SUNON — Interim / Quarterly Report 2025

May 12, 2025

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FIRST CHOICE GLOBALLY Cooling Solutions

2025 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

■ Fan ■ Fan tray ■ Heat Pipe ■ Vapor Chamber ■ Heat Sink ■ Cooling Module ■ Cold Plate ■ Liquid Cooling

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5G Base Stations Networking electric vehicles Industry Inverter / Drive Renewable Energy surveillance medical
Gaming Metaverse IT Home Appliance AQI Air Purifier UVC Solution Industrial Ventilation
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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
System
O.P.
Low Noise
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Low Vibration
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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)

FIRST CHOICE GLOBALLY Cooling Solutions

More Cooling Options

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Heat Cold
Pipe Plate
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Cold Vapor
Pump
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
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
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Pump
Liquid Immersion
Liquid to Air CDU
80KW~
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Technology

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

FIRST CHOICE GLOBALLY Cooling Solutions

TDP (W) 30KW

Cooling Solution Trend

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30KW Immersion Cooling
Liquid Cooling
Open loop
1500W
1KW
Liquid
cooling Close loop
500W
350W Air
Cooling fan + HS / HP / VC
cooling
~Y2022 Y2023 Y2024 Y2025 Y2026
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Fan is still the key component for Liquid cooled AI

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Single B200 B200 B100 H200 H100
NVIDIA
GB200 NVL72 DGX/HGX HGX SXM SXM
NV Link Switch
GPU
architecture Blackwell Hopper Cooling Fan
X7
TDP 1200W 1000W 700W 700W 700W
Liquid Air Air Air Air
Cooling
Cooling Cooling Cooling Cooling Cooling
Compute trays
Estimated # of fans used for GB200 NVL72
Cooling Fan
X8
Rack: 4cm 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
RDHx
In-rack system: Up to #257 cooling fans applied Cooling Fan
X16
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)

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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

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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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Picture Source : Internet

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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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Picture Source : Internet

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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 MGX platform SMCI model GPU ARS-111GL-DNHR-LCC

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Single Chassis Level
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Rear Door Sidecar Heat Exchanger Air Assisted Liquid Cooling (Larger axial fan) Larger axial fan Whole Rack Level

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Whole Rack Level
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Picture Source : Internet

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

FIRST CHOICE GLOBALLY Cooling Solutions

SUNON Total Thermal Solutions, One-stop Service

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Compact Fans Fan Tray Thermal Modules Large-size Fans Building Ventilation Fans
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Sidecar CDU / Fan wall RPU Two-phase Liquid Cooler Water pump / Boiler Liquid-cooled Modules

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

FIRST CHOICE GLOBALLY Cooling Solutions

SUNON Liquid & Immersion Cooling Development

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2000+k W
Modular In Row L2L CDU
1000+kW, 1ORv3
1000k W
In Rack L2L CDU
8~12U, 350kW
Two-Phase Immersion :
In Row L2A CDU In Row L2A CDU Boiler
75kW, 1ORv3 150kW, 2ORv3
1000 W
Cold Plate Loop 1U Cold Plate Loop 1U Single Phase Immersion:
In house
700~1000W >1000W 1. CDU (Liquid to Liquid)
2. Heat Sink
3. Propeller
500 W
Closed Loop 1U & 2U Closed Loop 1U & 2U
In house
500~1000W 500~1000W
Others
1. Closed Loop: AIO In house 1. Closed Loop: AIO Gen.2 1. Component:
2. 1U PUMP 2. 4U PUMP Reduced Spacing Structure
2. In Row L2L:
Smarter Utility Solution
2025 2026 2027+
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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

IATF16949 AEC Q100/Q200 EMC CISPR25

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

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Net zero emissions by 2050

Energy Transition Energy Transition Business Opportunities Having an excellent thermal system is the key to stably maintain the operation of energy storage systems. Selecting an optimal thermal solution ensures the operation stability and high system effectiveness, and it also minimizes unnecessary maintenance costs.

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Energy Energy
Harvesting Storing
PV inverters Energy storage systems
Enclosure cabinet equipment Battery containers,
EV charging systems packs and racks
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Source: https://reurl.cc/NR85xk

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

FIRST CHOICE GLOBALLY Cooling Solutions

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

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EV Charger

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

FIRST CHOICE GLOBALLY Cooling Solutions

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Established Employees Turnover (NTD) Factories
1980 8420 14.6 B 5
14
Subsidiary & Office
122
Distributor & Agent
1000+
Sales & Service sites
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

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

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

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

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

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

FIRST CHOICE GLOBALLY Cooling Solutions

EGS

Governance

Performance Highlights

• Net income reached 1.49 billion NTD, a 12% increase from 2023.

