華碩電腦 (ASUS) 2025年第3季 法說會簡報
Company Overview
公司名稱: 華碩電腦 (ASUS) 標語: IN SEARCH OF INCREDIBLE 活動名稱: 2025年第3季投資人說明會
Financial Highlights
2025年第3季自結品牌損益 (Unaudited brand consolidated financials)
| in NT$ Mn | 2025 3Q | 2025 2Q | QoQ | 2024 3Q | YoY |
|---|---|---|---|---|---|
| Net Revenue (淨營收) | 189,907 | 174,018 | 9% | 156,743 | 21% |
| COGS (銷貨成本) | (165,381) | (152,490) | 8% | (129,910) | 27% |
| Gross Profit (毛利) | 24,527 | 21,527 | 14% | 26,833 | -9% |
| Operating Expenses (營運費用) | (16,098) | (15,568) | 3% | (15,696) | 3% |
| Operating Profit (營業利益) | 8,429 | 5,959 | 41% | 11,137 | -24% |
| Non-OP Items (業外損益) | 3,744 | 5,148 | -27% | 4,054 | -8% |
| Pre-Tax Profit (稅前淨利) | 12,173 | 11,107 | 10% | 15,191 | -20% |
| Tax (稅負) | (1,617) | (1,301) | 24% | (2,687) | -40% |
| Net Profit (稅後淨利) | 10,556 | 9,806 | 8% | 12,504 | -16% |
| EPS (每股盈餘) | 14.2 | 13.2 | 16.8 | ||
| Gross Margin % (毛利率) | 12.9% | 12.4% | 17.1% | ||
| Operating Margin % (營益率) | 4.4% | 3.4% | 7.1% |
2025年第3季自結品牌業外損益 (Total Non-OP items)
| in NT$ Mn | 2025 3Q | 2025 2Q | QoQ | 2024 3Q | YoY |
|---|---|---|---|---|---|
| Interest Income (net) (利息收入淨額) | 611 | 912 | -33% | 357 | 71% |
| Investment Income (投資收入) | 1,066 | 1,076 | -1% | 566 | 88% |
| Askey | (3) | 112 | -102% | (55) | 95% |
| Others | 1,068 | 964 | 11% | 622 | 72% |
| Exchange Gain/(Loss) (匯兌損益) | 1,245 | 1,092 | 14% | 2,330 | -47% |
| Dividend Income (股利收入) | 963 | 2,031 | -53% | 1,090 | -12% |
| Other Income (net) (其他收入淨額) | (141) | 36 | -490% | (290) | 51% |
| Total Non-OP items (業外損益總計) | 3,744 | 5,148 | -27% | 4,054 | -8% |
2025年第3季自結品牌資產負債表 (Unaudited brand consolidated financials)
| in NT$ Mn | Sep 30, 2025 | Jun 30, 2025 | QoQ | Sep 30, 2024 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents (現金及約當現金) | 61,972 | 77,891 | -20% | 55,674 | 11% |
| Accounts receivable (應收帳款) | 122,743 | 116,636 | 5% | 113,109 | 9% |
| Inventories (存貨) | 154,544 | 140,793 | 10% | 138,638 | 11% |
| Current Assets (流動資產) | 381,446 | 359,647 | 6% | 325,726 | 17% |
| Long-term investments (長期投資) | 112,514 | 115,218 | -2% | 130,702 | -14% |
| Fixed assets (固定資產) | 14,841 | 14,658 | 1% | 14,785 | 0% |
| Total Assets (總資產) | 536,955 | 517,427 | 4% | 497,507 | 8% |
| Accounts payable (應付帳款) | 94,130 | 90,136 | 4% | 66,340 | 42% |
| Current Liabilities (流動負債) | 254,890 | 249,091 | 2% | 209,348 | 22% |
| Total Liabilities (總負債) | 279,507 | 273,237 | 2% | 231,412 | 21% |
| Paid-in capital (實收資本額) | 7,428 | 7,428 | 7,428 | ||
| Stockholders' equity (股東權益) | 257,448 | 244,190 | 5% | 266,095 | -3% |
營運週轉天數 (Working Capital Metrics)
| Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 |
|---|---|---|---|
| Avg. Days of Inventory (平均存貨天數) | 98 | 101 | 120 |
| Avg. Days of AR (平均應收帳款天數) | 68 | 65 | 76 |
| Avg. Days of AP (平均應付帳款天數) | 64 | 62 | 58 |
| Avg. CCC Days (平均現金轉換週期天數) | 102 | 104 | 138 |
Business Segments
2025年第3季營收組合
Business Group (事業群)
- System (系統產品): 53%
- Open Platform (開放平台): 45%
- AIOT (人工智慧物聯網): 2%
Region (區域)
- ASIA (亞洲): 46%
- EURP (歐洲): 32%
- America (美洲): 22%
System Business Group (系統產品事業群)
2025 Q3 Performance
- Copilot+ PC Q3 Revenue: +80% YoY
- Gaming PC Leads the Market: 30~40% (High-End Market Share +25%)
- Commercial PC Q3 Shipments: +50% YoY
Business Highlights
- Consumer PC's growth is driven by Copilot+ PC momentum.
