Good afternoon and welcome to eMemory's third quarter 2025 webcast investor conference. Joining us today is our Chairman, Dr. Charles Hsu, President, Mr. Michael Ho, Head of IR, Ms. Li-Jeng Chen, and Director of the Finance Department, Mr. Joseph Hsia. The format of today's events will be as follows. First, eMemory's Chairman, Dr. Charles Hsu, will give an opening remark. Afterwards, our Financial Officer, Mr. Joseph Hsia, will present the review of our financial results. Following that, President, Mr. Michael Ho, will share our business outlook. Next, Dr. Charles Hsu will give a talk titled "Puff Technology on National Security." We will conclude today's conference with the Q&A section where our management team will answer your questions. Please feel free to submit your questions in the input box on the webcast window throughout the conference. As a reminder, this conference is being recorded, and a webcast replay will be available after the conference is finished. For more information, please visit the company's website under the Investor Relations section. As usual, before we begin, we would like to remind everyone that today's presentation may contain forward-looking statements subject to risk factors associated with the semiconductor and IP business. Please refer to the cautionary statement on page three of today's presentation. Now, I would like to give the floor over to eMemory's Chairman, Dr. Charles Hsu. Okay, thank you. Good afternoon, everyone. Thank you all for attending eMemory's third quarter investor conference. Looking ahead to the first quarter, in addition to achieving record high revenue, we have also made several major breakthroughs. First, in security applications, we have secured a 10-year contract for U.S. government defense projects on multiple three nm applications, which marks a significant milestone in promoting our PUF technology. This began with our partnership agreement with the U.S. Defense Advanced Research Projects Agency, DARPA, for the Toolbox Initiative in 2021. Now, our technology is officially being adopted in the defense-related deployment, in addition to more than 100 applications accumulated in the past. Security application standards have always been driven by government and system-level initiatives, from DARPA to the OCP, Open Compute Project Alliance, formed by the major data center players and its collector standard. PUF technology is now on a clear path toward large-scale commercializations. The second major breakthrough is in flash memory, particularly our embedded ReRAM and NeoFlash technologies. As memory performance has become a bottleneck in chip computing technologies that replace external memory with embedded non-volatile memory solutions, entering commercial adoption. Our NeoEE technology has already been designed into DDR5 modules to replace the E-square problem used in DDR4, and it's expected to enter mass production next year. Recently, we have also received multiple major customer engagements for NeoFlash and embedded ReRAM as alternatives to external NeoFlash. Because security applications generate higher royalty income per wafer and drive demand for high ASP advanced process nodes, and because MTP and flash royalties are typically 1.5-3 times higher than OTP, these factors will collectively lead to a structural increase in average of royalty per wafers. Looking to the next year, we have a new application with our IP entering mass production to accelerate royalty growth across major industries. First is RF chips production from the leading U.S. smartphone customers' in-house modem module. The second is a DDR5-related application for a major Korean memory manufacturer. Another one is AI server featuring secure BMC and also SSD controllers and networking chips with our PUF IPs. For the automotive application in ADAS networking and infotainment. Another is in PC and notebook design, use our security IP for secure embedded controller. Another one is other numerous ASIC applications from various customers. We have also started our security as a service business with multiple customers. Our long-term effort to build foundational technologies and ecosystem has created a strong competitive moat with a royalty-based recurring revenue model. The potential for future revenue growth is tremendous. We are very confident about our growth prospects for the next year and beyond. Next, I would like to invite our Financial Officer, Joseph Hsia, to present our third quarter performance. Afterward, our President, Michael Ho, will share our future outlook. Thank you. Afternoon, everyone. Now, let's take a look at our 2025 third quarter financial results. The third quarter revenue was TWD 952 million, which is up 1.7% sequentially and increased 5.9% year-over-year. Revenue in U.S. dollars terms was $32 million, representing an 8.2% increase from the previous quarter and a 15.9% increase year-over-year. On the other hand, operating expenses were TWD 404 million, up 3.4% sequentially and increased 2.4% year-over-year. In