Good afternoon, everyone. Welcome to Innolux Group's first half 2026 Investor Conference. Today's event is being webcast live through Innolux and InnoCare company websites, the same place where you can download our conference materials. Please take a moment to read the disclaimer notice online. Today's meeting, we will have two speakers to provide company's messages. The first one is Mr. Jin-Yang Hung, Chairman and CEO, Innolux. Second is Mr. James Yang, Chairman of InnoCare. After the presentation, we will conduct a question-and-answer session. Now I will hand it over to Jin.
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 joining 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, InnoCare's Chairman, who will also share with you the 2025 performance and also the outlook. Without any further hesitation, let me start with the Innolux Corporation side. Our agenda will start with the market overview, with all the general panel products. We'll go with the company strategy, then wrap up with the financial results. I'll hand over to James. First of all, the Innolux has been remaining firmly on our sustained transformation, and this whole page actually says everything. We continue to work on the non-commodity and non-display products and the 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 continued efforts. Also, our key KPI is the TSR, Total Shareholder Return. We have been leading our peers, including domestically or globally, by and large. Thank you again for all the investors and, no matter institutional or the retail investors' efforts. Of course, this is the whole team results. In terms of the products, the most general products people are aware of is the TV. TV products actually has seen the positive improvement on a quarterly basis 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 WBC event, of course. We see these positive results continue to roll 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 true nature of the products. A lot of people might ask that the memory chips has been rallied 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%-3%. For TV it's probably 3%-5%.
The impact is much smaller compared with other products. The products actually will be impacted more significantly will be the notebook and the mobile phone. On these two products, NB and mobile phone or PC, we'll probably see a year-on-year decline for this year in the different range. Different analysts have different estimates, 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 continuing efforts on the non-commodity products, which include the industrial, all the avionics, marine products.
We are not only just allocate more resources in terms of R&D, 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. Now, when we approach to quite a few clients and engage with them, it has been proved to be a very successful example. We will continue with our efforts to put into the industrial and the non-commodity products. Again, our new technology on the panel side has continued to prove the 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. It's not like a state-of-the-art technology. It's been in the market. We've 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 casino, for example. Nowadays, even the medical products or, for example, some of the architects, 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, are much easier using the N3D 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 state-of-the-art technology on the panel side to the niche or the new applications. Currently, we are being applied here 27-inch and 13.3-inch products and engage with the 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 a 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 these four pillars many times. This is how the company reviews itself, continues in the last six years, what we so-called the triple 6-year plan, 666. We review ourselves or 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 is asking why the share price has been rally every day. There is no magic. It's basically every day's work. It's all the efforts looking on the same target, which is the continued improved ROE. However, we do have a near-term to medium-term plan versus the longer-term plan. Here has been clearly stated that our 1-3 years, which is continue to focus on what we have today, which is all the panel assets. 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 avionics or marine products. 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 expecting, what we are continuing the efforts is lower the assets on a total base.
With the disposing of the Fab 4, our total spending, including depreciation and the maintenance cost, was lowered by NTD 1.5 billion since 2024. That if you do the simple math, that it represents about 0.7% of our EBIT margin, which means that our margin can improve by 0.7%. This is what we are doing. As again, there is no magic. It's simple mathematical 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, Fan-Out PLP and CarUX, especially with the acquisition with Pioneer.
These are our two major drivers we are looking for. Let me take into the next step with a little more explanation. I think Fan-Out PLP, 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 one using to producing on the Fan-Out PLP chips is 6.6 or 6.7 times of the 12-inch wafer. You can simply put a 12-inch wafer onto that glass. Your throughput is much higher. This is, 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 it's more than 40 million, and it continue to grow. We are confident on this. However, we are not only in Chip-first technology, because Chip-first compare 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 it advanced packaging.
For TGV and RDL, we are currently still in the process of looking for the client's certification. While Chip-first is already in the mass production, we are both legs working faster. Our key milestone this year for the whole Fan-Out PLP 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 26th, 2025. We closed the deal in December 1st, 2025. Within five months to close a international merger acquisition, this takes tremendous efforts.