- Leading the high-end gaming PC market with 30-40% market share.
- Commercial PC gaining strong enterprise adoption, supporting solid sales growth.
Open Platform Business Group (開放平台事業群)
2025 Q3 Performance
- 25Q3 Revenue: +50~60% YoY
- MB Market Share: No.1 (>40%)
- YoY Revenue Growth Across the Board:
- Server: +100%
- Graphics card: +30%
- Display: +20%
- Accessory: 20%
Business Highlights
- ASUS remains the global No.1 in motherboards and graphics cards.
- RTX 50 mix surpasses 80%, strengthening gaming leadership and boosting revenue.
- B300/GB300 ramp-up from late Q3 2025 to fuel sustained growth momentum.
- OLED Gaming Monitor received strong market recognition to lead significant growth.
AIoT Business Group (人工智慧物聯網事業群)
2025 Q3 Performance
- 25Q3 Revenue: +10~15% YoY
Business Highlights
- ASUS Ascent GX10 launched in Oct 2025, a mini desktop AI supercomputer built for the next generation of intelligent computing.
- Aligned with multiple global partners from Edge to Cloud to highlight ASUS IoT's ecosystem strength and leadership in industrial AI.
Products & Technologies
ASUS AI Ecosystem (Ubiquitous AI. Incredible Possibilities)
Concept: Comprehensive, end-to-end products and solutions, combining best-in-class flexibility, speed, total cost of ownership and user-centric support.
AI Deployment Flow: Cloud → Local → Edge
Products/Solutions:
- AI Server: HPC Infrastructure
- On-Premise Solutions: Turn-key Solution for Enterprise GAI (Generative AI)
- AI at the Edge: Enable Real-Time Insights
- AI on PC: Redefine the PC with AI (Example: ASUS Zenbook)
AI-Driven. Human Inspired (Customer Service Example)
Product/Concept: Omni (AI 專屬助手/Dedicated Assistant)
Results:
- Higher Order Conversion: 7X Page Views, 8X Interaction Time
- Deeper Engagement: 7X E-Commerce Referrals, 11X Order Conversion %
- Lower Support Cost: 95% Reduction in customer support cost per case compared to real person support service
Gaming Leadership (ROG - REPUBLIC OF GAMERS)
- The Best Windows Handheld: Recognized by TIME ("The two companies partnered to build a powerful handheld that's designed to meet players across platforms." – TIME).
- Community: Gamescom 2025 presence united the global gaming community, featuring the ROG Xbox Ally and VGA 30th anniversary.
ASUS Graphics Card 30th Anniversary
- Partnership: ASUS x NVIDIA (John Milner, NVIDIA VP Worldwide GeForce Sales).
- Leadership Product: ROG Matrix GeForce RTX 5090
- Highest Boost Clock: 2730 Mhz
- Limited: 1000pcs Worldwide
Outlook & Strategy
2025年第4季營運展望 (Q4 2025 Operational Outlook)
- PC: QoQ -10%~-15%, YoY flattish
- Component & Server: QoQ -5%
-10%, YoY +40%+50%
New Revenue Heights - Triple Pillar Growth
25Q3 Revenue: 189,907 NT$ Mn (YoY +21%)
Revenue Mix by Growth Pillar (25Q3):
- Gamer: 41%
- Consumer: 29%
- Enterprise: 30% (YoY +100%)
Strategic Focus:
- Solid Leadership in Consumer and Gaming.
- Strategic Expansion into Enterprise and Key Customer Wins.
- Resilient Business Portfolio for Sustainable Growth.
ASUS Growth Engines (成長引擎)
| Engine Category | Business Focus | Strategic Goal |
|---|---|---|
| Leadership & Momentum | Consumer PC & MB | Core business profit contribution |
| Gaming Market Domination | Top 1 Gaming Brand | Reinforce market leadership |
| Fast-Growing | AI Server & Commercial PC | Drive future growth via an end-to-end solution |
Additional Data
聲明 (Disclaimer)
本簡報及同時發佈之相關訊息內含有從公司內部與外部來源所取得的預測性資訊。
本公司未來實際所發生的營運結果、財務狀況以及業務展望，可能與這些預測性資訊所明示或暗示的預估有所差異，其原因可能來自於各種本公司所不能掌控的風險。
本簡報中對未來的展望，反應本公司截至目前為止對於未來的看法。對於這些看法，未來若有任何變更或調整時，本公司並不負責隨時提醒或更新。
Awards (獎項)
- TIME: ASUS Listed on TIME's World's Best Companies 2025 for the Second Time.
- Newsweek: ASUS Recognized by Newsweek as One of the World's Most Trustworthy Companies for Second Consecutive Year.
- Forbes: ASUS Named One of the World's Best Employers 2025 for Sixth Year by Putting People First.