CATHAY RED - Interim / Quarterly Report 2025

Stock Code: 2501

Cathay Real Estate Development Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the Nine Months Ended September 30, 2025 and 2024 and Independent Auditors' Review Report

This financial report has not been reviewed or certified by an accountant

Address: 2F, No. 218, Sec. 2, Dunhua S. Rd., Da'an Dist., Taipei City Telephone: (02)2377-9968

Notice to Reader

For the convenience of readers, this report has been translated into English from the original Chinese version. The English version has not been audited or reviewed by independent auditors. 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’ review report and consolidated financial statements shall prevail.

§TABLE OF CONTENTS§

			Notes to
			Financial
	Item	Page	Statements No.
I.	Cover Page	1	-
II.	Table of Contents	2	-
III.	Independent Auditors’ Review Report	3～4	-
IV.	Consolidated Balance Sheet	5	-
V.	Consolidated Statement of Comprehensive Income	6	-
VI.	Consolidated Statement of Changes in Equity	7	-
VII.	Consolidated Statement of Cash Flows	8～9	-
VIII.	Notes to the Consolidated Financial Statements
	1. Company History	10	1
	2. Date of Authorization for Issuance of the Parent	10	2
	Company Only Financial Statements and
	Procedures for Authorization
	3. Application of New and Amended Standards and	10～12	3
	Interpretations
	4. Summary of Significant Accounting Policies	13～14	4
	5. Primary Sources of Uncertainties in Material	15	5
	Accounting Judgments, Estimates, and
	Assumptions
	6. Explanation of Significant Accounts	15～49	6~24
	7. Related Party Transactions	50～57	25
	8. Pledged Assets	58	26
	9. Significant Contingent Liabilities and	58	27
	Unrecognized Contract Commitments
	10. Losses Due to Major Disasters	-	-
	11. Significant Subsequent Events	-	-
	12. Others	-	-
	13. Supplementary disclosures	60～66	29
	(1) Information on significant transactions
	(2) Information on Invested Companies
	(3) Major Shareholders Information
	14. Department information	59～60	28

INDEPENDENT AUDITORS' REVIEW REPORT

To Cathay Real Estate Development Co., Ltd.:

Preface

The consolidated balance sheets of Cathay Real Estate Development Co., Ltd. and its subsidiaries (Cathay Real Estate Group) as of September 30, 2025 and 2024, and the consolidated statements of comprehensive income, changes in equity, and cash flows for the three months ended September 30, 2025 and 2024, and for the nine months ended September 30, 2025 and 2024, as well as the notes to the consolidated financial statements (including a summary of significant accounting policies), have been reviewed by the undersigned CPA. The management is responsible for preparing the consolidated financial statements that present fairly in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Accounting Standard 34 "Interim Financial Reporting" as endorsed and effective by the FSC. The responsibility of the CPA is to express a conclusion on these consolidated financial statements based on the review results.

Scope

Except as described in the Basis for Qualified Conclusion section, we conducted our review in accordance with Statement on Auditing Standards No. 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." The procedures performed in a review of the consolidated financial statements consist of making inquiries, primarily of persons responsible for financial and accounting matters, applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in the Republic of China and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Basis for Qualified Conclusions

As stated in Note 11 to the consolidated financial statements, Cathay Real Estate Group's investments accounted for using the equity method amounted to NT$2,133,196 thousand and NT$1,998,456 thousand as of September 30, 2025 and 2024, respectively, and the related comprehensive income recognized was NT$41,445 thousand, NT$12,944 thousand, NT$67,383 thousand and NT$1,892 thousand for the three months ended September 30, 2025 and 2024, and the nine months ended September 30, 2025 and 2024, respectively. The information related to these investee companies accounted for using the equity method, as described in Note 29 to the consolidated financial statements, was recognized and disclosed based on the financial statements of the investee companies for the same periods that have not been reviewed by CPAs.

Qualified Conclusion

Based on our review results, except for the possible adjustments to the consolidated financial statements that might have been determined to be necessary had the financial statements of the investee companies accounted for using the equity method been reviewed by accountants as described in the Basis for Qualified Conclusion section, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of Cathay Real Estate Group as of September 30, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the three months ended September 30, 2025 and 2024, and for the nine months ended September 30, 2025 and 2024, in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34 "Interim Financial Reporting" endorsed and issued into effect by the Financial Supervisory Commission.

Deloitte & Touche
CPA Shu-Wan Lin	CPA Chih-Ming Shao
Financial Supervisory Commission	Securities and Futures Commission
approval document No.	approval document No.
J.G.Z.L.Z. No. 0930160267	T.C.Z.L.Z. No. 0930128050

November 5, 2025

Cathay Real Estate Development Co., Ltd. and Subsidiaries

Consolidated Balance Sheet

September 30, 2025, December 31, 2024 and September 30, 2024

Code 1100 1120 1140 1150 1170 1180 1200 1220 130X 1410 1479 1480 11XX 1517 1550 1600 1755 1760 1780 1840 1900 15XX 1XXX Code 2100 2110 2130 2150 2170 2180 2200 2230 2280 2320 2399 21XX 2540 2570 2580 2600 25XX 2XXX 3110 3200 3310 3320 3350 3300 3400 31XX 36XX 3XXX	Assets Current assets Cash and cash equivalents (Notes 6 and 25) Financial assets at fair value through other comprehensive profit or loss – Current (Notes 7 and 26) Contract asset – Current ( Note 19) Net Notes Receivable (Notes 8 and 19) Net accounts receivable (Notes 8 and 19) Net accounts receivable – related parties (Notes 19 and 25) Other receivables Current income tax assets Inventories (Notes 9 and 26) Prepayments (Note 25) Other current assets (Notes 25 and 26) Incremental costs of obtaining a contract – current (Note 19) Total current assets Non-current assets Financial assets at fair value through other comprehensive income – Non-current (Note 7) Investments accounted for using equity method（Note 11) Property, Plant and Equipment (Note 12) Right-of-use asset (Notes 13 and 25) Net investment properties (Notes 14 and 26) Intangible assets Deferred income tax assets Other non-current assets (Notes 15, 25 and 26) Total non-current assets Total assets Liabilities and Equity Current liabilities Short-term loans (Notes 16 and 25) Short-term notes and bills payable (Note 16) Contract liabilities - Current (Note 19) Notes payable Accounts payable Accounts payable – Related parties (Note 25) Other payables Current income tax liabilities (Note 4) Lease liabilities – Current (Notes 13 and 25) Current portion of long-term loans payable (Note 16) Other current liabilities Total current liabilities Non-current liabilities Long-term loans (Note 16) Deferred income tax liabilities Lease liabilities – Non-current (Notes 13 and 25) Other non-current liabilities (Note 25) Total non-current liabilities Total liabilities Equities attributable to Owners of Parent Company (Note 18) Ordinary share capital Capital Surplus Retained Earnings Legal reserve Special reserve Unappropriated retained earnings Total retained earnings Other equity Total Equity Attributable to Owners of Parent Non-controlling interests (Note 18) Total shareholders' equity Total liabilities and equity		September 30, 2025 Amount % $ 6,103,838 7 3,878,149 4 84,741 - 2,978 - 641,716 1 954,072 1 128,571 - 2,357 - 51,548,198 57 455,563 - 740,666 1 2,032,915 2 66,573,764 73 408,342 - 2,133,196 2 4,061,290 5 3,710,324 4 12,415,251 14 52,553 - 486,706 1 884,435 1 24,152,097 27 $ 90,725,861 100 $ 16,505,000 18 554,620 1 13,654,130 15 29,987 - 2,306,239 3 6,024 - 864,307 1 240,747 - 450,414 1 5,610,644 6 257,315 - 40,479,427 45 13,957,679 16 45,613 - 4,878,288 5 219,483 - 19,101,063 21 59,580,490 66 11,595,611 13 171,139 - 5,207,642 6 504,189 - 10,048,116 11 15,759,947 17 1,498,358 2 29,025,055 32 2,120,316 2 31,145,371 34 $ 90,725,861 100		December 31, 2024 Amount % $ 6,775,388 8 4,037,768 5 22,249 - 3,757 - 1,027,787 1 20,743 - 218,121 - 2,148 - 49,511,444 55 445,207 1 213,885 - 1,880,371 2 64,158,868 72 498,270 1 2,025,741 2 4,358,546 5 4,038,435 4 12,591,682 14 54,158 - 498,996 1 1,184,267 1 25,250,095 28 $ 89,408,963 100 $ 13,216,400 15 838,539 1 12,473,835 14 98,300 - 2,145,395 2 4,577 - 994,131 1 130,547 - 428,876 1 10,347,531 12 292,486 - 40,970,617 46 12,375,567 14 43,798 - 5,277,143 6 234,389 - 17,930,897 20 58,901,514 66 11,595,611 13 182,880 - 5,033,776 6 504,189 1 9,201,124 10 14,739,089 17 1,746,045 2 28,263,625 32 2,243,824 2 30,507,449 34 $ 89,408,963 100		Unit: NT$ Thousand September 30, 2024	Unit: NT$ Thousand September 30, 2024
			Amount $ 6,103,838 3,878,149 84,741 2,978 641,716 954,072 128,571 2,357 51,548,198 455,563 740,666 2,032,915 66,573,764 408,342 2,133,196 4,061,290 3,710,324 12,415,251 52,553 486,706 884,435 24,152,097 $ 90,725,861 $ 16,505,000 554,620 13,654,130 29,987 2,306,239 6,024 864,307 240,747 450,414 5,610,644 257,315 40,479,427 13,957,679 45,613 4,878,288 219,483 19,101,063 59,580,490 11,595,611 171,139 5,207,642 504,189 10,048,116 15,759,947 1,498,358 29,025,055 2,120,316 31,145,371 $ 90,725,861		Amount $ 6,775,388 4,037,768 22,249 3,757 1,027,787 20,743 218,121 2,148 49,511,444 445,207 213,885 1,880,371 64,158,868 498,270 2,025,741 4,358,546 4,038,435 12,591,682 54,158 498,996 1,184,267 25,250,095 $ 89,408,963 $ 13,216,400 838,539 12,473,835 98,300 2,145,395 4,577 994,131 130,547 428,876 10,347,531 292,486 40,970,617 12,375,567 43,798 5,277,143 234,389 17,930,897 58,901,514 11,595,611 182,880 5,033,776 504,189 9,201,124 14,739,089 1,746,045 28,263,625 2,243,824 30,507,449 $ 89,408,963		Amount $ 7,376,406 4,253,881 15,851 2,884 680,496 103,494 67,795 13,152 50,463,436 561,122 131,572 1,694,437 65,364,526 519,300 1,998,456 4,400,571 4,089,270 12,491,513 47,899 408,700 1,248,875 25,204,584 $ 90,569,110 $ 14,924,000 784,370 11,674,238 72,370 1,422,937 1,408 859,206 123,123 435,287 12,662,000 616,105 43,575,044 11,725,188 40,303 5,287,571 233,750 17,286,812 60,861,856 11,595,611 147,489 5,033,776 504,189 8,433,499 13,971,464 1,780,114 27,494,678 2,212,576 29,707,254 $ 90,569,110	%
								8 5 - - 1 - - - 56 - - 2 72 1 2 5 5 14 - - 1 28 100 16 1 13 - 2 - 1 - - 14 1 48 13 - 6 - 19 67 13 - 6 - 9 15 2 30 3 33 100

