Half Year 2026 Innolux Corp Earnings Call
Speaker #1: Okay, the panel will start shortly. 因为本次会议是上全球投资法人直播，接下来群创光电公司报告将以英文进行。问答环节可自由采用中文或英文。 Good afternoon, everyone. Welcome to the Innolux Q4 investor conference. Participants will be in listen-only mode during the presentation.
[Company Representative] (Innolux): year H2 investor conference. Because this meeting is broadcast live on global investment, Innolux Corporation's presentation will be in English. The Q&A session can be in Chinese or English. Good afternoon, everyone. Welcome to Innolux H2 investor conference. Participants will listen only mode during the presentation. You may download the Chinese and English conference materials at www.innolux.com. Please be reminded, the presentation includes forward-looking information based on our current expectations. Actual results may differ materially due to various market factors. To understand these risks, please take a moment to read the disclaimer notice line. Today's meeting, we will have Mr. Jin-Yang Hung, Innolux Chairman and CEO, to provide us information on market overview, corporate strategies, and financial results. After that, we will conduct a question and answer session. Now I will hand it over to Jim.
Operator: Good afternoon, everyone. Welcome to Innolux H2 investor conference. Participants will listen only mode during the presentation. You may download the Chinese and English conference materials at www.innolux.com. Please be reminded, the presentation includes forward-looking information based on our current expectations. Actual results may differ materially due to various market factors. To understand these risks, please take a moment to read the disclaimer notice line. Today's meeting, we will have Mr. Jin-Yang Hung, Innolux Chairman and CEO, to provide us information on market overview, corporate strategies, and financial results. After that, we will conduct a question and answer session. Now I will hand it over to Jim.
Speaker #1: You may download the Chinese and English conference materials from the Innolux website. Please be reminded: the presentation includes forward-looking information based on our current expectations.
Speaker #1: Actual results may differ materially due to various market factors. To understand this risk, please take a moment to read the disclaimer notice line. In today's meeting, we will have Mr. Jim Hong, Innolux Chairman and CEO, provide us with information on the market overview, corporate strategies, and financial results.
Speaker #1: After that, we will conduct a Q&A session. Now, I will hand it over to Jim.
Speaker #2: Okay, thanks, Vivi. Again, thank you for joining us today for Innolux's second-half investor conference. I will start today's presentation with a quick summary. Of course, we divide the company's overall business into two major domains: the display and the non-display.
Jin-Yang Hung: Okay. Thanks, Phoebe. Again, thank you for joining us today on Innolux H2 investor conference. I will start today's presentation with a quick summary. Of course, we divide the company's overall business into two major domains, on the display and the non-display. On the display side, our core business continue to be impacted by the consumer sentiment and also the component price hike. I think as everyone knows, the memory price has skyrocketed. So that also impacts into the overall buying behavior. That we will explain later on how that impacts our results. On the non-display side, which is much more steady, we have continued to see improvement on our shipment and also overall earnings performance on the non-display side. Also, we have seen a positive momentum on the market consensus. We have seen some of the upward revision on the company's forward-looking earnings estimate.
Jim Hung: Okay. Thanks, Phoebe. Again, thank you for joining us today on Innolux H2 investor conference. I will start today's presentation with a quick summary. Of course, we divide the company's overall business into two major domains, on the display and the non-display. On the display side, our core business continue to be impacted by the consumer sentiment and also the component price hike. I think as everyone knows, the memory price has skyrocketed. So that also impacts into the overall buying behavior. That we will explain later on how that impacts our results. On the non-display side, which is much more steady, we have continued to see improvement on our shipment and also overall earnings performance on the non-display side. Also, we have seen a positive momentum on the market consensus. We have seen some of the upward revision on the company's forward-looking earnings estimate.
Speaker #2: On the display side, our core business is to continue to be impacted by the consumer sentiment and also the component price hike. I think everyone knows that the memory price has been skyrocketed, so that also impacts the overall buying behavior.
Speaker #2: We will explain later on how that impacts our results. On the non-display side, which is much more steady, we have continued to see improvement in our shipments and also overall earnings performance on the non-display side.
Speaker #2: Also, we have seen positive momentum in the market consensus; there have been some upward revisions to the company's forward-looking earnings estimates.
Speaker #2: Our EPS for 2026 to 2028 has been seeing greater improvement. We thank you for the investors' confidence in us, and so far this aligns with our continued transformation strategy.
Jin-Yang Hung: Our EPS for 2026 to 2028 has seen the greater improvement. Thank you for the investors' confidence on us. So far, this aligns with our continued transformation strategy. We try to lower our seasonality on the earnings, while improve continually on our overall performance. Later on, we will explain more into the details. On the panels core business, I divide it by the products. On the TV side, the overall market shipment was expected to be down about 3% year-on-year, while the area or the size are probably down slightly 1%. This is mainly due to a lot of the Chinese manufacturers using the high generation G10 or 10.5 line for the large size TV. While Innolux differentiate ourselves on focusing at the 50 inch or below market segmentation, which we believe we have a much stronger cost advantage and also, a much better customer engagement.
Jim Hung: Our EPS for 2026 to 2028 has seen the greater improvement. Thank you for the investors' confidence on us. So far, this aligns with our continued transformation strategy. We try to lower our seasonality on the earnings, while improve continually on our overall performance. Later on, we will explain more into the details. On the panels core business, I divide it by the products. On the TV side, the overall market shipment was expected to be down about 3% year-on-year, while the area or the size are probably down slightly 1%. This is mainly due to a lot of the Chinese manufacturers using the high generation G10 or 10.5 line for the large size TV. While Innolux differentiate ourselves on focusing at the 50 inch or below market segmentation, which we believe we have a much stronger cost advantage and also, a much better customer engagement.
Speaker #2: We try to lower our scalability on the earnings, while improving continually on our overall performance. Later on, we will explain more details.
Speaker #2: On the panel's core business, I divided by the products. On the TV side, the overall market shipment was expected to be down about 3% year-on-year, while the area, or the size, are probably down slightly, about 1%.
Speaker #2: This is mainly due to a lot of the Chinese manufacturers using the high-generation G10 or 10.5 line for the large-sized TV. While Innolux differentiates ourselves by focusing on the 50-inch or below market segmentation, which we believe gives us a much stronger cost advantage and also much better customer engagement.
Speaker #2: So, overall, our shipment on the TV, we believe, will be flat or even slightly grow year-on-year. On the monitor side, the market overall still focuses on high-end gaming and also the OLED model.
Jin-Yang Hung: So overall, our shipment on the TV, we believe will be flat or even slightly growth year-on-year. On the monitor side, the market overall is still focused on the high-end gaming and also the OLED model. So far, I think our high-end monitor has already account more than 50% of the overall monitor shipment. So this is also a positive feedback from both of the TV and the monitor products. On the notebook side, which is impacted significantly by the market momentum. I think the major impact on the high memory price has triggered the customer to have a defensive inventory. They pull in a lot of the demand from H2 to H1. That's also why H1 we have seen the more positive buying behavior than expected.
Jim Hung: So overall, our shipment on the TV, we believe will be flat or even slightly growth year-on-year. On the monitor side, the market overall is still focused on the high-end gaming and also the OLED model. So far, I think our high-end monitor has already account more than 50% of the overall monitor shipment. So this is also a positive feedback from both of the TV and the monitor products. On the notebook side, which is impacted significantly by the market momentum. I think the major impact on the high memory price has triggered the customer to have a defensive inventory. They pull in a lot of the demand from H2 to H1. That's also why H1 we have seen the more positive buying behavior than expected.
