Welcome everyone to Parade Technologies Limited's 2025 fourth-quarter webcast investor conference. Investor relations of Parade Technologies, Mr. Yo-Ming 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. After the presentation, there will be a question-and-answer session in English by CEO Dr. Jack Zhao and Vice President of Finance Mr. Kuowei Wu. 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佑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维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。Now I would like to introduce Mr. Yo-Ming Chang, Investor Relations of Parade Technologies. Mr. Chang, please begin. 现在有请投资人关系张佑明先生。佑明，请说。 Thanks, Jason. Welcome everyone to Parade Technologies 2025 Q4 webcast investor conference. Parade Technologies fourth quarter 2025 consolidated revenue was $125.22 million, and the net income was $17.53 million. It's both basic and the fully diluted after-tax earnings per share were $0.22 and $0.22 respectively. These results compared to consolidated revenue $127.41 million and the net income of $21.30 million, or $0.27 and $0.27 for basic and the fully diluted shares in the year-over-quarter. In US dollars, the fourth quarter revenue decreased 14.32% sequentially, and it was down 1.72% year-over-year. The gross profit in the fourth quarter of 2025 was $52.63 million, 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 the operating income was $87.20 million. Net income was $87.75 million, or $1.11 per basic share and $1.10 per fully diluted share, compared 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 TC1316V, the world's first fully integrated AEC-Q100 qualified embedded DisplayPort touch with TCON embedded driver. This new device targets next-generation automotive captive LCD displays, requiring higher resolution and higher refresh rates. The TC1316V combines Parade's broad portfolio of patented touchscreen technology and the market-proven eDP TCON, In-Cell, and high-speed signal technology to provide excellent picture quality and responsive touch performance. The TC1316V leverages Parade's TrueTouch patented technology and design expertise, built on the experience of shipping over 1 billion touch devices and the proven In-Cell 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 cockpit. Based on the current business outlook, Parade is providing the following guidance for the first quarter of 2026: revenue is between $119.75 million-$132.25 million. Gross margin is between 40%-44%. Operating expense is between $33 million-$36 million. 大家午安，欢迎大家来参加普瑞公司2025年第四季线上法人说明会。首先由我跟各位报告普瑞公司2025年第四季财务数字。本公司2025年第四季合并营收为$125.22 million，税后净利为$17.53 million。除权后基本与稀释每股税后盈余为$0.22，约当新台币6.97元，即$0.22，约当新台币6.94元。而去年同季合并营收为$127.41 million，税后净利为$21.30 million。除权后基本与稀释每股税后盈余为$0.27，约当新台币8.69元，即$0.27，约当新台币8.66元。2025年第四季合并营收较前一季减少14.32%，较去年同期则减少1.72%。在营业毛利方面，本公司第四季营业毛利为$52.63 million，较上一季减少15.27%，较去年同期则减少2.11%。另本公司2025年自结全年度合并营收为$531.09 million，较去年$505.81 million增加5%。营业毛利为$226.01 million，营业利益则为$87.20 million，税后净利为$87.75 million。除权后基本与稀释每股税后盈余为$1.11，约当新台币34.51元，即$1.10，约当新台币34.31元。相较于去年，税后净利为$80.68 million，除权后基本与稀释每股税后盈余为$1.01，约当新台币32.55元，即$1.01，约当新台币32.39元。 2025年1月11日，普瑞公司发表TC1316V，该产品为全球首款通过AEC-Q100认证eDP界面的触控与时序控制器整合驱动器全整合式晶片TTED。这款全新晶片专为需高解析度与高刷新率的次世代汽车座舱LCD显示器设计，整合普瑞广泛的触控萤幕专利技术，以及经市场验证的eDP时序控制器。In-Cell显示屏与高速讯号技术可提供卓越的画质与灵敏的触控效能。TC1316V运用普瑞的TrueTouch专利技术与设计专长。这些技术与经验源自超过10亿颗触控装置的出货经验，以及在消费性笔记型电脑中经过验证的In-Cell效能。该晶片具备优异的电磁干扰抑制能力、低功耗特性与先进的讯号处理演算法，可确保汽车座舱内触控操作的稳定性与灵敏度。 基于目前对2026年第一季营运的展望，我们预期合并营收为$119.75-$132.25 million，合并毛利率为40%-44%之间，合并营业费用为$33-$36 million。 