The accompanying notes are an integral part of the financial statements. (Please refer to the Audit's Report issued by Deloitte & Touche on November 5, 2025)

Chairman: Ching-Kuei Chang Managerial Officer: Hung-Ming Lee Chief Accountant: Yi-Chun Chang

Cathay Real Estate Development Co., Ltd. and Subsidiaries Consolidated Statement of Comprehensive Income

For the Three Months Ended September 30, 2025 and 2024, and the Nine Months Ended September 30, 2025 and 2024

Code 4000 Operating revenue (Notes 19 and 25) 5000 Operating costs (Notes 9, 20 and 25) 5900 Gross Profit Operating expenses (Notes 20 and 25) 6200 Management expenses 6450 Expected Credit (Reversal Benefit) Impairment Loss 6000 Total operating expenses 6900 Net operating income (loss) Non-operating revenue and net expenses 7020 Other interests and losses (Note 20) 7050 Finance costs (Notes 20 and 25) 7060 Share of profit (loss) of joint ventures and associates accounted for using equity method (Note 11) 7100 Interest income (Note 20 and 25) 7130 Dividend income 7190 Net other revenue 7000 Non-operating revenue and net expenses 7900 Profit before income tax 7950 Income tax expense (Notes 4 and 21) 8200 Net profit for the period Other comprehensive income (loss) (Net value after tax) 8310 Items components of other comprehensive income that will not be reclassified to profit or loss: 8316 Unrealized gain (loss) on valuation of equity instruments at fair value through profit or loss 8320 Share of other comprehensive income of joint ventures and associates accounted for using the equity method 8360 Items that may be reclassified subsequently to profit or loss: 8370 Share of other comprehensive income (loss) of joint ventures and associates accounted for using equity method 8300 Other comprehensive income (loss) for the period (Net value after tax) 8500 Total comprehensive income for the period Net profit (loss) attributable to: 8610 Owners of parent company 8620 Non-controlling interests 8600 Total comprehensive profit (loss) attributable to: 8710 Owners of parent company 8720 Non-controlling interests 8700 Earnings per share (Note 22) 9710 Basic 9810 Dilution	July 1 to September 30, 2025 Amount % $ 4,183,875 100 (2,996,588) (72) 1,187,287 28 591,353 14 ( 4) - 591,349 14 595,938 14 ( 61,072 ) ( 1 ) ( 118,875 ) ( 3 ) 38,191 1 9,828 - 211,973 5 26,260 1 106,305 3 702,243 17 ( 113,417) ( 3) 588,826 14 93,737 2 3,254 - - - 96,991 2 $ 685,817 16 $ 609,526 15 ( 20,700) ( 1) $ 588,826 14 $ 706,517 17 ( 20,700) ( 1) $ 685,817 16 $ 0.53 $ 0.53	July 1 to September 30, 2025 Amount % $ 4,183,875 100 (2,996,588) (72) 1,187,287 28 591,353 14 ( 4) - 591,349 14 595,938 14 ( 61,072 ) ( 1 ) ( 118,875 ) ( 3 ) 38,191 1 9,828 - 211,973 5 26,260 1 106,305 3 702,243 17 ( 113,417) ( 3) 588,826 14 93,737 2 3,254 - - - 96,991 2 $ 685,817 16 $ 609,526 15 ( 20,700) ( 1) $ 588,826 14 $ 706,517 17 ( 20,700) ( 1) $ 685,817 16 $ 0.53 $ 0.53	Unit: NT$ Thousand, except earnings per share expressed in NT$ July 1 to September 30, 2024 January 1 to September 30, 2025 January 1 to September 30, 2024 Amount % Amount % Amount % $ 3,088,825 100 $ 15,557,136 100 $ 14,486,638 100 (2,420,512) (78) (11,129,533) (72) (11,441,395) (79) 668,313 22 4,427,603 28 3,045,243 21 669,033 22 1,779,985 11 1,722,642 12 ( 9) - ( 15) - 142 - 669,024 22 1,779,970 11 1,722,784 12 ( 711) - 2,647,633 17 1,322,459 9 ( 18,917 ) ( 1 ) ( 97,729 ) ( 1 ) ( 26,607 ) - ( 114,299 ) ( 4 ) ( 360,854 ) ( 2 ) ( 356,808 ) ( 2 ) 12,950 1 65,523 1 ( 1,576 ) - 5,294 - 38,769 - 29,052 - 132,027 4 213,123 1 132,477 1 13,015 1 57,025 - 38,681 - 30,070 1 ( 84,143) ( 1) ( 184,781) ( 1) 29,359 1 2,563,490 16 1,137,678 8 ( 17,013) - ( 385,107) ( 2) ( 241,418) ( 2) 12,346 1 2,178,383 14 896,260 6 440,629 14 ( 249,547 ) ( 2 ) 1,341,315 9 31 - 1,507 - 3,109 - ( 37) - 353 - 359 - 440,623 14 ( 247,687) ( 2) 1,344,783 9 $ 452,969 15 $ 1,930,696 12 $ 2,241,043 15 $ 80,323 3 $ 2,212,931 14 $ 971,028 7 ( 67,977) ( 2) ( 34,548) - ( 74,768) ( 1) $ 12,346 1 $ 2,178,383 14 $ 896,260 6 $ 520,946 17 $ 1,965,244 12 $ 2,315,811 16 ( 67,977) ( 2) ( 34,548) - ( 74,768) ( 1) $ 452,969 15 $ 1,930,696 12 $ 2,241,043 15 $ 0.07 $ 1.91 $ 0.84 $ 0.07 $ 1.91 $ 0.84	Unit: NT$ Thousand, except earnings per share expressed in NT$ July 1 to September 30, 2024 January 1 to September 30, 2025 January 1 to September 30, 2024 Amount % Amount % Amount % $ 3,088,825 100 $ 15,557,136 100 $ 14,486,638 100 (2,420,512) (78) (11,129,533) (72) (11,441,395) (79) 668,313 22 4,427,603 28 3,045,243 21 669,033 22 1,779,985 11 1,722,642 12 ( 9) - ( 15) - 142 - 669,024 22 1,779,970 11 1,722,784 12 ( 711) - 2,647,633 17 1,322,459 9 ( 18,917 ) ( 1 ) ( 97,729 ) ( 1 ) ( 26,607 ) - ( 114,299 ) ( 4 ) ( 360,854 ) ( 2 ) ( 356,808 ) ( 2 ) 12,950 1 65,523 1 ( 1,576 ) - 5,294 - 38,769 - 29,052 - 132,027 4 213,123 1 132,477 1 13,015 1 57,025 - 38,681 - 30,070 1 ( 84,143) ( 1) ( 184,781) ( 1) 29,359 1 2,563,490 16 1,137,678 8 ( 17,013) - ( 385,107) ( 2) ( 241,418) ( 2) 12,346 1 2,178,383 14 896,260 6 440,629 14 ( 249,547 ) ( 2 ) 1,341,315 9 31 - 1,507 - 3,109 - ( 37) - 353 - 359 - 440,623 14 ( 247,687) ( 2) 1,344,783 9 $ 452,969 15 $ 1,930,696 12 $ 2,241,043 15 $ 80,323 3 $ 2,212,931 14 $ 971,028 7 ( 67,977) ( 2) ( 34,548) - ( 74,768) ( 1) $ 12,346 1 $ 2,178,383 14 $ 896,260 6 $ 520,946 17 $ 1,965,244 12 $ 2,315,811 16 ( 67,977) ( 2) ( 34,548) - ( 74,768) ( 1) $ 452,969 15 $ 1,930,696 12 $ 2,241,043 15 $ 0.07 $ 1.91 $ 0.84 $ 0.07 $ 1.91 $ 0.84
		Amount $ 4,183,875 2,996,588) 1,187,287 591,353 4) 591,349 595,938 61,072 ) 118,875 ) 38,191 9,828 211,973 26,260 106,305 702,243 113,417) 588,826 93,737 3,254 - 96,991 $ 685,817 $ 609,526 20,700) $ 588,826 $ 706,517 20,700) $ 685,817 $ 0.53 $ 0.53		Amount $ 3,088,825 2,420,512) 668,313 669,033 9) 669,024 711) 18,917 ) 114,299 ) 12,950 5,294 132,027 13,015 30,070 29,359 17,013) 12,346 440,629 31 37) 440,623 $ 452,969 $ 80,323 67,977) $ 12,346 $ 520,946 67,977) $ 452,969 $ 0.07 $ 0.07
	( ( ( ( ( ( (		( ( ( ( ( ( ( ( (

The accompanying notes are an integral part of the financial statements. (Please refer to the Audit's Report issued by Deloitte & Touche on November 5, 2025)

Chairman: Ching-Kuei Chang Managerial Officer: Hung-Ming Lee Chief Accountant: Yi-Chun Chang

Cathay Real Estate Development Co., Ltd. and Subsidiaries Consolidated Statement of Changes in Equity

