SUNON — Interim / Quarterly Report 2024

Mar 12, 2025

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FIRST CHOICE GLOBALLY Cooling Solutions

2024 Q4 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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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

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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

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More Cooling Options
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 5 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 6 FIRST CHOICE GLOBALLY Cooling Solutions
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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: 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 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)

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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

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)

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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)

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Air Cooling vs. Direct Liquid Cooling

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

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Whole Rack Level
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Single Chassis Level
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Sidecar Air Assisted Liquid Cooling (Larger axial fan) Whole Rack Level

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

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SUNON Total Thermal Solutions, One-stop Service
Compact Fans Fan Tray Thermal Modules Large-size Fans Building Ventilation Fans
Sidecar CDU / Fan wall RPU Two-phase Liquid Cooler Water pump / Boiler Liquid-cooled Modules
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 11 FIRST CHOICE GLOBALLY Cooling Solutions
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SUNON Liquid & Immersion Cooling Development

Modular In Row L2L CDU 1000+kW, 1ORv3 In Rack L2L CDU 8~12U, 350kW Two-Phase Immersion : In Row L2A CDU In Row L2A CDU Boiler 75kW, 1ORv3 150kW, 2ORv3 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 Closed Loop 1U & 2U Closed Loop 1U & 2U 500~1000W In house 500~1000W 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+* Page 12

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

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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 Enclosure cabinet equipment EV charging systems packs and racks Source: https://reurl.cc/NR85xk

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 14

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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 (NTD) Factories
1980 8420 14.6 B 5
14
Subsidiary & Office
122
Distributor & Agent
1000+
Sales & Service sites
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 16 FIRST CHOICE GLOBALLY Cooling Solutions
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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

Governance

Performance Highlights

• Net income reached 13.33 billion NTD, a 22.5% increase from 2022.

• 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)

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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
4.03
4.00
3.86
3.68
3.79
3.72
3.66
3.50 3.60
3.54
3.48 3.48
3.40
3.33
3.06 3.28 3.29 3.27
3.00 3.12 3.08
3.03
2.50
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%
14,623,817
14,063,308
14,000,000 13,561,804
15%
12,781,281 12,914,686 13.2%
11,965,298
12,000,000 9.3% 11,659,915 9.6%
10,946,728 10%
10,690,822
6.1%
10,000,000 5.8%
3.7% 5%
2.4%
8,000,000
0%
6,000,000 -2.6%
-5%
4,000,000
-9.2%
2,000,000 -10%
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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UNIT: NTD (M)

Quarterly Revenue in Server

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2,000 50%
44.6% 45.0% 44.5%
1,800 45%
1,600 37.2% 38.0% 1,751 40%
1,670
1,615
33.9%
1,400 35%
30.4%
1,200 30%
1,159
1,000 1,114 25%
21.3% 1,075
958
800 20%
600 15%
615
400 10%
200 5%
0 0%
23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4
Revenue % of Sales
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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UNIT: NTD (M) Quarterly Revenue in AI Server
1,000 23.6% 25%
23.2%
900
918
800 19.0% 870 20%
700 16.2%
688
14.1%
600 13.8% 15%
500 11.0%
473
400 438 437 10%
300 345
200 5%
3.2%
100
92
0 0%
23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4
Revenue % of Sales
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 23
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Products Application & QoQ Growth

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60% 55.1%
2020
50% 2021
2022
40% 41.9%
2023
36.0%
30% 2024Q4 31.7% 34.7%
28.2% 28.3%
20% 24.5% 22.2%16.1%
11.1%
10% 8.0% 9.5% 7.7% 9.0% 12.6% 8.3%4.9% 7.2% 7.4% 7.7% 3.4% 14.6% 14.3% 14.6% 11.3%9.2%
5.2% 5.2% 5.8%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
8.7% -25.5% 2.7% -5.4% -1.0% -8.8%
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 24 FIRST CHOICE GLOBALLY Cooling Solutions
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Products Application & YoY Growth

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60% 55.1%
2020
50% 2021
2022
40% 41.9%
2023
36.0%
30% 2024Q4 31.7% 34.7%
28.2% 28.3%
20% 24.5% 22.2%16.1%
11.1%
10% 8.0% 9.5% 7.7% 9.0% 12.6% 8.3%4.9% 7.2% 7.4% 7.7% 3.4% 14.6% 14.3% 14.6% 11.3%9.2%
5.2% 5.2% 5.8%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
9.6% 4.0% -14.8% 6.5% 44.3% -5.4%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Products Application & YoY Growth

