Parade Techs Ltd Sp/Gdr

Welcome, everyone, to Parade Technologies Limited's 2025 Fourth Quarter Webcast Investor Conference. Investor Relations of Parade Technologies, Mr. Yeo Min Chang, will present 2025 Fourth Quarter and Fiscal Year 2025 Financial Results first. During the presentation, all lines will be placed on mute to prevent background noise. And after the presentation, there will be a question and answer session in English by CEO, Dr. Jack Zhao, and Vice President of Finance, Mr. Guo Weiwu. And we also will remain last 15 minutes for the attendees who would like to ask questions in Chinese. Please follow the instructions given at the time if you would like to ask a question. 欢迎参加普瑞科技股份有限公司2025年第四季线上法人说明会。 今天的会议首先由投资人关系张有明先生 报告普瑞公司2025年第四季及2025年全年度财务数字 在此报告阶段,您的电话都会处在静音状态。 当报告结束后,我们会安排执行长赵杰博士与财务副总经理吴国卫先生以英文方式接受各位的提问。 另外,我们最后会保留15分钟接受各位以中文方式的提问。 And now, I would like to introduce Mr. Youming Chen, Investor Relations of Berit Technologies. Mr. Chen, please begin. 现在有请投资人关系张又明先生。 又明,请说。

Thanks, Jason. Welcome, everyone, to Parade Technologies' 2025 Q4 Waycast Investor Conference. Parade Technologies' fourth quarter 2025 consolidated revenue was $125.22 million, and net income was $17.53 million. Its both base and fully diluted after-tax earnings per share were $0.22 U.S. dollar and $0.22 U.S. dollar respectively. These results compared to consolidated revenue $127.41 million U.S. dollar and net income of $21.30 million U.S. dollar or $0.27 U.S. dollar and $0.27 U.S. dollar. U.S. dollar was fantastic and fully diluted in the year-over-quarter. In U.S. dollars, the fourth quarter revenue decreased 14.32% sequentially and was down 1.72% year-over-year. The gross profit in the fourth quarter of 2025 was 32.63 million U.S. dollars. a decrease of 15.27% from the previous quarter, and a decrease of 2.11% compared to the same quarter of last year. For the fiscal year 2025, the consolidated revenue was $531.09 million, representing an increase of 5% from $505.81 million in the prior year. Gross profit was $226.01 million, and operating income was $87.2 million. Net income was $87.75 million over $1.11 million per basic share and $1.10 per fully diluted share. These results compare with net income of $80.68 million or $1.01 per basic share and $1.01 per fully diluted share in the prior year. On November 11, 2025, Parade introduced the TC-1316V the world's first fully integrated AEC-Q100 qualified embedded DisplayPort Touch with T-Con Embedded Driver. This new device targets next-generation automotive captive LCD displays requiring higher resolution and higher refresh rates. The TC1316B Compile Square Rates Broad Portfolio of patented touchscreen technology and market-proven EDP-TCAN in-cell and high-speed signal technology to provide excellent picture quality and responsive touch performance. The TC1316B's leverage pervades two-touch patented technology and design expertise. built on the experience of shipping over 1 billion touch devices and the proven in-sale performance from the consumer notebook market. The device delivers superior EMI suppression, low power consumption, and advanced signal processing algorithms to ensure reliable and responsive touch for the automotive shopping. Based on the current business outlook, Parade is providing the following guidance for the first quarter of 2026. Revenue is between 119.75 to 132.25 million U.S. dollars. Gross margin is between 40% to 44%. Operating expense is between 33 to 36 million U.S. dollars. Dear friends of the investment world, good evening. Welcome to the Pulei Company's online legal briefing for the fourth quarter of 2025. First, I will report to you the financial figures of the Pulei Company in the fourth quarter of 2025. The company's annual revenue in the fourth quarter of 2025 is $12,522,000, and the final net profit is $1,753,000. After issuance, the basic and interest rate of the U.S. stock market fell to US$0.22, which is about NT$6.97, and US$0.22, which is about NT$6.94. Last year, the net profit was US$12,741,000, and the final profit was US$2,130,000. After issuance, the basic and interest rate of the U.S. stock market fell to US$0.27, which is NT$8.69, and US$0.27, which is NT$8.66. In 2025, the joint revenue of the fourth quarter decreased by 14.32% compared to the previous quarter, and decreased by 1.72% compared to the same period last year. In terms of operating profit, the company's operating profit for the fourth quarter is US$5,263,000, which decreased by 15.27% compared to the previous quarter. Last year, the same period, it decreased by 2.11%. In the same year, the same year, the same year, the same year, the same year, last year's net profit was US$8,775,000. After the shutdown, US$1.11 was the last net profit of the U.S. stock market. It was about NT$34.51, or US$1.10, or about NT$34.31. Compared to last year, last year's net profit was US$8,068,000. After the shutdown, US$1.01 was the last net profit of the U.S. stock market. New Taiwan dollars 32.55 yuan, US dollars 1.01 yuan, New Taiwan dollars 32.39 yuan. On January 11, 2025, Huawei released the TCE316V, the world's first product, through the AECQ-100 certification, EDP, interface touch and continuous controller integrated driver, fully integrated chip TTED. This new chip requires high resolution and high refresh rate. It is designed by a 70-generation car廠 LCD display. It integrates a wide range of touch screen patent technology and the EDP10 controller that has been verified by the market. The built-in display and high-speed signal technology can provide excellent image quality and sensitive touch performance. TCE316V uses a universal TrueTouch professional technology, and design expertise. These technologies and experience originate from more than 11 touch devices' delivery times, as well as the in-sale performance verified in consumable laptop computers. The chip has excellent electromagnetic interference processing capabilities, low-concentration characteristics, and advanced signal processing algorithms to ensure the stability and visibility of touch operation in the car seat. This is my presentation for the 2025 Q4. and the year 2025 financial results. Now, I transfer to CEO Dr. Jue Zhao to answer your questions. Jason, you may begin.

