負面影響，正如我們所說，這 140 個基點。這主要是由於貨幣效應，其次是與我們的製造業重塑計劃相關的非經常性成本的開始。你問我規模有多大，我想說，在這 140 個基點中，大約有 20% 與製造計畫的重塑有關。

Lease this negative impact is offset by the lower weight of unused capacity charges in Q2 was 370 basis point impact. In Q3 is more in the range of 340 basis points. And some improving manufacturing efficiency even if -- we have to remind you that in Q3, this efficiency is still suboptimal. We have some basis point that is related to the fact that we have not yet at the best our efficiency. The combination of price and mix, I would say that is pretty neutral to the gross margin on a sequential basis, let's say.

租賃的這一負面影響被第二季未使用容量費用較低的權重所抵消，影響為 370 個基點。第三季則在 340 個基點左右。即使有些製造效率有所提升—我們必須提醒您，在第三季度，這種效率仍然不是最優的。我們有一些基點，這與我們尚未達到最佳效率有關。我想說，價格和產品組合的組合對於連續的毛利率來說是相當中性的。

So these are the main drivers, I would say, that are impacting our gross margin in the third quarter. But in respect to what is the expectation moving forward. Directionally based on the current level of euro dollar that we say spot in the range of [$1.17] that in Q4 should bring us in an effective rate that is in the range of [$1.15 euro dollars] we should see a nice improvement in respect to Q3, driven by less unused capacity charges, enhanced manufacturing efficiency partially, of course, offset by weaker US dollar.

所以我想說，這些都是影響我們第三季毛利率的主要因素。但對於未來的期望是什麼？從方向上看，基於當前歐元兌美元的匯率，我們認為現貨匯率在 [1.17 美元] 的範圍內，第四季度的有效匯率應該在 [1.15 美元兌歐元] 的範圍內，我們應該會看到與第三季度相比有一個良好的改善，這得益於未使用產能費用的減少、製造效率的提高，當然，部分抵消了美元的影響力。

Clearly, in Q4, gross margin will depend ultimately on the level of revenues and where it will be positioned the euro dollars. At this stage, it's a little bit more difficult to be more specific than that.

顯然，在第四季度，毛利率最終將取決於收入水準以及歐元的定位。在這個階段，要說得更具體一點就有些困難了。

Understood. So do you have any visibility on Q4? Would you, at this stage, expect that your revenue further improved in Q4? Or is it too early to call that?

明白了。那麼您對第四季有什麼了解嗎？目前，您是否預期第四季的營收會進一步提高？還是現在這麼說還太早？

Well, we expect our revenue in Q4 to grow sequentially.

嗯，我們預計第四季的營收將環比成長。

Thank you.

謝謝。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），TD Cowen。

There's obviously a lot of uncertainty out there given the geopolitical environment. I was wondering if you could maybe speak to any potential changes in your customers' order patterns or the prospect of any potential customers who are -- who could have been pulling in parts? Have you seen any changes downstream?

鑑於地緣政治環境，顯然存在著許多不確定性。我想知道您是否可以談論客戶訂單模式的任何潛在變化，或者任何潛在客戶的前景——誰可能會購買零件？您看到下游有什麼改變嗎？

When we see our name from the beginning of the year, basically, the good news in Q3, all our verticals will grow sequentially and year-end -- every year, except the automotive specific to one customer. And I would have been delighted that Q3 would have been the turning point, but we are about minus 2% year-over-year, which is $80 million.

當我們從年初看到我們的名字時，基本上，第三季度的好消息是，我們所有的垂直業務都將逐年增長，並且每年年底都會增長，除了針對某個特定客戶的汽車業務。我本來很高興第三季會成為轉捩點，但我們的同比下降約為-2%，即 8000 萬美元。

Well, be aware that 90% of this $80 million gap versus a turning point is, in fact, intangible. It is capacity fee reservation from carmaker that has decreased by $70 million. So from a product perspective, customer demand, we are basically at the turning point, which is very positive. But now about our customer engaged programs in our market. In Personal Electronics, in computer equipment communication equipment, computer peripheral, basically we have no surprise, no change. While in industrial, you know that is more fragmented, it is distribution. But clearly, now we are in the up cycle. But with the speed of the turning point will depend on the macro economy.

嗯，請注意，與轉折點相比，這 8000 萬美元的差距中有 90% 實際上是無形的。汽車製造商的容量費用預留減少了 7,000 萬美元。因此，從產品角度和客戶需求來看，我們基本上處於轉折點，這是非常積極的。但現在要討論的是我們市場上的客戶參與計畫。在個人電子產品、電腦設備、通訊設備、電腦週邊設備方面，基本上我們沒有看到任何驚喜，也沒有看到任何變化。而在工業領域，你知道它更加分散，屬於分銷領域。但顯然，現在我們正處於上升週期。但拐點出現的速度將取決於宏觀經濟。

Now automotive. Automotive what is the situation we have to manage and acknowledge. But we know that basically in front of us, we have a market of 90 million vehicles, out of which 30 million vehicles are battery electrical vehicle and hybrid electrical vehicle. The challenge we have managed altogether is that the competition landscape, the mix inside the automotive market is much, much less stable than 2, 3 years ago.

現在是汽車。汽車是什麼樣的情況我們必須管理和承認。但我們知道，基本上我們面前有一個9000萬輛汽車的市場，其中3000萬輛是電動車和混合動力電動車。我們面臨的共同挑戰是，汽車市場的競爭格局和結構遠不如兩、三年前穩定。

Why? Because there is a strong dynamic between Chinese competition, European changing mine about electrical car, America as well and so on. So we are not protected time-to-time, quarter-to-quarter to have one customer-specific change. And this is what happened clearly in Q2 and is confirmed in Q3.

