Slides
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September 2026 Presentation
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Worldwide PCB Production Region Value Source : Prismark (Apr.2026) M USD America+ Europe Japan Korea Taiwan China SEA+ROW Worldwide TOTAL Worldwide Growth China's Share 2017 4,705 5,256 6,860 7,536 29,732 4,755 58,844 8.6% 50.5% 2018 4,833 5,439 6,550 7,842 32,702 5,031 62,397 6.0% 52.4% 2019 4,583 5,288 6,439 7,676 32,942 4,383 61,311 -1.7% 53.7% 2020 4,556 5,771 6,996 8,445 35,009 4,507 65,284 6.5% 53.6% 2021 5,248 7,308 8,267 10,182 44,150 5,765 80,920 24.0% 54.6% 2022 5,254 7,280 9,052 11,121 43,553 5,480 81,740 1.0% 53.3% 2023 4,934 6,078 6,737 8,406 37,794 5,567 69,516 -15.0% 54.4% 2024 5,131 5,840 6,631 8,669 41,213 6,081 73,565 5.8% 56.0% 2025E 5,660 6,499 6,905 9,902 48,969 7,218 85,153 15.8% 57.5% 2026F 6,022 7,257 7,783 11,565 55,269 7,885 95,781 12.5% 57.7%
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FY2025 Global Top 20 PCB Makers Unit: Million USD Source : Prismark * FPCB Makers Include FPCB Assembly Value Rank Makers HQ 2021 2022 2023 2024 2025 25/24 1 Zhen Ding* Taiwan 5534 (1) 5704 (1) 4835 (1) 5340 (1) 5869 (1) 9.9% 2 Unimicron Taiwan 3920 (2) 4826 (2) 3342 (2) 3594 (2) 4225 (2) 17.5% 3 Dongshan Precision (M-Flex* & Multek) China 3180 (3) 3229 (3) 3276 (3) 3451 (3) 3605 (3) 4.5% 4 Shennan China 2163 (8) 2083 (9) 1909 (8) 2492 (4) 3295 (4) 32.2% 5 TTM USA 2249 (7) 2495 (6) 2233 (5) 2443 (6) 2906 (5) 19.0% 6 Wus Group China 1342 (18) 1404 (19) 1373 (15) 1960 (9) 2760 (6) 40.8% 7 Victory Giant China 1153 (23) 1206 (24) 1120 (20) 1493 (13) 2686 (7) 79.9% 8 Compeq Taiwan 2260 (5) 2560 (5) 2146 (6) 2256 (7) 2446 (8) 8.4% 9 Tripod Taiwan 2257 (6) 2218 (7) 1919 (7) 2050 (8) 2361 (9) 15.2% 10 Nippon Mektron* Japan 2795 (4) 2591 (4) 2479 (4) 2504 (5) 2273 (10) -9.2% 11 Kinwong China 1479 (17) 1563 (16) 1519 (10) 1761 (10) 2100 (11) 19.2% 12 AT&S Austria 1712 (14) 2033 (10) 1631 (9) 1669 (11) 1933 (12) 15.9% 13 Gold Circuit Taiwan 954 (25) 1101 (26) 964 (23) 1208 (19) 1928 (13) 59.6% 14 HannStar Board Group Taiwan 2042 (10) 1605 (15) 1380 (14) 1297 (16) 1848 (14) 42.6% 15 Kingboard PCB Group China 1750 (12) 1671 (13) 1492 (12) 1552 (12) 1732 (15) 11.6% 16 SEMCO Korea 1719 (13) 1623 (14) 1315 (17) 1492 (14) 1621 (16) 8.7% 17 Meiko Japan 1307 (19) 1274 (23) 1250 (18) 1306 (15) 1517 (17) 16.2% 18 Ibiden Japan 2055 (9) 1933 (11) 1450 (13) 1242 (18) 1497 (18) 20.5% 19 Nanya PCB Taiwan 1871 (11) 2167 (8) 1360 (16) 1005 (22) 1295 (19) 28.8% 20 Dogguan Shengyi China 565 (na) 525 (na) 463 (na) 652 (35) 1290 (20) 97.8% Top 20 PCB Makers 40767 49187 20.7%