Yes, thank you, Yeo-Ming. And ladies and gentlemen, we will now begin the English question and answer session. If you wish to ask the question, please press star key and number one on your telephone keypad, and you will enter the queue. After you are announced, please ask your question. and every time you can ask two questions at the most. Should you wish to cancel your question, you may press star key and number two. Thank you. Now, first we'll have Mike Yan of Bank of America. Go ahead, please, Mike.

Thank you, Jack and Yeoming, for taking my question. So my first question is kind of housekeeping. Could you give us the updated breakdown of the product in fourth quarter in the four segments? Thank you.

Okay, thank you. In the Q4, the TS product line was below 50%. Our DP product line was around 40%. Our TC, which is source driver, and the TT with touch include our TTD device. Both were above 5%.

Thank you, Jack. That is very clear. And my second question is regarding to the end market outlook on the PC, especially the notebook. Could you give us some update or highlight regarding to the visibility, especially into second half this year? And also, how should we think about the gross margin outlook for Parade for this year? Thank you.

Yeah, so I think there are many... information around in our industry. Really, we heard the DRAM and the fresh memory was on the shortage side. And so I think that the question came from is whether those ones will impact the noble shipment. During the CS show, we had an opportunity, or myself had an opportunity, to talk to the major OEMs. I think the Tier 1 OEMs, in terms of their forecast, seems to remain similar or not much change, but they do recognize that the DRAM or NAND device my price increase, but they don't see they will have a shortage. So that's the, based on what we discussed with the major OEMs and that's what we got information. And then recently we did see the major OEMs would like to sourcing the device early to have an inventory. So once they have a DRAM or memory available to them. They just build the system. So that's pretty much what we heard or observed from the current market situation. And we certainly hope as we move to the second half, the situation may change or may improve. And after all, the notebook or the PC are essential for productivity improvement. So that's what we can see as we discuss with our customers.

Got it. Thank you, Jack. I'll go back to the queue. Thank you. Thank you.

Next one, Yorishu UBS. Go ahead, please.

Thanks for taking my question. My first question is still regarding the outlook for this year. I think Jack has touched a little bit about notebook outlook, but can you give us some more detail about the growth potential for both DP and also PS product line in 2026? That's the first question. And the second question, I want to check with you while you're thinking about on the growth margin, because I think you have revised down the gross margin bracket by about two percentage points. Can you give us some more details about this? Is this going to be the gross budget range for the next couple of quarters, or what are the reasons behind it? Thank you.