為什麼？因為中國與歐洲、美國等國之間的競爭十分激烈，歐洲、美國在電動車方面也改變了。因此，我們無法時時、每季針對某一客戶做出特定更改。這在第二季度明顯發生，並在第三季得到證實。

Well, so this is only this automotive market. We have to pay attention. Now, what will make us confident moving forward is the strength of our product portfolio. Clearly, our large customer base and I repeat in automotive, in Q3, we grew sequentially, not yet year-over-year, but in Q4, we will grow again sequentially.

嗯，這只是汽車市場。我們必須注意。現在，讓我們充滿信心向前邁進的是我們產品組合的實力。顯然，我們的龐大客戶群，以及我在汽車行業重複提到的情況，在第三季度，我們實現了環比增長，但還沒有實現同比增長，但在第四季度，我們將再次實現環比增長。

Okay. But you did not observe any pull-ins in the June quarter?

好的。但是您沒有觀察到 6 月季度有任何拉動嗎？

No.

不。

Okay. Thank you. And then for my follow-up, I got a few inbounds from investors regarding the mobilized foundry relationship when that came out earlier in the month. Could you maybe speak to which parts you're still providing and maybe, I realize the IQ5 and IQ6 are on IQ7 nanometer, how we should expect that customer to trend over the next few years? And maybe speak to the engagement there?

好的。謝謝。然後，在我的後續行動中，當本月早些時候動員代工關係公佈時，我收到了一些來自投資者的資訊。您能否談談您仍在提供哪些部件？也許，我知道 IQ5 和 IQ6 採用 IQ7 奈米技術，我們該如何預期該客戶在未來幾年的發展趨勢？也許可以談談那裡的參與？

No, it is well known. We use the technology of the SMC starting IQ5 generation. But IQ5 and IQ7, ST okay did the design and all the enablement and the support the engineering support. So from this announcement we don't expect any surprise from our revenue for the next three, five years at least.

不，這是眾所周知的。我們使用從IQ5代開始的SMC技術。但 IQ5 和 IQ7，ST 確實完成了設計以及所有支援和工程支援。因此，從這項公告來看，我們預計至少未來三到五年我們的收入不會有任何意外。

Got it. Thank you.

知道了。謝謝。

Francois Bouvignies, UBS.

瑞銀集團的 Francois Bouvignies。

So my question would be Jean-Marc, early June. I believe you said that you would reach at least the midpoint of the guidance in Q2. And I guess when you said that you had in mind to do better than just roughly in line like you did today. And then you said you would maybe with our tariff grow year-over-year, and now you're guiding for minus 2.5% year-over-year. So what happened since early June? I mean it seems that things deteriorated.

所以我的問題是 Jean-Marc，六月初。我相信您說過您將至少在第二季度達到指導的中點。我想，當您說您想做得比今天這樣大致一致時要更好。然後您說我們的關稅可能會同比增長，現在您預測的同比下降是-2.5%。那麼自六月初以來發生了什麼事？我的意思是事情似乎惡化了。

And if I understand correctly, is it only a customer program. Just trying to understand what happens in soon for, because it seems a bit short of what maybe you would have hoped. I just want to understand the moving parts.

如果我理解正確的話，它只是一個客戶程式嗎？只是想了解很快會發生什麼，因為它似乎與你所希望的有些差距。我只是想了解活動的部分。

Well, thank you for your question. I anticipated it a little bit in my former answer. We look at facts, what is the dynamic on your year-over-year growth for ST. So Q1 was minus 27%, Q2 minus 40%, and we then close to minus -- to 0, so minus 2% basically in Q3 at the midpoint of our guidance. So it's $80 million gap. Well, I repeat this $80 million for your consideration because what is important is customer demand, product, volumes or the flow of product.

嗯，謝謝你的提問。我在之前的回答中已經預料到了這一點。我們來看看事實，ST 的年成長動態是什麼。因此，第一季為負 27%，第二季為負 40%，然後我們接近負 0，因此第三季基本上為負 2%，處於我們預期的中點。所以差距是 8000 萬美元。好吧，我重複這 8000 萬美元供您考慮，因為重要的是客戶需求、產品、數量或產品流量。

Now, 90% of this gap is related to intangibles. Well, yes, intangible is revenue, but it is not okay flow of product. It does not measuring the capability of to address its addressable market. So this is a positive point. But I would have expected to compensate this 90% of intangible by stronger dynamic, on automotive.

現在，90%的差距與無形資產有關。嗯，是的，無形資產是收入，但它不是產品流。它沒有衡量其解決可尋址市場的能力。所以這是一個積極的方面。但我原本希望透過汽車領域更強大的動力來彌補這 90% 的無形資產損失。

But unfortunately we have one customer specific change in the forecast of Q3 that prevents us to move to this position. But on automotive, again, the sequential growth in Q3 will be pretty solid because we expect, okay high single digit growth in automotive in Q3 and we will grow again in Q4. So yes, there is one customer specific, but nothing related to the overall market dynamic. I repeat what I said a few minutes ago.

