THINKING

COMPANY
PROFILE

December 2022, English Version

 Index

Financial Status Company Introduction

Markets and Customers Competitive Strength

Strategy for Growth

THINKING ELECTRONICS 2
 Operation Overview:
Sales Revenue Analysis- Peers Comparison

THINKING ELECTRONICS 3
 Operation Overview:
Yearly Consolidated Income Statement

THINKING ELECTRONICS 4
 Operation Overview:
Consolidated Balance Sheets

THINKING ELECTRONICS 5
 Peers Comparison

Q2 2022 Q3 2022 2022 Accumulated Sales 2022 EPS

Peers
Last
Accumulated Accumulated QoQ Last Year YoY Accumulated Last Year YoY Accumulated YoY
Year
THINKING 1,899,772 1,888,547 -0.59% 1,916,060 -1.44% 5,588,278 5,635,379 -0.84% 9.40 9.51 -1.16%

-
Polytronics 734,954 0.14% 952,420 2,257,455 2,319,079 -2.66% 1.00 5.05 -80.20%
733,951 22.83%

Inpaq 1,615,640 1,617,982 0.14% 1,756,958 -7.91% 4,779,534 5,115,811 -6.57% 4.22 3.05 38.36%

-
TA-I 1,305,156 1,112,068 -14.79% 1,571,286 3,855,251 4,808,090 -19.82% 4.12 5.32 -22.56%
29.23%

Yageo 31,322,107 30,795,422 -1.68% -7.47% 92,251,747 93,267,378 -1.09% 34.74 36.76 -5.50%
33,283,135
-
Walsin 9,851,179 8,227,084 -16.49% 27,794,384 33,097,229 -16.02% 4.40 14.40 -69.44%
10,934,533 24.76%
-
Fuzetec 112,531 -10.81% 161,325 436,750 -11.65% 4.07 3.41 19.35%
126,169 30.25% 385,879

THINKING ELECTRONICS 6
 Peers Comparison
Year/ Year/
Quarter Jan. 2022 - Sep. 2022 Jan. 2021 - Sep. 2021 Difference Quarter Jan. 2022 - Sep. 2022 Jan. 2021 - Sep. 2021 Difference
Exchange Gain (or Loss) EPS Exchange Gain (or Loss) EPS EPS % Exchange Gain (or Loss) EPS Exchange Gain (or Loss) EPS EPS %
283,703 2.21 (64,119) (0.50) 2.71 57,736 0.67 (14,856) (0.18) 0.85
2428 6224
Original 9.40 Original 9.51 (0.11) -1% Original 1.00 Original 5.05 (4.05) -80%
THINKING Polytronics
Excluding Impact 7.19 Excluding Impact Excluding Impact Excluding Impact
Factors of Exchange Factors of Exchange 10.01 (2.82) -28% Factors of Exchange 0.33 Factors of Exchange 5.23 (4.90) -94%
Year/ Year/
Quarter Jan. 2022 - Sep. 2022 Jan. 2021 - Sep. 2021 Difference Jan. 2022 - Sep. 2022 Jan. 2021 - Sep. 2021 Difference
Quarter
Exchange Gain (or Loss) EPS Exchange Gain (or Loss) EPS EPS % Exchange Gain (or Loss) EPS Exchange Gain (or Loss) EPS EPS %
267,649 1.91 (34251) (0.24) 2.15 205,581 1.42 (33,353) (0.23) 1.66
6284 2478
Original 4.12 Original 5.32 (1.20) -23%
Inpaq Original
4.22
Original 3.05 1.17 38% TA-I
Excluding Impact 2.70 Excluding Impact
Excluding Impact Excluding Impact Factors of Exchange Factors of Exchange 5.55 (2.86) -51%
Factors of Exchange 2.31 Factors of Exchange 3.29 (0.98) -30%
Year/ Year/ Jan. 2022 - Sep. 2022 Jan. 2021 - Sep. 2021 Difference
Quarter Jan. 2022 - Sep. 2022 Jan. 2021 - Sep. 2021 Difference Quarter
Exchange Gain (or Loss) EPS Exchange Gain (or Loss) EPS EPS % Exchange Gain (or Loss) EPS Exchange Gain (or Loss) EPS EPS %
862,399 1.61 1,078,097 2.18 (0.56) 922,341 1.90 (38,070) (0.08) 1.98
2327 2492
Yageo Original 34.74 Original 36.76 (2.02) -5% Original 4.40 Original 14.40 (10.00) -69%
Excluding Impact Excluding Impact
Walsin
Factors of Exchange 33.13 Factors of Exchange 34.58 (1.46) -4% Excluding Impact 2.50 Excluding Impact
Factors of Exchange Factors of Exchange 14.48 (11.98) -83%
Year/ Jan. 2022 - Sep. 2022
Quarter Jan. 2021 - Sep. 2021 Difference
Exchange Gain (or Loss) EPS Exchange Gain (or Loss) EPS EPS %
68,120 1.82 (6,364) (0.20) 2.02
6642
Original 4.07 Original 3.41 0.66 19%
Fuzetec
Excluding Impact 2.25 Excluding Impact
Factors of Exchange Factors of Exchange 3.61 (1.36) -38% 7
THINKING ELECTRONICS
 Operation Overview:
Sales Revenue Analysis- Peers Comparison

