威世科技 (VSH) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Vishay Intertechnology quarter 2, 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您的收看。歡迎參加 Vishay Intertechnology 2025 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音中。

I would now like to hand the conference over to the first speaker today, Peter Henrici, Investor Relations. Peter, go ahead.

現在，我想把會議交給今天的第一位發言者，投資者關係部的 Peter Henrici。 Peter，請講。

Thank you, Amber. Good morning, and welcome to Vishay Intertechnology's second quarter 2025 earnings conference call. I am joined today by Joel Smejkal, our President and Chief Executive Officer; and by Dave McConnell, our Chief Financial Officer.

謝謝，Amber。早安，歡迎參加Vishay Intertechnology 2025年第二季財報電話會議。今天，與我一起參加會議的還有我們的總裁兼執行長Joel Smejkal，以及我們的財務長Dave McConnell。

This morning, we reported results for our second quarter. A copy of our earnings release is available in the Investor Relations section of our website at ir.vishay.com. This call is being broadcast live over the web and can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website.

今天上午，我們公佈了第二季業績。您可以在我們網站 ir.vishay.com 的「投資者關係」版塊查看收益報告副本。本次電話會議將透過網路直播，您可以透過我們的網站觀看。此外，今天的電話會議已錄音，屆時您可以透過我們的網站重播。

During the call, we will be referring to a slide presentation, which we also posted at ir.vishay.com. You should be aware that in today's conference call, we will be making certain forward-looking statements that discuss future events and performance. These statements are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements. For a discussion of factors that could cause results to differ, please see today's press release and Vishay's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.

在電話會議中，我們將參考幻燈片演示，該演示也已發佈在 ir.vishay.com 上。敬請知悉，在今天的電話會議中，我們將做出一些前瞻性陳述，討論未來事件和績效。這些陳述受風險和不確定性的影響，可能導致實際結果與前瞻性陳述不同。有關可能導致結果不同的因素的討論，請參閱今天的新聞稿以及 Vishay 向美國證券交易委員會提交的 10-K 表和 10-Q 表。

We are including information in our press release and on this conference call on various GAAP and non-GAAP measures. We have included a full GAAP to non-GAAP reconciliation in our press release as well as in the presentation posted on ir.vishay.com, which we believe you will find useful when comparing our GAAP and non-GAAP results. We use non-GAAP measures because we believe they provide useful information about the operating performance of our businesses and should be considered by investors in conjunction with GAAP measures.

我們在新聞稿和本次電話會議中納入了各種 GAAP 和非 GAAP 指標的資訊。我們在新聞稿以及 ir.vishay.com 上發布的簡報中提供了完整的 GAAP 與非 GAAP 對照表，相信您在比較 GAAP 和非 GAAP 業績時會發現這些資訊很有用。我們使用非 GAAP 指標是因為我們認為它們能夠提供有關我們業務運營業績的有用信息，投資者應將其與 GAAP 指標結合考慮。

Now, I turn the call over to President and Chief Executive Officer, Joel Smejkal.

現在，我將電話轉給總裁兼執行長喬爾‧斯梅卡爾 (Joel Smejkal)。

Thank you, Peter. Good morning, everyone. Thank you for joining our second quarter 2025 conference call. I'll start my remarks with a review of the second quarter performance and business conditions and then turn the call over to Dave, who will take you through a review of the second quarter financial results and our guidance for the third quarter of 2025. After that, I'll update you on the strategic levers we are pulling under Vishay 3.0, as we continue to execute our five-year strategic plan, and then, we'll be happy to answer any of your questions.

謝謝彼得。大家早安。感謝您參加我們2025年第二季的電話會議。首先，我將回顧第二季的業績和業務狀況。然後，我將把電話交給戴夫，他將向大家回顧第二季的財務表現以及我們對2025年第三季的展望。之後，我將向大家介紹我們在Vishay 3.0戰略架構下正在採取的策略措施，以及我們將繼續執行五年策略規劃。之後，我們將很樂意回答大家的任何問題。

For the second quarter, revenue grew sequentially 7% to $762 million, in line with our guidance. We generated revenue growth for both semis and passives, growth in all of our end markets, growth in the distribution and EMS channels and growth in all regions.

第二季度，營收季增7%，達到7.62億美元，符合我們的預期。半導體和被動元件業務均實現了收入成長，所有終端市場、分銷和EMS通路以及所有地區均實現了收入成長。

The promising signals we saw emerging in the fourth quarter have become more firm. The inventory correction cycle is principally behind us. Industry inventory levels have normalized for passives, while there is still some excess industry inventory in semis.

我們在第四季度看到的正面訊號更加堅定。庫存調整週期基本上已經結束。被動元件的產業庫存水準已經恢復正常，而半導體產業仍存在一些過剩庫存。

Solid order intake during the second quarter reflected continued demand momentum in smart grid infrastructure projects and AI power applications. Overall, book-to-bill was positive at 1.02, with semis slipping slightly due to some customer program adjustments and passives continuing to trend upward. July book-to-bill for semis has bounced back to 1.07.

第二季訂單量穩健，反映出智慧電網基礎設施項目和人工智慧電力應用持續的需求動能。整體而言，訂單出貨比為正值1.02，由於部分客戶項目調整，半導體訂單出貨比略有下滑，而被動元件訂單出貨比則持續上升。 7月半導體訂單出貨比已回升至1.07。

Our decision to invest heavily in capacity expansion between 2023 and 2028 under Vishay 3.0 is positioning us well. Over the past two and half years, we have invested approximately $775 million to add capacity for high-growth, higher profit products. I am pleased to state that today, we have the incremental capacity for nearly all products to capture the early stage of this market upturn, assuring our customers of reliable volume as they scale and to satisfy the quick turn demand we're seeing in AI and generally across all end markets.

我們決定在2023年至2028年期間大力投資Vishay 3.0產能擴張，為我們帶來了良好的發展定位。在過去兩年半的時間裡，我們已投資約7.75億美元，用於增加高成長、高利潤產品的產能。我很高興地宣布，如今我們幾乎擁有所有產品的增量產能，能夠抓住這一市場復甦的早期階段，確保客戶在規模擴張過程中獲得可靠的產量，並滿足我們在人工智慧以及所有終端市場普遍看到的快速週轉需求。

We have also been aggressively working growth initiatives to strengthen customer relationships, re-engage with previously underserved and inactive customers and develop new customers. Through innovation and subcontractor engagements, our portfolio has expanded to best serve our customers' demand and to more fully leverage the breadth of technologies in our portfolio.

我們也積極實施成長計劃，以加強客戶關係，重新吸引先前服務不足和不活躍的客戶，並開發新客戶。透過創新和與分包商的合作，我們的產品組合不斷擴展，以更好地滿足客戶需求，並更充分地利用我們產品組合中的廣泛技術。

We create design opportunities that increase our print position at customers, targeting our 80% of the bill of materials in power applications. We also work to advance our silicon carbide strategy. As a result, we have positioned Vishay quite well to support the emerging market up cycle as well as to reinforce our presence to participate in the megatrends of e-mobility and sustainability over time.