Speaker #2: And so far, I think our high-end monitor has already accounted for more than 50% of overall monitor shipments. So this is also positive feedback for both the TV and monitor products.
Speaker #2: On the notebook side, which is impacted significantly by the market momentum, I think the major impact from the high memory price has triggered the customer to have a defensive inventory.
Speaker #2: They pulled in a lot of the demand from the second half to the first half. That is also why, in the first half, we have been seeing more positive buying behavior than expected.
Jin-Yang Hung: While in return, I think the H2, probably even to the early next year, we expect to see some slowing down of this notebook demand. This is for the customer to try to avoid the cost rising and also the extended lead time. So the momentum on the notebook side, in the next probably 6 to 9 months, we expect to be slowing down. However, in the longer term, we do believe that AI PC wave will continue to trigger the new refresh cycle in the longer term. So that is a long-term positive. On the other hand, on the non-commodity, i.e., the industrial demand, which continues to see a very steady growth thanks to the booming of the Edge AI. Also our own ecosystem, like InnoGallery, has seen the positive feedback from the customers.
Jim Hung: While in return, I think the H2, probably even to the early next year, we expect to see some slowing down of this notebook demand. This is for the customer to try to avoid the cost rising and also the extended lead time. So the momentum on the notebook side, in the next probably 6 to 9 months, we expect to be slowing down. However, in the longer term, we do believe that AI PC wave will continue to trigger the new refresh cycle in the longer term. So that is a long-term positive. On the other hand, on the non-commodity, i.e., the industrial demand, which continues to see a very steady growth thanks to the booming of the Edge AI. Also our own ecosystem, like InnoGallery, has seen the positive feedback from the customers.
Speaker #2: While in return, I think in the second half, probably even into early next year, we are expected to see some slowing down of this notebook demand.
Speaker #2: This is for the customer to try to avoid costs rising and also to avoid extended lead times. So, the momentum on the notebook side in the next, probably, six to nine months, we expect to be slowing down.
Speaker #2: However, in the longer term, we do believe that the AIPC wave will continue to trigger a new refresh cycle. So that is a long-term positive.
Speaker #2: On the other hand, on the non-commodity, i.e., the industrial demand, which continues to see very steady growth thanks to the booming of edge AI.
Speaker #2: And also, our own ecosystem, like InnoGallery, has seen positive feedback from customers. So the industrial demand will continue to invest and continue to see great improvement with more orders.
Jin-Yang Hung: The industrial demand, we continue to invest and continue to see the great improvement by more orders. Next page is on the company strategy. I am sure that people who have been following us are very familiar with this page. These four major pillars are the ones we use to identify our own transformation strategy. We review ourself, all the assets from facility to capacity, and also, eventually want to yield a better profitability in the return. Our overall transformation strategy remain unchanged at the light assets, and also maximize our investors' return. So in 2026, we have announced to dispose 3 plants, include both Fab 2 and Fab 5. Also, we have a smaller module plant also announced earlier to dispose. So far, just want to emphasize again that we are not dispose this plan for a one-time gain.
Jim Hung: The industrial demand, we continue to invest and continue to see the great improvement by more orders. Next page is on the company strategy. I am sure that people who have been following us are very familiar with this page. These four major pillars are the ones we use to identify our own transformation strategy. We review ourself, all the assets from facility to capacity, and also, eventually want to yield a better profitability in the return. Our overall transformation strategy remain unchanged at the light assets, and also maximize our investors' return. So in 2026, we have announced to dispose 3 plants, include both Fab 2 and Fab 5. Also, we have a smaller module plant also announced earlier to dispose. So far, just want to emphasize again that we are not dispose this plan for a one-time gain.
Speaker #2: Okay, the next page is on the company strategy. I'm sure that people who have been following us are very familiar with this page. These four major pillars are the ones we use to identify our own transformation strategy.
Speaker #2: We review ourselves, all the assets from facility to capacity, and also eventually want to yield better profitability in the return. Our overall transformation strategy remains unchanged: to widen assets and also maximize our investors' return.
Speaker #2: So in 2026, we have announced to dispose of three plants, including both FAB 2 and FAB 5. Also, we have a smaller plant, a module plant, also announced earlier to dispose.
Speaker #2: So far, I just want to emphasize again that we are not disposing of this plan for a one-time gain. More importantly, by unloading these assets, we believe this will help to ease our long-term maintenance expense, our cost.
Jin-Yang Hung: More important, by unload these assets, we believe this will help to ease our long-term maintenance expense, our cost. So, this actually help us to improve on our margin side, and we have been seeing the positive feedback on this from both the clients and the internal feedback. We believe that this positive momentum should continue to go on. This will definitely help with our shareholders return. To further elaborate more, in order to maximize our ROE, on one hand, or we see like a relatively short to mid-term, our focus is to improve our overall revenue and earnings breakdown by focusing more into the high margin business. That is on the both non-commodity and non-panel side. While our bigger contribution now has continued to help to support and improve our business.
Jim Hung: More important, by unload these assets, we believe this will help to ease our long-term maintenance expense, our cost. So, this actually help us to improve on our margin side, and we have been seeing the positive feedback on this from both the clients and the internal feedback. We believe that this positive momentum should continue to go on. This will definitely help with our shareholders return. To further elaborate more, in order to maximize our ROE, on one hand, or we see like a relatively short to mid-term, our focus is to improve our overall revenue and earnings breakdown by focusing more into the high margin business. That is on the both non-commodity and non-panel side. While our bigger contribution now has continued to help to support and improve our business.
Speaker #2: So this actually help us to improve on our margin side and we have been seeing the positive feedback on this. From the both the clients and the internal feedback, we believe that this positive momentum should continue to go on.
Speaker #2: This will definitely help with our shareholders' return. To further elaborate, in order to maximize our ROE, on one hand—if we look at a relatively short to mid-term—our focus is to improve our overall revenue and earnings breakdown by focusing more on the high margin business.
Speaker #2: And that is on both the non-commodity and non-panel sides, while our bigger contribution now has continued to help support and improve our business.
Speaker #2: And also, earlier we mentioned the triplets of our idle plans. This has also reduced our maintenance cost and capex. So, this is for the short-term improvement.
Jin-Yang Hung: Also earlier, we mentioned about the tripleized of our idle plants, has also reduced our maintenance cost and the CapEx. So this is for the short-term improvement. While in the long term, we are still definitely focusing at the next major earnings growth driver. As many people already mentioned, one of our key focus is on advanced packaging, i.e., the Fanout PLP. We will use the next few page also explain more on this earnings driver. Other than this, one of our independent company in CarUX, which focus on the panel side or the auto panel. After last year, we announced to acquire the long-term branded company, Pioneer, has been create this positive momentum for the overall smart copy environment.
Jim Hung: Also earlier, we mentioned about the tripleized of our idle plants, has also reduced our maintenance cost and the CapEx. So this is for the short-term improvement. While in the long term, we are still definitely focusing at the next major earnings growth driver. As many people already mentioned, one of our key focus is on advanced packaging, i.e., the Fanout PLP. We will use the next few page also explain more on this earnings driver. Other than this, one of our independent company in CarUX, which focus on the panel side or the auto panel. After last year, we announced to acquire the long-term branded company, Pioneer, has been create this positive momentum for the overall smart copy environment.
