Patent Publication Number: US-2021193376-A1

Title: Substrate, manufacturing method, and power module with same

Description:
CROSS-REFERENCE TO RELATED APPLICATION 
     This application claims priority to China Patent Application No. 201911310057.0, filed on Dec. 18, 2019. The entire contents of the above-mentioned patent application are incorporated herein by reference for all purposes. 
     FIELD 
     The present disclosure relates to a substrate, and more particularly to a substrate having a passive component embedded in an insulation layer thereof and having reduced thickness and enhanced heat dissipation efficiency. The present disclosure also relates to a manufacturing method of the substrate and a power module with the substrate. 
     BACKGROUND 
     As the demands on human intelligent lives and intelligent products are gradually increased and the Internet of Things are gradually popular, the society&#39;s demands on the information transfer and the data processing performance are gradually increased. For a centralized data processing center, the server is the most important key unit. The motherboard of the server usually includes data processing chips such as central processing units (CPU), chipset and memories, power supply apparatuses and essential peripheral components. However, as the processing capacity of the server per unit volume increases, the number and the integration of the digital chips gradually increase and the space occupancy and power consumption of the server increase. Therefore, the power converters for providing electric power to the digital chips are expected to have higher efficiency, higher power density and smaller size to achieve the power-saving purpose and the area reduction of the whole server and the whole data center. 
     Generally, a power converter comprises a magnetic element, a passive component, a bare chip, a capacitor and associated components. For improving the power performance, the magnetic element, the passive component, the bare chip, the capacitor and the associated components are mounted on a main printed circuit board to form a power module. For further increasing the conversion efficiency and the power density, the passive component (e.g., the magnetic element or the capacitor) and the bare chip are individually optimized. However, the technology of individually optimizing the component has limitations. That is, it is difficult to increase the efficiency, the power density and the heat dissipating capacity of the power module. 
     Therefore, there is a need of providing an improved substrate, a manufacturing method of the substrate and a power module with the substrate in order to overcome the drawbacks of the conventional technologies. 
     SUMMARY 
     An object of the present disclosure provides a substrate, a manufacturing method of the substrate and a power module with the substrate. The use of the substrate can save the layout area of the system board. Moreover, thickness of the substrate is reduced, the connection impedance is reduced, and the heat dissipation efficiency is enhanced. 
     In accordance with an aspect of the present disclosure, a substrate is provided. The substrate includes a first insulation layer, at least one passive component, at least one first through-hole structure, a second insulation layer and a second electrode. The first insulation layer has a top surface and a bottom surface. The at least one passive component is embedded in the first insulation layer, and includes a first conducting terminal. The at least one first through-hole structure is formed in the first insulation layer and arranged beside a first side of the passive component. The first through-hole structure runs through the first insulation layer. The first through-hole structure includes a conductive part and an insulation part. The insulation part is disposed within the conductive part. The conductive part of the first through-hole structure is in contact with the first conducting terminal and formed as a first electrode. The second insulation layer is disposed on portion of the conductive part of the first through-hole structure that is close to the bottom surface of the first insulation layer. At least part of the second electrode is disposed on the second insulation layer. The second electrode is in contact with the bottom surface of the first insulation layer. A projected area of the second electrode and a projected area of the first electrode along a direction perpendicular to the top surface of the first insulation layer are at least partially overlapped with each other. The second electrode and the first electrode are different electrodes. 
     In accordance with another aspect of the present disclosure, a manufacturing method of a substrate is provided. The manufacturing method includes the following steps. In a step (S 1 ), a passive component with at least one first conducting terminal is provided. In a step (S 2 ), a first insulation layer around the passive component is formed, so that the passive component is embedded in the first insulation layer. In a step (S 3 ), at least one first hole is formed in the first insulation layer. The first hole runs through the first conducting terminal. In a step (S 4 ), a first metal layer is formed on a top surface of the first insulation layer, a bottom surface of the first insulation layer and an inner wall of the first hole. In a step (S 5 ), a hole-plugging process is performed to fill an insulation material in the first hole, and a removing process is performed to remove a portion of the first metal layer, so that a first through-hole structure and a wiring layer are produced. The first through-hole structure includes a conductive part and an insulation part. The insulation part is disposed within the conductive part. The wiring layer is separated from the conductive part of the first through-hole structure and formed on the bottom surface of the first insulation layer. The conductive part of the first through-hole structure is in contact with the first conducting terminal and formed as a first electrode. In a step (S 6 ), a second insulation layer is formed on portion of the conductive part of the first through-hole structure that is close to the bottom surface of the first insulation layer. The second insulation layer covers the portion of the conductive part of the first through-hole structure. In a step (S 7 ), a second metal layer is formed on the second insulation layer to increase a thickness of the wiring layer. The second metal layer and the wiring layer are collaboratively formed as a second electrode. The second electrode is in contact with the bottom surface of the first insulation layer. A projected area of the second electrode and a projected area of the first electrode along a direction perpendicular to the top surface of the first insulation layer are at least partially overlapped with each other. The second electrode and the first electrode are different electrodes. 
     In accordance with a further aspect of the present disclosure, a power module is provided. The power module includes a substrate and at least one power unit. The substrate includes a first insulation layer, at least one passive component, at least one first through-hole structure, a second insulation layer and a second electrode. The first insulation layer has a top surface and a bottom surface. The at least one passive component is embedded in the first insulation layer, and includes a first conducting terminal. The at least one first through-hole structure is formed in the first insulation layer and arranged beside a first side of the passive component. The first through-hole structure runs through the first insulation layer. The first through-hole structure includes a conductive part and an insulation part. The insulation part is disposed within the conductive part. The conductive part of the first through-hole structure is in contact with the first conducting terminal and formed as a first electrode. The second insulation layer is disposed on portion of the conductive part of the first through-hole structure that is close to the bottom surface of the first insulation layer. At least part of the second electrode is disposed on the second insulation layer. The second electrode is in contact with the bottom surface of the first insulation layer. A projected area of the second electrode and a projected area of the first electrode along a direction perpendicular to the top surface of the first insulation layer are at least partially overlapped with each other. The second electrode and the first electrode are different electrodes. The at least one power unit is disposed on the substrate. The power unit includes at least one half-bridge circuit. The half-bridge circuit includes a first power switch and a second power switch, which are connected with each other in series. A second terminal of the first power switch and a first terminal of the second power switch are connected to a node, and the node is connected to the first electrode. 
     The above contents of the present disclosure will become more readily apparent to those ordinarily skilled in the art after reviewing the following detailed description and accompanying drawings. 