我們創造設計機會，提升我們在客戶中的印刷地位，目標是佔據電源應用80%的物料清單份額。我們也致力於推動碳化矽戰略。因此，我們為Vishay做好了充分的準備，能夠支持新興市場的上升週期，並鞏固我們在電動出行和永續發展大趨勢中的領先地位。

Let's now turn to slide 3 for a review by end markets. Automotive revenue increased 4% versus the quarter as demand from Tier 1 customers improved on a modest increase in consignment pulls in the Americas and the launch of new ADAS programs in Europe and higher volumes in Asia. Consignment pulls from European customers were mixed with some of them pulling at normal rates, some at higher rates and some adjusting their forecast.

現在我們來看第三張投影片，回顧一下終端市場。汽車業務收入較上季成長4%，這得益於一級客戶的需求有所改善，美洲地區的訂單量略有增加，歐洲推出了新的ADAS項目，亞洲地區的訂單量也有所增加。來自歐洲客戶的訂單量參差不齊，有些客戶的訂單量保持正常，有些客戶的訂單量有所提高，還有一些客戶的訂單量有所調整。

Order intake grew in all regions over the course of the quarter. Automotive electrification continues to be a major focus of design activity in the second quarter for battery electric vehicles and hybrid powertrains, along with smart cockpits, ADAS programs, traction inverters and onboard chargers. ICE powertrain designs, those activities do still continue.

本季所有地區的訂單量均有所成長。汽車電氣化仍然是第二季度純電動車和混合動力系統設計活動的重點，此外還有智慧駕駛艙、ADAS 程式、牽引式逆變器和車載充電器。內燃機動力系統設計方面，這些活動仍在持續。

Revenue from the Industrial segment increased 9% from the first quarter. The normalization of customer and channel inventories helped this segment turn to more of a forward-looking demand planning approach. Also, industrial is being driven by strengthening demand for smart grid infrastructure, multiyear projects in all regions. Higher power requirements to support AI chip production and data center projects, as AI adoption continues to fuel electricity requirements.

工業部門營收季增9%。客戶和通路庫存的正常化有助於該部門轉向更具前瞻性的需求規劃方法。此外，各地區對智慧電網基礎設施和多年期專案的需求不斷增長，也推動了工業部門的成長。隨著人工智慧的普及持續推高電力需求，為支援人工智慧晶片生產和資料中心項目，電力需求也隨之增加。

For example, we received multiple large orders for the high-voltage DC power transmission programs during this quarter. We expect to win additional smart grid projects as customers address electricity demands in AI data centers.

例如，本季我們獲得了多個高壓直流輸電項目的大訂單。隨著客戶滿足人工智慧資料中心的電力需求，我們預計還將贏得更多智慧電網專案。

In the Americas, orders steadily increased over the quarter with lead times in the 8- to 12-week range, giving us a higher percentage of turns business we haven't seen for many quarters. In Europe, order intake for smart grid infrastructure projects more than doubled. In Asia, governments in China and India are also accelerating smart grid infrastructure spending.

在美洲，本季訂單穩定成長，交貨週期在8至12週之間，使我們的業務週轉率達到了多個季度以來的最高水平。在歐洲，智慧電網基礎設施項目的訂單量增加了一倍以上。在亞洲，中國和印度政府也正在加快智慧電網基礎設施的支出。

In parallel, demand for factory automation projects and other industrial applications remains flat in the Americas and Europe as companies are slow to invest in capital projects. New design activity remained focused on energy storage, energy conversion, high-voltage DC smart grid infrastructure, uninterruptible power supplies and next-generation AI power structures.

同時，由於企業對資本項目的投資放緩，美洲和歐洲對工廠自動化項目和其他工業應用的需求仍然持平。新的設計活動仍集中在儲能、能源轉換、高壓直流智慧電網基礎設施、不間斷電源和下一代人工智慧電力結構方面。

In Aerospace/Defense, revenue increased 5% quarter-over-quarter on improved demand for military applications, where -- while commercial aerospace declined due to ongoing mechanical parts supply issues in Europe. Book-to-bill stayed above 1 in the Americas with orders improving throughout the quarter, including orders for applications related to low earth orbit satellites. At one customer, we are supplying over 30% of the bill of materials.

航空航太/國防業務方面，由於軍事應用需求增加，營收季增5%，而商用航空航太業務則因歐洲持續的機械零件供應問題而下滑。美洲地區的訂單出貨比維持在1以上，整個季度訂單量都有改善，其中包括與低地球軌道衛星相關的應用訂單。我們為一位客戶提供了超過30%的物料清單。

Distributors in Europe also report a book-to-bill rates above 1 for Aerospace/Defense. Design activity remained focused on Department of Defense Communication programs and low earth orbit satellite constellations, next-generation warfare programs, including drones and missiles.

歐洲分銷商報告稱，航空航天/國防領域的訂單出貨比也高於1。設計活動仍然集中在國防部通訊計畫、低地球軌道衛星星座以及包括無人機和飛彈在內的下一代戰爭計畫。

In the medical end markets, revenue grew 4%, reflecting stronger demand in implantables and measurement equipment. In the Americas, we are seeing the increase and success of our strategy to cross-sell all Vishay technologies to customers who have purchased only one or two products from us in the past years.

在醫療終端市場，營收成長了4%，這反映了對植入式設備和測量設備需求的強勁成長。在美洲，我們正看到我們向過去幾年只購買過一兩款產品的客戶交叉銷售所有Vishay技術的策略取得了成長和成功。

Design activity remains focused on a variety of applications, including defibrillators, surgical assistant systems, drug delivery, diagnostic equipment for patient monitoring and hearing aid implants. Revenue from the other segments, including computer, consumer and telecom end markets was up 9% for the sixth consecutive quarter of sequential growth on escalating demand related to AI servers and server power in Asia.

設計活動仍集中在各種應用領域，包括除顫器、手術輔助系統、藥物傳輸、病患監測診斷設備和助聽器植入物。由於亞洲對人工智慧伺服器和伺服器電源的需求不斷增長，包括電腦、消費和電信終端市場在內的其他細分市場的收入連續六個季度環比增長9%。

Consistent with the past two quarters, AI remained a quick turns business with Asia CMs frequently placing spot orders. Order intake increased anywhere between 20% to 30%, depending on the country. The main areas of design activity for computing and AI applications continue to be around power management. We continue to design in a greater percentage of components on the board, expanding our bill of material position to both semis and passives, which fits our profitability and capability to support over 80% of the components needed in a power application. In addition, we expanded the AI customer count and continued design activity with AI optical modules and graphics cards.

與過去兩個季度一致，人工智慧業務保持快速週轉，亞洲製造商頻繁下達現貨訂單。訂單量增加了20%至30%，具體增幅取決於國家。計算和人工智慧應用的主要設計活動領域仍然圍繞著電源管理。我們繼續在電路板上設計更多元件，將物料清單涵蓋範圍擴大到半成品和被動元件，這符合我們的獲利能力，也符合我們支援電源應用所需80%以上元件的能力。此外，我們擴大了人工智慧客戶數量，並持續進行人工智慧光學模組和顯示卡的設計工作。

Let's move on to slide 4. Moving on to the revenue by channel from the second quarter, you can see that distribution revenue grew again quarter-over-quarter and was the strongest contributor to total revenue growth for the quarter. OEM revenue was essentially flat compared to the first quarter with volume up in all regions, including a recovery in Asia following a seasonal soft first quarter, offset by a bit lower ASPs.