For the Nine Months Ended September 30, 2025 and 2024

			Equities Attributable to Owners of ParentCompany	Equities Attributable to Owners of ParentCompany	Equities Attributable to Owners of ParentCompany	Equities Attributable to Owners of ParentCompany	Equities Attributable to Owners of ParentCompany				Unit: NT$ Thousand Non-controlling interests Total shareholders' equity $ 2,222,905 $ 28,532,250 - - - ( 1,159,561 ) - 26,817 - 2,266 ( 74,768 ) 896,260 - 1,344,783 ( 74,768) 2,241,043 64,439 64,439 $ 2,212,576 $ 29,707,254 $ 2,243,824 $ 30,507,449 - - - ( 1,159,561 ) - ( 48,858 ) - 4,605 ( 34,548 ) 2,178,383 - ( 247,687) ( 34,548) 1,930,696 ( 88,960) ( 88,960) $ 2,120,316 $ 31,145,371
Ordinary share capital $ 11,595,611 - - - - - - - - $ 11,595,611 $ 11,595,611 - - - - - - - - $ 11,595,611	Capital Surplus $ 118,406 - - 26,817 2,266 - - - - $ 147,489 $ 182,880 - - ( 16,346 ) 4,605 - - - - $ 171,139		Retained Earnings		Total $ 14,159,997 - ( 1,159,561 ) - - 971,028 - 971,028 - $ 13,971,464 $ 14,739,089 - ( 1,159,561 ) ( 32,512 ) - 2,212,931 - 2,212,931 - $ 15,759,947			Other equity		Revaluation increment of property $ 3,706 - - - - - 3,706) 3,706) - $ - $ - - - - - - - - - $ -
						Exchange differences on translation of foreign financial statements $ 513 - - - - - 359 359 - $ 872 $ 906 - - - - - 353 353 - $ 1,259	Unrealized Profits and Losses of Financial Assets at Fair Value through Other Comprehensive Income $ 430,854 - - - - - 1,348,130 1,348,130 - $ 1,778,984 $ 1,724,609 - - - - - ( 248,040) ( 248,040) - $ 1,476,569	Remeasurements Amounts of Defined Benefit Plans $ 258 - - - - - - - - $ 258 $ 20,570 - - - - - - - - $ 20,570
		Legal reserve $ 4,831,727 202,049 - - - - - - - $ 5,033,776 $ 5,033,776 173,866 - - - - - - - $ 5,207,642	Special reserve $ 504,189 - - - - - - - - $ 504,189 $ 504,189 - - - - - - - - $ 504,189	Unappropriated retained earnings $ 8,824,081 ( 202,049 ) ( 1,159,561 ) - - 971,028 - 971,028 - $ 8,433,499 $ 9,201,124 ( 173,866 ) ( 1,159,561 ) ( 32,512 ) - 2,212,931 - 2,212,931 - $ 10,048,116
							( (		( (		$ 28,532,250 - ( 1,159,561 ) 26,817 2,266 896,260 1,344,783 2,241,043 64,439 $ 29,707,254 $ 30,507,449 - ( 1,159,561 ) ( 48,858 ) 4,605 2,178,383 ( 247,687) 1,930,696 ( 88,960) $ 31,145,371

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

(Please refer to the Audit's Report issued by Deloitte & Touche on November 5, 2025)

Chairman: Ching-Kuei Chang Managerial Officer: Hung-Ming Lee Chief Accountant: Yi-Chun Chang

Cathay Real Estate Development Co., Ltd. and Subsidiaries

Consolidated Statement of Cash Flows

For the Nine Months Ended September 30, 2025 and 2024

Code Cash flows from operating activities A10000 Profit before income tax A20010 Adjustments to reconcile profit (loss): A20100 Depreciation A20200 Amortization expense A20300 Expected Credit (Reversal Benefit) Impairment Loss A20900 Interest expense A21200 Interest income A21300 Dividend income A22300 Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method A22500 Loss on disposal and scrapping of property, plant and equipment A22700 Loss on Disposal of Investment Property A22800 Disposal loss of intangible assets A22900 Gain on disposal of right-of-use assets A30000 Net changes in operating assets and liabilities A31125 Contract asset A31130 Notes receivable A31150 Accounts receivable A31160 Accounts receivable – related parties A31180 Other receivables A31200 Inventories A31230 Prepayments A31240 Other current assets A31270 Incremental Costs of Obtaining Contract A31990 Other operating assets A32125 Contract liabilities A32130 Notes payable A32150 Accounts payable A32160 Accounts payable – related parties A32180 Other payables A32230 Other current liabilities (Continued on next page)	Unit: NT$ Thousand January 1 to September 30, 2025 January 1 to September 30, 2024 $ 2,563,490 $ 1,137,678 842,128 818,312 17,208 13,846 ( 15 ) 142 360,854 356,808 ( 38,769 ) ( 29,052 ) ( 213,123 ) ( 132,477 ) ( 65,523 ) 1,576 92,809 9,160 684 - 3,910 - ( 11,668 ) - ( 62,492 ) 155,572 779 19,585 386,086 600,626 ( 933,329 ) ( 89,341 ) 89,305 14,487 ( 1,719,187 ) ( 5,144,023 ) ( 10,356 ) ( 195,342 ) ( 524,818 ) ( 60,764 ) ( 152,544 ) ( 288,373 ) 185,244 - 1,180,295 4,078,083 ( 68,313 ) 49,193 160,844 ( 693,673 ) 1,447 ( 1,873 ) ( 67,797 ) ( 127,268 ) ( 35,171) 425,898	Unit: NT$ Thousand January 1 to September 30, 2025 January 1 to September 30, 2024 $ 2,563,490 $ 1,137,678 842,128 818,312 17,208 13,846 ( 15 ) 142 360,854 356,808 ( 38,769 ) ( 29,052 ) ( 213,123 ) ( 132,477 ) ( 65,523 ) 1,576 92,809 9,160 684 - 3,910 - ( 11,668 ) - ( 62,492 ) 155,572 779 19,585 386,086 600,626 ( 933,329 ) ( 89,341 ) 89,305 14,487 ( 1,719,187 ) ( 5,144,023 ) ( 10,356 ) ( 195,342 ) ( 524,818 ) ( 60,764 ) ( 152,544 ) ( 288,373 ) 185,244 - 1,180,295 4,078,083 ( 68,313 ) 49,193 160,844 ( 693,673 ) 1,447 ( 1,873 ) ( 67,797 ) ( 127,268 ) ( 35,171) 425,898	Unit: NT$ Thousand January 1 to September 30, 2025 January 1 to September 30, 2024 $ 2,563,490 $ 1,137,678 842,128 818,312 17,208 13,846 ( 15 ) 142 360,854 356,808 ( 38,769 ) ( 29,052 ) ( 213,123 ) ( 132,477 ) ( 65,523 ) 1,576 92,809 9,160 684 - 3,910 - ( 11,668 ) - ( 62,492 ) 155,572 779 19,585 386,086 600,626 ( 933,329 ) ( 89,341 ) 89,305 14,487 ( 1,719,187 ) ( 5,144,023 ) ( 10,356 ) ( 195,342 ) ( 524,818 ) ( 60,764 ) ( 152,544 ) ( 288,373 ) 185,244 - 1,180,295 4,078,083 ( 68,313 ) 49,193 160,844 ( 693,673 ) 1,447 ( 1,873 ) ( 67,797 ) ( 127,268 ) ( 35,171) 425,898
	( ( ( ( ( ( ( ( ( ( ( ( ( (	( ( ( ( ( ( ( ( ( (	$ 1,137,678 818,312 13,846 142 356,808 29,052 ) 132,477 ) 1,576 9,160 - - - 155,572 19,585 600,626 89,341 ) 14,487 5,144,023 ) 195,342 ) 60,764 ) 288,373 ) - 4,078,083 49,193 693,673 ) 1,873 ) 127,268 ) 425,898

(Brought forward from previous page)

Code A33000 Cash generated from operations A33100 Interest Received A33500 Income tax paid AAAA Net cash inflows (outflows) from operating activities Cash Flows from Investing Activities B01800 Acquisition of investments accounted for using the equity method B02700 Purchase of Property, Plant and Equipment B02800 Proceeds from disposal of real estate, plant, and equipment B04500 Purchase of intangible assets B06700 Decrease in other non-current assets B07600 Dividends received BBBB Net cash inflows used in investing activities Cash flows from financing activities C00100 Increase in short-term borrowings C00600 Decrease in short-term notes and bills payable C01600 Borrowing of long-term loans C01700 Repayment of long-term loans C04020 Principal repayment of lease liabilities C04400 Decrease in other non-current liabilities C04500 Distribution of cash dividends C05600 Interest paid C05800 Change in non-controlling interests C09900 Other financing activities CCCC Net cash inflows (outflows) used in financing activities EEEE Net increase (decrease) in cash and cash equivalents E00100 Beginning balance of cash and cash equivalents E00200 Ending balance of cash and cash equivalents	January 1 to September 30, 2025 $ 1,981,978 39,014 ( 261,011) 1,759,981 ( 147,000 ) ( 116,755 ) 1,836 ( 18,069 ) 119,451 271,193 110,656 3,288,600 ( 283,919 ) 6,306,673 ( 9,495,000 ) ( 340,758 ) ( 14,906 ) ( 1,159,561 ) ( 748,248 ) ( 88,960 ) ( 6,108) ( 2,542,187) ( 671,550 ) 6,775,388 $ 6,103,838	January 1 to September 30, 2024	January 1 to September 30, 2024
	( ( ( ( ( ( ( ( ( ( ( ( ( (	( ( ( ( ( ( ( ( (	$ 918,780 29,455 349,838) 598,397 - 176,627 ) 23,501 9,482 ) 108,871 196,046 142,309 4,457,400 1,794,964 ) 5,802,969 4,755,691 ) 328,440 ) 10,214 ) 1,159,561 ) 707,830 ) 64,439 - 1,568,108 2,308,814 5,067,592 $ 7,376,406

The accompanying notes are an integral part of the financial statements. (Please refer to the Audit's Report issued by Deloitte & Touche on November 5, 2025)

Chairman: Ching-Kuei Chang Managerial Officer: Hung-Ming Lee Chief Accountant: Yi-Chun Chang

Cathay Real Estate Development Co., Ltd. and Subsidiaries

Note of consolidated financial statements

For the Nine Months Ended September 30, 2025 and 2024

(Amount in Thousand of New Taiwan Dollars, Unless Specified Otherwise)

1. Company History

Cathay Real Estate Development Co., Ltd. (hereinafter referred to as "the Company") was established on December 1, 1964 in accordance with the provisions of the Company Law and other relevant laws and regulations. Its main business is to commission construction companies to build national housing and commercial buildings for rental and sale.

