意法半導體 (STM) 2025 Q3 法說會逐字稿

Thank you, everyone, for joining our third quarter 2025 financial result 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, Creditor and CFO; and Marco Cassis, President, Analog, Power and Discrete, MEMS and Sensor Group and Head of ST Microelectronics Strategy, System Research and Application and Innovation Office.

感謝大家參加我們的 2025 年第三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債權人兼財務長 Lorenzo Grandi；以及模擬、功率和分立、MEMS 和感測器集團總裁兼意法半導體策略、系統研究和應用與創新辦公室負責人 Marco Cassis。

This 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 result to differ materially from management expectations and plans.

您可以在 ST 投資者關係網站上存取此現場網路直播和簡報資料。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。

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 most recent regulatory filings for a full description of these risk factors.

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 最新的監管文件中對這些風險因素的完整描述。

Also to ensure all participants have an opportunity to ask questions during the Q&A session, please limit yourself to one question and a brief follow-up. Now I'd like to turn the call over to Jean-Marc Chery, ST's President and CEO.

另外，為了確保所有參與者都有機會在問答環節提問，請將自己的提問限制為一個問題並進行簡短的跟進。現在我想把電話轉給 ST 總裁兼執行長 Jean-Marc Chery。

Thank you, Jerome. Good morning, everyone. And thank you for joining ST for our Q3 2025 earnings conference call. I will start with an overview of the third quarter including business dynamics. I will then hand over to Lorenzo for the detailed financial overview, and we'll then comment on the outlook and conclude before answering your questions.

謝謝你，傑羅姆。大家早安。感謝您參加 ST 2025 年第三季財報電話會議。我將首先概述第三季的情況，包括業務動態。然後，我將把詳細的財務概覽交給 Lorenzo，然後我們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 Q3. We delivered revenues at $3.19 billion, $17 million above the midpoint of our business outlook range, with higher revenues in Personal Electronics while Automotive and Industrial performed as anticipated, and CCP was broadly in line with expectations.

所以從第三季開始。我們實現了 31.9 億美元的收入，比我們業務預期範圍的中點高出 1700 萬美元，其中個人電子產品的收入有所增加，而汽車和工業的表現符合預期，CCP 基本上符合預期。

All end markets but Automotive are now back to year-on-year growth. Gross margin of 33.2% was slightly below the midpoint of our business outlook range, reflecting product mix within Automotive and within Industrial.

除汽車市場外，所有終端市場均恢復年成長。33.2% 的毛利率略低於我們業務展望範圍的中點，反映了汽車和工業領域的產品組合。

Excluding impairments, gross recurring charges and other related phase on costs, diluted earnings per share was $0.29. During the quarter, we managed to work down inventories, both in our balance sheet and in distribution and we generated a positive $130 million free cash flow.

扣除減損、經常性費用總額及其他相關分期成本，稀釋每股收益為0.29美元。本季度，我們成功降低了資產負債表和分銷中的庫存，並產生了1.3億美元的正自由現金流。

Let's now discuss our business dynamics during Q3. In Automotive, during the quarter, we grew revenues about 10% sequentially, in line with expectations, driven by all regions, except Americas. Our book-to-bill came above parity. We expect to grow mid-single digits in the fourth quarter compared to the third quarter, which would be the third consecutive quarter of sequential growth.

現在讓我們討論一下第三季的業務動態。在汽車領域，本季度，我們的收入環比增長了約 10%，符合預期，這得益於美洲以外的所有地區的推動。我們的訂單出貨比超過了平價。我們預計第四季的銷售額將比第三季成長中等個位數，這將是連續第三個季度實現成長。

During the quarter, we continued to execute our strategy for car electrification. We had with both silicon and silicon carbide devices for electrical vehicle applications, such as traction inverter and onboard charger designs. One new application where we see silicon carbide being used is invertors for full active suspension. Here, we have a design win with a module solution for our key Chinese electrical vehicle maker.

本季度，我們繼續執行汽車電氣化策略。我們擁有用於電動車應用的矽和碳化矽元件，例如牽引逆變器和車載充電器設計。我們看到碳化矽的一個新應用是全主動懸吊逆變器。在這裡，我們為中國主要電動車製造商贏得了模組解決方案的設計勝利。

Another key event is a switch to electronic fuses to support the land and domain architectures, both in 12 volts and 48 volts. Here, we added to our pipeline of designs for our eFuse controller with leading electrical vehicle makers and qualified our products for volume ramp up.

另一個關鍵事件是切換到電子保險絲以支援陸地和域架構，均為 12 伏特和 48 伏特。在這裡，我們與領先的電動車製造商合作，擴大了 eFuse 控制器的設計範圍，並使我們的產品具備了擴大產量的資格。

Other wins in the quarter included microcontrollers for DC/DC management in electrical vehicle powertrain, body control modules and HVAC systems across multiple vehicle models. In car digitalization, we are executing our micro controller product road map with a strong lineup of new solutions across both our Airbus STELLAR and STM32A product families.

本季的其他勝利包括用於多種車型的電動車動力系統、車身控制模組和 HVAC 系統中的 DC/DC 管理的微控制器。在汽車數位化方面，我們正在實施我們的微控制器產品路線圖，並在空中巴士 STELLAR 和 STM32A 產品系列中提供強大的新解決方案陣容。

Design-in activity continues globally with engagement from both large-scale automotive OEMs and tier 1 suppliers. In legacy application, we have several significant wins based on our smart power technologies in application where we lead such as airbags, steering and braking solutions. With our automotive grade sensors, we continue to see strong designing momentum and growing opportunities.

全球範圍內的設計活動仍在繼續，大型汽車原始設備製造商和一級供應商都參與其中。在傳統應用中，我們憑藉智慧電源技術在我們領先的應用領域（如安全氣囊、轉向和煞車解決方案）取得了許多重大勝利。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成長機會。

Wins in the quarter included MEMS sensors for road noise constellation and door control and both MEMS and imaging sensors for in-cabin monitoring. Shortly after our results announcement in July, we announced that we entered in a definitive transaction agreement for the acquisition of NXP's MEMS sensor business, for a purchase price of up to $950 million in cash, complementing and expanding our current leading MEMS sensor technology and product portfolio. The transaction remains subject to customary closing conditions, including regulatory approvals and is on track to close in H1 2026.

本季度的勝利包括用於道路噪音星座和門控制的 MEMS 感測器以及用於車內監控的 MEMS 和成像感測器。在7月公佈業績後不久，我們宣布已達成最終交易協議，以高達9.5億美元的現金收購恩智浦的MEMS感測器業務，以補充和擴展我們目前領先的MEMS感測器技術和產品組合。該交易仍需滿足慣例成交條件，包括監管部門的批准，預計將於 2026 年上半年完成。

In Industrial, revenues were in line with expectations, showing increase of 8% sequentially and 13% year-over-year, back to year-on-year growth for the first time since the third quarter of 2023. Importantly, inventories in distribution further decreased.

工業部門營收符合預期，季增 8%，年增 13%，自 2023 年第三季以來首次恢復年成長。重要的是，分銷庫存進一步減少。

In Q4, we expect to grow value low single digits sequentially, as we continue to decrease inventories in distribution. During the quarter, we saw strong designing activity for our Power and Analog portfolio across a range of applications. These included factory automation over system, medical equipment, motor control, white goods, solar inverters and metering.

在第四季度，我們預計價值將環比成長低個位數，因為我們將繼續減少分銷庫存。在本季度，我們看到我們的電源和模擬產品組合在一系列應用中表現出強勁的設計活動。這些包括工廠自動化系統、醫療設備、馬達控制、白色家電、太陽能逆變器和計量。

We also continue to expand the use of our industrial sensors in robotics, including robots and cobots and humanoid robots, an area where we see demand for significant number of sensors. We also had wins in medical devices like insulin pumps and fall detectors.

