Holtek Semiconductor Inc. (盛群半導體股份有限公司) Q2 2025 法說會簡報
Company Overview
Holtek Semiconductor Inc. is a semiconductor company known for its diverse product applications across various markets.
Financial Highlights and Key Metrics
Consolidated Statements of Comprehensive Income (Unit: NT$ Thousand)
| Comprehensive Income Items | 2025/Q2 | 2024/Q2 | 2025/Q1 | YOY (%) | QOQ (%) |
|---|---|---|---|---|---|
| Operating Revenue | 860,038 | 682,586 | 760,939 | +26 | +13 |
| Gross Profit | 321,692 | 280,166 | 294,325 | +15 | +9 |
| Unrealized Gross Profit | 11,252 | 1,074 | -2,639 | +948 | -526 |
| Realized Gross Profit | 332,944 | 281,240 | 291,686 | +18 | +14 |
| Operating Expenses | 261,227 | 339,574 | 276,255 | -23 | -5 |
| Operating Income | 71,717 | -58,334 | 15,431 | -223 | +365 |
| Non-operating Income & Expenses | -29,994 | 23,963 | 31,243 | -225 | -196 |
| Profit Before Tax | 41,723 | -34,371 | 46,674 | -221 | -11 |
| Net Income Attributable to Parent Company | 22,270 | -34,161 | 90,489 | -165 | -75 |
| EPS (NT$) | 0.10 | -0.15 | 0.40 |
Consolidated Balance Sheet (Unit: NT$ Thousand)
| Balance Sheet Items | 2025.06.30 | % | 2024.06.30 | % | 2024.12.31 | % |
|---|---|---|---|---|---|---|
| Cash and Marketable Financial Assets | 3,114,114 | 54 | 2,837,201 | 48 | 2,809,886 | 50 |
| Accounts Receivable | 501,637 | 9 | 450,731 | 8 | 418,555 | 8 |
| Inventory | 1,048,003 | 18 | 1,377,347 | 23 | 1,192,861 | 21 |
| Long-term Investments | 453,729 | 8 | 525,047 | 9 | 500,751 | 9 |
| Property, Plant, Equipment and Right-of-use Assets | 415,423 | 7 | 492,625 | 7 | 470,729 | 7 |
| Others | 236,909 | 4 | 257,251 | 5 | 224,928 | 5 |
| Total Assets | 5,769,815 | 100 | 5,940,202 | 100 | 5,617,710 | 100 |
| Current Liabilities | 1,679,449 | 29 | 1,740,351 | 29 | 1,578,998 | 28 |
| Non-current Liabilities | 459,727 | 8 | 485,400 | 8 | 382,130 | 7 |
| Total Liabilities | 2,139,176 | 37 | 2,225,751 | 37 | 1,961,128 | 35 |
| Total Equity | 3,630,639 | 63 | 3,714,451 | 63 | 3,656,582 | 65 |
| Total Liabilities and Equity | 5,769,815 | 100 | 5,940,202 | 100 | 5,617,710 | 100 |
Important Financial Ratios
| Ratio | 2025.06.30 | 2024.06.30 | 2024.12.31 |
|---|---|---|---|
| Average Days of Collection | 52 | 63 | 54 |
| Average Days of Inventory | 203 | 396 | 330 |
| Current Ratio (times) | 2.8 | 2.7 | 2.8 |
Note: Total Outstanding shares were 226.1 million units at 06/30/2025.
Business Segments
Application Areas (as per revenue share):
- RF (Radio Frequency)
- Safety
- BLDC (Brushless DC Motor Control)
- Display Driver
- Health Care
- Home Appliance
- Industrial Control
- PC Peripheral
- Power Management
- Others
Key Product Categories and Technologies:
- MCU (Microcontroller Unit):
- 32 Bits MCU
- 8 Bits MCU
- Touch MCU: Specific line for touch applications.
