A substrate includes a first insulation layer, a passive component, a 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 passive component is embedded in the first insulation layer. The passive component includes a first conducting terminal. The first through-hole structure is formed in the first insulation layer. The first through-hole structure includes a conductive part and an insulation part disposed within the conductive part. The conductive part 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 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 first insulation layer.