高塔半導體 (TSEM) 2026 Q3 法說會逐字稿

Thank you for joining us. Welcome to Tower Semiconductor's third quarter of 2026 financial results conference call. With us today are Mr. Russell Ellwanger, Chief Executive Officer; Dr. Marco Racanelli, President; and Mr. Oren Shirazi, Chief Financial Officer.

感謝各位加入我們。歡迎參加 Tower Semiconductor 2026 年第三季財務業績電話會議。今天與會者包括：執行長 Russell Ellwanger 先生；總裁 Marco Racanelli 博士；以及財務長 Oren Shirazi 先生。

Before we begin, please note that certain statements made during today's call may be forward-looking and subject to risks and uncertainties that could cause actual results to differ materially. These risks are detailed in our SEC filings, Form 20-F and 6-K, as well as filings with the Israeli Securities Authority, all available on our website. Tower assumes no obligation to update forward-looking statements.

在開始之前，請注意，今天電話會議中的某些陳述可能屬於前瞻性陳述，並受風險與不確定性影響，可能導致實際結果與所述內容存在重大差異。相關風險已在我們向美國證券交易委員會（SEC）提交的文件（Form 20-F 與 6-K），以及向以色列證券管理局提交的文件中詳述，均可於我們網站查閱。Tower 不承擔更新前瞻性陳述之任何義務。

Our third quarter 2026 results are prepared in accordance with US GAAP. Some data presented may include non-GAAP financial measures as defined under SEC Regulation G. Reconciliation to GAAP figures and full explanations are provided in today's press release and financial table. For your reference, a supporting slide deck is available on our website and integrated into this webcast.

我們 2026 年第三季業績係依據美國一般公認會計原則（US GAAP）編製。部分呈現之數據可能包含依 SEC Regulation G 定義之非 GAAP 財務衡量指標。與 GAAP 數字之調節及完整說明已載於今日新聞稿與財務表格中。供各位參考，我們網站提供支援用投影片，並已整合至本次網路直播中。

With that, I'll turn the call over to our CEO, Mr. Russell Ellwanger. Russell?

接下來，我將把電話會議交給我們的執行長 Russell Ellwanger 先生。Russell？

Thank you, Noit. Hello, everyone. Thank you for joining our call. We have much to discuss. We will speak not only to the strength of our current performance, but very importantly, on what comes next, namely, a great business and financial strength with which we will be opening 2027, the visibility we have into the future demand, the realization of investments to fully capture that demand, 2028-2029 further customer commitments, and our significant growth in customer line value creation activities for 2029 and beyond. Indeed, a long-term value creation campaign with boots on the ground, providing real-time measurable, financial, and strategic achievements.

謝謝你，Noit。各位好。感謝各位參加我們的電話會議。我們有很多內容要討論。我們不僅會談到目前表現的強勁，更重要的是談接下來的發展：也就是我們將以卓越的業務與財務實力開啟 2027 年、我們對未來需求的可見度、為充分掌握該需求而進行投資的落地實現、2028-2029 年進一步的客戶承諾，以及我們在 2029 年及以後於客戶產品線價值創造活動上的顯著成長。確實，這是一項長期價值創造行動，團隊深入第一線，提供即時、可衡量的財務與策略成果。

During the third quarter, we continued to deliver record results while building upon our technology leadership and expanding capacity with increasing customer commitments to support a significantly higher level of revenue and earnings in the quarters and years ahead.

在第三季，我們在持續交出創紀錄成果的同時，也進一步鞏固技術領先地位並擴充產能；客戶承諾持續增加，將支撐未來數季與未來數年顯著更高的營收與獲利。

At the center of this growth are our Silicon Photonics platforms where accelerating AI infrastructure demand, expanding customer program, and long-term capacity commitment continue to increase Tower's scale and strategic position. This momentum is complemented by strong execution across our broader portfolio of differentiated analog semiconductor technologies.

此成長的核心是我們的矽光子（Silicon Photonics）平台：AI 基礎設施需求加速、客戶專案擴大，以及長期產能承諾持續提升 Tower 的規模與策略地位。同時，我們在更廣泛的差異化類比半導體技術組合上也展現強勁執行力，進一步強化這股動能。

We are entering the strongest growth phase in our history. Our third quarter performance demonstrates that the strategic decisions we have made are translating into record revenue, expanding earnings power, and significant visibility into the years ahead.

我們正進入公司史上最強勁的成長階段。第三季的表現證明，我們所做的策略決策正轉化為創紀錄的營收、持續擴大的獲利能力，以及對未來數年的高度可見度。

Third quarter revenue was $526 million as compared to $396 million in the third quarter of 2025, a 33% year-over-year growth, resulting in a net profit of $120 million or 23% net margin, up from 14% net margin a year ago. Our fourth quarter 2026 mid-range revenue guidance is $600 million, which achievement would result in a 2026 full year revenue of $2 billion against the full year 2025 revenue of $1.57 billion.

第三季營收為 5.26 億美元，相較 2025 年第三季的 3.96 億美元，年增 33%；淨利為 1.20 億美元，或 23% 的淨利率，高於一年前的 14% 淨利率。我們對 2026 年第四季營收指引（中位數）為 6.00 億美元；若達成，2026 全年營收將達 20 億美元，相較 2025 全年營收 15.7 億美元。

Achieving a $2.4 billion revenue run rate is most significant as our demand and start plan do not indicate the typical industry's first quarter seasonality. To the contrary, we expect to see continued growth. Hence, the starting point of 2027 is targeted to be higher than the $2.4 billion annual begin run rate and greater than 45% increase as compared to the first quarter of 2026 revenue starting point. Later in the call, we will share details that underscore the strong quarter-over-quarter growth we are driving in 2027.

達成 24 億美元的營收年化運行率（run rate）意義重大，因為我們的需求與投片（start）計畫並未顯示典型產業在第一季的季節性走弱。相反地，我們預期將持續成長。因此，2027 年的起點目標將高於 24 億美元的年化起始運行率，且相較 2026 年第一季的營收起點，增幅將超過 45%。在稍後的電話會議中，我們將分享細節，以凸顯我們在 2027 年推動的強勁季對季成長。

Moving into our businesses. Please refer to slide 4 as referenced for the Q3 revenue breakdown by technology. The third quarter was another quarter of strong operational execution by our teams, both in the expansion and re-purposing of four of our five factories towards substantially higher Infrastructure mix with a background of growth activities in all of our core businesses.

接著談我們的各項業務。請參考投影片第 4 頁，其中列示第三季依技術別的營收拆分。第三季我們團隊再次展現強勁的營運執行力：在我們五座工廠中的四座，持續進行擴產與產線重新配置，使產品組合大幅提高基礎設施（Infrastructure）比重，同時我們所有核心業務也都在推進成長活動。

Our Silicon Photonics business is experiencing exceptional growth. To support accelerating customer demand, we are expanding capacity across four manufacturing sites, a business that contributed approximately $240 million of Silicon Photonics revenue in Q3 2026 alone. With substantial capacity coming online this quarter, we expect year-end capacity to be approximately double the level that supported the Q3 2026 Silicon Photonics revenue.

我們的矽光子業務正經歷卓越成長。為支援加速的客戶需求，我們正於四個製造據點擴充產能；僅 2026 年第三季，該業務即貢獻約 2.40 億美元的矽光子營收。隨著本季有大量產能上線，我們預期年底產能約為支撐 2026 年第三季矽光子營收水準的兩倍。

This positions us for significant revenue ramp in the first and second quarters of 2027 as the new start rates move through the fab and ship, establishing a new substantially higher, sustainable baseline for the quarters ahead and thereby also achieving a full ROI within one year for the previously announced $920 million CapEx investments.

這使我們得以在 2027 年第一季與第二季實現顯著的營收爬坡，因為新的投片速率（start rates）將在晶圓廠內完成製程並出貨，為後續季度建立一個顯著更高且可持續的基準；同時，也可使先前宣布的 9.20 億美元資本支出（CapEx）投資在一年內達成完整投資報酬（ROI）。

Additionally, the execution of our released Track-1 300-millimeter expansion is progressing ahead of schedule with all tools ordered and slotted with full production starts targeted for Q3 2027, including the Track-1 300-millimeter expansion, our Silicon Photonics start capacity is targeted to increase by 3x versus the level that supported the Q3 2026, 250 million SiPho or 240 million SiPho shipments. Importantly, this capacity is spoken for.

此外，我們已公布的 Track-1 300 毫米擴產執行進度超前，所有設備皆已下單並排程到位，目標於 2027 年第三季開始全面量產投片；包含 Track-1 300 毫米擴產在內，我們的矽光子投片產能目標將較支撐 2026 年第三季（2.50 億 SiPho 或 2.40 億 SiPho 出貨）之水準提升至 3 倍。重要的是，這些產能已有客戶預訂。

Through a combination of signed agreements and contracts in advanced stages of negotiation, we have secured customer demand commitments for both 200-millimeter and 300-millimeter production and now having extended it to include 2029, at which time our incremental Track-2 plan capacity ramp is well underway, ultimately, quadrupling our 300-millimeter Japan capacity. Of note, all expansion is planned to continue to be self-funded.

透過已簽署協議以及處於談判後期的合約組合，我們已取得客戶對 200 毫米與 300 毫米生產的需求承諾，並已延伸涵蓋至 2029 年；屆時我們的增量 Track-2 計畫產能爬坡也將順利展開，最終使我們在日本的 300 毫米產能擴增至四倍。值得一提的是，所有擴產計畫預計仍將以自有資金支應（self-funded）。

In addition to serving the rapidly growing market, largely of pluggable scale-out transceivers, we continue many activities with Tier 1 customers that take advantage of new opportunities expanding our served market. The most significant of these is the change in form factor towards near packaged optics or NPO that promises to add scale up opportunities to our clearly established leading position in the scale-out market.

