ASCENT — Annual Report 2024

Nov 8, 2024

ASCENT DEVELOPMENT CO., LTD. and SUBSIDIARIES (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.)

Financial Statements and Independent Auditors’ Report

2024 and 2023 Stock code: 1439

Address: 11F, No. 170, Jingmao 1st Rd., Nangang Dist., Taipei City

Telephone: (02)2756-6777

~1~

ASCENT DEVELOPMENT CO., LTD. and SUBSIDIARIES (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Financial Statements and Independent Auditors’ Report of 2024 and 2023 Table of Contents

Items I. Cover page II. Table of Contents III. Declaration IV. Independent Auditors’ Report V. Consolidated Balance Sheet VI. Consolidated Statement of Comprehensive Income VII. Consolidated Statement of Changes in Equity VIII. Consolidated Statement of Cash Flows IX. Notes to Consolidated Financial Statements (I) Company history (II) Dates and Procedures for Approval of Financial Reports (III) Application of new and revised standards and interpretations (IV) Summary of Significant Accounting Policies (V) Major sources of uncertainty in major accounting judgments, estimates and assumptions (VI) Explanation of important accounting items

Page

1 2 ~ 3 4 5 ~ 9 10 ~ 11 12 13 14 ~ 15 16 ~ 76 16 16 16 ~ 18 18 ~ 32 32 33 ~ 59

~2~

Items (VII) Related party transactions (VIII) Assets collateralized (pledged) (IX) Significant contingent liabilities or unrecognized contractual commitments (X) Losses from major disasters (XI) Subsequent events (XII) Others (XIII) Other disclosures (XIV) Information on operating segment	Page
	59 ~ 64 64 64 64 64 65 ~ 74 74 75 ~ 76

~3~

Ascent Development Co., Ltd.

Declaration of Consolidated Financial Statements of Affiliates

In 2024 (from January 1, 2024 to December 31, 2024), the companies that should be included in the consolidated financial reports of affiliated companies based on “Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises” are the same as those that should be included in the consolidated financial reports of subsidiaries under International Financial Reporting Standards 10. The related information that should be disclosed in the consolidated financial statements of affiliated companies has already been disclosed in the consolidated financial reports for subsidiaries; therefore, separate consolidated financial statements of affiliated companies will not be prepared.

Hereby certify

Company Name: ASCENT DEVELOPMENT CO., LTD.

Person in-charge: Chia-Chi Hou

March 12, 2025

~4~

Independent Auditors’ Report

(2025) Cai-Shen-Bao-Zi No. 24004729

To ASCENT DEVELOPMENT CO., LTD.:

Audit Opinions

ASCENT DEVELOPMENT CO., LTD. (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) and its subsidiaries (the Group) balance sheet of December 31 of 2024 and 2023, the comprehensive income statement, changes of equity, and cash flow statement from January 1 to December 31 of 2024 and 2023 and the notes to the consolidated financial statements (including the summary of major accounting policies) have been audited by the Auditor of the Firm.

According to the opinions of the Auditor, the above-mentioned consolidated financial statements are prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers in all material aspects, which are sufficient to express the financial status of the Group on December 31, 2024 and 2023, and parent company only financial performance and parent company only cash flow from January 1 to December 31 in 2024 and 2023.

Basis for Opinion

We conducted our audits in accordance with the Regulations Governing Auditing and Attestation of Financial Statements by Certified Public Accountants and auditing standards. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group and its subsidiaries in accordance with the Professional Ethics for Certified Public Accountant of the Republic of China and we have fulfilled our other ethical responsibilities in accordance with these requirements. Based on the audit results of the Auditor and the audit reports of other auditors, we believe that we have obtained sufficient and appropriate audit evidence as the basis for expressing the audit opinion.

Key Audit Matters

Key audit items refer to the most important items in the audit of the Company's 2024 consolidated financial statements based on our professional judgment. These matters have been dealt with in the process of checking the consolidated financial statements and reaching audit opinions, and the we do not express opinions on these matters independently.

Key audit matters in the Group's consolidated financial statements for the year ended December 31, 2024 are as follows:

Impairment Testing of Investment Using the Equity Method

Descriptions

~5~

For the accounting policy of investment using the equity method, please refer to Note 4(15) of the consolidated financial statements, for the accounting policy of impairment of nonfinancial assets, please refer to Note 4(21) of the consolidated financial statements, and for the description of accounting items, please refer to the Notes 6(8) of the consolidated financial statements.

On December 31, 2024, the book value of the Group's investment using the equity method was NT$1,299,223 thousands, accounting for 22% of the total consolidated assets. In accordance with the International Accounting Standard No. 28 “Investment in Affiliated Enterprises and Joint Ventures”, the management level shall assess whether the recoverable amount of the investment is lower than the book value if there is objective evidence showing signs of impairment for the investment using the equity method. Since the objective evidence of its impairment assessment and the comprehensive consideration factors for determining the recoverable amount involve the subjective judgment of the management and have a high degree of uncertainty, and the investment amount using the equity method is significant, the auditor adopts the Group’s relevant Impairment assessment of equity method investments is listed as one of the most important matters of the audit.

Audit procedure

The auditor has implemented the following procedures to respond to the specific aspects described in the above key audit items:

• 1.Interview with the management level to understand the management's assessment of the signs of impairment of investments using the equity method and evaluate its rationality.

• 2.To obtain the equity value evaluation report issued by the external evaluation experts appointed by the management, the procedures performed by the auditor are as follows:

• (1) Assess the suitability and objectivity of the external evaluation experts appointed by the management level.

• (2) Assess the appropriateness of the evaluation methods adopted by the external evaluation experts appointed by the management level and the rationality of the relevant assumptions.

Occurrence of Sales Revenue from Real Estate

Descriptions

Please refer to Note 4(28) of the consolidated financial statements for the accounting policy of operating revenue in the construction industry, and Note 6(18) to the consolidated financial statements for descriptions of accounting items.

The real estate sales revenue of the construction industry is recognized when the ownership transfer of the real estate is completed and the house inspection certificate is delivered to the customer. The recognition of revenue is whether it meets the criteria for

~6~

revenue recognition, which is significant to the overall financial statements of the current year. Therefore, we have listed the occurrence of sales revenue from real estate as one of the most important matters in the audit.

Audit procedure

The auditor has implemented the following procedures to respond to the specific aspects described in the above key audit items:

• 1.Understand and review the procedures for recognizing sales revenue and confirm that they are adopted in the same period of the financial statements.

• 2.For the details of the annual recognized property sales revenue, samples were selected to check the corresponding property ownership transfer and actual house delivery related basis, in order to confirm the appropriateness of the property sales revenue.

Other Matters - Audits conducted by other certified public accountants

The financial statements of some of the Company's investments under the equity method of the Group have not been audited by us but by other independent auditors. Therefore, in our opinions on the above-mentioned consolidated financial statements, the amount listed in the financial statements of the Companies and the relevant information disclosed in Note 13 are based on the audit reports of other auditors. On December 31, 2024 and 2023, the amount of investment in the above-mentioned companies using the equity method was NT$1,220,821 thousands and NT$1,105,298 thousands, respectively, accounting for 21% and 21% of the total consolidated assets. In 2024 and 2023 the consolidated profits and losses recognized for the aforementioned companies were NT$222,349 thousands and NT$308,546 thousands, respectively, accounting for 113% and 94% of the consolidated profits and losses for the current period.

Other Matters - Parent company only financial statements

ASCENT DEVELOPMENT CO., LTD. has compiled the parent company only financial statements for 2024, and the audit report of other matter paragraphs issued by the accountant with unqualified opinions is submitted for reference.

Responsibilities of Management Level and Governance Units for the Consolidated Financial Statements

The responsibilities of the management is to prepare consolidated financial statements that are reasonably expressed in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards approved and published by the Financial Supervisory Commission and International Accounting Standards, and interpret and explain the announcement in preparation of consolidated financial statements that are fairly presented, and maintain the necessary internal controls related to the preparation of consolidated financial statements to ensure that there are no material misstatement in the financial statements that are caused by fraud or errors.

~7~

When preparing the consolidated financial statements, the responsibilities of the management level also include assessing the ability of the Group for going concern, the disclosure of related matters, and the adoption of the going-concern accounting basis, unless the management level intends to liquidate the Group or cease operations, or except for liquidation or cease of operation or has no realistic alternative but to do so.

The governance units (including the audit committee) of the Group are responsible for supervising the financial reporting process.

Responsibilities of Auditor to Audit Consolidated Financial Statements

The purpose of our audit of the financial statements is to obtain reasonable assurance as to whether there is any material misrepresentation in the consolidated financial statements as a whole resulting from fraud or error, and to issue an audit report. Reasonable certainty is of high degree of certainty, but there is no guarantee that the audit work performed in accordance with the auditing standards of the Republic of China will be able to detect material misstatement in the consolidated financial statements. Misstatements may result from fraud or error. Misstatements of individual amounts or aggregated amounts is considered material if it can reasonably be expected to affect economic decisions made by users of the consolidated financial statements.

As part of an audit in accordance with auditing standards in the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

1. Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or overriding internal controls.

2. Obtain an understanding of the internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management level.

4. Conclude on the appropriateness of management level's use of the going concern basis of accounting and whether or not a material uncertainty exists related to events or conditions that may cast a significant doubt on the Group's and its subsidiaries’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our

~8~

auditor’s report. However, future events or conditions may cause the Group to cease to continue as an ongoing concern.

1. Assess the overall presentation, structure and content of the consolidated financial statements (including relevant notes), and whether the financial statements properly represent relevant transactions and events.

2. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

The planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal controls that we identify during our audit.

We also provide the governance units with the statements that the personnel of the accounting firm that is subject to independence regulations have complied with the independence statement in the professional ethics code for CPAs of the Republic of China, and communicate with the governance units all relationships that may be considered to affect the independence of the auditors and other matters (including relevant protective measures).

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Group's consolidated financial statements for the year 2024, and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

PwC Taiwan

Chun-Yuan Hsiao

Accountant

Se-Kai Lin

Former Securities and Futures Bureau, Financial Supervisory Commission

Approval No.: Jin-Guan-Zheng-Liu-Zi No. 0960042326 Jin-Guan-Zheng-Liu-Zi No. 0960072936 March 12, 2025

~9~

ASCENT DEVELOPMENT CO., LTD. and SUBSIDIARIES (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Consolidated Balance Sheet December 31, 2024 and 2023

Assets	Notes VI(I) VI(VI)(XXI) VI(II) VI(III) VI(III) VII VI(IV)(V), VII and VIII VIII VI(VI) VI(VII) VI(VIII) VI(IX) VI(X) and VIII VI(XXV) VII VIII	December 31, 2024 Amount % $ 504,371 9 34,916 - - - 35,780 1 1,947 - 377 - 17,087 - 293 - 2,487,901 43 8,851 - 172,515 3 83,005 1 3,347,043 57 218,000 4 141,737 3 1,299,223 22 4,909 - 36,810 1 745,599 13 2,859 - 1,228 - 10,885 - 13,000 - 3,790 - 2,478,040 43 $ 5,825,083 100	Expressed in thousands of NT$ December 31, 2023 Amount % $ 605,103 12 31,625 1 20,000 - 27,668 1 7,114 - 377 - 9,548 - 110 - 2,172,050 41 7,040 - 69,961 1 50,347 1 3,000,943 57 86,000 2 170,784 3 1,155,041 22 142 - 950 - 865,808 16 - - 343 - 10,143 - 13,000 - 3,790 - 2,306,001 43 $ 5,306,944 100
		Amount $ 504,371 34,916 - 35,780 1,947 377 17,087 293 2,487,901 8,851 172,515 83,005 3,347,043 218,000 141,737 1,299,223 4,909 36,810 745,599 2,859 1,228 10,885 13,000 3,790 2,478,040 $ 5,825,083	Amount $ 605,103 31,625 20,000 27,668 7,114 377 9,548 110 2,172,050 7,040 69,961 50,347 3,000,943 86,000 170,784 1,155,041 142 950 865,808 - 343 10,143 13,000 3,790 2,306,001 $ 5,306,944
Current assets 1100 Cash and cash equivalents 1110 Financial assets at fair value through profit or loss - current 1136 Financial assets at amortized cost- Current 1150 Notes receivable, net 1170 Accounts receivable, net 1180 Accounts receivable - related parties, net 1200 Other receivables 1220 Current income tax assets 130X Inventory 1410 Prepayments 1476 Other financial assets - current 1479 Other current assets - others 11XX Total current assets Non-current assets 1510 Financial assets at FVTPL - non- current 1517 Financial assets at FVTOCI - non- current 1550 Investments accounted for using equity method 1600 Property, plants, and equipment 1755 Right-of-use assets 1760 Investment property, net 1780 Intangible assets 1840 Deferred income tax assets 1920 Deposits received 1980 Other financial assets - non- current 1990 Other non-current assets - others 15XX Total non-current assets 1XXX Total assets

(Continued on next page)

~10~

ASCENT DEVELOPMENT CO., LTD. and SUBSIDIARIES (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Consolidated Balance Sheet December 31, 2024 and 2023

Liabilities and equity

Expressed in thousands of NT$ December 31,2024 December 31,2023 Notes Amount % Amount % VI(V)(XI) $ 1,475,377 26 $ 1,362,801 26 VI(XVIII) 394,155 7 185,318 4 58,912 1 43,792 1 74,666 1 18,328 - VII 9,769 - 9,769 - 63,040 1 37,645 1 17,656 - 3,553 - 5,888 - 2,696 - VI(XII) 16,000 - 16,000 - 10,676 - 6,096 - 2,126,139 36 1,685,998 32 VI(XII) 358,000 6 374,000 7 VI(XXV) 30 - 507 - 151,861 3 122,964 2 8,014 - 8,697 - 517,905 9 506,168 9 2,644,044 45 2,192,166 41 VI(XIV) 920,000 16 920,000 17 VI(XV) 227,986 4 182,854 3 VI(XVI) 382,722 7 364,347 7 80,462 1 212,044 4 1,251,014 21 955,140 18 VI(XVII) ( 87,316) ( 1) ( 72,606) ( 1 ) 2,774,868 48 2,561,779 48 406,171 7 552,999 11 3,181,039 55 3,114,778 59 IX XI $ 5,825,083 100 $ 5,306,944 100

Current liabilities 2100 Short-term borrowings 2130 Contract liabilities - current 2150 Notes payable 2170 Accounts payable 2180 Accounts payable - related parties 2200 Other payables 2230 Current income tax liabilities 2280 Lease liabilities - current 2320 Long-term liabilities due within one year or one business cycle 2399 Other current liabilities - others 21XX Total of current liabilities Non-current liabilities 2540 Long-term borrowings 2570 Deferred income tax liabilities 2580 Lease liabilities - non-current 2600 Other non-current liabilities 25XX Total non-current liabilities 2XXX Total liabilities Equity attributable to owners of parent company Share capital 3110 Common stock capital Capital surplus 3200 Capital surplus Retained earnings 3310 Legal reserve 3320 Special reserves 3350 Undistributed earnings Other equity 3400 Other equity 31XX Total equity attributable to owners of the parent company 36XX Non-controlling interests 3XXX Total equity Significant contingent liabilities and unrecognized contractual commitments Subsequent events 3X2X Total liabilities and equity

The attached notes to the consolidated financial statements form part of the consolidated financial statements. Please refer to them also.

