GlobalWafers Co., Ltd. (6488TT) 2025 Q2 Operating Report
Company Overview and Important Information
- Company Name: GlobalWafers Co., Ltd. (環球晶圓股份有限公司)
- Stock Code: 6488TT
- Slogan: Global Family, Global Solutions!
- Management Team Key Report:
- GlobalWafers, with its global integration and localized expansion strategies, is well-positioned to capture the growth cycle in the semiconductor market.
- The company has 18 production sites across 9 countries.
- GlobalWafers is the only one among the top five global wafer manufacturers with advanced specialty wafer process capabilities in Europe, Asia, and the US simultaneously.
- It maintains a non-competing stance with its customers as a pure-play wafer supplier.
- The company focuses on strengthening manufacturing flexibility in key regions, promoting ESG-driven reshoring policies, ensuring localized supply chains, and mitigating geopolitical risks.
Financial Highlights and Key Metrics
2.1 Financial Summary (Q2 2025 vs. Q1 2025 vs. Q2 2024)
| Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Operating Revenue | NT$16,008M | NT$15,595M | NT$15,326M | 2.7% | 4.5% |
| Gross Profit Margin (%) | 25.8% | 26.4% | 32.3% | -0.6ppt | -6.5ppts |
| Operating Profit | NT$2,438M | NT$2,589M | NT$3,367M | -5.8% | -27.6% |
| Operating Profit Margin (%) | 15.2% | 16.6% | 22.0% | -1.4ppts | -6.8ppts |
| Net Profit for the Period | NT$1,682M | NT$1,456M | NT$2,879M | 15.5% | -41.6% |
| Net Profit for the Period (%) | 10.5% | 9.3% | 18.8% | 1.2ppts | -8.3ppts |
| Earnings Per Share (EPS) | NT$3.52 | NT$3.05 | NT$6.02 | NT$0.47 | -NT$2.50 |
| EBITDA | NT$4,472M | NT$4,033M | NT$4,600M | 10.9% | -2.8% |
| EBITDA Margin (%) | 27.9% | 25.9% | 30.0% | 2.0ppts | -2.1ppts |
| EBIT | NT$2,027M | NT$1,778M | NT$2,614M | 14.0% | -22.5% |
| Shareholders' Equity Return (ROE) (Annualized) | 7.6% | 6.4% | 14.2% | 1.2ppts | -6.6ppts |
| Return on Assets (ROA) (Annualized) | 3.4% | 2.8% | 5.6% | 0.6ppt | -2.2ppts |
| Capital Expenditure (Capex) | NT$7,537M | NT$11,557M | NT$12,699M | ||
| Depreciation Expense | NT$2,440M | NT$2,250M | NT$1,981M |
2.2 Financial Summary (H1 2025 vs. H1 2024)
| Metric | H1 2025 | H1 2024 | YoY Change |
|---|---|---|---|
| Operating Revenue | NT$31,602M | NT$30,413M | 3.9% |
| Gross Profit Margin (%) | 26.1% | 33.3% | -7.2ppts |
| Operating Profit | NT$5,027M | NT$7,334M | -31.5% |
| Operating Profit Margin (%) | 15.9% | 24.1% | -8.2ppts |
| Net Profit for the Period | NT$3,138M | NT$6,412M | -51.1% |
| Net Profit for the Period (%) | 9.9% | 21.1% | -11.2ppts |
| Earnings Per Share (EPS) | NT$6.56 | NT$14.04 | -NT$7.48 |
| EBITDA | NT$8,505M | NT$10,482M | -18.9% |
| EBITDA Margin (%) | 26.9% | 34.5% | -7.6ppts |
| EBIT | NT$3,804M | NT$6,639M | -42.7% |
| Shareholders' Equity Return (ROE) (Annualized) | 7.1% | 16.3% | -9.2ppts |
| Return on Assets (ROA) (Annualized) | 3.2% | 6.4% | -3.2ppts |
| Capital Expenditure (Capex) | NT$19,094M | NT$23,137M | |
| Depreciation Expense | NT$4,689M | NT$3,832M |
2.3 Balance Sheet (NT$ Million - Q2 2025)
| Assets | Amount |
|---|---|
| Cash and Cash Equivalents | NT$22,220M |
| Accounts Receivable | NT$10,140M |
| Inventory | NT$10,303M |
| Property, Plant and Equipment | NT$114,496M |
| Other Assets | NT$49,201M |
| Total Assets | NT$206,361M |
| Liabilities | Amount |
|---|---|
| Short-term Borrowings | NT$24,287M |
| Accounts Payable | NT$3,804M |
| Long-term Borrowings | NT$43,055M |
| Other Liabilities | NT$50,334M |
| Total Liabilities | NT$121,480M |
| Total Equity | NT$84,881M |
Key Financial Health Indicators (Q2 2025)
- Interest-bearing debt: NT$67,343 million (QoQ decrease of 6.4%)
- Cash level: NT$50,543 million
- Total liabilities as a percentage of total assets: 58.9%
- Interest-bearing debt as a percentage of total assets: 32.6%
- Current Ratio: 135%
- Quick Ratio: 113%
Recent Performance and Results
- Operating Revenue: Q2 2025 revenue reached NT$16.0 billion, a QoQ growth of 2.7%, marking the 3rd highest for the same period in history. H1 2025 revenue reached NT$31.6 billion, a YoY increase of 3.9%.