results, our operating income was TWD 548 million, with an increase of 0.5% sequentially and an increase of 8.6% year-over-year. Operating margin decreased by 0.7 percentage points sequentially, but increased by 1.5 percentage points year-over-year to 57.6%. Our net income, amounting to TWD 487 million, experienced an increase of 21.8% sequentially and an increase of 17.7% year-over-year. In results, EPS for this quarter was TWD 6.52. Next, let's move on to revenue contributions by licensing and royalty. First off, licensing in the third quarter accounted for 36.4% of our total revenue, up 9.1% sequentially and up 19.4% year-over-year. In U.S. dollar terms, this represents a sequential increase of 12.4% and a year-over-year increase of 28%. Second, royalties in the third quarter contributed 63.6% of our total revenue, decreasing 2.1% sequentially and decreasing 0.6% year-over-year. In terms of U.S. dollar, this represents a sequential increase of 5.9% and a year-over-year increase of 10.1%. In results, total revenue for the third quarter increased by 1.7% compared to the previous quarter and increased by 5.9% compared to the previous year. In U.S. dollar terms, total revenue rose 8.2% sequentially and 15.9% year-over-year. For the first three quarters of 2025 combined, the licensing and royalty revenues are as followed. First off, licensing in the first three quarters combined accounted for 32.3% of our total revenue, up 10.6% year-over-year. In terms of U.S. dollar, licensing revenue grew 13.6% year-over-year. Royalties in the first three quarters combined contributed 67.7% of our total revenue, increasing 6.7% year-over-year. In terms of U.S. dollar, royalty revenue increased by 8.9% year-over-year. In results, total revenue for the first three quarters of 2025 combined increased by 7.9% compared to the previous year. In terms of U.S. dollar, total revenue grew 10.4% year-over-year. With that, I would like to comment further on our revenue contributions by specific IPs. First of all, NeoBit technology accounted for 23.2% of our total licensing revenue in the third quarter, increasing 34.2% sequentially, but decreasing 11.3% year-over-year. The royalty for NeoBit accounted for 25.3% of our total royalty, down 6.2% sequentially and decreasing 3.1% year-over-year. Secondly, our NeoFuse Technology, it accounted for 42.8% of our total licensing revenue in the third quarter, increasing 18.4% sequentially and increasing 70.9% year-over-year. In terms of total royalty revenue for NeoFuse, it decreased by 0.8% sequentially and decreased by 0.7% year-over-year, accounting for around 71.4% of our total royalties. Next is our PUF-based security IPs. It contributed 14.5% of our total licensing revenue in the third quarter, increasing 8.1% sequentially and increasing 44.1% year-over-year. While the royalties for PUF-based security IPs accounted for less than 1% of our total royalties, increased 83.9% compared to the previous quarter and increasing 326.9% compared to the previous year. Lastly, it is our MTP Technology. It accounted for 19.5% of our total licensing revenue in the third quarter, decreasing 21.3% sequentially and decreasing 13.3% year-over-year. Royalty from MTP increased 0.9% sequentially and increased by 24.8% year-over-year, accounting for 3.1% of our total royalties. For the first three quarters of 2025 combined, the revenue by technology are as follows. First off, NeoBit licensing revenue decreased by 7.1% year-over-year. The royalty increased by 6.3%, accounting for 24.4% of our total revenue. Second, NeoFuse licensing revenue increased by 27.7%, and the royalty increased by 6.5% year-over-year, contributing to 62.3% of our total revenue. For PUF-based security IPs, the licensing revenue increased by 25.7% year-over-year, accounting for 4.2% of our total revenue. Lastly, MTP Technology, the licensing revenue decreased by 3.3%. The royalty increased by 13% year-over-year, accounting for 9.1% of our total revenue. Now, let's take a look at our royalties by wafer size. First of all, 8-inch wafer accounted for 40.6% of our royalties, down 0.6% sequentially and down 1.4% year-over-year. For 12-inch wafers, it contributed 59.4% of our royalties, down 3.1% sequentially, and stayed flat compared to the same period from the last year. In total, we have completed 173 product tapeouts in the third quarter, and we will be providing more information regarding that in our management report. Next, I would like to invite our President, Michael Ho, to share a little bit more about our future outlook. Thank you, Joseph. Hello, everyone. I will now present our future outlook. We expect our business momentum to accelerate. For licensing, the licensing growth will be driven by, one, a 10-year contract, including the 18.3 nm tapeout for the U.S. defense applications, and a 3 nm CPU for AI server will drive strong PUF security license growth. Two, strong license for embedded ReRAM and NeoFlash technologies that will replace the external memories. About the royalty