我們來看第4張投影片。接下來看看第二季按通路劃分的收入，您會發現分銷收入再次較上季成長，成為本季總收入成長的最大貢獻者。 OEM營收與第一季基本持平，所有地區的銷量均有所增長，其中亞洲地區在第一季季節性疲軟之後有所復甦，但平均售價略有下降，抵消了這一影響。

Order intake by industrial OEMs in each region remained positive as we move past the inventory correction cycle and see increased demand for industrial power supplies and improved order intake from automotive customers. EMS revenue increased 13% versus the first quarter on increased AI and industrial demand and many short-term orders in Asia related to customers who wanted to ship during the tariff pause.

隨著庫存調整週期的結束，各地區工業原始設備製造商的訂單量保持正成長，工業電源需求增加，汽車客戶訂單量也有所提升。 EMS營收季增13%，這得益於人工智慧和工業需求的成長，以及亞洲客戶在關稅暫停期間希望出貨的大量短期訂單。

In Europe, some regional EMS work to right size their inventory levels, which they hold for aerospace and defense customers. This is expected to clear by year-end. Distribution revenue grew 11%. This reflects the success of our SKU count expansion to sell more Vishay products by having them on the shelf, which intensifies customer engagement.

在歐洲，一些區域電子製造服務商 (EMS) 正在努力優化其為航空航太和國防客戶持有的庫存水準。預計到年底，庫存將清零。分銷收入成長了 11%。這反映了我們成功擴大 SKU 數量，透過上架 Vishay 產品來銷售更多產品，從而增強了客戶參與度。

Our total distributor inventory reached 27 weeks at the end of Q4 and has been reduced now to 23 weeks for the second quarter as more Vishay part numbers are being consumed at faster rates. POS increased in each region, and worldwide, 9%. In the Americas, POS was at the highest level since the second quarter of 2023, as end customer demand recovers due to new program launches, expanded backlogs and normalized inventory levels. POA worldwide grew at a faster rate on continued turns business in each region following a 4% sequential increase in the first quarter.

截至第四季末，我們的經銷商總庫存已達27週，由於更多Vishay零件的消耗速度加快，第二季庫存已降至23週。各地區及全球的銷售量均成長了9%。在美洲，由於新項目的啟動、積壓訂單的增加以及庫存水準的正常化，終端客戶需求正在復蘇，美洲的銷售量達到了2023年第二季以來的最高水準。繼第一季季增4%之後，由於各地區持續的周轉業務，全球銷售量成長也更快。

Turning to slide 5. In terms of the geographical mix, revenue grew in each region, led by Asia, which increased 12% on a rebound from the seasonally soft first quarter on strong volume associated with AI power requirements, smart grid infrastructure projects and also automotive. In the Americas, improved automotive and industrial demand resulted in a 7% increase. Europe was essentially flat after having fewer workdays in Q2 and some inventory overcorrections.

翻到第五張幻燈片。從地域分佈來看，各地區收入均有所增長，其中亞洲地區領漲，得益於人工智慧電力需求、智慧電網基礎設施項目以及汽車相關業務的強勁增長，亞洲地區收入較第一季季節性疲軟有所反彈，增長了12%。在美洲地區，汽車和工業需求的改善帶動收入成長了7%。歐洲地區由於第二季工作日減少以及庫存過度調整，收入基本持平。

Before turning the call over to Dave, I'd like to thank the Vishay employees for their hard work and contributions to transforming Vishay to 3.0. Our level of service has improved. Vishay employees put the customer first every day and embrace a business-minded approach in all that they do. Their continued commitment to advancing the business towards the long-term strategy and financial goals is recognized and appreciated.

在將電話轉給 Dave 之前，我想感謝 Vishay 員工為 Vishay 轉型至 3.0 所付出的辛勤工作和貢獻。我們的服務水準得到了提升。 Vishay 員工始終將客戶放在第一位，並在所有工作中秉持商業思維。他們持續致力於推動公司實現長期策略和財務目標，我們對此表示認可和讚賞。

I'll now turn the call over to Dave, where he will review the financial results of Q2.

現在我將把電話轉給戴夫，他將回顧第二季度的財務結果。

Thank you, Joel. Good morning, everyone. Let's start our review of the second quarter financial results with the highlights on slide 6. Second quarter revenues were $762 million, up 7% compared to the first quarter, reflecting a 4% increase in volume and a 3% positive foreign currency impact related mostly to the Euro. Average selling prices, including tariff adders were flat versus the first quarter. All reportable business segments had higher revenues in the first quarter, driven mostly by volume.

謝謝喬爾。大家早安。讓我們從幻燈片6的重點部分開始回顧第二季度的財務表現。第二季營收為7.62億美元，季增7%，這反映了銷量成長4%以及主要與歐元相關的3%的外匯利好影響。包括關稅附加費在內的平均售價與第一季持平。所有可報告業務部門在第一季均實現了營收成長，主要得益於銷售量。

Compared to the second quarter of 2024, revenues increased 3%, reflecting a 3% increase in volume, 2% positive foreign currency impact, related mostly to the Euro. This was partially offset with a 2% reduction in ASPs, including tariff adders. Book-to-bill for the quarter was 1.02, the third quarter in a row with a book-to-bill over 1. Book-to-bill was 0.98 for semis and 1.06 for passives. Backlog in dollars increased to $1.2 billion and is now at 4.6 months.

與2024年第二季相比，營收成長3%，反映出銷量成長3%，以及2%的外匯利好影響，主要與歐元有關。部分抵銷了包括關稅附加在內的平均售價下降2%的影響。本季訂單出貨比為1.02，為連續第三個季度訂單出貨比超過1。半導體訂單出貨比為0.98，被動元件訂單出貨比為1.06。美元積壓訂單增加至12億美元，目前為4.6個月。

Moving on to the next slide, presenting the income statement highlights. Gross profit was $149 million, resulting in a gross margin of 19.5% at the high end of our guidance. The increase from quarter one was primarily due to additional volume. The negative impact from Newport was approximately 160 basis points, slightly better than our guidance. Depreciation expense was $53 million, approximately in line with our guidance, considering exchange rate impacts and up $2 million over quarter one.

接下來是下一張投影片，展示損益表的亮點。毛利為1.49億美元，毛利率達到19.5%，處於我們預期的高點。較第一季的成長主要得益於銷量的增加。紐波特帶來的負面影響約為160個基點，略優於我們的預期。折舊費用為5300萬美元，考慮到匯率影響，與我們的預期基本一致，比第一季增加了200萬美元。

SG&A expenses were $127 million, including an $11 million benefit recognized upon the one-time favorable resolution of an outstanding matter. Excluding this one-time benefit, SG&A expenses would have been in the range of our guidance for the quarter, up from $135 million in quarter one, mostly due to negative exchange rate impacts.

