Samsung Electronics（005930）— 2026-10-29 3Q26 法說會逐字稿（英文原文＋中譯）

日期：2026-10-29（韓國時間上午） 逐字稿為 Samsung Electronics earnings call 音檔 AI 轉寫，英文原文與中譯並列；Q&A 原以韓語進行，英文為現場口譯；專有名詞與數字以公司 press release 為準。

校正紀錄

本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。Memo 區塊與 Transcript 區塊同步修正。 - CFO、Samsung Display、Visual Display 三處「outlook for the first quarter and 2027／第一季度」→ 第四季度（fourth quarter）：文內同段述及「year-end peak season」「In the fourth quarter, we anticipate…」，Memory 業務亦答覆 4Q 位元成長；AI Memo 區塊「2027 年第一季」同步改為「2026 年第四季」 - 「Se-ho」→ Soon-Cheol（CFO Soon-Cheol Park，IR 主持人轉場稱呼誤植） - 「tail-off fabs」→ Taylor fab（美國德州泰勒廠，與後文 Taylor, Texas 一致） - 「2M4 nano nodes」→ 4-nano and 2-nano nodes（依後文 Foundry 業務 4 奈米／2 奈米，中譯同步修正） - 「sub-SSDs」→ server SSDs；「Membree」→ Memory；「Bobao」→ mobile（中譯「手機市場」）；「2.0 AI HPC」→ AI HPC；「MS business」→ MX business - 「full-nano HBM base die」疑為「4-nano HBM base die」（Foundry 後文稱以 4 奈米製程共同開發 HBM4 base die）[待確認]，保留原話 - 「For equal products」疑為 wearable products（後文提及 Galaxy Watch Ultra 2）、「threadless partnerships」語意不明 [待確認]，保留原話；JP Morgan 提問中「Stats, Metamuse, Gemini Spark」疑為各家個人化 AI 代理產品名稱，無從判斷，保留原話 - Q&A 原稿發言標籤多為 Speaker02／Speaker03，無法逐題對應回答的業務主管，memo 只依內文語意歸屬 - 財務四項交叉驗算：①營業利益 107.4 ÷ 營收 195.3 = 55.0% ✓（口述 55%）；QoQ：營收 +14%→前季約 171.3 兆、營業利益 +20%→前季約 89.5 兆，前季營業利益率 52.2% ✓（口述 52%）；②淨利 75.1 兆 ÷ 普通股 EPS 11,462 ≈ 6.55 十億股；股利 4,601 韓元 × 約 6.5 十億股 ≈ 30 兆 ✓；③資本支出 3Q26 29 兆 = DS 27.2 + 顯示器 1.1 + 其他約 0.7；前九個月 56.9 = DS 52.8 + 顯示器 2.4 + 其他約 1.7；全年 84.4（DS 76.8、顯示器 3.9）✓；④CFO 稱 2026 年股東回報總額 92–110 兆韓元、已規劃或完成 35 兆、剩餘 55–75 兆：110−35 = 75 ✓，但 92−35 = 57 而非 55 [數字存疑]，保留原話 - 刪除站方募款宣傳行

警語：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。

Memo 亮點 • Samsung Electronics 連續第四個季度創下營收與營業利益新高，26Q3 總營收達 195.3 兆韓元，營業利益達 107.4 兆韓元。這是全球科技公司首次在單季營業利益突破 100 兆韓元。 [IR - 00:02:10] • 淨利較前一季成長 5%，達 75.1 兆韓元，普通股每股盈餘達 11,462 韓元，優先股每股盈餘達 11,492 韓元，兩者均較前季成長 6%（推斷自音訊日期 20261029）。 [IR - 00:03:06] • Samsung 成為首家季度營業利益超過 100 兆韓元的全球科技公司，展現其技術實力與持續成長能力。 [CFO - 00:07:33] • 董事會批准第三季現金股利為普通股及優先股每股 4,601 韓元，第三季總股利達 30 兆韓元，預計於 2026 年 11 月發放（推斷自音訊日期）。 [CFO - 00:15:19] • 2027 年 HBM 供應量已以反映產品競爭力的目標價格全部售罄，Samsung 持續接獲主要客戶追加供應需求。 [Speaker03 - 00:49:57] 總體經濟 • 儘管全球市場環境快速變化，Samsung 依靠差異化技術與靈活應對市場變動，交出創紀錄的季度業績。 [CFO - 00:07:14] • Device eXperience 部門預計在 2026 年第四季將持續面臨宏觀經濟不確定性及零組件成本上升的壓力。 [CFO - 00:08:30] 產業循環週期 • 2027 年半導體市場預期持續強勁，受歷史性 AI 投資與供應限制支撐。供應緊張狀況預計延續至 2028 年，資本支出增加因長交期及建設成本上升，短期內難以帶來實質位元產量成長。 [Speaker03 - 00:11:25] 產業供需 • 記憶體需求成長持續超越供應，尤其是 AI 應用。26Q4 Samsung 計劃維持針對 AI 應用的供應回應，因該領域需求動能強勁。 [Executive Vice President of Memory - 00:21:04] • 2027 年記憶體需求將因強勁 AI 投資遠超供應，晶圓代工成長預期加速。 [CFO - 00:12:15] • 供應緊張狀況預計延續至 2028 年，因新產能增加受限於長交期及建設成本，短期內難以提升位元產量。 [Speaker03 - 00:39:24] 產業狀況 • 記憶體市場持續強勁，受 AI 應用及代理型 AI 全面採用推動，增加對 HBM、RDIMM 及伺服器 SSD 的需求。 [Executive Vice President of Memory - 00:19:00] • System LSI 因行動需求疲弱面臨逆風，晶圓代工則因先進製程銷售成長持續恢復獲利。 [IR - 00:03:37] 獲利 • 營業利潤率提升至 55%，較前季 52% 成長（推斷自音訊日期 20261029）。 [IR - 00:02:48] • 淨利較前一季成長 5%，達 75.1 兆韓元，普通股每股盈餘達 11,462 韓元，優先股每股盈餘達 11,492 韓元，兩者均較前季成長 6%。 [IR - 00:03:06] • 儘管視覺顯示事業銷售下滑及記憶體供應持續受限，透過擴大高階產品銷售及提升成本效率，利潤下滑幅度被最小化。 [Vice President of Visual Display - 00:36:19] 公司展望、未來成長動能 • Samsung 預期 2027 年半導體市場將持續強勁，受歷史性 AI 投資與供應限制支撐，並有望超越 2026 年表現，實現連續創紀錄。 [CFO - 00:11:25] • Samsung 計劃在日常生活的空間與裝置中擴展代理型 AI 體驗，透過硬體創新與性能提升，強化高階市場領導地位。 [CFO - 00:14:28] • Samsung 將透過發展高利潤率的服務與平台業務多元化營收來源，並透過 AX 驅動創新及資源效率提升，快速改善營運基礎。 [CFO - 00:14:50] 市場競爭策略 • 摺疊手機市場競爭加劇，更多業者進入此領域，但 Samsung 視此為展現其開創市場價值及擴大銷售的機會。 [Vice President of Mobile eXperience - 01:05:02] • Samsung 目標透過使摺疊裝置更薄更輕、開發新型態及提供差異化客戶體驗，維持摺疊手機領導地位。 [Vice President of Mobile eXperience - 01:05:42] 公司對市場觀點的看法 • 公司注意到市場對普通股與優先股價格差距的關注，承諾根據市場狀況積極考量並調整優先股於庫藏股回購及銷毀計畫中的比例。 [CFO - 00:17:30] 營收 • Samsung Electronics 於 26Q3 實現總營收 195.3 兆韓元，連續第四季創新高。 [IR - 00:02:10] • MX 事業部第三季營收達 37.3 兆韓元。 [Vice President of Mobile eXperience - 00:32:22] 訂單 • Samsung 已與 10 大主要客戶簽訂多年供應合約，並與另外 10 大主要客戶洽談多年合約，尋求長期記憶體供應的客戶數量持續增加。 [Speaker03 - 00:42:44] • Samsung 預期兩奈米晶圓代工專案數量將較去年翻倍以上。 [Speaker03 - 00:46:17] 產品組合 • Samsung 積極優化 DRAM 與 NAND 產品組合，考量應用需求變化及客戶反饋。 [Executive Vice President of Memory - 00:22:17] • MX 事業部透過及時擴大符合用戶生活型態的摺疊 8 系列產品，提升摺疊手機銷量與營收年增。 [Vice President of Mobile eXperience - 00:32:40] 下游客戶 • 客戶對長期穩定供應需求增加，且有興趣的客戶範圍從超大規模資料中心、伺服器 OEM 及 SoC 擴展至行動、汽車及網路應用。 [Speaker03 - 00:43:22] 同業 • 摺疊手機市場競爭加劇，更多業者加入，但 Samsung 視此為展現其開創市場價值並利用成長擴大銷售的機會。 [Vice President of Mobile eXperience - 01:05:02] 稼動率 • 8 奈米以下所有製程節點需求預計大幅超過產能，Samsung 預期產能利用率將超過 100%。 [Executive Vice President of Foundry - 00:28:18] 新產品／新技術 • Samsung 將於明年上半年開始量產 HBM4E，下半年加速量產，同時積極回應伺服器對高速 DDR5（8,000 Mbps 以上）需求，持續領先高階產品市場。 [Executive Vice President of Memory - 00:22:45] • NAND 方面，Samsung 將持續強化產品組合，聚焦 AI 相關產品，如 PCIe Gen6 伺服器 SSD 及高密度 QLC SSD。 [Executive Vice President of Memory - 00:23:15] • Samsung 基於鍵合技術的 V10 TLC 產品已於第三季準備量產，並計劃明年初推出基於 32 層堆疊技術的 V9 2Tb QLC 256TB 商用產品。 [Speaker03 - 00:53:49] 產品價格 • 第三季市場價格於所有記憶體應用均上漲，主要受伺服器應用強勁需求推動。DRAM 平均銷售價格較前季約上升 20%，NAND 平均銷售價格則上升十幾個百分點。 [Executive Vice President of Memory - 00:20:01] 合約價、現貨價 • Samsung 已與 10 大主要客戶簽訂多年供應合約，並與另外 10 大主要客戶洽談多年合約，目標將多年合約佔中長期產能比重提升至 60% 至 70%。 [Speaker03 - 00:42:44] 出貨量 • 第四季 Samsung 預期 DRAM 位元數季增率將達中高雙位數百分比，NAND 則達中雙位數百分比。 [Executive Vice President of Memory - 00:21:32] 成本毛利 • 26Q3 研發費用達 14.4 兆韓元，Samsung 持續積極投資未來成長。 [IR - 00:02:57] • Device eXperience 部門預計 2027 年將持續面臨零組件成本上升及營運環境挑戰帶來的獲利壓力。 [CFO - 00:11:59] 原物料／關鍵零組件 • 原物料價格高漲預計將持續至 2027 年，影響 MX 事業獲利。 [Vice President of Mobile eXperience - 00:55:15] 匯率 • 美元、歐元及其他主要貨幣匯率走弱，較前季對營業利益造成約 10 兆韓元負面影響，主要來自零組件事業。 [IR - 00:04:04] • Samsung 透過全球價值鏈的自然避險，匹配資金流入與流出貨幣，並將外匯曝險降至最低，而非使用昂貴的衍生性金融商品來管理匯率風險。 [Speaker02 - 00:59:36] 關稅 • 儘管面臨關稅風險及記憶體價格上漲，Harman 透過與 Samsung Electronics 的協同效應，特別是在汽車與音響等成長市場，持續交出強勁業績。 [Speaker02 - 01:06:58] 銷售／管理／研發費用 • 26Q3 研發費用達 14.4 兆韓元，Samsung 持續積極投資未來成長。 [IR - 00:02:57] 擴廠規劃 • Samsung 正加大在美國與韓國新晶圓廠的投資，以迅速回應先進製程需求成長，並評估包括興建額外晶圓廠在內的產能擴充方案。 [Speaker03 - 00:57:37] 營業利益 • 26Q3 營業利益達 107.4 兆韓元，較前季成長 20%。 [IR - 00:02:27] 股利政策 • 董事會批准第三季現金股利為普通股及優先股每股 4,601 韓元，第三季總股利達 30 兆韓元，預計於 2026 年 11 月發放（推斷自音訊日期）。 [CFO - 00:15:19] • 2026 年預估總股東回報為 92 至 110 兆韓元，其中 35 兆韓元已規劃或完成，Samsung 預期剩餘 55 至 75 兆韓元將透過現金股利及大規模庫藏股回購並配合銷毀計畫返還股東。 [CFO - 00:16:16] 股本、增資、可轉換債券、庫藏股 • Samsung 承諾根據市場狀況積極考量並調整優先股於庫藏股回購及銷毀計畫中的比例，旨在確保所有股東權益平等並優化資本配置。 [CFO - 00:17:30] 併購 • Harman 利用去年收購的 Bowers & Wilkins、Denon、Marantz 等全球知名品牌，擴展其高階產品組合。 [Speaker02 - 01:08:04] 避險 • Samsung 透過全球價值鏈的自然避險，匹配資金流入與流出貨幣，並將外匯曝險降至最低，而非使用昂貴的衍生性金融商品來管理匯率風險。 [Speaker02 - 00:59:36] Transcript Presentation Speaker01

(00:00:01)Hello, everyone, and welcome to the Samsung Electronics 2026 Third Quarter Financial Results Conference Call. I will be your coordinator. All participants will be in listen-only mode until we open the question-and-answer session following the presentation. As a reminder, this call is being recorded. I would now like to turn the conference over to the Investor Relations team. Please go ahead.