    
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         FIG. 1  is a schematic cross-sectional view illustrating a substrate according to a first embodiment of the present disclosure; 
         FIG. 2  is a schematic circuit diagram illustrating a voltage conversion circuit using the substrate of  FIG. 1 ; 
         FIG. 3  is a schematic cross-sectional view illustrating a substrate according to a second embodiment of the present disclosure; 
         FIG. 4  is a schematic cross-sectional view illustrating a substrate according to a third embodiment of the present disclosure; 
         FIG. 5  is a schematic cross-sectional view illustrating a substrate according to a fourth embodiment of the present disclosure; 
         FIG. 6  is a schematic cross-sectional view illustrating a substrate according to a fifth embodiment of the present disclosure; 
         FIG. 7  is a schematic cross-sectional view illustrating a substrate according to a sixth embodiment of the present disclosure; 
         FIG. 8  is a schematic cross-sectional view illustrating a substrate according to a seventh embodiment of the present disclosure; 
         FIG. 9  is a schematic cross-sectional view illustrating a substrate according to an eighth embodiment of the present disclosure; 
         FIG. 10  is a schematic cross-sectional view illustrating a substrate according to a ninth embodiment of the present disclosure; 
         FIG. 11  is a schematic cross-sectional view illustrating a substrate according to a tenth embodiment of the present disclosure; 
         FIGS. 12A to 12E  are schematic cross-sectional views illustrating a method of manufacturing a substrate according to an embodiment of the present disclosure; 
         FIG. 13  is a schematic horizontally cross-sectional view illustrating a first example of the hole-drilling process in the second removing step of the method of manufacturing the substrate according to the embodiment of the present disclosure; 
         FIG. 14  is a schematic horizontally cross-sectional view illustrating a second example of the hole-drilling process in the second removing step of the method of manufacturing the substrate according to the embodiment of the present disclosure; 
         FIGS. 15A and 15B  are schematic horizontally cross-sectional views illustrating a third example of the hole-drilling process in the second removing step of the method of manufacturing the substrate according to the embodiment of the present disclosure; 
         FIG. 16  is a schematic cross-sectional view illustrating a first example of a power module with the substrate of the present disclosure; 
         FIG. 17  is a schematic cross-sectional view illustrating a second example of a power module with the substrate of the present disclosure; 
         FIG. 18A  is a cross-sectional view illustrating the power module of  FIG. 17  and taken along the line A-A′; 
         FIG. 18B  is a cross-sectional view illustrating a variant example of the power module of  FIG. 18A ; 
         FIG. 19  is a schematic circuit diagram illustrating a voltage conversion circuit using the power module of  FIG. 17 ; 
         FIG. 20  is a schematic cross-sectional view illustrating a third example of a power module with the substrate of the present disclosure; 
         FIG. 21  is a schematic cross-sectional view illustrating a fourth example of a power module with the substrate of the present disclosure; 
         FIG. 22  is a schematic cross-sectional view illustrating a fifth example of a power module with the substrate of the present disclosure; 
         FIG. 23  is a schematic cross-sectional view illustrating a sixth example of a power module with the substrate of the present disclosure; 
         FIG. 24  is a schematic cross-sectional view illustrating a seventh example of a power module with the substrate of the present disclosure; 
         FIG. 25  is a schematic cross-sectional view illustrating an eighth example of a power module with the substrate of the present disclosure; 
         FIG. 26A  is a schematic cross-sectional view illustrating a ninth example of a power module with the substrate of the present disclosure; and 
         FIG. 26B  is a schematic cross-sectional view illustrating the power module of  FIG. 26A  and taken along the line B-B′. 
     
    
    
     DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT 
     The present disclosure will now be described more specifically with reference to the following embodiments. It is to be noted that the following descriptions of preferred embodiments of this disclosure are presented herein for purpose of illustration and description only. It is not intended to be exhaustive or to be limited to the precise form disclosed. 
     The present disclosure provides a substrate. The substrate includes a first insulation layer, at least one passive component, at least one first through-hole structure, a second insulation layer and a second electrode. The first insulation layer has a top surface and a bottom surface. The at least one passive component is embedded in the first insulation layer. Each passive component includes a first conducting terminal. The at least one first through-hole structure is formed in the first insulation layer and arranged beside a first side of the passive component. The first through-hole structure runs through the first insulation layer. The first through-hole structure includes a conductive part and an insulation part. The insulation part is disposed within the conductive part. The conductive part of the first through-hole structure is in contact with the first conducting terminal and formed as a first electrode. The second insulation layer is disposed on portion of the conductive part of the first through-hole structure that is close to the bottom surface of the first insulation layer. At least part of the second electrode is disposed on the second insulation layer. The second electrode is in contact with the bottom surface of the first insulation layer. A projected area of the second electrode and a projected area of the first electrode along a direction perpendicular to the top surface of the first insulation layer are at least partially overlapped with each other. The second electrode and the first electrode are different electrodes. When the substrate is applied to a specified circuit, the first electrode and the second electrode are connected to different nodes of the specified circuit. The substrate has various embodiments. Components corresponding to the similar components of different embodiment are designated by identical numeral references. 
       FIG. 1  is a schematic cross-sectional view illustrating a substrate according to a first embodiment of the present disclosure. The substrate  1  includes a first insulation layer  10 , at least one passive component  11 , at least one first through-hole structure  12 , a second insulation layer  13  and a second electrode  14 . The first insulation layer  10  has a top surface  100  and a bottom surface  101 . The passive component  11  is embedded in the first insulation layer  10 . In the embodiment of  FIG. 1 , the substrate  1  includes one passive component  11 . In some other embodiments, the substrate  1  includes a plurality of passive components  11 . The passive component  11  includes a main body  110  and at least one first conducting terminal  111 . As shown in  FIG. 1 , the passive component  11  further includes a second conducting terminal  112 . In the embodiment of  FIG. 1 , the passive component  11  includes one first conducting terminal  111  and one second conducting terminal  112 . In some other embodiments, the passive component  11  includes a plurality of first conducting terminals  111  and a plurality of second conducting terminals  112 . The second conducting terminal  112  and the first conducting terminal  111  are connected with the main body  110 . As shown in  FIG. 1 , the second conducting terminal  112  and the first conducting terminal  111  are protruded from two opposite sides of the main body  110 . In some other embodiments, the second conducting terminal  112  and the first conducting terminal  111  are protruded from two adjacent sides of the main body  110  or protruded from the same side of the main body  110 . 
     The first through-hole structure  12  is formed in the first insulation layer  10 . Moreover, the first through-hole structure  12  is aligned with the first conducting terminal  111  and arranged beside a first side of the passive component  11 . The first through-hole structure  12  runs through the first insulation layer  10 . The first through-hole structure  12  includes a conductive part  120  and an insulation part  121 . The insulation part  121  is disposed within the conductive part  120 . The conductive part  120  of the first through-hole structure  12  is in contact with the first conducting terminal  111  and formed as a first electrode. In this embodiment, the first through-hole structure  12  is in contact with the top surface  100  and the bottom surface  101  of the first insulation layer  10 . Especially, a first portion of the conductive part  120  of the first through-hole structure  12  is protruded from the top surface  100  of the first insulation layer  10 , and a second portion of the conductive part  120  of the first through-hole structure  12  is protruded from the bottom surface  101  of the first insulation layer  10 . 
     The second insulation layer  13  is disposed on the bottom of the portion of the conductive part  120  of the first through-hole structure  12  that is close to the bottom surface  101  of the first insulation layer  10 . At least part of the second electrode  14  is disposed on the bottom of the second insulation layer  13 , and the second electrode  14  is in contact with the bottom surface  101  of the first insulation layer  10 . The projected area of the second electrode  14  and the projected area of the first electrode along a direction perpendicular to the top surface  100  of the first insulation layer  10  are at least partially overlapped with each other. The second electrode  14  and the first electrode are different electrodes. 
