Corporate Governance Enhancement
We enhance our core strengths through global resource integration and expand our product marketing efforts worldwide to meet customer demands promptly, ensuring sustained competitiveness and value creation.
Operation Overview
Founded in 1972 and headquartered in Hwa-Ya Technology Park, Taoyuan City, Taiwan, PHIHONG is one of the top 10 power supply suppliers in the world. We specialize in the development and manufacture of high efficiency power supply products. With the world-renowned power conversion technology, we are dedicated to the market of electric vehicle charging station equipment. Our products are mainly developed for power supply products, including power adapters, battery chargers, PoE (Power over Ethernet), electric vehicle charging stations, and construction site audio. We are also involved in consumer electronic products such as POE network smart home, AR/VR, e-Sports, POS machine, small home appliances, home medical equipment, e-bike, construction, industry, 5G, electric vehicles, and other industrial fields. During the reporting period, the ownership of PHIHONG and its subsidiaries underwent major changes in Sep 2022. On the occasion of the 50th anniversary of PHIHONG Group, the electric vehicle energy business group was split and established as a subsidiary Zenova Technology, which provides integrated electric vehicle charging solutions for the global electric vehicle market.
In recent years, we have gradually integrated and updated our information platform, collected internal data and market intelligence, analyzed potential problems for improvement, and tracked the market trend to plan green and sustainable business opportunities in advance. In addition, we have integrated the issue of sustainable development into our business strategy to improve our competitiveness and overall gross profit margin, maintain a stable financial structure and operating quality, and achieve our core values of “energy saving, environmental protection, innovation, and service” to become the world’s best power supply provider.
(as of December 31, 2023)
Phihong’s consolidated revenue for 2023 reached NT$12.332 billion, with a gross profit of NT$3.213 billion, marking a 50% year-on-year increase. The net profit after tax was NT$263 million. The electric charging pile business has benefited from the acceleration of electric vehicle infrastructure in various countries. As charging pile technology and business continue to mature, and with the global rise in environmental awareness and the increasing penetration of electric vehicles, there is greater potential for growth in both gross profit margin and profitability, contributing to overall profit growth.
| Product type | Sales volume | Revenue | Profit ratio |
| Power supply products | 55,797,363 | 7,591,608 | 62% |
| Electric vehicle energy products | 472,522 | 4,740,789 | 38% |
| Total | 56,269,885 | 12,332,397 | 100% |
| Year | 2021 | 2022 | 2023 | |||
| Accounting item | Amount | % | Amount | % | Amount | % |
| Revenue | 12,284 | 100.00 | 14,018 | 100.00 | 12,322 | 100.00 |
| Gross profit | 1,437 | 11.99 | 2,142 | 15.28 | 3,213 | 26.05 |
| Operating expenses | 1,812 | 14.75 | 2,128 | 15.18 | 2,858 | 23.18 |
| Net operating profit (loss) | (339) | (2.76) | 14 | 0.10 | 355 | 2.88 |
| Non-operating income and expenses | 41 | 0.33 | 174 | 1.24 | 109 | 0.88 |
| Net profit (loss) before tax | (298) | (2.43) | 188 | 1.34 | 464 | 3.76 |
| Income tax expense | (15) | (0.12) | (117) | (0.83) | (201) | (1.63) |
| Net profit for this period | (313) | (2.55) | 71 | 0.51 | 263 | 2.13 |
| Employee benefit expenses | 2,392 | 2,604 | 2,850 | |||
| YearItems | 2021 | 2022 | 2023 | |
| Income tax (expense) benefit | -14,668 | -116,834 | -201,892 | |
| Income tax paid | 12,473 | 22,191 | 254,163 | |
| Income tax expense as a % of consolidated revenue | -0.12% | -0.83% | -1.64% | |
| Operating expenses | 1,812,626 | 2,127,981 | 2,858,013 | |
| Revenue (Net Sales) | 12,284,041 | 14,017,575 | 12,332,397 | |
| Allocated economic value | Employee salaries | 908,877 | 1,150,499 | 1,679,685 |
| Government tax payment | 31,633 | 134,439 | 226,459 | |
| Community investment costs / donations | 188 | 507 | 887 | |
| Payment to investors | 0 | 0 | 0 | |
| Remaining economic value | 11,343,343 | 12,732,130 | 10,425,366 | |
Remark:
1. Operating cost includes the booked operating cost, employee salary and benefits, government tax payments, and community investment cost / donations.
2. Government tax payment (not including late submission fee) including tax on all booked operating cost and income tax payment.
Due to the affirmation of our customers, Asia accounted for 41.96% of our total sales, the Americas accounted for 43.53%, and Europe and other regions accounted for 14.51%. In the future, we will continue to strengthen cooperation with customers in different regions and devote ourselves to product development to ensure stable growth in the medium and long term. During 2023, PHIHONG did not have any prohibited sales or controversial products.
| YearSales region | 2021 | 2022 | 2023 | |||
| Amount | % | Amount | % | Amount | % | |
| America | 980,923 | 7.99% | 2,331,342 | 16.63% | 5,367,868 | 43.53% |
| Asia | 10,435,398 | 84.95% | 9,892,905 | 70.58% | 5,175,057 | 41.96% |
| Europe | 800,649 | 6.52% | 1,622,631 | 11.58% | 1,666,411 | 13.51% |
| Others | 67,071 | 0.54% | 170,697 | 1.21% | 123,061 | 1.00% |
| Total | 12,284,041 | 100.00% | 14,017,575 | 100.00% | 12,332,397 | 100.00% |
