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SanRex REPORT

2022

Valuable

Products for Society

Make a continuous effort to create products that are sought by society and contribute to the development of society by providing products of better quality

Corporate Philosophy

Profits and

Prosperity for the

Company

Always endeavor to raise

awareness, aim for prosperity, secure profits and fulfill social responsibility for the Company

Happiness and

Stability for Employees

Always look to the future in high spirits and ensure happiness and a stable life for employees through trust and cooperation

Sansha Electric Manufacturing Co., Ltd. SanRex REPORT 2022

Introduction

01 Who We are

1. Long-termperformance

1. SanRex products

1. Four unique features

Special Feature

Management material issues

P.23

#1 Contribution to a carbon-free society and environmental conservation #2 Constructing infrastructure and contributing to industrial development #3 Providing safety, security and new value to improve services

#4 Strengthening of manufacturing

#5 Reduction of the environmental impact of production activities #6 Promotion of diversity and personnel in action

09

13

3-1-56 Nishiawaji, Higashiyodogawa-ku, Osaka, Osaka, Japan	https://www.sansha.co.jp/eng/
Phone: [phone] (main) Fax: [phone]

	The SanRex trademark is the combination of Sansha Electric Manufacturing's "San" and "Rec" from rectifier.
	The Sansha Electric Manufacturing Group will capitalize on the electric power conversion technologies cultivated
	through the development of rectifiers and endeavor to build a prosperous society.
SanRex is a registered trademark of	The color red used for SanRex logotype gives the logo an active look that viewers associate with energy.
It represents the enthusiasm and energy of the individual employees that work to realize the philosophy of the
Sansha Electric Manufacturing Co., Ltd.
Sansha Electric Manufacturing Group.

Message from the President

Message from the Director in charge of financial affairs

15 Value creation process

17 Progress of the medium-term management plan

41 Corporate governance

49 Financial data

1. Stock and shareholder data
2. Non-financialdata & Outline

Who We are

The Sansha Electric Manufacturing Group's Philosophy,

Mission and Vision

Corporate Philosophy

Valuable Products for Society Profits and Prosperity for the Company Happiness and Stability for Employees

Mission

Corporate Statement

Leading the New Power Electronics

	What we
Vision	aspire to be

Global Power Solution Partner

Our Performance

Net sales

(in million yen)

23,717 24,369	21,875		22,675
		19,436
2017	2018	2019	2020	2021	(FY)

Operating profit & ratio of operating profit to net sales

Operating profit (in	million yen)		Profit ratio (%)
6.2%	7.5%
			5.8%
	1,833		2.1%
1,474	1.2%	1,316
		256	416
2017	2018	2019	2020	2021	(FY)

Bringing a Brighter

Future Through Power

Electronics

Return on equity (ROE)	Capital investment
(%)	(in million yen)

5.7%	6.8%			5.9%		734	720	641
			2.6%							513
									359
	-3.5%
2017	2018	2019	2020	2021	(FY)	2017	2018	2019	2020	2021	(FY)
Basic Information (as of the end of March 2022)

The Sansha Electric Manufacturing Group leads today's power electronics industry as a developer of power semiconductors for power supply control and conversion and as a specialist in a broad array of industrial power supplies for various industries, from high to low electric power.

In a society that is being urged to massively increase energy efficiency and shift to low-carbon energy to reduce greenhouse gas emissions, the Group provides quality technologies as one as a unique partner helping resolve social issues.

Established
in 1933
Developing a power	Japan
supply for a movie
64.5%
projector that stabilizes
the image on the movie
theater screen

Women	Staff	Men	Power
semiconductor
472	composition	933	business
			34.4%
employees in the Sansha	1,405
Electric Manufacturing Group

	China 19.4%
Share of sales	Asia (excl. China)
10.6%
by region
	North America
	3.7%
	Other 1.8%
Share of sales	Power supply
business
by segment
65.6%

01

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02

Long-term performance

Introduction

The Sansha Electric MFG

1990

2000

2010

2021

01

9.4%

18%

32.8%

35.5%

history of growth

(%)

(100 million yen)

Ratio of

Ratio of

Ratio of

Ratio of

overseas sales

overseas sales

overseas sales

overseas sales

50

400

Since its founding in 1933, the Sansha Electric Manufacturing Group has been contributing

SANREX ASIA PACIFIC PTE.

1999

2009

2016 China

DONGGUAN EASTERN

to the development of society through the creation of products that society needs.

Singapore

ELECTRONICS CO., LTD. established

LTD. established

2001

Slovenia

2017

Helsinki Branch established

Finland

Nearly four decades have passed since we launched our first

overseas

bases in the

United

SANSHA

Representative office in

1994

China

Seoul Branch established

ELECTRIC MFG.

