聯華電子 (UMC) 2025 Q4 法說會逐字稿

Welcome, everyone, to UMC's 2025 fourth-quarter earnings conference call. (Operator Instructions) For your information, this conference call is now being broadcasted live over the Internet. Webcast replay will be available within two hours after the conference has finished. Please visit our website, www.umc.com, under the Investor Relations, Investors, Events section.

歡迎各位參加 UMC 2025 年第四季財報電話會議。（操作員說明）請注意，本次電話會議正在透過網路進行現場直播。會議結束後兩小時內即可觀看網路直播回放。請造訪我們的網站 www.umc.com，在「投資者關係」、「投資者」、「活動」部分查看相關資訊。

Now I would like to introduce Mr. Michael Lin, Head of Investor Relations at UMC. Mr. Lin, please begin.

現在我謹向大家介紹聯電投資者關係主管林先生。林先生，請開始。

Thank you, and welcome to UMC's conference call for the fourth-quarter of 2025. I'm joined by Mr. Jason Wang, President of UMC; and Mr. Chi-Tung Liu, the CFO of UMC. In a moment, we will hear our CFO present the fourth quarter financial results followed by our President's key message to address UMC's focus and the first quarter 2026 guidance. Once our President and CFO complete their remarks, there will be a Q&A session. UMC's quarterly financial reports are available at our website, www.umc.com, under the Investors Financial section.

謝謝，歡迎參加 UMC 2025 年第四季電話會議。今天與我一同出席的有聯美醫療總裁王先生和聯美醫療財務長劉志東先生。稍後，我們將聽到財務長介紹第四季度財務業績，隨後是總裁發表重要講話，闡述 UMC 的重點工作和 2026 年第一季業績指引。總裁及財務長致辭完畢後，將進行問答環節。UMC 的季度財務報告可在我們的網站 www.umc.com 的「投資者財務」部分查閱。

During this conference, we may make forward-looking statements based on management's current expectations and beliefs. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including the risks that may be beyond the company's control. For a more detailed description of these risks and uncertainties, please refer to our recent and subsequent filings with the SEC and the ROC security authorities.

在本次會議期間，我們可能會根據管理階層目前的預期和信念發表前瞻性聲明。這些前瞻性陳述受到許多風險和不確定因素的影響，可能導致實際結果與預期結果有重大差異，其中包括公司無法控制的風險。有關這些風險和不確定性的更詳細描述，請參閱我們近期及後續向美國證券交易委員會和中華民國證券監管機構提交的文件。

During this conference, you may view our financial presentation material, which is being broadcast live through the Internet.

會議期間，您可以觀看我們的財務簡報資料，該資料將透過網路進行現場直播。

Now, I would like to introduce UMC's CFO, Mr. Chi-Tung Liu, to discuss UMC's fourth quarter 2025 financial results.

現在，我謹介紹聯電財務長劉志東先生，請他談談聯電 2025 年第四季的財務表現。

Thank you, Michael. I'd like to go through the 4Q '25 investor conference presentation material, which can be downloaded or viewed in real time from our website.

謝謝你，麥可。我想瀏覽一下 2025 年第四季投資者會議的簡報資料，這些資料可以從我們的網站下載或即時查看。

Starting on Page 4, the fourth quarter of 2025. Consolidated revenue was TWD61.81 billion, with a gross margin around 30.7%. The net income attributable to the stockholder of the parent was TWD10.06 billion and the earnings per ordinary shares were TWD0.81.

從第 4 頁開始，2025 年第四季。合併營收為新台幣618.1億元，毛利率約30.7%。歸屬於母公司股東的淨利為新台幣100.6億，每股普通股收益為新台幣0.81。

Utilization rate in the fourth quarter is stayed the same as the previous one, around 78%. For the sequential comparison, revenue grow 4.5% quarter-over-quarter to TWD61.8 billion. Gross margin improved to over 30% to now 30.7% or gross margin of TWD18.95 billion. And the non-operating income remained similar to that of last quarter. And the net income overall contributed to shareholder of the parent is around TWD10.05 billion or EPS of TWD0.81 in Q4 of 2025.

第四季的利用率與上一季持平，約為 78%。與上一季相比，營收季增 4.5%，達到 618 億新台幣。毛利率從 30% 以上提高到 30.7%，毛利達 189.5 億新台幣。非營業收入與上一季基本持平。2025 年第四季度，公司為母公司股東貢獻的淨利潤約為 100.5 億新台幣，每股收益為 0.81 新台幣。

For year-over-year comparison, on Page 6, revenue grew by 2.3% to reach TWD237.5 billion for the whole year of 2025. Gross margin rate is around 29% or TWD68.9 billion. And for the net income attributable to the shareholder of the parent for year 2025, is around TWD41.7 billion or 17.6% net income rate. EPS for 2025 was TWD3.34, which is a decline compared to that of TWD3.8 in 2024.

從年比來看，第 6 頁顯示，2025 年全年營收成長 2.3%，達到 2,375 億新台幣。毛利率約 29%，即 689 億新台幣。2025 年歸屬於母公司股東的淨利潤約為 417 億新台幣，淨利潤率為 17.6%。2025 年每股收益為 3.34 新台幣，較 2024 年的 3.8 新台幣下降。

On Page 7, our balance sheet at the end of 2025. Cash amounts still more than TWD110 billion, with total equity of the company is now TWD379.8 billion at the end of 2025. For ASP on Page 8, you can tell for the last three quarters or four quarters, it pretty much remained similar level for our blended ASP for throughout the 2025. For revenue breakdown on Page 9. For quarterly comparison, the change is mainly showing in the increase in Asia and Europe with now North America represents about 21% in Q4 of last year.

第 7 頁是我們 2025 年底的資產負債表。截至 2025 年底，公司現金餘額仍超過 1,100 億新台幣，總權益達 3,798 億新台幣。從第 8 頁的 ASP 可以看出，在過去的三個季度或四個季度裡，我們 2025 年的綜合 ASP 基本上保持了相似的水平。收入明細請見第9頁。從季度比較來看，變化主要體現在亞洲和歐洲的成長上，而北美地區目前佔去年第四季的約 21%。

For the full year breakdown on Page 10, the change is similar. We see North America dropped from 25% in 2024 to 22% in 2025. For Page 11, IDM for Q4 revenue still represent about 20%, almost no change. But for the full year number on Page 12, IDM account for 19%, increased by 3 percentage-points to 19% in 2025. For quarterly revenue breakdown by application, it remains almost similar quarter-over-quarter on Page 13.

第 10 頁的全年細分資料顯示，變化情況類似。我們預計北美地區的佔比將從 2024 年的 25% 下降到 2025 年的 22%。對於第 11 頁，IDM 第四季營收仍佔約 20%，幾乎沒有變動。但根據第 12 頁的全年數據，IDM 佔 19%，到 2025 年將成長 3 個百分點至 19%。從第 13 頁來看，按應用程式劃分的季度營收明細與上一季相比幾乎沒有變化。

For the annual performance on the application breakdown on Page 4 consumer increased by 3 percentage-points to 31% from 28% in the previous year. And we continue to see 22-nanometer to be our key driver of growth for the recent quarters and also forward-looking as well. So 22 and 28 nanometers revenue in Q4 '25 now represent 36% of the total revenue pool. On Page 16. For the full year, the increase of 22 and 28 nanometers revenue is 3 percentage-points, and we also show about 2 percentage-point increase in 14-nanometer on a year-over-year comparison.

根據第 4 頁的應用程式細分年度業績，消費者佔比從前一年的 28% 成長了 3 個百分點，達到 31%。我們仍然認為 22 奈米技術是近幾個季度以及未來幾季我們成長的關鍵驅動力。因此，2025 年第四季 22 奈米和 28 奈米的收入佔總收入的 36%。第16頁。全年來看，22 奈米和 28 奈米技術的收入成長了 3 個百分點，14 奈米技術的營收年增了約 2 個百分點。

Capacity remained flat on a quarter-over-quarter comparison base, but it will decline by roughly 1% due to the annual maintenance schedule. On Page 18, our latest forecast for 2026 CapEx plan is around USD1.5 billion, which is slightly declined from USD1.6 billion in the year of 2025. The above is a summary of UMC's results for Q4 2025. More details are available in the report, which has been posted on our website.

按季度環比計算，產能保持不變，但由於年度維護計劃，產能將下降約 1%。第 18 頁顯示，我們對 2026 年資本支出計畫的最新預測約為 15 億美元，比 2025 年的 16 億美元略有下降。以上是 UMC 2025 年第四季業績的概要。更多詳情請參閱已發佈在我們網站上的報告。

I will now turn the call over to President of UMC, Mr. Jason Wang.

現在我將把電話交給 UMC 的總裁 Jason Wang 先生。

Thank you, Chi-Tung. Good evening, everyone. Here, I would like to share UMC's fourth quarter results. In the fourth quarter, our results were in line with the guidance with a flattish wafer shipments amid mild demand across most of the markets. The 4.5% revenue increase during the quarter was supported by favorable foreign exchange movements as well as a sequential growth in our 22- and 28-nanometer business, which continues to improve our product mix.