但不幸的是，我們在第三季的預測中有一個客戶特定的變化，阻止我們進入這個位置。但在汽車方面，第三季的連續成長將非常穩健，因為我們預計第三季汽車業務將實現高個位數成長，並且第四季將再次實現成長。所以是的，有一個特定的客戶，但與整體市場動態無關。我重複幾分鐘前說過的話。

Now we have to acknowledge that for a while, we will have in front of us an automotive market moving forward and growing, again, 90 million vehicle, at least one-third is related to a mix of battery-based electrical and hybrid electrical but with competition landscape changing in a very dynamic way, where we have to manage, and we are not protected time to time to have what customer specific. And yes not at the level of our expectation.

現在我們必須承認，在一段時間內，我們面前的汽車市場將不斷向前發展，再次重申一下，9000 萬輛汽車中，至少有三分之一與電池驅動和混合動力汽車有關，但競爭格局正在以非常動態的方式變化，我們必須進行管理，而且我們不會時不時地受到保護，以滿足客戶的特定需求。是的，沒有達到我們期望的程度。

Well, this we can manage, but this is a situation we have to face that is completely different than a few years ago. So, I, of course, regret okay, to not be on the turning point of Q3. But again, I repeat, 90% of the gap is intangible. The rest is really customer specific. The good news is industrial, Personal Electronics, computer peripheral and communication equipment grew significantly year-over-year. Automotive grow significantly on a sequential basis, and we grow again in Q4.

嗯，我們可以做到這一點，但我們必須面對的情況與幾年前完全不同。所以，我當然很遺憾沒能趕上第三季的轉捩點。但我再次重申，90%的差距是無形的。其餘部分則完全由客戶決定。好消息是工業、個人電子產品、電腦週邊設備和通訊設備較去年同期大幅成長。汽車業務連續大幅成長，第四季再次實現成長。

Thank you so much. That's very helpful. And just to clarify, this customer change. Is it a market share shift. I mean is it structural? Or is it just an order inventory or forecast adjustments? Is it temporary or longer term?

太感謝了。這非常有幫助。只是為了澄清一下，這個客戶改變了。這是市場佔有率的轉變嗎？我的意思是它是結構性的嗎？或者它只是訂單庫存或預測調整？這是暫時的還是長期的？

It is absolutely not market share loss. It is specific to the customer. I cannot comment, but I am pretty sure that long term this customer will recover.

這絕對不是市場佔有率的損失。它是針對特定客戶的。我無法評論，但我很確定從長遠來看這位顧客會康復的。

Got it. Thank you very much.

知道了。非常感謝。

Sandeep Deshpande, JPMorgan.

摩根大通的 Sandeep Deshpande。

My question is regarding Q4. You mentioned, Jean-Marc, that you will grow sequentially in Q4. But will you -- based on what you see today, will you be able to grow year-on-year in Q4 across the board at the company. Excluding some of these issues you've had in Q3?

我的問題是關於 Q4 的。Jean-Marc，您提到您將在第四季度實現連續成長。但是，根據您今天看到的情況，您是否能夠在第四季度實現公司整體的年成長？排除您在第三季遇到的一些問題嗎？

Based on what you see to the revenue, I mean following up on your earlier response, do you see an impact in this guidance from the new US rules on EVs, et cetera, which could have an impact on silicon carbide or any of your other businesses?

根據您對收入的看法，我的意思是根據您先前的回复，您是否認為美國關於電動車等的新規則會對這一指導產生影響，這可能會對碳化矽或您的任何其他業務產生影響？

Thank you, Sandeep, for the question. What I can -- the fact we have in our hand is that the backlog that is positioned on Q4 today. If we compare exactly at the same date. The quarter of Q3, it is showing significant sequential growth. So if the booking of Q3, because I repeat we are also facing market situation that are turning up from a cyclical point of view, but also the visibility is pretty short.

謝謝 Sandeep 提出的問題。我可以做的是——事實上我們掌握的是今天第四季的積壓訂單。如果我們以完全相同的日期進行比較。第三季度，它呈現出顯著的連續成長。因此，如果第三季的預訂量如此，因為我再說一遍，我們也面臨著從週期性角度來看正在上升的市場形勢，但可見度也相當短。

But it is clear that if we have a booking dynamic in Q3 on the similar path of what we have seen in Q2 and in Q1, but we should expect in Q4 to grow sequentially and then to be at the turning point or very close to the turning point. But again, this is the mechanics we are following. So yes, we expect to grow sequentially in Q4 taking into account the portfolio. And under the assumption, we will see a booking dynamic similar of what we have seen in Q1 and Q2.

但很明顯，如果第三季的預訂動態與第二季和第一季的類似，那麼我們應該預期第四季將連續成長，然後達到轉折點或非常接近轉折點。但再次強調，這是我們所遵循的機制。所以是的，考慮到投資組合，我們預計第四季將環比成長。根據這個假設，我們將看到與第一季和第二季類似的預訂動態。

Finally we should be in position to grow year-over-year in Q4. But again, we will not be protected against something specific customers that decide okay, to decrease inventory because we want to prefer to protect 2026. So we are not protected this circularity with some customers. Overall, it means what? It means the trend is positive. The dynamic is positive.

最後，我們應該能夠在第四季度實現同比增長。但是，我們不會受到某些特定客戶的保護，因為我們希望保護 2026 年，所以決定減少庫存。因此，我們無法保護某些客戶的這種循環。整體來說這意味著什麼？這意味著趨勢是積極的。這種動態是正面的。

ST come back on a growth trajectory. But the overall environment and specifically the market of automotive is not strong enough to generate a buffer of backlog in order to absorb all the variation. So altogether, of course, we have to communicate very carefully and accurately to monitor this dynamic. So this is the point -- the other point of the question was?