This all thanks to the strong team on both CarUX and the 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 the Pioneer to a lot of people are a familiar name. However, people do concern about whether is 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 six 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 vibe than what I expect. We are actually pretty positive and, pretty confident that, we can working together, very well with, Pioneer team to, generate a strong synergy. What kind of synergy are we talking about here? We all know that CarUX has been serving 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 from A-pillar to A-pillar, the 55-inch, but it only limits to what you see or what you touch on the panel.
In the future, we do expect that 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 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 a 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 U.S. 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 focused on the smart cockpit module, Pioneer has the head unit, which is equipped with a lot of the software engineers, and also they have the sound and the speaker amplifier products. This can all now group together and cross-sell to our customers. Most important, there is a strong diversity in terms of the R&D. Used to be the CarUX, the major R&D center in Germany, in Taiwan, and a little bit in China.
Now we have a strong Japanese arm, which help to embed it into the very fundamental research of the products. We again believe all these three together will generate a strong fundamental for the synergy. What exactly is these five different aspects? Our new slogan with the CarUX acquisition, which we call it 'Pioneering in-Car User eXperience,' which combine both companies' name into this slogan. Like I mentioned earlier, this not only offer the strong OEM customer base to tier one, but also the provide a one-stop shopping to the whole in-cabin experience. Our R&D 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 seven years ever since I take the chairmanship. Our total TSR since 2018 is 88.5%. Even if you annualize it's 10.2%. We are much ahead of our other peers. This is basically a strong team efforts. 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 compares with historical like 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 compares with the year before. 4Q, for example, was 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 NTD 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 operating gross profit has grown 31.6%. We continue to see the strong leverage with our movement to the higher margin products. 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 improve the 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. Over to you.
Good afternoon, ladies and gentlemen. Welcome you to join the InnoCare Optoelectronics's first half 2026 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 a development discussing our this year's strategies and lay the foundation for futures. I will combine products, technologies, new service model, global footprint, and most important is the financial results. Today, I think the InnoCare is one of a member of Innolux. Innolux is a carriers. We are a small disruptor, but we need to catch up the speed and follow the direction of Innolux. Thank you for your attention. Next is my agenda today. Cover four segments.
First, I was talking about the business review of last year. That thing is, that means, one of Innolux's priorities for success is prioritize our product mix. From the figure you can see, in the last year, we're more focusing on modules, flat panel modules, OEM and ODMs. Last year, we achieved ODM high-value product increase of 4% from 13% - 17%. Next year, that means this year, 2026, we try to challenge it, double share. That give us better revenue, profit margins, less products. Second, we enter the emerging market. That is very important. In India, that means the Middle East, Southeast Asia. That's medical care business, and by the government budget to enhance the people's health. We catch up this kind of opportunity. The growth rate is quite good.
Lastly, we pick up the Chinese market. Originally, slowed down. Now, in 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 was talking about next page that is about technology. InnoCare have our amorphous sensor and the IGZO sensor. The next one will be the IGZOpro, this kind of leading technologies. First, this kind of products, it can help almost at 2 times mobilities. That means more faster, can deliver better the image quality. Then from the static to enter dynamics, that is very important.
It can help to do some kind of cardiac interventional therapy and also angiographic, and also that means a gastrointestinal inspection. Most important, the higher readiness can help offer the NDT, non-destructive testing for industrial application by our IGZOpro. Previously, Innolux support IGZO to InnoCare, the TFT subject. We make it into the modules, and we are the leader for the industries. We are the number one. We try to keep the momentum to go ahead for next generation IGZOpro. Thanks to our TFT supplier, Innolux, they're committed and quite strong in the technology. We are ramping up for future the new technologies. This slide shows you that almost 2 times the mobility. The mobility proportional to a current.
