Macronix — Investor Presentation 2025

Jul 30, 2025

旺宏電子 2025 年第二季法人說明會

July 30, 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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2Q25 營運概況

2Q25 1Q25 2Q24 營收淨額 NT$ 6.8 NT$ 6.1 NT$ 6.5 (NT$ 十億 ) 營業毛利率 15.6% 17.7% 30.0% 營業淨利率 (15.9%) (17.6%) (7.9% )

Note: 2025Q2 美元計價之營收為223.7佰萬元；2025Q1為186.5佰萬美元，季度增長率為20%。(平均匯率(美元/新台幣)：2025Q1為32.90) 2024Q2為198.9佰萬美元，同期增長率為12%。(平均匯率(美元/新台幣)：2024Q2為32.46)

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1H25 營運概況

1H25 1H24 營收淨額 NT$ 12.9 NT$ 12.2 (NT$ 十億 ) 營業毛利率 16.6% 25.2% 營業淨利率 (16.7% ) (14.8%)

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重點議題

• 研發費用因持續投入 3D NOR 及 3D NAND 研發而偏高

• 生產端可以有更好的表現成果

• 消費者猜測新平台即將上市使 ROM 減少

• 將進一步採取行動快速去化庫存

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2Q25 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	2Q25 1Q25 2Q24	QoQ YoY
	6,799 6,137 6,456 1,064 1,087 1,936 15.6% 17.7% 30.0% (2,143) (2,169) (2,448) (1,079) (1,082) (512) (15.9%) (17.6%) (7.9%) (329) 113 198 (1,408) (969) (314) 132 97 28 (1,276) (873) (286)	11% 5% (2%) (45%) (2.1ppt) (14.4ppt) (1%) (12%) (0%) 111% 1.7ppt (8.0ppt) 45% 348% 46% 346%
基本每股盈餘--NT$	(0.69) (0.47) (0.15)
EBITDA EBITDA % 流通在外加權平均股數(佰萬股)	(26) 398 982 (0%) 6% 15% 1,854 1,854 1,854

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1H25 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	1H25 1H24	YoY
	12,937 12,216 2,151 3,078 16.6% 25.2% (4,312) (4,892) (2,161) (1,813) (16.7%) (14.8%) (216) 303 (2,377) (1,511) 229 146 (2,149) (1,365)	6% (30%) (8.6ppt) (12%) 19% (1.9ppt) 57% 57%
基本每股(虧損)盈餘--NT$	(1.16) (0.74)
EBITDA EBITDA % 流通在外加權平均股數(佰萬股)	372 1,058 3% 9% 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 80%
14,974
14,545
11,598
12,000 11,427 11,340 [11,471 ] 60%
10,957
10,158
9,627
9,415 9,271
9,078
47% [48% 48%] 7,755
8,000 44% 7,104 [7,429 ] 7,283 40%
43%
6,799
6,456
39%
5,808 5,760 5,913 [6,137 ]
35% [36%]
34%
32% [34%]
31%
30% 29%
28%
4,000 25% 24% 20%
19% [20%]
18% 16%
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
20 21 22 23 24 25
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公司價值

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2Q25 2Q24
每股盈餘 -- NT$ (0.69) (0.15)
每股淨值 -- NT$ 22.91 24.89
每股盈餘 每股淨值
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
(0.15) (0.16)
1Q24 4Q 1Q25 2Q 22.0
(0.58) (0.84) (0.47) (0.69) 1Q24 2Q 3Q 4Q 1Q25 2Q
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股東權益報酬率 (GAAP)

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Annualized ROE - Reported Net Income / Sales
16%
13%
-15%
-9%
2017 2018 2019 2020 2021 2022 2023 20242Q25 2017 2018 2019 2020 2021 2022 2023 2024 2Q25
(LTM)
(LTM)
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Sales / Total Assets Total Assets / Total Equity
63%
184% 176%
34%
2017 2018 2019 2020 2021 2022 2023 2024 2Q25 2017 2018 2019 2020 2021 2022 2023 20242Q25
(LTM) (LTM)
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2Q25 合併簡明資產負債表

單位：新台幣佰萬元 (每股淨值為元)	6/30/'25	3/31/'25	6/30/'24
現金及約當現金	12,284	12,576	11,213
存貨(淨額)	12,146	13,027	13,523
不動產、廠房及設備	40,627	41,300	41,762
總資產	77,395	79,067	78,702
短期應計息負債	5,548	5,218	3,216
長期應計息負債	21,881	21,960	19,251
總負債	34,928	35,153	32,555
負債佔資產比率(%)	45.1%	44.5%	41.4%
股東權益	42,467	43,914	46,147
每股淨值-- NT$	22.91	23.69	24.89

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	2Q25	1Q25	2Q24
營業活動之淨現金流入	769	(402)	65
折舊 & 攤銷	1,266	1,260	1,210
投資活動之淨現金流入(出)	(714)	(593)	(1,001)
資本支出	(766)	(592)	(1,000)
籌資活動之淨現金流入(出)	204	1,817	1,464
現金及約當現金淨增加(減少)*	(292)	952	493
期末現金及約當現金餘額	12,284	12,576	11,213
自由現金流量**	3	(994)	(934)

* 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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- 第二季銷售額分析 產品別 ( 母公司 )

單位:新台幣佰萬元

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8,000
13%
14%
11%
QoQ YoY
Change Change
4,000
63% 68% 66% NAND +41% -3%
NOR +8% +11%
ROM -2% -4%
14% 14% 13%
FBG +16% -9%
9% 7% 8%
0 * FBG (Foundry Business Group)
2Q24 1Q25 2Q25
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營運現況 - ROM

 ROM Business

 新平台正在全球各地推出，並推出新遊戲

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Density shipment index: 1Q19 =100
600
545
483
406
383 [394 ] 386
400 368
348
331
307
290 280 292
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
2019 2020 2021 2022 2023 2024 2025
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營運現況 - NOR

 NOR Business

• 電腦、通訊及車用的需求提升

• 高性能、高品質和高安全性是程式碼記憶體主要差異

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

 Auto business

• 客戶持續關注汽車互聯和工業物聯網解決方案

• 在總體經濟不確定性高下，優質客戶的設計導入帶來穩定收入

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

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300
212
200
183 180 176 [184]
164
154 [164] 165
138 150 140 150
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
2020 2021 2022 2023 2024 2025
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營運現況 – NOR 應用別分析 ( 母公司 )

1Q25 NOR Revenue Breakdown 2Q25 NOR Revenue Breakdown

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消費性電子 通訊相關 []
9% 18% 車用電子
電腦相關
工規 / 醫療 / 22%
33%
航太
18%
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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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電腦相關 消費性電子 通訊相關 車用電子 工規/醫療/航太 +14% QoQ -5% QoQ +14% QoQ -3% QoQ +11% QoQ +26% YoY -24% YoY +1% YoY +12% YoY +12% 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
≧36 nm
309
292
300
230
195
185
200
169
159
149
134
100
100
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
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