THINKING ELECTRONICS 8
 Index

Financial Status Company Introduction

Markets and Customers Competitive Strength

Strategy for Growth

THINKING ELECTRONICS 9
 Company Introduction
Established in 1979
7 factories and 4500 employees
2008-2022 Net Revenue:
*USD 267.95 *USD 267.95

* Using an exchange rate of 1 USD =27.99 NTD

THINKING ELECTRONICS 10
 Milestone

THINKING ELECTRONICS 11
 THINKING All Around the World

Sales Office Distributor

Taiwan USA Asia China The Americas Europe Asia
2 1+1 2+1 5 12 14 16
THINKING ELECTRONICS 12
 Factories of THINKING
Yichang Factory Changzhou Factory Yilan Factory
Kaohsiung 1st Factory

Major Product Major Product Major Product

Major Product

JiangXi Factory

Kaohsiung 2nd Factory

Dongguan Factory

Front-End

Major Product
Major Product

THINKING ELECTRONICS 13
 Total Solution for Customers

Over-Temperature
Protection
NTC Thermistor PTC Thermistor Temperature Sensor

Over-Current
Protection
NTC ICL PTC Thermistor Polymer PTC Thermistor

Over-Voltage
Protection
Varistor Gas Discharge ESD Spark Gap Thyristor Surge
Tube Protection TVS Diode Protector Suppressor

THINKING ELECTRONICS 14
 Index

Financial Status Company Introduction

Markets and Customers Competitive Strength

Strategy for Growth

THINKING ELECTRONICS 15
 Major Markets
Information and
Automotive and Industrial
Communication Technology

Telecom Power Supply Automotive Industrial

(12%)

Medical and Others

Consumer
Electronics Computer
Other
Home Appliances and Lighting Medical applications

Home Appliances Lighting Distributor

THINKING ELECTRONICS 16
 Major Customers

Home
Appliances

Automotive

Industrial

Power Supply

Telecom

17
THINKING ELECTRONICS
 Market Positions of THINKING Products

THINKING THINKING THINKING

NTC Thermistor Disc Varistor Ceramic PTC Thermistor

Note:
1.Data source: Circuit Protection Components: World Markets, Technologies & Opportunities: 2019-2024, Paumanok Publication
2.Fiscal year 2020 calculation of THINKING NTC thermistor and disc varistor ended in December 31, 2020.
18
18
THINKING ELECTRONICS
 Index

Financial Status Company Introduction

Markets and Customers Competitive Strength

Strategy for Growth

THINKING ELECTRONICS 19
 Core Technology
Material Development

SMD type product ● ● Laminating & stacking

Lead type product ● ● Printing
Our know-how of key raw material and ceramic recipes
Sensor assembly ● ● Sintering make our products competitive in the market.
● Surface finishing
Product Design

Our simulation technology ensures our precise product design.

Material design ●
Back-end Processing
● Packaging
Material processing ● ● Measurement
● Automation

Automated production ensures our stable product quality.

THINKING ELECTRONICS 20
 Agency Approval of Product

NTC Thermistor

Varistor

PTC Thermistor

Polymer PTC Thermistor

Gas Discharge Tube

NTC Temperature Sensor

TVS Diode

Note: is for UL + cUL

THINKING ELECTRONICS 21
 UL and TUV Certified Laboratories

Laboratories of THINKING passed the CTDP (Client Test Data Program) of UL

and witness testing qualification of TUV.