We use current to show you IGZO current performance and the challenge it two times the performance. The other things is the X-rays hardness. You find the hardness, that means under the high dosage of X-ray, but our voltage drop shift should be as low 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 strengths and InnoCare's innovation integrations. Next page, I was talking about the market expansions. We're talking about, for example, India and the Americas. First, our thinking we 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 a tender from the governments, to close the market and offer the better service to our partners. That is quite successfully laid the foundation for last year, our growth. This year, we will enjoy last year's footprint deployment. That is very important for this year's revenue. The other is about the Americas, and then we are not only focused on component providers. Okay? I show you this. Why are we talking about India? That means, India almost increased their import tariff ten times. And now we manufacturing layer, we can save the cost. And also comply with government's policy. Make in India is 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 a component provider as a TFT substrate, open cell with a scintillator and then ROIC or the flat panel detector. We also strengthen our local repairs and the service as some kind of solution to enhance, let me say, one time shopping to one-stop shopping service. By this time, there's a business model change. It can enhance our operation in not only North America, but also South America to gain the momentum for future 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 detectors, fundamental technology and know-hows into the infrared, that means EMS service.
First, talking about the flat-panel detectors. Later, I will show you some sample. That means flat-panel detectors design versus infrared camera module design, the mechanical parts almost the same. Most important know-how is image signal processing to enhance contrast ratio, sharpness, and the bad pixel collaboration and repair. That means we are ready. We extend this from the X-ray image into infrared image. We have a TFT substrate from Innolux. Now we buy the lens, wafer, or sensor from our supplier. Sometimes we try to plan to do CsI coating or gadolinium coating on our TFT substrate with our photodiodes. Now we try to do even the Faxitron's coating. That is similar.
Step by step, we work 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, management and supply chain, management with good quality, low cost. That is a low risk to exchange our new business service and the infrared EMS service. This I show you here, you can find that is a 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 is, easier way, and we are ready for this kind of business. Finally, I was talking about, that means, this year's outlook and future's plan.
Of course, continuously prioritize our product mix with flat-panel detector complete set rather than component, TFT substrate, and also the open cell. 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. Prioritize the products optimization, that is very important. We still keep doing. Also about emerging markets entry. Now we are harvesting India as a result, from the CR to DR, digitize the X-ray inspections. Next one, we will go further by leveraging India's local manufacturing to expand future might be Africa. Currently, our product already selling to Ukraine and even Gaza to help people to save their lives due to our emerging market strategies.
The other one is a new that means electro-optical infrared. That means production capability with the 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 wherever from China, India, and even we were to do is some kind of a strategies adapt to Innolux strategies for cross- fab transfer from TFT and also relocation of Tainan fab for better operation results. Finally is that means last year, luckily, we have maintained the momentum and the revenue and profit margins stabilized. EPS is getting better from last year. That is 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're talking about a balance sheet. Like we maintain very healthy financial results and almost a negative debts. Our current ratio almost more than 200%. This is a foundation for InnoCare. We create positive cash and accumulate enough funding for further operation and expansion into the global footprint and the new business model. Last is today's my presentation. Thank you for your attention. Thanks a lot.