謝謝你，志東。各位晚上好。在此，我想和大家分享一下UMC第四季的業績。第四季度，由於大多數市場需求疲軟，晶圓出貨量基本上持平，我們的業績與預期相符。本季營收成長 4.5%，這得益於有利的匯率波動以及 22 奈米和 28 奈米業務的環比成長，這持續改善了我們的產品組合。

With the 22- and 28-nanometer segment, 22-nanometer's revenue increased 31% quarter-on-quarter to a record high, accounting for more than 13% of total fourth quarter revenue. Looking at the full year, UMC delivered solid performance in 2025 with shipment increasing 12.3% and revenue in US dollar up 5.3% year-on-year. Going into the first quarter of 2026, we expect wafer demand to remain firm. UMC is confident that 2026 will be another growth year as a tape-out on our 22-nanometer platform accelerate, and other new solutions continue to gain business traction.

在 22 奈米和 28 奈米領域，22 奈米的營收季增 31%，創歷史新高，佔第四季總收入的 13% 以上。從全年來看，UMC在2025年取得了穩健的業績，出貨量年增12.3%，以美元計價的營收年增5.3%。進入 2026 年第一季度，我們預計晶圓需求將保持強勁。UMC 相信，隨著 22 奈米平台流片速度加快，以及其他新解決方案持續獲得業務認可，2026 年將是另一個成長之年。

We have been working hard to lay the foundation for our next phase of growth, investing for the future in both capacity and technology. In 2025, we completed the new Phase III facility at our Singapore Fab 12i, which is already playing a central role in supporting customers to diversify supply chain. At the same time, we are striving to expand our footprint in the US through an innovative yet cost-effective modes of partnership, such as our 12-nanometer collaboration with Intel and the recently announced MoU with the Polar Semiconductor.

我們一直在努力為下一階段的成長奠定基礎，在產能和技術方面都對未來進行投資。2025 年，我們在新加坡 Fab 12i 完成了新的第三期設施建設，該設施已經在支持客戶實現供應鏈多元化方面發揮了核心作用。同時，我們正努力透過創新且經濟高效的合作模式，擴大我們在美國的商業版圖，例如我們與英特爾的 12 奈米合作以及最近宣布與 Polar Semiconductor 簽署的諒解備忘錄。

The leadership UMC has built over the past few years across specialty technologies, including embedded High Voltage, Non-Volatile Memory, and BCD, has and will continue to sustain stable business growth. Looking ahead to 2026 and beyond, we expect advanced packaging and silicon photonics to serve as a new growth catalysts, positioning UMC to address the evolving needs of a high performance of applications across AI, networking, consumer, automotive and more.

UMC在過去幾年中在嵌入式高壓、非揮發性記憶體和BCD等專業技術領域建立的領先地位，已經並將繼續維持穩定的業務成長。展望 2026 年及以後，我們預計先進封裝和矽光子技術將成為新的成長催化劑，使 UMC 能夠滿足人工智慧、網路、消費性電子、汽車等領域高性能應用不斷變化的需求。

Now let's move on to first quarter 2026 guidance. Our wafer shipment will remain flat. ASP in US dollar will remain firm. Gross margin will be approximately in the high 20% range. Capacity utilization rate will be in the mid-70% range. Our 2026 cash-based CapEx budget will be USD1.5 billion.

現在讓我們來看看2026年第一季的業績展望。我們的晶圓出貨量將保持穩定。以美元計價的平均售價將維持堅挺。毛利率大約在20%以上。產能利用率將在70%左右。我們2026年的現金資本支出預算將為15億美元。

That concludes my comments. Thank you all for your attention. Now we are ready for questions.

我的發言到此結束。謝謝大家的關注。現在我們準備回答問題。

Yes, thank you, President Wang. And ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

是的，謝謝您，王總裁。女士們、先生們，現在我們將開始問答環節。（操作說明）

Sunny Lin, UBS.

Sunny Lin，瑞銀集團。

Good afternoon. Thank you very much for taking my questions. So, I have a few questions. Number one, Jason, may we have your thoughts on overall market outlook for 2026. And then for semi versus foundry? And if UMC can continue to outgrow your adjustable market for this year?

午安.非常感謝您回答我的問題。我有幾個問題。傑森，首先，請問您對2026年的整體市場前景有何看法？那麼半成品和代工廠哪個比較好呢？如果 UMC 今年能夠繼續超越你們的可調式設備市場呢？

Sure. Well for 2026, we expect AI-related segment remains as the primary growth driver in semi-industry. And furthermore, with the continuous commercial deployment of Edge AI applications, demand for chip using a general purpose server is also expected to rise. In contracts, the adverse effect of the memory supply imbalance could put some pressure on specific consumer electronics. But overall, the semiconductor industry is projected to grow by mid-teens in 2026.

當然。預計到 2026 年，人工智慧相關領域仍將是半導體產業的主要成長動力。此外，隨著邊緣人工智慧應用的持續商業部署，對採用通用伺服器的晶片的需求預計也會上升。在合約方面，記憶體供應失衡的不利影響可能會對某些消費性電子產品造成壓力。但總體而言，預計到 2026 年半導體產業將實現 15% 左右的成長。

The question for foundry market, we believe that AI demand will remain strong and is the main contributor behind the low 20% growth projection in the foundry market this year. On the other hand, although the memory pricing may impact demand of the foundry market, at this time, we -- at UMC, we estimate that our addressable market will grow by low single-digit percentage. And UMC's growth was expected to outperform the average growth of our addressable market.

對於晶圓代工市場，我們認為人工智慧的需求將保持強勁，這也是今年晶圓代工市場成長預期僅 20% 的主要原因。另一方面，儘管記憶體價格可能會影響代工市場的需求，但目前我們——聯電——估計我們可觸及的市場將以較低的個位數百分比成長。預計 UMC 的成長將超過我們目標市場的平均成長。

Got it. Thank you very much, Jason. Got it. So, then my second question is on pricing. Lots of discussions and obviously, Chinese peers are raising pricing. So how should we think about the pricing outlook for mature foundry and for UMC through 2026? Would UMC be able to start to reflect better value? And if yes, which product categories should we expect more upside from here?

知道了。非常感謝你，傑森。知道了。那麼，我的第二個問題是關於定價的。討論很多，而且很明顯，中國同行正在提高價格。那麼，我們該如何看待成熟代工廠和聯電到 2026 年的價格前景呢？UMC能否開始體現出更好的價值？如果答案是肯定的，那麼我們應該期待哪些產品類別會有更大的上漲空間？

Okay. Well, we do anticipate a more favorable ASP environment in 2026 versus 2025. This outlook really reflects our disciplined pricing strategy and the positive impact from multiple reasons, product mix optimization, loading improvement and reduced exposure to more commoditized market segment. As you're referring to China players, we expect the strong growth momentum in our 22-nanometer demand to support our product mix in 2026 as well.

好的。我們預計 2026 年的 ASP 環境將比 2025 年更有利。這一前景真正反映了我們嚴謹的定價策略以及多種因素帶來的積極影響，包括產品組合優化、裝載率提高以及減少對商品化程度更高的市場細分領域的風險敞口。既然您提到了中國廠商，我們預計 22 奈米製程的強勁成長動能也將繼續支撐我們 2026 年的產品組合。

Overall, our pricing strategy remains consistent and is anchored to the value where we deliver technology differentiation and manufacturing excellence. So, we do think the 2026 pricing environment is more favorable now.

總體而言，我們的定價策略保持不變，並以我們提供的技術差異化和卓越製造能力所帶來的價值為核心。所以，我們認為 2026 年的定價環境現在更有利。

Now the question about which product, and I mean, we don't comment pricing on specific product or any specific node. But in general, we do see the environment is more favorable now.

現在的問題是，具體是哪一款產品？我的意思是，我們不對具體產品或任何特定節點的定價發表評論。但總的來說，我們看到現在的環境更有利了。

No probolem. That's very helpful. And then a follow-up would be on the overall industry supply versus demand for the coming few years. TSMC on the recent earnings conference talked about the plan to optimize capacity for mature nodes to better support cloud AI demand in coming few years. So from your perspective, how should we think about the opportunity here? Are you starting to see more client engagement for new products in the coming few years?

沒問題。那很有幫助。接下來，我們將分析未來幾年整個產業的供需情況。台積電在最近的財報電話會議上談到了優化成熟節點產能的計劃，以更好地滿足未來幾年雲端AI的需求。那麼從你的角度來看，我們該如何看待這裡的機會呢？您是否開始看到未來幾年客戶對新產品的參與度有所提升？

We're always excited to see more customer engagement. So -- but more importantly is we need to prepare ourselves to cope with the market dynamics, and we welcome any opportunity to support our customers. So, we view this landscape shift as an opportunity to further optimize our product mix and gradually improve ASP and margin as well.

