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THINKING Investor Presentation 2026
52076_rns_2026-04-01_b054450e-5a7b-470f-b15b-b89349578e20.pdf
Investor Presentation
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TCS THINKING
THINKING
Investor Conference
TRE
Corporate Introduction
THINKING ELECTRONIC INDUSTRIAL CO., LTD.
ITC
Company Introduction
2005-2025 Consolidated Net Revenue
THINKING ELECTRONIC INDUSTRIAL CO., LTD.
Milestone
TCS
NEW
2025
Zhongshan
Factory
2019–2023
Factory Expansion
• Kaohsiung
• Yichang
2016
Kaohsiung
2nd Factory
2014
Jiangxi
Factory
2016
TVS
Diode
2018
Temperature
Sensor for EV
• Battery
• Motor
2018
2024
• MOV & GDT
Integrated
Protector
• Temperature &
Pressure
Integrated Sensor
• Pressure Sensor
THINKING FACTORIES
TKS
Yichang Factory
Jiangxi Factory
Changzhou Factory
Yilan Factory
Zhongshan Factory
Dongguan Factory
Kaohsiung Factory
Kaohsiung 2nd Factory
THINKING ELECTRONIC INDUSTRIAL CO., LTD.
TCS
THINKING Products
Over-Temperature Protection
NTC Thermistor
PTC Thermistor
Temperature Sensor for Home Appliance
Temperature Sensor for Electric Vehicle
Platinum Temperature Sensor & Transmitter
Temperature & Pressure Integrated Sensor
Over-Current Protection
NTC ICL
PTC ICL
PTC Thermistor for Overload Protection
Polymer PTC Resettable Fuse
Over-Voltage Protection
Varistor
Gas Discharge Tube
MOV & GDT Integrated Protector
ESD Protector
TVS Diode
THINKING ELECTRONIC INDUSTRIAL CO., LTD.
7
Quarterly Consolidated Income Statement
Operation Overview : Quarterly Consolidated Income Statement
NT$ Thousand
| Item | Q4 2025 | Q3 2025 | Q4 2024 | QoQ | YoY |
|---|---|---|---|---|---|
| Net sales | 2,004,017 | 2,079,628 | 2,031,694 | -3.6% | -1.4% |
| Gross profit margin | 39 | 40 | 37 | -1.4 | 2.0 |
| Operating expenses | 336,042 | 291,849 | 312,658 | 15.1% | 7.5% |
| Operating expenses ratio | 17 | 14 | 15 | 2.7 | 1.4 |
| Net operating income | 447,553 | 549,606 | 442,014 | -18.6% | 1.3% |
| Operating profit margin | 22 | 26 | 22 | -4.1 | 0.6 |
| Non-operating income and expenses | 114,209 | 84,886 | 84,909 | 34.5% | 34.5% |
| Net profit | 422,882 | 407,290 | 397,948 | 3.8% | 6.3% |
| Net profit margin | 21 | 20 | 20 | 1.5 | 1.5 |
| Earning per share (NTD) | 3.33 | 3.20 | 3.13 | 0.13 | 0.20 |
THINKING ELECTRONIC INDUSTRIAL CO., LTD.
TCS
Yearly Consolidated Income Statement
Operation Overview : Yearly Consolidated Income Statement
NT$ Thousand
| Item | 2025 | 2024 | YoY |
|---|---|---|---|
| Net sales | 8,034,659 | 7,519,697 | 6.8% |
| Gross profit margin | 40 | 39 | 1.5 |
| Operating expenses | 1,213,937 | 1,205,950 | 0.7% |
| Operating expenses ratio | 15 | 16 | -0.9 |
| Net operating income | 2,012,320 | 1,773,797 | 13.4% |
| Operating profit margin | 25 | 23 | 2.5 |
| Non-operating income and expenses | 141,048 | 291,463 | -51.6% |
| Net profit | 1,491,487 | 1,532,973 | -2.7% |
| Net profit margin | 19 | 20 | -1.8 |
| Earning per share (NTD) | 11.76 | 12.10 | -0.34 |
THINKING ELECTRONIC INDUSTRIAL CO., LTD.
