愛普科技股份有限公司 2025年第四季法人說明會
免責聲明
簡報中所提供對於產業及本公司前景之預測，係根據目前營運及公開資訊所做出之判斷，相關內容具風險與不確定性。任何外在環境的改變均可能影響公司實際營運與財務狀況，本簡報資料中所提供之資訊，不代表本公司對產業狀況或後續重大發展的完整論述，本公司亦不會因任何新的資訊或事件而更新相關資訊。
Company Overview
公司基本資料
- 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: ~270人
- 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
- 2016: Listed on TWSE (6531)
- 2017: Acquired Zentel Electronics, Started S-SiCap™ development
- 2018: Started VHM™ 3D integration pilot project
- 2020: Exited specialty DRAM business
- 2021: VHM™ enters production, 2-for-1 Stock split
- 2022: Issuance of GDR for US$190M
- 2023: Kick-off on AI mainstream POC project
- 2024: S-SiCap™ Interposer (IPC) enters production
- 2025: S-SiCap™ (IPD) qualified for substrate embedding
- Note:
- VHM™ - Very High-bandwidth Memory
- VHMStack™ - Very High-bandwidth Memory with multiple stacked layers
- S-SiCap™ - Stack Silicon Capacitor, AP Memory's SiCap technology which uses a stack capacitor
Financial Highlights
2025 Q4合併損益表 (in NT$K)
| 項目 | 4Q25 | % | 3Q25 | % | 4Q24 | % | QoQ | YoY |
|---|---|---|---|---|---|---|---|---|
| 營業收入(in US$K) | 59,978 | 49,770 | 37,994 | 21% | 58% | |||
| 平均匯率 (US$/NT$) | 31.15 | 30.03 | 32.25 | 4% | (3%) | |||
| 營業收入 | 1,868,104 | 100% | 1,494,731 | 100% | 1,225,378 | 100% | 25% | 52% |
| 營業毛利 | 931,511 | 50% | 687,678 | 46% | 652,331 | 53% | 35% | 43% |
| 銷管費用 | 85,977 | 4% | 103,870 | 7% | 75,330 | 6% | (17%) | 14% |
| 研發費用 | 273,233 | 15% | 202,751 | 14% | 228,741 | 19% | 35% | 19% |
| 營業費用 | 359,210 | 19% | 306,621 | 21% | 304,071 | 25% | 17% | 18% |
| 營業利益 | 572,301 | 31% | 381,057 | 25% | 348,260 | 28% | 50% | 64% |
| 外幣兌換利益 | 251,140 | 13% | 263,975 | 18% | 279,323 | 23% | (5%) | (10%) |
| 其他業外收入 | 85,242 | 5% | 214,775 | 14% | 86,771 | 7% | (60%) | (2%) |
| 營業外收入 | 336,382 | 18% | 478,750 | 32% | 366,094 | 30% | (30%) | (8%) |
| 稅前淨利 | 908,683 | 49% | 859,807 | 57% | 714,354 | 58% | 6% | 27% |
| 所得稅費用 | 158,811 | 9% | 165,537 | 11% | 211,906 | 17% | (4%) | (25%) |
| 本期淨利 | 749,872 | 40% | 694,270 | 46% | 502,448 | 41% | 8% | 49% |
| 淨利歸屬於: | ||||||||
| 本公司業主 | 765,577 | 41% | 706,268 | 47% | 502,448 | 41% | 8% | 52% |
| 非控制權益 | (15,705) | (1%) | (11,998) | (1%) | - | - | (31%) | - |
| 基本每股盈餘(NT$) | 4.71 | $4.34 | $3.10 | 8% | 52% | |||
| 加權平均股數(仟股) | 162,687 | 162,641 | 162,288 | 0.03% | 0.25% |
2025 Q4擬制設算合併損益表:排除GDR未支用數之相關兌換影響 (in NT$K)
- Note: 所呈現的數據是擬制推估而得,並不反映實際的財務報表資料。 | 項目 | 4Q25 | % | 3Q25 | % | 4Q24 | % | QoQ | YoY | | :-------------------- | :----------- | :--- | :----------- | :--- | :----------- | :--- | :---- | :---- | | 營業收入(in US$K) | 59,978 | | 49,770 | | 37,994 | | 21% | 58% | | 平均匯率 (US$/NT$) | 31.15 | | 30.03 | | 32.25 | | 4% | (3%) | | 營業收入 | 1,868,104 | 100% | 1,494,731 | 100% | 1,225,378 | 100% | 25% | 52% | | 營業毛利 | 931,511 | 50% | 687,678 | 46% | 652,331 | 53% | 35% | 43% | | 銷管費用 | 85,977 | 4% | 103,870 | 7% | 75,330 | 6% | (17%) | 14% | | 研發費用 | 273,233 | 15% | 202,751 | 14% | 228,741 | 19% | 35% | 19% | | 營業費用 | 359,210 | 19% | 306,621 | 21% | 304,071 | 25% | 17% | 18% | | 營業利益 | 572,301 | 31% | 381,057 | 25% | 348,260 | 28% | 50% | 64% | | 外幣兌換利益 | 72,853 | 4% | 56,728 | 4% | 72,864 | 6% | 28% | - | | 其他業外收入 | 85,242 | 5% | 214,775 | 14% | 86,771 | 7% | (60%) | (2%) | | 營業外收入 | 158,095 | 9% | 271,503 | 18% | 159,635 | 13% | (42%) | (1%) | | 稅前淨利 | 730,396 | 40% | 652,560 | 44% | 507,895 | 41% | 12% | 44% | | 所得稅費用 | 123,154 | 7% | 124,088 | 9% | 170,614 | 13% | (1%) | (28%) | | 本期淨利 | 607,242 | 33% | 528,472 | 35% | 337,281 | 28% | 15% | 80% | | 淨利歸屬於: | | | | | | | | | | 本公司業主 | 622,947 | 34% | 540,470 | 36% | 337,281 | 28% | 15% | 85% | | 非控制權益 | (15,705) | (1%) | (11,998) | (1%) | - | - | (31%) | - | | 基本每股盈餘(NT$) | $3.83 | | $3.32 | | $2.08 | | 15% | 84% | | 加權平均股數(仟股) | 162,687 | | 162,641 | | 162,288 | | 0.03% | 0.25% |
2025 合併損益表 (in NT$K)
| 項目 | 2025 | % | 2024 | % | YoY |
|---|---|---|---|---|---|
| 營業收入(in US$K) | 182,401 | 130,350 | 40% | ||
| 平均匯率 (US$/NT$) | 31.07 | 32.16 | (3%) | ||
| 營業收入 | 5,666,498 | 100% | 4,192,378 | 100% | 35% |
| 營業毛利 | 2,633,661 | 47% | 2,145,573 | 51% | 23% |
| 銷管費用 | 355,353 | 6% | 301,890 | 7% | 18% |
| 研發費用 | 879,117 | 16% | 780,593 | 19% | 13% |
| 營業費用 | 1,234,470 | 22% | 1,082,483 | 26% | 14% |
| 營業利益 | 1,399,191 | 25% | 1,063,090 | 25% | 32% |
| 外幣兌換利益(損失) | (355,087) | (6%) | 512,739 | 13% | (169%) |
| 其他業外收入 | 474,338 | 8% | 457,046 | 11% | 4% |
| 營業外收入 | 119,251 | 2% | 969,785 | 24% | (88%) |
| 稅前淨利 | 1,518,442 | 27% | 2,032,875 | 49% | (25%) |
| 所得稅費用 | 278,556 | 5% | 454,643 | 11% | (39%) |
| 本期淨利 | 1,239,886 | 22% | 1,578,232 | 38% | (21%) |
| 淨利歸屬於: | |||||
| 本公司業主 | 1,257,655 | 22% | 1,578,232 | 38% | (20%) |
| 非控制權益 | (17,769) | - | - | - | - |
| 基本每股盈餘(NT$) | $7.74 | $9.73 | (20%) | ||
| 加權平均股數(仟股) | 162,578 | 162,214 | 0.22% |
2025 擬制設算合併損益表:排除GDR未支用數之相關兌換影響 (in NT$K)
- Note: 所呈現的數據是擬制推估而得,並不反映實際的財務報表資料。 | 項目 | 2025 | % | 2024 | % | YoY | | :-------------------- | :----------- | :--- | :----------- | :--- | :------ | | 營業收入(in US$K) | 182,401 | | 130,350 | | 40% | | 平均匯率 (US$/NT$) | 31.07 | | 32.16 | | (3%) | | 營業收入 | 5,666,498 | 100% | 4,192,378 | 100% | 35% | | 營業毛利 | 2,633,661 | 47% | 2,145,573 | 51% | 23% | | 銷管費用 | 355,353 | 6% | 301,890 | 7% | 18% | | 研發費用 | 879,117 | 16% | 780,593 | 19% | 13% | | 營業費用 | 1,234,470 | 22% | 1,082,483 | 26% | 14% | | 營業利益 | 1,399,191 | 25% | 1,063,090 | 25% | 32% | | 外幣兌換利益(損失) | (110,039) | (2%) | 132,515 | 3% | (183%) | | 其他業外收入 | 474,338 | 8% | 457,046 | 11% | 4% | | 營業外收入 | 364,299 | 6% | 589,561 | 14% | (38%) | | 稅前淨利 | 1,763,490 | 31% | 1,652,651 | 39% | 7% | | 所得稅費用 | 327,567 | 6% | 378,598 | 9% | (13%) | | 本期淨利 | 1,435,923 | 25% | 1,274,053 | 30% | 13% | | 淨利歸屬於: | | | | | | | 本公司業主 | 1,453,692 | 25% | 1,274,053 | 30% | 14% | | 非控制權益 | (17,769) | - | - | - | - | | 基本每股盈餘(NT$) | $8.94 | | $7.85 | | 14% | | 加權平均股數(仟股) | 162,578 | | 162,214 | | 0.22% |
