聯華電子 (UMC) 2026 Q2 法說會逐字稿

(audio in progress) I'm Mr. Jason Wang, the CEO of UMC; and Mr. Chi-Tung Liu, the CFO of UMC. In a moment, we will hear our CFO present the second quarter financial results, followed by our CEO's key message to address UMC's focus and third quarter 2026 guidance. Once our CEO and CFO complete their remarks, there will be a Q&A section.

(音訊進行中) 我是聯電（UMC）執行長王石；以及聯電財務長劉啟東先生。稍後將由我們的財務長說明 2026 年第二季財務結果，接著由執行長分享聯電的重點訊息，說明公司聚焦方向與 2026 年第三季展望指引。在執行長與財務長完成致詞後，將進入問答環節。

UMC's quarterly financial reports are available at our website, www.umc.com, under the Investors Financial section.

聯電的季度財務報告可於本公司網站 www.umc.com 的投資人財務資訊專區查閱。

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

在本次會議中，我們可能會根據管理階層目前的預期與信念發表前瞻性陳述。這些前瞻性陳述受到多項風險與不確定性影響，可能導致實際結果與陳述內容有重大差異，其中包括可能超出公司控制範圍的風險。關於這些風險與不確定性的更詳細說明，請參閱我們近期及後續向美國證券交易委員會（SEC）及中華民國證券主管機關所提交的文件。在本次會議期間，您可透過網路直播觀看我們的財務簡報資料。

Now, I would like to introduce UMC's CFO, Mr. Chi-Tung Liu to discuss UMC's second quarter 2026 financial results.

現在，我要介紹聯電財務長劉啟東先生，為各位說明聯電 2026 年第二季財務結果。

(interpreted) Thank you, Michael. I'd like to go through the 2Q '26 investor conference presentation material, which can be downloaded or view in real time from our website.

(口譯) 謝謝你，Michael。我將帶各位瀏覽 2026 年第二季（2Q '26）法說會簡報資料，您可從我們網站下載或即時線上觀看。

Starting on Page 4. Second quarter of 2026, Consolidated revenue was TWD68.73 billion with gross margin at 32.5%. Net income attributable to the shareholders of the parent was TWD42.26 billion, and earnings per ordinary share was TWD3.39. Utilization rate in quarter two climbed to 85% from 79% in the previous quarter, and total wafer shipment in the second quarter reached 1.13 million, 12-inch wafer equivalent.

從第 4 頁開始。2026 年第二季合併營收為新台幣 687.3 億元，毛利率為 32.5%。歸屬母公司業主淨利為新台幣 422.6 億元，每股普通股盈餘為新台幣 3.39 元。第二季產能利用率由前一季的 79% 上升至 85%，第二季晶圓出貨量達 113 萬片（12 吋晶圓約當）。

On Page 5, we will start the sequential comparison. Revenue grew 12.6% quarter-over-quarter to reach TWD68.7 billion. Gross margin rate increased by almost over a 3 percentage basis points to 32.5% or TWD22.3 billion. And because of the recent stock market performance, our investment and dividend income together reached TWD30 billion in the third quarter under the nonoperating income and expenses, which helped our net income to reached TWD42.2 billion. And for the net income attributable to the shareholder of the parent is TWD42.26 billion or an EPS of TWD3.39 per share in the second quarter.

第 5 頁開始進行季對季比較。營收季增 12.6%，達新台幣 687 億元。毛利率提升約 3 個百分點至 32.5%，毛利為新台幣 223 億元。此外，受近期股市表現影響，我們在營業外收支項下的投資與股利收入合計於第三季達新台幣 300 億元，帶動淨利達新台幣 422 億元。第二季歸屬母公司業主淨利為新台幣 422.6 億元，或每股盈餘新台幣 3.39 元。

On Page 6, for the first 6 months of the year, the annual comparison for the first half, our revenue grew 11.3% year-over-year to TWD129.77 billion in the first 6 months of 2026. Gross margin rate also grew by over 3 percentage basis points to 30.9% or TWD40.1 billion in the first 6 months of 2026. For the net nonoperating income, similar for what happened in the second quarter, for the first half of the total nonoperating income reached TWD35.6 billion, which leads our net income to reach TWD58.4 billion in the first 6 months of the year. EPS was TWD4.68 in the first half of 2026.

第 6 頁為上半年年對年比較。2026 年前 6 個月營收年增 11.3%，達新台幣 1,297.7 億元。毛利率亦提升逾 3 個百分點至 30.9%，毛利為新台幣 401 億元。營業外淨收益方面，與第二季情況類似，上半年營業外收入合計達新台幣 356 億元，使得前 6 個月淨利達新台幣 584 億元。2026 年上半年每股盈餘為新台幣 4.68 元。

On Page 7, cash on hand is around TWD124.7 billion, with total equity reached TWD443.9 billion at the end of second quarter of 2026.

第 7 頁，截至 2026 年第二季底，現金及約當現金約為新台幣 1,247 億元，股東權益總額達新台幣 4,439 億元。

On Page 8, our blended ASP increased by a low single-digit percentage in the second quarter of 2026.

第 8 頁，2026 年第二季我們的綜合平均售價（blended ASP）以低個位數百分比上升。

For revenue breakdown on Page 9, Asia remained our largest revenue pool, around 66% of total revenue, and North America reached about 22%.

第 9 頁為營收地區別。亞洲仍為最大營收來源，約占總營收 66%，北美約占 22%。

On Page 10, IDM didn't really change much. This quarter is around 15% versus 14% in the previous quarter.

第 10 頁，IDM 客戶占比變化不大。本季約為 15%，前一季為 14%。

For Sales breakdown by application on Page 11, and there's almost no change for the revenue among 3 major segments.

第 11 頁為依應用別的銷售組合，三大主要區塊的營收占比幾乎沒有變化。

So revenue breakdown by technology on Page 12. Our total revenue under 40nm still around 52%, with 22nm/28nm is becoming our largest revenue pool, represent 37% of the total revenue.

第 12 頁為依製程技術別的營收組合。40 奈米以下製程的營收占比仍約為 52%，其中 22/28 奈米已成為最大營收來源，占總營收 37%。

Our quarterly capacity has shown some increase in our Singapore site, Fab 12i for the second quarter, and there will be a more meaningful increase in the coming quarter to reach 192,000 12-inch wafer capacity for our Singapore site.

我們的季度產能在新加坡廠區 Fab 12i 於第二季已有所增加，且在下一季將有更顯著的提升，使新加坡廠區 12 吋晶圓產能達到每月 192,000 片。

On Page 14, our annual CapEx budget has raised or increased to $2 billion from the previous number of $1.5 billion, which we will elaborate in more detail later during the conference call. So this above is the summary of UMC results for second quarter of 2026. More details are available in the report, which has been posted on our website.

第 14 頁，我們的年度資本支出（CapEx）預算已由先前的 15 億美元上調至 20 億美元，稍後在電話會議中我們會進一步說明。以上為聯電 2026 年第二季營運結果摘要。更多細節請參閱已公布於本公司網站的報告。

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

接下來把時間交給聯電執行長王石先生。

(interpreted)Thank you, Chi-Tung. Good evening, everyone. Here, I would like to share UMC's second quarter results. In the second quarter, our wafer shipment increased 10.6% quarter-on-quarter driven by strong demand in communications and consumer segments, further improving utilization rate to 85%. Revenue from our 22/28nm business continues to set record high with 22nm revenue representing 17.5% of the second quarter sales.