ST 重回成長軌道。但整體環境，特別是汽車市場，不足以產生足夠的積壓緩衝來吸收所有的變化。所以總的來說，當然，我們必須非常謹慎和準確地溝通以監控這種動態。所以這就是重點──問題的另一個重點是什麼？

The other part of the question was on whether any of the dynamics you're seeing in Q2 and then beyond are to do with the new US tax bill, which has implications on EVs?

問題的另一部分是，您在第二季及以後看到的任何動態是否與新的美國稅收法案有關，這對電動車有影響嗎？

Nothing significant specific to this point. Again, what we are acknowledging and reviewing our mid-plan on silicon carbide and electrical vehicle is a dynamic. Well, I guess, everybody has acknowledged and understand that compared two, three years ago in '25, the volume of electrical car is basically 5 million cars less than was forecasted five years ago.

就這一點而言，沒有什麼特別重要的。再次，我們正在承認和審查我們在碳化矽和電動車方面的中期計劃是一個動態。嗯，我想，大家都已經承認並理解，與兩三年前的 2025 年相比，電動車的數量比五年前的預測少了 500 萬輛。

So what is important is to look the trend. Then the second trend is a mix between battery based and hybrid vehicle. So we have to understand with all the set of regulation constraints that worldwide are implemented and then the competition of the Chinese carmaker or this trajectory of growth will move. And this is what matters for us in order to design our manufacturing capacity.

因此，重要的是看清趨勢。第二個趨勢是電池汽車和混合動力汽車的混合。因此，我們必須了解全球範圍內實施的所有監管限制，然後中國汽車製造商的競爭力或成長軌跡才會改變。這對我們設計製造能力來說很重要。

What I can say in silicon carbide. The main important for us now is to close the 6-inch as fast as we can. Start the 8-inch adjust the capacity to the market demand. And we confirm that we strongly believe that we can keep 30% market share on this market. Different past two, three years ago, for sure. But okay, we're adapting ourselves and silicon carbide midterm will be a growth driver of the company.

我可以就碳化矽說些什麼。對我們來說，現在最重要的是盡快關閉 6 英吋。啟動8吋產能調整以適應市場需求。而我們堅信我們能夠維持該市場30%的市佔率。和兩三年前相比肯定有所不同。但好吧，我們正在適應自己，碳化矽中期將成為公司的成長動力。

Thank you.

謝謝。

Stephane Houri, ODDO BHF.

Stephane Houri，ODDO BHF。

Yes. I have two questions. First one is about the comments you made earlier about the gross margin. I think nice gross margin improvement to be expected in Q4. And I just wanted maybe to come back on the results for that and also the impact of the ForEx, if the dollar stays at this level? And I have a follow-up.

是的。我有兩個問題。第一個是關於您之前對毛利率的評論。我認為第四季的毛利率將大幅提升。我只是想回顧一下結果，以及如果美元保持在這個水平，外匯會受到什麼影響？我還有一個後續問題。

I take this question for this question. Clearly what are the drivers that we do expect in Q4 to substantially help a sequential increase in our gross margin. On one side, clearly, we expect that our unused capacity charges will decline in respect to what we have in Q3. This is expected Q3, I have to say that if you compute that the new capacity charged in $1 million you see that in Q3 at the end, similar to the one that we had in Q2.

我把這個問題當作這個問題。顯然，我們預期第四季有哪些驅動因素將大幅幫助我們的毛利率持續成長。一方面，顯然，我們預計我們的未使用容量費用將相對於第三季有所下降。這是預計的第三季度，我必須說，如果你計算出新產能的費用為 100 萬美元，那麼在第三季末你會看到，與我們在第二季度的情況類似。

This is due to the fact that in Q3, we will put stronger control on our inventory. We do expect to achieve something in the range in terms of days for our inventory, 140 days. So it means that at the end, unloading charges still are significantly during this quarter will decrease in the next quarter in Q4. The other element that you have to take in mind is that Q3 is still impacted by a negative efficiency.

這是因為在第三季我們將加強對庫存的控制。我們確實希望我們的庫存週轉天數能夠達到 140 天左右。所以這意味著，最終，卸貨費用在本季仍然會大幅下降，但在下一季度，也就是第四季度，將會下降。您必須考慮的另一個因素是，第三季仍然受到負面效率的影響。

Yes, from our manufacturing. Yes, it's improving. When we look the sequential dynamic moving from Q2 to Q3, but still is not at the optimal level. We will continue to improve in Q4. So this means that this is another driver that will help the improvement of our gross margin in the next quarter. But this is assuming that the exchange rate will stay substantially similar to the one that we have today.

是的，來自我們的製造。是的，情況正在好轉。當我們觀察從 Q2 到 Q3 的連續動態時，發現它仍然沒有達到最佳水平。我們將在第四季繼續改進。這意味著這是有助於我們下一季提高毛利率的另一個驅動因素。但這是假設匯率將保持與今天基本相同的水平。

Clearly, there will be some negative impact because the impact of our hedging policy will be a little bit lower than what we have in the current quarter. But at the end most of the negative impact of the exchange rate has been already reflected in the Q3 gross margin.

顯然，會產生一些負面影響，因為我們的對沖政策的影響會比本季略低。但最終匯率的負面影響大部分已經反映在第三季的毛利率。

So this will not be unless there is still another big movement in the euro dollar, it should not be another element assuming. I repeat that we stay more or less at the level of the spot that we have today. So these are the dynamics that we see moving from Q3 to Q4 for our gross margin. So some improvement related to these impacts.