part, the royalty growth is expected to accelerate due to the customer tapeout moving into mass production for the following items. One, RF chips for leading U.S. smartphone customers' in-house modem module. Two, DDR5-related applications for a major Korean memory manufacturer. Three, AI server featuring secure BMC, SSD controllers, and networking chips. Four, automotive applications in ADAS and networking. Five, secure embedded controller for PC and notebook. Six, ASIC applications from various customers. In technology development for OTP part, we are continuing joint development with TSMC on the 2 nm technologies and IPs. About the ReRAM, we are collaborating co-developing FinFET technologies and IPs with Korea's largest company. For NeoFlash part, we are collaborating with multiple foundries to develop the BCD process technologies and IPs at various nodes, targeting the smart power application. About the security part, we are accelerating the development of security server hardware and software for security as a service. In the business platforms, one, we jointly develop end-to-end chiplet security solutions with multiple partners to ensure the chiplet supply chain protection. The main collaboration focuses on supply chain security and chip authentication, ensuring that every chip slot can be securely verified locally. Two, we are collaborating with ARM to develop the PUF-based security root of trust to enhance the security capability of ARM's runtime security engine. Three, we are working with automotive system suppliers and hospitals to provide a PUF-based HSM server platform for OTA software protection and DID-based personal privacy protection. The establishment of these platforms will contribute to future revenue growth. This concludes my comments. Next, I will pass the time to Charles. Okay. Let's look at the video first. The wars of tomorrow won't start with missiles. They've already begun with code. The new front line isn't land or sea, but the invisible battlefield of technology. For over six decades, DARPA has turned the impossible into the foundations of modern defense, from the internet to stealth, autonomy, and artificial intelligence. Yet, as our systems advance, their foundations grow fragile. One compromised chip, one leaked key, and the balance of power can shift in seconds. True security lies beneath software, inside the silicon itself. Hardware must become the root of trust. NeoPUF harnesses nature's own randomness. Every device forms a pattern no machine can clone. Its keys exist only when called, never stored, never stolen. Built for the harshest conditions—heat, cold, noise, even cosmic radiation—NeoPUF keeps defense systems trusted when everything else is uncertain. PUF secures every drone, robot, and controller, verifying identity before action. This has become especially important with chip components built across multiple sites and nations. The supply chain is more fragmented and vulnerable than ever. From DARPA's labs to the frontiers of space, protecting innovation is protecting peace. A secure national defense secures the world because trust begins in silicon. NeoPUF, silicon's most fundamental hardware root of trust. The leader in logic, NVM, and PUF-based security solutions, eMemory. Today, I'd like to share some information about the security on the national PUF technology on national security. Since we have signed a 10-year contract for our 3 nm PUF RT to be used in defense application, today, I would like to talk about the hardware root of trust in national security. In many ways, a country's security depends heavily on its defense capabilities. As we build more electronics, automation, and artificial intelligence into modern defense systems, keeping them secure becomes absolutely critical. Taking drones and robots, for example, they are already being used on the battlefield. If control over this system were ever lost, the result could be a disaster. That's why, to truly protect national security, we must make sure our weapons and defense equipment are fully secured against any kind of threat. For national security reasons, it is also essential to build a strong domestic supply chain for chip manufacturing. In the United States, Intel, GlobalFoundries, and TSMC Arizona are the major suppliers, directly or indirectly, serving national defense needs. Our NeoPUF-based security solution has been licensed to these foundries, enabling them to meet their defense customers' growing demand for trusted and reliable hardware security. Our NeoPUF technology is not only proven at the most advanced manufacturing nodes but also recognized as a key enabler of secure next-generation defense systems. Our defense and communication systems today are built through the complex multi-tier global supply chain, from chip design to fabrication to final system integration. Each stage is a potential attack surface. If even one component is counterfeit or tampered with, a single vulnerability could compromise an entire weapon system or communication