Chairman: Chia-Chi Hou

Managerial Officer: Hsien-Wen Liu Accounting Officer: Pin-Hui Yeh

~11~

ASCENT DEVELOPMENT CO., LTD. and SUBSIDIARIES (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Consolidated Statement of Comprehensive Income January 1 to December 31, 2024 and 2023

Expressed in thousands of NT$ (Except for earnings per share in NT$)

Items 4000 Revenue 5000 Operating Costs 5900 Gross profit Operating expenses 6100 Promotional expenses 6200 Administrative expenses 6000 Total operating expenses 6900 Net operating loss Non-operating income and expense 7100 Interest income 7010 Other income 7020 Other gains and losses 7050 Financial cost 7060 Profit and loss share of the affiliates and joint ventures recognized using the equity method 7000 Total non-operating income and expenses 7900 Income before tax 7950 Income tax expenses 8200 Current period net profit Other comprehensive income (net amount) Items not reclassified to profit or loss 8316 Unrealized gains or losses on investments in equity instruments at FVTOCI 8320 Shareholding in other comprehensive income of affiliates and joint ventures under equity method - items not reclassified to income 8310 Total of items not reclassified to profit or loss 8300 Other comprehensive income (net amount) 8500 Total comprehensive income of the current period Net profit (loss) attributable to: 8610 Owner of parent company 8620 Non-controlling interests Total Total comprehensive income attributable to: 8710 Owner of parent company 8720 Non-controlling interests Total Basic earnings per share 9750 Basic earnings per share Diluted earnings per share 9850 Diluted earnings per share	Notes VI(V)(XVIII) VI(IV)(V) (XXIII) VI(V)(XXIII) (XXIV) and VII VI(XIX) VI(XX) VI(XXI) VI(XXII) VI(VIII) VI(XXV) VI(XVII) VI(VII) VI(VIII) VI(XXVI) VI(XXVI)	2024
		$

The attached notes to the consolidated financial statements form part of the consolidated financial statements. Please refer to them also.

Managerial Officer: Hsien-Wen Liu Accounting Officer: Pin-Hui Yeh

Chairman: Chia-Chi Hou

~12~

ASCENT DEVELOPMENT CO., LTD. and SUBSIDIARIES (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Consolidated Statement of Changes in Equity January 1 to December 31, 2024 and 2023

Expressed in thousands of NT$

2023 Balance at January 1, 2023 Current period net profit Other comprehensive income of current period Total comprehensive income of the current period Appropriation and distribution of earnings: Appropriation of legal reserve Special reserve Cash dividends Disposal of equity instruments at FVTOCI Disposal of equity instruments at FVTOCI by affiliates Balance at December 31, 2023 2024 Balance at January 1, 2024 Current period net profit Other comprehensive income of current period Total comprehensive income of the current period Appropriation and distribution of earnings: Appropriation of legal reserve Reversal of special reserve Cash dividends Disposal of equity instruments at FVTOCI Disposal of equity instruments at FVTOCI by affiliates Changes in the net equity value of affiliates recognized under the equity method The difference between the actual price of the subsidiary's equity acquired and the book value Balance at December 31, 2024	Notes						Equity attributable to owners of parent company	Equity attributable to owners of parent company	Equity attributable to owners of parent company	Equity attributable to owners of parent company	Equity attributable to owners of parent company						Non-controlling interests		Total equity
			Common stock capital	Capital surplus			Retained earnings					Unrealized gains or losses on financial assets measured at fair value through other comprehensive income			Total
							Legal reserve	Special reserves			Undistributed earnings
	VI(XVII) VI(XVI) VI(VII)(XVII) VI(XVII) VI(XVII) VI(XVI) VI(VII)(XVII) VI(XVII) VI(VIII) VI(XV)(XXVIII)		$ 920,000 - - - - - - - - $ 920,000 $ 920,000 - - - - - - - - - - $ 920,000		$ 182,854 - - - - - - - - $ 182,854 $ 182,854 - - - - - - - - 28,544 16,588 $ 227,986		$ 357,010 - - - 7,337 - - - - $ 364,347 $ 364,347 - - - 18,375 - - - - - - $ 382,722		$ 7,856 - - - - 204,188 - - - $ 212,044 $ 212,044 - - - - ( 131,582 ) - - - - - $ 80,462		$1,009,210 184,402 - 184,402 ( 7,337 ) ( 204,188 ) ( 27,600 ) 1,170 ( 517 ) $ 955,140 $ 955,140 160,500 - 160,500 ( 18,375 ) 131,582 ( 27,600 ) 15,168 34,599 - - $1,251,014		($ 204,188 ) - 132,235 132,235 - - - ( 1,170 ) 517 ($ 72,606 ) ($ 72,606 ) - 35,057 35,057 - - - ( 15,168 ) ( 34,599 ) - - ($ 87,316 )		$2,272,742 184,402 132,235 316,637 - - ( 27,600 ) - - $2,561,779 $2,561,779 160,500 35,057 195,557 - - ( 27,600 ) - - 28,544 16,588 $2,774,868		$ 542,262 10,737 - 10,737 - - - - - $ 552,999 $ 552,999 2,060 - 2,060 - - - - - - ( 148,888 ) $ 406,171	$2,815,004 195,139 132,235 327,374 - - ( 27,600 ) - - $ 3,114,778 $ 3,114,778 162,560 35,057 197,617 - - ( 27,600 ) - - 28,544 ( 132,300 ) $ 3,181,039

The attached notes to the consolidated financial statements form part of the consolidated financial statements. Please refer to them also.

Chairman: Chia-Chi Hou

Managerial Officer: Hsien-Wen Liu

Accounting Officer: Pin-Hui Yeh

~13~

ASCENT DEVELOPMENT CO., LTD. and SUBSIDIARIES (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Consolidated Statement of Cash Flows January 1 to December 31, 2024 and 2023

Expressed in thousands of NT$

Cash flow from operating activities Net income before tax Adjustment items Income and expenses Depreciation expense Gains on financial assets at FVTPL Amortization expense Interest expense Interest income Dividend income Shareholding in the profit of the affiliates under the equity method Gains on disposal of investment property Changes in assets/liabilities related to operating activities Net changes in assets related to operating activities Financial assets at fair value through profit or loss - current Notes receivable Accounts receivable Other receivables Inventory Prepayments Other financial assets - current Other current assets Financial assets at FVTPL - non- current Net changes in liabilities related to operating activities Contract liabilities Notes payable Accounts payable Other payables Other current liabilities Cash outflow from operations Interest paid Income tax paid Net cash outflow from operating activities

Notes January 1 to December 31, 2024 January 1 to December 31, 2023 $ 182,052 $ 199,295 VI(IX)(X) (XXIII) 21,751 21,736 VI(XXI) ( 279 ) 1,535 VI(XXIII) 492 - VI(XXII) 11,742 13,467 VI(XIX) ( 5,607 ) ( 5,748 ) VI(VII)(XX) ( 4,679 ) ( 3,381 ) VI(VIII) ( 197,169 ) ( 213,271 ) VI(XXI) ( 5,390 ) - VI(VI) ( 3,012 ) ( 33,160 ) ( 8,112 ) ( 8,055 ) 5,167 ( 1,052 ) ( 7,869 ) 15,327 ( 315,851 ) ( 104,231 ) ( 2,176 ) ( 3,721 ) ( 102,554 ) ( 69,865 ) ( 32,658 ) ( 31,872 ) ( 132,000 ) - 208,837 153,620 15,120 31,726 56,338 3,296 24,080 7,527 4,580 ( 862 ) ( 287,197 ) ( 27,689 ) ( 10,427 ) ( 13,296 ) ( 6,934 ) ( 14,902 ) ( 304,558 )( 55,887 )

(Continued on next page)

~14~

ASCENT DEVELOPMENT CO., LTD. and SUBSIDIARIES (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Consolidated Statement of Cash Flows January 1 to December 31, 2024 and 2023

Cash flow from investment activities Disposal of financial assets measured at amortized cost Acquisition of financial assets at FVTOCI Disposal of financial assets at FVTOCI Acquisition of equity of subsidiaries Other financial assets - non-current increase Price of disposal of investment property Acquisition of property, plant and equipment Increase in refundable deposits Decrease in refundable deposits Interest collected Acquisition of intangible assets Dividends received Net cash inflow from investing activities Cash flow from financing activities Short-term borrowings Repayment of short-term borrowings Decrease in short-term notes payable Lease principal repayment Repayment of long-term borrowings Increase in guarantee deposits received Decrease in guarantee deposits received Distribution of cash dividends Net cash inflow (outflow) from financing activities Increase (decrease) in cash and cash equivalents for the current period Cash and cash equivalents Cash and equivalent cash balance at the beginning of the period

Expressed in thousands of NT$ Notes January 1 to December 31, 2024 January 1 to December 31, 2023 $ 20,000 $ 60,000 ( 65,398 ) ( 41,243 ) 104,206 60,446 VI(XXVIII) ( 132,300 ) - - ( 8,234 ) 103,233 - VI(VIII) ( 4,831 ) - ( 5,380 ) ( 3,467 ) 4,638 3,463 5,910 5,294 ( 2,986 ) - 111,533 92,329 138,625 168,588 VI(XXVII) 272,286 489,996 VI(XXVII) ( 159,710 ) ( 446,120 ) VI(XXVII) - ( 28,762 ) VI(XXVII) ( 3,092 ) ( 2,627 ) VI(XXVII) ( 16,000 ) ( 16,000 ) VI(XXVII) 6,222 9,187 VI(XXVII) ( 6,905 ) ( 7,432 ) VI(XVI) ( 27,600 ) ( 27,600 ) 65,201 ( 29,358 ) ( 100,732 ) 83,343 605,103 521,760 $ 504,371$ 605,103

The attached notes to the consolidated financial statements form part of the consolidated financial statements. Please refer to them also.

Managerial Officer: Hsien-Wen Liu Accounting Officer: Pin-Hui Yeh

Chairman: Chia-Chi Hou

~15~

ASCENT DEVELOPMENT CO., LTD. and SUBSIDIARIES (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Notes to Consolidated Financial Statements

2024 and 2023

Expressed in thousands of NT$ (unless otherwise stated)

I. Company history

• (I) ASCENT DEVELOPMENT CO., LTD. (hereinafter referred to as “the Company”), formerly CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD. was established on August 19, 1964 in accordance with the Company Act. On June 23, 2022, the resolution of the shareholders' meeting approved the change of name. The main business of the Company and its subsidiaries (hereinafter referred to as “the Group”) is real estate development, lease and sale. The Company's stock has been listed on the Taiwan Stock Exchange since May 22, 1989.

• (II) Hanyang Global Co., Ltd. holds 53.41% equity of the Company, and Hanshin Asset Management Co., Ltd. is the ultimate parent company of the Group.

II. Dates and Procedures for Approval of Financial Reports

• The financial statements are approved and issued by the board of directors on March 12, 2025.

III. Application of new and revised standards and interpretations

• (I) The impact of the newly released and revised International Financial Reporting Standards (“IFRSs”) that have been approved and issued by the Financial Supervisory Commission (FSC)

The following table summarizes the newly issued, amended and revised standards and interpretations of the International Financial Reporting Standards (IFRSs) applicable in 2024 that were recognized and issued by the FSC:

Application of new/corrected/revised standards and interpretations Amendments to IFRS 16 “Lease Liability in a Sale and Leaseback” Amendments to IAS 1 “Classification of Liabilities as Current or Non-current” Amendments to IAS 1 “Non-current Liabilities with Covenants” Amendments to IAS 7 and IFRS 7 “Supplier Finance Arrangements”	Effective date of IASB's announcement
	January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024

~16~

The Group has assessed that the above standards and interpretations have no material impact on the Group's financial position and financial performance.

• (II) The impact of the newly released and revised International Financial Reporting Standards that have not yet been adopted by the FSC

The following table summarizes the newly issued, amended and revised standards and interpretations of the International Financial Reporting Standards applicable in 2025 that were recognized and issued by the FSC:

Application of new/corrected/revised standards and interpretations	Effective date of IASB's announcement
Amendments to IAS 21 “Lack of Exchangeability”	January 1, 2025

The Group has assessed that the above standards and interpretations have no material impact on the Group's financial position and financial performance.

• (III) Impacts of IFRSs issued by the IASB but not yet endorsed by the FSC

The following table summarizes the newly released, amended, and revised standards and interpretations of the IFRSs issued by the IASB but not yet recognized by the FSC:

Application of new/corrected/revised standards and interpretations

Effective date of IASB's announcement

Amendments to IFRS 9 and IFRS 7 “Classification and Measurement of Financial Instruments” Amendments to IFRS 9 and IFRS 7 “Contracts related to Natural Power Sources” Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture” IFRS 17 “Insurance Contracts” Amendments to IFRS 17 “Insurance Contracts” Amendments to IFRS 17 “Initial Application of IFRS 17 and IFRS 9 - Comparative Information” IFRS 18 “Expression and Disclosure of Financial Statements” IFRS 19 “Subsidiaries Without Public Accountability: Disclosure” Annual improvements to IFRS - Volume 11

January 1, 2026 January 1, 2026 To be decided by IASB January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2027 January 1, 2027 January 1, 2026

Except for the following, the Group has assessed that the above standards and interpretations have no material impact on the Group’s financial position and

~17~

performance:

IFRS 18 “Expression and Disclosure of Financial Statements”

IFRS 18 “Expression and Disclosure of Financial Statements” has replaced IAS 1, updated the structure of the statement of comprehensive income, added the disclosure of management performance measurement, and strengthened the summary and division of the use in the main financial statements and notes.

IV. Summary of Significant Accounting Policies

The major accounting policies adopted in the preparation of the financial statements are described below. Unless otherwise stated, these policies apply consistently throughout all reporting periods.

(I) Compliance statement

The consolidated financial report has been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards (IFRSs), International Accounting Standards, IFRIC Interpretations, and SIC Interpretations as endorsed by the FSC.

(II) Compilation basis

1. Except for financial assets at FVTPL and financial assets at FVTOCI, the financial statement is prepared based on historical costs.

2. The compilation of financial statement in compliance with IFRSs requires the use of some important accounting estimates. In the process of adopting the Group’s accounting policies, management also needs to adopt the judgments, which involve highly judgmental or complex items, or major assumptions and estimated items in financial statements. For details, please refer to Note 5.

(III) Consolidation basis

1. Basis for preparation of consolidated financial statements

2. (1) The Group incorporates all subsidiaries into entities for the preparation of financial statements. A subsidiary refers to an entity controlled by the Group. The Group is considered to control an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The subsidiary is included in the consolidated financial statements from the date the Group obtains control, and the merger is terminated on the date the Group loses control.

3. (2) Intra-group transactions, balances and unrealized gains and losses are eliminated. The accounting policies of the subsidiaries have been adjusted as

~18~

necessary to be consistent with the policies adopted by the Group.

• (3) Profit and loss and other components of comprehensive profit and loss are attributable to the owners and non-controlling interests of the parent company; the total comprehensive profit and loss is also attributable to the owners and non-controlling interests of the parent company, even if the non-controlling interests suffer losses due to this.