因此，除非歐元美元再次大幅波動，否則這種情況不會發生，這不應該是另一個假設因素。我再說一遍，我們或多或少還停留在今天的水平。這些就是我們看到的從第三季到第四季的毛利率變化動態。因此，這些影響方面存在一些改進。

Okay. Thank you very much. And the follow-up is about the industrial market because we talked a lot this morning about the weakness of automotive revenues compared to the expectations. But I just wanted to understand what is the driver for the recovery in Industrials. Is it inventory replenishment, pull in or real demand behind that? And if you can give some color, that would be helpful.

好的。非常感謝。後續是關於工業市場，因為我們今天早上談了很多關於汽車收入與預期相比的疲軟情況。但我只是想了解工業復甦的動力是什麼。這背後是庫存補充、拉動還是真實需求？如果您能提供一些顏色，那將會很有幫助。

Well, first of all, you know that a significant part of the year market for us is done through the distribution. So what is positive is POS. So the sales of our distributor increased in Q2, both sequentially and year-on-year. And our POP were below the POS. So we are seeing a dynamic where the revenue recognition we have, the POP is below the POS. The POS is growing both sequentially and year-over-year. So inventory and distribution are going to normalization, I have to say, in Asia Pacific, excluding China, back totally to normal in China and still a bit higher than normal, okay in EMEA and America.

嗯，首先，您知道我們一年中很大一部分的市場是透過分銷來實現。所以積極的是POS。因此，我們經銷商的銷售額在第二季度都有所成長，無論是環比還是同比。我們的 POP 低於 POS。因此，我們看到一種動態，即我們的收入確認中 POP 低於 POS。POS 的環比和年增長均有所增長。因此，我不得不說，亞太地區（不包括中國）的庫存和分銷將恢復正常，中國的庫存和分銷將完全恢復正常，而歐洲、中東和非洲地區以及美國的庫存和分銷仍將略高於正常水平。

But the dynamic is, again, industrial distribution, POS growing both sequential year, POP, as I described below the POS. So it is not inventory replenishment. It is real demand. Then after from other OEM preemptive fragmented. Clearly, the growth is driven by a more smart industry for us and in a lesser extent, for Power Energy. Now, we don't see, I repeat also this is an opportunity. I said that any effect of pulling on industrial, especially from China for ST. So there is zero pulling in China from Chinese customer or distributor for ST. So we are immune against that.

但動態是，再次，工業分佈，POS 連續年份都在增長，POP，正如我在 POS 下方所描述的。所以這不是庫存補充。這是真實的需求。然後再由其他OEM廠商搶佔碎片。顯然，對我們來說，成長是由更聰明的產業推動的，而對於 Power Energy 來說，成長的推動作用較小。現在，我們看不到，我再說一遍，這是一個機會。我說過，任何對工業的拉動，特別是來自中國的拉動，都會對 ST 產生影響。因此，中國客戶和分銷商對 ST 的吸引力為零。所以我們對此具有免疫力。

And as far as products are related, one of the main drivers, which is very encouraging user is a General purpose. The General Purpose Microcontroller, again, went back to both sequential growth and year-over-year IT, so showing the strength of our portfolio and ecosystem today, it is not the same case on General purpose and Analog, because on General Purpose Analog, we have still some other inventory that we are controlling our POP and Power & Discrete a little bit similar.

就產品而言，主要驅動因素之一，也是非常鼓舞用戶的產品，就是通用性。通用微控制器再次恢復了連續增長和同比增長，從而展示了我們今天的產品組合和生態系統的實力，通用和模擬的情況並不相同，因為在通用模擬方面，我們仍然有一些其他庫存，我們對 POP 和電源及分立器件的控制有點類似。

So this is basically the key driver of the industrial market, distribution because of POS and demand then the Smart Industrial lesser extent, power energy from product, it is a General purpose microcontroller and in a less extent, for sure, General purpose Analog and Power & Discrete because still some other inventory that we are controlling. So we control our POP.

因此，這基本上是工業市場的關鍵驅動力，由於 POS 和需求而產生的分銷，然後是智能工業較小程度的分銷，來自產品的電力能源，它是一個通用微控制器，並且在較小程度上，當然是通用模擬和電源和分立器件，因為仍然有一些其他庫存我們正在控制。因此我們控制我們的 POP。

Thank you very much.

非常感謝。

Gianmarco Bonacina, Banca Akros.

吉安馬科‧博納西納 (Gianmarco Bonacina)、阿克羅斯銀行 (Banca Akros)。

A couple of questions. The first one is on gross margin again. I think early June, March, you said that when the company will reach again $3.6 billion to $3.8 billion. that could be about 600 basis point improvement, I guess, over the level of Q2 or Q1, I'm not sure. So given the euro dollar now is approaching $1.20, can we expect this level of improvement maybe going into next year or the year after could be a little bit lower, so maybe 400 to 500 basis points?

有幾個問題。第一個問題又是毛利率。我認為您在 6 月初或 3 月初說過，公司銷售額將再次達到 36 億美元至 38 億美元。我猜，這可能比第二季或第一季的水準提高約 600 個基點，但我不確定。那麼，鑑於歐元兌美元目前已接近 1.20 美元，我們是否可以預期這種水準的改善可能會持續到明年或後年，可能會略低一些，大概是 400 到 500 個基點？

Thank you for your questions. So I will pass to Lorenzo to answer.

感謝您的提問。因此我將讓洛倫佐來回答。

No. Clearly, when we were modeling our gross margin, if you remember, and we will say that the level of our let's say, model intermediate more than $18 billion. We were modeling with an exchange rate in the range of [$1.09], let's say.

不。顯然，當我們對毛利率進行建模時，如果您還記得的話，我們會說，我們的模型中間水平超過 180 億美元。假設我們的匯率在 [$1.09] 範圍內。

Clearly, when we are at this level, there is an impact that you see when we move from this 1.09 that substantially was the one of last quarter. Now we are moving to [$1.15]. We have an impact that we size between 120, we said 140 basis points, including also some small adjustments.

顯然，當我們處於這個水平時，當我們從上一季的 1.09 大幅下降時，你會看到其影響。現在我們要[1.15美元]。我們的影響範圍在 120 到 140 個基點之間，其中還包括一些小的調整。

Clearly moving an exchange rate at the spot rate, this will worsening. Anyway, you have to consider that, yes, there is the negative impact of the FX. But still, we have some leverage in terms of gross margin. Because today, we are still impacted by significant amount of a new charge. And when we will be at that level of revenues, this will substantially disappear. So we are talking about 340 basis points in Q3.

顯然，以即期匯率來調整匯率，情況將會惡化。無論如何，你必須考慮到，是的，外匯確實有負面影響。但就毛利率而言，我們仍具有一定的優勢。因為今天我們仍然受到大量新指控的影響。當我們的收入達到那個水平時，這種情況將基本消失。所以我們談論的是第三季的 340 個基點。

Then you have also to consider that there is a negative impact related to the manufacturing efficiency that is not yet the optimal [11]. Then there is another impact that we need to consider that is somehow impacting negatively our gross margin that we are not still in an optimized mix means that for instance, our level of the overall industrial that is at the end the one that is more accretive to our gross margin still stay at the level that is not the one that we should be in our for the revenues is now more closer to 20%, 21%, and then, 25%, 26% that we would expect in a more normal situation for our company.

然後你還必須考慮到與製造效率相關的負面影響，而製造效率尚未達到最佳水平[11]。然後，我們需要考慮的另一個影響是，這會對我們的毛利率產生負面影響，因為我們仍未處於優化組合中，這意味著，例如，我們的整體工業水平最終會對我們的毛利率產生更大的增值，但仍然停留在不是我們應該達到的水平，我們的收入現在更接近 20%、21%，然後是 25%、26%，這是我們在公司預期的情況下更正常。

So all these elements, we do expect that we will improve our gross margin. Clearly it remains that the model was done and FX that was $1.09. So we need also to see where the exchange rate.

因此，由於所有這些因素，我們確實預計我們的毛利率將會提高。顯然，模型已經完成，外匯匯率為1.09美元。所以我們還需要看看匯率如何。

Just a quick follow-up more strategically on China because we're at the end of June, an article in digitize saying that Chinese automakers are moving to align with government directives by planning to use domestically develop and manufacture automotive chips.

由於現在是六月底，因此我想對中國進行更具戰略性的快速跟進，《數位化》雜誌上的一篇文章稱，中國汽車製造商正計劃使用國內開發和製造的汽車晶片，以符合政府指令。

And the article mentioned that in case there was a choice between a fully China chip and one designed by format publicated in China. Many automakers will opt for the former. So can you remind us roughly how much is your exposure in terms of sales to Chinese OEM in Tier 1? And we know that you have a strategy in China for China. So do you see this as enough to offset this potential headwind that this article was mentioning.

文章也提到，如果要在完全中國製造的晶片和採用中國發布的格式設計的晶片之間做出選擇。許多汽車製造商會選擇前者。那麼，您能否大致提醒我們，就中國一級汽車製造商的銷售而言，您的曝光度是多少？我們知道你們針對中國市場制定了策略。那麼您是否認為這足以抵銷本文所提的潛在不利因素？

So we're waiting to deliver the exact numbers. Yes, I confirm that we built our strategy in China for China that I repeat it's encompassing not only manufacturing localized, but also design application labs customer support, competence center in order to be seen as a Chinese player, I have to say. This strategy is very active on power, so silicon carbide and microcontroller. And we do believe that will be a strategy enabling ST to compete against local player and to be perceived by future authorities as a local player.

因此我們正在等待提供準確的數字。是的，我確認我們為中國製定了我們的中國戰略，我再說一遍，它不僅包括本地化製造，還包括設計應用實驗室、客戶支援、能力中心，以便被視為中國參與者，我必須說。此策略對功率非常有效，因此需要碳化矽和微控制器。我們確實相信，這將是一個讓 ST 能夠與本地企業競爭並被未來當局視為本地企業的策略。

Well, we are not proven that some specific company owned by the state, in fact will apply strictly this kind of foods. But overall our Chinese customer as a whole are pragmatic. If we offer them a supply chain, local application support design, quality labs, reliability labs they will manage us as a local player. So we do believe our strategy will mitigate a lot, okay? This effect, yes, again, if there is some specific company honored by the state it will be difficult to prevent this kind of dynamic. And then about the exposure?

嗯，我們無法證明某些特定的國有公司實際上會嚴格執行此類食品的規定。但總體來說，我們的中國客戶總體上是務實的。如果我們提供他們供應鏈、在地應用支援設計、品質實驗室、可靠性實驗室，他們就會把我們當作本地參與者來管理。所以我們確實相信我們的策略會減輕很多負擔，好嗎？是的，如果某個特定的公司受到國家的表彰，那麼就很難阻止這種動態。那麼關於曝光呢？

Our revenues to Chinese customer quote in China, is in the range of -- it depends on the quarter, of course, but it depends but it's in the range between 13%, 14% of our total revenues. What do we sell to the a quarter Chinese customer.

我們在中國向中國客戶收取的收入在一定範圍內——當然，這取決於季度，但這取決於具體情況，但大約在我們總收入的 13% 到 14% 之間。我們向四分之一的中國顧客銷售什麼？

Okay. Just for automotive, right?

好的。僅適用於汽車，對嗎？

No. This is the total. But for automotive is very similar. I would say that at the end when you take out --

不。這是總數。但對於汽車來說非常相似。我想說的是，當你拿出--

[13% or 14%]?

[13％還是14％]？

Thank you.

謝謝。

Lee Simpson, Morgan Stanley.

摩根士丹利的李辛普森。

So I just wanted to ask about General purpose microcontrollers and the pricing there. I did look from our channel checks. So things were very strong in April, stable in May but somewhat erratic going through June. So I just wanted to get a sense for how you thought the pattern was for pricing on General purpose microcontrollers into the second half? And if indeed, this might vary by region?

所以我只是想詢問有關通用微控制器及其定價的問題。我確實從我們的頻道檢查中看過了。因此，四月的情況非常強勁，五月比較穩定，但六月的情況有些不穩定。所以我只是想了解一下您認為下半年通用微控制器的定價模式如何？如果確實如此，這可能會因地區而異嗎？

And then the second question I had was really on the timing of readiness for the 800-volt DCDC supply for the PSU, we are hearing that it's quite difficult to meet that spec as delivered by NVIDIA and whether or not you had confidence that you could hit the full 800-volt supply.

然後我的第二個問題實際上是關於 PSU 的 800 伏特 DCDC 電源的準備時間，我們聽說滿足 NVIDIA 提供的規格相當困難，以及您是否有信心可以達到完整的 800 伏特電源。

Thank you for your questions. So Lorenzo will come on the price and I will let Marco to comment on the NVIDIA opportunity.

感謝您的提問。因此，Lorenzo 會討論價格，而我會讓 Marco 對 NVIDIA 的機會進行評論。

On the pricing in General Purpose Microcontroller, what I can tell you, is that but we see really low single-digit pricing part. We have not detected any strange behavior, I have to say. But clearly maybe region by region, the dynamic is a little bit different, but at the end, I can confirm that on the General purpose, this is the -- what we see today, nothing particularly strange in terms of behavior.

關於通用微控制器的定價，我可以告訴你的是，我們看到的定價部分確實很低。我必須說，我們沒有發現任何奇怪的行為。但顯然，可能每個地區的情況都有所不同，但最後，我可以確認，就通用目的而言，這就是我們今天所看到的，在行為方面沒有什麼特別奇怪的。

And yes, you may have some socket in which maybe there is a competition, a little bit more aggressive and so on. But at the end, I would say we are with a price in the range of low single digit at this what we have seen since the beginning of the year. Nothing particular in (multiple speakers) --

是的，你可能有一些插座，其中可能存在競爭，競爭更激烈一點，等等。但最後，我想說的是，我們目前的價格處於今年年初以來一直處於個位數低點的範圍內。沒什麼特別的（多位發言者）——

Yes, on the retail world, yes, you're right. Surely, it is challenging in terms of specification. As you know, at least our proof of concept, which is enhance of NVIDIA and on which we are working very close with them. It's a combination of different components. So we have the gun, you have to see. You have any calculation drivers to drive the board overall. I'm confident it's -- some of the components are more mature than others. So the white bank at material are fine.

是的，就零售業而言，是的，你是對的。當然，從規範角度來說，這很有挑戰性。如您所知，至少我們的概念驗證是對 NVIDIA 的增強，並且我們正在與他們密切合作。它是不同組件的組合。所以我們有槍，你必須看到。您有任何計算驅動程式來驅動整個董事會。我確信——有些組件比其他組件更成熟。所以白色銀行的資料都很好。

We're still working to develop drivers, [Galvanica is ready] to make sure that the overall performance will be there. It's a working in progress. So far, so good. We have things to fix, but I think that I do not see a real road blocks at this stage that we cannot handle. Of course, it's a work in progress.

我們仍在努力開發驅動程序，[Galvanica 已做好準備] 以確保整體效能。這是一項正在進行的工作。到目前為止，一切都很好。我們有一些事情需要解決，但我認為目前我還沒有看到我們無法解決的真正障礙。當然，這是一個正在進行的工作。

Just on that point, as a work in progress, it does seem to suggest this is maybe second half '26, early '27 as a sales impact rather than anything sooner?

就這一點而言，作為一項正在進行的工作，它似乎表明這可能是在 26 年下半年或 27 年初對銷售產生影響，而不是更早？

This is too early to say. It's a big change in terms of architecture. So -- and we will do everything we can to be as soon as possible, ready to support. We are confident that we can be part of the early adopters, but too early to say.

現在說這個還為時過早。從架構角度來說，這是一個巨大的改變。所以——我們將竭盡全力盡快做好準備提供支援。我們有信心成為早期採用者的一部分，但現在說還為時過早。

Thank you.

謝謝。

We have time for a very quick question for the last one.