This is my presentation for the 2025 Q4 and the year 2025 financial results. Now I transfer to CEO Dr. Jack Zhao to answer your questions. Jason, you may begin. Yes, thank you, Yo-Ming. Ladies and gentlemen, we will now begin the English question-and-answer session. If you wish to ask a 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 could 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 Yang of Bank of America. Go ahead, please, Mike. Thank you, Jack and Yo-Ming, 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 PS product line was below 50%. Our DP product line was around 40%. Our TC, which is source driver, and the TT with touch, that include our TTED 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. Rarely we heard the DRAM and the flash memories are in the shortage side. And so I think the question came from is whether those one will impact the notebook shipment. During the CES show, we had an opportunity, or myself had an opportunity, to talk to the major OEMs. I think the tier-one OEMs, in terms of their forecast, seems to remain similar or not much change. But they do recognize that the DRAM or NAND device might price increase, but they don't see they will have a shortage. So that's 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 source in the device early to have 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 currently see as we discuss with our customers. Got it. Thank you, Jack. I will go back to the queue. Thank you. Thank you. Next one, Jerry Su, UBS. Go ahead, please. Thanks for taking my question. The 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 more detail about the gross potential for both DP and also PS product line in 2026? That's the first question. And then second question, I want to check with you what you're thinking about on the gross 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 remain think the market in this year, total number of notebook shipment should remain similar as 2025. That's what we baseline we think. For our device, we have 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 USB4 retimer, our USB4 hub, and as well as the other high-speed device. In addition, recently, we had last year introduced our TTED device for panel, for notebook. 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 2026. So even though the overall notebook, the number, or PC, the number may remain similar in 2025, we think we will continue growth really based on our high-speed device and as well as our TTED and TED adoption rate increase in 2026 and pretty significant. So in terms of gross margin, on your second question, and we are taking into consideration the industry-wide OSAT and assembly cost and testing cost increase as we observed currently. So we take into consideration of this. I think we will remain or probably improve as quarter to quarter to see whether the gross margin can continue to improve. But we think that we will not have any more significant change at this moment. So that's basically the things taken into consideration of industry-wise the OSAT and assembly and testing cost increase. Okay, thank you. Then my follow-up question is on the ASIC-like business. Can you give us some more update about the progress of the 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. As we shared previously, our ASIC-like strategy has been progressing well. Our team are busy on the execution since those ASIC-like chips are pretty big. We have both on the display side and on the high-speed side. Those are using FinFET and using the deep sub-micron and so using our high-speed IPs. We expect by late 2027 or maybe 2027, and I think it depends on the schedule of customer deliver onto the market. We expect we'll start to see the revenue contributions. We are very busy on the execution of those projects. We have a large team focused on those projects and work with customers very closely and engineering hand-in-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 because 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 and Yo-Ming. Can you hear me? Yep. Okay. 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? The point in the Q1 coming quarter is our high-speed device. So as our demand on our TTED device, those are pretty large contributions. 