• (4) If the change in the shareholding of the subsidiary does not result in a loss of control (transactions with non-controlling interests), it will be regarded as an equity transaction, which is regarded as the transaction with the owner. Any difference between the adjusted amount of non-controlling interests and the fair value of the consideration paid or received is directly recognized in equity.

• (5) When the Group loses control over the subsidiary, the remaining investment in the former subsidiary is remeasured at fair value and adopted as the fair value of the originally recognized financial assets or the cost of the originally recognized investment in affiliated enterprises or joint ventures. The difference between the fair value and the carrying amount is recognized as profit or loss of the current period. For all amounts previously recognized in other comprehensive profit or loss related to the subsidiary, the accounting treatment is the same as if the Group directly disposes of the relevant assets or liabilities. That is, if a gain or loss previously recognized in other comprehensive income would be reclassified to profit or loss upon the disposal of the related assets or liabilities, it will also be reclassified from equity to profit or loss when control of the subsidiary is lost.

• Subsidiaries included in the financial statements are as follows:

Name of the Investment Company The Company The Company	Name of Investee HCW INVESTMENT CO., LTD. Hanlin Development Co., Ltd.	Business type General investment Investment in real estate and buildings	Percentage of shareholding December 31,2024 December 31, 2023 100.00 100.00 51.00 33.00	Explanation
			December 31,2024 100.00 51.00
				Note

Note: The Company’s shareholding in the company increased from 33% to 51% on March 11, 2024. Please refer to Note 6(28) for details.

1. Subsidiaries not included in the consolidated financial statements: None.

2. Different adjustments and treatments in the accounting period of subsidiaries: None.

~19~

5. Major restrictions: None.

6. Subsidiaries with significant non-controlling equity of the Group:

The total amount of non-controlling interests of the Group as of December 31, 2024 and 2023 was NT$406,171 and NT$552,999, respectively. The following is the information about the significant non-controlling interests of the Group and its subsidiaries:

Name of Investee	Principal place of business	Non-controllinginterests	Non-controllinginterests	Non-controllinginterests December 31,2023 Amount Percentage of shareholding $ 552,999 67
		December 31,2024
		Amount	Percentage of shareholding	Amount
Hanlin Development	Taiwan	$ 406,171	49	$ 552,999

Summarized financial information of subsidiaries:

Balance Sheet

Current assets Non-current assets Current liabilities Non-current liabilities Total net assets	Hanlin Development December 31,2024 December 31,2023 $ 795,028 $ 827,670 959,838 848,006 ( 441,562) ( 345,507) ( 484,384) ( 504,798) $ 828,920 $ 825,371
	December 31,2024 $ 795,028 959,838 ( 441,562) ( 484,384) $ 828,920

Statement of Comprehensive Income

		Hanlin Development	Hanlin Development
	2024			2023
Income	$	91,191	$		194,835
Income before tax	$	5,974	$		19,989
Income tax	(	2,425)	(		3,966)
expenses
Current period net		3,549			16,023
profit
Total comprehensive
income of the
current period Comprehensive	$	3,549	$		16,023
income attributed to
non-controlling
interests	$	2,060	$		10,737

~20~

Statement of Cash Flow

Net cash inflow (outflow) from operating activities Net cash outflow from investing activities Net cash inflow (outflow) from financing activities Increase in cash and cash equivalents for the current period Cash and cash equivalents Cash and equivalent cash balance at the beginning of the period	Hanlin Development 2024 2023 ($ 17,149) $ 82,500 ( 132,285) ( 8,231) 30,264 ( 7,176) ( 119,170) 67,093 278,138 211,045 $ 158,968 $ 278,138	Hanlin Development 2024 2023 ($ 17,149) $ 82,500 ( 132,285) ( 8,231) 30,264 ( 7,176) ( 119,170) 67,093 278,138 211,045 $ 158,968 $ 278,138
	2024
	($ 17,149) ( 132,285) 30,264 ( 119,170) 278,138
	$ 158,968	$ 278,138

(IV) Foreign currency conversion

Items included in the financial statements of each entity within the Group are measured using the currency of the primary economic environment in which the entity operates (i.e. the functional currency). The consolidated financial statements are presented in the Company's functional currency “NT$”.

Foreign currency transactions and balances

1. Foreign currency transactions are converted into functional currency at the spot exchange rate on the transaction date or measurement date, and the conversion difference arising from the conversion of these transactions is recognized as current profit or loss.

2. The balance of foreign currency monetary assets and liabilities is evaluated and adjusted according to the spot exchange rate on the balance sheet date, and the translation difference arising from the adjustment is recognized as current profit or loss.

3. The balance of foreign currency non-monetary assets and liabilities, which are at FVTPL, shall be adjusted according to the spot exchange rate on the balance sheet date, and the exchange difference arising from the adjustment shall be recognized as current profit or loss; if it is at FVTOCI, it shall be adjusted at the spot exchange rate on the balance sheet date, and the exchange difference arising from the adjustment shall be recognized in other comprehensive profit or loss; if it is not at fair value, it shall be at the historical exchange rate on the initial

~21~

transaction date.

1. All exchange gains and losses are listed in “Other Gains and Losses” in the Consolidated Income Statement.

2. (V) Classification criteria for current and non-current assets and liabilities

The Group is engaged in entrusting construction companies to build or sell buildings, and its business cycle is usually longer than one year. Assets and liabilities related to construction projects are classified as current or non-current based on the business cycle; and the standards for the classification of other items as current and non-current are as follows:

1. Assets that meet one of the following conditions are classified as current assets:

2. (1) The asset is expected to be realized, or it is intended to be sold or consumed in the normal business cycle.

3. (2) Mainly held for the purpose of trading.

4. (3) Those expected to be realized within 12 months after the balance sheet date.

5. (4) Cash or cash equivalents, except those that can be exchanged at least 12 months after the balance sheet date or used to settle liabilities are restricted.

6. The Group classifies all assets that do not meet the above conditions as non-current.

7. Liabilities that meet one of the following conditions are classified as current liabilities:

8. (1) Expected to be settled in the normal business cycle.

9. (2) Mainly held for the purpose of trading.

10. (3) Those expected to be paid off within 12 months after the balance sheet date.

11. (4) The repayment period cannot be unconditionally postponed at least 12 months after the reporting period.

The Group classifies all liabilities that do not meet the above conditions as noncurrent.

(VI) Cash equivalents

Cash equivalents refer to short-term and highly liquid investments that can be converted into fixed amounts of cash at any time with little risk of changes in value. Time deposits that meet the definition above and are held to meet short-term cash commitments in operations are classified as cash equivalents.

(VII) Financial assets at FVTPL

1. Refers to financial assets that are not at amortized cost or at FVTOCI.

2. The Group adopts transaction-day accounting for financial assets at FVTPL that conform to customary transactions.

~22~

1. The Group measures it at fair value at the time of initial recognition, and the relevant transaction costs are recognized in profit or loss, and subsequently at fair value, and its profits or losses are recognized in profit or loss.

2. When the right to receive dividends is established, the economic benefits related to dividends are likely to flow in, and the amount of dividends can be measured reliably, hence the Group recognizes dividend income in profit or loss.

(VIII) Financial assets at FVTOCI

1. Refers to an irrevocable choice made at the time of original recognition to present changes in the fair value of equity instrument investments not held for trading in other comprehensive income.

2. The Group adopts transaction-day accounting for financial assets at FVTOCI that conform to customary transactions.

3. The Group measures at its fair value plus transaction costs at the time of original recognition, and subsequently at fair value:

4. Changes in the fair value of equity instruments are recognized in other comprehensive profit or loss. When delisting, the accumulated gains or losses previously recognized in other comprehensive profit or loss shall not be reclassified to profit or loss, and shall be transferred to retained earnings. When the right to receive dividends is established, the economic benefits related to dividends are likely to flow in, and the amount of dividends can be measured reliably, hence the Group recognizes dividend income in profit or loss.

(IX) Financial assets at amortized cost

1. Refers to those who meet the following conditions at the same time:

2. (1) The financial asset is held under the business model for the purpose of collecting contractual cash flow.

3. (2) The contract terms of the financial asset generate cash flow on a specific date, which is entirely the payment of principal and interest on the outstanding principal amount.

4. The Group adopts transaction-day accounting for financial assets at cost after amortization that complies with customary transactions.

5. The Group measures its fair value plus transaction costs at the time of initial recognition, and then adopts the effective interest method to recognize interest income and impairment losses during the circulation period according to the amortization procedure, and when delisting, it will be recognized the gain or loss is recognized in profit or loss.

~23~

1. The time deposits held by the Group that are not categorized as cash equivalents are measured by the investment amount because the holding period is short and the impact of discounting is not significant.

(X) Accounts and Notes Receivable

1. Refers to accounts and notes that have the unconditional right to receive the consideration amount in exchange for the transfer of goods or services in accordance with the contract.

2. For unpaid short-term accounts and notes receivable, since discounting has little effect, the Group measures them based on the original invoiced amount.

(XI) Impairment of financial assets

On each balance sheet date, for financial assets at amortized cost, after considering all reasonable and supportable information (including forward-looking information), the Group has no significant increase in credit risk since the original recognition , which measures the allowance loss by the amount of 12-month expected credit losses; for those whose credit risk has increased significantly since the original recognition, the allowance for loss shall be measured according to the amount of expected credit loss during the duration; for accounts receivable that do not include significant financial components, the allowance for loss shall be measured according to the amount of expected credit loss during the duration.

(XII) Delisting of financial assets

Financial assets will be delisted when the Group's contractual rights to receive cash flows from the financial assets lapse.

(XIII) Lessor's lease transaction - Business lease

Lease income from business leases and net of any incentives given to the lessee will be amortized on a straight-line basis over the lease term and recognized as current profit or loss.

(XIV) Inventory

1. Including land for construction, premises under construction, and premises for sale, etc., the acquisition cost is adopted as the accounting basis, and the project profit and loss is recognized according to the completed contract method. The land for construction is listed as the premises under construction when it is actively developed, and the relevant interest is capitalized from the time of active development or construction to the completion of the work.

~24~

1. Inventory at the end of the period is measured by the lower of cost and net realizable value. When comparing the lower of cost and net realizable value, the item-by-item comparison method is adopted; and the net realizable value is the estimated selling price in the normal course of business less the estimated cost to complete and the estimated cost to complete the sale.

2. (XV) Investments using the equity method Affiliated enterprises

3. Affiliated enterprises refers to all entities over which the Group has significant influence but no control, generally directly or indirectly holding more than 20% of their voting shares. The Group adopts the equity method to dispose of the investment in affiliated enterprises, and recognizes it at cost when acquired.

4. The Group recognizes the share of profit and loss acquired by the affiliated enterprises as profit and loss of the current period, and the share of other comprehensive profit and loss acquired by the Group as other comprehensive profit or loss. If the Group's share of losses to any affiliated enterprise is equivalent to or exceeds its equity in the affiliated enterprise (including any other unsecured receivables), the Group will not recognize further losses unless the Group has any legal or constructive obligations to, or has paid on behalf of the affiliated enterprise.

5. When the affiliated enterprise has any non-profit or loss and other comprehensive profit or loss equity changes that do not affect the shareholding ratio, the Group will recognize all equity changes as "capital surplus" based on the shareholding ratio.

6. The unrealized gains and losses arising from transactions between the Group and affiliated enterprises have been eliminated in proportion to its equity in the affiliated enterprises; unless there is further evidence that the assets transferred in the transaction have been impaired, unrealized losses will also be eliminated. The accounting policies of the affiliated enterprises have been adjusted as necessary to be consistent with the policies adopted by the Group.

7. In the event that an affiliate enterprise issues new shares, and the Group does not subscribe to the new shares in accordance with the proportion, resulting in a change in the investment ratio but still having a significant impact on it, the increase or decrease of the change in the net equity value is to adjust the "capital surplus" and "investments accounted for under the equity method". If the proportion of investment is reduced, in addition to the above-mentioned adjustments, the gains or losses related to the reduction of ownership interests that have been previously recognized in other comprehensive profit or loss, and the gains or losses must be reclassified to profit or loss when disposing of related assets or liabilities, it shall be reclassified to profit or loss according to the

~25~

reduction ratio.

1. When the Group disposes of an affiliated enterprise and loses its significant influence on such affiliated enterprise, for all amounts previously recognized in other comprehensive profit or loss related to the affiliated enterprise, the accounting treatment is the same as if the Company directly disposes of the relevant assets or liabilities, that is, if the benefit or loss previously recognized as other comprehensive profit or loss will be reclassified as profit or loss when disposing of the relevant assets or liabilities, when control of the affiliated enterprise is lost, the benefit or loss will be reclassified from equity to profit or loss. If there is still a significant influence on the affiliated enterprises, only the amount previously recognized in other comprehensive profit and loss shall be transferred out in the above-mentioned manner on a proportionate basis.

(XVI) Joint Agreements

1. For the interests in joint operations, the Group recognizes the direct rights (and their shares) to the assets, liabilities, income and expenses of the joint operations, and has included them in the applicable items of the financial report.

2. When participating in a joint venture without joint control, the Group will handle its interest in the agreement in accordance with the provisions of IFRS 9 "Financial Instruments".

(XVII) Property, plants, and equipment

1. Real estate, plant and equipment are recorded on the basis of acquisition cost.

2. Subsequent costs are included in the book value of the asset or recognized as a separate asset only when the future economic benefits related to the item are likely to flow into the Group and the cost of the item can be measured reliably. The book value of the replaced part shall be delisted. All other maintenance expenses are recognized as current profit or loss when incurred.

3. The subsequent measurement of property, plant and equipment adopts the cost model. Except for land, which is not listed for depreciation, the depreciation will be calculated using the straight-line method based on the estimated service life. If the composition of property, plant and equipment is significant, it will be depreciated separately.

4. The Group examines the residual value, service life and depreciation method of each asset at the end of each financial year. If the expected residual value or service life is different from the previous estimate, or if there is a significant change in the expected consumption pattern of the asset's future economic benefits, the change shall be accounted for as a revision of accounting estimates

~26~

in accordance with International Accounting Standard No. 8 “Accounting Policies, Changes in Accounting Estimates and Errors” from the date of the change. The service life of each asset is as follows:

Houses and buildings 20 years Office equipment 5 to 23 years Lease improvement 10 years

(XVIII) Lessee's lease transaction - right-of-use asset/lease liability

1. Lease assets are recognized as right-of-use assets and lease liabilities on the day they become available to the Group. When the lease contract is a short-term lease or a lease of a low-value underlying asset, the lease payment is recognized as an expense during the lease period using the straight-line method.

2. Lease liabilities are recognized at the present value of unpaid lease payments discounted at the Group's incremental borrowing rate on the lease commencement date. Lease payments are fixed payments, less any lease incentives that can be received.

3. Subsequent adoption of the interest method is measured by the amortized cost method, and interest expenses are provided during the lease period. When the lease term or lease payment changes due to non-contract modification, the lease liability will be reassessed, and the re-measurement amount will be adjusted to the right-of-use asset.

4. The right-of-use asset is recognized at cost on the lease commencement date, and the cost is the original measured amount of the lease liability. Subsequent measurement is made using the cost model, and depreciation expenses are provided when the service life of the right-of-use asset expires or when the lease period expires, whichever is earlier. When the lease liability is reassessed, the right-of-use asset will adjust any remeasurement of the lease liabilities.