除了服務快速成長、以可插拔（pluggable）scale-out 收發器為主的市場之外，我們也持續與一級（Tier 1）客戶進行多項活動，把握新機會以擴大我們所服務的市場範圍。其中最重要的是外形規格（form factor）正朝向近封裝光學（near packaged optics，NPO）轉變；此趨勢可望在我們已明確建立的 scale-out 市場領先地位之上，進一步帶來 scale-up 的機會。

In the view of most analysts, NPO scale-out can double the optical transceiver market. To this end, we are prototyping NPO products with more than 10 of our top customers. NPO can more often integrate, transmit, and receive functions in our SiPho die, expanding our silicon SAM versus the traditional pluggable market, where normally only transmit function is built into the SiPho die.

在多數分析師看來，NPO 的 scale-out 可使光收發器市場規模倍增。為此，我們正與超過 10 家頂級客戶進行 NPO 產品原型開發。相較於傳統可插拔市場（通常僅將發射功能整合於 SiPho 晶粒中），NPO 更常能在我們的 SiPho 晶粒中整合發射與接收功能，從而擴大我們的矽 SAM（可服務市場）。

NPO can also improve our position in the electrical IC SiGe market as most implementations of NPO will replace the DSP to improve cost, power, and latency with SiGe TIAs and drivers and at that with greater footprint due to the increased incorporation of equalizer functionality, expanding our SiGe market opportunity.

NPO 也能強化我們在電性 IC 的 SiGe 市場地位，因為多數 NPO 的實作將以 SiGe 的跨阻放大器（TIA）與驅動器取代 DSP，以改善成本、功耗與延遲；同時，由於更高程度地納入等化器（equalizer）功能，所需晶片面積也更大，進一步擴大我們的 SiGe 市場機會。

To this end, we have announced this quarter a substantial capacity agreement with Semtech and are seeing further unprecedented growth opportunities for our SiGe business. Longer term, we are building the capability to integrate new material into our SiPho platform to further expand our served available market.

為此，我們在本季度宣布與 Semtech 達成一項大規模產能協議，並看到我們的 SiGe 業務出現進一步前所未有的成長機會。從更長期來看，我們正在建立將新材料整合進我們 SiPho 平台的能力，以進一步擴大我們可服務的可用市場。

In one such example, we announced initial production for NewPhotonics with a new technology where we integrated Indium phosphide lasers within our silicon photonics die. This is done through a die to wafer attached in indium phosphide epi-chiplets, further processed in our factory, to create a final die that incorporates indium phosphide lasers within our Silicon Photonics.

其中一個例子是，我們宣布 NewPhotonics 採用一項新技術的初始量產，我們將磷化銦雷射整合到我們的矽光子晶粒中。這是透過晶粒到晶圓（die-to-wafer）方式貼附磷化銦外延（epi）小晶粒（chiplets），再於我們工廠進一步製程，最終形成一顆在矽光子中內建磷化銦雷射的成品晶粒。

As this technology ramps, we gain access to the laser market and additional multiples of increase in serviceable market. This die-to-wafer technology is now being deployed with other materials such as thin-film lithium niobate to provide 400 gigabit per lane next-generation differentiated products to our Tier 1 lead customers.

隨著這項技術放量，我們將得以切入雷射市場，並使可服務市場規模增加數倍。這項晶粒到晶圓技術目前也正與其他材料（例如薄膜鈮酸鋰）一同部署，為我們的一線（Tier 1）領先客戶提供每通道 400Gb 的下一代差異化產品。

Beyond the optical transceiver market, our SiPho platform, combined with heterogeneous integration capability has emerged as a go-to solution for silicon photonics-based optical circuit switches. Silicon photonics-based solid-state OCS are emerging as a strong contender against MEMS or other niche solutions because of fast nanosecond level switching speeds, the CMOS manufacturing scale and compatibility with the CPO-NPO ecosystem for tighter system integration.

除了光收發器市場之外，我們的 SiPho 平台結合異質整合能力，已成為以矽光子為基礎之光學電路交換器的首選解決方案。基於矽光子的固態 OCS 正逐步成為對抗 MEMS 或其他利基解決方案的強勁競爭者，原因在於其奈秒等級的快速切換速度、CMOS 製造規模，以及與 CPO-NPO 生態系相容以實現更緊密的系統整合。

Finally, we have been a significant player in coherent SiPho products for Marvell used in data center connect applications, as we have discussed in the past. This technology is now being evaluated for inside data center scale-across applications, which could as well significantly expand the sector of the SiPho market we already have strong position and differentiated technology.

最後，如同我們過去所討論的，我們一直是 Marvell 用於資料中心互連應用之相干（coherent）SiPho 產品的重要供應者。這項技術目前也正在評估用於資料中心內部的 scale-across 應用，這同樣可能大幅擴大我們已具備強勢地位與差異化技術的 SiPho 市場版圖。

Longer term, we are also investing in several scale-up and scale-in wide and slow technologies, which promised high total bandwidth by creating large parallel links at lower speed through the use of micro-LEDs and/or VCSELs. We have several active engagements ongoing with Tier 1 customers with a potential of high volume and a new facet of the optical communication market.

從更長期來看，我們也在投資多項 scale-up 與 scale-in 的「寬而慢」技術，透過使用 micro-LEDs 和/或 VCSELs，以較低速度建立大型平行連結，從而提供高總頻寬。我們正與多家一線（Tier 1）客戶進行多項積極合作，具備高出貨量潛力，並為光通訊市場帶來新的面向。

As stated earlier, NPO is providing an expanding market for silicon germanium TIA and drivers, resulting in unprecedented customer demand being served now from three, 200-millimeter factories and one, 300-millimeter factory. In tandem with our capacity expansion, we continue to advance our technology road map and are happy to report that our H6 next-generation silicon-germanium technology is seeing strong design-in momentum already in production for the most demanding products.

如先前所述，NPO 正為矽鍺（silicon germanium）TIA 與驅動器帶來持續擴大的市場，使得客戶需求前所未有；目前這些需求由三座 200 毫米工廠與一座 300 毫米工廠提供供應。在擴充產能的同時，我們持續推進技術路線圖，並很高興地報告，我們的 H6 下一代矽鍺技術已展現強勁的 design-in 動能，且已在對性能要求最高的產品上進入量產。

The strength of our technology was also reflected recently when Semtech, a strategic silicon-germanium partner of more than two decades received an Innovation Award at ECOC '26 for its optical interconnects solutions. Our 300-milliter capacity corridor in Agrate, Italy delivered its highest RFSOI revenue quarter to date.

我們技術的實力近期也有所體現：作為我們超過二十年的策略性矽鍺合作夥伴，Semtech 在 ECOC '26 以其光互連解決方案獲得創新獎。我們位於義大利 Agrate 的 300 毫米產能走廊，創下迄今最高的 RFSOI 營收季度。

We also set new records for the number of product tape-outs for Fab 10, demonstrating the strength of our long-standing customer relationships and the exceptional execution by our Fab 10 team to deliver the technology road map, extending the design win momentum on our industry-leading 300-millimeter RFSOI platforms. We expect this trajectory to continue over the coming quarters.

我們也在 Fab 10 的產品 tape-out 數量上創下新紀錄，展現我們長期客戶關係的穩固，以及 Fab 10 團隊在交付技術路線圖方面的卓越執行力，並延續我們在業界領先的 300 毫米 RFSOI 平台上的 design win 動能。我們預期這一趨勢將在未來幾個季度持續。

Demand for Tower's BCD technologies continues to strengthen across both 200-millimeter and 300-millimeter platforms, with about 10% year-over-year growth. This growth is driven not only by the rapid expansion of AI and cloud data centers, but also by growing customer success in mobile and automotive applications. This momentum is reflected in increasing customer commitments, with several strategic accounts entering into long-term agreements at higher ASPs, resulting in forecasted 20% higher blended prices for 2027 versus 2026.

Tower 的 BCD 技術需求在 200 毫米與 300 毫米平台上持續增強，年增約 10%。此成長不僅由 AI 與雲端資料中心的快速擴張所驅動，也來自客戶在行動裝置與車用應用上的成功擴大。這股動能反映在客戶承諾的提升上，多個策略性客戶以更高 ASP 簽訂長期協議，使我們預估 2027 年相較 2026 年的混合平均價格將提高 20%。

In CIS and displays, we have started production of a new high-speed global shutter sensor for high-end video cameras with one of the DSLR MLC industry leaders. Together with our lead customers, we are driving next phase of business growth, building demand towards the significant additional capacity that will come online with the Uozu expansion. We're also working closely with our OLED-on-silicon display customers to provide capacity for their expected steep ramp in 2027.

在 CIS 與顯示領域，我們已與 DSLR MLC 產業領導廠商之一開始量產一款用於高階攝影機的新型高速全域快門（global shutter）感測器。我們與主要客戶共同推動下一階段的業務成長，逐步建立需求，以迎接 Uozu 擴產後將上線的可觀新增產能。我們也正與 OLED-on-silicon 顯示客戶緊密合作，為其預期在 2027 年的快速放量提供產能。

Looking at utilization. During the third quarter, all of our 200-millimeter fabs operated at utilization levels of 85% to 90%. Our 300-millimeter 12-inch fab continues to be fully utilized well above our 85% utilization model. And as stated, substantial capacity is being added to all sites in accordance with extreme growing demand.

再看產能利用率。第三季期間，我們所有 200 毫米晶圓廠的產能利用率皆在 85% 至 90% 之間。我們的 300 毫米 12 吋晶圓廠持續滿載運轉，明顯高於我們 85% 的利用率模型假設。如前所述，為因應需求的爆發性成長，各據點皆正大幅擴增產能。

To summarize, we entered the second half of 2026 with strong business momentum supported by broad customer demand across our differentiated technology platforms and continued high utilization across our entire manufacturing footprint. Importantly, the strength we see extends beyond the current quarter, well beyond.

總結而言，我們在 2026 年下半年以強勁的業務動能開局，這得益於我們差異化技術平台所帶來的廣泛客戶需求，以及我們整體製造版圖持續維持高利用率。重要的是，我們所看到的強勁態勢不僅限於本季，而是延伸到更長的未來。

Customer engagement, design activity and demand ability continue to reinforce our confidence in growth opportunities ahead, enabled by the unique significant value, which each of our specialized analog technologies provide. Our prospects are very good and even getting better with all of our key business units experiencing increased demand with expected revenue growth throughout 2027.