     In an embodiment, the conductive part  120  of the first through-hole structure  12  includes a lateral metal layer  122 . The lateral metal layer  122  is formed on a lateral surface of the first through-hole structure  12 . The conductive part  120  of the first through-hole structure  12  further includes at least one surficial metal layer  123  on the top surface  100  and/or the bottom surface  101  of the first insulation layer  10 . The at least one surficial metal layer  123  is in contact with the lateral metal layer  122 . In the embodiment of  FIG. 1 , the conductive part  120  of the first through-hole structure  12  further includes two surficial metal layers  123 . The two surficial metal layers  123  are disposed on the top surface  100  and the bottom surface  101  of the first insulation layer  10 , respectively. The surficial metal layer  123  on the bottom surface  101  of the first insulation layer  10  is enclosed by the second insulation layer  13 . 
     In some embodiments, the substrate  1  further includes at least one second through-hole structure  15 , a third insulation layer  16  and a third electrode  17 . The second through-hole structure  15  is formed in the first insulation layer  10  and arranged beside a second side of the passive component  11 . The second through-hole structure  15  runs through the first insulation layer  10 . The second through-hole structure  15  includes a conductive part  150  and an insulation part  151 . The insulation part  151  is disposed within the conductive part  150 . The conductive part  150  of the second through-hole structure  15  is in contact with the second conducting terminal  112  and formed as a fourth electrode. The third insulation layer  16  is disposed on portion of the conductive part  150  of the second through-hole structure  15  that is close to the top surface  100  of the first insulation layer  10 . At least part of the third electrode  17  is disposed on the third insulation layer  16 . The third electrode  17  is in contact with the top surface  100  of the first insulation layer  10 . The projected area of the fourth electrode and the projected area of the third electrode  17  along the direction perpendicular to the top surface  100  of the first insulation layer  10  are at least partially overlapped with each other. The fourth electrode and the third electrode  17  are different electrodes. 
     In an embodiment, the passive component  11  includes at least one inductor, the main body  110  is a magnetic core, and the first conducting terminal  111  and the second conducting terminal  112  are portions of the windings of the inductor. The windings may be one-turn or multi-turn windings. 
       FIG. 2  is a schematic circuit diagram illustrating a voltage conversion circuit using the substrate of  FIG. 1 . As mentioned above, the passive component  11  is embedded in the substrate  1 . Consequently, the substrate  1  of the present disclosure can be applied to any voltage conversion circuit with passive components. In the embodiment of  FIG. 2 , the voltage conversion circuit  18  is a buck-type voltage conversion circuit. The voltage conversion circuit  18  includes an input filter capacitor Cin, a power unit, an inductor L, and an output capacitor Co. The input filter capacitor Cin is connected to a power source to receive an input voltage Vin from the power source. The power unit includes at least one half-bridge circuit. In the embodiment of  FIG. 2 , the power unit includes a half-bridge circuit, which includes a first power switch Q 1  and a second power switch Q 2 . A first terminal of the first power switch Q 1  is connected with the input filter capacitor Cin. A second terminal of the first power switch Q 1 , a first terminal of the inductor L and a first terminal of the second power switch Q 2  are connected to a node A. The first power switch Q 1  is alternately turned on and turned off. Consequently, the energy transferred from the input terminal of the voltage conversion circuit  18  to the output terminal of the voltage conversion circuit  18  is adjusted, and the voltage and the current outputted from the output terminal of the voltage conversion circuit  18  are correspondingly adjusted. A second terminal of the second power switch Q 2  is connected with a ground terminal. The second power switch Q 2  provides a channel for the inductor L to release the freewheeling energy. A second terminal of the inductor L is connected with the output capacitor Co. Due to the cooperation of the first power switch Q 1  and the second power switch Q 2 , a square output voltage is generated. By the inductor L and the output capacitor Co, the square output voltage is filtered to an average value. Consequently, an output voltage Vout is generated and provided to a load RL. In this embodiment, the inductor L is the passive component  11  of the substrate  1  as shown in  FIG. 1 . The current ripple from the inductor L is absorbed by the output capacitor Co. Consequently, the ripple of the output voltage Vout is lower than the predetermined value. 
     Please refer to  FIGS. 1 and 2  again. The first electrode and the first conducting terminal  111  of the passive component  11  (i.e., the inductor L) are connected with each other. That is, the first electrode is connected with the node A between the first power switch Q 1  and the second power switch Q 2 . The fourth electrode and the second conducting terminal  112  of the passive component  11  (i.e., the inductor L) are connected with each other. That is, the fourth electrode is connected with the output terminal of the voltage conversion circuit  18 . The second electrode  14  is connected with the input terminal of the voltage conversion circuit  18 . The third electrode  17  is connected with the ground terminal. 
     In this embodiment, the second electrode  14  and portion of the fourth electrode are disposed on the bottom surface  101  of the first insulation layer  10  of the substrate  1 , so that the substrate  1  can be directly mounted on a system board (not shown). Moreover, the first electrode is connected with the node A between the first power switch Q 1  and the second power switch Q 2  and portion of the first electrode is disposed on the top surface  100  of the first insulation layer  10  of the substrate  1 . Consequently, it is not necessary to retain a space on the system board for connecting the first electrode with the node A. In such way, the layout area of the system board is saved. Moreover, since the node A between the first power switch Q 1  and the second power switch Q 2  is a jumper point, the use of the substrate  1  is capable of avoiding the influence of electromagnetic interference effectively. 
     In this embodiment, the first conducting terminal  111  and the second conducting terminal  112  of the inductor L are protruded along the horizontal direction and arranged between the top surface and the bottom surface of the main body  110  of the inductor L. Moreover, the main body  110  of the inductor L is formed through a mold. Consequently, the tolerance is small. In case that the thickness of the portions of the first insulation layer  10  on the top surface and the bottom surface of the main body  110  of the inductor L envelops the thickness tolerance of the main body  110  of the inductor L, the design is acceptable. In other words, the portions of the first insulation layer  10  on the top surface and the bottom surface of the main body  110  of the inductor L may be very thin. Since the second electrode  14  is in contact with the bottom surface  101  of the first insulation layer  10 , the thickness of the substrate  1  is reduced and the connection impedance is decreased. Moreover, since the substrate  1  is slim and the top surface  100  and the bottom surface  101  of the first insulation layer  10  are connected with each other through the first through-hole structure  12 , the substrate  1  has a good heat transfer path and the heat dissipation efficiency is enhanced. 
       FIG. 3  is a schematic cross-sectional view illustrating a substrate according to a second embodiment of the present disclosure. The structure of the substrate  2  of this embodiment is similar to that of the substrate  1  as shown in  FIG. 1 . Component parts and elements corresponding to those of the first embodiment are designated by identical numeral references, and detailed descriptions thereof are omitted. In comparison with the substrate  1  as shown in  FIG. 1 , the substrate  2  of this embodiment doesn&#39;t have the third insulation layer. The second through-hole structure  15  includes a conductive part and an insulation part  151 . The conductive part includes a lateral metal layer  150 , a top surficial metal layer  152  and a bottom surficial metal layer  153 . The conductive part of the second through-hole structure  15  is in contact with the second conducting terminal  112  and formed as a fourth electrode. 
