Visteon Corporation (VC) 2026 Q2 法說會逐字稿

Good morning. I'm Ryan Ghazaeri, Vice President of Investor Relations and Corporate Strategy. Welcome to our earnings call for the second quarter of 2026.

早安。我是 Ryan Ghazaeri，投資人關係與企業策略副總裁。歡迎參加我們 2026 年第二季財報電話會議。

Before we begin this morning's call, I'd like to remind you that today's presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and are subject to various risks, uncertainties, and assumptions that could cause actual results to differ materially from those expressed. Please refer to the page titled, Forward-Looking Statements in our earnings material for more detail.

在我們開始今天早上的電話會議之前，我想提醒各位，今天的簡報包含《1995 年私人證券訴訟改革法》所界定的前瞻性陳述。這些陳述並非對未來績效的保證，且受多項風險、不確定性與假設影響，可能導致實際結果與所表述內容出現重大差異。更多細節請參閱我們財報資料中題為「前瞻性陳述」的頁面。

Presentation materials for today's call were posted this morning on the Investors section of Visteon's website. Joining us today are Sachin Lawande, President and Chief Executive Officer; and Jerome Rouquet, Senior Vice President and Chief Financial Officer.

今天電話會議的簡報資料已於今早發布在 Visteon 官網的投資人專區。今天與會者包括總裁暨執行長 Sachin Lawande，以及資深副總裁暨財務長 Jerome Rouquet。

We have scheduled the call for one hour, and we'll open the lines for questions after Sachin and Jerome's prepared remarks. Please limit your participation to one question and one follow-up.

我們將本次電話會議安排為一小時，並將在 Sachin 與 Jerome 的準備發言結束後開放提問。請將您的參與限制為一個問題及一個追問。

Thank you again for joining us. Now I'll turn over the call to Sachin.

再次感謝各位參與。現在我把電話會議交給 Sachin。

Thank you, Ryan, and good morning, everyone. Visteon delivered another quarter of solid execution despite the challenging industry production environment. Customer vehicle production declined approximately 5% during the quarter, yet our sales remained essentially flat year over year, resulting in approximately 4 percentage points of market outperformance.

謝謝你，Ryan，各位早安。儘管產業生產環境充滿挑戰，Visteon 仍在本季再次展現穩健的執行力。本季客戶整車產量約下滑 5%，但我們的銷售額年對年基本持平，因而帶來約 4 個百分點的市場超越表現。

This performance was driven by the continued ramp of decent launches, particularly in Europe and India, underscoring the benefits of our diversified customer base and expanding product portfolio. Adjusted EBITDA was $116 million, representing a 12.1% margin, while adjusted free cash flow remained positive. Our balance sheet continues to be healthy, ending the quarter with $650 million in cash, providing flexibility to invest in growth while returning capital to shareholders.

此表現主要來自多項新案持續爬坡，尤其在歐洲與印度，凸顯我們多元化客戶基礎與擴大的產品組合所帶來的效益。調整後 EBITDA 為 1.16 億美元，調整後 EBITDA 利潤率為 12.1%，同時調整後自由現金流仍為正值。我們的資產負債表持續健康，本季末現金為 6.5 億美元，提供我們在投資成長的同時回饋股東的彈性。

Beyond the financial results, we continue to execute on the strategic priorities we outlined at Investor Day. We launched 24 new products across 11 automakers and secured $2 billion of new business awards, bringing first-half bookings to $3 billion and keeping us on track for our full-year $6 billion target.

除了財務結果之外，我們也持續推進在投資人日所提出的策略優先事項。我們在 11 家車廠推出 24 項新產品，並取得 20 億美元的新業務授予，使上半年訂單金額達 30 億美元，並讓我們維持達成全年 60 億美元目標的進度。

We also expanded our SmartCore high-performance compute business with another premium brand under the Geely Group, further strengthening our position in AI-enabled cockpit computing and reinforcing our confidence in the long-term growth opportunity for that product offering.

我們也在吉利集團旗下再新增一個高端品牌，擴大 SmartCore 高效能運算業務，進一步強化我們在 AI 賦能座艙運算領域的地位，並提升我們對該產品長期成長機會的信心。

Finally, this morning, we announced a $200 million accelerated share repurchase program, representing the next step in executing the capital allocation framework we outlined at our Investor Day in June.

最後，我們今早宣布一項 2 億美元的加速股份回購計畫，這是落實我們在 6 月投資人日所說明資本配置框架的下一步。

Let me now turn to our second quarter sales performance on page 3. This slide shows our regional sales performance in what remained a challenging production environment. Customer vehicle production declined in every major region during the quarter, yet our diversified customer base, recent product launches, and disciplined execution enabled us to outperform underlying market trends.

接下來請看第 3 頁，說明我們第二季的銷售表現。這張投影片呈現我們在仍具挑戰的生產環境下，各區域的銷售表現。本季各主要區域的客戶整車產量皆下滑，但憑藉多元化的客戶基礎、近期產品上市以及嚴謹的執行，我們得以超越基礎市場趨勢。

Starting with the Americas, sales reflected the headwinds we have discussed previously. Lower customer production, reduced BMS volumes with GM, and Ford vehicle discontinuations. Those headwinds were partially offset by the continued ramp of Nissan multi-display systems and Volkswagen infotainment programs, allowing us to perform broadly in line with the underlying customer vehicle production.

先看美洲地區，銷售反映了我們先前討論過的逆風因素。包括客戶產量降低、與通用汽車（GM）相關的 BMS 出貨量減少，以及福特車款停產。這些逆風部分被 Nissan 多螢幕系統與 Volkswagen 資訊娛樂專案的持續爬坡所抵銷，使我們的表現大致與客戶整車產量的基礎趨勢一致。

Europe was the strongest-performing region. Sales increased despite weaker customer production, driven by excellent launch execution. Our panoramic display program with Audi, multi-display systems with Renault, and the new Mercedes display launches all contributed to strong regional momentum and meaningful market outperformance.

歐洲是表現最強的區域。儘管客戶產量較弱，銷售仍然成長，主要受惠於優異的新案導入執行。我們與 Audi 的全景顯示專案、與 Renault 的多螢幕系統，以及 Mercedes 的新顯示器上市，皆帶動強勁的區域動能與顯著的市場超越表現。

In rest of Asia, underlying demand remained strong. Growth in India more than offset currency headwinds and the roll-off of a Mazda program in Japan. SmartCore programs with Mahindra, along with infotainment launches with Tata and continued two-wheeler growth supported another quarter of solid execution.

在亞洲其他地區，基礎需求仍然強勁。印度的成長不僅抵銷了匯率逆風，也抵銷了日本 Mazda 專案的到期退出。Mahindra 的 SmartCore 專案、Tata 的資訊娛樂系統上市，以及二輪車業務的持續成長，共同支撐我們再度交出穩健的季度執行成果。

Finally, in China, our sales reflected continued weakness in the value segment of the market following the changes in government policies and incentives and the ongoing loss of market share of international OEMs. However, the premium domestic OEM segment remained considerably more resilient. That's an important distinction because our strategy is increasingly aligned with those premium domestic manufacturers.

最後，在中國，我們的銷售反映了在政府政策與補貼激勵調整後，市場價值型（入門/平價）區隔持續疲弱，以及國際 OEM 市占持續流失。然而，國內高端 OEM 區隔的韌性明顯更強。這點很重要，因為我們的策略正日益與這些國內高端製造商對齊。

During the quarter, cockpit domain controller programs with customers such as Zeekr continued to build momentum, and with our high-performance compute launches starting later this year, we believe we are well-positioned in the fastest-growing portion of the Chinese market. Overall, the quarter demonstrated that while customer production remained under pressure, our regional execution, diversified customer portfolio, and ongoing launch cadence enabled us to deliver a resilient sales performance and positioned the business well for the balance of the year.

本季，包含 Zeekr 等客戶的座艙域控制器專案持續累積動能；隨著我們的高效能運算產品將於今年稍晚開始量產上市，我們相信自己已在中國市場成長最快的領域中占據有利位置。整體而言，本季顯示出即使客戶產量仍承壓，我們的區域執行力、多元化客戶組合與持續的上市節奏，仍使我們得以交出具韌性的銷售表現，並讓業務在今年剩餘期間保持良好態勢。

Turning to page 4. This quarter was another demonstration of Visteon's ability to execute at scale. We successfully launched 24 new products across 11 automakers, keeping us on pace for another year of high launch activity and providing a strong foundation for second-half growth. More than half were display products, reflecting the industry's continued migration toward larger, higher-content digital cockpits, an area where Visteon has established clear technology leadership.

接著看第 4 頁。本季再次展現 Visteon 具備大規模執行的能力。我們成功在 11 家車廠推出 24 項新產品，使我們維持另一個高上市量年度的節奏，並為下半年成長奠定堅實基礎。其中超過一半為顯示器產品，反映產業持續朝向更大尺寸、更高內容量的數位座艙遷移，而這正是 Visteon 已建立明確技術領先地位的領域。

The Mercedes-Benz S-Class Superscreen, highlighted on the right, is an excellent example. The system integrates two large displays under a single-cover lens, creating a seamless, premium cockpit experience. It also incorporates advanced features such as switchable active privacy for the passenger display, illustrating the increasing software and engineering content in modern display systems.

右側所示的 Mercedes-Benz S-Class Superscreen 就是一個極佳例子。該系統將兩個大型顯示器整合於單一覆蓋鏡片之下，打造無縫且高端的座艙體驗。它也納入例如可切換的乘客顯示器主動隱私等先進功能，展現現代顯示系統中軟體與工程內容占比日益提升的趨勢。

Importantly, our momentum with Mercedes expands beyond this flagship vehicle. During the quarter, we also launched display systems on other high-volume Mercedes platforms, expanding our premium display technology across the OEMs portfolio.

重要的是，我們與 Mercedes 的動能不僅限於這款旗艦車型。本季我們也在其他高銷量的 Mercedes 平台上推出顯示系統，將我們的高端顯示技術擴展至該 OEM 的產品組合。

We continued to broaden our customer and geographic footprint in the quarter. We launched a dual display system for Nissan's flagship minivan, the Elgrand, a center display for Renault Boreal, digital clusters with Hyundai in India, and multiple additional display programs supporting our growth across Europe and Asia.

