B'in Live Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the Years Ended December 31, 2025 and 2024 and Independent Auditors' Report

DECLARATION OF CONSOLIDATION OF FINANCIAL STATEMENTS OF AFFILIATES

The companies required to be included in the consolidated financial statements of affiliates in accordance with the "Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises" for the year ended December 31, 2025 are all the same as the companies required to be included in the consolidated financial statements of parent company and its subsidiaries as provided in International Financial Reporting Standard No. 10, "Consolidated Financial Statements". Relevant information that should be disclosed in the consolidated financial statements of affiliates has all been disclosed in the consolidated financial statements of parent company and its subsidiaries. Hence, we have not prepared a separate set of consolidated financial statements of affiliates for the year ended December 31, 2025.

Very truly yours,

B'IN LIVE CO., LTD.

By:

March 11, 2026

INDEPENDENT AUDITORS' REPORT

The Board of Directors and Shareholders
B’in Live Co., Ltd.

Opinion

We have audited the accompanying consolidated financial statements of B’in Live Co., Ltd. and its subsidiaries (collectively referred to as the “Group”), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, and the consolidated statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including material accounting policy information (collectively referred to as the “consolidated financial statements”).

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

Basis for Opinion

We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and the Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with The Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the year ended December 31, 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

The key audit matter identified in the Group’s consolidated financial statements for the year ended December 31, 2025 is stated as follows:

Revenue Recognition of Main Operating Revenue

Operating revenue is the main indicator for the investors and the management of the Group to evaluate its financial or business performance. The operating revenue is mainly resulted from providing production design and hardware engineering for shows or activities; according to the accounting policy, the revenue is recognized as the performance obligation when it is satisfied, i.e., the show or activity is completed. If the contract contains multiple shows or activities across the balance sheet date, the revenue is recognized in accordance with completed shows or activities. We considered the appropriateness and accuracy of recognition may significantly affect the financial statements. Therefore, we identified the revenue recognition of main operating revenue as a key audit matter.

Our main audit procedures to address the above key audit matter were as follows:

We obtained an understanding of and tested the design and implementation of internal controls over revenue recognition of main operating revenue.
We sampled from the completed performances or activities the contracts, calculation, and accounting records of the revenues, assessed the appropriateness and accuracy of revenue recognition are correct and properly approved.

Other Matter

We have also audited the parent company only financial statements of B’in Live Co., Ltd. as of and for the years ended December 31, 2025 and 2024 on which we have issued an unmodified report.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance, including the audit committee, are responsible for overseeing the Group’s financial reporting process.

Auditors' Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

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

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient and appropriate audit evidence regarding the financial information of entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision, and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the year ended December 31, 2025 and are therefore the key audit matters. We describe these matters in our auditors' 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.

The engagement partners on the audits resulting in this independent auditors' report are Yi-Ling Chen and Ya-Ling Wong.

Deloitte & Touche
Taipei, Taiwan
Republic of China

March 11, 2026

Notice to Readers

The accompanying consolidated financial statements are intended only to present the consolidated financial position, financial performance and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such consolidated financial statements are those generally applied in the Republic of China.

For the convenience of readers, the independent auditors' report and the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors' report and consolidated financial statements shall prevail.

B'IN LIVE CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars)

	2025		2024
ASSETS	Amount	%	Amount	%
CURRENT ASSETS
Cash and cash equivalents (Notes 4 and 6)	$ 1,150,197	32	$ 1,083,827	55
Financial assets at fair value through profit or loss - current (Notes 4, 7, 28 and 29)	68,777	2	23,857	1
Notes and accounts receivable (Notes 4 and 8)	550,129	15	323,102	16
Receivables from related parties (Note 29)	79,564	2	22,652	1
Other receivables from related parties (Note 29)	290	-	3,036	-
Investments accounted for using the equity method and disposal groups held for sale (Notes 4 and 12)	-	-	28,908	2
Other current assets (Notes 9 and 29)	62,541	2	70,029	4
Total current assets	1,911,498	53	1,555,411	79
NON-CURRENT ASSETS
Financial assets at fair value through other comprehensive income - non-current (Notes 4, 10, 12 and 28)	16,948	-	11,779	1
Investments accounted for using the equity method (Notes 4 and 12)	89,433	3	13,969	1
Property, plant and equipment (Notes 4, 13 and 30)	1,377,594	38	306,481	16
Right-of-use assets (Notes 4 and 14)	61,945	2	59,501	3
Other intangible assets (Notes 4 and 15)	6,008	-	1,927	-
Deferred tax assets (Notes 4 and 22)	5,354	-	5,945	-
Prepayments for equipment	134,374	4	4,845	-
Other non-current assets	8,222	-	6,910	-
Total non-current assets	1,699,878	47	411,357	21
TOTAL	$ 3,611,376	100	$ 1,966,768	100
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Financial liabilities at fair value through profit or loss - current (Notes 7 and 28)	$ 2,933	-	$ -	-
Contract liabilities - current (Notes 20 and 29)	21,923	1	43,309	2
Notes and accounts payable	546,438	15	426,745	22
Payables to related parties (Note 29)	100,807	3	71,489	4
Other payables (Notes 17 and 25)	450,594	12	319,117	16
Other payables to related parties (Note 29)	-	-	30	-
Current tax liabilities (Notes 4 and 22)	60,033	2	19,316	1
Lease liabilities - current (Notes 4 and 14)	26,896	1	23,543	1
Long-term liabilities-current portion (Notes 16 and 30)	22,656	1	-	-
Other current liabilities (Note 4)	16,331	-	15,106	1
Total current liabilities	1,248,611	35	918,655	47
NON-CURRENT LIABILITIES
Long-term borrowings (Notes 16 and 30)	426,907	12	-	-
Deferred tax liabilities (Notes 4 and 22)	3,184	-	6,011	-
Lease liabilities - non-current (Notes 4 and 14)	38,437	1	39,791	2
Other non-current liabilities	96	-	96	-
Total non-current liabilities	468,624	13	45,898	2
Total liabilities	1,717,235	48	964,553	49
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY (Notes 4 and 19)
Share capital	579,724	16	489,724	25
Capital surplus
Issuance of ordinary shares	665,889	18	137,150	7
Employee restricted shares	5,131	-	11,202	-
Total capital surplus	671,020	18	148,352	7
Retained earnings
Legal reserve	57,041	2	29,614	2
Special reserve	1,410	-	6,624	-
Unappropriated earnings	583,570	16	333,834	17
Total retained earnings	642,021	18	370,072	19
Other equity
Exchange differences on the translation of the financial statements of foreign operations	2,439	-	(3,417)	-
Unrealized gain (loss) on financial assets at fair value through other comprehensive income	(1,923)	-	2,007	-
Unearned employee benefits	(1,611)	-	(5,968)	-
Total other equity	(1,095)	-	(7,378)	-
Total equity attributable to owners of the Company	1,891,670	52	1,000,770	51
NON-CONTROLLING INTERESTS	2,471	-	1,445	-
Total equity	1,894,141	52	1,002,215	51
TOTAL	$ 3,611,376	100	$ 1,966,768	100

The accompanying notes are an integral part of the consolidated financial statements.

B'IN LIVE CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

	2025		2024
	Amount	%	Amount	%
OPERATING REVENUE (Notes 4, 20 and 29)	$ 4,372,964	100	$ 3,146,147	100
OPERATING COSTS (Notes 4, 21 and 29)	(3,559,178)	(81)	(2,608,568)	(83)
GROSS PROFIT	813,786	19	537,579	17
OPERATING EXPENSES (Notes 21 and 29)
Selling expenses	(67,485)	(2)	(68,627)	(2)
General and administrative expenses	(181,378)	(4)	(152,385)	(5)
Research and development expenses	-	-	(3,278)	-
Expected credit gain	48	-	124	-
Total operating expenses	(248,815)	(6)	(224,166)	(7)
PROFIT FROM OPERATIONS	564,971	13	313,413	10
NON-OPERATING INCOME AND EXPENSES
Share of profit (loss) of associates and joint ventures (Notes 4 and 12)	52,130	1	(976)	-
Interest income (Note 29)	5,835	-	2,637	-
Other income (Note 4)	12,349	1	9,297	-
Gain (loss) on disposal of property, plant and equipment (Note 4)	5,493	-	(1)	-
Gain on disposal of investments (Notes 4, 26 and 29)	6,838	-	23,990	1
Gain from lease modification	1,004	-	-	-
Gain on financial assets at fair value through profit or loss, net (Note 4)	4,265	-	6,315	-
Interest expenses	(5,324)	-	(1,914)	-
Other expenses	(157)	-	(123)	-
Foreign exchange (loss) gain, net (Note 4)	(7,836)	-	5,944	-
Impairment loss on property, plant and equipment (Note 4)	-	-	(5,746)	-
Total non-operating income and expenses	74,597	2	39,423	1
PROFIT BEFORE INCOME TAX	639,568	15	352,836	11
INCOME TAX EXPENSE (Notes 4 and 22)	(127,521)	(3)	(67,921)	(2)
NET PROFIT FOR THE YEAR	512,047	12	284,915	9

(Continued)

B'IN LIVE CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

	2025		2024
	Amount	%	Amount	%
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently to profit or loss:
Unrealized loss on investments in equity instruments at fair value through other comprehensive income	$ (4,072)	-	$ (692)	-
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of the financial statements of foreign operations	6,053	-	3,975	-
Share of the other comprehensive (loss) income of associates and joint ventures accounted for using the equity method	(197)	-	1,931	-
Other comprehensive income for the year, net of income tax	1,784	-	5,214	-
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	$ 513,831	12	$ 290,129	9
NET PROFIT ATTRIBUTABLE TO:
Owners of the Company	$ 511,021	12	$ 284,416	9
Non-controlling interests	1,026	-	499	-
	$ 512,047	12	$ 284,915	9
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Owners of the Company	$ 512,805	12	$ 289,630	9
Non-controlling interests	1,026	-	499	-
	$ 513,831	12	$ 290,129	9
EARNINGS PER SHARE (Note 23)
Basic	$ 9.13		$ 5.84
Diluted	$ 9.09		$ 5.81

The accompanying notes are an integral part of the consolidated financial statements.

(Concluded)

B'TN LIVE CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars)

	Equity Attributable to Owners of the Company
	Share Capital		Capital Surplus		Retained Earnings				Other Equity
	Number of Shares (In Thousands)	Amount	Issuance of Ordinary Shares	Employee Restricted Shares	Legal Reserve	Special Reserve	Unappropriated Earnings	Total Retained Earnings	Unrealized (Loss) Gain on Financial Assets at Fair Value Through Other Comprehensive Income	Unearned Employee Benefits	Total	Non-controlling Interests	Total Equity
BALANCE ON JANUARY 1, 2024	44,520	$ 445,204	$ 128,723	$ 19,629	$ -	$ -	$ 296,142	$ 296,142	$ (9,323)	$ 2,699	$ (17,375)	$ 865,699	$ (4,552)	$ 861,147
Appropriation and distribution of 2023 retained earnings
Legal reserve	-	-	-	-	29,614	-	(29,614)	-	-	-	-	-	-	-
Special reserve reversed	-	-	-	-	-	6,624	(6,624)	-	-	-	-	-	-	-
Cash dividends	-	-	-	-	-	-	(155,822)	(155,822)	-	-	-	(155,822)	-	(155,822)
Stock dividends	4,452	44,520	-	-	-	-	(44,520)	(44,520)	-	-	-	-	-	-
Changes in capital surplus from investments in associates and joint ventures accounted for by using equity method	-	-	-	-	-	-	(10,144)	(10,144)	-	-	-	(10,144)	-	(10,144)
Net profit for 2024	-	-	-	-	-	-	284,416	284,416	-	-	-	284,416	499	284,915
Other comprehensive income (loss) for 2024	-	-	-	-	-	-	-	-	5,006	(692)	-	5,214	-	5,214
Total comprehensive income (loss) for 2024	-	-	-	-	-	-	284,416	284,416	5,006	(692)	-	289,630	499	290,129
Share-based payment transaction - restricted shares for employees	-	-	-	-	-	-	-	-	-	-	11,407	11,407	-	11,407
Vested restricted shares for employees	-	-	8,427	(8,427)	-	-	-	-	-	-	-	-	-	-
Changes in non-controlling interests	-	-	-	-	-	-	-	-	-	-	-	-	5,498	5,498
BALANCE ON DECEMBER 31, 2024	48,972	489,724	137,150	11,202	29,614	6,624	333,834	370,072	(3,417)	2,007	(5,968)	1,000,770	1,445	1,002,215
Appropriation and distribution of 2024 retained earnings
Legal reserve	-	-	-	-	27,427	-	(27,427)	-	-	-	-	-	-	-
Reversal of special reserve	-	-	-	-	-	(5,214)	5,214	-	-	-	-	-	-	-
Cash dividends	-	-	-	-	-	-	(231,890)	(231,890)	-	-	-	(231,890)	-	(231,890)
Changes in capital surplus from investments in associates and joint ventures accounted for by using equity method	-	-	-	-	-	-	(7,040)	(7,040)	-	-	-	(7,040)	-	(7,040)
Disposal of investments in equity instruments designated as at fair value through other comprehensive income	-	-	-	-	-	-	(142)	(142)	-	142	-	-	-	-
Net profit for 2025	-	-	-	-	-	-	511,021	511,021	-	-	-	511,021	1,026	512,047
Other comprehensive income (loss) for 2025	-	-	-	-	-	-	-	-	5,856	(4,072)	-	1,784	-	1,784
Total comprehensive income (loss) for 2025	-	-	-	-	-	-	511,021	511,021	5,856	(4,072)	-	512,805	1,026	513,831
Issuance of ordinary shares for cash	9,000	90,000	522,000	-	-	-	-	-	-	-	-	612,000	-	612,000
Transaction costs attributable to the issue of new ordinary shares	-	-	(1,955)	-	-	-	-	-	-	-	-	(1,955)	-	(1,955)
Share-based payment transaction - cash capital increase reserved for employee subscription	-	-	2,623	-	-	-	-	-	-	-	-	2,623	-	2,623
Share-based payment transaction - restricted shares for employees	-	-	-	-	-	-	-	-	-	-	4,357	4,357	-	4,357
Vested restricted shares for employees	-	-	6,071	(6,071)	-	-	-	-	-	-	-	-	-	-
BALANCE ON DECEMBER 31, 2025	57,972	$ 579,724	$ 665,889	$ 5,131	$ 57,041	$ 1,410	$ 583,570	$ 642,021	$ 2,439	$ (1,922)	$ (1,611)	$ 1,891,670	$ 2,471	$ 1,894,141

The accompanying notes are an integral part of the consolidated financial statements.

B'IN LIVE CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars)

	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before income tax	$ 639,568	$ 352,836
Adjustments for
Depreciation expense	164,117	143,877
Amortization expense	3,362	2,442
Expected credit loss reversed on accounts receivable	(48)	(124)
Gain on financial assets at fair value through profit or loss, net	(4,265)	(6,315)
Interest expenses	5,324	1,914
Interest income	(5,835)	(2,637)
Dividend income	(114)	(233)
Compensation cost of share-based payment	6,980	11,407
Share of (profit) loss of associates	(52,130)	976
(Gain) loss on disposal of property, plant and equipment	(5,493)	1
Gain on disposal of investments	(6,838)	(23,990)
Impairment loss on property, plant and equipment	-	5,746
Gain from lease modification	(1,004)	-
Unrealized loss on foreign currency exchange, net	1,476	194
Changes in operating assets and liabilities
Financial assets at fair value through profit or loss	(40,103)	(6,622)
Notes and accounts receivables	(220,946)	(70,551)
Receivables from related parties	(55,205)	7,341
Other receivables from related parties	(290)	(17)
Other current assets	7,770	87,214
Financial liabilities at fair value through profit or loss	2,172	-
Contract liabilities	(21,563)	9,668
Notes and accounts payable	116,463	117,877
Payables to related parties	22,639	62,351
Other payables	129,646	49,250
Other payables to related parties	(30)	30
Other current liabilities	1,201	(122)
Cash generated from operations	686,854	742,513
Interest received	5,871	2,833
Interest paid	(5,245)	(1,914)
Income tax paid	(89,179)	(67,860)
Net cash generated from operating activities	598,301	675,572
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of financial assets at fair value through other comprehensive income	(10,000)	-
Proceeds from disposal of financial assets at fair value through other comprehensive income	759	-
Proceeds from disposal of non-current assets held for sale	27,974	-
Acquisition of investments accounted for using equity method	(32,305)	-
		(Continued)

10 -

B'IN LIVE CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars)

	2025	2024
Net cash outflow on disposal of subsidiary (Note 26)	$ -	$ (26,788)
Payments for property, plant and equipment	(1,206,681)	(129,432)
Proceeds from disposal of property, plant and equipment	7,460	-
Decrease in other receivables from related parties	3,000	12,000
Payments for intangible assets	(7,462)	(1,675)
Increase in other non-current assets	(1,312)	(1,832)
(Increase) decrease in prepayments for equipment	(132,051)	8,660
Dividend received	9,822	233
Dividend from joint ventures received	-	22,142
Net cash used in investing activities	(1,340,796)	(116,692)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in short-term borrowings	90,000	130,000
Repayments of short-term borrowings	(90,000)	(130,000)
Proceeds from long-term borrowings	811,117	-
Repayments of long-term borrowings	(361,554)	-
Increase in refundable deposits	25	96
Repayments of the principal portion of lease liabilities	(26,707)	(25,394)
Dividends paid to owners of the Company	(231,890)	(155,822)
Issuance of ordinary shares for cash	612,000	-
Payments for transaction costs attributable to the issue of ordinary shares	(1,955)	-
Net cash generated from (used in) financing activities	801,036	(181,120)
EFFECTS OF EXCHANGE RATE CHANGES ON THE BALANCE OF CASH AND CASH EQUIVALENTS HELD IN FOREIGN CURRENCIES	7,829	6,128
NET INCREASE IN CASH AND CASH EQUIVALENTS	66,370	383,888
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR	1,083,827	699,939
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR	$ 1,150,197	$ 1,083,827

The accompanying notes are an integral part of the consolidated financial statements.

(Concluded)

B'IN LIVE CO., LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

1. GENERAL INFORMATION

B'in Live Co., Ltd. (the "Company") was incorporated on January 2, 2014 under the provision of the Company Act of the Republic of China and other laws and regulations. The Company is mainly engaged in providing software and hardware services for shows or events, including production design, and providing hardware equipment such as lighting, audio, video, musical instruments, and structural equipment.

The Company's shares were approved for a public offering on January 11, 2017 by the Taipei Exchange (TPEx), and the Company became a listed company on the emerging stock market on March 29, 2017. The Company's shares ceased trading on the emerging stock market and have been listed on the Taiwan Stock Exchange (TWSE) since February 7, 2018.

The consolidated financial statements are presented in the Company's functional currency, the New Taiwan dollar.

2. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements were approved by the Company's board of directors on March 11, 2026.

3. APPLICATION OF NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS

a. Initial application of the amendments to the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, the "IFRS Accounting Standards") endorsed and issued into effect by the Financial Supervisory Commission (FSC)

Amendments to IAS 21 "Lack of Exchangeability"

The initial application of the Amendments to IAS 21 "Lack of Exchangeability" did not have a material impact on the Group's accounting policies.

b. The IFRS Accounting Standards endorsed by the FSC for application starting from 2026

New, Amended and Revised Standards and Interpretations	Effective Date Announced by IASB
Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments	January 1, 2026
Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity”	January 1, 2026
Annual Improvements to IFRS Accounting Standards - Volume 11	January 1, 2026
IFRS 17 “Insurance Contracts” (including the 2020 and 2021 amendments to IFRS 17)	January 1, 2023

As of the date the consolidated financial statements were authorized for issue, the Group is continuously assessing the possible impacts of the above application of the amendments on the Group's financial position and financial performance and will disclose the relevant impact when the assessment is completed.

c. The IFRS Accounting Standards in issue but not yet endorsed and issued into effect by the FSC

New, Amended and Revised Standards and Interpretations	Effective Date Announced by IASB (Note 1)
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture”	To be determined by IASB
IFRS 18 “Presentation and Disclosure in Financial Statements”	January 1, 2027 (Note 2)
IFRS 19 “Subsidiaries without Public Accountability: Disclosures” (including the 2025 amendments to IFRS 19)	January 1, 2027
Amendments to IAS 21 “Translation to a Hyperinflationary Presentation Currency”	January 1, 2027

Note 1: Unless stated otherwise, the above IFRS Accounting Standards are effective for annual reporting periods beginning on or after their respective effective dates.

Note 2: On September 25, 2025, the FSC announced that IFRS 18 will take effect starting from January 1, 2028. Domestic entities could elect to apply IFRS 18 for an earlier period after the endorsement of IFRS 18 by the FSC.

IFRS 18 “Presentation and Disclosure in Financial Statements” and consequential amendments

IFRS 18 will supersede IAS 1 “Presentation of Financial Statements”. The main changes comprise:

To classify items of income and expenses presented in the statement of profit or loss into the operating, investing, financing, income taxes and discontinued operations categories, the Group shall assess whether it has specified main business activities of investing in particular types of assets and providing financing to customers.
The statement of profit or loss shall present totals and subtotals for operating profit or loss, profit or loss before financing and income taxes and profit or loss.
Provides guidance to enhance the requirements of aggregation and disaggregation: The Group shall identify the assets, liabilities, equity, income, expenses and cash flows that arise from individual transactions or other events and shall classify and aggregate them into groups based on shared characteristics, so as to result in the presentation in the primary financial statements of line items that have at least one similar characteristic. The Group shall disaggregate items with dissimilar characteristics in the primary financial statements and in the notes. The Group labels items as "other" only if it cannot find a more informative label.
Disclosures on Management-defined Performance Measures (MPMs): When in public communications outside financial statements and communicating to users of financial statements management's view of an aspect of the financial performance of the Group as a whole, the Group shall disclose related information about its MPMs in a single note to the financial statements, including the description of such measures, calculations, reconciliations to the subtotal or total specified by IFRS Accounting Standards and the income tax and non-controlling interests effects of related reconciliation items.

In addition, the following consequential amendments have been made to IAS 7 “Statement of Cash Flows”:

The Group shall use operating profit or loss as the starting point when presenting cash flows from operating activities under the indirect method.
Interest and dividends received by the Group shall be classified as investing activities, while interest and dividends paid shall be classified as financing activities. However, if, after assessment, the Group has a specific main operating activity, it shall determine how to classify dividends received, interest received and interest paid in the statement of cash flows by referring to how it classifies dividend income, interest income and interest expense in the statement of profit or loss. The total of each of these cash flows shall be classified in a single category in the statement of cash flows.

Except for the above impact, as of the date the consolidated financial statements were authorized for issue, the Group is continuously assessing the other impacts of the above amended standards and interpretations on the Group’s financial position and financial performance and will disclose the relevant impact when the assessment is completed.

4. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

a. Statement of compliance

The consolidated financial statements have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and IFRS Accounting Standards as endorsed and issued into effect by the FSC.

b. Basis of preparation

The consolidated financial statements have been prepared on the historical cost basis except for the financial instruments which are measured at fair value.

The fair value measurements, which are grouped into Levels 1 to 3 based on the degree to which the fair value measurement inputs are observable and based on the significance of the inputs to the fair value measurement in its entirety, are described as follows:

1) Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities;
2) Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and
3) Level 3 inputs are unobservable inputs for the asset or liability.

c. Classification of current and non-current assets and liabilities

Current assets include:

1) Assets held primarily for the purpose of trading;
2) Assets expected to be realized within twelve months after the reporting period; and
3) Cash and cash equivalents unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

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Current liabilities include:

1) Liabilities held primarily for the purpose of trading;

2) Liabilities due to be settled within 12 months after the reporting period, even if an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting period and before the consolidated financial statements are authorized for issue; and

3) Liabilities for which the Group does not have the substantial right at the end of the reporting period to defer settlement for at least 12 months after the reporting period.

Assets and liabilities that are not classified as current are classified as non-current.

d. Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company (i.e., its subsidiaries). Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statement of comprehensive income from the effective date of acquisition up to the effective date of disposal, as appropriate. When necessary, adjustments are made to the consolidated financial statements of subsidiaries to bring their accounting policies into line with those used by the Company. All intra-group transactions, balances, income and expenses are eliminated in full upon consolidation. The total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the interests of the Group and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the Company.

When the Group loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and any investment retained in the former subsidiary at its fair value at the date when control is lost and (ii) the assets (including any goodwill) and liabilities and any non-controlling interests of the former subsidiary at their carrying amounts at the date when control is lost. The Group accounts for all amounts recognized in other comprehensive income in relation to that subsidiary on the same basis as would be required had the Group directly disposed of the related assets or liabilities.

See Note 11, Tables 5 and 6 for detailed information of subsidiaries (including the percentage of ownership and main business).

e. Foreign currencies

In preparing the financial statements of each individual group entity, transactions in currencies other than the entity's functional currency (i.e., foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions.

At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Exchange differences on monetary items arising from settlement or translation are recognized in profit or loss in the period in which they arise.

Non-monetary items measured at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Exchange differences arising from the retranslation of non-monetary items are included in profit or loss for the period.

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Non-monetary item denominated in a foreign currency and measured at historical cost is stated at the reporting currency as originally translated from the foreign currency.

For the purposes of presenting the consolidated financial statements, the assets and liabilities of the Group's foreign operations (including subsidiaries and associates in other countries that use currency different from the currency of the Company) are translated into New Taiwan dollars using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising are recognized in other comprehensive income attributed to the owners of the Company and non-controlling interests as appropriate.

On the disposal of a foreign operation (i.e., disposal of the Company's entire interest in a foreign operation), all of the exchange differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss.

f. Investment in associates and joint ventures

An associate is an entity over which the Group has significant influence and which is neither a subsidiary nor an interest in a joint venture. A joint venture is a joint arrangement whereby the Group and other parties that have joint control of the arrangement have rights to the net assets of the arrangement.

The Group uses the equity method to account for its investments in associates and joint ventures.

Under the equity method, investments in an associate and a joint venture are initially recognized at cost and adjusted thereafter to recognize the Group's share of the profit or loss and other comprehensive income of the associate and joint venture. The Group also recognizes the changes in the Group's share of the equity of associates and joint ventures.

Any excess of the cost of acquisition over the Group's share of the net fair value of the identifiable assets and liabilities of an associate and a joint venture at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment and is not amortized.

When the Group subscribes for additional new shares of the associate and a joint venture at a percentage different from its existing ownership percentage, the resulting carrying amount of the investment differs from the amount of the Group's proportionate interest in the associate and joint venture. The Group records such a difference as an adjustment to investments with the corresponding amount charged or credited to capital surplus - changes in capital surplus from investments in associates and joint ventures accounted for using the equity method.

The entire carrying amount of the investment (including goodwill) is tested for impairment as a single asset by comparing its recoverable amount with its carrying amount. Any impairment loss recognized is not allocated to any asset, including goodwill, that forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized to the extent that the recoverable amount of the investment subsequently increases.

When the Group transacts with its associate and joint venture, profits and losses resulting from the transactions with the associate and joint venture are recognized in the Group's consolidated financial statements only to the extent of interests in the associate and joint venture that are not related to the Group.

16 -

g. Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost less accumulated depreciation and accumulated impairment loss.

The depreciation of property, plant and equipment is recognized using the straight-line method. Each significant part is depreciated separately. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each reporting period, with the effects of any changes in the estimates accounted for on a prospective basis.

On derecognition of an item of property, plant and equipment, the difference between the sales proceeds and the carrying amount of the asset is recognized in profit or loss.

h. Intangible assets

Intangible assets with finite useful lives that are acquired separately are initially measured at cost and subsequently measured at cost less accumulated amortization and accumulated impairment loss. Amortization is recognized on a straight-line basis. The estimated useful lives, residual values, and amortization methods are reviewed at the end of each reporting period, with the effect of any changes in the estimates accounted for on a prospective basis.

On derecognition of an intangible asset, the difference between the sales proceeds and the carrying amount of the asset is recognized in profit or loss.

i. Impairment of property, plant and equipment, right-of-use asset and intangible assets

At the end of each reporting period, the Group reviews the carrying amounts of its property, plant and equipment, right-of-use asset and intangible assets, to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount, with the resulting impairment loss recognized in profit or loss.

When an impairment loss is subsequently reversed, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, but only to the extent of the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized in profit or loss.

j. Non-current assets held for sale

Disposal groups are classified as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the disposal group is available for immediate sale in its present condition. To meet the criteria for the sale being highly probable, the appropriate level of management must be committed to the sale, and the sale should be expected to qualify for recognition as a completed sale within 1 year from the date of classification.

When a sale plan would result in a loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale, regardless of whether the Group will retain a non-controlling interest in that subsidiary after the sale.

17 -

Disposal groups classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Such assets classified as held for sale are not depreciated.

k. Financial instruments

Financial assets and financial liabilities are recognized when a group entity becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss ("FVTPL")) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

1) Financial assets

All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis.

a) Measurement category

Financial assets are classified into the following categories: Financial assets at FVTPL, financial assets at amortized cost and investments in equity instruments at fair value through other comprehensive income ("FVTOCI").

i. Financial assets at FVTPL

Financial assets are classified as at FVTPL when such a financial asset is mandatorily classified as at FVTPL, including investments in debt instruments that do not meet the amortized cost criteria or the FVTOCI criteria.

Financial assets at FVTPL are subsequently measured at fair value, with any gains or losses arising on remeasurement recognized in profit or loss.

ii. Financial assets at amortized cost

Financial assets that meet the following conditions are subsequently measured at amortized cost:

i) The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and

ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Subsequent to initial recognition, financial assets at amortized cost, are measured at amortized cost, which equals the gross carrying amount determined using the effective interest method less any impairment loss. Exchange differences are recognized in profit or loss. Interest income is calculated by applying the effective interest rate to the gross carrying amount of such a financial asset.

Cash equivalents include time deposits with original maturities within 3 months from the date of acquisition, which are highly liquid, readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. These cash equivalents are held for the purpose of meeting short-term cash commitments.

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iii. Investments in equity instruments at FVTOCI

On initial recognition, the Group may make an irrevocable election to designate investments in equity instruments as at FVTOCI. Designation as at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination.

Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in other equity. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments; instead, it will be transferred to retained earnings.

Dividends on these investments in equity instruments are recognized in profit or loss when the Group’s right to receive the dividends is established, unless the dividends clearly represent a recovery of part of the cost of the investment.

b) Impairment of financial assets

The Group recognizes a loss allowance for expected credit losses (“ECLs”) on financial assets at amortized cost (including accounts receivable).

The Group always recognizes lifetime ECLs for accounts receivable. For all other financial instruments, the Group recognizes lifetime ECLs when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on a financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECLs.

ECLs reflect the weighted average of credit losses with the respective risks of default occurring as the weights. Lifetime ECLs represent the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECLs represent the portion of lifetime ECLs that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

The Group recognizes an impairment gain or loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

c) Derecognition of financial assets

The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.

On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. On derecognition of an investment in an equity instrument at FVTOCI, the cumulative gain or loss which had been recognized in other comprehensive income is transferred directly to retained earnings, without recycling through profit or loss.

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2) Equity instruments

Equity instruments issued by a group entity are recognized at the proceeds received, net of direct issue costs.

No gain or loss is recognized in profit or loss on the purchase, sale, issuance or cancellation of the Company’s own equity instruments.

3) Financial liabilities

a) Subsequent measurement

Except for the following situations, all financial liabilities are measured at amortized cost using the effective interest method:

Financial liabilities at FVTPL

Financial liabilities at FVTPL are subsequently measured at fair value, with any gains or losses arising on remeasurement recognized in profit or loss.

b) Derecognition of financial liabilities

The difference between the carrying amount of the financial liability derecognized and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.

Revenue recognition

The Group identifies contracts with customers, allocates the transaction price to the performance obligations and recognizes revenue when performance obligations are satisfied. Refund liabilities are provided based on the completion of the contract to reasonably estimate the amount of future returns.

1) Equipment rental revenue

Equipment rental revenue is recognized when services are provided over time.

2) Production design and hardware engineering revenue for shows or events

If production design and hardware engineering for a show or an event provided by the Group are not distinct, these services are identified as one performance obligation as a whole; revenue from these services is recognized as the performance obligation is satisfied, i.e., as the production design and hardware engineering are transferred, when the show or event is completed. If the contract includes multiple shows or events across the balance sheet date, the revenue is recognized in accordance with each completed show or event.

3) Ticket revenue

Since the performance obligation is not satisfied as the tickets are sold for a show or an event, the receipts from the tickets sold are recorded as contract liabilities until the tickets are used.

4) Revenue from the sale of goods

Revenue from the sale of goods comes from the merchandise sold around the shows or events. Sales of goods are recognized as revenue when the goods are delivered to the customers and the customers have rights to use the goods and bear the risks of obsolescence.

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m. Leases

At the inception of a contract, the Group assesses whether the contract is, or contains, a lease.

1) The Group as lessor

Lease payments (less any lease incentives payable) from operating leases are recognized as income on a straight-line basis over the terms of the relevant leases.

2) The Group as lessee

The Group recognizes right-of-use assets and lease liabilities for all leases at the commencement date of a lease, except for short-term leases and low-value asset leases accounted for by applying a recognition exemption where lease payments are recognized as expenses on a straight-line basis over the lease terms.

Right-of-use assets are initially measured at cost, which comprises the initial measurement of lease liabilities adjusted for lease payments made at or before the commencement date. Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses and adjusted for any remeasurement of the lease liabilities. Right-of-use assets are presented on a separate line in the consolidated balance sheets.

Right-of-use assets are depreciated using the straight-line method from the commencement dates to the earlier of the end of the useful lives of the right-of-use assets or the end of the lease terms.

Lease liabilities are initially measured at the present value of the lease payments, which comprise fixed payments. The lease payments are discounted using the interest rate implicit in a lease, if that rate can be readily determined. If that rate cannot be readily determined, the lessee's incremental borrowing rate will be used.

Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with interest expense recognized over the lease terms. When there is a change in future lease payments resulting from a change in a lease term, the Group remeasures the lease liability with a corresponding adjustment to the right-of-use assets. However, if the carrying amount of a right-of-use assets is reduced to zero, any remaining amount of the remeasurement is recognized in profit or loss. Lease liabilities are presented on a separate line in the consolidated balance sheets.

n. Employee benefits

1) Short-term employee benefits

Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related services.

2) Retirement benefits

Payments to defined contribution retirement benefit plans are recognized as expenses when employees have rendered services entitling them to the contributions.

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o. Share-based payment arrangements

The fair value at the grant date of the employee share options and employee restricted shares are expensed on a straight-line basis over the vesting period, based on the Group’s best estimates of the number of shares or options that are expected to ultimately vest, with a corresponding increase in capital surplus - employee share options or other equity - unearned employee benefits. The expense is recognized in full at the grant date if the grants are vested immediately. The fair value of the equity instruments on the date of grant is based on the market price available on the date of grant, and the terms and conditions on which such equity instruments are given are taken into consideration to measure the fair value of the equity instruments given.

When employee restricted shares are issued, other equity - unearned employee benefits is recognized on the grant date, with a corresponding increase in capital surplus - employee restricted shares.

At the end of each reporting period, the Group revises its estimate of the number of employee restricted shares that are expected to vest. The impact of the revision of the original estimates is recognized in profit or loss such that the cumulative expenses reflect the revised estimate, with a corresponding adjustment to capital surplus - employee restricted shares.

p. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

1) Current tax

Income tax payable is based on taxable profit for the year determined according to the applicable tax laws of each tax jurisdiction.

According to the Income Tax Act in the ROC, an additional tax on unappropriated earnings is provided for in the year the shareholders approve to retain earnings.

Adjustments of prior years’ tax liabilities are added to or deducted from the current year’s tax provision.

2) Deferred tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities and the corresponding tax bases used in the computation of taxable profit.

Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences and unused loss carryforwards to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.

Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are recognized only to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and such temporary differences are expected to reverse in the foreseeable future.

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The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered. A previously unrecognized deferred tax asset is also reviewed at the end of each reporting period and recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liabilities are settled or the assets are realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

3) Current and deferred tax

Current and deferred taxes are recognized in profit or loss.

5. MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group’s accounting policies, management is required to make judgments, estimations, and assumptions on the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

Revenue Recognition

The Group’s revenue of providing production design and hardware engineering for cross-period shows or events shall be determined in accordance with their completion status at the balance sheet date. The Group has fully considered the relevant factors affecting the transaction results and the criteria of revenue recognition.

6. CASH AND CASH EQUIVALENTS

	December 31
	2025	2024
Cash on hand	$ 4,794	$ 2,010
Checking accounts and demand deposits	1,145,403	1,071,817
Cash equivalents
Investments with original maturities of less than 3 months	-	10,000
	$ 1,150,197	$ 1,083,827

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7. FINANCIAL ASSETS - CURRENT INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

	December 31
	2025	2024
Financial assets at FVTPL - current
Financial assets mandatorily classified as at FVTPL
Non-derivative financial assets
Performance, film and drama investing contracts (Note 29)	$ 68,777	$ 23,857
Financial liabilities at FVTPL - current
Financial liabilities designated as at FVTPL
Non-derivative financial liabilities
Performance, film and drama investing contracts	$ 2,933	$ -

The financial instruments at FVTPL consist of investments is Performance, film and drama investing contracts or performance event production companies. The Group and other counterparties will share or bear the profit or loss of the target according to the agreed proportion.

8. NOTES AND ACCOUNTS RECEIVABLE

	December 31
	2025	2024
Notes receivable	$ 10,136	$ 483
Accounts receivable	544,491	327,154
	554,627	327,637
Less: Allowance for impairment loss	(4,498)	(4,535)
	$ 550,129	$ 323,102

The average credit period of receivables was about 30 to 90 days. When determining the recoverability of notes receivable and accounts receivable, the Group considers any change in credit quality of notes receivable and accounts receivable from the original credit date to the balance sheet date. For notes receivable and accounts receivable that were past due at the end of the reporting period may not be recovered, the Group recognizes an allowance for impairment loss that notes receivable and accounts receivable are not expected to be recovered by the Group's historical credit loss experience and its current financial situation.

The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of lifetime expected loss provision for all receivables. The expected credit losses on receivables are estimated using a provision matrix by reference to the past default records of the debtor, the debtor's current financial position, the economic condition of the industry in which the debtor operates, as well as the GDP forecasts and industry outlook. As the Group's historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished according to the Group's different customer base.

The Group writes off a receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. For receivables that have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognized in profit or loss.

The following table details the loss allowance of receivables based on the Group's provision matrix.

December 31, 2025

	Not Past Due	1 to 180 Days Past Due	Past Due Over 180 Days	Total
Gross carrying amount	$ 550,129	$ -	$ 4,498	$ 554,627
Loss allowance (Lifetime ECLs)	-	-	(4,498)	(4,498)
Amortized cost	$ 550,129	$ -	$ -	$ 550,129

December 31, 2024

	Not Past Due	1 to 180 Days Past Due	Past Due Over 180 Days	Total
Gross carrying amount	$ 323,102	$ -	$ 4,535	$ 327,637
Loss allowance (Lifetime ECLs)	-	-	(4,535)	(4,535)
Amortized cost	$ 323,102	$ -	$ -	$ 323,102

The movements of the loss allowance of receivable were as follows:

	For the Year Ended December 31
	2025	2024
Balance on January 1	$ 4,535	$ 4,564
Net remeasurement of loss allowance	(48)	(124)
Foreign exchange	11	95
Balance on December 31	$ 4,498	$ 4,535

OTHER CURRENT ASSETS

	December 31
	2025	2024
Temporary payments	$ 21,492	$ 10,006
Excess business tax paid	17,429	10,445
Prepayments (Note 29)	14,234	20,637
Refundable deposits	6,956	28,938
Others	2,430	3
	$ 62,541	$ 70,029

FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME - NON-CURRENT

	December 31
	2025	2024
Domestic unlisted share	$ 16,948	$ 11,779

These investments in equity instruments are held for medium- to long-term strategic purposes. Accordingly, the management elected to designate these investments in equity instruments as at FVTOCI as they believe that recognizing short-term fluctuations in these investments' fair value in profit or loss would not be consistent with the Group's strategy of holding these investments for long-term purposes.

11. SUBSIDIARIES

Subsidiaries Included in the Consolidated Financial Statements

Investor	Investee	Main Business	% of Ownership		Remark
			December 31
			2025	2024
The Company	B’in Live Limited	Hardware and software services for shows	100.00	100.00
The Company	PhotoTaxis Image Co., Ltd.	Software services for shows	75.00	75.00
The Company	Live In Live Entertainment Ltd.	Planning, production and management of shows	100.00	100.00	a
The Company	B’in Live Japan Co., Ltd.	Planning and software production for shows	100.00	100.00
B’in Live Limited	B’in Live (Shanghai) Stage Production Ltd.	Hardware and software services for shows	100.00	100.00
B’in Live Limited	B’in Live (Shanghai) Cultural Communication Ltd.	Hardware and software services for shows	100.00	-	b

a. The Company acquired a 100% equity interest in Live In Live Entertainment Ltd., a newly established company, in May 2024.
b. The Company acquired a 100% equity interest in B’in Live (Shanghai) Cultural Communication Ltd., a newly established company, in December 2025.

The financial statements of the subsidiaries included in the consolidated financial statements are based on the audited financial statements of each subsidiary for the same reporting period.

12. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

	December 31
2025	2024
Investments in associates
Empty Shells Pictures Co., Ltd.	$ 4,298
Bin333 Co., Ltd.	18,392
Enchanting Culture Entertainment Co. Limited	48,833
Victory Steel Structure Ltd.	17,910
	$ 89,433
Name of Investee	Nature of Activities
December 31
2025	2024
Empty Shells Pictures Co., Ltd.	Film production and distribution
Bin333 Co., Ltd.	Software services for shows
Enchanting Culture Entertainment Co. Limited (Notes 1 and 2)	Software services for shows
Victory Steel Structure Ltd. (Note 3)	Hardware services for shows
Chill Co., Ltd. (Note 4)	Event planning and advertising services
SHOWIN LTD.(Note 1)	Hardware and software services for shows

Note 1: Due to investment structure adjustments driven by business development, the consolidated company signed a cooperation framework agreement in May 2024. Under this agreement, another joint venture partner of SHOWIN LTD. (“SHOWIN”) withdrew from SHOWIN in May 2024 by means of a full capital reduction, reducing its ownership to 0%. Subsequently, the consolidated company, together with the former joint venture partner and other investors, jointly invested in Enchanting Culture Entertainment Co. Limited to complete the investment structure adjustment. This newly established company then acquired 100% equity interest in SHOWIN LTD. Accordingly, the consolidated company reclassified its investment in SHOWIN as an investment accounted for using the equity method held for sale, and presented it separately in the consolidated balance sheet. The Group disposed of its entire equity interest in SHOWIN LTD. to Enchanting Culture in 2025.

Note 2: The Group acquired 35% equity interest in Enchanting Culture Entertainment Co. Limited in February 2025.

Note 3: The Group acquired 35% equity interest in Victory Steel Structure Ltd., a newly established company in April 2025.

Note 4: The Company lost control in January 2024 (see Note 26) and retained a directorship; accordingly, the investment was classified as an investment in an associate. The Company no longer served as a director of Chill Co., Ltd. as of June 2025 and, having lost significant influence, the investment was reclassified as a financial asset at fair value through other comprehensive income.

The shares of profit or loss and other comprehensive income of associates accounted for using the equity method for 2025 and 2024 are based on the audited financial statements of each investee for the same reporting periods.

13. PROPERTY, PLANT AND EQUIPMENT

	Land	Buildings	Machinery Equipment	Office Equipment	Transportation Equipment	Leasehold Improvements	Total
Cost
Balance on January 1, 2025	$ -	$ -	$ 601,293	$ 10,362	$ 3,256	$ 41,248	$ 656,159
Additions	879,863	196,529	127,730	4,249	1,647	-	1,210,018
Disposals	-	-	(89,749)	(3,466)	-	(180)	(93,395)
Foreign exchange	-	-	178	-	-	-	178
Balance on December 31, 2025	$ 879,863	$ 196,529	$ 639,452	$ 11,145	$ 4,903	$ 41,068	$ 1,772,960
Accumulated depreciation and impairment
Balance on January 1, 2025	$ -	$ -	$ 319,798	$ 4,863	$ 1,267	$ 23,750	$ 349,678
Depreciation expenses	-	1,310	124,945	3,196	1,543	5,863	136,857
Disposals	-	-	(87,782)	(3,466)	-	(180)	(91,428)
Foreign exchange	-	-	259	-	-	-	259
Balance on December 31, 2025	$ -	$ 1,310	$ 357,220	$ 4,593	$ 2,810	$ 29,433	$ 395,366
Carrying amount on December 31, 2025	$ 879,863	$ 195,219	$ 282,232	$ 6,552	$ 2,093	$ 11,635	$ 1,377,594
Cost
Balance on January 1, 2024	$ -	$ -	$ 546,670	$ 7,962	$ 4,096	$ 40,547	$ 599,275
Additions	-	-	116,013	4,435	-	4,320	124,768
Disposals	-	-	(63,823)	(2,035)	(840)	(3,619)	(70,317)
Foreign exchange	-	-	2,433	-	-	-	2,433
Balance on December 31, 2024	$ -	$ -	$ 601,293	$ 10,362	$ 3,256	$ 41,248	$ 656,159

(Continued)

28 -

	Land	Buildings	Machinery Equipment	Office Equipment	Transportation Equipment	Leasehold Improvements	Total
Accumulated depreciation and impairment
Balance on January 1, 2024	$ -	$ -	$ 267,469	$ 4,051	$ 998	$ 22,420	$ 294,938
Depreciation expenses	-	-	109,680	2,847	1,109	4,949	118,585
Disposals	-	-	(63,822)	(2,035)	(840)	(3,619)	(70,316)
Impairment losses recognized	-	-	5,746	-	-	-	5,746
Foreign exchange	-	-	725	-	-	-	725
Balance on December 31, 2024	$ -	$ -	$ 319,798	$ 4,863	$ 1,267	$ 23,750	$ 349,678
Carrying amount on December 31, 2024	$ -	$ -	$ 281,495	$ 5,499	$ 1,989	$ 17,498	$ 306,481

(Concluded)

The above items of equipment and leasehold improvements are depreciated on a straight-line basis over the estimated useful lives as follows:

Buildings 50 years
Machinery equipment 1-10 years
Office equipment 3 years
Transportation equipment 3 years
Leasehold improvements 3-10 years

Due to weather-related factors, as certain machinery equipment was damaged and not able to be used normally, the Group recognized an impairment loss of $5,746 thousand for the years ended December 31, 2024.

14. LEASE ARRANGEMENTS

a. Right-of-use assets

	December 31
	2025	2024
Carrying amount
Buildings	$ 60,832	$ 58,044
Transportation equipment	543	950
Other equipment	570	507
	$ 61,945	$ 59,501
	For the Year Ended December 31
	2025	2024
Additions to right-of-use assets	$ 42,119	$ 11,837
Depreciation charge for right-of-use assets
Buildings	$ 26,155	$ 24,200
Transportation equipment	408	436
Other equipment	697	656
	$ 27,260	$ 25,292

b. Lease liabilities

	December 31
	2025	2024
Carrying amount
Current	$ 26,896	$ 23,543
Non-current	$ 38,437	$ 39,791

Range of discount rates for lease liabilities was as follows:

	December 31
	2025	2024
Buildings	2.00%-3%	1.85%-2.5%
Transportation equipment	2.45%	2.45%
Other equipment	2.00%	2.58%

c. Material leasing activities and terms

The Group leases machinery equipment and transportation equipment for the use of operation with lease terms of 1 to 3 years. These arrangements do not contain renewal or purchase options at the end of the lease terms.

The Group leases buildings for the use of offices and warehouse with lease terms of 1 to 10 years. The Group does not have bargain purchase options to acquire the leasehold buildings at the end of the lease terms.

d. Other lease information

	For the Year Ended December 31
	2025	2024
Expenses relating to short-term leases and low-value asset leases	$ 5,366	$ 4,793
Total cash outflow for leases	$ 33,438	$ 32,362

The Group has elected to apply the recognition exemption and thus, did not recognize right-of-use assets and lease liabilities for these leases, which qualify as short-term leases and low-value asset leases.

OTHER INTANGIBLE ASSETS

	Trademark Rights	Computer Software	Others	Total
Cost
Balance on January 1, 2025	$ 726	$ 4,965	$ 105	$ 5,796
Additions	919	6,524	-	7,443
Disposals	-	(3,278)	(105)	(3,383)
Balance on December 31, 2025	$ 1,645	$ 8,211	$ -	$ 9,856
				(Continued)

30 -

Accumulated amortization	Trademark Rights	Computer Software	Others	Total
Balance on January 1, 2025	$ 577	$ 3,205	$ 87	$ 3,869
Amortization expenses	94	3,250	18	3,362
Disposals	-	(3,278)	(105)	(3,383)
Balance on December 31, 2025	$ 671	$ 3,177	$ -	$ 3,848
Carrying amount on December 31, 2025	$ 974	$ 5,034	$ -	$ 6,008
Cost
Balance on January 1, 2024	$ 726	$ 4,825	$ 108	$ 5,659
Additions	-	1,692	-	1,692
Disposals	-	(1,552)	-	(1,552)
Foreign exchange	-	-	(3)	(3)
Balance on December 31, 2024	$ 726	$ 4,965	$ 105	$ 5,796
Accumulated amortization
Balance on January 1, 2024	$ 504	$ 2,423	$ 54	$ 2,981
Amortization expenses	73	2,334	35	2,442
Disposals	-	(1,552)	-	(1,552)
Foreign exchange	-	-	(2)	(2)
Balance on December 31, 2024	$ 577	$ 3,205	$ 87	$ 3,869
Carrying amount on December 31, 2024	$ 149	$ 1,760	$ 18	$ 1,927

Other intangible assets are amortized on a straight-line basis over their estimated useful lives as follows:

Trademark rights 10 years
Computer software 1-3 years
Others 3 years

16. BORROWINGS

Long-term Borrowings

	December 31
	2025	2024
Secured borrowings
Bank loans (Note 30)	$ 449,563	$ -
Less: Current portion	(22,656)	-
	$ 426,907	$ -
Annual interest rate	1.9%-2.0%	-

The Group obtained secured bank loans of NT$100,000 thousand and NT$353,117 thousand in July and November 2025, respectively. The loans are repayable in monthly installments over 20 years commencing in August and December 2025, respectively, and will be fully repaid in July and November 2045, with interest payable on a monthly basis. The purpose of these bank borrowing facilities was for the acquisition of land and buildings.

The aforementioned long-term borrowings are secured by land and buildings. Please refer to Note 30.

17. OTHER PAYABLES

	December 31
	2025	2024
Payables for salaries and bonuses	$ 350,296	$ 243,200
Payables for annual leave	13,607	10,685
Payables for purchases of equipment	798	662
Others	85,893	64,570
	$ 450,594	$ 319,117

18. RETIREMENT BENEFIT PLANS

Defined Contribution Plans

The Company and its domestic subsidiaries adopted a pension plan under the Labor Pension Act (LPA), which is a state-managed defined contribution plan. Under the LPA, an entity makes monthly contributions to employees' individual pension accounts at 6% of monthly salaries and wages.

The employees of the Group's subsidiaries in mainland China are members of state-managed retirement benefit plan operated by the government of mainland China. The subsidiaries are required to contribute specific percentage of payroll costs to the retirement benefit scheme to fund the benefits. The only obligation of the Group with respect to the retirement benefit plan is to make the specified contributions.

19. EQUITY

a. Share capital

	December 31
	2025	2024
Number of shares authorized (in thousands)	80,000	80,000
Share capital authorized (par value of $10 per share)	$ 800,000	$ 800,000
Number of shares issued and fully paid (in thousands)	57,972	48,972
Shares issued and fully paid	$ 579,724	$ 489,724

On November 6, 2024, the Company's board of directors resolved to issue 9,000 thousand ordinary shares with a par value of $10 per share thousand, increased the share capital issued and fully paid to $579,724 thousand. On January 16, 2025, under Rule No. 1130368504, the above transaction was approved by the FSC, and the subscription base date was March 18, 2025 and registered on April 29, 2025.

b. Capital surplus

	December 31
	2025	2024
May be used to offset a deficit, distributed as cash dividends, or transferred to share capital*
Issuance of ordinary shares	$ 665,889	$ 137,150
May not be used for any purpose
Employee restricted shares (unvested)	5,131	11,202
	$ 671,020	$ 148,352

Such capital surplus may be used to offset a deficit; in addition, when the Company has no deficit, such capital surplus may be distributed as cash dividends or transferred to share capital (limited to a certain percentage of the Company's capital surplus and once a year).

c. Retained earnings and dividends policy

Under the dividend policy as set forth in the Company's Articles of Incorporation, where the Company made a profit in a fiscal year, the profit shall be first utilized for paying taxes, offsetting losses of previous years, setting aside as legal reserve 10% of the remaining profit, setting aside or reversing a special reserve in accordance with the laws and regulations, and then any remaining profit together with any undistributed retained earnings shall be used by the Company's board of directors as the basis for proposing a distribution plan, which should be resolved in the shareholders' meeting for the distribution of dividends and bonuses to shareholders, except that the board of directors is authorized to adopt a special resolution to distribute dividends and bonuses in cash and a report of such distribution should be submitted in the shareholders' meeting. For the policies on the distribution of compensation of employees and remuneration of directors, please refer to Note 21 c. for details.

As the Company is in the growing stage, the Company shall take into consideration the Company's future expansion plans, the Company's profit situations, capital and financial structure, operation requirements, accumulated surplus, legal reserve, and market competition situations. The Company would appropriate the dividends to the shareholders not less than 10% of the current year's earnings. The dividends could be paid in cash or shares. The cash portion should be equal to or more than 10% of the total dividends.

Appropriation of earnings to legal reserve shall be made until the legal reserve equals the Company's paid-in capital. Legal reserve may be used to offset deficits. If the Company has no deficit and the legal reserve has exceeded 25% of the Company's paid-in capital, the excess may be transferred to capital or distributed in cash.

Items referred to under Rule No. 1090150022 issued by the FSC and in the directive titled "Questions and Answers for Special Reserves Appropriated Following Adoption of IFRS Accounting Standards", should be appropriated to or reversed from a special reserve by the Company.

The appropriations of earnings for 2024 and 2023 were as follows:

	For the Year Ended December 31
	2024	2023
Legal reserve appropriated	$ 27,427	$ 29,614
(Reversal of) special reserve	$ (5,214)	$ 6,624
Cash dividends	$ 231,890	$ 155,822
Share dividends	$ -	$ 44,520
Cash dividends per share (NT$)	$ 4.0	$ 3.5
Share dividends per share (NT$)	$ -	$ 1.0

The above cash dividends were approved by the board of directors on May 7, 2025 and May 8, 2024, respectively; and the remaining appropriations were approved by the shareholders in their meeting on June 19, 2025 and June 18, 2024, respectively.

The appropriation of earnings for 2025, which were proposed by the Company's board of directors on March 11, 2026, were as follows:

	For the Year Ended December 31, 2025
Legal reserve appropriated	$ 50,384
Reversal of special reserve	$ (1,410)
Cash dividends	$ 289,862
Cash dividends per share (NT$)	$ 5.0

The appropriation of earnings for 2025 will be resolved by the shareholders in their meeting to be held on June 2026.

Information on the resolved by the Company's board of directors is available at the Market Observation Post System website of the Taiwan Stock Exchange.

d. Special reserve

	For the Year Ended December 31
	2025	2024
Balance on January 1	$ 6,624	$ -
(Reversal of) special reserve	(5,214)	6,624
Balance on December 31	$ 1,410	$ 6,624

e. Unearned employee benefits

	For the Year Ended December 31
	2025	2024
Balance on January 1	$ (5,968)	$ (17,375)
Share-based payment expenses recognized	4,357	11,407
Balance on December 31	$ (1,611)	$ (5,968)

Refer to Note 24 for the issuance of employee restricted shares.

20. REVENUE

	For the Year Ended December 31
	2025	2024
Production design and hardware engineering revenue	$ 4,315,065	$ 3,112,392
Equipment rental revenue	26,663	24,015
Ticket revenue	23,522	8,131
Others	7,714	1,609
	$ 4,372,964	$ 3,146,147

a. Contract balances

	December 31, 2025	December 31, 2024	January 1, 2024
Notes and accounts receivable (including receivables from related parties) (Notes 8 and 29)	$ 629,693	$ 345,754	$ 278,548
Contract liabilities - current (Note 29)	$ 21,923	$ 43,309	$ 33,329

The changes in contract liabilities primarily resulted from the timing difference between the Group's satisfaction of performance obligations and the respective customer's payment.

Revenue in the current year that was recognized from the contract liability balance at the beginning of the year was summarized as follows:

	For the Year Ended December 31
	2025	2024
Production design and hardware engineering revenue	$ 43,035	$ 33,329
Others	274	-
	$ 43,309	$ 33,329

b. Partially completed contracts

The transaction prices allocated to the performance obligations that are not fully satisfied and the expected timing for recognition of revenue are as follows:

	December 31, 2025
Production design and hardware engineering revenue - expected in 2026	$ 21,923

35 -

21. NET PROFIT

a. Depreciation and amortization

	For the Year Ended December 31
	2025	2024
Property, plant and equipment	$ 136,857	$ 118,585
Right-of-use assets	27,260	25,292
Intangible assets	3,362	2,442
	$ 167,479	$ 146,319
An analysis of depreciation by function
Operating costs	$ 154,996	$ 135,388
Operating expenses	9,121	8,489
	$ 164,117	$ 143,877
An analysis of amortization by function
Operating costs	$ 2,403	$ 1,581
Operating expenses	959	861
	$ 3,362	$ 2,442

b. Employee benefits expense

	For the Year Ended December 31
	2025	2024
Short-term employee benefits	$ 595,949	$ 451,484
Post-employment benefits (Note 18)
Defined contribution plan	15,925	13,707
Share-based payment	6,980	11,407
	$ 618,854	$ 476,598
An analysis of employee benefits expense by function
Operating costs	$ 433,565	$ 316,591
Operating expenses	185,289	160,007
	$ 618,854	$ 476,598

c. Compensation of employees and remuneration of directors

According to the Company’s Articles of Incorporation, the Company accrues compensation of employees at the rates of no less than 2% and remuneration of directors at the rates of no higher than 2%, respectively, of net profit before income tax, compensation of employees, and remuneration of directors. In accordance with the amendments to the Securities and Exchange Act in August 2024, the shareholders of the Company resolved the amendments to the Company’s Articles at their 2025 regular meeting. The amendments explicitly stipulate the allocation of no less than 60% of the compensation of employees as compensation distributions for non-executive employees. However, in the case of accumulated deficit, the Company’s accumulated deficit needs to be offset first. The estimated amounts of employee compensation and directors’ remuneration for the years 2025 and 2024 are as follows:

	For the Year Ended December 31
	2025	2024
Compensation of employees	$ 17,690	$ 9,248
Remuneration of directors	$ 6,065	$ 3,699

If there is a change in the amounts after the annual consolidated financial statements are authorized for issue, the differences are recorded as a change in the accounting estimate.

Information on the compensation of employees and remuneration of directors resolved by the Company’s board of directors is available at the Market Observation Post System website of the Taiwan Stock Exchange.

22. INCOME TAXES

a. Income tax recognized in profit or loss

The major components of income tax expense are as follows:

	For the Year Ended December 31
	2025	2024
Current tax
In respect of the current year	$ 127,350	$ 66,198
Adjustments for prior year	2,336	(1,294)
Deferred tax
In respect of the current year	(2,165)	3,017
Income tax recognized in profit or loss	$ 127,521	$ 67,921

A reconciliation of accounting profit and income tax expense is as follows:

	For the Year Ended December 31
	2025	2024
Profit before tax	$ 639,568	$ 352,836
Income tax expense calculated at the statutory rate	$ 127,914	$ 70,567
Nondeductible expenses in determining taxable income	19	22
Tax-exempt income	(8,926)	(9,220)
Income tax on unappropriated earnings	3	-
Unrecognized loss carryforwards and deductible temporary differences	(602)	48
Adjustments for prior year	2,336	(1,294)
Effect of different tax rates of group entities operating in other jurisdictions	6,777	7,798
Income tax recognized in profit or loss	$ 127,521	$ 67,921

b. Current tax liabilities

	For the Year Ended December 31
	2025	2024
Current tax liabilities
Income tax payable	$ 60,033	$ 19,316

c. The movements of deferred tax assets and liabilities

For the year ended December 31, 2025

	Opening Balance	Recognized in Profit or Loss	Foreign Exchange	Closing Balance
Deferred tax assets
Temporary differences
Payables for annual leave	$ 2,137	$ 584	$ -	$ 2,721
Unrealized accrued expenses	1,760	440	-	2,200
Others	2,048	(1,615)	-	433
	$ 5,945	$ (591)	$ -	$ 5,354
Deferred tax liabilities
Temporary differences
Unrealized gain on foreign currency exchange	$ 245	$ (233)	$ -	$ 12
Others	5,766	(2,523)	(71)	3,172
	$ 6,011	$ (2,756)	$ (71)	$ 3,184

For the year ended December 31, 2024

	Opening Balance	Recognized in Profit or Loss	Foreign Exchange	Closing Balance
Deferred tax assets
Temporary differences
Payables for annual leave	$ 1,847	$ 290	$ -	$ 2,137
Unrealized loss on foreign currency exchange	596	(596)	-	-
Unrealized accrued expenses	1,760	-	-	1,760
Others	-	2,048	-	2,048
	$ 4,203	$ 1,742	$ -	$ 5,945
Deferred tax liabilities
Temporary differences
Unrealized gain on foreign currency exchange	$ -	$ 245	$ -	$ 245
Others	1,187	4,514	65	5,766
	$ 1,187	$ 4,759	$ 65	$ 6,011

d. Unused loss carryforwards for which no deferred tax assets have been recognized in the consolidated balance sheets

	December 31
	2025	2024
Loss carryforwards - the subsidiaries
Expiry in 2033	$ -	$ 1,588
Expiry in 2032	472	472
Expiry in 2031	882	882
	$ 1,354	$ 2,942

e. The aggregate amount of temporary differences associated with investments for which deferred tax liabilities have not been recognized

As of December 31, 2025 and 2024, the taxable temporary differences associated with investments in subsidiaries for which no deferred tax liabilities have been recognized were $411,080 thousand and $284,692 thousand, respectively.

f. Income tax assessments

Income tax returns through 2023 and undistributed earnings through 2022 of the Company and PhotoTaxis Image Co., Ltd. have been assessed by the tax authorities.

39 -

23. EARNINGS PER SHARE

	For the Year Ended December 31
	2025	2024
Basic earnings per share (NT$)	$ 9.13	$ 5.84
Diluted earnings per share (NT$)	$ 9.08	$ 5.81

The earnings and weighted average number of shares outstanding used in the computation of earnings per share were as follows:

	For the Year Ended December 31
	2025	2024
Net profit for the year
Net profit for the year attributable to owners of the Company	$ 511,021	$ 284,416
Number of shares (in thousands)
Weighted average number of ordinary shares used in the computation of basic earnings per share	55,950	48,682
Effect of potentially dilutive ordinary shares:
Compensation of employees	242	126
Unvested employee restricted shares	55	123
Weighted average number of shares used in the computation of diluted earnings per share	56,247	48,931

The Group may settle the compensation of employees in cash or shares; therefore, the Group assumes that the entire amount of the compensation will be settled in shares, and the resulting potential shares are included in the weighted average number of shares outstanding used in the computation of diluted earnings per share, as the effect is dilutive. Such dilutive effect of the potential shares is included in the computation of diluted earnings per share until the number of shares to be distributed to employees is resolved in the following year.

24. SHARE-BASED PAYMENT AGREEMENTS

a. On June 14, 2023, the shareholders in their meetings resolved the issuance of 180 thousand shares under a restricted share plan for employees with a total amount of $1,800 thousand respectively, which was approved by the FSC.

The information of the issued restricted shares for employees as of December 31, 2025 were as follows:

Items	Grant Date	Fair Value Per Share (In Dollars)	Issued Share (In Thousand)	Shares to Be Vested (In Thousand)
Restricted share plan for employees in 2021	November 8, 2021	26.75	100	80
Restricted share plan for employees in 2023	November 9, 2023	98.80	180	126

The vested conditions of the restricted share awards (RSAs) are as follows:

Restricted share plan for employees in 2021

The employees remain employed by the Company within one year on the last date of each vesting period, and the employees' performance metrics are met at the same time. The ratio of as at vesting date of each year were as follows: 20% of granted RSAs will be vested after 1 year, 20% of granted RSAs will be vested after 2 year, 20% of granted RSAs will be vested after 3 year, 20% of granted RSAs will be vested after 4 year, and 20% of granted RSAs will be vested after 5 year.

Restricted share plan for employees in 2023

The employees remain employed by the Company within one year on the last date of each vesting period, and the employees' performance metrics are met at the same time. During the periods, if the employees do not violate the Regulations Governing the Issuance of New Shares Restricted to Employees' Rights, as well as achieve the Company's operational performance, the ratio of as at vesting date of each year were as follows: 40% of granted RSAs will be vested after 1 year, 30% of granted RSAs will be vested after 2 year and 30% of granted RSAs will be vested after 3 year, which is based on the achievement of the Company's operational performance.

Restrictions imposed on the employees' rights in the RSAs before the vesting conditions are fulfilled:

1) During each vesting period, no employees granted RSAs may sell, pledge, transfer, give to another person, create any encumbrance on, or otherwise dispose of, any shares under the unvested RSAs according to the trust agreement.

2) If the Company applies for non-statutory capital reduction, the RSAs should be canceled in proportion to the capital reduction. The refund of cash shall be delivered to the engaged trustee before the vesting conditions are fulfilled. If the vesting conditions are not fulfilled, the Company will withdraw the refund of cash.

3) The attendance, proposal rights, speech rights, and voting rights shall be exercised by the engaged trustee on the employees' behalf.

4) The RSAs should be delivered to trust custodians upon the grant date. The employees cannot request for refund by all means before the vesting conditions are fulfilled.

b. Capital increase by cash reserved for employees' subscription

On November 6, 2024, the Company's board of directors resolved to issue 9,000 thousand common shares to increase capital increase by cash, and some shares were reserved for subscription by employees. Options granted in February 12, 2025 are priced using the Black-Scholes pricing model, and the inputs to the model are as follows:

Grant-date share price	$79.10
Exercise price	$68.00
Expected volatility	27.77%
Expected life (in years)	27 days
Risk-free interest rate	1.25%

c. Compensation cost of share-based payment

	For the Year Ended December 31
	2025	2024
Employee restricted shares	$ 4,357	$ 11,407
Employee share options	2,623	-
	$ 6,980	$ 11,407

25. NON-CASH TRANSACTIONS

As of December 31, 2025 and 2024, the additions to equipment that have not been paid in cash were $798 thousand and $662 thousand, respectively.

26. DISPOSAL OF SUBSIDIARIES

The Company disposed of a portion of its shares in Chill Co., Ltd. This transaction was completed and lost control in January 2024.

a. Consideration received

Cash $ 4,500

b. Assets and liabilities out of control

Current assets
Cash and cash equivalents	$ 31,288
Notes and accounts receivable	24,317
Other current assets	327
Non-current assets
Equipment and leasehold improvements	765
Right-of-use assets	3,734
Intangible assets	64
Other non-current assets	699
Current liabilities
Contract liabilities - current	(124)
Notes and accounts payable	(54,065)
Payables to related parties	(3,366)
Other payables	(9,449)
Other payables to related parties	(15,215)
Lease liabilities - current	(2,259)
Other current liabilities	(167)
Non-current liabilities
Lease liabilities - non-current	(1,537)
Net liabilities disposed	$ (24,988)

c. Gains on disposal of subsidiaries

Consideration received	$ 4,500
Net liabilities disposed	24,988
Non-controlling equity	(5,498)
Gains on disposal	$ 23,990

d. Net cash used in disposal of subsidiaries

Consideration received	$ 4,500
Less: Cash and cash equivalent	(31,288)
	$ (26,788)

27. CAPITAL MANAGEMENT

The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximizing the return to stakeholders through the optimization of the debt and equity balance.

The capital structure of the Group consists of net debt (borrowings offset by cash and cash equivalents) and equity of the Group (comprising issued capital, reserves, retained earnings, other equity).

According to the scale and the growth of the industry and the Group's future roadmap, the Group plans the corresponding research and development investment and capital expenditure. Furthermore, the Group estimates working capital and cash demands based on the long-term development plan and the industry characteristics to meet the overall operating model. Finally, in consideration of the prevailing industry dynamics and the future development as well as the changes in the external economic environment, the Group manages its working capital and dividend payments in the future, to ensure that the Group will be able to continue as a going concern while maximizing the returns to shareholders as well as other related parties through the optimization of capital structure. The management reviews capital structures periodically and considers the possible costs and risks of different capital structures. Generally, the Group adopted a prudent capital management strategy.

28. FINANCIAL INSTRUMENTS

a. Fair value of financial instruments that are not measured at fair value

The management considers that the carrying amounts of financial assets and financial liabilities that are not measured at fair value approximate their fair values.

b. Fair value of financial instruments that are measured at fair value on a recurring basis

1) Fair value hierarchy

	Level 1	Level 2	Level 3	Total
December 31, 2025
Financial assets at FVTPL Performance, film and drama investing contracts	$ -	$ -	$ 68,777	$ 68,777
Financial assets at FVTOCI Unlisted shares	$ -	$ -	$ 16,948	$ 16,948
Financial liabilities at FVTPL Performance, film and drama investing contracts	$ -	$ -	$ 2,933	$ 2,933
December 31, 2024
Financial assets at FVTPL Performance, film and drama investing contracts	$ -	$ -	$ 23,857	$ 23,857
Financial assets at FVTOCI Unlisted shares	$ -	$ -	$ 11,779	$ 11,779

There were no transfers between Levels 1 and 2 for the years ended December 31, 2025 and 2024.

2) Reconciliation of Level 3 fair value measurements of financial instruments

Financial assets at FVTPL

	For the Year Ended December 31
	2025	2024
Balance on January 1	$ 23,857	$ 11,144
Additions	60,166	15,400
Recognized in profit or loss	5,117	6,315
Derecognition	(20,063)	(8,778)
Foreign exchange	(300)	(224)
Balance on December 31	$ 68,777	$ 23,857

Financial assets at FVTOCI

	For the Year Ended December 31
	2025	2024
Balance on January 1	$ 11,779	$ 12,471
Additions	10,000	-
Recognized in other comprehensive income or loss	(4,072)	(692)
Derecognition	(759)	-
Balance on December 31	$ 16,948	$ 11,779

Financial liabilities at FVTPL

	For the Year Ended December 31
	2025	2024
Balance on January 1	$ -	$ -
Additions	2,172	-
Recognized in profit or loss	852	-
Foreign exchange	(91)	-
Balance on December 31	$ 2,933	$ -

3) Valuation techniques and inputs applied for Level 3 fair value measurement

Financial Instruments	Valuation Techniques and Inputs
Performance, film and drama investing contracts	The income approach is used to estimate the present value of the expected future economic benefits of these contracts by discounting the estimated future cash flow. The significant unobservable inputs used are discount rates. An increase in discount rates would result in a decrease in fair values.
Unlisted shares	The assets approach is used to the individual assets and individual liabilities to reflect the overall value of the investment target. Significant unobservable inputs are discounted considering marketability.
	The market approach is used to arrive at their fair values for which the recent financial activities of investees, the market transaction prices of similar companies and market conditions are considered. Significant unobservable inputs are discounted considering marketability.

c. Categories of financial instruments

	December 31
	2025	2024
Financial assets
FVTPL	$ 68,777	$ 23,857
FVTOCI	$ 16,948	$ 11,779
Amortized cost (1)	$ 1,797,502	$ 1,468,468
Financial liabilities
FVTPL	$ 2,933	$ -
Amortized cost (2)	$ 1,547,402	$ 817,381

1) The balances include cash and cash equivalents, notes and accounts receivable, receivables from related parties, other receivables from related parties, other receivables (included in other current assets), and refundable deposits (included in other current assets and other non-current assets).