銷售、一般及行政管理費用 (SG&A) 為 1.27 億美元，其中包括因未決事項一次性有利解決而確認的 1,100 萬美元收益。若不計入該一次性收益，本季銷售、一般及行政管理費用將處於我們預期範圍內，高於第一季的 1.35 億美元，主要原因是匯率的負面影響。

GAAP operating margin was 2.9% compared to 0.1% in the first quarter and 5.1% in the second quarter of '24. Adjusted operating margin was 1.4% in the second quarter, excluding the one-time item. There were no GAAP adjustments in Q1 '25 or Q2 of '24. EBITDA for the quarter was $75 million for an EBITDA margin of 9.8%. Adjusted EBITDA for the quarter was $64 million for an adjusted EBITDA margin of 8.3%, up from 7.6% in the first quarter.

2025年第一季，公司GAAP營業利潤率為2.9%，而2024年第二季為5.1%。第二季調整後營業利益率為1.4%，不包括一次性項目。 2025年第一季及2024年第二季均未進行GAAP調整。本季EBITDA為7,500萬美元，EBITDA利潤率為9.8%。本季調整後EBITDA為6,400萬美元，EBITDA利潤率為8.3%，高於第一季的7.6%。

Our GAAP effective tax rate is not meaningful at these low levels of pretax income or loss as relatively small items such as foreign currency and repatriation taxes have a disproportionate impact on the effective tax rate. As profitability returns, we expect a normalized effective tax rate closer to our historical guidance.

在稅前損益水準較低的情況下，我們的 GAAP 有效稅率意義不大，因為外匯稅和匯回稅等相對較小的項目對有效稅率的影響不成比例。隨著獲利能力的恢復，我們預期正常化有效稅率將更接近我們的歷史指引。

GAAP EPS was $0.01 per share compared to a loss of $0.03 per share in the first quarter and earnings per share of $0.17 in the second quarter of '24. Adjusted loss per share was $0.07 for the second quarter of '25.

GAAP 每股收益為 0.01 美元，而 2024 年第一季每股虧損 0.03 美元，2024 年第二季每股收益為 0.17 美元。 2025 年第二季調整後每股虧損為 0.07 美元。

Proceeding to slide 8. For ease of reference, the presentation includes a table illustrating the revenue, gross margin and book-to-bill ratios for each of our reportable business segments. Of note, for the second quarter, the results for Newport continued to be reported primarily in MOSFETs, impacting that segment's gross margin by approximately 840 bps compared to 1,000 bps for quarter one.

請繼續查看第8張投影片。為了方便參考，本簡報包含一個表格，列明了我們每個可報告業務部門的收入、毛利率和訂單出貨比。值得注意的是，第二季度，Newport的業績仍主要集中在MOSFET業務上，這對該部門的毛利率產生了約840個基點的影響，而第一季則為1000個基點。

Turning to slide 9 and our cash conversion cycle metrics. Our DSO was stable at 53 days, while our DPO decreased to 32 days from 34 days in the first quarter. Inventory increased to $755 million, mostly due to exchange rate impacts. The inventory days outstanding decreased slightly to 109 days. Total cash conversion cycle for the second quarter is 130 days.

翻到第9張投影片，看看我們的現金週轉週期指標。我們的應收帳款週轉天數（DSO）穩定在53天，而應收帳款週轉天數（DPO）從第一季的34天降至32天。庫存增加至7.55億美元，主要原因是匯率影響。庫存未清償天數略有下降，降至109天。第二季的總現金週轉週期為130天。

Continuing to slide 10. You can see we used $9 million of operating cash in the second quarter. The quarter included $56 million of tax payments related to cash repatriation and the last installment of the US transition tax. Total CapEx for the quarter was $65 million, including $53 million designated for capacity expansion projects. On a trailing 12-month basis, capital intensity was 11.3% compared to 10.5% for the same period last year.

繼續查看第10張投影片。您可以看到，我們在第二季使用了900萬美元的營運現金。本季度包括與現金匯回和最後一期美國過渡稅相關的5,600萬美元稅款。本季總資本支出為6,500萬美元，其中包括用於產能擴張項目的5,300萬美元。過去12個月的資本密集度為11.3%，去年同期為10.5%。

Consistent with our strategic plan that we shared with you last year, we continue to deploy cash for capacity expansion projects. Due to these investments and the aforementioned taxes paid, free cash flow for the quarter was a negative $73 million compared to negative $45 million in the first quarter. Stockholder returns for the second quarter consisted of our $13.6 million quarterly dividend. We did not repurchase any shares in the quarter. The remaining $42 million of our 2025 convertible notes matured in the quarter. We funded the settlement with a cash draw on our revolver.

與我們去年與您分享的策略計畫一致，我們將繼續為產能擴張專案部署現金。由於這些投資以及上述已繳稅款，本季自由現金流為負7,300萬美元，而第一季為負4,500萬美元。第二季的股東回報包括1,360萬美元的季度股息。我們本季沒有回購任何股票。剩餘的4,200萬美元2025年可轉換債券已於本季到期。我們透過提取循環信貸額度的現金來支付和解金。

At the end of the quarter, our global cash and short-term investment balance was $479 million, and we are in a net borrowing position in the US with $185 million currently outstanding on our revolver. As previously noted, we are required to fund current dividends, share repurchases, principal and interest payments using cash on hand in the US, and we are using our US-based liquidity to fund our Newport expansion and other strategic investments.

截至本季末，我們的全球現金及短期投資餘額為4.79億美元，我們在美國處於淨借款狀態，目前循環信貸未償還金額為1.85億美元。如前所述，我們需要使用美國境內的現金支付當期股息、股票回購、本金及利息，並且我們正在利用美國境內的流動資金為紐波特工廠的擴張及其他戰略投資提供資金。

To that end, during the quarter, we repatriated $66 million of accumulated earnings net of taxes from Israel to the US, primarily to fund the Newport expansion. We have $275 million accessible on our revolving credit facilities at the current EBITDA level. We expect to continue to draw on our revolver to fund our US cash needs.

為此，本季我們將6,600萬美元的累計稅後收益從以色列匯回美國，主要用於紐波特擴建工程。以目前EBITDA水平，我們擁有2.75億美元的循環信貸額度可供使用。我們預計將繼續動用循環信貸額度來滿足美國地區的現金需求。

Okay. Moving on to the guidance. For the third quarter 2025, revenues are expected to be $775 million, plus or minus $20 million, representing a 2% volume increase and reflecting some seasonality in Europe. Gross margin is expected to be in the range of 19.7%, plus or minus 50 basis points, inclusive of tariff impacts and also expected higher input costs. Newport is expected to have an approximate 160 basis points to 185 basis point drag on the margin in the third quarter.