Thank you gentlemen for the corporate report. Now is the Q&A session. We will have two parts today. In the first part, we will answer the questions collected from investors in earlier time. After that, we will take questions from the floor and online participants. 现在是预收问题，第一题是给群创光电，请问公司是否可以分享FOPLP的进展及营收贡献时间点。
好，我来回答这一题。其实FOPLP就是大家讲这个也讲了一段时间了，那真正公司开始做，大概从四五年前就开始在做RD上面的一个投资，那当然可能大家有之前也有听过，我们从A+项目开始，那为什么有这一个，往这个方向去发展，其实不是只是生来一笔就没有这么神奇的事情。那我想各位知道，就是因为我们是一个重资产的公司，大概超过三千亿左右的资产，那很多的设备厂房，那尤其是旧世代的，可能在竞争力上面就会受限。如果面对到大世代的厂房，在比较一般化的，不管手机、notebook、tablet这样的产品，所以我们就是在思考说怎么样重新去运用。那经过很多次的讨论，内部乃至于到董事会，其实我们做的是把我们的资产盘点，我们有什么样的UV的机台设备，我们的生产制程上面有什么样的强项，这么长的生产制程，从铺线这样子的一个制程，photomask的这些制程，乃至于到我们的IP，还有同仁员工的know how，这些要怎么样把它最大化地留下来运用，所以才有FOPLP这一个，后来慢慢的投资到一直到现在，算是有一个early results，我不敢讲说成功，真的是，就是至少有一个初步转型的成果，客户接受了，真正在出货了，真正在这个产品上面是看得到的。那这是一个很好的credential，就证明我们自己是跨足过去，因为这个不但是客人的认知，因为从有第一个客人就会有第二个、第三个，大家就会来看，那对于内部也是一个很大的信心的一个强化，表示说我们真的能够做到，因为在mindset上面还是有不同的地方，还是需要学习新的不同的这个设备啊，产能啊，这些种种的这个过程。那不过到这里为止，我觉得从去年开始出货，那到现在为止，我们大概每月的出货已经刚刚应该有稍微提到增长十倍了，我们大概已经从一个月单月大概是几百万颗，到现在是几千万颗，那我们也相信还会持续不断地成长今年。营收的贡献的比重，当然坦白讲，相对于群创这么大的一个base，还是相对小的，不过我们相信它的成长的速度是非常快的。这个我想我简单回答到这里。
第二題，預售問題給群創光電，請問出售二、五廠的時間表有嗎？
好，那是必考题是吧？嗯，二厂跟五厂在我们昨，昨天吧，昨天董事会，前天，前天的董事会有决议，那也已经公告了。在前天的董事会里面，我们决议公告的事项，一个是环东厂，它是一个比较标准厂房的厂，面积也比较小一点，做处分，那这个整体的这个金额，还有它的这个处分后的一个收益，都在公告上面有，交易对象，这个是很明确比较确定的。那二、五厂是从去年开始，我们也有跟所有的投资大众报告，所有的法人，就是公司在做一些整并的过程，我们希望留下最适合我们的产品线，那因为整体的，我还是再讲一下，整体的面板还是处在比较供过于求的一个状态，那我们其实没有很诚实地面对自己，有没有必要去engage到每一个市场、每一个产品、每一个客户，或许没那么必要，但是有一些你的非常重要的客户，他的理念跟你是相同的，你有的设备，你能够生产出来的，你的弹性的生产，或者你所在的厂房，然后你的品质可能是相对更高的，类似这样子，这些是你会找到，欸，我们怎么讲，弱水三千，只取一瓢饮嘛，所以你会找到适合的，那把这些客户好好地抓稳抓牢，然后跟着客户长期地发展。你不可能一方面流血，一方面说我要跑，跑马拉松，这个是太难的任务。所以这是为什么我们一直有这样子的一个动作来去做一些调整。那在2024年的Fab四的这个关停之后，2025年我们做了一些调整，那慢慢把它整并，但是时至今日，二厂跟五厂都还在生产。跟各位报告一下，二厂跟五厂到今天为止都还在，应该几乎是满架动在生产的。那当然这些产品逐渐的分流，我们会跟客户讨论，要把它分到哪里，那需要可能先备多少的库存，那客户的接受程度怎么样。所以它不是一个说停就可以停的动作，它是需要很精细化的去讨论。那当然这些都会影响到我们的一些采购啦，或者是我们的同仁啊什么，那公司这边都会做一个很完整的一个规划。那总的来讲，我想我们到目前为止，并不像媒体所臆测或谣传的说，啊，就是谁谁谁了这样子。我们有配合公司的未来的一些发展的时程，然后也有很好的一些进展在谈，那但是没有时间表，对象这个还没有确定。
接下來的問題是給群創光電，請問群創光電的新市場發展跟未來布局為何？