本季我們也持續擴大客戶與地理版圖。我們為 Nissan 旗艦 MPV Elgrand 推出雙螢幕系統，為 Renault Boreal 推出中控顯示器，在印度與 Hyundai 推出數位儀表，並新增多個顯示器專案，支撐我們在歐洲與亞洲的成長。

The quarter also highlighted the progress we're making beyond passenger vehicles. We launched the digital cockpit platform on Royal Enfield's first electric motorcycle, the Flying Flea, as well as a connected digital cluster with Hero motorcycles. These programs demonstrate how we're leveraging our proven cockpit technologies into adjacent mobility markets, where digitalization is accelerating, and our existing platforms provide solutions at an attractive cost structure.

本季也凸顯我們在乘用車以外領域的進展。我們在 Royal Enfield 首款電動機車 Flying Flea 上推出數位座艙平台，並與 Hero 機車推出連網數位儀表。這些專案顯示我們如何將已驗證的座艙技術延伸至相鄰的移動出行市場；在這些市場中，數位化正在加速，而我們既有平台能以具吸引力的成本結構提供解決方案。

Overall, these launches reinforce several important trends. First, our portfolio continues to migrate toward higher-value display and software-defined cockpit technologies. Second, we are successfully expanding across premium and mainstream vehicles and in adjacent mobility segments. And finally, our ability to execute a high volume of complex launches around the globe continues to be an important competitive advantage and supports confidence in our long-term growth outlook.

整體而言，這些上市案強化了幾項重要趨勢。第一，我們的產品組合持續朝向更高價值的顯示器與軟體定義座艙技術遷移。第二，我們正成功擴展至高端與主流車款，以及相鄰的移動出行細分領域。最後，我們在全球範圍內執行大量複雜上市案的能力，仍是重要的競爭優勢，並支撐我們對長期成長展望的信心。

Turning to page 5, new business wins totaled $2 billion during the quarter, bringing our first half bookings to $3 billion and keeping us on track for our $6 billion full-year target. Approximately 45% of our wins in the second quarter came from North America, where we added two customers in the Commercial Vehicle segment in addition to winning business with our traditional passenger car customers.

翻到第 5 頁，本季新業務得標合計 20 億美元，使我們上半年訂單達到 30 億美元，並讓我們持續朝全年 60 億美元目標邁進。第二季約 45% 的得標來自北美；除與我們傳統乘用車客戶贏得業務外，我們也在商用車領域新增了兩家客戶。

Asia represented about 30% of bookings, with Europe contributing the remaining 25%, resulting in a well-balanced geographic mix. Importantly, the quality of our bookings continue to improve. Approximately 60% of first-half wins came from our strategic software-defined vehicle portfolio, including SmartCore cockpit domain controllers, high-performance compute platforms, and advanced display systems.

亞洲約占訂單的 30%，歐洲貢獻其餘 25%，形成相當均衡的地理組合。更重要的是，我們訂單的品質持續提升。上半年約 60% 的得標來自我們的策略性軟體定義車輛產品組合，包括 SmartCore 座艙域控制器、高效能運算平台以及先進顯示系統。

In addition, we secured approximately $340 million of new business in commercial vehicles and two-wheelers, demonstrating continued progress in expanding beyond traditional passenger vehicles.

此外，我們在商用車與二輪車領域取得約 3.4 億美元的新業務，顯示我們在拓展至傳統乘用車以外市場方面持續取得進展。

Let me highlight a few of the strategic new business wins in the second quarter. First, we secured another SmartCore high-performance compute program with another premium brand under the Geely Group. This expands our HPC footprint within the group, adds another premium vehicle brand to our customer base and further strengthens our leadership position in AI-enabled cockpit computing, an area where we continue to see significant long-term growth opportunities.

我來重點說明第二季幾項策略性新業務得標。首先，我們在吉利集團旗下另一個高端品牌，拿下另一個 SmartCore 高效能運算（HPC）專案。這擴大了我們在該集團內的 HPC 佈局，為我們的客戶基礎再新增一個高端車輛品牌，並進一步鞏固我們在 AI 賦能座艙運算領域的領導地位；在此領域我們仍看到顯著的長期成長機會。

Second, we made important progress in commercial vehicles. We added two new commercial vehicle customers in North America. Including our first integrated cockpit win with a specialty vehicle manufacturer that includes digital cluster, center display, and surround view system.

第二，我們在商用車方面取得重要進展。我們在北美新增兩家商用車客戶。其中包括我們首次與一家特種車輛製造商取得整合式座艙得標，內容涵蓋數位儀表、中央顯示以及環景系統。

We also secure a surround view system business with a leading global commercial vehicle manufacturer for the North American brands. These wins extend our commercial vehicle strategy beyond Europe and demonstrate that our cockpit platform is increasingly relevant across multiple mobility segments.

我們也與一家全球領先的商用車製造商，為其北美品牌取得環景系統業務。這些得標使我們的商用車策略從歐洲延伸至其他地區，並顯示我們的座艙平台在多個移動出行細分市場中的相關性正日益提升。

Third, we won multiple display programs with an existing customer in North America across multiple future vehicle platforms. These awards support our transition towards software-defined cockpit products with this customer and strengthens our position for future business with this important OEM.

第三，我們與北美一位既有客戶，在多個未來車型平台上贏得多項顯示器專案。這些授標支持我們與該客戶共同朝軟體定義座艙產品轉型，並強化我們在這家重要 OEM 未來業務上的競爭地位。

Finally, we added a Japanese OEM to our customer portfolio with our first win for a digital cluster program that will launch on multiple vehicles for Japan and US markets. Beyond the immediate revenue opportunity, this represents another important step in broadening our customer base in Japan, a market where we have consistently demonstrated our ability to expand relationships over time.

最後，我們以首次數位儀表專案得標，將一家日本 OEM 納入客戶組合；該專案將在日本與美國市場的多款車型上量產上市。除了即期營收機會外，這也代表我們在拓展日本客戶基礎方面邁出另一個重要步伐；在日本市場，我們一向展現出隨時間推進而擴大合作關係的能力。

Overall, our first-half bookings reinforce the strategy we presented at Investor Day. We are increasingly concentrated in higher-value software-defined cockpit products, expanding into adjacent mobility markets. And continuing to diversify both our customer base and geographic exposure.

整體而言，我們上半年的訂單再次印證了我們在投資人日所提出的策略。我們正愈來愈集中於更高價值的軟體定義座艙產品，並拓展至相鄰的移動出行市場。同時持續分散我們的客戶基礎與地理曝險。

Turning to page 6. Let me turn to our outlook for the balance of the year. The first half demonstrated that our strategy is translating into execution. We delivered $1.9 billion of sales, $3 billion of new business wins, and 44 product launches, creating a solid foundation for both our full-year outlook and our longer-term growth objectives.

翻到第 6 頁。我來談談今年剩餘期間的展望。上半年顯示我們的策略正在轉化為執行成果。我們實現 19 億美元銷售額、30 億美元新業務得標，以及 44 項產品上市，為全年展望與更長期的成長目標奠定了堅實基礎。

Looking ahead, we expect Visteon sales to grow in the second half compared to prior year, supported by the ramp of recently launched programs and a strong second-half launch schedule. This is despite customer vehicle production being forecasted to be down by about 5% in the same period.

展望未來，我們預期 Visteon 下半年銷售額將較去年同期成長，主要受惠於近期上市專案的放量，以及下半年強勁的上市排程。即便如此，同期客戶整車產量預估將下滑約 5%。

Our sales are expected to grow in all regions, except in Americas. The launch of new cluster programs with Toyota in North America are partially offsetting the headwinds from lower customer production, lower BMS volumes, and the roll-off of a legacy cluster program with GM.

除美洲外，我們預期各區域銷售皆將成長。在北美，與豐田的新儀表專案上市可部分抵消客戶產量下滑、BMS 出貨量降低，以及通用汽車一項既有儀表專案逐步退場所帶來的逆風。

In Europe, we expect another period of strong execution with mid-teens sales growth despite lower customer vehicle production. Our recently launched display programs with Mercedes, Audi, and Renault are doing very well. And we will also start production of a SmartCore cockpit domain controller with a premium German OEM.

在歐洲，儘管客戶整車產量較低，我們預期仍將延續強勁執行，銷售成長可達十位數中段（mid-teens）。我們近期與賓士、奧迪與雷諾推出的顯示器專案表現非常好。此外，我們也將開始為一家德國高端 OEM 量產 SmartCore 座艙域控制器。

In the rest of Asia, we also expect mid-teens growth with ramp-up of SmartCore program with Mahindra, display launches with Toyota, and ramp-up of programs with Hyundai and Tata. And in China, although customer production is forecasted to decline, we expect to return to low-single-digit sales growth as our first SmartCore HPC programs launch with Geely and Cherry.

在亞洲其他地區，我們也預期在 Mahindra 的 SmartCore 專案放量、與豐田的顯示器專案上市，以及與現代與塔塔的專案放量帶動下，實現十位數中段成長。在中國，雖然客戶產量預估下滑，但隨著我們與吉利及奇瑞的首批 SmartCore HPC 專案上市，我們預期銷售將回到低個位數成長。

Overall, we expect mid to high-single-digit market outperformance in the second half. While weaker customer production will continue to temper industry growth, our launch cadence is expected to more than offset those headwinds, supporting sales growth this year while building the foundation for stronger growth in 2027.

整體而言，我們預期下半年將較市場表現高出中到高個位數百分點。儘管客戶產量偏弱將持續抑制產業成長，我們的上市節奏預期將足以抵消這些逆風，在支持今年銷售成長的同時，也為 2027 年更強勁的成長奠定基礎。

Turning to page 7. Let me conclude by summarizing what we've accomplished this quarter. First, we continued to outperform the market. Despite weaker customer production across all major regions, our recent product launches enabled us to deliver approximately 4 percentage points of market outperformance.