我們也持續擴大工業感測器在機器人領域的應用，包括機器人、協作機器人和人形機器人，我們發現這些領域對大量感測器的需求很大。我們還在胰島素幫浦和跌倒偵測器等醫療設備領域取得了勝利。

In Embedded Processing, we continue to win designs with our STM32 microcontrollers for a wide range of industrial applications with products from all parts of the portfolio from high end to wireless to specialized functions. This included power supply and optical modules for AI servers, industry automation and robotics, energy storage, home appliances, metering and white goods.

在嵌入式處理領域，我們繼續憑藉 STM32 微控制器贏得廣泛工業應用的設計，產品涵蓋從高端到無線再到專用功能的所有產品系列。其中包括用於人工智慧伺服器、工業自動化和機器人、儲能、家用電器、計量和白色家電的電源和光學模組。

We have a full pipeline of new products and software coming to market in the next quarters, and you will hear more about this during our STM32 summit in November. For general purpose microcontroller, we grew revenues both sequentially and year-on-year and we are on the right trajectory to return to our historical market share of about 20% -- 23%, sorry.

我們將在接下來的幾季推出一系列新產品和軟體，您將在 11 月的 STM32 高峰會上了解更多相關資訊。對於通用微控制器，我們的收入環比和同比增長均有所增長，並且我們正處於正確的軌道上，以恢復到約 20% - 23% 的歷史市場份額，抱歉。

For Personal Electronics, third quarter revenues were above our expectations, up 40% sequentially, reflecting the seasonality of our engaged customer programs, but also increased silicon content, which also translated into year-over-year growth.

對於個人電子產品，第三季的收入超出了我們的預期，比上一季度增長了 40%，這反映了我們所參與的客戶計劃的季節性，同時也增加了矽含量，這也轉化為同比增長。

Further strengthening of our unique position as a sensor supplier with both MEMS and optical sensing solutions, we signed a new license agreement with Metalenz. This new agreement broadens our capability to produce advanced meta surface optics, leveraging ST's 300 millimeter semiconductor and optics manufacturing capabilities. This opened up new opportunities from smartphone application like biometrics, LiDAR and camera assets, to robotic gesture recognition and object detection.

為了進一步加強我們作為 MEMS 和光學感測解決方案的感測器供應商的獨特地位，我們與 Metalenz 簽署了新的授權協議。這項新協議拓展了我們生產先進超表面光學元件的能力，充分利用了意法半導體的 300 毫米半導體和光學製造能力。這為從生物識別、光達和相機資產等智慧型手機應用到機器人手勢識別和物體檢測等領域開闢了新的機會。

Revenues for communication equipment and computer peripherals were broadly in line with expectations and up 4% sequentially. For AI data centers, we had multiple wins with silicon and silicon carbide devices for high-power solution.

通訊設備和電腦週邊設備的收入基本上符合預期，季增 4%。對於人工智慧資料中心，我們在高功率解決方案方面多次利用矽和碳化矽元件取得成功。

Although last quarter, we announced that we are working closely with NVIDIA on a new architecture for 800-volt DC AI data center, leveraging our power portfolio by combining silicon carbide, gallium nitride and silicon-based technologies with advanced custom design at both chip and package level.

儘管上個季度，我們宣布正在與 NVIDIA 密切合作，共同開發 800 伏特直流 AI 資料中心的新架構，利用我們的電源產品組合，將碳化矽、氮化鎵和矽基技術與晶片和封裝等級的先進客製化設計相結合。

I am pleased to underline that we recently completed the full power testing on a prototype GaN-based solution, successfully demonstrating over 98% energy conversion efficiency. Silicon photonics is another key technology for future data center and AI factories.

我很高興地強調，我們最近完成了基於 GaN 的解決方案原型的全功率測試，成功證明了超過 98% 的能量轉換效率。矽光子學是未來資料中心和人工智慧工廠的另一項關鍵技術。

ST now heads the STARLight consortium, a collaborative R&D programs across the full value chain with key suppliers and customers to develop high-speed optical solutions for data center, AI, telecommunication and automotive from the substrate to the final product.

ST 目前領導 STARLight 聯盟，這是一個橫跨整個價值鏈、與主要供應商和客戶開展合作研發專案的聯盟，旨在為資料中心、人工智慧、電信和汽車開發從基板到最終產品的高速光學解決方案。

During Q3, we have seen an increased demand for photonics IC prototypes to be launched in the next quarter and beyond in our 300 millimeter wafer fab. This confirms that photonic ICs will be a revenue growth driver for ST in the near term.

在第三季度，我們發現對下個季度及以後在我們的 300 毫米晶圓廠推出的光子 IC 原型的需求增加。這證實了光子積體電路將在短期內成為意法半導體的收入成長動力。

In low earth orbit satellites, we have further strengthened our leadership position in the rapidly growing low orbit satellite broadband market by beginning shipment to a second global customer, leveraging our combination of BiCMOS technology for front-end modules and panel level packaging for user terminals. Our business in this segment is well positioned for steady growth delivered by several satellite constellations.

在低地球軌道衛星領域，我們利用 BiCMOS 技術（用於前端模組）和麵板級封裝（用於用戶終端）的組合，開始向第二家全球客戶出貨，進一步鞏固了我們在快速成長的低軌道衛星寬頻市場的領導地位。由於多個衛星星座的助力，我們在該領域的業務有望穩步成長。

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

現在請 Lorenzo 介紹我們的關鍵財務數據。

Thank you, Jean-Marc, and good morning, everyone. Let's start with a detailed review of the third quarter, starting with the revenues on a year-over-year basis. By reportable segment, Analog Products, MEMS and Sensors was up 7.0%, mainly due to imaging. Power and Discrete products decreased 34.3%. Embedded Processing revenues grew 8.7%, mainly due to general purpose MCO.

謝謝你，讓-馬克，大家早安。讓我們先詳細回顧一下第三季度，首先從年收入開始。按報告分部劃分，模擬產品、MEMS 和感測器成長 7.0%，主要得益於成像。電源和分立產品下降了34.3%。嵌入式處理收入成長 8.7%，主要得益於通用 MCO。

RF and Optical Communication declined 3.4%. By end market, Industrial increased by about 13%; Personal Electronic by about 11%; Communication Equipment and Computer Peripheral by about 7%. Automotive was still decreasing by about 17% and by showing some improvement in respect to the 24% decline recorded in the second quarter.

射頻和光通訊下降3.4%。依終端市場劃分，產業成長約13%；個人電子產品成長約11%；通訊設備及電腦週邊設備成長約7%。汽車銷量仍下降約 17%，與第二季 24% 的降幅相比有所改善。

Year-over-year sales to OEMs decreased 5.1% while revenues from distribution increased 7.6% back to year-over-year growth for the first time since the third quarter 2023. On a sequential basis, Power and Discrete was the only segment to decrease by 4.3%.

對 OEM 的銷售額年減 5.1%，而分銷收入成長 7.6%，自 2023 年第三季以來首次恢復年成長。以環比計算，電源和分立元件是唯一下降 4.3% 的部門。

All the other segment grew led by Analog products, MEMS and Sensors up 26.6%, with Embedded Processing up 15.3%, and RF and Optical Communication, up 2.4%. All our end markets grew, led by Personal Electronics, up by about 40%, followed by Automotive, up by about 10%. With Industrial and Communication Equipment and Computer and Peripheral up, respectively, by about 8% and 4%.