(口譯) 謝謝你，啟東。各位晚安。在此我想與各位分享聯電第二季的成果。第二季在通訊與消費性產品需求強勁帶動下，晶圓出貨量季增 10.6%，產能利用率進一步提升至 85%。我們 22/28 奈米業務營收持續創新高，其中 22 奈米營收占第二季銷售額 17.5%。

Earlier this month, we announced the company's first mass production delivery of a 12-inch photonics IC to a customer, a major milestone for UMC that demonstrates the company's high-volume silicon photonics manufacturing capabilities on 12-inch wafers. As we prepare to launch our silicon photonics platform available for general customer use in 2027.

本月稍早，我們宣布公司首次向客戶交付 12 吋光子 IC 的量產產品，這是聯電的重要里程碑，展現公司在 12 吋晶圓上具備高產量矽光子製造能力。同時，我們也正準備於 2027 年推出可供一般客戶使用的矽光子平台。

Looking ahead to the third quarter, we expect demand momentum to remain stable across the computer, communication and consumer segments with the shipment projected to increase by high single digits, driven by strong demand of power management IC, sensors and microcontrollers.

展望第三季，我們預期電腦、通訊與消費性產品等領域的需求動能將維持穩定，出貨量可望以高個位數成長，主要受惠於電源管理 IC、感測器與微控制器的強勁需求。

Our 8-inch portfolio is also seeing a strong rebound and utilization is expected to improve significantly in the third quarter. With our 12-inch capacity already at a healthy utilization rate supporting core business, we must also prepare in advance to ensure UMC is well positioned to capture future opportunities driven by AI.

我們的 8 吋產品組合也出現強勁回升，第三季產能利用率預期將顯著改善。在 12 吋產能已維持健康利用率以支撐核心業務之際，我們也必須提前準備，確保聯電能掌握由 AI 驅動的未來機會。

To ensure we are ready to scale rapidly to support our customers, we announced today that our Board of Directors has approved a plan to expand cleanroom capacity at our Singapore P4 facility and to construct a new fab in Tainan, Taiwan. The plan will be executed in phases, enabling UMC to remain focused on capital discipline with the pace of facility deploying capacity to fulfill customer demand. As a result, 2026 capital expenditure budget will be revised upward to USD2 billion.

為確保我們能快速擴充以支援客戶需求，我們今日宣布董事會已核准擴增新加坡 P4 廠無塵室產能，並在台灣台南興建新晶圓廠的計畫。該計畫將分階段執行，使聯電能維持資本紀律，並依客戶需求的節奏逐步導入產能。因此，2026 年資本支出預算將上修至 20 億美元。

Now, let's move on to the third quarter 2026 guidance. Our wafer shipment will increase by high single digits. ASP in U.S. dollar will remain firm. Gross margin will be in the mid-30% range. Capacity utilization rate will be greater than 90%. To support the growing customer demand in silicon photonics advanced packaging, the 2026 CapEx will be raised to USD2 billion from USD1.5 billion.

接下來進入 2026 年第三季展望指引。晶圓出貨量將以高個位數成長。以美元計價的 ASP 將維持穩健。毛利率將落在 30% 中段區間。產能利用率將高於 90%。為支援矽光子先進封裝日益成長的客戶需求，2026 年資本支出將由 15 億美元提高至 20 億美元。

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

以上是我的發言。感謝各位的聆聽。現在我們準備開始提問。

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

是的。謝謝。各位女士、先生，我們現在開始問答環節。(接線員指示)

Laura Chen, Citi.

Laura Chen，花旗。

(interpreted) Yeah, hi. Thank you for taking my questions and Congratulations for the good result and outlook. It's great to see that UMC has a good progress on the silicon photonics and also see that power management IC improvement. So I assume that these are all prepared for the AI-related business. So I'm just wondering for the longer term, does UMC have any indication or target of your AI-related revenue? And can you also give us a breakdown of products that you are aiming for? Thank you.

(口譯) 是的，您好。謝謝讓我提問，也恭喜你們有很好的成果與展望。很高興看到聯電在矽光子方面有不錯的進展，也看到電源管理IC有所改善。所以我假設這些都是為AI相關業務所做的準備。我想請教較長期來看，聯電是否有任何AI相關營收的指標或目標？也能否提供你們鎖定的產品別拆分？謝謝。

(interpreted) Well, the first of all, our AI-related business is driven by the specialty semiconductor solution, supported a broad range of applications, including the power management, connectivity, FPGA as well as our growing advanced packaging and silicon photonics business. Those are the focus. This business will have already begun important become a contributor to our growth in 2026. The current revenue for 2026 is projected to close to approximately $300 million for this year. And looking ahead, in three years, we expect the AI exposure to exceed USD1 billion.

(口譯) 好的，首先，我們的AI相關業務是由特殊製程半導體解決方案所驅動，支援廣泛的應用，包括電源管理、連結性、FPGA，以及我們持續成長的先進封裝與矽光子業務。這些是我們的重點。這項業務已經開始，並將在2026年成為我們成長的重要貢獻來源。目前對2026年的營收預估，今年將接近約3億美元。展望未來，三年後，我們預期AI相關曝險將超過10億美元。

Very helpful. My second question is about, like, the overall demand outlook. We know that Q3, we will see the deterioration rate improvement. But I think consumer electronics demand in general is still quite weak. So what's the management view about the sustainability into probably Q4? Or do you have any visibilities into maybe early next year?

非常有幫助。我的第二個問題是關於整體需求展望。我們知道第三季會看到惡化速度改善。但我認為消費性電子需求整體仍相當疲弱。管理層對於延續到第四季的可持續性看法如何？或是你們對明年初是否有任何能見度？

Well, right now, what we see from the market is the worldwide demand is improving with a broader and more sustainable momentum. But it remains more AI-led. AI is leading that and it's building over into memory, connectivity and power segment. Now, AI demand recovery is still mixed across different end device markets and supply reduction plus inventory normalization but moving to the market towards more of a balanced and predictable environment. So we do see the future outlook is increased in terms of visibility.

目前我們從市場看到的是，全球需求正在改善，且動能更廣泛、也更具可持續性。但仍然是以AI為主導。AI帶動需求，並外溢到記憶體、連結性與電源等領域。目前AI需求復甦在不同終端裝置市場之間仍呈現分歧，同時供給縮減加上庫存正常化，正讓市場走向更平衡且更可預測的環境。因此我們確實看到未來展望在能見度方面有所提升。

For the AI-related demand, while they coming remain very strong, what may be changing is the XPU demand remains strong. Besides that, the bottleneck is not only on compute, but also on memory, connectivity, power management that I mentioned earlier. In the near term, we are seeing upside to our silicon photonics, power and FPGA-related products, particularly in our 40nm and 65nm technologies.

就AI相關需求而言，雖然仍然非常強勁，可能正在變化的是XPU需求依舊強。除此之外，瓶頸不僅在運算，也在我先前提到的記憶體、連結性與電源管理。短期內，我們看到矽光子、電源以及FPGA相關產品有上行空間，特別是在我們的40奈米與65奈米技術上。

For the non-AI, it's uneven. So we will not categorize the current environment as a full-blown broad-based recovery yet. In the near term, we do acknowledge that consumer segment, including the handset, PC and notebook will experience a year-over-year decline. However, for UMC, our wafer shipment will grow year-on-year on 22/28nm as well as our 8-inch business.

至於非AI部分，表現不均。因此我們還不會把目前環境歸類為全面、廣泛的復甦。短期內，我們也承認消費性領域（包括手機、PC與筆電）將出現年對年下滑。不過對聯電而言，我們在22/28奈米以及8吋業務的晶圓出貨量將年對年成長。

In conclusion, our 2026 wafer shipment will increase both driven by our own foundry share gain as well as a customer share gain in both AI and non-AI market. The 8-inch loading will improve to mid-80% range, while mature 12-inch loading will also increase quarter-on-quarter on AI-related demand.

