Sino-American Silicon Products Inc. (SAS) (5483:TT) announced its December 2025 results today, reporting consolidated revenue of NT$7.19 billion, reflecting a MoM increase of 14.52% and a YoY increase of 7.19%, the second-highest level for the same period on record. SAS’s Q425 consolidated revenue reached NT$19.48 billion, with a QoQ increase of 2.09%, YoY decline of 2.42%. For FY2025, SAS’s consolidated revenue amounted to NT$78.17 billion, with a YoY decline of 1.89%. GlobalWafers Co., Ltd. (GWC) (6488:TT), SAS’s semiconductor subsidiary, also announced its revenue today. The consolidated revenue in December 2025 reached NT$5.51 billion, reflecting a MoM increase of 16.86% and a YoY increase of 0.27%, the third-highest level for the same period on record. Q425 consolidated revenue stood at NT$14.50 billion, with a QoQ increase of 0.06% and a YoY decline of 11.27%. FY2025 consolidated revenue amounted to NT$60.60 billion, with a YoY decline of 3.24%. Affiliated companies within the SAS Group also delivered impressive results, with Actron Technology Corporation (Actron, 8255:TT) and Taiwan Speciality Chemicals Corporation (TSC, 4772:TT) achieving record-high full-year revenue, while Advanced Wireless Semiconductor Company (AWSC, 8086:TT) recorded its FY2025 revenue at the second-highest level in history, reflecting the Group’s diversified business layout gradually bearing fruit and sustained expansion in overall operating momentum.
GlobalWafers operates across multiple overseas locations, and foreign-currency transactions account for a relatively high proportion of the Group’s revenue. Measured in U.S. dollar terms, GlobalWafers’ revenue performance in 2025 remained solid. For FY2025, consolidated revenue denominated in U.S. dollars amounted to US$1.95 billion, remaining almost flat year over year. SAS’s revenue was also affected by the performance of its subsidiary GlobalWafers. When measured in U.S. dollar terms, SAS’s cumulative FY2025 revenue reached US$2.51 billion, reflecting a YoY increase of 1.24%. The changes in consolidated revenue measured in U.S. dollars indicate that the underlying operating performance of both SAS and GlobalWafers remained stable.
Amid easing inflationary pressures and policy adjustments by certain central banks, the global economy has maintained moderate growth. Nevertheless, geopolitical tensions and uncertainties surrounding trade policies continue to pose challenges to the market. The semiconductor industry is experiencing divergent demand dynamics and an uneven recovery pace. Inventory digestion for applications related to mature process technologies has progressed more slowly than expected, while the recovery momentum in end-consumer markets remains limited. Against this backdrop, GlobalWafers has continued to strengthen its operational resilience. Leveraging its global footprint and localized manufacturing capabilities, the Company has flexibly optimized capacity allocation and shipment mix, while accelerating customer qualification and ramp-up for new expansion lines to proactively address customers’ long-term demand for localized supply. As the Company’s global expansion projects gradually deliver tangible results, several key operating sites and product lines have reported strong revenue performance. In particular, the 2025 revenues of subsidiaries in Niigata and Utsunomiya, Japan, as well as the Danish subsidiary, all reached record highs. From a product perspective, niche products such as Gallium Nitride (GaN) demonstrated especially strong performance.
Looking ahead, the accelerated development of technologies including AI, HPC (high-performance computing), silicon photonics, and high-efficiency power management is expected to continue driving demand for high-efficiency power devices and advanced materials. Demand for leading-edge silicon wafers and SOI wafers remain robust, while GaN capacity will continue to operate at full utilization. In the new materials segment, GlobalWafers is steadily advancing its technology and process roadmap, with ongoing investments in the research and development of next-generation materials such as square wafers and 12-inch Silicon Carbide (SiC). Sampling have commenced, and related technologies are being progressively advanced to address growing market interest and demand. GlobalWafers will remain focused on large-diameter wafers for advanced applications, and high value-added specialty wafer segments. By combining localized supply advantages across its global manufacturing network with advanced process capabilities, the Company aims to leverage its diversified portfolio and competitive strengths to drive sustainable long-term growth.