其餘所有部門均實現成長，其中類比產品、MEMS 和感測器成長 26.6%，嵌入式處理成長 1​​5.3%，射頻和光通訊成長 2.4%。我們所有的終端市場都實現了成長，其中個人電子產品成長了約 40%，其次是汽車市場，成長了約 10%。其中工業及通訊設備、電腦及週邊設備分別成長約8%及4%。

Turning now on profitability. Gross profit in the third quarter was $1.06 billion, decreasing 13.7% on a year-over-year basis. Gross margin was 33.2%, decreasing 460 basis points on a year-over-year, mainly due to lower manufacturing efficiencies, negative currency effect, lower level of capacity reservation fees and to a lesser extent, the combination of sales price and product mix.

現在轉向獲利能力。第三季毛利為10.6億美元，年減13.7%。毛利率為 33.2%，年減 460 個基點，主要由於製造效率下降、貨幣負面影響、產能預留費水準降低，以及在較小程度上銷售價格和產品組合的結合。

Total net operating expenses excluding restructuring amounted to $842 million in the third quarter, broadly stable on a year-over-year. They were better than expected. Preferably, notably our continued cost discipline with the first benefits of the resizing of our global cost base.

第三季不包括重組的總淨營運費用為 8.42 億美元，與去年同期基本保持穩定。他們的表現比預期的要好。最好是，我們將繼續嚴格控製成本，並首先從調整全球成本基礎中獲得好處。

For the fourth quarter of 2025, we expect net OpEx to stand at about $915 million, increasing quarter-on-quarter due notably to calendar base effect. This will lead the net OpEx for the full year 2025 to decline by 2.5% compared to 2024 despite unfavorable currency effect. As a reminder, these amounts are net of other income and expenses and exclude restructuring.

對於 2025 年第四季度，我們預計淨營運支出將達到約 9.15 億美元，環比成長主要是由於日曆基數效應。儘管存在不利的貨幣效應，但這將導致 2025 年全年淨營運支出較 2024 年下降 2.5%。提醒一下，這些金額是扣除其他收入和支出後的淨額，不包括重組。

In the third quarter, we reported $180 million operating income, which included $37 million for impairment restructuring charges and other related phase-out costs. This reflects impairment of assets and the restructuring charges predominantly associated with the previously announced company-wide program to reshape our manufacturing footprint and resize our global cost base.

第三季度，我們報告的營業收入為 1.8 億美元，其中包括 3,700 萬美元的減損重組費用和其他相關逐步取消成本。這反映了資產減損和重組費用，主要與先前宣布的重塑我們的製造足跡和調整我們的全球成本基礎的全公司計劃有關。

Excluding this not recurring item, which is partially not cash, Q3 non-US GAAP operating margin was 6.8%, with Analog products, MEMS and Sensors at 15.4%; Power and Discrete at minus 15.6%; Embedded Processing at 16.5%; and the RF Optical Communication at 16.6%.

不包括這部分非現金的非經常性項目，第三季非美國 GAAP 營業利潤率為 6.8%，其中類比產品、MEMS 和感測器為 15.4%；電源供應器和分立元件為-15.6%；嵌入式處理為 16.5%；射頻光通訊為 16.6%。

This quarter 2025, the net income was $237 million compared to $351 million in the year ago quarter. Diluted earnings per share were $0.26 compared to $0.37. Excluding the previously mentioned non-recurring items, non-US GAAP net income and diluted earnings per share were respectively, $267 million and $0.29.

2025 年本季淨收入為 2.37 億美元，去年同期為 3.51 億美元。稀釋每股收益為0.26美元，去年同期為0.37美元。扣除前述非經常性項目，非美國公認會計準則淨利和稀釋每股收益分別為2.67億美元和0.29美元。

Net cash from operating activity decreased 24.1% on a year-over-year basis in the third quarter to $549 million. Third quarter net CapEx was $401 million compared to the $565 million in Q3 2024. Free cash flow was a positive $130 million in the third quarter compared to the $136 million in the year ago quarter.

第三季經營活動淨現金年減 24.1% 至 5.49 億美元。第三季淨資本支出為 4.01 億美元，而 2024 年第三季為 5.65 億美元。第三季自由現金流為正 1.3 億美元，去年同期為 1.36 億美元。

Inventory, at the end of the third quarter, was $3.17 billion, a reduction of about $100 million compared to the end of the second quarter. Days of sales of inventory at the quarter end were 135 days, slightly better than our expectation and compared to 166 days for the previous quarter and 130 days in the year ago quarter.

第三季末庫存為31.7億美元，較第二季末減少約1億美元。本季末庫存銷售天數為 135 天，略優於我們的預期，而上一季為 166 天，去年同期為 130 天。

Cash dividends paid to stockholders in the third quarter totaled $81 million. In addition, ST executed share buybacks of $91 million. ST maintained its financial strength with a net financial position that remained solid at $2.61 billion as of the end of September 2025, reflecting total liquidity of $4.78 billion and total financial debt of $2.17 billion.

第三季向股東支付的現金股利總額為 8,100 萬美元。此外，ST 也執行了 9,100 萬美元的股票回購。 ST維持了財務實力，截至 2025 年 9 月底，淨財務狀況保持穩健，為 26.1 億美元，總流動資金為 47.8 億美元，總金融債務為 21.7 億美元。

It is worth to mention that in the course of the third quarter, we repaid fully in cash, $750 million for the first tranche of our 2020 convertible bond. Now back to Jean-Marc, who will comment on our outlook.

值得一提的是，在第三季度，我們以現金全額償還了2020年第一期可轉換債券7.5億美元。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 Q4 2025. So we are expecting revenues at $3.28 billion, an increase of 2.9% sequentially, plus or minus 350 basis points. We expect our gross margin to be about 35%, plus or minus 200 basis points, including about 290 basis points of unused capacity charges. This business outlook does not include any impact for potential further changes to global trade tariffs compared to the current situation.

謝謝你，洛倫佐。讓我們來看看 2025 年第四季的業務展望。因此，我們預計營收為 32.8 億美元，季增 2.9%，上下浮動 350 個基點。我們預計毛利率約為 35%，上下浮動 200 個基點，其中包括約 290 個基點的未使用容量費用。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。

The midpoint of this outlook translates in full year 2025 revenues of about $11.75 million. This represents a 22.4% growth in the second half compared to the first half, confirming signs of market recovery. Gross margin for the full year is expected to be about 33.8%.

該展望的中點意味著 2025 年全年收入約為 1,175 萬美元。這意味著下半年較上半年成長了22.4%，證實了市場復甦的跡象。預計全年毛利率約33.8%。

Finally, to optimize our investments in the current market conditions, we have reduced our net CapEx plan, now slightly below $2 billion for full year 2025 compared to a range of $2 billion to $2.3 billion previously. To conclude, in the fourth quarter, we expect to report further sequential revenue improvement, with revenues now broadly stabilized on a year-over-year basis as well as an increased gross margin while continuing to decrease inventories in distribution.

最後，為了在當前市場條件下優化我們的投資，我們降低了淨資本支出計劃，目前 2025 年全年的淨資本支出略低於 20 億美元，而先前的預期為 20 億至 23 億美元。總而言之，我們預計第四季營收將進一步連續改善，目前營收與去年同期相比基本保持穩定，毛利率也將提高，同時分銷庫存將繼續減少。

We are on the right path to improve our gross margin in the medium term through the reduction of unused capacity charges, the reshaping of our manufacturing footprint and definitively our product mix improvement.

我們正走在正確的道路上，透過減少未使用的產能費用、重塑我們的製造足跡以及最終改善我們的產品組合來提高中期的毛利率。

In a context marked by signs of market recovery, our strategic priorities remain clear, accelerating innovation, executing our company wide program to reshape our manufacturing footprint and resize of our global cost base, which remain on schedule to deliver the targeted savings, and strengthening free cash flow generation.