總結來說，我們2026年的晶圓出貨量將增加，動能來自我們自身晶圓代工市占提升，以及客戶在AI與非AI市場的市占提升。8吋產能利用率將改善至80%中段水準，而成熟12吋產能利用率也將在AI相關需求帶動下季對季提升。

Okay. In that case, can I also just quickly check what's your view on the ASP trend into the second half?

了解。那我也想快速確認一下，你們對下半年ASP走勢的看法是什麼？

I mean, the our pricing strategy has always remained consistent. We are not trying to maximize the short-term pricing based on the market cycle. Instead, we focus on maintaining a sustainable business model through value-based pricing that reflects our differentiated technology, manufacturing capability and long-term partnership with customers. As the demand in industry conditions continue to improve, we are working with the customers to ensure pricing appropriately reflected that value while supporting continuous investment in technology and capacity.

我們的定價策略一直以來都保持一致。我們不會試圖依據景氣循環去最大化短期價格。相反地，我們專注於透過價值導向定價來維持可持續的商業模式，該定價反映我們差異化的技術、製造能力以及與客戶的長期合作關係。隨著需求與產業狀況持續改善，我們正與客戶合作，確保價格能適當反映該價值，同時支持在技術與產能上的持續投資。

Gokul Hariharan, JPMorgan.

Gokul Hariharan，摩根大通。

(interpreted) So Jason, could you talk a little bit about your the capacity expansion plan at Singapore P4 as well as your plan to construct a new fab in Tainan? Like, what are the kind of milestones we should look at? And what are the kind of phases that you are looking to kind of phase this capacity in? I think how should we compare it to your previous plan about 4, 5 years back when you had this new phase in Tainan and then you also build out the Singapore fab? Is it similar scale or is going to be much smaller scale?

(口譯) Jason，你能否談談新加坡P4的擴產計畫，以及你們在台南興建新廠的計畫？我們應該關注哪些里程碑？你們打算以哪些階段來逐步導入這些產能？另外，應該如何把它與你們在4、5年前的計畫相比，當時你們在台南有新的擴建階段，同時也擴建了新加坡廠？規模是類似，還是會小很多？

Okay. Let me maybe start off what drives that, right? What drives that decision that we made today. When we map out the industry growth over the next five years, we see several important trends. Within the AI data center, while growth in compute and memory will remain high, we also see the connectivity and power also growing at a high CAGR, driven by the need for more bandwidth and more efficient power.

好的。我先從驅動因素開始談，好嗎？也就是驅動我們今天做出這個決策的原因。當我們規劃未來五年的產業成長時，我們看到幾個重要趨勢。在AI資料中心方面，雖然運算與記憶體的成長仍將維持高檔，但我們也看到連結性與電源同樣以高CAGR成長，這是由於需要更高頻寬與更高效率的供電所驅動。

The second is the automotive electrification trend continues. They are not just for EV, but for autonomy and infotainment applications. This third is when we look at this emerging applications such as the robotics, satellites, we know that again, very, very high growth in compute, memory, sensing, connectivity and power. These industry trends, combined with our entry into the advanced packaging such as logic and memory stacking as well as the silicon photonics, will accelerate growth within the UMC addressable market.

第二個是車用電動化趨勢持續。不僅是電動車（EV），也包括自動駕駛與車載資訊娛樂等應用。第三個是當我們看新興應用，例如機器人、衛星時，我們知道在運算、記憶體、感測、連結性與電源方面同樣會有非常、非常高的成長。這些產業趨勢，加上我們切入先進封裝（例如邏輯與記憶體堆疊）以及矽光子，將加速聯電可服務市場的成長。

Within our existing portfolio, we also see that advanced packaging is enabling our customers to think differently about new architectures and designs of their products. Since we believe we are ahead of our peers in advanced packaging, this is leading to share gain and many new opportunities. Therefore, we actually believe the TAM actually will grow significantly compared to the past.

在我們既有的產品組合中，我們也看到先進封裝正使客戶以不同方式思考其產品的新架構與設計。由於我們相信在先進封裝方面領先同業，這正帶來市占提升與許多新機會。因此，我們確實相信相較於過去，TAM將顯著成長。

Consistent with this long-term outlook, in terms of how to do this, we're going to execute each expansion phases we will pursue is based on the market validation, this alignment and customer commitment, which will provide both long-term capacity assurance to our partners and loading protection to UMC. So that's truly the systems behind the decision as well as how we want to execute this.

與這個長期展望一致，在執行方式上，我們將以市場驗證、策略一致性與客戶承諾為基礎來推進每一個擴產階段；這將同時為合作夥伴提供長期產能保障，也為聯電提供產能利用率的保護。這就是這項決策背後的整體機制，以及我們希望如何執行。

You also have a follow-on question in terms of scale?

你還有一個延伸問題是關於規模嗎？

The details and the schedule.

細節與時程。

The milestone and the schedule, right? For right now, for the Singapore, we will invest in the cleanroom for our P4 facility and the two purchase to expanding our silicon photonics capacity. In Tainan, the construction of 12A, P7 and P8 will set up a robust foundation for the UMC to scale the advanced packaging alongside with the customers, long-term product road map, but that's only going to be more of the foundation. We're building the shelf for the 12A, P7 and P8. The cleanroom installation at this time is focused on the Singapore P4.

里程碑與時程，對吧？就目前而言，在新加坡，我們將投資P4廠的無塵室，並採購設備以擴充我們的矽光子產能。在台南，12A、P7與P8的興建將為聯電建立穩健的基礎，使我們能配合客戶的長期產品路線圖，擴大先進封裝規模，但這將更偏向打底。我們是在為12A、P7與P8先把架構搭好。目前無塵室的裝機重點會放在新加坡P4。

And from the milestone line, we now the Board has approved it and then we're going to start engaging with the follow-on activities and then we will report back in terms of the install schedule once we get the confirmation from our installers.

而就里程碑時程來看，目前董事會已經核准，接下來我們會開始推進後續相關工作；一旦從安裝商那邊取得確認，我們也會就安裝時程回報更新。

Got it. Understood. And just follow up on the Intel collaboration on the 12nm now that we are likely to start recognizing some revenues next year. How should we think about how meaningful these 12nm base revenues are going to be? And is it going to be like gross margin accretive given you have like a revenue sharing and a profit sharing kind of agreement with them? Could you talk a little bit more about how we should model this contribution going into next year?

了解。明白。另外追問一下與英特爾在 12nm 的合作，既然我們很可能明年開始認列一些營收。我們應該如何看待這些 12nm 基礎營收的重要性？考量你們與他們有類似營收分成與獲利分成的協議，這會是毛利率增厚（accretive）嗎？能否再多談一些，我們在建模明年貢獻時應該怎麼估？

Well, first, let me update the 12 current status. The overall, the 12nm cooperation project with Intel is advancing smoothly, and we anticipate the product tape-out will commence in 2027. So all the PDK will be ready in May 2026, and the customer design and design in and ready to tape-out in 2027. So 2027 was still at the early stage of ramping the product, I would say, probably at a pilot stage. The production will probably be more meaningful in 2028. So at the current status of the 12nm, in terms of the business model, there will be accreted to our current models current financials.

好，首先我先更新一下 12nm 目前的狀態。整體而言，與英特爾的 12nm 合作專案進展順利，我們預期產品 tape-out 將在 2027 年啟動。因此所有 PDK 會在 2026 年 5 月準備就緒，客戶端設計、design-in 也會在 2027 年準備好進入 tape-out。所以 2027 年仍屬於產品爬坡的早期階段，我會說大概是試產（pilot）階段。較具規模的量產貢獻可能會在 2028 年更為明顯。以目前 12nm 的狀態來看，就商業模式而言，將會對我們現有模式與現行財務表現帶來增益。

Okay. Maybe one last question on gross margins, Jason and Chi-Tung. So you are already about guiding for about 90% utilization and gross margin is kind of reaching mid-30s. Any thoughts about how you think gross margins could progress in this cycle because it feels like in the past cycles where utilization had reached above 90%, gross margins were probably at a higher level given you probably had a little bit more price leverage.

