Primax — Interim / Quarterly Report 2021

Jul 29, 2021

PRIMAX ELECTRONICS

QUARTERLY FINANCIAL RESULTS | TAIWAN | 29 JULY 2021

For More Information Please Contact

Ellen Tseng

Director | Investor Relations | Taiwan IR@primax.com.tw

Dave Chiou

Investor Relations | Taiwan

INVESTOR RELATIONS Primax Electronics 2Q 2021 Financial Results

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PRIMAX | PRIVATE & CONFIDENTIAL

INVESTOR RELATIONS & QUARTERLY UPDATES I 1

PRIMAX ELECTRONICS

QUARTERLY FINANCIAL RESULTS | TAIWAN | 29 JULY 2021

Primax Speakers

YY Hsiao

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Senior Vice President | CFO |
Taiwan Meeting Agenda
Ellen Tseng
Director | Investor Relations |
Taiwan Quarterly Results
& Update
20’
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Safe Harbor And Disclaimer

Primax’s presentation contains forward-looking statements subject to significant risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In this context, you can identify forwardlooking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions.

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Trends & Growth
Opportunities
15’
Investor Questions
& Feedback
10’
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Actual results may differ materially from those contained in the forward-looking statements due to risk and uncertainties resulting from a number of important factors. Such factors include, but are not limited to: our highly competitive environment; the cyclical nature of our business; our ability to develop new products; and our successful execution in new business developments, and etc. All forward-looking statements in this presentation are based on information available to us as of the date hereof, we undertake no obligation to update these forward-looking statements for new information, future events, otherwise, or update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

Copyright © 2021 Primax Electronics

PRIMAX | PRIVATE & CONFIDENTIAL

INVESTOR RELATIONS & QUARTERLY UPDATES I 2

PRIMAX HIGHLIGHTS OF THE QUARTER

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Quarterly Revenue (NTD million) Quarterly Revenue Growth YoY (%)
25,29125,014 35%
29%
27%
2Q 2021 revenue up 1% YoY 18,907 [19,559]
1H 2021 revenue up 13% YoY 16,704 16,251 17,15916,448 15% 13%
13,641 13,524
1%
Gross profit up 19% YoY
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
Gross margin up 2.0ppt YoY
-1%
-3%
Operating profit up 65% YoY 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 -25% [-22%]
Operating margin up 1.5ppt YoY
Quarterly Revenue Growth QoQ (%) Quarterly Earnings Per Share (NTD)
1.72 1.73
22% 20% 1.35 1.37
16%
1.13 1.13
• PBT increased 32% YoY 3% 0.80 [0.93] 0.82
• PBT margin was 4.8% 0.62
• PBT margin up 1.1ppt YoY 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
-1% -12% -4%
• EPS grew 21% YoY -26%
• Net margin was 3.8% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
• Net margin up 0.9ppt YoY -46%
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INVESTOR RELATIONS & QUARTERLY UPDATES I 3

PRIMAX | PRIVATE & CONFIDENTIAL

PRIMAX FINANCIAL DASHBOARD

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Earnings Per Share (NTD) Cash Dividend Per Share (NTD) Cash Dividend Payout & Dividend Yield (%)
70% 70%
3.57 4.06 4.40 [4.67] 4.12 4.80 4.30 3.20 3.00 57% 61%
2.63 [2.91] 1.55 2020 2.50 2.40 2.40 50%
2.10
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 NTD 4.30 5.2% 5.3%
5.0%
4.4%
2Q21 4.0%
NTD 1.37
2015 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Note: Yield all based on June 30 close price
Quarterly And Annual Sales Breakdown
2Q 2021 Sales Breakdown (%) Annual Sales Breakdown (%) Return On Equity & Return On Assets (%)
Audio, 2020 39% 14% 6% 42% 2020 4.2% 13.0%
28% 2019 29% 13% 7% 51% 2019 5.0% 15.4%
4.8%
Business 2018 34% 16% 9% 42% 2018 13.7%
Equipment, Interface, 52% 2017 34% 23% 9% 34% 2017 5.9% 17.2%
6% 5.4%
Visual, 2016 40% 30% 9% 21% 2016 16.3%
14% Interface VT Business Equipment Audio ROA ROE
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INVESTOR RELATIONS & QUARTERLY UPDATES I 4