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 they forecasted to the what they forecast given to us. So that's expected. So it was not a surprise at all. Got it. So how does the product mix for the first quarter, for the fourth segment, will look like compared to that of the fourth quarter? Frankly, I don't have enough numbers yet. But as I described, OSAT, the ASP might have a couple percentage higher in terms of our mix. And surely, our TTED, which carry our TTED device, will have a few points above the current quarters or the last quarters. Got it. Very clear. My second question is regarding the Standard Plus customer and their ASIC-like business. Regarding our Standard 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 Standard 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 on 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 we may have more there. On the high-speed side, we are not necessarily only working with our Standard Plus customer, even though previously, we already worked on something, and the project has been in the production already. And there are new customers, and the chips are relatively on the high-speed side are relatively big. And also multiple chips are working on. So 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 on Deep Sub-Micron, the FinFET technology. Yeah, that's as much as I can share with you. Okay. Thank you. Very clear. And my last question is regarding automotive revenue and the market outlook. So can management 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 winning new customers or launching new products? Yeah. Especially high-speed automotive, on those high-speed converter and our DP 2.0 hub, we won in the last quarter on 2024 quite a few of major customers, whether they're very high-brand, the Europe large-volume customers, so as towards the China EV side. So our converter device, and especially the DP hub, are doing quite well in the field. I think I understand our DP hub and the automotive-grade DP hub device can support multiple panels at the same time, and you can swap. So those high-speed devices. Because you come in 10 gig, and you can spread many of the lower speed to go out. So that's pretty unique. And so we have multiple wins in the last quarters. And we continue to see those high-speed devices start to MP more in the quarter to quarters. And we also just announced our first-ever EV, the TTED automotive device, we call it TC1360V, in line 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 our customer, how they introduce their car into the market, right? So yeah, we have the number one EV car. We're in the number one China EV car. We're in the number one luxury, the high-volume, the Europe car on the DP hub. Yeah. So that's quite many there. But the only thing automotive is the design cycle long and took time to the market, but few of guys is already in the shipment. Thank you. I'll be back to the queue. Thank you. Next one, Jamie Yeh, KGI. Go ahead, please. Hi, Jack and Yo-Ming. I have two questions. The first one is for this year display product because for ASIC-like seems that it will provide growth for next year. But this year, you faced the consumer product shipment challenge on DRAM shortage. So I'm wondering what kind of product trend do you see that you may benefit from this trend rather than suffer? Because for the TTED 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 TTED device for the panel are unique. You integrate a source driver, TCON, and a touch together. And we are doing so where not only you have a finger touch. Stylus. So customer likes a lot. So the current way of shipping all are on the relative high-end so-called LTPS panel, right? So we expect. Low temperature. The so-called low-temperature. Towards the