Thanks, Phoebe. Let me just stand here, probably looks a little bit taller.

Thanks everyone for joining us today for the whole Innolux group investor conference in person or online. I think this is a very important occasion we want to share with you how the Innolux continue efforts in our transformation process.

As you can see today on our backdrop, we have Pioneer, a historical, prestigious Japanese company, also joined whole Innolux group in 2025. It's not only broaden our whole product profile, but also enhance our total smart cockpit solution.

Later on, we will have more explanation about this to you. Today with me is James, the InnoCare chairman, who will also share with you the 2025 performance and also the outlook.

Without any further hesitate, let me start with the Innolux Corporation side. Our agenda will start with the market overview with all the general panel products, then we'll go with company strategy, then wrap up with financial results, then I will hand over to James.

The Innolux has been remaining firmly on our sustained transformation. This whole page actually says everything.

We continue to work on the non-commodity and non-display products and service to service our customers, while even on the commodity products, we are looking for the best or the most optimal solution in terms of our product profile. This is the company's continue efforts.

Also, our key KPI is the TSR, total shareholder return. We have been leading our peers, include domestically or globally by large.

Thank you again for all the investors and no matter institution or the retail investors' efforts. Of course, this is the whole team results.

In terms of the products, the most general products people aware is on the TV. TV products actually has seen the positive improvement on the quarterly based since Q1 versus Q4 last year.

This is due to, on one hand, the supply discipline. However, it's also we see the early pull-in effect due to this year's World Cup and the WBC event, of course.

We see this positive results continue to rolling over, given the other material, energy price also on the rising trend. For the TV side, we expect that the second quarter price will remain resilient.

On the monitor side, it's actually very accordingly with TV given the two nature of the products. A lot of people might ask that the memory chips has been rally significantly.

However, for TV and the monitor products, because the BOM percentage from the memory is a relatively small portion. For monitor is probably 1% to 3%, for TV is probably 3% to 5%.

The impact is much smaller compared with other products. The products actually will be impact more significant will be the notebook and mobile phone.

On these two products, NB and mobile phone or PC will probably see a year-on-year decline for this year in the different range. Different market agents have different estimate, probably from 3%, 5%, even to some extent 8%.

I think we will be a little more cautious on the NB or PC, notebook and mobile phone products. However, the key is, as mentioned earlier, our continued efforts on the non-commodity products, which include the industrial, include all the avionics, marine products.

We are not only just allocate more resources in terms of RD, in terms of our sales force, PDPM to the non-commodity products. Most important, we actually try to apply our existing technology, for example, on-cell, in-cell technology, which has been very mature on the mobile phone, to industrial products.

The successful example is used to be on the industrial products there is no on-touch, but now when we approach to quite a few clients and engage with them, it has been proved that being very successful example. This will be continue with our efforts to put into the industrial and non-commodity products.

Again, our new technology on the panel side has continued to prove a successful results. Here the N3D or the naked-eye 3D is another good example.

N3D is basically you don't need to wear the glasses anymore, and it's not like a state-of-art technology. It's been in the market.

We have been in the CES demonstrate this quite a few times already. However, the technology has continued to evolve, and our resolution, our cost structure has been much competitive today.

Also, we have a different kind of application. Used to be the N3D is only applied to the entertainment, like a casino, for example.

Nowadays, even the medical products or, for example, some of the architecture workers, they will have to use the N3D to convey the idea to their customers. For example, in the diagnosis process, the doctors either to the students or to the patients much easier using the nature 3D to explain to the patients.

This actually ease a lot of the concern or the disruptions. This is another good example that we continue to apply our set of art technology on the panel side to the niche or the new applications.

Currently, we have been apply here 27-inch and 13.3-inch products and engage with our clients on the N3D already. Of course, you can see the CAGR, the growth rate of all these products has been tremendous.

It's not like what we usually talk about like 3%, 5% growth. This is all like a double, triple, or 80% growth every year.

Next is the company strategy. I believe quite a few of you have seen this four pillars many times.

This is how the company review ourself continuously in the last six years, what we so-called 3-6 years plan, 6-6-6. We review ourself on our facility, our manpower, and our plans all by this kind of four different pillars, from facility to capacity.

Ultimately, what we are pursuing is much better return. For example, on the facility side, we have been looking to optimize our fabs.

Even on the capacity side, we choose to higher margin products as described earlier on the non-commodity. This is actually more concrete than the last page.

Some people say, "Okay, we understand the idea, but how exactly, what exactly you are doing to the company?" A lot of people's asking why the share price has been rally every day.

There is no magic. It's basically everyday's work.

It's all the efforts looking on the same target, which is to continue improve the ROE. However, we do have a near-term to medium-term plan versus the longer-term plan.

Here has been clearly stated that our 1 to 3 years, which is continue to focus on what we have today, which is the old panel assets, and what we are doing, ROE is very simple. I believe all the investors, analysts, you are much more familiar than me, the numerator and denominator.

The numerator is the better return, better margin. We continue to diversify into the non-commodity products like we described earlier into the avionics or marine products, and we try to lower the percentage on the commodity side.

On the denominator side, which we reduce the maintenance cost and the CapEx significantly. One of the example is that we dispose our Fab 4 in 2024 to the other semiconductor company.

