Macronix — Interim / Quarterly Report 2025

Nov 21, 2025

旺宏電子 2025 年第三季法人說明會

October 29, 2025

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免責聲明

本簡報與會議中之討論內容包含有關於旺宏電子(股)公司營運、財務狀況與對未來
預期之前瞻性描述，此前瞻性描述將受到已知與未知不確定因素與風險的影響，而造成
。
實際結果與前瞻性描述中預期或暗示的結果可能存在重大差異

前述之不確定性因素與風險包含但不限於競爭產品/價格競爭的影響、客戶對公司
產品設計之接受度、公司即時的引進新技術、公司對新產品的即時量產能力、整體半導
。
體產業供需的轉變、產能過剩、產能供給、終端市場的財務狀況及其他等等風險

本簡報與會議內容中之前瞻性描述乃反映目前本公司對整體營運之看法，旺宏電子
(股)免除日後更新、通知之責任。

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3Q25 營運概況

3Q25 2Q25 3Q24 營收淨額 NT$ 8.2 NT$ 6.8 NT$ 7.8 (NT$ 十億 ) 營業毛利率 13.5% 15.6% 28.9% 營業淨利率 (13.9%) (15.9%) (4.6% )

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3Q25YTD 營運概況

3Q25YTD 3Q24YTD 營收淨額 NT$ 21.2 NT$ 20.0 (NT$ 十億 ) 營業毛利率 15.4% 26.6% 營業淨利率 (15.6% ) (10.9%)

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重點議程

 全力推動 3D NOR 和 3D NAND 的產品開發

 工廠設備的產能仍有提升的空間

 需要加大推動力度加快庫存去化

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重點議程 -2026

 工廠產能利用率較低及產品開發延遲致獲利能力面臨挑戰

• Flash 市場回溫：強調產品商業化、跨部門整合及良率提升

• 加強研發至銷售之流程，最大化客戶價值及穩定獲利

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3Q25 合併綜合損益比較表

單位：新台幣佰萬元 (每股盈餘為元) 營業收入淨額 營業毛利 營業毛利率 營業費用 營業淨(損)利 營業淨利率 營業外收(支) 稅前淨(損)利 所得稅利益(費用) 本期淨(損)利	3Q25 2Q25 3Q24	QoQ YoY
	8,214 6,799 7,755 1,112 1,064 2,244 13.5% 15.6% 28.9% (2,256) (2,143) (2,602) (1,144) (1,079) (358) (13.9%) (15.9%) (4.6%) 190 (329) 32 (954) (1,408) (325) 91 132 29 (862) (1,276) (296)	21% 6% 5% (50%) (2.1ppt) (15.4ppt) 5% (13%) 6% 220% 2.0ppt (9.3ppt) (32%) 193% (32%) 191%
基本每股盈餘--NT$	(0.47) (0.69) (0.16)
EBITDA EBITDA % 流通在外加權平均股數(佰萬股)	452 (26) 984 6% (0%) 13% 1,854 1,854 1,854

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3Q25YTD 合併綜合損益比較表

單位：新台幣佰萬元 (每股盈餘為元) 營業收入淨額 營業毛利 營業毛利率 營業費用 營業淨(損)利 營業淨利率 營業外收(支) 稅前淨(損)利 所得稅利益(費用) 本期淨(損)利	3Q25YTD 3Q24YTD	YoY
	21,151 19,971 3,263 5,322 15.4% 26.6% (6,568) (7,493) (3,305) (2,171) (15.6%) (10.9%) (26) 335 (3,331) (1,836) 320 175 (3,011) (1,661)	6% (39%) (11.2ppt) (12%) 52% (4.7ppt) 81% 81%
基本每股(虧損)盈餘--NT$	(1.62) (0.90)
EBITDA EBITDA % 流通在外加權平均股數(佰萬股)	824 2,042 4% 10% 1,854 1,854

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營收及毛利率

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||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|2020|2021|2022|2023|2024|
|39,801M|50,573M|43,487M|27,624M|25,883M|
|Sales|
|Margin%|
|NTD M|Net Sales|Gross Margin%|
|16,000|
|14,974|
|14,545|
|60%|
|11,598|
|12,000|11,427|11,340|[11,471 ]|
|10,957|
|10,158|
|9,627|
|9,415 9,271|47%|[48%48%]|
|9,078|
|44%|40%|
|43%|8,214|
|7,755|
|8,000|39%|7,104|[7,429 ]|7,283|
|6,456|6,799|
|35%|[36%]|
|34%|
|32%|[34%]|5,808 5,760|5,913|[6,137 ]|
|31%|
|30%29%|
|28%|
|25%|24%|20%|
|4,000|
|19%|[20%]|
|18%16%|14%|
|13%|
|0|0%|
|1Q|2Q|3Q|4Q|1Q|2Q|3Q|4Q|1Q|2Q|3Q|4Q|1Q|2Q|3Q|4Q|1Q|2Q|3Q|4Q|1Q|2Q|3Q|
|20|21|22|23|24|25|