Okay, thank you for the first question. Overall, the market, and we still have we may think the market in this year, our total number of notebook shipment should remain similar as a 2025. That's the baseline we think. For our device, we have a continued growth, our high-speed PS product line, and we see the momentum from this year, from the Start from Q1 to each quarter, our high-speed device will increase. That's driven by the more adoption of high-speed USB 4.0, the timer, our USB 4.0 hub, and as well as the other high-speed device. In addition, we recently, we had last year introduced the our TTE device for panel, for noble panel, and adoption rate or the momentum is pretty high going to the Q1 and each quarter for volume shipment. So those will become another driving force for our revenue growth on each quarter in the 2026. So even though Overall, the notebook, the number, or PC, the number may remain similar as 2025. We think, well, we'll continue growth really based on our high-speed device as well as our TTED and the TED adoption rate increase in the 2026 and pretty significantly. So in terms of gross margin, our second question, and we are taking into consideration the industry-wide, why the offset and the assembly cost and the testing cost increase as we observe the country. So we take into consideration of this. I think we will... remain or probably improve as quarter to quarter and to see whether the gross margin can continue to improve. But we think that we would not have any more significant change as this moment. So that's basically the fact taken into consideration of industry-wise the offset and the assembly and testing cost increase.

Okay, thank you. And then my follow-up question is on the ASIC-like business. Can you give us some more update about the progress of ASIC-like business? When should we expect to see some revenue contribution? And then your confidence level on these customers will roll out these ASIC-like products. Thank you.

Yeah, as we shared with previously, our ASIC-like strategy has been progressing well. And our team are busy on the execution. Since those ASIC-like chips are pretty big, and we have both on the display side and on the high-speed side. And those are using FingFab and using the Dipsum Micron. And so using our high-speed IPs. And we expect by the later of 2027, or maybe 2027, and I think it will depend on the schedule of customer, deliver onto the market, we expect to start to see the revenue contributions. So we are very busy on the execution of those projects, and we have a large team focused on those projects and work with customers very closely and engineering hand-to-hand and very closely to execute those projects.

All right, so you're saying that 2027, we might see some revenue contribution?

We should see. As I explained, we have multiple projects, so we should surely see the revenue contribution there.

All right, okay, thank you.

Thank you. Next question, Lucas Liu, KGI. Go ahead, please.

Hi, Jack, can you hear me? My first question is regarding to the short-term revenue guidance and demand. The midpoint of the first quarter revenue guidance suggests revenue will remain roughly flat quarter over quarter. Could you share with us which product lines are seeing stronger demand in the first quarter and which are trending towards a sequential decline?

Are the strong The point is the Q1 coming quarter is our high-speed device. So as our demand on our TTE device, those are pretty large contribution. And some of our customer or major customer are doing the historically in the Q1 doing some inventory adjustment. And we have been known for a long, long time. So, yeah, we think that overall they were back to as their forecast to the water, their forecast given to us. So that's expected. So it was not surprised at all.

Got it. And so what, how does the product mix for the first quarter, for the fourth segment will look like compared to that of the fourth quarter?

I don't have a, frankly, I don't have this number yet. But as I described, we will see the peers might have a higher, a couple percentage higher under the intents of our mix. And surely our TTE, which carry our TTE device, will have a few points above the current quarters, or the last quarters.

Got it very clear. And my second question is regarding to the stand-up plus customer and their exit-like business. So regarding our Stand-Up Plus client, we have strong cooperation in panel ICs and some high-speed interface chips. Could you share details on the further collaborations regarding ASIC-like high-speed interface chip with this client? And are there specific trends that could lead to further revenue gains from the Stand-Up Plus client? Thank you.