5. For a lease modification that reduces the scope of the lease, the lessee will reduce the book amount of the right-of-use asset to reflect partial or complete termination of the lease, and recognize the difference between it and the remeasured amount of the lease liability in profit or loss.

(XIX) Investment property

Investment real estate is recognized at acquisition cost, and the subsequent measurement adopts the cost model. Except for land, depreciation is provided by

~27~

the straight-line method according to the estimated service life which ranges from 10 to 60 years.

(XX) Intangible assets

The cost is recognized with computer software and amortized in accordance with the straight-line method over the estimated lifespan of 2 to 5 years.

(XXI) Impairment of non-financial assets

On the balance sheet date, the Group will estimate the recoverable amount of assets which may be subject to impairment, and recognize the impairment loss when the recoverable amount is lower than its book amount. The recoverable amount is the fair value of an asset less costs of disposal or its value in use, whichever is higher. When the asset impairment recognized in the previous year does not exist or decreases, the impairment loss shall be reversed. However, the increase in the book value of the asset due to the reversal of the impairment loss shall not exceed the book amount of the asset after deducting depreciation or amortization if no impairment loss is recognized.

(XXII) Borrowings

The long- and short-term funds borrowed from banks. The Group measured it at the fair value less transaction costs at the time of original recognition, and subsequently recognized any difference between the price after deducting transaction costs and the redemption value, and adopted the effective interest method and amortizing procedures to recognize interest expenses during the circulation period in profit and loss.

(XXIII) Notes and Accounts Payable

1. Refers to the debts incurred due to the purchase of raw materials, commodities, or services on credit, and the notes payable incurred due to business and nonbusiness matters.

2. For unpaid short-term accounts and notes payable, since discounting has little effect, the Group measures them based on the original invoiced amount.

(XXIV) Delisting of financial liabilities

The Group delists financial liabilities when the obligations specified in the contract are performed, canceled or expired.

~28~

(XXV) Employee benefits

1. Short-term employee benefits

Short-term employee benefits are at non-discounted amounts expected to be paid and are recognized as an expense when the related service is rendered.

1. Pension

For a definite contribution plan, the amount of the pension fund that shall be appropriated is recognized as the current pension cost on the basis of accruals. Advance payments are recognized as assets to the extent that they are refundable in cash or reduce future payments.

1. Severance benefits

Severance benefits are benefits provided when the employee's employment is terminated before the normal retirement date or when the employee decides to accept the company's welfare offer in exchange for the termination of employment. The Group recognizes an expense when it is no longer possible to withdraw the offer of termination benefits or when the related restructuring costs are recognized, whichever is earlier. Benefits that are not expected to be fully settled within 12 months after the balance sheet date will be discounted.

1. Employees and directors remuneration

Employee remuneration and directors' remuneration are recognized as expenses and liabilities when there is a legal or constructive obligation and the amount can be reasonably estimated. If there is a discrepancy between the actual distribution amount and the estimated amount in subsequent resolutions, it shall be treated as a change in accounting estimate. In addition, if employee remuneration is paid by stock, the basis for calculating the number of shares is the closing price on the day before the resolution of the board of directors.

(XXVI) Income Tax

1. Income tax expense includes current and deferred income tax. Income taxes are recognized in profit or loss, except for income taxes that relate to items that are recognized in other comprehensive profit or loss or directly in equity, respectively.

2. The Group calculates current income tax based on the tax rate that has been enacted or substantively enacted on the balance sheet date in the country where the Group operates and generates taxable income. The management level periodically assesses the status of income tax filings with respect to

~29~

applicable income tax regulations and, where applicable, estimates income tax liabilities based on the expected tax payments to the taxation competent authorities. For undistributed earnings, additional income tax is levied in accordance with the Income Tax Law. In the year following the year in which the earnings are generated, the undistributed earnings income tax expense shall be recognized based on the distribution of the actual earnings after the shareholders' meeting approves the earnings distribution proposal.

1. The balance sheet method is adopted for deferred income tax, which is recognized according to the temporary difference between the tax basis of assets and liabilities and their carrying amount on the balance sheet. Deferred income tax liabilities arising from the original recognition of goodwill are not recognized if the deferred income tax arises from the original recognition of assets or liabilities in a transaction (excluding business combinations) and at the time of the transaction. If it does not affect accounting profit or taxable income (tax loss), and does not generate equivalent taxable and deductible temporary differences, it will not be recognized. For temporary differences related to investment in subsidiaries and affiliated enterprises, if the Group can control the timing of the reversal of the temporary difference and it is highly likely that the temporary difference will not reverse in the foreseeable future, it will not be recognized. The deferred income tax is based on the tax rate (and taxation laws) that has been enacted or substantively enacted on the balance sheet date and is expected to be applicable when the relevant deferred income tax assets are realized or the deferred income tax liabilities are settled.

2. Deferred income tax assets are recognized within the scope of temporary differences, unused tax losses and unused income tax credits that are likely to be available in future taxable income, and are reassessed on each balance sheet date. Evaluate unrecognized and recognized deferred tax assets.

3. The later part of the unused income tax deduction due to the purchase of equipment or technology, research and development expenditure, and equity investment, etc., which is within the scope of future taxable income that is likely to be used for the unused income tax deduction. Recognize deferred income tax assets.

(XXVII) Dividend distribution

The dividends distributed to the shareholders of the Company are recognized in the financial report when the shareholders' meeting of the Company resolves to distribute dividends, and the distribution of cash dividends is recognized as the

~30~

liability.

(XXVIII) Revenue recognition

1. Real estate sales for land development

2. (1) The main business of the Group is land development and sales of real estate, and the revenue is recognized when the control of real estate is transferred to customers. For the signed residential sales contracts, due to the restrictions of the contract terms, the real estate has no other use for the Group, but the Group will not have the enforceable right to the contract payment until the legal ownership or use right of the real estate is transferred to the customer. Revenue is recognized when the ownership or use right is transferred to the customer.

3. (2) Part of the Group's sales contracts include the change consideration of price reduction, and the Group takes the expected value or the most likely amount as the appropriate estimate of the change consideration.

4. (3) The Group's contract for the sale of pre-sale houses contains the terms of advance payment from customers, and the time interval between the time of advance receipt and the transfer of commodity control is longer than one year. According to the provisions of IFRS15, if the Group judges that there are significant financial components in individual pre-sale house contracts, it should adjust the amount of promised consideration and recognize interest expenses. In addition, IFRS15 states that enterprises shall only consider the materiality of financial components at the contract level, and not consider whether financial financing is significant at the portfolio level.

5. Lease revenue

6. A lease is classified as a finance lease when the terms of the lease transfer substantially all the risks and rewards of the leased asset to the lessee. The others are classified as operating leases. Under a finance lease, amounts due from the lessee are included as lease receivables. Financing income is apportioned to each accounting period to reflect the fixed rate of return available in each period. Lease income from operating leases is recognized as income on a straight-line basis over the term of the relevant lease.

(XXIX) Operating segment

Information on the Group's operating segments is reported in a manner consistent with the internal management reports provided to the chief decision-maker of business operation. The chief decision-maker of business operation is

~31~

responsible for allocating resources to operating departments and evaluating their performance.

• V. Major sources of uncertainty in major accounting judgments, estimates and assumptions

When the Group prepared these financial statements, the management level has adopted its judgment to determine the accounting policies adopted, and made accounting estimates and assumptions based on the current situation at the balance sheet date and reasonable expectations of future events. The major accounting estimates and assumptions made may differ from the actual results, and will be continuously evaluated and adjusted taking into account historical experience and other factors. These estimates and assumptions have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Please explain in detail the following explanations on the uncertainty of major accounting judgments, estimates and assumptions:

• (I) Important Judgments for Adoption of Accounting Policies

None.

(II) Important Accounting Estimates and Assumptions

1. Impairment testing of investment using the equity method

When there is an indication of impairment that an investment using the equity method may have been impaired so that the carrying amount cannot be recovered, the Group immediately assesses the impairment of the investment. The Group evaluates the recoverable amount based on the discounted present value of the expected future cash flow of the invested company, and analyzes the rationality of the relevant assumptions.

1. Evaluation of inventory

Because inventories shall be priced at the lower of cost and net realizable value, the Group shall adopt judgment and estimation to determine the net realizable value of inventories on the balance sheet date. The management of the Group mainly relies on historical experience and the amount of future market sales value It is the basis of estimation and therefore may be subject to material changes.

~32~

VI. Explanation of important accounting items

(I) Cash and cash equivalents

Cash on hand Demand deposits Time deposits	December 31,2024	December 31,2023 $ 58 476,040 129,005
	$ 55 432,971 71,345 $ 504,371
		$ 605,103

1. The credit quality of the financial institutions that the Group interacts with is good, and the Group interacts with a number of financial institutions to diversify the credit risk, and the risk of default is expected to be very low.

2. Please refer to Note 8 for details of the Group’s performance guarantee, reserve account and trust deposit account, and the collateral account as a pledge guarantee (account listed in “Other Financial Assets - Current and Non-Current”).

(II) Financial assets at amortized cost- Current

Time deposits	December 31,2024	December 31,2023
	$-	$ 20,000

1. In 2024 and 2023, the Group’s interest income recognized in profit or loss due to financial assets at amortized cost was NT$462 and NT$1,331 (tabled as “interest income”) respectively.

2. Without regard to the collateral held or other credit enhancements, the financial assets measured at amortized cost best represent the Group’s exposure. On December 31, 2024 and 2023, the amount of the maximum credit risk exposure was the book value of financial assets measured at amortized cost for every period.

3. The Group has not provided financial assets at amortized cost as pledge guarantees.

4. (III) Notes receivable and net accounts

Notes receivable Accounts receivable	December 31,2024	December 31,2023 $ 27,668
	$ 35,780 $ 1,947
		$ 7,114

~33~

1. The Group’s notes and accounts receivable are not overdue and not impaired.

2. The Group’s notes and accounts receivable balances on December 31, 2024 and 2023 were all due to customer contracts, and the balance of receivables from customer contracts on January 1, 2023 was NT$25,675.

3. The Group has not provided pledge guarantees for bills receivable and accounts.

4. Regardless of the collateral held or other credit enhancements, the maximum credit risk exposure of the Group’s notes and accounts receivable as of December 31, 2024, and 2023, was the book value of notes and accounts receivable for each period.

5. Please refer to Note 12 (2) for the credit risk information of relevant notes receivable and accounts receivable.

(IV) Inventory

Land for construction Project Zhongxiao Mansion Premises for sale Project Emerald Forest Project Smiling Era Project Kuo Yang Intercontinental (previously known as Project Neihu Jiuzong) Building and land under construction Ascent Development Original Development Project (previously known as Project Zhonghe Chungyuan) Project Kuo Yang Intercontinental (previously known as Project Neihu Jiuzong) Project Kuo Yang Digital (previously known as project Sanchong Zhongxing) Project Tucheng Zhongyi Project Xizhi Jiangbei Project Emerald Forest Advance payment for real estate and others Project Emerald Forest Project Xizhi Jiangbei Capacity	December 31,2024	December 31,2023
	6,601	6,601 47,174 9,267 - 56,441 663,436 447,276 433,312 258,363 220,483 31,094 2,053,964 54,473 571 - 55,044 $ 2,172,050
	17,550 8,614 556,344
	582,508
	696,994 - 535,974 263,641 227,084 116,885
	1,840,578
	54,473 - 3,741 58,214
	$ 2,487,901

~34~

1. Accounting inventory refers to the share recognized in accordance with the holding ratio of the Group’s participation in joint operations. Please refer to Note 6(5) for details.

2. Project Smiling Era is No. 1492 to 1496 of Shengxing Section, Qianzhen District, Kaohsiung City, the “contract for setting of surface rights of state-owned non-public land” signed by “Shenyang Construction Co., Ltd”. on April 28, 2014 with the Southern Branch of National Property Administration, MOF, and the duration of surface rights is 70 years (from April 28, 2014 to April 27, 2084), and the premium for surface rights is NT$878,000. The Group started construction in 2015, which was completed in 2018 while the transfer of ownership and right-of-use began, the revenue for the sold part was recognized, and the above-mentioned royalties was listed as costs of sales according to the sales ratio.

3. Inventory costs recognized as expenses in 2024 and 2023 by the Group were NT$32,915 and NT$120,689, respectively.

4. The Group’s capitalized amounts of interest on inventories in 2024 and 2023 were NT$39,132 and NT$33,539, respectively, and the capitalization rates were 2.53% to 3.151% and 2.425% to 2.76%, respectively.

5. Please refer to Note 8 for details of the Group’s provision of guarantees for inventories.

6. (V) Joint Operation

7. Part of the Group’s development and construction projects are joint operations. For the rights and interests of joint operations, the Group recognizes direct interests (and their shares) in the assets, liabilities, income and expenses of joint operations, and has included them in the consolidated financial report of the applicable items.

8. The information on the joint operation and development projects held by the Group is as follows:

~35~

Project name Ascent Development Original Development Project (previously known as Project Zhonghe Chungyuan) Project Smiling Era Project Kuo Yang Digital (previously known as project Sanchong Zhongxing) Project Kuo Yang Intercontinental (previously known as Project Neihu Jiuzong) Project Tucheng Zhongyi Project Emerald Forest Project Xizhi Jiangbei	Shareholding percentage 50% 30% 15% 10% 10% 10% 10%	Co-builder Weili International Development Co., Ltd. and two other companies Shenyang Construction Co., Ltd. Kuo Yang Construction Co., Ltd. and other four companies Kuo Yang Construction Co., Ltd. and other five companies Kuo Yang Construction Co., Ltd. and other four companies Kuo Yang Construction Co., Ltd. and other five companies Kuo Yang Construction Co., Ltd. and other four companies	Explanation Zhonghe District, New Taipei City Qianzhen District, Kaohsiung City Sanchong District, New Taipei City Neihu District, Taipei City Tucheng District, New Taipei City Annan District, Tainan City Xizhi District, New Taipei City

1. The aggregate information on the shares of joint operation held by the Group is as follows:

~36~

Balance Sheet		December 31,2024	December 31,2024	Other projects $ 695,748 140,118
	Project Kuo Yang Intercontinental	Project Kuo Yang Digital	Ascent Development Original Project
Current assets Inventory Others Non-current assets Total assets Current liabilities Short-term borrowings Others Non-current liabilities Total liabilities Statement of	$ 557,188 50,348 607,536 - $ 607,536 $ 317,448 161,778 479,226 - $ 479,226 $- $- $ 271	$ 537,971 95,260 633,231 - $ 633,231 $ 284,400 232,923 517,323 - $ 517,323 $- $- $ 426	$ 696,994 170,783 867,777 - $ 867,777 $ 501,500 111,856 613,356 - $ 613,356 $ 167 $- $ 29
				835,866
				18,708 $ 854,574
				$ 372,029 153,740
				525,769
				-
				$ 525,769
				$ 38,180 $ 32,915
Comprehensi
ve Income Income Costs Expenses
				$ 3,456

~37~

Balance Sheet Project Kuo Yang Intercontinental Current assets Inventory $ 447,276 Others 10,199 457,475 Non-current assets - Total assets$ 457,475 Current liabilities Short-term borrowings $ 270,372 Others 61,519 331,891 Non-current liabilities - Total liabilities $ 331,891 Statement of Comprehensi ve Income Income $- Costs $- Expenses $ 258 Financial assets at FVTPL Items	Balance Sheet		December 31,2023	December 31,2023	December 31,2023	December 31,2023
		Project Kuo Yang Intercontinental	Project Kuo Yang Digital		Ascent Development Original Project
			$
			$
			$
			$
			$
			$
			$
Financial assets mandatorily at FVTPL Current item Stocks of listed/OTC companies Evaluation adjustment Non-current items Joint development projects				$ 36,172 ( 1,256) $ 34,916 $ 218,000		$ 33,160 ( 1,535) $ 31,625 $ 86,000

(VI) Financial assets at FVTPL

~38~

• The Group’s financial assets at FVTPL had a net income (loss) of NT$5,102 and (NT$870) recognized in profit or loss in 2024 and 2023, respectively.

