To our partners who care about the ESG of Primax:
In 2023 , the global economic recovery momentum remained vulnerable. Although the lift rate cycle of major central banks is coming to an end, under the expectation that high interest rates would remain for a while in the economies, such as the U.S.and Europe, the ongoing inflationary pressure continues to suppress the end demand.Besides, the post-pandemic recovery is not as good as expected in China. The industry continues to undergo inventory adjustment and distributed regional manufacturing.The overall business environment for the electronics manufacturing industry is still full of challenges. Meanwhile, the climate change issue, which is accelerating the relevant actions of enterprises, AI and digitization trend, keeps testing the enterprises’competitiveness and ESG resilience and competence.
Continue the pace of steady transformation and demonstrate excellent business management and resilience
2023 will be an important year for Primax Group to continue its steady transformation. From the perspective of the core development of products with three senses in one, we continue to expand the layout of and investment in new businesses and new technologies, optimize the product portfolio, and continue to expand inthe fields of automobiles, safe life, working from home, acoustics, and smart city,and also proactively invest capital in the development of edge computing and AI-related AIOT products. Meanwhile, we strictly controlled costs, expenses and capital expenditures. As a result, the inventory level quickly returned to the level before outbreak of the pandemic. The outstanding management and resilience enable the Company to achieve the unprecedented performance in gross profit margin, operating profit margin and net profit margin after tax. Meanwhile, the Group's overall cash levelhas also increased significantly, as the powerful and strong backup for the following transformation plan.
Expand the business locations that set carbon reduction targets based onscientific methods, and work with suppliers to implement carbon reduction.
Primax Group is committed to achieving the net zero goal by 2050 , and also Primax Group is committed to achieving the net zero goal by 2050 , and also planning the net zero roadmap, setting the reduction goal based on the scientific methods specified in the Science Based Targets Initiative (SBTi) and formulating policies and promoting reduction plans in a systematic manner. For the time being, the Group’s important production facilities, including the two plant sites of Chongqing and Kunshan, have qualified the 2023 SBTi short-term target review. We will also continue to plan and set the SBT goals throughout the Group. For the supply chain’s carbon reduction management, SDG 17 Partnerships for the Goals is the core goal of Primax 2030 sustainability strategy roadmap. We look forward to leading our suppliers to jointly set forth the carbon reduction goals and improve the sustainability capabilities at the same time. In 2023 , Primax has implemented important supplier engagement plan and progressively set up feasible goals based on the understanding of the current status of suppliers’ energy management and carbon emissions and ultimately seek to maximize Primax's influence on sustainability.
Create an organizational culture of diversity, equality, and inclusion, and strive toprovide talents with a sustainable happy workplace.
Primax Electronics is committed to creating a trustful and open workplace where Primax Electronics is committed to creating a trustful and open workplace where employees can feel respected and belonged, and are able to express their thoughts and opinions without fear. Our commitments to promoting diversity, fairness,and inclusion cover the four major directions, namely friendly breeding measures,occupational family balance, creation of a secure workplace, and achievement of social inclusion and common good. Meanwhile, we plan related measures andsystems and also join the“ Taiwan Talent Sustainability Action Alliance” to supportthe philosophy of talent sustainability with practical actions. In 2023 , Primax Group has won the awards including HR Asia--Best Companies to Work for in Asia,CommonWealth Sustainable Talent Award, Best DEI Companies to Work for, Happy Enterprise and Sports Enterprise, etc.. In the future, we will keep improving based our original intention for "People-oriented and Sustainable Management."
Results and recognition of ESG promotion
Through various ESG ratings at home and abroad, Primax Electronics continuesto review its own ESG operating performance to make improvement and also grow. In 2023 , Primax was selected as a member of 2024 Sustainability Yearbook of S&P Global Ratings, an international sustainability rating institution, for the first time and received the recognition by the Industry Mover Award in the industry. In the Climate Change Questionnaire of the world's most authoritative non-profit-seeking organization forenvironmental indicators, CDP, Primax received the highest rating, i.e. "Leadership A,"among 21 , 000 companies, reflecting the actions taken by the Company proactively against the global climate change issues and the Company’s leadership in terms of the information disclosure transparency..
Chairman and Chief Executive Officer
Jack Pan