The Company's shares have been listed and traded on the Taiwan Stock Exchange since October 1967.

The Financial Statements are presented in the New Taiwan dollar, the Company's functional currency.

2. Date of Authorization for Issuance of the Parent Company Only Financial Statements and Procedures for Authorization

The consolidated financial report was approved by the Board of Directors on November 5, 2025.

3. Application of New and Amended Standards and Interpretations

(1)The initial adoption of International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), International Financial Reporting Interpretations Committee (IFRIC) Interpretations and Standing Interpretations Committee (SIC) Interpretations (hereinafter referred to as "IFRS Accounting Standards") recognized and promulgated by the Financial Supervisory Commission (hereinafter referred to as the "FSC").

The application of the IFRSs endorsed and issued into effect by the FSC did not result in significant changes in the accounting policies of the Company and the entities controlled by the Company (hereinafter referred to as the "Consolidated Company").

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(2)International Financial Reporting Standards (IFRS) accounting standards recognized by the Financial Supervisory Commission applicable in 2026

New/Revised/Amended Standards and Interpretations Amendments to IFRS 9 and IFRS 7 “Amendments to Classification and Measurement of Financial Instruments” Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity "Annual Improvements to IFRS Accounting Standards – Volume 11" IFRS 17 "Insurance Contracts” (including amendments in 2020 and 2021)	Issuance valid date of IASB
	January 1, 2026 January 1, 2026 January 1, 2026 January 1, 2023

As of the date of approval for issuance of these consolidated financial statements, the consolidated company is still continuously evaluating the impact of each amendment on its financial position and financial performance, and the relevant impact will be disclosed upon completion of the evaluation.

(3)International Financial Reporting Standards (IFRS) accounting standards that have been issued by the International Accounting Standards Board (IASB) but have not yet been endorsed and issued by the FSC of Taiwan.

have not yet been endorsed and issued by the FSC of	Taiwan.
New/Revised/Amended Standards and Interpretations Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and Its Associate or Joint Venture” IFRS 18 “Presentation and Disclosure in Financial Statements” IFRS 19 “Subsidiaries without Public Accountability: Disclosures” (including amendments in 2025)	Issuance valid date of IASB(Note 1)
	To be determined January 1, 2027 (Note 2) January 1, 2027

Note 1: Unless otherwise specified, the aforementioned New/Amended/Revised Standards and Interpretations shall be effective for the annual reporting period after the specified dates.

Note 2: The Financial Supervisory Commission announced on September 25, 2025 that enterprises in Taiwan should adopt IFRS 18 starting from January 1, 2028, and may also choose to early adopt after the FSC recognizes IFRS 18.
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IFRS 18 “Presentation and Disclosure in Financial Statements”

IFRS 18 will replace IAS 1 "Presentation of Financial Statements", and the main changes include:

The income statement should classify income and expense items into operating, investing, financing, income tax, and discontinued operations categories.
The income statement should present subtotals and totals for operating profit or loss, profit or loss before financing and income tax, and profit or loss.
Guidance is provided to strengthen aggregation and disaggregation requirements: The Consolidated Company must identify assets, liabilities, equity, income, expenses, and cash flows arising from individual transactions or other events, and classify and aggregate them based on common characteristics, so that each line item presented in the primary financial statements has at least one similar characteristic. Items with dissimilar characteristics should be disaggregated in the primary financial statements and notes. The Consolidated Company should only label items as "other" when they cannot find more informative labels.
Increased disclosure of management-defined performance measures: When the Consolidated Company engages in public communication outside the financial statements and communicates management's views on certain aspects of the company's overall financial performance to financial statement users, it should disclose information about management-defined performance measures in a single note to the financial statements, including a description of the measure, how it is calculated, its reconciliation with subtotals or totals specified by IFRS accounting standards, and the income tax and non-controlling interest effects of the reconciling items.

Apart from the aforementioned impacts, as of the date of authorization of the Consolidated Financial Statements, the Consolidated Company has continuously assessed of the aforesaid amendments to standards and interpretations have impact on the financial position and financial performance. The relevant impacts shall be disclosed after the end of the assessment.

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4. Summary of Significant Accounting Policies

(1) Compliance Declaration
These consolidated financial statements have been prepared in accordance with the "Regulations Governing the Preparation of Financial Reports by Securities Issuers" and the International Accounting Standard 34 "Interim Financial Reporting" endorsed and issued into effect by the FSC. These consolidated financial statements do not include all of the IFRS disclosures required for a full annual financial report.
(2) Preparation Basis

The Consolidated Financial Statements have been prepared on a historical cost basis, except for financial instruments measured at fair value and net defined benefit liabilities recognized at the present value of defined benefit obligations less fair value of plan assets.

The fair value measurement is classified Level 1 to Level 3 based on the observability and importance of related input:

Level 1 Inputs: Quote prices (unadjusted) in active markets for identical assets or liabilities on the measurement date.
Level 2 Inputs: 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. deduced from prices).
Level 3 Inputs: Unobservable inputs for the asset or liability.
(3) Consolidated Basis

The consolidated financial statements include the financial statements the Company and entities controlled by the Company (subsidiaries). The consolidated Statement of comprehensive income already concluded the operating income (loss) of subsidiaries acquired or disposed of during the period from the effective dates of acquisition or up to the effective dates of disposal, respectively. The financial statements of the subsidiaries have been adjusted to conform their accounting policies to those of the consolidated company. All intercompany transactions, account balances, revenues and expenses are eliminated in the consolidated financial statements. Total comprehensive income of subsidiaries is attributed to owners of the parent and

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non-controlling interests even if this results in the non-controlling interests having a deficit balance.

When changes in the consolidated company's ownership interests in subsidiaries do not result in a loss of control, they are accounted for as equity transactions. The carrying amounts of the consolidated company and non-controlling interests have been adjusted to reflect the changes in their relative interests in the subsidiaries. The difference between the adjustment amount of the non-controlling interests and the fair value of the consideration paid or received is recognized directly in equity and is attributable to the owners of the Company.

For details of subsidiaries, shareholding ratios, and business activities, please refer to Note 10 and Attachment 6.

(4) Other Significant Accounting Policies

Apart from the following explanations, please refer to the summary of significant accounting policies in the 2024 consolidated financial statements.

1. Defined Benefit of Retirement Benefits

The interim pension cost is calculated based on the pension cost rate determined by actuarial valuation at the end of the previous year, using the period from the beginning of the year to the current end date, and adjusted for significant market fluctuations during the current period, as well as significant plan amendments, settlements, or other significant one-time events.

2. Income Tax Expense

Income tax expenses are the sum of the tax in the current period and deferred income tax. Income tax for interim periods is accrued using the tax rate that would be applicable to the expected annual total earnings, applied to the pre-tax income for the interim period.

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5. Primary Sources of Uncertainties in Material Accounting Judgments, Estimates, and Assumptions

Please refer to the 2024 consolidated financial statements as primary sources and explanations of uncertainties in material accounting judgments, estimates, and assumptions.

6. Cash and Cash Equivalents

Cash and Cash Equivalents
Cash on Hand and Petty Cash Bank Checks and Demand Deposits Cash equivalents Bank Time Deposits Short-term Bills	September 30, 2025 $ 19,810 4,453,196 216,400 1,414,432 $ 6,103,838		December 31, 2024 $ 17,980 5,779,593 167,050 810,765 $ 6,775,388	September 30, 2024
					$ 16,786 6,159,795 143,850 1,055,975 $ 7,376,406

7. Financial Assets at Fair Value through Other Comprehensive Income

Current Listed companies' shares Non-current Non-listed companies' shares	September 30, 2025 $ 3,878,149 $ 408,342		December 31, 2024 $ 4,037,768 $ 498,270	September 30, 2024	September 30, 2024
					$ 4,253,881 $ 519,300

The consolidated company invests in those equity instruments for the purpose of medium- and long-term strategic investments and expects to generate profits through long-term investments. The management of the consolidated company believes that if the short-term fair value fluctuations of these investments are included in profit or loss, it would be inconsistent with the aforementioned long-term investment plans. Therefore, they chose to designate these investments as measured at fair value through other comprehensive income.

For the three months ended September 30, 2025 and 2024, and the nine months ended September 30, 2025 and 2024, the Group recognized dividend income of NT$211,973 thousand, NT$132,027 thousand, NT$213,123 thousand and NT$132,477 thousand, respectively.

For information on the pledging of equity instrument investments measured at fair value through other comprehensive income, please refer to Note 26.

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8. Notes and Accounts Receivable

Notes receivable Less: Allowance for losses Accounts receivable Less: Allowance for losses	September 30, 2025 $ 2,978 - $ 2,978 $ 650,358 ( 8,642) $ 641,716		December 31, 2024 $ 3,757 - $ 3,757 $ 1,036,444 8,657) $ 1,027,787	September 30, 2024	September 30, 2024
	(	(		(	$ 2,884 - $ 2,884 $ 680,752 256) $ 680,496

The Consolidated Company's average credit period for receivables is 30 to 365 days. The consolidated company has established a dedicated department to manage receivables, formulated relevant management regulations, and implemented credit verification and quota management to ensure the interests of the consolidated company.

The consolidated company adopts the IFRS 9 simplified approach to recognize the allowance for losses on receivables based on expected credit losses over the remaining lifetime. The expected credit losses over the remaining lifetime are calculated using a provision matrix, which takes into account the customer's past default records and current financial condition, industry economic situation, as well as GDP forecasts and industry outlook. Since the consolidated company's credit loss experience shows no significant differences in loss patterns among different customer groups, the provision matrix does not further distinguish customer groups, but sets the expected credit loss rate based only on the number of days the receivables are overdue.

If there is evidence that the counter party is facing severe financial difficulties and the consolidated company cannot reasonably expect to recover the amount, the consolidated company will directly write off the relevant receivables. However, the collection activities will continue, and any amount recovered from collection will be recognized in profit or loss.

The consolidated company measures the allowance for losses on receivables based on the provision matrix as follows:

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September 30, 2025

Expected credit losses ratio Total carrying amount Loss allowance (lifetime expected credit losses) Amortized cost		Not Pass Due		Past Due 1 to 90 Days		Past Due 91 to 180 Days		Past Due 181 to 270 Days		Past Due More Than 271 Days		Total
		- $ 634,732 - $ 634,732	(	35.49% $ 15,331 5,441) $ 9,890	(	100.00% $ 3,051 3,051) $ -		- $ 14 - $ 14	(	72.12% $ 208 150) $ 58	(	$ 653,336 8,642) $ 644,694

December 31, 2024

Expected credit losses ratio Total carrying amount Loss allowance (lifetime expected credit losses) Amortized cost		Not Pass Due		Past Due 1 to 90 Days		Past Due 91 to 180 Days		Past Due 181 to 270 Days		Past Due More Than 271 Days		Total
	(	0.82% $ 1,020,640 8,398) $ 1,012,242	(	0.56% $ 19,313 109) $ 19,204	(	60.48% $ 248 150) $ 98		- $ - - $ -		- $ - - $ -	(	$ 1,040,201 8,657) $ 1,031,544

September 30, 2024

Expected credit losses ratio Total carrying amount Loss allowance (lifetime expected credit losses) Amortized cost		Not Pass Due		Past Due 1 to 90 Days		Past Due 91 to 180 Days		Past Due 181 to 270 Days		Past Due More Than 271 Days		Total
		- $ 675,483 - $ 675,483	(	1.33% $ 7,911 105) $ 7,806	(	62.40% $ 242 151) $ 91		- $ - - $ -		- $ - - $ -	(	$ 683,636 256) $ 683,380

Changes in the allowance for doubtful accounts is as follows:

Beginning balance Reversal (provision) of impairment loss for the period Ending balance	January 1 to September 30, 2025 $ 8,657 ( 15) $ 8,642	January 1 to September 30, 2024	January 1 to September 30, 2024
	(		$ 114 142 $ 256

9. Inventories

Inventories
Building Land Land under construction Real estate held for sale Others Total Prepaid land payments		September 30, 2025 $ 9,310,095 39,490,209 2,711,026 7,201 51,518,531 29,667 $ 51,548,198		December 31, 2024 $ 12,687,566 33,963,553 2,768,903 7,122 49,427,144 84,300 $ 49,511,444		September 30, 2024
						$ 11,673,387 37,529,443 127,323 8,363 49,338,516 1,124,920 $ 50,463,436

The Consolidated Company has signed trust agreements with Cathay United Bank for construction projects to ensure smooth construction and delivery, entrusting the bank to manage funds from pre-sale buyers' payments. According to the

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agreement, the trust period lasts until the project is completed, obtains an occupancy permit, and completes the first registration of building ownership.

As of September 30, 2025, December 31, 2024, and September 30, 2024, the fund balances managed under the aforementioned trust agreements were NT$2,355,659 thousand, NT$3,197,417 thousand, and NT$3,502,636 thousand, respectively. Additionally, the trust fund balances for the Cathay Yong Cui Project's joint construction party were NT$300,033 thousand, NT$299,198 thousand, and NT$296,807 thousand, respectively.

As of September 30, 2025, the consolidated company has registered trust agreements for the following projects:Cathay You Ran, Cathay You Jing, Cathay Shi Mei, Cathay Yong Cui, Dunnan Lin Yuan, Cathay Min Le, Cathay·Xu, Cathay Cheng Zhen, Cathay GRAND PARK, Cathay THE PARK, Cathay Sen Lin Hui, Cathay Mei He, Cathay Yang Hui, Cathay Pan Yun, Cathay Yang Mu, Cathay Yi He, Cathay Xi·, Cathay Shi Cui, UNi PARK, META PARK, METRO PARK and RiVER PARK. The balance of trust funds for each construction project is consistent with the receivable amounts under the pre-sale housing purchase contracts, and there are no delays in delivering the proceeds collected from buyers to the trust.

The amounts related to operating costs and inventories are as follows:

Construction costs	July 1 to September 30, 2025 $ 722,740	July 1 to September 30, 2024 $ 66,994	January 1 to September 30, 2025 $ 4,875,346	January 1 to September 30, 2024	January 1 to September 30, 2024
					$ 4,374,168

The above construction costs include inventory devaluation losses of NT$0 thousand for the three months ended September 30, 2025 and 2024, and the nine months ended September 30, 2025 and 2024.

For inventories of the consolidated companies pledged as collateral for loans, please refer to Note 26.

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10. Subsidiaries Included in the Consolidated Financial Statements

The entities included in the consolidated financial statements are as follows:

Name of Inventor Company	Subsidiary	Nature of Business	Percentage of Ownership September 30, 2025 December 31, 2024 September 30, 2024 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 85.00% 85.00% 85.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 66.00% 66.00% 66.00% 51.00% 51.00% 51.00% 100.00% 100.00% 100.00% - 100.00% 100.00% 100.00% 100.00% 100.00%	Percentage of Ownership September 30, 2025 December 31, 2024 September 30, 2024 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 85.00% 85.00% 85.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 66.00% 66.00% 66.00% 51.00% 51.00% 51.00% 100.00% 100.00% 100.00% - 100.00% 100.00% 100.00% 100.00% 100.00%	Des- cription
			September 30, 2025	December 31, 2024
The Company The Company The Company The Company The Company The Company The Company The Company The Company The Company The Company Cathay Hospitality Consulting Co., Ltd. Cymbal Medical Network Co., Ltd. Cymbal Medical Network Co., Ltd.	San Ching Engineering Co., Ltd. (San Ching Engineering) Cathay Real Estate Management Co., Ltd. (Cathay Real Estate Management) Cathay Healthcare Management Co., Ltd. (Cathay Healthcare) Cathay Hospitality Management Co., Ltd. (Cathay Hospitality) Cathay Hospitality Consulting Co., Ltd. (Cathay Hospitality Consulting) Cymbal Medical Network Co., Ltd. (Cymbal Medical Network) Lin Yuan Property Management Co., Ltd. (Lin Yuan Property) Jinhua Realty Co., Ltd. (Jinhua Realty) Bannan Realty Co., Ltd. (Bannan Realty) Sanchong Realty Co., Ltd. (Sanchong Realty) Zhulun Realty Co., Ltd. (Zhulun Realty) Cathay Food & Beverage Group Co., Ltd. (Cathay Food & Beverage) Cymder Co., Ltd. (Cymder) Cymlin Co., Ltd. (Cymlin)	Construction Contractor Construction Management Consultancy Service industry Service industry Wholesale of Drugs, Medical Goods Apartment building management service industry Housing and Building Development and Rental industry Housing and Building Development and Rental industry Housing and Building Development and Rental industry Housing and Building Development and Rental industry Service industry Manpower dispatch and leasing industry Manpower dispatch and leasing industry	100.00% 100.00% 85.00% 100.00% 100.00% 100.00% 51.00% 51.00% 51.00% 66.00% 51.00% 100.00% - 100.00%	100.00% 100.00% 85.00% 100.00% 100.00% 100.00% 51.00% 51.00% 51.00% 66.00% 51.00% 100.00% 100.00% 100.00%	- - - - - - - - - - - - Note -

Note: To integrate group resources and achieve operational synergies, Cymbal Medical

Network Co., Ltd. and Cymder Co., Ltd. passed a merger resolution through their respective boards of directors in May 2025, with the merger effective date of June 1, 2025, and Cymbal Medical Network Co., Ltd. as the surviving company after the merger.

The accounts of all aforementioned subsidiaries have been included in the preparation of the consolidated financial statements from January 1 to September 30, 2025 and 2024.

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11. Investments Accounted for Using Equity Method

Investments in Associates Investment joint venture	September 30, 2025 $ 1,560,830 572,366 $ 2,133,196		December 31, 2024 $ 1,581,613 444,128 $ 2,025,741	September 30, 2024	September 30, 2024
					$ 1,585,051 413,405 $ 1,998,456

Investments accounted for using the equity method and the consolidated company's share of profits or losses and other comprehensive income or losses are calculated based on unaudited financial reports.

(1) Investments in Associates

Investments in Associates
Cathay Power Inc. San Hsiung Fongshan LaLaport Co., Ltd.	September 30, 2025 $ 1,401,736 159,094 $ 1,560,830		December 31, 2024 $ 1,433,803 147,810 $ 1,581,613	September 30, 2024
					$ 1,433,788 151,263 $ 1,585,051

The affiliated enterprise consolidated information is as follows:

The Consolidated Company's share Net profit for the period Other comprehensive income Total comprehensive income	July 1 to September 30, 2025 $ 35,522 - $ 35,522	July 1 to September 30, 2024 $ 24,123 - $ 24,123	January 1 to September 30, 2025	January 1 to September 30, 2025	January 1 to September 30, 2024 $ 26,886 ( 3,609) $ 23,277	January 1 to September 30, 2024 $ 26,886 ( 3,609) $ 23,277
				$ 69,799 - $ 69,799		$ 26,886 3,609) $ 23,277

(2) Investment Joint Venture

Investment Joint Venture
Symphox Information Xiangyang Realty Co., Ltd.	September 30, 2025 $ 425,791 146,575 $ 572,366		December 31, 2024 $ 444,128 - $ 444,128	September 30, 2024
					$ 413,405 - $ 413,405

In April 2024, Symphox Information Co., Ltd. bought back treasury shares, resulting in the consolidated company's comprehensive shareholding increasing from 49.12% to 50%, with the consolidated company and another

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shareholder each holding 50% ownership. As neither party has sole control, it became a joint venture investment.

In July 2025, the consolidated company acquired 14,700 thousand shares of Xiangyang Realty Co., Ltd. for cash consideration of NT$147,000 thousand, representing a 49% ownership interest, which became an investment in a joint venture.

Summary information on investment in joint ventures is as follows:

The Consolidated Company's share Net income (loss) for the period Other comprehensive income Total comprehensive income	July 1 to September 30, 2025 $ 2,669 3,254 $ 5,923	July 1 to September 30, 2024 ( $ 11,173 ) ( 6) ($ 11,179)	January 1 to September 30, 2025 ( $ 4,276 ) 1,860 ($ 2,416)	January 1 to September 30, 2024	January 1 to September 30, 2024
		( ( (	( (	( (	$ 28,462 ) 7,077 $ 21,385)

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12. Real Estate, Plant, and Equipment

Self-use Operating lease for rental	September 30, 2025 $ 3,151,869 909,421 $ 4,061,290		December 31, 2024 $ 3,348,517 1,010,029 $ 4,358,546	September 30, 2024	September 30, 2024
					$ 3,368,307 1,032,264 $ 4,400,571

(1) Self-use

Cost Balance on January 1, 2024 Addition Disposal Transfers and others Balance on September 30, 2024 Accumulated Depreciation and Impairment Balance on January 1, 2024 Depreciation Disposal Transfers and others Balance on September 30, 2024 Net amount as of January 1, 2024 Net amount as of September 30, 2024 Cost Balance as of January 1, 2025 Addition Disposal Transfers and others Balance on September 30, 2025 Accumulated Depreciation and Impairment Balance as of January 1, 2025 Depreciation Disposal Transfers and others Balance on September 30, 2025 Net amount as of January 1, 2025 Net amount as of September 30, 2025		Land $ 1,616,689 - - - $ 1,616,689 $ - - - - $ - $ 1,616,689 $ 1,616,689 $ 1,616,689 - - - $ 1,616,689 $ - - - - $ - $ 1,616,689 $ 1,616,689		Buildings	Leasehold Improvements	Leasehold Improvements		Other equipment	Unfinished construction and equipment pending acceptance	Unfinished construction and equipment pending acceptance		Total
				$ 1,186,491 - - - $ 1,186,491 $ 435,037 27,515 - - $ 462,552 $ 751,454 $ 723,939 $ 1,186,491 - - - $ 1,186,491 $ 472,443 27,515 - - $ 499,958 $ 714,048 $ 686,533	( ( ( ( ( ( (	$ 2,100,496 5,211 739 ) 101,294) $ 2,003,674 $ 1,053,490 130,182 677 ) 15,603) $ 1,167,392 $ 1,047,006 $ 836,282 $ 2,006,328 2,180 44 ) 519) $ 2,007,945 $ 1,209,245 119,896 17 ) - $ 1,329,124 $ 797,083 $ 678,821	( ( ( (	$ 727,077 45,002 11,563 ) 28,372 $ 788,888 $ 577,309 57,835 11,132 ) 16,663 $ 640,675 $ 149,768 $ 148,213 $ 836,838 26,103 12,496 ) 2,812 $ 853,257 $ 650,928 64,783 12,434 ) 32 $ 703,309 $ 185,910 $ 149,948	( (	$ 34,374 54,306 - 45,496) $ 43,184 $ - - - - $ - $ 34,374 $ 43,184 $ 34,787 15,651 - 30,560) $ 19,878 $ - - - - $ - $ 34,787 $ 19,878	( ( ( ( ( (	$ 5,665,127 104,519 12,302 ) 118,418) $ 5,638,926 $ 2,065,836 215,532 11,809 ) 1,060 $ 2,270,619 $ 3,599,291 $ 3,368,307 $ 5,681,133 43,934 12,540 ) 28,267) $ 5,684,260 $ 2,332,616 212,194 12,451 ) 32 $ 2,532,391 $ 3,348,517 $ 3,151,869

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(2) Operating Lease for Rental

Cost Balance on January 1, 2024 Addition Disposal Transfers and others Balance on September 30, 2024 Accumulated Depreciation and Impairment Balance on January 1, 2024 Depreciation Disposal Transfers and others Balance on September 30, 2024 Net amount as of January 1, 2024 Net amount as of September 30, 2024 Cost Balance as of January 1, 2025 Addition Disposal Transfers and others Balance on September 30, 2025 Accumulated Depreciation and Impairment Balance as of January 1, 2025 Depreciation Disposal Balance on September 30, 2025 Net amount as of January 1, 2025 Net amount as of September 30, 2025	Leasehold Improvements $ 717,042 17,485 - 126,974 $ 861,501 $ 155,181 34,963 - 15,603 $ 205,747 $ 561,861 $ 655,754 $ 862,306 15,689 ( 115,304 ) 11,999 $ 774,690 $ 217,527 34,385 ( 35,096) $ 216,816 $ 644,779 $ 557,874	Transportation equipment $ 132,258 34,312 ( 46,485 ) - $ 120,085 $ 67,207 14,005 ( 28,567 ) - $ 52,645 $ 65,051 $ 67,440 $ 106,782 5,359 ( 3,370 ) - $ 108,771 $ 44,758 11,826 ( 2,258) $ 54,326 $ 62,024 $ 54,445		Other equipment $ 574,338 28,240 33,887 ) 17,602) $ 551,089 $ 241,301 36,784 19,403 ) 16,663) $ 242,019 $ 333,037 $ 309,070 $ 549,323 33,675 35,788 ) 12,893 $ 560,103 $ 246,097 39,456 22,552) $ 263,001 $ 303,226 $ 297,102		Total
	( (	( ( ( (	( ( ( ( ( (		( ( ( ( (	$ 1,423,638 80,037 80,372 ) 109,372 $ 1,532,675 $ 463,689 85,752 47,970 ) 1,060) $ 500,411 $ 959,949 $ 1,032,264 $ 1,518,411 54,723 154,462 ) 24,892 $ 1,443,564 $ 508,382 85,667 59,906) $ 534,143 $ 1,010,029 $ 909,421

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The consolidated company leases out certain equipment under operating leases for a period of 2 to 5 years. All tenancy agreements of operating lease contain a provision whereby the lessee, in exercising the right to renew the lease, adjusts the rent in accordance with the prevailing market rent rate. Upon termination of the lease term, the lessee does not have a bargain purchase option for the asset.

Depreciation expenses are provided on a straight-line basis over the following useful lives:

Buildings 5 to 50 years Leasehold Improvements Based on the shorter of lease term or useful life Transportation Equipment 5 years Other equipment 1 to 26 years

13. Lease Agreements

(1) The consolidated company as lessee

1. Right-Of-Use Asset

September 30, 2025 December 31, 2024 September 30, 2024 Right-of-use asset carrying amount Land $ - $ 3,008 $ 3,621 Buildings 3,701,278 4,024,835 4,075,925 Transportation Equipment 2,616 3,479 2,595 Other equipment 6,430 7,113 7,129 $ 3,710,324 $ 4,038,435 $ 4,089,270 July 1 to September 30, 2025 July 1 to September 30, 2024 January 1 to September 30, 2025 January 1 to September 30, 2024 Addition of right-of-use assets $ 47,357 $ 14,855 $ 83,446 $ 40,912 Depreciation of right-of-use assets Land $ 362 $ 1,086 $ 2,534 $ 3,258 Buildings 98,858 99,552 296,387 295,163 Transportation Equipment 434 333 1,301 743 Other equipment 1,020 761 2,998 2,169 $100,674 $101,732 $303,220 $301,333	September 30, 2024	September 30, 2024	September 30, 2024
		$ 3,621 4,075,925 2,595 7,129 $ 4,089,270 January 1 to September 30, 2024
			$ 40,912 $ 3,258 295,163 743 2,169 $301,333

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The right-of-use assets related to the operating premises leased by the consolidated companies in various locations in Taiwan are reported as investment properties. Please refer to Note 14 "Investment Properties". The above amounts of right-of-use assets do not include those that meet the definition of investment properties.

2. Lease Liabilities

Lease Liabilities
Lease liabilities carrying amount Current Non-current	September 30, 2025 $ 450,414 $ 4,878,288	December 31, 2024 $ 428,876 $ 5,277,143	September 30, 2024
				$ 435,287 $ 5,287,571

Discount rate range for lease liabilities:

Land Buildings Transportation Equipment Other equipment	September 30, 2025 - 1.95%～3.44% 1.75%～2.75% 1.80%～2.80%	December 31, 2024 1.85% 1.51%～3.44% 1.20%～2.66% 1.80%～2.80%	September 30, 2024
			1.85% 1.51%～3.34% 1.20%～2.66% 1.80%～2.80%

3. Significant Leasing Activities and Terms

The consolidated company leases certain land and buildings as operating assets and transportation equipment and other equipment for operational needs, with lease terms ranging from 1 to 20 years. At the end of the lease term, the consolidated company does not have favorable purchase options for the leased land, buildings, and equipment.

Some of the consolidated company's real estate lease agreements include variable lease payment terms linked to sales amounts, with the agreed rent calculated as the higher of the base rent or the percentage rent based on sales. These variable lease payments are linked to sales amounts and are common in lease agreements with variable lease payments in the industry to which the consolidated company belongs. As these variable lease payments do not meet the definition of lease payments, they are not included in the measurement of assets and liabilities. If the percentage rent exceeds the base rent, the consolidated company expects that for every increase of NT$100 thousand in sales, there will be an additional NT$25 thousand in rental expenses.

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4. Others Lease Information

Leases overheads of short-term and low-value assets Expenses relating to variable lease payments not included in the measurement of lease liabilities Total cash outflow for lease		July 1 to September 30, 2025 $ 4,727 $ 8,810 $ 166,196		July 1 to September 30, 2024 $ 4,473 $ 11,156 $ 168,410		January 1 to September 30, 2025		January 1 to September 30, 2024
						$ 15,417 $ 29,169 $ 502,980		$ 13,143 $ 33,371 $ 498,147

The consolidated company has elected to apply the recognition exemption for short-term leases and leases of low-value assets, and does not recognize the related right-of-use assets and lease liabilities for such leases.