       FIG. 4  is a schematic cross-sectional view illustrating a substrate according to a third embodiment of the present disclosure. The structure of the substrate  3  of this embodiment is similar to that of the substrate  1  as shown in  FIG. 1 . Component parts and elements corresponding to those of the first embodiment are designated by identical numeral references, and detailed descriptions thereof are omitted. In comparison with the first embodiment, the second electrode  14  and the third electrode  17  of the substrate  3  are distinguished. In this embodiment, the second electrode  14  is extended from the bottom surface  101  of the first insulation layer  10  to the top surface  100  of the first insulation layer  10  through the lateral wall of the substrate  3 . Consequently, the segment of the second electrode  14  on the bottom surface  101  of the first insulation layer  10  and the segment of the second electrode  14  on the top surface  100  of the first insulation layer  10  can be electrically connected with each other to meet the practical requirements. Similarly, the third electrode  17  is extended from the top surface  100  of the first insulation layer  10  to the bottom surface  101  of the first insulation layer  10  through the lateral wall of the substrate  3 . 
       FIG. 5  is a schematic cross-sectional view illustrating a substrate according to a fourth embodiment of the present disclosure. The structure of the substrate  4  of this embodiment is similar to that of the substrate  1  as shown in  FIG. 1 . Component parts and elements corresponding to those of the first embodiment are designated by identical numeral references, and detailed descriptions thereof are omitted. In comparison with the first embodiment, the surficial metal layer  123  on the bottom surface  101  of the first insulation layer  10  is omitted and not included in the conductive part  120  of the first through-hole structure  12  of the substrate  4  of this embodiment. As the second insulation layer  13  is disposed on portion of the conductive part  120  of the first through-hole structure  12  that is close to the bottom surface  101  of the first insulation layer  10 , the bottom end of the lateral metal layer  122  is covered by the second insulation layer  13 . In this embodiment, the bottom end of the lateral metal layer  122  is in contact with the second insulation layer  13 . In other words, there is a contact surface between the second insulation layer  13  and the lateral metal layer  122 . As shown in  FIG. 5 , the contact surface is substantially at the same level with the bottom surface  101  of the first insulation layer  10 . Moreover, a portion of the second insulation layer  13  is disposed on the bottom surface  101  of the first insulation layer  10  directly. The relationship between the second through-hole structure  15  and the third insulation layer  16  is similar to the relationship between the first through-hole structure  12  and the second insulation layer  13 , and detailed descriptions thereof are omitted. 
       FIG. 6  is a schematic cross-sectional view illustrating a substrate according to a fifth embodiment of the present disclosure. The structure of the substrate  5  of this embodiment is similar to that of the substrate  4  as shown in  FIG. 5 . Component parts and elements corresponding to those of the fourth embodiment of  FIG. 5  are designated by identical numeral references, and detailed descriptions thereof are omitted. In comparison with the fourth embodiment, the position of the contact surface between the second insulation layer  13  and the lateral metal layer  122  of the substrate  5  is arranged between the top surface  100  and the bottom surface  101  of the first insulation layer  10 . 
       FIG. 7  is a schematic cross-sectional view illustrating a substrate according to a sixth embodiment of the present disclosure. The structure of the substrate  6  of this embodiment is similar to that of the substrate  4  as shown in  FIG. 5 . Component parts and elements corresponding to those of the fourth embodiment of  FIG. 5  are designated by identical numeral references, and detailed descriptions thereof are omitted. In comparison with the fourth embodiment, the second insulation layer  13  of the substrate  6  of this embodiment is not disposed on the bottom surface  101  of the first insulation layer  10 . That is, the second insulation layer  13  is disposed on the bottom surface of the first through-hole structure  12  only. 
       FIG. 8  is a schematic cross-sectional view illustrating a substrate according to a seventh embodiment of the present disclosure. The structure of the substrate  7  of this embodiment is similar to that of the substrate  5  as shown in  FIG. 6 . Component parts and elements corresponding to those of the fifth embodiment of  FIG. 6  are designated by identical numeral references, and detailed descriptions thereof are omitted. In comparison with the fifth embodiment, the structures of the first electrode and the second electrode  14  of the substrate  7  of this embodiment are distinguished. As shown in  FIG. 8 , the first electrode is extended to the position over the second through-hole structure  15  and the third insulation layer  16  along the top surface  100  of the first insulation layer  10 , and the second electrode  14  is extended to the position under the second through-hole structure  15  along the bottom surface  101  of the first insulation layer  10  and in contact with the conductive part  150  of the second through-hole structure  15 . 
     In the above embodiments, at least a portion of the surficial metal layer  123  disposed on the bottom surface  101  of the first insulation layer  10  and aligned with the first through-hole structure  12  is removed by an etching process for disposing the second insulation layer  13  and the second electrode  14 . 
     In some other embodiments, the etching process is replaced by a hole-drilling process.  FIG. 9  is a schematic cross-sectional view illustrating a substrate according to an eighth embodiment of the present disclosure. The structure of the substrate  8  of this embodiment is similar to that of the substrate  3  as shown in  FIG. 4 . Component parts and elements corresponding to those of the third embodiment of  FIG. 4  are designated by identical numeral references, and detailed descriptions thereof are omitted. As mentioned above in  FIG. 4 , the portion of the surficial metal layer  123  disposed on the bottom surface  101  of the first insulation layer  10  and aligned with the first through-hole structure  12  is removed by an etching process. In this embodiment, the etching process is replaced by a hole-drilling process. That is, the portion of the surficial metal layer  123  disposed on the bottom surface  101  of the first insulation layer  10  and aligned with the first through-hole structure  12  is removed by a hole-drilling process. During the hole-drilling process, a portion of lateral metal layer  122  near the bottom surface  101  of the first insulation layer  10  is also removed. Consequently, the disposing position of the second insulation layer  13  of the substrate  8  of this embodiment is distinguished from that of  FIG. 4 . The detailed procedures of the etching process and the hole-drilling process will be described later. 
       FIG. 10  is a schematic cross-sectional view illustrating a substrate according to a ninth embodiment of the present disclosure. According to the practical requirements, the portion of the passive component  11  overlying the first conducting terminal  111  and the portion of the passive component  11  underlying the second conducting terminal  112  should have specified thicknesses. Therefore, the outer segment of the first conducting terminal  111  is bent in the direction toward the top surface  100  of the first insulation layer  10  and the outer segment of the second conducting terminal  112  is bent in the direction toward the bottom surface  101  of the first insulation layer  10  when compared with the embodiment of  FIG. 9 . Since the outer segments of the first conducting terminal  111  and the second conducting terminal  112  of the substrate  8 ′ of this embodiment are bent toward the top surface  100  and the bottom surface  101  of the first insulation layer  10 , respectively, the current transfer path is shortened. Therefore, the impedance is reduced, and the operating efficiency is enhanced. 
       FIG. 11  is a schematic cross-sectional view illustrating a substrate according to a tenth embodiment of the present disclosure. According to the practical requirements, the portion of the passive component  11  overlying the first conducting terminal  111  and the portion of the passive component  11  underlying the second conducting terminal  112  should have specified thicknesses. For shortening the current path, the structures of the first conducting terminal  111  and the second conducting terminal  112  of the substrate  9  of this embodiment are specially designed. As shown in  FIG. 11 , the outer segment of the first conducting terminal  111  that is located outside the main body  110  of the passive component  11  is thicker than the inner segment of the first conducting terminal  111  that is located inside the main body  110  of the passive component  11 , and the outer segment of the second conducting terminal  112  that is located outside the main body  110  of the passive component  11  is thicker than the inner segment of the second conducting terminal  112  that is located inside the main body  110  of the passive component  11 . Since the area of flowing the current is increased, the conduction impedance is reduced and the operating efficiency is enhanced. 
