鈺太科技股份有限公司 (ZILLTEK TECHNOLOGY CORP.) 2025Q2 法說會簡報
Company Overview
- Company Name: 鈺太科技股份有限公司 (ZILLTEK TECHNOLOGY CORP.)
- Slogan: ZillTek Provides Zillion Possibilities
- Copyright: ©2017 Zilltek. All rights reserved.
- Disclaimer:
- The presentation content is based on audited financial reports. Financial statements comply with IFRS (International Financial Reporting Standards).
- Forward-looking statements may differ from actual results. Full discussion on industry conditions may not be included.
- The content of this presentation is confidential.
- Contact Information:
- Website: http://www.zilltek.com/en-us/
- Email: ir@zilltek.com
Financial Highlights and Key Metrics
Units
- Financial figures: NT$ Thousand (unless otherwise specified)
- EPS: NT$
Statements of Comprehensive Income (Quarterly Comparison)
| Metric | 2Q2025 | 1Q2025 | 2Q2024 | QoQ | YoY |
|---|---|---|---|---|---|
| Revenue | 493,145 | 519,339 | 581,471 | -5.0% | -15.2% |
| Cost of Goods Sold | 295,527 | 309,196 | 337,278 | -4.4% | -12.4% |
| Gross Margin | 197,618 | 210,143 | 244,193 | -6.0% | -19.1% |
| Gross Margin Rate | 40.1% | 40.5% | 42.0% | -1.0% | -4.5% |
| Operating Expenses | 107,494 | 117,283 | 119,476 | -8.3% | -10.0% |
| Operating Expense Rate | 21.8% | 22.6% | 20.5% | -3.5% | 6.3% |
| Operating Income | 90,124 | 92,860 | 124,717 | -2.9% | -27.7% |
| Operating Income Rate | 18.3% | 17.9% | 21.4% | 2.2% | -14.5% |
| Non-operating income/expenses | -193,633 | 39,215 | 35,840 | -593.8% | -640.3% |
| Net Profit After Tax | -87,162 | 111,512 | 130,442 | -178.2% | -166.8% |
| Net Profit Rate | -17.7% | 21.5% | 22.4% | -182.3% | -179.0% |
| EPS | -1.63 | 2.05 | 2.43 | -179.5% | -167.1% |
Statements of Comprehensive Income (Half-Yearly Comparison)
| Metric | 1H2025 | 1H2024 | YoY |
|---|---|---|---|
| Revenue | 1,012,484 | 1,080,187 | -6.27% |
| Cost of Goods Sold | 604,723 | 638,540 | -5.30% |
| Gross Margin | 407,761 | 441,647 | -7.67% |
| Gross Margin Rate | 40.3% | 40.9% | -1.47% |
| Operating Expenses | 224,777 | 238,715 | -5.84% |
| Operating Expense Rate | 22.2% | 22.1% | 0.45% |
| Operating Income | 182,984 | 202,932 | -9.83% |
| Operating Income Rate | 18.1% | 18.8% | -3.72% |
| Non-operating income/expenses | -154,418 | 139,943 | -210.34% |
| Net Profit After Tax | 24,350 | 283,757 | -91.42% |
| Net Profit Rate | 2.4% | 26.3% | -90.87% |
| EPS | 0.45 | 5.28 | -91.48% |
Consolidated Balance Sheet (NT$ Thousand)
| Asset/Liability/Equity | 2Q2025 | % | 1Q2025 | % | 2Q2024 | % |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 1,069,883 | 19% | 526,067 | 9% | 310,895 | 6% |
| Financial assets – current | 1,212,978 | 22% | 1,910,290 | 33% | 1,616,729 | 29% |
| Accounts receivable | 712,970 | 13% | 895,948 | 16% | 881,798 | 16% |
| Inventory | 871,459 | 16% | 920,023 | 16% | 1,005,876 | 18% |
| Other current assets | 118,571 | 2% | 155,820 | 3% | 144,118 | 3% |
| Property, Plant and Equipment | 54,415 | 1% | 58,639 | 1% | 40,060 | 1% |
| Financial assets – non-current | 1,402,687 | 26% | 1,189,591 | 21% | 1,406,562 | 26% |
| Other non-current assets | 109,473 | 1% | 81,438 | 1% | 89,820 | 1% |
| Total assets | 5,552,436 | 100% | 5,737,816 | 100% | 5,495,858 | 100% |
| Current liabilities | 711,855 | 13% | 838,191 | 14% | 347,927 | 6% |
| Non-current liabilities | 24,099 | 0% | 37,244 | 1% | 32,838 | 1% |
| Total liabilities | 735,954 | 13% | 875,435 | 15% | 380,765 | 7% |
| Total shareholders' equity | 4,816,482 | 87% | 4,862,381 | 85% | 5,115,093 | 93% |
Recent Performance and Results (2025 Q2 Operating Results)
- Consolidated Revenue: NT$ 493,145 Thousand in 2Q2025, a decrease of 5.0% QoQ and 15.2% YoY.
- Gross Margin Rate: 40.1% in 2Q2025, a decrease of 1.0% QoQ and 4.5% YoY.