PRIMAX | PRIVATE & CONFIDENTIAL

PRIMAX INCOME STATEMENT

	Gross Margin (%) Operating Margin (%) 11.8% 11.2% 11.9%11.7% 11.3%11.3% 13.0% 11.7% 12.5% 13.3% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1.6% 2.4% 4.8% 3.7% 1.5% 2.4% 4.7% 4.1% 3.5% 4.0% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21		Q2 2021 QoQ YoY Q1 2021 Q2 2020 (NTD million)
			Net Sales 16,448 17,159 16,251 -4.1% 1.2%
			COGS 14,257 15,011 14,410
			Gross Profit 2,191 2,148 1,842 2.0% 19.0%
			Gross Margin (%) 13.3% 12.5% 11.3% 0.8% 2.0%
			Operating Expense 1,533 1,556 1,444 -2.1% 6.2%
			Operating Expense (%) 9.3% 9.1% 8.9% 0.3 0.4%
			Operating Income 658 592 398 11.0% 65.3%
			Operating Margin (%) 4.0% 3.5% 2,4% 0.5% 1.5%
			Non-operating Items 137 42 204
			Income before Tax 795 634 602 25.3% 31.9%
			Income Tax 167 133 132
			Net Income 627 501 470 25.1% 33.4%
			Net Margin (%) 3.8% 2.9% 2.9% 0.9% 0.9%
			Net income attributed to Primax 611 505 503 21.0% 21.5%
			EPS (NTD) 1.37 1.13 1.13 21.2% 21.2%

INVESTOR RELATIONS & QUARTERLY UPDATES I 5

PRIMAX | PRIVATE & CONFIDENTIAL

PRIMAX BALANCE SHEET

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Current Ratio & Leverage (%)
120% 118% 120% 126% 126% 121%
71% 70% 71% 67% 70% 72%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
Current Ratio Total Liabilities-To-Assets Ratio
2Q 2021 Balance Sheet Key Indices (days)
AR Turnover AP Turnover
78 119
Inventory Days Cash Conversion Cycle
66 25
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ET
(NTD million)	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020
Cash	5,127	6,167	6,935	10,839	10,958
Notes & Accounts Receivable	13,207	12,145	13,579	14,807	11,967
Inventory	11,225	10,242	10,247	8,790	7,241
Total Current Assets	40,748	39,547	35,110	37,470	33,569
Fixed Assets	6,601	6,497	6,542	6,505	6,389
Total Assets	53,590	52,646	47,307	50,179	46,251
Notes & Accounts Payable	14,556	15,205	19,001	17,114	12,557
S-T Borrowings	10,334	8,662	905	6,530	7,678
CPLTD	275	121	75	0	0
Total Current Liabilities	33,644	31,316	27,941	31,201	28,406
L-T Borrowings	1,147	1,334	681	364	222
Total Liabilities	38,518	36,707	31,806	35,403	32,516
Total Equity	15,072	15,939	15,501	14,776	13,735

INVESTOR RELATIONS & QUARTERLY UPDATES I 6

PRIMAX | PRIVATE & CONFIDENTIAL

PRIMAX STATEMENT OF CASH FLOWS

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Operating Cash Flow (NTD million)
6,628
3,961
3,412
2,268
1,787
2016 2017 2018 2019 2020
Capital Expenditure (NTD million)
3,485
2,689
1,913
1,202
1,034
2016 2017 2018 2019 2020
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	(NTD million)	Q2 2021YTD	Q1 2021YTD	Q4 2020YTD	Q3 2020YTD	Q2 2020YTD
	From Operations	(10,500)	(8,572)	3,961	2,049	(647)
	- Income Before Tax	1,429	634	2,478	1,931	868
	- Depreciation & Amortization	1,000	515	2,230	1,682	1,135
	- Notes & Accounts Receivable	373	1,434	5,630	4,413	7,246
	- Notes & Accounts Payable	(4,445)	(3,796)	(4,744)	(6,630)	(11,188)
	- Inventory	(1,015)	14	(39)	1,416	3,080
	- Other Operating Sources (Uses)	(7,842)	(7,373)	(1,594)	(763)	(1,788)
	From Investment	(1,148)	(517)	(2,796)	(2,131)	(1,378)
	- Fixed Assets	(1,157)	(533)	(2,689)	(2,008)	(1,305)
	- Other InvestingSources(Uses)	9	17	(107)	(123)	(73)
	From Financing	9,969	8,390	(975)	4,330	6,485
	- S-T Borrowings	9,429	7,757	(187)	5,438	6,586
	- L-T Borrowings	666	700	577	186	44
	- Cash Dividend				(1,077)
	- Other Financing Sources (Uses)	(126)	(66)	(288)	(216)	(145)
	Net Cash Position Change	(1,678)	(699)	190	4,247	4,460
	Effect of Foreign Currency	(130)	(70)	44	(109)	(203)
	Cash At Beginning of Year	6,935	6,935	6,701	6,701	6,701
	EndingCash Balance	5,127	6,167	6,935	10,839	10,958