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公司價值

	3Q25	3Q24
每股盈餘-- NT$	(0.47)	(0.16)
每股淨值-- NT$	22.86	24.59
每股盈餘		每股淨值

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NTD NTD
(1.73) NT$ 0.5
29.0
cash dividend
25.8
24.9 24.6
23.7 23.7
2Q 3Q 22.9 22.9
(0.15) (0.16)
1Q24 4Q 1Q25 2Q 3Q 22.0
(0.58) (0.84) (0.47) (0.69) (0.47) 1Q24 2Q 3Q 4Q 1Q25 2Q 3Q
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股東權益報酬率 (GAAP)

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Annualized ROE - Reported Net Income / Sales
16%
13%
-17%
-10%
2017 2018 2019 2020 2021 2022 2023 20243Q25 2017 2018 2019 2020 2021 2022 2023 2024 3Q25
(LTM)
(LTM)
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Total Assets / Total Equity

Sales / Total Assets 63% 184% 35% 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 (LTM)

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176%
2017 2018 2019 2020 2021 2022 2023 20243Q25
(LTM)
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3Q25 合併簡明資產負債表

單位：新台幣佰萬元 (每股淨值為元)	9/30/'25	6/30/'25	9/30/'24
現金及約當現金	12,713	12,284	10,175
存貨(淨額)	10,097	12,146	13,354
不動產、廠房及設備	39,599	40,627	42,423
總資產	76,222	77,395	78,827
短期應計息負債	7,044	5,548	4,250
長期應計息負債	19,064	21,881	20,045
總負債	33,795	34,928	33,228
負債佔資產比率(%)	44.3%	45.1%	42.2%
股東權益	42,427	42,467	45,598
每股淨值-- NT$	22.86	22.91	24.59

Note: 期末流通在外股數 ( 佰萬股 ) 1,854

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自由現金流量及資本支出

單位：新台幣佰萬元	3Q25	2Q25	3Q24
營業活動之淨現金流入	1,913	769	(81)
折舊 & 攤銷	1,285	1,266	1,217
投資活動之淨現金流入(出)	(265)	(714)	(1,836)
資本支出	(311)	(766)	(1,929)
籌資活動之淨現金流入(出)	(1,331)	204	872
現金及約當現金淨增加(減少)*	429	(292)	(1,037)
期末現金及約當現金餘額	12,713	12,284	10,175
自由現金流量**	1,602	3	(2,009)

* 現金淨變動包含匯率變動之影響數

• ** 自由現金流量 = 營業活動現金流量 - 資本支出

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- 第三季銷售額分析 產品別 ( 母公司 )

單位:新台幣佰萬元

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8,000
8% 16%
13%
55%
QoQ YoY
52%
4,000 Change Change
66%
NAND +44% +118%
NOR -6% -0%
29%
26% ROM +144% -5%
13%
FBG -6% -25%
8% 8% 6%
0
FBG (Foundry Business Group)
3Q24 2Q25 3Q25
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營運現況 - ROM

 ROM Business

 持續支持客戶銷售發展，緊密連結並滿足主要客戶之季節性需求

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Density shipment index: 1Q19 =100
600
545
483
406
383 [394 ] 386
400 368
348
331
307
290 292
280
269
256 248
222
214
193
176
200
159
147
117
100
91 95 90
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2019 2020 2021 2022 2023 2024 2025
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營運現況 - NOR

 NOR Business

 伺服器及通訊類需求持續穩健成長

 持續以高品質產品滿足長期客戶需求

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Density shipment index: 1Q20 =100 ≧75 nm
55 nm
200
150
139
122 [124 ]
117 [126 ] 117
105
100 100 94 92 90 86 87 [93 ] 100
76
73
66 66 [68 ]
57 56
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2020 2021 2022 2023 2024 2025
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車用的最佳 Flash Memory 解決方案

 Auto business

• 由於美國關稅及貿易政策影響， Tier-ones 車用廠商終端需求波動較大

• ADAS 與 AI 智能座艙等趨勢推動記憶體升級需求

NOR Flash by Automotive Density shipment Index: 1Q20 =100

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300
212
200
183 180 176 [184] 175
164
154 [164] 138 150 165 140 [150]
150 124 121 130 133 133
100 99
87
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2020 2021 2022 2023 2024 2025
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營運現況 – NOR 應用別分析 ( 母公司 )

2Q25 NOR Revenue Breakdown 3Q25 NOR Revenue Breakdown

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消費性電子 通訊相關 []
7% 19% 車用電子
電腦相關
工規 / 醫療 / 20%
35%
航太
19%
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消費性電子 通訊相關 []
7% 19%
電腦相關 車用電子
37% 工規 / 醫療 / 19%
航太
18%
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電腦相關 消費性電子 通訊相關 車用電子 工規/醫療/航太 +3% QoQ -12% QoQ -6% QoQ -7% QoQ -10% QoQ +12% YoY -28% YoY +5% YoY -8% YoY -6% YoY

Note：[*] 通訊相關:包含手機應用

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營運現況 – SLC NAND

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19 nm
Density shipment index: 1Q23 =100
500 ≧36 nm 474
400
309
292
300
230
195
185
200 169
159
149
134
100
100
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2023 2024 2025
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For more information regarding Macronix http://www.macronix.com

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For all inquiries, suggestions and comments ir@mxic.com.tw