(00:00:01)大家好，歡迎參加三星電子 2026 年第三季度財務結果電話會議。我將擔任您的協調員。所有參與者在演示結束前將處於僅聽模式，直到我們開放問答環節。提醒大家，本次通話正在錄音。現在我想將會議交給投資者關係團隊。請繼續。

Daniel Oh - Samsung, Investor Relation

(00:00:27)Welcome, everyone. I would like to thank our shareholders and analysts for joining us from all over the world for our third quarter 2026 earnings call. I'm Daniel Oh, head of Investor Relations, and it is a great pleasure to have you all with me today. Please be advised that all materials from today's call, including the presentation slides, will remain accessible on our IR website. Also, please be aware that today's remarks may contain forward-looking statements that could differ from actual results.

(00:00:27)大家好，歡迎來到會議。我想感謝我們的股東和分析師來自世界各地參加我們 2026 年第三季度的財報電話會議。我是丹尼爾·奧（Daniel Oh），投資者關係負責人，今天能與大家在一起非常高興。請注意，今天通話的所有材料，包括演示幻燈片，將在我們的 IR 網站上保持可訪問。此外，請注意，今天的發言可能包含前瞻性聲明，實際結果可能會有所不同。

Daniel Oh - Samsung, Investor Relation

(00:01:01)For the full legal disclaimer, please refer to the presentation slide. For our agenda today, I will start with our third quarter financial performance and an update on capital expenditures, followed by our CFO Soon-Cheol Park, who will discuss our outlook and share the returns. The executive officers from our different businesses will then share their respective results and outlook. We'll end the presentation with a Q&A session, and we anticipate the call will last about an hour. The executive officers with us today are EVP Soon-Cheol Park, our CFO; EVP Jaejune Kim from Memory; EVP Jason Shin for System LSI; EVP Sukchae Kang from Foundry; EVP Charles Hur with Samsung Display,

(00:01:01)有關完整的法律聲明，請參閱演示幻燈片。今天的議程是，我將首先介紹我們的第三季度財務表現和資本支出更新，接著是我們的 CFO 樸順哲（Soon-Cheol Park），他將討論我們的前景並分享回報。然後來自不同業務的高管將分享他們各自的結果和前景。我們將以問答環節結束演示，預計通話將持續約一小時。今天與我們在一起的高管有：我們的 CFO 樸順哲（Soon-Cheol Park）；記憶體部門的執行副總裁金載俊（Jaejune Kim）；系統 LSI 的執行副總裁申在勳（Jason Shin）；代工部門的執行副總裁姜錫採（Sukchae Kang）；三星顯示的執行副總裁許喆（Charles Hur），

Daniel Oh - Samsung, Investor Relation

(00:01:57)VP Daniel Araujo representing MX, and VP Wonwoo Kim for Visual Display. Now, let's begin with our financial results for the third quarter. Driven by record results in the memory business, Samsung Electronics reached new highs in both revenue and operating profit for the fourth consecutive quarter, delivering total revenue of 195.3 trillion won. Operating profit was 107.4 trillion won, representing substantial increases of 14% and 20%, respectively. As a result, we became the first global tech company to post a quarterly operating profit exceeding 100 trillion won.

(00:01:57)代表 MX 的副總裁阿拉霍（Daniel Araujo），以及視覺顯示的副總裁金元宇（Wonwoo Kim）。現在，讓我們開始介紹第三季度的財務結果。受記憶體業務創紀錄的推動，三星電子在連續第四個季度中，營收和營業利潤均達到新高，總營收為 195.3 兆韓元。營業利潤為 107.4 兆韓元，分別增長了 14% 和 20%。因此，我們成為第一家季度營業利潤超過 100 兆韓元的全球科技公司。

Daniel Oh - Samsung, Investor Relation

(00:02:48)Additionally, our operating margin improved to 55%, up from 52% in the prior quarter. R&D expenses totaled 14.4 trillion won as we continued to actively invest in future growth. Net profit rose 5% sequentially to 75.1 trillion won, and earnings per share reached new highs of 11,462 won for common shares and 11,492 won for preferred shares, both up 6% from the previous quarter. In the DS division, memory set another quarterly record while expanding HBM4 sales and meeting strong server demand. System LSI faced headwinds from weak mobile demand, while Foundry continued its earnings recovery supported by growing sales from advanced nodes.

(00:02:48)此外，我們的營業利潤率提高至 55%，較上一季度的 52% 有所上升。研發支出總計 14.4 兆韓元，因為我們持續積極投資於未來增長。淨利潤環比增長 5%，達到 75.1 兆韓元，每股收益達到新高，普通股為 11,462 韓元，優先股為 11,492 韓元，均較上一季度增長 6%。在 DS 部門，記憶體再次創下季度記錄，同時擴大 HBM4 銷售並滿足強勁的伺服器需求。系統 LSI 面臨來自疲弱的移動需求的逆風，而代工部門則在先進製程的銷售增長支持下持續恢復盈利。

Daniel Oh - Samsung, Investor Relation

(00:03:48)In the DX division, the MX business recorded year-on-year revenue growth driven by new models such as Galaxy Z Fold 8, even as higher component costs kept business conditions challenging. Regarding currency effects, weaker exchange rates for the U.S. dollar, euro, and other major currencies had a negative impact of around 10 trillion KRW on operating profit compared with the previous quarter, mainly in our component business. The executive officers with us today will discuss their results in more detail shortly.

(00:03:48)在 DX 部門，MX 業務錄得同比營收增長受 Galaxy Z Fold 8 等新型號推動，儘管較高的元件成本使業務環境充滿挑戰。關於貨幣影響，美元、歐元及其他主要貨幣的匯率走弱，對營業利潤造成約 10 兆韓元的負面影響，主要體現在我們的元件業務中。今天與我們在一起的高管將稍後詳細討論他們的結果。接下來談談資本支出。

Daniel Oh - Samsung, Investor Relation

(00:04:30)Moving on to capital expenditures. CapEx in the third quarter was 29 trillion won, an increase of 12.2 trillion won quarter-on-quarter and 19.8 trillion won year-on-year. Of this total, 27.2 trillion won was invested in the DS division, while 1.1 trillion won was invested in the display business. Over the first nine months of this year, CapEx totaled 56.9 trillion won, up 24.7 trillion won year-on-year, of which 52.8 trillion won was allocated to the DS division and 2.4 trillion won to the display business.

(00:04:30)第三季度的資本支出為 29 兆韓元，較上一季度增加 12.2 兆韓元，同比增加 19.8 兆韓元。在這總額中，27.2 兆韓元投資於 DS 部門，而 1.1 兆韓元則投資於顯示業務。在今年前九個月，資本支出總計 56.9 兆韓元，同比增加 24.7 兆韓元，其中 52.8 兆韓元分配給 DS 部門，2.4 兆韓元分配給顯示業務。對於 2026 年全年，

Daniel Oh - Samsung, Investor Relation

(00:05:20)For the full year of 2026, we expect total CapEx to reach 84.4 trillion won, an increase of 31.7 trillion won from last year. Of this amount, CapEx is projected to rise by 29.3 trillion won to 76.8 trillion won for the DS division and by 1.1 trillion won to 3.9 trillion won for the display business. By business, in memory, full-year CapEx is expected to increase sequentially as we invest in new fabs and other infrastructure to meet strong AI demand and ensure readiness for the mid- to long-term, consistent with our approach of aligning investment with customer demand.

(00:05:20)我們預計總資本支出將達到 84.4 兆韓元，較去年增加 31.7 兆韓元。在這筆金額中，預計 DS 部門的資本支出將增加 29.3 兆韓元，達到 76.8 兆韓元，顯示業務的資本支出將增加 1.1 兆韓元，達到 3.9 兆韓元。按業務劃分，在記憶體方面，預計全年資本支出將隨著我們在新廠房和其他基礎設施上的投資而逐步增加，以滿足強勁的 AI 需求，並確保中長期的準備，這與我們根據客戶需求調整投資的做法一致。在代工業務中，我們也預計年度資本支出將增加，主要集中在我們的尾端廠房

Daniel Oh - Samsung, Investor Relation

(00:06:15)In the foundry business, we also expect annual CapEx to increase, focused mainly on our Taylor fab in the U.S., positioning us to meet the needs of the fast-growing AI and HPC markets and respond to customer demands in a timely manner. In the display business, full-year CapEx is expected to increase, reflecting upgrades to existing production lines. Now, I will hand the call to our CFO, Soon-Cheol Park, who will discuss our outlook for the fourth quarter and 2027, as well as shareholder returns.

(00:06:15)在美國，讓我們能夠滿足快速增長的 AI 和 HPC 市場的需求，並及時響應客戶需求。在顯示業務中，預計全年資本支出將增加，反映對現有生產線的升級。現在，我將把通話交給我們的 CFO 樸順哲（Soon-Cheol Park），他將討論我們對第四季度的展望以及 2027 年的股東回報。謝謝你，丹尼爾。

Sooncheol Park - Samsung, CFO

(00:06:59)Thank you, Daniel. Good morning, and thank you for joining our third quarter 2026 earnings call. I am Soon-Cheol Park, CFO of Samsung Electronics. Despite the rapidly shifting global market conditions, Samsung Once again, we delivered record quarterly results, backed by our differentiated technologies and agile response to market changes. We also reached a historic milestone, becoming the first global tech company to exceed 100 trillion Korean won in quarterly operating profit. This achievement demonstrates both the strength of our technologies and our ability to sustain growth.

(00:06:59)早上好，感謝您參加我們 2026 年第三季度的財報電話會議。我是樸順哲（Soon-Cheol Park），三星電子的 CFO。儘管全球市場條件迅速變化，三星我們再次交出了創紀錄的季度業績，這得益於我們的差異化技術和靈活應對市場變化的能力。我們還達成了一個歷史性里程碑，成為第一家季度營業利潤超過 100 兆韓元的全球科技公司。這一成就展示了我們技術的強大以及我們持續增長的能力。

Sooncheol Park - Samsung, CFO

(00:07:58)Our efforts remain fully focused on developing next-generation technologies and further advancing our leadership in the global market. Turning to the outlook for the fourth quarter and 2027. In the fourth quarter, we expect to continue delivering company-wide earnings growth, supported by strong performance in the Device Solutions division. However, the Device eXperience division is expected to face ongoing pressure from macroeconomic uncertainty and rising component costs. Starting with the Device Solutions division, we expect robust semiconductor market demand to continue, driven by the rapid spread of agent AI.

(00:07:58)我們的努力仍然完全專注於開發下一代技術，進一步提升我們在全球市場的領導地位。現在轉向第四季度和 2027 年的展望。在第四季度，我們預計將繼續實現公司整體盈利增長，這得益於設備解決方案部門的強勁表現。然而，設備體驗部門預計將面臨來自宏觀經濟不確定性和上升的元件成本的持續壓力。首先談談設備解決方案部門，我們預計強勁的半導體市場需求將持續，這是由於代理 AI 的快速普及。

Sooncheol Park - Samsung, CFO

(00:08:57)In memory, we will solidify our market leadership by expanding sales of HBM4, high-performance DDR5, QLC SSDs, and server SSDs. This is based on our industry-leading products and unmatched scale. In System LSI, we will advance our flagship SoCs and shift our revenue mix toward higher-resolution products by increasing sales of 200-megapixel image sensors. In Foundry, we aim to accelerate earnings growth through scaling mass production at our advanced 4-nano and 2-nano nodes, while continuing to build new orders for 2-nano products.