THINKING ELECTRONICS 22
 Technical Support

THINKING AE team provides comprehensive technical support.

Technical Consultation: Discussion of technical problems with customers

Product Selection Suggestion: Selecting products in accordance with

customer’s needs
Circuit Design Assistance: Discussion of circuit design for problems that
customers encounter
Application Example: Application experience sharing with customers

THINKING ELECTRONICS 23
 Technology Comparison among Players

THINKING offers complete circuit protection components for customer’s one-stop shopping.
THINKING ELECTRONICS 24
 Sufficient Capacity
Unit: pcs/ month

NTC MOV SMD NTC

200 190 300
million* million million

PTC Polymer ESD Gas Discharge

30 PTC Protector Tube
million 20 20 16
million million million

SMD Polymer TVS

MLV SMD PTC PTC Diode
200 23 35
million million 50
million million

* 39 million pcs of NTC assembly products are included.

THINKING ELECTRONICS 25
 Index

Financial Status Company Introduction

Markets and Customers Competitive Strength

Strategy for Growth

THINKING ELECTRONICS 26
 Growth Strategy – Application Focus

2022 Sales by Applications 2025 Sales by Applications

Energy Storage EV Car

& Solar System

THINKING ELECTRONICS 27
 EV Applications

THINKING ELECTRONICS 28
 Thinking Products for EV Applications

THINKING ELECTRONICS 29
 Growth Strategy – Application Focus
Communications: Low Earth Orbit Satellite
2021 Global Satellite Industry Revenue

 1696 satellites was launched in 2021, and 1664 of them

are LEO satellites. EuroConsult estimates that 1700
satellites will be launched per year by 2030.
 Revenue of satellite industry is USD 279 billion,
accounting for 72% of the world’s space business.
 Ground equipment helps LEO receive signal seamlessly,
and its 2021 revenue is USD 142 billion. It needs
antennas, PCB, power supply, etc, and that offers
Taiwan manufacturers business opportunities.
 For lifetime, LEO is 4-5 years, and GEO is 15 years. In
Source: Satellite Industry Association other words, LEO has high component demand.
THINKING ELECTRONICS 30
 Growth Strategy – Application Focus
Communications: Customers of Low Earth Orbit Satellite
Subscribers of Starlink satellite internet from SpaceX is
around 250,000 in March, and it increases to 400,000 in May,
which is a 60% growth.

SpaceX will deploy 30,000 satellites, and Amazon told

FCC (Federal Communications Commission) that the
number of satellites is a little much.
THINKING ELECTRONICS 31
 Growth Strategy – Application Focus
Communications: Application Example of Low Earth Orbit Satellite

Satellite Dish

GDT offers over-voltage

protection for 50Vdc
power supply of satellite
dish.

THINKING ELECTRONICS 32
 Growth Strategy – Products Development

2022 Sales by Products 2025 Sales by Products

THINKING ELECTRONICS 33
 Growth Strategy – Products Development
 Comparison of PPTC and CPTC

For PPTC, its faster response time and lower power consumption meet the market trend
of energy saving. It also helps customers reduce cost and increase their design flexibility.
Therefore, THINKING plans to promote PPTC more.
THINKING ELECTRONICS 34
 Growth Strategy – Products Development
THINKING PPTC offers over-current protection, and it is recommended for
the following applications.

PCB Portable Electronics Notebook Computer DC Power Module

USB Port Light Bulb Set Top Box

THINKING ELECTRONICS 35
 Growth Strategy – Products Development
 Comparison of TVS Diode and Other Over-voltage Protection Components

TVS diode provides better over-voltage protection because of its accurate varistor tolerance and low
residual voltage. Its low capacitance also makes it a recommended ESD suppressor. Consequently,
THINKING promotes TVS diodes for over-voltage protection.
THINKING ELECTRONICS 36
 Growth Strategy – Products Development
THINKING TVS diode offers either over-voltage protection or ESD protection,
and it is recommended for the following applications.