客戶互動、設計活動與需求能見度持續強化我們對未來成長機會的信心，而這些機會來自我們各項專精類比技術所提供的獨特且顯著的價值。我們的前景非常好，而且還在變得更好；我們所有關鍵事業單位皆面臨需求增加，並預期在 2027 年全年實現營收成長。

SiPho and silicon-germanium are experiencing unprecedented growth having achieved majority share of pluggable scale-out market. We are not only enjoying the substantial market growth of this segment, but by having close partnerships and cooperations with the market leaders, we are enjoying rich developments, increasing our served market, targeting to continue proliferating of our differentiated technologies into multifaceted applications.

SiPho 與矽鍺正經歷前所未有的成長，並已在可插拔（pluggable）scale-out 市場取得過半市占。我們不僅受惠於該細分市場的顯著成長，亦透過與市場領導者的緊密夥伴關係與合作，獲得豐富的開發機會、擴大我們可服務市場，並以將差異化技術持續擴散至多元應用為目標。

The number of advanced NPO engagements is just one of the many indicators of rich partnerships capturing the future. As a summary point, our Q4 '26 SiPho annualized run rate is expected to exceed $1.1 billion with significant target further increases in Q1 '27. We will end this year in an extremely exciting position.

先進 NPO 合作案的數量，只是眾多指標之一，顯示我們透過深厚夥伴關係掌握未來。作為總結要點，我們預期 26 年第四季 SiPho 的年化 run rate 將超過 11 億美元，並在 27 年第一季有顯著的進一步提升目標。我們將在極其令人振奮的態勢下結束今年。

With that, I'd like to turn the call to our CFO, Mr. Oren Shirazi. Oren, please.

接下來，我想把電話交給我們的財務長 Oren Shirazi 先生。Oren，請。

Thank you, Russell. Hello, everyone. The third quarter marked another significant step-up in Tower's financial performance with record revenue, record growth profit and strong operating leverage across the P&L. Revenue increased 36% year-over-year to $526 million while gross profit increased by 92%.

謝謝你，Russell。各位好。第三季是 Tower 財務表現再度顯著躍升的一季，創下營收新高、毛利新高，並在損益表各項目展現強勁的營運槓桿。營收年增 36% 至 5.26 億美元，而毛利年增 92%。

Operating profit increased by 2.5x and net profit reached $120 million, representing 23% net margin or 2.2x as compared to the third quarter of 2025. These results demonstrate our accelerating growth in translating into substantial earnings expansion. They also reflect the increasing contribution of our differentiated, higher-value technologies and the strength of our operating model as we scale.

營業利益增加至 2.5 倍，淨利達 1.20 億美元，代表 23% 的淨利率，或相較 2025 年第三季增加 2.2 倍。這些結果顯示我們加速成長正轉化為可觀的獲利擴張。同時也反映出我們差異化、高價值技術的貢獻提升，以及我們在規模擴張時營運模式的強韌性。

Importantly, we are entering this next phase of growth from a position of financial strength, evidenced by our strong balance sheet and cash position. The customer long-term contracts that secure our CapEx investments will yield quick ROIs by providing increased visibility into our customers' future demand and high-capacity utilization.

重要的是，我們正以財務實力雄厚的基礎進入下一個成長階段，這可由我們強健的資產負債表與現金部位看出。用以保障我們資本支出（CapEx）投資的客戶長期合約，將透過提升對客戶未來需求的可視性以及高產能利用率，帶來快速的投資報酬（ROI）。

I will now review the quarterly financial performance, followed by our balance sheet, cash flow and capital investment plans, and conclude with financial framework underlying our long-term business model.

接下來我將回顧本季財務表現，之後說明我們的資產負債表、現金流與資本投資計畫，並以支撐我們長期商業模式的財務架構作結。

Looking into the P&L. Revenue for the third quarter of 2026 was $526 million, a record, in the company's history, representing 14% quarter-over-quarter growth as compared to $460 million in the second quarter of 2026 and $130 million higher year-over-year or 36% year-over-year growth.

先看損益表（P&L）。2026 年第三季營收為 5.26 億美元，創公司歷史新高；相較 2026 年第二季的 4.60 億美元，季增 14%，並較去年同期增加 1.30 億美元，年增 36%。

Gross profit for the third quarter of 2026 was a record $179 million, an increase of 92% compared to $93 million in the third quarter of 2025. Operating profit for the third quarter of 2026 was $127 million, 2.5 times the operating profit in the third quarter of 2025.

2026 年第三季毛利為 1.79 億美元，同樣創新高，較 2025 年第三季的 9,300 萬美元增加 92%。2026 年第三季營業利益為 1.27 億美元，為 2025 年第三季營業利益的 2.5 倍。

Net profit for the third quarter of 2026 was $120 million, reflecting 23% net margin. Net profit is more than double the $54 million in the third quarter of 2025. Earnings per share for the third quarter of 2026 were $1.06 basic and $1.05 diluted, as compared to $0.48 basic, and $0.47 diluted in the third quarter of 2025.

2026 年第三季淨利為 1.20 億美元，淨利率為 23%。淨利較 2025 年第三季的 5,400 萬美元增加逾一倍。2026 年第三季每股盈餘為基本每股 1.06 美元、稀釋每股 1.05 美元；相較之下，2025 年第三季為基本每股 0.48 美元、稀釋每股 0.47 美元。

Moving to our balance sheet. Pre-payments received from SiPho customers mostly towards 2027 capacity reservation, including the $290 million previously announced pre-payments received in the first quarter of 2026, are presented in the balance sheet of liabilities under short- and long-term customer advances and are included in the 2026 cash flow report as cash flow from operating activities.

接著看資產負債表。自 SiPho 客戶收取的預付款（主要用於 2027 年產能預留），包括先前公告於 2026 年第一季收到的 2.90 億美元預付款，於資產負債表負債項下列示於短期與長期客戶預收款，並於 2026 年現金流量表中列為營業活動之現金流量。

Our balance sheet continues to be very strong, as evidenced by the following indicators and financial ratios. As of the end of September 2026, our assets totaled $4 billion, primarily comprised of $1.8 billion in net fixed assets predominantly fab machinery and $2 billion of current assets. Shareholders' equity reached a record of $3.2 billion, representing 80% of total assets. Our current ratio is strong at about 3.7x and our increased long-term asset balance mainly reflects the Newport fab lease pre-payment as well as other pre-payment.

我們的資產負債表持續非常強健，可由以下指標與財務比率佐證。截至 2026 年 9 月底，我們總資產為 40 億美元，主要由 18 億美元的固定資產淨額（以晶圓廠設備機台為主）以及 20 億美元的流動資產構成。股東權益達到 32 億美元的歷史新高，占總資產的 80%。流動比率維持強勁，約為 3.7 倍；長期資產餘額的增加主要反映 Newport 晶圓廠租賃預付款以及其他預付款。

Hedging. I would like now to describe our currency hedging activities. Regarding Japanese yen, since the majority of TPSCo's revenue is denominated in yen and the vast majority of TPSCo's cost costs are also in yen, we have a natural hedge over most of our Japanese business and operations. To mitigate part of the remaining yen exposure, we execute zero-cost cylinder transactions to hedge currency fluctuations. Hence, while the yen exchange rate against the dollar may fluctuate, there is a limited impact on our margins.

避險。我現在說明我們的外匯避險活動。就日圓而言，由於 TPSCo 的大部分營收以日圓計價，且其絕大多數成本也以日圓計價，因此我們在日本業務與營運上對大部分部位具有自然避險效果。為降低剩餘的部分日圓曝險，我們會執行零成本領式（zero-cost cylinder）交易以對沖匯率波動。因此，即使日圓兌美元匯率波動，對我們毛利率的影響也相對有限。

Regarding the Israeli shekel, while we have no revenue in this currency, a portion of our cost in Israel is denominated in shekels, so we also hedge a large portion of that currency risk by entering into zero-cost cylinder transactions to mitigate the exposure. And while the shekel exchange rate against the dollar may fluctuate, as seen over the past few quarters, during which the shekel appreciated strongly against the dollar, the impact on our margins is limited.

就以色列謝克爾而言，雖然我們沒有以該貨幣計價的營收，但在以色列的一部分成本以謝克爾計價，因此我們也透過簽訂零成本領式（zero-cost cylinder）交易，對沖其中大部分的匯率風險以降低曝險。此外，雖然謝克爾兌美元匯率可能波動（如過去幾季所見，謝克爾兌美元大幅升值），但對我們毛利率的影響仍然有限。

Now moving to CapEx investment plan. As previously announced, in order to support the increasing SiPho and SiGe demand, we are executing a $920 million investment plan to expand capacity and capability of SiGe and SiPho equipment across our 8-inch fabs in Israel, Newport Beach, and Texas as well as our 12-inch Uozu fab in Japan.

接下來談資本支出（CapEx）投資計畫。如先前公告，為支援持續增加的 SiPho 與 SiGe 需求，我們正執行一項 9.20 億美元的投資計畫，以擴充我們在以色列、Newport Beach 與德州的 8 吋晶圓廠，以及日本魚津（Uozu）12 吋晶圓廠之 SiGe 與 SiPho 設備產能與能力。

These investments are progressing ahead of schedule in terms of on schedule tool, technology, process qualification, equipment arrivals, and ramp plans and are supported by customer contracts and pre-payment. Approximately 65% of this $920 million CapEx investment has been paid to date and is included in our cash flow for investing activities for the reporting period through the third quarter 2026 while the remaining 35% is expected to be paid during Q4 '26 and H1 '27.

這些投資在機台如期到位、技術與製程認證、設備到廠以及量產爬坡計畫等方面均超前進度，並由客戶合約與預付款提供支持。截至目前，該 9.20 億美元 CapEx 投資約有 65% 已完成支付，並已納入截至 2026 年第三季之本報導期間的投資活動現金流量；其餘 35% 預計將於 2026 年第四季及 2027 年上半年支付。

As Russell noted earlier, we expect one year full ROI from this investment. In addition, we are executing on the Track-1 Japan 300-millimeter CapEx plan by issuing purchase orders for 12-inch SiPho capacity and capability tools that will significantly increase our 12-inch SiPho capacity. These CapEx payments are scheduled for 2027 and 2028.