TCS
Yearly Balance Sheet
NT$ Thousand
| Item | 2025.12.31 | % | 2025.9.30 | 2024.12.31 | QoQ | YoY |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 3,330,510 | 20% | 2,917,720 | 3,069,921 | 14.1% | 8.5% |
| Current financial assets | 2,547,297 | 15% | 1,836,264 | 1,823,102 | 38.7% | 39.7% |
| Accounts receivable | 2,942,959 | 18% | 2,854,915 | 3,007,769 | 3.1% | -2.2% |
| Inventories | 1,508,672 | 9% | 1,494,768 | 1,455,448 | 0.9% | 3.7% |
| Current assets | 10,614,414 | 64% | 9,334,150 | 9,655,848 | 13.7% | 9.9% |
| Current Ratio | 370% | 355% | 382% | |||
| Non-current financial assets | 1,232,333 | 7% | 1,602,279 | 1,399,180 | -23.1% | -11.9% |
| Fixed assets | 3,969,834 | 24% | 3,856,381 | 3,890,842 | 2.9% | 2.0% |
| Non-current assets | 5,962,499 | 36% | 6,283,170 | 6,136,681 | -5.1% | -2.8% |
| Total assets | 16,576,913 | 100% | 15,617,320 | 15,792,529 | 6.1% | 5.0% |
| Short-term borrowings | 983,899 | 6% | 768,612 | 593,612 | 28.0% | 65.7% |
| Account payable | 812,490 | 5% | 842,884 | 842,290 | -3.6% | -3.5% |
| Other account payable | 695,973 | 4% | 591,639 | 703,158 | 17.6% | -1.0% |
| Current liabilities | 2,870,001 | 17% | 2,630,702 | 2,524,716 | 9.1% | 13.7% |
| Long-term borrowings | 448,281 | 3% | 549,031 | 680,030 | -18.4% | -34.1% |
| Non-current liabilities | 2,425,924 | 15% | 2,441,160 | 2,556,424 | -0.6% | -5.1% |
| Total liabilities | 5,295,925 | 32% | 5,071,862 | 5,081,140 | 4.4% | 4.2% |
| Debt Ratio | 32% | 33% | 32% | |||
| Total equity | 11,280,988 | 68% | 10,545,458 | 10,711,389 | 7.0% | 5.3% |
THINKING ELECTRONIC INDUSTRIAL CO., LTD.
T
Analysis of Operating Expenses
Operation Overview : Analysis of Operating Expenses
NT$ million
新台幣百萬元
■ 營業淨利 OP
■ 銷管費用 SG&A
■ 研發費用 R&D
| 106 | 100 | 95 | 100 | 107 |
|---|---|---|---|---|
| 207 | 194 | 196 | 192 | 229 |
| 442 | 448 | 567 | 550 | 448 |
| YoY | QoQ | |||
| --- | --- | --- | ||
| R&D | ||||
| 研發費用 | 0.2% | 0.6% | ||
| SG&A | ||||
| 銷管費用 | 1.2% | 2.2% | ||
| OPEX | ||||
| 總營業費用 | 1.4% | 2.8% | ||
| OP | ||||
| 營業淨利 | 0.5% | -4.1% | ||
| 研發費用 R&D | 5.2% | 5.3% | 4.6% | 4.8% |
| --- | --- | --- | --- | --- |
| 銷管費用 SG&A | 10.2% | 10.2% | 9.6% | 9.2% |
| 總營業費用 OPEX | 15.4% | 15.5% | 14.2% | 14.0% |
| 營業淨利 OP | 21.8% | 23.6% | 27.6% | 26.4% |
THINKING ELECTRONIC INDUSTRIAL CO., LTD.
JTS
THINKING
MARKETS
TRE
Major Markets
THINKING ELECTRONIC INDUSTRIAL CO., LTD.
IRS
THINKING
MANAGEMENT SYSTEMS
TCS
Certification of Management System
ISO 9001-2015
IATF 16949-2016
QC 080000-2017
Quality Management System
ISO 45001-2018
Health and Safety Management System
RBA Silver Status
Responsible Business Alliance Code of Conduct
ISO 14001-2015
ISO 14064-1:2018
(Greenhouse Gas Verification Statement)
PAS 2050:2008
(Product Carbon Footprint Verification Statement / Verified Product: TSM0402)
ISO 50001:2018
Environmental Management System
THINKING ELECTRONIC INDUSTRIAL CO., LTD.
TCS
Agency Approval of Product
THINKING ELECTRONIC INDUSTRIAL CO., LTD.
Note:
UL is for UL + cUL
THINKING ELECTRONIC INDUSTRIAL CO., LTD.
THINKING ESG
ENVIRONMENTAL
- Green product
- Green production
- Green supply chain
- Increase the use of renewable energy
SOCIAL
- Support the promotional events of reading and e-bookstore projects of Kaohsiung City
- Employees participate in beach clean-up and tree-planting initiatives to contribute to ecosystem restoration
GOVERNANCE
Adhering to the RBA code of conduct, we uphold labor rights, ensure health and safety, protect the environment, conduct business with high ethical standards, and establish our management systems
Our Green Achievements¹
GHG Emissions Inventory—
All manufacturing sites verified in accordance with ISO 14064-1:2018²
| 7% | 14% | 2% | 14% |
|---|---|---|---|
| increase in GHG emissions | increase in energy consumption | reduction in waste generated | reduction in hazardous waste generated |
- 2024 Sustainability Report
- The Zhongshan factory completed in 2025 is not included in the current third-party verification scope.
16
THINKING
Contribute to safety and operation efficiency of electronics