好的。Jason、Chi-Tung，最後一個關於毛利率的問題。你們已經指引稼動率約 90%，毛利率也大概到 30% 中段。你們怎麼看這一輪循環毛利率的走勢？因為感覺過去幾輪當稼動率超過 90% 時，毛利率可能更高，因為你們可能有更多的價格議價能力。

So I just wanted to understand how you think about like where gross margins can reach given the demand seems to be pretty strong and utilization continue to improve. Can we go beyond 40% gross margins like we did in back in 2022 or that is a little bit of a challenge right now?

所以我想了解的是，在需求看起來相當強、稼動率持續改善的情況下，你們認為毛利率可以到什麼水準？我們能像 2022 年那樣讓毛利率超過 40% 嗎？還是目前會比較有挑戰？

So our utilization rate and operating income has increased versus last year, we will continue to improve our fundamental, and we do expect the new project like silicon photonic and advanced packaging will enhance our EBITDA margin, but the higher depreciation expenses will certainly have a swing impact on the gross margin.

我們的稼動率與營業利益相較去年都有提升，我們會持續改善基本面；我們也預期像矽光子與先進封裝等新專案將提升我們的 EBITDA 利潤率，但較高的折舊費用勢必會對毛利率造成波動性的影響。

So I think with the announcement of the new fab in Tainan and also the new cleanroom in Singapore, no doubt, the depreciation expenses will increase as a result. So we are confident to deliver higher profit numbers and also improve enhance our EBITDA margins. But gross margin will also highly depend on the installed equipment and the depreciation expenses curve as a result.

我想隨著台南新廠的宣布，以及新加坡新無塵室的建置，毫無疑問折舊費用會因此增加。因此我們有信心交出更高的獲利數字，同時也提升、強化我們的 EBITDA 利潤率。但毛利率也會高度取決於設備裝機進度，以及隨之而來的折舊費用曲線。

Okay. Chi-Tung, I think previously, we were expecting maybe after this year, depreciation curve could kind of taper down. Is that still the case? Or should we expect that there is still some increase in depreciation next year as you bring on some of the new cleanroom and some new phases?

好的。Chi-Tung，我記得之前我們預期可能在今年之後，折舊曲線會開始趨緩。現在還是這樣嗎？還是我們應該預期明年因為新無塵室與一些新階段導入，折舊仍會增加？

Yes, the newclean room and the new shell in China certainly changed the curve. And now we are expecting the depreciation to increase by low teens for over the next 2 years at least.

是的，中國的新無塵室與新的廠房（shell）確實改變了折舊曲線。目前我們預期未來至少兩年，折舊將以每年低十位數百分比（low teens）的幅度增加。

So low teens each year over the next few years or low teens...

所以未來幾年每一年都是低十位數百分比，還是低十位數……？

Early it will be each year, at least, yes.

前期會是每一年，至少是的。

Charlie Chan, Morgan Stanley.

摩根士丹利，Charlie Chan。

(interpreted) Jason, Chi-Tung, yes. So just some quick follow-up about a previous topic. So first of all, I know you kind of gaining share, but how about your customers' chip inventory, right, because the end market seems to be pretty challenging. So according to our analysis, it seems like your -- some of you have fabless revenue is kind of undergoing your wafer shipment. So I'm wondering whether you're concerned about the chip inventory accumulated at your customer side.

(口譯) Jason、Chi-Tung，你們好。我想就前面一個話題快速追問幾點。首先，我知道你們市占在提升，但你們客戶端的晶片庫存狀況如何？因為終端市場看起來相當具挑戰。依我們的分析，你們——你們部分無晶圓廠（fabless）客戶的營收似乎與你們的晶圓出貨呈現某種變化。所以我想問，你們是否擔心客戶端晶片庫存累積？

Well, I mean, Charlie, the first I mean, we're always cautious about the inventory situation, right? I mean -- but not to the level that we need to be worried at this point. For the first quarter '26, the DOI level is actually rose slightly. They've gone up a little bit. What we see is really coming from, one, PC was strongest driver of inventory buildup as the AI infrastructure build cycle is still ongoing. In the PC I mean the HPC was the strongest driver.

Charlie，我的意思是，我們一直都會對庫存狀況保持謹慎，對吧？但目前還不到需要擔心的程度。以 2026 年第一季來看，DOI（庫存天數）其實是小幅上升。確實有略為增加。我們看到主要來自幾個因素：第一，PC 是庫存增加最強的驅動因素，因為 AI 基礎建設的建置循環仍在進行。在 PC 這塊——我的意思是 HPC 是最強的驅動因素。

In the PC segment, early stocking and shipments occurred in response to rising memory prices, we are seeing that. The inventory and the DOI for the smartphone and consumer segment are rising simultaneously, indicating the end market remains weak. So there are some areas are weaker. And although the demand in automotive and industrial side is stable, their DOI remained higher than the historical average.

在 PC 區塊，因應記憶體價格上漲，出現提前備貨與出貨，我們確實看到這個現象。智慧型手機與消費性產品區塊的庫存與 DOI 同步上升，顯示終端市場仍然疲弱。所以有些領域相對較弱。另外，雖然車用與工業端需求穩定，但它們的 DOI 仍高於歷史平均。

For the Q2 '26, while we're tracking that the overall consumer spending remains weak, and we expect the semiconductor sales to stay strong in 2026, so which will drive the DOI by several days again. But certainly, we're not to the level that we need to be worried, but we are cautious and continue tracking the progress of that.

至於 2026 年第二季，雖然我們追蹤到整體消費支出仍偏弱，但我們預期 2026 年半導體銷售仍會維持強勁，因此 DOI 可能會再增加幾天。不過當然，目前還不到需要擔心的程度；但我們會保持謹慎並持續追蹤其進展。

I see. Yes. So with that kind of impact your kind of negotiation with customers to passing through the cost because you're kind of increasing your investments, right? Do you think there's some dynamic change for you to reflect your value next year?

了解。是的。那在這樣的影響下，會不會影響你們與客戶就成本轉嫁的談判？因為你們正在增加投資，對吧？你覺得明年在反映你們價值方面，是否會有一些動態上的改變？

Well, I mean, first of all, the market outlook for us is we remain optimistic because it's driven by both AI-related and non-AI-related demand. While those demand and industry continues to improve, the pricing environment become more constructive, so the discussion engaging discussion with customers is actually a constructive discussion, giving that visibility, and we expect the annual pricing trend to be better than we anticipated, and we're even expecting more meaningful pricing uplift in 2027.

首先，就我們的市場展望而言，我們仍然樂觀，因為成長動能同時來自 AI 相關與非 AI 相關需求。隨著需求與產業持續改善，定價環境也變得更具建設性，因此與客戶的討論、互動其實是偏建設性的討論；在能見度提升的情況下，我們預期年度價格趨勢會優於先前預期，甚至也預期 2027 年會有更明顯的價格上調。

Okay. Great to hear. Yes. And can I follow up a little bit about advanced packaging business plan because I think it's a pretty into me that you want to extend your event advanced packaging cleanroom for two phases. My understanding is that for 2.5D, your previous focus was more about the interposer production, and you do have some 3D IC, but this is more for RF.

好的。很高興聽到。是的。我想再追問一下先進封裝的業務規劃，因為對我來說你們要把先進封裝無塵室擴建分成兩期，這點相當重要。我的理解是，在 2.5D 方面，你們先前的重點比較偏向中介層（interposer）製造，你們也有一些 3D IC，但主要是用在 RF。

First of all, are you going to do like the full stack of 2.5D, for example, CoWoS and for the 3D IC, are you going to do not just the RF, but also some AI accelerator kind of products. And lastly, we noticed that your Vice Chairman right now kind of move to Unimicron. So I'm not sure whether we can link these two development together. UMC very aggressive advanced packaging and your kind of partnership with the Unimicron in substrate will be even closer than before. Should we think in that way?