     A method of manufacturing the substrate  3  as shown in  FIG. 4  will be described as follows. The methods of manufacturing the substrates as shown in  FIG. 1 ,  FIG. 3  and  FIGS. 5 to 11  are similar to the method of manufacturing the substrate  3  as shown in  FIG. 4 . 
       FIGS. 12A to 12E  are schematic cross-sectional views illustrating a method of manufacturing a substrate according to an embodiment of the present disclosure. 
     Please refer to  FIG. 12A . In a first step, a passive component  11  with at least one first conducting terminal  111  is provided. Optionally, a core plate  30  is provided. The thickness of the core plate  30  is substantially equal to the thickness of the passive component  11 . After a portion of the core plate  30  is cut off to form a hollow portion  31 , the passive component  11  is placed within the hollow portion  31 . In addition, the bottom surface of the passive component  11  and the bottom surface of the core plate  30  are attached on a tape (not shown). Consequently, the passive component  11  and the core plate  30  are located at the same plane. In this embodiment, the passive component  11  further comprises at least one second conducting terminal  112 . 
     Please refer to  FIG. 12B . In a second step, a first insulation layer  10  is formed around the passive component  11 , so that the passive component  11  is embedded in the first insulation layer  10 . The second step comprises the following sub-steps. Firstly, an insulation material is disposed on the top sides of the core plate  30  and the passive component  11  and filled into the gap between the core plate  30  and the passive component  11 . Consequently, the top surface of the passive component  11  and the lateral surfaces of the passive component  11  are completely covered by the insulation material. After the above structure is heated to a specified temperature, the tape is removed from the bottom surface of the core plate  30  and the bottom surface of the passive component  11 . Then, the insulation material is filled into the gap between the core plate  30  and the passive component  11  from the backside. Consequently, the bottom surface of the core plate  30  and the bottom surface of the passive component  11  are covered by the insulation material. Then, the above structure is heated to allow the insulation material around the passive component  11  to undergo a crosslinking reaction. Consequently, the passive component  11  and the core plate  30  are integrally formed as a one-piece structure through the insulation material. Meanwhile, the insulation material and the core plate  30  may be considered as the first insulation layer  10 . 
     In a third step, at least one first hole is formed in the first insulation layer  10 . The first hole runs through the first conducting terminal  111 . In an embodiment, the first hole is a round hole that is formed by a flat drilling tool. In another embodiment, the first hole is a waist-shaped hole that is formed by groove milling method. It is noted that the shape of the first hole is not restricted. 
     In a fourth step, a first metal layer is formed on a top surface  100  of the first insulation layer  10 , a bottom surface  101  of the first insulation layer  10  and an inner wall of the first hole. In an embodiment, the first metal layer is formed by using an electroplating process or an electroless plating process. Alternatively, the first metal layer is formed by using an electroless plating process and the thickness of the first metal layer is increased by an electroplating process. In an example of the electroplating process, a single electroplating procedure is performed to form the first metal layer with a predetermined thickness on the top surface  100  of the first insulation layer  10 , the bottom surface  101  of the first insulation layer  10  and the inner wall of the first hole. In another example of the electroplating process, a method of only exposing the first hole is employed. Firstly, a first electroplating procedure is performed to form the first metal layer with the thickness smaller than the predetermined thickness on the top surface  100  of the first insulation layer  10 , the bottom surface  101  of the first insulation layer  10  and the inner wall of the first hole. Then, a covering film covers the top surface  100  and the bottom surface  101  of the first insulation layer  10  and allows the first hole to be exposed through an opening thereof. Then, a second electroplating procedure is performed to form the first metal layer on the inner wall of the first hole through the opening of the covering film. 
     In a fifth step, a hole-plugging process is performed to fill an insulation material in the first hole, and a removing process is performed to remove a portion of the first metal layer. Consequently, a first through-hole structure  12  and a wiring layer  124  are produced. The first through-hole structure  12  includes a conductive part  120  and an insulation part  121 . The insulation part  121  is disposed within the conductive part  120 . The wiring layer  124  is separated from the conductive part  120  of the first through-hole structure  12  and formed on the bottom surface  101  of the first insulation layer  10 . The conductive part  120  of the first through-hole structure  12  is in contact with the first conducting terminal  111  and formed as a first electrode. After the third step, the fourth step and the fifth step, the resulting structure is shown in  FIG. 12C . In some embodiments, the hole-plugging process is a resin hole-plugging process or a green oil hole-plugging process. 
     Please refer to  FIG. 12D . In a sixth step, a second insulation layer  13  is disposed on portion of the conductive part  120  of the first through-hole structure  12  that is close to the bottom surface  101  of the first insulation layer  10 . The second insulation layer  13  covers the portion of the conductive part  120 . 
     Please refer to  FIG. 12E . In a seventh step, a second metal layer is disposed on the second insulation layer  13  and the wiring layer  124 . The formation of the second metal layer increases the thickness of the wiring layer  124 . Moreover, the second metal layer and the wiring layer  124  are collaboratively formed as a second electrode  14 . The second electrode  14  is also in contact with the first insulation layer  10 . The projected area of the second electrode  14  and the projected area of the first electrode along a direction perpendicular to the top surface  100  of the first insulation layer  10  are at least partially overlapped with each other. The second electrode  14  and the first electrode are different electrodes. 
     After the seventh step is completed, the substrate  3  is manufactured. 
     It is noted that numerous modifications and alterations may be made while retaining the teachings of the disclosure. 
     In a variant example of the fifth step, the removing process further includes a step of removing the first metal layer that is formed on the bottom surface  101  of the first insulation layer  10  and aligned with the first hole. 
     In another variant example of the fifth step, the removing process further includes a step of removing at least a portion of the first metal layer by a hole-drilling process and removing a portion of the first metal layer located in the first hole and near the bottom surface  101  of the first insulation layer  10  by the hole-drilling process. 
     Moreover, after the fifth step is completed, the conductive part  120  of the first through-hole structure  12  includes a lateral metal layer  122  and at least one surficial metal layer  123 . The at least one surficial metal layer  123  is in contact with the lateral metal layer  122 , and formed on the top surface  100  and/or the bottom surface  101  of the first insulation layer  10 . Moreover, for disposing the second insulation layer  13  and the second electrode  14 , the manufacturing method of the present disclosure further includes a first removing step between the fifth step and the sixth step. When the first removing step is performed, a portion of the surficial metal layer  123  disposed on the bottom surface  101  of the first insulation layer  10  and aligned with the first through-hole structure  12  is removed. Consequently, the surficial metal layer  123  disposed on the bottom surface  101  of the first insulation layer  10  and aligned with the first through-hole structure  12  is thinned. The first removing step may be applied to the method of manufacturing the substrate  1  of  FIG. 1 , the substrate  2  of  FIG. 3  and the substrate  3  of  FIG. 4 . For example, the first removing step includes an etching process. 
     In some embodiments, the manufacturing method of the present disclosure further includes a second removing step between the fifth step and the sixth step. In the second removing step, the surficial metal layer  123  disposed on the bottom surface  101  of the first insulation layer  10  and aligned with the first through-hole structure  12  is partially or completely removed, and a portion of the lateral metal layer  122  disposed within the first through-hole structure  12  and arranged near the bottom surface  101  of the first insulation layer  10  is optionally removed. The second removing step may be applied to the method of manufacturing the substrate  5  of  FIG. 6  or the substrate  7  of  FIG. 8 . For example, the second removing step includes an etching process or a hole-drilling process. 