(00:08:57)在記憶體方面，我們將通過擴大 HBM4、高性能 DDR5、QLC SSD 和伺服器 SSD 的銷售來鞏固我們的市場領導地位。這是基於我們行業領先的產品和無與倫比的規模。在系統 LSI 方面，我們將推進我們的旗艦 SoC，並通過增加 200 百萬像素圖像傳感器的銷售來改變我們的收入組合，朝向更高解析度的產品。在代工方面，我們的目標是加速通過在我們先進的 4 奈米與 2 奈米節點上擴大大規模生產來實現盈利增長，同時繼續為 2 納米產品建立新訂單。

Sooncheol Park - Samsung, CFO

(00:10:00)In the display business, although demand uncertainty is expected to persist due to rising memory prices and other factors, we will meet demand for premium products through our industry-leading mass production. In the Device eXperience division, our priority is overcoming profitability challenges by expanding premium product sales during the year and peak season, and improving operational efficiency. We will drive sales of our key products by offering distinct AI user experiences and a broad range of sales support programs, while improving our sales mix by targeting premium demand.

(00:10:00)在顯示業務方面，儘管由於記憶體價格上漲和其他因素，需求不確定性預計將持續，但我們將通過我們行業領先的大規模生產來滿足對高端產品的需求。我們將通過行業領先的大規模生產來滿足需求。在設備體驗部門，我們的優先事項是通過在全年和高峰季節擴大高端產品的銷售來克服盈利挑戰，並提高運營效率。我們將通過提供獨特的AI 用戶體驗和廣泛的銷售支持計劃來推動我們關鍵產品的銷售，同時通過針對高端需求來改善我們的銷售組合。

Sooncheol Park - Samsung, CFO

(00:10:57)Additionally, by quickly adjusting our sales and channel operations in response to market trends and cost pressures, we will improve our cost structure and drive greater efficiency across the entire value chain. Next, let me turn to our outlook for 2027. In 2027, we expect the semiconductor market to remain strong, supported by historic AI investment and supply constraints. Driven by strong growth momentum in the Device Solutions division, we are positioned to exceed our 2026 performance and achieve another year of record results.

(00:10:57)此外，通過快速調整我們的銷售和渠道運營以應對市場趨勢和成本壓力，我們將改善我們的成本結構並在整個價值鏈中推動更高的效率。接下來，讓我談談我們對 2027 年的展望。在 2027 年，我們預計半導體市場將保持強勁，這得益於歷史性的 AI 投資和供應限制。由於設備解決方案部門的強勁增長動能，我們有望超越 2026 年的表現，實現又一個創紀錄的業績。

Sooncheol Park - Samsung, CFO

(00:11:59)Meanwhile, the Device eXperience division is expected to face continued profitability pressure from rising component costs and challenging business environment factors. In the Device Solutions division, memory demand will far exceed supply due to robust AI investment, while growth in Foundry is expected to accelerate. In memory, as AI infrastructure investment continues to grow, we will lead the HBM market by expanding HBM4 sales, followed by mass-producing HBM4E, while also driving sales of high-value products such as high-performance DDR5, high-capacity QLC, and ESSDs.

(00:11:59)同時，設備體驗部門預計將面臨來自上升的元件成本和具有挑戰性的商業環境因素帶來的持續盈利壓力。在設備解決方案部門，由於強勁的 AI 基礎設施投資，記憶體需求將遠超供應，而代工的增長預計將加速。在記憶體方面，隨著 AI 基礎設施投資的持續增長，我們將引領HBM 市場，通過擴大 HBM4 的銷售，隨後大規模生產 HBM4E，同時推動高性能 DDR5、高容量 QLC 和 ESSD 等高價值產品的銷售。

Sooncheol Park - Samsung, CFO

(00:13:06)With these efforts, we will bolster our market leadership through superior technologies. In System LSI, we will secure new customers for custom SoCs and expand sensor applications beyond mobile devices. In Foundry, growth will be driven by the ramp of mass production at our Taylor fab in the US, and for 2-nano AI and HPC products. In the display business, we will utilize our technologies to expand sales of premium products, including foldables, and solidify our market leadership by growing our IT OLED business based on our Gen 8.6 production line.

(00:13:06)通過這些努力，我們將通過卓越的技術來加強我們的市場領導地位。在系統 LSI 方面，我們將為定製 SoC 確保新客戶，並擴大傳感器應用至移動設備以外。在代工方面，增長將由我們在美國的 Taylor 工廠的大規模生產推動，以及 2 納米 AI 和 HPC 產品。在顯示業務方面，我們將利用我們的技術擴大高端產品的銷售，包括可摺疊設備，並通過基於我們第 8.6 代生產線的 IT OLED 業務增長來鞏固我們的市場領導地位。8.6 生產線。

Sooncheol Park - Samsung, CFO

(00:14:11)In the Device eXperience division, innovations in AI product experiences and a stronger profitability structure will bolster the foundation for future growth. We will expand agentic AI experiences across spaces and devices in everyday life, and the combination of our hardware innovation and enhanced performance will reinforce our leadership in the premium market. Moreover, we will diversify our revenue streams by growing high-margin businesses such as services and platforms, and rapidly improve our business fundamentals through AX-driven innovation and improved resource efficiency.

(00:14:11)在設備體驗部門，AI 產品體驗的創新和更強的盈利結構將為未來增長奠定基礎。我們將在日常生活中的空間和設備中擴大代理 AI 體驗，而我們的硬體創新和增強性能的結合將加強我們在高端市場的領導地位。此外，我們將通過增長高利潤業務如服務和平台來多樣化我們的收入來源，並迅速改善我們的商業基本面，通過 AX 驅動的創新和提高資源效率。

Sooncheol Park - Samsung, CFO

(00:15:15)Next, let me address shareholder returns. Today, the Board of Directors approved a third-quarter cash dividend of 4,601 Korean won for both common and preferred shares, including the regular dividend of 376 Korean won per share. As announced in August, the total dividend for the third quarter will be 30 trillion won, including the regular dividend, under our three-year shareholder return policy for 2024 to 2026, and it is scheduled to be paid in November. Next, I will update our shareholder return plan for the rest of 2026.

(00:15:15)接下來，讓我談談股東回報。今天，董事會批准了每股普通股和優先股的第三季度現金股息為 4,601 韓元，包括常規股息，每股 376 韓元。如八月所宣佈，第三季度的總股息將為 30 兆韓元，包括常規股息，根據我們 2024 至 2026 年的三年股東回報政策，預計將於十一月支付。接下來，我將更新我們 2026 年剩餘時間的股東回報計劃。

Sooncheol Park - Samsung, CFO

(00:16:16)Of the estimated 92 to 110 trillion won in total shareholder returns for 2026, with 35 trillion won already planned or completed, including the 30 trillion won cash dividend, approved by the Board today, we anticipate the remaining funds for shareholder returns to be 55 to 75 trillion won. In detail, for these remaining resources, our commitment is to return the amount to shareholders through cash dividends as well as a substantial share repurchase. This will be accompanied by a cancellation program.

(00:16:16)在 2026 年預計的 92 至 110 兆韓元的總股東回報中，已計劃或完成的有 35 兆韓元，包括 30 兆韓元的現金股息，今天由董事會批准，我們預計剩餘的股東回報資金為 55 至 75 兆韓元。詳細來說，對於這些剩餘資源，我們的承諾是通過現金股息以及大規模的股票回購將金額返還給股東。這將伴隨著一個取消計劃。

Sooncheol Park - Samsung, CFO

(00:17:10)We are also engaged in in-depth discussions on the next shareholder return policy, which will take effect in 2027, aiming to achieve both sustainable growth and enhanced shareholder value. Additionally, we recognize the growing market interest in the price gap between common and preferred shares, and we are committed to actively considering and adjusting the proportion of preferred shares in our share repurchase and cancellation program based on market conditions, with a view to ensuring equal respect for all shareholders, optimizing capital allocation, and enhancing cooperative value.

(00:17:10)我們也在深入討論下一個股東回報政策，該政策將於 2027 年生效，旨在實現可持續增長和增強股東價值。此外，我們認識到市場對普通股和優先股之間價格差距的日益關注。我們承諾根據市場條件積極考慮和調整我們的股票回購和取消計劃中優先股的比例，以確保對所有股東的平等尊重，優化資本配置，並提升合作價值。

Sooncheol Park - Samsung, CFO

(00:18:11)The new shareholder return policy, along with the final amount of shareholder returns and the specific execution plans for the remaining funds for 2026, will be finalized at the board meeting scheduled for late January 2027, with an announcement to follow. Thank you.

(00:18:11)新的股東回報政策，以及 2026 年剩餘資金的最終股東回報金額和具體執行計劃，將在 2027 年 1 月底的董事會會議上最終確定，隨後將發布公告。謝謝。

Daniel Oh - Samsung, Investor Relation

(00:18:39)Thank you, Soon-Cheol. Now, I would like to invite our executive officers from different businesses to provide updates on their respective business units. We'll begin with Jaejune Kim, EVP of the Memory business.

(00:18:39)謝謝你，Soon-Cheol。現在，我想邀請我們來自不同業務的高級主管提供他們各自業務單位的最新情況。我們將從記憶業務的執行副總裁金在俊開始。

Jaejune Kim - Samsung, Executive Vice President of Memory

(00:18:55)Good morning. This is Jaejune Kim from Memory Global Sales and Marketing. In the third quarter, demand in the memory market remained robust, driven by AI applications. In particular, with the full-scale adoption of agentic AI, there has been an additional increase in demand, mainly for products related to AI infrastructure expansion, such as HBM, RDIMMs, and server SSDs for AI and conventional servers. To meet the increasing demand for AI, we significantly expanded sales of HBM4, leveraging our industry-leading product competitiveness, and also actively addressed the growing demand for server SSDs.

(00:18:55)早安。我是來自記憶全球銷售和市場部的金在俊。在第三季度，記憶市場的需求保持強勁，主要受到人工智慧應用的推動。特別是隨著代理人工智慧的全面採用，需求進一步增加，主要是針對與人工智慧基礎設施擴展相關的產品，如 HBM、RDIMM 和用於人工智慧及傳統伺服器的 SSD。為了滿足對人工智慧日益增長的需求，我們大幅擴大了 HBM4 的銷售，利用我們行業領先的產品競爭力，並積極應對對子 SSD 的增長需求。

Jaejune Kim - Samsung, Executive Vice President of Memory

(00:19:47)Regarding our bit growth in the third quarter, DRAM increased by a low to mid-single-digit percentage compared to the previous quarter, and NAND increased by a mid-single-digit percentage. Meanwhile, in the third quarter, market prices rose across all applications, mainly driven by server applications with strong demand momentum. Therefore, compared to the previous quarter, our DRAM ASP rose by approximately 20%, and NAND ASP also increased by the high teens percentage. In the fourth quarter, while infrastructure investments within the AI industry continue to grow, memory demand is further expanding, particularly for products linked to newly launched CPUs and GPUs.

(00:19:47)關於我們在第三季度的位元增長，DRAM 與前一季度相比增長了低至中單位數百分比，而 NAND 增長了中單位數百分比。同時，在第三季度，市場價格在所有應用中上漲，主要受到伺服器應用強勁需求動能的推動。因此，與前一季度相比，我們的 DRAM 平均售價上漲了約 20%，而 NAND 平均售價也增長了高個位數百分比。在第四季度，隨著人工智慧行業內基礎設施投資的持續增長，記憶需求進一步擴大，特別是針對新推出的 CPU 和 GPU 相關產品。

Jaejune Kim - Samsung, Executive Vice President of Memory

(00:20:44)On the NAND side, we have received additional QLC demand in large volumes. This is in conjunction with a surge in storage demand, triggered by the expansion of cloud-based personal AI agent services. Despite our efforts to increase production, demand growth continues to outpace supply, and we plan to maintain our supply response focused on AI applications where demand momentum is strong. In particular, we plan to address market demand by additionally increasing the sales portion of HBM, server DRAM, and SSDs.

