2025 Joint Institutional Investor Conference

Monday, November 3, 2025

1. Company Overview and Business Segments

• Alliance: PASSIVE SYSTEM ALLIANCE (PSA)
  • Slogan: One Vision, the strength of many
• Member Companies:
  • HannStar Board Corporation
    • Stock Code: 5469.TW
  • Global Brands Manufacture
    • Stock Code: 6191.TW

Global PCB Production Layout Overview

• Historical Milestones:

  • 1989: HSB (HannStar Board) Founded in Taiwan.
  • 2002: HSB established in JiangYin.
  • 2010: GBM (Global Brands Manufacture) acquisition (HSB holds 40%+).
  • 2018: ELNA acquisition (via GBM).
  • 2025: Lincstech acquisition (via GBM) on April 8.

• Production Sites & Product Specializations:

  • Japan (ELNA, Lincstech):
    • Shimodate: Probe Card, Robot (HDI)
    • Ishioka: HDI for High Precision Module (mSAP)
    • Iida: Automotive, Aluminum base LED
    • Toyokawa: Home Appliance
    • Shiga: Automotive (HDI)
  • China (HSB, GBM):
    • JiangYin: PC, AI NB, Automotive, Server, LCD, Consumer (HDI)
    • ShenZhen: DT, VGA
    • DongGuan: VGA, Automotive
    • ChongQing: NB (HDI)
  • Taiwan (HSB):
    • Kuan Yin: AI Server, Server MB, IPC, Networking (HDI)
  • Malaysia (Lincstech):
    • Penang: HLC, Automotive, Consumer (HDI)
  • Singapore (Lincstech):
    • Singapore: HLC for AI Accelerator, Switch (HDI)

EMS Capacity Distribution & Product Types

• China:
  • Kunshan: Automotive, Power tools (22 SMT Lines)
  • Huangjiang: Consumer, Peripherals of PC (20 SMT Lines)
• Malaysia:
  • Ipoh: Air Conditioning, Communication, Biological Monitoring, Industrial Control (IoT, AIoT) (10 SMT Lines)
• Product Types (Examples):
  • Power Tools, Consumer, Home Application, Automotive.

2. Financial Highlights and Key Metrics

Consolidated Income Statement - Global Brands Manufacture

(Currency: NTD Millions)

• Notes:
  • Revenue Explanation: 2025 Q1-Q3 includes Lincstech's revenue from April 8, 2025, due to merger.
  • Gross Margin Explanation: Affected by market competition, product mix changes, rising raw material costs, and increased fixed costs at the Malaysia plant.
  • EPS Explanation: Following a capital increase in September 2025, outstanding shares are 499 million.

Consolidated Income Statement - HannStar Board Corporation

(Currency: NTD Millions)

• Notes:
  • Revenue Explanation: Resulting primarily from product mix changes and sales volume growth.
  • Gross Margin Explanation: Influenced by exchange rates and rising raw material prices.
  • EPS Explanation: Net profit for 2025 Q1-Q3 is NTD 2.38 billion; following an 8% capital reduction in August 2024.

4. Future Outlook and Guidance

• Capital Expenditure Outlook:
  • Capital Expenditure (NTD Millions):
    • 2023: ~1,500
    • 2024: ~4,000
    • 2025 Q1-Q3: ~2,000
  • Capital Expenditure/Revenue (%):
    • 2023: ~4%
    • 2024: ~10%
    • 2025 Q1-Q3: ~8%
  • Including Ongoing Capital Expenditure/Revenue (%):
    • 2023: ~4%
    • 2024: ~15%
    • 2025 Q1-Q3: ~10%

5. Strategic Initiatives and Plans

Operating Strategy Three Segments

• Core Business (Deep Cultivation):
  • Personal Computers (PC, NB, Desktop, Docking)
  • Consumer (Gaming STB, TFT LCD, AP Networking)
  • Automotive
  • Medical
• Growing Business (Strengthening):
  • AI Related (PC, Server, ASIC Switch-400Gbps, Computing Card, VGA)
  • Automotive ADAS
  • Probe Card
  • Robotics
• Next Business (Development):
  • Agentic AI Accelerator Switch (800Gbps, 1.6T)
  • Humanoid Robot
  • Autonomous vehicles
  • Interposer, ST(MLO)

Future Focus

• Lincstech Singapore: Expand talent and technology to Malaysia.
• HannStar Board Guanyin + Taoke: Advance Switch products without pre-construction delays.
• HannStar Board Jiangyin: Consolidate AI NB leadership and enter China Server and Switch markets.
• Lincstech Japan: Increase Probe card production and Interposer products.
• Global Brands Manufacture Chongqing + Huangjiang: Expand HDI and VGA offerings.

6. Key Charts, Graphs, and Data Points

Global Brands Manufacture Product Mix (April-September 2025)

• Overall Product Mix:

  • PC: 43%
  • HLC Accelerator: 18%
  • Consumer: 14%
  • Automotive: 7%
  • Probe Card: 6%
  • Robot: 4%
  • Medical: 1%
  • Communication: 1%
  • Others: 1%

• Product Mix by Segment:

  • Lincstech: HLC Accelerator Switch (45%), Probe Card (15%), Robot (10%), Consumer (8%), Medical (3%).
  • PCB: PC (79%), Automotive (14%), Consumer (5%).
  • EMS: PC (58%), Consumer (39%), Automotive (2%).

HannStar Board Corporation Product Mix (April-September 2025)

• Overall Product Mix:

  • PC: 36%
  • Server: 20%
  • Networking: 16%
  • Others: 12%
  • Gaming: 7%
  • Automotive: 6%
  • LCD: 3%

• Product Mix by Location:

  • Taiwan: Server (89%), Networking (6%), Automotive (5%).
  • China: PC (45%), Gaming (19%), Automotive (14%), Networking (9%), LCD (7%).

PCB Main Product Shipment Performance

• HLC-Switch AI Accelerator:
  • Produced Over: 220K Units
  • Layers: 24-40L
• Server MB:
  • Produced Over: 650K Units
  • Market Share: 6%
• AI Server:
  • Produced Over: 150K Units
  • AI Ratio: 23%
• Notebook PC:
  • Produced Over: 80M Units
  • Market Share: 50%
• Desktop PC:
  • Produced Over: 21M Units
  • Market Share: 32%
• AI PC:
  • Produced Over: 10M Units
  • Market Share: 20%

7. Key Terms and Concepts

General Terms

• HDI (High Density Interconnect)
• mSAP (Modified Semi-Additive Process)
• SMT Lines (Surface Mount Technology Lines)
• IoT (Internet of Things)
• AIoT (Artificial Intelligence of Things)
• ADAS (Advanced Driver-Assistance Systems)
• ST(MLO) (potentially a specific type of Interposer or related technology)

PCB Product Tiers & Specifications

• Premium:
  • Products: Probe card
  • Layers: ≥ 52-100 Layers
  • Thickness: > 7.0 mm
• High-End:
  • Products: 800G Switch, AI Accelerator
  • Layers: ≥ 26-50 Layers
  • Thickness: 4.0 - 7.0 mm
• Midrange:
  • Products: General Server, 400G Switch, Medical
  • Layers: ≥ 14-24 Layers
  • Thickness: 1.6 - 4.0 mm
• 3C Product and Automotive:
  • Products: Consumer, Automotive, Robot
  • Layers: ≥ 2-12 Layers
  • Thickness: 0.4 - 1.6 mm

Specific Products and Categories

• PC & Computing:
  • Personal Computers (PC, NB, Desktop, Docking)
  • AI NB
  • AI PC
  • Server
  • Server MB
  • Computing Card
  • DT (Desktop)
• AI & Networking:
  • HLC Accelerator, Switch
  • AI Accelerator
  • ASIC Switch-400Gbps
  • Agentic AI Accelerator Switch (800Gbps, 1.6T)
  • Networking
  • AP Networking
• Automotive:
  • Automotive
  • Automotive ADAS
  • Autonomous vehicles
• Consumer & Home:
  • Consumer
  • Home Appliance
  • Gaming STB
  • TFT LCD
  • LCD
  • Power Tools
  • Peripherals of PC
  • Air Conditioning
• Specialized/Industrial:
  • Probe Card
  • Robot
  • Humanoid Robot
  • Medical
  • Biological Monitoring
  • Industrial Control (IoT, AIoT)
  • Interposer
  • Interposer, ST(MLO)
  • VGA