The return is not just for one shot. Again, I want to emphasize that we are not looking for one-time non-operating gain for disposing the products.

What we are continuing the efforts is lower the assets on the total base. With the disposing of the Fab 4, our total spending, include the depreciation and the maintenance cost, was lower by $1.5 billion since 2024.

That if you do the simple math, that is represents about 0.7% of our EBIT margin, which means that our margin can improve by 0.7%. This is what we are doing.

Again, there is no magic. It's simple mathematic calculation, but it's also very important how you execute this by the whole team's efforts to put into the ROE enhancement.

For the longer term, of course, many people heard about this our next growth driver in the longer term: FOPLP and the CarUX, especially with acquisition with Pioneer. This is our two major drivers we are looking for.

Let me take into the next step with a little more explanation. I think FOPLP, a lot of you already know this already.

On one hand, it's using the glass as a carrier or as a substrate. Of course, the size is much bigger.

Even with our current Fab 1 using to producing on the FOPLP chips, it's 6.6 or 6.7 times of the 12-inch wafer. You can simply put 12-inch wafer onto that glass, your throughput is much higher.

I think a lot of people know already that we are already in the mass production process for the chip-first. Our monthly production has been 10 times from originally about 4 million chips per month, now is more than 40 million, and it continue to grow.

We are confident on this. However, we are not only chip-first technology, because chip-first compared with the other RDL or TGV is relatively low end or mature.

I believe that chip-first has its advantage in terms of a higher voltage and also the heat dissipation, it has its own application. However, we are looking for even more high end like AI, HPC products, which will apply the TGV, the through-glass via, or the RDL, the redistribution layer technology.

On these two ends of the technology, which totally we all call is advanced packaging. For TGV and RDL, we are currently still in the process of looking for the clients' certification.

While chip-first is already in the mass production, we are both legs working faster. Our key milestone this year for the whole FOPLP team will be getting the client certified on the RDL and the TGV side.

The next page, we move to CarUX. Like I mentioned earlier, this transaction is a very important to CarUX and also the whole Innolux group.

Just a little bit briefing. We announced the transaction back to June 26, 2025.

We closed the deal in December 1st, 2025. Within 5 months to close an international major acquisition, this takes a tremendous efforts.

This all thanks to the strong team on both CarUX and Pioneer side. I think with the acquisition now has complete, actually starting from December last year, the Pioneer's revenue has contribute or consolidate into the whole Innolux group.

That is part of the reason we see the strong monthly revenue and even the earnings improvement. I think Pioneer to a lot of people are a familiar name.

However, people do concern about whether it's a 88-years-old company really can accommodate into the whole Innolux or the ever-changing environment. The answer is yes.

Pioneer actually has been privatized by a PE fund since 6 years ago. Internally, it has been changed significantly.

I can share with everyone that when I walk in the office, I see a very energetic lab than what I expect. We are actually pretty positive and pretty confident that we can working together very well with Pioneer team to generate strong synergy.

What kind of synergy we're talking about here? We all know that CarUX has been serve the whole Innolux group as our automotive arm.

What the CarUX products is the smart cockpit, basically your panel no matter from 13-inch, 15-inch all the way to A-pillar to A-pillar 55-inch. It only limits to what you see or what you touch on the panel without listening.

In the future, we do expect that the whole in-car environment will become a more integrated, immersive environment, especially in the Level 4, Level 5 autonomous driving time. When you walk in the car, when you sit in the car, you are not only eyes on the wheel.

You are not only look at the what happened on the road. You actually enjoy this environment, not just the radio, not just the music, but also the movie, maybe also your boss call, you have to do the conference call on the car.

What we are trying to do is we try to provide a total solution to make all it become possible. With Pioneer, which has much more diversified customer profile than what in CarUX used to have.

CarUX, you know already that their major customers are US and Europe, while Pioneer offer the Japanese arm, a strong Japanese arm on the sales geographic. Also in terms of products, while used to be CarUX is focus on the smart cockpit module, while Pioneer has the head unit, which in equip with a lot of the software engineers, and also they have the sounding or the speaker, amplifier products.

This can all now group together and the cross-sell to our customers. Most important, there is a strong diversity in terms of the RD.

Used to be the CarUX the major RD center in German, in Taiwan, and a little bit in China. Now we have a strong Japanese arm, which help to embedded into the very fundamental research of the products.

Again, we believe all these three together will generate a strong fundamental for the synergy. What exactly is this five different aspects?

Our new slogan with the CarUX acquisition, which we call it "Pioneering in-car user experience," which combined both company's name into this slogan. Like I mentioned earlier, this not only offer the strong OEM customer base to Tier 1, but also the provide a one-stop shopping to the whole in-cabin experience.

Our RD capability also double or triple into different geographic areas. Of course, our manufacturing base now has expanded to Vietnam and Thailand, even Mexico, which we didn't have before.

Also of course, our cost competitiveness with the enlarged base of the revenue and the procurement will also become more competitive. Lastly, I want to wrap up my part with the financial results.

This is what we mentioned earlier on the TSR, total shareholder return, in the last 7 years ever since I take the chairmanship. Our total TSR since 2018 is 88.5%.

Even you annualized it, is 10.2%. We are much ahead of our other peers.

