Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $216 million, exceeding expectations and increasing 3% sequentially, but declining 3% year-over-year [4][13] - Non-GAAP diluted EPS was $0.60 per share, surpassing guidance [4][17] - Gross margin improved to 35%, and operating margin was 24%, both exceeding guidance [15][19] Business Line Data and Key Metrics Changes - Integrated Circuit (IC) revenue was $157 million, representing a 4% year-over-year decline, but high-end IC shipments reached a record 42% of total IC revenue [11][13] - Flat Panel Display (FPD) revenue was $58 million, declining 1% year-over-year due to order timing, but demand is expected to remain strong [12][14] Market Data and Key Metrics Changes - The high-end market remains strong, driven by investments in hyperscale data centers for AI rollouts, while the mainstream IC market is stabilizing but remains soft [10][11] - The company is experiencing strong demand in the U.S., which now represents 20% of total revenue, benefiting from reshoring efforts [13][11] Company Strategy and Development Direction - The company is executing strategic geographic expansions at existing facilities to enhance revenue contributions and diversify geographic revenue mix [5][6] - Investments are aligned with industry trends such as advanced node migration and regionalization, with a focus on higher-end nodes in the U.S. and Korea [6][8] - The company plans to increase capital expenditures to approximately $330 million in fiscal 2026 to drive future organic growth [19][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the high-end market's sustainability, supported by robust order patterns from existing core customers [10][58] - The company anticipates continued growth in high-end IC demand and is well-positioned to capitalize on outsourcing trends from captive manufacturers [50][49] Other Important Information - The company recognized a $16.8 million benefit from the reversal of a historical U.S. tax loss valuation allowance, reflecting improved performance and outlook [16][17] - Total cash and short-term investments increased to $588 million, including $422 million held in joint ventures [19] Q&A Session Summary Question: Market share relative to competitors - Management indicated that while a competitor has a larger market share in IC, Photronics is comparable in FPD, and they expect to capture more high-end shares due to growing U.S. demand [25][29] Question: Mainstream business and pricing competition - Management noted that the mainstream market in China is facing competition from local mask houses, but they are focusing on high-value product mixes to differentiate themselves [31][38] Question: G8.6 adoption in flat panel displays - Management expects gradual increases in G8.6 revenue contributions starting in fiscal 2026, as adoption expands in various applications [40][39] Question: Revenue potential from Allen, Texas facility - Management anticipates incremental revenue and profitability from the Allen facility, with revenue expected to start in the second half of fiscal 2026 [44][45] Question: Outsourcing trends from captive manufacturers - Management observed an increase in captives looking for outsourcing opportunities, which is expected to benefit Photronics due to its positioning in key regions [49][50]

Investor Presentation December 2025 PHOTRONICS Safe Harbor Statement PHOTRONICS This presentation and some of our comments during this presentation may contain projections or other forward-looking statements regarding future events, our future financial performance, and/or the future performance of the industry. These statements are predictions and contain risks and uncertainties. We refer you to the risk factors in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and other subseque ...

Core Viewpoint - Meixin Technology (301577) has indicated that its products are adaptable for various applications, including AI servers, industrial robots, and data centers, and have passed relevant testing and certification procedures from key international and domestic clients [1] Group 1 - The company's products are suitable for multiple fields, including AI servers, industrial robots, and data centers [1] - The company has successfully completed testing and certification processes with core clients both internationally and domestically [1]

Group 1 - Israel's stock market has outperformed the U.S. market since October 7, 2023, with significant gains in U.S.-traded companies such as Teva Pharmaceutical, Elbit Systems, and Tower Semiconductor [4] - The price of Bitcoin has surged above $92,000, driven by the trading debut of Twenty One Capital on the NYSE, which has backing from Tether and Bitfinex [5] - IBM has made an $11 billion acquisition of Confluent, which is expected to enhance its artificial intelligence initiatives [7] Group 2 - The stock market is experiencing volatility, with indexes ending lower, and specific stocks like Moderna facing declines due to FDA memos, while others like Synopsys and Nvidia are seeing gains [9] - Strategy's interest costs are anticipated to rise, and MSTR stock is facing challenges as Bitcoin prices decline [9] - The Nasdaq 100 is undergoing changes, with notable companies like Walmart, Strategy, and Lululemon being evaluated for their positions [9]

Broadcom Inc. (NASDAQ:AVGO) has seen a 75% increase in stock price in 2025, significantly outpacing Nvidia's 38% rise.The company is set to release its quarterly earnings on December 11, 2025, with analysts estimating an earnings per share of $1.87 and revenue of $17.46 billion.Broadcom's strategic partnerships with tech giants and its diversified portfolio in semiconductors and enterprise software strengthen its position in the AI infrastructure sector.Broadcom Inc. (NASDAQ:AVGO) is a prominent player in t ...

Hong Kong's initial public offering (IPO) market is expected to raise up to HK$350 billion (US$45 billion) next year, extending the momentum built this year on the back of mainland Chinese public firms and the technology sector. KPMG forecast on Wednesday that between 180 and 200 applications would drive the fundraising, representing a 28.7 per cent jump in total value and as much as a 100 per cent leap in deal numbers compared with this year. "We also expect 2026 to be a pivotal year for hi-tech listing ...

Core Viewpoint - The planned mega-merger between Chinese supercomputer maker Sugon and chip designer Hygon Information Technology has been called off, complicating China's efforts for tech self-sufficiency in semiconductors and high-performance computing [1]. Group 1: Merger Cancellation - The two companies announced the cancellation of merger talks due to significant changes in the market environment since the initial planning stages [2]. - They indicated that the conditions for implementing the major asset restructuring were not yet mature [2]. - Factors affecting their stock prices included changes in the domestic and international environment, the overall trend of the mainland share market, and shifts in the artificial intelligence industry's popularity [3]. Group 2: Implications of the Cancellation - By not merging, Hygon can continue as an independent chip supplier, serving the domestic server industry [4]. - Sugon can collaborate with other chip companies as a server manufacturer, maintaining its operational flexibility [4]. - The cancellation has dashed expectations for creating a major domestic ecosystem for advanced processors and high-performance servers [5]. Group 3: Financial Context - The proposed merger was valued at 116 billion yuan (approximately US$16.4 billion) [6]. - Since the announcement of the merger in late May, Sugon's shares increased by over 45%, while Hygon's stock surged by 60% [6]. - Following the announcement of the merger's cancellation, Sugon's shares fell by the daily limit of 10% in Shanghai, while Hygon's stock decreased by 0.4% [7].

一批公募抢筹沐曦股份。 继摩尔线程在资本市场掀起打新盛宴后，A股又将迎来新的国产GPU公司。近日，沐曦集成电路(上海)股份有 限公司(简称"沐曦股份")披露了中签结果，IPO热度再攀高峰。 数据显示，沐曦股份以104.66元/股的发行价位列2025年A股新股发行价第二名，共有517.52万户投资者参与网 上有效申购，公司网上最终中签率低至0.0335%，中签难度甚至高于摩尔线程。另外，公募基金依旧是网下配 售主力，获配金额约14亿元。 比摩尔线程还难抢 此前不久，摩尔线程在科创板上市引发市场高度关注，该公司股价当日暴涨425.46%，按600.5元/股的收盘价 估算，一签浮盈约24.31万元。 紧随其后，GPU行业的另一领军公司沐曦股份开启申购，IPO热度不减。沐曦股份是国内高性能GPU产品的主 要领军企业之一，公司致力于自主研发全栈高性能GPU芯片及计算平台，主营业务是研发、设计和销售应用于 人工智能训练和推理、通用计算与图形渲染领域的全栈GPU产品，并围绕GPU芯片提供配套的软件栈与计算平 台。 沐曦股份中签结果显示，回拨机制启动后，网下最终发行数量为2282.9081万股，占扣除最终战略配售部分后 本次 ...

Core Viewpoint - Zhongying Electronics (300327.SZ) has denied rumors of business dealings with Shanghai Micro Electronics, emphasizing that there is no such relationship [1] Group 1: Company Response - Zhongying Electronics has previously addressed similar rumors in August, stating they are unaware of the information source and will only consider IC design companies for future endeavors [1] - The company confirmed that it operates as a Fabless chip design firm, focusing on integrated circuit design, research, and sales [1] Group 2: Shareholder Changes - In July, Zhongying Electronics announced a significant change in its shareholding structure, with Zhinen Industrial acquiring 14.20% of the shares, becoming the controlling shareholder with a total control of 23.40% [2] - The previous controlling shareholder, Weilang International, transferred voting rights to Zhinen Industrial, resulting in a change of actual control with no single entity holding it [2] Group 3: Industry Position - Shanghai Micro Electronics is recognized as the only domestic photolithography equipment manufacturer, holding over 80% of the market share in China and is a leader in the domestic photolithography sector [2] - The company specializes in ArF, KrF, and i-line technologies and has the capability to manufacture chips at 90nm and below [2]

Core Viewpoint - Recently, Moore Threads (688795) published a patent related to "performance analysis methods, systems, devices, and storage media for model training" in the field of artificial intelligence [1] Group 1: Patent Details - The patent involves performance analysis methods that include both synchronous and asynchronous performance analysis [1] - The synchronous and asynchronous performance analyses reuse the same underlying code for performance analysis [1] - The invention also provides a performance analysis system, devices, and storage media for model training, which can enhance the efficiency of performance analysis in large-scale cluster model training [1]