翻到第 7 頁。最後，我總結本季我們完成的事項。第一，我們持續跑贏市場。儘管所有主要地區的客戶產量走弱，我們近期的產品上市仍使我們實現約 4 個百分點的市場超額表現。

Second, we continued to strengthen the business for the future. We secured $2 billion of new business awards, with the majority aligned to software-defined vehicle technologies and adjacent growth markets, while maintaining a robust launch cadence that supports both our second-half outlook and our longer-term growth objectives.

第二，我們持續強化未來的業務基礎。我們取得 20 億美元的新業務授標，其中多數與軟體定義車輛技術及相鄰成長市場一致；同時維持強勁的上市節奏，以支持下半年展望與更長期的成長目標。

Third, we remained disciplined operationally and financially. We continued to make progress recovering higher memory costs, secured the supply needed to support upcoming launches, and generated positive free cash flow. And finally, this morning's announcement of our $200 million accelerated share repurchase program represents the next step in the capital allocation framework we outlined at Investor Day.

第三，我們在營運與財務上保持紀律。我們持續推進回收較高記憶體成本的工作，確保支援即將上市所需的供應，並產生正向自由現金流。最後，今早宣布的 2 億美元加速股票回購（ASR）計畫，代表我們在投資人日所概述的資本配置框架上邁出下一步。

Overall, this quarter provided another important proof point that the strategy we outlined at Investor Day is supported by our operational execution. We remain confident in our outlook for the second half of 2026 and in the long-term growth opportunities ahead.

整體而言，本季再次提供一個重要的佐證，顯示我們在投資人日所提出的策略，確實有我們的營運執行作為支撐。我們對 2026 年下半年的展望以及未來的長期成長機會仍充滿信心。

With that, let me turn the call over to Jerome, who will review our financial results in more detail.

接下來，我把電話交給 Jerome，他將更詳細地說明我們的財務結果。

Thank you, Sachin, and good morning, everyone. We delivered financial results in the second quarter that demonstrate our resiliency in what remains a dynamic operating environment. Our performance reinforces that we continue to make progress on the commercial and cost actions we outlined earlier this year.

謝謝你，Sachin，各位早安。我們第二季的財務結果顯示，在仍然多變的營運環境中，我們具備韌性。我們的表現也再次證明，我們正持續推進今年稍早所提出的商務與成本行動。

For the quarter, sales were $960 million, down 1% from the prior year, while outperforming our customer-weighted production, with growth of a market of 4%. It was driven by strong launch execution on customer programs, most notably in Europe and in India.

本季銷售額為 9.6 億美元，較去年同期下降 1%；同時我們的表現優於依客戶權重計算的產量變化，較市場高出 4%。這主要由客戶專案的強勁上市執行所帶動，尤其是在歐洲與印度。

Additionally, we progressed well with our semiconductor cost recoveries in Q2, and we secured agreements with many customers, allowing us to offset the increase in memory cost incurred in the second quarter. Adjusted EBITDA was $116 million, representing a margin of 12.1%, an improvement of more than 1 point from the first quarter, reflecting the progress we have made with our customer recoveries and efficiency improvements.

此外，我們在第二季的半導體成本回收方面進展良好，並與多家客戶達成協議，使我們得以抵消第二季所承擔的記憶體成本上升。調整後 EBITDA 為 1.16 億美元，利潤率為 12.1%，較第一季提升超過 1 個百分點，反映我們在客戶成本回收與效率改善方面所取得的進展。

Adjusted free cash flow was $20 million, positive for the quarter despite an increase in inventory as we continue to build resilience in our supply chain, and the timing of cash settlements of previously accrued tax expenses. In June, we completed the acquisition of an engineering service company for $20 million, further enhancing our functional safety and safety system architecture capabilities.

經調整自由現金流為2,000萬美元，儘管我們持續增加庫存以提升供應鏈韌性，以及先前已提列稅費的現金結算時點影響，本季仍為正值。6月，我們以2,000萬美元完成收購一家工程服務公司，進一步強化我們在功能安全與安全系統架構方面的能力。

We also returned $16 million to shareholders in the form of dividends and share repurchases. We ended the quarter with $650 million of cash and net cash of $351 million, which allows us to deploy a significant amount to shareholders in the second half of the year.

我們亦透過股利與庫藏股回購向股東返還1,600萬美元。本季期末現金為6.5億美元，淨現金為3.51億美元，使我們得以在下半年向股東部署相當可觀的資金。

Turning to page 10, sales for the quarter were $960 million, a decrease of $9 million year-over-year, or 1%, primarily driven by a decline in customer production volumes and the non-recurrence of favorable one-time commercial items in the second quarter of 2025. These headwinds were largely offset by a solid growth of a market of 4% when excluding pricing, customer recoveries and currency.

翻到第10頁，本季銷售額為9.6億美元，年減900萬美元或1%，主要受客戶產量下滑，以及2025年第二季有利的一次性商業項目於2026年第二季不再重複發生所致。若排除定價、客戶補償與匯率因素，這些逆風大多被4%的穩健市場成長所抵銷。

The additional memory cost recoveries we secured with our customers in Q2 were sufficient to offset our normal pricing reductions. Currency impact in the quarter was largely neutral on the sales side. EBITDA was $116 million or 12.1% for the quarter, our best EBITDA margin since Q3 of 2025. This was driven primarily by the recoveries we secured in the quarter, combined with strong cost discipline.

我們在第二季向客戶爭取到的額外記憶體成本補償，足以抵銷我們正常的降價幅度。本季匯率對銷售端的影響大致中性。本季EBITDA為1.16億美元，或12.1%，為自2025年第三季以來最佳的EBITDA利潤率。主要驅動因素為本季取得的補償，加上強勁的成本紀律。

On a year-over-year basis, EBITDA declined $18 million. As a reminder, and as we noted in our Q2 2025 earnings call, Q2 2025 EBITDA was exceptional and benefited from $10 million of several non-recurring items, mostly commercial in nature.

以年對年來看，EBITDA下降1,800萬美元。提醒一下，正如我們在2025年第二季法說會所提到的，2025年第二季的EBITDA表現特別突出，受惠於1,000萬美元的數項非經常性項目，多數屬商業性質。

Besides this $10 million, we also had $8 million of negative year-over-year currency impact, mostly driven by the devaluation of the Indian rupee and the Japanese yen, as well as the appreciation of the Mexican peso. These two factors explain in simple terms the year-over-year decline in EBITDA.

除這1,000萬美元外，我們還承受了800萬美元的年對年匯率負面影響，主要來自印度盧比與日圓貶值，以及墨西哥披索升值。簡而言之，這兩項因素解釋了EBITDA年對年下滑的原因。

At a more granular level, year-over-year engineering increased as we continue to invest in the next generation of software-defined vehicle products, mostly for the European, Indian and Chinese markets. The engineering services acquisitions we've made last year, as well as the acquisition I mentioned earlier, also increased our engineering cost run rate. These additional costs were mostly offset by operational efficiencies.

更細部來看，年對年工程費用增加，因我們持續投資下一代軟體定義車輛產品，主要面向歐洲、印度與中國市場。我們去年完成的工程服務收購，以及我先前提到的收購案，也提高了我們工程成本的常態化水準。這些額外成本多數由營運效率提升所抵銷。

Finally, as cost recovery is a critical component of 2026 results. I would like to provide some more details on this topic. With regards to recovery agreements with our customers, we made meaningful progress in the quarter, consistent with the assumptions embedded in our guidance and highlighted in Q1.

最後，由於成本補償是2026年業績的關鍵組成。我想就此主題提供更多細節。就與客戶的補償協議而言，我們本季取得實質進展，與我們指引中所內含的假設一致，並已在第一季重點說明。

We were able to recover most of the memory cost inflation incurred in Q2, with retroactive agreements compensating for the lack of deals with some customers. We continue to meet with our customers and expect to close the agreements that remain open in the second half of the year.

我們已回收第二季發生的大部分記憶體成本通膨，並透過追溯性協議補償部分客戶先前未能達成協議的缺口。我們持續與客戶會談，並預期在下半年完成仍未結案的協議。

Overall, our performance in the quarter was strong when adjusting for currency, was in line with our expectations and represents the sequential improvements that we were anticipating going into the year, driven by recoveries, product costing actions, vertical integration and engineering productivity.

整體而言，若調整匯率因素，本季表現強勁，符合我們的預期，並呈現我們在年初所預期的逐季改善，動能來自補償、產品成本行動、垂直整合與工程生產力。

Turning to page 11. Adjusted free cash flow was $20 million in the quarter and negative $3 million for the first half. The first half reflects several key dynamics. First, adjusted EBITDA in the first half was primarily impacted by the timing of semiconductor cost recovery negotiations, which are expected to be fully closed in the second-half of the year.

翻到第11頁。本季經調整自由現金流為2,000萬美元，上半年合計為負300萬美元。上半年反映數項關鍵動態。首先，上半年經調整EBITDA主要受到半導體成本補償談判時點影響，預期將於下半年完全結案。

On the trade working capital front, this line item has been a use of cash for the first half of the year. This has been a deliberate decision, driven primarily by specific actions increasing inventory levels to support higher minimum safety stock levels and to allow us to build a better supply chain resilience.

在貿易營運資金方面，該項目於上半年為現金使用。這是我們刻意的決策，主要由特定措施所驅動：提高庫存水位以支撐更高的最低安全庫存，並讓我們建立更佳的供應鏈韌性。

Cash taxes were higher in the second quarter due to a one-time tax settlement in India related to prior years. Consistent with prior years and as we expected, the first half of the year generally has more cash out flows for items like the annual compensation, which is paid in Q1. While these items limited cash generation for the first half, we believe we will be able to generate cash to the levels we are guiding to for the full year.

第二季現金稅負較高，係因印度就以前年度進行一次性稅務結算。與往年一致且符合我們預期，上半年通常在若干項目上有較多現金流出，例如年度薪酬於第一季支付。雖然這些項目限制了上半年的現金創造能力，但我們相信仍能產生符合全年指引水準的現金。

And finally, capital expenditures were in line with our expectations as we continue to support new program launches, capacity expansion in India and the monetization of our IT infrastructure. During the second quarter, we completed the refinancing of our $300 million term loan facility and $400 million revolving credit facility, extending the maturity to 2031 and giving us a flexible capital structure to execute our capital allocation plan.