在市場復甦跡象的背景下，我們的策略重點仍然明確，即加速創新、執行全公司範圍的計劃以重塑我們的製造足跡並調整我們的全球成本基礎，這些計劃仍將按計劃實現目標成本節約，並加強自由現金流的產生。

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) Francois Bouvignies, UBS.

（操作員指示）Francois Bouvignies，瑞銀。

Thank you very much. My first question is on the top line. I mean, you guided plus 3% quarter-on-quarter, 2.9% to be precise. It seems to be below your seasonal at plus 7% quarter-on-quarter, if I'm not wrong. I mean you can remind us maybe the seasonality. Can you explain us as to why you are a bit below seasonal in Q4 for the top line and the drivers?

非常感謝。我的第一個問題是關於第一行的。我的意思是，您預測的環比增長 3%，準確地說是 2.9%。如果我沒記錯的話，它似乎低於你的季節性環比增長 7%。我的意思是您可以提醒我們季節性。您能否解釋為什麼第四季的營業收入和驅動因素略低於季節性？

And then secondly, on the gross margin, I mean, it's nice to see this improvement of 180 basis points quarter-on-quarter, how sustainable it is, this gross margin? I mean, if you have any seasonality, product mix, should we extrapolate this dynamic of 35% into the first half of '26? Just trying to understand the work you have done on gross margin, how sustainable it is at least in the first half of '26 would be great. Thank you.

其次，關於毛利率，我很高興看到毛利率較上月提高了 180 個基點，這個毛利率的可持續性如何？我的意思是，如果您有任何季節性、產品組合，我們是否應該將 35% 的動態推斷到 26 年上半年？只是想了解您在毛利率方面所做的工作，至少在 26 年上半年它的可持續性如何，這將是很好的。謝謝。

So we'll take the revenue seasonality and Lorenzo, the gross margin. No, on the revenue seasonality of Q4, basically, there is two effects. But the first effect is on Automotive. Because in Automotive, even if we will grow on a quarter-over-quarter 6%, but year-on-year, it is still minus 12%. And why?

因此，我們將考慮營收季節性和 ​​Lorenzo 的毛利率。不，就第四季度的收入季節性而言，基本上有兩個影響。但首先受到影響的是汽車產業。因為在汽車領域，即使我們季增 6%，但年比仍下降 12%。為什麼？

Because, okay, 80% of this performance gap is explained by two reasons. It is a decrease of our capacity reservation fees compared to last year. And you know it is overall volume of one important customer of ST in the field of electrical vehicle. So this is what is explaining why in Q4, we are below the seasonality.

因為，好吧，80% 的效能差距可以用兩個原因來解釋。與去年相比，我們的容量預訂費有所下降。而且你知道這是ST在電動車領域的一個重要客戶的整體規模。這就是為什麼第四季我們的業績低於季節性的原因。

The second explanation to be below the seasonality in Q4 is because in Industrial, we continue to decrease inventory in distribution. So our POP revenue recognition is significantly below the POS. However, on the other, let's say, verticals like Personal Electronics, Communication Equipment, Computer Peripheral and other legacy on Automotive or Industrial in the field of power energy; basically, okay, we are at the seasonality we expect.

第四季低於季節性的第二個解釋是，在工業領域，我們繼續減少分銷庫存。因此我們的 POP 收入確認明顯低於 POS。然而，另一方面，比如說個人電子產品、通訊設備、電腦週邊設備以及電力能源領域的汽車或工業等其他傳統垂直產業；基本上，好吧，我們處於預期的季節性。

About gross margin, in Q4, the gross margin, the main positive driver, let's say, when we look at the sequential increase of our gross margin moving from the result of Q3 and the expectation of Q4 is clearly improved manufacturing efficiency.

關於毛利率，在第四季度，毛利率是主要的積極驅動力，比如說，當我們從第三季度的結果來看，我們的毛利率連續增長，而對第四季度的預期顯然是製造效率的提高。

That is -- if you remember, let's say, in the first half and also in Q3, we were impacted by a significant negative impact on the efficiency -- manufacturing efficiencies that was due to the very low level of production that we have, especially in the first half of the year. There is also some improvement in terms of unused charges.

也就是說，如果你還記得的話，比如說，在上半年和第三季度，我們的效率受到了顯著的負面影響——製造效率，這是由於我們的生產水平非常低，尤其是在上半年。未使用費用方面也有一些改善。

When we look, let's say, to how we will move -- moving in the first half of next year, but we have to remind that clearly, there are two negative effect that we will impact moving forward. One effect is related to the fact that there will be some reduction entering 2026 of capacity reservation fees.

當我們展望明年上半年我們將如何行動時，我們必須清楚地提醒，有兩個負面影響將影響我們的前進。其中一個影響是，2026 年容量預訂費將減少。

And definitely, you know that in the first half of the year, there is some seasonality in terms of our revenues, let's say, in respect to the second part of the year. And then don't forget that there is also the negotiation of the pricing that will impact even if we see today, not a significant drop. We think that it will be something in the range of low single digit, mid-single-digit decline.

當然，您知道，就上半年的收入而言，我們的收入具有一定的季節性，例如相對於下半年而言。然後不要忘記，即使我們今天看到的價格沒有大幅下降，價格談判也會產生影響。我們認為降幅將在低個位數到中等個位數之間。

On the positive side, we will have, let's say, still continued positive impact on manufacturing and reduce -- continue to reduce level of unsaturation. At this stage, it's a little bit too difficult to size, let's say, the level of gross margin because it will depend also on the level of the revenues. But this is directionally the trend that we will have moving -- entering in the next year.

從正面的一面來看，我們仍將對製造業產生持續的正面影響，並持續降低不飽和度。在這個階段，要確定毛利率水準有點太困難了，因為它也取決於收入水準。但這是我們明年將要經歷的方向趨勢。

Thank you.

謝謝。

Thank you very much.

非常感謝。

Mira, next question, please.

米拉，請問下一個問題。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），TD Cowen。

Hey guys, good morning, and thank you for taking my question. Maybe to follow up on that last one. Could you maybe spend a couple of minutes talking about how you're thinking about managing utilization rates right now?

大家好，早安，感謝您回答我的問題。也許是為了跟進最後一個。您能否花幾分鐘時間談談您目前如何考慮管理使用率？

It seems like you're taking things back up. Are you at the point where you feel comfortable building a little bit of inventory downstream and/or on your balance sheet given the comments. You mentioned you're going into some negative seasonality into 1Q, but it sounds like utilization rates are going to be up in the fourth quarter and the first quarter. Could you maybe just spend a couple of minutes talking about what you're seeing there? Thank you.

看起來你又要重新開始。考慮到這些評論，您是否願意在下游和/或資產負債表上建立少量庫存？您提到第一季將面臨一些負面季節性因素，但聽起來第四季和第一季的使用率將會上升。您能否花幾分鐘時間談談您在那裡看到的情況？謝謝。

Now for the inventory, clearly, let's say, as you have seen, we try to keep control on the level of inventory in the current quarter, we think to stay substantially stable in number of days. This is our expectation in respect to Q3.

現在對於庫存，顯然，正如您所看到的，我們試圖控製本季度的庫存水平，我們認為天數將保持基本穩定。這是我們對第三季的預期。

But the positive point is that entering in the next year, clearly, let's say, as I said, there is our seasonality, the normal seasonality that means that, in general, the inventory in the first half of the year is a little bit higher also in number of days in respect to the second part of the year.

但積極的一面是，進入明年，顯然，正如我所說，存在季節性，正常的季節性意味著，一般來說，上半年的庫存天數也比下半年略高一些。

Then you have to consider that entering next year, let's say, we start to have some decrease in terms of overall capacity, linked to the fact that we started to have some benefit coming from our reshaping of the manufacturing infrastructure.