我們一直樂於看到更多客戶參與。所以——但更重要的是，我們需要做好準備應對市場動態，我們歡迎任何能夠支持客戶的機會。因此，我們認為這種市場格局的變化是一個機會，可以進一步優化我們的產品組合，並逐步提高平均售價和利潤率。

No, got it. Got it. And then maybe lastly, just on your Singapore expansion. How quickly are you planning to ramp capacity in 2026 and in 2027? And how should we think about the differentiation of products that you have for Singapore versus the Taiwan capacities for 22- and 28-nanometer? And then with that, how should we forecast the depreciation in 2026 and 2027?

明白了。知道了。最後，或許可以談談你們在新加坡的擴張計畫。你們計劃在 2026 年和 2027 年以多快的速度提高產能？那麼，我們該如何看待你們為新加坡提供的產品與台灣22奈米和28奈米產能的差異呢？那麼，我們該如何預測 2026 年和 2027 年的折舊情況呢？

Well, first of all, for the year of 2026, the capacity increase will be around 1.2% year-over-year for us. And for our Singapore facility, the expansion will start in the second half of 2026. And with capacity deployment ramp from second half of 2026 will continue into the 2027.

首先，對我們而言，2026 年的產能成長率將約為 1.2%。至於我們在新加坡的工廠，擴建工程將於 2026 年下半年開始。從 2026 年下半年開始的產能部署加速將持續到 2027 年。

In terms of the node available in our Singapore facility, it's our strategy that we have a geographically diverse manufacturing booking between Taiwan, Singapore, Japan, US and from a technology, no coverage standpoint, we would like to coverage most of the nodes. So the customer has a benefit of passing different sets of forecast.

就我們在新加坡工廠可用的節點而言，我們的策略是在台灣、新加坡、日本、美國之間進行地理分散的製造訂單，從技術覆蓋範圍來看，我們希望涵蓋大多數節點。因此，客戶可以受益於傳遞不同的預測資料集。

As for the depreciation forecast, we are looking for some like low teen annual increase in the full year depreciation expenses. As for next year, we don't have the exact number here, but it's very likely to be the similar amount for 2026. So in a way, we will see the depreciation curve to peak either this year or next year with a very similar numbers.

至於折舊預測，我們預計全年折舊費用將以每年十幾個百分點的速度成長。至於明年，我們目前還沒有確切的數字，但很可能與 2026 年的數量相近。因此，從某種意義上說，我們將會看到折舊曲線在今年或明年達到峰值，而且數值會非常相似。

Got it. Thank you very much.

知道了。非常感謝。

Haas Liu, Bank of America.

劉哈斯，美國銀行。

Congrats on the results. I would actually like to follow-up on the pricing. If we look at the like-for-like pricing environment, based on your current mid- to high 70 percentage of the utilization, if we strip out any of the consideration of the product mix improvement, are you able to improve or just to pass on your higher manufacturing costs or material costs to your customers at this stage? Or you still receive a meaningful pushback from your customers? Thanks.

恭喜取得好成績。我想進一步了解價格狀況。如果我們從同等定價環境來看，基於您目前 70% 到 80% 的利用率，如果我們排除任何產品組合改進的因素，在這個階段，您能否提高價格，還是只能將更高的製造成本或材料成本轉嫁給您的客戶？還是你仍然會收到客戶的強烈反對？謝謝。

Well, I mean, the pricing discussion is always ongoing. The overall pricing strategy remains consistent, as I mentioned earlier. In 2026, we do see some market dynamic changes, so forth. Certain customers we do have some adjusted pricing upward. And so -- and for a certain customer, we still have some of the pricing -- I mean, the onetime pricing adjustment at the beginning of the year to support their market share expansion, as well as the competitiveness. So net-net, within the environment more favorable now in 2026.

嗯，我的意思是，定價問題的討論一直都在進行中。正如我之前提到的，整體定價策略保持不變。2026年，我們確實看到了一些市場動態變化等等。部分客戶的價格會隨之上調。因此——對於某些客戶，我們仍然有一些定價——我的意思是，年初的一次性價格調整，以支持他們的市場份額擴張以及競爭力。總而言之，在2026年，環境更有利。

Okay. Yes. So, when you talk about you are supporting your customers to gain market share by strengthening their cost structure. Do you mean you are actually adjusting down your pricing for those customers? Or is it actually up for this year?

好的。是的。所以，當你談到你正在透過強化客戶的成本結構來幫助他們獲得市場份額時。你的意思是說，你們實際上會降低這些客戶的價格嗎？或者說，它今年真的會推出嗎？

We have a mix of that. For certain customers, we have adjusted pricing upward. And for certain customers, we will apply the onetime price adjustment downward, yes.

我們兼具這兩種特質。我們已上調了部分客戶的價格。對於某些客戶，我們會給予一次性價格下調。

Okay. Got it. And then just on the near term, a couple of your Fabless customers recently talked about earlier and also stronger inventory restocking because of the memory price hike. I was just wondering what impacts your first quarter outlook here, if your customers are seeing stronger inventory pulling in the traditional low season. Why is your shipment for first quarter is still relatively flat?

好的。知道了。就近期而言，由於記憶體價格上漲，你們的幾位無晶圓廠客戶最近談到了更早、更頻繁的庫存補貨。我只是想知道，如果客戶在傳統的淡季看到庫存積壓情況加劇，這對你們第一季的業績展望會有什麼影響。為什麼貴公司第一季的出貨量仍然相對穩定？

And then, what's your puts and takes for the first quarter overall business outlook? Just wondering which part of the business is actually relatively stronger and weak? Thank you.

那麼，您對第一季整體業務前景有何看法？想知道公司裡哪些業務區相對比較強，哪些比較弱？謝謝。

Well for Q1, by segment, we are actually in line with our addressable market seasonality. We didn't see a significant changes due to the inventory restocking. But if you're looking into by applications, we expect the revenue contribution from consumer segment to increase driven by the WiFi and DTV and set-up box, while the revenue from the communication and automotive will decline due to a softer demand of ISP and DDI products.

就第一季而言，按細分市場來看，我們實際上與目標市場的季節性規律相符。由於庫存補貨，我們沒有看到任何重大變化。但從應用領域來看，我們預期受 WiFi、數位電視和機上盒的推動，消費者領域的收入貢獻將會增加，而通訊和汽車領域的收入將因 ISP 和 DDI 產品需求疲軟而下降。

Okay. That's pretty clear. And then since you just mentioned about seasonality, are you expecting this year's seasonality to look pretty similar to the previous few years that first quarter could be relatively light and second quarter and third quarter, you will be able to see a relative strength into the year?

好的。這一點很清楚。既然您剛才提到了季節性因素，您是否預計今年的季節性情況會與前幾年非常相似，即第一季可能相對較弱，而第二季和第三季將會出現相對強勁的成長？

I can have -- probably provide you with this. If we look at the whole year, with the new project of a multiple specialty technology across the embedded high-voltage, non-volatile memory, power management, IC, RF SOI, it supports the end markets in communication, consumer, automotive and AI servers which will ramp in second half 2026.

我可以——或許可以提供給你這個。如果我們縱觀全年，這項涵蓋嵌入式高壓、非揮發性記憶體、電源管理、積體電路、射頻SOI等多項專業技術的新項目，將為通訊、消費性電子、汽車和人工智慧伺服器等終端市場提供支持，這些市場將在2026年下半年實現規模化成長。

So, we're more looking at this year that our second half will outperform the first year -- first half, I'm sorry, the second half will be better than the first half. So that may be the deviate from the traditional seasonality. But as far as for us, we think the overall shipment for the year will be a growth year and as well as second half will be better than the first half.

所以，我們比較關注的是今年下半年的業績會超過上半年──抱歉，是下半年會比上半年好。所以這可能是與傳統季節性的偏差。但就我們而言，我們認為今年的整體出貨量將會成長，而且下半年的出貨量將比上半年更好。

Okay. Yeah. And last question before I jump back in the queue is that, just based on the comment you had just now, what is the underlying market unit demand assumption you have right now? Is it smartphone -- is it the overall smartphone market will actually grow or decline based on your current base case scenario that second half will be better? Or it is actually already factoring a relatively more conservative expectation that smartphone TV, PC, this kind of consumer markets will actually see a unit decline? Thanks.

好的。是的。在我重新排隊之前，最後一個問題是，僅根據您剛才的評論，您目前的基本市場單位需求假設是什麼？是智慧型手機市場－根據你目前的基本假設（即下半年情況會好轉），整個智慧型手機市場究竟會成長還是會萎縮？或者，它實際上已經考慮到了一種相對保守的預期，即智慧型手機、電視、個人電腦等這類消費市場實際上會出現銷量下滑？謝謝。

Always with the current forecast from our customers. I mean, we do see gains on product segments, all applications. We do see some share gains on those applications. So right now, the forecast does show us that's more of a share gain in the market -- end market demand associated.