SANSHA

Slovenia opened

South Korea

States and in Hong Kong in 1983.

(GUANGDONG)

China

(relocated to Helsinki in FY2017)

Taiwan

Taipei Branch established

CO., LTD.

ELECTRIC MFG.

The Group will continue to operate its business globally.

1992

established

(SHANGHAI) CO.,

LTD. established

SANREX EUROPE GMBH established

Germany

(relocated to Slovenia in 2009)

Trends in consolidated net sales and

in the ratio of overseas net sales

25

200

No matter the changes of the era, the

Consolidated net sales (right scale)

Ratio of overseas net sales (left scale)

most significant social responsibility that

1983

the Sansha Electric Manufacturing Group

has as a manufacturer is to conduct

SANREX LIMITED established

Hong Kong

manufacturing that is valuable to society.

SANREX CORPORATION established

USA

Kunio Shikata,

Based on the idea that continued

corporate growth is achieved by ensuring,

Honorary Chairman

through manufacturing, customer

Representative

2007

2022

satisfaction and profit

generation, the

Director, President and

Brisk capital

Russia's invasion of Ukraine

Group will aim to develop and to build

Chairman of the Board

investment and

from 1986 to 2021

positive relationships with all stakeholders.

record-high net sales

2020

1999

2008

U.S.-China trade dispute &

Internet

Financial crisis

COVID-19

bubble

0

1933

1948

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

2021

2023

(FY)

Establishing the technological foundation that continues	Increasing bases and specialization in the
from the foundation of the Group to the present	development of power semiconductors
1933-1970	1971-1990

Developing a system for increased globalization

1991-2010

Towards a new age

2011-2022

Business History

1933

1948

1953

1960

1970

Sansha Denki Seisakusho founded

Sansha Denki Seisakusho Co., Ltd. established

Tokyo District Office (currently Tokyo Branch) established

Headquarters Plant completed in Osaka

Fukuoka Representative Office (currently Kyushu Sales Office) established

Yukio Shikata,

founding president

1982		Shiga Plant completed in
		Shiga Prefecture for the
		production of power supplies
1985		Okayama Plant completed
		in Okayama Prefecture for
		the production of power
		semiconductors
		Masao Shikata,
		second president

1994		Shiga Plant obtains ISO 9001 certification
1996		Okayama Plant obtains ISO 9001 certification
1997		Achieves listing on the second section of the
		Osaka Stock Exchange
2001		Power Supply System Manufacturing Division
		obtains ISO 14001 certification
2002		Semiconductor Manufacturing Division obtains ISO
		14001 certification

2014 New building completed at the Shiga Plant

2016 SANSHA SOLUTION SERVICE CO., LTD. established in Osaka

2016 SANSHA ELECTRIC EASTERN CO., LTD. (currently SUWA SANSHA ELECTRIC CO., LTD.) established in Nagano Prefecture to commence small power supply business

2021

2022

OSAKA DENSO INDUSTRY CO., LTD. becomes a wholly owned subsidiary

Listing moves to the Standard Market of the Tokyo Stock Exchange

Representative Director and President from the Group's foundation to 1972

Representative Director and

President from 1972 to 1986

1991 Develops a planner type transistor module

2014

Develops a photovoltaic power generation evaluation system

2019

Develops a 1500 V string compatible diode module

Product Development

1933

1937

1963

1964

1968

Develops a choke coil auto transformer,

a predecessor to projector power supplies

Develops a tungar rectifier for light projectors

Tungar rectifiers for light projectors

Develops and announces our first power semiconductor and thyristor

Develops an inverter uninterruptible power supply and an electric power regulator for electric furnaces

Develops a diffusion type of triac and thyristor

1971		Develops an insulated triac that is the first in Japan
1980		Develops a thyristor module and a power transistor
		for high speed switching
1982		Develops a power transistor module
1988		Develops a power MOSFET module

1993	Develops a solar power conditioner
2002	Develops a power supply for light source for
	projector of digital cinema
2007	Develops an IGBT chip for inverter for industrial use

2015

2016

2017

for the National Institute of Advanced Industrial Science and Technology's Fukushima Renewable Energy Institute

Jointly develops a compact SiC power module with Panasonic Corporation

Participates in the virtual power plant (VPP) construction demonstration project

Develops a fuel cell power conditioner

2020

2022

for photovoltaic power generation

Develops a power supply for storage battery tests

Releases a 1200 V SiC MOSFET discrete semiconductor

1970

Develops a rectifier for plating

Insulated triac

Thyristor modules

Solar power conditioner	Lamp power supply for digital
	cinema projector

SiC power module	1200 V voltage-resistant SiC	Power supply for
	MOSFET discrete semiconductor	storage battery tests

03

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04

SanRex products

Introduction

02

Products of the Sansha Electric MFG

That Support Society

What does "freely transforming electricity" mean?