- Safety Care Market:
- NB-IoT Smoke Detector Solution (ready)
- Standalone Detectors: CO Detectors, Smoke Detectors, GAS Detectors
- Networking Type Addressable Smoke Detectors
- Healthcare Market:
- HCT technology of Blood Glucose (under development)
- Products: Ear Thermometers, Forehead Thermometers, Blood Glucose Meters, Blood Pressure Meters, 4-electrode AC Body Fat Scales
- DC Brushless Motor Applications:
- Electric Tools, Garden Tools, Sewing Machines, Electric Hand Push Lawn Mower, Massage Guns, Air Purifiers, Electric Fans, Vacuum Cleaners, Ceiling Fans
- Internet of Things (IoT):
- Big Data, Data Processing, Data Transmission, Data Storage, Data Sensing, Integration
- Electric Vehicle Charger Applications:
- E-Scooter, E-bike, Electric Scooter, Electric Three-Wheeler, Tuk-Tuk
Recent Performance and Results
Annual Operating Performance (NT$ Million)
| Year | Sales | Income after tax and minority interest | Gross Margin% |
|---|---|---|---|
| 2018 | 4,863 | 1,064 | 49.2% |
| 2019 | 4,584 | 915 | 49.2% |
| 2020 | 5,615 | 1,031 | 46.2% |
| 2021 | 7,128 | 2,044 | 51.1% |
| 2022 | 6,016 | 1,106 | 50.6% |
| 2023 | 2,596 | 112 | 50.4% |
| 2024 | 2,502 | -150 | 40.3% |
| 2025H1 | 1,621 | 113 | 38.5% |
Quarterly Operating Performance (NT$ Million)
| Quarter | Sales | Income after tax and minority interest | Gross Margin% |
|---|---|---|---|
| 22Q2 | 1,665 | 355 | 52.8% |
| 22Q3 | 1,347 | 224 | 49.1% |
| 22Q4 | 1,085 | 15 | 47.5% |
| 23Q1 | 761 | 37 | 52.1% |
| 23Q2 | 716 | 56 | 54.3% |
| 23Q3 | 631 | 37 | 51.9% |
| 23Q4 | 488 | -18 | 44.7% |
| 24Q1 | 444 | -45 | 40.2% |
| 24Q2 | 683 | -34 | 41.2% |
| 24Q3 | 683 | -73 | 37.8% |
| 24Q4 | 692 | 3 | 39.0% |
| 25Q1 | 761 | 90 | 38.3% |
| 25Q2 | 860 | 22 | 38.7% |
MCU Sales and Shipments
- 25Q2 MCU Sales: NT$ 659 million (YOY +29% ; QOQ +11%)
- 25Q2 MCU Shipments: 109,282 K pcs (YOY +17% ; QOQ +14%)
Annual MCU Sales:
- 2022: NT$4,842 million (80% of total sales) (YOY -14%)
- 2023: NT$2,056 million (79% of total sales) (YOY -58%)
- 2024: NT$1,881 million (75% of total sales) (YOY -9%)
- 2025H1: NT$1,250 million (77% of total sales) (YOY +50%)
Annual MCU Shipments:
- 2022: 632 KKpcs (YOY -28%)
- 2023: 298 KKpcs (YOY -53%)
- 2024: 342 KKpcs (YOY +15%)
- 2025H1: 205 KKpcs (YOY +35%)
Touch MCU Shipments
- 25Q2 Touch MCU Shipments: 14,232 K pcs (YOY -19% ; QOQ +12%)
Annual Touch MCU Shipments:
- 2022: 124KK (20%) (YOY -37%)
- 2023: 43KK (14%) (YOY -65%)
- 2024: 62KK (18%) (YOY +44%)
- 2025H1: 27KK (13%) (YOY -4%)
Safety Care Product Shipments
- 25Q2 Safety Care Shipments: 14,881 K pcs (YOY +409% ; QOQ +34%)
Annual Safety Care Shipments:
- 2022: 52KK pcs (YOY +36%)
- 2023: 31KK pcs (YOY -40%)
- 2024: 20KK pcs (YOY -35%)
- 2025H1: 26KK pcs (YOY +333%)
Healthcare Product Shipments
- 25Q2 Healthcare Shipments: 13,225 K pcs (YOY +20% ; QOQ +51%)
Annual Healthcare Shipments:
- 2022: 54KK pcs (YOY -23%)
- 2023: 37KK pcs (YOY -31%)
- 2024: 45KK pcs (YOY +22%)
- 2025H1: 22KK pcs (YOY +22%)