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53.1%
55%
2020
45% 2021
2022 41.9%
35%
36.0%
2023 34.7%
31.7%
25% 2024 28.2% 28.3%
24.5% 17.5%
22.2%
15% 11.0%
14.6% 14.3% 14.6% 8.9%
5% 8.0% 9.5% 7.7% 9.0% 12.6% 8.3%5.3% 7.2% 7.4% 7.7% 3.5% 11.3%
5.2% 5.2% 5.8%
-5% Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
33.6% -25.8% -29.1% -9.3% 45.8% -9.2%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Profit Margin
Gross Margin 32% 28.3% 28.5% 30.3% 28.4%
26.1%
29.0%
28.1% 27.9% 27.9%
26.5%
22% 22.6% 24.0% 24.5%
22.6%
25.7% 25.0%
23.5%
21.4% 18.6% 18.9% 18.7% 21.0%19.5% 18.7%
17.5%
12%
Q1 Q2 Q3 Q4 Y
Y2020 Y2021 Y2022 Y2023 Y2024
Operating Margin 11.5% 13.0% 11.9% 11.5%
12%
11.3%9.0% 11.9% 12.4% 12.3% 11.4% 11.9%
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 11.3%
12% 10.7% 13.2%10.4% 10.2%
11.7%8.8%
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 27 FIRST CHOICE GLOBALLY Cooling Solutions
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Quarterly Earning
In NTD
2.00
1.80
1.60
1.72
1.60
1.39
1.40 1.47 1.49 1.28
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

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UNIT: NTD
6
5.46
5.16
5
4.34
4 3.7
3.39 3.5
3 2.62 2.71 2.6
2.28 2.41 2.3 2.4
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)

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			Appendix I	Appendix I	Appendix I
		CONSOLIDATED BALANCE SHEETS
	NT$ M	2021.12.31	2022.12.31	2023.12.31	2024.12.31	2022	2023 Change(%)	2024
	TOTAL ASSETS	11517	12,192	12,615	14,998	5.9%	3.5%	18.9%
	Cash	1912	2,457	4,031	4,678	28.5%	64.1%	16.1%
	A/R, N/R	3459	3,414	3,079	4,103	-1.3%	-9.8%	33.3%
	Inventories	2508	2,651	2,052	2,181	5.7%	-22.6%	6.3%
	PP&E	2059	2,273	2,171	2,461	10.4%	-4.5%	13.4%
	TOTAL LIABILITIES	7150	6,989	5,396	7,078	-2.3%	-22.8%	31.2%
	Short-term loans	1950	1,288	458	928	-33.9%	-64.4%	102.6%
	A/P	2926	3,179	2,737	3,435	8.6%	-13.9%	25.5%
	Long-term loans	524	287	213	478	-45.2%	-25.8%	124.4%
	TOTAL EQUITY	4367	5,203	7,219	7,920	19.1%	38.7%	9.7%
	Days sales outstanding	90	89	92	90
	Days sales of inventory	70	86	92	74
	Current Ratio	1.34	1.43	2.03	1.88

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		Appendix II	Appendix II	Appendix II
	CONSOLIDATED	STATEMENT OF		COMPREHENSIVE INCOME
	NT$ M	2021	2022	2023	2024	2022	2023 YOY(%)	2024
	OPERATING REVENUES	13,562	14,063	12,915	14,624	3.7%	-8.2%	13.2%
	GROSS PROFIT	2,536	3,171	3,601	4,157	25.0%	13.6%	15.4%
	OPERATING EXPENSES	2,072	2,049	2,071	2,480	-1.1%	1.1%	19.7%
	INCOME FROM OPERATIONS	464	1,122	1,530	1,677	141.8%	36.4%	9.6%
	NON-OPERATING INCOME AND EXPENSES	121	304	221	305	151.2%	-27.3%	38.0%
	INCOME BEFORE INCOME TAX	585	1,426	1,751	1,982	143.8%	22.8%	13.2%
	NET INCOME attribute to owners	429	1,089	1,334	1,492	153.8%	22.5%	11.8%
	EPS (NT$)	1.71	4.34	5.16	5.46
	Gross Margin	18.7%	22.5%	27.9%	28.4%
	Operating Margin	3.4%	8.0%	11.8%	11.5%
	Net Margin(*)	3.2%	7.7%	10.3%	10.2%

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

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Page 31

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

FIRST CHOICE GLOBALLY Cooling Solutions

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Thanks for Your Attention !

WWW.SUNON.COM

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