(00:20:44)在 NAND 方面，我們收到了大量的 QLC 需求。這與存儲需求的激增有關，這是由於基於雲的個人人工智慧代理服務的擴展。儘管我們努力增加產量，但需求增長仍持續超過供應，我們計劃保持對人工智慧應用的供應響應，因為那裡的需求動能強勁。特別是，我們計劃通過額外增加 HBM、伺服器 DRAM 和 SSD 的銷售比例來應對市場需求。

Jaejune Kim - Samsung, Executive Vice President of Memory

(00:21:32)Therefore, in the fourth quarter, we expect quarter-over-quarter bit growth to increase by mid to high teens percentage for DRAM and mid-teens percentage increase for NAND. Now, let's move on to the outlook for 2027. In 2027, we expect some demand adjustment for mobile and PC applications. On the other hand, under the trend of expanding the AI ecosystem next year, we expect investment in AI server infrastructure to accelerate as major hyperscalers increase their data center investments and AI frontier customers build out their own data centers.

(00:21:32)因此，在第四季度，我們預計 DRAM 的位元增長將增加中至高個位數百分比，而 NAND 將增長中個位數百分比。現在，讓我們來看看 2027 年的展望。在 2027 年，我們預計移動和 PC 應用的需求將有所調整。另一方面，在明年擴大人工智慧生態系統的趨勢下，我們預計隨著主要超大規模企業增加數據中心投資，人工智慧伺服器基礎設施的投資將加速，人工智慧前沿客戶將建立自己的數據中心。

Jaejune Kim - Samsung, Executive Vice President of Memory

(00:22:17)In this situation, we aim to continue preemptively optimizing our product mix across both DRAM and NAND, considering changes in demand by applications as well as customer feedback. First, for DRAM, while expanding sales of HBM4 based on our technology leadership, we plan to start mass production of HBM4E in the first half of next year and proceed to ramp up mass volume in the second half. Also, we will continue to lead the high-end product market by proactively responding to server demand for high-speed DDR5 with 8,000 Mbps and above performance.

(00:22:17)在這種情況下，我們旨在繼續前瞻性地優化我們在 DRAM 和 NAND 中的產品組合，考慮到應用需求的變化以及客戶反饋。首先，對於 DRAM，我們計劃在基於技術領導力的基礎上擴大 HBM4 的銷售，並計劃在明年上半年開始大規模生產 HBM4E並在下半年逐步提高大規模產量。此外，我們將繼續通過主動應對伺服器對高速度 DDR5（性能在 8000 Mbps 及以上）的需求來引領高端產品市場。

Jaejune Kim - Samsung, Executive Vice President of Memory

(00:23:08)For NAND, we will continue to strengthen our portfolio and focus on AI-related products, such as PCIe Gen6 server SSDs, high-density QLC SSDs, and so on. Thank you.

(00:23:08)對於 NAND，我們將繼續加強我們的產品組合，專注於與人工智慧相關的產品，如 PCIe Gen6 伺服器 SSD、高密度 QLC SSD 等。謝謝。

Jason Shin - Samsung, Executive Vice President of System LSI

(00:23:26)Good morning. This is Jason Shin from the System LSI business. In the third quarter, overall demand in the mobile and IT markets declined as the impact of set price increases driven by rising component prices persisted. However, we continued our quarterly revenue growth, driven by the adoption of our SoCs in new models and expanded sales of 200-megapixel image sensors. In Custom SoC, we established business partnerships with new customers and achieved tangible results by securing projects. Looking ahead, the slowdown in mobile demand is expected to continue through the fourth quarter

(00:23:26)早安。我是來自系統 LSI 業務的申在勳。在第三季度，隨著由於組件價格上漲而導致的設置價格上漲的影響持續，移動和 IT 市場的整體需求下降。然而，我們的季度收入仍然增長，這得益於我們的 SoC 在新型號中的採用和 200 萬像素圖像傳感器的銷售擴大。在定製 SoC 方面，我們與新客戶建立了商業夥伴關係，並通過確保項目取得了實質性成果。展望未來，移動需求的放緩預計將持續到第四季度

Jason Shin - Samsung, Executive Vice President of System LSI

(00:24:14)and into next year, with the smartphone market projected to decline and the trend toward fewer mid- to low-end models expected to persist. Even in such challenging market conditions, we will focus on improving our business fundamentals and securing profitability by diversifying applications and expanding our customer base. For SoC, we will focus on enhancing our performance and competitiveness, driving stable sales of new flagship products, and pursuing new customers for custom SoC. For image sensors, we will advance our high-resolution focus business portfolio by expanding the adoption of 200-megapixel sensors and pursue mass production of new products for next year's major flagship projects,

(00:24:14)並延續到明年，智能手機市場預計將下降，對中低端型號的趨勢預計將持續。即使在這樣的挑戰性市場環境中，我們也將專注於改善業務基本面，通過多樣化應用和擴大客戶基礎來確保盈利能力。對於 SoC，我們將專注於提升我們的性能和競爭力，推動新旗艦產品的穩定銷售，並尋求定製 SoC 的新客戶。對於圖像傳感器，我們將通過擴大 200 萬像素傳感器的採用來推進我們的高解析度焦點業務組合，並追求明年主要旗艦項目的新產品的大規模生產，

Jason Shin - Samsung, Executive Vice President of System LSI

(00:25:13)as well as expansion into non-mobile applications. Overall, we will continue to evolve toward higher value-added business by leveraging our competitiveness in mobile and exploring new business opportunities to accelerate sustainable growth. Thank you.

(00:25:13)以及擴展到非移動應用。總體而言，我們將繼續利用在移動領域的競爭力，朝向更高附加值的業務發展，並探索新的商機以加速可持續增長。謝謝。

Sukchae Kang - Samsung, Executive Vice President of Foundry

(00:25:39)Hello, everyone. This is Sukchae Kang from the Foundry Business. In the third quarter, revenue increased quarter on quarter, driven by growth in full-nano HBM base die sales and maximized advanced node sales to global customers, while earnings improved significantly. We also continued to secure two-nano orders, centered on HPC customers, including large hyperscalers. In the fourth quarter, we will begin mass production of new mobile products on our second-generation 2-nano process and ramp up full-scale 4-nano MPU production for major customers.

(00:25:39)大家好。我是來自晶圓代工業務的 Sukchae Kang。在第三季度，收入較上一季度增長，主要受到全納米 HBM 基底晶片銷售增長和對全球客戶的先進製程銷售最大化的推動，同時盈利顯著改善。我們也持續獲得兩納米的訂單，主要集中在高效能計算客戶，包括大型超級雲端服務商。在第四季度，我們將開始在第二代 2 納米製程上進行新移動產品的大規模生產，並為主要客戶提升全規模的 4 納米 MPU 生產。

Sukchae Kang - Samsung, Executive Vice President of Foundry

(00:26:33)Together with expanded memory sales and sales growth at key U.S. and Chinese customers, we expect double-digit revenue growth both quarter on quarter and year on year. Growth in high-value advanced node revenue and improved utilization across all nodes are expected to drive continued earnings improvements. From other perspectives, we expect our 2-nano project orders to more than double in 2026 versus the prior year, further solidifying our foundation for mid- to long-term growth. Looking ahead to 2027, backed by sustained AI demand, we expect revenue growth centered on our 4-nano and 2-nano advanced nodes.

(00:26:33)加上擴大記憶體銷售和在主要美國和中國客戶的銷售增長，我們預期收入將在季度和年度上都實現雙位數增長。高價值先進製程收入的增長和所有製程的利用率改善預計將推動持續的盈利改善。從其他角度來看，我們預期到 2026 年，我們的 2 納米項目訂單將比前一年增長超過一倍，進一步鞏固我們中長期增長的基礎。展望 2027 年，受持續的 AI 需求支持，我們預期收入增長將集中在我們的 4 納米和 2 納米先進製程上。

Sukchae Kang - Samsung, Executive Vice President of Foundry

(00:27:42)In particular, 4-nano revenue is projected to increase, driven by expanded AI HPC sales to major U.S. customers and solid memory demand. In addition, we will commence mass production of new products for major 2-nano customers in the second half of the year. Together, these factors are expected to significantly improve advanced node utilization. Furthermore, as demand across all nodes below 8-nano is projected to substantially exceed production capacity, we expect them to be running at over 100% utilization.

(00:27:42)特別是，4 納米的收入預計將增長，主要受到對美國主要客戶的 AI HPC 銷售擴大的推動以及穩定的記憶體需求。此外，我們將在下半年開始為主要的 2 納米客戶進行新產品的大規模生產。這些因素預計將顯著改善先進製程的利用率。此外，隨著所有 8 納米以下製程的需求預計將大幅超過生產能力，我們預期它們的利用率將超過 100%。

Sukchae Kang - Samsung, Executive Vice President of Foundry

(00:28:37)To meet this explosive demand, we are pursuing continuous capacity expansion for our 8-nano, 4-nano, and 2-nano nodes. And we plan to strengthen our global supply capability with the start of operations at our first fab in Taylor, Texas. In advanced nodes, we will pursue yield stabilization for the 2-nano node and the development of future process nodes in parallel while continuing to develop next-generation base die optimized for AI memory. In mature nodes, we will enhance profitability by expanding high-value specialty areas, such as silicon photonics and high-capacity silicon capacitors.

(00:28:37)為了滿足這一爆炸性需求，我們正在追求對 8 納米、4 納米和 2 納米製程的持續產能擴張。我們計劃通過在德克薩斯州泰勒啟動我們的第一座晶圓廠來加強我們的全球供應能力。在先進製程中，我們將追求 2 納米製程的良率穩定，並與未來製程的開發並行，同時繼續開發針對 AI 記憶體優化的下一代基底晶片。在成熟製程中，我們將通過擴大高價值專業領域來提高盈利能力，例如矽光子學和高容量矽電容器。

Sukchae Kang - Samsung, Executive Vice President of Foundry

(00:29:38)Furthermore, we will strengthen our advanced packaging competitiveness, including the development of 3D stacking technology. Thank you.

(00:29:38)此外，我們將加強我們的先進封裝競爭力，包括開發 3D 堆疊技術。謝謝。

Charles Hur - Samsung, Executive Vice President of Samsung Display

(00:29:52)Good morning. This is Charles Hur from Samsung Display. I will now brief you on our results for the third quarter. For the mobile display business, revenue and profit increased quarter on quarter, driven by timely supply for major customers' new products. For the large display business, earnings improved quarter on quarter, supported by high-end products and cost reduction. Now, I will share our outlook for the fourth quarter and 2027. In the fourth quarter, we anticipate year-end seasonal demand and new product launches.

(00:29:52)早安。我是來自三星顯示的 Charles Hur。現在我將簡要介紹我們第三季度的業績。在移動顯示業務中，收入和利潤較上一季度增長，主要受到對主要客戶新產品的及時供應推動。在大型顯示業務中，盈利較上一季度改善，得益於高端產品和成本降低。現在，我將分享我們對第四季度和 2027 年的展望。在第四季度，我們預期年末的季節性需求和新產品的推出。

Charles Hur - Samsung, Executive Vice President of Samsung Display

(00:30:31)However, external factors such as exchange rates may affect earnings improvement. In the mobile business, we'll expand our sales by actively responding to customer demand. In the large display business, we'll improve profitability through expanding gaming monitors. In 2027, While market demand is likely to be weak with ongoing uncertainties, we'll strive to increase revenue by focusing on high-value-added products. For smartphones, as premium demand is projected to be relatively stable, we'll expand our premium product mix, such as foldables.

(00:30:31)然而，外部因素如匯率可能會影響盈利改善。在移動業務中，我們將通過積極響應客戶需求來擴大銷售。在大型顯示業務中，我們將通過擴大遊戲顯示器來改善盈利能力。在 2027 年，雖然市場需求可能因持續的不確定性而疲弱，我們將努力通過專注於高附加值產品來增加收入。對於智能手機，因為高端需求預計將相對穩定，我們將擴大我們的高端產品組合，例如可摺疊手機。

Charles Hur - Samsung, Executive Vice President of Samsung Display

(00:31:17)For IT, we plan to increase sales volume through the ramp-up of our 8.6-generation IT OLED line, and continuously strengthen our product lineup. For QD-OLED, we strive to enhance profitability through ultra-large TVs and gaming monitors. We also aim to expand supply to handheld gaming and automotive markets, which will contribute to our performance next year. In addition, we'll strengthen productivity and cost reduction to secure profitability, despite the challenging environment. Thank you.