Speaker #2: While in the long term, we are still definitely focusing on the next major earnings growth driver. And as many people already mentioned, one of our key focuses is on advanced packaging, i.e., the final POP.
Speaker #2: We will use the next few pages to also explain more about this earnings driver. And other than this, one of our independent companies, Car UX, which focuses on the panel side or the auto panel.
Speaker #2: After last year, we announced to acquire the long-term branded company Pioneer. This has created positive momentum for the overall smart cockpit environment. And we believe that Car UX, in combination with Pioneer, will create synergy as a tier-one position in the auto business and will also be the major earnings driver in the longer term.
Jin-Yang Hung: And we believe that CarUX combination with Pioneer to create a synergy as the tier 1 position in the auto business will also be the major earnings driver in the longer term. Again, on the semiconductor side, I think people who are familiar with the Fanout PLP knows that Innolux has invest on all the three technologies from Chip-First to RDL and also TGV. On the Chip-First, it is already in the commercial realm, in the mass production. Our total shipment from very beginning on the testing to right now, already more than 10 times growth. And we continue to see double digit growth this year. So this is a continued business. Although the technology barrier on the Chip-First is lower, however, it is a steady revenue driver and also help with our continued support to the RDL and TGV business.
Jim Hung: And we believe that CarUX combination with Pioneer to create a synergy as the tier 1 position in the auto business will also be the major earnings driver in the longer term. Again, on the semiconductor side, I think people who are familiar with the Fanout PLP knows that Innolux has invest on all the three technologies from Chip-First to RDL and also TGV. On the Chip-First, it is already in the commercial realm, in the mass production. Our total shipment from very beginning on the testing to right now, already more than 10 times growth. And we continue to see double digit growth this year. So this is a continued business. Although the technology barrier on the Chip-First is lower, however, it is a steady revenue driver and also help with our continued support to the RDL and TGV business.
Speaker #2: Again, on the semiconductor side, I think people who are familiar with the final POP know that Innolux has invested in all three technologies.
Speaker #2: From chiplets to RDL and also TGV. On the chiplets, it's already in commercial run and in mass production. Our total shipment from the very beginning of testing to right now has already seen more than 10 times growth.
Speaker #2: And we continue to see double-digit growth this year, so this is a continued business. Although the technology barrier on the chiplets is lower, it is a steady revenue driver and also helps with our continued support for the RDL and TGV business.
Speaker #2: As you know that chiplets is only a temporary carrier. So you will unload the our carrier before the shipment. While on the other hand, RDL and the TGV, which is much higher entry barrier and will be very positive to see the our strategy partner to working together with us to provide these TGV and mechanization.
Jin-Yang Hung: As you know that Chip-First is only a temporary carrier, so you will unload our carrier before the shipment. While on the other hand, RDL and the TGV, which is a much higher entry barrier, and we have been very positive to see our strategy partner to working together with us, to provide this TGV and metallization. As you can see on the slides that our core of the organic substrate was being replaced from original organic to the glass substrate, because we believe this provides a much better interconnect density and also a much better wattage control. With the heat dissipation effect. So overall, we believe that this technology can help with the overall semiconductor industry to move to the next step. And we are very honored to working closely with our partners to support the global supply customers.
Jim Hung: As you know that Chip-First is only a temporary carrier, so you will unload our carrier before the shipment. While on the other hand, RDL and the TGV, which is a much higher entry barrier, and we have been very positive to see our strategy partner to working together with us, to provide this TGV and metallization. As you can see on the slides that our core of the organic substrate was being replaced from original organic to the glass substrate, because we believe this provides a much better interconnect density and also a much better wattage control. With the heat dissipation effect. So overall, we believe that this technology can help with the overall semiconductor industry to move to the next step. And we are very honored to working closely with our partners to support the global supply customers.
Speaker #2: As you can see on the slides, our core of the organic substrate was being replaced from the original organic to the glass substrate, because we believe this provides much better interconnect density and also much better wattage control.
Speaker #2: The heat dissipation effect. So overall, we believe that this technology can help the semiconductor industry move to the next step. And we are very honored to work closely with our partners to provide global support to our supply customers.
Speaker #2: Further elaborate on the RDL and comparison to the chiplets. I think people aware that RDL and TGV are both aimed for the high end.
Jin-Yang Hung: To further elaborate on the RDL and comparison to the Chip-First, I think people are aware that RDL and TGV are both aimed for the high-end, because the heat and the warpage control are the key for the high-performance computing. And on the RDL, because we do the backside modification, which remove or grind away the backside, so it actually allow a much thinner IC and also will help significantly with a better cooling effect. And also because RDL is a compound material, which allows for the finer wiring space, and also because the itself glass is more rigid. So the warpage effect is also a significant improvement from original flip chip technology. So on the back of both advantage, we continue to see the strong engagement from the customer side to leverage with RDL.
Jim Hung: To further elaborate on the RDL and comparison to the Chip-First, I think people are aware that RDL and TGV are both aimed for the high-end, because the heat and the warpage control are the key for the high-performance computing. And on the RDL, because we do the backside modification, which remove or grind away the backside, so it actually allow a much thinner IC and also will help significantly with a better cooling effect. And also because RDL is a compound material, which allows for the finer wiring space, and also because the itself glass is more rigid. So the warpage effect is also a significant improvement from original flip chip technology. So on the back of both advantage, we continue to see the strong engagement from the customer side to leverage with RDL.
Speaker #2: Because the heat and the wattage control are the key for high-performance computing. And on the RDL, because we do the backside modification, which removes or grinds away the backside.
Speaker #2: So it actually allows a much thinner IC and also helps significantly with a better cooling effect. And also, because RDL is a compound material, which allows for the finer wiring space.
Speaker #2: And also because the glass itself is more rigid, the wattage effect is also a significant improvement from the original fully chip technology. So, on the back of both advantages, we continue to see strong engagement from the customer side to leverage with RDL.
Jin-Yang Hung: This page shows you that the RDL, obviously, is a type of the packaging, and we are using that into the glass substrate and as a fundamental upstream foundation material. So this much better CTE has able to provide a mechanical benefit and also the electrical benefit. So our ultimate goal is to help to enhance the power delivery performance on the per unit area. So this, we believe, is in the AI or HPC era, what all the customers are eventually looking for. So that is also why we believe the TGV technology can help GCS, the glass core substrate, to fulfill what the customers need. According to the market research, the Fan-Out PLP and the glass substrate packaging, the market expect to have a significant growth, a CAGR of more than 50% over years. And this on the back of the AI and the HPC's applications.
Jim Hung: This page shows you that the RDL, obviously, is a type of the packaging, and we are using that into the glass substrate and as a fundamental upstream foundation material. So this much better CTE has able to provide a mechanical benefit and also the electrical benefit. So our ultimate goal is to help to enhance the power delivery performance on the per unit area. So this, we believe, is in the AI or HPC era, what all the customers are eventually looking for. So that is also why we believe the TGV technology can help GCS, the glass core substrate, to fulfill what the customers need. According to the market research, the Fan-Out PLP and the glass substrate packaging, the market expect to have a significant growth, a CAGR of more than 50% over years. And this on the back of the AI and the HPC's applications.
Speaker #2: This page shows you that the RDL, obviously, is a type of packaging, and we are using that in the glass substrate as a fundamental upstream foundation material.
Speaker #2: So this much better CTE has been able to provide a mechanical benefit and also an electrical benefit. So our ultimate goal is to help enhance the power delivery performance per unit area.
Speaker #2: So, this we believe is in the AI or HPC era, which all the customers are eventually looking for. So that's also why we believe the TGV technology can help GCS, the glass core substrate, to fulfill what the customers need.
Speaker #2: According to the market research, the final POP and glass substrate packaging market is expected to have a significant growth category of more than 50% over the years.
Speaker #2: And this is on the back of the AI and HPC applications. We are seeing this and definitely witnessing tremendous growth in the market size.
Jin-Yang Hung: We are seeing this and definitely witnessing for the market size, tremendous growth. We expect as the first-moving advantage to help the company to realize a significant share of this part of the business. Traditional packaging, of course, have its limits. However, we believe it is complementary to each other, so it is a feasible solution. We are very open and have a greater potential to work with all the outside partners. Lastly, in terms of our financial results. Our revenue in H1 on the non-display and the non-commodity has reached about 55% in H1, and both domain has a double-digit gross margin. This is actually what we say earlier, our transformation. The whole purpose is to minimize the cyclical impact of the commodity.
Jim Hung: We are seeing this and definitely witnessing for the market size, tremendous growth. We expect as the first-moving advantage to help the company to realize a significant share of this part of the business. Traditional packaging, of course, have its limits. However, we believe it is complementary to each other, so it is a feasible solution. We are very open and have a greater potential to work with all the outside partners. Lastly, in terms of our financial results. Our revenue in H1 on the non-display and the non-commodity has reached about 55% in H1, and both domain has a double-digit gross margin. This is actually what we say earlier, our transformation. The whole purpose is to minimize the cyclical impact of the commodity.
Speaker #2: We expect that, as the first-mover, this advantage will help the company realize a significant share of this part of the business. Traditional packaging, of course, has its limits.
Speaker #2: However, we believe it's complementary to each other, so it's a feasible solution. We are very open and have a greater potential to work with all the outside partners.
Speaker #2: Lastly, in terms of our financial results, our revenue in the first half from non-display and non-commodity segments has reached about 55% in the first half.
Speaker #2: And both domains have, like, a double-digit gross margin. And this is actually what we said earlier—our transformation, the whole purpose is to minimize the cyclical impact of the commodity.
Speaker #2: So, we do see this improvement, or the growing percentage of the non-commodity and non-display, has helped the company to stabilize our margins. The next page shows you our second quarter result.
Jin-Yang Hung: We do see this improvement or the growing percentage of the non-commodity and non-display have helped the company to stabilize our margins. Next page shows you our Q2 result. Our gross profit has improved from Q1's 14.4% to 14.6%, and our operating profit also has seen the positive improvement. Of course, this is also thanks to the greater team efforts on the cost control. The company have been working extremely hard on this side. Our depreciation and amortization has marked about TWD 7.5 billion. Our CapEx, about TWD 2.3 billion. As you can see that in Q2, our significant increase of the net profit after tax, also due to our deferred tax assets for the last of our loss carry-forward, roughly about TWD 3 billion. That makes to our total EPS in H1, about TWD 0.77.
Jim Hung: We do see this improvement or the growing percentage of the non-commodity and non-display have helped the company to stabilize our margins. Next page shows you our Q2 result. Our gross profit has improved from Q1's 14.4% to 14.6%, and our operating profit also has seen the positive improvement. Of course, this is also thanks to the greater team efforts on the cost control. The company have been working extremely hard on this side. Our depreciation and amortization has marked about TWD 7.5 billion. Our CapEx, about TWD 2.3 billion. As you can see that in Q2, our significant increase of the net profit after tax, also due to our deferred tax assets for the last of our loss carry-forward, roughly about TWD 3 billion. That makes to our total EPS in H1, about TWD 0.77.
Speaker #2: Our gross profit has improved from first quarter's 14.4 to 14.6. Also, our operating profit has seen a positive improvement. Of course, this is thanks to the greater team effort on cost control.
Speaker #2: The company has been working extremely hard on this side. So, our depreciation and amortization has marked about $7.5 billion, and also our capex is about $2.3 billion.
Speaker #2: As you can see, in the second quarter, our significant increase in net profit after tax is also due to our different tax assets. For the last— for our loss carryforward, roughly about $3 billion.
Speaker #2: So that brings our total EPS in the first half to about $0.77. In terms of our balance sheet, Innolux has continued to run on a net cash base.
Jin-Yang Hung: In terms of our balance sheet, Innolux has continued to run on the net cash base. Actually, our net debt to equity is -10%. The company is sitting on the net cash position, and we have trying to further leverage our healthy financial situation to build into the support for our development on both the Fan-Out PLP and the other new areas, which need investments. However, we also want to emphasize again that we are very cautious in terms of our future asset investment. We want to stay more on the asset light. Our current ratio and of course our quick ratio are also at a very healthy stage. I think I will stop here to take any questions.
Jim Hung: In terms of our balance sheet, Innolux has continued to run on the net cash base. Actually, our net debt to equity is -10%. The company is sitting on the net cash position, and we have trying to further leverage our healthy financial situation to build into the support for our development on both the Fan-Out PLP and the other new areas, which need investments. However, we also want to emphasize again that we are very cautious in terms of our future asset investment. We want to stay more on the asset light. Our current ratio and of course our quick ratio are also at a very healthy stage. I think I will stop here to take any questions.
Speaker #2: Actually, our net debt to equity is minus 10. The company is sitting on a net cash position. And we have been trying to further leverage our healthy financial situation to build support for our development, both the final POP and the other new areas.
Speaker #2: Which need investments. However, we also want to emphasize again that we are very cautious in terms of our future asset investments. We want to stay more on the asset-light side.
Speaker #2: Our current ratio, and of course our quick ratio, are also at a very healthy stage. I think I will stop here to take any questions.
Speaker #1: 现在是QA时间。管理团队会先回复预先收集的问题，然后再回答线上提问。Now is the QA session. We will have two parts today. In the first part, we will answer the questions collected from investors earlier.
[Company Representative] (Innolux): 现在是QA时间，管理团队会先回复预先收集的问题，然后再回答线上提问。Now is the QA 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 online questions. 预排问题第一题：目前很多企业都投入FOPLP玻璃基板研发，群创的优势跟领先会不会很快被取代？
Operator: 现在是QA时间，管理团队会先回复预先收集的问题，然后再回答线上提问. Now is the QA 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 online questions. 预排问题第一题：目前很多企业都投入FOPLP玻璃基板研发，群创的优势跟领先会不会很快被取代？
Speaker #1: After that, we will take online questions. 预排问题第一题：目前很多企业都投入FOPLP跟玻璃基板研发，群创的优势跟领先会不会很快被取代？
Speaker #2: 好。我用中文回答好了。当然这个问题的确蛮多人有提到过了。那在我们来看就是面板跟半导体它有相似之处，但是整体的业务的思维还是不一样的。面板是比较接近一个终端的成品，所以它到最终的时候它的规格的变化会比较少。它最终它可能因为这个有turnkey solution设备一旦起来资本支出投入了之后，比较容易变成这个commodize就会被一般化。但是半导体的IC因为它的整个的这个供应链，产品链非常的长，从设计到封装，几乎都是高度的客制化。那从设计的时候开始要有客户的engagement，那有很明确的这个出海口，那客户的验证过程也非常的长。尤其是针对这种高阶的应用的一些半导体，所以除了技术发展，还有各种中间的这个过程都需要有很好的这个伙伴一起去磨合。那也因为这样子，所以刚刚我想我特别也提到就是群创非常感谢在这个我们在投入Final PLP的这个过程里面有非常好的这个合作伙伴。那不管是设备商，然后材料商一起把它从一个实验室的一个产品能够走向一个量产的过程。所以我想回答您刚刚问题就是我觉得这个有点像行业的前辈可能讲的吧，它不是像去超商买一个牛奶这么简单，就说只是因为成本低我就要换。它比较更多的时候是因为基于很多的一个互信，然后互相的那个磨合，哪边的这个可以调整多少才能够达到最终的一个理想符合客户的这个需求。所以这个部分我觉得比较难是说换就换。那也因此就是说我觉得可能不会是那么快的被能够因为资本投入就被取代。
Jin-Yang Hung: 好，我用中文回答好了。当然这个问题的确蛮多人有提到过。在我们来看，面板跟半导体有相似之处，但是整体的业务的思维还是不一样的。面板是比较接近一个终端的成品，所以它到最终的时候，它的规格的变化会比较少，最终可能因为有turnkey solution，设备站起来，资本支出投入了之后，比较容易变成commoditize，就会被一般化。但是半导体的IC，因为它的整个供应链、产品链非常的长，从设计到封装，几乎都是高度的客制化。从设计的时候开始要有客户的engagement，有很明确的出海口，客户的验证过程也非常的长，尤其是针对这种高阶的应用的一些半导体。所以除了技术发展，还有各种中间的过程，都需要有很好的伙伴一起去磨合。也因为这样子，所以刚刚我想特别提到，群创非常感谢我们在投入FOPLP的过程里面，有非常好的合作伙伴，不管是设备商，还是材料商，一起把它从一个实验室的一个产品，能够走向量产的过程。所以我想回答你刚刚的问题，我觉得有点像行业的前辈可能讲的，它不是像去超商买一个牛奶这么简单，就是说只是因为成本低，我就要换。它更多的时候是，因为基于很多的互信、互相的磨合，哪边的可以调整多少，才能够达到最终的一个理想，符合客户的这个需求。所以这个部分我觉得比较难说换就换，也因此我觉得可能不会那么快地因为资本投入就被取代。
Jim Hung: 好，我用中文回答好了。当然这个问题的确蛮多人有提到过。在我们来看，面板跟半导体有相似之处，但是整体的业务的思维还是不一样的。面板是比较接近一个终端的成品，所以它到最终的时候，它的规格的变化会比较少，最终可能因为有turnkey solution，设备站起来，资本支出投入了之后，比较容易变成commoditize，就会被一般化。但是半导体的IC，因为它的整个供应链、产品链非常的长，从设计到封装，几乎都是高度的客制化。从设计的时候开始要有客户的engagement，有很明确的出海口，客户的验证过程也非常的长，尤其是针对这种高阶的应用的一些半导体。所以除了技术发展，还有各种中间的过程，都需要有很好的伙伴一起去磨合。也因为这样子，所以刚刚我想特别提到，群创非常感谢我们在投入FOPLP的过程里面，有非常好的合作伙伴，不管是设备商，还是材料商，一起把它从一个实验室的一个产品，能够走向量产的过程。所以我想回答你刚刚的问题，我觉得有点像行业的前辈可能讲的，它不是像去超商买一个牛奶这么简单，就是说只是因为成本低，我就要换。它更多的时候是，因为基于很多的互信、互相的磨合，哪边的可以调整多少，才能够达到最终的一个理想，符合客户的这个需求。所以这个部分我觉得比较难说换就换，也因此我觉得可能不会那么快地因为资本投入就被取代。
Speaker #1: 预排问题第二题。群创TGV技术除了玻璃基板，还有什么应用方向？
[Company Representative] (Innolux): 预排问题第二题，群创TGV技术除了玻璃基板，还有什么应用方向？
Operator: 预排问题第二题，群创TGV技术除了玻璃基板，还有什么应用方向？
Speaker #2: 提GB的技术。应该这样说吧，就是到目前为止，当然之所以玻璃能够运用到作为一个substrate是有它的等于是材质上先天的优势嘛，因为它的刚性还有它的平整度CTE又更好。所以它运用在半导体里面，还有当然它因为它是方形的关系，所以它的utilization rate也比较好。那这些就是刚刚在投影片里面都提到对于整个power integrity，对于散热，对于平整度都是它原先的先天优势。那但是我觉得不是光局限在这个，对未来其实还有蛮大的应用的一个范畴。像是大家现在很多提到的就是不管光电光晶同退，或者在光通的上面，其实最终如何运用到这个glass substrate上面，不管是用雷射，用怎么样去改持，或者是用不同的这个wave guide来去做调整，其实还是可以落在这个上面。那因此我觉得它是一个基本功。那其实未来可以有非常宽广的应用空间。那也因此就是我想很多的伙伴一直在不断的投入，那我觉得这个是一个正向的，因为我有更多的人进来就表示说产品这个设备技术材料都会更成熟，能够让这个越进步越快。
Jin-Yang Hung: TGV 的技术。应该这样说，到目前为止，之所以玻璃能够运用到作为一个 substrate，是有它在材质上先天的优势，因为它的刚性，还有它的平整度，CTE 又更好，所以它运用在半导体里面，当然它因为是方形的关系，它的 utilization rate 也比较好。这些就是刚刚在投影片里面都提到，对于整个 power integrity，对于散热，对于平整度，都是它原先的先天优势。但是我觉得不是光局限在这个，对未来其实还有蛮大的应用的一个范畴，像是大家现在很多提到的，不管光电，光进铜退，或者在光通的上面，其实最终如何运用到这个 glass substrate 上面，不管是用镭射，用怎么样去改持，或者是用不同的 waveguide 来去做调整，其实还是可以落在这个上面。因此我觉得它是一个基本功，其实未来可以有非常宽广的应用空间。也因此我想很多的伙伴一直在不断地投入，我觉得这个是一个正向的，因为唯有更多的人进来，就表示产品、设备、技术、材料都会更成熟，能够让这个越进步越快。
Jim Hung: TGV 的技术。应该这样说，到目前为止，之所以玻璃能够运用到作为一个 substrate，是有它在材质上先天的优势，因为它的刚性，还有它的平整度，CTE 又更好，所以它运用在半导体里面，当然它因为是方形的关系，它的 utilization rate 也比较好。这些就是刚刚在投影片里面都提到，对于整个 power integrity，对于散热，对于平整度，都是它原先的先天优势。但是我觉得不是光局限在这个，对未来其实还有蛮大的应用的一个范畴，像是大家现在很多提到的，不管光电，光进铜退，或者在光通的上面，其实最终如何运用到这个 glass substrate 上面，不管是用镭射，用怎么样去改持，或者是用不同的 waveguide 来去做调整，其实还是可以落在这个上面。因此我觉得它是一个基本功，其实未来可以有非常宽广的应用空间。也因此我想很多的伙伴一直在不断地投入，我觉得这个是一个正向的，因为唯有更多的人进来，就表示产品、设备、技术、材料都会更成熟，能够让这个越进步越快。
Speaker #1: 接受问题已经回答完毕。现在进行线上提问。
[Company Representative] (Innolux): 预设问题已经回答完毕，现在进行线上提问。
Operator: 预设问题已经回答完毕，现在进行线上提问。
Speaker #3: 谢谢。现在进行线上QA时间。发问时您可以自由选择中英文发问。欢迎利用电话或直播网页下方讯息框提问。发问前请先说出您的机构名以及大名。如果您需要提问，请在电话机上按名字键以及数字1。当我读出您的名字后，请开始发问。如果要取消发问，请按名字键以及数字2。谢谢。 Now is the session for online questions. You may raise your question in English or Mandarin. Via telephone or message box of the website.
