Vishay精密集团 2025年度报告

From the Board Chair Dear Fellow Stockholders: Fiscal 2025 marked an important year of transition and renewed momentum for VPG. Despite continued macroeconomicuncertainty and cyclical softening in several of our end markets, the Company delivered steady execution, strengthenedits operational foundation, and achieved meaningful strategic progress. A major step forward this year was the creation of two new C-suite roles: Chief Business and Product Officer and ChiefOperating Officer. These additions represent a significant evolution in VPG’s strategy and operational structure toachieve growth and operational excellence. They enable more centralized sales, product strategy, marketing, andoperational leadership, positioning the company to scale efficiently and capitalize on emerging megatrends such asindustrial automation, semiconductor test expansion, and the rapid development of humanoid robotics and physical-A.I.applications. As always, our greatest strength is our people. I want to express my sincere appreciation to our employees across theglobe for their dedication and adaptability during a year of meaningful organizational change. I also extend our gratitudeto our customers who continue to rely on VPG’s technology and expertise for their most demanding applications, and toyou, our stockholders, for your ongoing support and confidence. As we look ahead, there is much to be optimistic about. VPG enters 2026 with a strong balance sheet, ample liquidity,and a leadership team organized to drive profitable growth. The strategic foundations built in 2025 position VPG foraccelerated growth, greater scalability, and the ability to capture emerging opportunities across our markets. Whileuncertainties remain in the global environment, we believe that VPG has never been better prepared to navigate them anddeliver long-term value. Saul V. ReibsteinBoard ChairVishay Precision GroupApril 9, 2026 From the President and CEO Dear Fellow Stockholders: Fiscal 2025 was a year of meaningful transformation for VPG operationally, strategically, and technologically.Despite a mixed macroeconomic environment, we exited the year with strengthened momentum, expandedopportunities, and a more scalable platform for future growth. Revenue for 2025 was $307.2 million, slightly above the prior year, with second-half revenue increasing 9% over thefirst half. Our fourth quarter reflected solid execution, with revenue up 11% year over year. Importantly, we achievedour fifth consecutive quarter with a book-to-bill ratio at or above 1.0, led by strong orders in the Sensors segment.Bookings exceeded $80 million for the first time since mid-2023, and backlog for Sensors reached its highest level inmore than two years, driven by strength in several markets including semiconductor equipment. Strong Progress Across Key Growth Initiatives Our long-term growth drivers continued to advance. Business development efforts generated $37.8 million in orders,exceeding our 2025 goal by more than 25%. This progress was broad-based, across VPG’s businesses. One of the most exciting developments continues to be humanoid robotics. In 2025, we received orders from threehumanoid robot developers, including prototype and follow-on programs. In early 2026, we secured an additional $1million order from an existing customer. As leading companies advance toward early deployment, we are scaling ourhiring and manufacturing readiness to support customers’ production needs. While timing of commercializationremains uncertain, the momentum aligns squarely with our capabilities in precision sensing. Operational Excellence and Cost Efficiency In 2025, we delivered $4.5 million in cost savings and launched the next stage of efficiency initiatives aimed atachieving an additional $6 million in cost savings in 2026. These efforts span procurement, supply chaincentralization, productivity improvements, and the consolidation of manufacturing flows. Our new organizational structure, including the newly created offices of the Chief Business and Product Officer andthe Chief Operating Officer, represents a fundamental shift in how we operate. These cross-divisional organizationsare designed to accelerate growth, improve customer responsiveness, and embed best-practice processescompany-wide. We have begun implementing a new global data and IT platform to support this transformation. 2026 Outlook We are entering 2026 with a stronger pipeline, multi-year highs in Sensors backlog, and early signs of recovery inseveral end markets. We expect mid- to high-single-digit revenue growth for the year, with a second-half weighting aswe ramp production capacity and continue to strengthen demand trends. For business development, we are targeting$45 million of new initiative-driven orders, which represents a 20% increase from last year. Our financial position remains a competitive advantage. VPG ended the year with $66.8 million in net cash andsignificant flexibility to invest in orga