(00:31:17)對於 IT，我們計劃通過提升我們的 8.6 代 IT OLED 生產線的產量來增加銷售量，並持續加強我們的產品陣容。對於 QD-OLED，我們努力通過超大電視和遊戲顯示器來提高盈利能力。我們還旨在擴大對手持遊戲和汽車市場的供應，這將有助於我們明年的表現。此外，我們將加強生產力和成本降低以確保盈利能力，儘管環境挑戰重重。謝謝。

Daniel Araujo - Samsung, Vice President of Mobile eXperience

(00:31:59)Hi, everyone. This is Daniel Araujo from the MX Division. Let me share our Q3 results and future outlook. In Q3, continued memory price increases led to a quarter-on-quarter decline in smartphone market volume, mainly in the mid-to-entry segments, while market revenue grew, driven by higher ASP and a greater mix of premium products. For the MX business, Q3 revenue reached 37.3 trillion won, and our combined operating loss across the MX and network businesses was 0.6 trillion won. New flagship launches drove revenue growth both quarter-on-quarter and year-on-year.

(00:31:59)嗨，大家好。我是來自 MX 部門的 Daniel Araujo。讓我分享我們第三季的業績和未來展望。在第三季，持續的記憶體價格上漲導致智能手機市場量環比下降，主要是在中低端市場，而市場收入則因平均售價上升和高端產品比例增加而增長。在 MX 業務方面，第三季收入達到 37.3 兆韓元，而我們在 MX 和網絡業務上的合併營運虧損為 0.6 兆韓元。新旗艦產品的推出推動了環比和同比的收入增長。

Daniel Araujo - Samsung, Vice President of Mobile eXperience

(00:32:40)In particular, the timely expansion of the foldable 8 lineup with form factors tailored to users' lifestyles increased foldable sales volume and revenue year-on-year. Although profit declined year on year, it improved quarter on quarter, supported by higher ASPs from an improved flagship sales mix. Next, let me share our outlook for Q4. Overall smartphone demand is expected to increase quarter on quarter due to seasonality, while mid-to-entry segments continue to decline and flagship competition intensifies.

(00:32:40)特別是，及時擴展的可摺疊 8 系列，根據用戶的生活方式量身定製的形狀，增加了可摺疊產品的銷售量和收入，同比增長。雖然利潤同比下降，但在旗艦產品銷售組合改善的支持下，環比有所改善。接下來，讓我分享我們對第四季的展望。整體智能手機需求預計將因季節性因素而環比增長，而中低端市場仍將持續下降，旗艦競爭將加劇。

Daniel Araujo - Samsung, Vice President of Mobile eXperience

(00:33:16)For the MX business, we expect Q4 revenue to decline quarter on quarter. We will drive sales centered on flagship products through a range of promotional activities for the year-end peak season, sustaining solid sales of the S26 series and foldables. For equal products, we will drive sales growth with new premium products during the peak season and introduce a new form factor experience for the AI era with the launch of intelligent eyewear. While profit is expected to decline amid the challenging business environment, we will focus on mitigation through expanding flagship sales and improving operational efficiency.

(00:33:16)對於 MS 業務，我們預計第四季收入將環比下降。我們將通過一系列促銷活動，集中推動以旗艦產品為中心的銷售，以維持 S26 系列和可摺疊產品的穩定銷售。對於同類產品，我們將在高峰季節推出新高端產品以推動銷售增長，並推出智能眼鏡以提供 AI 時代的新形狀體驗。雖然預計利潤將在挑戰性的商業環境中下降，我們將專注於通過擴大旗艦銷售和提高運營效率來減輕影響。

Daniel Araujo - Samsung, Vice President of Mobile eXperience

(00:33:54)Next, let me share the market and business outlook for 2027. In the smartphone market, higher prices to offset rising material costs are expected to cause unit volumes to decline, mainly in the mid-to-entry segments, while premium segment growth drives overall market value higher. Amid this uncertain environment, we aim to capture growing demand in the premium segment and maintain our smartphone leadership by focusing on three strategic priorities. First, we will improve our product mix centered on flagship models by delivering differentiated experiences tailored for each target customer segment.

(00:33:54)接下來，讓我分享 2027 年的市場和業務展望。在智能手機市場中，為了抵消上升的材料成本，預計價格上漲將導致單位銷量下降，主要是在中低端市場，而高端市場的增長將推動整體市場價值上升。在這個不確定的環境中，我們旨在捕捉高端市場日益增長的需求並通過專注於三個戰略優先事項來維持我們的智能手機領導地位。首先，我們將通過提供針對每個目標客戶群的差異化體驗來改善以旗艦型號為中心的產品組合。

Daniel Araujo - Samsung, Vice President of Mobile eXperience

(00:34:32)For the next generation S-Series, we will sharpen the distinct identity of each model based on detailed analysis and understanding of segmented customer needs. For foldables, building on this year's timely lineup expansion, we will refine the user experience of each lineup in 2027. We will also advance user-centric Galaxy AI features to deliver richer agentic AI experiences that understand users' context and intent. Second, we will enhance desirability and deliver tangible value through innovation in hardware and form factors.

(00:34:32)對於下一代 S 系列，我們將根據對細分客戶需求的詳細分析和理解，明確每個型號的獨特身份。對於可摺疊產品，基於今年及時的產品線擴展，我們將在 2027 年完善每個產品線的用戶體驗。我們還將推進以用戶為中心的 Galaxy AI 功能，提供更豐富的智能 AI 體驗，理解用戶的上下文和意圖。第二，我們將通過硬體和形狀的創新來增強吸引力並提供實際價值。

Daniel Araujo - Samsung, Vice President of Mobile eXperience

(00:35:07)We will enhance everyday use through improvements in privacy display, battery, and AP performance, while maintaining our leadership in thin and light foldables. We will continue to drive research in new experiences such as glass, the tri-fold, and other innovative form factors. Third, we will respond swiftly to market changes and improve operational efficiencies to minimize profit declines. We will adapt our sales strategy considering the cost environment, shift our mix toward high-capacity models, and streamline business processes to minimize disruptions to our earnings.

(00:35:07)我們將通過改善隱私顯示、電池和 AP 性能來增強日常使用，同時保持我們在薄型輕便可摺疊產品中的領導地位。我們將繼續推動在玻璃、三摺和其他創新形狀等新體驗方面的研究。第三，我們將迅速應對市場變化，提高運營效率，以最小化利潤下降。我們將根據成本環境調整銷售策略，將產品組合轉向高容量型號，並精簡業務流程，以最小化對我們收益的影響。

Daniel Araujo - Samsung, Vice President of Mobile eXperience

(00:35:44)With rising costs expected to keep business conditions challenging in 2027, we will strengthen our product competitiveness with a focus on customer experience and pursue efficiency initiatives across our operations to minimize the impact on profitability. Thank you.

(00:35:44)隨著預計成本上升將使 2027 年的商業環境持續挑戰，我們將專注於提升產品競爭力，並在整個運營中推進效率計劃，以最小化對盈利能力的影響。謝謝。

Wonwoo Kim - Samsung, Vice President of Visual Display

(00:36:05)Hello, everyone. I'm Wonwoo Kim, head of sales for the group of Visual Display. Let me begin with market conditions and our results for the third quarter. In the third quarter, overall TV demand declined following the end of the major sporting event. Despite lower sales and ongoing memory supply constraints, we minimized the profit decline by expanding premium sales and improving cost efficiency. For the fourth quarter, TV demand is expected to grow as we enter the year-end peak season. We will strengthen threadless partnerships with key channels, and deploy differentiated marketing strategies to capture peak season demand.

(00:36:05)大家好。我是 Wonwoo Kim，視覺顯示部門的銷售負責人。讓我開始介紹市場狀況和我們第三季的業績。在第三季，整體電視需求因主要體育賽事結束而下降。儘管銷售下降和持續的記憶體供應限制，我們通過擴大高端銷售和提高成本效率來最小化利潤下降。在第四季，隨著我們進入年末高峰季節，預計電視需求將增長。我們將加強與主要渠道的無縫合作，並部署差異化的市場策略以捕捉高峰季節的需求。

Wonwoo Kim - Samsung, Vice President of Visual Display

(00:36:47)At the same time, we'll continue to expand premium sales to mitigate the impact of rising costs. Now, let me share our outlook for 2027. Next year, while we expect overall TV demand to remain flat or decline slightly, we anticipate growth in the share of our focus segments such as RGB, OLED, and large TVs of 75 inches and above. Against this backdrop, we will focus on securing profitable growth engines by delivering unique experiences beyond AI, as well as strengthening service and platform businesses.

(00:36:47)同時，我們將繼續擴大高端銷售，以減輕成本上升的影響。現在，讓我分享我們對 2027 年的展望。明年，雖然我們預計整體電視需求將保持平穩或略微下降，但我們預期我們重點市場的份額將增長，例如 RGB、OLED 和 75 英寸及以上的大型電視。在這種背景下，我們將專注於通過提供超越 AI 的獨特體驗來確保盈利增長引擎，同時加強服務和平台業務。

Wonwoo Kim - Samsung, Vice President of Visual Display

(00:37:29)This concludes my speech. Thank you for your time and attention.

(00:37:29)我的演講到此結束。感謝您的時間和關注。

Daniel Oh - Samsung, Investor Relation

(00:37:34)Thank you to all speakers. This brings our third quarter performance review to a close. We will now proceed with the Q&A, which will be conducted in Korean. Our CFO, Sooncheol Park, will address any company-wide questions, while questions regarding business segments will be answered by respective business representatives. Operator.

(00:37:34)感謝所有演講者。這使我們的第三季業績回顧圓滿結束。現在我們將進入問答環節，將以韓語進行。我們的 CFO，Sooncheol Park，將回答任何公司範圍內的問題，而有關業務部門的問題將由各自的業務代表回答。操作員。

Speaker02

(00:38:04)We will now begin the Q&A session. If you have a question, please press star and 1 on your phone. To withdraw your question, press star and 2. The first question will be from KB Securities.

(00:38:04)我們現在將開始問答環節。如果您有問題，請在您的電話上按星號和 1。要撤回您的問題，請按星號和 2。第一個問題來自 KB 證券。

Speaker03

(00:38:29)Yes, thank you. First of all, congratulations on your record-high performance.

(00:38:29)是的，謝謝。首先，恭喜您創下歷史新高的表現。

Q&A Speaker03

(00:38:33)I have a question regarding your outlook for the memory market. For 2027, the dominant view projects a memory shortage next year. How do you see the market beyond 2027? What is your outlook for memory in 2028? Yes, let me answer your question. In 2027, we expect competition to accelerate around AI infrastructure build-out, and the spread of personal AI agents will likely drive an unprecedented rise in memory demand. On the supply side, however, new capacity additions are unlikely to boost bit production in the short term, and supply constraints are expected to continue, as we indicated during our Q2 conference call.

(00:38:33)我有一個關於記憶體市場前景的問題。對於 2027 年，主流觀點預測明年將出現記憶體短缺。您如何看待 2027 年以後的市場？您對 2028 年的記憶體前景有何看法？是的，讓我回答您的問題。在 2027 年，我們預計圍繞 AI 基礎設施建設的競爭將加速，個人 AI 代理的普及可能會驅動記憶體需求的前所未有的增長。然而，在供應方面，新的產能增加不太可能在短期內提升位元產量，供應限制預計將持續，正如我們在第二季度的電話會議中所指出的。

Speaker03

(00:39:24)Based on various market research firms' views, tight supply conditions are expected to persist into 2028. Thanks to strong industry performance in 2026, CapEx is expected to increase significantly in 2027 across the market. However, due to several factors, it will likely be difficult for this higher CapEx to drive bit production growth. Much of the CapEx increase will be allocated toward acquiring new space, and higher construction costs may make the CapEx figures appear larger than they actually are.

(00:39:24)根據各市場研究公司的觀點，緊張的供應狀況預計將持續到 2028 年。由於 2026 年行業表現強勁，預計 2027 年的資本支出將在市場上顯著增加。然而，由於幾個因素，這一更高的資本支出可能難以推動位元產量增長。大部分資本支出的增加將用於獲取新空間，而更高的建設成本可能使資本支出數字看起來比實際上要大。

Speaker03

(00:40:06)Considering the long lead time from new fab construction to wafer production, the 2027 CapEx increase is unlikely to result in a meaningful boost to bit production in 2028. Similarly, for facility investments, higher equipment prices due to supply constraints and upfront payments required to secure supply may inflate CapEx figures. Additionally, longer equipment order lead times may complicate procurement timing, constraining memory suppliers' capacity ramp-up plans. As HBM4E and HBM5 ramp up and become core products, their die sizes will be larger compared to previous generations.