- Operating Expenses: NT$ 107,494 Thousand in 2Q2025, a decrease of 8.3% QoQ and 10.0% YoY.
- R&D expenses increased to NT$ 61,476 Thousand in 2Q2025 from NT$ 54,227 Thousand in 2Q2024.
- Operating Income: NT$ 90,124 Thousand in 2Q2025, a decrease of 2.9% QoQ and 27.7% YoY.
- Operating Income Rate: 18.3% in 2Q2025, an increase of 2.2% QoQ but a decrease of 14.5% YoY.
- Net Profit After Tax: Negative NT$ 87,162 Thousand in 2Q2025, a significant decrease of 178.2% QoQ and 166.8% YoY, primarily driven by large negative non-operating income and expenses of -193,633 NT$ Thousand.
- EPS: Negative NT$ 1.63 in 2Q2025, a significant decrease of 179.5% QoQ and 167.1% YoY.
2Q25 Sales Analysis: Product Type
| Product | 2Q25 | 1Q25 | 2Q24 | QoQ | YoY |
|---|---|---|---|---|---|
| D MIC | 78% | 71% | 71% | 10% | 10% |
| A MIC | 13% | 17% | 24% | (24)% | (46)% |
| Power | 8% | 10% | 3% | (50)% | (67)% |
| Other | 1% | 2% | 2% | (20)% | 300% |
2Q25 Sales Analysis: Application
| Application | 2Q25 | 2Q24 |
|---|---|---|
| Notebook | 70.8% | 68.0% |
| Headset | 5.5% | 4.2% |
| Automotive | 4.0% | 2.1% |
| Smart Phone | 3.0% | 12.5% |
| Surveillance | 3.0% | 1.5% |
| Hearing Aid | 2.3% | 1.9% |
| TV | 2.2% | 2.0% |
| Netcom | 1.0% | 3.0% |
| Other | 8.2% | 4.8% |
Future Outlook and Guidance
-
PC Market Outlook:
- AI-capable PC shipments are projected to grow at a +44% CAGR from 2024 to 2028, with the AI-capable share increasing from ~18% in 2024 to ~70% in 2028.
- The Speech-to-text API Market is projected to grow at a +15% CAGR from 2018 to 2030.
- Major players include DELL, HP, and Lenovo.
-
Headset Market Outlook:
- The Headset Market is projected to grow at over +20% CAGR from 2024 to 2034, reaching USD 1,528.64 Billion by 2034.
- Key players include Demant A/S, WS Audiology, Sonova, Cochlear Ltd., GN Store Nord, and Starkey Laboratories, Inc.
-
Automotive Market Outlook:
- The automotive landscape in 2023 was 88 Million Units (Munits) with major manufacturers such as TOYOTA, HYUNDAI, STELLANTIS, and GM.
Strategic Initiatives and Plans
-
Automotive Market:
- Target: 50% of Automotive Brand Companies will adopt ZILLTEK Production by 2028.
- Product Integration: Over 10 acoustic sensors will be adopted in one vehicle.
-
Hearing Aid Market:
- Focused on mass production, with active partnerships with key industry players currently "under testing" with WSAudiology, Demant, and Cochlear.
Key Charts, Graphs, and Data Points
-
Consolidated Revenue:
- 2024Q2: 581,471, 2025Q1: 519,339, 2025Q2: 493,145 (YoY: -15.2%; QoQ: -5.0%).
-
Gross Margin Rate:
- 2024Q2: 42.0%, 2025Q1: 40.5%, 2025Q2: 40.1% (YoY: -4.5%; QoQ: -1.0%).
-
Operating Expenses:
- 2024Q2: 119,476, 2025Q1: 117,283, 2025Q2: 107,494 (YoY: -10.0%; QoQ: -8.3%).
-
Operating Income:
- 2024Q2: 124,717, 2025Q1: 92,860, 2025Q2: 90,124 (YoY: -27.7%; QoQ: -2.9%).
-
Net Profit:
- 2024Q2: 130,442, 2025Q1: 111,512, 2025Q2: -87,162 (YoY: -166.8%; QoQ: -178.2%).
All Important Product Names, Terms, and Concepts
-
Company/Brand Names:
- ZILLTEK TECHNOLOGY CORP., DELL, HP, Lenovo, and various acoustic brands.
-
Financial Terms:
- Various financial metrics such as Operating Income, Net Profit, EPS, etc.
-
Product/Technology/Application Terms:
- D MIC, A MIC, MEMS microphones, AI-capable PCs, acoustic sensors.
-
Specific Product Designations:
- Various series of microphones and sensors used in automotive applications.
Products, Services & Technology
-
Products:
- MEMS Microphones (D MIC, A MIC).
- Power Products.
- Acoustic Sensors for automotive applications.
-
Technology Platforms/Components:
- RNC Accelerometer, Internal MIC Arrays, ANC MIC's, and Auto Transceiver Bus.
-
Service Offerings & Solutions:
- ZILLTEK Production tailored for the automotive industry and mass production capabilities.