The global economy in 2024 is expected to show a dual-track differentiation across regions and industries. The economies of the U.S. and Europe are forecast to perform better than in 2023, while major East Asian economies are expected to underperform. The U.S. economy is outperforming expectations due to strong domestic demand, while Europe faces weakness in its manufacturing sector and geopolitical pressures. In Asia, Japan’s economy struggled due to natural disasters and industrial crises, while China adjusted its policies to support growth amid a weakening real estate market and sluggish domestic demand. According to Gartner, the global semiconductor market reached 18.1% in total revenue in 2024. However, the strong performance of the semiconductor industry in 2024 is mainly driven by the surging demand for AI processors and graphics processors (GPU), particularly in the data center sector, which reached US$112 billion, significantly higher than US$64.8 billion in 2023, making data centers the second largest semiconductor market globally, after smartphones. RichWave has always focused on RF IC design, particularly in the R&D of Wi-Fi FEM, and is a leader in this field. It has successfully obtained certification from a US Wi-Fi 7 chip manufacturer, and the expansion of its mobile phone Wi-Fi 7 FEM market will contribute to RichWave’s revenue. In 2024, RichWave’s consolidated revenue reached approximately NTD3.7 billion, a 23% increase year-on-year. Net income for the year totaled NTD 160 million, up 170% year- on-year, resulting in an EPS of NTD 1.73. Looking ahead to 2025, the global economy will still face many challenges and opportunities.

RichWave will actively respond by continuously developing new technologies, improving products’ powerefficiency, and low power consumption qualities, expanding investment in technical talent and R&D resources, and increasing its global market share.

2024 is a significant year for RichWave, marking its 20th anniversary since its founding in 2004. From a small IC design firm, the company has grown to a medium-sized enterprise with over 300 employees after relentless hard work. Over the last two decades, RichWave has faced numerous business and management challenges, as well as unpredictable political and economic factors, including the global financial crisis of 2007-2008, the COVID-19 pandemic, the China-US trade war, the Ukraine-Russia war, and the Israel- Palestine conflict. However, we adhere to the business philosophy of "Integrity and Honesty," "Ongoing Innovation," "Dedication and Commitment," and "Achieving Glory," and work together to face the changes and challenges of the global environment with an unwavering spirit. Embracing the spirit of "JUST DO IT, facing difficulties or challenges, never give up easily, and bravely taking on risks and opportunities after careful analysis," we remain committed to our long-term vision of becoming a century-old enterprise. In addition, RichWave established a Sustainable Development Committee this year, reporting directly to the Board of Directors, to further promote and develop the performance of the Company’s sustainability-related strategic plans. We will further integrate corporate social responsibility into our daily operations, strengthen relevant corporate governance indicators, and strive to build an effective corporate governance structure to protect shareholder rights, strengthen the effectiveness of board supervision, respect the rights and interests of stakeholders, and regard improving company information transparency as the highest principle. At the same time, we will strengthen the connection between sustainable performance and operational management, and promote sustainable development through integration with our profession to let this persistence become the driving force for innovation.

In terms of environmental sustainability, RichWave regards environmental protection as our responsibility and continues to emphasize the R&D of energy-saving, high-efficiency products, and consider it one of the Company’s key R&D projects. As RichWave is a fabless IC design company, we work closely with our suppliers to promote a green production supply chain, ensuring that it meets regulatory requirements and achieves shared economic benefits through improved energy efficiency, reduced carbon emissions, and lower production of polluting products. Due to the crucial impact of "climate risk measurement" on the sustainable operation of modern businesses. To address the important topic of corporate sustainability, RichWave has planned to implement the Task Force on Climate-related Financial Disclosures (TCFD) in 2024. By focusing on four core elements including governance, strategy, risk management, and setting metrics and targets, we aim to effectively manage climate change risks and opportunities, providing reliable financial metrics and information to investors, customers, and other stakeholders.

As far as a friendly workplace is concerned, RichWave has always perceived our employees as our partners, thus we have strived to provide them with a LOHAS, healthy, positive, and open work environment in a bid to inspire their creativities and proactive attitude. This is complemented by a comprehensive training mechanism and remuneration/welfare system to offer our employees a progressive career development platform and opportunities, thereby advancing the company’s overall technological innovation and development, as well as attaining a win-win situation for the company and the employees.

Looking ahead, the mobile and wireless communication industries will continue to flourish. RichWave’s radar sensors and Wi-Fi 7 front-end modules will provide more efficient connection support for AI, Edge Computing, Robotics, the Internet of Vehicles (IoV), the inndustrial Internet of Things (IoT), VR, and Telemedicine. In terms of terminal applications, the business target for 2025 is to continue expanding into application areas including IoT and IoV, in addition to working with telecommunication operators and mobile phone manufacturers. We will adhere to the concepts of ethical management and green environmental management, increase our investment in corporate governance, environmental sustainability, talent cultivation, and care for the disadvantaged, fulfill our corporate social responsibility, improve customer satisfaction, and achieve a vision of co- existence and shared prosperity for sustainable development.