我們有時間回答最後一個非常簡短的問題。

Sébastien Sztabowicz, Kepler Cheuvreux

Sébastien Sztabowicz，Kepler Cheuvreux

Going back to the inventories in the distribution channel. Could you please quantify the level of inventories in the channel today, you were mentioning last quarter [week 11, 2 months] of excess of inventory. I would be -- I would -- say curious to know where we are today.

回到分銷通路中的庫存。您能否量化今天通路中的庫存水平，您提到上個季度[第 11 週，2 個月]的庫存過剩。我很好奇我們今天處於什麼位置。

The second one is linked to a pricing environment in China and specifically on silicon carbide, we are seeing some price war ranging between the EVM there. Who do you see prices for silicon carbide building there? And do you have any kind of visibility on your design that are expected to ramp in China and silicon carbide from 2026 or it's too early to know what will be the pace of ramp of those designs?

第二個與中國的定價環境有關，特別是碳化矽，我們看到那裡的 EVM 之間存在一些價格戰。您在那裡看到碳化矽建築的價格嗎？您對您的設計有任何展望，預計從 2026 年開始在中國和碳化矽領域實現量產，還是現在還無法知道這些設計的量產速度？

Thank you, Lorenzo will take the question on the channel inventory, and Marco will comment on the silicon carbide in China.

謝謝，Lorenzo 將回答有關渠道庫存的問題，Marco 將對中國的碳化矽發表評論。

Yeah. In respect to the inventory, I would say that during Q3, our inventory in distribution has progressed in the right direction. It's true that when we were meeting in Q2 after our earnings release of the Q1 quarter our inventory in average, was with an excess in the range of 2 months.

是的。關於庫存，我想說，在第三季度，我們的分銷庫存已經朝著正確的方向發展。確實，當我們在第一季財報發布後召開第二季會議時，我們的庫存平均過剩幅度在 2 個月左右。

Now I have to say that has declined at least by 1 month in average. So we are in average still with some excess of inventory is not across the board in the sense that now we see some families like, for instance, General purpose that are normalized in terms of inventory, especially in some regions, we are really at the normal level even slightly before. Maybe there is some difference region by region.

現在我不得不說，平均下降了至少 1 個月。因此，我們平均而言仍然存在一些庫存過剩的情況，但這並不是普遍現象，因為現在我們看到一些家族，例如通用家族，其庫存已經正常化，特別是在一些地區，我們實際上已經處於正常水平，甚至略早於正常水平。各個地區之間可能存在一些差異。

Other family are suffering still a little bit more in terms of normalization of the inventories like in some product line in Analog. But I would say that now the situation in distribution is getting in the right direction. We see now the inventory moving down and being more in line with our target expectations. Still some excess, but moving in the right direction in terms of reduction.

其他家族在庫存正常化方面遭受的損失更大一些，例如 Analog 中的一些產品線。但我想說，現在分銷的情況正在朝著正確的方向發展。我們現在看到庫存正在下降，並且更符合我們的目標預期。雖然仍然存在一些過剩，但就減少而言，正朝著正確的方向發展。

On silicon carbide for China, yes, you're right, the price pressure in China on silicon carbide is strong price pressure, but we are contracting this, first of all, with accelerating the introduction of the new generations that are bringing advantages both in terms of performance and in terms of they say of the components. So Generation 4 is introduced. We are working for the Generation 5.

關於中國的碳化矽，是的，您說得對，中國碳化矽的價格壓力很大，但我們正在應對這一壓力，首先，我們正在加速推出新一代產品，這些產品在性能和組件方面都具有優勢。因此推出了第四代。我們正在為第五代努力。

Let's not forget that we have also a manufacturing footprint that is going to make us competitive also for that market, which means we are moving, as Jean-Marc was saying, from 60 to 80 inches. And specifically in China, we are going to have our manufacturing in in [Sananle] that will start end of this year, the beginning of next month.

我們不要忘記，我們還擁有製造足跡，這將使我們在該市場上具有競爭力，這意味著正如 Jean-Marc 所說的那樣，我們正在從 60 英寸轉向 80 英寸。具體來說，在中國，我們將於今年底或下個月初在三安樂開始生產。

We are addressing also, we are expanding addressing not only automotive but much more now [investor] market. So all these components together should materialize in a growth in -- on the Chinese market. Clearly, the dynamics are strong, but I think we are pretty well keep to counteract the dynamics that we see in that market. China for us will be an important engine of growth in the years to come. I hope this answers your question.

我們也在擴大市場，不僅針對汽車市場，也針對更多的投資者市場。因此，所有這些因素共同作用，應該會實現中國市場的成長。顯然，這種動態很強勁，但我認為我們能夠很好地抵消我們在該市場看到的動態。對我們來說，中國將是未來幾年重要的成長引擎。我希望這能回答你的問題。

We anticipate 2026 to be again after the point of '25 a year of growth for silicon carbide. Thank you.

我們預計 2026 年將再次成為碳化矽成長 25 年後的年份。謝謝。

Thank you.

謝謝。

Thank you, Sébastien. Thanks, everyone. This concludes our conf call for today. If you have any further questions, please reach out the Investor Relations team. Thank you very much.

謝謝你，賽巴斯蒂安。謝謝大家。今天的電話會議到此結束。如果您有任何其他問題，請聯絡投資者關係團隊。非常感謝。

Thank you. Bye-bye.

謝謝。再見。

Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.

女士們、先生們，會議到此結束。感謝您選擇Chorus Call，感謝您參加本次會議。現在您可以斷開線路了。再見。