始終以客戶的最新預測為準。我的意思是，我們確實看到產品細分市場和所有應用領域都取得了成長。我們確實看到這些應用的市場份額有所增長。所以目前來看，預測顯示市場佔有率的成長更多是與終端市場需求相關的成長。

Okay. Thank you so much. That's pretty helpful.

好的。太感謝了。這很有幫助。

Felix Pan, KGI

Felix Pan，KGI

Hi, thank you for taking my question. I just have a couple of questions about the future growth driver, particularly in the remarks, you mentioned about the advanced packaging and silicon photonics. So my first question will be besides the Interposer, what else we might have, some engagement for advanced packaging? And for Interposer, what's the capacity expansion plan for 2026?

您好，感謝您回答我的問題。關於未來的成長動力，我有一些問題，特別是您在演講中提到的先進封裝和矽光子學。所以我的第一個問題是，除了 Interposer 之外，我們還能做些什麼，例如參與先進的封裝技術？對 Interposer 而言，2026 年的產能擴張計畫是什麼？

And my second question will be the silicon photonics, particularly in the Singapore fab, a lot of rumor about your potential customer. Is there any color, any client engagement or any contribution can generate from this segment? Any color will be grateful. Thanks.

我的第二個問題是關於矽光子學，特別是新加坡晶圓廠的矽光子學，關於你們的潛在客戶有很多傳言。這個細分市場能否帶來任何收益、顧客互動或任何貢獻？任何顏色都會感激不盡。謝謝。

Okay. A big question. So, let me see if I can cover -- cover that. And well, if I look back, I mean, I understand you asked for 2026. But let me look back this.

好的。這是一個大問題。那麼，讓我看看我能不能回答──回答這個問題。嗯，如果我回顧一下，我的意思是，我知道你要求的是 2026 年。但讓我回顧一下這件事。

We have delivered a very solid 2025 performance with a 12.3% shipment growth and 5.3% revenue growth, which outperformed our addressable market. This result is supported by our differentiated 22-nanometer technology and other specialty offering across both 12-inch and 8-inch amid a world-class market, a broad-based market demand recovery.

我們2025年的業績表現非常穩健，出貨量成長12.3%，營收成長5.3%，都超過了我們目標市場的預期。這一結果得益於我們差異化的 22 奈米技術以及在 12 英寸和 8 英寸產品線中的其他特色產品，在世界一流的市場和廣泛的市場需求復甦的背景下，我們取得了這一成就。

And building on the 2025, we do view 2026 as a year of both continuity and evolution. We believe the UMC will once again taking shares and outperform its addressable market, and we will also see several positive inflation.

在 2025 年的基礎上，我們認為 2026 年既是延續之年，也是發展之年。我們相信聯電將再次獲得市場份額，並超越其目標市場，我們也將看到一些正面的通膨現象。

First of all, as our guidance suggests, we are seeing a more favorable pricing environment. This will result of tighter supply globally as well as our differentiated technology and geographical footprint, which will drive our growth for the next few years. We are on track with our 12-nanometer cooperation with Intel, which should start see tape-out in 2027. Now that's the existing one.

首先，正如我們的指導意見所表明的那樣，我們看到定價環境更加有利。這將導致全球供應更加緊張，加上我們差異化的技術和地理佈局，這將推動我們在未來幾年實現成長。我們與英特爾的 12 奈米製程合作進展順利，預計將於 2027 年開始流片。這是現有的那個。

And your question about silicon photonics and advanced packaging. Secondly, we see 2026 as a pivotal year for those high performance, high potential opportunities such like the silicon photonics and advanced packaging. And we are making those deliberate choice, working with INEX to invest and scale them into a significant driver for our future.

還有您關於矽光子學和先進封裝的問題。其次，我們認為 2026 年對於矽光子學和先進封裝等高性能、高潛力機會而言是至關重要的一年。我們正在做出這些深思熟慮的選擇，與 INEX 合作進行投資和擴大規模，使其成為我們未來發展的重要驅動力。

If you ask specifically about the advanced packaging. And there are two distinct opportunities for advanced packaging. One, we call enablers, the other we call 10 extenders. Major to explain this. I know it's long, but bear with me. So the fourth enabler, we are seeing the 2.5D and 3D packaging as well as the chiplet move well beyond just the data center and ultra high-end chip and start to spread across the broader market.

如果你具體詢問的是高級包裝方面的問題。先進包裝技術面臨兩大機會。我們稱其中一種為賦能者，另一種為 10 個擴展者。需要解釋一下。我知道篇幅很長，但請耐心看完。因此，第四個推動因素是，我們看到 2.5D 和 3D 封裝以及晶片組已經遠遠超越了資料中心和超高階晶片的範疇，開始向更廣泛的市場擴展。

Over time, we expect that advanced packaging to be adopted even on mature nodes. A good example is RF SOI. We have mentioned many times where we're already in production. In addition to the RF SOI, we are also exploring other applications with leading partners and believe we are at least 2 to 3 years ahead of our competition.

隨著時間的推移，我們預計即使在成熟的節點上也會採用先進的封裝技術。RF SOI 就是一個很好的例子。我們已經多次提到，我們已經在哪些地方投入生產了。除了射頻SOI之外，我們還在與領先的合作夥伴探索其他應用，並相信我們至少比競爭對手領先2到3年。

What this really means for customers is better power efficiency, small form factor, and differentiated products. And for UMC, it is a strategic win-win. We believe our leadership in advanced packaging will enable us to capture more shares, sustain our higher ASC and drive better margin in many of our already established business in the long run.

對客戶而言，這意味著更高的電源效率、更小的外形尺寸和差異化的產品。對 UMC 而言，這是一個戰略上的雙贏局面。我們相信，我們在先進包裝領域的領先地位將使我們能夠獲得更多市場份額，維持較高的平均銷售成本，並在許多已建立的業務中實現更高的利潤率。

On the 10 extenders, we also believe that advanced packaging will help UMC address new opportunities. For example, customers are coming to us for AI-related applications. This is not necessarily just the XPU related, but we are adding value by stacking memory with the logic, adding DTC to the stack or selling the discrete DTC. We are also working with our partners to enable a total solution. Meanwhile, we are working with more than 10 customers in advanced packaging currently and expand more than 20 new tape-outs in 2026.

對於這 10 個擴展器，我們也相信先進的封裝技術將有助於聯電抓住新的機會。例如，客戶前來諮詢人工智慧相關的應用。這不一定與 XPU 有關，但我們透過將記憶體與邏輯堆疊、向堆疊添加 DTC 或出售分立的 DTC 來增加價值。我們也在與合作夥伴共同努力，以實現整體解決方案。同時，我們目前正與 10 多家客戶合作進行先進封裝業務，並計劃在 2026 年新增 20 多個流片專案。

We foresee revenue in 2027 will be a significant year for us. And the capacity question you have that capacity plan will be aligned with the customer ramp plan and market outlook. You also asked about silicon photonics. For silicon photonics, we are developing solutions, which includes ASIC, OIO, OCS, and CPO. Our collaboration with INEX allow us to deliver industry standard PDK to our customers in 2027.

我們預計 2027 年的收入將對我們而言意義重大。至於產能問題，產能計畫將與客戶產能爬坡計畫和市場前景保持一致。您也問到了矽光子學方面的問題。針對矽光子學，我們正在開發解決方案，包括 ASIC、OIO、OCS 和 CPO。我們與INEX的合作使我們能夠在2027年為我們的客戶提供符合行業標準的PDK。

In addition to platform preparation, we also work with the customer on captive technology of 12-inch PIC aiming for possible product, which is expected to ramp this year. We will also combine our advanced packaging know-how with the silicon photonics as many of the applications require the integration and different substrates, process, technology and materials.

除了平台準備之外，我們還與客戶合作開發 12 吋 PIC 的自主技術，目標是可能的產品，預計該產品將於今年量產。我們也將把我們先進的封裝技術與矽光子學結合，因為許多應用需要整合不同的基板、製程、技術和材料。

Looking ahead to achieve 1.6T bandwidth and beyond, we're working with both customers and vendors for the test finding on heterogeneous material such as the TFLM. Those technologies could also be used in additional applications such as quantum computing. Again, we hope to integrate the new material the advanced packaging technology as well. So those are all integrated altogether. That's why I gave you a bit of a longer answer.

展望未來，為了實現 1.6T 及以上的頻寬，我們正在與客戶和供應商合作，對 TFLM 等異構材料進行測試。這些技術還可以應用於量子計算等其他領域。我們希望將這種新材料與先進的包裝技術結合。所以它們都是完全整合在一起的。這就是我給你詳細回答的原因。

I hope that explains it.

希望這樣解釋清楚了。

Yeah, okay, thank you. But just -- let me just a quick follow up and rephrase my question. So for silicon photonics, what's the earliest timetable we can see the revenue contribution, like most likely?