network. That's why PUF, the physically unclonable function, is so critical. PUF creates a unique and unforgettable hardware identity for each chip. It serves as a hardware root of trust, enabling secure verifications, key generation, and device authentication directly from silicon itself. In short, PUF transforms each chip, drone, radio, or satellite into a trusted and traceable element within national defense ecosystems and protects defense equipment and weapons. Let's now look at how PUF is applied across different layers of defense. This can be grouped into three levels: device level, system level, and supply chain level. At the device level, PUF gives every chip a unique uncomparable fingerprint. This allows us to verify authenticity and prevent counterfeit devices from entering the network. It also enables secure key generation. The key is created from the chip's own physical trait, not injected from the outside, which means it cannot be stolen or altered. This is vital for communication equipment. Unix operates only with authorized firmware. It also supports Secure Boot and runs. Defense supply chain. PUF provides protection throughout the entire product life cycle, from silicon to system operation. At the design and fabrication stage, PUF IP is embedded directly into the system. Each chip generates its own unique ID, making it secure from birth. This ensures authenticity at the hardware level before the device even leaves the factory. At the assembly and testing stage, when parts are integrated, each module can be authenticated through a PUF-based ID. This process identifies counterfeit or modified components early in production. At the logistics and deployment stage, every shipment can be linked to a PUF-signed digital certificate, maintaining a clear and verifiable chain of custody. It prevents component swapping or fake delivery during transportation. At the operation and maintenance stage, once deployed, the system can perform continuous attestation using a PUF-based hardware security module. This verifies the firmware integrity and ensures that every unit in the field remains authentic and secure. With PUF, the entire defense supply chain becomes transparent, traceable, and tamper-resistant. Finally, let's talk about why our NeoPUF is ideal for defense devices. NeoPUF has been carefully designed to provide stable, reliable, and secure hardware identities, even under demanding environmental conditions such as wide temperature range, voltage variations, and exposure to radiation. First, NeoPUF demonstrates strong reliability. Its positive feedback amplification mechanism allows each device to reach a stable state quickly, so the variation in temperature or electrical noise has minimal interference. This ensures consistent and repeatable responses, which is critical for long-term operation in defense and aerospace systems. Second, NeoPUF shows excellent tolerance to radiation because it is based on quantum tunneling through the gate oxide rather than bi-stable SRAM elements. Radiation effects, which cause the soft error in SRAM, commonly occur in space, will not impact NeoPUF. Third, NeoPUF is inherently resistant to tampering and duplication. Its physical structure is fixed during fabrication and cannot be modified afterward. This makes unauthorized duplication or alteration extremely difficult. Finally, NeoPUF is adaptable across the defense ecosystem. It can be integrated into a wide range of mission systems, from secure communication networks and radar control units to satellites, drones, and surveillance platforms. This adaptability allows defense organizations to build unified trust architectures across different domains, ensuring every connected system operates with consistent implementation of hardware-based trust. In summary, I'd like to say that NeoPUF provides a proven and stable foundation for hardware-based trust, supporting the long-term security and resilience required in national defense supply chains. This is what I would like to share with you today. Thank you. Next, we will enter the Q&A section. Thank you, Charles. This concludes our prepared statement. We will now begin the Q&A section. Please submit your questions in the input box on the webcast window. All of our questions will follow the format of answering Chinese version first, followed by the English version. We will now collect the questions and begin our Q&A section. [Foreign language]. [Foreign language]. Okay, and at last, we will answer the questions about share price. Our first question is, the company just shared the application of PUF technology in the defense sector. Will this successful case create opportunities to further expand into other high-end markets? Please, Charles, please. Yes, and Unique ID and Secret Key Seed, PUF has a wide range of applications in the field of security. Currently, we are collaborating with partners on the following projects. Chiplets, we are Security IP can enhance supply chain security by enabling authentication for each