This is basically a strong team efforts, and of course thank you for all the investors' continued recognition on this. If you look at our revenue in last year, our total non-display, non-commodity revenue has already 50%.

That compared with historical like 30%, 30%-40% has seen a much better improvement. That margin, as you can see on the slides, is also a significant premium to the general commodity products.

Again, our financial health is still very robust, solid. We continue to deliver a strong EBITDA, which compared with the year before, 4Q for example is 6.1% EBITDA, and now our EBITDA margin is 11.3%.

Our operating profit, or unfortunately a loss last year, let me turn the next page here, still recognize a $4.1 billion loss, which is -1.8% operating loss. However, compared with 2024, this is already a significant improvement.

As you can see that even our revenue only grow by 4.7%, our gross profit has grow 31.6%. We continue to see the strong leverage with our movement to the higher margin products, and our depreciation expenses also continue to lower, and this will not be one-time efforts.

This will continue contribute to the year after with the much less of the depreciation expense and improved margin. Our cash position, we are still running at the net cash position.

Our current ratio of 143%, although a little bit lower than last year, is because that we are borrowing for our bridge loan for the Pioneer transaction. However, our debt-to-equity remains very healthy of 23%.

Our net debt-to-equity is still zero. Again, we continue to strike ourselves into the higher ROE and better return to the shareholders.

I will wrap up myself here and hand over to James. Thank you.

Thank you, Jim.

Good afternoon, ladies and gentlemen. Welcome you to join the InnoCare Optoelectronics 2026 first half investor conference.

Thank you all to join us today. Today I try to show you some kind of review on our last year's performance, and also focus on some kind of development discussing this year's strategies, and pave the foundation for futures.

I will combine products, technologies, new service model, global footprint, and the most important is the financial results. Then today I think InnoCare is a one of a member of Innolux.

Then Innolux is a carriers. We are small destroyer, but we need to catch up the speed and follow the direction of Innolux.

Thank you for your attention, and next is my agenda today cover four segments. Then first, I will talking about the business review of last year.

First things is that means one of Innolux's priorities for successful is prioritize our product mix. From the figure, you can see in the last year we more focusing on modules, flat panel modules, OEM and ODMs.

Then last year we achieved ODM high-value product increase 4% from 13% to 17%. Next year, that means this year 2026, we try to challenge double share.

That give us better revenue, profit margins. That's products.

Secondly is we enter the emerging market. That's very important in the India, that means Middle East, Southeast Asia.

That's medical care business, and by the government budget to enhance people's health. We catch up this kind of opportunity.

The gross rate is quite good. Luckily, we picked up the Chinese market.

Originally that's slow down. Now in the 2024 and now turn around and pick up the momentum in last year.

Then we foresee this year will expanding further. Most important, the other way is InnoCare enter the mass production phase of our new product, especially in Japan and United States.

It create more revenue and better profit margins. Then I will talking about next page.

That is about technology. InnoCare have our amorphous sensor and the IGZO sensor.

Then next one will be the IGZO Pro. This kind of leading technologies.

First, this kind of products, it can help almost two times mobilities. That means more faster, can deliver better image quality.

Then from the static to enter dynamics, that is very important. It can help you to do some kind of cardiac intestinal therapy, and also angiological graphy, and also that means gastrointestinal inspection.

Most important, the high rad-hardness can help offer the NDT non-destruction testing for industry application by our IGZO Pro. Then previous Innolux support IGZO to InnoCare, the TFT substrate.

We make it into the modules. We are the leader for the industries.

We are the number one. We try to keep the momentum to go ahead for next generation IGZO Pro.

Thanks to our TFT supplier, Innolux, their commitment and quite strong in the technology. We are ramping up for future the new technologies.

Then that's this slide show you that almost two times mobility, and the mobility proportional to current. We use current to show you IGZO current performance, and challenge two times performance.

The other things is x-ray's rad-hardness. Then you find the hardness, that means under the high dosage of x-ray, but our voltage drop shift should be as lower as possible.

You can find our performance is much better. That will be our secret weapon to win next challenge and next market share by Innolux's strength and InnoCare's innovation integrations.

Next page, I will talking about the market expansions. Then we're talking about, for example, India and Americas.

First, our thinking way follow Innolux's guidance: low-assets operations. We leverage our supply in India for low-assets loading by the EMS manufacturing layer to get in India territory, to mitigate the tariff exposure risk, to enhance service, to get the tender from the governments, to close the market, and offer the better service to our partners.

That's quite successfully pave the foundation for last year our gross. This year, we will enjoy last year's footprint deployment.

That's very important for this year's revenue. The other is about the Americas.

Then we are not only focus on component providers, okay? I show you this.

Why we talking about the India? That means India almost increase their import tariff time to times.

Now we manufacture there, we can save the cost, and also comply with government's policy, "Make in India," as the criteria to get the tenders. We are ready to co-work with our clients for this kind of business.

The other is Americans. We are not only component provider as a TFT substrate, open cell with scintillator and then readout IC or the flat panel detector, we also strengthen our local repairs and service as some kind of solution to enhance.

That means one-time shopping to one-stop shopping service. By this kind of business model change, it can enhance our operation in not only North America, but also South America to gain the momentum for future's expansion.

