Group 1: Company Overview - United Microelectronics Corporation (UMC) is a significant player in the semiconductor industry, providing integrated circuit manufacturing services and competing with major foundries like TSMC and GlobalFoundries [1] - UMC's operations are vital in the tech supply chain, affecting sectors from consumer electronics to automotive [1] Group 2: Financial Performance and Market Position - UMC's recent Q4 2025 earnings call provided insights into its financial health, focusing on key metrics such as revenue and profit margins, which are essential for assessing the company's market position [3][6] - UMC's current stock price is $11.40, reflecting a decrease of approximately 8.62%, with fluctuations between $11.23 and $11.86 during the trading day [4] - Over the past year, UMC's stock has experienced significant volatility, with a high of $12.68 and a low of $5.66 [4] - UMC's market capitalization is approximately $28.44 billion, indicating its substantial presence in the semiconductor industry [5] Group 3: Analyst Ratings and Price Target - BNP Paribas set a price target of $8.60 for UMC, suggesting a potential decrease of approximately -24.50% from its current stock price of $11.39 [2][6] - The downgrade to "Underperform" from "Neutral" reflects a cautious outlook on UMC's future performance in the semiconductor industry [2][6]

盘前市场动向 1. 1月28日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.04%，标普500指数期货涨0.37%，纳指期货涨 0.95%。 | = US 30 | 49,020.90 | 49,079.60 | 48,972.10 | +17.50 | +0.04% | | --- | --- | --- | --- | --- | --- | | = US 500 | 7,004.30 | 7.014.80 | 6,983.30 | +25.70 | +0.37% | | 트 US Tech 100 | 26,185.00 | 26,224.70 | 26,003.30 | +245.30 | +0.95% | 2. 截至发稿，德国DAX指数跌0.10%，英国富时100指数跌0.44%，法国CAC40指数跌0.96%，欧洲斯托克50指数涨0.03%。 | 德国DAX30 | 24,882.14 | 24,929.93 | 24,795.48 | -26.09 | -0.10% | | --- | --- | --- | --- | --- | --- | | 英国富时100 | 10,1 ...

公司第四季度经营活动现金流入达330亿新台币，现金及等价物增至1106.6亿新台币。应收账款周转天 数缩短3天至47天，库存天数增加1天至77天。 第四季度总产能为130.5万片(约当12英寸晶圆)。因进行8英寸及12英寸厂年度维护，预计2026年第一季 度总产能将小幅降至128.3万片(约当12英寸)。 资本开支与产能规划方面，公司第四季度资本支出为5.01亿美元，2025年全年资本支出达16亿美元。 2026年现金资本支出预算设定为15亿美元。 一季度业绩指引趋于保守。晶圆出货量预计将保持平稳，平均销售单价(美元计)将保持坚挺，毛利率预 计回落至约20%高位区间，产能利用率预计处于70%中段范围。 智通财经APP获悉，晶圆代工大厂联电(UMC.US)公布2025年第四季度业绩。财报显示，公司营收达 19.7亿美元，同比增长2.4%，较市场预期高出6000万美元;但GAAP每股收益为0.129美元，略低于市场 预期0.01美元。 关键财务与运营指标显示结构性调整。盈利水平方面，第四季度毛利率为30.7%，营业利润率为 19.8%。技术节点贡献上，22/28纳米制程营收占比达36%。 产能与效率上，联电当季晶 ...