好，谢谢主持人。刚刚就我简报里面所说的，现在全世界单一最大人口数的国家印度，也是目前肺结核相对比较严重的地方，那过去它还在我们说，不然要不要来去用电工，还是analog的底片，那我们要帮助他们digitized。那InnoCare光电有一个产品是非常合适的，别人的产品是做在玻璃上面，我们是做在polyimide上面，X-ray detector。我们在印度看到我们的客户背着我们的detector，在他的背包里面，骑着机车上山下海，去帮人家照顾偏乡的肺结核的检查。所以单一市场的最大人口，现在全世界医疗产业，我们这个产业的年复合成长率大概5%到10%，你也许用8%，但是在印度年对年的成长率是20%。那很幸运的，我们在那边有local manufacturing partner，我们在那边也设立了分公司，我们用low assets，用最低的resource在那边，我们有sales FAE，然后operation的人在那边服务我们的客户，然后接近市场，同时也接近供应链，local for local。然后我们的目标是30%，今年上半年在那边for印度的市场当地找EMS代工，未来随着这个效益出来的时候，我们可以再拉高到50%。那这个是我们针对新兴市场的一个很明确的footprint跟布局计划，而且在营收跟获利上面，它也占一个很重要的角色。就如同刚刚看到我们的TFT基板，经过我们价值化，做上photodiode，然后镀上zinc selenide，放上ROIC，最后做成detector，附加价值是越来越高。那我们在这个份额上面，我们也要想办法，在欧美的地方都是什么？是人工很贵，维修很慢，那刚好我们看到这个弱项是客户的痛，那我们就从他们解决他们的痛处，就是我们的价值。所以我们已经在北美开始提供当地维修服务，然后很快速地解决客户的问题，那客户对我们的向心力跟黏着度都增加了，所以我们期待我们在北美、南美的市场会有一天顺利地再爬上来。那以地图的观点，你可以看到印度绕到东非或是整个非洲南边的南非，或是奈及利亚，那人口数都很多。那有些是法国过去的殖民，有些是英国的殖民，英国讲英文，法文讲法文。那我们在法国也有一个partner DMS，那也协助我们的产品帮我们推进去乌克兰，甚至加萨重建的计划，也会随着我们客户的计划会进入非洲。所以我们在做的是非洲一样是现在X-ray检查还在最基础的CR底片的模式，那我们进一步希望把我们这个好的产品往那边推，那引出我们未来的下一波市场的起飞的时间，谢谢。
最後一個預收問題也是關於群創光電的。請問群創上一季法說提及的IGZOpro的發展。
IGZOpro的发展。刚刚有特别说明的，就是我上礼拜从维也纳，ECR, European Congress of Radiology，所有客人都在称赞瑞伸光电的IGZO的产品。那这个产品，谢谢母公司的技术，还有强力的support，我们是在这个产品上面是世界领先的。那它的好处是什么？amorphous的mobility我们假如是1，IGZO现在的可能是10，IGZOpro我们可以是15到20，就是两倍的mobility。LTPS是100，CMOS sensor，silicon的是1000。Mobility越快，影像传输越快，频宽更大，传送资料更好，但是成本也会增加。那我们现在用IGZO就可以做到从半动态到动态。然后提供什么？血管造影照相，然后打了显影液，发现你哪边可能会有梗塞，然后接着再跟你做，例如说，把那个心血管导通装上支架，这个就是它的应用。同时肝胆肠胃科也需要这种东西来帮你开刀。那我们提供了这样的技术，所以我们主要的客户是high-end欧美的客户，用在动态上面的C-arm或是手术房上面使用的东西。那当然也有我们的客户拿来去做快速的生产线上的电子产品、半导体产品的检查，因为它frame rate特别快，所以这样的话我们可以提升我们的价值。同时它的X-ray的耐受度，就是抗辐射的能力又特别强。所以也就是有时候我就跟我工程师说，不要做到太差，这样客户换货的频率，更新订单的速度就会变慢。我们要做到世界最好，但是又要maintain未来的growth，所以这是一个平衡。那这是我们很骄傲地跟大家报告，我们代表台湾队，在世界上面我们是第一。然后拥有我们刚才洪總讲的，我们是一个技术领先的团队，一直在做技术创新，smart manufacturing，然后approach我们的客户，然后还有找到channel，最后是sustain足够的cash来re-reward我们的员工跟股东。谢谢大家。
謝謝。我們現在邀請現場法人提問，您可以以中文或英文提問。發問前請先介紹你的機構及姓名。線上參與的法人可以透過訊息對話框傳出你的問題。
谢谢接受我的提问，我是Bank of America的Brad。那我的问题是有关Innolux啦。那我有两个问题，那一个问题是有关于Shuffle Box，那另一个是关于FOPLP。那市场观察到有关光通信这一块的，这个box的组装需求，因应着这个AI服务器的架构改变，有这个需求激增的状况。那目前公司当然很主要在推non-display这一块，那我不知道non-display这一块中的光通讯代工目前进度为何，那什么时候有机会看到对营收有一些明显的贡献？那另外non-display这一块，35%，今年嘛，那不知道我们在2026、27年的目标又是怎么样，如果可以的话，可以给我们一些目前non-display里面的breakdown吗？谢谢。