chip within a chiplet. For the collector, which is for the data centers, establishing root of trust with Unique ID, key storage, and random number generations. The application in PUF FIDO, developing a passwordless authentication solution for secure identity verifications. For the Bitcoin custody services, protecting cryptocurrency private keys to ensure asset security. The use in the decentralization identity, DID, which safeguarding patients' medical data privacy through the decentralized identity verifications. [Foreign language]. [Foreign language]. The company previously mentioned that NVIDIA had reached out for potential collaboration, but since our 4 nm - 5 nm process had not yet been qualified at the time, the project did not move forward. Are we still in discussions with NVIDIA? If so, will it be based on the 3 nm process, or could 4 nm-5 nm be adopted now that it has been qualified? Investors are also hoping to see the company enter the ecosystem of both NVIDIA and AMD. Michael, please. We continue to engage actively and closely monitor the development of advanced processes such as 3 nm, 4 nm, and 5 nm. What would be the actual impact on the company? Michael, please. Our technology has already been licensed to all major U.S. foundries, so regardless of where customers choose to manufacture, it has no impact on us. [Foreign language]. [Foreign language]. Beyond efforts with NVIDIA, are there active discussions with the major cloud service providers regarding their in-house AI ASIC chip development? Michael, please. Collaborations are already underway with several leading companies in DPU and CPU applications, and communication with the major CSPs remains close and ongoing. This engagement highlights the strategic value of the technology in enabling next-generation AI and data center platforms, while specific customers cannot be disclosed. These efforts represent meaningful long-term growth opportunities. Thank you. [Foreign language]. [Foreign language]. Do we have customers using our PQC IP and are there customers for our HSM solutions yet? Charles, please. Yes, we already have two chip customers adopting PQC post-quantum cryptographies. For HSM, one customer has signed a contract and two more are currently in progress. [Foreign language]. [Foreign language]. In previous earning calls, it was mentioned that BNC chips will adopt related IP. What is the current penetration rate in this segment? Given that ASP holds the largest global market share in BNC, is there a customer relationship in place? If not, would this affect future penetration? Michael, please. Mainstream BMC chip vendors have already adopted our security IP solutions with a complete Root of Trust portfolio, including the OTP, PUF, and TRNG technologies. These solutions address the demanding security and reliability requirement of BMC applications. As the need for stronger hardware-based protection grows, there are clear opportunities to further expand market penetration across the ecosystem. [Foreign language]. [Foreign language]. Has the recent AI-driven shift in the memory sector had a positive impact on the company? Michael, please. Our direct memory applications are with Taiwanese customers for DDR4 and DDR5 DRAM Repair. Routers for this segment are expected to grow as the customer expands their production lines and adopts more customized and specialized memory applications. We are also actively broadening our customer base. In addition, our Korean customers will begin mass production of DDR5 modules in Q1 next year, which will incorporate NeoEE's SPD Hub and PMIC, contributing to royalty revenue. In the Flash application segment, our PUF technology has already been adopted in over 20 SSD controllers across the U.S., Taiwan, and China. Some of these applications are driven by Collectra security requirements for AI and Enterprise servers, where PUF is used for Flash Memory protection and integrates into customer-developed HBF solutions. Since these are produced in 12 nm- 5 nm process nodes with a large number of customers and tables, this segment will make a significant contribution to royalties. Furthermore, these developments are creating a structural growth driver for our expertise in embedded memory technologies, leading to strong demand from the major customers for the embedded RERAM and NeoFlash. Thank you. [Foreign language]. [Foreign language]. HBM Base Dies also shifting to production at the foundries. We have even heard from customers that there is a possibility of price increase. [Foreign language]. [Foreign language]. What is the current progress for 3 nm, 4 nm, and 5 nm tables or production? Are there new customer projects being introduced? When are royalties from advanced nodes expected to start contributing meaningfully? Michael, please. Currently, the company has accumulated over 60 design wins in advanced process nodes below 7 nm. Notably, in the fourth quarter, we have secured more than 20 tapeouts at 3 nm, marking a major breakthrough for the company in