SUNON — Interim / Quarterly Report 2024

May 28, 2024

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FIRST CHOICE GLOBALLY Cooling Solutions

2024 Q1 Operating Results Sunonwealth Electric Machine Industry Co., Ltd. 2421.TW / 2421 TT

Disclaimer

The information or opinions contained in this document are based on expectations of current conditions and prediction on future events made by SUNONWEALTH ELECTRIC MACHINE INDUSTRY CO., LTD. (hereinafter referred to as “the Company”), which no representation or warranty, express or implied, is made as to its fairness, accuracy, completeness or timeliness. The information in this document only reflects the Company's view of the future as of the date hereof and is subject to change or adjustment in the future. And the Company assumes no obligation to notify or update it at any time unless otherwise required by the applicable laws. Neither the Company nor any of its subsidiaries, affiliates or representatives shall be liable for any direct or indirect damages arising out of the contents of this document, or any action taken as a result of reference to such contents.

The information contained in this document may express the Company's confidence in and expectations for its future vision, but these forward-looking statements are based on a number of factors relating to the Company's operations and are subject to unknown risks, uncertainties and other factors, and as a result, the actual results may differ materially from those in the forward-looking statements set forth above.

No part of this document may be copied, redistributed or transmitted, directly or indirectly, to any other person (whether inside or outside the Company) or published (in part or in whole) for any purpose.

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

SUNON Thermal Everywhere

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5G Base Stations Networking electric vehicles Industry Inverter / Drive Renewable Energy surveillance medical
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Gaming Metaverse IT Home Appliance AQI Air Purifier UVC Solution Industrial Ventilation
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 3 FIRST CHOICE GLOBALLY Cooling Solutions
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Growth Pattern
(NTD) K
Electric Vehicles
COVID 19 AI Server, Data center
Work From Home
Server, Data center
Received orders from STB Fighting Inflation with
and automotive U.S.-China High Interest Rates
manufactures trade war
LED Lighting PM2.5 Air Purifier and
Automotive electronics
SUNON enters Cloud Data Center
Received orders from Facebook , Google
Financial
Cisco, ZTE, Huawei major telecom
Received order from Crisis
and Cloud Data manufactures
major telecom
manufacture
(Year)
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Thermal Technology Keeps Pace With the Times

Future will be supported by powerful computing capacity and the ultra-speed Internet with high reliability, which tests the effectiveness of thermal solutions. The change in the world stimulates thermal technology to update and advance to be suitable for real-time computing systems' needs. Technological advancement in heat dissipation provides the most effective operating temperature management to achieve excellence.

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High Fan Efficiency Low Vibration
System
O.P.
Low Noise
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Energy Saving
Reliability
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Bionic Blade Design
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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More cooling options

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Heat Cold Vapor
Pump
Pipe Plate Chamber
Liquid Immersion
Liquid to Air CDU
Liquid
Cooling
Solution 80KW~
Advanced
1KW~
Cooling
Solutions
Enhanced 400W~
Phase-changed
Solutions
Traditional
100W~
Heat Sinks
～ 100W
Technology Extrusion
Die-cast Heat Pipe
Vapor Chamber (3D) Cold Plate Immersion Cooling
Forged Vapor Chamber
High Power Heat Pipe Immersion Cooling Rear Door Heat Exchanger
Skived EVAC
Stacked
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 6 FIRST CHOICE GLOBALLY Cooling Solutions
Cooling Capability
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TDP (W) Cooling Solution Trend
30KW Immersion Cooling
Liquid Cooling
Open loop
1500W
1KW
Liquid
cooling Close loop
500W
350W Air
cooling Cooling fan + HS / HP / VC
~Y2022 Y2023 Y2024 Y2025 Y2026
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 7 FIRST CHOICE GLOBALLY Cooling Solutions
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AI+5G � AI X 5G � Generative AI into daily life
The development of AI technology and the 5G network draw up a blueprint for Artificial Intelligence of Things (IoT).
Numerous electronics and applications have been applied to build smart connections and rapidly adopted by various
industries and into our daily life, and thus thermal needs are increasingly required.
DATA Vehicle
5G SERVER
CENTER Computing
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 8

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Fan is still the key component for Liquid cooled AI

NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper
	NVIDIA	Single B200 GB200 NVL72	B200 DGX/HGX	B100 HGX	H200 SXM	H100 SXM
	GPU architecture	Blackwell			Hopper
								X7
TDP 1200W 1000W 700W 700W 700W Cooling Liquid Cooling Air Cooling Air Cooling Air Cooling Air Cooling Estimated # of fans used for GB200 NVL72 Rack: 6-8cm dual fan8 each tray, total #18 computer trays; NV Link Switch: 4cm dual fan7 each tray, total #9 trays Power Supplies: at least #50 fans In-rack system: Up to #257 cooling fans applied	TDP	1200W	1000W	700W	700W	700W
	Cooling	Liquid Cooling	Air Cooling	Air Cooling	Air Cooling	Air Cooling