然後你必須考慮到，進入明年，我們的整體產能開始有所下降，這與我們開始從製造業基礎設施的重塑中獲得一些好處有關。

This will somehow mitigate the level of unused moving in 2026. This is, let's say, one of the drivers that we see in terms of progressively improve in terms of the utilization rate, together, of course, with some growth in the revenues.

這將在某種程度上減輕 2026 年未使用的移動水平。可以說，這是我們看到的利用率逐步提高的驅動因素之一，當然，收入也隨之成長。

Do you have any --

你有什麼--

Okay got it. Thank you. Yeah, thank you. I was hoping to ask about the Industrial segment. So it looks like book-to-bill went back to parity. Anything major going on there? Any geographies that are better or worse? And maybe how would you categorize the health of the general purpose microcontroller business underneath there? Basically, should we assume sort of shipping back to normal now? Thank you.

好的，明白了。謝謝。是的，謝謝。我希望詢問有關工業領域的情況。因此看起來訂單出貨比又回到了平價水準。那裡發生什麼大事了嗎？有哪些地理位置比較好或比較差？您認為通用微控制器業務的健康狀況如何分類？基本上，我們現在應該假設運輸已經恢復正常了嗎？謝謝。

No. In Industrial, we see a different dynamic when we grow on sub segments. We see a growth and dynamic more pronounced for power energy, basically all subsegments, okay, of this one are growing. And it is growing more definitively than the smart industrial, it means the factory automation. We can say that robotics is so far good, but overall, the factory automation is really, really soft.

不。在工業領域，當我們在細分市場中發展時，我們看到了不同的動態。我們看到電力能源的成長和活力更加明顯，基本上這個領域的所有子領域都在成長。而且它的成長速度比智慧工業（即工廠自動化）更快。我們可以說機器人技術到目前為止還不錯，但總體而言，工廠自動化確實非常非常柔軟。

More than all the industrial, which are volume-driven, means consumer-driven, the hub cycle is pretty soft. So the takeaway we can have on the Industrial is what is related power energy infrastructure and robotics is now upcycle pretty solid.

與所有由產量驅動（即消費者驅動）的工業相比，樞紐週期相當溫和。因此，我們可以從工業領域得到的啟示是，與電力能源基礎設施和機器人技術相關的領域現在正處於相當穩健的上升週期。

What is related volume and consumer is a very soft upcycle. It looks like inventory are digested, but the visibility is pretty short, it's pretty low. So that's the reason why the customers are still putting order on short term.

與銷售和消費者相關的是一個非常疲軟的上升週期。看起來庫存已經被消化了，但可見度相當短，相當低。這就是為什麼客戶仍在短期下訂單的原因。

But here, our decision is to continue to manage the distribution very closely and continue to adjust our POP below their POS forecast to continue to decrease inventory. Inventory and general purpose microcontroller came back what we classified normal, means a level of months of inventory that enable short-term business.

但在這裡，我們的決定是繼續密切管理分銷，並繼續將我們的 POP 調整到低於他們的 POS 預測，以繼續減少庫存。庫存和通用微控制器恢復到了我們分類的正常水平，這意味著幾個月的庫存水準可以實現短期業務。

Well, we have still some pockets of other inventory on some specific products like Power and Discrete or sometimes general purpose microcontroller, but we are going in the right direction. So this is a dynamic, okay, we are seeing on the Industrial market.

嗯，我們在某些​​特定產品（如電源和分立元件或有時是通用微控制器）上仍然有一些其他庫存，但我們正朝著正確的方向前進。所以這是我們在工業市場上看到的動態。

Thank you, Josh. Mira, next question, please.

謝謝你，喬希。米拉，請問下一個問題。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

Hi, good morning. Wanted to see how linear is the reduction in capacity reservation fees that you expect in '26 from the $150 million, $200 million reduction that you're looking at for this year. Is there a big drop in Q1? Or is it going to be pretty linear throughout all of next year?

嗨，早安。想看看您預計 26 年容量預訂費的減少與今年預計的 1.5 億美元、2 億美元的減少相比，線性程度如何。Q1下降幅度大嗎？或者明年全年都會保持相當線性的變化？

In terms of capacity reservation fees, it works in this way, let's say, substantially, the capacity reservation fees that are ruled by contract with the carmakers quite constant over year the in term of million dollars. But yes, you can have a little bit higher, a little bit lower during the various quarter of the year, but they are not linearly going down.

就容量預訂費而言，它是這樣運作的，可以說，基本上，容量預訂費是由與汽車製造商簽訂的合約規定的，每年的金額相當穩定，為百萬美元。但是的，在一年中的不同季度，你可能會看到價格稍微高一點，或者稍微低一點，但它們並不是線性下降的。

Let's say, they are substantially quite flattish, I would say, quarter after quarter. Clearly, when the contract expires, that is at the end, for instance, of 2025, many of these contracts are expiring. But then, yes, you have a decline.

我想說，每個季度，它們基本上都是相當平穩的。顯然，當合約到期時，也就是在 2025 年底，許多合約都會到期。但是，是的，你確實在走下坡路。

And then the decline remains the level that you get in the first quarter will remain substantially similar all over the other quarters. So this is the way that it works. So what we will see in Q1 will be this reduction. And then that after that, we will stay stable, more or less stable during the course of 2026 at the level of capacity reservation.

然後，下降趨勢將保持在第一季的水平，並且其他季度的下降趨勢將保持基本相似。這就是它的工作原理。因此，我們將在第一季看到這種減少。此後，我們將在 2026 年期間保持產能預留水準的穩定，或多或少保持穩定。

Do you have another one?

你還有其他的嗎？

Yeah, thanks. Just a quick follow-up. Of course, it's going to depend on end demand, but any sense of -- or when you think POP can get back in line with point of sales in Industrial next year?

是的，謝謝。只是一個快速的跟進。當然，這將取決於最終需求，但您認為明年 POP 何時能與工業銷售點保持一致？

Globally, POP will be aligned with the POS each time our product line reach the target of inventory, we didn't want to exceed. This is okay, a lesson we learned from the past. And now, we are really disciplined on this point. So you cannot see the POP overall. We have to look the POP in detail by product line.

在全球範圍內，每當我們的產品線達到庫存目標時，POP 就會與 POS 保持一致，我們不想超出目標。這沒關係，這是我們從過去學到的教訓。現在，我們在這一點上確實非常嚴謹。因此您無法看到 POP 的整體情況。我們必須按產品線詳細查看 POP。

And I repeat our microcontroller is pretty well aligned. So our POP is really driven by the end demand POS and by region, I have to say. While China, APAC, America are pretty okay, but Europe is still soft. And for the other product line, okay, we are still in a mode where the POP is below the POS; however, we expect to go back normal in H1 2026, most likely Q2.

我再說一遍，我們的微控制器非常協調。所以我不得不說，我們的 POP 實際上是由最終需求 POS 和地區驅動的。雖然中國、亞太地區和美國表現還不錯，但歐洲仍疲軟。對於其他產品線，好的，我們仍然處於 POP 低於 POS 的模式；但是，我們預計在 2026 年上半年（最有可能是第二季）恢復正常。

Thank you, Tristan.

謝謝你，特里斯坦。

Thank you very much.

非常感謝。

Mira, next question, please.

米拉，請問下一個問題。

Stephane Houri, Oddo BHF.

Stephane Houri，Oddo BHF。

Yes, good morning, everyone. I have a first question about the CapEx budget because you're adjusting downward the CapEx for the end of this year. I guess this is in the course of managing your capacity by the end of the year and so an expectation of 2026. But what are you reducing at the moment? And how do you look at 2026 in terms of CapEx at the moment where you're transforming your tool from 200 millimeter to 300 millimeter? Thank you.

