MA-tek (3587) IR Conference

Company Overview

Company Name: 閎康科技 (MA-tek)
Full Company Name: Materials Analysis Technology Inc.
Stock Code: 3587
Founded: 2002 by Dr. Yong-Fen Hsieh, establishing the first lab in Zhubei, Hsinchu.
Stock Listing: Listed on TPEx (3587) in 2008. The SoC Lab was set up as MA-tek's Headquarters in Hsinchu Science Park.
Global Presence: Operates 16 labs located across Asia, providing quick and local services in Taiwan, China, and Japan.
Customer Base: Serves a worldwide customer base of more than 8,500 clients.
Service Scope: Provides a wide span of Materials Analysis (MA), Failure Analysis (FA), and Reliability Analysis (RA) services covering the entire tech industry.
Operational Scale: Monthly outputs exceed 24,000 cases, supported by advanced equipment and an experienced technical team.
Slogan: The Best R&D Partner.

Financial Highlights

Unit: NT$K (New Taiwan Dollars Kilo)

Y2025 Revenue Outlook

Consolidated Revenue (Y2025): 5,545,347 NT$K (New Historical High)
YoY Growth (Consolidated): +8.5%
5Y CAGR (Consolidated): +13%

Y2025 Revenue Geographical Breakdown

Region	Revenue (NT$K)	YoY	5Y CAGR	Market Share	Notes
Taiwan	2,003,612	+6%	+9%	36%
USA	478,339	+45%	+32%	9%
Japan	751,199	+68%	+45%	13%
China	2,157,017	-6%	+8%	39%	China Price Erosion by Biddings, but High Potential Market in Future
Others	155,180	+3%	+16%	3%
Consolidated	5,545,347	+8.5%	+13%		Historical High

Market Share Notes: China (CN) Market Share Under 40%; Japan (JP) & US Market Share Increase Rapidly.

2026Q1 Revenue Outlook

Consolidated Revenue (2026Q1): 1,424,420 NT$K
YoY Growth (Consolidated): +15% (26Q1 YoY is much better than 25Q1)

2026Q1 Revenue Geographical Breakdown

Region	Revenue (NT$K)	YoY	Market Share
Taiwan	450,862	-	32%
USA	122,191	+41%	8%
Japan	252,990	+47%	18%
China	546,038	+10%	38%
Others	52,339	+59%	4%
Consolidated	1,424,420	+15%

Market Share Notes: China (CN) Market Share Under 40%; Japan (JP) & US Market Share Increase Rapidly.

Regional Revenue Growth Trends

2026Q1 Japan Revenue – YoY +47%
- 2023: Base
- 2024: +41%
- 2025: +68% (~751M NTD)
- 2026Q1: +47% (driven by EQ Vendor Foundry)
2026Q1 US Revenue – YoY +41% (Overseas Support by Shipping)
- 2023: Base
- 2024: +31%
- 2025: +45% (~478M NTD)
- 2026Q1: +41% (driven by New Customers Ready, US No.1 Fab, EQ Vendor CSP, EV Fabless)

Business Segments

MA-tek's core technology and services span across various stages of the semiconductor and advanced technology lifecycle:

核心技術 (Core Technology):
- 材料分析 (MA): Materials Analysis
- 失效分析 (FA): Failure Analysis
- 可靠度驗證 (RA): Reliability Analysis
- 表面分析 (SA): Surface Analysis
- 化學分析 (CA): Chemical Analysis
服務領域 (Service Areas):
- 生產製造 (Production & Manufacturing):
  - 製程監控良率提昇 (Process Control, Yield Improvement): SEM, FIB, TEM, SIMS.
  - Unique Selling Point: 唯一有 <2nm 實戰經驗者 (Only one with <2nm practical experience).
- 研發設計 (R&D Design):
  - 模擬驗證檢測分析 (Simulation Verification, Testing Analysis): FIB CKT Repair.
  - Unique Selling Point: 唯一有 2 & 4nm 實戰經驗者 (Only one with 2 & 4nm practical experience).
- 產品 (Products):
  - 功能驗證 (Functional Verification): ESD, Bonding, RA.
  - 故障分析 (Failure Analysis): FA.
  - Unique Selling Point: 唯一從 (CoWoS to EMIB) 先進製程到先進封裝 (Only one from CoWoS to EMIB advanced process to advanced packaging).
- 物料 (Materials):
  - 進料品管 (Incoming Quality Control): IQC.
  - SEM, OP, OM.
- 客戶 (Clients):
  - 出貨品管 (Outgoing Quality Control): OQC.
  - 退貨,訴怨 (Returns, Complaints): RMA.
  - Unique Selling Point: 唯一有跨國爭端實戰經驗者 (Only one with cross-border dispute practical experience).
  - Unique Selling Point: 唯一有世界大廠爭端實戰經驗者 (Only one with practical experience in disputes with global major manufacturers).
- 智權 (Intellectual Property):
  - 侵權鑑定 (Infringement Identification): Patent Infringement.
  - 專利佈局 (Patent Layout).
  - Witness report.
- 市場 (Market):
  - 競爭性產品分析 (Competitive Product Analysis): Benchmark Analysis.
  - 還原工程 (Reverse Engineering).
  - IC layout image.
- 人才 (Talent):
  - 教育訓練 (Training and Education).
  - 技術轉移 (Technology Transfer).