At lease #16 200mm Axial fans installed in RDHx

Picture Source : Internet

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Data Center Thermal Layout

Existed Data Center

Existed CRAC system (Compute Room Air Conditioner)

Air-cooling Fan + 3DVC � Hot air Liquid cooling (Liquid to Air) Cold Plate � Sidecar/RHDx � Hot air

Picture Source : Internet

New Data Center Extra chiller and/or cooling tower

Liquid cooling (Liquid to Liquid) Cold Plate � Chiller � Hot water Immersion cooling (Liquid to Liquid) Boiler/Heatsink � Chiller � Hot liquid

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Air Cooling vs. Direct Liquid Cooling

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Air Cooling Direct Liquid Cooling
(Fan + 3DVC) (Fan + Cold Plate)
Refer to MGX platform
Refer to MGX platform
SMCI model ARS-111GL-DNHR-LCC
SMCI model ARS-111GL-NHR
For same chassis
layout, fan is
must needed key
component for
thermal solution
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Air Cooling vs. Direct Liquid Cooling Direct Liquid Cooling (Fan + Cold Plate) Refer to HGX platform SMCI model SYS-421GE-TNHR2-LCC

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Air Cooling vs. Direct Liquid Cooling

Direct Liquid Cooling Rear Door Sidecar (Fan + Cold Plate) Heat Exchanger Air Assisted Liquid Cooling (Larger axial fan) Refer to MGX platform Larger axial fan SMCI model GPU ARS-111GL-DNHR-LCC Whole Rack Level Whole Rack Level

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Single Chassis Level
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Cold Plate Business for Liquid Cooling

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SUNON DLC SUNON Cold Plate
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

Pump Business for Liquid to Air Cooling SUNON RPU (80~120LPM) Reservoir and Pumping Unit

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Quick Water Pump
Connector
s
Water Leakage
Detector System
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SUNON RPU
Reservoir and Pumping Unit
Picture Source : Internet
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Sidecar
Air Assisted Liquid Cooling
(4U RPU)
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Heat Exchanger Business for Liquid to Air Cooling

SUNON Liquid Cooling Heat Exchanger

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Finned-Tube Type
Plate-Fin Type
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Rear Door
Heat Exchanger
Picture Source : Internet
Sidecar
Air Assisted Liquid Cooling
Heat Exchanger
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Rack-level Liquid Cooling Products

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SUNON 60~80kW AALC Air Assisted Liquid Cooling Sidecar

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Cooler Business for Immersion Cooling

SUNON Heatsink SUNON Boiler single-phase immersion cooling two-phase immersion cooling

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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SUNON Product Roadmap
1U~4U Axial Fan / Counter-rotating Fan
Cooling Fan
DC 200mm Fan / EC 300~600mm Fan
1U~4U Heat pipes /VC modules
Air-cooling EVAC thermal modules
Liquid-cooling Cold Plate (350~1200W)
(Server) Immersion heatsink / Boiler (250~1000W)
Y2021 Y2022 Y2023 Y2024 Y2025
Reservoir and Pumping Unit (RPU)
Liquid-cooling
Air Assisted Liquid Cooling (AALC) Sidecar
(Rack)
Coolant Distribution Unit (CDU)
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

SUNON Key Plan for Liquid Cooling

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2024Q1 2024Q2 2024Q3 2024Q4
Sidecar
90kW standard performance tester
(will finish@Sep)
Lab
Human
Dedicated liquid cooling team x 2
Resource (will finish@ Dec)
Key account customer visiting
Customer
Approach
Share newest product in OCP Global Summit (@Oct)
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Electric Vehicles / Auto Cooling Solution SUNON has more than 20 years of experience in cooling solutions for the automotive industry, and can provide various cooling fans, cooling modules and liquid cooling products that meet the quality standards of the automotive industry

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IATF16949 AEC Q100/Q200 EMC CISPR25 SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 21

SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Net zero emissions by 2050

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Energy Energy
Harvesting Storing
PV inverters Energy storage systems
Enclosure cabinet equipment Battery containers,
EV charging systems packs and racks
Source: https://reurl.cc/NR85xk
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 22 FIRST CHOICE GLOBALLY Cooling Solutions
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Renewable Energy Cooling Solution

SUNON is an important partner of global high-quality energy system cooling solutions, providing a full range of cooling solutions.