是的，大家早安。我的第一個問題是關於資本支出預算，因為你們正在下調今年年底的資本支出。我想這是在年底前管理產能的過程中，因此預計是 2026 年。但你目前正在減少什麼？現在您正在將工具從 200 毫米轉變為 300 毫米，您如何看待 2026 年的資本支出？謝謝。

Probably, we reduced the CapEx. In fact, there is two dynamics. There is a dynamic driven by our share where we want to close the 200 millimeter, so Agrate and Crolles. And of course, okay, we need to put the CapEx to increase the capacity at the right level in Agrate 300 and in Crolles 200.

可能我們減少了資本支出。事實上，存在著兩種動態。我們的份額有一個動態驅動，我們希望接近 200 毫米，因此是 Agrate 和 Crolles。當然，我們需要投入資本支出來將 Agrate 300 和 Crolles 200 的產能提高到適當的水平。

But here, we have not especially limited the dynamic because the demand is pretty solid. But then the other main important action is the CapEx for 200 millimeter conversion on silicon carbide because we will close the 150 millimeter. But here, we have limited the CapEx delivered by the demand, which is below what was -- we expected one year ago.

但在這裡，我們並沒有特別限制動態，因為需求相當穩定。但另一個重要的措施是碳化矽 200 毫米轉換的資本支出，因為我們將關閉 150 毫米。但在這裡，我們限制了需求帶來的資本支出，低於我們一年前的預期。

So the main impact of the capacity limitation is on, let's say, silicon carbide. But then after it's more spread across test assembly, where we clearly adjust the capacity of what we need and no more. And generally speaking, is more adaptation to mix rather than volume increase.

因此，產能限制的主要影響在於碳化矽。但在它進一步擴展到測試組裝之後，我們明確地調整了我們所需的容量，不再調整。總體來說，更多的是適應混合而不是增加音量。

Do you have a follow-up, Stephane?

史蒂芬，您還有後續問題嗎？

Yes, a small one. Just to ask you, with the Nexperia situation, you do receive phone calls or kind of rush orders from your customer? Or you see nothing for the moment? Thank you.

是的，很小的一個。只是想問一下，就 Nexperia 的情況而言，您是否接到過客戶的電話或緊急訂單？還是你暫時什麼都沒看到？謝謝。

No, I mean, we are sure that the carmaker and the tier 1 of the Automotive industry have clearly taken the lesson of the previous short term period, and they have enabled many sources to prevent such issues. Of course, as the other semiconductor player, STMicro is part of this process. More than that I have no comment.

不，我的意思是，我們確信汽車製造商和汽車行業的一級供應商已經清楚地吸取了前一短期事件的教訓，並且他們已經啟用了許多資源來防止此類問題發生。當然，作為另一家半導體公司，意法半導體也參與了這個過程。除此之外，我沒有任何評論。

Okay, thank you.

好的，謝謝。

Thank you, Stephane. Mira, next question, please.

謝謝你，史蒂芬。米拉，請問下一個問題。

Didier Scemama, Bank of America.

美國銀行的 Didier Scemama。

Yes, good morning. Thanks for taking my question. I have first question maybe on your inventory and related to that, on what you're thinking about in terms of factory loadings for the first half, I think, one of your US peer already announced last week or earlier this week that they would reduce factory loadings to reduce inventory, especially in the context of a shallow recovery?

是的，早安。感謝您回答我的問題。我的第一個問題可能是關於您的庫存，以及與此相關的，您對上半年工廠裝載量有何看法，我想，您的一位美國同行上週或本週早些時候已經宣布，他們將減少工廠裝載量以減少庫存，特別是在經濟復甦緩慢的背景下？

So I think it looks like your inventory are tracking about 30, 40, 50 days above where they used to be. So are you thinking about taking down further factory utilization in the first half, I guess.

所以我認為您的庫存似乎比以前多了 30、40、50 天。那麼我想您是否考慮在上半年進一步降低工廠利用率？

In terms of inventory, I would say that, yes, you're right, it's a little bit higher in respect to what was our historical ending of the year, that is a little bit higher. But at the end, I think that when we look next year, I think the dynamic of our -- we will continue to keep under controlling that.

就庫存而言，我想說，是的，你是對的，與我們今年的歷史年末相比，庫存要高一點，這是有點高。但最後，我認為，當我們展望明年時，我認為我們的動態——我們將繼續控制這一點。

The dynamic of the inventory will, let's say, be as usual, a little bit increasing during the first half of the year to go back and to decrease in the second part of the year. In terms of that, let's say, unloading factory utilization, I think that moving in 2026, there will be an improvement. Notwithstanding, we will continue to keep under control our inventory.

庫存的動態將像往常一樣，在上半年略有增加，然後在下半年減少。就此而言，比如說卸載工廠利用率，我認為到 2026 年將會有所改善。儘管如此，我們將繼續控制我們的庫存。

This improvement that I was saying before is due to the fact that we do expect some, let's say, increase in terms of our revenues, so looking at the evolution of the market. And the other element is that we start to, let's say, reduce capacity in some of our fabs.

我之前提到的這種改善是因為我們確實預計我們的收入會增加，因此從市場的發展來看。另一個因素是，我們開始減少一些晶圓廠的產能。

The one that we aim, let's say, to progressively close in the course of the -- by the end of 2027. So we will start, of course, to move out some equipment, and this will reduce the capacity, and this will reduce the level of unused then.

我們的目標是在 2027 年底前逐步完成這項目標。因此，我們當然會開始移出一些設備，這將減少容量，從而降低未使用的水平。

Got it. And then I think last quarter, you said that the gross margins were impacted by, if I remember correctly, roughly 70 basis points of the 140, at 70 basis points of FX headwinds on and 70 basis points of related basically the manufacturing transition from [6% to 8%] and [8% to 12%]. Is there any of that in Q4?

知道了。然後我想上個季度，你說毛利率受到了影響，如果我沒記錯的話，140% 中大約有 70 個基點，其中 70 個基點是外匯逆風，70 個基點基本上與製造業轉型有關，從 [6% 到 8%]，[8%至12%]。Q4 中存在這些情況嗎？

No, no. Let's say, moving from Q2 to Q3, let's say, the FX was overall an impact of 140 basis points. Q2, Q3, let's say, related to the combination of these two effects, but very different. Let's say, something in the range of 120 basis points was the FX and around 20 basis points was the impact of these extra costs, let's say, related to our programs.

不，不。假設從第二季到第三季度，外匯整體影響為 140 個基點。可以說，Q2、Q3 與這兩種效應的結合有關，但又有很大不同。假設外匯影響在 120 個基點左右，而與我們的專案相關的額外成本的影響在 20 個基點左右。

Now, let's say, in this quarter, clearly, the FX is a minor impact. This is quite stable. It's a little bit negative because we moved from $1.14 to $1.15 is ranging in the range of 20 basis points negative impact. It's not so material.

現在，我們可以說，在本季度，外匯的影響顯然很小。這是相當穩定的。這有點負面，因為我們從 1.14 美元漲到 1.15 美元，負面影響在 20 個基點的範圍內。它不是那麼重要。

While these extra costs related to the activity to reduce the capacity and to start to move products from one side to the other is impacting our gross margin expected for Q4 between 30 to 40 basis points. This is -- so the turnkey impacted by something ranging between 30 to 40 basis points of extra cost.

而這些與降低產能和開始將產品從一側轉移到另一側的活動相關的額外成本正在對我們第四季度的毛利率產生 30 至 40 個基點的預期影響。因此，交鑰匙工程將受到 30 到 40 個基點的額外成本的影響。

Understood. And just a clarification, because it wasn't clear, your OpEx guide for Q4 is $915 million, right? It's not $950 million?