Next one, transformation: vertical integration, horizontal expansion. Now we were talking about the new service and the new business model based on InnoCare current x-ray detector's fundamental technology and know-hows into the infrared, that means EMS service.

First, talking about flat panel detectors, later I will show you some sample. That means flat panel detector's design versus infrared thermal module design, the mechanical parts almost the same.

Then also most important the know-how is image signal processing to enhance contrast ratio, sharpness, and the bad pixel calibration and repair. That means we are ready.

We extend this from the x-ray image into infrared image. Also we have a TFT substrate from Innolux.

Now we buy the MEMS wafer for sensor from our supply. Sometimes we try to plan to do is CsI coating or Gadox coating on our TFT substrate with our photodiode.

Now we try to do even the flux process coating, that's similar. Step by step, we will from the back end, middle end, and the front-end collaboration to enter the new business.

Most important is InnoCare have a technology. We have a capability for smart manufacturing's management and the supply chain management with good quality, low cost.

That is a low risk to exchange our new business service, enter the infrared EMS service. This I show you here, you can find that's mechanical chassis except the sensor core.

That is we imported or buy from locally or from the foreign countries to make it into a camera module. That's easier way, and we are ready for this kind of business.

Finally, I will talking about this year's outlook and future's plan. Then of course, continuous prioritize our product mixing with flat panel detector complete set rather than component, TFT substrate, and also the open cell.

Of course, we will keep and maintain the current business model to offer one-stop shopping service to our clients, subject to their demands and our competitiveness on the service. The prioritize, the product's optimization, that's very important.

We still keep doing. Also about emerging marketing entering.

Now we are harvest India's result from the CR to DR, digitize the x-ray's inspection. Next one, we will go further by leverage India's local manufacturing to expand.

Future might be Africa. Even currently, our product already selling to Ukraine and even Gaza to help people to save their life due to our emerging market strategies.

The other one is a new electro-opticals infrared, that means production capability with EMS business, and then increase our R&D for the software, firmware, hardware to do this kind of business. Finally, we will adapt to current cost concern sourcing from China, India.

Even we will to do is some kind of strategies adapt to Innolux's strategies for cross-fab, fab transfer from TFT, and also relocation of our Tainan fab for better operation results. Finally is financial results.

That means last year, luckily we have maintained the momentum on the revenue and profit margin surprise. EPS is getting better from last year.

That's thanks to all the supply chain, all the team efforts, and also the clients respect our capability to give us more PO.

Then also next one, we talking about the balance sheet. That's we maintain very healthy financial result, and almost a negative debts.

Our current ratio almost more than 200%. This is a foundation for InnoCare.

We create positive cash, and then accumulate enough funding for further's operation and expansion into the global footprint and a new business model. That's is today's my presentation.

Thank you for your attention. Thanks a lot.

FOPLP 大家講這個也講了一段時間了。那真正公司開始做大概從四、五年前就開始在做 RD 上面的一個投資，那當然可能大家之前有聽過我們從 A+ 計畫開始。那為什麼往這個方向去發展？其實不是神來一筆，就沒有這麼神奇的事情。那我想各位知道就是因為我們是一個重資產的公司，大概超過 3000 億左右的資產，那很多的設備、廠房，那尤其是舊世代的可能在

競爭力上面就會受限，面對到大世代的廠房在比較一般化的不管手機、notebook、tablet 這樣的產品。所以我們就在思考說怎麼樣重新去運用運用。那經過很多次討論，內部乃至於到董事會，其實我們做的是把我們的資產盤點，我們有什麼樣的 EUV 的機台、設備，我們的生產製程上面有什麼樣的強項， 這麼長的生產製程，從厚、薄膜線這樣的一個製程，photomask 的這些製程，乃至於到我們的 IP，還有同仁、員工的 know-how，這些要怎麼樣把它最大化的留下來運用，所以才有 FOPLP 後來慢慢的投資一直到現在。算是有一個 early results，我不敢講說成功，真的是，就是至少有一個初步轉型的成果，客戶接受了，真正來出貨了，真正載這個產品上面是看得到的。那這是一個很好的 credential，就證明我們自己是跨足過去。因為這不但是客人的認知，因為從有第一個客人就會有第二個、第三個，大家就會來看；那對於內部也是一個很大的信心的強化，表示說我們真的能夠做到。因為在 mindset 上面還是有不同的地方，還是需要學習新的不同的這個設備啊、產能啊這些等等的這個過程。那不過到這裡為止，我覺得從去年開始出貨，那到現在為止我們大概每個月的出貨已經剛剛應該有稍微提到，成長 10 倍了，我們大概已經從單月大概幾百萬顆，到現在是幾千萬顆。那我們也相信還會持續不斷的成長今年。營收的貢獻的比重當然坦白講，相對於群創這麼大的一個 base 還是相對小的，不過我們相信它的成長的速度是非常快的。我想我簡單回答到這裡。 第二題，預收問題給群創光電，請問出售二、五廠的時間表有嗎？