好的。接下來討論業績指引。 2025年第三季度，預計營收為7.75億美元，上下浮動2000萬美元，銷量成長2%，並反映了歐洲市場的一些季節性因素。預計毛利率在19.7%左右，上下浮動50個基點，其中包括關稅影響以及預期的投入成本上漲。 Newport第三季的利潤率預計將下降約160個基點至185個基點。

As we discussed last quarter, we are generally passing through additional tariff costs to customers, thus tariff adders increase our revenues without impact on gross profit. The impacts of tariffs are generally limited and incorporated into our guidance for the third quarter. Depreciation expense is expected to be approximately $54 million for the third quarter and $212 million for the full year.

正如我們上季度所討論的，我們通常會將額外的關稅成本轉嫁給客戶，因此關稅附加價值會增加我們的收入，而不會影響毛利。關稅的影響通常有限，並已納入我們第三季度的業績指引中。預計第三季折舊費用約5,400萬美元，全年折舊費用約2.12億美元。

SG&A expenses are expected to be $138 million, plus or minus $2 million for the quarter. SG&A expenses for the full year are expected to be between $540 million and $560 million, excluding the one-time benefit in Q2.

本季銷售、一般及行政管理費用預計為1.38億美元，上下浮動200萬美元。全年銷售、一般及行政管理費用預計在5.4億美元至5.6億美元之間（不包括第二季的一次性收益）。

Our GAAP effective tax rate is not meaningful at low levels of pretax income and loss. As profitability returns, we would expect a normalized effective tax rate closer to our historical guidance of 30% to 32%.

在稅前損益較低的情況下，我們的GAAP有效稅率意義不大。隨著獲利能力的恢復，我們預期正常化有效稅率將更接近我們30%至32%的歷史預期。

And finally, our stockholder return policy calls for us to return at least 70% of our free cash to stockholders in the form of dividends and stock repurchases. For 2025, we once again expect negative free cash flow due to our capacity expansion plans. For 2025, we expect to maintain our dividend and opportunistically repurchase shares based on US available liquidity in line with this policy.

最後，我們的股東回報政策要求我們將至少70%的自由現金以股利和股票回購的形式回饋給股東。由於產能擴張計劃，我們預計2025年的自由現金流將再次出現負值。 2025年，我們預計將維持股息，並根據美國現有流動性情況適時回購股票，以符合此政策。

Now, I'll turn the call back to Joel.

現在，我將把電話轉回給喬爾。

All right. Thank you, Dave. Let's turn to slide 12 for an update on the strategic levers we are pulling, as we execute our five-year strategic plan to drive faster revenue growth, elevate profitability and enhance returns on capital. For 2025, we plan to spend between $300 million to $350 million, at least 70% of which will be invested in capital expansion projects for our high-growth product lines.

好的。謝謝你，戴夫。我們來看第12張投影片，了解我們正在採取的策略措施的最新情況。我們正在執行五年策略計劃，以推動更快的收入成長、提升獲利能力並提高資本回報率。到2025年，我們計劃投資3億至3.5億美元，其中至少70%將用於我們高成長產品線的資本擴張項目。

During the second quarter, we continued to make progress on our semiconductor expansion projects. As our Newport Wafer Fab, we remain on schedule for silicon carbide preproduction in early 2026. During the second quarter, we completed the installation of all tools except one, which will be installed in the third quarter. For silicon MOSFETs, we also completed the transfer of three additional technologies and plan to transfer another two technologies in the third quarter.

第二季度，我們的半導體擴建計畫持續取得進展。作為我們的紐波特晶圓廠，我們正按計畫於2026年初進行碳化矽試生產。第二季度，我們完成了除一台設備外的所有設備的安裝，該設備將於第三季度安裝。對於矽MOSFET，我們也完成了另外三項技術的轉移，並計劃在第三季轉移另外兩項技術。

Finally, we released one automotive MOSFET while additional product qualifications are ongoing. Two large Tier 1 customers have audited the facility, and Newport received excellent scores for the facility and the processes. The next customer audit is being scheduled in early Q4.

我們最終發布了一款汽車級MOSFET，同時正在進行其他產品認證。兩家大型一級客戶已審核了我們的工廠，Newport在工廠和製程方面獲得了優異的評分。下一次客戶審核計畫於第四季初進行。

At our foundry partner in Korea, SK Keyfoundry, due to a technical issue, release dates have been pushed out one or two quarters. We now plan to release a total of eight technologies in the fourth quarter, four of which are commercial, two are automotive grade and one -- excuse me, two are ICs. As a result, we now expect to meet our goal of increasing the annualized capacity for MOSFETs by 12% in the first quarter of 2026. We also expect to increase annualized capacity for our advanced split-gate MOSFETs by 25% to support new automotive and commercial opportunities in 2026.

由於技術問題，我們在韓國的代工合作夥伴 SK Keyfoundry 的發布日期已推遲了一到兩個季度。我們目前計劃在第四季發布總共八項技術，其中四項為商用級，兩項為車規級，還有一項——不好意思，兩項為積體電路級。因此，我們預計在 2026 年第一季實現 MOSFET 年產能提升 12% 的目標。我們也預計在 2026 年將先進分柵 MOSFET 的年產能提升 25%，以支援新的汽車和商用市場機會。

In Taiwan, we continue to advance the automotive qualification process and the volume ramp-up for commercial diodes. In Turin, Italy, the qualification of commercial diodes is on track to be completed in the third quarter, and we will expect to begin mass production in the fourth quarter. We also are on track to complete the qualification of the 1,200-volt technology in the third quarter and begin mass production in the fourth quarter.

在台灣，我們持續推動汽車級認證流程，並持續提升商用二極體的產量。在義大利都靈，商用二極體的認證工作預計將在第三季完成，並預計第四季開始量產。此外，我們也預計在第三季完成1200伏技術的認證，並於第四季開始量產。

Now for passive components. At our two facilities in Mexico, in La Laguna and in Juarez, we continue to qualify more commercial part numbers. We are also continuing to work on automotive grade qualifications for the sites. Once the site is up to automotive standards, customers will schedule audits beginning the second half of the year.

現在來說說無源元件。我們在墨西哥的兩家工廠（拉古納和華雷斯）持續對更多商用零件進行認證。我們也持續努力為這些工廠爭取汽車級認證。一旦工廠達到汽車級標準，客戶將從下半年開始安排審核。

With respect to our subcontractor initiative, we added another five subcontractors to our roster and qualified more than 8,000 part numbers, expanding our product portfolio of diodes, resistors and inductors. As a result, we can dedicate more of our capacity to high-growth products and broaden our product portfolio to meet customer needs.

關於分包商計劃，我們新增了五家分包商，並認證了超過 8,000 個零件編號，擴大了我們的二極體、電阻器和電感器產品組合。因此，我們可以將更多產能投入高成長產品上，並拓寬產品組合以滿足客戶需求。

Turning to innovation and our silicon carbide strategy. During the quarter, we continued to advance towards commercialization of the planar MOSFETs. The 1,200-volt planar, the 1,700-volt planar and the 650-volt planar, our 1,200-volt trench MOSFET technology and our Gen 4 diode 650-volt and 1,200-volt family. We released three more Gen 2 1,200-volt planar MOSFETs in Q2, bringing the total now to four.