明白了。需要澄清的是，因為不清楚，您第四季的營運支出指南是 9.15 億美元，對嗎？不是9.5億美元嗎？

No, no. It's $915 million. And this is driven by the fact that we have a negative calendar days impact for two reasons. The calendar is longer. And the vacation in Europe is, let's say, less than what we benefit in the course of the previous quarter. On the other side, we will continue with our, let's say, program to reduce account in expenses, and this will bring us some benefit.

不，不。是9.15億美元。這是因為我們因兩個原因而受到日曆日的負面影響。日曆更長。並且，可以說，歐洲的假期收益比上一季的收益少。另一方面，我們將繼續執行削減帳戶支出的計劃，這將為我們帶來一些好處。

Thank you so much.

太感謝了。

Thank you, Didier. Mira, next question, please.

謝謝你，迪迪埃。米拉，請問下一個問題。

Sandeep Deshpande, JPMorgan.

摩根大通的 Sandeep Deshpande。

Yeah, hi, good morning. Thanks for letting me on. My question is regarding the trends into the first quarter. I mean, you normally have a weaker first quarter. And thus would you expect the utilization rate to go down? And given all the other factors you've talked about in the earlier factors, which are there, there is a downtick associated with the capacity reservation fees. Should we expect that your gross margin in the first half of the year to be weaker than where it is at the moment? And I have a quick follow-up after that.

是的，你好，早安。謝謝你讓我加入。我的問題是關於第一季的趨勢。我的意思是，第一季通常表現較弱。那麼您是否預期利用率會下降？考慮到您在前面提到的所有其他因素，容量預訂費用會有所下降。我們是否應該預期今年上半年的毛利率會比現在低？之後我會進行快速跟進。

Yeah. In terms of gross margin, it's true that in the first half, the seasonality is not favorable. And yes, there are the lower capacity reservation fees. On the other side, in respect to where we stand today, our expectation is that the level of a new budget will decrease.

是的。從毛利率來看，上半年確實受到季節性因素的影響。是的，容量預訂費較低。另一方面，就我們目前的狀況而言，我們預計新預算的水平將會下降。

The decrease is not due to the fact that we aim to increase our inventory. There is some seasonality in our inventory, but the decrease, as I was trying to explain before, it's mainly driven by the fact that we start to reduce the capacity. So it means that we will start to some transfer of equipment.

庫存減少並不是因為我們想要增加庫存。我們的庫存有一定的季節性，但正如我之前試圖解釋的那樣，庫存的減少主要是因為我們開始減少產能。所以這意味著我們將開始一些設備的轉移。

And this or, let's say, not utilization of equipment due to the fact that we progressively in some fab, we started to reduce the capacity aimed, at the end, let's say, to move to close the spec. So we will start, and this will progressively impact our capacity and for some extent, our unused capacity.

或者說，沒有利用好設備，因為我們在某些​​工廠逐步開始減少產能，最終目的是達到規格要求。因此我們將開始，這將逐步影響我們的產能，並在一定程度上影響我們未使用的產能。

Thanks. I mean, a follow-up to that essentially -- quickly on that would be, is the number of days in Q1 lower than in Q4, or is it anything different? And my main question is about 2026 overall, I mean on the revenue, do you have any new engaged programs with your customers, which will improve revenue significantly either in first half or into the second half, particularly?

謝謝。我的意思是，接下來的問題是，第一季的天數是否比第四季少，或者有什麼不同？我的主要問題是關於 2026 年的整體情況，我的意思是在收入方面，您是否與客戶制定了任何新的合作計劃，這將顯著提高上半年或下半年的收入？

No, I confirm, Sandeep, that in Q1, Q1 will be shorter in terms of number of days than Q4, Q4 is longer in terms of days than normal 91. And the calendar next year, Q1 will be shorter than the normal 91. It's a little bit the same trend that we have seen this year, let's say, in terms of calendar. So yes, I confirm that there is a shorter calendar in Q1.

不，我確認，Sandeep，在 Q1 中，就天數而言 Q1 將比 Q4 短，就天數而言 Q4 將比正常 91 長。而明年的日曆，Q1將比正常的91短。從日曆方面來看，這與我們今年看到的趨勢有點相同。是的，我確認第一季的日曆較短。

Well, first of all, okay, about next year 2026, Q1. With the current visibility, we have for the loading of the backlog we have seen in Q3 and we are seeing today. But we don't see a specific reason why we will not be at the usual seasonality of Q1 revenue versus Q4. This is generally speaking, really slightly above minus 10%.

嗯，首先，好的，關於明年 2026 年第一季。從目前的可見性來看，我們已經看到了第三季和今天積壓訂單的裝載情況。但我們找不到具體原因來解釋為什麼第一季的營收與第四季的營收不會呈現正常的季節性。一般來說，這確實略高於-10％。

Well, then moving forward, of course, we will -- but it's depends on the market dynamic. But I would like to say that for 2026, well, first of all, okay, in the second half, we will clearly see the normalization of inventory everywhere. We really expect that in H2 2026, we will have no other inventory, point number one.

那麼，當然，我們會繼續前進——但這取決於市場動態。但我想說的是，對於 2026 年來說，首先，在下半年，我們將清楚地看到各地庫存的正常化。我們確實預計，到 2026 年下半年，我們將沒有其他庫存，這是第一點。

Point number two, next year compared to 2025, the silicon carbide will be a year of growth because 2025 is a year of transition where basically, okay, we have cumulative headwinds related to one specific customer, some program not going at the expected speed in Europe.

第二點，與 2025 年相比，明年碳化矽將是成長的一年，因為 2025 年是過渡的一年，基本上，我們面臨著與某個特定客戶相關的累積阻力，某些專案在歐洲沒有按照預期的速度進行。

And you know we are not specially still present in China. But next year will be a growth driver. But then after we have our exposure to fast-growing segment, clearly that already give us a sign of growth like ADAS with our main customers that already provided some let's classify upside and MEMS as well.

你知道，我們目前在中國的業務並不多。但明年將是成長動力。但是，在我們接觸到快速成長的領域之後，顯然這已經給了我們一個成長的跡象，例如 ADAS，我們的主要客戶已經提供了一些上行空間，以及 MEMS。

And definitively, one point is our increasing content in terms of value and silicon in our main customer. So all in all, we do believe that Q1, we have no sign that the seasonality will be impacted by other factors that we do not control.

可以肯定的是，我們的主要客戶的價值和矽含量不斷增加。總而言之，我們確實相信第一季度，沒有跡象表明季節性會受到我們無法控制的其他因素的影響。

And in H2, we will be as well as the usual seasonality of growth H2 versus H1. Do we grow more like here because this year, we grow at 23% and the usual seasonality 15% H2 versus H1. Well, here, we need to have a little bit more booking in Q1 and in Q2 to confirm.

在下半年，我們的成長季節性將與上半年相同。我們的成長速度是否會更像這裡，因為今年我們的成長率為 23%，而通常的季節性成長率為 H2 比 H1 成長 15%。好吧，我們需要在第一季和第二季有更多的預訂來確認。

So my takeaway is, yes, we will have, let's say, idiosyncratic growth driver on top of the, let's say, up cycle of the market that we are seeing today even if this up cycle market of automotive and industrial should be classified at this stage, soft, okay? And with subsegment pretty dynamic like the one related to infrastructure.

所以我的看法是，是的，我們將擁有，比方說，在我們今天看到的市場上升週期之上的特殊增長動力，即使這個汽車和工業的上升週期市場在這個階段應該被歸類為疲軟，好嗎？且子部分相當動態，例如與基礎設施相關的子部分。

Thank you. Thank you so much.

謝謝。太感謝了。

Mira, next question, please.