We have been working with our Standard Plus customer in every front, right? So on the display, on the high speed, and every front there. And yeah, we continue to work very closely on the display side. We have a few projects on the display side in the execution now. And we continue to see you we may have more there. On the high-speed side, we're not necessarily only work with our standard-plus customer, even though previously we already work on something, and the project has been in the production already. And there are new customers, and the chips on the high-speed side are relatively big, and also multiple chips. are working on. So that's as much as I can share with you. We're using our high-speed IPs, which is most important, or high-speed proven IPs. And we'll be executing our DeepSymicron, the FinFab technology. So Yeah, that's as much as I can share with you.

OK, thank you. Very clear. And my last question is regarding automotive revenue and the market outlook. So measurements share the approximate automotive revenue for last year. And with the overall automotive market remaining quite modest this year, what is your outlook for the automotive revenue And additionally, are there any developments in automotive products that you can share, such as, like, winning new customers or launching new products?

Yeah, automotive, especially high-speed automotive, those high-speed converters and our DP 2.0 hub, we won quite, in the last quarter, on the 24th, few of major customers, whether the very high brand, the Europe large volume customers, so as towards the China EV side. So our commuter device, and especially the DP hub, are doing quite well in the field. I think I understand Our DP hub, the automotive grade DP hub device, can support multiple panels at the same time, and you can swap. So those high-speed device, and the customer like it because you come in 10 gig, and you can spread many the lower speed to go out. So that's it. pretty unique, and so we have multiple wings in the last quarters. And I will continue to see those high-speed device start to MP more in the quarter to quarters. And we also just announced our first ever, the EDP, the TTED, automotive device, we call it TC1316V, in-law for panel to do the qualification for automotive application. So we put together a total solution for the display, so as those USB box, what are they called? And yeah, we are pretty optimistic for the automotive the revenue generation, I think this year we might have a few percent in our revenue or more, and that depends on the customer how they introduce their car into the market. So, yeah, we have the U.S., the number one, the EV car, we're in the number one China EV car were in the number one luxury, the high volume, the Europe car on the DP hub. Yeah, so that quite many there. But the automotive, the only thing automotive is the design cycle long and took time to the market, but few of guys It's already in the shipment.

Thank you. I'll be back to the queue.

Thank you.

Next one, Jamie Yeh, KGI. Go ahead, please.

Hi. I have two questions. The first one is for this year's display product. It seems that it will provide growth for next year. But this year, you faced the consumer product challenge, the shipment challenge on DRAM. So I'm wondering what kind of product trend do you see that you may benefit from this trend rather than this? suffer because for the TD panel, is that offering cost-competitive solutions that people, I mean, customers may want to adopt more, and that's why you are confident that this year can still grow? Does that make sense?

Yeah. The TT device for the panel are unique. It's unique. integrated source driver, T-card, and touch together. And we are doing so where not only you could have a finger touch, we can support stylus. So, customer likes a lot. So, the previous, the current way of shipping, all are on the relative high-end so-called LPTS panel. So we expect... Low temperature. So-called low temperature. And we expect the current solution will ship quite many millions. I think quite a lot of millions of devices will go out. So that will... help us to bring the revenue back towards the growth. Certainly, our high-speed device continue the, because USB adopt rate increase will continue going up, right? And more importantly, we made a good breakthrough to broadened TTE device Not only the LPTS panel, we will go to the oxide, amorphous panels as well. Those TTE device not only support the lower border, the narrow border, but also support thinner panel. So people, talk about a lot of narrow border, right? Yeah. Seeing the panel has become another factor. You probably can only achieve this using the TTED to achieve it. You look at those panels, you can achieve one point something millimeter panel thickness. So for industrial design, those are very attractive. That's why we see not only one OEM, multiple OEMs jump onto those areas.

Is that easy for your peers to duplicate similar solutions?

Did I get it?

Is that easy for competitors to duplicate this kind of similar solution?

Yeah, that's the beauty of TTED because you have a touch there. There's a firmware there. There's a different barrier there for others to compete with us. I think that's a good thing for us because once you have a touch, you have a... firmware, you have a significant difference, the behavior will be very different. So, yeah, I think it's a lot more harder to penetrate compared with TCOM plus driver type of thing, or plus on-sale panel, right? So, yeah, literally... Moving to more... Literally, you will see on-sale probably will be cut a lot. I don't see why people need on-cell anymore. The cost of everything is much lower on the in-cell. Previously, I understand because we were in LPTS, the panel itself, we have a solution breakthrough to go into the oxide. I'm open. Yeah, so those will be cross-border change.

