Sino-American Silicon Products Inc. (SAS) (5483:TT) announced its September results today, reporting consolidated revenue of NT$7.59 billion, reflecting a MoM increase of 26.22% and a YoY increase of 18.50%. SAS’s Q3 2025 consolidated revenue reached NT$19.08 billion, marking QoQ decline of 5.67% and a YoY decline of 5.17%. For the first three quarters of 2025 SAS’s consolidated revenue amounted to NT$58.69 billion, representing a slight YoY decline of 1.72%. SAS’s consolidated revenue for September 2025 reached a record high for the same period and was the second-highest monthly figure in the company’s history.
Since the beginning of 2025, exchange rate fluctuations have been significant. The New Taiwan dollar appreciated notably against the U.S. dollar in the first half of the year before shifting to mild depreciation starting in August, which overall continued to suppress reported revenue in NTD terms. In U.S. dollar terms, SAS’s Q3 2025 consolidated revenue was US$643 million, down only 2.01% QoQ but up 3.14% YoY. By contrast, revenue in New Taiwan dollars showed a decline, underscoring the dampening effect of currency appreciation on reported results. Cumulative revenue for the first three quarters reached US$1.88 billion, representing a 1.12% increase compared with the same period last year, versus a 1.72% decrease in NTD terms. This indicates that SAS’s operations remain stable when measured in its functional currency.
GlobalWafers Co., Ltd. (GWC) (6488:TT), SAS’s semiconductor subsidiary, also released its September results today, reporting consolidated revenue of NT$5.90 billion, up 33.33% MoM and 14.60% YoY. GWC’s Q3 2025 consolidated revenue reached NT$14.49 billion, representing a 9.46% QoQ decline and an 8.67% YoY decrease. GWC’s cumulative revenue for the first three quarters of 2025 was NT$46.10 billion, down 0.4% compared with the same period last year. GWC’s September revenue ranked third-highest for the same month in its history.
Similarly, as GWC’s revenue is primarily denominated in U.S. dollars, the appreciation of the New Taiwan dollar has muted its revenue growth in NT$ terms. When calculated in New Taiwan dollars, both Q3 2025 revenue and cumulative revenue for the first three quarters declined compared with the same period last year. However, in U.S. dollar terms, GWC’s Q3 2025 consolidated revenue was US$490 million, down 5.95% QoQ but only 0.66% YoY, showing a much narrower decline. Cumulative revenue for the first three quarters reached US$1.48 billion, representing a 2.45% increase compared with the same period last year, turning from a decline in NTD terms to growth in U.S. dollar terms. This indicates that while exchange rate movements have had a visible dampening effect on reported NT$ revenue, GWC’s underlying operations, which are predominantly U.S. dollar-based, remain stable.
GlobalWafers’ Q325 revenue was affected by multiple external factors. The global political and economic environment remains uncertain, with U.S. tariffs and the Section 232 investigation still unresolved. This has led to low visibility in end markets and more conservative customer ordering. In addition, some orders were shipped ahead of schedule in Q2 as customers considered the effective timing of tariffs, which put pressure on this quarter’s performance. Against this backdrop, U.S. customers’ demand for localized procurement is becoming increasingly urgent. Customers are not only responding to tariff and policy uncertainties, but also emphasizing supply chain resilience and delivery reliability. Several customers have already requested accelerated sample delivery and qualification. As major customers gradually advance their localization strategies, the U.S. market is expected to become one of the key mid- to long-term growth drivers for GlobalWafers.
In addition to opportunities arising from localization, GlobalWafers’ existing product lines are also demonstrating steady momentum. Gallium Nitride (GaN) production lines have remained fully loaded throughout the year, and the company has planned approximately 30% capacity expansion to meet demand from applications such as high-efficiency power conversion and data centers. With the rapid growth of AI and HPC, data centers and high-frequency power management are seeing increasing demand for high-performance materials. GaN devices, with the advantages of high efficiency and compact size, have emerged as a critical solution supporting high-speed power conversion. Its applications in fast charging and high-frequency communication are also expanding. By leveraging technology optimization and strategic capacity deployment, GlobalWafers is further strengthening its position in next-generation power and communications markets.
New material development is also progressing as planned. GlobalWafers recently unveiled its 310mm x 310mm square silicon wafers and 12-inch silicon carbide (SiC) wafers. Both have completed prototype development and entered the sampling phase. The square silicon wafer offers technical advantages such as improved material utilization and greater packaging design flexibility. SiC, with its superior thermal conductivity and mechanical strength, holds significant R&D value in large-diameter formats. As large-size new materials pose significant process challenges, GlobalWafers is advancing steadily in line with its roadmap and continues to refine cutting, grinding, and polishing technologies to build long-term capabilities in materials innovation.
SAS Group continues to serve as the driving engine of synergy, focusing on key areas including renewable energy, semiconductors, and automotive power devices. Leveraging its global operational network, the Group promotes resource sharing and amplifies synergies to further strengthen overall competitiveness. Among its affiliates, Taiwan Speciality Chemicals Corporation (TSC, 4772:TT), backed by solid operations and a strong foundation, has sustained robust growth momentum. Since its TPEx-listing one year ago, TSC’s Q3 2025 revenue increased significantly by 198.9% compared with the same period last year, driving cumulative revenue for the first three quarters to grow by 81.3% year-over-year, delivering an outstanding performance. To accelerate its strategic deployment, TSC recently announced the acquisition of a 65.22% equity stake in Hung Jie Technology Corporation (Hung Jie, unlisted), thereby expanding into Ultra-High Purity (UHP) cleaning, precision surface processing (coating), and refurbishment services for semiconductor equipment components. Since the consolidation of Hung Jie’s revenue in August, synergies have gradually materialized. This acquisition further enhances TSC’s comprehensive solutions for advanced manufacturing processes, underscoring the success of its strategic integration and diversified development.
In response to the strong demand for high bandwidth and high-speed transmission from AI and data centers, global-leading GaAs foundry Advanced Wireless Semiconductor Company (AWSC, 8086:TT) has been actively expanding its presence in the optical communications market in recent years, driving the diversification of its product lines. In addition to its existing mobile power amplifier business, AWSC continues to expand into applications such as Datacom, optical sensor (VCSEL technology), automotive, drones, and GaAs solar cells, which are expected to further boost the company’s operational momentum. AWSC’s Q3 2025 revenue increased by 22.2% year-over-year, and its monthly revenue has shown growth for eight consecutive months in 2025. Actron Technology Corporation (Actron, 8255:TT) is actively developing next-generation MOSFETs and conducting customer qualifications, resulting in revenue growth of 10.7% YoY for the first three quarters.
In the renewable energy sector, SAS’s integrated green energy platform, Susen Green Energy, has achieved another milestone. Its subsidiary, Sustainable Energy Solution (SES), recently signed a ten-year power supply agreement with leading global provider of advanced semiconductor packaging and testing services Amkor, totaling 780 million kWh of green electricity. As of today, Susen Green Energy has secured more than 18 billion kWh of green power trading contracts, becoming a key new driver of the Group’s overall revenue growth.
Looking ahead, SAS and GlobalWafers will continue to deepen their presence in the two core sectors of renewable energy and semiconductors. By capitalizing on diversified growth engines and leveraging unique strategic insights to identify emerging opportunities, the Group will further strengthen its competitiveness and create sustainable long-term value.