PV Inverter Cooling ESS Cooling

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EV Charger Cooling EV Charger

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Established Employees Turnover (USD) Factories
1980 8420 414.1 M 5
14
Subsidiary & Office
130
Distributor & Agent
1000+
Sales & Service sites
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 24 FIRST CHOICE GLOBALLY Cooling Solutions
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Fan and Motor

Products and Applications

Air Flow Management

SUNON concentrated on its core motor technology and accumulated various inventions and innovations in this field. We now provide various sizes of motor and fan which featuring higher flexibility, energy-efficiency, lower noise, and longer service life.

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SUNON

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Products
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網通 & 伺服器 42%
電腦 (NB) 19%
工業 / 能源 12%
汽車電子 10% 2023
其他 9% Market
家電 6%
share
電腦 (PC) 2%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 25
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Air Exchanger

Total Air Fresh Solution

It implies a demand for craftsmanship and minimalist beauty in German design and creates an all-new experience in clean air quality for the new generation of healthy homes.

Air / Liquid Cooling Module

Total Thermal Solution

As a world-renowned cooling leader, we can provide customized and integrated service to our clients easily base on sophisticated experience and innovative technology.

HVLS Fan

Optimal air Circulation

It features an ultra slim motor and a stylish shape. The patented silent winglet design, energy efficient and high airflow fan creates thermal comfort and healthy environment.

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Sufficient Capability

production bases Cooling Fans 19 M pcs/ month Cooling Module 2.68 M pcs/month

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Kaohsiung, Taiwan 1M pcs /month

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Beihai, Guangxi (A Building 、 B Building) Fans 7.2M pcs/month

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Beihai, Guangxi (C Building) Fans 2.7M pcs/month

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Kunshan, Jiangsu 5.3 M pcs/month(FAN) 2.5 M pcs/month(CM)

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Bataan, Philippines 2.8 M pcs/month 180 K pcs/month(CM)

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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EGS Performance Highlights

Governance

• Consolidated revenue reached 14.063 billion NTD, a 3.7% increase from 2021.

• The Company ranks among the top 3 leading brands in terms of market share.

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• Female directors account for 1/3 of the seats on the board of

• directors.

• A sustainability development committee has been established.

• • Zero cases of corruption.

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Society

Products

• Average employee training hours exceeded 66.8 hours per year.

• • Production bases in Taiwan and China have both passed ISO 45001 certification.

• Saved 318 million kWh of electricity with product

• R&D. Reduced GHG emissions by 160,000 MTCO2e.

• Provided care to 8,060 households in the "Support and Care Campaign" from 2018 to 2022.

• 100.0% pass rate of hazardous substance

• inspection for three consecutive years from 2020 to 2022.

• Obtained 3,332 invention patents.

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Environment

• Implemented greenhouse gas

• inventory across the entire group, and passed third-party external verification.

Supply Chain

• The solar power generation of the Guangxing plant has exceeded 455,000 kWh.

• Implemented audits for new suppliers.

• • Conducted annual supplier audits. • Local procurement rates exceed 90%.

• Continuously passed IECQ QC 080000 certification each year.

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

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Quarterly Revenue
In B. NT
4.00
3.80
3.79
3.72
3.60 3.66
3.60
3.54
3.40 3.48 3.48
3.40
3.33
3.20 3.06 3.28 3.29 3.27
3.12
3.00 3.08
3.03
2.80
2.60
2.40
2.20
2.25
2.00
Q1 Q2 Q3 Q4
Y2020 Y2021 Y2022 Y2023 Y2024
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Revenue Performance

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UNIT: NTD (K)
16,000,000 20%
14,063,308
14,000,000 13,561,804
15%
12,781,281 12,914,686
11,965,298
12,000,000 11,659,915
10,946,728 10%
10,690,822
9.3% 9.6%
10,000,000
6.1% 5%
5.8%
8,000,000
3.7%
2.4%
0%
6,000,000 -0.5%
-2.6%
-5%
4,000,000
3,060,064
2,000,000 -10%
-9.2%
Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024
Revenue Growth rate
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Products Application & QoQ Growth