好，這是必考題是不是？二廠跟五廠在我們昨天吧，昨天董事會，前天的董事會有決議，那也已經公告了。 在前天董事會裡面我們決議公告的事項，一個是環東廠，它是一個比較標準廠房的廠，面積也比較小一點，做處分。那這個整體的這個金額還有它的這個處分後的一個收益都在公告上面有，交易對象，這個是很明確、比較確定的。那二、五廠是從去年開始我們也有跟所有的投資大眾報告，所有的法人，就是公司在做一些整併的過程，我們希望留下最適合我們的產品線。那因為整體的，我還是再講一下，整體的面板還是處在比較供過於求的一個狀態，那我們其實沒有很誠實的面對自己，有沒有必要去 engage 到每一個市場、每一個產品、每一個客戶。

或許沒那麼必要，但是有一些你的非常重要的客戶，他的理念跟你是相同的，你有的設備，你能夠生產出來的，你的彈性的生產，或者你所在地的廠房，然後你的品質可能是相對更高的， 類似這樣子，這些是你會找到弱水三千只取一瓢飲嘛，所以你會找到適合的，那把這些客戶好好的抓穩抓牢，然後跟著客戶長期的發展。你不可能一方面流血，一方面說我要跑跑馬拉松，這個是太難的任務。所以這是為什麼我們一直有這樣子的一個動作來去做一些調整。那在 2024 年的 Fab 4 的這個關停之後，2025 年我們做了一些調整，那慢慢把它整併。但是時至今日，二廠跟五廠都還在生產，跟各位報告一下，二廠跟五廠到今天為止都還在 應該幾乎是滿稼動在生產啦。那當然這些產品逐漸的分流，我們會跟客戶討論，要把它分到哪裡，那需要可能先備多少的庫存，那客戶的接受程度怎麼樣。所以它不是一個說停就可以停的動作，它是需要很精細化的 去討論。那當然這些都會影響到我們的一些採購啦，或者是我們的同仁啊什麼，那公司這邊都會做一個很完整的一個規劃。那總得來講，我想我們到目前為止並不像媒體所臆測或謠傳的說啊就是誰誰誰了這樣子。我們有配合公司的未來的一些發展的時程，然後也有很好的進展在談，那但是沒有時間表，對象這個還沒有確定。 接連下來的問題是給睿生光電，請問睿生光電的新市場發展跟未來佈局為何？

好，謝謝主持人。那個剛剛就我簡報裡面所說的吼，現在全世界單一最大人口數的國家印度，也是目前肺結核相對比較嚴重的地方。那過去它還在我們說阿嬤年代用底片，還是 analog 的底片，那我們要幫助他們 digitize。那睿生光電有一個產品是非常合適的，別人的產品是做在玻璃上面，我們是做在 polyimide 上面，x-ray detector。我們在印度看到我們的客戶背著我們的 detector 在他的背包裡面，騎著機車上山下海去幫人家照顧偏鄉的肺結核的檢查。所以單一市場的最大人口，現在全世界醫療產業我們這個產業的年複合成長率大概 5% 到 10%，你也許用 8%，但是在印度年對年的成長率是 20%。那很幸運的我們在那邊有 local manufacturing 的 partner，我們在那邊也設立了分公司，我們用 low-asset，用最低的 resources 在那邊，那我們有 sales、FAE，然後 operation 的人在那邊服務我們的客戶，然後接近市場，然後同時也接近供應鏈，local for local。然後我們的目標是 30% 今年上半年在那邊 for 印度的市場當地找

50%。那這個是我們針對新興市場的一個很明確的一個 footprint 跟佈局計劃，而且在營收跟獲利上面，它也佔一個很重要的角色。就如同剛剛看到，我們的 TFT 基板經過我們價值化鍍上坐上 photodiode，然後鍍上 scintillator，放上 readout IC，最後做成 detector，附加價值是越來越高。那我們在這個份額上面呢，我們要想辦法在歐美的地方都是什麼？是人工很貴、維修很慢，那剛好我們看到這個弱項是客戶的痛，那我們就從他們解決他們痛處就是我們的價值，所以我們已經在北美開始提供當地維修服務，然後很快速的解決客戶的問題，那客戶對我們的向心力跟黏著度都增加了。所以我們期待我們在北美、南美的市場會有一天順利的再爬上來。那以地圖的觀點你可以看到，印度繞東非或是整個非洲，南邊的南非或是奈及利亞，那人口數都很多，那有些是法國的過去的殖民，有些是英國的殖民，英國講英文，法國講法文，那我們在法國有一個 partner DMS，那也協助我們的產品幫我們推進去烏克蘭，甚至加薩重建的計畫，也會隨著我們客戶的計劃會進入非洲。所以我們在做的是非洲一樣是現在 x-ray 檢查還在最基礎的 CR 底片的模式，那我們進一步希望把我們這個好的產品往那邊推，那 enjoy 我們未來的下一波市場的起飛的時間。謝謝。 最後一個預收問題也是關於睿生光電的，請問睿生在法說提及的 IGZO Pro 的發展？