groups. Because USB data rate increase will continue going up, right? And more important, not only the LTPS panel, we will go to the oxide amorphous panels as well. Those TTED devices not only support the lower border, the narrow border, but also support thinner panel. So people talk about a lot of narrow border, right? Yes. Yeah. Thinner panel is become another factor. You probably can only achieve this using the TTED to achieve it. You look at those panels, you can achieve 1-something mm panel thickness. So for industrial design, those are very attractive. That's why we see not only one OEM, multiple OEM are jump on to those areas. I see. Is that easy for Europeans to duplicate, similar solution? Say that again? 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 is a firmware there. Error there. 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 TCON plus driver type of thing or plus On-Cell panel, right? So yeah, literally. I see. Moving to more mainstream. Literally, USB On-Cell probably will be cut a lot. I don't see why people need On-Cell anymore. The cost, everything, is much lower In-Cell. Yeah. Because currently, we are in the LTPS, the panel itself, we have a solution breakthrough to go into the oxide, go into the metal. Amorphous. Yeah. So those will be cross-border change. Okay. I see. And my second question is about ASIC-like. I think last quarter, I asked the same question, and I think I got a sense that the projects that you are working on are multiple projects, multiple customers. And if some of them come true, then it will provide probably the strongest growth ever, I mean, compared with the historical. Is that still the case for you, or are you more confident that after three months, are you more confident that your ASIC-like will grow meaningfully from next year? In the previous one we talked, we were in the phase we were talking or planning for project. Now, we are in the phase with customer forecast. We are in the execution with a clear schedule, with a lot more details on the projects. Yeah. I think if we hope both parties all put together want to make it successful, yeah, the revenue will be significant. I see. And seeing that share price now reflect this kind of, I mean, the positives, do you consider to share buyback to show that you're confident? I thought. Growth? Today, our board meeting, I think it might be announced. I don't know whether announced it or not. Announced yet. We will have doing the share buyback as we were doing, and we will shares to return the cash back to our investors. I see. That's great. And for the last one, for ASIC-like, I think you start with consumer-related devices. Well, is that possible that you will expand to server or even AI-related, probably mid to long terms? We're always chasing that, right? We're always chasing that. That's part of our strategy, chasing this to AI-related. And we are doing the share with the investor community. We are doing those PCIe for storage using our retimer and the redriver. Yeah. We have a few design win cases. And those are the data center type of storage. And so those design win are there. And we're also working on those cable solution with a PCIe cable or Ethernet cable. And those are our silicon germanium device. So those we are doing, and especially storage, we work with a few of customers on those storage solutions. You already penetrate into server storage? Yeah. Some server storage and utilize. Like Dell EMC. VNX and those kind of thing. Yeah. I see. How many percentage that probably very low now, but I think that should provide high growth. We have not really counted those in because the design cycle is a little bit long. Also, those customers have not really shared with what is the potential volume and those kind of things. It's unlike the ASIC-like device because you negotiate very heavily on both parties. Those