好的，謝謝。不過——請容許我快速補充一下，並重新表達我的問題。那麼對於矽光子學而言，我們最早可能在什麼時候看到其帶來收入貢獻？

For the 12-inch PIC, for the pluggable product, we'll be expecting to ramp this year.

對於 12 吋 PIC 的可插拔產品，我們預計今年將開始量產。

Okay. And about the -- because as I know about the Interposer, currently is the -- Interposer is also the bottleneck for our partner to expand their capacity. So, is there any color we can give -- how much capacity growth for the Interposer, like how much year-on-year growth or something like that?

好的。至於——因為據我所知，目前 Interposer 也是我們合作夥伴擴展容量的瓶頸。那麼，我們能否給出一些具體數據——例如 Interposer 的產能成長情況，例如同比增長多少等等？

Well, right now, the capacity planning will be aligned with the customer for the 2027 ramp. So, we will probably provide you some clarity when that comes. Right now, in 2026, we will focus on the tape-out.

目前，產能規劃將與客戶的需求保持一致，以實現 2027 年的產能爬坡。所以，到時候我們會給您更明確的資訊。現在，在 2026 年，我們將專注於磁帶製作。

Gokul Hariharan, JP Morgan.

Gokul Hariharan，摩根大通。

Yeah, hi, thanks for taking my question. Hi Jason, could you go a little bit deeper into that advanced packaging comment that you made? What is the involvement level of UMC in some of these advanced packaging solutions? Are you doing full stack? Or is it basically like previously where you were largely focused on the Interposer side of the equation? And in terms of the tape-outs that you have, what are the nature of these tape-outs? Are these mostly data center ASIC-related products? Or is this a much wider array of products other than just data center ASIC?

你好，謝謝你回答我的問題。嗨，Jason，你能更詳細地解釋一下你之前提到的高級包裝技術嗎？聯電在這些先進封裝解決方案的參與程度如何？你是做全端開發嗎？或者說，它基本上和以前一樣，你們主要關注的是中介層方面的問題？就您擁有的流片而言，這些流片的性質是什麼？這些產品大多與資料中心ASIC相關嗎？或者，這是否意味著除了資料中心專用積體電路（ASIC）之外，還有更廣泛的產品系列？

Sure. Well, first of all, we have reported in our advanced packaging space. We have building up some of the capability from wafer-to-wafer stacking and TSC as well as Interposer, the 2.5D and the many different capabilities. And then the way we see it, like I explained, for the enabler is we can apply those to many of the current products that we currently serve. And then -- and one example I mentioned is the RF SOI.

當然。首先，我們已經在先進包裝領域進行了報告。我們正在逐步建立晶圓堆疊、TSC、Interposer、2.5D 以及許多其他不同功能方面的能力。然後，正如我解釋的那樣，我們認為，對於推動者而言，我們可以將這些應用於我們目前服務的許多現有產品。然後——我提到的一個例子是射頻SOI。

So we have wafer-to-wafer hybrid bonding with the RF SOI solution for the mobile space already.

因此，我們已經有了用於移動領域的採用射頻SOI解決方案的晶圓對晶圓混合鍵合技術。

And then, some of the capability can be built for the DTC for the stacking as well as some of the customers looking at discrete DTC already. And we are combining some of the capability into segments, the logic and the memory. Of course, we do not provide memory ourselves. So the customer will have to provide memory wafer to us. And so then we can provide wafer-to-wafer hybrid bonding on those.

然後，可以為堆疊式 DTC 建立一些功能，也可以為一些已經在考慮使用離散式 DTC 的客戶建立一些功能。我們將部分功能整合到邏輯和記憶體等模組中。當然，我們自己並沒有提供記憶體。因此，客戶需要向我們提供儲存晶圓。因此，我們可以在這些晶圓上實現晶圓間混合鍵結。

So on one hand, the way we see it is advanced packing is a capability per se, and it implies to the product and then we call it enabler and also expander. And the -- meanwhile, the product coverage is all the way from the mobile space, power management discussion, the AI-related -- AI-related product and also for the BCD application as well.

一方面，我們認為先進的包裝本身就是一種能力，它對產品具有重要意義，我們稱之為賦能者和擴展者。同時，產品覆蓋範圍涵蓋了行動領域、電源管理討論、人工智慧相關產品，以及 BCD 應用等各個面向。

So they were -- it's our belief is for a better reason or for the higher performance reason, and many different applications will start adapting the advanced packaging. So we think this is going to be a broad success on the advanced packaging space.

所以他們這樣做——我們相信這是出於更好的理由或更高的性能原因，許多不同的應用將開始採用先進的封裝技術。因此我們認為這將在先進封裝領域取得廣泛成功。

Got it. And any plans to further expand your Interposer capacity? I think we had expanded, I think up to 6,000 and then kind of stopped it there. Now some of that demand seems to be kind of coming back for some of -- one of your customers in China. So, is there any plans to expand the capacity further?

知道了。你們有計劃進一步擴大中介層產能嗎？我想我們當時已經擴張到 6000 人，然後就停滯不前了。現在看來，你們在中國的一位客戶的一些需求似乎正在回升。那麼，是否有進一步擴大產能的計畫？

There are discussions around that. Right now, if you look at the technology itself, we have some common tools in place already, which that we can leverage of our 40-nanometer capacity, of our 65-nanometer capacity. From those common tool space, we're already allocating to this area. Now for the unique tools, then we will put in the plan for the future expansion and for the customer ramp profile. And we believe that will probably happen in 2027.

圍繞這個問題已經有一些討論。目前，如果你觀察這項技術本身，我們已經有一些通用工具，我們可以利用我們的 40 奈米和 65 奈米技術能力來運用這些工具。我們已經從這些常用工具空間中分配了一些空間到這個領域。接下來是獨特的工具，然後我們將製定未來擴展計劃和客戶成長曲線。我們認為這種情況很可能在 2027 年發生。

Got it. Understood. That's clear. Another question I had is on the -- just your expectations for the communication, consumer segment which is north of 70% of revenue, given all these concerns about smartphone, PC. How are you budgeting for this?

知道了。明白了。這一點很清楚。我還有個問題——關於您目前對占公司收入70%以上的通訊和消費品領域的預期，考慮到智慧型手機和個人電腦市場面臨的種種挑戰，您是如何為此制定預算的？

Are your customers telling you that they are really concerned about this memory cost inflation? Or right now, you still don't really hear that from the customers that that's going to be a big issue from a unit perspective going through the year?

您的客戶是否告訴您，他們非常關注記憶體成本上漲的問題？或者說，目前你還沒有真正從客戶那裡聽到這樣的回饋：從銷售角度來看，這將是今年以來的一個大問題？

Well, we're also cautious about that topic. As of today, we have not observed any demand impact on our customers' forecast for the year, despite the recent surge in that price. And our technology predominantly supported customers addressing the higher end of the market segment, where the demand tends to be more resilient in the past and in the period of memory tightness. So, because the supply usually typically prioritize in such high-end higher-value device. While we remain attentive to the potential impact on the memory market and our current assessment is that any potential headwinds are probably manageable, and we will continue monitoring the situation properly with our customers together.

嗯，我們對這個主題也持謹慎態度。截至目前，儘管近期價格飆升，但我們尚未觀察到對客戶全年需求預測的任何影響。我們的技術主要服務於高端市場領域的客戶，這些客戶的需求在過去和記憶體緊張時期往往更具韌性。所以，因為供應通常會優先考慮這種高端高價值的設備。儘管我們仍密切關注對記憶體市場的潛在影響，但我們目前的評估是，任何潛在的不利因素都可能是可控的，我們將繼續與客戶一起密切關注事態發展。

Got it. My last question is on the geographic split of revenues. I think, could you talk a little bit about the Intel 12-nanometer progress? And any color on how you will be booking revenues or profits from this partnership given the fabless, Intel fab, while you are essentially the provider of customers and some degree of IP as well into it?

知道了。我的最後一個問題是關於收入的地理分佈。我想，您能否談談英特爾 12 奈米製程的進展？那麼，鑑於此次合作採用的是無晶圓廠的英特爾晶圓廠，而您本質上是客戶提供服務，並且也擁有一定程度的知識產權，您將如何從這項合作中確認收入或利潤？

And secondly, on the Xiamen's fab, what's the strategy for the Xiamen's fab medium to long term, given many of your semiconductor peers in Taiwan have kind of progressively exited capacity in Mainland China?

其次，鑑於台灣許多半導體同業已經逐步退出中國大陸的產能，廈門晶圓廠的中長期戰略是什麼？

Well, for the 12-nanometer project with Intel, overall, the 12-nanometer cooperation project with Intel continues to advance smoothly. We remain on schedule to deliver the PDK and associated IP to customer in 2026. Furthermore, we anticipate the product tape-out will commence in 2027, making the significant step towards to commercialized deployment and future revenue growth. Right now, UMC and Intel are working closely to ensure successful tape-outs and an efficient ramp up for the mass production. As the project advance, it is expected to further strengthen USDposition in the US, right, for customer as well for us because the geo diversification manufacturing.

