一边狂赚一边裁员，ASML 这波操作有点迷

Core Viewpoint - ASML reported record financial results for Q4 and the full year of 2025, while simultaneously announcing a significant layoff of 1,700 employees, marking the largest reduction since 2010, raising questions about the juxtaposition of strong performance and workforce reduction [1][3][4]. Financial Performance - In 2025, ASML achieved a net sales figure of €32.7 billion and a net profit of €9.6 billion, maintaining a high gross margin of 52.8%. Q4 results exceeded expectations with net sales of €9.7 billion, a gross margin of 52.2%, and a net profit of €2.84 billion [3]. - The company received new orders worth €13.2 billion in Q4, with over 50% of these orders coming from EUV lithography machines, totaling €7.4 billion. By the end of 2025, the backlog of unfulfilled orders reached €38.8 billion [3]. - ASML raised its sales guidance for 2026 to between €34 billion and €39 billion, with Q1 net sales expected to be between €8.2 billion and €8.9 billion, and gross margins projected to remain stable between 51% and 53% [3]. Layoff Details - The layoff plan involves approximately 1,700 positions, primarily affecting mid-to-senior management roles in the technology and IT departments at the Dutch headquarters and U.S. branches. The execution will occur through natural attrition, internal transfers, and voluntary departure programs, explicitly excluding core functions like manufacturing and customer service [4]. - The CEO stated that the layoffs are not due to financial pressure but are aimed at optimizing the increasingly complex organizational structure following long-term expansion, allowing engineers to focus more on R&D and improving internal decision-making efficiency [4]. Market Dynamics - The layoffs have caused internal unrest, with long-term employees expressing shock and concern about job stability. However, ASML's strategy appears to involve a simultaneous reduction in management roles while planning to hire in core business areas such as manufacturing and customer support to meet growing market demand [6]. - The company's growth is largely driven by the AI wave, with major tech firms increasing data center investments, which in turn boosts demand for advanced process chips. Barclays forecasts that SK Hynix alone will purchase 12 EUV lithography machines in 2026, contributing to ASML's ongoing orders [6]. - Geopolitical tensions and trade barriers are impacting the semiconductor industry, prompting ASML to optimize its organization to respond more flexibly to uncertainties [6][10]. Strategic Initiatives - ASML announced a stock buyback plan of up to €12 billion, set to be executed by December 31, 2028, with a portion allocated for employee stock plans [3]. - The company plans to increase its dividend to €7.50 per share for 2025, a 17% increase from 2024, reflecting confidence in long-term growth [11]. - ASML is also introducing a new DUV lithography machine to cater to Chinese memory manufacturers, aiming to tap into the existing market under export regulations [10].