Automotive Electronics 5G Base Station Notebook Computer

Set Top Box Mobile Phone

THINKING ELECTRONICS 37
 Growth Strategy – Products Development
Global Market Size of Pressure Sensors
Global Market Size of Pressure Sensor
 2021 market size value : USD 14.8 billion
 2026 market size value : USD 21.9 billion (projected)
 CAGR: 8.2% (Pressure Sensor)
4% (Temperature Sensor)
 Growth drivers:
Energy efficient automotive applications,
consumer electronics, and portable healthcare
wearable devices, etc
Source: Global Pressure Sensor Market 2021-2026, by Sensor Type (Wired, Wireless), Technology
(Piezoresistive, Capacitive, Optical), Product (Absolute, Gauge, Differential), End Use, Vertical and
Geography, MARKETSANDMARKETS

USD 21.9 billion (Pressure Sensor)

2026 Market Size Value:
USD 9 billion (Temperature Sensor) = around 2.5 times
Pressure sensor size is 2.5 times of temperature sensor.
THINKING ELECTRONICS 38
 Growth Strategy – Products Development
Applications of Pressure Sensors

Major Applications of Pressure Sensors

 Automotive market:
2021 market revenue of automotive market
is USD 2 billion (around 26.9% of 2021 market
share), and it is projected to reach USD 4.9 billion
in 2030.

 Industrial market:
2021 market revenue of industrial market is
USD 1.4 billion, and it is projected to reach
USD 4.1 billion in 2030.

THINKING ELECTRONICS 39
 Growth Strategy – Products Development
Application Example of Pressure Temperature Sensors

 Application: Application Example of Pressure Sensor

Pressure temperature sensor measures both
temperature and pressure, and its output signal
controls, adjusts, and monitors temperature and
pressure of refrigerant (R1234yf,R134a) in
cooling systems.

 Requirements:
￭ Temperature range: -40 ﾟ C to 150 ﾟ C
￭ Pressure area:
0 MPa ≤ p ≤ 1.5 MPa / 4.0 MPa high side
￭ Burst pressure (system tightness):
min. 4.0 MPa / min. 9.0 MPa high side

 2025-2031 market demand: 500K-5KK/Y

THINKING ELECTRONICS 40
 Growth Strategy – Regional Market

2022 Regional Market 2025 Regional Market

THINKING ELECTRONICS 41
 Global ECO System of Electronics Industry

R&D/FAE capability (design-in) & global support capability (design-win)

Design Solution Known EMS

(OEM/ODM/
House Provider Brand JDM)

Reference Module/Solution Product Second Source

Design Design Design Replacement

THINKING ELECTRONICS 42
 China vs ASEAN FDI Inflow
Region Description 2020 2021 YoY
China FDI Inflow in B USD 149.34 180.96 21%
China Manufacturing FDI in B USD 31 38 23%
Manufacturing FDI in % 21% 21%
ASEAN FDI inflow in B USD 122 174 43%
ASEAN Manufacturing FDI in B USD 19 45 137%
Manufacturing FDI in % 16% 26%
• China 2021 FDI inflow maintain strong but the Manufacturing sector has gradually declined
from nearly 60 percent in 2005 to slightly 21 percent in 2021,
• The decline is mainly due to trade war , geopolitical tensions and China's intentions to further
open-up its economy
• ASEAN 2021 FDI inflow achieved aggressive grow than previous years with the contribution
from manufacturing sector, YoY = +137% at 45B USD

THINKING ELECTRONICS 43
 Global Key Customers Activities In ASEAN

THINKING ELECTRONICS 44
 THINKING ASEAN Focus Segments

THINKING ELECTRONICS 45
 Growth Strategy – Trade War Between USA & China

For USA Market:

Strategic Production Location in
Vietnam

For China Market:

Strategic Ally with China-funded
Partners

THINKING ELECTRONICS 46
 Vietnam - Hai Phong City
Humanistic Advantages
1. Human resource educational level and their
nature conditions and social customs is better
than other ASEAN countries.
2. Sufficient labor and labor cost is lower than
China, Taiwan and other ASEAN.
3. Monthly pay for each employee
Vietnam Factory: USD 213 (VND 5,000,000)
Taiwan Factory: USD 843 (NTD 25,200)
China Factory: USD 312 (RMB 2,000)
4. Vietnamese work hard, well discipline and
efficiently.