Operator: 谢谢。现在进行线上QA时间，发问时您可以自由选择中英文发问，欢迎利用电话或直播网页下方讯息框提问。发问前请先说出您的机构名以及大名。如果您需要提问，请在电话机上按*键，以及数字1。当我读出您的名字后，您可以开始发问。如果要取消发问，请按*键，以及数字2。谢谢。Now is the session for online questions. You may raise your question in English or Mandarin via telephone or message box of the website. If you would like to ask a question, please press star key and number one on your telephone keypad.
[Company Representative] (Innolux): 谢谢。现在进行线上QA时间，发问时您可以自由选择中英文发问，欢迎利用电话或直播网页下方讯息框提问。发问前请先说出您的机构名以及大名。如果您需要提问，请在电话机上按*键，以及数字1。当我读出您的名字后，您可以开始发问。如果要取消发问，请按*键，以及数字2。谢谢。Now is the session for online questions. You may raise your question in English or Mandarin via telephone or message box of the website. If you would like to ask a question, please press star key and number one on your telephone keypad.
Speaker #3: Please state your cooperation and your name before asking questions. If you would like to ask a question, please press the number one key on your telephone keypad.
Speaker #3: If you will enter queue. And after you are announced, please ask your question. And to cancel your question, please press start key in number two.
Operator: After you are announced, please ask your question. To cancel your question, please press star key and number 2. Thank you. 现在请有意提问的来宾朋友，在您的话题按键上按 # 键以及数字 1. If you would like to ask the question, please press star 1 on your telephone keypad. Thank you.
[Company Representative] (Innolux): After you are announced, please ask your question. To cancel your question, please press star key and number 2. Thank you. 现在请有意提问的来宾朋友，在您的话题按键上按 # 键以及数字 1. If you would like to ask the question, please press star 1 on your telephone keypad. Thank you.
Speaker #3: Thank you. 现在请有意提问的来宾朋友在您的话题案件上按名字键以及数字1。 If you would like to ask a question, please press start one on your telephone keypad. Thank you.
Speaker #1: 那我们这边先回答第一个线上提问。是Morgan Stanley Telegram，它的问题是玻璃基板的tech test跟产能规划如何？
[Company Representative] (Innolux): 我们这边先回答第一个线上提问，是 Morgan Stanley 的 Yang，他的问题是玻璃基板的 CapEx 跟产能规划如何？
Operator: 我们这边先回答第一个线上提问，是 Morgan Stanley 的 Yang，他的问题是玻璃基板的 CapEx 跟产能规划如何？
Speaker #2: 好。我这边先回答这个问题。其实这个还在那个讨论的过程当中。那的确因为非常的敏感，也跟客户之间有互相的保密协定，所以很抱歉我们现在还不能够把这个数字。那但是就是应该这样讲，我们相信在这个发展当中，因为这个技术还在不断的调整，所以这个金额可能会是我们会尽量维持CAPEX在原来的一个水准，但是会有一次性比较大的投入。那我们会希望能够借由更多的这个合作伙伴的这个投入来把这个一起做分摊。那但是确切的这个金额还有时间点可能还要再等待后续更确切的时候，我们透过董事会的这个程序才来公告。
Jin-Yang Hung: 好，我这边先回答这个问题。其实这个还在讨论的过程当中，那的确因为非常的敏感，也跟客户之间有互相的保密协定，所以很抱歉，我们现在还不能够公开这个数字。但是应该这样讲，我们相信在这个发展当中，因为这个技术还在不断地调整，所以这个金额，我们会尽量维持 CapEx 在原来的一个水准，但是会有一次性比较大的投入，那我们会希望能够借由更多的合作伙伴的投入，来一起做分摊。但是确切的金额，还有时间点，可能还要再等待后续更确切的时候，我们透过董事会的程序再来公告。
Jim Hung: 好，我这边先回答这个问题。其实这个还在讨论的过程当中，那的确因为非常的敏感，也跟客户之间有互相的保密协定，所以很抱歉，我们现在还不能够公开这个数字。但是应该这样讲，我们相信在这个发展当中，因为这个技术还在不断地调整，所以这个金额，我们会尽量维持 CapEx 在原来的一个水准，但是会有一次性比较大的投入，那我们会希望能够借由更多的合作伙伴的投入，来一起做分摊。但是确切的金额，还有时间点，可能还要再等待后续更确切的时候，我们透过董事会的程序再来公告。
Speaker #1: 以下还有一个线上提问是延后投资的Jason，他的问题是TGV process中遇到的主要困难，跟目前预计推出glass core substrate的时期为何？
[Company Representative] (Innolux): 以下还有一个线上提问，是元厚投资的Jason，他的问题是TGV process中遇到的主要困难，跟目前预计推出glass substrate的时程为何？
Operator: 以下还有一个线上提问，是元厚投资的Jason，他的问题是TGV process中遇到的主要困难，跟目前预计推出glass substrate的时程为何？