最後，資本支出符合我們預期，我們持續支援新專案量產導入、印度產能擴張，以及IT基礎設施的變現。第二季期間，我們完成3億美元定期貸款與4億美元循環信用額度的再融資，將到期日延長至2031年，並提供更具彈性的資本結構以執行我們的資本配置計畫。

We ended the quarter with $650 million of cash and $351 million of net cash after capital allocation. As we highlighted at our Investor Day, our current cash levels position us well to deploy capital in a disciplined and balanced manner.

本季期末現金為6.5億美元，資本配置後淨現金為3.51億美元。正如我們在投資人日所強調的，目前的現金水位使我們能以有紀律且均衡的方式部署資本。

Turning to page 12. Consistent with our Investor Day messaging, we are reaffirming our full-year guidance across all key financial metrics. For sales, we continue to expect between $3.625 billion and $3.825 billion and are trending toward the high end of the range at $3.8 billion.

翻到第12頁。與我們投資人日的訊息一致，我們重申全年在所有關鍵財務指標上的指引。就銷售額而言，我們仍預期介於36.25億至38.25億美元，並正朝區間高端靠攏，約為38億美元。

Our sales reflect our year-to-date performance, continued progress on customer recoveries, as well as a strong second-half launch cadence, partially offset by softer customer production. Our launch cadence includes digital cluster, and display launches with our top growing OEMs, as well as large SmartCore CDC and high-performance compute program launches in China.

我們的銷售預期反映年初至今的表現、客戶補償的持續進展，以及下半年強勁的量產導入節奏，但部分被客戶產量較疲弱所抵銷。我們的導入節奏包含數位儀表與顯示器在成長最快的主要OEM客戶的導入，以及在中國的大型SmartCore CDC與高效能運算專案導入。

With regards to adjusted EBITDA, we continue to expect between $455 million and $495 million and are trending toward the midpoint of the range of approximately $475 million. As mentioned during our Investor Day in June, cost pressures initially seen in memory are now extending to other purchase components, making it difficult to fully offset inflation in 2026, despite our teams taking further actions to recover and offset these additional costs.

就經調整EBITDA而言，我們仍預期介於4.55億至4.95億美元，並正朝區間中點約4.75億美元靠攏。如同我們6月投資人日所提到的，最初在記憶體看到的成本壓力如今正延伸至其他採購零組件，使得在2026年難以完全抵銷通膨，儘管團隊已採取進一步行動以回收並抵銷這些額外成本。

In spite of these headwinds, we expect margins to improve throughout the rest of the year, driven by more customer recoveries and the ramp-up of our cost initiatives across product costing, vertical integration and engineering productivity.

儘管面臨這些逆風，我們預期今年剩餘期間利潤率將持續改善，動能來自更多客戶補償，以及我們在產品成本、垂直整合與工程生產力等成本計畫的加速推進。

Finally, with regards to adjusted free cash flow, we continue to expect between $170 million to $210 million, while trending toward the low end of the range of $170 million and having a good line of sight to the second-half cash generation. EBITDA in H2 will support higher cash flow for the remainder of the year as recoveries and cost actions carry margins toward the full-year guide.

最後，就經調整自由現金流而言，我們仍預期介於1.7億至2.1億美元，並偏向區間低端約1.7億美元，同時對下半年現金創造能力有良好能見度。下半年EBITDA將支撐今年剩餘期間更高的現金流，因補償與成本行動將利潤率推升至全年指引水準。

We also expect working capital to improve with some consumption of the first-half inventory build while receiving cash on recovery agreements we secured late in the second quarter. Another significant piece of the second-half performance is related to first half items that will not reoccur, such as our annual incentive compensation payout, the India tax settlement, and other seasonal cash outflows.

我們亦預期營運資金將改善，因上半年建立的部分庫存將被消化，同時可收到我們在第二季末取得之補償協議的現金。下半年表現的另一個重要部分，與上半年不會再發生的項目相關，例如年度激勵獎金發放、印度稅務結算，以及其他季節性現金流出。

Overall, we plan to maintain more elevated inventory levels through the balance of the year, a deliberate choice to protect our customers' launches and production schedules, given the current semiconductor and memory environment. Nevertheless, the underlying cash generation capability of the business remains strong, and we have good visibility to a robust cash inflow in the second half.

總體而言，鑑於目前半導體與記憶體的環境，我們計畫在今年剩餘期間維持較高的庫存水位；這是為了保護客戶的產品上市與生產排程所做的審慎選擇。儘管如此，業務的基礎現金創造能力仍然強勁，我們對下半年可望出現強勁的現金流入具有良好能見度。

Turning to page 13. I would like to close with our capital allocation announcement this morning. With the support of our Board of Directors, we have entered into a $200 million accelerated share repurchase agreement, which we expect to complete by early Q4 of this year.

請翻到第13頁。我想以我們今天早上發布的資本配置公告作結。在董事會的支持下，我們已簽訂一項2億美元的加速股票回購（ASR）協議，預期在今年第四季初完成。

The program will exhaust the remaining capacity of our 2023 authorization and will utilize a meaningful portion of the new 2026 $800 million authorization we announced at Investor Day. At our Investor Day, we targeted to return approximately $1 billion of cash to shareholders between 2026 and 2029.

該計畫將用盡我們2023年授權的剩餘額度，並將使用我們在投資人日宣布的新一輪、至2026年的8億美元授權中的相當一部分。在投資人日，我們的目標是在2026年至2029年間向股東返還約10億美元現金。

We also highlighted that we need $150 million of net cash to run the business. Our net cash position at the end of June was approximately $350 million and, therefore, supports the near-term deployment of $200 million.

我們也強調，營運公司需要1.5億美元的淨現金。截至6月底，我們的淨現金部位約為3.5億美元，因此支持近期動用2億美元。

The ASR is the first step in delivering on our $1 billion target. It allows us to retire a significant number of shares immediately. It demonstrates a clear pace of execution as we repurchase $800 million over the planned period, and it provides what we believe is a compelling use of our capital at current valuation levels.

本次ASR是實現我們10億美元目標的第一步。它使我們能立即註銷相當數量的股份。它展現了在規劃期間回購8億美元的明確執行節奏，並且在目前估值水準下，我們認為這是對資本具有吸引力的運用。

We have intentionally matched the completion window of the ASR with our second-half cash generation, giving us flexibility to execute capital returns in excess of the accelerated program in Q4, while maintaining the minimum net cash framework we outlined at Investor Day.

我們刻意將ASR的完成時間窗口與下半年的現金創造相匹配，使我們在維持投資人日所述最低淨現金架構的同時，於第四季具備彈性執行超出加速計畫的資本返還。

Importantly, even after funding the announced program, we maintain a healthy balance sheet and flexibility to invest organically in the business going forward, as well as to pursue disciplined bolt-on M&A. As we did this quarter with our Engineering Services acquisition. Maintaining financial strength remains a core pillar of our capital allocation philosophy and a competitive advantage.

重要的是，即使在為已宣布的計畫提供資金之後，我們仍維持健康的資產負債表，並保有未來在業務上進行有機投資的彈性，以及推動審慎的補強型併購（bolt-on M&A）。正如我們本季進行的工程服務收購案。維持財務實力仍是我們資本配置理念的核心支柱，也是競爭優勢。

Turning to page 14. In summary, the second quarter reflects resilient underlying performance in a challenging production environment, continued progress on recoveries and cost improvements, and an important step in delivering on the capital return framework we outlined at our Investor Day. We remain confident in our full-year outlook and in the long-term opportunity ahead as we execute on the plan that we outlined in June.

請翻到第14頁。總結而言，第二季在充滿挑戰的生產環境下展現了具韌性的基礎表現，復原與成本改善持續取得進展，並且在落實我們於投資人日所提出的資本返還架構方面邁出重要一步。我們對全年展望以及在執行6月所概述計畫下的長期機會仍然充滿信心。

Thank you for your time today. I would like now to open the call for your questions.

感謝各位今天撥冗參與。接下來我想開放提問。

(Operator Instructions) Tom Narayan, RBC Capital Markets.

(接線員指示) RBC Capital Markets 的 Tom Narayan。

This is Thomas Ito on for Tom. I guess, first, at your Investor Day, you guys flagged that Ford and GM are sort of moving to in-source their CVCs. Given that several of your key Chinese OEM wins on CVCs are with these large tech-savvy players like Geely and Chery, I guess how do you think about the in-sourcing risk from the Chinese OEMs over time? And do you think that risk could be higher or lower in China relative to some of the Western OEMs? And then I have a follow-up.

我是代替Tom的Thomas Ito。我想先問，在你們的投資人日，你們提到Ford與GM似乎正轉向將其CVC內製。鑑於你們在CVC方面幾個關鍵的中國OEM得標客戶是像吉利與奇瑞這類大型、科技導向的業者，我想請問你們如何看待中國OEM隨時間推移的內製風險？你們認為相較於一些西方OEM，這個風險在中國可能更高或更低嗎？另外我還有一個追問。

Yeah. Let me take this question and answer it a little more broadly because I suspect that many would have similar questions today. So first thing I would say is both Ford and GM are very important customers for this, and we continue to engage with them on new business opportunities.

是的。我來回答這個問題，並稍微從更宏觀的角度說明，因為我猜今天很多人可能都有類似疑問。首先我要說的是，Ford與GM都是非常重要的客戶，我們也持續與他們就新的業務機會進行互動。

If you look at our first-half new business wins, about 20% of those wins came from these two OEMs, mostly Ford in this period for displays. As I mentioned on Investor Day, our portfolio will change from traditional products to more SDV products, starting with displays and eventually, hopefully, CVCs and HPCs.

如果看我們上半年新業務得標，其中約20%來自這兩家OEM，在這段期間主要是Ford的顯示器業務。如我在投資人日提到的，我們的產品組合將從傳統產品轉向更多SDV產品，先從顯示器開始，並最終希望延伸到CVC與HPC。

Now coming to your question about in-sourcing and what do we see and how we think about it, the first thing to note is that the pace of change of technologies in the industry has just been accelerating, and it continues to accelerate. So as OEMs are even dealing with the challenges of launching CDCs, they have to deal with HPC and AI and all these technologies that are coming at the industry at a very rapid pace.