(00:40:06)考慮到從新廠房建設到晶圓生產的長期延遲，2027 年的資本支出增加不太可能在 2028 年帶來實質性的位元產量提升。同樣，對於設施投資，由於供應限制導致的設備價格上漲和為確保供應所需的預付款可能會膨脹資本支出數字。此外，設備訂單的更長交貨時間可能會使採購時機變得複雜，限制記憶體供應商的產能提升計劃。隨著 HBM4E 和 HBM5 的推廣並成為核心產品，其晶片尺寸將比前幾代更大。

Speaker03

(00:41:00)There will also be a significant increase in metal process layers. Amid the shift in bit production from conventional DRAM to HBM, this will act as a physical constraint on supply. This constraint is inevitable. On balance, considering all factors, we expect tight supply conditions to continue in 2028. However, various macro events could impact market conditions. We plan to make preemptive investments to secure clean rooms in advance and remain flexible with equipment installations as we closely monitor demand changes.

(00:41:00)金屬工藝層也將顯著增加。在位元生產從傳統 DRAM 轉向 HBM 的過程中，這將成為供應的物理限制。這一限制是不可避免的。總體而言，考慮到所有因素，我們預計 2028 年將持續緊張的供應狀況。然而，各種宏觀事件可能會影響市場條件。我們計劃提前進行預防性投資，以確保潔淨室，並在密切監控需求變化的同時保持設備安裝的靈活性。

Speaker03

(00:41:42)This will remain our fundamental approach to managing supply. Thank you very much. Next question, please. The next question will be from Mr. Sun Woo Kim of Merit Securities. Yes, this is Kim Sun Woo from Merit. I also have a question regarding memory. During your second quarter earnings call, you provided a detailed update on multi-year contracts. I imagine there have been many changes since then. Could you share more details, to the extent possible? Yes. As mentioned in our last earnings call, we aim to build a stable long-term business foundation and have executed multi-year supply contracts with certain customers, while negotiating with several others.

(00:41:42)這將始終是我們管理供應的基本方法。非常感謝。下一個問題，請。下一個問題將來自 Merit 證券的金善宇先生。是的，我是來自 Merit 的金善宇。我也有一個關於記憶體的問題。在您第二季度的財報電話會議中，您提供了有關多年合約的詳細更新。我想自那以來已經有很多變化。您能否分享更多細節，盡可能地？是的。正如我們在上次財報電話會議中提到的，我們旨在建立穩定的長期業務基礎，並已與某些客戶簽訂多年供應合約，同時與其他幾家客戶進行談判。

Speaker03

(00:42:44)Regarding the number of customers under multi-year contracts, we have concluded agreements with 10 major accounts. The number of other customers seeking substantial long-term memory supply is also increasing. Currently, we are in talks with 10 other major accounts for multi-year contracts and are nearing final phases with several clients. Notably, there is growing demand among clients for long-term stable supply, and the scope of interested customers is expanding beyond hyperscalers, server OEMs, and SoCs directly related to the growing AI services sector.

(00:42:44)關於多年合約下的客戶數量，我們已與 10 個主要客戶達成協議。其他尋求穩定長期記憶體供應的客戶數量也在增加。目前，我們正在與另外 10 個主要客戶進行多年合約的談判，並與幾家客戶接近最終階段。值得注意的是，客戶對長期穩定供應的需求不斷增長，感興趣的客戶範圍正在擴展到超大規模、伺服器 OEM 和與不斷增長的 AI 服務領域直接相關的 SoC。

Speaker03

(00:43:36)It now includes diverse applications such as mobile, automotive, and networking. As a result, our target to increase multi-year contract mix to 60% to 70% of mid- to long-term capacity is gaining greater visibility. As we further ramp up multi-year supply agreements, they will significantly help establish a more stable, contract-backed business model over the long term. Let me also update you on our existing multi-year rolling contracts. As we explained earlier, our multi-year contracts are structured on a rolling basis, allowing for annual extensions through negotiations after the initial contract term.

(00:43:36)現在還包括移動、汽車和網絡等多樣化應用。因此，我們將多年合約的比例提高到中長期產能的 60% 到 70% 的目標正在獲得更大的可見性。隨著我們進一步推進多年供應協議，它們將在長期內顯著幫助建立更穩定的、以合約為基礎的商業模式。讓我也更新一下我們現有的多年滾動合約。正如我們之前所解釋的，我們的多年合約是以滾動方式結構的，允許在初始合約期後通過談判進行年度延長。

Speaker03

(00:44:20)We are nearing the completion of discussions on additional contract extension periods with some customers with whom we have already signed agreements. We are also observing much stronger demand for additional extensions than initially anticipated. Additionally, we have received requests for increased supply during periods already covered under existing contracts. We are reviewing our production capacity over the mid to long term. Given current capacity limitations, we are exploring various scenarios, including potential shifts in our product mix across applications to meet demand.

(00:44:20)我們即將完成與一些已簽署合約的客戶關於額外合約延長期的討論。我們也觀察到對額外延長的需求比最初預期的要強得多。此外，我們已收到在現有合約下的期間內增加供應的請求。我們正在審查中長期的生產能力。鑒於當前的產能限制，我們正在探索各種情境，包括在應用領域內可能的產品組合調整以滿足需求。

Speaker03

(00:45:02)Thank you. Next question, please. The next question will be from Junhee Lee of Goldman Sachs. Yes, Thank you for the opportunity to ask a question. I have a question regarding Foundry and Samsung Display as well. And congratulations, by the way. For Foundry, could you please provide an update on your advanced node design wins from major customers? Also, the market response to your new foldable smartphone products this year has been quite strong. Many expect foldable panel shipments to increase next year.

(00:45:02)謝謝。下一個問題，請。下一個問題將來自高盛的李俊熙。是的，感謝您給我提問的機會。我有關於晶圓廠和三星顯示的問題。順便說一句，恭喜你們。關於晶圓廠，您能否提供有關主要客戶的先進工藝節點設計獲獎情況的更新？此外，市場對您今年新推出的可摺疊智能手機產品的反應相當強勁。許多人預期可摺疊面板的出貨量明年將會增加。

Speaker03

(00:45:42)What is your outlook on the Samsung Display market and your business strategy? Yes, let me address your Foundry question. To update you on our customer awards, similar to the second quarter, we secured two nano projects from large CSPs and AI HPC customers in Q3, and we continue to expand our contract wins. We are also broadening our design win portfolio across advanced process nodes. Notably, among advanced node projects, our two-nano awards have increased significantly. We expect the number of two-nano projects to more than double year over year.

(00:45:42)您對三星顯示市場的展望以及您的商業策略是什麼？是的，讓我來回答您的晶圓廠問題。為了更新您有關我們客戶獲獎的情況，與第二季度類似，我們在第三季度從大型 CSP 和 AI HPC 客戶那裡獲得了兩個納米項目，並且我們繼續擴大我們的合約獲得情況。我們也在擴大我們在先進工藝節點的設計獲獎組合。值得注意的是，在先進工藝項目中，我們的兩納米獎項顯著增加。我們預計兩納米項目的數量將同比增長超過一倍。

Speaker03

(00:46:22)Moving forward, we plan to strengthen our LTA-based strategic partnerships with major advanced node customers to build a more stable business portfolio. We will also diversify across more applications, as demand for AI HPC products remains strong and continues to grow. We expect HPC to account for more than 50% of our total sales mix. Thank you.

(00:46:22)展望未來，我們計劃加強與主要先進工藝客戶的基於 LTA 的戰略夥伴關係，以建立更穩定的商業組合。我們還將在更多應用領域進行多樣化，因為對 AI HPC 產品的需求仍然強勁並持續增長。我們預計 HPC 將佔我們總銷售組合的 50% 以上。謝謝。

Speaker02

(00:46:54)Allow me to address the question on display. The new foldables launched this year have received positive market feedback for their slim designs and improved durability. Our foldable panel sales have remained strong. By 2027, through continued technological innovation—including improvements in screen creases and strength—we aim to bring foldable smartphones closer to mainstream adoption. However, concerns over higher device prices due to memory supply issues continue to pose a risk of weaker demand. Nevertheless, with wider adoption of AI features, we expect demand for foldables, which offer both large screens and portability, to continue growing.

(00:46:54)讓我來回答有關顯示的問題。今年推出的新可摺疊產品因其纖薄的設計和改進的耐用性而獲得了市場的正面反饋。我們的可摺疊面板銷售保持強勁。到 2027 年，通過持續的技術創新——包括在屏幕摺痕和強度方面的改進——我們的目標是使可摺疊智能手機更接近主流採用。然而，由於記憶體供應問題導致的設備價格上漲的擔憂仍然對需求構成風險。儘管如此，隨著 AI 功能的更廣泛採用，我們預計可摺疊產品的需求，這些產品同時提供大屏幕和便攜性，將持續增長。

Speaker02

(00:47:38)Based on the technologies we've developed since we began mass-producing foldables in 2019, we will continue to widen the technology gap with competitors. Additionally, through a stronger customer base and stable panel supply capabilities, we will continue to lead the growth of the foldable market. Thank you.

(00:47:38)基於我們自 2019 年開始大規模生產可摺疊產品以來所開發的技術，我們將繼續擴大與競爭對手的技術差距。此外，通過更強大的客戶基礎和穩定的面板供應能力，我們將繼續引領可摺疊市場的增長。謝謝。

Speaker03

(00:47:59)Next question, please. The next question will be from Mr. Sei Cheol Lee of Citi Securities. Please go ahead. Yes, this is Sei Cheol Lee from Citi. I understand that you are the first globally to achieve an operating profit of 100 trillion won in the third quarter. Congratulations. I have a question for Mr. Jaejune Kim regarding HBM. Unlike last year, I believe this year, HBM... especially HBM4, has received quite positive sample feedback. I think we can look forward to strong sales for HBM going forward as well.

(00:47:59)下一個問題，請。下一個問題將來自花旗證券的李世哲先生。請開始。是的，我是來自花旗的李世哲。我瞭解到您在第三季度首次全球實現了 100 兆韓元的營業利潤。恭喜。我有一個關於 HBM 的問題想問金在俊先生。與去年不同，我相信今年的 HBM...特別是 HBM4，已經收到了相當正面的樣品反饋。我認為我們可以期待 HBM 未來的強勁銷售。

Speaker03

(00:48:47)Could you provide a status update on your HBM business and how negotiations for 2027 are progressing? Yes. Thanks to the differentiated performance of our HBM4, HBM4 sales increased by more than three-fold quarter-on-quarter in the third quarter. Also, the HBM4 mix increased to 60% of total HBM sales. This aligns with our HBM4 sales target, which we shared during our second-quarter earnings call. Thanks to these solid results in HBM4, we have already achieved our goal of aligning HBM market share with our overall DRAM market share in the third quarter.

(00:48:47)您能否提供有關您的 HBM 業務的狀態更新，以及 2027 年的談判進展如何？是的。由於我們的 HBM4 表現出色，HBM4 的銷售在第三季度環比增長了三倍以上。此外，HBM4 的混合比例已增至總 HBM 銷售的 60%。這與我們在第二季度財報電話會議中分享的 HBM4 銷售目標一致。感謝這些在 HBM4 中的穩健成果，我們已經在第三季度實現了將 HBM 市場份額與我們整體 DRAM 市場份額對齊的目標。

Speaker03

(00:49:36)This is ahead of our original target, which was set for the second half of the year. Regarding our next-generation HBM4E, we were the first in the world to ship samples earlier in May and have received positive initial feedback. As our competitive HBM offerings continue to receive high marks, our 2027 HBM supply volume is already sold out at an agreed target price reflecting our product competitiveness, yet we continue to receive requests from key customers for additional supply. We will continue to leverage our leading-edge technology and proven mass productivity to deliver products that meet customer needs promptly and strengthen our HBM market leadership.

(00:49:36)這比我們原定於下半年設定的目標更早。關於我們的下一代 HBM4E，我們是全球首家在五月早期發送樣品的公司，並已收到積極的初步反饋。隨著我們的競爭性 HBM 產品持續獲得高評價，我們 2027 年的 HBM 供應量已經在反映我們產品競爭力的約定目標價格下售罄，但我們仍然收到來自主要客戶的額外供應請求。我們將繼續利用我們的尖端技術和成熟的大規模生產能力，及時提供滿足客戶需求的產品，並加強我們在 HBM 市場的領導地位。

Speaker03

(00:50:27)Thank you very much. We will now move on to the next question. The next question is from Mr. Jae Kwon of JP Morgan Securities. Yes, congratulations on a great performance. I have a question for Memory and also MX. Recently, agentic AI like OpenAI's Stats, Metamuse, or Gemini Spark—custom AI agents—are expanding into personalized AI at full scale. What is your outlook on this development driving NAND demand, primarily for server SSDs? Also, we are seeing continued cost pressure on key components, including memory.