2025.12.31 合併資產負債表 (in NT$K)
| 項目 | 2025.12.31 AMT | % | 2025.09.30 AMT | % | 2024.12.31 AMT | % |
|---|---|---|---|---|---|---|
| 資產總計 | 14,740,272 | 100% | 13,383,314 | 100% | 13,008,288 | 100% |
| 現金及約當現金 | 7,263,192 | 49% | 5,436,019 | 41% | 4,188,544 | 32% |
| 按攤銷後成本衡量之金融資產 | 3,755,814 | 25% | 3,835,413 | 29% | 4,752,325 | 37% |
| 應收帳款 | 588,490 | 4% | 584,186 | 4% | 517,992 | 4% |
| 存貨 | 1,144,751 | 8% | 1,006,189 | 8% | 1,203,177 | 9% |
| 按公允價值衡量之金融資產 | 243,583 | 2% | 854,817 | 6% | 543,115 | 4% |
| 採用權益法之投資 | 962,914 | 7% | 967,306 | 7% | 874,465 | 7% |
| 其他資產 | 781,528 | 5% | 699,384 | 5% | 928,670 | 7% |
| 負債總計 | 2,376,226 | 16% | 1,838,905 | 14% | 1,101,231 | 8% |
| 短期借款 | 200,000 | 1% | 250,000 | 2% | 100,000 | 1% |
| 合約負債 | 939,560 | 6% | 617,493 | 5% | 158,961 | 1% |
| 應付帳款 | 505,258 | 3% | 371,334 | 3% | 230,869 | 2% |
| 本期所得稅負債 | 371,747 | 3% | 154,245 | 1% | 284,309 | 2% |
| 其他負債 | 359,661 | 2% | 445,833 | 3% | 327,092 | 3% |
| 權益總計 | 12,364,046 | 84% | 11,544,409 | 86% | 11,907,057 | 92% |
| 歸屬於本公司業主之權益 | 12,242,597 | 83% | 11,409,198 | 85% | 11,907,057 | 92% |
| 非控制權益 | 121,449 | 1% | 135,211 | 1% | - | - |
| 每股淨值 (NT$) | 75.24 | 70.14 | 73.34 |
季度營收及毛利率趨勢 (NT$M)
- 4Q25 Gross Margin: 50%
- 4Q25 Revenue: NT$1,868M (IoTRAM: NT$1,137M, VHM: NT$173M, S-SiCap: NT$558M)
- Gross Margin Trend:
- 1Q23: 40%
- 2Q23: 40%
- 3Q23: 41%
- 4Q23: 44%
- 1Q24: 46%
- 2Q24: 51%
- 3Q24: 52%
- 4Q24: 53%
- 1Q25: 46%
- 2Q25: 42%
- 3Q25: 46%
- 4Q25: 50%
毛利率變化因素說明
- 4Q25 Gross Margin: 50%
- Factors contributing to change from 46%:
- USD Appreciation: 1.2%
- Favorable product mix: 2.8%
營業利益及業外收支 (NT$M)
- Operating Profit & Margin:
- 4Q25 Operating Profit: NT$572M (31% Operating Margin)
- Trend: Generally increasing operating profit and margin from 1Q23 (NT$102M, 19%) to 4Q25.
- Non-Operating Profit or Loss & Margin:
- 4Q25 Non-Operating Profit: NT$336M (18% Non-Operating Margin)
- Notable dip in 2Q25: (NT$956M), -72% Non-Operating Margin.
歸屬於母公司之稅後淨利 (NT$M)
- 4Q25 Net Income attributable to shareholders of the parent: NT$766M (41% Net Margin)
- Trend:
- 1Q23: NT$9M (9%)
- 2Q23: NT$483M (44%)
- 3Q23: NT$530M (43%)
- 4Q23: NT$370M (32%)
- 1Q24: NT$368M (49%)
- 2Q24: NT$370M (39%)
- 3Q24: NT$337M (26%)
- 4Q24: NT$502M (41%)
- 1Q25: NT$332M (34%)
- 2Q25: (NT$546M) (-41%) - Significant loss
- 3Q25: NT$706M (47%)
- 4Q25: NT$766M (41%)
Products & Technologies
產品線說明
- IoT + AI = IoTRAM™ + S-SiCap™ + VHM™
- Product Categories:
- S-SiCap™: Integrated Passive Devices (“IPD”) + InterPosers with S-SiCap™ (“IPC”)
- VHM™ (Including VHMStack™): Best memory solutions for AI/HPC
- IoTRAM™: Best memory for IoT, Second to none.