回到你關於內製的問題，以及我們看到什麼、如何思考：首先要注意的是，產業技術變化的速度一直在加快，而且仍在加速。因此，當OEM甚至還在應對CDC上市的挑戰時，他們也必須同時面對HPC、AI以及各種以非常快速度湧入產業的技術。

And this challenge is even greater for larger OEMs that have multiple vehicle segments and regions to support. So if you think about how the large Chinese OEMs are dealing with this, they're actively collaborating with strategic suppliers for specific types of products and technologies. That's one of the reasons why we've been successful in China with CDC and now, with HPC.

而對於需要支援多個車型級距與多個區域的大型OEM而言，這項挑戰更為嚴峻。因此若你思考大型中國OEM如何應對，他們正積極與策略供應商就特定產品與技術類別進行合作。這也是我們能在中國於CDC、以及現在於HPC取得成功的原因之一。

And so coming back to Ford and GM, with the work that we have been doing on these advanced technologies with HPC and AI and launching and gaining that experience in China ahead of everybody else, we expect to find areas to collaborate with these OEMs for future programs, especially around these technologies. And I should also mention that the sales plan that we presented at Investor Day was based on a very thorough evaluation process that we -- and we didn't include any unsubstantiated sales just based on Ford, if you will.

因此回到Ford與GM，憑藉我們在HPC與AI等先進技術上的工作，以及在中國比其他人更早推出並累積經驗，我們預期能在未來專案中找到與這些OEM合作的領域，特別是在這些技術周邊。我也要補充，我們在投資人日提出的銷售計畫是基於非常徹底的評估流程——而且我們並未納入任何僅僅基於Ford等客戶、但缺乏佐證的銷售預估。

But that doesn't mean that we do not have a pipeline of opportunities to pursue and hopefully outperform that sales plan. And we have line of sight to multiple such opportunities with these two customers that we are actively pursuing.

但這並不代表我們沒有機會管線可去追求，並有望超越該銷售計畫。對於這兩位客戶，我們對多個此類機會具有能見度，且正積極推進。

So this gives you a sense of how we think about this. It's really not that we have a limited set of opportunities in this environment where technologies are coming at the industry at a very rapid pace. And we have the opportunity to really lead in what we are really good at, which is these advanced electronics and software, which today, is represented by HPC and AI.

這大致說明了我們的思考方式。在技術以非常快速度湧入產業的環境下，並不是說我們的機會集合很有限。我們有機會在我們真正擅長的領域取得領先，也就是先進電子與軟體；而在今天，這主要體現在HPC與AI上。

Got you. Very helpful. I guess as a follow-up, you guys demonstrated some pretty resilient growth over market through the first half, given the tough production environment. I guess given that, is there a specific gating factor preventing you from being a little more -- even more aggressive on buybacks today, especially considering where the stock is trading? I guess in addition to leaving some room for M&A, is there like a minimum cash floor or maybe even a net cash target that we should be thinking about?

了解。非常有幫助。我想追問一下：在艱難的生產環境下，你們上半年仍展現出相對於市場相當具韌性的成長。在此背景下，是否有某個特定的關卡因素，讓你們今天無法在回購上更積極一些——尤其考量目前股價的交易水準？除了為併購保留一些空間之外，是否有我們應該關注的最低現金底線，或甚至是淨現金目標？

Yeah. It's Jerome. I'll take that question. You're absolutely right. We've indicated during Investor Day that our net cash target was $150 million. And we finished the quarter with $350 million of cash -- net cash on the balance sheet. So therefore, having $200 million that we could deploy essentially right away.

是的。我是Jerome，我來回答。你說得完全正確。我們在投資人日已指出，我們的淨現金目標是1.5億美元。而我們在本季結束時，資產負債表上的現金——淨現金為3.5億美元。因此，我們基本上有2億美元可以幾乎立即動用。

And we indicated, again, during Investor Day that we would deploy this pretty quickly. That's really the rationale for the ASR that we've announced today, $200 million that will allow us to retire shares pretty quickly. And it's the first step really deploying a large amount of capital towards shareholders.

我們也再次在投資人日表示，我們會相當迅速地部署這筆資金。這正是我們今天宣布加速股票回購（ASR）的主要理由：2億美元，讓我們能夠相當快速地註銷股份。而這確實是將大量資本回饋股東的第一步。

We committed to return close to $1 billion over the period of '26 to '29 in the form of dividend but mostly share repurchases. And that's what we are executing towards. So it's really following up on our plan as we laid it out during Investor Day.

我們承諾在26年至29年期間，以股利、但主要以股票回購的形式，回饋接近10億美元。而這正是我們正在執行的方向。所以這基本上就是延續我們在投資人日所提出的計畫。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通。

I wanted to just double-click a little bit on the recent Micron agreement. Curious if you're able to provide any more details on what it gets you? Any early read on pricing? Is this more of like a price agreement, more of like a supply agreement just to lock that in for the next couple of years? Any more details you can give us around that would be helpful, and I have a quick follow-up.

我想就近期與美光（Micron）的協議再深入追問一下。想請問你們是否能提供更多細節：這份協議為你們帶來什麼？對價格是否已有任何初步判讀？這比較像是價格協議，還是更像是供應協議，用來鎖定未來幾年的供應？若能提供更多相關細節會很有幫助，我還有一個簡短的追問。

Yeah. So the first thing I would say is with the recent memory technology changes that have happened, the kind of memories that we use in auto have been in tight supply all this year, and it's expected to only get more challenging in terms of supply next year. And auto is a long cycle industry, and besides price, we need long-term product availability and more importantly, controlled transitions when older memory technologies are being retired.

是的。首先我想說的是，隨著近期記憶體技術的變化，我們在汽車領域使用的那類記憶體今年一直供應吃緊，而且預期明年在供應面只會更具挑戰。而汽車產業是長週期產業，除了價格之外，我們需要長期的產品可得性，更重要的是在舊記憶體技術退場時，能夠進行可控的轉換。

So what this agreement does, the one that we've signed with Micron, is that it gives us a better assurance on supply with better long-term visibility into availability of memory. It also gives us better price predictability with better commercial terms if we were not to, for example, have this agreement.

因此，這份我們與美光簽署的協議，能讓我們在供應上獲得更好的保障，並對記憶體可得性有更長期的能見度。同時，若沒有這份協議，它也能讓我們在價格上有更好的可預測性，並取得更佳的商務條款。

And then very importantly, the insights that we have on the planning that enables us to then reduce risk for the long-cycle automotive programs. So these three things, right? So supply assurance, pricing predictability and better planning is essentially what we get from this agreement that we have signed.

另外非常重要的是，我們在規劃上的洞見，能讓我們降低長週期汽車專案的風險。所以就是這三點，對吧？供應保障、價格可預測性，以及更好的規劃，基本上就是我們從這份已簽署的協議中獲得的內容。

Now having said that, I want to be very clear that even with the agreement in place, we anticipate 2027 to be quite challenging in terms of getting sufficient supply to meet our demand as we see the demand where we sit today. So we have been working with multiple alternate suppliers to bring them on board and to close any gap, and we will know more as we progress further in the second half of this year.

不過話說回來，我想非常清楚地說，即使有了這份協議，我們仍預期2027年在取得足夠供應以滿足需求方面會相當具挑戰性，依我們目前所看到的需求而言。因此我們一直與多家替代供應商合作，將他們納入供應體系以彌補任何缺口；隨著今年下半年進一步推進，我們會掌握更多資訊。

We're also redesigning some of the products so that we have more flexibility in using memory parts from different suppliers. So the combination of this supply agreement that we have with Micron, the additional memory alternate suppliers that we are bringing on board and the redesigns, I think we are doing pretty much everything we can to give us maximum flexibility first to tide through 2027, which we expect to be the more challenging year. And then hopefully, things should start to get slightly better in '28 and beyond as more capacity comes online to provide the industry with memory.

我們也正在重新設計部分產品，以便在使用不同供應商的記憶體料件時具備更高的彈性。因此，結合我們與美光的這份供應協議、我們正在導入的其他記憶體替代供應商，以及產品重新設計，我認為我們幾乎已盡一切所能，先在2027年（我們預期會是更具挑戰的一年）提供最大的彈性以度過難關。然後希望在28年及之後，隨著更多產能上線為產業提供記憶體，情況能開始略為改善。

Got it. That's very helpful color. And then I wanted to follow up on the SmartCore wins and just like the overall SmartCore opportunity starting in China. Can you give us an update on like how the margins are coming through as you start ramping up the production here and the shipments? Any early read on that relative to the corporate average?

了解。這些補充資訊非常有幫助。接著我想追問SmartCore的得標，以及從中國開始的整體SmartCore機會。當你們開始拉升產量與出貨時，能否更新一下利潤率的表現？相較於公司平均水準，有沒有任何初步觀察？

Exactly. So in any complex programs like SmartCore or SmartCore HPC that attracts a lot of engineering just because of the heavier content, the launch margins are going to be a little lower than the steady state higher volume margins. So 2027 -- sorry, 2026 first is going to be our launch year, the second half, also extending into, I would say, the first half of 2027.

沒錯。像SmartCore或SmartCore HPC這類複雜專案，因為內容更重、需要投入大量工程資源，導入初期的利潤率會比穩態、較高出貨量時的利潤率略低一些。所以2027年——抱歉，先說2026年——將是我們的導入年，從下半年開始，並延續到我認為的2027年上半年。

And the real volume shipments should begin in '28 and onwards. So we expect margins to gradually track the higher volumes and improve into '28 and beyond. And we expect them to be very similar to our average margins. So I would not want you to think of them as necessarily being a drag for certain on our margins, and we expect to -- as the volumes increase, to continue to improve from there.

而真正的大量出貨應該會從28年起開始。因此我們預期利潤率會隨著出貨量提升而逐步走高，並在28年及之後持續改善。我們也預期其利潤率會與我們的平均利潤率非常接近。所以我不希望你把它視為一定會拖累我們利潤率的因素；隨著出貨量增加，我們預期利潤率會持續改善。

Emmanuel Rosner, Wolfe Research.

Emmanuel Rosner，Wolfe Research。

I was hoping to follow up with you, Sachin, on the topic of the in-sourcing. It feels like for the longest of time, it always felt like an investor worry that this may happen, but OEMs were never really able to pull it off for various reasons, but there were a lot of execution problems. Now it seems like it's sort of like happening.

Sachin，我想就內製（in-sourcing）這個主題追問一下。長期以來，投資人一直擔心這可能會發生，但OEM因各種原因似乎從未真正做到，執行上也有很多問題。但現在看起來好像正在發生。

And I'm just curious to hear from your perspective, what are sort of like the changes that have happened that enable OEMs to do it? What are the challenges they're facing? And any sort of like gating factors? Why would it be like one specific product line and not in another one? Like how do you see this evolve more holistically?

我想從你的角度了解，究竟發生了哪些變化，使OEM能夠做到？他們面臨哪些挑戰？以及是否有任何關鍵門檻因素？為什麼可能只在某一條產品線發生，而不是在另一條？你如何更全面地看待這件事的演進？

Yeah. Emmanuel, I wouldn't say that that's the right characterization, that it is happening. We, as you have been tracking this industry long enough, you have seen such intent from various OEMs throughout the last several years. And what has turned out to be the case more often than not is that the OEMs have changed plans after progressing a little bit further in their activities.

是的。Emmanuel，我不會說「正在發生」是正確的描述。我們——你追蹤這個產業夠久了——你已經看到過多家OEM在過去幾年都有這樣的意圖。而更常見的結果是，OEM在推進一段時間後，往往會改變計畫。

So what we're seeing here, to be clear, is that we are not seeing anything different than what we've seen in the past. And we fully expect it to play out similarly as it has played out with other OEMs previously. But that's just our expectation, right? You will have to ask these OEMs eventually to get more insights.

所以我們現在看到的情況，坦白說，並沒有與過去看到的有任何不同。我們也完全預期它會以與先前其他OEM類似的方式發展。但這只是我們的預期，對吧？你最終可能還是得去問這些OEM，才能獲得更多洞見。

But the experience that we have and the past examples that we have in front of us just tells us that it's extremely difficult to launch CVCs and HPCs, doing all of those things in-house, especially for larger OEMs. And that doesn't change for anything of anybody, and that's been how it has been.

但我們的經驗以及眼前的過往案例告訴我們，要把CVC與HPC等所有事情都在內部完成並成功導入，尤其對大型OEM而言，是極其困難的。這對任何人都不會改變，一直以來都是如此。

So we think that we can be a good collaborative partner and support all OEMs in the transition through these technologies. We have been doing this successfully for several years, and we expect it to be the case as well with the customers we have here.

因此我們認為，我們可以成為良好的合作夥伴，支持所有OEM在這些技術轉型過程中前進。我們已經成功做了好幾年，也預期在我們目前的客戶身上同樣會如此。

And then just following up on the inflation in DRAM and electronics, when we do our own math around some of the commentary you provided and the implied margin headwinds, it suggests that the costs you'll be absorbing maybe, I don't know, $8 million to $10 million in 2026, maybe like $20 million in '27. And I'm not sure if those numbers are directionally in the right ballpark.

另外再追問一下關於DRAM與電子元件的通膨，根據你提供的一些評論以及隱含的利潤率逆風，我們自己試算後推測，你們在2026年可能需要吸收的成本大概是800萬到1,000萬美元，到了27年可能約2,000萬美元。我不確定這些數字在方向上是否大致落在合理範圍。

But just curious if you can expand on what's driving this? Because I think in your prepared remarks, you were saying, expanding to other electronics, it's going to be hard to recover in '26, but it looks like you also have a larger unrecovered headwind assumed in '27.

不過我只是好奇，您能否進一步說明是什麼在驅動這件事？因為我記得在您準備好的發言中，您提到擴展到其他電子元件後，到了「26 年」要回收會很困難，但看起來您在「27 年」也假設了更大的尚未回收逆風。

Emmanuel, let me take that one. I think we need to step back a little bit and understand how things have progressed since the beginning of the year. And there are kind of two big buckets that we're dealing with, the memory cost increases and then, which were kind of known at the beginning of the year, which have stayed reasonably stable. We've seen some increases beyond what we had originally guided to. That's the first bucket.

Emmanuel，這題我來回答。我想我們需要稍微退一步，理解自年初以來事情是如何演進的。我們面對的大致可分成兩大類：記憶體成本上升，以及——這些在年初其實就已知——而且一直維持相對穩定。我們也看到一些超出我們原先指引的增幅。這是第一類。

And then there's a second bucket, which came in later in the year, which I'm going to talk about. So let's talk about the first bucket first: memory cost increases. We are progressing exactly on plan. The impact that we are seeing is approximately 2.5% of our sales, similar to what we indicated during Investor Day.

接著還有第二類，是在今年較晚的時候才出現的，我等一下會談。先談第一類：記憶體成本上升。我們正完全依照計畫推進。我們目前看到的影響約為我們銷售額的 2.5%，與我們在投資人日所指出的相近。

We've been slow in Q1 in recovering as we had anticipated. And we did a good job in Q2 catching up with many customers and securing a lot of deals on memory recoveries. That allowed us, in fact, to be neutral from a recovery minus cost standpoint in the quarter.

第一季在回收方面的進度比我們預期的慢。而第二季我們做得很好，追上了許多客戶，並就記憶體回收敲定了大量交易。事實上，這讓我們在該季度從「回收減成本」的角度來看達到中性。

We are anticipating that the few customers where we don't have yet an agreement will be closed -- will be settled in Q3 and possibly in Q4 as well. But overall, we'll be on target as far as memory is concerned for the full year.

我們預期，少數尚未達成協議的客戶會在第三季完成——也可能延至第四季結案。但整體而言，就記憶體而言，我們全年將會達標。

Beyond that, as I said, we are seeing -- and we've seen that starting at the beginning of the second quarter, we've seen some other inflation costs, and we are tackling this as we speak. We intend to go back to our customers to try to get some recoveries.

除此之外，如我所說，我們看到——而且從第二季初開始就看到——一些其他的通膨成本，我們正在即時處理。我們打算回到客戶端，嘗試取得一些回收。

As you can understand, we've had a first wave. It's now a second wave. It's always difficult to go back, but we'll do that. And at the same time, we are also discussing with our suppliers to try to find some offset, so we're tackling both aspects for these other cost increases that we're seeing since the second quarter.

如您所理解，我們已經經歷了第一波。現在是第二波。再回去談調價總是困難的，但我們會這麼做。同時，我們也在與供應商討論，嘗試找到一些抵銷，因此針對自第二季以來看到的其他成本上升，我們正從兩個面向同步著手。

Joe Spak, UBS.

Joe Spak，瑞銀（UBS）。

I actually want to pick up right there because we've been doing similar math on the memory recovery, and it looks like you're basically assuming, I don't know, something close to 90% recovery. But I guess what I'm confused by is like I understand what's going on now where like you had to pay the price and now you need to go back to the customers.

我其實想接著剛剛那點問，因為我們也用類似方式在算記憶體回收，看起來你們基本上是假設——我不知道——大概接近 90% 的回收。但我困惑的是：我理解現在的情況是你們先付了成本，接著需要回頭向客戶回收。

But I am confused as to sort of why that doesn't change in the future with the SCAs because then you know the price, right? So why can't that just be the price you charge and get closer to 100%? Maybe it has something to do with what percent of the business the Micron deal covers, which I think Sachin, you sort of alluded to that there's still more work to do.

但我不太理解的是，為什麼未來在 SCA（供應商成本調整）上不會改變，因為你們那時候就知道價格了，對吧？那為什麼不能直接把那個價格反映在你們的報價上，讓回收更接近 100%？也許跟 Micron 協議涵蓋的業務比例有關——我想 Sachin 你有稍微提到，還有更多工作要做。

But also, then you saw some of the automakers also enter into these agreements. So like doesn't that help as well? Like I'm just -- maybe you could sort of just explain.

但另外，你也看到一些車廠也進入了這些協議。所以這不是也會有幫助嗎？我只是——也許你可以稍微解釋一下。

It does. So let me clarify that. So the agreement certainly help because it takes away this whole notion about us trying to come to them for price increases. This is now public knowledge; all of our customers know this as well. But as you just rightly pointed out, the agreements are just with Micron and Micron is not the full extent of the memory supply to the industry or to us.

確實有幫助。我來釐清一下。這些協議當然有幫助，因為它消除了我們必須去跟客戶談漲價的整個概念。這現在是公開資訊；我們所有客戶也都知道。但如你剛才正確指出的，協議只涵蓋 Micron，而 Micron 並不是整個產業或我們的全部記憶體供應來源。

There are other memories that we also had to deal with, right? So there's DRAM, there's flash, there are different types of memories within each category that we have to work with. But in general, though, we fully anticipate to go out to our customers to recover 100% of the cost increases next year. Let's just be very clear about that, right?

我們還必須處理其他記憶體，對吧？所以有 DRAM、有快閃記憶體（flash），而且在每個類別裡還有不同類型的記憶體需要我們去因應。但總體而言，我們完全預期明年會向客戶回收 100% 的成本上升。這點我們要講得非常清楚，對吧？

Now what Jerome has been talking about are non-memory-related semiconductors. Again, I think there's some confusion there, right? So memory, separate topic. There is this other semiconductors that are also seeing some cost and price increases.

而 Jerome 談的是非記憶體相關的半導體。我想這裡也有一些混淆，對吧？記憶體是另一個議題。還有其他半導體也正在出現一些成本與價格上升。

The discussion was more about those. It's smaller in scope. It's widespread, and we also have alternative options, by the way. This is not the same situation as memory. Hopefully, that's clear.

剛才的討論更多是關於那些。範圍較小。但分布很廣，而且順帶一提，我們也有替代選項。這跟記憶體的情況不一樣。希望這樣就清楚了。

Yeah. So maybe just to be clear on that. I think like at the Analyst Day, you said something about like a 100-basis-point impact. That was not just memory; that was all electronic-related inflation?