ones, it's just design wins. I see. Does that start now, this year, for the storage thing? We already confirmed design win. I don't know when they are start to volume shipment. Okay. I see. Great. Thank you, Jack. Thank you. I'll be back to speak. Thank you. Next question, Daniel Yen, Morgan Stanley. Go ahead, please. Hi, Jack. Yo-Ming. Thanks for taking my question. Yeah. My first question is still regarding the 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 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 you probably know more than what are the shares, what it is. I only can talk based on what we knew, what we signed on, what the customer give us a forecast. I hope that answered your question, right? I hope it answered your question. We also did our investigation as the best we could. Got it. Got it. Sure. I think it's already very clear. So my second question is still regarding the gross margin. Jack, can I ask you, is there KGD in TCON, semicontroller? Because you talk about OSAT testing. I'm just wondering, for example, for OLED, TCON, is there KGD, or is there any of your products involving the KGD? You need to buy the memory from a dealer supplier. And what impact? No, no, no. We don't buy DRAM. That's good. The purchase is long gone, okay? I'm glad we did not we don't have those one anymore, okay? And otherwise, it will be horrible, right? So 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 DRAM for those high-end TCON. It's integrated together, and the memory, we integrate together. What you said on the margin, it's mainly not. It's mainly under it's not particularly on the TCON. It's mainly on the OSAT, 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 would over them. But I think for us, it is prudent to take into. Sure. Thank you, Jack. So just one follow-up from me. Jack, can I consult your opinion? Because five years ago, when there was COVID, we also had foundry cost hikes, material cost hikes, logistics cost hikes. But a lot of the cost hikes at that time can be passed through to the customers or even with some markup. But this time, what's the difference? What will be your view? Is there any chance we can still negotiate the pricing with our customers because, yeah, most of the cost, as you mentioned, are going up? This time came pretty sudden, I would think, okay? Yeah. We're well to negotiate with some of our customers on those one, and hopefully, all rational to take into consideration. We understand the situation and the market because our OEM also put it right to many, many pressure there. Yeah. So some of our parts, particular, and we already referred to told our customer those increase there. And yeah, we'll probably have to take into consider how do we negotiate with the customer under those price increase. So that's the unfortunate this time is even we gone through last time, this time is a lot more quicker than it was. I see. Yeah. Thanks, Jack. 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. 中文提问时间现在开始。如果您需要提问，请在您的电话机上按"米"字键以及数字"1"。当我们读出您的名字后，请开始发问。每一次发问最多两个问题。如果您需要取消发问，请按"米"字键以及数字"2"。谢谢。 目前第一位提问的是 Cathay Securities， Raymond Kuo，请提问。 much? This is my first question. TTED 这个 based on eDP 1.5 的这些 competition 要 relative 更少一点，或者说这个 barrier for newcomer 进入这个领域更加难一点。 好。那Jack，我的第一个问题是刚刚很多分析师都已经有问到ASIC-like，但是我想再聊一些细节。那比方说，就说我们可以跟市场上几家我们主要的一些竞争对手，那我想讨教的是说，像我们在类比电路这边的设计蛮强的，在一些讯号的衰减补偿是同期最佳。但是我们最主要的对手，它跟美系客户在一些底层的协定相容性很高，就是说双方都有一些优点。那我想问说，那我们可以看到这一家美系的这个潜在客户，它刚推出的这种新的这个平台架构，它都在推动里面更高的这种I/O的频宽。那这个技术上面的趋势有没有机会让我们就说在争取未来的ASIC-like产品是一个加分？还是说就是说到底是我们这种过去做一些就是说一些high speed的进去做这种比方说做一些ASIC机会大，还是说有一些底层的party它可能过去合作很久，那它的就是说客户更改这种supply chain的意愿不高？就是说我们应该怎么去看这种各自的优点？ 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的high speed的这些IP，包括PCI Gen 5，包括PCI Gen 6，包括USB 4.2，这些proven的IP对他们long term非常attractive。这个是特别是在proven在12或6 nanometer上面，这些对customer是有最大的吸引力的地方。那。 