     In some embodiments, the substrate  3  includes a plurality of first through-hole structures  12 . For disposing the second insulation layer  13  and the second electrode  14 , the manufacturing method of the present disclosure further includes a second removing step. In the second removing step, the surficial metal layer  123  disposed on the bottom surface  101  of the first insulation layer  10  and aligned with each first through-hole structure  12  is partially or completely removed, and a portion of the lateral metal layer  122  disposed within each first through-hole structure  12  and arranged near the bottom surface  101  of the first insulation layer  10  is removed. In case that the substrate  3  includes a plurality of first through-hole structures  12  and the second removing step includes a hole-drilling process, the hole-drilling process has some examples. Hereinafter, three examples of the hole-drilling process will be illustrated when the substrate  8  of  FIG. 9  is taken as an example. 
       FIG. 13  is a schematic horizontally cross-sectional view illustrating a first example of the hole-drilling process in the second removing step of the method of manufacturing the substrate according to the embodiment of the present disclosure. As shown in  FIG. 13 , a single hole-drilling process is performed to form a plurality of openings  32  in the bottom surface  101  of the first insulation layer  10  corresponding to the plurality of first through-hole structures  12 , respectively. The diameter d 1  of each opening  32  is larger than the diameter d 2  of the corresponding first through-hole structure  12 . For avoiding the breakage of the opening, the spacing interval d 3  between every two adjacent openings  32  is larger than a threshold value. 
       FIG. 14  is a schematic horizontally cross-sectional view illustrating a second example of the hole-drilling process in the second removing step of the method of manufacturing the substrate according to the embodiment of the present disclosure. As shown in  FIG. 14 , a single hole-drilling process is performed to form a recess  33  in the bottom surface  101  of the first insulation layer  10  corresponding to the plurality of first through-hole structures  12 . That is, the plurality of first through-hole structures  12  is included in the recess  33 . In case that the area of the conducting terminal of the passive component  11  is identical, the number of the first through-hole structures corresponding to the recess  33  is larger than the number of the first through-hole structures corresponding to the openings  32 . Therefore, the way of forming the recess  33  can increase the current-flowing capacity. 
       FIGS. 15A and 15B  are schematic horizontally cross-sectional views illustrating a third example of the hole-drilling process in the second removing step of the method of manufacturing the substrate according to the embodiment of the present disclosure. In this embodiment, a hole-drilling process is performed to form openings in the bottom surface  101  of the first insulation layer  10  corresponding to the plurality of first through-hole structures  12 . As shown in  FIG. 15A , four first through-hole structures that are discretely arranged are formed in the substrate  3 . These first through-hole structures are designated by the symbols “1”, “2”, “3” and “4”. As shown in  FIG. 15A , a first hole-drilling process is performed to form openings in the bottom surface  101  of the first insulation layer  10  corresponding to the first through-hole structures “1” and “3”. Then, as shown in  FIG. 15B , a hole-plugging process is performed on the first through-hole structures “1” and “3”. Then, a second hole-drilling process is performed to form openings in the bottom surface  101  of the first insulation layer  10  corresponding to the first through-hole structures “2” and “4”. Then, a hole-plugging process is performed on the first through-hole structures “2” and “4”. The way of using the two hole-drilling processes can avoid the breakage of the opening. 
     The substrate of the present disclosure can be applied to a power module. Hereinafter, some examples of the power module with the substrate will be described. Component parts and elements corresponding to those of the above embodiments are designated by identical numeral references, and detailed descriptions thereof are omitted. 
       FIG. 16  is a schematic cross-sectional view illustrating a first example of a power module with the substrate of the present disclosure. In this embodiment, the power module  20  has the circuitry structure of a buck-type voltage conversion circuit  18  as shown in  FIG. 2 . The power module  20  includes a substrate  21 , a first carrier plate  22  and at least one power unit  23 . The structure of the substrate  21  is similar to the structure of the substrate as shown in one of  FIG. 1  and  FIGS. 3 to 11 . For illustration, the substrate  21  has the structure of the substrate  8  as shown in  FIG. 9 . Component parts and elements corresponding to those of the substrate  8  of  FIG. 9  are designated by identical numeral references, and detailed descriptions thereof are omitted. The power unit  23  is disposed on the substrate  21 . For example, the power unit  23  is located over the substrate  21 . The power unit  23  includes at least one half-bridge circuit as shown in  FIG. 2 . The half-bridge circuit includes a first power switch Q 1  and a second power switch Q 2 . The first power switch Q 1 , the second power switch Q 2  and the first electrode of the substrate  21  are connected to a node A. For example, the power unit  23  is a bare die or a package structure of a bare die. 
     The first carrier plate  22  is disposed between the power unit  23  and the substrate  21 . The first electrode is connected with the node A between the first power switch Q 1  and the second power switch Q 2  of the power unit  23  through the first carrier plate  22 . The first carrier plate  22  is fixed on the top side of the substrate  21  through solder paste. The power unit  23  is fixed on the first carrier plate  22  in a flip mounting manner. 
     In some embodiments, the first carrier plate  22  has a single-layer structure or a multi-layer structure. Moreover, the first carrier plate  22  includes a wiring layer  24 . Consequently, the first electrode is connected with the node A between the first power switch Q 1  and the second power switch Q 2  of the power unit  23  through the wiring layer  24  of the first carrier plate  22 . 
     In some embodiments, the electrode on the bottom surface  101  of the first insulation layer  10  of the substrate  21  (e.g., the second electrode and/or the fourth electrode) are welded on a system board (not shown) through solder paste. In some embodiments, the second electrode  14  is connected with the input terminal of the voltage conversion circuit  18 , the fourth electrode is connected with the output terminal of the voltage conversion circuit  18 , and the third electrode  17  is connected with the ground terminal. It is noted that the connection between the second electrode  14 , the third electrode  17 , the fourth electrode of the substrate  21  and the input terminal of the voltage conversion circuit  18 , the ground terminal, the output terminal of the voltage conversion circuit  18  is not limited herein. Preferably, the third electrode  17  is extended from the top surface  100  of the first insulation layer  10  to the bottom surface  101  of the first insulation layer  10  through the lateral wall of the first insulation layer  10 . In other words, the input terminal of the voltage conversion circuit  18 , the ground terminal and the output terminal of the voltage conversion circuit  18  are in contact with the corresponding electrodes on the bottom surface  101  of the first insulation layer  10 . Consequently, the power module  20  can be directly electrically connected with the system board. 
     In some embodiments, the power module  20  further includes at least one additional passive component  25 . For example, the additional passive component  25  is a resistor or a capacitor. The additional passive component  25  is disposed on the top surface of the first carrier plate  22 . Moreover, the additional passive component  25  is connected with the corresponding electrode of the substrate  21  through the wiring layer  24  of the first carrier plate  22 . 
     In an embodiment, the second electrode  14  is connected with the input terminal of the voltage conversion circuit  18 , and the third electrode  17  is connected with the ground terminal. Like the embodiment of  FIG. 4 , the second electrode  14  is extended from the bottom surface  101  of the first insulation layer  10  to the top surface  100  of the first insulation layer  10  through the lateral wall of the first insulation layer  10 , and the third electrode  17  is extended from the top surface  100  of the first insulation layer  10  to the bottom surface  101  of the first insulation layer  10  through the lateral wall of the first insulation layer  10 . Since the wiring parts of the second electrode  14  and the third electrode  17  are disposed in the lateral walls of the first insulation layer  10 , the substrate  21  can be equipped with more first through-hole structures  12  and more second through-hole structures  15 . Consequently, the current-flowing capacity is increased. 