先回答你的第一个问题。光通这一块一直是公司高度在关注的，这个是含在整个所谓的non-display的策略里面。但是再次强调，纯属媒体臆测。到目前为止，我们的方向就是透过我们投资先發跟元澄，这两个公司，在这个上面去做一些前期的探索跟观察，还没有任何大家讲的这么的情况。有任何具体的时候，不管是CapEx需要，不管是客户上面，我们当然都会报到董事会，那也请各位，看有——如果有重讯发布的时候。另外您提到就是Fan-Out PLP这一块，或者说整个的non-display的占比，今年是35%，那我们期望就是说在整个六年的规划里面，在整体的666里面，从去年开始起算到未来，2030年能够达到non-display大概占一半。
那請問目前以今年、去年來說，或者今年的話，這個non-display 35%，我們大概應該怎麼猜啊？因為我猜這個CarUX integrate進來，在non-display這邊應該也是 -
占大多數。
目前的話是占大多數。
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 Shuffle Box 這邊還在前期的這個探討。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 knowhow 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，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兩年以上的這個領先優勢呢？
真的，实话讲...
在Fan-Out PLP里面，我记得也很多法人或者是媒体朋友问过我，那那个时候都有人提到，就说，哎，到底是510啊、620、750啊，各种哪种规格啊什么。其实那时候我记得大家，我应该有跟大家讲过，就说其实有别的人join不一定是坏事，因为你要把市场做起来，你要愿意有更多人进来，表示你的方向是对的，那设备商才会愿意开发，材料商才愿意开发这些给你。所以同样的，就说在光通的这一块，我们当然是看啦，但again，我不会回答你任何关于Shuffle Box的问题。你再问一百遍也是不会。就是我们的目标，就是说这一块我们认为不应该缺席。好，今天已经以一个光电大厂所有的、所拥有的能量，不管我们在IP上面，不管我们对于光的这个了解，那应该都有可以运用的地方。但坦白讲，不懂的地方还很多，就是通讯的规格，这里面还有很多其实都要去探讨的。That's why我们会讲说，我们先透过用投资的方式去了解这个市场，比一下就是贸然跳进去。因为说真的，就是Fan-Out PLP，我们也是看了很久，前期的投资，透过做一些计划才有可能做到。所以我想我还是强调，就说今天一方面当然谢谢大家，很多媒体朋友或者很多的人，会猜测啊怎么样怎么样，那我们只能说我们还蛮按部就班的，我们还很小心谨慎，知道什么我们可以做，什么我们做了是真的有别人赶不上的优势。就像刚刚前面讲的，今天用玻璃作为一个carrier或作为一个substrate，要能够在玻璃上面，你光是量测，之前量测wafer，你可能用镭射打，它是不透明的，它是不透光的，但现在你要的话它透光，那透光你还可以做得到量测吗？这个是我们的know-how。那同样要用这样的这个观念、想法，因为要布局，其实很多地方可以先布局的，投资是一种布局，IP是一种布局。Instead of一下跳下去，然后跟大家announce说，我们CapEx什么东西啦，多少多少啊，什么这样。我觉得重点是清楚自己要的方向，方向当然这些新的领域，你知道，每一个公司都会AI啊，都会什么，那我想任何公司都会想往这个方向去迈进。
好，那來到第二個問題，這個很短，很短，就是有關那個Fan-Out PLP這個部分，那剛才有提到說，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嘛，這個部分是沒有錯的。剛才好像有提到這個部分。
我再壓力給他們
OK。
期望在這兩年啦，這兩年啦。
OK。
今年明年。
那這個部分，就是RF這部分的business，目前啊，有沒有對後續專案的一個看法？那甚至剛才有說，欸，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再更多這樣。
RF的部分，就是Chip-first的部分。下半年應該會比上半年好，那明年還再看。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，你現在的架洞滿了，那你是不是要再蓋一條線，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，這個馬來西亞有廠，美國要蓋或什麼，那我們的重點是要獲利。我想我一再地強調ROE，你投入多少，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，超...