至於與英特爾的 12 奈米項目，總體而言，與英特爾的 12 奈米合作項目繼續順利推進。我們仍按計劃於 2026 年向客戶交付 PDK 和相關 IP。此外，我們預計產品將於 2027 年開始串流片，這將邁出商業化部署和未來收入成長的重要一步。目前，聯電和英特爾正在密切合作，以確保晶片流片順利完成，並有效率地提高量產效率。隨著專案的推進，預計將進一步加強 USD 在美國的地位，對客戶和我們都是如此，因為實現了地理多元化製造。

Right now, the application on the 12-nanometer cooperation, including products on digital TV, WiFi connectivity and high-speed interface products. In terms of the business model, and it's probably not available for us to comment. But it is a win-win strategy that we see and will be very synergetic for both parties as well as for our customers. And we have very high confidence this will be a win-win model.

目前，12奈米技術的應用領域包括數位電視、WiFi連接和高速介面產品。至於商業模式方面，我們可能不方便置評。但我們認為這是一個雙贏的策略，對雙方以及我們的客戶都將產生非常顯著的協同效應。我們非常有信心這將是一個雙贏的模式。

Okay. And any thoughts for the Xiamen capacity?

好的。對廈門港的產能有什麼想法嗎？

Yeah. For the Xiamen, I kind of touched that earlier as well. I look at Xiamen, not just Xiamen itself, our core part of our competitive advantage is our geographically diverse manufacturing footprint. And the Xiamen play one of the important space for us and particularly for the local customer. So -- and at this point, the fab is actually at a full capacity.

是的。至於廈門，我之前也稍微提了一下。我關注的是廈門，不只是廈門本身，我們競爭優勢的核心在於我們地域多元化的生產佈局。廈門對我們來說是一個重要的市場，尤其對當地客戶而言更是如此。所以——目前，該工廠實際上已經滿載運作。

We are running at a full utilization as well. And we see -- we continue seeing many different engagements coming to this and we will across regionally optimize it from the customer engagement and product loading standpoint.

我們的產能也已達到滿載運轉。我們看到—我們繼續看到許多不同的參與方式，我們將從客戶參與和產品加載的角度在區域內進行最佳化。

Okay. Just one more on blended ASP. I think, Jason, you mentioned that the ASP environment is more favorable this year. But overall utilization is still in the mid-70s as of Q1, right? So do you expect that this year, we could see a scenario that we could see blended ASPs moving up meaningfully like 5% to 10% or something like that, like we have had in the past or that requires a much higher level of utilization that is probably not happening this year, given your low single-digit foundry growth expectation?

好的。關於混合ASP，還有一點要補充。Jason，我想你之前有提到過，今年的ASP環境比較有利。但截至第一季度，整體利用率仍在 70% 左右，對嗎？那麼，您是否預計今年混合平均售價會像過去一樣大幅上漲 5% 到 10% 左右？或者，這需要更高的產能利用率，但考慮到您對晶圓代工業務低個位數成長的預期，這種情況今年可能不會發生？

Sure. I mean, the high utilization is one of the important factors, but that's not the only factor. We want to make sure the pricing strategy is enabled not only ourselves and our customers to be competitive as well. So -- but we do see the pricing environment is getting more favorable to foundry because of the loading reason. And so -- but the magnitude of that, we probably have to continue to manage it.

當然。我的意思是，高利用率固然是重要因素之一，但並非唯一因素。我們希望確保定價策略不僅能使我們自己，也能使我們的客戶保持競爭力。所以——但我們確實看到，由於負載原因，定價環境對代工廠越來越有利。所以——但就其規模而言，我們可能不得不繼續應對。

And if we have a clarity, we will share that with you.

如果我們有了明確的答案，我們會與您分享。

Got it, yeah, thank you.

明白了，謝謝。

Alex Chang, BNP.

Alex Chang，法國巴黎銀行。

Thank you for taking my question. Just have a very quick one. I just saw the company announced that they started the mass production of SuperFlash Generation 4. So just wonder how much revenue contribution from the non-volatile memory business in the past quarter or maybe past year? And also how much revenue is contributed by the power management ICs for the server-related applications? Thank you.

感謝您回答我的問題。就簡單說一下。我剛剛看到該公司宣布，他們已經開始量產第四代超級閃光燈。所以我想知道非揮發性記憶體業務在過去一個季度或過去一年貢獻了多少收入？此外，伺服器相關應用的電源管理積體電路貢獻了多少收入？謝謝。

I mean, we don't have a breakdown to provide. And the way that we break it down is based on specialty technology that includes the high-voltage and non-volatile memory and the PCB space. Right now, the specialty revenue representing about 50% of our overall revenue. And I can let you know the high voltage is about 30% of that. And the rest of that, I would say, is a combination of the non-volatile memory as well as the DCB.

我的意思是，我們沒有詳細的分析報告可以提供。我們將其分解的方式是基於特殊技術，包括高壓和非揮發性記憶體以及PCB空間。目前，特種產品收入約占我們總收入的 50%。我可以告訴你，高壓大約是這個值的30%。其餘部分，我認為，是非揮發性記憶體和 DCB 的結合。

Thank you very much.

非常感謝。

Laura Chen, Citi.

Laura Chen，花旗銀行。

Hello. Thank you for taking my question. Good afternoon, gentlemen. I just want to follow up on the deterioration rate and also the gross margin outlook. Jason, you mentioned that the pricing environment seems to be improving more favorable. And together with firm shipment and better product mix as well as the utilization rate, so how should we think about the gross margin trend? You guided that will be high 20% for Q1. But with these favorable factors, how should we think about the margins throughout the year? That's my first question.

你好。感謝您回答我的問題。下午好，先生們。我只是想了解一下損耗率以及毛利率前景。傑森，你提到定價環境似乎正在變得更有利。再加上穩定的出貨量、更好的產品組合以及更高的利用率，我們該如何看待毛利率趨勢？您曾預測第一季將達到 20% 以上。但考慮到這些有利因素，我們該如何看待全年的利潤率？這是我的第一個問題。

Yes. Gross margin can be highly dependent upon utilization rate, ASP, product mix, depreciation and foreign exchange rate. So there's a lot of variables. So beyond this quarter, it's difficult for us to give a firm outlook. For the first quarter guidance, which is high 20s, is mainly due to the higher cost, especially the higher depreciation expenses.

是的。毛利率可能高度依賴設備利用率、平均售價、產品組合、折舊和匯率。所以有很多變數。因此，對於本季之後的情況，我們很難給出確切的展望。第一季業績預期為 20% 以上，主要是因為成本較高，尤其是折舊費用較高。

As I mentioned, it will grow by low teens in the full year of 2026.

正如我之前提到的，到 2026 年全年，它將成長 10% 左右。

As for 2026, we will continue to cope with higher depreciation expenses as well as the other inflationary pressure for our production, raw material and other costs. To mitigate and cope with the headwinds, we will continue with our cost reduction efforts and also all the activities to improve our productivity and drive operation efficiency. And these measures hopefully will help UMC to deliver a stable EBITDA margin and ensure our long-term financial resilience to remain intact. As a matter of fact, our 2025 EBITDA margin is actually a good improvement compared to that of 2024.

至於 2026 年，我們將繼續應對更高的折舊費用以及生產、原材料和其他成本的其他通膨壓力。為了減輕和應對不利因素，我們將繼續努力降低成本，並進行一切活動來提高生產力和提升營運效率。希望這些措施能夠幫助聯電實現穩定的 EBITDA 利潤率，並確保我們長期的財務韌性保持不變。事實上，我們 2025 年的 EBITDA 利潤率與 2024 年相比確實有了很大的提高。

Yeah, sure. Thank you very much. And also, I think for the advanced packaging and as well as the silicon photonics is one of the key things that UMC may have a great opportunity. We know that UMC has already working on advanced packaging, previously on Interposer, probably now we'll see more various different design. So could you share with us what's about the revenue contribution of your advanced packaging right now? And how would that look like in two, three years?

當然可以。非常感謝。而且，我認為在先進封裝和矽光子學領域，聯電可能擁有巨大的發展機會。我們知道聯電已經在研發先進封裝技術，之前是Interposer，現在我們可能會看到更多不同的設計。那麼，您能否和我們分享一下，目前貴公司先進包裝業務的收入貢獻情況如何？兩三年後會是什麼樣子？

Currently, the Interposer was exposed to very limited customer base and also narrow application. While we have engaged with more than 10 customers and expecting more than 20 new tape-outs in 2026, we do foresee that revenue of packaging -- advanced packaging growth in 2027 will be significant.

目前，Interposer 的客戶群非常有限，應用範圍也很窄。雖然我們已經與 10 多個客戶進行了接觸，並預計 2026 年將有 20 多個新的流片，但我們確實預見到 2027 年包裝收入——先進包裝的增長將是顯著的。

So, significantly means that, could that be like 5%, 10% or higher?