- USD Revenue: In USD, Q2 2025 consolidated revenue reached US$520 million, a QoQ increase of 9.7%; H1 2025 consolidated revenue reached US$990 million, a YoY increase of 4.2%.
- Capacity Expansion Progress:
- Novara, Italy fab: First batch of 12-inch polished wafers shipped, customer qualification initiated, targeting mass production by end of 2025.
- GWA, Texas fab: Products continuously sampled, marking a significant milestone for US expansion plan.
- MEMC LLC, Missouri fab: Entered sampling phase, possessing the only 12-inch advanced SOI wafer production line in the US.
- Existing fabs in Japan and Taiwan have started supplying 12-inch epitaxial wafers for advanced processes, contributing to revenue.
ESG / Sustainability Performance
Environmental Protection:
- All major production sites obtained ISO 14001 certification and actively promote ISO 50001.
- Total electricity consumption in 2024 increased to 1.18 million MWh, but electricity intensity remained stable.
- Total GHG emissions (Scope 1&2) slightly increased to 554,481 tCO₂e in 2024, but carbon emission intensity remained stable.
- Total water consumption decreased to 2.654 billion liters in 2024 (25% reduction from 2021).
- Recycled water volume reached 7.268 billion liters in 2024 (four-year high).
- Total waste generated decreased to 29,872 metric tons in 2024 (21% reduction from 2022 peak).
Corporate Governance:
- Holds over 2,500 valid patents and ranked among top 100 domestic patent applicants for four consecutive years.
- Received "CommonWealth Magazine Corporate Sustainability Award."
- Continuous inclusion in FTSE4Good Index Series.
Global Social Welfare (2024 initiatives):
- Expanded outreach globally, including various community support activities.
Future Outlook and Guidance
-
Global Economy: Slowing growth expected from 3.4% in 2024 to 2.9% in 2025 and 2026.
-
Semiconductor Market:
- Projected growth in global semiconductor sales by 11.2% in 2025.
- Regional growth estimates indicate significant increases in specific areas.
-
Company Revenue & Earnings Outlook:
- US and Italy expansion sites expected to gradually contribute to revenue from H2 2025 to H1 2026.
- Revenue growth anticipated, supported by gradual recovery and deployment.
Strategic Initiatives and Plans
- Expansion & Product Mix:
- Accelerating strategic transformation to expand high-value specialty wafers (SiC, SOI, GaN, FZ wafers) development.
- Supply Chain & Localization:
- Strengthening manufacturing flexibility and promoting ESG-driven reshoring policies.
Products, Services & Technology
- Products:
- 12-inch wafers, SOI wafers, SiC wafers, GaN wafers, and others.
- Processes/Technologies:
- Advanced processes (7nm and below, 2nm and below).
Key Charts, Graphs, and Data Points
- Revenue comparisons (NTD and USD)
- Global GDP and Inflation Rate forecasts
- Capacity Expansion charts
- Environmental impact graphs and metrics
Disclaimer
This presentation has been prepared by GlobalWafers Co., Ltd. This presentation and the materials provided herewith do not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company in any jurisdiction. The information should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments.