ASCENT — Audit Report / Information 2024

Nov 8, 2024

Ascent Development Co., Ltd.

(Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.)

Parent Company Only 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

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Ascent Development Co., Ltd.

(Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Parent Company Only Financial Statements and Independent Auditors’ Report of 2024 and 2023

Table of Contents

Items I. Cover page II. Table of Contents III. Independent Auditors’ Report IV. Parent company only balance sheet V. Parent Company Only comprehensive income statement VI. Parent Company Only Statement of Changes in Individual Equity VII. Parent Company Only Statement of Cash Flows VIII. Notes to Parent Company Only 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 (VII) Related party transactions (VIII) Assets collateralized (pledged) (IX) Significant contingent liabilities and unrecognized contractual commitments (X) Losses from major disasters (XI) Subsequent events (XII) Others (XIII) Other disclosures (XIV) Information on operating segment

Page/No./Index

1 2 ~ 3 4 ~ 8 9 ~ 10 11 12 13 ~ 14 15 ~ 50 15 15 15 ~ 17 17 ~ 28 28 ~ 29 29 ~ 52 52 ~ 54 54 54 54 54 54 ~ 61 61 62

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Items IX. Significant Accounting Statements Statement of Cash and Cash Equivalents Inventory statement Statement of Changes in Land and Construction in Progress Statement of Changes in Investment Using the Equity Method Statement of Short-term Borrowings Statement of Operating Income Statement of Operating Costs Statement of Sales and Marketing Expenses Statement of Administrative Expenses Summary table of employee benefits, depreciation, depletion, and amortization expenses incurred in the current period by function

Page/No./Index

Table 1 Table 2 Table 3 Table 4 Table 5 Table 6 Table 7 Table 8 Table 9 Table 10

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Independent Auditors’ Report (2025) Cai-Shen-Bao-Zi No. 24004528

To ASCENT DEVELOPMENT CO., LTD.:

Audit Opinions

ASCENT DEVELOPMENT CO., LTD. (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.)’s balance sheet of December 31 of 2024 and 2023, the parent company only income statement, changes of equity, and parent company only cash flow statement from January 1 to December 31 of 2024 and 2023 and the notes to the parent company only 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, based on our audit results and the audit reports of other auditors (please refer to the paragraph on other matters), the parent company only financial statements mentioned above have been prepared in all material respects in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, which is sufficient to express the Company’s parent company only financial status on December 31, 2024 and 2023, and parent company only financial performance and cash flow from January 1 to December 31 of 202 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 Parent Company Only Financial Statements section of our report. We are independent of the Company 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 parent company only financial statements based on our professional judgment. These matters have been dealt with in the process of checking the overall parent company only financial statements and reaching audit opinions, and the we do not express opinions on these matters independently.

The key audit items of the Company's parent company only financial statements of 2024 are as follows:

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Impairment Testing of Investment Using the Equity Method

Descriptions

For the accounting policy of investment using the equity method, please refer to Note 4(13) of the financial statements, for the accounting policy of impairment of non-financial assets, please refer to Note 4(19) of the financial statements, and for the description of accounting items, please refer to the Notes 6(7) of the financial statements.

On December 31, 2024, the book value of ASCENT DEVELOPMENT CO., LTD.'s investment using the equity method was NT$1,878,918 thousands, accounting for 42% of the total individual 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 Company’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.

Investments (Subsidiaries) Using the Equity Method - Occurrence the Attribution Real Estate Sales Revenue

Descriptions

Please refer to Note 4(26) of the parent company only cash flow statements for the accounting policy of operating revenue in the construction industry, and Note 6(16) to the parent

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company only 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 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 investments of the Company under the equity method of the Company have not been audited by us, but by other independent auditors. Therefore, in the opinions expressed by us on the above-mentioned parent company only 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$1,080,646 thousands and NT$976,651 thousands, respectively, accounting for 24% and 25% of the total parent company only assets. In 2024 and 2023 the individual profits and losses recognized for the aforementioned companies were NT$199,995 thousands and NT$277,475 thousands, respectively, accounting for 102% and 88% of the individual profits and losses for the current period.

Responsibilities of Management Level and Governance Units for the Parent Company Only Financial Statements

Management level is responsible for the preparation and fair presentation of the parent company only financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by the Securities Issuers and for such internal control as management determines is necessary to enable the preparation of parent company only financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the parent company only financial statements, management is responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable,

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matters related to a going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

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

Responsibilities of Auditor to Audit Parent Company Only Financial Statements

The purpose of our audit of the parent company only financial statements is to obtain reasonable assurance as to whether there is any material misrepresentation in the parent company only 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 parent company only financial statements. Misstatements may result from fraud or error. Misstatement of individual amounts or aggregated amounts is considered material if it can reasonably be expected to affect economic decisions made by users of the parent company only 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 parent company only 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 Company’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 ASCENT DEVELOPMENT CO., LTD’ s 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 parent company only 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

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auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

1. Assess the overall presentation, structure and content of the parent company only financial statements (including relevant notes), and whether the parent company only 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 Company to express an opinion on the parent company only financial statements. We are responsible for the direction, supervision and performance of the 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 parent company only 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

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Ascent Development Co., Ltd. (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Parent company only balance sheet December 31, 2024 and 2023

Assets	Notes VI(I) VI(II) VI(III) VI(IV)(V), VII and VIII VIII VI(VI) VI(VII) VI(VIII) VI(IX) VI(XXIII) VII	December 31, 2024 Amount % $ 257,011 6 - - 28,983 1 8,500 - 293 - 1,916,395 43 7,196 - 154,730 3 55,551 1 2,428,659 54 104,140 2 1,878,918 42 4,908 - 36,350 1 28,090 1 2,588 - 338 - 1,166 - 3,790 - 2,060,288 46 $ 4,488,947 100	Expressed in thousands of NT$ December 31, 2023 Amount % $ 293,424 8 20,000 - 17,451 - 549 - 110 - 1,669,701 43 6,712 - 69,954 2 30,087 1 2,107,988 54 106,404 3 1,556,884 40 142 - 95 - 127,371 3 - - 338 - 423 - 3,790 - 1,795,447 46 $ 3,903,435 100
		Amount $ 257,011 - 28,983 8,500 293 1,916,395 7,196 154,730 55,551 2,428,659 104,140 1,878,918 4,908 36,350 28,090 2,588 338 1,166 3,790 2,060,288 $ 4,488,947	Amount $ 293,424 20,000 17,451 549 110 1,669,701 6,712 69,954 30,087 2,107,988 106,404 1,556,884 142 95 127,371 - 338 423 3,790 1,795,447 $ 3,903,435
Current assets 1100 Cash and cash equivalents 1136 Financial assets at amortized cost- Current 1150 Notes receivable, 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 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 1990 Other non-current assets - others 15XX Total non-current assets 1XXX Total assets

(Continued on next page)

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Ascent Development Co., Ltd. (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Parent company only 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)(X) $ 1,162,758 26 $ 1,099,182 28 VI(XVI) 324,026 7 163,134 4 58,732 1 42,825 1 62,704 2 13,130 - 49,011 1 21,224 1 14,586 - - - 3,352 - 67 - 5,353 - 725 - 1,680,522 37 1,340,287 34 VI(XXIII) - - 507 - 33,117 1 28 - 440 - 834 - 33,557 1 1,369 - 1,714,079 38 1,341,656 34 VI(XII) 920,000 20 920,000 24 VI(XIII) 227,986 5 182,854 4 VI(XIV) 382,722 9 364,347 9 80,462 2 212,044 6 1,251,014 28 955,140 25 VI(XV) ( 87,316) ( 2) ( 72,606) ( 2 ) 2,774,868 62 2,561,779 66 IX XI $ 4,488,947 100 $ 3,903,435 100

Current liabilities 2100 Short-term borrowings 2130 Contract liabilities - current 2150 Notes payable 2170 Accounts payable 2200 Other payables 2230 Current income tax liabilities 2280 Lease liabilities - current 2300 Other current liabilities 21XX Total of current liabilities Non-current liabilities 2570 Deferred income tax liabilities 2580 Lease liabilities - non-current 2645 Deposits received 25XX Total non-current liabilities 2XXX Total liabilities Equity 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 3XXX Total equity Significant contingent liabilities and unrecognized contractual commitments Subsequent events 3X2X Total liabilities and equity

The accompanying notes to parent company only financial statements constitute part of this parent company only financial report.

Chairman: Chia-Chi Hou

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

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Ascent Development Co., Ltd. (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Parent Company Only comprehensive income statement January 1 to December 31, 2024 and 2023

Expressed in thousands of NT$

Items

2024 2023 Notes Amount % Amount % VI(V)(IX) (XVI) $ 6,960 100 $ 4,357 100 VI(IV)(V) (XXI) ( 803 ) ( 12)( 2,749 )( 63 ) 6,157 88 1,608 37 VI(V)(XXI) (XXII) and VII ( 25 ) - ( 2,351 ) ( 54 ) ( 46,267 ) ( 665)( 37,165 )( 853 ) ( 46,292 ) ( 665)( 39,516 )( 907 ) ( 40,135 ) ( 577)( 37,908 )( 870 ) VI(XVII) 3,128 45 3,918 90 VI(XVIII) 2,871 41 370 8 VI(XIX) 5,826 84 ( 22 ) - VI(XX) ( 199 ) ( 3) ( 1,874 ) ( 43 ) VI(VII) 203,229 2920 219,982 5049 214,855 3087 222,374 5104 174,720 2510 184,466 4234 VI(XXIII) ( 14,220 ) ( 204)( 64 )( 2 ) $ 160,500 2306 $ 184,402 4232 VI(XV) VI(VI) ( $ 2,316 ) ( 33) $ 25,129 577 VI(VII) 37,373 537 107,106 2458 35,057 504 132,235 3035 $ 35,057 504 $ 132,235 3035 $ 195,557 2810 $ 316,637 7267 VI(XXIV) $ 1.74 $ 2.00 VI(XXIV) $ 1.74 $ 2.00

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 7070 Profit and loss share of subsidiaries, affiliated enterprises 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 profit and loss 8316 Unrealized gains or losses on investments in equity instruments at FVTOCI 8330 Shares of other comprehensive profit and loss of subsidiaries, affiliates and joint ventures recognized using the equity method - items not reclassified to profit or loss 8310 Total of items not reclassified to profit or loss 8300 Other comprehensive income (net amount) 8500 Total comprehensive income of the current period Basic earnings per share 9750 Basic earnings per share Diluted earnings per share 9850 Diluted earnings per share

The accompanying notes to parent company only financial statements constitute part of this parent company only financial report.

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

Chairman: Chia-Chi Hou

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Expressed in thousands of NT$

Ascent Development Co., Ltd. (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Parent Company Only Statement of Changes in Individual Equity January 1 to December 31, 2024 and 2023

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 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 amount Balance at December 31, 2024	Notes		Common stock capital		Capitalsurplus			Retained earnings	Retained earnings				Unrealized gains or losses on financial assets measured at fair value through other comprehensive income		Totalequity
							Legal reserve		Special reserves		Undistributed earnings
	VI(XV) VI(XIV) VI(VI)(XV) VI(VII)(XV) VI(XV) VI(XIV) VI(VI)(XV) VI(VII)(XV) VI(XXVI)		$ 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

The accompanying notes to parent company only financial statements constitute part of this parent company only financial report.

Managerial Officer: Hsien-Wen Liu

Accounting Officer: Pin-Hui Yeh

Chairman: Chia-Chi Hou

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Ascent Development Co., Ltd. (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Parent Company Only 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 Amortization expense Interest income Interest expense Dividend income Shares of interests in subsidiaries and affiliated companies recognized using 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 Notes receivable Other receivables Inventory Prepayments Other financial assets - current Other current assets - others Net changes in liabilities related to operating activities Contract liabilities - current Notes payable Accounts payable Other payables Other current liabilities Cash outflow from operations Income tax paid Interest paid Net cash outflow from operating activities

Notes January 1 to December 31, 2024 January 1 to December 31, 2023 $ 174,720 $ 184,466 VI(VIII)(IX) (XXI) 2,230 2,143 477 - VI(XVII) ( 3,128 ) ( 3,918 ) VI(XX) 199 1,874 ( 1,811 ) - VI(VII) ( 203,229 ) ( 219,982 ) ( 5,390 ) - ( 11,532 ) ( 15,241 ) ( 8,210 ) ( 77 ) ( 246,694 ) ( 153,602 ) ( 849 ) ( 3,570 ) ( 84,776 ) ( 69,954 ) ( 25,464 ) ( 30,036 ) 160,892 163,134 15,907 30,759 49,574 10,526 28,226 9,701 4,628 ( 1,601 ) ( 154,230 ) ( 95,378 ) ( 324 ) ( 5,935 ) ( 637 ) ( 1,706 ) ( 155,191 )( 103,019 )

(Continued on next page)

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Ascent Development Co., Ltd. (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Parent Company Only Statement of Cash Flows January 1 to December 31, 2024 and 2023

Expressed in thousands of NT$

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 investments using the equity method Acquisition of property, plant and equipment Price of disposal of investment property Increase in refundable deposits Decrease in refundable deposits Interest collected Dividends received Acquisition of intangible assets Net cash inflow from investing activities Cash flow from financing activities Increase in short-term borrowings Decrease in short-term borrowings Lease principal repayment 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

Notes January 1 to December 31, 2024 January 1 to December 31, 2023 $ 20,000 $ 60,000 ( 505 ) - 453 - VI(VII) ( 132,300 ) - VI(VIII) ( 4,831 ) - 103,233 - ( 5,341 ) ( 96 ) 4,598 89 3,387 3,473 97,811 90,000 ( 2,700 ) - 83,805 153,466 VI(XXV) 223,286 443,560 VI(XXV) ( 159,710 ) ( 437,900 ) ( 609 ) ( 51 ) VI(XXV) 36 - VI(XXV) ( 430 ) ( 194 ) VI(XIV) ( 27,600 ) ( 27,600 ) 34,973 ( 22,185 ) ( 36,413 ) 28,262 293,424 265,162 $ 257,011$ 293,424

The accompanying notes to parent company only financial statements constitute part of this parent company only financial report.

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

Chairman: Chia-Chi Hou

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Ascent Development Co., Ltd.

(Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Notes to Parent Company Only 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 is sales of wool tops, carbonized wool, scoured wool, shrink-resistant wool tops and real estate development, lease and sale, etc. 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 Company.

II. Dates and Procedures for Approval of Financial Reports

The parent company only financial statements were 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 Effective date of interpretations IASB's announcement Amendments to IFRS 16 “Lease Liability in a Sale and January 1, 2024 Leaseback” Amendments to IAS 1 “Classification of Liabilities as Current January 1, 2024 or Non-current” Amendments to IAS 1 “Non-current Liabilities with Covenants” January 1, 2024 Amendments to IAS 7 and IFRS 7 “Supplier Finance January 1, 2024 Arrangements”

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The Company has assessed that the above standards and interpretations have no material impact on the Company'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 Company has assessed that the above standards and interpretations have no material impact on the Company'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 Effective date of IASB's interpretations announcement Amendments to IFRS 9 and IFRS 7 “Classification and January 1, 2026 Measurement of Financial Instruments” Amendments to IFRS 9 and IFRS 7 “Contracts related to January 1, 2026 Natural Power Sources”

interpretations 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”	announcement January 1, 2026 January 1, 2026
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of	To be decided by IASB
Assets between an Investor and its Associate or Joint
Venture”
IFRS 17 “Insurance Contracts”	January 1, 2023
Amendments to IFRS 17 “Insurance Contracts”	January 1, 2023
Amendments to IFRS 17 “Initial Application of IFRS 17 and	January 1, 2023
IFRS 9 - Comparative Information”
IFRS 18 “Expression and Disclosure of Financial	January 1, 2027
Statements”
IFRS 19 “Subsidiaries Without Public Accountability:	January 1, 2027
Disclosure”
Annual improvements to IFRS - Volume 11	January 1, 2026

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

IV. Summary of Significant Accounting Policies

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

• (I) Compliance statement

The parent company only financial statements are prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers. (II) Compilation basis

1. Except for the financial assets at fair value through other comprehensive profit and loss which are at fair value, this parent company only financial statement is prepared at historical cost.

2. The compilation of financial statement in compliance with the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations and SIC Interpretations (collectively referred herein as the “IFRSs”) that came into effect as endorsed by the Financial Supervisory Commission requires the use of some important accounting estimates. In the process of adopting the Company’s accounting policies, management also needs to adopt the judgments, which involve highly judgmental or complex items, or major assumptions and estimated items in parent company only financial statements. For details, please refer to Note 5.

(III) Foreign currency conversion

The items listed in the Company's parent company only financial statement are all measured in the currency of the main economic environment in which the Company operates (the functional currency). The parent company only financial statement is presented in the Company's functional currency “NT$” as the presentation currency.

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.

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1. 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 transaction date.

2. All exchange gains and losses are listed in "Other Gains and Losses" in the Parent Company Only Income Statement.

(IV) Classification criteria for current and non-current assets and liabilities

The Company 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.

The Company classifies all assets that do not meet the above conditions as noncurrent.

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

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

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

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

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

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

(V) 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.

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Time deposits that meet the definition above and are held to meet short-term cash commitments in operations are classified as cash equivalents.

(VI) 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 Company adopts transaction-day accounting for financial assets at fair value through other comprehensive gains and losses that conform to transaction practices.

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

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 Company recognizes dividend income in profit or loss.

(VII) 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 Company adopts transaction-day accounting for financial assets at cost after amortization that complies with customary transactions.

5. The Company 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.

6. The time deposits held by the Company 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.

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(VIII) 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 Company measures them based on the original invoiced amount.

(IX) 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 Company 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.

(X) Delisting of financial assets

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

(XI) 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.

(XII) 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.

2. 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 refers to the balance after deducting the estimated selling price in the normal course of

~20~

business and the estimated cost to be invested in completion and related variable expenses.

(XIII) Investments/Subsidiaries and affiliates using the equity method

1. The subsidiary refers to an entity controlled by the Company, when the firm 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, it shall be regarded that the Company is controlling the entity.

2. The unrealized gains and losses arising from transactions between the Company and its subsidiaries have been eliminated. The accounting policies of the subsidiaries have been adjusted as necessary to be consistent with the policies adopted by the Company.

3. The Company 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 Company and its subsidiaries as other comprehensive profit or loss. If the share of losses recognized by the Company for a subsidiary is equal to or exceeds the equity in the subsidiary, the Company will continue to recognize losses in proportion to its shareholding.

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 being 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 Company 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 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 subsidiary is lost, the benefit or loss will be reclassified from equity to profit or loss.

6. Affiliated enterprises refer to all entities over which the Company has significant influence but no control, generally directly or indirectly holding more than 20% of their voting shares. The Company adopts the equity method to dispose of the

~21~

investment in affiliated enterprises, and recognizes it at cost when acquired.

1. The Company 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 Company'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 Company will not recognize further losses unless the Company has any legal or constructive obligations to, or has paid on behalf of the affiliated enterprise.

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

3. The unrealized gains and losses arising from transactions between the Company and affiliates 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. Necessary adjustments have been made to the accounting policies of the affiliate, which are consistent with the policies adopted by the Group.

4. In the event that an affiliate issues new shares, and the Company 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 reduction ratio.

5. According to the Regulations Governing the Preparation of Financial Reports by Securities Issuers, the profit or loss and other comprehensive income or loss for the current period in the parent company only financial statement should be the same as the apportionment of profit or loss and other comprehensive income or loss attributable to the owners of the parent company in the financial statements prepared on a consolidated basis, and the owners' equity in the individual financial statements should be the same as the equity attributable to the owners

~22~

of the parent company only financial statement prepared on the basis of consolidation.

(XIV) Joint Agreements

For the interests in joint operations, the Company 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 parent company only financial statement.

(XV) 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 assets or recognized as a separate asset only when the future economic benefits related to the project are likely to flow into the Company and the cost of the project 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 Company examines the residual value, service life and depreciation method of each asset at the end of each financial year. If the expected value of the residual value and service life is different from the previous estimate, or the future economic value contained in the asset has a significant change in the expected consumption pattern, it shall be handled in accordance with the accounting estimate change provisions of International Accounting Standard No. 8 “Accounting Policies, Changes in Accounting Estimates and Errors” from the date of the change.

The useful lives of each asset are as follows:

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

(XVI) 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

~23~

day they become available to the Company. When the lease contract is a shortterm 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.

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

2. 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.

3. 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.

4. 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.

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

(XVIII) Intangible assets

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

(XIX) Impairment of non-financial assets

On the balance sheet date, the Company estimates the recoverable amount of assets which may be subject to impairment, and recognizes an impairment loss if 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.

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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.

(XX) Borrowings

Refers to short-term borrowings from banks. The Company 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.

(XXI) 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 Company measures them based on the original invoiced amount.

(XXII) Delisting of financial liabilities

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

(XXIII) 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

~25~

employment. The Company 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

2. 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.

(XXIV) 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 Company 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 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.

3. 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 parent company only 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

~26~

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 Company 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.

1. 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.

2. 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.

(XXV) 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 liability.

(XXVI) Revenue recognition

1. Real estate sales for land development

2. (1) The main business of the Company 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 Company, but the Company 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) Some of the Company’s sales contracts include variable consideration for price reduction, and the Company takes the expected value or the most

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likely amount as the appropriate estimate of the change consideration.

• (3) The Company’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 Company 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.

• Lease revenue

• 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.

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

When the Company prepared these parent company only 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

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method may have been impaired so that the carrying amount cannot be recovered, the Company immediately assesses the impairment of the investment. The Company 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 Company shall adopt judgment and estimation to determine the net realizable value of inventories on the balance sheet date. The management of the Company 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.

VI. Explanation of important accounting items

(I) Cash and cash equivalents

Working capital Demand deposits Time deposits	December 31,2024	December 31,2023
	$ 50 224,616 32,345 $ 257,011	$ 53 184,166 109,205 $ 293,424

1. The credit quality of the financial institutions that the Company interacts with is good, and the Company 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 the Company’s trust deposit account as collateral (recorded in “other financial assets - current”).

(II) Financial assets at amortized cost- Current

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

1. In 2024 and 2023, the Company’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, this represents the most significant financial assets held by the Company at amortized cost. On December 31, 2024 and 2023, the amount of the maximum credit risk exposure was NT$0 and NT$20,000, respectively.

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1. The Company has not provided financial assets at amortized cost as pledge guarantees.

(III) Notes receivable, net

Notes receivable

December 31, 2024 December 31, 2023 $ 28,983 $ 17,451

1. The Company’s notes receivable are not past due and not impaired.

2. The Company's notes receivable balance as of December 31, 2024 and 2023 originated from contracts with customers, and the balance of receivables from contracts with customers on January 1, 2023 was NT$2,210.

3. The Company has not provided pledge guarantees for bills receivable.

4. Regardless of the collateral held or other credit enhancements, the amount of exposure that best represents the maximum credit risk of the Company’s notes receivable on December 31, 2024 and 2023 was the book value of notes receivable and accounts receivable for each period respectively.

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

(IV) Inventory

Inventory
December 31,2024 Premises for sale Project Kuo Yang Intercontinental (previously known as Project Neihu Jiuzong) $ 556,344 Building and land under construction Project Kuo Yang Intercontinental (previously known as Project Neihu Jiuzong) - Project Kuo Yang Digital (previously known as project Sanchong Zhongxing) 535,974 Ascent Development Original Development Project (previously known as Project Zhonghe Chungyuan) 557,595 Project Tucheng Zhongyi 263,641 1,357,210 Others Capacity 2,841 $ 1,916,395	December 31,2024	December 31,2023
		$- 447,276 433,312 530,750 258,363 1,669,701 - $ 1,669,701

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1. The inventories as of December 31, 2024 and 2023 were the percentage of shares held by the Company in joint operations. Please refer to Note 6(5) for details.

2. The cost of inventory recognized as expenses by the Company in 2024 and 2023 was NT$0 and NT$0, respectively.

3. The capitalized amount of the inventory interest of the Company in 2022 and 2021 was NT$31,343 and NT$27,293, respectively, and the capitalized interest rate was 2.53%~2.885% and 2.425%~2.76%, respectively.

4. Please refer to Note 8 for details of the Company's provision of guarantees for inventories.

5. (V) Joint Operation

6. Part of the Company’s development projects are joint operations. For the rights and interests of joint operations, the Company recognizes direct interests (and their shares) in the assets, liabilities, income and expenses of joint operations, and has included them in the parent company only financial statement of the applicable items.

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

Project name	Shareholding percentage	Co-builder	Explanation Zhonghe District, New Taipei City Sanchong District, New Taipei City Neihu District, Taipei City Tucheng District, New Taipei City
		Weili International Development Co., Ltd. and other three 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

~31~

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

Balance Sheet Current assets Inventory Other current assets Non-current assets Total assets Current liabilities Short-term borrowings Other current liabilities Non-current liabilities Total liabilities Statement of Comprehensive Income Income Costs Expenses		December 31,2024	December 31,2024	Ascent Development Original Project $ 557,595 136,383
	Project Kuo Yang Intercontinental	Project Tucheng Zhongyi	Project Kuo YangDigital
	$ 557,188 50,348 607,536 - $ 607,536 $ 317,448 161,778 479,226 - $ 479,226 $- $- $ 271	$ 263,641 5,506 269,147 8 $ 269,155 $ 159,710 360 160,070 - $ 160,070 $- $- $ 299	$ 537,971 95,260 633,231 - $ 633,231 $ 284,400 232,923 517,323 - $ 517,323 $- $- $ 426
				693,978
				-
				$ 693,978
				$ 401,200 89,077
				490,277
				-
				$ 490,277
				$ 134
				$-
				$ 23

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December 31, 2023

Balance Sheet Current assets Inventory Other current assets Non-current assets Total assets Current liabilities Short-term borrowings Other current liabilities Non-current liabilities Total liabilities Statement of Comprehensive Income Income Costs Expenses	Project Kuo Yang Intercontinental	Project Tucheng Zhongyi	Project Kuo YangDigital	Ascent Development Original Project $ 530,750 73,742 604,492 - $ 604,492 $ 401,200 618 401,818 430 $ 402,248 $ 2,165 $- $ 631
	$ 447,276 10,199 457,475 - $ 457,475 $ 270,372 61,519 331,891 - $ 331,891 $- $- $ 258	$ 258,363 11,577 269,940 26 $ 269,966 $ 159,710 795 160,505 - $ 160,505 $ 3,197 $ 3,197 $ 295	$ 433,312 123,171 556,483 - $ 556,483 $ 267,900 168,416 436,316 - $ 436,316 $- $- $ 18

(VI) Financial assets at FVTOCI - non-current

Equity instruments Stocks of listed/OTC companies Evaluation adjustment	December 31,2024	December 31,2023 $ 218,814 ( 112,410) $ 106,404
	$ 218,353 ( 114,213) $ 104,140

1. The Company 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

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• December 31, 2024 and 2023 were NT$104,140 and NT$106,404, respectively.

• 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($ 2,316) Accumulated benefits or loss transferred to retained earnings due to delisting ($ 513) Dividend income recognized in profit or loss Held at the end of the current period $ 1,811	2024	2023
		$ 25,129 $ 1,170 $-

1. Regardless of the collateral held or other credit enhancements, the most representative financial assets held by the Company at fair value through other comprehensive profit and loss were as follows. On December 31, 2024 and 2023, the amount of risky exposure with the largest credit risk was NT$104,140 and NT$106,404, respectively.

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

(VII) Investments accounted for using equity method

2024 January 1 $ 1,556,884 Increase in investments using the equity method 132,300 Investment gains and losses recognized using the equity method 203,229 Distribution of investment surplus using the equity method ( 96,000) Changes in capital surplus 45,132 Changes in other equity 37,373 December 31 $ 1,878,918	2024	2023
		$ 1,319,796 - 219,982 ( 90,000) - 107,106 $ 1,556,884

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Investee HCW INVESTMENT CO., LTD. Hanlin Development Co., Ltd. Affiliate Hanshin Shopping Plaza Co., Ltd. Jollify Creative, Ltd. Jollify4ever Ltd.	December 31,2024	December 31,2023
	$ 297,120 422,750 1,080,646 78,402 - $ 1,878,918	$ 258,118 272,372 976,651 49,743 - $ 1,556,884

1. For information on subsidiaries, please refer to Note 4(3) of the Company’s 2024 consolidated financial statements.

2. In addition, the Company’s reacquired shares in Hanlin Development Co., Ltd. on March 11, 2024 increased from 33% to 51%. Please refer to Note 6(26) for details.

3. Affiliate

• (1) Basic information of the major affiliates of the Company is as follows:

Shareholding percentage

Companyname	Principal place of business	December 31,2024	December 31, 2023	Nature of relationship	Measurement method
Hanshin Shopping Plaza Co., Ltd.	Taiwan	16.00%	16.00%	Affiliate	Equity method

• (2) The summarized financial information of the major affiliates of the Company is as follows:

Balance Sheet

as follows: 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 $ 5,491,584 9,257,697 8,871,395 ( 3,431,803) ( 4,152,159) ( 5,955,404) ( 6,159,437) $ 4,853,715 $ 4,051,383 $ 784,989 $ 680,994 295,657 295,657 $ 1,080,646 $ 976,651
	December 31,2024
	$ 4,983,225 9,257,697 ( 3,431,803) ( 5,955,404) $ 4,853,715 $ 784,989 295,657
	$ 1,080,646

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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 total book value of the individual nonsignificant affiliates of the Company was NT$78,402 and NT$49,743, respectively. The share of the operating result is summarized as follows:

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

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 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.

2. 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,

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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.

1. There is no public quotation for the investment targets of the Company. For 2024 and 2023, the recognized share of investment income on investments accounted for using the equity method was NT$203,229 and NT$219,982, respectively; the share of other comprehensive income was NT$37,373 and NT$107,106, respectively. All are based on valuation of the financial statements audited and certified by the CPA of each investee company over the same period.

(VIII) Lease transactions - Lessee

1. The underlying assets leased by the Company include office equipment and buildings, 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:

Houses and buildings Office equipment Houses and buildings Office equipment	December 31,2024	December 31,2023
	Book value	Book value
	$ 36,322 28 $ 36,350 2024	$ - 95
		$ 95
		2023
	Depreciation expense	Depreciation expense
	$ 660 67 $ 727	$ - 51
		$ 51

1. The increase in the Company’s right-of-use assets for 2024 and 2023 were NT$36,982 and NT$133 respectively.

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

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Items affecting current profit and loss Interest expense of lease liabilities Expenses of short-term lease contracts	2024	2023
	$ 192 2,324	$ 2 2,273

1. The total cash outflow for leases of the Company in 2024 and 2023 amounted to NT$3,125 and NT$2,326, respectively.

(IX) Investment property

1. Investment property refers to the Company's own investment property. The Company signs commercial property lease contracts for its own investment properties. The lease contract term is usually 1~2 years, and the details are as follows:

January 1 Disposal - cost Disposal - depreciation Depreciation expense December 31		2024	Total $ 127,371 ( 107,479) 9,636 ( 1,438) $ 28,090
	Land	Houses and buildings
	$ 72,160 ( 47,268) - - $ 24,892	$ 55,211 ( 60,211) 9,636 ( 1,438) $ 3,198

January 1 Depreciation expense December 31		2023	Total $ 129,438 ( 2,067) $ 127,371
	Land	Houses and buildings
	$ 72,160 - $ 72,160	$ 57,278 ( 2,067) $ 55,211

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

Rental income from investment real estate Direct operating expenses incurred in the investment real estate generating rental income in the current period Direct operating expenses incurred in the investment real estate not generating rental income in the current period	2024	2023 $ 2,191 $ 431 $ 2,318
	$ 2,162 $ 493
	$ 1,892

1. The fair values of the investment real estate held by the Company on December 31, 2024 and 2023 were NT$84,915 and NT$213,641, respectively, based on the recent transaction prices of comparable similar targets in the area where the investment real estate is located and on independent Evaluation results of evaluation experts. On December 31, 2024, the valuation was based on the comparative approach and the income approach, which was a Level 3 fair value. The main assumption was that the capitalization rate of gains was 1.19%.

2. The Company does not provide any investment property as collateral.

(X) Short-term borrowings

Nature of loan	December 31, 2024	Interest rate range	Collaterals Please refer to Note 8 None
Bank loans Secured loans Credit loans	$ 1,083,210 79,548 $ 1,162,758	2.530%~2.825% 2.675%~2.775%

Nature of loan	December 31, 2023	Interest rate range	Collaterals Please refer to Note 8 None
Bank loans Secured loans Credit loans	$ 1,066,710 32,472 $ 1,099,182	2.55%~2.76% 2.55%~2.65%

1. Secured borrowings presented in the book refer to the share recognized by the Company in the joint operation according to the percentage of shareholding. Please

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refer to the descriptions in Note 6(5).

1. The interest expenses recognized in profit or loss in 2024 and 2023 were NT$0 and NT$1,859, respectively.

(XI) Pension

Since July 1, 2005, the Company has established a defined retirement contribution in accordance with the “Labor Pension Act”, which is applicable to domestic employees. The Company shall contribute 6% of its employees' monthly salaries into individual accounts held by the Bureau of Labor Insurance for those 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 a lump sum.

In 2024 and 2023, the Company recognized pension costs amounting to NT$901 and NT$783, respectively, in accordance with the above regulations governing the recognition of pension fund.

(XII) 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.

(XIII) Capital surplus

1. According to the requirements of IFRS Questions and Answers, Letter (95) Ji-MiZi No. 081 and Letter (100) Ji-Mi-Zi No. 390 published by the Accounting Research and Development Foundation on October 26, 2018, the acquisition of the Company’s shares in Hanlin Development Co., Ltd., a subsidiary of the ultimate parent company, is considered an organizational reorganization under common control. The consideration paid by the Company exceeds the ultimate parent company's book value of the investment under the equity method, and capital surplus-issuance premium shall be adjusted. If the capital surplusissuance premium is insufficient, the retained earnings shall be adjusted down.

2. 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,

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the total amount of the 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	December 31,2023 $ 8,516 30,461 11,286 132,421 - 170 $ 182,854
	$ 8,516 30,461 11,286 160,965 16,588 170
	$ 227,986

(XIV) 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 quarter 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

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of the Company Act; if it is distributed in cash, it shall be subject to a resolution of 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.

4. 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.

5. 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 Cash dividends	2023	2023	2022	2022
	Amount	Dividend per share (NT$)	Amount	Dividend per share (NT$)
	$ 18,375 ( 131,582) 27,600	$ 0.30	$ 7,337 204,188 27,600	$ 0.30

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

Board of Directors is as follows:
Legal reserve Special reserves Cash dividends	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.

(XV) Other equity items

January 1 Evaluation adjustment: - the Company - Subsidiaries - Affiliated enterprises Valuation adjustment transferred to retained earnings - the Company - Subsidiaries - 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) ( 2,316) 12,077 25,296 513 ( 15,681) ( 34,599) ($ 87,316)	($ 204,188) 25,129 15,952 91,154 - ( 1,170) 517 ($ 72,606)

(XVI) Revenue

Revenue from customer contracts Service income Lease revenue Total	2024	2023
	$ 4,630 2,330 $ 6,960	$ - 4,357 $ 4,357

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1. The revenue of the Company’s customer contracts comes from goods transferred at a certain point in time, or services that are gradually transferred over time. The revenue may be broken down according to the type of operation as follows.

2024 Time for revenue recognition Revenue transferred over time 2023 Time for revenue recognition Revenue transferred over time	Service	Lease	Total
	$ 4,630 $-	$ 2,330 $ 4,357	$ 6,960 $ 4,357

1. For the sales contracts entered by the Company 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 are as follows:

The year expected to be recognized as revenue 2025~2028	Amount of contract signed into
	$ 1,092,369

3. Contract assets and liabilities

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

Company are as follows:
Contract liabilities - current: - Advance payment for land - Prepaid housing payment	December 31,2024	December 31,2023
	$ 173,461 150,565 $ 324,026	$ 85,309 77,825 $ 163,134

• (1) The Company’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.

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Recognize contract liabilities related to pre-sale house contracts according to the requirements of IFRS 15.

• (2) The amount of revenue recognized in the current period from contract liabilities in 2024 and 2023 is NT$0.

(XVII) Interest income

Interest on bank deposit Interest income from financial assets at amortized cost Other interest income	2024	2023
	$ 2,646 462 20 $ 3,128	$ 2,587 1,331 - $ 3,918

(XVIII) Other income

Dividend income Other income - others	2024	2023
	$ 1,811 1,060 $ 2,871	$ - 370
		$ 370

(XIX) Other gains and losses

Disposal of gains on disposal of property, plants and equipment Foreign exchange gain Miscellaneous expenses nancial cost Interest expense Bank loans Interest on lease liabilities Others Less: Amount of capitalized assets that meet the criteria		2024		2023
		$ 5,390 2,032 ( 1,596) $ 5,826
		2024

(XX) Financial cost

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(XXI) Additional Information on Nature of Expenses

Lease cost for the current period Employee welfare expenses Depreciation expense Amortization expense Lease cost for the current period Employee welfare expenses Depreciation expense		2024	Total $ 803 30,269 1,299 477 $ 32,848 Total $ 2,749 28,906 2,143 $ 33,798
	Attributable to operatingcosts	Attributable to operating expenses
	$ 803 - 507 - $ 1,310	$ - 30,269 792 477
		$ 31,538
		2023
	Attributable to operatingcosts	Attributable to operating expenses
	$ 2,749 - 2,067 $ 4,816	$ - 28,906 76
		$ 28,982

(XXII) Employee welfare expenses

Salary expenses Labor and health insurance premiums Pension expense Director Compensation Other employee expenses	2024	2023
	$ 18,504 1,677 901 8,724 463 $ 30,269	$ 16,050 1,334 783 9,602 1,137 $ 28,906

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

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accumulated losses based on the current profit status of the Company.

1. 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), 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.

(XXIII) 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 of income tax in previous years Total income tax for the period Deferred income tax: The original generation and reversal of temporary difference Income tax expenses	2024	2023 $ - - 68 68 ( 4) $ 64
	$ 1,442 13,468 ( 183) 14,727 ( 507) $ 14,220

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1. Relationship between income tax expenses and accounting profit

Income tax on net profit before tax calculated at statutory tax rate Income exempted from taxation under the Tax Act Additional tax on undistributed earnings Deferred income tax assets for unrecognized taxation losses Underestimation of income tax in previous years Separate tax amount Income tax expenses	2024	2023
	$ 33,866 ( 41,008) 13,468 6,635 ( 183) 1,442 $ 14,220	$ 37,012 ( 80,513) - 43,497 68 - $ 64

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

Deferred income tax assets Impairment loss of investment property Deferred income tax liabilities Unrealized exchange gain		2024	2024	December 31 $ 338 - $ 338
	January1	Recognized in profit or loss	Recognized in other comprehens ive net income
	$ 338	$- - 507 $ 507	$- - - $-
	( 507) ($ 169)

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Deferred income tax assets Impairment loss of investment property Deferred income tax liabilities Unrealized exchange gain		2023	2023	December 31 $ 338 ( 507) ($ 169)
	January 1 $ 338	Recognized in profit or loss	Recognized in other comprehens ive net income
		$- 4 $ 4	$- - $-
	( 511) ($ 173)

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

December 31, 2024

Year of occurrence	Amount reported/authori zed	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	$ 24,080 23,942 16,759 78,087 $ 142,868	$ 24,080 23,942 16,759 78,087	2028 2030 2031 2033
	$ 177,918		$ 142,868

December 31, 2023

Year of occurrence	Amount reported/authori zed	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	$ 24,080 23,942 16,759 78,087	$ 24,080 23,942 16,759 78,087	2028 2030 2031 2033
	$ 177,918	$ 142,868	$ 142,868

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

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

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

(XXIV) Earnings per share

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

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(XXV) Changes in liabilities from financing activities

2024

			2024
January 1 Increase in the current period Decrease in the current period Interest expenses paid (Note) Other non-cash changes December 31	Short-term borrowings $ 1,099,182 223,286 ( 159,710) - -	Lease liabilities	Deposits received	Dividends payable	Total liabilities from financing activities $ 1,100,111 287,905 ( 160,749) ( 192) 192 $ 1,199,667
		$ 95 36,983 ( 609) ( 192) 192 $ 36,469	$ 834 36 ( 430) - - $ 440	$ - 27,600 ( 27,600) - - $-
	$ 1,162,758

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 $ 1,094,563 175,793 ( 170,245) ( 2) 2 $ 1,100,111
	Short-term borrowings $ 1,093,522 175,660 ( 170,000) - -	Lease liabilities	Deposits received	Dividends payable $ - 27,600 ( 27,600) - - $-
		$ 13 133 ( 51) ( 2) 2 $ 95	$ 1,028 - ( 194) - - $ 834
	$ 1,099,182

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

(XXVI) Transactions with non-controlling interests

Extra equity of acquisition of subsidiaries

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

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

VII. Related party transactions

(I) Names of related parties and their relationship

Name of relatedparty	Relationshipwith the Company
Hanshin Asset Management Co., Ltd.	The Company's ultimate parent company
HCW INVESTMENT CO., LTD.	Investee
Hanlin Development Co., Ltd.	Investee
Hi-Lai Foods Co., Ltd.	Other related parties
Grand Hi-Lai Hotel Co., Ltd.	Other related parties
Hanqi Technology Co., Ltd.	Other related parties
Hanshin Department Store Co., Ltd.	Other related parties
Kuo Yang Construction Co., Ltd.	Other related parties
Weili International Development Co., Ltd.Other related parties
Shenyang Construction Co., Ltd.	Other related parties
Liyang Agricultural Technology Co., Ltd.	Other related parties

(II) Material transactions with related parties

1. Administrative expenses

2024 2023 Ultimate parent company $ 2,931 $ 2,247 The Company signs lease contracts with related parties in accordance with general market conditions, and rents are paid on a monthly basis in accordance with the contracts.	2024	2023

2. Entertainment expenses

Entertainment expenses
Hi-Lai Foods Co., Ltd. Grand Hi-Lai Hotel Co., Ltd. Hanshin Department Store Co., Ltd.	2024	2023
	$ 560 8 6 $ 574	$ 636 9 9 $ 654

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

3. 4.	Deposits received 2024 Ultimate parent company $ 1,154 Endorsements and guarantees provided to related parties December 31,2024 Weili International Development Co., Ltd. $-	2024	2023
			$ 392 December 31,2023
	Weili International Development Co., Ltd.
		$-	$ 1,003,000

5. 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 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 August 11, 2022, the Company and its subsidiary, Hanlin Development Co.,

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Ltd., entered a joint investment and development contract with 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. Its investment ratio includes the Company (40%), Hanlin Development (10%), Shenyang Construction Co., Ltd. (40%), and Weili International Development Co., Ltd. (10%).

(III) Remuneration of key management personnel

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

VIII. Assets collateralized (pledged)

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

Assets	Book	value	Purpose of guarantee Short-term borrowings Trust deposit account
	December 31, 2024	December 31, 2023
		$ 1,632,622 69,954
	$ 2,048,805	$ 1,702,576

IX. Significant contingent liabilities and unrecognized contractual commitments

As of December 31, 2024, the total cost of construction contracts signed between the Company and non-related parties amounted to NT$986,913, and the amount signed but yet to be paid amounted to NT$846,776.

X. Losses from major disasters

None.

XI. Subsequent events

Please refer to Note 6(14) for the Company’s 2024 earnings distribution proposal approved by the Board of Directors on March 12, 2025.

XII. Others

(I) Capital management

The Company'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 Company 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.

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(II) Financial instruments

1. Types of financial instruments

Financial assets 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 Other receivables Deposits received Financial liabilities Financial liabilities at amortized cost Short-term borrowings Notes payable Accounts payable Other payables Deposits received Lease liabilities	December 31,2024	December 31,2023 $ 106,404 $ 293,424 20,000 17,451 549 423 $ 331,847 $ 1,099,182 42,825 13,130 21,224 834 $ 1,177,195 $ 95
	$ 104,140 $ 257,011 - 28,983 8,500 1,166 $ 295,660 $ 1,162,758 58,732 62,704 49,011 440 $ 1,333,645 $ 36,469

2. Risk management policies

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

• (2) The Company 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 control systems. During the execution of financial management activities, the

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Company shall faithfully comply with the relevant regulations on financial risk management.

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

• Nature and extent of material financial risks

• (1) Market risk

Interest rate risk

• A. The Company is exposed to the exchange rate risk arising from transactions where the functional currency is different from the Company's functional currency, which is mainly USD. The associated exchange rate risk arises from future commercial trades and recognized assets and liabilities.

• B. The management of the Company has formulated the policy to manage the exchange rate risk relative to its functional currency within the Company.

• C. C. The business of the Company involves non-functional currency (the functional currency of the Company is NT$), 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$ (Foreign currency: Functional currency) Financial assets Monetary items USD: NT$	December 31,2024 Foreign currency (in thousands) Exchange rate Book value (NT$) $ 987 32.79 $ 32,346 December 31,2023 Foreign currency (in thousands) Exchange rate Book value (NT$) $ 962 30.71 $ 29,532	December 31,2024 Foreign currency (in thousands) Exchange rate Book value (NT$) $ 987 32.79 $ 32,346 December 31,2023 Foreign currency (in thousands) Exchange rate Book value (NT$) $ 962 30.71 $ 29,532
	Foreign currency (in thousands)	Exchange rate
	$ 962	30.71

• D. The Company’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$2,032 and (NT$22), respectively.

• E. E. The Company’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 dollar-

~56~

denominated 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$259 and NT$236 respectively.

Price risk

• A. The equity instruments of the Company exposed to price risk are financial assets at FVTOCI. In order to manage the price risk of equity instrument investment, the Company 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 Company mainly invests in equity instruments issued by domestic companies. The prices of these equity instruments will be affected by the uncertainty of the future value of the investment target. If the value of the equity instruments rises or falls by 1%, with all other factors remaining unchanged, the other comprehensive income in 2024 and 2023 will be classified as equity investment at FVTOCI. The profit or loss increased or decreased by NT$1,041 and NT$1,064, respectively.

Cash flow and fair value interest rate risk

• A. The Company's interest rate risk mainly comes from short-term loans issued at floating interest rates, which exposes the Company to cash flow interest rate risk. In 2024 and 2023, the Company’s borrowings at floating interest 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$9,302 and NT$8,793 respectively, mainly due to the fluctuation in interest expenses caused by variable-rate loans.

• (2) Credit risk

• A. The credit risk of the Company is the risk of financial loss of the Company 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 Company follows credit risk policies, procedures and

~57~

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 Company's internal rating standards and other factors.

• C. The Company's Finance and Accounting Department manages the credit risks of bank deposits, fixed-income securities and other financial instruments in accordance with the Company's policies. Because the Company's transaction partners are determined by internal control 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 Company is 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 and the ownership transfer is completed and the actual house is handed over. Hence, the amount 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 Company as of December 31, 2024 and 2023, was insignificant. In addition, for the accounts receivable arising from other transactions, the Company 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 Company 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 Company 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.

• (3) Liquidity risk

• A. The cash flow forecast is executed and summarized by the Company's Finance Department. The Finance Department of the Company monitors the forecast of the Company's working capital needs to ensure that there are sufficient funds to meet the operating needs, and maintain sufficient

~58~

undrawn commitments at all times to prevent the Company from breaching the relevant borrowing limits or terms. The forecast takes into account the Company's debt financing plan, compliance with the terms of the debt, and compliance with the financial ratio targets in the internal balance sheet.

• B. The Company 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 quota is detailed as follows:

December 31, 2024 December 31, 2023

Floating interest rate Overdue in more than one $ 1,015,100 $ 294,316 year

• D. The following table categorizes the Company's non-derivative financial liabilities according to the relevant maturity date, and carries out analysis based on the remaining period from the balance sheet date to the contractual maturity date. Except for notes payable, accounts payable, other payables, 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:

Non-derivative financial liabilities: December 31, 2024 Short-term borrowings Lease liabilities Non-derivative financial liabilities: December 31, 2023 Short-term borrowings Lease liabilities	Within 1 year	1-2years	2-3years	3 years or above
	$ 31,298 4,424 Within 1 year	$ 340,195 4,395 1-2years	$ 302,614 4,505 2-3years	$ 586,438 28,600 3 years or above
	$ 28,369 69	$ 298,664 29	$ 178,063 -	$ 701,263 -

• E. The Company does not expect the cash flow in the due date analysis to occur significantly earlier, nor the actual amount to be significantly different.

~59~

(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 Company 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.

5. For information on the fair value of investment real estate at cost, please refer to Note 6(9).

6. Financial instruments not measured by fair value

The book value of the Company’s cash and cash equivalents, notes receivable, other receivables, refundable deposits, short-term borrowings, notes payable, accounts payable, other payables, and deposits received are reasonable approximations of fair values.

1. Financial and non-financial instruments measured by fair value are classified by the Company 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 Company 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 FVTOCI Equity securities$ 104,140 December 31, 2023 Level 1 Assets Recurring fair value Financial assets at FVTOCI Equity securities$ 106,404	Level 1	Level 2	Level 3	Total
		$-	$- Level 3	$ 104,140 Total
		Level 2
		$-	$-	$ 106,404
Financial assets at FVTOCI Equity securities

~60~

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

The Company adopts the market quotation as the input value of fair value (i.e.

• Level 1), and the characteristics of the instruments are as follows:

Listed (OTC) stock

Market quotation Closing price

1. The Company did not have any transfer between Level 1 and Level 2 in 2024 and 2023.

2. There was no transfer in or out of Level 3 in 2024 and 2023.

3. The Company 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 back testing, 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.

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

~61~

the status and amount of important transactions between each subsidiary: None.

• (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

• Basic information: None.

• 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

Not applicable.

~62~

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
				Number of shares
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

Expressed in thousands of NT$ (unless otherwise stated)

Real estate companyacquired	Propertyname	Date of occurrence	Transaction amount	Status of payment	Trading counterpart	Relationship	If the counterparty of the transaction is a related party, information of the previous transfer	If the counterparty of the transaction is a related party, information of the previous transfer	If the counterparty of the transaction is a related party, information of the previous transfer	If the counterparty of the transaction is a related party, information of the previous transfer	References for pricing	Purpose of acquisition and circumstan ces of use
							Owner	Relationship between the owner and the issuer	Date of transfer	Amount
Ascent Development Co., Ltd. Ascent Development Co., Ltd.	Inventory - construction in progress (New construction works in Zhongxing Section, Sanchong District, New Taipei City) Inventory - construction in progress (New construction works in Zhongyuan Section, Zhonghe District, New Taipei City)	November 7, 2023 December 18, 2024	342,653 855,287 (Note 2)	119,037 (Note 1) -	Jun Jie Construction Engineering Co., Ltd. Jun Jie Construction Engineering Co., Ltd.	None None

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.

From January 1 to December 31, 2024 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			$ 195,615	Collected NT$25,435			None	Acquisition of benefits	HB Real Estate Appraisers and Associates

• 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 current period 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
					$ 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

From January 1 to 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

Ascent Development Co., Ltd. (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Statement of Cash and Cash Equivalents December 31, 2024

	December 31, 2024	December 31, 2024
Table 1	Expressed in thousands of NT$
Items	Summary	Amount
Working capital	$	50
Bank deposits
Demand deposits		224,615
Foreign currency demand	US$31.47, exchange rate 32.785	1
deposits
Cash equivalents
Foreign currency time	US$986,579.38, exchange rate 32.785
deposit	The maturity date is February 2025, the
	annual interest rate is 4.65%	32,345
	$	257,011

Page 1 Schedule 1

Ascent Development Co., Ltd. (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Inventory statement December 31, 2024

		Inventory statement December 31, 2024	Inventory statement December 31, 2024	Inventory statement December 31, 2024
Table 2 Items Premises for sale Project Kuo Yang Intercontinental Building and land under construction Project Kuo Yang Digital Project Tucheng Zhongyi Ascent Development Original Project Others Capacity		Expressed in thousands of NT$ Amount Note Costs Market price (Note) $ 556,344 $ 712,840 535,974 535,974 263,641 263,641 557,595 557,595 1,357,210 1,357,210 2,841 2,841 $ 1,916,395 $ 2,072,891
		Costs
		$ 556,344 535,974 263,641 557,595 1,357,210 2,841 $ 1,916,395

Note: Due to the characteristics of construction companies, the market price of land and buildings under construction is stated at the lower cost or net realizable value.

Page 1 Schedule 2

Ascent Development Co., Ltd. (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Statement of Changes in Land and Construction in Progress January 1 to December 31, 2024

Table 3 Project name Project Kuo Yang Intercontinental Project Tucheng Zhongyi Project Kuo Yang Digital Ascent Development Original Project	Table 3 Project name Project Kuo Yang Intercontinental Project Tucheng Zhongyi Project Kuo Yang Digital Ascent Development Original Project	Balance at the beginning ofperiod		Increase in the current period	Increase in the current period	Increase in the current period		Amount transferred in the currentperiod	Amount transferred in the currentperiod	Amount transferred in the currentperiod	Amount transferred in the currentperiod	Amount transferred in the currentperiod		Expressed in thousands of NT$ Balance at the end of period Note $ - Provided as collateral for borrowings 263,641 ″ 535,974 ″ 557,595 ″ $ 1,357,210
				Input cost		Capitalized interest		Transferred in from land to be built		Sold in the current period	Transfer- out upon completion ($ 556,344) - - - ($ 556,344)	Transfer- out upon completion
		$ 447,276 258,363 433,312 530,750		$ 100,046 1,167 95,219 16,078		$ 9,022 4,111 7,443 10,767 $ 31,343		$ - - - - $-		$ - - - - $-
		$ 1,669,701		$ 212,510

Page 1 Schedule 3

Ascent Development Co., Ltd.

(Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Statement of Changes in Investment Using the Equity Method January 1 to December 31, 2024

Table 4

Expressed in thousands of NT$

Name HCW INVESTMENT CO., LTD. Hanlin Development Co., Ltd. Jollify4ever Ltd. Jollify Creative, Ltd. Hanshin Shopping Plaza Co., Ltd.	Balance at the beginning of period Number of shares Amount 20,000,000 $ 258,118 23,100,000 272,372 4,782,877 - 3,746,163 49,743 8,000,000 976,651 $ 1,556,884	Balance at the beginning of period Number of shares Amount 20,000,000 $ 258,118 23,100,000 272,372 4,782,877 - 3,746,163 49,743 8,000,000 976,651 $ 1,556,884	Increase in the current period(Note 1) Number of shares Amount - $ 43,360 12,600,000 150,378 - - - 30,506 - 206,698 $ 430,942	Increase in the current period(Note 1) Number of shares Amount - $ 43,360 12,600,000 150,378 - - - 30,506 - 206,698 $ 430,942	Decrease in the current period(Note 2) Number of shares Amount - ($ 4,358) - - - - - ( 1,847) - ( 102,703) ($ 108,908)	Balance	Balance	Balance
	Number of shares		Number of shares		Number of shares	Number of shares Ownership held by the Company 20,000,000 100.00% 35,700,000 51.00% 4,782,877 29.34% 3,746,163 25.84% 8,000,000 16.00%	Ownership held by the Company
	20,000,000 23,100,000 4,782,877 3,746,163 8,000,000		- 12,600,000 - - -		- - - - -

Note 1: The increase in the current period includes additional investment of NT$132,300, capital reserve change of NT$45,132, investment gain recognized of NT$203,229 and other equity of NT$50,281. Note 2: The decrease in the current period includes cash dividends received of NT$96,000 and other equity of NT$12,908.

Page 1 Schedule 4

Ascent Development Co., Ltd. (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Statement of Short-term Borrowings December 31, 2024 Table 5

Table 5 Type of loan Explanation Secured loans Chang Hwa Commercial Bank Co., Ltd. Mega International Commercial Bank Mega International Commercial Bank Mega International Commercial Bank Mega International Commercial Bank First Commercial Bank Co., Ltd. First Commercial Bank Co., Ltd. First Commercial Bank Co., Ltd. First Commercial Bank Co., Ltd. Credit loans Chang Hwa Commercial Bank Co., Ltd.	Balance at the end ofperiod $ 237,900 145,920 13,790 - - 267,900 16,500 401,200 - 79,548 $ 1,162,758	Duration of contract Interest rate range 2022/7/1 - 2025/12/31 2.675% 2024/4/12 - 2029/4/12 2.530% 2024/4/12 - 2029/4/12 2.580% 2024/4/12 - 2029/4/12 2.582% 2024/4/12 - 2029/4/12 2.582% 2023/6/1 - 2027/6/1 2.725% 2023/6/1 - 2027/6/1 2.825% 2022/11/9 - 2029/11/9 2.725% 2022/11/9 - 2029/11/9 2.725% 2022/7/1 - 2025/12/31 2.675%~2.775%	Expressed in thousands of NT$ Financinglimit Mortgage or guarantee $ 237,900Building and land under construction 145,920Building and land under construction 42,490Building and land under construction 30,000Building and land under construction 300,000Building and land under construction 267,900Building and land under construction 202,500Building and land under construction 401,200Building and land under construction 470,400Building and land under construction 124,078 None $ 2,222,388

Page 1 Schedule 5

	Ascent Development Co., Ltd.
(Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.)
	Statement of Operating Income
	January 1 to December 31, 2024
Table 6	Expressed in thousands of NT$
Items	Summary	Amount
Service income	$	4,630
Lease revenue		2,330
	$	6,960

Page 1 Schedule 6

Ascent Development Co., Ltd.
(Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.)
Statement of Operating Costs
January 1 to December 31, 2024
Table 7	Expressed in thousands of NT$
Items	Amount
Inventory at beginning of period
Building and land under construction	$	1,441,133
Expenses invested in construction		228,568
Add: Current purchases
Expenses invested in construction in the current period		212,510
Capitalization of interest		31,343
Lease cost		803
Less: Inventory at end of period
Premises for sale	(	556,344)
Building and land under construction	(	1,357,210)
	$	803

Page 1 Schedule 7

	Ascent Development Co., Ltd.	Ascent Development Co., Ltd.
(Previous	name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.)
	Statement of Sales and	Marketing Expenses
	January 1 to December 31, 2024
Table 8		Expressed in thousands of NT$
Items	Summary	Amount	Note
Advertising expenses		$	11
Other expenses	The balance of other
	items did not exceed
	5% of the balance of
	this item.		14
		$	25

Page 1 Schedule 8

Ascent Development Co., Ltd. (Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Statement of Administrative Expenses January 1 to December 31, 2024

Expressed in thousands of NT$

Table 9 Items Summary Salary expenses Director Compensation Rent expenses Labor service expense Other expenses The balance of other items did not exceed 5% of the balance of this item.	Summary		Expressed in thousands of NT Amount Note $ 21,545 8,724 2,330 3,414 10,254 $ 46,267	Expressed in thousands of NT Amount Note $ 21,545 8,724 2,330 3,414 10,254 $ 46,267

Page 1 Schedule 9

Ascent Development Co., Ltd.

(Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Summary table of employee benefits, depreciation, depletion, and amortization expenses incurred in the current period by function January 1 to December 31, 2024

Table 10 Expressed in thousands of NT$

By function By nature		2024		2023	2023
	Attributable to operating costs	Attributable to operating expenses	Total	Attributable to operating costs	Attributable to operating expenses	Total
Employee welfare expenses
Salaryexpenses	$ -	$ 18,504	$ 18,504	$ -	$ 16,050	$ 16,050
Labor and health insurance premiums	-	1,677	1,677	-	1,334	1,334
Pension expense	-	901	901	-	783	783
Director Compensation	-	8,724	8,724	-	9,602	9,602
Other employee benefit expenses	-	463	463	-	1,137	1,137
Depreciation expense	507	792	1,299	2,067	76	2,143
Amortization expense	-	477	477	-	-	-

Note 1: As of December 31, 2024 and 2023, the Company had 26 and 22 employees, respectively, of which 7 were directors who did not serve as employees concurrently.

Note 2: The Company’s average employee benefit expenses for 2024 and 2023 were NT$1,134 and NT$1,287, respectively; the average employee salary expenses for 2024 and 2023 were NT$974 and NT$1,070, respectively; the adjusted change in average employee salary expenses for 2024 was (8.97%).

Note 3: The remuneration of directors is authorized at board meetings based on their level of participation in and contribution to the Company’s operations. The remuneration follows the standards of industry peers. The amount of remuneration given to the

Page 1 Schedule 10

Ascent Development Co., Ltd.

(Previous name: CHUWA WOOL INDUSTRY CO., (TAIWAN) LTD.) Summary table of employee benefits, depreciation, depletion, and amortization expenses incurred in the current period by function January 1 to December 31, 2024

Table 10

Expressed in thousands of NT$

managerial officers of the Company is based on their performance, contributions, the Company’s annual operating performance, and the Company’s operation risks, which shall be reviewed by the Remuneration Committee and submitted to the Board of Directors for resolution. The amount of remuneration given to employees is mainly based on their personal performance, the Company’s performance, the industry standards, and the Company’s operation risks, which shall be reviewed regularly every year, and year-end bonuses are given to employees based on the current year’s profit status.

Page 2 Schedule 10