Products & Technologies

Silicon Photonic Business Achievements

2026Q1 Silicon Photonic Top 10 Revenue – YoY +51%
- 2023: Base
- 2024: +38%
- 2025: +30% (~191M NTD)
- 2026Q1: +51%
2026Q1 Silicon Photonic Top 1 Client Revenue – YoY +85%
- 2023: Base
- 2024: +222%
- 2025: +91% (~82M NTD)
- 2026Q1: +85%

Solid Engagement – Silicon Photonic Testing Services

MA-tek has taken > 50% Coverage of Testing & Analysis Services for Silicon Photonic Supply Chain.

Silicon Photonic Supply Chain Components & MA-tek Coverage:
- SOI Wafer (Photonic Wafer): 75% Coverage.
  - Suppliers: soitec, ShinEtsu, Sinatek, IntelliEPI.
- PIC Design & EDA: 75% Coverage.
  - Companies: IBM, intel, sicoya, MACOM, Juniper, CISCO, SiFotonics, POET, Ansys, AyarLabs, FUJITSU, MARVELL, LUMENTUM, Infinera, RANOVUS, cadence, OpenLight, HUAWEI, SEDAPIX, SYNOPSYS.
- Foundry: 65% Coverage.
  - Companies: intel, Tower, Aoi Silex, GlobalFoundries, SAMSUNG UMC, ST, Aacoola.
- EIC & DSP Design: 50% Coverage.
  - Companies: BROADCOM, COHERENT, LUMENTUM, MACOM, ciena, Infinera.
- Light Source (from EPI wafer): 80% Coverage.
  - Companies: COHERENT, SUMITOMO ELECTRIC, IntelliEPI, IQE, NICHIA.
  - Light source types: VCSEL, EML, DML, CW, DFB.
- Connector: 30% Coverage.
  - Companies: TE, USCONEC, SENKO, Amphenol, 院念科技 (LightSense).
- CSP (End Customer): 60% Coverage.
  - Companies: NVIDIA, aws, Microsoft, Meta, Il ByteDance.
- Optical Module: 800G/1.6T.
- Fiber: 30% Coverage.
  - Companies: CORNING, YOFC, SUMITOMO ELECTRIC, FURUKAWA ELECTRIC, 密通集團, FiberHome, prysmian, Fujikura, ZTT.

Silicon Photonic Industry Development Process & MA-tek Services

MA-tek (閎康科技) is the only provider in Asia capable of offering comprehensive TEM+SIMS+RA+FA third-party lab services across the Silicon Photonic lifecycle.