• The Group did not provide financial assets at FVTPL as pledge guarantees.

• In 2019, Hanlin Development signed a joint investment and land development agreement with other five companies. Therefore, the investment purpose of Hanlin Development is only to share profits without joint control. The interest in the agreement is treated in accordance with IFRS 9 “Financial Instruments” and listed as financial assets that are mandatory to be at FVTPL.

(VII) Financial assets at FVTOCI - non-current

Equity instruments Stocks of listed/OTC companies Evaluation adjustment	December 31,2024	December 31,2023
	$ 254,722 ( 112,985) $ 141,737	$ 278,362 ( 107,578) $ 170,784

1. The Group categorizes strategic investments and equity instrument investments for stable dividend collection as financial assets at fair value through other comprehensive profit and loss, and the fair values of these investments on December 31, 2024 and 2023 were NT$141,737 and NT$170,784, respectively.

2. The details of the financial assets at fair value through other comprehensive profit and loss recognized in profit or loss and comprehensive profit or loss are as follows:

2024 Disposal of equity instruments at FVTOCI Changes in fair value recognized in other comprehensive profit or loss $ 9,761 Accumulated benefits transferred to retained earnings due to delisting $ 15,168 Dividend income recognized in profit or loss Held at the end of the current period $ 3,752 Delisted during the current period 398 $ 4,150	2024	2023 $ 41,081 $ 1,170 $ 3,110 120 $ 3,230
	$ 4,150

~39~

1. Regardless of the collateral held or other credit enhancements, the maximum credit risk exposure of the Group’s financial assets measured at fair value through other comprehensive income (FVTOCI) as of December 31, 2024, and 2023, was the book value of these financial assets for each period.

2. The Group has not provided financial assets at FVTOCI as pledge guarantees.

(VIII) Investments accounted for using equity method

January 1 Investment gains and losses recognized using the equity method Distribution of investment surplus using the equity method Changes in capital surplus Changes in other equity December 31 Affiliate Hanshin Shopping Plaza Co., Ltd. Jollify Creative, Ltd. Jollify4ever Ltd.	December 31,2024	December 31,2023 $ 939,639 213,271 ( 89,023) - 91,154
	$ 1,155,041 197,169 ( 106,827) 28,544 25,296 $ 1,299,223 December 31,2024
		$ 1,155,041
		December 31,2023 $ 1,105,298 49,743 - $ 1,155,041
	$ 1,220,821 78,402 - $ 1,299,223

1. Affiliated enterprises

2. (1) The basic information of the major affiliated enterprises of the Group is as follows:

Principal place of business Company name Hanshin Shopping Plaza Co., Ltd. Taiwan	Principal place of business	Shareholding percentage	Shareholding percentage	Nature of relationship	Measurement method Equity method
		December 31, 2024	December 31, 2023
				Affiliate
		17.80%	17.80%

~40~

• (2) The consolidated financial information of the Group’s major affiliated enterprises is as follows:

Balance Sheet

Balance Sheet
Current assets Non-current assets Current liabilities Non-current liabilities Total net assets Proportion of net assets of affiliated enterprises Goodwill Book value of affiliated enterprises	Hanshin ShoppingPlaza Co.,Ltd.
	December 31,2024	December 31,2023
	$ 4,983,225 9,505,072 ( 3,432,323) ( 5,936,257)
	$ 5,119,717

Statement of Comprehensive Income

Income Net income from continuing operations Other comprehensive income (net, after tax) Total comprehensive income of the current period	Hanshin ShoppingPlaza Co.,Ltd. 2024 2023 $ 3,652,209 $ 3,610,735 $ 1,193,805 $ 1,276,009 154,476 553,189 $ 1,348,281 $ 1,829,198
	2024
	$ 3,652,209 $ 1,193,805 154,476 $ 1,348,281

• (3) As of December 31, 2024 and 2023, the book amount of the non-significant individual affiliates of the Group was NT$78,402 and NT$49,743, respectively. The share of the operating result is summarized as follows:

Net income (loss) from continuing operations Other comprehensive income (net, after tax) Total comprehensive income of the current period	2024	2023 $ 3,269 ( 7,390) ($ 4,121)
	$ 1,963 ( 1,847) $ 116

1. Jollify Creative, Ltd. handled a cash capital increase in October 2024. The Company did not participate in the subscription according to the shareholding ratio, and hence

~41~

the shareholding ratio of Jollify Creative, Ltd. decreased from 37.46% to 25.84%. The Company is the largest single shareholder of that company. However, the combined shareholding of the other three largest shareholders exceeds the shareholding of the Company. This shows that the company has no actual ability to lead relevant activities, so it is judged that it has no control over the company and only has a significant influence.

1. In June 2023, Jollify4ever Ltd. was resolved in the shareholders’ meeting to reduce capital to make up for losses and increase capital in cash. The capital reduction amounted to NT$111,361, and 11,136 thousand shares were written off, representing a capital reduction ratio of 52.16%; the capital increase was NT$60,861. The Company has not participated in the subscription according to the shareholding ratio, and thus the shareholding of Jollify4ever Ltd. was reduced from 46.83% to 29.34%. The Company is the largest single shareholder of that company. However, the combined shareholding of the other two largest shareholders exceeds the shareholding of the Company, it shows that the company has no actual ability to lead relevant activities, so it is judged that it has no control over the company and only has a significant influence.

2. For 2024 and 2023, the recognized share of investment income on investments accounted for using the equity method were NT$197,169 and NT$213,271, respectively. These are based on valuation of the financial statements audited and certified by the CPA of each investee company over the same period.

(IX) Lease transactions - Lessee

1. The underlying assets leased by the Group are office equipment and transportation equipment, and the lease contract period is usually 2 to 9 years. Lease contracts are negotiated individually and contain various terms and conditions. Except that the leased assets may not be used as loan guarantees, no other restrictions are imposed.

2. The book amount of the right-of-use assets and the information on recognized depreciation expenses are as follows:

depreciation expenses are as follows:
Office equipment Houses and buildings Transportation equipment	December 31,2024	December 31,2023 Book value $ 95 - 855 $ 950
	Book value
	$ 28 36,322 460 $ 36,810

~42~

Office equipment Houses and buildings Transportation equipment	2024	2023 Depreciation expense $ 51 - 419 $ 470
	Depreciation expense
	$ 67 660 395
	$ 1,122

1. The increase in the Group’s right-of-use assets for 2024 and 2023 were NT$36,982 and NT$1,317 respectively.

2. The information of income items related to lease contracts is as follows:

Items affecting current profit and loss Interest expense of lease liabilities - investment property Interest expense of lease liabilities - right-of use assets Expenses of short-term lease contracts	2024	2023 $ 2,329 20 2,361
	$ 2,561 206 2,499

1. The total cash outflow for leases of the Group in 2024 and 2023 amounted to NT$8,358 and NT$7,337, respectively.

(X) Investment property

Investment property refers to the Group’s own investment property. The Group signs commercial property lease contracts for its own investment properties. The lease contract term is usually 1 to 50 years, and the details are as follows:

January 1 Disposal - cost Disposal - depreciation Depreciation expense Remeasure- ment December 31		2024		Total $ 865,808 ( 107,479) 9,636 ( 20,565) ( 1,801) $ 745,599
	Land	Houses and buildings	Land use right assets
	$ 72,160 ( 47,268) - - - $ 24,892	$ 674,530 ( 60,211) 9,636 ( 17,524) - $ 606,431	$ 119,118 - - ( 3,041) ( 1,801) $ 114,276

~43~

January 1 Depreciation expense December 31		2023	2023	Total $ 887,049 ( 21,241) $ 865,808
	Land	Houses and buildings	Land use right assets
	$ 72,160 - $ 72,160	$ 692,684 ( 18,154) $ 674,530	$ 122,205 ( 3,087) $ 119,118

1. Land use rights

On July 10, 2018, Hanlin Development signed a contract with Jimei Construction Co., Ltd. for the purchase of the land rights of its building and land located in Section 4, Minsheng East Road, Songshan District, Taipei City, Taiwan. This right is the “Contract for the Creation of Surface Rights over State-Owned Non-communal Land” signed with the North District Branch of the State-owned Property Administration, Ministry of Finance under Land Nos. 115-3 and 115-10, Minsheng Section, Songshan District, Taipei City, and the surface rights will last for 50 years (from August 8, 2012 to August 7, 2062).

1. Rent income and direct operating expenses of investment property:

2024 Rental income from investment real estate $ 55,100 Direct operating expenses incurred in the investment real estate generating rental income in the current period $ 22,596 Direct operating expenses incurred in the investment real estate not generating rental income in the current period $ 1,893	2024	2023
		$ 58,844
	$ 22,596	$ 21,003
	$ 1,893	$ 2,317

1. The fair values of the investment real estate held by the Group on December 31, 2024 and 2023 were NT$1,025,532 and NT$1,162,251, respectively, which were based on the recent transaction prices of comparable similar targets in the area where the investment real estate is located and based on independent Evaluation results of evaluation experts. On December 31, 2024, the valuation of independent experts was based on the comparative approach and the income approach, which was a Level 3 fair value. The main assumption used was a capitalization rate of returns ranging from 1.19% to 1.3%.

2. Please refer to Note 8 for details of the guarantee provided by the Group with

~44~

investment real estate.

(XI) Short-term borrowings

Nature of loan	December 31,2024	Interest rate range	Collaterals Please refer to Note 8 None Collaterals Please refer to Note 8 None
Bank loans Secured loans Credit loans Nature of loan	$ 1,395,829 79,548 $ 1,475,377 December 31,2023	2.530%~3.151% 2.675%~2.775% Interest rate range
Bank loans Secured loans Credit loans	$ 1,330,329 32,472 $ 1,362,801	2.55%~2.76% 2.55%~2.65%

1. Secured borrowings presented in the book refer to the share recognized by the Group in the joint operation according to the percentage of shareholding. Please refer to the descriptions in Note 6(5).

2. The interest expenses recognized in profit or loss in 2024 and 2023 were NT$8,967 and NT$10,810, respectively.

- (XII) Long term borrowings

Nature of	Duration and repayment	Interest		December 31,
loan	method	rate	Collaterals	2024
Secured	From February 23, 2022 to	2.375%	Please refer
loans	February 23, 2039, interest		to Note 8
	is paid on the 23rd of each
	month in three-month
	installments of NT$4,000
	thousands every 3 months
	and the remaining balance
	is paid in a lump sum.			$ 374,000
				374,000
Less: Long-term borrowings due within
one year or one business cycle				( 16,000)
				$ 358,000

~45~

Nature of loan	Duration and repayment method	Interest rate	Collaterals	December 31, 2023 $ 390,000 390,000 ( 16,000) $ 374,000
		2.25%	Please refer to Note 8

(XIII) Pension

Since July 1, 2005, the Company and its domestic subsidiaries have established a defined retirement contribution allocation policy in accordance with the “Labor Pension Act”, which is applicable to domestic employees. The Company and its domestic subsidiaries shall contribute 6% of their monthly salaries into individual accounts held by the Bureau of Labor Insurance for employees who elect to apply the labor pension system under the “Labor Pension Act”. Depending on the amount of the personal pension account and the accumulated income, the pension will be paid on a monthly basis or in lump sum.

In 2024 and 2023, the Group recognized pension costs amounting to NT$946 and NT$823, respectively, in accordance with the above regulations governing the recognition of pension fund.

(XIV) Share capital

As of December 31, 2024 and 2023, the Company’s authorized capital was NT$1,100,000, which was divided into 110,000 thousand shares and issued in tranches. The paid-in capital was NT$920,000, and the par value was NT$10 per share. The payment for the shares issued by the Company has been received.

• (XV) Capital surplus

• According to the Company Act, in addition to the surplus from the issuance of shares in excess of the par value and from the capital surplus from the receipt of gifts, which may be used to make up for losses, the Company shall pay dividends, in which case new shares or cash may be issued, in proportion to the original shares when the Company has no accumulated losses. new shares or cash. In addition, according to the relevant regulations of the Securities and Exchange Act, the total amount of the

~46~

above-mentioned capital surplus to be appropriated as capital may not exceed 10% of the paid-in capital each year. The Company may not use the surplus reserve to supplement the capital deficit, except when there is insufficient surplus reserve to cover the capital deficit.

Treasury stock trading Impact of organizational reorganization Disposal of equity instruments at FVTOCI by affiliates Changes in the net equity value of affiliates The difference between the actual price of the subsidiary's equity acquired and the book value Others	December 31, 2024 $ 8,516 30,461 11,286 160,965 16,588 170 $ 227,986	December 31, 2023 $ 8,516 30,461 11,286 132,421 - 170
		$ 182,854

(XVI) Retained earnings

1. According to the Articles of Incorporation, annual surpluses concluded by the Company are first subject to taxation and making up for previous losses, followed by a 10% provision for legal reserves; however, no further provision is needed when legal reserves have accumulated to the same amount as the Company's paid-in capital. Any surpluses remaining shall then be subject to provision or reversal of special reserves, as the laws. The residual balance (if any) can then be added to undistributed earnings carried from previous years per board resolution, and the shareholder meeting resolved to distribute shareholder bonus shares.

2. On June 23, 2022, the shareholders' meeting approved the amendment to the Company's Articles of Association. According to the surplus distribution policy of the Company's Articles of Association, profit distribution or loss compensation can be carried out after the end of each year in accordance with the Company Act. When distributing surplus, it is necessary to estimate and retain tax payables, make up for losses according to law, set legal reserves, and transfer or reverse special reserves in accordance with relevant laws and regulations. When the distribution of earnings in this item is made by issuing new shares, it shall be subject to a resolution of the shareholders' meeting in accordance with Article 240 of the Company Act; if it is distributed in cash, it shall be subject to a resolution of

~47~

the board of directors.

1. The Company's dividend distribution policy depends on factors such as the company's current and future investment environment, capital needs, domestic and foreign competition conditions, and capital budgets, taking into account the interests of shareholders, balancing dividends, and the company's long-term financial planning. Dividends shall be distributed in combination, of which cash dividends shall not be less than 20% of the total dividends.

2. According to the Company Act, the legal reserve shall be contributed until its total amount reaches the total capital. The legal reserve shall not be used except to make up for the company's losses and to issue new shares or cash in proportion to the shareholders' original shares. However, the issuance of new shares or cash shall be limited to the portion of the reserve exceeding 25% of the paid-in capital.

3. When the Company distributes surplus, according to the laws, the debit balance of other equity items on the balance sheet date of the current year shall be withdrawn as a special reserve for distribution. When the debit balance of other equity items is subsequently reversed, the reversed amount may be included in the distributable surplus.

When adopting IFRSs for the first time, the special surplus reserve was listed in the official letter Jin-Guan-Zheng-Fa-Zi No. 1010012865 issued on April 6, 2012. When the Company subsequently uses, disposes of or reclassifies the relevant assets, it will reverse the original proportion of the special reserve.

1. On June 27, 2024 and June 21, 2023, the shareholders’ meeting resolved to distribute surplus for 2023 and 2022 as follows:

Legal reserve Reversal of special reserve Special reserve Cash dividends	2023 Dividend per share Amount (NT$) $ 18,375 ( 131,582) - 27,600 $ 0.30	2023 Dividend per share Amount (NT$) $ 18,375 ( 131,582) - 27,600 $ 0.30	2022 Dividend per share Amount (NT$) $ 7,337 - 204,188 27,600 $ 0.30
	$ 18,375 ( 131,582) - 27,600	$ 0.30	$ 7,337 - 204,188 27,600

1. On March 12, 2025, the Group’s 2024 surplus distribution proposed by the Board of Directors is as follows:

~48~

Legal reserve Special reserve Cash dividends	2024	2024
	Amount	Dividend per share (NT$)
	$ 21,027 14,710 27,600	$ 0.30

The above-mentioned earnings distribution resolved by the Board of Directors and Shareholders' Meeting is available on the “Market Observation Post System” of Taiwan Stock Exchange.

(XVII) Other equity items

January 1 Evaluation adjustment: - The Group - Affiliated enterprises Transfer of evaluation adjustments to retained earnings: - The Group - Affiliated enterprises December 31	2024	2023
	Unrealized gains or losses on financial assets at FVTOCI	Unrealized gains or losses on financial assets at FVTOCI
	($ 72,606) 9,761 25,296 ( 15,168) ( 34,599) ($ 87,316)	($ 204,188) 41,081 91,154 ( 1,170) 517 ($ 72,606)

(XVIII) Revenue

Revenue
2024 Revenue from customer contracts Revenue from construction projects $ 38,148 Service income 4,630 Lease revenue 55,311 Other operating Income 39 $ 98,128	2024	2023
		$ 137,302 - 61,559 330 $ 199,191
	55,311 39
	$ 98,128

1. The revenue from the Group’s customer contracts comes from goods transferred

~49~

at a certain point in time or income that is gradually transferred over time. The income may be categorized as follows. Please refer to Note 14 for detailed breakdown of revenue by operating department.

Time for revenue recognition Revenue recognized at a point in time Revenue transferred over time	2024	2023
	$ 38,148 59,980	$ 137,302 61,889 $ 199,191
	$ 98,128

1. For the sales contracts entered by the Group as of December 31, 2024, the aggregate amount of the transactions amortized from the performance obligations that have not yet been met and the estimated revenue for the year is as follows:

The year expected to be recognized as revenue Amount of contract signed into

2025~2028 $ 1,490,204

1. Contract assets and liabilities

The contractual liabilities related to the contract revenue recognized by the Group are as follows:

December 31,2024 Contract liabilities - current: - Advance payment for land $ 214,180 - Prepaid housing payment 179,975 $ 394,155	December 31,2024	December 31,2023	January1,2023
		$ 98,917 86,401 $ 185,318	$ 1,485 30,213 $ 31,698

• (1) The Group's contract for the sale of pre-sale houses contains the terms of advance payment from customers, and the time interval between the time of advance receipt and the transfer of commodity control is longer than one year. Recognize contract liabilities related to pre-sale house contracts according to the requirements of IFRS 15.

~50~

(2) Revenue recognized from contract liabilities at the beginning of the year

Balance of contract liabilities at the beginning of the year Recognized as income Pre-sale contract for construction projects terest income Interest on bank deposit Interest income from financial assets at amortized cost Other interest income	2024	2023 $ 31,698
	$ 2,059 2024
		2023 $ 4,417 1,331 -
	$ 5,125 462 20 $ 5,607
		$ 5,748

(XIX) Interest income

(XX) Other income

Dividend income Other income - others	2024	2023 $ 3,381 4,939
	$ 4,679 1,721 $ 6,400
		$ 8,320

(XXI) Other gains and losses

Disposal of investment gains Gains (losses) on financial assets at FVTPL Foreign exchange gain Other gains and losses Gains on disposal of property Miscellaneous expenses	2024	2023 $ 665 ( 1,535) ( 54) ( 558) - - ($ 1,482)
	$ 4,294 279 2,208 ( 188) 5,390 ( 1,596) $ 10,387

~51~

(XXII) Financial cost

2024 Interest expense Bank loans $ 48,099 Interest on lease liabilities 2,767 Short-term notes payable - Others 8 50,874 Less: Amount of capitalized assets that meet the criteria ( 39,132) $ 11,742	2024	2023 $ 44,349 2,349 290 18
		47,006 ( 33,539)
		$ 13,467

(XXIII) Additional Information on Nature of Expenses

Operating costs for the current period Lease cost for the current period Employee welfare expenses Depreciation expense Amortization expense Operating costs for the current period Lease cost for the current period Employee welfare expenses Depreciation expense		2024	Total $ 32,915 22,906 31,425 20,821 492 $ 108,559 Total $ 120,689 23,320 30,181 21,736 $ 195,926
	Attributable to operatingcosts	Attributable to operatingexpenses
	$ 32,915 22,906 - 16,594 - $ 72,415	$ - - 31,425 4,227 492 $ 36,144 2023
	Attributable to operatingcosts	Attributable to operatingexpenses
	$ 120,689 23,320 - 18,154	$ - - 30,181 3,582 $ 33,763
	$ 162,163

~52~

(XXIV) Employee welfare expenses

Salary expenses Director Compensation Labor and health insurance premiums Pension expense Other employee expenses	2024	2023 $ 16,889 9,602 1,414 823 1,453 $ 30,181
	$ 19,381 8,724 1,781 946 593
	$ 31,425

1. According to the Company's Articles of Incorporation, the Company shall appropriate 0.5%~5% of the balance as the remuneration to employees, and no more than 0.2% to the remuneration to Directors, after deducting the accumulated losses based on the current profit status of the Company.

2. The remuneration to employees was estimated at NT$882 and NT$935 in 2024 and 2023, respectively; the remuneration to directors was estimated at NT$882 and NT$935.

The remuneration of employees and remuneration of directors in 2024 is estimated according to the profits of the current period and in accordance with the Articles of Incorporation.

The amount of employee remuneration and director remuneration resolved by the Board of Directors for 2023 was NT$932 and NT$932, respectively. The difference between the employee bonus (NT$935) and director remuneration (NT$935) recognized in the financial statements of 2023 was (NT$3) and (NT$3), respectively. The difference has been adjusted to the profit or loss of 2024.

Information on remuneration to employees and directors approved by the Company's Board of Directors is available on the Market Observation Post System.

~53~

(XXV) Income Tax

1. Income tax expenses

Components of income tax expense:

Current income tax: Income tax on current income Additional tax on undistributed earnings Underestimation (overestimation) of income tax in previous years Income tax subject to minimum tax liability Land appreciation tax included in current income tax Total income tax for the period Deferred income tax: The original generation and reversal of temporary difference Total deferred income tax Income tax expenses	2024	2023 $ 1,058 2,624 ( 97) - 580 4,165 ( 9) ( 9) $ 4,156
	$ 2,366 14,712 1,245 2,249 282 20,854 ( 1,362) ( 1,362) $ 19,492

2. Relationship between income tax expenses and accounting profit

2024 Income tax on net profit before tax calculated at statutory tax rate $ 38,709 Losses to be removed in accordance with the tax law - Income exempted from taxation under the Tax Act ( 45,927) Additional tax on undistributed earnings 14,712 Deferred income tax assets for unrecognized taxation losses 6,780 Underestimation (overestimation) of income tax in previous years 1,245 Income tax effect under minimum tax system 2,249 Separate tax amount 1,442 Land appreciation tax included in current income tax 282 Income tax expenses $ 19,492	2024	2023 $ 43,125 ( 2,945) ( 83,390) 2,624 44,259 ( 97) - - 580 $ 4,156

~54~

1. The amounts of deferred income tax assets or liabilities arising from temporary differences are as follows:

differences are as follows:	llows:
January 1 Deferred income tax assets Unrealized exchange loss $ 5 Deferred interest expense - Impairment loss of investment property 338 $ 343 Deferred income tax liabilities Unrealized exchange gain ( 507) ($ 164)			2024	December 31
	January 1	Recognized in profit or loss	Recognized in other comprehensive net income
		($ 5) 890 - $ 885 477	$ - - - $ - - $-	$ - 890 338 $ 1,228 ( 30) $ 1,198
		$ 1,362

Deferred income tax assets Unrealized exchange loss Impairment loss of investment property Deferred income tax liabilities Unrealized exchange gain			2023	December 31
	January 1	Recognized in profit or loss	Recognized in other comprehensive net income
	$ - 338 $ 338 ( 511) ($ 173)	$ 5 - $ 5	$ - - $- - $-	$ 5 338 $ 343 ( 507) ($ 164)
		4 $ 9

~55~

1. The effective periods of the Group’s unused tax losses and the related amounts of unrecognized deferred income tax assets are as follows:

	December 31,2024	December 31,2024
Year of occurrence	Amount reported/ authorized	Amount yet to be offset	Amount of unrecognized deferred income tax assets	Last crediting year
2018 2020 2021 2023	$ 59,130 23,942 16,759 78,087 $ 177,918	$ 24,080 23,942 16,759 78,087	$ 24,080 23,942 16,759 78,087	2028 2030 2031 2033
		$ 142,868	$ 142,868

December 31, 2023

Year of occurrence	Amount reported/ authorized	Amount yet to be offset	Amount of unrecognized deferred income tax assets	Last crediting year
2018 2020 2021 2023	$ 59,130 23,942 16,759 78,087 $ 177,918	$ 24,080 23,942 16,759 78,087	$ 24,080 23,942 16,759 78,087	2028 2030 2031 2033
		$ 142,868	$ 142,868

1. Deductible temporary differences not recognized as deferred income tax assets

Deductible temporary difference	December 31,2024	December 31,2023 $ 92
	$ 92

1. The income tax for the profit-seeking business of the Company and its subsidiaries have been approved by the tax collection authority up to 2022.

~56~

(XXVI) Earnings per share

arnings per share
Basic earnings per share Net income attributable to common stock shareholders of the parent company Diluted earnings per share Effect of potential dilutive common stock (employee remuneration) Net income attributable to common shareholders of the parent company plus effect of potential common shares Basic earnings per share Net income attributable to common stock shareholders of the parent company Diluted earnings per share Effect of potential dilutive common stock (employee remuneration) Net income attributable to common shareholders of the parent company plus effect of potential common shares		2024	Earnings per share (NT$) $ 1.74 - $ 1.74 Earnings per share (NT$) $ 2.00 - $ 2.00
	After-tax amount	Weighted average outstanding shares (thousand shares)
	$ 160,500 -	92,000 35 92,035 2023
	$ 160,500
	After-tax amount	Weighted average outstanding shares (thousand shares)
	$ 184,402 -	92,000 63 92,063
	$ 184,402

~57~

(XXVII) Changes in liabilities from financing activities

January 1 Increase in the current period Decrease in the current period Interest expenses paid (Note) Other non- cash changes December 31			2024
	Short-term borrowings	Lease liabilities	Long-term borrowings	Deposits received	Dividends payable
	$ 1,362,801 272,286 ( 159,710) - - $ 1,475,377	$ 125,660 36,982 ( 3,092) ( 2,767) 966 $ 157,749	$ 390,000 - ( 16,000) - - $ 374,000	$ 8,697 6,222 ( 6,905) - -
				$ 8,014	$-	$ 2,015,140

January 1 Increase in the current period Decrease in the current period Interest expenses paid (Note) Other non- cash changes December 31				2023			Total liabilities from financing activities $ 1,887,632 260,199 ( 260,641) ( 2,349) 2,317
	Short-term borrowings $ 1,318,925 222,096 ( 178,220) - - $ 1,362,801	Short-term notes payable	Lease liabilities	Long-term borrowings	Deposits received	Dividends payable
		$ 28,762 - ( 28,762) - -	$ 127,003 1,316 ( 2,627) ( 2,349) 2,317	$ 406,000 - ( 16,000) - - $ 390,000
		$-	$ 125,660		$ 8,697	$-	$ 1,887,158

Note: Cash flow from operating activities is presented in the table.

(XXVIII) Transactions with non-controlling interests

Extra equity of acquisition of subsidiaries

The Group purchased 18% of the issued shares of Hanlin Development Co., Ltd.

~58~

on March 11, 2024 for an amount of NT$132,300 thousand. The book amount of the non-controlling interests of Hanlin Development Co., Ltd. on the acquisition date was NT$827,158. This transaction resulted in a decrease of NT$148,888 in non-controlling interests and an increase of NT$16,588 in equity attributable to the owners of the parent company. The impact of changes in equity on the owners’ equity of the parent company of Hanlin Development Co., Ltd. in 2024 is as follows:

Book value of non-controlling interests purchased Consideration paid to the non-controlling interests Capital reserve - the difference between the actual price of the subsidiary’s equity acquired and the book value	2024 $ 148,888 ( 132,300) $ 16,588

VII. Related party transactions

(I) Names of related parties and their relationship

Name of related party Relationship with the Group The Company's ultimate parent Hanshin Asset Management Co., Ltd. company Hanshen Department Store Co., Ltd. (Hanshin Department Store) Other related parties Hi-Lai Foods Co., Ltd. (Hi-Lai Foods) Other related parties Weili International Development Co., Ltd. (Weili International) Other related parties The Pu-Li Management Consulting Co., Ltd.(Pu-Li Management) Other related parties Kuo Yang Construction Co., Ltd.(Kuo Yang Construction) Other related parties

Other related parties Other related parties Other related parties Other related parties Other related parties Other related parties Other related parties Other related parties Other related parties Other related parties

Liyang Agricultural Technology Co., Ltd. Grand Hi-Lai Hotel Co., Ltd. Hanqi Technology Co., Ltd. Shenyang Construction Co., Ltd. Zu Sheng International Co., Ltd. Hanshin Shopping Plaza Co., Ltd. KUO HSIEH CORPORATION Xue Yong Co., Ltd. Aquas Sports Culture Co., Ltd.

~59~

(II) Material transactions with related parties

1.Rent expenses Ultimate parent company	2024	2023 $ 2,319
	$ 3,002

The Group signs lease contracts with related parties based on general market conditions, and rents are paid within the periods agreed in the contracts.

2. Entertainment expenses

Entertainment expenses
Other related party - Hi-Lai Foods Other related parties - Grand Hi-Lai Hotel Other related party - Hanshin Department Store Co., Ltd.	2024	2023 $ 303 9 9
	$ 583 8 6 $ 597
		$ 321

The Group's entertainment expenses are mainly gifts given to customers, and the payment terms to related parties are “paid when incurred”.

3. Employee benefits

Employee benefits
Other related parties - Kuo Yang Construction Other related party - Hi-Lai Foods	2024	2023 $ - 42
	$ 101 54 $ 155
		$ 42

4. Donation

Donation
Other related parties - Aquas Sports Culture	2024	2023 $-
	$ 950

5. Accounts receivable

Accounts receivable
Ultimate parent company	December 31,2024	December 31,2023 $ 377
	$ 377

~60~

6. Deposits received

6.Deposits received
Ultimate parent company 7.Accounts payable Ultimate parent company	December 31,2024 $ 1,154 December 31,2024	December 31,2023 $ 404 December 31,2023 $ 9,769
	$ 9,769

8. Endorsements and guarantees provided to related parties

Other related party-WEINIG International	December 31,2024	December 31,2023 $ 1,003,000
	$-

9. Others

• (1) On July 15, 2021, the Company entered into a joint investment and development contract with Weili International Development Co., Ltd., Guo Yang Construction Co., Ltd., Hanshen Asset Management Co., Ltd., and Grand Hi-Lai Hotel Co., Ltd. for 9 pieces of land including No. 28, Zhongxing Section, Sanchong District, with a total area of 1,828.28 pings, with Guo Yang Construction Co., Ltd. acting as the manager of the project according to the contract. The investment ratio was 15% by the Company, 10% by Weili International Development Co., Ltd., 50% by Guo Yang Construction Co., Ltd., 10% by Hanshin Asset Management Co., Ltd., and 15% by Grand Hi-Lai Hotel Co., Ltd.

• (2) On November 23, 2020, the Company entered a joint investment and development contract with Weili International Development Co., Ltd., Guo Yang Construction Co., Ltd., Hanshen Asset Management Co., Ltd., Liyang Agricultural Technology Co., Ltd. and Grand Hi-Lai Hotel Co., Ltd. for 4 pieces of land including 83-1, Jiuzong Section, Neihu District, Taipei City, with a total area of 2,127.33 pings. Guo Yang Construction Co., Ltd. was the manager of the project according to the contract. 10% of the investment was by the Company, 50% by Guo Yang Construction Co., Ltd., and 10% by all other companies.

• (3) On January 28, 2021, the Company entered into a joint investment and development contract with Weili International Development Co., Ltd., Guo Yang Construction Co., Ltd., Hanshen Asset Management Co., Ltd., Liyang

~61~

Agricultural Technology Co., Ltd. and Grand Hi-Lai Hotel Co., Ltd. for 19 pieces of land including Lot No. 365, Zhongyi Section, Tucheng District, New Taipei City, with a total area of 5,344.27 pings. Guo Yang Construction Co., Ltd. was the manager of the project according to the contract. 10% of the investment was by the Company, 50% by Guo Yang Construction Co., Ltd., and 10% by all other companies. Subsequently, on June 29, 2021, “Grand Hi-Lai Hotel Co., Ltd.” withdrew from the project. The original holding ratio was changed to Hanshin Asset Management Co., Ltd. effective on July 1, 2021.

• (4) On June 29, 2012, Guo Yang Construction Co., Ltd. and Weili International Development Co., Ltd. signed a joint investment and development agreement for joint development and construction of a residential complex on the land held by Taiwan Sugar Corporation at Lot 24, Hetuan Section, Annan District, Tainan City (77,479.53 square meters). Subsequently, a management letter was signed, which entrusted Guo Yang Construction Co., Ltd. to take charge of the overall development plan, architectural planning, construction and sales of collective housing. Weili International Development Co., Ltd. is the representative of the project and executed the Project in accordance with the contract signed with Taiwan Sugar Corporation, and acted as the organizer of the Project, coordinating as the selling company (issuing sales invoices) for the sale of premises and as the purchasing company (issuing certificates) for the purchase of goods or services, and is responsible for the settlement of the Project. Subsequently, the “Joint Development Supplementary Agreement” was signed on March 15, 2016 to change the capital contribution and settlement distribution ratio to the Company’s subsidiaries. After the change, the ratios of Hanlin Development, Weili International Development Co., Ltd., Feminine Co., Ltd., Zu Sheng International Co., Hanshin Asset Management Co., Ltd., Crowell Development Corp., and Kuo Yang Construction Co., Ltd. were 5%, 6%, 1.5%, 4%, 13.5%, 10%, and 60%, respectively. Subsequently, Crowell Development Corp. withdrew from the project on July 15, 2019. The “Joint Development Supplementary Agreement” was signed on with Weili International Development Co., Ltd. to change the capital contribution and settlement distribution ratio to the Company’s subsidiaries. After the change, the ratios of Hanlin Development, Weili International Development Co., Ltd., Feminine Co., Ltd., Zu Sheng International Co., Hanshin Asset Management Co., Ltd., and Kuo Yang Construction Co., Ltd. were 10%, 6%, 1.5%, 4%, 13.5%, and 65%, respectively.

• (5) On August 11, 2022, the Company and its subsidiary, Hanlin Development Co.,

~62~

Ltd., entered into a joint investment and development contract with Guo Yang Construction Co., Ltd., Weili International Development Co., Ltd., and Shenyang Construction Co., Ltd. for 12 pieces of land, with an area of 2,259.85 pings, including Lot 258, Zhongyuan Section, Zhonghe District, New Taipei City, and according to the contract, the Company serves as the operating manager of this project. Its investment ratio includes the Company (40%), Hanlin Development (10%), Shenyang Construction Co., Ltd. (40%), and Weili International Development Co., Ltd. (10%).

• (6) On July 4, 2022, the Company’s subsidiary, Hanlin Development Co., Ltd., entered a joint investment contract with Weili International Development Co., Ltd., Guo Yang Construction Co., Ltd., Grand Hi-Lai Hotel Co., Ltd., Hanshen Asset Management Co., Ltd., and Grand Hi-Lai Hotel Co., Ltd., and Hanshin Shopping Plaza Co., Ltd. for 29 pieces of land including Lot 895, Jiangbei Section, Xizhi District, New Taipei City, with a total area of 5,531.35 pings, with Guo Yang Construction Co., Ltd. acting as the manager of the project according to the contract. The investment ratio was 10% by Hanlin Development Co., Ltd., 50% by Guo Yang Construction Co., Ltd., 20% by Weili International Development Co., Ltd., 10% by Grand Hi-Lai Hotel Co., Ltd., and 10% by Hanshin Shopping Plaza Co., Ltd.

• (7) On June 3, 2016, the Company’s subsidiary, Hanlin Development, entered a joint investment and development contract with Shenyang Construction Co., Ltd. for the land rights for 5 pieces of land, including No. 1492 of Shengxing Section, Qianzhen District, Kaohsiung City, with an area of 11,411 square meters. Its investment ratio is 30% by Hanlin Development and 70% by Shenyang Construction Co., Ltd.

• (8) On April 15, 2019, the Company's subsidiary, Hanlin Development, entered a joint investment and development contract with Weili International Development Co., Ltd., Liyang Agricultural Technology Co., Ltd., Goldshare Investment Corporation, Xueyong Co., Ltd., and Jinzan Industrial Co., Ltd. for 6 pieces of land, including 33, 34, 35-1, 36, 39 and 42 in Baoyuan Section, Xindian District, New Taipei City, with an area of 1,332 pings. The investment ratio was 20% by Hanlin Development Co., Ltd., 20% by Weili International Development Co., Ltd., 25% by Liyang Agricultural Technology Co., Ltd., 15% by Goldshare Investment Corporation, 15% by Xueyong Co., Ltd., and 5% by Jinzan Industrial Co., Ltd.

~63~

(III) Remuneration of key management personnel

Short-term employee benefits	2024	2023 $ 11,835
	$ 11,288

VIII. Assets collateralized (pledged)

The details of collateral for the Group's assets are as follows:

Assets	Book	value	Purpose of guarantee Performance guarantee of short-term borrowings and short-term notes payable Reserves account and trust deposit account Long-term borrowings Performance bond and provisions account
	December 31,2024	December 31,2023
Inventory Other financial assets - current (time deposits and restricted deposits) Investment property Other financial assets - non-current (time deposits and restricted deposits)	$ 2,362,366 172,515 603,233 13,000	$ 1,970,613 69,961 619,319 13,000
	$ 3,151,114	$ 2,672,893

IX. Significant contingent liabilities or unrecognized contractual commitments

As of December 31, 2024, the total cost of construction contracts entered between the Group and non-related parties amounted to NT$1,316,609, and the amount signed but yet to be paid amounted to NT$1,074,209.

X. Losses from major disasters

None.

XI. Subsequent events

Please refer to Note 6(16) for the Company's 2024 earnings distribution proposal approved by the Board of Directors on March 12, 2025.

~64~

XII. Others

(I) Capital management

The Group's capital management objective is to maintain a sound credit rating and a good capital ratio to support corporate operations and maximize shareholders' equity. The Group manages and adjusts the capital structure according to the economic situation, and may achieve the purpose of maintaining and adjusting the capital structure by adjusting the payment of dividends, returning capital or issuing new shares.

(II) Financial instruments

1. Types of financial instruments

Types of financial instruments
Financial assets Financial assets at FVTPL Financial assets mandatorily at FVTPL Financial assets at FVTOCI Investment in designated equity instruments Financial assets at amortized cost Cash and cash equivalents Financial assets at amortized cost Notes receivable Accounts receivable (including related parties) Other receivables Other financial assets - current Deposits received Other financial assets - non-current Financial liabilities Financial liabilities at amortized cost Short-term borrowings Notes payable Accounts payable (including related parties) Other payables (including related parties) Long-term borrowings (Long-term liabilities due within one year or one business cycle) Deposits received Lease liabilities	December 31,2024	December 31,2023 $ 117,625
	$ 252,916 $ 141,737 $ 504,371 - 35,780 2,324 17,087 172,515 10,885 13,000 $ 755,962 $ 1,475,377 58,912 84,435 63,040 374,000 8,014 $ 2,063,778 $ 157,749
		$ 170,784
		$ 605,103 20,000 27,668 7,491 9,548 69,961 10,143 13,000
		$ 762,914
		$ 1,362,801 43,792 28,097 37,645 390,000 8,697
		$ 1,871,032
		$ 125,660

~65~

2. Risk management policies

• (1) The Group's financial risk management objectives are mainly to manage market risks, credit risks and liquidity risks related to operating activities. The Group identifies, measures and manages the aforementioned risks in accordance with the Group's policies and risk preferences.

• (2) The Group has established appropriate policies, procedures, and internal controls for the aforementioned financial risk management in accordance with relevant regulations, and important financial activities must be reviewed by the board of directors in accordance with relevant regulations and internal controls. During the execution of financial management activities, the Group shall faithfully comply with the relevant regulations on financial risk management.

• (3) The Group has not undertaken derivatives to avoid financial risks.

• Nature and extent of material financial risks

• (1) Market risk

Interest rate risk

• A. The Group is exposed to exchange rate risks arising from transactions that are relatively different from the functional currencies of the Company and its subsidiaries, mainly in USD. The associated exchange rate risk arises from future commercial trades and recognized assets and liabilities.

• B. The management of the Group has established a policy requiring each company within the Group to manage the exchange rate risk relative to its functional currency.

• C. The business of the Group involves non-functional currency (the functional currency of the Company and its subsidiaries is NTD), so it is affected by exchange rate fluctuations, and the foreign currency assets and liabilities with significant exchange rate fluctuations are as follows:

(Foreign currency: Functional currency) Financial assets Monetary items USD: NT$	December 31,2024	December 31,2024	December 31,2024
	Foreign currency (in thousands)	Exchange rate	Book value (NT$)
	$ 1,110	32.785	$ 36,373

~66~

(Foreign currency: Functional currency) Financial assets Monetary items USD: NT$	December 31,2023	December 31,2023	December 31,2023
	Foreign currency (in thousands)	Exchange rate	Book value (NT$)
	$ 1,025	30.71	$ 31,464

• D. The Group’s monetary items have a significant impact due to exchange rate fluctuations. The total amount of all exchange benefits (losses) recognized in 2024 and 2023 (including realized and unrealized) was NT$2,208 and (NT$54), respectively.

• E. The Group’s foreign currency market risk analysis due to major exchange rate fluctuations is as follows:

The exchange risk between USD and NT$ mainly comes from US dollardenominated cash and equivalent cash, resulting in foreign currency exchange losses or gains during conversion. If holding NT$ against USD depreciates or appreciates by 1% and all other factors remain unchanged, the net profit in 2024 and 2023 will increase or decrease by NT$291 and NT$252 respectively.

Price risk

• A. The equity instruments that the Group is exposed to price risk are financial assets held at FVTPL and financial assets at FVTOCI. In order to manage the price risk of equity instrument investment, the Group manages the price risk of equity securities by diversifying investment and setting limits for single and overall equity investment. The information on investment portfolio of equity securities needs to be regularly provided to the senior management of the Company, and the board of directors must review all equity securities investment decisions and approve the diversification of its investment portfolio.

• B. The Group mainly invests in equity instruments issued by domestic companies and joint development projects. The prices of these equity instruments and contracts will be affected by the uncertainty of the future value of the investment target. If the value of these equity instruments and joint development projects increases or decreases by 1%, and all other factors remain unchanged, the after-tax net profit in 2024 and 2023 comes from equity instruments at FVTPL and the gain or loss on the joint development project will increase or decrease by NT$2,529 and NT$1,176

~67~

respectively; the gain or loss on equity investments classified as FVTOCI will increase or decrease by NT$1,417 and NT$1,708 respectively.

Cash flow and fair value interest rate risk

• A. The Group’s interest rate risk mainly comes from short-term loans issued at floating rates, as well as long-term loans which expose the Group to cash flow interest rate risk. In 2024 and 2023, the Group’s loans issued at floating rates were mainly denominated in NT$.

• B. When the NT$ loan interest rate increases or decreases by 1%, and all other factors remain unchanged, the after-tax net profit in 2024 and 2023 will decrease or increase by NT$14,795 and NT$14,022 respectively, mainly due to the fluctuation in interest expenses caused by variable-rate loans.

(2) Credit risk

• A. The credit risk of the Group is the risk of financial loss of the Group due to the inability of the customer or the counterparty of the financial instrument to perform the contractual obligations, which mainly arises from the inability of the counterparty to settle the receivables paid on collection terms and the contractual cash flows classified as investments in debt instruments at amortized cost.

• B. Each unit of the Group follows credit risk policies, procedures and controls to manage credit risk. The credit risk assessment of all customers is based on comprehensive consideration of the customer's financial status, credit rating agency ratings, past historical transaction experience, current economic environment, and the Group's internal rating standards and other factors.

• C. The Group's Finance and Accounting Department manages the credit risks of bank deposits, fixed-income securities and other financial instruments in accordance with the Group's policies. Because the Group's transaction partners are determined by internal controls procedures, and they are banks with good credit, financial institutions, corporate organizations and government agencies with investment grades, and hence there is no significant credit risk.

• D The Group mainly engages in the leasing and selling of residential buildings, industrial plants and commercial buildings. The sale of premises is recognized as revenue when the contract price is fully collected, the

~68~

ownership transfer is completed, and the actual house is handed over. Hence, the number of accounts receivable arising from the sale of premises should be small, and the risk of irrecoverability is minor for notes receivable. The amount of credit impairment assessed by the Group as of December 31, 2024 and 2023, was insignificant. In addition, for the accounts receivable arising from other transactions, the Group shall manage the credit risk. When the contract payment is overdue for more than 90 days according to the agreed payment terms, it shall be deemed as a breach of contract.

• E. The Group adopts the presumption provided by IFRS 9. When the contract payment is overdue for more than 30 days according to the agreed payment terms, it is considered that the credit risk of the financial asset has increased significantly since the original recognition.