談到創新和我們的碳化矽策略。在本季度，我們繼續推進平面MOSFET的商業化，包括1200伏平面MOSFET、1700伏平面MOSFET和650伏平面MOSFET，以及我們的1200伏溝槽MOSFET技術，以及我們的第四代二極體650伏和1200伏系列。我們在第二季度又發布了三款第二代1200伏平面MOSFET，使MOSFET總數達到四款。

By year-end, we plan to release an additional 16 Gen 2 1,200-volt MOSFETs for automotive and industrial applications. We remain on track to release the 1,700-volt planar MOSFET and the 650-volt planar MOSFET in the first quarter of 2026. We are also on track to have samples of the 1,200-volt trench available in the third quarter and still plan a market release in the fourth quarter.

我們計劃在年底前再推出16款用於汽車和工業應用的第二代1200伏MOSFET。我們仍有望在2026年第一季推出1700伏平面MOSFET和650伏平面MOSFET。我們也預計在第三季提供1200伏溝槽MOSFET的樣品，並計劃在第四季將其推向市場。

For silicon carbide diodes, we have fully released the Gen 4 1,200-volt automotive diode and the Gen 4 650-volt. We still plan to release the entire silicon carbide Gen 4 diode family with all current ratings and power packages in the second half of the year. As for our solution selling initiative, we continue to release into catalog distribution reference designs that support common applications for automotive, industrial and AI computer solutions through our e-mobility lab.

在碳化矽二極體方面，我們已全面發布了第四代 1200 伏特汽車二極體和第四代 650 伏特二極體。我們仍計劃在今年下半年發布整個第四代碳化矽二極體系列，涵蓋所有額定電流和功率封裝。至於我們的解決方案銷售計劃，我們將繼續透過我們的電動車實驗室，將支援汽車、工業和人工智慧運算解決方案常見應用的參考設計納入目錄分銷。

Specifically, during the quarter, we released one reference design for 400-volt active discharge in an automotive application. We plan to release another 11 designs in the third quarter for battery management, 400-volt, 800-volt active discharge and current sensor and voltage sensor applications, among others.

具體來說，本季我們發表了一款用於汽車應用的400伏特主動放電參考設計。我們計劃在第三季發布另外11款設計，涵蓋電池管理、400伏特、800伏特主動放電以及電流感測器和電壓感測器等應用。

In closing, let's turn to slide 13. Since the beginning of the year, we have seen some customers giving more visibility on their forward demand. Backlog is building in both semis and passives. With nine weeks left in Q3, shippable backlog is higher than at the same point in Q2. The backlog is building at a faster rate, giving us another signal that the market appears to be turning, and we're making sure we have the right products on the distributor shelves.

最後，我們來看第13張投影片。自今年年初以來，我們看到一些客戶對其未來需求的預期更加清晰。半導體和被動元件的積壓訂單都在增加。第三季還剩九週，可出貨積壓訂單比第二季同期增加。積壓訂單的成長速度正在加快，這再次表明市場似乎正在轉向，我們正在確保經銷商貨架上有足夠的產品。

With market indicators directionally positive, we are preparing for a stronger second half of the year than compared to the first half. As the market upturn begins to become more firm, we work to be ready to meet customer demand in a much better position to offer competitive lead times as the backlog grows.

隨著市場指標向好，我們正準備迎接下半年比上半年更強勁的業績。隨著市場復甦動能更加強勁，我們將竭盡全力以更有利的條件滿足客戶需求，並在訂單積壓增加的情況下提供更具競爭力的交貨週期。

Capacity readiness helps us to be a reliable supplier as the customer scales production, and we are able to supply more part numbers to them. Capacity readiness allows us to re-engage with inactive customers and regain their trust over time. Capacity readiness also means we are positioned to drive new customer engagement.

隨著客戶擴大生產規模，產能準備就緒有助於我們成為可靠的供應商，我們能夠為其提供更多型號的零件。產能準備就緒使我們能夠與不活躍的客戶重新互動，並隨著時間的推移重新贏得他們的信任。產能準備就緒也意味著我們能夠推動新客戶的參與。

On the technology front, we're intensifying our efforts to expand MOSFET capacity and develop new business through many avenues. Internal and external capacity expansions for front-end and back-end production are in place, plus the advancement of silicon carbide as a new product technology for Vishay.

在技術方面，我們正加大力度擴大MOSFET產能，並透過多種途徑拓展新業務。前端和後端生產的內部和外部產能擴張均已到位，此外，Vishay也正在推動碳化矽作為新產品技術的進步。

In short, we have made great progress to position Vishay to participate more fully in all market segments, in particular, the higher growth markets of smart grid, AI, aerospace/defense and hybrid automotive.

簡而言之，我們已經取得了巨大的進步，使 Vishay 能夠更充分地參與所有細分市場，特別是智慧電網、人工智慧、航空航天/國防和混合動力汽車等高成長市場。

Amber, we're now ready to open the call up for questions.

安伯，我們現在可以開始回答問題了。

(Operator Instructions)

（操作員指示）

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

My first one is on the impact of the Newport fab. I think you had guided 175 bps to 200 bps of negative impact on gross margin for the second quarter, but the impact was just 160 bps. But then looking at the guide for fiscal 3Q, it's higher at 160 bps to 185 bps. So if you can dive a little bit into details on what drove the outperformance versus your expectations for 2Q? And what is happening again in 3Q? And how should we think about this impact going forward? And when does it normalize?

我的第一個問題是關於紐波特工廠的影響。我記得您之前預測第二季的毛利率將受到175到200個基點的負面影響，但實際影響只有160個基點。但看看第三季的業績指引，實際影響更高，達到了160到185個基點。您能否詳細談談是什麼因素推動了第二季的業績超乎預期？第三季又會出現什麼狀況？我們該如何看待這種影響？這種影響何時才能恢復正常？

Ruplu, it's Dave. That's a good question. So I think with our guidance, the 180 bps to 185 bps, it's lower than we've done in the past. You're right, we were 175 bps to 200 bps, and we came in at 160 bps. They're working hard on getting the product, build wafers, and we're moving towards Q3 and Q4 starting to build inventory and start to ship product. So it's a little unknown. So we want to give ourselves a little bit of a range, okay? So 160 bps, we're hoping we'd be at the low end of that range.

Ruplu，我是 Dave。這個問題問得好。我認為，根據我們之前的指導價，180 到 185 個基點，比我們過去的水平要低。你說得對，我們之前的指導價是 175 到 200 個基點，而我們最終的指導價是 160 個基點。他們正在努力獲取產品，生產晶圓，而我們正準備在第三季和第四季開始建立庫存並開始出貨。所以有點未知。所以我們要為自己設定一個區間，好嗎？所以 160 個基點，我們希望能在這個區間的低端。

Okay. Understood.

好的，明白了。

To answer honestly.

誠實地回答。

Okay. And then can I ask on the MOSFET gross margins? It looks like they declined 200 bps sequentially. What drove that? And how should we think about gross margin improvement in that section -- in that segment going forward?