- Note:
- VHM™ - Very High-bandwidth Memory
- VHMStack™ - Very High-bandwidth Memory with multiple stacked layers
- S-SiCap™ - Stack Silicon Capacitor, AP Memory's SiCap technology which uses a stack capacitor
IoTRAM™ 季營收 (NT$M)
- 4Q25 IoTRAM™ Revenue: NT$1,137M
- Connectivity: 40%
- Wearable: 33%
- Video/Audio/Others: 27%
- Revenue Trend: Generally increasing from 1Q23 (NT$615M) to 4Q25 (NT$1,137M).
IoTRAM™ 產品線近況更新
- New product (ApSRAM™) MP started in Q4 25
- Wide adoption by wearable, display, and microcontroller applications.
- Wearable feature upgrade driving bit-density growth
- New generation of SOCs supporting 512Mb-2Gb per device (from 256Mb-512Mb of current generation).
- More adoption driving volume growth
- Migration from JEDEC DDR to IoTRAM™ for power, cost, stable supply, and longevity.
- New emerging applications overwhelmingly adopting IoTRAM™ over JEDEC DDR.
S-SiCap™ 季營收 (NT$M)
- 4Q25 S-SiCap™ Revenue: NT$558M
- Revenue Trend: Significant growth from 1Q23 (NT$10M) to 4Q25 (NT$558M).
AP Memory IPC/IPD in Advanced Packaging
- IPC — Silicon Interposer ("-S”): ≤ 4 reticles
- Capacitors embedded in interposer wafer
- MP started in 2025, ramp continues
- IPD — Molding-based Interposer (“-L"): > 4 reticles
- Capacitor chiplets inserted in molding
- Under development
- IPD in substrate: Additional capacitors embedded in substrate (for both "-S" and "-L")
- Qualified, MP starts in Q2'26
- Landside Capacitor (LSC): Placed on landside of package substrate
- Qualified, MP starts in Q2'26
S-SiCap™ Role in Integrated Voltage Regulator (IVR)
- HPC trend: higher power, lower Vcore domain
- Traditional power solution: Very high IR loss (can be ~50%) in Vcore domain
- IVR with step-down conversion is the solution
- Package integration: starting on landside, moving closer to Point-of-Load (SOC)
- Two types of voltage converters:
- Capacitor-based charge pumps: Requires high-density high-quality SiCap (C)
- Inductor-based buck converters: Requires thin-film embedded inductors (L) + capacitors (C)
- APM working with partners on IVR solutions
- Simplified example: Vcore = 0.6V, 3000A; Vin = 1.8V, 1000A
VHM™ 季營收 (NT$M)
- 4Q25 VHM™ Revenue: NT$173M
- NRE/Licensing/Royalty: NT$6M
- Wafer Sales: NT$167M
- Revenue Trend: Fluctuating, with a peak in 3Q24 (NT$323M) and 4Q24 (NT$243M), then decreasing to NT$173M in 4Q25.
VHM™ and VHMStack™ Adoption Timeline
- 4Q'18: Early Adopter/ETH Miner Developing
- VHM™ introduction
- ETH as an early adopter
- VHM™ (1+1) supply chain development
- 4Q'21: ETH/ETC MP/AI/HPC POC Developing
- ETH/ETC MP >20Kpcs wafers shipped
- AI/HPC POC projects development (VHM™/VHMStack™)
- 4Q'24 (Current status 4Q'25): AI/HPC Product Developing
- DRAM taped out for VHM™-enabled AI Accelerator product
- Multiple POC ongoing
- 4Q'27: AI/HPC Product MP
- Note: Ethereum (ETH) and Ethereum Classic (ETC) are crypto currencies with Proof-of-Work consensus mechanism.
Outlook & Strategy
PSMC P5 Fab Move Impact Assessment
- PSMC announced P5 fab sale on 1/17/26.
- Some APM products are partially processed in P5.
- Summary of impact to APM product lines:
- IoTRAM™: No material impact
- IPD: No material impact
- VHM™: No material impact
- IPC: MP delivery plan has been revised, with minor revenue impact.
- VHMStack™: Some delays on POC/engineering samples. No material revenue impact.
未來展望
- IoTRAM™: Strong market demand, more adoption, growth moderated by test capacity.
- IPC: MP ramp continues. Some impact from PSMC fab move.
- IPD: MP starts in Q2'26. Strong demand driving rapid ramp-up.
- VHM™ / VHMStack™ Adoption Continues: More AI accelerator design-ins ongoing. First MP in 2027/2028 timeframe.
Additional Data
Q&A Contact Information
- IR mail: ir@apmemory.com
- IR Tel: +886-3-5601651