首先，你們是否會做 2.5D 的全套能力，例如 CoWoS？另外在 3D IC 方面，你們是否不只做 RF，也會做一些像 AI 加速器這類產品？最後，我們注意到你們現任副董事長近期似乎轉任到欣興（Unimicron）。所以我不確定是否可以把這兩個發展連結在一起。聯電（UMC）在先進封裝上非常積極，而你們與欣興在載板（substrate）方面的合作，是否會比以前更緊密？我們可以這樣理解嗎？

I mean from our advanced packaging offering, I'll start off with that, you're absolutely right. We start with the interposer solution and follow with the RFSOI 3D IC, the chiplet solution. But it's actually offering is actually more than that now. The overall addressable market is projected to more than double by 2030 in our addressable market because it expanded from the 2.5D interposer with DTC, discrete DTC, 3D wafer to wafer stacking which that's what you're referring to the RFSOI and the memory to memory stacking as well.

我的意思是，就我們的先進封裝產品組合而言，我先從這個開始，你說得完全正確。我們從中介層（interposer）解決方案起步，接著是 RFSOI 3D IC、chiplet 解決方案。但其實現在我們提供的內容已經不只如此。由於我們的可服務市場從 2.5D 中介層搭配 DTC（含獨立式 DTC）、3D 晶圓對晶圓堆疊（也就是你提到的 RFSOI），以及記憶體對記憶體堆疊等領域擴大，因此我們的整體可服務市場預估到 2030 年將成長到超過兩倍。

Our customer engagement is building up. with more than 10 active customers now and over 35 new products in discussions and expect to tape out in 2026 and early 2027, and we actually feel pretty optimistic about this advanced packaging space. We and that's why we start to deploy the facility preparation.

我們的客戶互動正在升溫。目前已有超過 10 家活躍客戶，並且有超過 35 個新產品正在討論中，預期會在 2026 年及 2027 年初 tape-out；我們對這個先進封裝領域其實相當樂觀。也因此我們開始部署廠務準備。

Now, we have like you said, we have already entered production for the 3D wafer-of-wafer hybrid bonding, bridge die and discrete DTC, but they will follow by the wafer-to-wafer stacking as well. So we'll continue to broaden our advanced packaging offering, and but not to the CoWoS solution because it's not a platform solution. It's advanced packaging capability serving various different combinations of a solution, both from our existing offering to even the new offering, new integration options. So we see many different new exciting opportunities there, but not a CoWoS, okay?

現在，如你所說，我們已經針對 3D 晶圓對晶圓混合鍵合（hybrid bonding）、bridge die 以及獨立式 DTC 進入量產，但接下來也會導入晶圓對晶圓堆疊。因此我們會持續擴大先進封裝的產品組合，但不會做到 CoWoS 解決方案，因為那不是一個平台型解決方案。我們提供的是先進封裝能力，可服務各種不同組合的解決方案，從既有產品到新的產品、以及新的整合選項。所以我們看到很多令人振奮的新機會，但不是 CoWoS，好嗎？

Now, in terms of the ecosystem, I mean, we're working with entire ecosystem in terms of the -- our solution to serve our customers. So it's not going to be limited to any one particular.

至於生態系方面，我的意思是，我們正與整個生態系合作，讓我們的解決方案能夠服務客戶。所以不會侷限於任何單一特定對象。

Okay. Any kind of a strategic angle or synergy or partnership between you and Unimicron going forward besides the kind of financial investment?

好的。除了財務投資之外，未來你們與欣興（Unimicron）之間是否有任何策略角度、綜效或合作夥伴關係？

At this point, it is mainly driven by the financial. It's one of our investor portfolio company, and we remain as an investor. And so not at this current point. But once there is an opportunity, right, in the ecosystem, we will definitely explore that with them.

就目前而言，主要是由財務面驅動。它是我們投資組合中的一家被投資公司，我們仍然以投資人的身分持有。所以在目前這個時間點沒有。但一旦在生態系中出現機會，我們一定會與他們一起探索。

Okay. And last one, if I may. Just the AI-related revenue. So Jason, did you say that your overall revenue from AI already exceeded the USD1 billion. What was that, your comments?

好的。如果可以的話，最後一個問題。關於 AI 相關營收。Jason，你是說你們來自 AI 的整體營收已經超過 10 億美元了嗎？你剛剛的說法是什麼？

Yes, close to $300 million this year. And in three years, we will exceed $1 billion.

是的，今年接近 3 億美元。三年內，我們會超過 10 億美元。

Okay. Then, how would you define the AI-related revenue? I believe all I can see silicon photonics, silicon interposers. But what's your definition about your AI revenue?

好的。那你們如何定義 AI 相關營收？我想我看到的包括矽光子、矽中介層。但你們對 AI 營收的定義是什麼？

Well, the solution associated with AI as end product, including the connectivity, power management, those are all category of AI.

嗯，與 AI 作為終端產品相關的解決方案，包括連接（connectivity）、電源管理等，這些都歸類為 AI。

Okay. So silicon photonic can be considered as the connectivity.

好的。所以矽光子可以被視為連接的一部分。

Yes, as part of the connectivity solution, yes.

是的，作為連接解決方案的一部分，是的。

Sunny Lin, UBS.

UBS 的 Sunny Lin。

Congrats on the very strong outlook. So I want to follow up on the new expansions. So may I double confirm that these two new expansion will be mainly for silicon photonics and advanced packaging, not for a typical foundry business. And Jason, you just mentioned that you do think advanced packaging overall the addressable market for UMC should more than double by 2030.

恭喜你們展望非常強勁。我想追問一下新的擴產。我可以再確認一次，這兩項新的擴產主要會用於矽光子與先進封裝，而不是典型的晶圓代工業務，對嗎？另外 Jason，你剛提到你認為到 2030 年，對聯電而言先進封裝的整體可服務市場將成長到超過兩倍。

Would you be able to share with us the addressable market that you are forecasting for UMC in the coming few years? And would it be fair to assume that maybe we see that the capacitor embedded capacitor may be the major one? Or how should we think about the contributions from the various projects that you are working on?

你能否跟我們分享一下，你們預估未來幾年聯電的可服務市場規模？另外，是否可以合理假設嵌入式電容（embedded capacitor）可能會是主要項目？或者我們應該如何看待你們正在推進的各個專案對營收的貢獻？

Yes. I mean, first of all, for the announced the cleanroom preparation in our Singapore P4 facility is prepared for the silicon photonics capacity. And the Tainan facility of the P7 is prepared for the advanced packaging.

是的。首先，已公告的新加坡 P4 廠的無塵室準備，是為了矽光子產能做準備。而台南 P7 廠則是為先進封裝做準備。

And in terms of the advanced packaging addressable market growth, that includes the DTC, like you said, and the interposer with DTC, discrete DTC, the wafer-to-wafer stacking and the memory to memory stacking, a very broad offering of advanced packaging. Now the DTC does play a major part of that, and that's a very significant part of that. Since that we have more than 35 different products taking out, there's a high percentage of those are considered the DTC.

至於先進封裝可服務市場的成長，包含你提到的 DTC，以及中介層搭配 DTC、獨立式 DTC、晶圓對晶圓堆疊、以及記憶體對記憶體堆疊，是非常廣泛的先進封裝產品組合。其中 DTC 的確占了很大一部分，而且是非常重要的一部分。由於我們有超過 35 個不同產品要 tape-out，其中很高比例都可歸類為 DTC。

Got it. Very helpful. So would you be able to share with us any color about the size of the addressable market that you are looking at? And also it would be helpful for us to think about the trajectory for your revenue coming from advanced packaging. And so would it be fair to assume that your advanced packaging should see inflection point when your new supply starts to be on board? And given the lead time for expansion, would that be mainly maybe in like late '28, '29 time frame?

了解。非常有幫助。那你能否提供一些資訊，說明你們所看到的可服務市場規模大概是多少？另外，也希望能幫助我們理解你們來自先進封裝的營收成長軌跡。因此，是否可以合理假設，當你們新的供給產能開始到位時，先進封裝業務會出現拐點（inflection point）？再考量擴產的前置時間，這主要會落在 2028 年底、2029 年左右的時間框架嗎？

Yes. I think given the current construction time frame, it's been stretched out. There's a lot of activity going on in the construction side. So from a timing standpoint, we do looking at somewhere greater than 20 months in terms of lead time. And so that will put us into '28 and '29 cycle. However, like the earlier question, we in terms of milestone, I will probably like to share them when I have more specific data because right now, we're getting roughly a 20 months of lead time on the construction. But since we're just approved today, and we're engaging that discussion, and we'll probably report back when we have more specific.

是的。我想以目前的施工時程來看，確實被拉長了。施工端有很多活動在進行。因此就時程而言，我們看到前置時間大約會超過 20 個月。這樣就會落在 2028、2029 的週期。不過如同前面那個問題，關於里程碑，我可能會希望等我有更具體的數據再分享，因為目前我們在施工上大約是 20 個月的前置時間。但由於我們今天才剛獲核准、也正在進行相關討論，等有更明確的資訊後我們會再回報。

Got it. And maybe a question on your Singapore expansion for the P3. And so now given the stronger demand outlook, how should we think about the capacity that you are going to ramp by end of this year and also by end of 2027?

了解。另外想問一下你們新加坡 P3 的擴產。在需求展望更強的情況下，我們應該如何看待你們在今年底以及 2027 年底前將要爬升的產能？

Yes. Part of the approval budget CapEx today, that includes some of the capacity expansion in our P3 facility. And in the existing facility, we will be adding the BCD, which is power management solution as well as silicon photonics. And for the 12A in Taiwan, we will start putting some of the CMS, which we call customized memory stacking and the DTC solution in our 12A in Tainan. Meanwhile, we're also putting some test on the capacity setup in our 8-inch facility. So that will be underway now. That's all going to happen within our existing facility.

是的。今天核准的資本支出（CapEx）預算中，包含我們 P3 廠的一部分產能擴充。在既有廠區，我們會新增 BCD，也就是電源管理解決方案，以及矽光子。而在台灣的 12A 廠，我們會在台南 12A 導入部分 CMS（我們稱為客製化記憶體堆疊）以及 DTC 解決方案。同時，我們也會在 8 吋廠進行一些產能建置的測試。所以這些都會從現在開始推進。而且這些都會在我們既有廠房內完成。

Got it. So sorry, just to add one question on Singapore P3. So is there a target for your capacities maybe, let's say, by end of this year and end of next year?

了解。不好意思，再補問一個關於新加坡 P3 的問題。你們是否有一個產能目標，例如今年底以及明年底各自大概會到多少？

Yes. I mean once we release this given the tooling time and install, we expect we will see some production ramp on this in, I would say, late '27, early '28.

是的。我的意思是，一旦我們釋出（下單）之後，考量設備交期與安裝，我們預期會在 2027 年底、2028 年初看到一些量產爬坡。

Got it. Okay. Maybe last one on silicon photonics. So now given you have 2 solutions, one on 12-inch that you licensed from imec and the other one on 8-inch by TFLN. And so would you be able to share some color regarding the respective strength of two solutions? And how should the client choose? And based on your current development, which one do you think may drive more meaningful revenue contribution in coming years?

了解。好的。也許最後一題關於矽光子。所以現在鑑於你們有兩個方案，一個是你們從 imec 授權的 12 吋方案，另一個是 TFLN 的 8 吋方案。那你是否能分享一些關於這兩個方案各自優勢的看法？客戶應該如何選擇？以及基於你們目前的開發進度，你認為未來幾年哪一個可能帶來更具意義的營收貢獻？

Okay. Let me maybe start off. For silicon photonics, we are releasing the 12-inch solution. And that's which we believe is the that will be the best solution for our customers and how to differentiate while our other competitors do on 8-inch. The 12-inch will offer better process control, which will give us better performance. For example, the propagation loss, better yield, and we have demonstrated that on silicon wafers already to our customers.

好的。我先從這裡開始。就矽光子而言，我們正在推出 12 吋方案。我們相信這會是對客戶最好的解決方案，也能讓我們在競爭對手多數採用 8 吋的情況下形成差異化。12 吋能提供更好的製程控制，進而帶來更好的效能。例如更低的傳播損耗、更好的良率，而且我們已經在矽晶圓上向客戶展示過。

For the TFLN, we have the world's first TFLN modulator in production already, and we are working on the 40G per lane and for the 3.2T, that is based on the TFLN for the customer today. So we think that's actually the best solution for beyond the 400G. And combining the 2, there will be an integration option for those 2 and we can implement the TFLN with our silicon photonics, the PIC and the through our advanced packaging solution.

至於 TFLN，我們已經有全球第一個量產中的 TFLN 調變器，並且正在推進每通道 40G 以及 3.2T 的產品，而這些今天就是基於 TFLN 提供給客戶。所以我們認為這其實是超越 400G 的最佳解決方案。而把兩者結合起來，會有一個整合選項：我們可以透過先進封裝方案，把 TFLN 與我們的矽光子（PIC）整合在一起。

And along with that, we can offer the optical IO, the OIO, which is interposer with the PIC through our advanced packaging. And we also can provide TFLN a component for the CPO solution. And so we think there's a lot of various combination of this and between the 2. And so we think that we have a unique position on that.

此外，我們也能透過先進封裝提供光學 I/O（OIO），也就是透過中介層（interposer）把 PIC 整合進來。我們也可以把 TFLN 作為 CPO 解決方案的一個元件提供。因此我們認為在這兩者之間有很多不同的組合方式。所以我們覺得自己在這方面具備獨特的定位。

Haas Liu, Bank of America.

Haas Liu，美國銀行。

Congrats on the great results. My first question is regarding your CapEx outlook in the next couple of years. You mentioned that AI revenue could be in three years could be at around USD1 billion contribution. So how should we think about that your CapEx growth trajectory in the next few years to achieve that goal? And relatedly, I think how should we also think about your equipment investment as a percentage of your CapEx in the next two years? Because it seems that you meaningfully revised up your depreciation outlook for the next two years.

恭喜你們有很好的成果。我第一個問題是關於你們未來幾年的資本支出（CapEx）展望。你提到 AI 營收在三年內可能貢獻約 10 億美元。那我們應該如何看待你們未來幾年為達成該目標的 CapEx 成長軌跡？另外，我也想問未來兩年你們設備投資占 CapEx 的比例應該如何看待？因為看起來你們大幅上修了未來兩年的折舊展望。

For CapEx, today's Board meeting approved nearly USD5 billion already. So that's the number we will work with for the next over the next two years or maybe three years. And as our CEO pointed out, this is going to be a phased construction or phase expansion strategy. So we will adjust accordingly based upon customer commitments and our customer wins. So we don't really have a full number, but to start with USD5 billion for the next 2 to 3 years is probably the beginning.

關於 CapEx，今天董事會已經核准接近 50 億美元。所以這就是我們未來兩年、或可能三年要依循的數字。如同我們執行長指出，這會是一個分期建設或分階段擴產的策略。因此我們會根據客戶承諾與我們拿下的客戶案子來做相應調整。所以我們目前沒有一個完整的總數，但以未來 2 到 3 年先從 50 億美元開始，可能只是起點。

And in terms of depreciation, as I mentioned, earlier it will be low teens increase year-over-year for at least this year as well as 2027. And for 2028, it will depend on the CapEx number based upon the factors I just highlighted.

至於折舊，如我先前提到，今年以及 2027 年至少都會是年增低十位數（low teens）。而 2028 年則會取決於 CapEx 數字，並受我剛才強調的因素影響。

Got it. That's very clear. So in the next two years in 2027 and also 2028, your CapEx will be at least USD 5 billion for the new investments?

了解。很清楚。所以在接下來兩年，也就是 2027 與 2028，你們的新投資 CapEx 至少會是 50 億美元？

Total will be today's Board approved USD 5 billion, which will be spent across 2026 and '27. And the '28 numbers will depend on the phase expansion.

總額是今天董事會核准的 50 億美元，會分別在 2026 與 2027 年支出。而 2028 年的數字則取決於分期擴產的進度。

Got it. Very clear. And then I think just regarding that capacity expansion plan you are targeting and the AI revenue mix you are targeting that it seems like in 3 years based on our model that your AI revenue could reach 10% of your total sales versus low single digits this year. Would you be able to try to or do you have any view on which part of the applications could actually be the main drivers?

了解。非常清楚。接著關於你們目標的產能擴充計畫以及 AI 營收占比目標：看起來依我們模型，三年後你們 AI 營收可能達到總銷售的 10%，而今年則是低個位數。你能否嘗試說明，哪些應用領域可能會是主要驅動力？

You mentioned a couple of drivers, for example, like connectivity, silicon photonics and also power management IC. But would you be able to rank it in terms of the growth rate or from the revenue contribution perspective, which part of the application is going to be the key driver?

你提到幾個驅動因素，例如連接性、矽光子以及電源管理 IC。但你能否就成長率或營收貢獻的角度做個排序：哪些應用會是關鍵驅動？

Obviously, from the growth standpoint, because the silicon photonics and the advanced packaging is still at early stage. So from the compound annual growth rate standpoint, they are the fastest growing and the highest growth rate. And but we also believe on the existing our current existing solution will also grow. And so and it's driven by the also the AI and non-AI space. So those will also grow in a lower pace growth rate.

很明顯，從成長角度來看，因為矽光子與先進封裝仍處於早期階段。所以就複合年成長率（CAGR）而言，它們是成長最快、成長率最高的。但我們也相信，我們現有的解決方案也會成長。而且這同時受到 AI 與非 AI 領域的帶動。因此那些也會成長，只是成長速度會比較低。

Okay. Yes. And that's my follow-up question is just regarding your strategic positioning. We start ramping your capacity for silicon photonics and advanced packaging in 2028. I was just wondering compared to your peer solutions, which probably have already been in the market for a few years, what do you think your strength is compared to them? Is it from a technology road map perspective or your customer relationships? Or is it still coming from the demand spill over, which could actually you could also capture some of the fast expanding addressable market within that big pie.

好的。是的。我的追問是關於你們的策略定位。你們會在 2028 年開始拉升矽光子與先進封裝的產能。我想了解，相較於同業方案可能已在市場上好幾年，你認為你們相對的優勢是什麼？是技術路線圖的優勢，還是客戶關係？或者仍然是需求外溢（spillover）所帶來的機會，使你們也能在那個快速擴張的可服務市場中分一杯羹？

Well, I mean, I think on the silicon photonics, like I mentioned earlier, we are the first offering the 12-inch solution, and we believe that's actually a better process compared to the 8 inches on the market today. So it offers much better performance and the process control. So we think there's a huge differentiation there. So I think that's the technology process advantage.

嗯，我認為在矽光子方面，如我先前提到，我們是第一個提供 12 吋方案的，我們相信這相較於目前市場上的 8 吋製程確實更好。因此它能提供更好的效能與製程控制。所以我們認為這裡有很大的差異化。我想這就是技術製程上的優勢。

So for the TFLN, we also believe that's the best option for anything beyond the 400G in the market today, and we're going to be massive putting the mass production on that as well. So I think there's a big technology differentiation, not a spillover. I mean there's on the existing solution, I think there will be there will be multiple factors. And but in a much lower growth rate is because some of the spillover reason. But despite the existing technology also has our own driver that drives the growth. But coming back to the silicon photonics, which is the biggest, highest driver as well as the advanced packaging, I think we have a very good differentiation there.

至於 TFLN，我們也相信它是目前市場上任何超越 400G 應用的最佳選項，而且我們也會大規模推進其量產。所以我認為這是很大的技術差異化，而不是需求外溢。至於既有解決方案，我認為會有多重因素。而其成長率較低，部分原因確實是外溢效應。但即便如此，既有技術也有我們自身的驅動因素帶動成長。不過回到矽光子（最大、最高的驅動）以及先進封裝，我認為我們在那裡有非常好的差異化。

Okay. Yes. And I think just a quick follow-up before jumping back to the queue is that your gross margins had a pretty nice uplift in the second quarter. And I think the guidance for the third quarter near term is also pretty solid as well. Would you be able to quantify the factors supporting your gross margins? For example, like utilization, pricing and FX, any of these are positives or negatives? Could you just try to share with us in a more quantitative way?

好的。是的。在回到提問隊列之前，我再快速追問一下：你們第二季毛利率有相當不錯的提升。而且第三季短期指引看起來也很穩健。你能否量化一下支撐毛利率的因素？例如產能利用率、定價與匯率（FX），這些因素各自是正面還是負面？能否用更量化的方式跟我們分享？

So the higher quarter three gross margin guidance is mainly attributed to the higher utilization rate. So loading was 85% in second quarter. Our guidance for the third quarter is 90% plus. And Yes, there will be multiple factors, including ASP product mix and utilization rate, foreign exchange rate and depreciation, et cetera, et cetera. So our focus is certainly to enhance our profitability. But as I mentioned earlier, for the next 2, 3 years, we will continue to improve, deliver better results for EBITDA margin and gross margin will come along with the depreciation curve.

因此，第三季較高的毛利率指引主要歸因於較高的產能利用率。第二季的稼動率為85%。我們對第三季的指引是90%以上。當然，會有多項因素影響，包括ASP、產品組合與產能利用率、匯率以及折舊等等。因此，我們的重點確實是提升獲利能力。但如我先前提到的，未來2到3年，我們將持續改善，交出更好的EBITDA利潤率表現，而毛利率也會隨著折舊曲線一同改善。

Yes, that sounds great. And I think just one more is probably just on your power IC exposure. Could you share with us how much of your revenue is coming from these products, no matter it is for which end markets? And I think second thing is probably just on the utilization by inch and also 12-inch. Last time, you mentioned that 12-inch was still slightly higher than 8-inch. But what's your view right now for same quarter and third quarter?

是的，聽起來很不錯。我想再追問一個問題，關於你們在電源IC的曝險。可否與我們分享，無論是面向哪些終端市場，這些產品目前占你們營收的比重是多少？第二個問題可能是關於8吋與12吋的稼動率。上次你們提到12吋仍略高於8吋。那你們目前對本季以及第三季的看法是什麼？

I mean the 12-inch is still above corporate average. We believe the we look at the we expect the Q3, the loading will be greater than 90% and 12-inch is greater than corporate average and the 8-inch is below. And I think I actually mentioned that earlier, I think the 8-inch will reach 85%.

我的意思是，12吋目前仍高於公司平均。我們預期第三季稼動率會高於90%，其中12吋高於公司平均，而8吋低於公司平均。而且我想我先前其實也提過，我認為8吋會達到85%。

Okay. So your power IC exposure is how much percentage of your sales now?