     It is noted that the circuitry structure of the voltage conversion circuit is not restricted to that of  FIG. 2 . Please refer to  FIGS. 17, 18A, 18B and 19 .  FIG. 17  is a schematic cross-sectional view illustrating a second example of a power module with the substrate of the present disclosure.  FIG. 18A  is a cross-sectional view illustrating the power module of  FIG. 17  and taken along the line A-A′.  FIG. 18B  is a cross-sectional view illustrating a variant example of the power module of  FIG. 18A .  FIG. 19  is a schematic circuit diagram illustrating a voltage conversion circuit using the power module of  FIG. 17 . The voltage conversion circuit  19  includes two power units  190 ,  191  and two inductors L 1 , L 2 . The two power units  190  and  191  are connected with an input terminal of the voltage conversion circuit  19 . The inductor L 1  is connected with the power unit  190  and an output terminal of the voltage conversion circuit  19 . The inductor L 2  is connected with the power unit  191  and the output terminal of the voltage conversion circuit  19 . The power unit  190  includes a half-bridge circuit, which includes a first power switch Q 1  and a second power switch Q 2 . The first power switch Q 1 , the second power switch Q 2  and a first terminal of the inductor L 1  are connected to a first node A 1 . A second terminal (VO 1 ) of the inductor L 1  is connected with the output terminal of the voltage conversion circuit  19 . The power unit  191  includes a half-bridge circuit, which includes a first power switch Q 3  and a second power switch Q 4 . The first power switch Q 3 , the second power switch Q 3  and a first terminal of the inductor L 2  are connected to a second node A 2 . A second terminal (VO 2 ) of the inductor L 2  is connected with the output terminal of the voltage conversion circuit  19 . 
     The structure of the power module  30  of this embodiment is similar to that of the power module  20  as shown in  FIG. 16 . In comparison with the power module  20  of  FIG. 16 , the power module  30  of this embodiment includes two power units  23  according to the circuitry structure of the voltage conversion circuit  19  of  FIG. 19 . In addition, the power module  30  includes two inductors L 1  and L 2  according to the circuitry structure of the voltage conversion circuit  19 . The two inductors L 1  and L 2  are inverse coupled. Each of the inductors L 1  and L 2  includes two conducting terminals. In other words, the passive component  11  of the substrate  21  is a multi-branch inverse coupling inductor with four conducting terminals  113  (see  FIGS. 18A and 18B ). 
     Please refer to  FIG. 18A . Two conducting terminals  113  are located at a first side of the passive component  11 . The other two conducting terminals  113  are located at a second side of the passive component  11 . The two inductors L 1  and L 2  are defined by the four conducting terminals  113  and the main body  110  of the passive component  11  collaboratively. The two conducting terminals  113  at the first side of the passive component  11  are formed as the first terminal and the second terminal of the inductor L 1  and connected with the first node A 1  and the output terminal of the voltage conversion circuit  19  (VO 1 ), respectively. The two conducting terminals  113  at the second side of the passive component  11  are formed as the first terminal and the second terminal of the inductor L 2  and connected with the second node A 2  and the output terminal of the voltage conversion circuit  19  (VO 2 ), respectively. 
     The way of connecting the four conducting terminals  113  is not restricted. Please refer to  FIG. 18B . Two conducting terminals  113  are opposed to each other and arranged along a first diagonal line of the main body  110  of the passive component  11 . These two conducting terminals  113  are formed as the first terminal and the second terminal of the inductor L 1  and connected with the first node A 1  and the output terminal of the voltage conversion circuit  19  (VO 1 ), respectively. The other two conducting terminals  113  are opposed to each other and arranged along a second diagonal line of the main body  110  of the passive component  11 . These two conducting terminals  113  are formed as the first terminal and the second terminal of the inductor L 2  and connected with the second node A 2  and the output terminal of the voltage conversion circuit  19  (VO 2 ), respectively. 
     In the power module  20  of  FIG. 16  and the power module  30  of  FIG. 17 , the power units  23  are disposed on the outer side of the power module. In other words, the power units  23  can be directly in contact with the surroundings. Consequently, a great deal of heat can be dissipated to the surroundings. For enhancing the heat dissipating efficiency, a heat sink is attached on the top side of the power module or the power module is disposed in a liquid cooling environment. 
       FIG. 20  is a schematic cross-sectional view illustrating a third example of a power module with the substrate of the present disclosure. The structure of the power module  40  of this embodiment is similar to that of the power module  30  as shown in  FIG. 17 . In comparison with the power module  30  of  FIG. 17 , the power module  40  of this embodiment further includes a molding compound layer  41 . The molding compound layer  41  is disposed on the top surface of the first carrier plate  22 . The power units  23  and the at least one additional passive component  25  on the top surface of the first carrier plate  22  are encapsulated by the molding compound layer  41 . The molding compound layer  41  can prevent the moisture from entering the power module  40 . Moreover, the heat from the first carrier plate  22  can be dissipated to the surroundings through the molding compound layer  41 . Consequently, the heat dissipating efficiency of the power module  40  is enhanced, the possibility of causing damage of the power units  23  is minimized, and the insulation efficacy is increased. In some embodiments, the top surface of the power unit  23  is exposed outside the top surface of the molding compound layer  41  and located at the same level with the top surface of the molding compound layer  41 . Consequently, the heat dissipating efficacy of the power unit  23  is further enhanced. 
       FIG. 21  is a schematic cross-sectional view illustrating a fourth example of a power module with the substrate of the present disclosure. The structure of the power module  50  of this embodiment is similar to that of the power module  40  as shown in  FIG. 20 . In comparison with the power module  40  of  FIG. 20 , the power module  50  of this embodiment omits the first carrier plate  22  on the substrate  21  as shown in  FIG. 20 . In this embodiment, an insulating medium layer made of the same material as the first insulation layer  10  is formed on the top surface  100  of the first insulation layer  10  of the substrate  21 . In other words, the insulating medium layer is integrated with the first insulation layer  10 . Moreover, at least one wiring layer  51  is formed in the insulating medium layer by using a metallization technology. The electrodes of the substrate  21  are connected with the top surface of the insulating medium layer through the wiring layer  51 . The power unit  23  is disposed on the wiring layer  51 . The node between the first power switch and the second power switch of each power unit  23  is connected with the electrode (e.g., the first electrode) on the top surface  100  of the first insulation layer  10  through the wiring layer  51 . 
     In some embodiments, the power module includes a plurality of wiring layers  51 , and a plurality of conductive holes are formed in the insulating medium layer. Moreover, the plurality of wiring layers  51  are electrically connected with each other through the plurality of conductive holes. In case that the conductive holes are located over the main body  110  of the passive component  11 , the conductive holes are blind holes. Consequently, the formation of the conductive holes will not damage the main body  110  of the passive component  11 . In an embodiment, the blind holes are formed by using a depth-controlled drilling process. 
     As mentioned above, the insulating medium layer is directly formed on the top side of the first insulation layer  10 , and the at least one wiring layer  51  is formed in the insulating medium layer. Moreover, the node between the first power switch and the second power switch of each power unit  23  is connected with the electrode on the top surface  100  of the first insulation layer  10  through the wiring layer  51 . Due to this structural design, the thickness of the power module  50  can be reduced. Since the path of the overall power module  50  is shortened, the power density and the operating efficient are enhanced. 