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

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• A sustainability development committee has been established.

• • Zero cases of corruption.

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Society

Products

• Average employee training hours exceeded 48 hours per year.

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

• Saved 532 million kWh of electricity with product R&D. Reduced GHG emissions by 260,000 MTCO2e.

• Provided care to 9,867 households in the "Support and Care Campaign" from 2018 to 2023.

• 100.0% pass rate of hazardous substance inspection for three consecutive years from 2021 to 2023.

• Obtained 3,394 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 680,000 kWh.

• 100% pass rates for new suppliers audits .

• • 100% pass rates for annual supplier audits. • Local procurement rates exceed 74%.

• 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

Net Zero

Carbon Reduction

2030 50% 2050 NET ZERO

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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
4.16
4.00
4.03
3.86
3.79
3.72
3.68 3.66
3.50
3.48 3.48
3.33
3.28 3.29 3.27
3.00 3.12 3.08 3.06
3.03
2.50
2.00
Q1 Q2 Q3 Q4
Y2021 Y2022 Y2023 Y2024 Y2025
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

UNIT: NTD (K)

Revenue Performance

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16,000,000 40%
36.0%
14,623,817
14,063,308 35%
14,000,000 13,561,804
12,914,686
12,781,281 30%
11,965,298
11,659,915
12,000,000
25%
10,946,728
10,690,822
20%
10,000,000
13.2%
15%
8,000,000 9.3% 9.6%
10%
5.8% 6.1%
3.7%
6,000,000 2.4% 5%
-2.6% 4,162,103 0%
4,000,000
-5%
-9.2%
2,000,000 -10%
Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024 Y2025
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Revenue Growth rate

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

FIRST CHOICE GLOBALLY Cooling Solutions

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UNIT: NTD (M) Quarterly Revenue in Server
2,000 48.0% 50%
44.6% 45.0% 44.5%
1,960
45%
37.2% 38.0% 1,751 40%
1,670
1,500 1,615
33.9%
35%
30.4%
30%
1,159
1,000 1,114 25%
21.3% 1,075
958
20%
15%
500 615
10%
5%
0 0%
23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1
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Revenue % of Sales

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

FIRST CHOICE GLOBALLY Cooling Solutions

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UNIT: NTD (M) Quarterly Revenue in AI Server
1,200 30%
26.90%
1,098
1,000 23.6% 23.2% 25%
918
19.0%
800 870 20%
16.2%
600 13.8% 14.1% 688 15%
11.0%
400 473 10%
438 437
345
200 3.2% 5%
92
0 0%
23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1
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Revenue % of Sales

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

FIRST CHOICE GLOBALLY Cooling Solutions

Products Application & QoQ Growth

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58.7%
60%
2021
50% 2022 53.1%
2023
40% 41.9%
2024
34.7%
30% 2025Q1 31.7%
28.3%
20% 24.5% 22.2% 14.3%
9.7% 9.5% 17.5%
14.3% 14.6%
10% 12.6%
8.0% 9.5% 11.0% 9.0% 8.3% 4.1% 7.4% 7.7% 3.2% 11.3% 8.9%
5.2% 5.3% 5.8% 3.5%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
-4.4% -8.3% 2.3% 11.7% 16.1% -3.5%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Products Application & YoY Growth

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58.7%
60%
2021
50% 2022 53.1%
2023
40% 41.9%
2024
34.7%
30% 2025Q1 31.7%
28.3%
20% 24.5% 22.2% 14.3%
9.7% 9.5% 17.5%
14.3% 14.6%
10% 12.6%
8.0% 9.5% 11.0% 9.0% 8.3% 4.1% 7.4% 7.7% 3.2% 11.3% 8.9%
5.2% 5.3% 5.8% 3.5%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
12.7% 29.3% 3.4% 43.8% 67.0% -2.4%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Profit Margin