了解。那你們目前電源IC相關的曝險，占你們銷售額的百分比是多少？

I mean we categorize that is the part of our specialty offering. And the specialty offering today is representing 50% of our revenue today.

我們把它歸類為我們特殊製程（specialty）產品組合的一部分。而目前特殊製程產品組合約占我們營收的50%。

Katherine Yu, Goldman Sachs.

Katherine Yu，高盛。

(interpreted) So my first is on I would like to know what's our strategy on more advanced nodes going forward because we're now working with Intel on 12nm and where does that go from here? Or is it fair to think that we could enter more advanced nodes, say, 7nm and below? And if so, what would be this model look like? And maybe I'll put it this way, that what are the key factors that we need to see before we're committed to expanding beyond 12nm?

(口譯) 我的第一個問題是，我想了解我們未來在更先進製程節點上的策略，因為我們現在正與英特爾在12奈米上合作，接下來會如何發展？或者是否可以合理地認為，我們可能會進入更先進的節點，例如7奈米及以下？如果是的話，這會是什麼樣的模式？也許我換個方式問：在我們承諾擴展到12奈米以外之前，需要看到哪些關鍵因素？

I think the simple answer to that is we have to first deliver the 12nm. We have to prove the business model as well as deliver the 12nm. And so the overall, the 12nm collaboration project is going smoothly. And so I think the 12nm need to be the solid foundation for us to explore the next generation. But meanwhile, the 12nm representing more than just the pure logic today, we actually are already expanding that to the high-voltage from the 12nm, which is 14.

我想最簡單的答案是，我們必須先把12奈米做出來。我們也必須證明這個商業模式，同時交付12奈米。整體而言，12奈米合作專案進展順利。因此，我認為12奈米需要成為我們探索下一代技術的穩固基礎。同時，12奈米今天所代表的不僅僅是純邏輯製程，我們其實也已經從12奈米延伸到高電壓平台，也就是14奈米。

And there are more in terms of derivative and specialty technologies in discussion right now. So there's a lot of activity and lots of work that we have to get done for the 12nm today. But yes, I mean, the simple way to look at it is we have to execute the 12nm and then we will explore beyond.

目前也正在討論更多衍生與特殊製程技術。所以在12奈米上有很多活動、也有很多工作需要完成。但沒錯，我的意思是，最簡單的看法就是：我們必須把12奈米執行到位，然後再往更先進的方向探索。

All right. So is it fair to say that beyond maybe enter into 7nm and beyond might be after 2028?

了解。所以是否可以說，進入7奈米及更先進節點，可能要到2028年之後？

Well, I mean, if there is a discussion, we'll probably have more clear milestone.

嗯，我的意思是，如果有相關討論，我們可能會有更明確的里程碑。

Yes. This is really need to be a mutual beneficiary collaboration and the current focus is on 12nm only. Again, UMC is always open to find the best solution to have a low asset type of migration. But again, without a successful 12nm, it's going to be difficult.

是的。這確實需要是一個互利的合作，而目前的重點只在12奈米。再說一次，聯電一向願意尋找最佳解決方案，以較低資產投入的方式進行製程遷移。但同樣地，如果12奈米不成功，就會很困難。

Got it. So my second question is on how would you characterize the current cycle now versus the chip shortage cycle in 2021? I think the last time was a more broad-based supply-driven super cycle with utilization over 100% with pretty aggressive ASP increases almost every quarter. And this time, the recovery looks more narrow to more concentrated on AI. So do you agree that the nature of the demand has actually fundamentally changed?

了解。我的第二個問題是，你會如何描述目前的景氣循環，與2021年晶片短缺那一波循環相比？我認為上一次是更廣泛、由供給驅動的超級循環，稼動率超過100%，而且幾乎每一季都有相當激進的ASP上調。而這一次的復甦看起來更狹窄、更集中在AI。所以你是否同意，需求的性質其實已經出現根本性的改變？

And the key question I want to ask is that how should we think about your margin trajectory going forward and the pricing power this time versus the last up cycle? Do you think it's possible for your gross margin to surpass the level the peak level that we saw in 2022 in the coming years?

我想問的關鍵問題是：我們應該如何看待你們未來的毛利率走勢，以及這一波相較於上一波上行周期的定價能力？你認為未來幾年你們的毛利率有可能超越我們在2022年看到的高峰水準嗎？

Well, maybe start off with the outlook. I mean, we like you said, we are seeing the AI-related segment remain as the primary growth driver for the entire industry. And with the continuous commercial deployment of edge AI application, demand for chips or in general purpose server is also expecting to rise, but that's also related to AI. In contrast, the non-AI demand is still mixed across different end markets, end device market. While the overall semiconductor industry is projected to grow higher to maybe low 20% range this year compared to earlier year, increase of low 20%, we think mainly driving by the AI.

嗯，也許先從展望談起。如你所說，我們看到AI相關領域仍是整個產業的主要成長動能。隨著邊緣AI應用持續商業化部署，對晶片的需求，或更廣義而言對通用型伺服器的需求，也預期會上升，但這同樣與AI相關。相較之下，非AI需求在不同終端市場、終端裝置市場之間仍呈現分歧。整體半導體產業今年預估成長可提高到約低20%區間，相較前一年增加低20%，我們認為主要是由AI所帶動。

So yes, it is different than the previous. It's not a broad-based recovery. And I will probably have Chi-Tung talk about the gross margin. But before that, and I have the same answer on the previous about the ASP is we do see the demand and the industry conditions is improving. So the pricing environment has become more constructive. So we think the pricing trend will be better.

所以是的，這與之前不同。這不是一個廣泛性的復甦。我可能請啟東來談毛利率。但在那之前，關於ASP我也會給出與先前相同的回答：我們確實看到需求與產業環境正在改善。因此，定價環境變得更具建設性。所以我們認為價格趨勢會更好。

So as for gross margin, we really don't compare ourselves to the historical data. I mean we certainly try very hard to deliver higher profit in absolute dollar terms back to our shareholders. And as I mentioned, because of the new fab ramp, both in Singapore and in Tainan, so the depreciation expenses and how we amortize them will have a big impact on the near-term gross margin. So I think we are a lot more confident to say our EBITDA margin will show steady growth over the next cycle or next few expansion phases. But the gross margin will be largely dependent upon how we book the depreciation.

至於毛利率，我們其實不會拿自己去和歷史數據做比較。我們當然會非常努力，以絕對金額的角度為股東帶來更高的獲利。如我提到的，由於新廠在新加坡與台南的爬坡，折舊費用以及我們如何攤提，將對短期毛利率造成很大影響。因此，我們更有信心的是，在下一個循環或接下來幾個擴產階段，我們的EBITDA利潤率將呈現穩健成長。但毛利率在很大程度上將取決於我們如何認列折舊。

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

各位女士、先生，感謝大家的提問，今天的問答環節到此結束。接下來我把時間交給聯電投資人關係主管做結語。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.

感謝各位今天參加本次會議。我們很感謝各位的提問。一如往常，若您有任何後續問題，歡迎隨時聯絡 ir@umc.com。祝各位有美好的一天。

Thank you. And ladies and gentlemen, that concludes our conference for 2Q '26. Thank you for all your participation in UMC's conference. There will be a webcast replay within two hours, and please visit www.umc.com under the Investors Events section. You may now disconnect. Thank you again. Goodbye.

謝謝。各位女士、先生，聯電2026年第二季法說會到此結束。感謝各位參與聯電的法說會。兩小時內將提供網路重播，請至 www.umc.com 的投資人活動（Investors Events）專區瀏覽。您現在可以掛線。再次感謝。再見。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本逐字稿中標示為（口譯）的部分，為現場電話會議中由口譯員所翻譯之內容。口譯員由主辦本活動的公司提供。