愛普科技股份有限公司 (6531) 2025年第二季法人說明會

Company Overview

• 專注提供全球客戶客製化記憶體設計及解決方案之IC設計公司
• 總部位於台灣新竹台元科技園區
• 美/中/台三地合作研發; 台灣營運
• 集團人數: 263 (2025年6月底)
• 2016年於台灣證交所上市，已發行且流通在外股數: 1.62億股 (每股面額5元)

Milestones

• 2011: AP Memory Founded (PSRAM targeting feature phone market)
• 2016: Listed on TWSE (6531)
• 2017: Acquired Zentel Electronics
• 2018: Started VHM™ 3D integration pilot project
• 2020: Exited specialty DRAM business
• 2021:
  • VHM™ enters production
  • 1-to-2 Stock split
• 2022: Issuance of GDR for US$190M
• 2023: Kick-off on AI main-stream POC project
• 2024: S-SiCap™ Interposer enters production

Note:

• VHM™: Very High-bandwidth Memory
• VHMStack™: Very High-bandwidth Memory with multiple stacked layers
• S-SiCap™: Stack Silicon Capacitor, AP Memory's SiCap technology which uses a stack capacitor

Financial Highlights

2025Q2 合併損益表 (Consolidated Income Statement)

匯率變動對損益之影響 (Impact of Exchange Rate Fluctuations on Income)

• 營收 (Revenue)
  • 新台幣每升值1%，換算新台幣營收將下降1%
• 毛利率 (Gross Margin)
  • 毛利率受到匯率的影響為漸進式
  • 新台幣每升值1%，將使毛利率下降約0.4-0.5個百分點
• 外幣兌換損益 (Foreign Exchange Gain/Loss)
  • 合併公司目前持有的美元淨資產部位為US$219,611仟元，新台幣匯率升值將會造成相應的匯損

Business Segments

產品線說明 (Product Line Description)

• IoT + AI = IoTRAM™ + S-SiCap™ + VHM™
• IoTRAM™: Best memory for IoT, Second to none.
• VHM™ (Including VHMStack™): Best memory solutions for AI/HPC.
• S-SiCap™ (IPD + IPC):
  • Integrated Passive Devices (“IPD”)
  • InterPosers with S-SiCap™ (“IPC”)

季度營收及毛利率趨勢 (Quarterly Revenue and Gross Margin Trend)

• Revenue (NT$M):
  • 3Q22: 951
  • 4Q22: 684
  • 1Q23: 615
  • 2Q23: 1,006
  • 3Q23: 1,200
  • 4Q23: 1,125
  • 1Q24: 624
  • 2Q24: 836
  • 3Q24: 907
  • 4Q24: 879
  • 1Q25: 855
  • 2Q25: 1,092
• Gross Margin%:
  • 3Q22: 44%
  • 4Q22: 43%
  • 1Q23: 40%
  • 2Q23: 40%
  • 3Q23: 41%
  • 4Q23: 44%
  • 1Q24: 46%
  • 2Q24: 51%
  • 3Q24: 52%
  • 4Q24: 53%
  • 1Q25: 46%
  • 2Q25: 42%

毛利率變化因素說明 (Explanation of Gross Margin Change Factors)

• From 1Q25 (46%) to 2Q25 (42%):
  • Unfavorable product mix factors: (1.2%)
  • NT$ Appreciation: (2.8%)

Products & Technologies

IoTRAM™ 季營收 (IoTRAM™ Quarterly Revenue)

• Total IoTRAM™ Revenue (NT$M):
  • 3Q22: 951
  • 4Q22: 684
  • 1Q23: 615
  • 2Q23: 1,006
  • 3Q23: 1,200
  • 4Q23: 1,125
  • 1Q24: 624
  • 2Q24: 836
  • 3Q24: 907
  • 4Q24: 879
  • 1Q25: 855
  • 2Q25: 1,092

S-SiCap™ 季營收 (S-SiCap™ Quarterly Revenue)

• S-SiCap™ Revenue (NT$M):
  • 3Q22: 1
  • 4Q22: 3
  • 1Q23: 10
  • 2Q23: 3
  • 3Q23: 9
  • 4Q23: 14
  • 1Q24: 40
  • 2Q24: 55
  • 3Q24: 44
  • 4Q24: 103
  • 1Q25: 66
  • 2Q25: 171

VHM™ 季營收 (VHM™ Quarterly Revenue)

• Total VHM™ Revenue (NT$M):
  • 3Q22: 234
  • 4Q22: 138
  • 1Q23: 102
  • 2Q23: 88
  • 3Q23: 31
  • 4Q23: 24
  • 1Q24: 84
  • 2Q24: 54
  • 3Q24: 323
  • 4Q24: 243
  • 1Q25: 54
  • 2Q25: 66

Clients & Markets

IoTRAM™ 產品線近況更新 (IoTRAM™ Product Line Recent Updates)

• 穿戴裝置 (Wearable Devices): 主要成長因子 (Key Growth Driver)
  • Per device density/ bandwidth increasing, driven by
  • Brand-customer dominating the market, and
  • More on-device AI emerging
• 連接裝置 (Connectivity Devices)
  • APM holding market share
  • ASP declining due to competition
• 影像及其他 (Video & Others): 更多應用 (More Applications)
  • More applications are moving from JEDEC DDR to IoTRAM™
• 新一代產品(ApSRAM™)於4Q25量產, 2026年貢獻營收 (New Generation Product (ApSRAM™) to Mass Produce in 4Q25, Contributing Revenue in 2026)

ESG / Sustainability

• 未來展望 (Future Outlook)
  • 2025年營收顯著成長 (Significant Revenue Growth in 2025)
    • Rapid growth in S-SiCap™
    • Double-digit growth in IoTRAM™
  • VHM™ / VHMStack™ 獲得採用 (VHM™ / VHMStack™ Adoption)
    • Won first VHMStack™ product design-in for edge computing
  • 大環境不確定性 (Macro Uncertainties)
    • FX fluctuation will continue
    • Tariff impact is manageable so far

Q&A

• IR mail: ir@apmemory.com
• IR Tel: +886-3-5601651