如 Russell 先前所提，我們預期此項投資可在一年內達到完整投資報酬（ROI）。此外，我們也正推進日本 Track-1 的 300 毫米（12 吋）CapEx 計畫，透過發出採購訂單購置 12 吋 SiPho 產能與能力相關機台，以大幅提升我們的 12 吋 SiPho 產能。這些 CapEx 付款時程規劃在 2027 年與 2028 年。

Business model. As recently announced, the company updated its business model which now includes the planned investment in Arai facility, formerly Fab 6 to re-purpose it for 12-inch SiPho wafer manufacturing, thereby maximizing the company's 12-inch wafer output in Japan, supported by METI, Japan Ministry of Economic Trade and Industry.

商業模式。如近期公告，公司已更新其商業模式，現納入對 Arai 廠區（原 Fab 6）的規劃投資，將其改造為 12 吋 SiPho 晶圓製造用途，以在日本最大化公司 12 吋晶圓產出，並獲日本經濟產業省（METI）支持。

The updated model is based on forward-looking operational business and financial assumptions, including the assumption that all fabs will operate at 85% utilization post full installation and qualification of the $920 million in SiPho and SiGe CapEx investments. We continue to ramp up SiPho and SiGe capacity and capability in our Fab 2, 3, 7 and 9. And in addition, we are working to re-purpose the Arai facility and qualify the new equipment tools to be installed there.

更新後的模型係基於前瞻性的營運、業務與財務假設，包括假設在 9.20 億美元 SiPho 與 SiGe CapEx 投資完成全面安裝與認證後，所有晶圓廠將以 85% 的產能利用率運作。我們持續在 Fab 2、3、7 與 9 擴增 SiPho 與 SiGe 的產能與能力並推進量產爬坡。此外，我們也正進行 Arai 廠區的改造，並對將於該處安裝的新設備機台進行認證。

Assumptions regarding forward-looking wafer selling prices for existing and future products and flowed and forward-looking assumptions regarding cost and completion dates for the successful qualification of tools to be installed, process technologies to be qualified and customer products to be qualified and ordered from the company.

相關假設包括：既有與未來產品之前瞻性晶圓售價假設，以及（亦包括）對將安裝之機台成功完成認證、需完成認證之製程技術、以及需完成認證並向公司下單之客戶產品，其成本與完成日期的前瞻性假設。

Under this updated financial model, we target $3.6 billion in annual revenue, which is $760 million higher than the February model target, reflecting 27% revenue increase. $1.63 billion annual gross profit resulting in 45% gross margin as compared to 39% in the previous model. This annual gross profit is $510 million higher than the previous February 2026 model, representing 67% incremental gross profit derived from the incremental $760 million revenue, reflecting our enhanced product mix.

在此更新後的財務模型下，我們的目標為年營收 36 億美元，較 2 月模型目標增加 7.60 億美元，反映營收成長 27%。年毛利目標為 16.3 億美元，對應毛利率 45%，相較前一版模型的 39%。此年毛利較先前 2026 年 2 月模型高出 5.10 億美元，代表由新增 7.60 億美元營收所帶來的增量毛利達 67%，反映我們產品組合的提升。

We also target $1.38 billion of annual operating profit, resulting in 38% operating margin as compared to 32% in the prior model. And we target $1.2 billion in annual net profit resulting in a 33% net margin as compared to 26% in the prior model and 20% in the second quarter of '26 and as compared to 23% in the third quarter of '26.

我們亦以年營業利益 13.8 億美元為目標，對應營業利益率 38%，相較前一版模型的 32%。同時，我們目標年淨利 12 億美元，對應淨利率 33%，相較前一版模型的 26%，以及 2026 年第二季的 20%，並相較 2026 年第三季的 23%。

This annual net profit of $1.2 billion target is $450 million higher than the prior February 2026 model, representing 59% incremental net profit derived from the incremental $760 million revenue, reflecting our enhanced product mix. That concludes my prepared remarks.

這項年度淨利潤12億美元的目標，較先前2026年2月的模型高出4.5億美元，代表由新增7.6億美元營收所帶來的新增淨利潤增量為59%，反映出我們強化的產品組合。以上為我預先準備的發言，謝謝。

Now I'd like to turn the call back to the operator so we can take your questions. Operator?

現在我想把電話交回給接線員，以便我們開始回答各位的提問。接線員？

(Operator Instructions)

(接線員指示)

Cody Acree, StoneX Financial.

Cody Acree，StoneX Financial。

Congrats on the progress. It's great to see. Maybe, Russell, thanks for the exponential increases that you gave in capacity additions. Maybe if you can just help me to just work out the math there. Can you just level set us with the $920 million of CapEx program now firmly on track and ahead of schedule. Can you level set your fiscal '28 capacity support now for SiPho and SiGe from a revenue standpoint?

恭喜你們的進展。很高興看到這樣的成果。Russell，謝謝你提供產能擴增的倍數式增長資訊。也許你能幫我把數學算清楚一點。目前9.2億美元的資本支出（CapEx）計畫已明確步入正軌且進度超前。你能否從營收角度，幫我們校準一下你們在2028財年對SiPho與SiGe的產能支撐？

I would prefer not to give an exact target on revenue, but I can give you a multiplication against the previous quarter revenue as far as raw capacity. So as stated, the previous quarter, Q3 was $240 million of SiPho revenue. We will finish Q4 with 2x the start capacity that drove that revenue in Q3. So 2x the starts of the Q3 shipments. That revenue will become the run rate in Q2 when there's a full Q1 of that start rate and the December, January, February all shipped within Q2.

我比較不想給出營收的精確目標，但我可以就原始產能，提供相對於上一季營收的倍數關係。如先前所述，上一季Q3的SiPho營收為2.4億美元。我們在Q4結束時，起始投片產能（start capacity）將達到帶動Q3營收之起始產能的2倍，也就是Q3出貨所對應投片量的2倍。當Q1完整反映該投片速率，且12月、1月、2月的產品都在Q2出貨後，該營收將在Q2成為常態化的運行水準（run rate）。

Then in Q3, we will add another 1x of that. So 3x of the Q3 shipments through the expansion that we are doing in the Fab 7 Arai factory. That will be plus/minus the SiPho capabilities off of investments that we have already announced. We are evaluating and will most likely be announcing shortly additional SiPho announcements where we've been able to identify further areas for expansion, predominantly in two of our 200-millimeter sites.

接著在Q3，我們會再增加相當於1倍的量。因此，透過我們在Fab 7 Arai工廠所進行的擴產，將達到Q3出貨量的3倍。這還要加上或扣除（plus/minus）我們已公告投資所帶來的SiPho能力。我們正在評估，且很可能很快會再宣布額外的SiPho計畫；我們已在兩座200毫米廠區中找出進一步擴產的空間，主要集中在那兩個據點。

And we have not yet released that. We've not yet talked about the amount of CapEx nor the amount of capacity that would increase, but it's another significant tranche on top of it. But the capacity, if you go against the multiplications that I talked about, that would give somewhere of a $2.85 billion to $2.9 billion SiPho run rate as of Q3 start rates.

而我們尚未對外發布。我們也尚未談到資本支出金額或可增加的產能規模，但這會是在既有之上再加上一筆相當可觀的增量。不過，若依我剛才提到的倍數推算，則以Q3的投片速率來看，SiPho的運行水準大約會落在28.5億至29億美元之間。

However, that is really not 100% accurate, because it does not include what we're doing with integrated laser. So that is outside of it and on top of it and a substantial forecast in and of itself. So if that's kind of level sets the baseline of SiPho revenue for everything that has been announced and will be fully invented on starts by plan as of the third quarter of 2027 is somewhere a bit above the $2.8 billion run rate.

然而，這其實並非100%精準，因為其中未包含我們在整合式雷射（integrated laser）方面的作為。那部分是在此之外、且是在此之上的，並且本身就是一個相當可觀的預測。因此，若以此作為基準，針對所有已公告、且依計畫在2027年第三季前於投片端完全到位的項目，SiPho營收基準大約會略高於28億美元的運行水準。

That's very helpful, Russell. That's a great place to start for Q3. Maybe with all of that, then it sounds like your summer update for your business model, your $3.6 billion than to a $1.2 billion in net profit that Oren just ran through may already be too conservative. Would you agree with that?

這非常有幫助，Russell。以Q3作為起點很不錯。綜合以上來看，你們夏季更新的商業模型——Oren剛才提到的36億美元對應12億美元淨利潤——聽起來可能已經偏保守了。你同意嗎？

No comment. No, I think it's an aggressive target. But certainly, we wouldn't be giving a target to the Street that we don't have very, very high confidence that we will meet.

不予置評。不過我認為那是個具進取性的目標。但我們當然不會對市場（Street）給出一個我們沒有非常、非常高信心能達成的目標。

And then lastly, if I may, for Oren, you had a very, very high incremental margin this quarter. First time we've seen it in around the 62%. How sustainable do you think that level? Is that a new baseline? Or will that fluctuate as you get new tools in and start depreciating that capacity?

最後一題，如果可以的話，想請教Oren：你們本季的增量毛利率非常、非常高。這是我們首次看到大約62%的水準。你認為這個水準有多可持續？這會成為新的基準嗎？還是會隨著新設備進廠並開始對該產能提列折舊而波動？

Yes, exactly like you said, this quarter, still not -- all the tools started their depreciation schedule. From the fact that I said that 65% of the tools were paid, so you can maybe understand that approximately 65% of those $920 million tools started depreciation and the other not, and there is the second tranche of Track-1. So we will experience additional depreciation coming in later.

