PANJIT — Interim / Quarterly Report 2025

Sep 10, 2025

==> picture [158 x 65] intentionally omitted <==

強茂股份有限公司

==> picture [960 x 312] intentionally omitted <==

九月 2025

◼ 關於強茂

◼ 2025 Q2 財務數字 ◼ 汽車應用

2

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

==> picture [304 x 316] intentionally omitted <==

----- Start of picture text -----

Group
----- End of picture text -----

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 Q2 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 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	2025 Q1 3,071.7 931.5 30.3% 176.0 275.8 246.5 700.7 230.8 7.5% 153.8 72.1 312.5 10.2% 0.72	QoQ 10.7% 11.9% 0.4 ppts 3.2% 3.9% -3.2% -0.1% 48.3% 2.6 ppts -81.0% -7.3% -2.5% -1.2 ppts -8.3%	2024 Q2 3,280.5 909.1 27.7% 181.1 274.6 206.5 657.4 251.8 7.7% 129.4 46.7 334.5 10.2% 0.74	YoY
					3.6% 14.7% 3.0 ppts 0.3% 4.4% 15.6% 6.5% 35.9% 2.4 ppts -77.4% 43.3% -9.0% -1.2 ppts -10.8%

4

損益表重要指標

==> picture [359 x 460] intentionally omitted <==

----- Start of picture text -----

營業收入 (Unit: M’ NTD)
3,400.1
3,280.5
3,071.7
3,000
2,000
2Q24 1Q25 2Q25
Revenue
營業淨利率
15%
10.1%
10% 7.7% 7.5%
5%
0%
2Q24 1Q25 2Q25
Operating Profit Margin
----- End of picture text -----

營業毛利率

==> picture [359 x 412] intentionally omitted <==

----- Start of picture text -----

40%
30.3% 30.7%
27.7%
30%
20%
10%
0%
2Q24 1Q25 2Q25
Gross Margin
純益率
15%
10.2% 10.2%
9.0%
10%
5%
0%
2Q24 1Q25 2Q25
Net Profit Margin
----- End of picture text -----

5

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 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% 14,415 51.9% 106 100 1,004	2025 Q1 Amount ％ 2,298 7.8% 4,358 14.7% 2,713 9.2% 2,088 7.0% 7,215 24.4% 29,621 100.0% 8,293 28.0% 5,894 19.9% 14,188 47.9% 15,434 52.1% 115 114 (183)	2024 Q2
			Amount ％ 2,565 8.7% 4,560 15.5% 2,782 9.5% 2,040 6.9% 7,584 25.8% 29,364 100.0% 7,854 26.7% 6,569 22.4% 14,423 49.1% 14,940 50.9% 117 108 (127)

6

資產負債表重要指標

營業活動現金流量(Unit: M’ NTD)

==> picture [336 x 149] intentionally omitted <==

----- Start of picture text -----

1,004
800
(127) (183)
(200) 2Q24 1Q25 2Q25
Cash from operating activities
----- End of picture text -----

平均收現日數

==> picture [342 x 171] intentionally omitted <==

----- Start of picture text -----

130
117
120
115
110 106
100
2Q24 1Q25 2Q25
A/R Turnover Days
----- End of picture text -----

存貨佔資產

==> picture [342 x 171] intentionally omitted <==

----- Start of picture text -----

15%
9.5%
9.2% 9.1%
10%
5%
2Q24 1Q25 2Q25
Inventories by Total Assets
----- End of picture text -----

平均銷貨日數

==> picture [342 x 171] intentionally omitted <==

----- Start of picture text -----

120
114
108
110
100
100
90
2Q24 1Q25 2Q25
Inventory Turnover Days
----- End of picture text -----

7

2025 1H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	1H25 6,471.8 1,973.9 30.5% 357.6 562.4 485.2 1,400.8 573.1 8.9% 182.9 139.0 617.0 9.5% 1.38	1H24 6,189.7 1,685.3 27.2% 344.9 505.9 443.8 1,293.0 392.4 6.3% 263.7 95.2 560.8 9.1% 1.21	YoY
			4.6% 17.1% 3.3 ppts 3.7% 11.2% 9.3% 8.3% 46.0% 2.6 ppts -30.6% 46.0% 10.0% 0.4 ppts 14.0%