(00:50:27)非常感謝。現在我們將進入下一個問題。下一個問題來自摩根大通證券的 Jae Kwon 先生。是的，恭喜你們的出色表現。我有一個關於 Memory 和 MX 的問題。最近，像 OpenAI 的 Stats、Metamuse 或 Gemini Spark 這樣的代理 AI——定製的 AI 代理——正在全面擴展到個性化 AI。對於這一發展推動 NAND 需求，主要是伺服器 SSD，您的展望是什麼？此外，我們看到關鍵組件，包括記憶體，持續面臨成本壓力。

Speaker03

(00:51:22)What measures have you taken to boost profitability, and what outcomes have you achieved? Additionally, what is your market outlook for 2027 given these various challenges? Please provide details on your outlook, strategy, and key initiatives. Let me address the NAND question first. With the recent spread of agentic AI, we are seeing a meaningful increase in demand for server SSDs. We believe agentic AI impacts NAND demand mainly in two ways. First, as agentic AI becomes more widely adopted, key value (KV) cache requirements are growing exponentially.

(00:51:22)您採取了哪些措施來提高盈利能力，並取得了什麼成果？此外，考慮到這些各種挑戰，您對 2027 年的市場展望是什麼？請提供您對市場的展望、策略和主要舉措的詳細信息。讓我先回答 NAND 的問題。隨著代理 AI 的最近普及，我們看到伺服器 SSD 的需求有了顯著增加。我們認為代理 AI 主要以兩種方式影響 NAND 需求。首先，隨著代理 AI 的廣泛採用，關鍵值 （KV） 快取的需求正在指數增長。

Speaker03

(00:52:08)As AI models increase in size, context windows expand, leading to more KV cache, which is well known. But with the rise of agentic AI, KV cache is growing much faster than with simpler conventional chatbot-based AI services during computing. Consequently, this explosive growth in KV cache is creating additional demand for high-performance, high-capacity TLC SSDs to handle increased KV cache volume. Also, with the introduction of cloud-based personal AI agent services, we have observed a new trend of physically allocating dedicated virtual machines to individual users in the cloud.

(00:52:08)隨著 AI 模型的大小增加，上下文窗口擴大，導致更多的 KV 快取，這是眾所周知的。但隨著代理 AI 的興起，KV 快取的增長速度遠快於簡單的傳統聊天機器人 AI 服務。因此，這種 KV 快取的爆炸性增長正在為高性能、高容量的 TLC SSD 創造額外需求，以處理增加的 KV 快取量。此外，隨著基於雲的個人 AI 代理服務的推出，我們觀察到一種新的趨勢，即在雲中為個別用戶分配專用虛擬機。

Speaker03

(00:52:52)We are seeing a growing preference for QLC SSDs to reduce service latency and improve throughput. As the number of personal AI agent service users increases, we expect a proportional increase in QLC SSD demand. Therefore, we anticipate increased demand not only for TLC-based Gen 6 SSDs, where we have established early leadership, but also for high-density QLC SSDs as our NAND portfolio diversifies. This diversification will likely bring greater stability to our business. We have been expanding sales not only for TLC-based high-performance, high-density PCIe Gen 6 SSDs that improve KV cache utilization, but also for high-density QLC SSDs required for personal agent services.

(00:52:52)我們看到對 QLC SSD 的需求日益增長，以減少服務延遲並提高吞吐量。隨著個人 AI 代理服務用戶數量的增加，我們預計 QLC SSD 的需求將成比例增加。因此，我們預計不僅對 TLC 基於第六代 SSD 的需求會增加，因為我們已經建立了早期的領導地位，還會對高密度 QLC SSD 的需求增加，因為我們的 NAND 產品組合正在多樣化。這種多樣化可能會為我們的業務帶來更大的穩定性。我們不僅在銷售提高 KV 快取利用率的 TLC 基於高性能、高密度的 PCIe 第六代 SSD，還在銷售個人代理服務所需的高密度 QLC SSD。

Speaker03

(00:53:49)Notably, our V10 TLC product based on bonding technology is production-ready as of the third quarter, and we are preparing for the commercial launch of our 256-terabyte product early next year, based on V9 2-terabit QLC featuring 32-layer stacking technology. In the era of agentic AI, we will address customer needs not only in HBM and server DRAMs but also in storage, offering diverse solutions while strengthening our business competitiveness.

(00:53:49)值得注意的是，我們基於鍵合技術的 V10 TLC 產品已於第三季度準備好生產，我們正在為明年初基於 V9 2-terabit QLC 的 256TB 產品的商業推出做準備，該產品採用了 32 層堆疊技術。在代理 AI 的時代，我們將滿足客戶在 HBM 和伺服器 DRAM 以及存儲方面的需求，提供多樣化的解決方案，同時加強我們的業務競爭力。

Daniel Araujo - Samsung, Vice President of Mobile eXperience

(00:54:23)Let me now address the question on MX. Demand for AI server memory has surged, leading to a shortage of mobile memory since the fourth quarter of last year, with prices continuing to climb. This cost burden persisted into the third quarter and impacted our profitability. However, thanks to the successful launch of premium products like the Galaxy Z Fold 8 and Galaxy Watch Ultra 2, along with ongoing cost reduction efforts, we improved profitability compared to the previous quarter. Looking ahead to the fourth quarter, we expect the business environment to remain challenging for the entire industry as memory prices stay high.

(00:54:23)現在讓我來回答有關 MX 的問題。AI 伺服器記憶體的需求激增，自去年第四季度以來，移動記憶體出現短缺，價格持續上漲。這一成本負擔持續到第三季度，影響了我們的盈利能力。然而，得益於 Galaxy Z Fold 8 和 Galaxy Watch Ultra 2 等高端產品的成功推出，以及持續的成本降低努力，我們的盈利能力相比上季度有所改善。展望第四季度，我們預計整個行業的商業環境將保持挑戰，因為記憶體價格仍然高企。

Daniel Araujo - Samsung, Vice President of Mobile eXperience

(00:55:04)To minimize risk, we plan to focus on improving our product mix by prioritizing higher-end products while continuing various cost reduction efforts. We expect elevated raw material prices to persist into 2027. We also anticipate that the 2026 trend—where shipment volumes decline but market value grows—will continue into 2027. We are working to outperform a market contracting in unit terms. In the second half of the year, the low-end market shrank and competition intensified, making the overall business environment more difficult.

(00:55:04)為了最小化風險，我們計劃專注於改善我們的產品組合，優先考慮高端產品，同時繼續進行各種成本降低努力。我們預計原材料價格將持續到 2027 年。我們還預計 2026 年的趨勢——出貨量下降但市場價值增長——將持續到 2027 年。我們正在努力超越單位數量收縮的市場。在下半年，低端市場縮小，競爭加劇，使整體商業環境更加困難。

Daniel Araujo - Samsung, Vice President of Mobile eXperience

(00:55:46)Because of this, in 2027, we aim to drive both quantitative and qualitative growth by improving our profit structure, specifically focusing on our top-tier models. First, for our flagship products, we will deliver a truly differentiated experience to encourage repurchases from existing customers. Additionally, we aim to attract users from our competitors, thereby expanding our premium install base. Regarding the mid- to low-end market, we are redefining the role of each product according to its price point.

(00:55:46)因此，在 2027 年，我們的目標是通過改善我們的利潤結構來推動定量和定性增長，特別是專注於我們的高端型號。首先，對於我們的旗艦產品，我們將提供真正差異化的體驗，以鼓勵現有客戶再次購買。此外，我們的目標是吸引來自競爭對手的用戶，從而擴大我們的高端安裝基礎。關於中低端市場，我們正在根據每個產品的價格點重新定義其角色。

Daniel Araujo - Samsung, Vice President of Mobile eXperience

(00:56:18)Furthermore, by leveraging the stable supply of our entry models to strengthen partnerships with carriers and distribution partners, we can create more opportunities to upsell customers to our mid- and high-end devices. Thank you.

(00:56:18)此外，通過利用我們入門型產品的穩定供應來加強與運營商和分銷合作夥伴的合作，我們可以創造更多機會，將客戶升級到我們的中高端設備。謝謝。

Speaker03

(00:56:38)Thank you. We will now move on to the next question, please. The next question will be from Mr. Simon Woo of Bank of America Securities. Please go ahead. This is Dongjae Woo from Bank of America. I have a question regarding your foundry business. As you significantly increase your order wins, you may experience some capacity shortages. Are you planning any additional capacity expansions in either Korea or the U.S.? Could you please elaborate? I would appreciate it. Yes, thank you. Let me address your question regarding the foundry business.

(00:56:38)謝謝。現在我們將進入下一個問題，請。下一個問題將來自美國銀行證券的 Simon Woo 先生。請開始。我是來自美國銀行的 Dongjae Woo。我有一個關於你們代工業務的問題。隨著你們的訂單獲勝顯著增加，你們可能會面臨一些產能短缺。你們是否計劃在韓國或美國進行任何額外的產能擴張？能否請你詳細說明一下？我會很感激的。是的，謝謝。讓我來回答你關於代工業務的問題。

Speaker03

(00:57:21)Regarding our capacity expansion plans, demand for advanced nodes is growing faster than our capacity expansion pace. As the AI HPC market and customer demand grow rapidly, we are increasing investments in new fabs in both the U.S. and Korea to provide a timely response. We aim to build not only logic fabs but also advanced packaging capacity promptly to establish an integrated ecosystem from leading-edge process technology to ultra-process scaling. Packaging also enhances our ability to respond better to market demand in the AI era.

(00:57:21)關於我們的產能擴張計劃，對先進製程的需求增長速度超過了我們的產能擴張速度。隨著 AI HPC 市場和客戶需求迅速增長，我們正在增加對美國新廠的投資。以及韓國，以便及時回應。我們的目標是迅速建立不僅是邏輯晶圓廠，還有先進封裝能力，以建立從尖端製程技術到超級製程擴展的整合生態系統。封裝也增強了我們在 AI 時代更好地回應市場需求的能力。

Speaker03

(00:58:08)On the packaging side, we have commenced clean room operations at Fab One, started equipment installations, initiated wafer input for line setup, and sent specialists from the head office; the project is proceeding as planned. To meet future global customer demand, we are evaluating options to add capacity, including building additional fabs. Thank you. We will now move on to the next question.

(00:58:08)在封裝方面，我們已經在 Fab One 開始了潔淨室操作，開始設備安裝，啟動晶圓輸入以設置生產線，並派遣了來自總部的專家；該項目正在按計劃進行。為了滿足未來全球客戶的需求，我們正在評估增加產能的選項，包括建設額外的晶圓廠。謝謝。現在我們將進入下一個問題。

Speaker02

(00:58:37)The next question will be from Dongi Han of SK Securities. Please go ahead. I am Han Dongi from SK Securities. Thank you for the opportunity. I have two questions regarding company-wide matters and system LSI. First, the recent decline in the dollar-won exchange rate has been impacting your earnings. Could you explain your FX hedging strategy and how you manage currency risk? Second, as growth in the mobile market slows and competition intensifies, major SoC players are restructuring their businesses. What strategies is the company considering to improve the fundamentals of its SoC business and secure a foundation for mid- to long-term growth?

(00:58:37)下一個問題將來自 SK 證券的 Dongi Han。請開始。我是來自 SK 證券的 Han Dongi。感謝這個機會。我有兩個關於公司整體事務和系統 LSI 的問題。首先，最近美元對韓元匯率的下降影響了你們的收益。能否解釋一下你們的外匯對沖策略以及如何管理貨幣風險？其次，隨著移動市場增長放緩和競爭加劇，主要的 SoC 廠商正在重組他們的業務。公司考慮了哪些策略來改善其 SoC 業務的基本面並確保中長期增長的基礎？

Speaker02

(00:59:21)To answer, with greater volatility in the U.S. dollar and other major currencies, the company closely monitors how exchange rate movements affect our earnings and financial position. Rather than using costly derivatives to artificially hedge, we focus on leveraging natural hedges across our global value chain to structurally minimize FX volatility impact. Fully hedging our annual dollar receivables worth hundreds of trillions of won through derivatives such as FX forwards in Korea could disrupt the domestic FX market.