是的，正如你所說，本季仍然不是——所有設備都已開始其折舊時程。由於我提到有65%的設備已付款，所以你大概可以理解，約有9.2億美元設備中的65%已開始提列折舊，其餘尚未；而且還有Track-1的第二批。因此，後續我們會看到更多折舊費用進來。

And this is why the long-term model, I don't think has the 65% incremental gross margin that we saw this quarter and has like 55%, 58% usually. And so, we repeat our same forecast of 55% to 58% incremental gross profit.

這也是為什麼在長期模型中，我不認為會維持本季看到的65%增量毛利率，而通常會在55%到58%左右。因此，我們重申相同的預測：增量毛利率為55%到58%。

Vijay Rakesh, Mizuho.

Vijay Rakesh，Mizuho。

Just a question on the SiPho, SiGe. Obviously, you're doing multiple versions of NPO. You have VCSELs, laser internal, integrated lasers. Can you talk to how you're seeing the pricing and contracts line up as you look at some of the newer layouts in NPO going out? And a quick follow-up.

關於SiPho、SiGe有個問題。顯然你們在NPO上有多個版本。你們有VCSEL、內部雷射、整合式雷射。當你們看到一些較新的NPO佈局推出時，能否談談你們觀察到的定價與合約是如何對齊的？另外有個簡短的追問。

It's a very, very interesting question and a good question. Our long-term contracts include pricing targets. There's been maybe some inputs from time to time that curtails price increases, but it does the opposite as new players possibly come into the game. One way that they try to get into market is by deeply discounting.

這是個非常、非常有意思且很好的問題。我們的長期合約包含定價目標。有時可能會有一些因素抑制價格上漲，但當新的參與者可能進入市場時，反而會出現相反的情況。他們嘗試進入市場的一種方式，就是大幅折價。

Now those that deeply discount typically do it because they don't compete technically. But what our contract do is that they set a bar of a starting position, not that if market really with demand, some lowering of prices that we wouldn't adhere to being reasonable with our customers. But our pricing is set very, very well in our long-term contracts and pricing targets are within all of our contracts.

而那些大幅折價者通常這麼做，是因為他們在技術上無法競爭。但我們的合約所做的是設定一個起始門檻；並不是說如果市場在需求帶動下真的出現某種程度的降價，我們就不會以合理方式配合客戶。不過，我們的定價在長期合約中設定得非常到位，而且所有合約內都包含定價目標。

NPOs, I don't want to give an exact number for NPO. I don't think that, that would be a proper thing to do. But NPO certainly stays with our trend of any new platform resets a pricing curve as far as getting a higher ASP. So the way that, over time, anybody protects high margins is by being the fastest to deliver products and taking advantage of being the first in the market to help a customer grow their market by being the first with their specific end applications.

至於NPO，我不想給出NPO的確切數字；我認為那樣做不太恰當。但NPO確實符合我們的趨勢：任何新平台都會重設定價曲線，以取得更高的平均售價（ASP）。因此，隨著時間推移，任何人要維持高毛利的方式，就是最快交付產品，並利用率先上市的優勢，協助客戶在其特定終端應用上率先擴大市場。

So I just want to say that our pricing is solid, it's good and it's very sustainable through the way that we have gone about our learn term agreements. NPO will have a higher starting point than a pluggable and that makes sense as it's a more advanced technology platform. Our pluggable start point wasn't bad and isn't bad right now, as is seen by the incremental margin drop down.

所以我想說的是，我們的定價很穩健、很好，而且透過我們建立長期協議的方式，具備很高的可持續性。NPO的起始定價會高於可插拔（pluggable），這是合理的，因為它是更先進的技術平台。我們可插拔產品的起始定價過去不差、現在也不差，從增量毛利率的下滑幅度即可看出。

That's very helpful. I think one of the things that were coming up at OCP US. Obviously, people are starting to talk more about 3.2T, 400G per lane. As you look at your NPO demand backlog, are you seeing more engagements start to line up at 3.2T? Is that a higher dollar more complicated layout on SiPho? How do you look at that mix and the opportunity?

這非常有幫助。我想在 OCP US 上浮現的一個議題是，顯然大家開始更多談到 3.2T、每通道 400G。當你們看 NPO 需求積壓訂單時，是否看到更多合作案開始往 3.2T 對齊？這是否代表在 SiPho 上是更高金額、也更複雜的版圖？你們如何看待這個組合與機會？

The answer to both parts of your question is yes.

你問題的兩個部分答案都是肯定的。

Is the mix higher at 3.2T?

在 3.2T 的組合占比更高嗎？

Yes.

是的。

Simon Coles, Barclays.

Simon Coles，巴克萊。

There's a lot of chatter about competition on SiPho given how well you guys are executing. You started ramping 12-inch yield, I think, late last year, early this year. Can you just give us an update on sort of that progress and how that's sort of helping you maintain your leadership?

鑑於你們執行得非常好，市場上對 SiPho 的競爭有很多討論。我記得你們在去年底、今年初開始拉升 12 吋良率。能否請你更新一下這方面的進展，以及這如何幫助你們維持領先地位？

I'm not sure I 100% understand your question. I'll answer what I think it is. And if you need further clarification, please ask. We indeed started shipping revenue volumes in the first quarter of 2027 at extremely high yields, really high yield.

我不確定我是否 100% 理解你的問題。我先回答我以為你在問的內容。如果你需要進一步釐清，請再提問。我們確實在 2027 年第一季開始以極高良率出貨具營收規模的量產，良率非常高。

Within our 300-millimeter platforms, we have very special applications. We have an amazing DMUX capability that I think is absolutely best in the world. So we've added multiple new types of platforms. Most of the NPO tape-outs that we're doing are being done at 300-millimeter. And those are 16 lanes, 32 lane applications right now.

在我們的 300 毫米平台中，有一些非常特殊的應用。我們有非常出色的 DMUX 能力，我認為這絕對是世界最佳。因此我們新增了多種新平台類型。我們目前進行的大多數 NPO tape-out 都是在 300 毫米上完成。而這些目前是 16 通道、32 通道的應用。

And the pluggable that we're doing also just has incredible performance, substantially better on insertion loss than I think anything else can be -- even coming close to. So if that answers your question. The ramp that we're doing at 300-millimeter is quite substantial. We have stated that from where we'll be at in Q1 on 300-millimeter which on equivalents is somewhere about 10K, 200 millimeter.

而我們做的可插拔（pluggable）也具備驚人的效能，在插入損耗方面顯著優於我認為任何其他方案——甚至沒有接近的。如果這回答了你的問題的話。我們在 300 毫米的爬坡相當可觀。我們曾表示，從我們在第一季的 300 毫米水準來看，換算成等效大約是 10K 的 200 毫米。

By the end of the year, we'll be increasing that -- by the third quarter of the year, we'll be increasing that by 3x. And then incrementally increasing as well, in 2028, and ultimately, very, very big increase as the new shell is built at the end of 2028. Did that answer your question? I hope it did.

到年底，我們將把那個水準提高——到第三季，我們會把它提高 3 倍。然後在 2028 年也會逐步再增加；最終在 2028 年底新廠房（shell）建成時，會有非常、非常大的增幅。這有回答你的問題嗎？我希望有。

Sahej Singh, Stifel.

Sahej Singh，Stifel。

Also, your framing was very helpful. So maybe let me build on that. You said 3Q revenue, SiPho revenue was about $240 million. That adds -- and that the 3Q '27 step adds another 1x on top of that capacity through Fab 7 and Arai.

你剛才的框架說明也非常有幫助。所以我想在此基礎上延伸一下。你說第三季營收、SiPho 營收大約是 2.4 億美元。你也說 2027 年第三季的那個台階，透過 Fab 7 和 Arai，會在此基礎上再增加 1 倍的產能。

Triples it.

是三倍。

Triples it. But I guess by my math, that would be roughly $960 million a year. So that's $200 million more than the $760 million Track-1 adds to the '28 model. So first, if I'm understanding that correctly, is that all Track-1? Or does it include remaining capacity from the $920 million program.

三倍。但按我的算法，那大概是一年 9.6 億美元。所以這比 Track-1 對 2028 年模型增加的 7.6 億美元多 2 億美元。所以第一，如果我理解正確，那全部都是 Track-1 嗎？還是也包含 9.2 億美元計畫的剩餘產能？

And then second, in those same units, has Track-2 ramps towards the quadrupling of Japan's 300-millimeter? How -- roughly how many multiples does Track-2 adds? Is that another 1x, 2x? Or would it be more than that as a floor?

第二，用同樣的單位來看，當 Track-2 朝向日本 300 毫米產能四倍化爬坡時，Track-2 大概會增加多少倍數？是再增加 1 倍、2 倍？或者作為下限會更多？

For the first question, what Russell said is that today, including -- I mean, today, the total revenue that the shipments of Q3 reflected is $240 million. And tripling it means $720 million, not $960 million, so $720 million per quarter run rate towards -- I think it was Cody's question about 2028, so Russell said, Q3 '27 capacity baseline can support capacity $720 million a quarter. So times 4, it's $2.8 billion, which Russell mentioned, right? Not $960 million.

針對第一個問題，Russell 的意思是：今天（包含——我的意思是今天）第三季出貨所反映的總營收是 2.4 億美元。而三倍化代表的是 7.2 億美元，不是 9.6 億美元，所以是每季 7.2 億美元的 run rate；這是回應——我想是 Cody 關於 2028 的問題——所以 Russell 說，2027 年第三季的產能基準可以支撐每季 7.2 億美元的產能。所以乘以 4 是 28 億美元，正如 Russell 提到的，對吧？不是 9.6 億美元。

There's additional SiPho activities that are not included in that. So I'm not saying that we are gated at the $2.8 billion. There's integrated lasers or many things that do not include into that. If we're talking specifically about the quadrupling, we're quadrupling what we're talking of the present capacity, which is somewhere about 10,000 wafer per month in our Fab 7, 300-millimeter, and that will be quadrupled to 40,000 wafer per month, approximately. I mean we don't know the exact numbers as of yet, the build hasn't been done.