• F. When the Group assesses that the financial assets cannot be reasonably expected to be recovered (for example, the issuer or the debtor has significant financial difficulties, or has gone bankrupt), it will be written off.

• G. The Group categorizes customers' accounts receivable according to factors such as counterparty's credit rating, region and industry, and uses a simplified method to estimate expected credit losses based on the provision matrix. Relevant information is as follows:

December 31,	Not overdue	Overdue 1-30 days	Overdue 31- 60 days	Overdue 61- 90 days	Total $ 1,947 $ - Total $ 7,114 $ -
	0% $ 1,947 $ - Not overdue	$ - $ - Overdue 1-30 days	$ - $ - Overdue 31- 60 days	$ - $ - Overdue 61- 90 days
2024 Expected rate of loss Total book value Allowance for losses December 31,
	0% $ 7,114 $ -	$ - $ -	$ - $ -	$ - $ -
2023 Expected rate of loss Total book value Allowance for losses

~69~

(3) Liquidity risk

• A. Cash flow forecasting is performed by each operating entity within the Group and summarized by the Group's finance department. The Group’s finance department monitors the forecast of the Group's liquidity needs to ensure that it has sufficient funds to meet operating needs and maintain sufficient unused loan commitments at any time, so that the Group will not violate the relevant loaning limit or terms. These forecasts take into account the group's debt financing plan, compliance with debt terms, and financial ratio targets in line with the internal balance sheet.

• B. The Group invests the remaining funds in interest-bearing demand deposits, time deposits and securities, and the instruments it chooses have appropriate maturity dates or sufficient liquidity to respond to the above forecasts and provide sufficient dispatch levels.

• C. The Company's unused loan is as follows:

  • December 31, 2024 December 31, 2023

• Floating interest rate Overdue in more than $ 1,178,981 $ 389,597

• one year

• D. The following table categorizes the Group's non-derivative financial liabilities according to the relevant maturity date, and analyzes based on the remaining period from the balance sheet date to the contractual maturity date. Except for notes payable, accounts payable (including related parties), other payables (including related parties) and deposits, the undiscounted contractual cash flow amount is approximately equivalent to its book value and is due within one year. The undiscounted contractual cash flow amounts of the remaining financial liabilities are detailed in the table below:

~70~

Non-derivative financial	Within 1year	1-2years	2-3years	3 years or above
liabilities: December 31, 2024 Short-term borrowings Lease liabilities Long-term loans (including due within one year) Non-derivative financial
	$ 40,008 9,482 24,250 - Within 1year	$ 511,028 9,114 23,890 - 1-2years	$ 306,887 9,156 23,530 - 2-3years	$ 740,908 189,440 385,633 - 3 years or above
liabilities: December 31, 2023 Short-term borrowings Lease liabilities Long-term loans (including due within one year)
	$ 35,155 5,000 24,610	$ 305,431 4,960 24,250	$ 347,042 4,592 23,890	$ 808,879 160,978 409,163

• E. The Group does not expect that the cash flow in the due date analysis will occur significantly earlier, or the actual amount will be significantly different.

(III) Fair Value Information

1. The definitions of the various levels of evaluation techniques adopted to measure the fair value of financial and non-financial instruments are as follows:

2. Level 1: Quoted prices (unadjusted) in an active market for the same assets or liabilities available to the enterprise on the measurement date. An active market is one in which transactions in assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The fair value of the listed/OTC stock invested by the Group belongs to this category.

3. Level 2: Observable inputs, directly or indirectly, for assets or liabilities other than quoted prices included in Level 1.

4. Level 3: Unobservable inputs to assets or liabilities. The Group's investments in joint development projects without an active market belong to this category.

5. For information on the fair value of investment real estate at cost, please refer to Note 6(10).

6. Financial instruments not measured by fair value

The Group’s cash and cash equivalents, financial assets at amortized cost, notes

~71~

receivable, accounts receivable (including related parties), other receivables, refundable deposits, short-term loans, the book amounts of short-term bills payable, bills payable, accounts payable (including related parties), other payables (including related parties), deposits and long-term loans are reasonable approximations of fair values.

1. Financial and non-financial instruments measured by fair value are classified by the Group based on the nature, characteristics and risks of assets and liabilities and the basis of fair value levels. The relevant information is as follows:

2. (1) The Group classifies them according to the nature of assets and liabilities, and the relevant information is as follows:

December 31, 2024 Level 1 Assets Recurring fair value Financial assets at FVTPL Equity securities $ 34,916 Joint investment and development contract - Subtotal 34,916 Financial assets at FVTOCI Equity securities141,737 $ 176,653 December 31, 2023 Level 1 Assets Recurring fair value Financial assets at FVTPL Equity securities $ 31,625 Joint investment and development contract - Subtotal 31,625 Financial assets at FVTOCI Equity securities170,784 $ 202,409	Level 1	Level 2	Level 3		Total $ 34,916 218,000 252,916 141,737 $ 394,653 Total $ 31,625 86,000
		$ - - - - $- Level 2	$ - 218,000
			218,000
			- $ 218,000
	Level 1		Level 3
		$ - - - - $-	$ - 86,000
			86,000		117,625
			- $ 86,000		170,784
					$ 288,409

~72~

• (2) The methods and assumptions used by the Group to measure the fair value are as follows:

• A. The Group adopts market quotation for fair value inputs (i.e. Level 1), which are broken down

by the characteristics of the instruments as follows:

Market quotation

Listed (OTC) stock Closing price

• B. Except for the above-mentioned financial instruments with active markets, the fair value of other financial instruments is obtained by evaluation techniques or by referring to the quotations of counterparties. The fair value obtained through valuation techniques can be calculated referring to the current fair value of other financial instruments with substantially similar conditions and characteristics, discounted cash flow method or other valuation techniques, including the use of market information available on the consolidated balance sheet date.

• C. When evaluating non-standardized and less complex financial instruments, such as joint development projects, the Group adopts evaluation techniques widely used by market participants. The parameters adopted in the evaluation models of such financial instruments are usually market observable information.

• The Group did not have any transfer between Levels 1 and 2 in 2024 and 2023.

• The following table shows that there was no transfer in and transfer out of Level 3 in 2024 and 2023.

• The Group is responsible for verifying the fair value of financial instruments, using independent source data to make the evaluation results close to the market status, confirming that the data source is independent, reliable, and other data sources Consistent and representative executable prices, and regularly calibrate the evaluation model, conduct backtesting, update the input values and data required for the evaluation model, and make any other necessary fair value adjustments to ensure that the evaluation results are reasonable.

• The quantitative information of the significant unobservable input value and the sensitivity analysis of the change of the significant unobservable input value of the evaluation model used for the third-level fair value measurement items are as follows:

~73~

Non-derivative equity instruments: Joint investment and development contract Non-derivative equity instruments: Joint investment and development contract	December 31, 2024 Fair value	Evaluation technique	Unobservable significant input	Range (Weighted average)	Relationship between input value and fair value Not applicable Relationship between input value and fair value Not applicable
	$ 218,000	Net asset approach Evaluation technique	Not applicable Unobservable significant input	- Range (Weighted average)
	December 31, 2023 Fair value
	$ 86,000	Net asset approach	Not applicable	-

XIII. Other disclosures

(I) Information about important transactions

1. Loans to others: None.

2. Making endorsements/guarantees for others: None.

3. Marketable securities held at the end of the period (excluding investments in subsidiaries, affiliates, and jointly controlled companies): Please refer to Table 1.

4. Accumulated purchase or sale of the same marketable securities for an amount exceeding NT$300 million or 20% of the paid-in capital: None.

5. Acquisition of real estate reaching NT$300 million or 20% of paid-in capital or more: Table 2.

6. Disposal of real estate reaching NT$300 million or 20% of paid-in capital or more: Table 3.

7. Purchases or sales of goods from or to related parties reaching NT$100 million or 20% of paid-in capital or more: None.

8. Receivables from related parties reaching NT$100 million or 20% of paid-in capital or more: None.

9. Engagement in derivatives transactions: None.

10. The business relationship between the parent company and its subsidiaries, and the status and amount of important transactions between each subsidiary: None.

~74~

(II) Information on invested businesses

The name and location of the investee company and other relevant information (excluding mainland China investee companies): Please refer to Table 4.

(III) Investment information in Mainland China

1. Basic information: None.

2. Significant transactions with investee companies in Mainland China directly or indirectly through businesses in a third region: None.

(IV) Information of major shareholders

Information on major shareholders: Please refer to Table 5 for details.

XIV. Information on operating segment

(I) General information

The Group only engages in a single industry, and the management of the Group evaluates the overall performance and allocates resources of the Group, thus determining that the Group is a single reportable segment.

(II) Measurement of departmental information

1. Assets of reportable segments provided to major operational decision-makers are as follows:

Net external income Revenue of internal departments Departmental revenue Departmental profit or loss before tax			2024		Total $ 98,128 - $ 98,128 $ 182,052
	Construction projects sales $ 38,148 - $ 38,148 $ 5,232	Service $ 4,630 - $ 4,630 $ 4,630	Lease $ 55,311 - $ 55,311 $ 32,405	Others $ 39 - $ 39 $ 139,785

~75~

Net external income Revenue of internal departments Departmental revenue Departmental profit or loss before tax		2023		Total $ 199,191 -
	Construction projects sales	Lease	Others
	$ 137,302 - $ 137,302 $ 16,613	$ 61,559 - $ 61,559 $ 38,239	$ 330 - $ 330
				$ 199,191
			$ 144,445	$ 199,297

1. Since the Group's assets and liabilities are not the indicators used by the operational decision-makers, the relevant amounts were not disclosed.

(III) Reconciliation information of departmental profit and loss

The external revenue and department profit and loss provided to the operational decision-maker are measured in the same way as the revenue and pre-tax profit or loss in the financial statements, so no adjustment is required.

(IV) Information by geographical location

Information of the Group by region in 2024 and 2023 is as follows:

Taiwan	2024	2024	2023 Income Non-current assets $ 199,191 $ 1,150,617
	Income	Non-current assets	Income
	$ 98,128	$ 1,177,589

~76~

ASCENT DEVELOPMENT CO., LTD. and SUBSIDIARIES (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.)

Marketable securities held at the end of the period (excluding investments in subsidiaries, affiliates, and jointly controlled companies) December 31, 2024

Table 1

Table 1			December 31, 2024
Company	Type and name of marketable securities	Relationship with the issuer of securities	Presentation account		End ofperiod
				Number of shares	Book value	Ownership held by the Company	Fair value
Ascent Development Co., Ltd. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD. HCW INVESTMENT CO., LTD.			Financial assets at FVTOCI - non-current 〃 〃 〃 〃 〃 〃 〃 Financial assets at fair value through profit or loss - current 〃 〃 〃 〃 〃 〃 〃 〃 〃 〃 〃

December 31, 2024 Page 1

ASCENT DEVELOPMENT CO., LTD. and SUBSIDIARIES (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Acquisition amount of real estate reaching NT$300 million or more than 20% of the paid-in capital January 1 to December 31, 2024

Table 2 Real estate company acquired	Propertyname	Date of occurrence	Transaction amount	Status of payment	Trading counterpart	Relationship	If the counterparty of the transaction is a related party,information of theprevious transfer	If the counterparty of the transaction is a related party,information of theprevious transfer	If the counterparty of the transaction is a related party,information of theprevious transfer	If the counterparty of the transaction is a related party,information of theprevious transfer	Expressed in thousands of NT$ (unless otherwise stated) References for pricing Purpose of acquisition and circumstances of use Other agreed matters Valuation Report of HB Real Estate Appraisers and Associates; Valuation Report of Heyoung Real Estate Appraisers Firm Construction of plant-office buildings for sale Not applicable Valuation Report of HB Real Estate Appraisers and Associates; Valuation Report of Heyoung Real Estate Appraisers Firm Construction of plant-office buildings for sale Not applicable
							Owner	Relationship between the owner and the issuer	Date of transfer	Amount
Ascent Development Co., Ltd. Ascent Development Co., Ltd.				119,037 (Note 1) -	Jun Jie Construction Engineering Co., Ltd. Jun Jie Construction Engineering Co., Ltd.	None None	Not applicable Not applicable	Not applicable Not applicable	Not applicable Not applicable	Not applicable Not applicable

Note 1: The Group has paid NT$42,157 in 2023 and NT$76,880 in the current period.

Note 2: The total contract amount of this project is 1,710,574. The Company holds 40% of the shares and the Company’s subsidiary, Hanlin Investment, holds 10% of the shares.

Page 1

ASCENT DEVELOPMENT CO., LTD. and SUBSIDIARIES (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Disposal of real estate reaching NT$300 million or 20% of paid-in capital or more January 1 to December 31, 2024

Table 3

Table 3
Real estate company disposed	Propertyname	Date of occurrence	Date of original acquisition	Book value	Transaction amount	Status of payment collection	Disposal gains	Trading counterpart	Relationship	Expressed in thousands of NT$ (unless otherwise stated) Disposal purpose References for pricing Other agreed matters Acquisition of benefits HB Real Estate Appraisers and Associates Not applicable
		June 28, 2024	Pre-sale house, not applicable	Not applicable	$ 195,615	Collected NT$25,435	Not applicable	Snow Factory Co., Ltd.	None		Not applicable

Note 1: If the disposal of assets is subject to appraisal, the appraisal results should be indicated in the “Reference for Price Determination” column. Note 2: Paid-in capital refers to the paid-in capital of the parent company. If the issuer’s stock has no par value or the par value per share is not NT$10, the transaction amount of 20% of the paid-in capital shall be calculated based on 10% of the equity attributable to the parent company in the balance sheet.

• Note 3: The date of occurrence refers to the earliest of the following: contract signing date, payment date, consignment transaction date, transfer date, Board resolution date or other dates that can confirm the counterparty and transaction amount.

From January 1 to December 31, 2024 Page 1

ASCENT DEVELOPMENT CO., LTD. and SUBSIDIARIES (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.)

The name and location of the investee company and other relevant information (excluding mainland China investee companies) December 31, 2024

Table 4

Table 4
Name of the Investment Company	Name of the Invested Company	Location of the Company	Main business activities	Initial investment amount		Held at end ofperiod			Profit or loss of investees	Expressed in thousands of NT$ (unless otherwise stated) Investment income recognized in the currentperiod Note $ 24,181 Investee 1,489 Investee - Affiliate 1,963 Affiliate 175,596 Affiliate 19,610 Affiliate
				End of current period	End of lastyear	Number of shares	Percentage	Book value
		Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan			$ 200,000 231,000 365,013 37,462 480,000 97,443	20,000,000 35,700,000 4,782,877 3,746,163 8,000,000 902,250			$ 24,181 3,549 ( 44,763) 12,022 1,194,881 1,194,881	$ 24,181 1,489 - 1,963 175,596 19,610

December 31, 2024 Page 1

ASCENT DEVELOPMENT CO., LTD. and SUBSIDIARIES (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Information of major shareholders December 31, 2024

Table 5

Expressed in thousands of NT$ (unless otherwise stated) Shares (Note) Names of major shareholders No. of Shares Held Ownership held by the Company Han Yang Global Co., Ltd. 49,139,065 53.41

Note: The above information is provided by Taiwan Depository and Clearing Corporation.

Page 1