INVESTOR RELATIONS & QUARTERLY UPDATES I 7

PRIMAX | PRIVATE & CONFIDENTIAL

PRIMAX 3Q 2021 OUTLOOK

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Primax Sales Outlook

Sales Outlook Primax anticipates QoQ revenue growth in 3Q

with growth from audio business will likely be higher than others, as seasonality and new projects kicks in. Component shortage will remain a constraint in 2H.

Interface & Biz Equipment

Compared to a high base in 3Q 2020, PC and gaming YoY growth rate will be muted in 3Q 2021, but should still maintain at 2Q 2021 levels. Primax expects new business products contribution to rise in 2H 2021, while demand T for printers and MFP will resume growth in 2H 2021.

Visual Technology

Police body cam growth rate will revitalize in 3Q 2021, shaking off the slow start in 1H 2021.

ADAS camera demand would sustain at reasonable growth rate, while smartphone camera module revenue and mix would decrease.

Premium Audio & Conference

Premium consumer audio should see high double-digit QoQ growth, with consumer speakers and smart speakers being the key growth drivers, followed by headphones.

Text For the audio business, the typical seasonal split is 35% in 1H and 65% in the second half of the year.

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Primax Profit Outlook

Gross margin and operating margin are expected to at least maintain or improve vs 2Q 2021

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Interface

Profit will maintain at steady high levels due to margin resilience and product mix optimization, as Smart Access, wireless charging, docking, and optomechanics would all be contributing to the bottom-line.

Visual

Profit growth in Q3 2021 would come mainly from an increase of car ADAS contributions, and Primax’s profit from its visual business would likely see substantial YoY growth.

Audio

With audio revenue expected to see a jump QoQ in 3Q 2021, profit should grow significantly QoQ. In addition, the improvement in customer mix and an increase of high-end premium audios, should translate into higher YoY gross margin in 3Q 2021.

INVESTOR RELATIONS & QUARTERLY UPDATES I 8

PRIMAX | PRIVATE & CONFIDENTIAL

PRIMAX 2021 STRATEGY AND OUTLOOK

Primax Targets & Strategy

Deepen 3 senses In 1 strategy

Continue to expand new smart devices to inject growth momentum, increase high value-add new products to the mix each year, such as AIoT and Smart Access products.

Profit growth over revenue growth

Due to a continuous effort of optimizing our product and customer mix, gross margin and operating margin would likely see an improvement in the future. Primax is now adopting a profit over revenue growth strategy to optimize profitability and shareholders’ return.

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Intelligence Interface Segment

PC and gaming peripheral demand remain robust thanks to WFH (work from home). High growth is also expected from new businesses such as smart homes, docking, and wireless charging.

Visual Technology Segment

EV and ADAS demand would likely show strong growth in the coming years thanks to an US-based customer. Primax also aims to increase margins on its nonsmartphone camera module mix.

Audio Segment

Growth would mainly come from consumer audio and video conference demands, coupled with new projects kick-off, Primax’s audio profitability should improve significantly on a YoY basis.

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Increase High Value-Add Products

Primax’s strategy of gradually increasing commercial and industrial contribution from AIoT (ie. fleet management and law enforcement body camera) and smart home (smart locks and smart doorbell), should be growth drivers in the future.

Upgrade Manufacturing Capabilities

Primax is pushing ahead towards Smart Manufacturing and Industrial 4.0 concept, with aims of increasing efficiency and lowering costs for the company.

Diversifying Capacity

With aims of mitigating country risks, Primax’s Thailand manufacturing site is currently uder construction and will be ready for production by 2021 yearend.