more than 这个，把 Chip-first 的量再给它成长，再...设备要 move in，那最终都是设备商赚走。那我们希望的就是说，我已经会了，我已经证明这一题我可以解到很好了，那你再叫我练一百次，这只是不断把它 copy paste。除非这个...
因为Chip-first，我用这么好的人力，用这么好的资源设备去做，然后做出来，不是chip就可以做了。那也许在Wafer的控制上面，也许在一些那个voltage上面我可以做得比较好，可是那就换一颗就好了嘛。所以unless你可以享受到那样的价格的premium，你做的是别人做不到的事情，是只有你这一门独门技术，你今天在玻璃上能够挖到这几万个孔，或者几百万几千万个孔，你能够达到那样的升宽比的时候，那你就真的是没有材料可以替代的。
因为时间关系，我们开放现场最后一个提问，然后我们有一个线上的问题要回答的。请问线上还……啊，Jerry。
你们好，我是UBS的Jerry，我想就是还是先延续刚刚这个Fan-Out PLP的问题。刚刚董座提到说可能还有其他几个厂在这个Chiplet这边有要盖，那我想询问的是，因为看起来好像你们这个RF的客户，他自己也要盖厂，我不知道这个东西对你们今年或明年的这个planning大概会是怎么样。
第一个，这是陷阱题，我们从来没有说我们RF是哪一个客户，所以我们有很多客户在谈，在work together。各位也知道，我们不可能去提客户的这个名字。这个当然，第一个就我刚刚讲嘛，表示说这个方向是对的，这个东西是可以做的。那接下来就是比真功夫，就是以我们的台湾人，不一定是血跟肝啦。但是我觉得以我们的供应链上面的这个角色，在所谓的Agile production，我们很能够很急速地、很快速地去变化、调配这个生产，良率能够控制到这样，我们不怕啦，别人很强，我们也不弱。
谢谢。关于Pioneer加入公司之后，我想请问一下，就是对未来的财报上，在费用上面会有什么影响？还有就是因为这个收购案看起来应该是用高于它的股权净值的方式去收购的嘛，那应该会有一些商誉上的认列，我不知道说这部分商誉的摊销，对今年或者是未来我们要怎么去做这个modeling，谢谢。
的确啦，在这一次的财报里面，其实我们真的是非常谢谢团队的合作，不管是CarUX的Pioneer，乃至于群创的财务团队，真的是几乎过年都没有休息的，因为我们有三家不同的会计师在做PPA，就是purchase price的allocation，重新去把它认定。那如Jerry这边你刚刚提的就说，因为你高于镜子的部分，你就要去做amortization，就要去做摊销，那这个摊销的比例坦白讲我们认为是很可控的一个程度。那各位可能也知道，就说Pioneer它因为已经下市了六年了，那但是它还是，它曾经在这个它的整个不管是系统啦、架构啦，其实都还是非常的完整，它整体的这个营收其实跟原来的CarUX是差不多的，都是一点五、一点六的billion左右的美金的数额，那只是说它的费用可能稍微高一点，以至于说它的这个bottom line大概就是在损益两平的label。那这个就是诚如刚刚我们投影片里一直讲到的，就是我们认为这是可以generate synergy的地方。你两家类似的公司都在做这个所谓的smart cockpit，但是你有不同的产品线，它可能做更多在head unit的方面，那它的，因为它不会有面板厂嘛，所以它做的这个module的部分当然会少于我们很多，可是它有工程师，然后它有speaker，它有这些amplifier的这个部分，一个车子里面有四颗到二十二颗的这个喇叭，那这个部分其实是我们可以把它全部整合进来，在我们的这个系统里面提供给客户的。最终就是说到底客户要的是什么？客户将来要的是说在这个车子里面就是一个新的影音享受的一个环境，它可以touch，它可以看，它可以要这个不会反光，它可以忍受什么样的这个温度，它可以听，那它的车子里面的Dolby音效可以做到怎么样，喇叭是从哪边发，甚至也不是光entertainment，它也可以增加你的工作效率嘛。