Speaker #2: TGV process的困难跟什么推出glass core substrate的时程。OK。具体的时间again这个当然是要看客户，但是我们相信如果以很多的market research上面的资料来看的话，我们觉得应该不会晚过28年吧。那这个是目前比较主流的市场看法都看到的应该是比较偏向是在28年。那目前当然就是也如同刚刚前一个问题在提到的，因为这是一个非常新的技术。那这个中间需要不是光单一的一个厂商决定规格我可以做到多少，我的身宽比，我钻孔可以做到多少而已。它需要每一层，因为你做完之后你下一层的不管是metalization，不管你要增层上去用ABA或其他的材质，一层一层的布上去，其实都需要很多来回的磨合。那这个影响到设备的这个不管是tech time，加工的时间，那当然这也最终因为客户的也会影响到客户的需求嘛。那到底需要有多少的投资能够多快抢占市占，种种的这些。那对于群创来讲，我们就是基本上符合客户的需求，那把我们这个部分能够做到最好。所以我没有一个百分之百肯定的一个时间表，但是我们就是一直在跟客户来回的这个过程当中。那一关一关的这个问题去突破。那目前为止的看起来都还非常的一个正面。
Jin-Yang Hung: TGV process 的困难，跟推出 glass substrate 的时程。具体的时间，这个当然是要看客户了，但是我们相信如果以很多的 market research 上面的资料来看的话，我们觉得应该不会晚过 28 年吧。这个是目前比较主流的市场看法，都看到的应该是比较偏向是在 28 年。那目前当然也如同刚刚前一个问题在提到的，因为这是一个非常新的技术，这个中间不是光单一的一个厂商决定规格，我可以做到多少，我的升宽比，我钻孔可以做到多少而已，它需要每一层，因为你做完之后，你下一层的不管是 validation，不管你要增层上去，用 ABF 或其他的材质一层一层地铺上去，其实都需要很多来回的磨合。那这个影响到设备的，不管是 take time，加工的时间，那当然，这也最终也会影响到客户的需求，到底需要有多少的投资，能够多快抢占市场，种种的这些。那对于群创来讲，我们就是基本上符合客户的需求，把我们这个部分能够做到最好。所以，我们没有一个 100% 肯定的时间表，但是我们就是一直在跟客户来回的过程当中，一关一关的问题去突破。那目前为止看起来都还非常正面。
Jim Hung: TGV process 的困难，跟推出 glass substrate 的时程。具体的时间，这个当然是要看客户了，但是我们相信如果以很多的 market research 上面的资料来看的话，我们觉得应该不会晚过 28 年吧。这个是目前比较主流的市场看法，都看到的应该是比较偏向是在 28 年。那目前当然也如同刚刚前一个问题在提到的，因为这是一个非常新的技术，这个中间不是光单一的一个厂商决定规格，我可以做到多少，我的升宽比，我钻孔可以做到多少而已，它需要每一层，因为你做完之后，你下一层的不管是 validation，不管你要增层上去，用 ABF 或其他的材质一层一层地铺上去，其实都需要很多来回的磨合。那这个影响到设备的，不管是 take time，加工的时间，那当然，这也最终也会影响到客户的需求，到底需要有多少的投资，能够多快抢占市场，种种的这些。那对于群创来讲，我们就是基本上符合客户的需求，把我们这个部分能够做到最好。所以，我们没有一个 100% 肯定的时间表，但是我们就是一直在跟客户来回的过程当中，一关一关的问题去突破。那目前为止看起来都还非常正面。
Speaker #1: 接下来另外一个线上提问是金水彩经理怡情，他的问题有两个部分。第一个是FOPLV的出货进度跟明年的状况如何？问题的第二部分是请问下半年跟明年的整体营运展望？
[Company Representative] (Innolux): 接下来另外的线上提问是金石财经的余晴，她的问题有两个部分，第一个是FOPLP的出货进度跟明年的状况如何？问题的第二部分是，请问下半年跟明年的整体营运展望。
Operator: 接下来另外的线上提问是金石财经的余晴，她的问题有两个部分，第一个是FOPLP的出货进度跟明年的状况如何？问题的第二部分是，请问下半年跟明年的整体营运展望。
Speaker #2: 好。第一个是FOPLV的出货进度嘛，对不对？
Jin-Yang Hung: 第一个是FOPLP的出货进度，对不对？跟明年的状况。我想您指的应该是指Chip-First的这个部分。那这个部分从原先的一个月大概4,000多万片，那到现在已经是超过这个水准，有大概更往上大概两位数以上的增长，这个部分会再持续着增加。那明年的状况，目前看起来也是非常的正面，这个部分在Chip-First。然后第二个是关于明年度全年的营收、展望这些，因为我们没有做猜测，那我只能说，以面板来讲，当然notebook方面刚刚提到还是相对比较保守，但是TV上面我们觉得是有一个稳定的成长，不管在量或者是一些价格的成本的控制上面还可以。那除了刚刚的这一个，就是纯粹的面板以外，另外我们在non-commodity上面，一些industrial的运用也有一些不错的成绩，所以这个部分也会持续着成长。那很多人应该最关心还是Fanout PLP的部分，这个部分，刚刚前面讲的，要看我们资本投资的速度，会在等进一步更确定的时候来跟大家公布。
Jim Hung: 第一个是FOPLP的出货进度，对不对？跟明年的状况。我想您指的应该是指Chip-First的这个部分。那这个部分从原先的一个月大概4,000多万片，那到现在已经是超过这个水准，有大概更往上大概两位数以上的增长，这个部分会再持续着增加。那明年的状况，目前看起来也是非常的正面，这个部分在Chip-First。然后第二个是关于明年度全年的营收、展望这些，因为我们没有做猜测，那我只能说，以面板来讲，当然notebook方面刚刚提到还是相对比较保守，但是TV上面我们觉得是有一个稳定的成长，不管在量或者是一些价格的成本的控制上面还可以。那除了刚刚的这一个，就是纯粹的面板以外，另外我们在non-commodity上面，一些industrial的运用也有一些不错的成绩，所以这个部分也会持续着成长。那很多人应该最关心还是Fanout PLP的部分，这个部分，刚刚前面讲的，要看我们资本投资的速度，会在等进一步更确定的时候来跟大家公布。
Speaker #1: 跟明年状况。
Speaker #2: 跟明年的状况。我想您指的应该是指Q1的这个部分。那这个部分从原先的一个月大概4000多万颗，那到现在已经是超过这个水准，有大概更往上大概两位数以上的一个增长。那这个部分会再持续的一个增加。那明年的状况就目前看起来的也是非常的正面，这个部分在Q1的。然后第二个是关于明年度全年的营收展望这些嘛。因为我们没有做那个财测，那我只能说就是又应该说以面板来讲，当然Notebook上面刚刚提到还是相对比较保守，但是TV上面我们觉得是有一个稳定的一个成长，不管在量或者是价格的成本的控制上面还可以。那除了这个刚刚的这一个就是纯粹的面板以外，另外我们在non-commodity上面一些industrial的运用也有一些不错的成绩，所以这个部分也会持续的这个成长。那当然很多人应该最关心的还是FNLPLV的部分，这个部分还要就是刚刚前面讲的要看我们日本投资的这个速度，那会在等进一步更确定的时候来跟大家公布。
Speaker #3: 现在请有意见问的来宾朋友在您的电话机上按米1。If you would like to ask a question, please press star 1 on your telephone keypad. Thank you.
Operator: 现在请有疑问的来宾朋友在您的电话机上按1. If you would like to ask the question, please press star 1 on your telephone keypad. Thank you.
[Company Representative] (Innolux): 现在请有疑问的来宾朋友在您的电话机上按1. If you would like to ask the question, please press star 1 on your telephone keypad. Thank you.