(2) The consolidated company as lessor

The future lease payments to be received under operating leases are as follows:

1st year 2nd Year 3rd Year 4th Year 5th Year Over 5 years	September 30, 2025 $ 545,731 474,040 358,327 245,534 127,962 276,766 $ 2,028,360		December 31, 2024 $ 516,640 439,093 392,707 287,707 185,899 325,702 $ 2,147,748	September 30, 2024	September 30, 2024
					$ 488,063 425,424 378,857 287,571 198,107 471,992 $ 2,250,014

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14. Investment properties

Cost Balance on January 1, 2024 Addition Transfer Disposal Balance on September 30, 2024 Accumulated Depreciation and Impairment Balance on January 1, 2024 Depreciation Disposal Balance on September 30, 2024 Net amount as of September 30, 2024 Cost Balance as of January 1, 2025 Addition Disposal Transfers and reclassifications Balance on September 30, 2025 Accumulated Depreciation and Impairment Balance as of January 1, 2025 Depreciation Disposal Transfers and reclassifications Balance on September 30, 2025 Net amount as of January 1, 2025 Net amount as of September 30, 2025		Land		Buildings	Right-Of-Use Asset	Investment properties under construction	Investment properties under construction	Total
	(	$ 5,833,014 1,844,013 - - $ 7,677,027 $ - - - $ - $ 7,677,027 $ 7,206,310 - - 78,482) $ 7,127,828 $ - - - - $ - $ 7,206,310 $ 7,127,828	$ 4,905,607 1,448,024 - - $ 6,353,631 $ 2,513,961 144,602 - $ 2,658,563 $ 3,695,068 $ 6,060,801 - ( 1,487 ) 101,487 $ 6,160,801 $ 2,299,261 167,782 ( 803 ) ( 5,757) $ 2,460,483 $ 3,761,540 $ 3,700,318		$ 1,068,040 348,381 ( 62,785 ) ( 51,130) $ 1,302,506 $ 137,560 71,093 ( 25,565) $ 183,088 $ 1,119,418 $ 1,344,292 - - - $ 1,344,292 $ 205,516 73,265 - - $ 278,781 $ 1,138,776 $ 1,065,511		$ - - - - $ - $ - - - $ - $ - $ 485,056 36,538 - - $ 521,594 $ - - - - $ - $ 485,056 $ 521,594	$11,806,661 3,640,418 ( 62,785 ) ( 51,130) $15,333,164 $ 2,651,521 215,695 ( 25,565) $ 2,841,651 $12,491,513 $15,096,459 36,538 ( 1,487 ) 23,005 $15,154,515 $ 2,504,777 241,047 ( 803 ) ( 5,757) $ 2,739,264 $12,591,682 $12,415,251

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Investment property is depreciated on a straight-line basis based on the following durable years:

rable years:
Buildings
Main building	2 to 50 years
Elevator equipment	4 to 15 years
Air conditioning system	4 to 15 years
Right-Of-Use Asset	2 to 20 years

The right-of-use assets for investment properties held by the consolidated company refer to the operating premises leased from various locations in Taiwan and subleased under operating leases. The lessee does not have a favorable purchase option for the investment property at the end of the lease term.

The investment properties held by the Consolidated Company are not measured at fair value but information about their fair value is only disclosed. The fair values of the investment properties held by the consolidated company as of September 30, 2025, December 31, 2024, and September 30, 2024 were NT$23,119,897 thousand, NT$23,393,563 thousand, and NT$23,476,259 thousand, respectively.

The aforementioned fair values were evaluated by appointed independent external appraisers and internal appraisals, using the comparison method and the most recent actual transaction prices, as well as the market transaction prices of similar properties in the neighboring areas of the relevant assets.

The fair value of right-of-use assets is evaluated by deducting all expected payments from the expected rental income, and then adding the recognized lease liabilities.

For investment properties pledged as collateral for borrowings, please refer to Note 26.

15. Other Non-current Assets

Other Non-current Assets
Refundable deposits Other financial assets Building Land Prepayments for business facilities Other Non-Current Assets, Others	September 30, 2025 $ 740,912 31,900 18,425 11,539 81,659 $ 884,435		December 31, 2024 $ 832,832 96,400 18,425 160,879 75,731 $ 1,184,267	September 30, 2024
					$ 838,832 52,200 18,425 281,050 58,368 $ 1,248,875

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The Consolidated Company acquired farmland located at Lot No. 137-2 of Beishizi Section, Houcu Section, Sanzhi District, New Taipei City for investment and development purposes. However, due to legal restrictions, the ownership transfer registration could not be completed. Therefore, the Consolidated Company signed a title trust agreement with other parties, stipulating that they would assist in handling land conversion matters as requested by the Consolidated Company in the future without compensation. A first-priority mortgage with sufficient coverage has been established in favor of the Consolidated Company. As of September 30, 2025, December 31, 2024, and September 30, 2024, the amount of land registered under other parties' names was valued at NT$18,425 thousand.

16. Loans

(1) Short-Term loans

ans Short-Term loans
Bank credit loans Bank secured loans Other secured loans Annual interest rate		September 30, 2025 $ 13,855,000 2,550,000 100,000 $ 16,505,000 1.84%～2.70%		December 31, 2024 $ 12,716,400 500,000 - $ 13,216,400 1.85%～2.50%		September 30, 2024
						$ 12,624,000 2,300,000 - $ 14,924,000 1.76%～2.43%

The above bank secured borrowings and other secured borrowings are secured by inventories and investment properties, please refer to Note 26.

(2) Short-Term Notes and Bills Payable

Short-term notes and bills payable Less: Payable discount on short-term notes and bills Annual interest rate		September 30, 2025 $ 555,000 380) $ 554,620 1.92%～2.17%		December 31, 2024 $ 839,000 461) $ 838,539 1.99%～2.28%		September 30, 2024
	(		(		(	$ 785,000 630) $ 784,370 1.92%～2.28%

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(3) Long-Term Loans

Bank credit loans Bank secured loans Long-term notes and bills payable Less: Listed as part of expiring within 1 year Annual interest rate Bank credit loans Bank secured loans Long-term notes and bills payable		September 30, 2025 $ 9,319,640 6,320,000 3,928,683 5,610,644) $ 13,957,679 1.97%～2.74% 2.45%～2.74% 2.34%～2.51%		December 31, 2024 $ 13,310,550 6,220,000 3,192,548 10,347,531) $ 12,375,567 1.81%～2.68% 2.38%～2.74% 2.38%～2.62%		September 30, 2024
	(		(		(	$ 14,384,550 6,820,000 3,182,638 12,662,000) $ 11,725,188 1.81%～2.68% 2.30%～2.74% 2.36%～2.62%

The aforementioned bank guaranteed loans are secured by inventories investment properties, please refer to Note 26.

17. Benefit Plan After Retirement

The retirement pension expenses recognized for the defined benefit plans for the three months ended September 30, 2025 and 2024, and the nine months ended September 30, 2025 and 2024 were calculated based on the retirement pension cost rates determined by actuarial valuations as of December 31, 2024 and 2023, amounting to NT$2,292 thousand, NT$2,737 thousand, NT$6,761 thousand and NT$8,168 thousand, respectively.

18. Equity

(1) Capital – Common Stock

uity Capital – Common Stock
Number of shares authorized (in thousands) Authorized capital (par value of $10 per share) Issued shares (thousand shares) Share capital issued		September 30, 2025 2,000,000 $ 20,000,000 1,159,561 $ 11,595,611		December 31, 2024 2,000,000 $ 20,000,000 1,159,561 $ 11,595,611		September 30, 2024
						2,000,000 $ 20,000,000 1,159,561 $ 11,595,611

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(2) Capital surplus

Capital surplus
Used to make up for losses, distribute cash or transfer to capital stock(1) Difference between the actual acquisition or disposal price of a subsidiary's equity and the book value Transaction of treasury stock Only used to offset losses Recognition of changes in ownership interests in associates Unclaimed dividends past the due date		September 30, 2025 $ 262 10,407 109,815 50,655 $ 171,139		December 31, 2024 $ 262 10,407 126,161 46,050 $ 182,880		September 30, 2024
						$ 262 10,407 90,359 46,461 $ 147,489

This type of capital reserve can be used to cover losses, and when the Company has no losses, it can also be used to distribute cash or be transferred to capital. However, the annual transfer to capital is limited to a certain percentage of the paid-in capital.

(3) Retained Earnings and Dividend Policy

According to the Earning Distribution Policy of the Company's Articles of Incorporation before the amendment, if the Company has a net profit for the current year, it shall first use the profit to pay income taxes and make up for any accumulated losses, and then set aside 10% as a legal capital reserve, and the rest shall be set aside or reversed as special surplus reserve according to the law.

The Company's policies on the distribution of employee and director compensation are set forth in Note 20(6) Compensation to directors and employees.

The Company is diversifying its investments to increase profitability in response to changes in the economic and market environment. Considering long-term financial planning and future capital requirements, the dividend policy follows a residual dividend policy to pursue steady growth and sustainable operations. In accordance with the Company's operational planning, capital investment

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requirements, and consideration of shareholders' needs for cash inflows, and to avoid excessive expansion of share capital, dividend distribution shall prioritize cash dividends, but may also be distributed in the form of stock dividends, provided that the total dividend distribution shall not be less than 20% of the current year's earnings, and the cash dividends distributed shall not be less than 50% of the total dividend distribution.

The Company shall set aside a legal reserve until it equals the Company's paid-in capital. The legal reserve may be used to make up for losses. When the Company has no loss, the portion of the legal reserve exceeding 25% of the total paid-in capital may be appropriated in the form of cash, in addition to being transferred to share capital.

In accordance with legal regulations, when allocating surplus, the Company must provide a special surplus reserve from the net deduction of other equity items. When the amount of deduction from other equity items decreases subsequently, the decreased amount can be reversed from the special surplus reserve to unappropriated earnings.

The Company's appropriation of earnings for 2024 and 2023 is as follows:

Provision for legal surplus reserve Cash dividends Cash dividend per share (NT$)		2024 $ 173,866 $ 1,159,561 $ 1.0		2023
				$ 202,049 $ 1,159,561 $ 1.0

The aforementioned surplus distribution items were resolved for distribution at the Annual General Meetings held on June 13, 2025 and June 14, 2024, respectively.

