PANJIT — Interim / Quarterly Report 2025

Nov 24, 2025

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強茂股份有限公司

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十一月 2025

◼ 關於強茂

◼ 2025 Q3 財務概況 ◼ 汽車應用

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強茂股份有限公司

2024 營收: NTD$ 12.5 Billion (2481.TW) 產品: IC, MOSFET, SiC, IGBT, Diodes, TVS, Zener, Bridge, Transistor, ESD Protection 應用: Automotive, Medical, Green Energy, High Performance Computing, Consumer, IoT

熒茂光學股份有限公司

2024 營收: NTD$ 990 Million (4729.TW) 產品: Touch Panel, Display 應用: Automotive, IPC, Military

凡甲科技股份有限公司

2024 營收: NTD$ 3.2 Billion (3526.TW) 產品: Connector, F cable, USB-Type C 3.1 應用: Automotive, Medical, Communication, Consumer

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Group
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虹冠電子工業股份有限公司

2024 營收: NTD$ 816 Million (3257.TW) 產品: Power Management IC 應用: Gaming PC/Adapter, Industrial PC, 5G Power

汎星半導體股份有限公司

產品: ESD, MOSFET

應用: NB, PC, Automotive, Power Supply, Motor Driver

興茂科技股份有限公司

產品: Motor MCU, Power Management IC, Signal Chain IC

應用: AI/General Computing, Motor Fan, Industrial PC, Consumer, Power Supply

2025 Q3 合併綜合損益表

單位：百萬元新台幣

單位：百萬元新台幣 營業收入 營業毛利 營業毛利率 推銷費用 管理費用 研究發展費用 營業費用 營業淨利 營業淨利率 營業外收入及支出 所得稅 本期淨利 純益率 每股稅後盈餘	2025 Q3 3,269.7 1,023.7 31.3% 181.2 311.3 252.7 747.4 276.3 8.5% 166.6 76.8 366.1 11.2% 0.79	2025 Q2 3,400.1 1,042.4 30.7% 181.6 286.6 238.7 700.1 342.3 10.1% 29.2 66.9 304.6 9.0% 0.66	QoQ -3.8% -1.8% 0.6 ppts -0.2% 8.6% 5.9% 6.8% -19.3% -1.6 ppts 470.5% 14.8% 20.2% 2.2 ppts 19.7%	2024 Q3 3,335.1 974.1 29.2% 192.9 282.7 259.4 739.6 234.4 7.0% 96.6 40.7 290.3 8.7% 0.66	YoY
					-2.0% 5.1% 2.1ppts -6.1% 10.1% -2.6% 1.1% 17.9% 1.5 ppts 72.5% 88.7% 26.1% 2.5 ppts 19.7%

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損益表重要指標

營業收入 (Unit: M’ NTD)

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3,400.1
3,335.1
3,269.7
3,000
2,000
3Q24 2Q25 3Q25
Revenue
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營業淨利率

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15%
10.1%
8.5%
10%
7.0%
5%
0%
3Q24 2Q25 3Q25
Operating Profit Margin
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營業毛利率

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40%
30.7% 31.3%
29.2%
30%
20%
10%
0%
3Q24 2Q25 3Q25
Gross Margin
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純益率
15%
11.2%
8.7% 9.0%
10%
5%
0%
3Q24 2Q25 3Q25
Net Profit Margin
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資產負債表及重要財務指標

資產負債表項目 單位：百萬元新台幣 現金及約當現金 應收款項 存貨 採用權益法之投資 不動產、廠房及設備 資產總計 流動負債 非流動負債 負債總計 權益總計 重要財務指標 平均收現日數 平均銷貨日數 營業活動現金流量	2025 Q3 Amount ％ 2,251 7.7% 4,237 14.6% 2,597 8.9% 2,109 7.2% 6,869 23.6% 29,103 100.0% 7,495 25.8% 6,345 21.8% 13,840 47.6% 15,263 52.4% 110 103 (153)	2025 Q2 Amount ％ 2,178 7.8% 4,030 14.5% 2,538 9.1% 1,996 7.2% 6,881 24.8% 27,795 100.0% 7,914 28.5% 5,467 19.7% 13,381 48.1% 14,414 51.9% 106 100 1,004	2024 Q3
			Amount ％ 2,125 7.4% 4,431 15.5% 2,618 9.1% 2,106 7.3% 7,462 26.0% 28,671 100.0% 7,400 25.8% 6,088 21.2% 13,488 47.0% 15,183 53.0% 117 103 614

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資產負債表重要指標

營業活動現金流量(Unit: M’ NTD)