所以，「顯著」是指，例如 5%、10% 或更高嗎？

I am expecting more than that. But I mean, if you're referring to the overall revenue contribution, we'll probably give you more guidance later. But if you're looking at the packaging itself, it's going to be significantly larger than what we're shipping today.

我期待的遠不止這些。但如果你指的是整體收入貢獻，我們稍後可能會給你更多指導。但如果你看一下包裝本身，你會發現它比我們今天發貨的包裝要大得多。

Okay, thank you very much.

好的，非常感謝。

Bruce Lu, Goldman Sachs.

Bruce Lu，高盛集團。

Okay, thank you for taking my question. I want to go a little bit deeper for the silicon photonics. I mean, as you might know that your peers like GlobalFoundries, Taiwan Semi, pretty vocal about that. Can you tell us how big do you think the addressable market for silicon photonics for you guys in two years? And how do you win market? What is the competitive advantage for you in this business? I mean, other than working with INEX?

好的，謝謝您回答我的問題。我想對矽光子學進行更深入的研究。我的意思是，正如你可能知道的那樣，像 GlobalFoundries、台灣半導體這樣的同行們對此都直言不諱。您能否告訴我們，您認為兩年後矽光子學在貴公司的潛在市場規模有多大？那麼，你如何贏得市場？在這個產業中，你的競爭優勢是什麼？我的意思是，除了和INEX合作之外，還有其他選擇嗎？

Well, I mean, the Singapore facility is not going to only serving the silicon photonics. Singapore facility is one of our important manufacturing site, they serve our worldwide customers, all different applications. And so it's part of our geographical diverse manufacturing strategy. So --

我的意思是，新加坡的這個設施不會只服務矽光子學。新加坡工廠是我們重要的生產基地之一，為我們遍佈全球的客戶提供服務，產品應用範圍廣泛。因此，這是我們地域多元化製造策略的一部分。所以--

No, no, no, my question is for silicon photonics, our business strategy?

不，不，不，我的問題是關於矽光子學，我們的商業策略是什麼？

The silicon photonics strategy in Singapore. Okay.

新加坡的矽光子學策略。好的。

No, no, no, no. I'm sorry, let me rephrase my question. So the growth driver for UMC, one of it is the CPO, I'm assuming having more business in the silicon photonics. In -- for your peers like GlobalFoundries or Taiwan Semi, they are pretty vocal about the silicon photonics and have meaningful revenue contribution already. For UMC perspective, what is your competitive advantage for UMC to win this business?

不，不，不，不。抱歉，請容許我重新表達我的問題。因此，UMC 的成長動力之一，我猜想是 CPO 在矽光子學領域擁有更多業務。對於像 GlobalFoundries 或 Taiwan Semi 這樣的同行來說，他們對矽光子技術非常重視，並且已經取得了可觀的收入貢獻。從聯電的角度來看，聯電贏得這項業務的競爭優勢是什麼？

And how much business you can win or how big is the addressable market for you in two years?

兩年內你能贏得多少生意？或者說，你的潛在市場有多大？

Got it. So, for the silicon photonics, our strategy is simple. Our cooperation with INEX allowed us to deliver the industry standard PDK to our customer in 2027, particularly in 12-inch. So many of our competitors is today at 8-inch and we are focused on this in 12-inch. And as we believe the 12-inch will have that advantage.

知道了。所以，對於矽光子學來說，我們的策略很簡單。我們與INEX的合作使我們能夠在2027年向客戶交付行業標準的PDK，特別是12英寸的PDK。目前我們的許多競爭對手都專注於 8 吋產品，而我們則專注於 12 吋產品。我們相信 12 吋的螢幕會具有這種優勢。

And right now, we already have certain products that have proven that performance is a better and a pluggable product, and which we will expect to ramp this year.

目前，我們已經有一些產品證明了其性能更優，並且是一款可插拔產品，我們預計今年將擴大其市場份額。

And meanwhile, we're also combining the silicon photonics with our advanced packaging know-how, so for many different type of applications then we can integrate that. So by doing that, we think we will be even providing even more value from advanced packaging combining with silicon photonics at 12-inch. I think that's where we believe we are competitive.

同時，我們也將矽光子技術與我們先進的封裝技術相結合，以便將其整合到許多不同類型的應用中。因此，我們認為透過這種方式，我們將能夠從先進的封裝技術與 12 英吋矽光子學相結合中獲得更大的價值。我認為這就是我們認為我們具有競爭力的地方。

But that's mostly for plug-in, right? Because if you don't have the EIC, the pure CPO product might not be your key growth driver?

但這主要是針對插件而言的，對吧？因為如果沒有EIC，純CPO產品可能就不是你的主要成長驅動力？

You're correct. We're not looking at a completely CPO package. We're looking at particularly in the PIC and OIO and OCS.

你說得對。我們不打算採用完整的CPO方案。我們主要關注 PIC、OIO 和 OCS。

I see. I understand. That's very clear. Next one is -- and we see that the progress for the Intel project for 12 nanometers is pretty smooth. I just want to know what is the next step?

我懂了。我明白。這一點很清楚。接下來是——我們看到英特爾的 12 奈米專案進展相當順利。我只想知道下一步是什麼？

I mean, when we can see a further collaboration in 10, 7 nanometers and beyond? I mean, obviously, whatever you said, the advantage at 12-inch, you can also use the same argument for 7-nanometer. What's stopping you to do that?

我的意思是，我們什麼時候才能看到在 10 奈米、7 奈米及更高精度領域開展進一步的合作？我的意思是，很顯然，無論你說什麼，12 吋螢幕的優勢，你也可以用同樣的論點來論證 7 奈米螢幕的優勢。是什麼阻止你這樣做？

Well, you're also right on that. And our focus right now is on delivering the 12-nanometer platform to customers. In the future, should it make sense for both UMC and Intel as well as our customers, we will surely consider expanding our collaboration to other derivatives as well as the technologies. Yes.

嗯，你說的也對。我們現在的重點是向客戶交付 12 奈米平台。未來，如果對聯電、英特爾以及我們的客戶都有利，我們一定會考慮將合作擴展到其他衍生產品以及相關技術。是的。

But what is stopping now? What is the show stopper now?

但現在是什麼在阻止這一切？現在最大的阻礙是什麼？

It's not -- I won't call it stopping. I think the focus is a focus on 12-nanometer. We have to deliver a 12-nanometer today, and make sure that we deliver that program. We execute it well. And I think anything that makes sense on that, unlike you said, I think there will be a discussion, yes.

這不是——我不會稱之為停止。我認為重點是12奈米製程。我們今天必須交付 12 奈米的產品，並確保我們能夠交付該專案。我們執行得很好。我認為，任何有道理的事情，不像你所說的那樣，都會引發討論，是的。

I see. Because we already assumed that you can deliver something in '27. So given that working for 7 nanometers, maybe you need two, three years, we want to see the project kickoff as soon as possible. That's all my question. Thank you.

我懂了。因為我們已經假設你能在 2027 年交付一些東西。鑑於研發 7 奈米技術可能需要兩到三年時間，我們希望專案盡快啟動。這就是我全部的問題。謝謝。

(Operator Instructions)

（操作說明）

Sapo Neuberger Berman.

薩波·紐伯格·伯曼。

Hi, Jason, it's Yong. It's been a while. And congrats on the progress you've made throughout this couple of years. I just have a few questions. The first one is, on the market dynamics, I think previously, Sunny has asked about the TSMC is shrinking or defocusing on this mature foundry process. And it looks like not just TSMC, but also the other foundries are -- seems to be doing some leading-edge logic foundry seems to be doing the same thing.

嗨，Jason，我是Yong。好久不見了。恭喜你這兩年來的進步。我還有一些問題。第一個問題是，關於市場動態，我認為之前 Sunny 曾問過台積電是否正在縮減規模或減少對這種成熟代工工藝的關注。而且看起來不只是台積電，其他代工廠也在做同樣的事情。

And also Powerchip recently just reached agreement with Micron as well as Intel fab, which means they're trying to streamline and re-org some of the foundry process, too. So it seems like there's a lot of supply is kind of being taken away because of the rolling out effects from the AI and crowding out some of these older nodes.

此外，Powerchip 最近也與 Micron 和 Intel 晶圓廠達成了協議，這意味著他們也在嘗試簡化和重組一些晶圓代工流程。所以看起來，由於人工智慧的推廣應用，許多供應都被減少了，一些老節點也被擠出了市場。

On the supply side, it seems to be that actually decreasing. And on the demand side, if you look at, I think, TI just to report overnight. I think it seems like that there's been more obvious recovery on the analog MCU space. So on demand side, that's also improving. But the supply side, that's actually decreasing.

從供應方面來看，似乎實際上正在減少。而從需求面來看，如果你看看德州儀器 (TI) 的隔夜報告，你會發現這一點。我認為類比微控制器領域的復甦似乎更為明顯。所以需求方面，情況也在改善。但實際上，供應方面正在減少。

So it looks like supply-demand dynamics is moving to a more favorable situation. I think that's the point why you were mentioning the pricing dynamics favorable this year.