Okay, I see. And my second question is about as you like. I think last course I asked the same question, and I think I got the sense that the projects that you are working on are multiple projects, multiple customers, and if some of them come true, then you will provide probably the strongest growth ever, I mean, compared with the historical years. Is that still the case for you, or are you more confident that after three months, are you more confident that your ethic will grow meaningfully from next year?

In the previous one we talked, we were in the phase of talking or planning for projects. Now we're in the phase with customer forecast, we're in the execution. With a clear schedule, with clear, a lot more details on the projects. Yeah, I think if we all, we hope both parties put together want to make a successful, yeah, that revenue will be significant.

I see. And seeing that share price now reflects these kind of positives, do you consider to share buyback to show that you're confident?

Our board today, our board meeting, I think it might be announced. I don't know whether announced or not announced yet. And we will to have a doing the share buyback as we were doing and we were to remove some of the shares to return the cash back to our investment.

I see. That's great. And for the last one, For SE, I think you start with consumer-related devices. Is that possible that you will expand to like a server or even AI-related probably mid to long term?

We're always chasing that, right? We're always chasing that. That's part of our strategy to chasing this to AI-related it. And we are doing the share with the investor community. We are doing those PCIE for storage using our retirement and the redriver. Yeah, we have a few design win case. And those are the data center type of storage. And so those design win are there. And we're also working on those cable solutions, whether PCIe cable or Ethernet cable. And those are our Silicon Germany device. So those we are doing, especially storage, we work with a few of customers on those storage solutions.

So you're already penetrating into server storage?

Yeah, some sort of storage and utilized.

Like Dell EMC.

EMC and those kind of things, yeah.

I see. How many percentage that? Probably very low now, but I think that has to provide high growth.

We have not really counted those in because the design cycle is a little bit long. And also those customers have not really shared with our customers What is the potential volume and those kinds of things. It's unlike the ASIC-like device because you negotiate very heavily on both parties. Those ones are just design wings.

I see. Does that start now, this year? For the storage thing?

We already confirmed design wings. I don't know when they are back to volume shipment.

Okay, I see. Great. Thank you, Jack.

Thank you.

I'm back to speak. Thank you.

Next question, Daniel Yin, Morgan Stanley. Go ahead, please.

Hi, Jack. Thanks for taking my question. Yeah, my first question is still regarding ASIC-like business. Jack, you just talked about right now we are moving into the execution phase. Can I ask your view on your market share, especially on the high-speed interface-related projects? Because you talk about there are multiple projects. But I'm just wondering, based on your view, how big are the 10 and how would you expect your share in the next three years? Yeah, so that would be my first question. Thank you.

Frankly, I can only, based on the customer experience, in the negotiation give us a forecast, right? Because those projects we invest heavily. I think very heavily. The customer or our partner give us the forecast and we did our investigation as well. We think those forecasts represent the major shares and those forecasts are correct. So that's why those are part of in the agreement. So that's as much as I really don't know more than so like you probably know more than what it is. I only can talk based on what we knew, what we signed on would a customer give us a forecast? I hope that answers your question. I hope it answers your question. We also did our investigation as the best that we could do.

Got it, got it. Sure, I think it's already very clear. So my second question still regarding the growth margin. Jack, can I ask you... Is there KGD in T-Com, timing controller? Because you talk about OSAT testing. I'm just wondering, for example, for OLED T-Com, is there KGD or is there any of your products involving the KGD you need to buy the memory from the director?

No, no, no. We don't buy the memory. That's good enough. We, those, you remember the purchase is long gone, okay? I can add that we did not, we don't have this one anymore, okay? And otherwise it would be horrible, right? So the, no, it's that EOL many years ago. Yeah, you're correct. A few years ago, we did have, but now we don't. We don't buy the DLM for those, the I and the T card. It's integrated together, and the memory is integrated together. What you said on the margin, it's mainly on the, it's not particularly on the T-call. It's mainly on the offset, the price, the adjustment, and yeah. So you probably heard quite a lot. We take into consideration this. it's not a particular product or particular something. And we hope we're over done, but I think for us, it is prudent to take into consideration.