The electricity generated by power plants and other facilities cannot be used as it is. It must be transformed.

There are roughly four different ways of transforming electricity.

1	Converting direct current	2	Converting alternating current
	electricity to alternating current.		electricity to direct current.
3	Changing the frequency of	4	Changing the voltage of direct
	alternative current electricity.		current or alternating current

What does "efficiently converting electricity" mean?

There is always a loss of electricity every time a power conversion occurs in the process from power generation at a power plant, through transmission lines and power supply circuits to the final operation of electric appliances by consumers.

Power semiconductors

Are devices that strictly control the electric current flow and the voltage level, including transformation from an alternating current into a direct

Power supplies

Refer to systems for supplying the electric power necessary for the operation of machinery and equipment for industrial purposes. Using power

electricity.

The Sansha Electric Manufacturing Group uses technologies based on the methods for these conversions to transform and control electricity in the manner that is best suited to the purpose of use of the power supply to support society in many different areas.

To reduce this power loss, we are working to develop high performance power devices and high efficiency power supplies.

current. They are indispensable to increasing efficiency of electric power transformation and to energy conservation.

semiconductors, they efficiently supply stable electric power for a wide variety of applications, including everything from high to low electric power.

Infrastructure

Expressways and electronic toll collection (ETC)/Stations

General industries

Energy & the environment

Solar (PV) power generation

Power conditioners

Converting the direct current electric energy obtained from sunlight into alternating current to connect to the commercial power network

Diode

Preventing the backflow of electric current from a storage battery or other device and the subsequent damage of solar panels

New energy

Power conditioners for fuel cells and for storage batteries

Converting electric energy stored in fuel cells and storage batteries and connecting to the commercial power network

Hydrogen

Power supplies for hydrogen generation

Supplying a stable electric current to the water electrolysis system necessary for the production of hydrogen through the electrolysis of water

Lithium ion batteries

Power supplies for copper foil

Information & communication

Smartphones

Power supplies for surface treatment

Used for plating, which is a process of placing a thin metal film over the surfaces of electronic components, printed circuit boards and other parts used in computers and smartphones

Uninterruptible power supplies (UPS) and control power supplies

Maintaining the supply of electric power for a certain period of time during a power failure to protect the operation of equipment and data

Auxiliary power supplies for electric rolling stock

Diode

Supplementary power supplies that supply electric voltage and frequency to lighting, air conditioning and other machinery in rolling stock

Mobile phone base stations

Power supplies for aluminum foil processing

Power supplies for electrochemical etching, which is the process of expanding the surface area of the aluminum foil used in electrolytic capacitors that are necessary for the power supplies for base stations

Water supply and sewage facilities

Power supplies for ozone sterilizers

Generating ozone to decompose organic substances in water by directing dry air or oxygen and applying a high voltage to induce an electric discharge

Automobiles

Power supplies for surface treatment

Used in plating for increasing the abrasion resistance and oxidation resistance of metal and other surfaces

Manufacturing robots and welders

Thyristor/Diode

Controlling motors and maintaining a constant voltage to protect electric circuits from overvoltage

Power supplies for welding and cutting

Power supplies for welding and cutting steel sheets

Printed circuit board

Power supplies for surface treatment

Used for plating, which is the process of covering the surfaces of printed circuit boards built in to power supplies with a thin metal film

Inverters for industrial use and commercial air conditioners

Diode

Stabilizing and controlling motors

Performing an electrolytic process with a stable electric current to generate copper foil to be used as an anode material for lithium-ion batteries

Lifestyles, medical care and entertainment

Fuel cells and storage batteries

Movie theaters

Power supplies for testing and

evaluation and charge-discharge products

High performance power supplies indispensable in the testing and evaluation of a range of batteries and automotive equipment

Power plants

Power supplies for seawater electrolysis

Large current power supplies that generate sodium hypochlorite through the electrolysis of seawater to prevent marine life from depositing on the plant's water inlet

Waste disposal plants and contaminated substance disposal plants

Power supplies for plasma

Power supplies for plasma arc generators that quickly increase the temperature of waste to be treated to a high temperature to suppress the generation of dioxins

Home electric appliances and electric bidet toilet seats

Triac

Controlling heaters and motors

Elevators

Diode

Stabilizing and controlling motors

Power supplies for light sources

Power supplies for projecting images clearly onto a screen

Medical equipment/ATMs

Small embedded power supplies

Power supplies providing stabilized electric power

TV studios, halls and stadiums

Power supplies for dimmers

Power supplies that enable the continuous dimming of lighting

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06

Four unique features

Introduction

03

Four unique features

of the Sansha Electric MFG

Business operation in domains that	2030 *
1 contribute to a sustainable society	564.2
billion yen