RD (Research & Development):
- Main Products (主要產品):
  - PIC晶片 (PIC Chips): TSMC, Intel, 光循 (Ayar Labs), Lightmatter, SMART Photonics, Salience Labs, Sitime.
  - CPO (Co-Packaged Optics): TSMC, Nvidia, Broadcom, AMD, intel, Ayar Labs, Lightmatter.
  - 雷射元件 (Laser Components):
    - International: Lumentum, Mitsubishi Coherent (Finisar), Sumitomo.
    - Domestic (Taiwan): 聯亞, 華星光, 英特磊, 環宇通訊, 全新, 穩懋, 索爾思光電, 聯鈞, 富采, 先發電光.
- Ecosystem Partners:
  - End User: MARVELL, AWS, AMD, BROADCOM, NVIDIA, Google, MEDIATEK.
  - EDA: Cadence, Siemens EDA, Synopsys, Ansys.
  - IC Design: 光循 (Ayar Labs), Sitime, Lightmatter, Salience Labs, SMART Photonics, GUC.
  - FAB: Rapidus, UMC, Tower, GlobalFoundries, SILTERRA, intel, xfab, VIS (世界先進).
  - InP 磊晶 (InP Epitaxy): 全新光電, 聯亞光電, 英特磊, 環宇通訊.
  - FAU (Fiber Array Unit): SENKO, ficonTEC, Browave, 上詮 (FOCI), 貿聯-KY.
  - Fiber: 康寧, 住友.
- MA-tek Services: MA, SA, RA.
FAB (Fabrication):
- Stages: ① pilotRun, ② Mass Production, ③ Yield Enhancement.
- MA-tek Services: MA/TEM, SA/SIMS, FA/EFA+PFA.
EFA (Electrical Failure Analysis):
- MA-tek Services: RA, FA.
- Equipment: Hamamatsu (EMMI, InGaAs), Thermo Fisher (THERMOS, Nanoprobing), Hitachi (SAT, SEM, Nanoprobing), ZEISS (3D X-ray).
C/P (Chip Probing):
- MA-tek Services: RA, FA.
F/T (Final Test):
- MA-tek Services: FA.
PFA (Physical Failure Analysis):
- MA-tek Services: FA, MA, SA.
- Equipment: Hamamatsu (EMMI, InGaAs), Thermo Fisher (THERMOS, Nanoprobing), Hitachi (SAT, SEM, Nanoprobing), ZEISS (3D X-ray).
Field Application / RAM (Reliability, Availability, Maintainability):
矽光子封裝測試 (Silicon Photonic Packaging Test):
- Companies: TSMC, Intel, Rapidus, ASE, SPIL, 全智, 萬潤, 訊芯-KY, 矽格, 台星科, 精測, 致茂.
- 量產自動化整合 (Mass Production Automation Integration): 漢民 (Hermes-Epitek), Teradyne, Advantest, Yonata Electronics, 惠特 (WETEK), 致茂 (Chroma).
- Test Types (測試類型): E-O, E-E, O-E, O-O 測試.
- Test depends on product type (測試取決於產品種類):
  - EIC: (E-E)
  - PIC: (E-O, O-O, O-E)
  - FAU: (O-O)
  - VSCEL: (E-O), 正面發光 (Front-emitting)
  - EEL: (E-O), 側面發光 (Side-emitting)

Silicon Photonic Testing Architecture (矽光子測試架構)

Key Components of Testing System:
- 偵測器 (Detector): FA-濱松 Hamamatsu (IR CCD, InGaAs, OBIRCH), 量產測試預篩-光焱 (High-spectrum camera), 汎銓 (HG?).
- 電訊號測試 (Electric Signals).
- 光學訊號測試 (Optical Signals): Keysight (是德科技), EXFO, Santec, Anritsu (安立知), Quantifi Photonics.
- 光電測試系統整合商 (Integration of Electric/Optical testing): Keysight (是德科技), MPI (旺矽), 思衛科技, 高明鐵.
- 六軸平台耦光 (Hexapod Coupling): PI (Physik Instrumente), Newport (MKS Instruments), 高明鐵, 日商駿河精機 Suruga.
- 探針台 (Probing Station): Formfactor (福達電子), MPI (旺矽), 日商駿河精機 Suruga, 高明鐵, 泰瑞達 (Teradyne), TEL, Wentworth Laboratories (穎崴科技), 奕葉.
- 光學顯微鏡 (Optical Microscope): OM.
Samples (樣品): PIC, CPO, 模組 (Module).
Test Items (測試項目): O-E, O-O, E-O, E-E.
Terminology:
- PIC: Photonic Integrated Circuit (光子積體電路).
- CPO: Co-Packaged Optics (共同封裝光學).
Source: Figure from MPI (旺矽).

InP(磷化銦) 雷射種類 (InP Laser Types)

技術 (Technology)	本質是雷射 (Is Laser)	內建調變 (Built-in Modulation)	能單獨當 TX (Can be standalone TX)	單通道速率 (Single Channel Rate)	距離 (Distance)	成本 (Cost)	目前生命週期 (Current Lifecycle)	雷射單顆成本 (Single Laser Cost)	封裝/測試 (Packaging/Test Cost)	系統附加成本 (System Add-on Cost)	長期 TCO (Long-term TCO)
CW Laser (CPO用)	Yes	No	No (必須外部調變)	≥100G	任意	☆☆☆	高速未來主流	☆ 最低	極低	DSP 補償、距離受限	低 (僅限低速)
EML (目前Optical Transceiver主流)	Yes	Yes (EAM)	Yes	50-100G	中	☆☆	成熟、將下坡	☆☆	低	中等 DSP、熱管理	中
EML + SOA	Yes	Yes (+ 放大)	Yes	100G+	中-長	☆☆☆	利基型	☆☆☆	高	OSNR 補償、功耗升	高
DML	Yes	Yes (直接)	Yes	≤25G	短	☆	接近尾聲	☆ 最低	極低	DSP 補償、距離受限	低 (僅限低速)