好，Jack，请说。 Yeah. 那这是我们看到的。我觉得这是我们been invest for long, long time的这些东西，对吧？那yeah，我觉得对我们说最主要的客户比较喜欢. Besides我们的团队的这个execution的capability，这个我们大概可能在美国也有一些这个advantage，对吧？因为我们有team在这个美国，这个蛮大的team在美国有些advantage，因为我们在同一个时期说同样的language，这个老母辈的，对吧？这个但是最重要的，最最重要的还是high speed的IP，proven high speed IP. Okay. Jack，那这样子供应链的多角化会是这种客户考量的点吗？还是最主要是回到产品的本身？ 我不觉得。我不觉得对最大的客户都这些都不是key是proven的IP。 好，谢谢。 现在所谓的这个做business，做这种sourcing的会有很多的供应链的多样性，对吧？在做其他的more engineering，我觉得是less，因为这些high speed的实在是两边都需要花significant amount的investment的engineering time去做这些东西。所以yeah，我觉得是大家把事做好是最critical。 好，谢谢Jack。我的问题先到这边。 谢谢。下一位提问者是富邦Eric Lin，请提问。 下一位提问者是富邦。 Jack，你好。那我们这边询问有关机体涨价的后续效应，就是我们因为目前还是看到蛮多终端的平台商品可能有提到涨价的趋势。那这可能会影响我们在PC规格升级的速度吗？然后也包含在一些周边配件上面，例如说USB for产品会不会有一些负面影响？谢谢。 我听到的OEM是他们想要accommodate今天situation是move更多的产品到high end去，所以fully utilize他们的这个resource for这个memory，对吧？这个大概也没比较容易懂的就是说他们尽量去做这些high end的机器，对吧？那这个对我们是good，因为high end的机器一定会要USB4 retimer，对吧？一定会要USB4 retimer。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，这个对OEM大概不得不去做一些这个price调整吧。除了把这个memory减少，这个equipment的减少或者equipment在涨价的，那yeah，我觉得这是我自己的观点。我不知道这个OEM到底是怎么想法，但是确实我也知道一点就是他们希望尽量move到high end的segment去，这个是我被告知的。这个会不会涨价，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，我们目前只有就是近期光晶同退的趋势是有再次的去引发一些市场的关注。那这一块对于公司在伺服器蓝线的业务未来会不会觉得说有什么样子的影响或是观点的改变？谢谢。 我大概同意你这个光晶这个同退的这个说法。对啦，我们这个也在观察，也想因为这个high speed这么高速了以后，这个同线变成越来越困难，对吧？越来越困难。这个确确实实是一个方向，那我们也在关心观察当中，但是yeah，我们只能说我们在关心当中啦。那这个做光晶的东西大概是一个也是蛮大的技术barrier要变成这个fully production这个worthy的东西。那铜的毕竟是已经很比较成熟的这个service architecture也成熟，那得到光纤，得到光的这个要everybody要build的这个新的infrastructure在那边。但是从理论上说应该是啦，应该会是这个样子。 好，了解。那我没问题了，谢谢。 谢谢。下一位提问者是Goldman Sachs，Bruce Lu请提问。 哎，Jack，我想问一下就是说公司的竞争优势一直在high speed这边的一些IP这些东西，可是那状况就是说在server这边高阶的server就是这边我们还在努力中。那edge devices现在看起来compute都放在cloud，所以edge devices现在edge AI现在看起来需求还是相对弱势。那consumer好像也不愿意花钱买真正所谓高阶的机种，因为如果compute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structure的issue，对不对？所以这个局要怎么去破呢？就是说我们是放掉consumer这一块专心做high end，然后直接把datacenter这边一路攻下去，还是说我们要看一下在edge这边要怎么去，不然在这边现在看起来是两边都是一个争龙棋局，对不对？ Bryan一个非常philosophical的good question，是吧？那这个question不光是针对我们Parade还是针对所有这些做OEM的，对不对？做OEM whether这个edge还是cloud。那我不知道你有没有关心到这两天的一则news，有一个叫Multi-Board，你听到这个消息吗？` 是。 他们只能run 在Mac Mini上面，然后他在Mac Mini上面一直在update他的model，所以你就不用花钱你去可以chat。这个sold out 里面突然之间把Mac Mini都卖完了。你听到这个news吧？你听到这个news吧？ 对，我有听到。 你听到这个就是所谓edge跟cloud之间的一个competition，对不对？那这个就是为什么说edge有他的一定的意义在那边，当然他不能用notebook说他一直要在连在网上一直要一直要在update，是吧？一直要在update。那quite interesting，当我read了这个东西我也觉得quite interesting，因为毕竟whether这个ChatGPT或者Gemini或者cloud我都有去试，我觉得都非常好。那你毕竟还是要花钱嘛，对吧？也要花钱嘛。这个solution你是under control你不用花钱的，对不对？而且你you can do a lot more。所以yeah，所以这个这就是回答你这个question，这个大家都在看什么样最efficient的solution，什么样最efficient这个yeah，我有朋友也去try了，也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？这definitely 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还是有进这些data center的这个storage，对吧？storage这个没有进这些major computing，但是有进这些这个data center的storage上面，对吧？我们有design win，这些我们的retimer redriver都有design win在那边。那我们当然也跟客户跟我们的客户在这个去了解那些inference device，那我觉得我们会有一些room去play on这些ASIC-like这些device到这种room上面去play。因为毕竟在。 那我换个角度问好了。 对。 那换个角度，你的resource priority是要放在哪里？你要放在你的这个ASIC-like datacenter的这些storage peripheral这些东西，还是在edge devices把它做到最高级？ 因为那个return big。那other one. 这个呢，那个啊。 对啊，other one是怎么会有花钱呢？ 没有，没有，我是这样说，假如有这些opportunity arise，这些opportunity arise，我不能去随便，我们不能去随便define一个device，然后没有或者multiple years没有investor return的，这个我们一定会去找有very firm的investment return的。As long as我们fusion correctly。我想我大概made我们very clear，我们的investment has to have a return。 好，那我懂，我就这个问题而已，谢谢。 里面，但是在 cloud 里面还有一部分是 influencer，这个我觉得很多人都已经把这一部分已经忘记掉了。 了解。 influencer computing我觉得这一方面还是有很多的可以explore的，可以去做的地方，而且customer也willing to work with you to do it. for market 还 sizable？ Yeah，那还assess。 Department就不会要你去optical，不会要去做这种东西的，对吧？ 好，我知道了，谢谢。 Okay。 谢谢。非常感谢各位的提问，目前没有其他的问题，我们将结束今天的会议。非常感谢各位参与Pray科技股份有限公司2025年第四季线上法人说明会。今天的会议将到此结束，您现在可以离线了，谢谢，再见。 thank you everybody.