另外還有一些未包含在其中的 SiPho 活動。所以我不是說我們被 28 億美元卡住。例如整合式雷射或許多事情都不包含在那裡面。如果我們具體談「四倍化」，我們是在把目前的產能四倍化；目前在我們 Fab 7 的 300 毫米大約是每月 10,000 片晶圓，之後大約會四倍到每月 40,000 片晶圓。我的意思是，我們現在還不知道精確數字，因為建置尚未完成。

But what that does then is an extreme increase if it was all on SiPho because you're putting 2.25 against each 300-millimeter wafer as you compare to 200-millimeter. So if you were going to 40,000 200-millimeter equivalents, you're close to 100,000 wafers.

但如果全部都用在 SiPho 上，這會帶來極大的增加，因為相較於 200 毫米，每片 300 毫米晶圓你要乘上 2.25。所以如果你要到 40,000 片 200 毫米等效，你就接近 100,000 片晶圓。

That's very helpful. I guess, Russell, the P times Q sort of math. You're pointing to the 2.25x die size increase on the 300-millimeter which makes sense. But Track-2 is also predominantly the NPO which means the content uplift is also there and that sort of changes the like-to-like math I think that most investors are trying to do. Could you maybe give some color on that as well?

這非常有幫助。我想，Russell，這是 P 乘以 Q 的那種數學。你指出 300 毫米的 die size 增加 2.25 倍，這合理。但 Track-2 也主要是 NPO，這表示內容量（content）提升也在那裡，這會改變我認為多數投資人想做的同口徑（like-to-like）比較。你能否也就這點提供一些說明？

The price per wafer, again, had stated, as we go to NPO, it resets the price target, right? It resets the pricing curve. What bigger chips do as they create more silicon demand. So the NPO will -- the more lanes that you put into it, the more silicon you're going to need to ship the same amount of peak (technical difficulty) intrinsically change the cost of the silicon other than the higher the integration, the newer the technology, the higher the starting price point.

每片晶圓的價格，我們也再次說過，當我們走向 NPO 時，價格目標會重設，對吧？它會重設定價曲線。更大的晶片會帶來更多矽需求。所以 NPO——你放進去的通道（lane）越多，為了出同樣的峰值（technical difficulty）你就需要出貨更多的矽；這本質上不會改變矽的成本，除了整合度越高、技術越新，起始價格點就越高。

Yes, correct. I mean I'm on the same page. I think it's mostly about sort of sizing quote-unquote higher. But one last one for me and it's maybe on timing. I guess you said Track-2 is well underway. And I believe Fab 7.

是的，正確。我的意思是，我們看法一致。我認為主要是報價上的尺寸（sizing）變大。但我最後一個問題可能是關於時程。我想你說 Track-2 進展順利。而我相信是 Fab 7。

I said Track-2 will be well underway in 2028. '28, we'll start with buildings. In '29, when we have our last contracts that we are signing now -- again, we extended our capacity contracts to 2029, which is a very, very good thing for us. Tremendous visibility and commitment.

我說過，Track-2 將在 2028 年順利推進。在 2028 年，我們會先從廠房建築開始。在 2029 年，當我們把目前正在簽署的最後一批合約完成時——再次強調，我們已將產能合約延長到 2029 年，這對我們來說是非常、非常好的事情。能見度與承諾都非常強。

So we were -- had stated the one-year ROI for the $920 million investment that we did predominantly for 200-millimeter expansion. By having customer commitments, it really adds your confidence on short-term ROI. And the ROI is an extremely aggressive model.

因此我們——先前已說明，我們針對主要用於 200 毫米擴產所做的 9.2 億美元投資，其投資報酬率（ROI）為一年回收。有了客戶的承諾，確實能提升你對短期 ROI 的信心。而且這個 ROI 是一個極具進取性的模型。

The question just being Track-2, I think you take ownership of Fab 7 April 1. Could that start earlier, meaning, I guess, simply put, could Track-2 output come in sort of second half '28? Or is it almost all '29 driver?

問題回到 Track-2，我想你們會在 4 月 1 日接手 Fab 7。那是否可能更早開始？也就是說，簡單講，Track-2 的產出是否可能在 2028 年下半年就開始貢獻？還是幾乎都會由 2029 年來驅動？

Could as possible, but what we're really believing is the amount of time to build. We're quite confident that the '29 will be the expansion. If it can be accelerated by a quarter, that's certainly our target, right? I mean there's any investment, the quicker that you can start shipping, the quicker you please your customers and the quicker you please your investor.

有可能，但我們真正的判斷在於建置所需的時間。我們相當有信心，擴產會在 2029 年發生。如果能加速一季，那當然是我們的目標，對吧？我的意思是，任何投資，越快開始出貨，就越快讓客戶滿意，也越快讓投資人滿意。

Mehdi Hosseini, Susquehanna International Group.

Mehdi Hosseini，Susquehanna International Group。

This is Bastien filing for Mehdi. I guess piggybacking on the competitive landscape question into 2027. Given the ramp of one of your major competitors in terms of peak capacity, how should we think about the market share in Silicon Photonics and silicon germanium for 2027? And I have a follow up.

我是 Bastien，代 Mehdi 提問。我想延續先前關於 2027 年競爭態勢的問題。考量你們一位主要競爭對手在峰值產能方面的爬坡，我們應該如何看待 2027 年在矽光子（Silicon Photonics）與矽鍺（silicon germanium）上的市占率？我還有一個追問。

Let me ask Dr. Racanelli to speak to that as he's directly interacting with driving the BUs and tremendous amount of customer contact interaction. And then if I have anything to add, I'll be happy to do so.

我請 Racanelli 博士來回答，因為他直接與事業部（BU）的推動互動，並且與客戶有大量的接觸與交流。之後如果我還有補充，我也很樂意再補充。

Thank you, Russell. So it's hard always to pinpoint market share, particularly in the market that is growing as quickly and rapidly as this is growing, both on the silicon photonic and the silicon germanium side. And with a market that's growing at this rapid pace, there's obviously room for more than one player, and that's what we're seeing, as you described, a little bit of competition.

謝謝你，Russell。所以要精準指出市占率一直都不容易，尤其是在像現在這樣快速成長的市場，不論是在矽光子端或矽鍺端都是如此。而在如此快速成長的市場中，顯然有空間容納不只一個玩家；正如你所描述的，我們也確實看到一些競爭。

What I can say is that we were the first to ramp in 200-millimeter to very high not only capacity but also very high yields with very good performance. And as was just talked about previously, we're also the first to ramp in 300-millimeter with very high yields and very high quality and performance. So that is giving us confidence in giving our customers the confidence to extend the LTAs as we talked about, into 2029.

我能說的是，我們是第一家在 200 毫米上爬坡到非常高的產能，同時也達到非常高的良率與非常好的效能表現。而且如同剛才提到的，我們也是第一家在 300 毫米上爬坡，並達到非常高的良率、非常高的品質與效能。這讓我們有信心，也讓客戶有信心把我們談到的長期協議（LTA）延長到 2029 年。

So we're building capacity as quickly as we can and all that capacity is being spoken for almost immediately as we announce it, certainly well before it's even put in place with contracts from customers. So that's a tremendous position to be in.

因此我們正以最快速度建置產能，而幾乎在我們宣布產能後，所有產能就立刻被預訂走了——當然是在產能真正到位之前，就已經透過客戶合約先行鎖定。這是一個非常有利的位置。

We also continue to invest at the leading edge of technology with our customers, having many Tier 1 customers with us. We have incredible visibility over their needs of the future. And so putting in place technology that will pay dividends well into the future and not just today. So we anticipate not only short-term maintaining very good market share, but certainly, there will be others competing with us in the market. And with growth as it is, that's perfectly understandable and okay.

我們也持續與客戶一起在技術前沿投入，並且有許多一線（Tier 1）客戶與我們合作。我們對他們未來的需求有極高的能見度。因此我們正在部署能在未來長期帶來回報的技術，而不只是滿足今天。所以我們預期不僅短期能維持非常好的市占率，當然也會有其他業者在市場中與我們競爭。在目前這樣的成長態勢下，這完全可以理解，也沒有問題。

But also in addition to the short term, our printing technology, 3.2T was talked about with both silicon indium phosphide, lithium niobate technologies and CPO, as we've talked about both on the Silicon Photonics side and also silicon-germanium side, putting technologies in place that will enable at least at the leading edge for us to maintain our competitive advantage and market share for the long term.

此外，除了短期之外，我們的印刷技術、先前提到的 3.2T，以及矽—磷化銦（silicon indium phosphide）、鈮酸鋰（lithium niobate）技術與 CPO；正如我們在矽光子端以及矽鍺端所談到的，我們正在部署能讓我們至少在技術前沿維持長期競爭優勢與市占率的技術。

Thank you, Marco. If I could just add, and I think this is a very important point to add. We really are engaged in billions of dollars of long-term agreements. Customers will never sign up to being the end of '26 now, not '27, not just '28 but 2029, unless they have faith that, number one, you can ship wafers on time at the highest quality. But secondly, that you will maintain a differentiated, more than competitive road map.

謝謝你，Marco。如果我可以補充一下，我認為這點非常重要。我們確實正在參與金額達數十億美元的長期協議。客戶不可能在現在就簽到 2026 年底——不是 2027、不是只有 2028，而是到 2029——除非他們相信：第一，你能準時以最高品質交付晶圓。第二，你能維持一條具差異化、且不只是「有競爭力」的產品／技術路線圖。

What we are shipping now to lead customers for the most part will not be a very big portion of what we're going to be shipping in 2029. So the confidence that the customers have off of our relationship, off of the programs that we're working on that are not just present, next, but generation plus 2 and in some cases generation plus 3 type programs, that's what gives us the assurance.

我們現在交付給領先客戶的產品，在 2029 年我們將要交付的內容中，多半不會占很大比重。因此，客戶基於我們的合作關係、基於我們正在推進的專案——這些專案不只是當下、下一代，而是第 2 代之後（generation plus 2），在某些情況下甚至是第 3 代之後（generation plus 3）——所建立的信心，正是帶給我們把握的來源。

There will be competition. I mean it's a big market. It's a good market. It's a big enough market to afford competition. But we're quite confident in maintaining our leadership position because we are leaders, working with the leaders on leadership programs. And I think that, that's the biggest thing that I can say what our market share will be.