Acronyms & Definitions:
- BOM: Bill of Materials, 物料清單
- DFB: Distributed Feedback, 分佈回饋式雷射
- DML: Directly Modulated Laser, 直接調製雷射器
- DSP: Digital Signal Processor, 數位訊號處理器
- EAM: Electro-absorption Modulator, 電吸收調變器
- EML: Electro-absorption Modulated Laser, 電吸收調變雷射
- FP: Fabry-Perot, 法布立-佩羅雷射
- SiPh: Silicon Photonics, 矽光子
- SOA: Semiconductor Optical Amplifier, 半導體光放大器
- TCO: Total Cost of Ownership, 總體擁有成本
- TX: 光收發器 (Transmitter) 發送端
- VCSEL: Vertical-Cavity Surface-Emitting Laser, 長波長面射型雷射
Source: COMPOUNDSEMICONDUCTOR.NET, VOL.30, ISSUE 1, 2024, HÉLÈNE DEBRÉGEAS FROM ALMAE TECHNOLOGIE.

閎康矽光子實績: E-O/O-O/O-E Testing by MA-tek (Case Studies)

Case 1: E-O Testing (送電量正光)
- Product: 800G PIC (Si-base)
- Testing item/Equipment: E-O (送電量正光), InGaAs (濱松IR CCD) after RA Testing.
- Result: NG sample with HAST test 96hr driven, solid emission spots ("漏光位置" - light leakage location) have been detected.
- Source: ISTFA-2025 (NYCU & MA-tek).
Case 2: O-O Testing (送側光量正光)
- Product: 800G PIC (Si-base)
- Testing item/Equipment: O-O (送側光量正光), InGaAs (濱松IR CCD).
- Result: Sample-1 shows "漏光位置" (light leakage location), Sample-2 shows "無漏光位置" (no light leakage location).
- Source: MA-tek R&D.
Case 3: O-E Testing (以正光激發測電)
- Product: New Design PIC (InP-base with InP modulator).
- Testing item/Equipment: O-E (以正光激發測電), OBIRCH (濱松IR CCD).
- Result: "Failed site" detected.
- Source: MA-tek R&D.

Outlook & Strategy

2025 Strategic Goal: Establish a New Lab in Hokkaido, Japan, targeting a revenue of 5.5 Billion NTD (New Historical High).
Focus Japan, Deepening by MA & FA Expansion - Hokkaido FA Lab will be Ready in 2026Q3:
- Hokkaido FA Lab: Will be located in Hokkaido, with equipment move-in scheduled for 2026/6/1. Services will include MA and FA.
- Japan Foundry Development: A 3nm Fab is planned for Kumamoto Pref., Japan, with Takaichi pledging support. Japan Domestic Foundry reportedly eyes 2029 1.4nm production with a second fab to catch foundry giants.
- Strategic Locations: Hokkaido (MA, FA*), Nagoya (MA), Kumamoto (MA).
CSPs Seeking Alternative Advanced Packaging:
- MA-tek notes an industry trend where Cloud Service Providers (CSPs) are seeking alternative advanced packaging solutions due to capacity constraints from traditional suppliers (e.g., Company T/TSMC).
- Company I (Intel) is gaining traction with its EMIB Adoption, positioning it as a viable solution alongside CoWoS for AI architectures.
- Commitments for Company I's EMIB are expected to take effect in 2H26, indicating a shift in the advanced packaging landscape. This suggests increased demand for related analysis and testing services.

Additional Data

Safe Harbor Notice:
1. MA-tek's statements of its current expectations are forward-looking statements subject to significant risks and uncertainties, and actual results may differ materially from those contained in the forward-looking statements.
2. Information as to those factors that could cause actual results to vary can be found in MA-tek's Annual Report and such other documents as MA-tek may file with, or submit to, the Taipei Exchange from time to time.
3. Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Proprietary Information: "PROPRIETARY, DO NOT COPY WITHOUT PERMISSION. Any page, or pages of this report can not be used separately."

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