虽然可能只有冠老板喜欢这样的，那你这个一般人可能会比较辛苦，但是它其实都是可以增加效率的啦。所以总的来讲，就是说我们相信Pioneer到目前来讲并没有造成任何的财务负担，就是因为它是一个基本上是一个获利的公司，至少在过去的六个季度以来都是正常获利的，只是说它的赚的这个margin当然没有CarUX高，所以这是我们希望两家公司合并以后，我想曾经也提过，就是说我们在做三个阶段的一个盘点，我们有每以每一百天作为一个主要的benchmark，从第一百天开始，我们先从采购，联合采购上面去下手，到第二个一百天，我们希望能够从产品的cross-selling互相的交叉销售，就是我们的团队也要熟悉它的产品，它的团队要熟悉我们的产品，那能够互相做交叉销售。到第三个阶段，我们希望有产品的这个联合开发，那能够有真正不是只是卖两瓶不同的矿泉水，根本其实是这样子两个而已，而是能够把它整合在一起，成为一个好的punch，一个一杯好的调酒，对不对？那你的单价价值就会高很多。
我們今天最後一個線上提問是對群創光電的，請問群創對工業檢測與半導體以及封裝檢測的未來展望。
谢谢。我们现在做的DRAM现在很缺货，然后HBM3 excellent到四或会五，现在在做。那DRAM有个特性，我们在堆叠的时候，我们希望知道它的相对的品质的状况，可是你照了X光太强的时候会改变它的电磁特性。那我们现在想要开发出来的是比较low dosage，但是high sensitivity的东西，同时想要结合一部分，假设通了电气特性之后，它会有热的效应，结合infrared。刚刚我们讲的由客户提出规格来，我们有办法满足客户的需求，所以我们事实上在提供DRAM module AXI NDT的solution，这个是我们已经做了，而且在半导体领域里面还不仅这个，我们也可以有类似不同波长的infrared，可以去检查ABF的表面是不是有bubble不平，这个也都是一些技术的innovation。所以我们在技术上面持续探讨不同波长X光以外跟我们相关的infrared，然后结合在医疗、工业检测、homeland security上面，还有安防，我们也出货给客户，用来monitor一个server rack十八个tray，这中间的温度差异，调到警戒线的时候可能要改变CDU，cooling distribution unit的调整。那同时我们用X-ray来检查cold plate，这个冷却板里面的那一些micro channel的鳍片是不是焊得很好，使用后一段时间冷却液把铜的铜绿吹出来，造成阻塞。那我们用AXI协助在AI server的business里面，然后来协助半导体piping冷却板，甚至相关的DRAM module的检查。那确实这是一个技术上可达到又创新的solution。那我们也拿到sample的验证，甚至有些设备也出货，那我们希望水平扩大这个。同时跟母公司在合作的是如何把这个东西结合在Fan-Out PLP的组装，还有未来TGV via hole里面镀铜之后的孔隙void，那个导电体的void多少会影响阻值，这个是透过AOI只是表面看到光线的反射，但是我们也结合现在半导体设备的厂商一起合作AXI，然后来结合我们神山们的未来的扩展，我们在努力中，谢谢。
That's come to the end for today. The replay of the conference will be available on Innolux's and local company websites in a few hours. Thank you everyone for joining us today. Goodbye and have a great day. Thank you.