2) The balances include notes and account payables, payables to related parties, other payables, other payables to related parties, and current portion of long-term borrowings and long-term borrowings.

d. Financial risk management objectives and policies

The Group’s main target of financial risk management is to manage the market risk related to operating activities (including foreign currency risk and interest rate risk), credit risk and liquidity risk. To reduce the potential and detrimental influence of the fluctuations in the market on the Group’s financial performance, the Group endeavors to identify, estimate and hedge the uncertainties of the market.

The Group’s significant financial activity is reviewed and approved by the board of directors in compliance with related regulations and internal control policy, and the authority and responsibility are delegated according to the operating procedures.

1) Market risk

The Group’s activities exposed it primarily to the financial risks of changes in foreign currency exchange rates and interest rates.

a) Foreign currency risk

The Group’s part operating activities and foreign operations were in foreign currencies, which exposed the Group to foreign currency risk. For the years ended December 31, 2025 and 2024, the amount of foreign exchange (loss) gain were $(7,836) thousand and $5,944 thousand, respectively, or (0.18%) and 0.19%, respectively, of the consolidated operating revenue. Thus, there is no significant impact on the Group. To mitigate the negative impact of exchange rate fluctuations, the Group carefully monitors the exchange rate fluctuations and adjusts its foreign currency position based on future cash flow demand and the current foreign currency position.

The carrying amounts of the Group’s foreign currency-denominated monetary assets and monetary liabilities at the end of the years are set out in Note 31.

45 -

46 -

Sensitivity analysis

The sensitivity analysis focused on outstanding foreign currency-denominated monetary assets and monetary liabilities (mainly USD, RMB and HKD) at the end of the reporting period. A positive number below indicates a increase/decrease in pre-tax gain associated with the relevant foreign currency strengthening/weakening by 5% against New Taiwan dollars.

	For the Year Ended December 31
	2025	2024
Increase/decrease	$ 11,090	$ 10,947

b) Interest rate risk

The carrying amounts of the Group’s financial assets and financial liabilities with exposure to interest rates at the end of the reporting period were as follows:

	December 31
	2025	2024
Fair value interest rate risk
Financial assets	$ 3,739	$ 11,756
Financial liabilities	$ 65,333	$ 63,334
Cash flow interest rate risk
Financial assets	$ 1,141,664	$ 1,070,061
Financial liabilities	$ 449,563	$ -

The Group acquires better interest rates through long-term cooperation with banks; therefore, the effect of interest rate fluctuations is immaterial.

Sensitivity analysis

The sensitivity analysis below was determined based on the Group’s exposure to interest rates for non-derivative instruments at the end of the year. For floating rate assets and liabilities, the analysis was prepared assuming the amount of each asset and liabilities outstanding at the end of the year was outstanding for the whole year.

If interest rates had been 5 basis points (0.05%) higher/lower and all other variables were held constant, the Group’s pre-tax gain at the end of the reporting period were as follows:

	December 31
	2025	2024
Increase/decrease	$ 346	$ 535

2) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. At the end of the reporting period, the Group’s maximum exposure to credit risk, which would cause a financial loss to the Group due to the failure of the counterparty to discharge its obligation, is the carrying amount of the financial assets recognized in the consolidated balance sheets.

To maintain the quality of accounts receivable, the Group applies credit risk management procedures to reduce the credit risk from specific customers. The credit evaluation of an individual customer includes the consideration of factors that will affect payment ability such as present financial condition, past transaction records, and current economic conditions. In addition, the credit risk is monitored and evaluated by the Group's financial department. Since the counterparties are creditworthy banks and enterprises and the concentration of credit risk is not significant, the credit risk is anticipated to be immaterial.

3) Liquidity risk

The Group manages liquidity risk by monitoring and maintaining a level of cash deemed adequate to finance the Group's operations and mitigate the impact of fluctuations in cash flows. In addition, management monitors the status of bank borrowings and ensures compliance with loan covenants. In addition to working capital, the Group meets the cash needs for its operations through the financing of funds and new shares issued for cash. Thus, no material liquidity risk is anticipated.

TRANSACTIONS WITH RELATED PARTIES

Balances, transactions, revenue and expense between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Besides information disclosed elsewhere in the other notes, details of transactions between the Group and other related parties are disclosed as follows.

a. Related parties and their relationship with the Group

Related Party	Relationship with the Group
B’in Music International Limited (B’in Music)	Group members of investors with significant influence over the Company
Fine Music International Limited	Group members of investors with significant influence over the Company
Begin Music Limited	Group members of investors with significant influence over the Company
Empty Shells Pictures Co., Ltd.	Associate
Bin333 Co., Ltd.	Associate
Enchanting Culture Entertainment Co. Limited	Associate
SHOWIN LTD.	Associate (a subsidiary of Enchanting Culture starting in June 2025)
Chill Co., Ltd.	Associate (a non-related party to the Group starting in June 2025)
Ms. Chen	Chairman of associate (a non-related party to the Group starting in June 2025)

b. Operating revenue

Related Party Category/Name	For the Year Ended December 31
	2025	2024
Group members of investors with significant influence over the Company
B’in Music	$ 590,734	$ 427,202
Others	141,541	188,612
	732,275	615,814
Associate	3,916	2,203
	$ 736,191	$ 618,017

The service revenue with related parties was conducted under pricing terms similar to that with third parties, except for transactions on services with special specifications. Settlement terms for related-party transactions were similar to those for third parties.

c. Operating costs (included purchases and service costs)

Related Party Category	For the Year Ended December 31
	2025	2024
Group members of investors with significant influence over the Company	$ 515	$ 35
Associate
SHOWIN LTD.	374,669	239,073
Others	38,959	19,954
	$ 414,143	$ 259,062

For purchases from related parties, the prices and terms of payables approximate those with non-related parties.

d. Receivables from related parties

Related Party Category	December 31
	2025	2024
Group members of investors with significant influence over the Company	$ 79,564	$ 22,652

The outstanding receivables from related parties are unsecured. For the years ended December 31, 2025 and 2024, no impairment loss was recognized for receivables from related parties.

e. Other receivables from related parties (excluding in loans to related parties)

Related Party Category/Name	December 31
	2025	2024
Group members of investors with significant influence over the Company	$ 286	$ -
Associate	4	-
	$ 290	$ -

f. Prepayments (included in other current assets)

Related Party Category	December 31
	2025	2024
Group members of investors with significant influence over the Company	$ 1,800	$ -

g. Contract liabilities

Related Party Category/Name	December 31
	2025	2024
Associate	$ 602	$ 1,552

h. Payables to related parties

Related Party Category	December 31
	2025	2024
Group members of investors with significant influence over the Company	$ -	$ 37
Associate
SHOWIN LTD.	87,259	62,932
Others	13,548	8,520
	$ 100,807	$ 71,489

The outstanding payables to related parties are unsecured.

i. Other payables to related parties

Related Party Category	For the Year Ended December 31
	2025	2024
Group members of investors with significant influence over the Company	$ -	$ 30

j. Loans to related parties (included in other receivables from related parties)

Related Party Category/Name	For the Year Ended December 31
	2025	2024
Associate
Chill Co., Ltd.	$ -	$ 3,036
Interest income
Related Party Category/Name	For the Year Ended December 31
	2025	2024
Associate
Chill Co., Ltd.	$ 14	$ 263

For the years ended December 31, 2024, the Group provided unsecured loans to associates at an interest rate of 3.0%. The loans to associates are unsecured.

k. Other expenses

Related Party Category	For the Year Ended December 31
	2025	2024
Associate	$ -	$ 15
l. Disposal of other assets
For the year ended December 31, 2025
Related Party Category/Name	Target Disposed	Proceeds
Associate
Enchanting Culture Entertainment Co. Limited	Share of SHOWIN LTD.	$ 26,411
For the year ended December 31, 2024
Related Party Category/Name	Target Disposed	Proceeds
Chairman of associate, Ms. Chen	Ordinary share of Chill Co., Ltd.	$ 3,000

m. Compensation of key management personnel

	For the Year Ended December 31
	2025	2024
Short-term employee benefits	$ 34,478	$ 23,796
Share-based payments	1,353	3,628
Post-employment benefits	108	108
	$ 35,939	$ 27,532

The remuneration of directors and key executives, as determined by the remuneration committee, was based on the performance of individuals and market trends.

30. ASSETS PLEDGED AS COLLATERAL OR FOR SECURITY

The following assets were provided as collateral for long-term borrowings:

	December 31, 2025
Land	$ 879,863
Buildings, net	195,219
	$ 1,075,082

31. EXCHANGE RATE OF FINANCIAL ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

The Group’s significant financial assets and liabilities denominated in foreign currencies aggregated by foreign currencies other than functional currencies and the related exchange rates between foreign currencies and respective functional currencies were as follows:

December 31, 2025

	Foreign Currency	Exchange Rate	Carrying Amount
Financial assets
Monetary items
RMB	$ 54,844	4.496	$ 246,576
USD	634	31.43	19,931
HKD	8,649	4.038	34,924
Financial liabilities
Monetary item
RMB	17,644	4.496	79,326
USD	10	31.43	309
December 31, 2024
	Foreign Currency	Exchange Rate	Carrying Amount
Financial assets
Monetary items
RMB	$ 42,265	4.478	$ 189,261
USD	54	32.785	1,777
HKD	8,214	4.222	34,680
Financial liabilities
Monetary item
RMB	124	4.478	556
USD	18	32.785	574
HKD	1,338	4.222	5,648

For the years ended December 31, 2025 and 2024, realized and unrealized net foreign exchange (loss) gain were $(7,836)$ thousand and $5,944$ thousand, respectively. It is impractical to disclose net foreign exchange (loss) gain by each significant foreign currency due to the variety of foreign currency transactions and functional currencies of the entities in the Group.

51 -

32. SEPARATELY DISCLOSED ITEMS

a. Information on significant transactions and b. Information on investees:

1) Financing provided to others (Table 1)
2) Endorsements/guarantees provided (None)
3) Significant marketable securities held (excluding investments in subsidiaries, associates and joint ventures) (Table 2)
4) Total purchases from or sales to related parties amounting to at least NT$100 million or 20% of the paid-in capital (Table 3)
5) Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital (None)
6) Intercompany relationships and significant intercompany transactions (Table 4)
7) Information on investees (Table 5)

c. Information on investments in mainland China

1) Information on any investee company in mainland China, showing the name, principal business activities, paid-in capital, method of investment, inward and outward remittance of funds, ownership percentage, net income of investees, investment income or loss, carrying amount of the investment at the end of the period, repatriations of investment income, and limit on the amount of investment in the mainland China area (Table 6)

2) Any of the following significant transactions with investee companies in mainland China, either directly or indirectly through a third party, and their prices, payment terms, and unrealized gains or losses (Table 4):

a) The amount and percentage of purchases and the balance and percentage of the related payables at the end of the period
b) The amount and percentage of sales and the balance and percentage of the related receivables at the end of the period
c) The amount of property transactions and the amount of the resultant gains or losses
d) The balance of negotiable instrument endorsements or guarantees or pledges of collateral at the end of the period and the purposes
e) The highest balance, the ending balance, the interest rate range, and total current period interest with respect to the financing of funds
f) Other transactions that have a material effect on the profit or loss for the year or on the financial position, such as the rendering or receipt of services

52 -

53 -

33. SEGMENT INFORMATION

a. Segment revenue and results

Information reported to the chief operating decision maker for the purpose of resource allocation and assessment of segment performance focuses on the types of goods or services delivered or provided. Based on the regular review of results used for resource allocation and performance measurement by key operational decision makers, the parent and subsidiaries are a single operating department, which mainly provides software and hardware services for shows or events, and the profit and loss, assets and liabilities of segment are measured on the same basis as the financial statements.

b. Revenue from major products and services

The analysis of the Group's revenue from continuing operations from its major products and services, see Note 20 for the details.

c. Geographical information

The Group's revenue from continuing operations from external customers by location of operations and information on its non-current assets by location are detailed below.