好。那也許為了更清楚一點。我記得在分析師日，你們提到大概 100 個基點的影響。那不只是記憶體；那是所有與電子相關的通膨？

It was everything, but it's mostly in 2027, we expect the bulk of it to come from memory cost increases.

那是全部，但我們預期主要在 2027 年，其中大部分會來自記憶體成本上升。

Okay. But these additional electronics, like that's embedded in that 100 basis points?

了解。但這些額外的電子元件成本，也包含在那 100 個基點裡？

That's correct. Absolutely, yes. But as said, you have what we know, which is coming from Micron and then you have other more dynamic memory suppliers as well with different --

沒錯。絕對是。但如前所述，你有我們已知的部分——來自 Micron——同時也有其他更具動態性的記憶體供應商，情況也不同--

Yes. Another wave. Micron is able to supply us everything we need, it's a different discussion, but we are expecting it not to be the case.

是的。另一波。Micron 是否能供應我們所需的一切是另一個議題，但我們預期不會是那樣。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

So I'll ask one more on just the memory cost recovery. Just over time, I know it's uncertain kind of where memory prices will go, but do you expect you will eventually kind of recover all of it, just sort of a lag effect that as inflation continues to intensify, you just kind of have to absorb it temporarily?

那我再問一題，關於記憶體成本回收。長期來看，我知道記憶體價格走勢不確定，但你們是否預期最終會把它全部回收？只是存在一個時間落差：當通膨持續加劇時，你們只是暫時需要先吸收？

And related to that, to what extent are just some of the new customer wins you've had, which is great, perhaps also contributing to sort of a bit of a lag on recovery as maybe you don't choose those recoveries as aggressively as some of your other customers perhaps?

另外相關的是，你們近期拿下的一些新客戶（這很棒）在多大程度上也可能造成回收稍有落後，因為相較於其他客戶，你們可能不會那麼積極地對這些新客戶做回收？

Yeah. So I'll answer the second question, Itay, first. So the new wins that we have, we are already including the higher cost of memory in those business engagements. So it's really more a question about the existing programs that we have.

是的。Itay，我先回答第二個問題。我們拿下的新案子，在這些業務洽談中已經把較高的記憶體成本納入。所以這其實更是關於我們既有專案的問題。

And in terms of what happens in the future, so the way we are looking at it is for 2027, it's really a matter of securing supply. So right now, in total, the industry is not going to get as much memory as it needs just from the traditional suppliers. So we have to go out and secure the supply. There will be a cost to that supply, and we fully expect to be able to recover that.

至於未來會發生什麼，我們的看法是：到 2027 年，關鍵其實在於確保供應。因為目前整體而言，產業僅靠傳統供應商，拿不到足以滿足需求的記憶體供給。所以我們必須外出確保供應。取得這些供應會有成本，而我們完全預期能夠把這些成本回收回來。

Now, there's a cost to also, on our side, to engineer the products that I mentioned earlier to be able to support all the various different types of memories, qualify them, et cetera. A portion of that cost, we may have to absorb. That is part of what Jerome has in his discussion.

另外，在我們這邊也有成本：要把我先前提到的產品做工程設計，使其能支援各種不同類型的記憶體、完成認證等等。其中一部分成本，我們可能必須自行吸收。這也是 Jerome 在他的討論中所提到的一部分。

Now as we go forward, this increased supply is going to give us more optionality and more competitive pressures to help drive the memory cost down and hopefully, also improve our margins in the process.

接下來，這些增加的供應將帶給我們更多選擇性，也會帶來更大的競爭壓力，進而有助於把記憶體成本往下拉，並希望在這個過程中也能改善我們的毛利率。

Great. That's helpful. And maybe just a quick follow-up, switching gears. Just wanted a bit more color, if you can, on the new Japanese OEM customer win, I think with digital clusters that you talked about. Kind of curious how this opportunity came about, maybe kind of what the future could hold. And how much of this opportunity is embedded in the out-year financial forecast?

很好。這很有幫助。也許再快速追問一下，換個話題。想請你再多補充一些細節：關於你提到的日本新 OEM 客戶得標，我記得是數位儀表（digital clusters）相關。有點好奇這個機會是怎麼出現的、未來可能還有哪些發展。以及這個機會在你們較長期年度的財務預測中，已經納入了多少？

Great. Thanks that you asked because this is actually a very important part of what we wanted to communicate. Now unfortunately, as you know, most customers don't like us to share details and the name until the product is launched. So I'll stay away from that. But I will say that this is an OEM that is not part of the global top 12, but the volume is very meaningful, and they can be a very good contributor to our revenues in Japan and North America.

很好。謝謝你問這個問題，因為這其實是我們想傳達的一個非常重要的部分。不過很可惜，如你所知，多數客戶在產品正式上市前，不希望我們分享細節或客戶名稱。所以我會避免談到那些。但我可以說，這家 OEM 不在全球前 12 大之列，但其出貨量非常可觀，並且能為我們在日本與北美的營收做出很好的貢獻。

And we have never been a supplier to this OEM. And our growing, I would say, reputation in Japan is really what created this opportunity. And we see a significant future opportunity to expand. But on the specific win itself is for a digital cluster, there are, I believe, three vehicles in the initial award with more to follow, and I think this is going to be a very good customer for us for many years that helps us in both regions, North America and in Japan.

而且我們過去從未成為這家 OEM 的供應商。我想我們在日本日益提升的口碑，正是促成這個機會的原因。我們也看到未來有顯著的擴張機會。至於這次具體得標本身，是一個數位儀表專案；我相信初始授標涵蓋三款車型，後續還會有更多，我認為這將會是我們多年來非常好的客戶，並在北美與日本兩個區域都對我們有所助益。

Dan Levy, Barclays.

Dan Levy，Barclays。

I wanted to double-click on some of the China dynamics. You underperformed in the quarter. The revenue was down, but I see on your slide here, you're talking about getting back to growth in the second half in China, some of the premium domestic concept and you have HPC launches. Maybe you can just double-click on the visibility of that flip to growth and just what was happening in the second quarter that doesn't happen in the second half?

我想更深入追問一些中國市場的動態。你們這一季表現落後。營收下滑，但我看到你們投影片上提到，下半年在中國會回到成長，提到一些高端國產概念，並且你們有 HPC 的上市。能否再更深入談談：這個由衰轉成長的能見度如何？以及第二季發生了什麼、而下半年不會再發生？

Yeah, let me address that. So as I'm sure you are aware, the domestic market in China is going through what appears to be a structural change, and overall demand is down driven by the changes -- recent changes in government policies as well as incentives. And most of the drop is impacting ICE vehicles, and even EVs that are not considered as smart cars are impacted and are not doing as well as EVs that are considered as smart cars.

好的，我來回應。如你所知，中國國內市場正經歷看起來像是結構性的變化；整體需求下滑，主要是由政府政策以及補貼／激勵措施近期變動所驅動。而下滑的大部分影響到的是燃油車（ICE），甚至一些不被視為智慧車的電動車也受到影響，表現不如那些被視為智慧車的電動車。

And so the demand for smart car EVs, what we refer to, and this is now starting to call as the premium tech segment in China, that portion of the market is doing well. And that shift is fundamentally helping domestic OEMs that have this portfolio of vehicles and is hurting most international OEMs. So our sales in Q2 were up with those domestic OEMs that have this portfolio, and it was hurt by the lower volumes with international OEMs.

因此，智慧車電動車的需求——我們所稱的這一塊——現在在中國也開始被稱為「高端科技」細分市場，這部分市場表現良好。而這樣的轉移，從根本上有利於擁有這類車款產品組合的國內 OEM，並傷害多數國際 OEM。所以我們第二季在具備這類產品組合的國內 OEM 客戶上，銷售是成長的；但在國際 OEM 客戶上，因為出貨量較低而受到拖累。

Now this dynamic changes as we go into the second half with the launches that we have talked about, HPC where we see a sequential growth from first half to second half and then this growth should continue into next year. But overall, if you look at our performance, I would say that we performed more or less in line with the domestic market performance.

接著進入下半年，隨著我們先前談到的上市計畫，這個動態會改變；在 HPC 方面，我們看到從上半年到下半年會有逐季成長，而這個成長也應該會延續到明年。但整體來看，如果你看我們的表現，我會說我們的表現大致上與中國國內市場的表現相當一致。

And maybe to add on to that, by the end of the year, we'll be close to 60% indexed with domestic OE in China. So we are -- as we are launching these high-profile products, it will rebalance our positioning towards more Chinese domestic OEs.

另外補充，到年底時，我們在中國的業務中，與國內整車廠（domestic OE）的占比將接近 60%。因此，隨著我們推出這些高能見度的產品，我們的定位將重新平衡，朝向更多中國國內整車廠。

Okay. Great. Second question, I wanted to double click. I think this was mentioned earlier that as you're ramping some of the Chinese customers with HPC. And I think what we've seen in the past is that there's not the same visibility or security on programs for some of the Western suppliers with Chinese where there could be more rapid mix shifts or the Chinese -- displays that we are seeing with other suppliers.

好的。很好。第二個問題，我想再深入追問。我想先前有提到，當你們在 HPC 上逐步放量一些中國客戶時，而我們過去看到的是：對一些西方供應商而言，與中國客戶的專案能見度或保障性不如以往，因為可能會有更快速的產品組合轉換，或是我們在其他供應商那邊看到的中國——顯示器方面的變化。

So what's the confidence that as HPC ramps that you have that visibility of being a supplier? And maybe you can also just address this as far as the export volumes, how critical this is from an export perspective?

所以，當 HPC 放量時，你們對於作為供應商的能見度有多大信心？另外也請你談談：就出口量而言，從出口角度看這件事有多關鍵？

Yeah. that's a good question. And I think there's really two or three dimensions to how to think about it. I mentioned that the Chinese OEMs are kind of evolving their strategy to work more collaboratively and closely with a set of strategic suppliers for the long term, especially on products that require ongoing software maintenance and the regional diversification.