米拉，請問下一個問題。

Janardan Menon, Jefferies.

Janardan Menon，傑富瑞。

Hi, good morning. Thanks for taking the question. I just wanted to go back -- go to the Power and Discrete business where your margins are still very weak at minus 15% in the third quarter. So what can be the drivers to improve that?

嗨，早安。感謝您回答這個問題。我只是想回顧一下——回到電源和分立裝置業務，該業務的利潤率在第三季度仍然非常低，為-15%。那麼，有什麼因素可以推動這狀況的改善呢？

You talked about silicon carbide improving in Q3 -- I'm sorry, in 2026. But would that revenue come mainly from your Sanan JV to Chinese customers? And will that help your overall profitability given low utilizations in Europe? And do you need to take any further action to try and improve the profitability there Power and Discrete, given the kind of competitive environment in that industry?

您談到碳化矽將在第三季（抱歉，是在 2026 年）得到改善。但這些收入主要來自於你們三安合資公司提供給中國客戶的收入嗎？鑑於歐洲的利用率較低，這是否有助於提高您的整體獲利能力？考慮到該行業的競爭環境，您是否需要採取進一步措施來提高電源和分立裝置的獲利能力？

And then my follow-up is just a small clarification on a previous answer. Your 30 to 40 basis points of manufacturing inefficiency from the conversion and shutting down, et cetera, does that continue until you reach the end of that journey, which is when you fully close down your 200 millimeter transition to 300 millimeter? Or does that drop off before that? Thanks.

然後我的後續只是對先前的答案做一點澄清。由於轉換和關閉等原因，製造效率會降低 30 到 40 個基點，這種情況會持續到您到達這趟旅程的終點，也就是完全關閉從 200 毫米到 300 毫米的過渡階段嗎？還是在那之前就下降了？謝謝。

So Lorenzo will comment about the improvement driver on Power and Discrete profitability. While Marco will comment on the dynamic of Power and Discrete revenue because as I have already anticipated, in my last answer, clearly, silicon carbide for us in '25 is a transition period. And Lorenzo, on --

因此，Lorenzo 將對電力和離散盈利能力的改進驅動因素進行評論。而 Marco 將對電源和分立裝置收入的動態發表評論，因為正如我在上一個回答中已經預料到的那樣，顯然，25 年的碳化矽對我們來說是一個過渡期。洛倫佐--

Well, yes, I can take it. Clearly, well, I will let Marco to explain what are the drivers. But at the end, let's say, clearly next year, we do expect a recovery in terms of the top line. Youm know that is this year, we were impacted by a significant inefficiency in our manufacturing environment for the Power and Discrete in general and for the silicon carbide, in particular, due to the fact that we were working a very old level of saturation for these steps.

嗯，是的，我可以接受。顯然，好吧，我會讓馬可來解釋一下驅動因素是什麼。但最終，我們可以明確地說，明年我們確實預期營業收入將出現復甦。你知道，今年，我們的電源和分立元件製造環境，特別是碳化矽製造環境的效率明顯低下，這給我們帶來了很大影響，因為我們在這些步驟中的飽和度水平非常高。

Clearly, there are the following drivers that we expect to recover in term of profitability. Having a higher level of revenues clearly will help to better load our infrastructure. Then don't forget that silicon carbide, it will be the first to move, let's say, in the course of next year from the 6 inch to the 200 millimeter to the 8 inch, and this will bring clearly, let's say, some positive in the medium term in terms of profitability.

顯然，我們預期獲利能力方面將出現以下復甦動力。更高的收入顯然將有助於更好地支撐我們的基礎設施。然後不要忘記碳化矽，它將在明年率先從 6 英寸發展到 200 毫米再到 8 英寸，這將在中期為盈利能力帶來一些積極影響。

Moving up in terms of revenues will improve significantly our expense to sales ratio that today clearly has been impacted by the fact that revenue are quite depressed. So at the end, these are the main drivers that we see, together with the fact that we are improving, and we are moving to the next generation of silicon carbide that give also some benefit in terms of performance for what concerns, let's say, the profitability.

收入的增加將顯著改善我們的費用與銷售比率，而今天，這一比率顯然受到了收入大幅下降的影響。所以最後，這些是我們看到的主要驅動因素，再加上我們正在改進的事實，我們正在轉向下一代碳化矽，這在性能方面也帶來了一些好處，例如獲利能力。

Before to give the -- to pass to Marco, I just clarify the point of this extra 30 basis points on gross margin. Yes, this is mainly related to the duplication of mask related to the, let's say, qualification of processes. But this will continue, the amount will be more or less this range over, for sure, the next part of 2026 and probably also in the second part because we will continue with this program.

在交給馬可之前，我先澄清毛利率額外增加 30 個基點的意義。是的，這主要與掩模的重複有關，例如與工藝的資格有關。但這種情況將會持續下去，在 2026 年下半年，金額肯定會大致保持在這個範圍內，而且很可能在第二季度也是如此，因為我們將繼續執行這個計劃。

This will be probably peaking in the first half 2026, then it will go down. But yes, this is something that we need to expect to have -- as we have this activity, let's say, to migrate our products from one fab that is going to be close to another fab.

這一數字很可能在 2026 年上半年達到頂峰，然後開始下降。但是的，這是我們需要預料到的事情——因為我們有這個活動，比如說，將我們的產品從一個靠近另一個晶圓廠的晶圓廠遷移到另一個晶圓廠。

Okay. So we take on the dynamics. So we'll have basically two dynamics in 2026 that will help to start to grow. First of all, well, as Jean-Marc said, during the first half of 2026, we will keep reducing and will be clean in terms of inventory in Power and Discrete; here, speaking mainly about the non-silicon carbide portion. And this will allow the market dynamics next year to restart having year-over-year growth.

好的。因此我們採取動態措施。因此，2026 年我們將面臨兩種有助於開始成長的動力。首先，正如 Jean-Marc 所說，在 2026 年上半年，我們將繼續減少並清理功率和分立裝置的庫存；這裡主要談論非碳化矽部分。這將使明年的市場動態重新開始實現年成長。

Specifically, on silicon carbide as Jean-Marc has already anticipated, 2025 is a transition year, meaning is that we are experiencing lower volumes and inventory collection from our main customers. I would like to underline, this is happening while we still are maintaining stable our commercial contractual level of market share. This is happening since the beginning of 2025.

具體來說，正如 Jean-Marc 已經預料到的那樣，2025 年是碳化矽的過渡年，這意味著我們的主要客戶的產量和庫存收集量將下降。我想強調的是，這是在我們仍然保持穩定的商業合約市場份額水平的同時發生的。這種情況從 2025 年初就開始發生了。

And during 2025, we are -- this dynamic is not yet offset by Europe and China. So there is yet no strong contribution from the rectification programs in Europe and China. During the next year, we will start seeing growth in these two regions that will help the 2026 overall growth of the silicon carbide versus 2025. I hope that this answers your question.

到 2025 年，這種動態還未被歐洲和中國所抵銷。因此，歐洲和中國的整改計畫尚未產生顯著的貢獻。明年，我們將開始看到這兩個地區的成長，這將有助於 2026 年碳化矽相對於 2025 年的整體成長。我希望這能回答你的問題。

Yeah, thank you very much.

是的，非常感謝。

Thank you, Janardan. Thank you, everyone. This is ending our call for this quarter. So thank you for being us today, and we remain here at your disposal should you need any follow-up questions. Sorry for the one that you don't have time to ask a question there. Thank you very much.

謝謝你，賈納丹。謝謝大家。本季的電話會議到此結束。感謝您今天來參加我們的活動，如果您有任何後續問題，我們隨時為您服務。很抱歉您沒有時間在那裡提問。非常感謝。