       FIG. 22  is a schematic cross-sectional view illustrating a fifth example of a power module with the substrate of the present disclosure. The structure of the power module  60  of this embodiment is similar to that of the power module  40  as shown in  FIG. 20 . In comparison with the power module  40  of  FIG. 20 , the power unit  23  of the power module  60  of this embodiment is embedded in the first carrier plate  22 . Since the power unit  23  is embedded in the first carrier plate  22 , the power module  60  further includes a lead frame as a foundation frame. The lead frame is embedded in the first carrier plate  22  in order to implement the conduction along the vertical direction of the first carrier plate  22 . Alternatively, a printed circuit board is embedded in the first carrier plate  22  and formed as the foundation frame. The printed circuit board is used to implement the conduction along the vertical direction of the first carrier plate  22 . Since power unit  23  is embedded in the first carrier plate  22  of the power module  60 , the top surface of the first carrier plate  22  has more space for disposing the at least one additional passive component  25 . Consequently, the performance of the power module  60  is increased. 
       FIG. 23  is a schematic cross-sectional view illustrating a sixth example of a power module with the substrate of the present disclosure. The structure of the power module  70  of this embodiment is similar to that of the power module  50  as shown in  FIG. 21 . In comparison with the power module  50  of  FIG. 21 , the power unit  23  of the power module  70  of this embodiment is embedded in the at least one wiring layer  51 . For example, the power unit  23  is embedded in the at least one wiring layer  51  through a flip chip technology, wherein bumps or solder balls are used as the pins. 
       FIG. 24  is a schematic cross-sectional view illustrating a seventh example of a power module with the substrate of the present disclosure. The structure of the power module  80  of this embodiment is similar to that of the power module  60  as shown in  FIG. 22 . In comparison with the power module  60  of  FIG. 22 , the power module  80  of this embodiment further includes at least one copper block  81 . The at least one copper block  81  is disposed on the top surface of the first carrier plate  22  and aligned with the corresponding power unit  23 . Due to the copper block  81 , the heat dissipating efficiency of the power module  80  is increased. 
       FIG. 25  is a schematic cross-sectional view illustrating an eighth example of a power module with the substrate of the present disclosure. The structure of the power module  90  of this embodiment is similar to that of the power module  50  as shown in  FIG. 21 . In comparison with the power module  50  of  FIG. 21 , the power module  90  of this embodiment further includes a second carrier plate  91 . The second carrier plate  91  is disposed on the wiring layer  51 . Moreover, the power unit  23  is embedded in the second carrier plate  91 . The node between the first power switch and the second power switch of each power unit  23  is connected with the electrode on the top surface  100  of the first insulation layer  10  through the second carrier plate  91  and the wiring layer  51 . 
     In some embodiments, at least one additional passive component  25  is disposed on the top surface of the second carrier plate  91 . The additional passive component  25  on the top surface of the second carrier plate  91  is thinner than the passive component  25  on the top surface of the wiring layer  51 . Moreover, the thickness of the power unit  23  embedded in the second carrier plate  91  is close to the thickness of the passive component  25  on the top surface of the wiring layer  51 . Optionally, a metallic wiring layer is formed on the top surface of the power unit  23 . The metallic wiring layer is extended to the top surface of the second carrier plate  91 . Moreover, a copper block (not shown) is welded on the metallic wiring layer. 
     Please refer to  FIGS. 26A and 26B .  FIG. 26A  is a schematic cross-sectional view illustrating a ninth example of a power module with the substrate of the present disclosure.  FIG. 26B  is a schematic cross-sectional view illustrating the power module of  FIG. 26A  and taken along the line B-B′. The structure of the power module  200  of this embodiment is similar to that of the power module  30  as shown in  FIG. 16 . In comparison with the power module  30  of  FIG. 16 , the substrate  21  of the power module  200  of this embodiment further includes at least one first pin  201  and at least one second pin  202 . The first pin  201  and the second pin  202  are located under the bottom surface  101  of the first insulation layer  10 . Moreover, the power module  200  further includes at least one output capacitor  203 . The output capacitor  203  can be applied to the output capacitor Co of  FIG. 2 . As shown in  FIG. 2 , the output capacitor  203  is connected with the output terminal of the voltage conversion circuit  18  and the ground terminal. The output capacitor  203  is located under the passive component  11 . For example, the output capacitor  203  is disposed within the substrate  21  or disposed on the bottom surface  101  of the first insulation layer  10  of the substrate  21 , and thus the output capacitor  203  is located under the passive component  11 . The output capacitor  203  has a first terminal  204  and a second terminal  205  along the horizontal direction. The top side of the first terminal  204  of the output capacitor  203  is connected with the ground terminal of the voltage conversion circuit  18  (i.e., the ground terminal G as shown in  FIG. 26B ). The bottom side of the first terminal  204  of the output capacitor  203  is connected with the first pin  201 . The top side of the second terminal  205  of the output capacitor  203  is connected with the output terminal of the voltage conversion circuit  18  (i.e., the output terminal VO as shown in  FIG. 26B ). The bottom side of the second terminal  205  of the output capacitor  203  is connected with the second pin  202 . In the embodiment of  FIG. 26B , the power module  200  includes a plurality of output capacitors. Since the power module  200  integrates the output capacitors  203 , the layout space of the system board is saved. Moreover, since the distance between the power module  200  and the terminal load is very short, the connection impedance between the power module  200  and the terminal load is reduced. The output capacitors  203  can be used as energy storage elements. Moreover, the output capacitors  203  are helpful for flowing currents along the vertical direction. 
     Optionally, the power module  200  of this embodiment further includes at least one copper block  206 . The at least one copper block  206  is disposed on the bottom surface  101  of the first insulation layer  10 . Due to the copper block  206 , the heat dissipating efficiency and the current-flowing capacity of the power module  200  are increased. 
     From the above descriptions, the present disclosure provides a substrate, a manufacturing method of the substrate and a power module with the substrate. The first electrode connected with the node between the first power switch and the second power switch is disposed on the top surface of the first insulation layer of the substrate. Consequently, it is not necessary to retain a space on the system board for connecting the first electrode with the node. In such way, the layout area of the system board is saved. Moreover, since the node between the first power switch and the second power switch is a jumper point, the use of the substrate is capable of avoiding the influence of electromagnetic interference effectively. The passive component is embedded in the first insulation layer of the substrate. The first conducting terminal and the second conducting terminal of the inductor are protruded along the horizontal direction and arranged between the top surface and the bottom surface of the main body of the inductor. Since the thickness of the first insulation layer is small, the substrate is thin. Moreover, since the second electrode is in contact with the first insulation layer, the thickness of the substrate is further reduced and the connection impedance is reduced. Moreover, since the substrate is slim and the top surface and the bottom surface of the first insulation layer are connected with each other through the first through-hole structure, the substrate has a good heat transfer path and the heat dissipation efficiency is enhanced. 
     While the disclosure has been described in terms of what is presently considered to be the most practical and preferred embodiments, it is to be understood that the disclosure needs not be limited to the disclosed embodiment. On the contrary, it is intended to cover various modifications and similar arrangements included within the spirit and scope of the appended claims which are to be accorded with the broadest interpretation so as to encompass all such modifications and similar structures.