是的，這是個好問題。我認為大概有兩到三個面向可以思考。我提過，中國 OEM 正在演進其策略，傾向與一組長期的策略供應商更協作、更緊密地合作，特別是在需要持續軟體維護以及區域多元化的產品上。

So when you think about HPCs with AI, we have to think of the AI technology as being regulated and specific to the regions. So these vehicles that the Chinese OEMs are launching in China with the AI technology that is appropriate for that region, is not suitable at all to be sold into Europe without significant amount of change.

所以當你思考具備 AI 的 HPC 時，我們必須把 AI 技術視為受到監管、且因地區而異。因此，中國 OEM 在中國推出、採用適用於該地區的 AI 技術的車款，若要銷往歐洲，在沒有大量改動的情況下是完全不適用的。

And in many cases, this regulations are already in place like in the US or emerging in Europe, which will fundamentally prohibit any AI IP that originates in China. So this requires these OEMs to have a set of capable suppliers that have this ability to support them in different regions with different AI software technologies.

而且在許多情況下，這些法規在美國等地已經存在，或正在歐洲逐步形成，將從根本上禁止任何源自中國的 AI 智慧財產（AI IP）。因此，這要求這些 OEM 必須擁有一組有能力的供應商，能在不同地區以不同的 AI 軟體技術來支援他們。

I think this point is somehow not easily understood. So I want to make sure that it's very clear to everybody. This changes the dynamic in terms of the relationship very fundamentally. It's not just you give me a box, and I will replace it with someone else's box tomorrow. It requires an ongoing engagement between the two parties and, therefore, we have to think of it as a more longer-term relationship.

我認為這一點不太容易被理解。所以我想確保每個人都非常清楚。這會在供應關係的動態上帶來非常根本的改變。不再只是「你給我一個盒子，我明天就可以換成別人的盒子」。它需要雙方持續的投入與互動，因此我們必須把它視為更長期的合作關係。

Obviously, we need to do our part and execute. We're not going to accept our lack of performance just like in any situation. So it's -- in my mind, it's up to us to continue to execute and deliver the value that they expect from us. I do not see this as the same type of business model as before.

當然，我們也必須把自己該做的部分做好並確實執行。我們不會接受自己表現不佳，就像任何情況下一樣。所以在我看來，關鍵在於我們要持續執行到位，交付他們期待我們提供的價值。我不認為這會是和以前相同類型的商業模式。

So the other thing to keep in mind is the set of suppliers that have these capabilities is fundamentally going to be a smaller set because you have to have a strong CVC capability, proven experience there, and then to be able to build AI on top of it. It's very hard to jump straight into an HPC without having gone through the CVC path. That will be also another factor that will maybe help it turn out somewhat differently than in the past.

另外一點需要記住的是，具備這些能力的供應商群體，本質上會是一個較小的集合，因為你必須具備強大的 CVC 能力、在該領域有經驗實績，然後還要能在其上構建 AI。如果沒有走過 CVC 這條路徑，要直接跳到 HPC 是非常困難的。這也將是另一個因素，可能會使其結果與過去有所不同。

Winnie Dong, Deutsche Bank.

Winnie Dong，德意志銀行。

I just wanted to clarify the new HPC win announced in the quarter, that is incremental to what was announced at the Investor Day? And then I was wondering if you can also talk about the customer pipeline there in terms of interest from either domestic customers or those that have overseas ambitions? And I have a follow-up.

我想釐清一下，本季宣布的新 HPC 得標，是在投資人日所宣布內容之外的增量嗎？另外我也想請你談談那邊的客戶管線，就國內客戶或有海外布局企圖的客戶而言，他們的興趣如何？我還有一個追問。

Yeah. So the HPC win that we announced is incremental to what we had assumed for HPC sales right? So in 2027, what we have talked about at Investor Day, this was not part of it. But we will have to talk about our overall 2027 sales later this year as we incorporate all of the other input into it. But as far as HPCs are concerned, that's an incremental.

是的。我們宣布的這個 HPC 得標，是相對於我們原先對 HPC 銷售的假設而言的增量，對吧？所以在 2027 年，我們在投資人日談到的內容並不包含這一項。不過，隨著我們把其他所有輸入因素納入考量，我們會在今年稍晚再談我們整體的 2027 年銷售。但就 HPC 而言，這是一個增量。

And to the second part of the question that you've talked about, so we have, as I mentioned before, three OEMs and within that, lots of discussions about expanding our footprint within those OEMs and also actively engaged with others in China. And you can imagine who these companies would be OEMs that have export markets today that they are serving or similar technologies.

至於你提到的問題第二部分，如我先前所說，我們目前有三家 OEM；在此範圍內，我們正就擴大我們在這些 OEM 內的布局進行大量討論，同時也在中國積極與其他廠商接洽。你可以想像這些公司會是哪些——也就是目前就有出口市場、正在服務海外市場的 OEM，或是具備類似技術的 OEM。

And the discussions are, I would say, very active. There's a lot of energy being spent right now in coming up with new solutions and next sort of generation of AI capabilities with all of the evolution that's happening in AI models, which I'm sure you are aware of as well.

我會說，這些討論非常積極。目前大家投入了很多精力在提出新解決方案，以及下一代 AI 能力；隨著 AI 模型的各種演進正在發生，我相信你也很清楚。

Great. And then if we go back to the Investor Day deck on the revenue ramp down from GM and Ford. Just wanted to understand to what extent is it sort of like a base case scenario or more of a worst-case scenario? Do you have any conservatism built in it? And then if we were to think about the opportunities for supplying other components such as displays, is there any way to quantify those opportunities and, therefore, they can serve as offsets to those declines?

很好。接著如果回到投資人日簡報中，關於來自 GM 和 Ford 的營收下滑路徑。我想了解，那在多大程度上這算是一個基本情境（base case），或更像是最壞情境（worst-case）？其中是否有納入任何保守假設？另外，如果我們考慮供應其他零組件（例如顯示器）的機會，是否有辦法量化這些機會，從而作為抵消那些下滑的因素？

Yeah. So as I mentioned, and I'll make sure to reiterate, we certainly took a very thorough approach and did not include anything that we thought was not a clear line of sight in terms of the business with these two OEMs. So you can say that in that sense, it is a conservative view of our outlook, and we wanted to make sure that we are very transparent about what we are seeing.

是的。如我提到的，我再強調一次：我們確實採取了非常周全的方式，對於與這兩家 OEM 的業務，只要不是我們認為有明確可見度（clear line of sight）的部分，我們都沒有納入。因此從這個意義上說，這是對我們展望較為保守的看法；我們也希望確保能非常透明地呈現我們所看到的情況。

And at the same time, it's really important to stress this point, that it doesn't mean that we are not seeing opportunities with them. We are continuing to have many active discussions with Ford and GM. A lot of that right now is centered around -- in this year, in particular, more displays, and we're just starting to engage with them on electronics as they think about the next several years of their vehicle needs for cockpit electronics for CVCs and with HPCs.

同時也很重要的是要強調，這並不代表我們沒有看到與他們合作的機會。我們仍持續與 Ford 和 GM 進行許多積極的討論。目前其中很大一部分聚焦在——尤其是今年——更多的顯示器；而且隨著他們思考未來幾年在座艙電子（用於 CVC）以及 HPC 方面的車輛需求，我們也才剛開始就電子產品與他們接洽。

And we have an extremely, I would say, unique vantage point to bring value to them in terms of helping them understand what the market situation is, what our experience has been in China, and the various options available to the industry and the deeper insights into what goes into really what makes a good or perhaps not as good as advertised solutions for SoCs that they should be picking.

我們擁有一個我會說非常獨特的視角，能為他們帶來價值：協助他們理解市場態勢、我們在中國的經驗，以及產業可用的各種選項；並更深入洞察要打造真正好的解決方案（或可能不如宣稱那麼好的方案）時，SoC 解決方案究竟包含哪些要素、他們應該選擇什麼。

So we are having those discussions currently. We expect that on the cockpit electronics front, from a timing viewpoint, these are probably not something that we will be talking about in terms of decisions this year, probably next year. So we have a busy couple of quarters ahead in terms of engagements with them to further these discussions along, and we'll be in a better position to share with you how we think about opportunities in the future.

所以我們目前正在進行這些討論。我們預期，就座艙電子而言，從時程角度來看，這些大概不會是今年就會做出決策的事項，可能要到明年。因此，接下來幾個季度我們會很忙，持續與他們互動以推進這些討論；之後我們也會更有條件與各位分享我們如何看待未來的機會。

But just to leave you with that, that we certainly look at this as a sort of the baseline from which we hope to build further upon. The timing, obviously, we'll have to come back to you with that as we know more. Unlike in China and India, where we've been able to turn very quickly from award to revenue.

但最後想留給各位的是：我們確實把這視為一個基準線（baseline），並希望在此基礎上進一步拓展。至於時程，顯然我們需要在掌握更多資訊後再回來更新。這不同於在中國和印度，我們能夠從得標到認列營收非常快速地轉換。

In fact, this has been one of the things with this $3 billion of new business wins that we have had in the first half -- we have had this set of bids contribute revenue as early as 2027 in a meaningful way. That's not how it typically works with OEMs in Europe and in the US. So the timing impact of everything that I've said previously in terms of our discussions with them, we will know more as we go further here.

事實上，這也是我們在上半年取得的 30 億美元新業務得標之一個特點——我們已經讓這一組投標案最早可在 2027 年以有意義的方式貢獻營收。但在歐洲與美國的 OEM 合作，通常不是這樣運作的。因此，關於我先前所說、我們與他們討論的所有事項在時程上的影響，我們會在後續推進過程中逐步掌握更多。

Okay. Thank you, Sachin. Thank you, Jerome. This concludes our earnings call for the second quarter of 2026. Thank you for participating in today's call and your ongoing interest in Visteon.

好的。謝謝你，Sachin。謝謝你，Jerome。這結束了我們 2026 年第二季的財報電話會議。感謝各位參與今天的電話會議，並持續關注 Visteon。

This concludes Visteon's second-quarter 2026 results earnings call. You may now disconnect.

Visteon 2026 年第二季財報電話會議到此結束。您現在可以掛線。