IGZO Pro 的發展，好，所以剛剛有特別說明的，就是我剛剛上禮拜從維也納 ECR，European Congress of Radiology，所有客人都稱讚 睿生光電的 IGZO 的產品。那這個產品謝謝那個母公司的技術，還有強力的 support，我們是在這個產品上面呢是世界領先的。那它的好處是什麼？ amorphous 的 mobility 我們假設是 1，IGZO 現在的可能是 10，IGZO Pro 我們可以是 15 到 20，就是 2 倍的 mobility。LTPS 是 100，CMOS sensor 那個 silicon 的是 1000。mobility 越快，影像傳輸率越快，頻寬更大，傳送資料更好，但是成本也會增加。那我們現在用 IGZO 就可以做到從半動態到動態，然後提供什麼？血管造影、照相，然後打了顯影劑，發現你哪邊可能會有梗塞，然後接著再跟你做，例如說把那個心血管導管裝上支架，這個就是它的應用。同時肝膽腸胃科也需要這種東西來幫你開刀。那 IGZO 我們提供了這樣的技術，所以我們主要的客戶是 high end 歐美的客戶，用在動態上面的 C-arm 或是手術房上面使用的東西。那當然也有我們的客戶拿來去做 快速的生產線上的 電子產品、半導體產品的檢查，因為它 frame rate 特別快，所以這樣的話我們可以提升我們的價值。同時它的 x-ray 的耐受度，就是抗輻射的能力又特別強，所以也就是 有時候我跟我的工程師說不要做得像牛皮一樣操，這樣客戶換貨的頻率、更新訂單的速度就會變慢，我們要做到世界最好，但是又要 maintain 未來的 growth，所以這是一個平衡。那這是我們那個很驕傲的跟大家報告，我們代表台灣隊在世界上我們是第一，然後擁有我們剛剛洪董講的，我們是一個技術領先的團隊，一直在做技術創新、smart manufacturing，然後 approach 我們的客戶，然後還有找到 channel，最後是 sustain 足夠的 cash 來 reward 我們的員工跟股東。謝謝大家。

謝謝。我們現在邀請現場法人提問，您可以中文或英文提問。發問前請先介紹您的機構及姓名。線上參與的法人可以透過訊息對話框傳出您的問題。 謝謝接受我的提問，我是這個

Bank of America 的 Brad。那我的問題是有關

Innolux 的，那我兩個問題。那第一個問題是有關於 ShuffleBox，那另一個是關於 FOPLP。那市場觀察到有關光通訊這一塊的，well，這個 box 的組裝需求因應著這個 AI 伺服器的架構改變有這個 需求急增的狀況。那目前公司當然很主要在推

non-display 這一塊，那我不知道這 display 這塊中的光通訊代工目前進度為何？那什麼時候有機會看到對營收有一些明顯的貢獻？那另外 non-display 這一塊 35% 今年嘛，那不知道我們在 2026、27 年的目標又是怎麼樣？如果可以的話，可以給我們一些目前 non-display 裡面的 breakdown 嗎？謝謝。 先回答你的第一個問題。

光通的這一塊一直是公司高度在關注的，這個是含在整個所謂的 non-display 的這個 策略裡面。那但是再次強調，純屬媒體預測。 到目前為止，我們的方向就是透過我們投資先發跟原創 這兩個公司，那在這個上面去做一些前期的 探索跟這個觀察。那 還沒有任何大家講的這麼的 情況，好。那 有任何的這個具體的時候，不管是 CapEx 需要，不管是客戶上面，我們當然都會報到董事會，那也請各位 看如果有重訊發布的時候。那另外您提到就是 FOPLP 的這一塊，或者說整個 non-display 的這個佔比，今年是 35% 啦，那我們希望就是說在整個 6 年的這個規劃裡面，在整體的 6-6-6 裡面，從去年開始起算到未來 2030 年能夠達到 non-display 預算大概佔一半。

那請問目前以今年去年來說，或者今年的話，這個 non-display 35% 我們大概應該怎麼拆？因為我猜這個 CarUX integrate 進來，這 non-display 這邊應該也是 佔大多數。 目前的話是佔大多數。

對。non-display 裡面主要是 CarUX 的部分。 好，那我再

follow-up 一個就是有關剛才的這個部分啦。就是我知道我們現在在這個 ShuffleBox 這邊還在前期這個探討，那只不過呢大家也會想說，欸那其實也有很多人像同業也想要做一些轉型嘛，那當然我們在一些大的組裝空間啊，或是對 glass 啊這些光學的的 know-how 的部分是有領先優勢的啦，那應該是有一些基礎在。那我不知道在如果真的進去了，那 群創在這一塊的這個成本競爭力或者是這個進入門檻部分是不是有信心能夠還是比甚至同業維持大概

2 年以上的這個領先優勢呢？ 我不曉得，真的。實話講 在 FOPLP 裡面我記得也很多 法人或者是媒體朋友問過我，那那個時候都有人提到就說到底是 510 啊、620、750 啊，各種哪種規格啊什麼。其實那時候我記得我有跟大家講過就說，其實有別人 join 不一定是壞事，因為你要把市場做起來，你要願意有更多人進來表示你的方向是對的，那設備商才願意開，材料商才願意開發這些給你。所以同樣的就說在光通的這一塊，我們當然是看啦吼。但 again，我 不會回答你任何關於

