[ChangePASS FY2026 H1 Earnings Call] IoT Revenue Share Jumps from 1% to 11%, H1 EPS NT$1.45; July Revenue Down 13.2% YoY but Full-Year Growth Still Targeted ChangePASS (8272) held its earnings call on the 13th, with General Manager Yang Wen-Ho personally presenting first-half operating results. While AI has captured the market's attention, ChangePASS — a cybersecurity firm built on proprietary R&D — delivered first-half revenue growth that slowed to 1% and a gross margin decline of 1 percentage point. But hidden beneath the unremarkable numbers was the IoT security product line's first-ever jump from 1% a year ago to 11% of revenue, making it the most closely watched development of the call. Yang Wen-Ho stated bluntly: "First-half revenue was NT$200 million, slightly more than the NT$198 million from the same period last year — essentially flat." Financial Overview: Flat Revenue, Modest EPS Decline | Item | H1 2026 | H1 2025 | Change | |---|---|---|---| | Revenue | NT$200 million | NT$198 million | +1% | | Gross Margin | 74.3% | 75.3% | -1 ppt | | Net Profit After Tax | NT$27.6 million | ~NT$29 million | ~-5% | | EPS | NT$1.45 | NT$1.52 | -NT$0.07 | In terms of product mix, security certification and fintech security remain the two pillars, together accounting for 76% of revenue; however, IoT's jump from 1% to 11% directly compressed the share of existing product lines. IoT Emerges as the Biggest Highlight: Smart Meters and Matter Modules Shipping in H2 General Manager Yang Wen-Ho said IoT currently focuses on smart meters and Matter smart home communication modules. The smart meter initiative targets Taipower's next-generation smart meter security chip requirements, with initial design and validation completed in collaboration with meter manufacturers, and volume production expected to begin in the second half of