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JiangSu- WuXi Site I (2003~) JiangSu- WuXi Site II (2007~) Taiwan- PingJen (1998~) HuBei- XianTao (2013~) PCB 1 PCB 2 PCB 3 JiangSu- WuXi Site I (2003~) Vietnam- BienHoa (2023~) Tripod PCB Plant Site Location
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Consolidated Income Statement AMT % AMT % AMT % AMT % AMT % 58,862 100.0% 65,804 100.0% 73,399 100.0% 35,031 100.0% 45,822 100.0% 47,476 80.7% 50,516 76.8% 54,407 74.1% 26,062 74.4% 32,784 71.5% 11,387 19.3% 15,288 23.2% 18,992 25.9% 8,970 25.6% 13,038 28.5% 4,763 8.1% 5,416 8.2% 6,080 8.3% 2,894 8.3% 3,607 7.9% 0 0.0% 140 0.2% 0 0.0% 0 0.0% 0 0.0% 6,624 11.3% 9,731 14.8% 12,912 17.6% 6,075 17.3% 9,430 20.6% 1,453 2.5% 1,265 1.9% 1,086 1.5% 512 1.5% 357 0.8% 8,077 13.7% 10,996 16.7% 13,998 19.1% 6,587 18.8% 9,788 21.4% 2,015 3.4% 2,614 4.0% 3,773 5.1% 1,787 5.1% 2,945 6.4% 6,062 10.3% 8,383 12.7% 10,225 13.9% 4,800 13.7% 6,843 14.9% 6,062 10.3% 8,382 12.7% 10,225 13.9% 4,800 13.7% 6,843 14.9% $11.53 $15.95 $19.45 $9.13 $13.02 5,171 8.8% 4,638 7.0% 4,285 5.8% 2,143 6.1% 2,407 5.3% Unit : Million NTD 2025 Operating Exp. Net Sales 2023 Dep.& Amort. Net Income Other Expense Operating Income Pretax Income Non-Op. Income Attributable to: Basic EPS the Parent Income Tax 1H26 Gross Profit 1H25 COGS 2024
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Consolidated Quarterly Income Statement AMT % AMT % AMT % AMT % AMT % 17,903 100.0% 19,389 100.0% 18,979 100.0% 20,964 100.0% 24,857 100.0% 13,210 73.8% 14,201 73.2% 14,145 74.5% 15,406 73.5% 17,378 69.9% 4,693 26.2% 5,189 26.8% 4,834 25.5% 5,559 26.5% 7,479 30.1% 1,470 8.2% 1,594 8.2% 1,592 8.4% 1,713 8.2% 1,894 7.6% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 3,224 18.0% 3,594 18.5% 3,242 17.1% 3,846 18.3% 5,585 22.5% 223 1.2% 328 1.7% 246 1.3% 261 1.2% 96 0.4% 3,446 19.2% 3,922 20.2% 3,488 18.4% 4,107 19.6% 5,681 22.9% 1,002 5.6% 969 5.0% 1,017 5.4% 1,161 5.5% 1,785 7.2% 2,444 13.7% 2,954 15.2% 2,471 13.0% 2,946 14.1% 3,896 15.7% 2,444 13.7% 2,954 15.2% 2,471 13.0% 2,946 14.1% 3,896 15.7% $4.65 $5.62 $4.70 $5.61 $7.41 1,041 5.8% 1,037 5.3% 1,105 5.8% 1,178 5.6% 1,229 4.9% 2026 Q1 2025 Q4 2025 Q3 Unit : Million NTD 2025 Q2 Pretax Income Operating Income Non-Op. Income Other Expense 2026 Q2 Net Income COGS Gross Profit Operating Exp. Net Sales Dep.& Amort. Basic EPS Income Tax the Parent Attributable to:
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Consolidated Balance Sheet AMT % AMT % AMT % AMT % AMT % Cash and Cash Equivalents 20,632 27.0% 28,914 33.0% 24,265 28.4% 26,659 27.2% 13,963 12.8% Current Financial Assets 2,176 2.9% 44 0.1% 4,564 5.3% 2,594 2.6% 10,070 9.3% Inventories 7,725 10.1% 8,590 9.8% 8,630 10.1% 12,019 12.2% 17,071 15.7% Other Current Assets 18,896 24.8% 22,682 25.9% 21,661 25.3% 26,003 26.5% 32,902 30.2% Fixed Assets 20,873 27.3% 19,081 21.8% 17,187 20.1% 22,093 22.5% 27,230 25.0% Intangible and Other Assets 6,043 7.9% 8,251 9.4% 9,265 10.8% 8,794 9.0% 7,605 7.0% Total Assets 76,344 100.0% 87,564 100.0% 85,572 100.0% 98,162 100.0% 108,840 100.0% Short-Term Loans 6,045 7.9% 7,142 8.2% 4,517 5.3% 6,479 6.6% 2,786 2.6% Other Current Liabilities 22,238 29.1% 25,255 28.8% 30,106 35.2% 30,812 31.4% 42,838 39.4% Long-Term Borrowings 0 0.0% 0 0.0% 1,000 1.2% 1,000 1.0% 1,000 0.9% Other Liabilities 4,509 5.9% 4,862 5.6% 5,222 6.1% 5,779 5.9% 6,493 6.0% Shareholder's Equities 43,553 57.0% 50,304 57.4% 44,727 52.3% 54,092 55.1% 55,723 51.2% Total Liabilities and Equities 76,344 100.0% 87,564 100.0% 85,572 100.0% 98,162 100.0% 108,840 100.0% Asset Turnover (x) 0.77 0.80 0.81 0.79 0.89 Fixed Asset Turnover (x) 2.65 3.29 3.86 3.57 3.72 ROA (%) 7.9% 10.2% 11.1% 11.0% 13.2% ROE (%) 14.1% 17.9% 20.2% 19.6% 24.9% Current Ratio (%) 175% 186% 171% 180% 162% Debt / Asset Ratio (%) 43% 43% 48% 45% 49% Book Value Per Share (NT$) 82.9 95.7 85.1 102.9 106.0 2024 2025 1H 2025 2026 1H2023Unit: Million NTD
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Consolidated Statement of Cash flows Unit: Million NTD 2022 2023 2024 2025 1H25 1H26 Income before Income Tax 7,825 8,077 10,996 13,998 6,587 9,788 Depreciation & Amortization 5,012 5,171 4,638 4,285 2,143 2,407 Income Tax Paid -2,776 -1,422 -3,580 -2,982 -1,820 -2,374 Others 2,781 4,101 -603 -3,501 -588 -6,227 Cash Flow from Operations 12,843 15,926 11,451 11,800 6,322 3,594 Acquisition of Fixed Assets -4,055 -3,337 -2,316 -5,867 -1,773 -7,188 Net Acquistion in Financial Assets 5 -1,169 1,202 -2,492 -4,790 -6,098 Others 214 276 -365 -68 -90 14 Cash Flow from Investments -3,836 -4,230 -1,479 -8,428 -6,653 -13,272 Increase (Decrease) in Loans -9,308 -1,571 1,036 368 -1,457 -3,749 Cash Dividends Paid -3,679 -3,916 -3,942 -5,414 0 0 Others -60 -446 19 95 103 48 Cash Flow from Financing -13,047 -5,933 -2,887 -4,950 -1,353 -3,701 Foreign Exchange Translation 396 -351 1,198 -676 -2,965 683 Increase (Decrease) in Cash -3,645 5,412 8,283 -2,255 -4,649 -12,696 Cash at the End of the Year 15,219 20,632 28,914 26,659 24,265 13,963