ShuffleBox 的問題，你在問 100 遍也是問。 就是我們的目標就是說這一塊我們認為不應該缺席。今天以一個光電大廠所擁有的能量，不管我們在 IP 上面，不管我們對於光的這個了解，那應該都有可以應用的地方。但 坦白講，不懂的地方還很多，就是通訊的規格，這裡面還有很多其實都要去探討的。That's why 我們會講說我們先透過用投資的方式去 了解這個市場，比一下就是貿然跳進去。因為說真的，就是 FOPLP 我們也是看了很久前期的投資，透過做一些計劃才有可能做到。所以 我想我還是強調就說今天一方面當然 謝謝台愛很多 媒體朋友或者很多的人會 猜測啊怎麼樣怎麼樣，那我們只能說我們還 蠻按部就班的，我們還 很小心謹慎，知道什麼我們可以做，什麼我們做的是 真的有別人趕不上的優勢。就像剛剛前面講的，今天用玻璃作為一個 carrier 或做一個 substrate，要能夠玻璃上面你光是量測，之前量測 wafer 你可能用雷射打，它是不透明的，它是不透光的，但現在你要的話它透光，那透光你還可以做得到量測嗎？這個是我們的 know-how。那同樣要用這樣的一個觀念想法， 因為要佈局其實很多地方可以先佈局的，投資是一種佈局，IP 是一種佈局，instead of 一下跳下去，然後跟大家 announce 說啊我們 CapEx 什麼東西啦，多少多少啊什麼這樣。

我覺得重點是清楚自己要的方向。方向當然這些新的領域，每一個公司都會 AI 啊、光學什麼，那我想 任何公司都會想往這個方向去邁進。 好，那來到第二個問題，這個很短很短。就是有關那個 FOPLP 這個部分，那剛才提到說無論是這個第二階段的這個 RDL 或者是這個 TGV，TGV 這兩部分今年就會預期得到客戶的認證嗎？這部分是沒有錯的。剛才有提到這個部分。

我的壓力給他們。 OK。

對，我 期望在這兩年啦，這兩年啦，今年、明年。 OK，那這個部分就是 RF 這個部分的

business 目前有沒有對後續專案的一個看法？那甚至剛才說 RF 這個部分今年應該會持續成長，那是不是 imply 說下半年會比上半年要好，那甚至明年會比今年要大概更多這樣？ RF 的部分就是 chip-first 的部分，是，下半年應該會比上半年好。那明年還在看，因為 這個其實之前也曾經有過法人朋友或者是媒體朋友問過，你的 CapEx 要投多少啊，你現在的稼動滿了，那你是不是要再蓋一條線啊？諸如此類的。但是 在我們來看就是 你不要一天到晚自己殺自己嘛，你 CapEx 蓋了，還有很多的廠哦，這個馬來西亞有廠啊、美國要蓋啊或什麼。那我們重點是要獲利，我想我一再的強調 ROE，你投入多少，你多少多久可以 return 回來。那我覺得今年的重點我會放在 RDL 跟 TGV 的客戶認證， more than 這個把 chip-first 的量再給它成長個 設備要 move in，那最終都是設備商賺走。那我們希望的就是說我已經會了，我已經證明這一題我可以解答得很好啦，那你再叫我練 100 次，這只是不斷把它 copy-paste。

除非 因為 chip-first 我用這麼好的人力，用這麼好的資源設備去做，然後做出來，封測廠就可以做啦。那也許在 warpage 的控制上面，也許在一些那個 voltage 上面我可以做得更好，可是 那就換一顆就好了嘛。對，online 是你可以享受到那樣的價格的 premium，你做的是別人做不到的事情，是只有你這一門獨門技術。你今天在玻璃上能夠挖到這幾萬個孔，或者幾百萬、幾千萬個孔，你能夠達到那樣的深寬比的時候，那你這真的是沒有材料可以替代的。 因為時間關係，我們開放現場最後一個提問，然後我們有個線上的問題要回答的。請問現場還有...

UBS 的 Jerry。那我想就是還是先延續剛剛這個

FOPLP 的這個問題喔。就是剛剛董座有提到說可能還有其他幾個廠在這個 chip-first 這邊有人要蓋，那我想詢問的是因為看起來好像你們這個 RF 的客戶，他自己也要蓋廠，我不知道這個東西對你們今年或明年的這個 planning 大概是會是怎麼樣？ 第一個是陷阱題。我們從來沒有說我們 RF 是哪一個客戶吼，所以我們有 很多客戶在談在 work together。各位也知道就我們不可能去提客戶的這個名字。那，是，這個當然第一個就我剛剛講嘛，表示說這個方向是對的，這個東西是可以做的，那接下來就是比真工夫囉。就是以我們的台灣人，不一定是血跟汗啦，但是我覺得以我們的供應鏈上面的這個角色，在所謂的 agile production，我們的很能夠很急速的、很快速的去變化、調配這個生產，良率能夠控制到這樣， 我們不怕啦，別人很強，我們也不弱。