3 A large market share because of

our advanced technologies and services

Since its foundation in 1933, the Sansha Electric Manufacturing Group has been conducting its corporate activities in accordance with its corporate philosophy, "Valuable Products for Society." Today, the international community faces climate

Trends in the size of the global market for fuel cells for business use

2021*

2018 160.2

billion yen

2025*

364.2

billion yen

In the semiconductor thyristor and diode module market that we target, our Group has the third largest share of the global market.1 In the Japanese market of power supplies for plating and other power supplies for surface treatment, we hold the

2

Our target markets,	Approx.
thyristor and diode modules

43.0

billion yen

change and many other social and environmental issues and businesses are urged to take actions toward the creation of a sustainable society. We provide power semiconductors, power supplies for storage batteries and fuel cells and other products

106.2

billion yen

*Forecast

largest market share.

Customers have continued to choose our power supplies for surface treatment for a long time. First, they have superior output stability from startup. Second, we are always ready to

Power

module market

Approx. 647.0

billion yen

and services to help resolve these issues.

Examples of products that help to realize a sustainable society

Source: Fuji Keizai Co., Ltd.: 2020 Latest Trends and Future Outlook of Fuel Cell-Related Markets

provide wide-ranging support to customers, including delivery, after-sales services and equipment replacement.

605.0

Fuel cell power conditioner	SiC power module
It includes a silicon carbide (SiC) power module we	Employing a transfer mold1 package that is small
Feature developed to achieve a 97.5% or better conversion	Feature and has excellent long-term reliability
efficiency, one of the highest in the industry.	Providing enhanced long-term reliability,2 lower
Power loss comparison with a 20-kWthree-phase	loss and greater compactness
	power conditioner semiconductor	1 A method of molding thermosetting resins in which materials are
400
	heated and softened before being pressed into a metal mold
Power	IGBT	2 Power cycle resistance that is around three times greater than
300	Our SiC power module

1 Source: Omdia, Annual Power Semiconductor Reports - 2020

2 Estimated by Sansha Electric Manufacturing Co., Ltd. on the basis of the Japan Plating Suppliers Association: FY2020 Dynamic Statistics of Power Supply Sales

Power

semiconductor

market in 2020

4,800

billion yen

MOS-FET, billion yen

IGBT,IPM

(93.0%)

Power modules	13%
Discrete semiconductors	33%
ICs for power supplies	54%

loss													our conventional models
200
semiconductorwith100
the	0
(W)	5	15	25		35	45
	Inverter output power supply (A)			1200V150A
											Vcc 500V fsw 7kHz

2 Integrated production and

one-stop services including after-sales services

Thyristor and diode module	Power supplies for
semiconductors	surface treatment

Third largest share	Largest share
of the global market	of the Japanese market

4 Overseas growth potential

Source: Omdia, Annual Power Semiconductor Reports - 2020

Target ratio of

overseas sales

Our power semiconductors supporting high voltage and current are manufactured in an integrated production system including

This has made us very familiar with how power semiconductors are used in power supplies. That allows us to create proposals that are

In 1983, we established two subsidiaries: SANREX

Ratio of overseas sales

50%

wafer processing and package assembly. Power supply devices, circuit boards and other components are manufactured in an integrated production system that includes development, design and manufacturing.

The Sansha Electric Manufacturing Group develops, designs and

highly efficient, safe, and best suited to the specific environment the customer will use them in, including peripheral circuits.

We believe that maintenance is a vital part of ensuring the safety of power supplies. We are ready to provide one-stop support including efficient installation, operation, maintenance

CORPORATION in the US state of New York and SANREX LIMITED in Hong Kong. We then opened sales bases in Singapore in 1999 and in Shanghai, China in 2001 to expand our overseas sales operations. In 1994, we opened a base manufacturing power supplies in Guangdong Province

SUWA SANSHA ELECTRIC CO., LTD. is excluded because all of its sales are in Japan.

40.9% 39.5%

36.5%

43.6%

manufactures both power semiconductors and power supplies.

and replacement.

in China to push ahead with local production for local consumption in China. To continue our overseas expansion,

32.4% 39.4% 38.8%

Process flow of customized products

Proposals and

after-sales services to customers

Receipt of	Development		Delivery	and	Inspection	Replacement
Production	and
order		Design	trial operation		work
	overhaul

we set up branches in Helsinki, Finland, Seoul, South Korea and Taipei, Taiwan in 2017. We are expanding our business globally with the medium- to long-term target of increasing the ratio of overseas sales to around 50%.

30.6%

Sansha Electric Manufacturing Co., Ltd.

Collaboration

Sansha Solution Service Co., Ltd.

2014

2015

2016

2017

2018

2019

2020

2021

(FY)

07

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