好的。那我可以問一下MOSFET的毛利率嗎？看起來它環比下降了200個基點。是什麼原因造成的？我們該如何看待該部門——以及未來該部門——的毛利率改善？

So Ruplu, another good question. So during Q2, the MOSFET segment had some manufacturing inefficiencies that have been corrected in Q3, that will show some improvement. We also will have an increase in our IC sales Q2 on Q3, which comes at a higher margin for us, which will show some improvement.

Ruplu，這個問題問得好。第二季度，MOSFET 部門出現了一些製造效率低下的問題，這些問題在第三季度已經得到糾正，情況會有所改善。我們第二季的 IC 銷售額也將比第三季有所成長，這對我們來說意味著更高的利潤率，這將帶來一些改善。

We're continuing on working on expanding our AI customer list, which will help with the margin improvement towards quarter 4. So right now, the way it stands, we're hoping to exit the year 17% to 18%, excluding Newport on MOSFET.

我們正在繼續努力擴大我們的 AI 客戶名單，這將有助於第四季度的利潤率提高。因此，就目前情況而言，我們希望今年的利潤率能達到 17% 至 18%，不包括 MOSFET 上的 Newport。

Okay. That's helpful. So, Dave, maybe I'll go three for three with you. Let me ask you another question on US tariff impact. I think on the call, you said that it will be neutral. But if I look at the last quarter's slides, you had a slide where you said passive components can have up to 170% tariff and semis manufactured in China can have up to 70%.

好的。這很有幫助。那麼，戴夫，也許我可以三問三答。讓我再問你一個關於美國關稅影響的問題。我記得在電話會議上，你說的影響是中性的。但如果我看一下上個季度的投影片，你會發現有一張投影片說，被動元件的關稅最高可達170%，而中國製造的半導體產品的關稅最高可達70%。

So can you talk about the mechanics of this? Like how much of your product line is packaged in China? And how should we think about like how much of that comes into the US? And how is the impact really on -- of tariffs on the P&L?

那你能談談這其中的機制嗎？例如，你們的產品線有多少是在中國包裝的？我們該如何看待其中有多少進入美國？關稅對損益表的影響究竟有多大？

Okay. Ruplu, this is Joel. I'll take this one. As far as the product percent that is manufactured in China and comes back to the US, in Q1, it was less than 4%, and we see about the same percentage in Q2 and Q3. It's a small percent. Semiconductors and passives are similar, but it's a small percent of our overall revenue that comes back to the US that's manufactured in China.

好的。 Ruplu，我是 Joel。我來回答這個問題。就中國生產並返回美國的產品比例而言，第一季不到 4%，第二季和第三季的比例也差不多。這個比例很小。半導體和被動元件的情況類似，但在中國生產並返回美國的產品只占我們總收入的一小部分。

Okay. All right. Let me ask you one final question, and then, I'll pass on the line. Joel, in this environment, how are you thinking about the possibility of inorganic growth M&A? And if you were to think about that, would that be in the passive side or active side? And what are some of the things that would be attractive?

好的。好的。我最後問你一個問題，然後我就掛斷了電話。喬爾，在目前的環境下，你如何看待無機成長型併購的可能性？如果你考慮的話，你會選擇被動型還是主動型？哪些因素會比較有吸引力？

Okay. We always keep our eyes out for M&A opportunities. Semiconductor side, for sure, is something we look at. We look at ways to increase our presence at customers, so semis for sure. Passives, recently, we had the acquisition of a small inrush current liming company, Ametherm. We brought them on board because it did fill a gap in our portfolio, and that is developing.

好的。我們一直在關注併購機會。半導體領域當然是我們關注的重點。我們正在尋找提升客戶影響力的方法，所以半導體領域肯定是重點。在被動元件方面，最近我們收購了一家小型突波電流限制公司Ametherm。我們之所以選擇他們，是因為他們確實填補了我們產品組合中的一個空白，而這個空白正在不斷擴大。

We also look at other passives, which could be vertical. They could be vertical acquisitions to help us with manufacturing materials or it could be with customers. So we do keep our eyes open. We haven't moved away from that. I think we've done a good number of acquisitions in the first two and half years of Vishay 3.0, and we continue to have that as a strategy.

我們也在關注其他被動元件，它們可能是垂直的。這些收購可能是垂直的，以幫助我們獲得製造材料，也可能是客戶。所以我們一直在關注。我們並沒有放棄這一點。我認為在 Vishay 3.0 的頭兩年半裡，我們已經進行了大量的收購，我們將繼續把這當作一項策略。

Peter Peng, JPMorgan.

摩根大通的 Peter Peng。

You guys mentioned about getting more visibility in Q3 and your backlog is building faster and the market appears to turn. And so you guys are prepping for a stronger second half of the year. But if I look at some of your seasonal trends for the December quarter, it's typically down low single digits. So I can still get to a half-on-half growth. But I'm just wondering if we should be expecting more of an above seasonal trend into the December quarter.

你們提到了第三季的可視性提升，你們的訂單積壓成長速度更快，市場似乎也開始好轉。所以你們正在為下半年的強勁表現做準備。但是，如果我看一下12月季度的一些季節性趨勢，通常會發現它們下降個位數。因此，我仍然可以預測到同比上半年的成長。但我只是想知道，我們是否應該預期12月季度的趨勢會高於季節性。

Okay. We like what we're seeing. It's definitely different than the last two years. As we look into the second half of the year, the BiBa, the billable backlog is building at a greater rate than we have seen previously. The second half, Q3, you see our guide up slightly. Also considering that Europe has some shutdowns in August, so August is a slower month. So we still feel we can guide up in Q3. Q4, the way the BiBa is building, at this point, we see that Q4 can be better than Q3.

好的。我們對目前的情況很滿意。這絕對與過去兩年不同。展望下半年，BiBa 的可計費積壓訂單成長速度比我們之前看到的要快。下半年，也就是第三季度，我們的業績預期會略有調漲。此外，考慮到歐洲 8 月有一些工廠停工，所以 8 月的業績比較平淡。因此，我們仍然認為第三季的業績預期可以上調。考慮到第四季 BiBa 的成長速度，我們預期第四季的業績可能會好於第三季。

Perfect. Okay. That's helpful. And then just on your end markets, we've been hearing a lot of mixed signals across your peers, some saying things are good and refilling, some are talking about pull forward. Maybe you can just provide some color on your customer base and whether you're seeing any pull forward of demand or maybe this is just refilling channel? Maybe any color on that would be helpful.

太好了。好的。這很有幫助。然後就您的終端市場而言，我們聽到了同行們發出的各種混雜信號，有的說情況很好，正在補充庫存，有的說是需求提前。您能否提供一些關於客戶群的信息，看看您是否看到了需求提前，或者這只是渠道補充？任何關於這方面的詳細資訊都可能對您有所幫助。

Okay. I think what's interesting about the climate we're in, the customers as far as planning their demand are still not so forward-looking. If we look at Asia, 55% of our orders seem to be for quick delivery. We talked about this in previous quarters as well. So even though we say the inventory is normalized, the safety net, I think the customers still think there's product out there that's quick to grab. It's not. And we're manufacturing quickly.