INVESTOR RELATIONS & QUARTERLY UPDATES I 9

PRIMAX | PRIVATE & CONFIDENTIAL

PRIMAX AT A GLANCE AND LONG-TERM GROWTH STRATEGY

2020 Group numbers of:

• Revenue = NTD 68.24 billion Net profit = NTD 1.92 billion

CAGR 1989-2020

• Revenue = 15%

• Net profit = 14%

Stable returns

• 50%+ dividend payout

• 4-6% dividend yield















Founded in 1984 with long-term growth strategy of:

• Riding on the trend of “A World of Smart Everything”

• “3 senses In 1” strategy

• Value over scale

• Diversity to mitigate risks

Worldwide employee of 17,000+

Solid financial performance

• Strong cash cow business

• High ROE (5-year average

• of 15.6%)

Corporate governance & ESG

• Highly rated (2016, 2017, 2019, 2020)

• High ranked CSR/ESG (#38)

• SGS Sustainability Elite Award

• TCSA (top 50 Sustainability Award & Platinum Award for CSR report)

INVESTOR RELATIONS & QUARTERLY UPDATES I 10

PRIMAX | PRIVATE & CONFIDENTIAL

DIFFERENTIATION AND CORE COMPETENCY

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Uniquely Positioned

Long History of ReODM Design Service Investing Provider

Moving Away From Low Diversity To Mitigate Value Add Risks

• 3 senses in 1 strategy

• A value added approach

• Long, proven track record since 1984

• Positioned as the go to ODM design service provider

  • Moving away from  China, Thailand and me-too business Czech manufacturing

  • Moving to higher  Singapore treasury margin products center

• Achieving through product life cycle transition

• All in one solutions product life cycle

• provider transition

• Visual, audio and  New technology

• interface expertise evolution

• Original design and manufacturing

• Flexible approaches and strong and long lasting relations with clients

• Seeking out cloud  US early engagement based service engineering team provider customers  UK R&D center in need of a reliable  Taiwan R&D and long-term hardware pilot run site provider

INVESTOR RELATIONS & QUARTERLY UPDATES I 11

PRIMAX | PRIVATE & CONFIDENTIAL

SUSTAINABLE SUCCESS IN PRODUCT DIVERSIFICATION

1999 Scanner 2007 Keyboard 2015 Auto Silitek (Chicony), 2005 Printer Genius, Darfon, LG Innotek, Mustek, Avision, Kinpo, Hon Hai Chicony, Lite-on Tech, Semco UMAX, Microtek Ichia, Sunrex, BTC*

1984 Telephone Jack 2000 Mouse 2006 Camera Module Genius, Darfon, Chicony, Kinpo, Hon Hai, Chicony, Lite-on Tech, Ichia, Sunrex, BTC* Lite-on Tech

2010 Audio

Eastern Tech, GGEC, Inventec, Merry, Luxshare, Goertek

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Revenue (NTD billion) Adjusted ROE 35% 35%
15%
19% 16% 16% 17% 14% 13%
14% 8% 10% 13% 7% 12% 16% 8% 16%
3% 2%
-4%
-26%
12.6 11.4 11.2 11.6 17.3 16.0 18.4 13.7 18.7 21.6 28.8 41.1 47.3 43.1 42.3 52.2 63.5 64.3 60.7 64.8 80.6 68.2
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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Note: (1) Companies with an asterisk are delisted or no longer in business. (2) Primax’s 2008-2016 ROE is calculated on a conservative basis, adding back NTD 1.2 billion in goodwill that was written down before re-listing. PRIMAX | PRIVATE & CONFIDENTIAL INVESTOR RELATIONS & QUARTERLY UPDATES I

INVESTOR RELATIONS & QUARTERLY UPDATES I 12

PRODUCT PORTFOLIO AND APPLICATIONS

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Historical 2020 Sales
Classification Product Portfolio
Range Breakdown
29-48% 39
Smart Lock Wireless Docking Gaming Mouse Mouse & Keyboard Gaming Controller [Smart Remote] Trackpad
Intelligent Interface Charging & Keyboard
14-30% 14
Visual Technology Dash Camera Police Body Camera ADAS Camera Camera Module Multi-Camera Ultra-Slim 360 Cam 4K 360 Cam
6-13% 6
Business Equipment Surveillance MFP Thermal Printer Scanner / ADF Mobile Photo Printer
15-51% 42
Conference TWS Headphones Smart Portable Home Audio Loud Speaker Transducer
Audio Products Speaker Speaker
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INVESTOR RELATIONS & QUARTERLY UPDATES I 13

PRIMAX | PRIVATE & CONFIDENTIAL

3 SENSES IN 1 HARDWARE SOLUTIONS PROVIDER

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3 Senses In 1:
Audio, Visual, Interface
Auto & EV
WFH Smart Home Visual (ADAS)
Conference Webcam Smart Access (Lock / Doorbell) Audio
WFH IoT / AIoT Smart Home 5G / Cloud / AI Auto & EV Audio
IoT / AIoT
5G / Cloud / AI Audio
Fleet Management
Fleet Management New Audio
Smart Access
Surveillance
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INVESTOR RELATIONS & QUARTERLY UPDATES I 14