Motor Control Product Shipments
- 25Q2 Motor Control Shipments: 3,694 K pcs (YOY +125% ; QOQ +24%)
Annual Motor Control Shipments:
- 2022: 23KK pcs (YOY +7%)
- 2023: 5KK pcs (YOY -78%)
- 2024: 6KK pcs (YOY +29%)
- 2025H1: 7KK pcs (YOY +250%)
RF Product Shipments
- 25Q2 RF Product Shipments: 2,508 K pcs (YOY +33% ; QOQ -3%)
Annual RF Application Shipments:
- 2022: 10KK pcs (YOY -39%)
- 2023: 8KK pcs (YOY -20%)
- 2024: 8KK pcs (YOY +3%)
- 2025H1: 5KK pcs (YOY +67%)
E-Scooter Charger Application Product Shipments
- 25Q2 E-Scooter Charger Application Shipments: 2,020 K pcs (YOY +37% ; QOQ +28%)
Annual E-Scooter Charger Application Shipments:
- 2022: 18KK pcs (YOY -29%)
- 2023: 10KK pcs (YOY -44%)
- 2024: 6KK pcs (YOY -40%)
- 2025H1: 4KK pcs (YOY +15%)
Future Outlook and Guidance
(No explicit future outlook or guidance statements were provided beyond the current quarter/half-year performance data.)
Strategic Initiatives and Plans
(No explicit strategic initiatives or plans were detailed in the provided slides.)
Key Charts, Graphs, and Data Points
Revenue Share by Application
114年上半年 (2025H1) Total Sales: NT$ 1,620 million (YOY +44%)
- Others: 19%
- RF: 1%
- Safety: 18%
- BLDC: 3%
- Display Driver: 9%
- Health Care: 12%
- Home Appliance: 17%
- Industrial Control: 7%
- PC Peripheral: 7%
- Power Management: 7%
113年上半年 (2024H1) Total Sales: NT$ 1,126 million
- Others: 23%
- RF: 1%
- Safety: 4%
- BLDC: 1%
- Display Driver: 11%
- Health Care: 14%
- Home Appliance: 23%
- Industrial Control: 10%
- PC Peripheral: 5%
- Power Management: 8%
114年第二季 (2025Q2) Total Sales: NT$ 860 million (QOQ +13%)
- Others: 18%
- RF: 1%
- Safety: 19%
- BLDC: 3%
- Display Driver: 9%
- Health Care: 13%
- Home Appliance: 16%
- Industrial Control: 6%
- PC Peripheral: 8%
- Power Management: 7%
114年第一季 (2025Q1) Total Sales: NT$ 761 million
- Others: 21%
- RF: 1%
- Safety: 18%
- BLDC: 3%
- Display Driver: 8%
- Health Care: 10%
- Home Appliance: 19%
- Industrial Control: 7%
- PC Peripheral: 6%
- Power Management: 7%
Products, Services & Technology
- Microcontroller Units (MCUs):
- 32 Bits MCU
- 8 Bits MCU
- Touch MCU
- Safety Care Solutions:
- NB-IoT Smoke Detector Solution
- Standalone Detectors: CO Detectors, Smoke Detectors, GAS Detectors
- Networking Type Addressable Smoke Detectors
- Healthcare Technologies:
- HCT technology (for Blood Glucose, under development)
- Thermopile Sensor (used in Ear Thermometers)
- Blood Glucose Strip (used in Blood Glucose Meters)
- Pressure Sensor (used in Blood Pressure Meters)
- Load Cell (used in 4-electrode AC Body Fat Scales)
- Motor Control Products: For DC Brushless Motors (BLDC) in various applications.
- Internet of Things (IoT) Ecosystem:
- Data Processing, Data Transmission, Data Storage, Data Sensing, System Integration
- Electric Vehicle Charger Applications: Specifically for two-wheel and three-wheel electric vehicles.
Closing Statement
Holtek is a sincere and trustworthy partner that you can rely upon for your long term investment.