競爭一定會有。我的意思是，這是一個很大的市場。這是一個很好的市場。它大到足以容納競爭。但我們對維持領導地位非常有信心，因為我們是領導者，並且與領導者一起在領導型專案上合作。我想，這就是我能說明我們市占率走向的最重要重點。

I mean, presently, I think it's extremely high. And one could check that with revenue. I mean, look at just the Q3 close to $1 billion run rate on SiPho revenue. I think there's -- you'd be hard pressed to find others that can come close to that. But Q4, breaking $1.1 billion, it's a pretty substantial place where we sit. But the biggest thing isn't the market share that we have now, it's the confidence in customers to sign up on long-term agreements through 2029 because those are committed. They're committed capacities.

我的意思是，就目前而言，我認為市占率極高。而且你可以用營收來驗證。看看第三季（Q3）矽光子（SiPho）營收接近 10 億美元的年化運行率。我想——你很難找到其他公司能接近這個水準。而第四季（Q4）突破 11 億美元，這是我們目前所處的相當可觀的位置。但最重要的不是我們現在擁有多少市占率，而是客戶願意簽下到 2029 年的長期協議的信心，因為那些是承諾。那是承諾的產能。

And they have to know us. We have to know them. There has to be a partnership and trust in order to go into those contracts. And that's what really for us gives us confidence of maintaining a very high market share, is that we are working truly with the best of the best on very advanced programs. That's it's a joke, I have, but it's really true.

他們必須了解我們。我們也必須了解他們。要進入那些合約，必須有合作夥伴關係與信任。而對我們而言，真正讓我們有信心能維持非常高市占率的原因，是我們確實在非常先進的專案上，與最頂尖的客戶一起合作。我有個玩笑，但這確實是真的。

I mean, for Kevin Costner in the Field of Dreams, if you build it, they will come, this may be true. For us, we need very strong customer partners. And if we have the best of the best in each market and we're working with them together on next-generation and generation + 2 technologies, when we build it, it will be sold because we are dealing with the leaders.

我是說，就像 Kevin Costner 在《夢幻成真》（Field of Dreams）裡那句話：「只要你蓋了，他們就會來」，這也許是真的。但對我們而言，我們需要非常強的客戶夥伴。如果我們在每個市場都與最頂尖的客戶合作，並與他們一起開發下一代與第 2 代之後（generation + 2）的技術，那麼當我們把它建起來，就一定賣得出去，因為我們合作的都是領導者。

And so again, enough being said possibly. But to give a specific market share number, I know what I think it is right now to say what it will be at the end of '27, '28, '29, that would really be proctology. But to say that we will maintain a very high differentiated market share on high technological different products, I think that, that's very confident to be able to state.

所以再說一次，可能已經說得夠多了。但要給出一個具體的市佔率數字，我知道我現在認為它是多少；要說到 27 年底、28、29 年會是多少，那真的就像是在做直腸科檢查一樣。不過要說我們會在高技術差異化產品上維持非常高、具差異化的市佔率，我認為這點我們非常有信心可以這麼說。

And I guess my follow-up was on another end market, the RF mobile. I think RF mobile is approaching the trough is in the low 50s this quarter. How should we think about the trajectory of RF mobile going into 2007? Given on the last call, you mentioned the tape-out activities.

我想我接續的問題是關於另一個終端市場：RF 行動裝置。我認為 RF 行動裝置正接近谷底，本季大約在 50% 出頭。我們該如何看待 RF 行動裝置進入 2007 年的走勢？因為在上次電話會議中，你提到了 tape-out 的活動。

Mentioned, what, I'm sorry, please?

你提到的，什麼，不好意思，請再說一次？

Sorry, I mean in terms of activities, how should we think about the trajectory of RF mobile?

抱歉，我是指就活動面來看，我們該如何看待 RF 行動裝置的走勢？

For us, the trajectory is very strong. We had a bit of a dip in moving from Fab 7 to Fab 10, needing to recall multiple customers, because of re-purposing the Fab 7 really to focus on optical between the SiPho and the SiGe. It's going very well. We expect Q2, while Q1 was the highest shipments we've had. Q1 will be -- Q3 was Q4, Q1, Q2 should continue to grow, where Q2 will be absolute records. So I think it's -- for us, it's going extremely well.

對我們而言，走勢非常強勁。我們在從 Fab 7 轉到 Fab 10 的過程中有一點下滑，需要召回多家客戶，因為我們重新調整 Fab 7 的用途，讓它真正聚焦在光學上，介於 SiPho 與 SiGe 之間。進展非常順利。我們預期第二季——雖然第一季是我們歷來最高的出貨量。第一季將會——第三季是第四季、第一季，第二季應該會持續成長，其中第二季將創下絕對新高紀錄。所以我認為——對我們來說，進展非常非常好。

Again, I don't have a specific feel of the exact market share percentage. We are working with leaders and growing market share with the leaders. And so I believe we're in very good shape. I also am quite confident that on one of our programs isn't just a step function in capability. It's an absolutely opening of a new market capability itself.

同樣地，我沒有對精確市佔率百分比的具體掌握。我們正與領導者合作，並在領導者身上擴大市佔。因此我相信我們的狀況非常好。我也相當有信心，我們其中一個專案不只是能力上的階躍式提升。它是徹底開啟了一個全新的市場能力本身。

And that has not been formally released. We're working with at least one very elite customer on that type of figure of merit and it's really a breakthrough figure of merit. Marco, is there anything else you would like to add there?

而這件事尚未正式對外發布。我們正與至少一家非常頂尖的客戶合作，針對那類性能指標（figure of merit），而且那真的是突破性的性能指標。Marco，你還有什麼想補充的嗎？

No, I think you said it. We don't have the market share that we do in SiPho and RFSOI. There are multiple players. But we continue to lead at the very leading edge. So the market share that we have tends to be the very leading edge, the cream of the creme, kind of piece of it, and that's what we're focusing on. We have limited capacity for RFSOI. Now we've dedicated Fab 10, and we use it for those leading components and leading technologies.

沒有，我想你都說到了。我們在 SiPho 和 RFSOI 的市佔率沒有那麼高，因為有多個競爭者。但我們持續在最前沿領先。所以我們的市佔率往往集中在最尖端、最精華的那一塊，也就是所謂的頂級中的頂級，而這正是我們聚焦的部分。我們在 RFSOI 的產能有限。現在我們已經把 Fab 10 專用化，並用於那些領先的元件與領先的技術。

Richard Shannon, Craig-Hallum Capital Group.

Richard Shannon，Craig-Hallum Capital Group。

Congratulations on great results again. Russell, let me follow up on a couple of comments you made on the call regarding SiPho and specifically in the laser attach side, where it's not encompass into the revenue model you've been talking about.

再次恭喜有很好的成果。Russell，我想針對你在電話會議中關於 SiPho 的幾點評論追問一下，特別是在雷射貼附（laser attach）這一端，因為它並未納入你一直在談的營收模型之中。

Maybe you can talk about it in terms of a couple of different directions, one of which is how much content add do you have with laser integration or laser attach here? And over time, what percentage of your picks would you expect to have laser attach and what are, I think there's multiple ways you can do it. What kind of attach rate do you see over time?

也許你可以從幾個不同方向來談，其中之一是：在雷射整合或雷射貼附方面，你們增加了多少內容價值（content add）？以及隨著時間推移，你預期你們的產品中有多少比例會採用雷射貼附？我想有多種做法。你們長期看到的貼附率（attach rate）大概會是什麼樣子？

It's really multiple directions in the market. For integrated laser, it enters into a new served market that can be very big. There's multiple analysts that say that integrated laser will be a huge portion. There's others that really don't address it. I truly do not have a clear answer to it.

市場其實有多個不同方向。就整合式雷射而言，它會進入一個新的可服務市場（served market），而那個市場可能非常大。有多位分析師認為整合式雷射將占很大比重。也有一些人其實不太談這一塊。我確實沒有一個很明確的答案。

Our elite customers there are very, very committed for growth, with very strong forecast. And again, those are numbers that are not yet within the model, but they can be very appreciable, especially as one could imagine, there are appreciably higher ASPs, against a very good baseline to begin with. So it's a good market to get in.

我們在那裡的頂尖客戶對成長非常、非常投入，且有非常強勁的預測。同樣地，這些數字目前尚未納入模型，但它們可能相當可觀，尤其可以想像的是，在原本就很好的基礎之上，ASP 會顯著更高。所以這是一個值得切入的好市場。

The die attach though, is for more than just the indium phosphide laser. It's for an Indium phosphide 400G modulator that we've already plus/minus demonstrated, and for the lithium niobate modulators. So the die attach that we're doing encompasses many different things, and it could be a very big portion of the 6.4T form factor of NPO or the pluggable with a 400 gigabit modulator.

不過，die attach 不只是用於磷化銦（indium phosphide）雷射。它也用於我們已經大致（plus/minus）展示過的磷化銦 400G 調變器，以及用於鈮酸鋰（lithium niobate）調變器。因此我們正在做的 die attach 涵蓋許多不同項目，而且它可能會在 NPO 的 6.4T 外形規格，或搭載 400Gbps 調變器的可插拔（pluggable）中，占據非常大的比重。

Okay. I appreciate that perspective. My follow-on question is on the topic of NPO. You talked about greater than 10 customers on this call here. Maybe you can characterize kind of the customer set here across pluggable transceiver suppliers, historic ones, OEMs and even hyperscalers. And then how would you characterize kind of the competitive dynamics here? And ultimately, any qualitative commentary on market share that you expect in that product over the next couple of years? It would be great to hear.

好的。我很感謝這個觀點。我的後續問題是關於 NPO。你在這通電話中提到超過 10 家客戶。你能否描述一下這裡的客戶組合，大致涵蓋可插拔收發器供應商（包含傳統的）、OEM，甚至 hyperscaler？然後你會如何描述這裡的競爭態勢？最後，對於未來幾年你預期該產品的市佔率，有沒有任何定性的評論？很希望能聽到。

The existing customers that we have for pluggables. All of our NPO customers are a subset of that. So we're not doing NPO with anybody that we haven't done pluggables with. It's an extension or a newer capability for a broader market. So it's not a different customer set whatsoever. One of the reasons I believe that we have so much engagement is as stated, it's the confidence and trust that's been built up through the engagement with pluggables. So that was the first part of your question.