mainstream advanced process. The 7 nm and the 6 nm nodes have already started contributing royalty revenue, while 5 nm, 4 nm, and 3 nm will follow. We are very confident in the future contribution from these advanced process nodes. [Foreign language]. [Foreign language]. What's your progress with ARM? Charles, please. We are accelerating our collaboration with ARM to explore new areas. In addition to having entered ARM's CSS servers used by CSP customers, we are also participating in automotive and industrial product developments. Through ARM, our technology is reaching end customers with our 3 nm PUF Root of Trust. This year, we have already initiated two to three new customers' projects. Beyond positioning our PUF IP as the Root of Trust within ARM's CSS product lines as a standard, we are also actively working with ARM's ecosystem partners and end customers on the higher level software integration and also PQC developments. ARM has shown confidence in our 3 nm PUF RT. We are currently the only provider with Silicon Design Proven Security IP at 3 nm, together with ARM's CSA architecture. It It is a future focus on the AI design. We are continuously collaborating with ARM on the Chiplet Security Design for SOC implementations. [Foreign language]. [Foreign language]. [Foreign language]. Have the organizational changes helped enhance operational agility or cross-team efficiency? Michael, please. In terms of strengthening organizational resilience and operational efficiency, we have already seen meaningful progress this year through the AI adoption and organizational optimization. For the R&D efficient part, by applying AI to parameter tuning and automatic testing in the IP development and verification, we are shortening design cycles and improving productivity. For the customer support, AI-assisted automation in Design Kit generation and version control enable us to respond faster in Design In case, reduce error rates, and accelerate customer's design adoption timeline. Operational process through the organizational streaming, combined with AI and data-driven process improvement, we have enhanced collaboration efficiency and transparency, and further reduced manual workload through the automation. Overall, AI adoption has delivered tangible results in the R&D automation, customer service efficiency, and operational cost management, which in turn strengthened our organizational resilience and competitiveness. Thank you. Our internal reform focused on system-level improvement has moved faster [Foreign language]. [Foreign language]. [Foreign language]. The last question and the most important question is, how does management view the current market sentiment and investor confidence? Michael, please. We have noticed the recent volatility in the market, which we believe largely reflects investor sentiment and external concerns rather than change in our fundamentals. From an operational perspective, our R&D progress, customer engagement, and AI-related initiatives are all moving forward steadily. Both royalty revenue and Design In activities continue to grow. The company's financial position remains healthy, and we will continue to focus on strengthening our technology and customer value. We will also keep communicating with our business progress to make the market better understand our long-term potential and resilience. Over the years, we have been moving forward steadily and firmly along with our established path. There are no shortcuts in our business. Every dollar we earn is a result of long-term effort and accumulation. At the same time, this type of business model built upon a strong patent portfolio and a deep integration with the leading foundry ecosystem will not be changed by fluctuation in the capital market. We will continue to strengthen our communication with investors so that the market can better recognize our true value. Thank you. In the interest of time, we'll begin the closing comments. Charles, please proceed. Yeah, OK. In the coming year and the next year, because in the past we have been working very hard on the innovation of our technology and also IP, the portfolio of our technology and the IP is keeping increasing. We will expect that our license fee and also the royalty coming from our old IP and also technology will continue to increase. Thank you again for your patience and support for eMemory. We will continue to work hard on the technology and the IP innovation, and also particularly PUF-based hardware security solutions after we have spent more than about 10 years on this technology and the businesses. We have seen that the demand on the security is also increasing very fast. Thank you again, and we will continue to bring a high return for our shareholders. Thank you. Thank you, ladies and gentlemen. Please be advised that the conference recording will be accessible within the next three hours. Thank you, everyone, for joining us today. We hope you will join us again next quarter. You may now disconnect. Goodbye and have a good day.