Sure. Thanks, Jack. So just one follow-up from me. Jack, can I consult in your opinion? Because five years ago when there was COVID, We also had the foundry call type, material call type, logistic call type. But a lot of the call types at that time can be passed through to the customers or even with some markup. But this time, what's the difference? What would be your view? Is there any chance we can still negotiate the pricing with our customers because, yeah, most of the costs, as you mentioned, are going up.

This kind of came pretty sudden, I would think, okay? Yeah, we're well to negotiate with some of our customers on those ones and hopefully all rational to take into consideration. We understand the situation on the market. Our OEM also ran into many pressure there. Yeah, so some of our parts, particularly, we already referred to our customer, those increase there. And yeah, that will probably have to taking into consideration how do we negotiate with customers under those price increases. So that's the unfortunate. This time, even we gone through last time, this time is a lot more quicker than it was.

I see. Thanks for that. Very clear. I'll be back in a few.

Thank you. Thank you. If there's no further English questions at the moment, we will now begin the Chinese question and answer session. 中文提問時間現在開始。 如果您需要提問,請在您的電話機上按米字鍵以及數字1。 當我們讀出您的名字後,請開始發問。 每一次發問最多兩個問題。 如果您需要取消發問,請按米字鍵以及數字2。 謝謝。 Hi Jack, thank you for accepting my question.

My first question is, for AIPC, the refresh rate of the screen or the demand for power saving has increased. As the leader of EDP, I would like to ask Jack, we look at the market, for example, EDP 1.5 T-Con, how is the progress of the upgrade and conversion? Or in the future, this EDP upgrade, for us, the content value on each PC, how much can it increase than now?

This is my first question. EDP 1.5, in fact, we already have a lot of them on start-to-production. Then, That's right. 所以我们更多的interest, 我们customer更喜欢看到的是这些TED跟TTED。 那它的interface remain EDP还是EDP 1.5的, 所以这都已经在adding to这个consideration。 那我觉得假如是说competition-wise, 那TTED... based on EDP 1.5, these competitions need to be relatively less, or the barrier for newcomers to enter this field is more difficult.

Jack, my first question is, a lot of pioneers have already asked about ASIC-like, but I want to talk about some more details. For example, we can compete with some of our major competitors in the market. What I want to talk about is that the design of our circuit is quite long. It is the best in the same period in terms of signal deceleration compensation. However, our main competitor is very compatible with some of the underlying contracts of US customers. That is to say, both sides have some advantages. I want to ask that we can see this US potential customer. He just launched this new platform structure, they are all pushing for higher IOs. Is this technical trend giving us a chance to fight for future ASIC-like products as an advantage, or Yeah.

我觉得我们只能谈我们自己看到的。 那我们看到的是客户喜欢我们的proven high speed的这些IP, 包括PCIe Gen 5,包括PCIe Gen 6, 包括USB 4,USB 4.2, 这些proven的IP对他们long term非常好, This is, especially in Prover, in 12 or 6 nanometers, these are the most attractive places for customers. Okay, very easy. Yes. This is what we see. I think this is what we have invested in for a long, long time. 我觉得对我们说最主要的客户比较喜欢我们的 beside 我们的团队的这个 execution capability 我们大概可能在美国也有一些 advantage 因为我们有 team 在美国 蛮大的 team 在美国有一些 advantage 因为我们在 In the same period, the same language, a lot more better, right? But the most important thing is the high-speed IP, proven high-speed IP.

Okay, Jack, so will the diversification of supply chain be a point of customer consideration?

Or is it mainly back to the product itself? I don't think for the biggest customers, these are not the key, it's proven IP. 好,谢谢。 现在所谓的做business,做sourcing的人,会有很多的供应链的多样性。 在做其他的more engineering,我觉得是less。 因为这些high speed实在是两边都需要花 significant amount of investment, engineering time to do these things. So, yeah, I think it's the most critical thing to do.

Thank you, Jack.

My question ends here. Thank you. The next questioner is Eric Lin from Fubang.