Speaker #1: 目前还有线上提问。QIC Jason问，请问Conrad未来的上市计划跟时期如何？谢谢。
[Company Representative] (Innolux): 目前还有线上提问。QIC Jason 问：请问 CarUX 未来的上市计划跟时期如何？谢谢。
Operator: 目前还有线上提问。QIC Jason 问：请问 CarUX 未来的上市计划跟时期如何？谢谢。
Speaker #2: 好。那个具体的上市计划当然还要等待这个董事会这些的通过之后我们才会对外公告。不过从Conrad原先的这个定位点，就是希望能够朝向独立的这个运营的方向去走，这个方向是肯定的。那因为去年12月在并购之后，有比较多需要重整的工作，那目前也都逐步在推进。这个部分就要看两方的这个磨合的这个synergy到有一些成效的时候，会重新再开始这样子的一个资本市场的一个运作的计划。不过到以目前来讲的话，双方的合作还算是非常的一个平顺。我想再次强调就是因为Conrad原先在于面板上面的这个专长，那配合上这个Pioneer不管在head unit乃至于在speaker上面都有其强项，所以双方的这个互动非常的这个频繁。那很多的这个客户也都非常正向的一个回复，对于未来在车用空间里面如何能够提供到一个更好的一个user experience，有很多的这个互动。那这个部分我觉得应该是一个非常positive的synergy。
Jin-Yang Hung: 好。具体的上市计划当然还要等待董事会这些的通过之后，我们才会对外公告。不过从CarUX原先的定位点，就是希望能够朝向独立的运营的方向去走，这个方向是肯定的。因为去年3月在并购之后，有比较多需要重整的工作，目前也都逐步在推进。这个部分就要看两方的磨合的synergy，到有一些成效的时候，会重新再开始这样子的一个资本市场运作的计划。不过以目前来讲的话，双方的合作还算是非常平顺。我想再次强调，因为CarUX原先在于面板上面的专长，配合上Pioneer，不管在head unit，还是在speaker上面都有其强项，所以双方的互动非常频繁，很多的客户也都非常正向回复，对于未来在车用空间里面如何能够提供更好的user experience，有很多的互动。这个部分我觉得应该是一个非常positive的synergy。
Jim Hung: 好。具体的上市计划当然还要等待董事会这些的通过之后，我们才会对外公告。不过从CarUX原先的定位点，就是希望能够朝向独立的运营的方向去走，这个方向是肯定的。因为去年3月在并购之后，有比较多需要重整的工作，目前也都逐步在推进。这个部分就要看两方的磨合的synergy，到有一些成效的时候，会重新再开始这样子的一个资本市场运作的计划。不过以目前来讲的话，双方的合作还算是非常平顺。我想再次强调，因为CarUX原先在于面板上面的专长，配合上Pioneer，不管在head unit，还是在speaker上面都有其强项，所以双方的互动非常频繁，很多的客户也都非常正向回复，对于未来在车用空间里面如何能够提供更好的user experience，有很多的互动。这个部分我觉得应该是一个非常positive的synergy。
Speaker #1: 另外还有线上提问。统一投顾的张书宁，她主要的问题是说公司还有计划要持续青花资产或减资去实现封装带来的获利吗？
[Company Representative] (Innolux): 另外还有线上提问，统一投顾的张淑敏，她主要的问题是说：公司还有计划要持续侵化资产或减资去实现包装带来的获利吗？
Operator: 另外还有线上提问，统一投顾的张淑敏，她主要的问题是说：公司还有计划要持续侵化资产或减资去实现包装带来的获利吗？
Speaker #2: 到目前为止其实就是从23年我们有一个市场的处分，然后主要还有二厂跟五厂，今年的这个宣布。我觉得主要的厂大概是这几个，那当然有小的这个模组厂，有一个环东厂的这个处分。那应该会到此是一个目前看起来是一个optimal stage。那这个当中我觉得有两层意义，第一个就是公司在持续精进的过程里面，这个脚步是不会改变的，就是应该好像大家喜欢讲叫做腾笼换鸟吧，就是原先的面板里面的这些成分组成，这个到哪个这个会一直持续的去做调整。但是呢，可能不会再以这种出售的方式对外去处分，但是在厂里面的这个调整，譬如说刚刚也提到像是FNLPLV的一个资本支出如果开始做的时候，可能会在其他的这个厂里面就会有一个重新的一个调整的这个作用会出来。所以这个部分大概会持续在进行，但是不会暂时没有在对外去处分的一个计划。我刚刚我讲那个市场的处分应该是2024年，对不起，不是2023。
Jin-Yang Hung: 到目前为止，其实就是从23年，我们有一个四厂的处分，然后主要还有二厂跟五厂，今年的宣布。我觉得主要的厂大概是这几个，当然有小的模组厂，有一个环中厂的处分。应该会到此，目前看起来是一个optimal stage。这个当中我觉得有两层意义，第一个就是公司在持续精进的过程里面，这个脚步是不会改变的，好像大家喜欢讲的叫做腾龙换鸟，原先的面板里面的这些成分、组成，会一直持续地去做调整，可能不会再以这种出售的方式对外去处分。但是在厂里面的调整，譬如说刚刚也提到像是Fanout PLP的一个CapEx，如果开始做的时候，可能在其他的厂里面，就会有一个重新调整的作用出来。所以这个部分大概会持续在进行，但是暂时没有再对外去处分的一个计划。刚刚我讲的四厂的处分应该是2024年，对不起，不是2023。
Jim Hung: 到目前为止，其实就是从23年，我们有一个四厂的处分，然后主要还有二厂跟五厂，今年的宣布。我觉得主要的厂大概是这几个，当然有小的模组厂，有一个环中厂的处分。应该会到此，目前看起来是一个optimal stage。这个当中我觉得有两层意义，第一个就是公司在持续精进的过程里面，这个脚步是不会改变的，好像大家喜欢讲的叫做腾龙换鸟，原先的面板里面的这些成分、组成，会一直持续地去做调整，可能不会再以这种出售的方式对外去处分。但是在厂里面的调整，譬如说刚刚也提到像是Fanout PLP的一个CapEx，如果开始做的时候，可能在其他的厂里面，就会有一个重新调整的作用出来。所以这个部分大概会持续在进行，但是暂时没有再对外去处分的一个计划。刚刚我讲的四厂的处分应该是2024年，对不起，不是2023。
Speaker #1: 我们来到今天最后一个提问是来自线上的。有发问者提到说公司目前手上现金有840亿，请问未来有什么规划吗？
[Company Representative] (Innolux): 好，我们来到今天最后一个提问，是来自线上的，发问就提到说公司目前手上现金有840亿，请问未来有什么规划吗？
Operator: 好，我们来到今天最后一个提问，是来自线上的，发问就提到说公司目前手上现金有840亿，请问未来有什么规划吗？
Speaker #2: 有，其实有蛮多的规划，就是一方面这个Idle cash我觉得是很可惜的，所以一定是除了原先的这些股息的这个配发以外，这个是群创作为对于股东的一个承诺，这个公司账上有绝对充足的这个资金，不管是原有的现金的这个水位或者是每年所产生的这个现金的收益，或作为股息来发放以外，另外就是我们也一直在看各种资本市场的规划。所以账上的现金就是除了当然现金股息，然后这个CAPEX的这个主要的这个投资以外，那另外任何的一些资本市场的操作我们也都会去探索。
Jin-Yang Hung: 有，其实有蛮多的规划。一方面，idle cash我觉得是很可惜的，所以一定是除了原先的这些股息的配发以外，这是群创作为对于股东的一个承诺，公司账上有绝对充足的资金，不管是原有的现金的水位，或者是每年所产生的现金的收益，或作为股息来发放以外，另外我们也一直在看各种资本市场的规划。所以账上的现金，除了现金股息，这个CapEx的主要的投资以外，另外任何的一些资本市场的操作，我们也都会去探索。
Jim Hung: 有，其实有蛮多的规划。一方面，idle cash我觉得是很可惜的，所以一定是除了原先的这些股息的配发以外，这是群创作为对于股东的一个承诺，公司账上有绝对充足的资金，不管是原有的现金的水位，或者是每年所产生的现金的收益，或作为股息来发放以外，另外我们也一直在看各种资本市场的规划。所以账上的现金，除了现金股息，这个CapEx的主要的投资以外，另外任何的一些资本市场的操作，我们也都会去探索。
Speaker #1: 感谢各位的参与。今天会议到此结束。网络录播将在会议结束后一小时内上传至公司网站直播于 www.innolux.com 的投资人服务页面。谢谢您的参与。 Thank you for joining us today. We are going to conclude the call now. Conference replay will be available in an hour at the company's website, www.innolux.com.
[Company Representative] (Innolux): 感谢各位的参与。今天会议到此结束。网络重播将于会议结束后1小时内放到公司网站 www.innolux.com, 投资人服务页面。谢谢您的参与。Thank you for joining us today. We are going to conclude the call now. Conference replay will be available in an hour at the company's website www.innolux.com. Goodbye and have a great day.
Operator: 感谢各位的参与。今天会议到此结束。网络重播将于会议结束后1小时内放到公司网站 www.innolux.com, 投资人服务页面。谢谢您的参与。Thank you for joining us today. We are going to conclude the call now. Conference replay will be available in an hour at the company's website www.innolux.com. Goodbye and have a great day.
Speaker #1: Goodbye, and have a great day.
Jin-Yang Hung: Thank you. 谢谢。
Jim Hung: Thank you. 谢谢。