好的。我認為我們所處環境的一個有趣之處在於，客戶在規劃需求方面仍然缺乏前瞻性。以亞洲為例，我們55%的訂單似乎都要求快速交貨。我們在前幾季也討論過這個問題。所以，即使我們說庫存已經恢復正常，有了安全網，但我認為客戶仍然認為市場上有產品可以快速搶購。事實並非如此。而且我們的生產速度很快。

We talk about turns, orders in the quarter. We're able to take an order and turn it in the quarter. So I don't necessarily call that pull-ins. I just think that's the state of the business that we're in is this transition from an inventory-heavy market to customers looking at their demands as they have to build and trying to now find products.

我們討論的是季度週轉率，也就是訂單量。我們能夠接單並在季度內完成。所以我不一定稱之為「拉貨」。我只是認為，我們所處的業務狀態就是從庫存密集型市場轉向客戶轉變，客戶在生產過程中會根據自身需求尋找產品。

The inventory at distributors, we've seen our inventory go down. We talked about that to go from 27 weeks at the end of 2024 down to 23 weeks. So we're seeing good pull-through with distribution.

我們看到分銷商的庫存下降。我們之前討論過，庫存週轉率將從2024年底的27週降至23週。因此，我們看到分銷管道的良好回升。

Automotive, the outlook we see for the second half with the scheduled agreements from customers shows better than the first half. Aerospace/Defense, Defense contractors speak about funding that's coming. So they say a stronger second half with likely orders in Q4.

汽車業，從客戶已簽訂的協議來看，我們預計下半年的前景將優於上半年。航空航太/國防產業，國防承包商談到即將獲得的資金。因此，他們預計下半年業績將更加強勁，第四季度的訂單可能會增加。

AI is a nice trajectory that moves up positively at a nice slope. And industrial smart grid, we see continued orders each quarter as governments release funding to redesign their electrical transmission lines. So that's positive in Asia, that's positive in Europe and also positive in the Americas.

人工智慧的發展軌跡良好，正以良好的斜率積極上升。至於工業智慧電網，隨著各國政府撥款重新設計輸電線路，我們每季都看到訂單持續成長。因此，這對亞洲、歐洲和美洲來說都是好消息。

So there is always the conversation about pull-ins, pull-ins to get ahead of tariffs. But I don't think that's the main driver here for us. I think these four application opportunities in those segments I talked about are really what's driving us forward.

所以總是有人討論如何吸引用戶，如何透過吸引用戶來應對關稅。但我不認為這才是我們的主要驅動力。我認為我之前提到的這四個細分領域的應用機會才是真正推動我們前進的動力。

Okay. That's good color. It's nice to hear that you guys added more AI customers. I'm not sure if you guys can provide any color on what your revenue number is for your AI data centers. If not, maybe you can give us some metrics on customer diversity? And then, more importantly, how are you thinking about expanding applications into like second stage or PSU for the AI data center going forward?

好的。這數據不錯。很高興聽到你們增加了更多AI客戶。我不確定你們能否透露一下AI資料中心的收入數字。如果沒有，能否提供一些顧客多樣性的指標？然後，更重要的是，你們未來如何考慮將應用程式擴展到AI資料中心的第二階段或PSU？

Okay. The customer count is definitely growing. The big four that you always hear about, the Microsoft, the Meta, the Google, Apple, those are great design conversations. If you look at EMS, there's EMS that's also involved in the design, not just the manufacture of AI, but also the design. So our customer count has developed significantly. There's good engineering content.

好的。客戶數量肯定在增加。你常聽到的四大巨頭：微軟、Meta、谷歌和蘋果，它們在設計領域都表現出色。如果你看看電子製造服務 (EMS)，你會發現有些 EMS 也參與了設計，不只是 AI 的製造，還包括設計。所以我們的客戶數量顯著成長。我們有優秀的工程內容。

As we sit with customers, we speak about more than MOSFETs. We speak about more than ICs. We talk about capacitors, inductors as well as resistors. So we have the broadest portfolio, and we're able to support that. So it's really about expanding the part count as well as the customer count. So we believe we have two ways to do this, not just selling one technology or two. We've got multiple, as we sit with the engineers and design in. So we're positive on AI in how Vishay can continue to participate with greater revenue.

當我們與客戶坐在一起時，我們談論的不僅僅是MOSFET，也不僅僅是IC。我們談論的不僅僅是電容器、電感器以及電阻器。因此，我們擁有最廣泛的產品組合，並且能夠支援這些產品。因此，這實際上是為了擴大零件數量以及客戶數量。我們相信我們有兩種方法可以做到這一點，而不僅僅是銷售一兩種技術。我們擁有多種技術，因為我們與工程師坐在一起進行設計。因此，我們對人工智慧充滿信心，Vishay 可以繼續參與其中並創造更多收入。

Perfect. One more question, if I may. I think in your prepared remarks, you talked about in your semi business, some slipping of customer program. Maybe if you can provide some color on what that is.

太好了。如果可以的話，我還有一個問題。我記得您在準備好的發言中提到了半導體業務中客戶計劃的一些下滑。能否具體解釋一下具體情況？

We were on the GB300. The original design, if you remember, it was called Cordelia, which had the chipset design that was going to snap in to the board. That design changed. They went to a new design called Bianca, which is no longer using that connector snap-in connection. So we were in a strong position with that first design concept. The orders that we were planning for P6 and P7 have been adjusted because the design change to Bianca. And now we're working on the design side to make sure we're on that program.

我們當時在做GB300。如果你還記得的話，最初的設計叫做Cordelia，它的晶片組設計是卡扣式的。後來那個設計改了。他們換了一種叫做Bianca的新設計，不再使用卡扣式連接器。所以，最初的設計理念讓我們佔了優勢。由於設計改為Bianca，我們原本計劃的P6和P7訂單也進行了調整。現在，我們正在進行設計方面的工作，以確保我們能夠繼續推進這個專案。

I am showing no further questions at this time. I would like to now turn it back over to the President and CEO, Joel Smejkal, for closing remarks.

我現在沒有其他問題了。現在，我想把時間交還給總裁兼執行長喬爾‧斯梅卡爾 (Joel Smejkal)，請他做最後發言。

Thank you, Amber. Thank you, everyone, for joining us for our second quarter earnings conference call. We're making great progress to participate more fully in the market upturn, capacity ready and reliable supply to our customers and to be aligned for the market growth drivers that we've spoken about in AI, smart grid infrastructure, aerospace, defense and automotive. We look forward to reporting our third quarter results to you in November.

謝謝Amber。感謝各位參加我們第二季財報電話會議。我們正在取得巨大進展，更加充分地參與市場復甦，充分準備產能，為客戶提供可靠的供應，並與我們之前提到的人工智慧、智慧電網基礎設施、航空航天、國防和汽車等市場的成長動力保持一致。我們期待在11月向大家報告第三季業績。

Thank you very much and enjoy the rest of your summer.

非常感謝您，祝您有個愉快的夏天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。今天的節目到此結束。您可以斷開連線了。