THINKING ELECTRONICS 47
 Vietnam - Hai Phong City
Logistics Advantages
1. From HQ (Kaohsiung) to Dongguan, Also,
Dongguan to HaiPhong (500 KM)
2. HQ (Kaohsiung) to Changzhou, Also, HQ to
Hai Phong are (1100 KM)
Thinking Thinking
Dongguan Kaohsiung HQ 3. Hai Phone has International airport and
Thinking
Hai Phong commercial container harbor
4. For Logistics points of view, we can using Air
or Sea transportation also inland truck to
support each factory locations.
5. Between Taiwan, China and Vietnam factory,
we can share resource (Human resources,
Distance: Raw materials est.)
From HAI PHONG to Dongguan: 500 KM
From Dongguan to Kaohsiung (HQ): 500 KM

THINKING ELECTRONICS 48
 Update Schedule for Vietnam Factory

Stage 1 (Under Schedule) Stage 2 Stage 3 Stage 4

2022: 2023-2024 : 2025(Q3) :
Factory 2025(Q1-Q2):
Acquire land Factory MP,
ownership of construction & Human recruitment, increase 50% of
Equipment Job training..etc total THINKING
Hai Phong factory. arrangement capacity.

2022 Nov. Updated

2022:Chairman will 2023-2024/Q2:
go to Vietnam to sign 2024 Q2:
Factory construction ,
land ownership Equipment arrangement Pull in SMD MP
contract by Mid of and Human recruitment Schedule.
Dec. & job training.

THINKING ELECTRONICS 49
 Continuous Expansion Plan

Zhongshan Factory Kaohsiung Factory

Southern CN: IT & Home appliance, 2024 TW: Automotive: 2023 H2

THINKING ELECTRONICS 50
 Vision

Contribution to Human Life in ATIM

Automotive Telecom Industrial Medical

THINKING ELECTRONICS 51
 THANK
5
YOU!
THINKING
Contribute to safety and operation efficiency of electronics

THINKING
THINKING ELECTRONICS
Appendix
 Temp Sensors for Battery and BMS

NTSE Series NTSA Series

(Epoxy Coating Type) (Screw-On Type)

TSM Series NTSB Series

(SMD Type) (Injection Molding Type)

THINKING ELECTRONICS 54
 Temperature Sensor for Battery Cooling

Two-Way Pipe +
Two-Way Pipe
Connector

Coolant in Coolant out

(Low (High
temp.) Temp.)
THINKING ELECTRONICS 55
 Motor Application of Electric Vehicle

THINKING Withstand Electrical

Application Product Diagram
Part No. Voltage Characteristics

R185: 0.1345Kohm
NTSB1 2000V
B25/100:3767
Motor

NTSH1503* 2000V Depend on request

THINKING ELECTRONICS 56
 On-Board Charger Applications

THINKING Product Electrical Product Picture/

Application
Part No. Family Characteristics Product Diagram

Temperature Detection of Air R25 ℃:10KΩ±1%

NTSG0103* NTC
Cooling System B25/85:3435K±1%

Temperature Detection of R25 ℃:10KΩ±1%

NTSA0103* NTC
Heat Dissipation Module B25/85:3435K±1%

TVR* Varistor 18~350V

Over-Voltage Protection
GC* GDT 2000~4500V
THINKING ELECTRONICS 57
 EV Heating System Applications
PTC Heating Element for EV:
Vehicle market is one of the target markets of THINKING, and THINKING has worked on design and
production of automotive PTC heating elements for a long time. THINKING designs various high
voltage PTC heating elements to meet demands of EV market. For high temperature ranged from
180℃ to 250℃, THINKING PTC heating elements can be applied in high voltage at 350Vdc ,
450Vdc and 800Vdc with various sizes. Because of that, those products have been installed and
operated in various models of electric vehicles around the world. THINKING offers solutions with
various sizes, installation methods (clip, paste, solder), and cost objects (Ag, Al) to satisfy
customer’s design needs. Its product specifications are as the table below.

THINKING ELECTRONICS 58
 Air Conditioner & Other Heating
Applications of EV

Application THINKING Part No. PTC Element Product Picture

Air Conditioner
PHR-HV
Heating

PHR-LV
Seat Heating
PHR-HV

Diesel Engine
PHC
Filter/DENOX
THINKING ELECTRONICS 59
 Vision

Contribution to Human Life in ATIM

Automotive Telecom Industrial Medical

THINKING ELECTRONICS 60