好，謝謝。那另外就是關於這個

Pioneer 這個加入公司之後，我想請問一下就是這個對未來的財報上，在這個費用啊上面會有什麼影響？還有就是因為這個收購案看起來應該是用高於這個它的股權淨值的方式去收購的嘛，那應該會有一些商譽上的這個認列，我不知道說這部分商業的這個攤銷對今年或者是未來我們要怎麼去做這個

modeling？謝謝。 謝謝。

的確啦吼，在這一式的財報裡面，其實我們真的是非常謝謝團隊的合作，不管是 CarUX 的、Pioneer，乃至於群創的財務團隊， 真的是幾乎過年都沒有休息的。因為我們有三家不同的會計師在做 PPA，就是 purchase price 的

allocation，重新去把它認定。那 Jerry 這邊剛剛提的就是說因為你高於淨值的部分你就要去做 amortization，要做攤銷。那這個攤銷的比例坦白講我們認為是很可控的一個程度。那各位可能也知道就是說 Pioneer 它因為已經下市了 6 年了，那但是它曾經在這個它的整個不管是系統啊、架構啊，其實都還是非常的完整。那整體的這個營收其實跟原來的 CarUX 其實差不多了，都是 $1.5 billion、$1.6 billion 左右的美金的數額，那只是說它的費用可能稍微高一點，以至於說它的這個 bottom line 大概就是在損益兩平的 level。那這個就是正如剛剛我們投影片裡一直講到的，就我們認為這是可以 generate synergy 的地方。你兩家類似的公司都在做這個所謂的 smart cockpit，但是你有不同的產品線哦，它可能做更多在 head unit 的方面，那它的因為它不會有面板廠嘛，所以它做的這個 module 的部分當然會少於我們很多，可是它有工程師，然後它有 speaker，它有這些 amplifier 的這個部分，一個車子裡面有 4 顆到 22 顆的這個喇叭，那這個部分其實是我們可以把它全部整合進來在我們的這個系統裡面提供給客戶的。最終就說到底客戶要的是什麼？客戶將來要的是說在這個車子裡面就是一個新的影音享受的一個環境，他可以 touch，他可以看，他可以要這個不會反光，他可以忍受什麼樣的這個溫度，他可以聽，那這車子裡面的杜比音效可以做到怎麼樣，喇叭是從哪裡發，甚至也不是光 entertainment，它也可以增加你的工作效率嘛，雖然可能只有慣老闆喜歡這樣的。那這個 一般人會比較辛苦，但是它其實都是可以增加效率的啦。所以總得來講就是說我們相信 Pioneer 到目前來講並沒有造成任何的財務負擔，就是因為它是一個基本上是一個獲利的公司，至少在過去的 6 個季度以來都是正常獲利的，只是說它賺的這個 margin 當然沒有 CarUX 高，所以這是我們希望兩家公司合併以後，我想曾經也提過就說我們在做三個階段的一個盤點，我們有每以每 100 天作為一個主要的一個 benchmark。從第 1 個 100 天開始我們先從採購、聯合採購上面去下手，那到第 2 個 100 天我們希望能夠從產品的 cross-selling，互相的交叉銷售，就是我們的團隊也要熟悉它的產品，它的團隊要熟悉我們的產品，那能夠互相做交叉銷售；到第 3 個階段我們希望有產品的這個聯合開發，能夠有真正不是只是 賣兩瓶不同的礦泉水跟橘子汁這樣子兩個而已，而是能夠把它整合在一起成為一個好的 punch，一杯好的調酒，對不對？那你的單價價值就會高很多。好。 我們今天最後一個線上提問是對睿生光電的。請問睿生對工業檢測與半導體以及封裝檢測的未來展望？

好，謝謝吼。那個我們現在做的 DRAM 現在很缺貨，然後 HBM3e 到 4 或者 5 現在在做。那 DRAM 的一個特性，我們在堆疊的時候，我們希望知道它的相對的品質的狀況，可是你照了 x 光太強的時候，會改變它的電氣特性。那我們現在想要開發出來的是比較 low dosage，但是 high sensitivity 的東西，同時想要結合一部分假設通了電氣特性之後，它會有熱的效應，結合 infrared。剛剛我們講的，有客戶要提出規格來，我們有辦法滿足客戶的需求，所以我們事實上在提供 DRAM module AXI NDT 的 solution。這個是我們已經做了，而且在半導體領域裡面還不僅這個，我們也可以有類似不同波長的 infrared，可以去檢查 ABF 的表面是不是有 bubble、不平，這個也都是一些技術的 innovation。所以我們在技術上面持續探討不同波長 x 光以外，跟我們相關的 infrared，然後結合在醫療、工業檢測、homeland security 上面，還有安防。我們也出貨給客戶用來 monitor 一個 server rack，18 個 tray，這中間的溫度差異，調到警戒線的時候，可能要改變 CDU，central cooling unit 的或 cooling distribution unit 的調整。那同時我們用 x-ray 來檢查 cold plate，這個冷卻板裡面的那些 microchannel 的鰭片是不是焊得很好，使用後一段時間冷卻液把銅的銅粒吹出來造成阻塞。那我們用 AXI 協助在 AI server 的 business 裡面，然後來協助半導體 piping、冷卻板，甚至相關的 DRAM module 的檢查。那確實這是一個技術上可達到又創新的 solution。那我們也拿到 sample 的驗證，甚至有些設備也出貨了，那我們希望水平擴大這個。同時跟母公司在合作的是如何把這個東西結合在 FOPLP 的組裝，還有未來 TGV via hole 裡面鍍銅之後的孔隙，void，那個導電體的那個 void 的多少會影響阻值，這個是透過 AOI 只是表面看到光線的反射，但是我們也結合現在半導體設備的廠商一起合作 AXI，然後來結合我們神山們的未來的擴展。那我們在努力中，謝謝。