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49.0%
50%
2020
40% 2021 41.9%
2022
36.0%
34.7%
30% 2023 31.7%
2024Q1 28.2% 28.3% 20.4%
24.5%
20% 22.2%
12.0%
14.6% 14.3% 14.6% 9.2%
10% 1.1% 1.1% 0.9% 1.0%0.7% 5.2% 5.2% 8.0% 9.5% 7.7% 9.0% 12.6% 8.3%4.4% 7.2% 7.4% 7.7% 5.8%4.3% 11.3%
0%
LED Lighting Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
7.6% -7.0% -26.2% -15.7% -17.2% 0.3% -6.4%
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 30 FIRST CHOICE GLOBALLY Cooling Solutions
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Products Application & YoY Growth
49.0%
50%
2020
40% 2021 41.9%
2022
36.0%
34.7%
30% 2023 31.7%
2024Q1 28.2% 28.3% 20.4%
24.5%
20% 22.2%
12.0%
14.6% 14.3% 14.6% 9.2%
10% 1.1% 1.1% 0.9% 1.0%0.7% 5.2% 5.2% 8.0% 9.5% 7.7% 9.0% 12.6% 8.3%4.4% 7.2% 7.4% 7.7% 5.8%4.3% 11.3%
0%
LED Lighting Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
-41.4% 44.9% -66.4% -36.5% -34% 44.7% -4.1%
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 31 FIRST CHOICE GLOBALLY Cooling Solutions
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Profit Margin
Gross Margin 30% 26.1% 26.1%
29.0%
28.1% 27.9% 27.9%
26.5%
24.0% 24.5%
22.6%
20% 22.6%
25.7% 25.0%
21.4% 18.6% 18.9% 18.7% 21.0%19.5% 23.5%18.7%
17.5%
10%
Q1 Q2 Q3 Q4 Y
Y2020 Y2021 Y2022 Y2023 Y2024
Operating Margin
12%
11.3%9.0% 11.9% 12.4% 12.3% 11.4% 11.9%9.0%
9% 10.6%
8.5% 9.0% 9.7% 8.7%
6% 8.0%
6.0% 5.9%
3% 3.8% 4.1% 3.4%
0% 2.0% 1.9% 3.4%
Q1 Q2 Q3 Q4 Y
Net Margin
12% 10.7% 13.2% 10.7%
11.7%
9% 10.3% 10.3%
9.7%
9.0%
8.6% 7.7%
6% 6.6% 7.4% 7.3% 6.7%
3% 4.3% 3.1% 4.9% 4.5% 4.6% 3.2%
2.2%
0% 2.5%
Q1 Q2 Q3 Q4 Y
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 32 FIRST CHOICE GLOBALLY Cooling Solutions
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Quarterly Earning

In NTD

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2.00
1.80
1.72
1.60
1.40 1.47 1.49
1.42
1.19
1.20
1.20
1.00 1.11 1.11
0.93
0.80
0.84
0.60 0.69
0.61 0.60
0.40
0.39 0.37 0.35
0.20 0.30
0.00
Q1 Q2 Q3 Q4
Y2020 Y2021 Y2022 Y2023 Y2024
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Earning & Cash Dividend
UNIT: NTD
6
5.16
5
4.34
4 3.5
3.39
3 2.62 2.71 2.6
2.28 2.41 2.3 2.4
2 2 2
2 1.51 1.77 1.71 1.5
1.22 1.2 1.2
1 1
0.83
1
0
EPS Cash Dividend
Y2012 Y2013 Y2014 Y2015 Y2016 Y2017 Y2018 Y2019 y2020 Y2021 Y2022 Y2023
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Payout R. 81.97% 79.47% 84.75% 87.72% 87.79% 82.99% 73.80% 70.80% 70.18% 60.00% 67.80%
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 34 FIRST CHOICE GLOBALLY Cooling Solutions
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	TOTAL ASSETS 10,419 11,517 12,192 12,615 Cash 1,575 1,912 2,457 4,031 A/R, N/R 3,226 3,459 3,414 3,079 Inventories 1,752 2,508 2,651 2,052 PP&E 2,106 2,059 2,273 2,171 TOTAL LIABILITIES 5,825 7,150 6,989 5,396 Short-term loans 671 1,950 1,288 458 A/P 2,823 2,926 3,179 2,737 Long-term loans 520 524 287 213 TOTAL EQUITY 4,594 4,367 5,203 7,219 Days sales outstanding 94 90 89 92 Days sales of inventory 61 70 86 92 Current Ratio 1.4984 1.3448 1.4275 2.0285 NT$ M 2020 2021 2022 2023

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FIRST CHOICE GLOBALLY Cooling Solutions

	OPERATING REVENUES 12,781 13,562 14,063 12,915 GROSS PROFIT 2,998 2,536 3,171 3,601 INCOME FROM OPERATIONS 1,114 464 1,122 1,530 INCOME BEFORE INCOME TAX 1,088 585 1,426 1,752 NET INCOME attribute to owners 852 429 1,089 1,334 EPS (NT$) 3.39 1.71 4.34 5.16 Gross Margin 23.46% 18.70% 22.55% 27.88% Operating Margin 8.72% 3.42% 7.98% 11.85% Net Margin(*) 6.67% 3.16% 7.74% 10.33% NT$ M 2020 2021 2022 2023

(*)Net Margin=Net Income attribute to owners / Revenue

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Thanks for Your Attention !

WWW.SUNON.COM

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