我們現有的可插拔（pluggables）客戶。我們所有的 NPO 客戶都是其中的一個子集合。所以我們沒有跟任何尚未合作過可插拔產品的客戶做 NPO。這是對更廣泛市場的一種延伸或較新的能力。因此客戶群完全不是不同的一批。我相信我們之所以有這麼多的互動參與，其中一個原因如我所說，是透過可插拔合作所建立起來的信心與信任。這是你問題的第一部分。

We expect to see an appreciable amount of NPO shipped in the second half of this coming year. That's our expectations and targets. I will it happen. It really depends on market adoption. But it's the same set of customers that are just doing more if you will, advanced programs with us, as stated earlier, Gen+1, Gen+2, Gen+3 program are readily available between us and our premier customers. Marco any color you'd like to add there?

我們預期在明年下半年會看到相當可觀數量的 NPO 出貨。這是我們的預期與目標。是否一定會發生，真的取決於市場採用速度。但如前所述，仍是同一批客戶，只是如果你願意這麼說，他們與我們一起做更多、更先進的專案；如先前提到的，Gen+1、Gen+2、Gen+3 專案在我們與頂級客戶之間都已隨時可用。Marco，你還想補充一些說明嗎？

Yes. No, I think as you say, it will depend a little bit how big NPO gets for us in the short term will depend on market adoption. The beauty for us is that we have strong share in both the pluggable and NPO. So if it's not NPO and it's pluggable, that's still Tower wafer being built. So -- and yes, I think as Russell indicated, it's -- most of our existing customers that are building NPO products with us. We haven't put that out in the public domain, specifically with them, but we'll probably look to release some PR so that it's in the public domain in the near future.

是的。沒有，我想就像你說的，短期內 NPO 對我們而言會有多大，會在某種程度上取決於市場採用。對我們來說的優勢在於，我們在可插拔與 NPO 兩邊都有很強的份額。所以如果不是 NPO 而是可插拔，那也仍然是 Tower 的晶圓在生產。所以——而且是的，我想如 Russell 所指出的——我們大多數現有客戶正在與我們一起打造 NPO 產品。我們尚未在公開領域中，特別是與他們一起，對外發布這件事，但我們可能會在不久的將來發布一些新聞稿（PR），讓它進入公開領域。

Dear speakers, there are no further questions for today. I would now like to hand the conference over to Russell Ellwanger for any closing remarks.

各位發言人，今天沒有其他問題了。現在我想把電話會議交給 Russell Ellwanger，請他做任何結語。

Thank you very much. Thank you for the questions. Just as a post-summary comment, we had a corporate theme that we implemented, still have a corporate theme, it was implemented in 2025, and it was Bold Growth, Limitless Impact, Infinite Reach. We really adhere to that and try to breathe it in, in everything that we're doing.

非常感謝。謝謝各位的提問。作為一個簡短的總結補充，我們有一個企業主題，我們已經導入，也仍然持續沿用；它是在 2025 年導入的，主題是「Bold Growth, Limitless Impact, Infinite Reach」。我們確實堅守這個主題，並嘗試在我們所做的一切中都把它內化、落實。

If you're old in your growth, if you believe that you can have limitless impact, if you try to have infinite reach, you truly inspire customers that you're working with as your partners. We had a very successful conference in Shenzhen, China customer conference. We have in 1.5 weeks or so our customer conference in Santa Clara, California Technology Conference, and it was a reunion of friends, and I can't overstate that.

如果你在成長上夠大膽，如果你相信自己能帶來無限影響，如果你努力追求無限觸及，你就能真正啟發與你合作、作為夥伴的客戶。我們在中國深圳舉辦的客戶大會非常成功。大約 1.5 週後，我們將在加州聖克拉拉舉辦客戶大會（Technology Conference），那是一場老友重聚，我無法過度強調這一點。

When you adhere -- and we really try to adhere to our values. We have what we call our value factors and its leadership, partnership, impact and innovation. When you adhere to those values, and the definitions of them. I mean the true underlying definition of leadership, I think, is something that John F. Kennedy had stated, and that was, leadership and learning are indispensable to each other.

當你堅守——而我們也確實努力堅守——我們的價值觀。我們有所謂的價值要素，包括領導力、夥伴關係、影響力與創新。當你遵循這些價值觀，以及它們的定義。我的意思是，領導力真正底層的定義，我認為約翰・F・甘迺迪曾說過：領導與學習彼此不可或缺。

If you would adhere to a partnership, which means truly working with your customers to adapt ourselves to what the market demands are and quickly, really doing it quickly, it drives unbelievable relationships as you have success together. And that's what we see through our long-term agreements, is a customer acknowledgment of the success that we've had together.

如果你能堅守夥伴關係，也就是與客戶真正合作，讓我們自己去適應市場需求，而且要快速——真的要很快——當你們一起成功時，就會帶來令人難以置信的關係。而我們從長期協議中看到的，正是客戶對我們共同成功的肯定。

We get a lot of joy in it, they get joining it as success begets success, and it can never be overstated. Impact is very, very important. An impact really, it deals with giving your people the power, capability, and ownership to make change, to make things happen. A lot of our customers are amazed at the amount of young engineers that they interface with because we focus on the development of very high-talented, high-potential people, and their growth is really dependent upon working with customers that inspire them.

我們從中獲得很大的喜悅，他們也同樣享受其中；成功帶來成功，這一點再怎麼強調都不為過。影響力非常、非常重要。所謂影響力，真正談的是賦予員工權力、能力與主人翁意識，去推動改變、讓事情發生。我們許多客戶都對他們接觸到的年輕工程師數量感到驚訝，因為我們專注於培養非常有才華、具高潛力的人才，而他們的成長確實仰賴與能啟發他們的客戶合作。

There are three things that really enable success and it's capability, environment, and truly the motivation, your passion. If you have passion, you have capability and you create an environment of partnership where the customer feels open and that they can tell you whatever they want, you won't get offended, they can criticize where it has to get better, but also where we can tell them what they have to do better, what a relationship that becomes. And what a truly blissful time it is, an inspiring time.

真正促成成功的有三件事：能力、環境，以及真正的動機——你的熱情。如果你有熱情、有能力，並且打造一個夥伴合作的環境，讓客戶覺得可以敞開心胸、想說什麼都能說，你不會被冒犯；他們可以批評哪些地方需要變得更好，同時我們也能告訴他們哪些地方需要做得更好——那會形成一段多麼好的關係。那也是一段真正令人愉悅、令人振奮的時光。

Where we talk about impact and innovation as well, and it's very, very critical. Our model has been and continues to be very, very little drop from gross margin to operating margin. I had stated it before, but at the $3.6 billion model that we put out, gross margin 45%; operating margin, 38% a 7-point drop from gross to operating margin. And why is that critical for us? We want to stay lean on infrastructure because it allows us to be fast. And the faster we are, the more we delight our customers.

我們也談到影響力與創新，這非常、非常關鍵。我們的模式一直是、也將持續是：從毛利率到營業利益率的落差非常、非常小。我之前提過，在我們提出的 36 億美元模型中，毛利率 45%；營業利益率 38%，也就是從毛利到營業利益率只下降 7 個百分點。那為什麼這對我們很關鍵？我們希望基礎設施維持精實，因為這讓我們能夠快速。而我們越快，就越能讓客戶感到驚喜與滿意。

If the questions -- well, not if, the questions about NPO, the questions about market share in the future, they're very, very critical. But how do we ensure that it happens, it's fast execution. And that is within our model of innovation because within innovation, sometimes the greatest innovation is simplification, and simplification reduces the drop of gross margin to operating margin.

關於 NPO 的問題——嗯，不是如果，而是關於 NPO 的問題、關於未來市占率的問題——都非常、非常關鍵。但我們如何確保它會發生？就是快速執行。而這也在我們的創新模式之內，因為在創新之中，有時候最大的創新就是簡化；而簡化能降低從毛利率到營業利益率的落差。

So with that, I'd like to end the call. It's very, very exciting where we're at, where we're going. I really thank our investors for their interest in the company. I very much appreciate our customers for their faith and trust as demonstrated by the LTAs. And our employees worldwide are amazing. They give and give and get rewards, I think, that are commensurate with what they're doing, but their biggest reward is the joy of going home at the end of the day, believing that you've been successful, having the tools to have been successful.

因此，我想在此結束本次電話會議。我們目前所處的位置、以及我們將前往的方向，都非常、非常令人振奮。我衷心感謝投資人對公司的關注。我也非常感謝客戶的信心與信任，這從長期協議（LTA）中可見一斑。我們全球的員工也非常了不起。他們不斷付出、再付出，也獲得我認為與其付出相稱的回報；但他們最大的回報，是每天結束時回到家，心裡相信自己是成功的，並且擁有能夠成功的工具所帶來的喜悅。

We look forward to connecting with you at the upcoming conferences we'll be attending. Barclays 24th Annual Global Conference in San Francisco, December 10, Nomura at CES '27 in Las Vegas, 5th and 6th of January '27. The 29th Annual Needham Growth Conference in New York, the 12th and 13th of January.

我們期待在接下來我們將參與的會議上與各位交流。Barclays 第 24 屆年度全球會議（舊金山，12 月 10 日）、Nomura 於 CES '27（拉斯維加斯，'27 年 1 月 5 日與 6 日）。第 29 屆年度 Needham 成長會議（紐約，1 月 12 日與 13 日）。

And as always, please analysts, investors contact our Investor Relations department. Any time you have questions or wish to follow up. We very much enjoy your inputs. We get better through them. Thank you very much.

並且一如既往，請各位分析師、投資人聯絡我們的投資人關係部門。任何時候只要你們有問題或希望後續追蹤。我們非常享受你們的意見回饋。我們會因為這些回饋而變得更好。非常感謝。