	Revenue from External Customers		Non-current Assets
	For the Year Ended December 31		December 31
	2025	2024	2025	2024
Taiwan	$ 1,134,766	$ 1,236,180	$ 1,533,961	$ 342,496
Mainland China	2,903,582	1,768,898	53,875	35,866
Hong Kong	80,896	59,584	307	1,285
Asia	102,896	69,420	-	17
Europe and America	84,770	12,065	-	-
Others	66,054	-	-	-
	$ 4,372,964	$ 3,146,147	$ 1,588,143	$ 379,664

Non-current assets exclude financial instruments and deferred tax assets.

d. Information on major customers

Single customers contributing 10% or more to the Group's revenue were as follows:

	For the Year Ended December 31
	2025		2024
	Amount	%	Amount	%
Customer F	$ 590,734	14	$ 427,202	14
Customer G	183,962	4	360,261	11

TABLE 1

B'IN LIVE CO., LTD. AND SUBSIDIARIES

FINANCING PROVIDED TO OTHERS

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars)

No. (Note 1)	Lender	Borrower	Financial Statement Account	Related Party	Highest Balance for the Period	Ending Balance	Actual Amount Borrowed	Interest Rate	Nature of Financing	Business Transaction Amount	Reasons for Short-term Financing	Allowance for Impairment Loss	Collateral		Financing Limit for Each Borrower (Note 2)	Aggregate Financing Limit (Note 2)
													Item	Value
0	B’in Live Co., Ltd.	Chill Co., Ltd.	Other receivables from related parties - other	Y	$ 3,000	$ -	$ -	3.00	Short-term financing	$ -	Operating capital	$ -	-	$ -	$ 171,615	$ 686,459

Note 1: The method of filling in the number:
a. The Company is numbered 0.
b. The subsidiaries of the Company are sequentially numbered from 1 based on their investment structures.

Note 2: Total loans shall not exceed 40% of the lender's net equity of the latest quarter while individual loans shall not exceed 10% of the lender's net equity of the latest quarter.

TABLE 2

B'IN LIVE CO., LTD. AND SUBSIDIARIES

SIGNIFICANT MARKETABLE SECURITIES HELD

DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars)

Holding Company Name	Type and Name of Marketable Securities (Note 1)	Relationship with the Holding Company	Financial Statement Account	December 31, 2025
				Number of Shares	Carrying Amount	Percentage of Ownership %	Fair Value
B’in Live Co., Ltd.	Ordinary shares
Calocedrus Capital Co., Ltd.	-	Financial assets at FVTOCI - non-current	476	$ 10,000	5.39	$ 10,000

Note 1: The securities mentioned in this table above are those classified as financial instruments under IFRS 9.
Note 2: The marketable securities presented in the table were determined by significance principle.
Note 3: Refer to Tables 4 and 5 for information on investment in subsidiaries and associates.

55 -

TABLE 3

B'IN LIVE CO., LTD. AND SUBSIDIARIES

TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars)

Buyer/Seller	Related Party	Relationship	Transaction Details				Abnormal Transaction		Notes/Accounts Receivable (Payable)
			Purchase/Sale	Amount	% of Total	Payment Terms	Unit Price	Payment Terms	Ending Balance	% of Total
B’in Live Co., Ltd.	B’in Music International Limited	Group members of investors with significant influence over the Company	Sale	$ (590,734)	13.51	90 days after transaction month	$ -	-	$ 36,883	5.86
B’in Live Co., Ltd.	B’in Live (Shanghai) Stage Production Ltd.	Subsidiary	Sale	(501,079)	11.46	90 days after transaction month	-	-	153,460	24.37
B’in Live (Shanghai) Stage Production Ltd.	SHOWIN LTD.	Associate	Purchase	374,669	10.53	90 days after transaction month	-	-	(87,259)	13.48

TABLE 4

B'IN LIVE CO., LTD. AND SUBSIDIARIES

INTERCOMPANY RELATIONSHIPS AND SIGNIFICANT INTERCOMPANY TRANSACTIONS

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars)

No. (Note 1)	Company	Counterparty	Relationship	Transaction Details
				Financial Statement Account	Amount (Note 1)	Payment Terms	% of Total Sales or Assets (Note 2)
0	B’in Live Co., Ltd.	B’in Live (Shanghai) Stage Production Ltd.	Subsidiary	Operating revenue	$ 501,079	According to the conditions	11.5
				Accounts receivable - related parties	153,460	According to the conditions	4.2
		B’in Live Co., Ltd.	Subsidiary	Operating revenue	105,394	According to the conditions	2.4

Note 1: The balances have been eliminated on consolidation.
Note 2: The percentage of transaction amount to total consolidated operating revenue or assets is calculated as follows:

For balance sheet accounts: Transaction amount ÷ Total consolidated assets.

For income statement accounts: Accumulated transaction amount in interim period ÷ Total consolidated operating revenues.

57 -

TABLE 5

B'IN LIVE CO., LTD. AND SUBSIDIARIES

INFORMATION ON INVESTEES

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Investor Company	Name of Investee	Location	Main Businesses and Products	Original Investment Amount		As of December 31, 2025			Net (Loss) Income of the Investee	Share of (Loss) Profit	Note
				December 31, 2025	December 31, 2024	Number of Shares in Thousands	Ratio (%)	Carrying Amount
B’in Live Co., Ltd.	B’in Live Limited.	Hong Kong	Hardware and software services for shows	$ 27,666	$ 27,666	700,000	100	$ 450,161	$ 127,586	$ 127,586	Subsidiary (Note 1)
	Chill Co., Ltd.	Taiwan	Event planning and advertising services	2,313	2,313	270,000	18	-	-	-	(Note 4)
	Live In Live Entertainment Ltd.	Taiwan	Planning, production and management of shows	1,000	20,000	(Note 3)	100	1,138	70	70	Subsidiary (Note 1)
	PhotoTaxis Image Co., Ltd.	Taiwan	Software services for shows	5,250	5,250	525,000	75	7,412	4,104	3,078	Subsidiary (Note 1)
	B’in Live Japan Co., Ltd.	Japan	Planning and software production for shows	23,170	23,170	2,000	100	13,457	(1,198)	(1,198)	Subsidiary (Note 1)
	Enchanting Culture Entertainment Co. Limited	Hong Kong	Software services for shows	14,805	-	3,500,000	35	48,833	116,934	40,927
	Victory Steel Structure Ltd.	Taiwan	Hardware services for shows	17,500	-	(Note 3)	35	17,910	1,170	410
	Empty Shells Pictures Co., Ltd.	Taiwan	Film production and distribution	5,500	5,500	1,100,000	22.69	4,298	(3,508)	(796)
	Bin333 Co., Ltd.	Taiwan	Software services for shows	4,500	4,500	450,000	45	18,392	25,753	11,589

Note 1: The balances have been eliminated on consolidation.
Note 2: Refer to Table 6 for information on investments in mainland China.
Note 3: It is a limited company, so the shares are not issued.
Note 4: The company reclassified it as financial assets at fair value through other comprehensive income as of June 2025.

TABLE 6

B'IN LIVE CO., LTD. AND SUBSIDIARIES

INFORMATION ON INVESTMENTS IN MAINLAND CHINA

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars)

Investee Company	Main Businesses and Products	Paid-in Capital	Method of Investment	Accumulated Outward Remittance for Investment from Taiwan as of January 1, 2025	Remittance of Funds		Accumulated Outward Remittance for Investment from Taiwan as of December 31, 2025	Net Income (Loss) of the Investee	% Ownership of Direct or Indirect Investment	Investment Gain (Loss)	Carrying Amount as of December 31, 2025	Accumulated Repatriation of Investment Income as of December 31, 2025	Note
					Outward	Inward
B’in Live (Shanghai) Stage Production Ltd.	Hardware and software services for shows	$ 6,541 (US$ 210 thousand)	Reinvestment in China through third region investment companies (B’in Live Limited).	$ 4,942 (US$ 160 thousand)	$ -	$ -	$ 4,942 (US$ 160 thousand)	$ 122,344 (Note 2, b)	100	$ 122,344	$ 440,732 (Note 2, b)	$ -	Subsidiary (Note 1)
B’in Live (Shanghai) Cultural Communication Ltd.	Hardware and software services for shows	4,487 (RMB 1,000 thousand)	Reinvestment in China through third region investment companies (B’in Live Limited).	-	4,487 (RMB 1,000 thousand)	-	-	- (Note 2, b)	100	-	4,496 (Note 2, b)	-	Subsidiary (Note 1)
SHOWIN LTD.	Hardware and software services for shows	24,973 (RMB 6,000 thousand)	Reinvestment in China through third region investment companies (Enchanting Culture Entertainment Co. Limited).	-	9,711 (RMB 2,260 thousand)	7,893 (RMB 1,764 thousand)	1,818 (RMB 496 thousand)	71,774 (Note 2, b)	35	42,917	42,098 (Note 2, b)	7,893 (RMB 1,764 thousand)
Accumulated Investment in Mainland China as of December 31, 2025	Investment Amounts Authorized by Investment Commission, MOEA	Upper Limit on Investment
---	---	---
$14,662 (US$415 thousand and RMB496 thousand)	$16,261	$1,135,002

Note 1: The balances have been eliminated on consolidation.
Note 2: The investment income (loss) was determined on the following basis:

a. The financial report was audited and certified by an international accounting firm in cooperation with accounting firm in the ROC.
b. The financial statements were audited by the CPA of the parent company in Taiwan.
c. Others.

AI assistant

Binlive — Audit Report / Information 2025

52597_rns_2026-05-27_c4a006d3-dd52-4822-a2bf-c671dd2d81a3.pdf

DECLARATION OF CONSOLIDATION OF FINANCIAL STATEMENTS OF AFFILIATES

INDEPENDENT AUDITORS' REPORT

Opinion

Basis for Opinion

Key Audit Matters

Revenue Recognition of Main Operating Revenue

Other Matter

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Auditors' Responsibilities for the Audit of the Consolidated Financial Statements

Notice to Readers

1. GENERAL INFORMATION

2. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS

3. APPLICATION OF NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS

4. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

5. MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Revenue Recognition

6. CASH AND CASH EQUIVALENTS

7. FINANCIAL ASSETS - CURRENT INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

8. NOTES AND ACCOUNTS RECEIVABLE

11. SUBSIDIARIES

12. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

13. PROPERTY, PLANT AND EQUIPMENT

14. LEASE ARRANGEMENTS

16. BORROWINGS

Long-term Borrowings

17. OTHER PAYABLES

18. RETIREMENT BENEFIT PLANS

Defined Contribution Plans

19. EQUITY

20. REVENUE

21. NET PROFIT

22. INCOME TAXES

23. EARNINGS PER SHARE

24. SHARE-BASED PAYMENT AGREEMENTS

Restricted share plan for employees in 2021

Restricted share plan for employees in 2023

25. NON-CASH TRANSACTIONS

26. DISPOSAL OF SUBSIDIARIES

27. CAPITAL MANAGEMENT

28. FINANCIAL INSTRUMENTS

Sensitivity analysis

b) Interest rate risk

Sensitivity analysis

2) Credit risk

30. ASSETS PLEDGED AS COLLATERAL OR FOR SECURITY

31. EXCHANGE RATE OF FINANCIAL ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

32. SEPARATELY DISCLOSED ITEMS

33. SEGMENT INFORMATION

B'IN LIVE CO., LTD. AND SUBSIDIARIES

B'IN LIVE CO., LTD. AND SUBSIDIARIES

B'IN LIVE CO., LTD. AND SUBSIDIARIES

B'IN LIVE CO., LTD. AND SUBSIDIARIES

B'IN LIVE CO., LTD. AND SUBSIDIARIES

B'IN LIVE CO., LTD. AND SUBSIDIARIES

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Binlive Audit Report / Information 2025