Gross Margin

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32% 29.3% 29.3%
Gross Margin
30.3%
29.0%
28.1%28.3% 28.5% 27.9% 28.4%
27.9%
26.5%26.1%
22%
24.5%
24.0%
22.6% 22.6%
17.5%18.6% 18.9% 18.7% 19.5% 18.7%
12%
Q1 Q2 Q3 Q4 Y
Y2021 Y2022 Y2023 Y2024 Y2025
Operating Margin 12.4% 12.4%
12% 11.3% 12.4%11.5% 12.3%13.0% 11.9% 11.9%11.5%
9% 11.4%
9.7%
9.0%
8.5%
6% 9.0% 8.0%
5.9%
3% 4.1%
3.4% 3.4%
2.0% 1.9%
0%
Q1 Q2 Q3 Q4 Y
Net Margin 11.3% 11.3%
12%
13.2%
9% 10.7% 10.4% 11.7% 11.3% 10.3%10.2%
9.0% 8.6% 8.8%
9.7% 7.7%
6% 7.4% 7.3%
4.9%
3% 4.6%
3.1% 3.2%
2.2% 2.5%
0%
Q1 Q2 Q3 Q4 Y
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Quarterly Earning

In NTD

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2.00
1.73
1.80
1.72
1.60
1.60
1.40 1.49
1.42
1.39
1.20 1.28
1.19 1.20
1.00 1.11 1.11
0.80
0.84
0.60 0.69
0.61
0.40
0.37 0.35
0.20 0.30
0.00
Q1 Q2 Q3 Q4
Y2021 Y2022 Y2023 Y2024 Y2025
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Earning & Cash Dividend

UNIT: NTD

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6
5.46
5.16
5
4.34
4 3.7
3.5
3.39
3 2.62 2.71 2.6
2.41 2.4
2.28 2.3
2 2 2
2 1.77 1.71
1.5
1.2
1
0
EPS Cash Dividend
Y2015 Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024
Y2015 Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024
Payout Ratio 85% 88% 88% 83% 74% 68% 70% 60% 68% 68%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

	Appendix I vs. 2024.12.31 vs. 2024.3.31 TOTAL ASSETS 13,292 14,998 15,830 5.5% 19.1% Cash 4,450 4,678 5,279 12.8% 18.6% A/R, N/R 3,221 4,103 4,445 8.3% 38.0% Inventories 2,121 2,181 2,179 -0.1% 2.7% PP&E 2,208 2,461 2,510 2.0% 13.7% TOTAL LIABILITIES 5,621 7,078 7,369 4.1% 31.1% Short-term loans 587 928 1,056 13.8% 79.9% A/P 2,889 3,435 3,642 6.0% 26.1% Long-term loans 168 478 432 -9.6% 157.1% TOTAL EQUITY 7,671 7,920 8,461 6.8% 10.3% Days sales outstanding 94 90 94 Days sales of inventory 84 74 68 Current Ratio 2.07 1.88 1.92 CONSOLIDATED BALANCE SHEETS NT$ M 2024.3.31 2024.12.31 2025.3.31 Change(%)
	TOTAL ASSETS 13,292 14,998 15,830 Cash 4,450 4,678 5,279 A/R, N/R 3,221 4,103 4,445 Inventories 2,121 2,181 2,179 PP&E 2,208 2,461 2,510 TOTAL LIABILITIES 5,621 7,078 7,369 Short-term loans 587 928 1,056 A/P 2,889 3,435 3,642 Long-term loans 168 478 432 TOTAL EQUITY 7,671 7,920 8,461 Days sales outstanding 94 90 94 Days sales of inventory 84 74 68 Current Ratio 2.07 1.88 1.92 NT$ M 2024.3.31 2024.12.31 2025.3.31

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

FIRST CHOICE GLOBALLY Cooling Solutions

	Appendix II 成長率 YOY(%) 2025Q1 OPERATING REVENUES 3,060 4,162 36.0% GROSS PROFIT 799 1,218 52.4% OPERATING EXPENSES -524 -702 34.0% INCOME FROM OPERATIONS 275 516 87.6% NON-OPERATING INCOME AND EXPENSES 140 64 -54.3% INCOME BEFORE INCOME TAX 415 580 39.8% NET INCOME attribute to owners 326 472 44.8% EPS (NT$) 1.19 1.73 Gross Margin 26.1% 29.3% Operating Margin 9.0% 12.4% Net Margin() 10.7% 11.3% CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME NT$ M 2024 Q1 2025 Q1*
	NT$ M 2024 Q1 2025 Q1
	OPERATING REVENUES 3,060 4,162
	GROSS PROFIT 799 1,218
	OPERATING EXPENSES -524 -702
	INCOME FROM OPERATIONS 275 516
	NON-OPERATING INCOME AND EXPENSES 140 64
	INCOME BEFORE INCOME TAX 415 580
	NET INCOME attribute to owners 326 472
	EPS (NT$) 1.19 1.73
	Gross Margin 26.1% 29.3%
	Operating Margin 9.0% 12.4%
	Net Margin(*) 10.7% 11.3%

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

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

FIRST CHOICE GLOBALLY Cooling Solutions

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