因此，供需動態似乎正在朝著更有利的方向發展。我想這就是你提到今年價格走勢有利的原因。

So I'm just curious about your view, if we try to compare the current like the mature foundries dynamic situation right now versus, I mean, back in 2021 when there is a severe shortage back then. How would you compare this time around versus last cycle?

所以我很好奇你的看法，如果我們試著比較一下目前成熟代工廠的動態狀況與 2021 年嚴重短缺時的狀況，會有什麼不同。你覺得這次的訓練週期和上次有什麼不同？

I mean, that's a really good question. I mean, we saw on the market movement, the changes. And we also deep dive on this demand and supply outlook. And we think whether this is short term or long term. If you look at the driver behind us, we see -- you mentioned this is truly more of the AI phenomenon ripple effect. And so we see that AI remains to be very strong, at least in the foreseeable future. And I think this momentum will continue driving the overall demand.

我的意思是，這確實是個好問題。我的意思是，我們從市場走勢和變化中看到了這一點。我們也會深入探討供需前景。我們會思考這是短期還是長期的問題。如果你看看我們後面的司機，你會發現──你提到過，這確實是人工智慧現象的連鎖反應。因此我們看到，人工智慧至少在可預見的未來仍然非常強大。我認為這種勢頭將繼續推動整體需求成長。

And meanwhile, in many of this -- the capability -- AI capability we portfoliating to even the other end market devices in the Edge AI as well. So as in this will continue. And from an economic standpoint, building any of the mature facility is not justifiable. So we do think that this could last longer compared to the over time. And I think the situation could be more of a structure going forward.

同時，在許多方面——人工智慧能力——我們正在將邊緣人工智慧能力移植到其他終端市場設備中。所以這種情況還會持續下去。從經濟角度來看，建造任何成熟的設施都是不合理的。所以我們認為，與長期趨勢相比，這種情況可能會持續更久。我認為這種情況未來可能會發展成一種更有條理的局面。

And -- but again, this is at a very early stage of this market movement. So we'll pay attention to it, and we'll continue monitoring the progress. Meanwhile, like I said earlier, I think it is more a favorable pricing environment. But more importantly is we need to prepare ourselves to cope with this market dynamic. So we are welcoming all the opportunity that for us to engage in supporting the customer. And -- but the important focus today is we have to get ourselves ready to capture those opportunities.

但是——再次強調，這還處於市場波動的早期階段。所以我們會關注此事，並繼續監測進度。同時，正如我之前所說，我認為目前的定價環境更有利。但更重要的是，我們需要做好應對這種市場動態的準備。因此，我們非常歡迎所有能夠讓我們參與支持客戶的機會。但是——今天最重要的重點是，我們必須做好準備，抓住這些機會。

Got it. Another question I have is your earlier comments on the pricing. I think the -- you offer some of the annual -- maybe some discount to some of our strategic clients for their share again, but also net-net wise, also seems to be pricing is going up for a majority of the clients. So net-net, it's going to still be the -- ASP still be positive. But I'm just curious about, for those clients that you're offering some discount at the beginning of the year, when it down the road is, if the next few months or quarter situation has become tighter -- and would you be able to reprice with these customers?

知道了。我還有個問題，是關於您之前對定價的評論。我認為——你們可能會為一些策略客戶提供一些年度折扣，以換取他們所佔的份額，但總的來說，大多數客戶的價格似乎都在上漲。所以總的來說，平均售價還是會是正值。我只是好奇，對於那些年初提供折扣的客戶提供的折扣，如果未來幾個月或一個季度的市場情況變得更加緊張，你們是否能夠為這些客戶重新定價？

Those discussions will be ongoing. We're always working with our customers to reflect the market dynamics as well as the cost increases. So I'm sure, and I believe this conversation will surely happen. It happened in the past, it will happen now and will happen in the future. So the pricing discussion will continue.

這些討論將會繼續進行。我們始終與客戶合作，以反映市場動態和成本上漲。所以我確信，而且我相信，這次對話一定會發生。過去發生過，現在會發生，將來也會發生。因此，定價討論也將繼續。

And I think customers understand that. And we just have to continue monitoring the market dynamic and maintain our competitiveness on both the customer and ourselves.

我認為顧客們能夠理解這一點。我們只需要持續關注市場動態，保持我們在客戶和自身方面的競爭力。

Yeah. Well, a thought on that because of some of the pricing that started to affect it on the January 1 this year, this was actually negotiated already in fourth quarter last year, right?

是的。關於這一點，我想說的是，由於今年 1 月 1 日開始影響價格的一些因素，實際上這些因素早在去年第四季就已經協商好了，對吧？

That's -- some alignment on that on both volume and the pricing. So if volume has changed, of course, that's a different topic. So, there are some volume dynamic in that as well.

也就是說，在銷售和價格方面都達成了一些共識。當然，如果銷量發生了變化，那就是另一個話題了。所以，這其中也存在一些成交量方面的動態因素。

Yes. My question is actually is that because a lot of the pricing that's effective on January 1, beginning of the year, it was actually communicated 1 or 2 months ago before that, toward the end of last year when the time that the supply demand dynamics haven't been really that tight as compared to some of the changes that happened in the just past couple of weeks. Am I getting that right?

是的。我的問題其實是，因為很多在1月1日（年初）生效的價格實際上是在那之前的1到2個月，也就是去年年底的時候就已經公佈了，當時的供需動態不像最近幾週發生的那樣緊張。我理解的對嗎？

Yeah, you're right. Yes. But those also is on certain conditions. So given the condition has changed, the some of the pricing are dynamic.

是的，你說得對。是的。但這些也都有一些附加條件。鑑於情況已經改變，部分價格是動態的。

Yeah. Yeah. Exactly, that is what I'm trying to discuss with you. Because we also saw a lot of the other different components, different subsectors within the tech or semi supply chain that such as memory, I think the pricing were still down in July, August, but all of a sudden, September prices going up. So I'm just curious about that because when you negotiate some of this discount months ago, the supply-demand dynamics was not the same as today.

是的。是的。沒錯，這正是我要跟你討論的。因為我們也看到科技或半導體供應鏈中的許多其他不同組件、不同子行業，例如記憶體，我認為 7 月、8 月的價格仍然較低，但突然之間，9 月的價格上漲了。所以我對此感到好奇，因為幾個月前你協商這些折扣的時候，供需關係與現在並不相同。

So things remain fluid, dynamic and it still continue to be flexible and it's going to be dynamic and open for changes down the road, if things are moving more favorably.

所以，情況仍然瞬息萬變，充滿變數，未來還會保持靈活性，如果情況朝著更有利的方向發展，它也將繼續保持動態性和開放性。

I think the core of the pricing strategy is that it has to be consistent, and it has to anchor with the value that we deliver and also the customers' competitiveness. That is the core. Then usually, that is how we're centering about the pricing discussion. So that core is not compromised.

我認為定價策略的核心在於它必須保持一致性，並且必須與我們提供的價值以及客戶的競爭力掛鉤。這就是核心所在。通常情況下，這就是我們討論定價問題的核心。這樣核心功能就不會受到損害。

Now if the condition has changed, yes, they always have some flexibility to it. So, one is called pricing strategy and position, another is core pricing negotiation. So there will be some flexibility, yes.

如果情況發生了變化，是的，他們總是會有一定的彈性。所以，一個叫做定價策略和定位，另一個叫做核心定價談判。所以會有一定的彈性，是的。

Yeah. And the condition has started to change now.

是的。現在情況已經開始改變。

Yes. So we do think the pricing discussion will be more favorable now, yes.

是的。所以我們認為現在的定價討論會更有利，是的。

Okay, cool. Thank you and happy New Year.

好的，明白了。謝謝，新年快樂。

Thank you. Ladies and gentlemen, we thank you for all your questions. That concludes today's Q&A session. I'll turn things over to UMC Head of IR for closing remarks. Thank you.

謝謝。女士們、先生們，謝謝大家提出的所有問題。今天的問答環節到此結束。接下來我將把發言權交給 UMC IR 主任，請他作總結發言。謝謝。

Thank you for attending this conference today. We appreciate your questions. As always, if you have any additional follow-up questions, please feel free to contact ir@umc.com. Have a good day.

感謝各位今天蒞臨本次會議。感謝您的提問。如有任何後續問題，請隨時聯絡ir@umc.com。祝您一切順利。

Thank you. And ladies and gentlemen, that concludes our conference for fourth quarter 2025. Thank you for your participation in UMC's conference. There will be a webcast replay within two hours. Please visit www.umc.com under the investors events section. You may now disconnect. Thank you again. Goodbye.

謝謝。女士們、先生們，我們2025年第四季的會議到此結束。感謝您參加 UMC 的會議。兩小時內將提供網路直播回放。請造訪 www.umc.com 的投資者活動版塊。您現在可以斷開連線了。再次感謝。再見。