In the solar product manufacturing segment, it is expected that total solar installations in the United States will reach 40~42 GW in 2026. Driven by trade controls as well as anti-dumping and countervailing duty measures, the solar wafer market is undersupplied, further highlighting the advantages of Taiwan-based compliant manufacturing, high product quality, and strong reliability. In addition, with the rapid growth of global 5G communications, data and video transmission, and VR-based immersive applications, demand for low Earth orbit (LEO) satellites is expected to experience a significant surge in 2026. Against this backdrop, solar cell products manufactured by SAS in Taiwan, having passed stringent reliability testing and qualified by U.S.-based customers, are steadily expanding their international market presence and capturing emerging growth opportunities.
In the renewable energy services segment, as the 2050 net-zero emissions policy continues to advance, enterprises are accelerating their net-zero transition and committing to the Science Based Targets initiative (SBTi). The combined momentum from policy initiatives and corporate action has driven sustained growth in demand for renewable energy. In response to industry trends, SAS has continued to deepen its green energy business deployment. Through its comprehensive renewable energy service platform, Susen Green Energy Co., Ltd. (SGE), the Group has progressively established an integrated service framework encompassing green power development, power sales, energy storage, and energy efficiency solutions, addressing enterprises’ practical needs in their net-zero transition. As of the end of December 2025, SGE had cumulatively signed green power purchase agreements exceeding 18 billion kWh. With market demand continuing to expand, SGE’s power trading subsidiaries, Sustainable Energy Solution (SES) and Anneal Energy (Anneal), recorded combined revenue growth of approximately sevenfold in 2025 compared with the previous year. Looking ahead, operating momentum is expected to be released progressively in line with further market expansion. Supported by strong market demand, the Group’s green power services business has demonstrated0 strong growth momentum, further enhancing its market visibility and influence.
Among affiliated companies, Actron Technology Corporation (8255:TT) has strengthened its presence in automotive electronics while expanding into AI server power supply and energy-related applications, driving steady operational growth. Actron’s 2025 revenue amounted to NT$ 8.1 billion, a 6.9% year-over-year increase, reaching a historical high. Advanced Wireless Semiconductor Company (8086:TT) has seen tangible results from its diversified application portfolio across high-speed wireless communication (Datacom) chips, LiDAR, filters, and unmanned aerial vehicle (UAV) applications. Its revenue increased month by month throughout 2025, with full-year revenue reaching NT$ 4.12 billion, marking the second highest level in the Company’s history.
Taiwan Specialty Chemicals Corporation (4772:TT) benefited from rising demand for disilane (Si₂H₆) driven by advanced process technologies, delivering strong operating performance. TSC’s 2025 standalone revenue, excluding the consolidation of Hung Jie Technology, increased by 20% YoY, with Q4 2025 standalone revenue setting a new quarterly record. December standalone revenue reached a historical high, marking 11 consecutive months of YoY revenue growth. TSC’s consolidated revenue, including Hung Jie Technology, in December exceeded NT$300 million for the first time, delivering outstanding results! Following the addition of Hong Jie Technology, TSC further strengthens its one-stop solution capabilities, spanning specialty gases, precision surface processing of equipment components, and ultra-high purity cleaning and refurbishment services. This expanded service scope enhances coverage of advanced process requirements. After consolidating Hung Jie Technology, TSC’s full-year 2025 consolidated revenue reached NT$ 2 billion, up 128% YoY, driving overall operating scale to a new high.
Looking ahead, SAS will continue to position renewable energy and semiconductors as its dual growth engines. Leveraging deep industry expertise and technical capabilities, the Group will pursue disciplined investment deployment, integrate the diversified growth momentum of affiliated companies, and fully realize group synergies. Through the progressive construction of a competitive industrial value chain, SAS aims to steadily advance the Group’s sustainable growth.