8

強茂全球佈局

==> picture [900 x 426] intentionally omitted <==

----- Start of picture text -----

JP
US 1%
China
3%
Shandong
China
Germany China
Xuzhou
Munich
China South Korea SEA 53%
Wuxi / Suzhou Yongin 8%
U.S.A
China 6.5B NTD
Japan San Jose
Shenzhen/ Hong Kong Korea
Tokyo New 1H 25
U.S.A
Japan 9% Revenue
India Phoenix
New Delhi New Taiwan Kyoto New
Bangalore Taipei EMEA
Pune Taiwan
Hyderabad New Hsinchu 10% TW
Taiwan
Taiwan 16%
Headquarters
Kaohsiung PYNMAX
Kaohsiung
Philippines
New Cabuyao New
Singapore
Headquarters Regional R&D Sites Front-End Back-End
Headquarters
----- End of picture text -----

9

==> picture [12 x 84] intentionally omitted <==

Market Segment

==> picture [385 x 473] intentionally omitted <==

----- Start of picture text -----

BJT 3% SiC 1% By Product
ESD 4% 1H’ 2025
Switching
6%
Zener 6%
MOSFET
33%
TVS 9%
Rectifier Schottky
25%
13%
By Market Segment
Communication 3%
Power Supply 12% 1H’ 2025
Automotive 33%
Computing
15%
Industrial & Green
Consumer 20%
Energy 17%
----- End of picture text -----

==> picture [546 x 540] intentionally omitted <==

----- Start of picture text -----

Application Field
Automotive Industrial &
Lighting, Infotainment, Green Energy
Pump, Body & Comfort, PV Inverter, Server fan,
On Board Charger
EV charger, Motor, DC fan,
Robot, Medical
Computing Power Supply
Notebook, Motherboard, PD Charger, Power
SSD, Server, Data center adapter, UPS
DC-DC Brick module,
ATX/Server Power
Consumer Communication
TV, White/Black goods, POE, Mobile, Base station
Game console, Printer,
Smart watch, PC camera
10
----- End of picture text -----

營收分析– 產品

==> picture [960 x 371] intentionally omitted <==

----- Start of picture text -----

By 產品 By 產品
1H 2025 1H 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%
----- End of picture text -----

11

營收分析– 市場應用

==> picture [958 x 348] intentionally omitted <==

----- Start of picture text -----

By 市場應用 By 市場應用
1H 2024
1H 2025
通訊 通訊
電源供應
電源供應
3% 2%
12%
12%
車用電子
車用電子 28%
33%
電腦運算
電腦運算
15%
15%
工控 & 綠能 工控 & 綠能 消費型電子
17% 消費型電子 21% 22%
20%
----- End of picture text -----

12

==> picture [158 x 64] intentionally omitted <==

==> picture [304 x 112] intentionally omitted <==

----- Start of picture text -----

汽 車 應 用
----- End of picture text -----

13

車用產品營收趨勢 Y2025 1H

AEC-Q101 parts business trend

==> picture [537 x 364] intentionally omitted <==

----- Start of picture text -----

1H 25
YoY
+22 %
2017 Y 2018 Y 2019 Y 2020 Y 2021 Y 2022 Y 2023 Y 2024 Y 2025 Y' H1
----- End of picture text -----

==> picture [147 x 90] intentionally omitted <==

==> picture [102 x 44] intentionally omitted <==

----- Start of picture text -----

Product Offering
2K+ Parts
----- End of picture text -----

==> picture [144 x 84] intentionally omitted <==

==> picture [86 x 60] intentionally omitted <==

----- Start of picture text -----

Shipment
4.73B
Pcs. in 2024
----- End of picture text -----

==> picture [138 x 84] intentionally omitted <==

==> picture [107 x 44] intentionally omitted <==

----- Start of picture text -----

Worldwide
20+ Countries
----- End of picture text -----

==> picture [84 x 84] intentionally omitted <==

==> picture [100 x 70] intentionally omitted <==

----- Start of picture text -----

Serving over
300+
customers across
the globe
----- End of picture text -----

==> picture [50 x 71] intentionally omitted <==

14

==> picture [153 x 66] intentionally omitted <==

==> picture [302 x 60] intentionally omitted <==

YOUR COMPONENT OUR PROFESSION

==> picture [302 x 61] intentionally omitted <==