(00:59:21)為了回答，隨著美國美元和其他主要貨幣的波動性加大，公司密切監控匯率變動如何影響我們的收益和財務狀況。我們不使用昂貴的衍生品進行人為對沖，而是專注於利用我們全球價值鏈中的自然對沖來結構性地最小化外匯波動的影響。通過衍生品如外匯遠期合約在韓國完全對沖我們價值數百兆韓元的年度美元應收款可能會擾亂國內外匯市場。

Speaker02

(00:59:59)Additionally, transaction fees alone could create substantial opportunity costs. Therefore, we match the currencies of inflows and outflows and align the amounts of our assets and liabilities in each currency. Through these natural hedges, we strive to minimize open FX positions. For any remaining positions, we sell dollars early and take other steps to keep the FX exposure period as short as possible. Under this hedging strategy, we will continue to manage currency risk systematically and work to minimize earnings uncertainty from FX movements.

(00:59:59)此外，僅僅是交易費用就可能產生可觀的機會成本。因此，我們匹配資金流入和流出的貨幣，並調整我們在每種貨幣中的資產和負債金額。通過這些自然對沖，我們努力最小化未平倉的外匯頭寸。對於任何剩餘的頭寸，我們提前出售美元並採取其他措施，以使外匯風險暴露期盡可能短。根據這一對沖策略，我們將繼續系統性地管理貨幣風險，並努力最小化外匯變動帶來的收益不確定性。

Speaker02

(01:00:35)Thank you.

(01:00:35)謝謝。

Speaker03

(01:00:41)Now, I will answer the second question regarding system LSI. First of all, we are very aware of the changing market conditions in mobile. Growth is slowing down, and competition is becoming more intense. We are taking a multifaceted approach to enhance our overall business, as well as our product and customer portfolios. For mobile on Exynos 2700, we have improved AI and gaming performance, with new developments and production progressing according to schedule. We will continue to enhance the competitiveness of our flagship SoC, enabling us to increase our market share.

(01:00:41)現在，我將回答第二個問題，關於系統 LSI。首先，我們非常清楚 手機市場的變化。增長正在放緩，競爭變得更加激烈。我們正在採取多方面的方法來提升我們的整體業務，以及我們的產品和客戶組合。在 Exynos 2700 的移動端，我們改善了人工智慧和遊戲性能，新的開發和生產進展按計劃進行。我們將繼續提升我們旗艦 SoC 的競爭力，使我們能夠增加市場份額。

Speaker03

(01:01:18)We have established business partnerships with new customers for our custom SoCs, achieving new order wins. We will leverage our strength as a total solution provider, covering design, foundry, memory, and packaging, to drive new customer acquisitions and uncover business opportunities that strengthen our foundation for future growth. Thank you very much for your answer. We will now move on to the next question. The next question is from Mr. Sungkyu Kim of Daiwa Capital Markets. Yes, thank you for the opportunity to ask a question.

(01:01:18)我們已經與新客戶建立了業務夥伴關係，為我們的定製 SoC 贏得了新的訂單。我們將利用作為全面解決方案提供商的優勢，涵蓋設計、代工、記憶體和封裝，以推動新客戶的獲取，並發掘增強我們未來增長基礎的商機。非常感謝您的回答。我們現在將進入下一個問題。下一個問題來自大和資本市場的金成圭先生。是的，謝謝您給我提問的機會。

Speaker03

(01:01:59)I have one question regarding Foundry and another for MX. First, for Foundry, could you provide an update on the roadmap for your advanced nodes and more mature processes? Given the intensified competition, could you highlight your technological differentiation? For MX, some competitors have been entering the foldable phone market. The market is growing, but this is also increasing competition. What is the likely impact of this change on your MX business? Additionally, what is your differentiation strategy to maintain leadership in foldables?

(01:01:59)我有一個關於代工的問題，還有一個關於 MX 的問題。首先，關於代工，您能否提供有關您先進製程和更成熟工藝的路線圖更新？鑑於競爭加劇，您能否強調您的技術差異化？對於 MX，一些競爭對手已經進入可摺疊手機市場。市場正在增長，但這也增加了競爭。這一變化對您的 MX 業務可能產生什麼影響？此外，您有什麼差異化策略來保持在可摺疊手機領域的領導地位？

Speaker03

(01:02:42)Okay, we will answer the Foundry question first. Here is a status update on advanced nodes. We are expanding our 2-nano portfolio beyond its existing mobile focus toward HPC applications. Our next-generation 2-nano processes will center around DTCO, design technology co-optimization, to improve performance and power efficiency. Meanwhile, we are exploring options to maximize the use of our existing infrastructure. We are in discussions with multiple customers regarding our most advanced 1.4-nano processes, and are collaborating closely with several customers on finalist plans for test chip development.

(01:02:42)好的，我們將首先回答代工的問題。這裡是有關先進製程的狀態更新。我們正在擴展我們的 2 納米產品組合，超越現有的移動焦點，向高性能計算應用拓展。我們的下一代 2 納米工藝將圍繞設計技術協同優化（DTCO），以提高性能和功率效率。同時，我們正在探索最大化利用現有基礎設施的選項。我們正在與多個客戶討論我們最先進的 1.4 納米工藝，並與幾個客戶密切合作，制定測試芯片開發的最終計劃。

Speaker03

(01:03:29)For mature nodes, we are streamlining our portfolio by phasing out low-margin and inactive nodes while identifying high-value opportunities with higher barriers to entry. By node, we are expanding our business with a focus on automotive applications for 5.0-nano processes. We support Tier 1 customers across various applications for 8-nano, focusing on memory interface solutions for 14-nano and CIS for 17-nano. We are building a differentiated competitive advantage through strong synergies between our Foundry and memory businesses by jointly developing an HBM4-based guide on the 4-nano process.

(01:03:29)對於成熟製程，我們正在通過逐步淘汰低利潤和不活躍的製程來精簡我們的產品組合，同時識別具有更高進入壁壘的高價值機會。按製程來看，我們專注於 5.0 納米工藝的汽車應用來擴展我們的業務。我們支持各種應用的 Tier 1 客戶，專注於 14 納米的記憶體介面解決方案和 17 納米的 CIS。我們通過在 4 納米製程上共同開發基於 HBM4 的指導，建立了代工和記憶體業務之間的差異化競爭優勢。

Speaker03

(01:04:11)Together, we have achieved industry-leading HBM4 performance. Notably, we have also achieved industry-leading base die yields in the Foundry industry, although we are still early in mass production. Building on our extensive expertise in memory dielectric technology, we are accelerating development of silicon capacitor technology. We expect to achieve industry-leading performance soon and have already received volume requests from multiple major accounts. Our goal is to establish ourselves as a specialized Foundry provider, offering integrated services that combine advanced logic, memory, and advanced packaging.

(01:04:11)我們共同實現了行業領先的 HBM4 性能。值得注意的是，儘管我們仍處於大規模生產的早期階段，但我們在代工行業中也實現了行業領先的基底晶片產量。基於我們在記憶體介電技術方面的豐富專業知識，我們正在加速矽電容器技術的開發。我們預計很快將實現行業領先的性能，並已經收到了來自多個主要客戶的量產請求。我們的目標是建立自己作為專業代工提供商的地位，提供結合先進邏輯、記憶體和先進封裝的綜合服務。

Daniel Araujo - Samsung, Vice President of Mobile eXperience

(01:04:59)Thank you. I will address your question on foldables. It is inevitable that competition will intensify. The overall market landscape will shift as more players enter the foldable segment. However, we see this as an opportunity to demonstrate the value of the market we pioneered in 2019 and to use this growth to expand our sales. With the recently launched Fold8 series, we expanded our lineup just as customers needed it, improving our product mix with a stronger emphasis on foldables. This also attracted many younger users and customers switching from competitors.

(01:04:59)謝謝。我將回答您關於可摺疊手機的問題。競爭加劇是不可避免的。隨著更多參與者進入可摺疊手機市場，整體市場格局將發生變化。然而，我們將此視為展示我們在 2019 年開創的市場價值的機會，並利用這一增長來擴大我們的銷售。隨著最近推出的 Fold8 系列，我們在客戶需要的時候擴展了我們的產品線，並在可摺疊手機上加強了我們的產品組合。這也吸引了許多年輕用戶和從競爭對手轉換過來的客戶。

Daniel Araujo - Samsung, Vice President of Mobile eXperience

(01:05:42)Moving forward, we will continue to lead by making foldables thinner and lighter, developing form factors that fit lifestyles, and delivering a differentiated customer experience unavailable elsewhere. Additionally, by offering financing programs and other options to ease the purchase burden, we can expand the premium customer base around the S26 and Fold8.

(01:05:42)展望未來，我們將繼續通過使可摺疊手機更薄更輕，開發符合生活方式的形狀，並提供其他地方無法獲得的差異化客戶體驗來保持領導地位。此外，通過提供融資計劃和其他減輕購買負擔的選項，我們可以擴大圍繞 S26 和 Fold8 的高端客戶基礎。

Speaker02

(01:06:13)Thank you. Due to time constraints, we will take one more question. The last question will be from DS Securities. Please go ahead. I am from DS Securities. Today, I would like to ask a question about Harman. Harman appears to be delivering relatively solid results recently. Could you explain the factors driving the improvement and whether you expect this trend to continue? I will address that question. Despite tariff risks and rising memory prices, Harman continues to deliver strong results through synergies with Samsung Electronics, particularly in growth markets such as automotive and audio.

(01:06:13)謝謝。由於時間限制，我們將再接受一個問題。最後一個問題將來自 DS 證券。請開始。我來自 DS 證券。今天，我想問一個關於 Harman 的問題。Harman 最近似乎交出了相對穩健的業績。您能解釋一下推動改善的因素，以及您是否預期這一趨勢會持續嗎？我將回答這個問題。儘管面臨關稅風險和記憶體價格上漲，Harman 仍然通過與三星電子的協同效應，特別是在汽車和音頻等增長市場中，持續交付強勁的業績。

Speaker02

(01:07:11)In the automotive sector, we are actively focusing on growth areas like telematics, which connects vehicles to external networks, automotive displays, and centralized controllers. Notably, starting this year, we have been ramping up telematics supplies to Volkswagen and other customers, supporting stable performance. Additionally, amid intensifying competition and a challenging business environment due to rising costs, we continue to enhance operational efficiency and implement diverse measures to improve profitability.

(01:07:11)在汽車領域，我們積極專注於增長領域，如車載通訊，這將車輛連接到外部網絡，汽車顯示器和集中控制器。值得注意的是，從今年開始，我們已經開始增加對大眾汽車和其他客戶的車載通訊供應，支持穩定的業績表現。此外，在競爭加劇和由於成本上升而導致的艱難商業環境中，我們繼續提升運營效率，並實施多樣化措施以改善盈利能力。

Speaker02

(01:07:42)In lifestyle products, led by JBL, which celebrates its 80th anniversary this year, portable speaker sales remain robust. New product launches are also strengthening our lineup, supporting ongoing revenue growth across consumer audio. Harman is actively targeting the wireless earphone and headphone markets, which hold significant growth potential. By leveraging Bowers & Wilkins, Denon, Marantz, and other globally recognized brands acquired last year, we are expanding our premium portfolio. Going forward, we will maintain a solid, profitability-focused foundation that strengthens our brand portfolio and expands our range of high-growth products.

(01:07:42)在生活方式產品方面，由 JBL 主導的便攜式揚聲器銷售仍然強勁，該品牌今年慶祝其 80 週年。新產品的推出也在加強我們的產品線，支持消費音頻持續的收入增長。Harman 正在積極瞄準無線耳機和耳塞市場，這些市場具有顯著的增長潛力。通過利用去年收購的 Bowers & Wilkins、Denon、Marantz 和其他全球知名品牌，我們正在擴大我們的高端產品組合。展望未來，我們將保持穩固的以盈利為重心的基礎，加強我們的品牌組合並擴大我們的高增長產品範圍。

Speaker02

(01:08:23)Furthermore, through ongoing technological innovation, we will continue to solidify our position as a leader in audio. Thank you. That concludes our conference calls for this quarter. We wish you and your families good health. We sincerely appreciate everyone's participation today. And thank you.

(01:08:23)此外，通過持續的技術創新，我們將繼續鞏固我們在音頻領域的領導地位。謝謝您。這就是我們本季度的電話會議結束。祝您和您的家人身體健康。我們衷心感謝大家今天的參與。再次感謝您。