Core Insights - The company emphasized the importance of 22-nanometer technology as a key growth driver, with 22- and 28-nanometer revenue accounting for 36% of total revenue in Q4 2025 [1] - The company reported a revenue increase of 2.3% year-over-year for the full year 2025, with a gross margin of approximately 29% [3] - The company anticipates a favorable ASP environment in 2026, driven by disciplined pricing and product mix optimization [12] Financial Performance - For Q4 2025, consolidated revenue was TWD 61.81 billion, with a gross margin of about 30.7% and net income attributable to shareholders of TWD 10.06 billion [5][6] - Full-year 2025 net income attributable to shareholders was TWD 41.7 billion, representing a net income rate of 17.6% [3] - Revenue for Q4 2025 grew 4.5% quarter-over-quarter, with gross profit of TWD 18.95 billion [4] Geographic Revenue Mix - North America represented about 21% of Q4 2025 revenue, declining from 25% in 2024 to 22% in 2025 [2] - The company noted a shift in geographic revenue mix, indicating a reduced reliance on North American markets [2] Capacity and Utilization - Capacity utilization was reported at about 78%, unchanged from the previous quarter [5] - The company expects a slight decline in capacity by roughly 1% due to annual maintenance [7] Market Outlook - The semiconductor industry is projected to grow in the mid-teens in 2026, with the foundry market expected to grow in the low 20% range [11] - The company anticipates that AI-related segments will remain the primary growth driver in the semiconductor market [11] Strategic Initiatives - The company is expanding its U.S. footprint through partnerships, including a collaboration with Intel on a 12-nanometer project [14] - Advanced packaging and silicon photonics are identified as emerging growth areas, with expectations for significant revenue contributions in 2027 [16] Emerging Technologies - Specialty revenue represents about 50% of overall revenue, with high voltage making up approximately 30% of specialty revenue [16] - The company is working with over 10 advanced packaging customers and expects more than 20 new tape-outs in 2026 [16]

Core Insights - United Microelectronics Corporation (UMC) reported a consolidated revenue of NT$61.81 billion (US$1.97 billion) for Q4 2025, marking a 4.5% increase from Q3 2025 and a 2.4% increase year-on-year [1] - The company's earnings per share (EPS) for Q4 2025 was NT$0.81 (US$0.129), with net income attributable to shareholders of NT$10.06 billion (US$320 million) [1] - UMC's 22/28nm technology revenue contributed 36% to wafer revenue, with a significant 31% quarter-on-quarter increase in 22nm revenue [1] Financial Performance - Q4 2025 operating revenues reached NT$61.81 billion, up from NT$59.13 billion in Q3 2025, and NT$60.39 billion in Q4 2024 [1] - Gross profit for Q4 2025 was NT$18.96 billion, representing a gross margin of 30.7% [1] - Operating income increased by 10.0% quarter-on-quarter to NT$12.23 billion [1] Capacity and Utilization - UMC's wafer shipments in Q4 2025 were 994K, a slight decrease of 0.6% from Q3 2025, with an overall capacity utilization rate of 78% [1] - Total capacity for Q4 2025 was 1,305K 12-inch equivalent wafers, expected to decrease to 1,283K in Q1 2026 due to annual maintenance [1] Strategic Initiatives - UMC is focusing on expanding its footprint in the U.S. through partnerships, including a collaboration with Intel on 12nm technology and a Memorandum of Understanding with Polar Semiconductor [1] - The company inaugurated a Circular Economy and Recycling Innovation Center aimed at reducing waste generated by its Taiwan fabs by up to one-third [2] Market Outlook - UMC anticipates firm wafer demand in Q1 2026, with expectations for continued growth in 2026 driven by advancements in 22nm platforms and new solutions [1] - The company aims to leverage advanced packaging and silicon photonics as new growth catalysts to meet the evolving needs of high-performance applications across various sectors [1]

Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2025 was TWD 61.81 billion, with a gross margin of approximately 30.7% [4] - Net income attributable to shareholders was TWD 10.06 billion, resulting in earnings per share (EPS) of TWD 0.81 [4][6] - Year-over-year revenue growth for 2025 was 2.3%, totaling TWD 237.5 billion, while gross margin for the year was around 29% [6][7] - Cash reserves exceeded TWD 110 billion, with total equity at TWD 379.8 billion at the end of 2025 [7] Business Line Data and Key Metrics Changes - Revenue from the IDM segment remained stable at about 20% for Q4, while it increased to 19% for the full year [8] - The consumer application segment grew from 28% to 31% year-over-year, indicating a strong demand for 22 nm technology [9] - Revenue from 22 nm and 28 nm technologies represented 36% of total revenue in Q4 2025, with 22 nm revenue increasing by 31% quarter-on-quarter [11] Market Data and Key Metrics Changes - North America represented 21% of revenue in Q4 2025, down from 25% in 2024 [8] - The company noted a decline in capacity utilization by roughly 1% due to annual maintenance schedules [9] - The forecast for 2026 CapEx is around $1.5 billion, slightly down from $1.6 billion in 2025 [10] Company Strategy and Development Direction - UMC aims to expand its footprint in the U.S. through partnerships, including a collaboration with Intel on 12 nm technology [12] - Advanced packaging and silicon photonics are expected to serve as new growth catalysts, addressing high-performance applications across various sectors [13] - The company is focused on optimizing its product mix and gradually improving ASP and margins in response to market dynamics [22][23] Management's Comments on Operating Environment and Future Outlook - Management expects wafer demand to remain firm in 2026, with AI-related segments as primary growth drivers [17] - The semiconductor industry is projected to grow by mid-teens in 2026, with UMC expected to outperform its addressable market [18] - Management acknowledged potential pressures from memory supply imbalances but remains optimistic about overall demand [22] Other Important Information - The company is working on enhancing its advanced packaging capabilities, with expectations for significant revenue growth in 2027 [81] - UMC's specialty technology revenue currently represents about 50% of overall revenue, with high voltage making up 30% of that [74] Q&A Session Summary Question: Overall market outlook for 2026 - Management expects AI-related segments to drive growth, with the semiconductor industry projected to grow by mid-teens [17][18] Question: Pricing outlook for mature foundry - A more favorable ASP environment is anticipated in 2026, supported by disciplined pricing strategies and product mix optimization [19][20] Question: Capacity ramp in Singapore - Capacity increase for 2026 is expected to be around 1.2% year-over-year, with expansion starting in the second half of 2026 [23] Question: Revenue contribution from advanced packaging - Advanced packaging revenue is expected to grow significantly in 2027, with more than 20 new tape outs anticipated [81] Question: Impact of memory price inflation on demand - Management has not observed significant demand impacts from memory price inflation, focusing on high-end market segments [62] Question: Competitive advantage in silicon photonics - UMC's collaboration with imec is expected to deliver industry-standard PDKs, with a focus on 12-inch technology [95][96]

Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2025 was TWD 61.81 billion, with a gross margin of approximately 30.7% [4] - Net income attributable to shareholders was TWD 10.06 billion, resulting in earnings per share (EPS) of 0.81 NT dollars [4] - Revenue grew 4.5% quarter-over-quarter and 2.3% year-over-year, reaching TWD 237.5 billion for the full year of 2025 [6][7] - Gross margin improved to 30.7%, with net income for 2025 at TWD 41.7 billion, representing a net income rate of 17.6% [6][7] Business Line Data and Key Metrics Changes - Revenue from the IDM segment remained stable at about 20% for Q4, while it increased to 19% for the full year, up 3 percentage points from the previous year [8] - The consumer application segment increased by 3 percentage points to 31% of total revenue for the year [9] - The 22 and 28-nanometer revenue segments accounted for 36% of total revenue in Q4 2025, with 22-nanometer revenue increasing to 31% quarter-on-quarter [11] Market Data and Key Metrics Changes - North America represented about 21% of revenue in Q4 2025, down from 25% in 2024 [8] - The company expects wafer demand to remain firm in 2026, with a projected growth rate for the semiconductor industry in the mid-teens [17] - The foundry market is projected to grow in the low 20% range, despite potential pressures from memory pricing [18] Company Strategy and Development Direction - UMC is focusing on expanding its 22-nanometer platform and investing in capacity and technology for future growth [12] - The company aims to enhance its footprint in the U.S. through partnerships, such as the collaboration with Intel on the 12-nanometer project [12] - Advanced packaging and silicon photonics are expected to serve as new growth catalysts, addressing high-performance applications across various sectors [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in 2026 being another growth year, driven by the 22-nanometer platform and new solutions gaining traction [12] - The leadership in specialty technologies is expected to sustain business growth, with a focus on optimizing product mix and improving ASP [13] - The company anticipates a more favorable pricing environment in 2026 compared to 2025, supported by disciplined pricing strategies and product mix optimization [19] Other Important Information - The cash-based capital expenditure (CapEx) budget for 2026 is projected at $1.5 billion, slightly down from $1.6 billion in 2025 [10] - The company expects a low teens annual increase in depreciation expenses for 2026 [24] Q&A Session Summary Question: Overall market outlook for 2026 - Management expects AI-related segments to drive growth in the semiconductor industry, with a projected mid-teens growth rate [17] Question: Pricing outlook for mature foundry - A more favorable ASP environment is anticipated in 2026, reflecting a disciplined pricing strategy and improved product mix [19] Question: Capacity ramp in Singapore - Capacity increase for 2026 is expected to be around 1.2% year-over-year, with expansion starting in the second half of 2026 [23] Question: Impact of memory price hikes on demand - Management has not observed significant demand impact from memory price hikes, with expectations for revenue contributions from consumer segments to increase [31] Question: Revenue contribution from advanced packaging - Advanced packaging revenue is expected to grow significantly in 2027, with more than 20 new tape outs anticipated in 2026 [81] Question: Competitive advantage in silicon photonics - UMC's collaboration with imec is expected to deliver industry-standard PDKs by 2027, with a focus on 12-inch technology [94]

Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2025 was TWD 61.81 billion, with a gross margin of 30.7% and net income of TWD 10.06 billion, resulting in an EPS of 0.81 NT dollars [5][6] - Revenue grew 4.5% quarter-over-quarter and 2.3% year-over-year, reaching TWD 237.5 billion for the full year of 2025 [6][12] - Gross margin improved to 30.7%, with net income for 2025 at TWD 41.7 billion, reflecting a net income rate of 17.6% [6][7] Business Line Data and Key Metrics Changes - Revenue from the IDM segment remained stable at about 20% for Q4, while for the full year, it increased to 19%, up by 3 percentage points [8] - The consumer application segment increased by 3 percentage points to 31% from 28% year-over-year, with 22-nanometer technology being a key growth driver [9][10] Market Data and Key Metrics Changes - North America represented 21% of revenue in Q4 2025, down from 25% in 2024 to 22% in 2025, while Asia and Europe saw increases [8] - The 22-nanometer revenue increased to 31% quarter-on-quarter, accounting for over 13% of total Q4 revenue [12] Company Strategy and Development Direction - UMC aims to expand its footprint in the U.S. through partnerships, including a collaboration with Intel on a 12-nanometer project [13][14] - The company is focusing on advanced packaging and silicon photonics as new growth catalysts, addressing high-performance applications across various sectors [14][48] Management's Comments on Operating Environment and Future Outlook - Management expects wafer demand to remain firm in 2026, with a projected growth year supported by the 22-nanometer platform and new solutions [12][13] - The semiconductor industry is projected to grow by mid-teens in 2026, with UMC expected to outperform its addressable market [18][19] Other Important Information - The 2026 CapEx plan is around $1.5 billion, slightly down from $1.6 billion in 2025 [11] - The company anticipates a more favorable ASP environment in 2026, driven by disciplined pricing strategies and product mix optimization [20][21] Q&A Session Summary Question: Overall market outlook for 2026 - Management expects AI-related segments to drive growth, with the semiconductor industry projected to grow by mid-teens [18] Question: Pricing outlook for mature foundry - A more favorable ASP environment is anticipated in 2026, supported by product mix optimization and reduced exposure to commoditized segments [20][21] Question: Capacity ramp in Singapore - Capacity increase for 2026 is expected to be around 1.2% year-over-year, with expansion starting in the second half of 2026 [24] Question: Impact of memory pricing on demand - Management has not observed significant demand impact from memory pricing increases, focusing on high-end market segments [66] Question: Revenue contribution from advanced packaging - Advanced packaging revenue is expected to grow significantly in 2027, with more than 20 new tape outs anticipated in 2026 [88] Question: Competitive advantage in silicon photonics - UMC's collaboration with imec aims to deliver industry-standard PDKs by 2027, focusing on 12-inch technology [101][102]

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This presentation contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and as defined in the United States Private Securities Litigation Reform Act of 1995. These forward looking statements include, but are not limited to, statements relating to anticipated quarterly Fab capacity, foundry capital expenditure plan and other statemen ...