PRIMAX | PRIVATE & CONFIDENTIAL

INTELLIGENT INTERFACE GROWTH FROM IOT

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Tuning Integration Compatibility
Capability Capability
Computing Data Transfer Sensing Power
Smarter Interface Core Technology
Devices AET & Lab 2.0
Docking Smart Access Webcam Content Creation Products Mouse Keyboard Trackpad
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INVESTOR RELATIONS & QUARTERLY UPDATES I 15

PRIMAX | PRIVATE & CONFIDENTIAL

HIGHER VALUE-ADD VISUAL TECHNOLOGY

From module to system / sub-system Higher value add / higher ASP / mid-volume

Full spectrum of Robot, machine integration vision, and wearable Capability: optical, ME, EE, FW, audio and video, and RF Automotive, fleet management, surveillance, and conference

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Diversifying into non-smartphone CCM which includes auto, surveillance, conference, and door lock and doorbell

INVESTOR RELATIONS & QUARTERLY UPDATES I 16

PRIMAX | PRIVATE & CONFIDENTIAL

WELL POSITIONED IN AUDIO SEGMENT

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Professional Audio
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Events, concert, studio, commercial, and other audio equipment

Conference Products & Live Sound

Primax + Tymphany synergy is well positioned to capture market growth opportunity Automotive EV and ADAS driven

Speaker / OTE Headphone

Be the go to supplier for major international brands, where the industry’s entry barrier is based on scale and expertise

IoT / Transducers Automated manufacturing process + acoustic expertise

TWS (True Wireless Stereo) Robust market growth opportunity and a proven track record

INVESTOR RELATIONS & QUARTERLY UPDATES I 17

PRIMAX | PRIVATE & CONFIDENTIAL

PRIMAX KEY INVESTMENT THESIS

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3 4
Margin Capital
Growth Opportunities
3 senses in 1 strategy
Car electronics (EV / ADAS), fleet 2 Trend 5
management, surveillance, and smart
door lock and doorbell
Shareholder
ECONOMIC LEGAL
Growth CSR / ESG
Capitalizing On Mega Trends
1 6
AIoT, smart home, 5G / cloud / AI, auto
and new audio
Margin Expansions
Better product mix, increase new
businesses, and focus on low-medium
volume but higher margin and / or ASP
products
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Capital Deployment

Increase dividend payout, less capex and strong free cash flow generating ability

Shareholder Return

Historically paid out 50-70% of earnings, with ROIC > 13% and ROE at about 15%

Commitment To CSR / ESG

Management has strong commitment to CSR / ESG, and Primax is oftened ranked as one of the best CSR /ESG listed entities in Taiwan

INVESTOR RELATIONS & QUARTERLY UPDATES I 18

PRIMAX | PRIVATE & CONFIDENTIAL

Primax Electronics Headquarter

Taipei City

No. 669, Ruiguang Road, Neihu District 114 Taipei City, Taiwan +(886 2) 2798 9008 IR@primax.com.tw

About Primax Electronics

Primiax Electronics was founded in 1984 and is a leading supplier of IT, electronic and consumer solutions. The company is headquartered at Neihu Technology Park in Taipei City. Guided by the principle of "Global Operations with R&D and Smart Manufacturing in Taiwan", Primax now operates across Asia, The Americas and Europe. Highly-efficient production sites have been established in Taiwan, China and Thailand and the company has over 10,000 employees worldwide.

Seeing the potential of cloud technology and IoT, Primax has successfully developed human-machine interface products with touch, voice control, gesture recognition and wearable functions. Vision and video products have achieved notable successes in smart surveillance systems, mobile devices, smart homes, and advanced driver assistance systems. Our insistence on maintaining high yields as well as high quality in manufacturing and development is backed by our technical expertise. Our implementation of smart system engineering has also made us an indispensable partner for leading international brands and has allowed us to build up the energy needed for future growth. For the latest news from Primax Electronics, visit our website or follow us on

Safe Harbor And Disclaimer

Primax’s presentation contains forward-looking statements subject to significant risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In this context, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions.

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Actual results may differ materially from those contained in the forward-looking statements due to risk and uncertainties resulting from a number of important factors. Such factors include, but are not limited to: our highly competitive environment; the cyclical nature of our business; our ability to develop new products; and our successful execution in new business developments, and etc. All forward-looking statements in this presentation are based on information available to us as of the date hereof, we undertake no obligation to update these forward-looking statements for new information, future events, otherwise, or update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

Copyright © 2021 Primax Electronics