Jack, hello. My question is, I... I heard that

OEMs, they want to accommodate today's situation and move more products to high-end. So they fully utilize their resource for memory. It's probably not easy to understand that they try to make these high-end machines, right? 那这个对我们是good, 因为high-end的机器一定会要USB for retirement, 一定会要USB for retirement, 那会不会他们去涨价, 这个机器涨价, 我觉得应该会吧, 因为你这么多cost increase, 对OEM大概不得不去做一些price调整, 除了, I think this is my own point of view. I don't know what OEM thinks. But I do know that they want to move to high-end segments. This is what I was told. This is what I was told.

我觉得这个是我自己的观点, 我觉得他们觉得这个大概很难不去涨价的。 了解,谢谢。 那想再问另外一个问题是, 在伺服器领域, 目前是有近期光劲同推的趋势, 是有再次的引发一些市场关注, 那这一块对于公司在伺服器蓝线的业务,

Thank you. Fully production, this Thank you.

The next questioner is from Goldman Sachs.

Bruce Lu, please ask a question. Jack, I want to ask. The company's competitive advantage has been in high-speed IT. But the situation is that we are still working on higher-level servers. Now, it looks like the computer is placed in the cloud. 所以Edge AI现在看起来需求还是相对弱势。 那Console好像也不愿意花钱买真正所谓高阶的机种, 因为如果Console是放在Cloud的话, 我觉得你的现在的客人就专心要做一些高阶的机型, 好像也没有办法根本上解决这整个structural issue了。 所以这个局要怎么去破呢? This brings a philosophical question, right?

那这个是,这个question不光针对我们Prayer, 还是针对所有这些做OEM的,对不对? 做OEM的,whether这个Edge还是Cloud。 那我不知道你有关心到这两天的一则news, 有一个叫Multibold,有听到这个消息吗? 他们只能reign to在Apple Mini上面。 And then he's been updating his model on Apple Mini. So you don't have to spend money to be able to charge. So hard demand suddenly sold out Apple Mini. You've heard this news, right? You've heard this news, right?

Yes, I've heard it. You've heard it.

This is the so-called edge and cloud relationship. a compete, right? Now, this is why Edge has its own meaning. Of course, it cannot use a notebook to say that it has to be linked to the Internet, it has to be updated, right? It has to be updated. Quite interesting. When I read this thing, I also think it's quite interesting. Because, after all, whether this chart GPT or... Gemini or the crowd. I think they are all very interesting. I think they are all very good. After all, you still have to spend money, right? You still have to spend money. This solution is under control. You don't have to spend money, right? And you can do a lot more. So this is to answer your question. Everyone is looking for the most efficient solution. 我有朋友也去try了,我觉得那个真的还不错,真的还不错。 所以,当然从我们的观点来说,假如给我们,给Edge的人有一些这个room,这个definitely is a good direction to go,对不对? That's definitely a good direction. 那我们,就刚才我也跟这个前面各位先进去介绍的,就是我们这个high speed还是有进入, These data centers' storage, right? Storage. It's not in the major computing, but it's in the data center's storage, right? We have DesignWin. Our retirement redriver has DesignWin in there. Of course, we are also with our clients to understand those influencers. Influenced device, I think we will have some room to play on these ASIC-like devices, to play on these rooms.

Let me ask you a question.

Yes.

Let me ask you a question. Where do you put your resource priorities? Do you put them on your ASIC-like data center, these storage, peripheral, these things, or do you put them on edge devices to the highest level?

我觉得假如我有opportunity 去做data center 是firm的business 我当然会把这个放在最高的 对不对 因为那个return big Otherwise 我是这样说 假如有这些opportunity rise 这些opportunity rise 呃 我不能去随便, 我们不能去随便define a device, 然后没有,或者multiple years, 没有investor returned, 这个我们一定会去找, 有very firm investment returned, as long as we make execution correctly. 我想我大概made我们very clear, 我们的investment has to have a return, Yeah, influence computing, I think... 那里的adjustment market还assizable? Yeah, 那还assizable吧, 但是那些的requirement就不会让你去optical, 不会让你去做这种事情,对吧?

好,我知道了,谢谢。 Okay.

谢谢。 Thank you, everybody.