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1,004
800 614
(153)
(200) 3Q24 2Q25 3Q25
Cash from operating activities
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平均收現日數

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130
117
120
110
110 106
100
3Q24 2Q25 3Q25
A/R Turnover Days
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存貨佔資產

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15%
9.1% 9.1% 8.9%
10%
5%
3Q24 2Q25 3Q25
Inventories by Total Assets
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平均銷貨日數

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120
110
103 103
100
100
90
3Q24 2Q25 3Q25
Inventory Turnover Days
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2025 YTD 3Q 合併綜合損益表

單位：百萬元新台幣 營業收入 營業毛利 營業毛利率 推銷費用 管理費用 研究發展費用 營業費用 營業淨利 營業淨利率 營業外收入及支出 所得稅 本期淨利 純益率 每股稅後盈餘	1Q~3Q 25 9,741.5 2,997.6 30.8% 538.7 873.7 737.9 2,148.2 849.4 8.7% 349.6 215.8 983.1 10.1% 2.18	1Q~3Q 24 9,527.4 2,659.4 27.9% 537.9 788.7 703.2 2,032.6 626.8 6.6% 360.2 135.9 851.1 8.9% 1.87	YoY
			2.2% 12.7% 2.9 ppts 0.1% 10.8% 4.9% 5.7% 35.5% 2.1 ppts -2.9% 58.8% 15.5% 1.2 ppts 16.6%

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強茂全球佈局

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JP
US 1%
China
3%
Shandong
China
Germany
Xuzhou China
Munich
China South Korea SEA 54%
Wuxi / Suzhou Yongin 8%
China 9.7B NTD
Shenzhen/ Hong Kong Japan Korea
Tokyo New YTD 3Q25
Japan U.S.A 8% Revenue
India Phoenix
New Delhi New Taiwan Kyoto New
Bangalore Taipei EMEA
Pune Taiwan
10%
Hyderabad New Hsinchu TW
Taiwan
Taiwan 16%
Headquarters
Kaohsiung PYNMAX
Kaohsiung
Philippines
New Cabuyao New
Singapore
Headquarters Regional R&D Sites Front-End Back-End
Headquarters
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市場應用

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BJT 3% SiC 1% By 產品
ESD 4% 1Q~3Q’ 2025
Switching
6%
Zener 6%
MOSFET
33%
TVS 9%
Rectifier Schottky
25%
13%
By 市場應用
通訊 3%
電源供應 12% 1Q~3Q’ 2025
車用電子 33%
電腦運算
17%
工控 & 綠能 15% 消費型電子 20%
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應用類別
工控&綠能
汽車電子
太陽能逆變器、直流風扇、
車燈、車身電子裝置、
機器人、伺服散熱風扇、
資訊娛樂系統、泵、
充電樁、馬達、醫療
車載充電
電腦運算 電源供應
筆記型電腦、主機板、 PD 充電器、電源供應器、
固態硬碟、伺服器、 不斷電系統、伺服器電源、
資料中心 DC-DC電源模組
消費性電子 通訊
電視、白色家電、 POE、移動裝置、
黑色家電、遊戲機、 行動通訊基地台
智慧手錶、網路攝影機
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營收分析– 產品

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By 產品 By 產品
1Q~3Q’ 2025 1Q~3Q’ 2024
BJT SiC BJT SiC
ESD ESD
3% 1% 3% 1%
4% 4%
Switching Switching
6% 6%
Zener Zener
Schottky
6% 6%
MOSFET 30%
33%
TVS
TVS
7%
9%
Rectifier
Rectifier 14%
MOSFET
13% Schottky
25% 29%
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營收分析– 市場應用

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By 市場應用
1Q~3Q’ 2024
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By 市場應用 By 市場應用
1Q~3Q’ 2024
1Q~3Q’ 2025
通訊 通訊
電源供應 電源供應
3% 3%
12% 12%
車用電子
車用電子
30%
33%
電腦運算
電腦運算
15%
17%
工控 & 綠能 工控 & 綠能
消費型電子
15% 消費型電子 19%
21%
20%
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汽 車 應 用
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車用產品營收趨勢 Y2025 Q1-Q3

AEC-Q101 parts business trend

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YTD
3Q25
YoY
+18 %
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2017 Y 2018 Y 2019 Y 2020 Y 2021 Y 2022 Y 2023 Y 2024 Y 2025 Y,
Q1 - Q3
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Product Offering
2K+ Parts
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Shipment
4.73B
Pcs. in 2024
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Worldwide
20+ Countries
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Serving over
300+
customers across
the globe
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YOUR COMPONENT OUR PROFESSION

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