For information regarding the resolutions of the Company's shareholders' meetings, please refer to the "Market Observation Post System" of the Taiwan Stock Exchange.

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(4) Other Equity Items

Balance on January 1, 2024 Unrealized gains or losses on equity instruments investments Share of joint ventures and associates accounted for using equity method Balance on September 30, 2024 Balance as of January 1, 2025 Unrealized gains or losses on equity instruments investments Share of joint ventures and associates accounted for using equity method Balance on September 30, 2025	d t	Exchange ifferences on ranslation of foreign financial statements $ 513 - 359 $ 872 $ 906 - 353 $ 1,259	Unrealized valuation gains and losses on financial assets at fair value through other comprehensive income $ 430,854 1,341,315 6,815 $ 1,778,984 $ 1,724,609 ( 249,547 ) 1,507 $ 1,476,569	R	emeasurement of defined benefitplans $ 258 - - $ 258 $ 20,570 - - $ 20,570		Gains and losses on hedging instruments $ - - - $ - $ 40 ) - - $ 40)	i	Revaluation ncrement of property
			(			( (		(	$ 3,706 - 3,706) $ - $ - - - $ -

(5) Non-controlling Interests

Beginning balance Net income attributable to non-controlling interests Current net loss Cash capital increase by subsidiaries Cash dividends paid by subsidiaries Repurchase of subsidiary's preferred shares Ending balance	January 1 to September 30, 2025 $ 2,243,824 ( 34,548 ) - ( 82,960 ) ( 6,000) $ 2,120,316	January 1 to September 30, 2024	January 1 to September 30, 2024
	( ( (	( (	$ 2,222,905 74,768 ) 122,500 58,061 ) - $ 2,212,576

19. Operating Revenue

Operating Revenue
Revenue from contracts with customers Property sales revenue Construction contract revenue Service revenue Other operating revenue Rental income	July 1 to September 30, 2025 $ 1,021,641 1,743,602 1,179,586 70,503 4,015,332 168,543 $ 4,183,875	July 1 to September 30, 2024 $ 256,384 1,435,828 1,169,192 72,920 2,934,324 154,501 $ 3,088,825	January 1 to September 30, 2025 $ 7,203,351 4,105,687 3,552,803 198,703 15,060,544 496,592 $15,557,136	January 1 to September 30, 2024
					$ 6,123,432 4,444,352 3,327,855 176,413 14,072,052 414,586 $14,486,638

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(1) Disaggregation of Revenue from Contracts With Customers

July 1 to September 30, 2025

Type of goods or services Property sales revenue Construction contract revenue Service revenue Rental income Other revenue Revenue Recognition Performance obligations satisfied at a point in time Performance obligations satisfied over time		Reportable Department Property and real estate investment development department Construction department Other departments $ 1,021,641 $ - $ - - 1,743,602 - - - 1,179,586 114,468 - 54,075 - - 70,503 $ 1,136,109 $ 1,743,602 $ 1,304,164 $ 1,021,641 $ - $ 1,250,089 114,468 1,743,602 54,075 $ 1,136,109 $ 1,743,602 $ 1,304,164	Reportable Department Property and real estate investment development department Construction department Other departments $ 1,021,641 $ - $ - - 1,743,602 - - - 1,179,586 114,468 - 54,075 - - 70,503 $ 1,136,109 $ 1,743,602 $ 1,304,164 $ 1,021,641 $ - $ 1,250,089 114,468 1,743,602 54,075 $ 1,136,109 $ 1,743,602 $ 1,304,164	Reportable Department Property and real estate investment development department Construction department Other departments $ 1,021,641 $ - $ - - 1,743,602 - - - 1,179,586 114,468 - 54,075 - - 70,503 $ 1,136,109 $ 1,743,602 $ 1,304,164 $ 1,021,641 $ - $ 1,250,089 114,468 1,743,602 54,075 $ 1,136,109 $ 1,743,602 $ 1,304,164	Reportable Department Property and real estate investment development department Construction department Other departments $ 1,021,641 $ - $ - - 1,743,602 - - - 1,179,586 114,468 - 54,075 - - 70,503 $ 1,136,109 $ 1,743,602 $ 1,304,164 $ 1,021,641 $ - $ 1,250,089 114,468 1,743,602 54,075 $ 1,136,109 $ 1,743,602 $ 1,304,164		Total
		Property and real estate investment development department $ 1,021,641 - - 114,468 - $ 1,136,109 $ 1,021,641 114,468 $ 1,136,109		Construction department $ - 1,743,602 - - - $ 1,743,602 $ - 1,743,602 $ 1,743,602
							$ 1,021,641 1,743,602 1,179,586 168,543 70,503 $ 4,183,875 $ 2,271,730 1,912,145 $ 4,183,875

July 1 to September 30, 2024

Type of goods or services Property sales revenue Construction contract revenue Service revenue Rental income Other revenue Revenue Recognition Performance obligations satisfied at a point in time Performance obligations satisfied over time		Reportable Department Property and real estate investment development department Construction department Other departments $ 256,384 $ - $ - - 1,435,828 - - - 1,169,192 102,901 - 51,600 - - 72,920 $ 359,285 $ 1,435,828 $ 1,293,712 $ 256,384 $ - $ 1,242,112 102,901 1,435,828 51,600 $ 359,285 $ 1,435,828 $ 1,293,712	Reportable Department Property and real estate investment development department Construction department Other departments $ 256,384 $ - $ - - 1,435,828 - - - 1,169,192 102,901 - 51,600 - - 72,920 $ 359,285 $ 1,435,828 $ 1,293,712 $ 256,384 $ - $ 1,242,112 102,901 1,435,828 51,600 $ 359,285 $ 1,435,828 $ 1,293,712	Reportable Department Property and real estate investment development department Construction department Other departments $ 256,384 $ - $ - - 1,435,828 - - - 1,169,192 102,901 - 51,600 - - 72,920 $ 359,285 $ 1,435,828 $ 1,293,712 $ 256,384 $ - $ 1,242,112 102,901 1,435,828 51,600 $ 359,285 $ 1,435,828 $ 1,293,712	Reportable Department Property and real estate investment development department Construction department Other departments $ 256,384 $ - $ - - 1,435,828 - - - 1,169,192 102,901 - 51,600 - - 72,920 $ 359,285 $ 1,435,828 $ 1,293,712 $ 256,384 $ - $ 1,242,112 102,901 1,435,828 51,600 $ 359,285 $ 1,435,828 $ 1,293,712		Total
		Property and real estate investment development department $ 256,384 - - 102,901 - $ 359,285 $ 256,384 102,901 $ 359,285		Construction department $ - 1,435,828 - - - $ 1,435,828 $ - 1,435,828 $ 1,435,828
							$ 256,384 1,435,828 1,169,192 154,501 72,920 $ 3,088,825 $ 1,498,496 1,590,329 $ 3,088,825

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January 1 to September 30, 2025

Type of goods or services Property sales revenue Construction contract revenue Service revenue Rental income Other revenue Revenue Recognition Performance obligations satisfied at a point in time Performance obligations satisfied over time		Reportable Department Property and real estate investment development department Construction department Other departments $ 7,203,351 $ - $ - - 4,105,687 - - - 3,552,803 338,177 - 158,415 - - 198,703 $ 7,541,528 $ 4,105,687 $ 3,909,921 $ 7,203,351 $ - $ 3,751,506 338,177 4,105,687 158,415 $ 7,541,528 $ 4,105,687 $ 3,909,921	Reportable Department Property and real estate investment development department Construction department Other departments $ 7,203,351 $ - $ - - 4,105,687 - - - 3,552,803 338,177 - 158,415 - - 198,703 $ 7,541,528 $ 4,105,687 $ 3,909,921 $ 7,203,351 $ - $ 3,751,506 338,177 4,105,687 158,415 $ 7,541,528 $ 4,105,687 $ 3,909,921	Reportable Department Property and real estate investment development department Construction department Other departments $ 7,203,351 $ - $ - - 4,105,687 - - - 3,552,803 338,177 - 158,415 - - 198,703 $ 7,541,528 $ 4,105,687 $ 3,909,921 $ 7,203,351 $ - $ 3,751,506 338,177 4,105,687 158,415 $ 7,541,528 $ 4,105,687 $ 3,909,921	Reportable Department Property and real estate investment development department Construction department Other departments $ 7,203,351 $ - $ - - 4,105,687 - - - 3,552,803 338,177 - 158,415 - - 198,703 $ 7,541,528 $ 4,105,687 $ 3,909,921 $ 7,203,351 $ - $ 3,751,506 338,177 4,105,687 158,415 $ 7,541,528 $ 4,105,687 $ 3,909,921		Total
		Property and real estate investment development department $ 7,203,351 - - 338,177 - $ 7,541,528 $ 7,203,351 338,177 $ 7,541,528		Construction department $ - 4,105,687 - - - $ 4,105,687 $ - 4,105,687 $ 4,105,687
							$ 7,203,351 4,105,687 3,552,803 496,592 198,703 $ 15,557,136 $ 10,954,857 4,602,279 $ 15,557,136

January 1 to September 30, 2024

Type of goods or services Property sales revenue Construction contract revenue Service revenue Rental income Other revenue Revenue Recognition Performance obligations satisfied at a point in time Performance obligations satisfied over time		Reportable Department Property and real estate investment development department Construction department Other departments $ 6,123,432 $ - $ - - 4,444,352 - - - 3,327,855 258,978 - 155,608 - - 176,413 $ 6,382,410 $ 4,444,352 $ 3,659,876 $ 6,123,432 $ - $ 3,504,268 258,978 4,444,352 155,608 $ 6,382,410 $ 4,444,352 $ 3,659,876	Reportable Department Property and real estate investment development department Construction department Other departments $ 6,123,432 $ - $ - - 4,444,352 - - - 3,327,855 258,978 - 155,608 - - 176,413 $ 6,382,410 $ 4,444,352 $ 3,659,876 $ 6,123,432 $ - $ 3,504,268 258,978 4,444,352 155,608 $ 6,382,410 $ 4,444,352 $ 3,659,876	Reportable Department Property and real estate investment development department Construction department Other departments $ 6,123,432 $ - $ - - 4,444,352 - - - 3,327,855 258,978 - 155,608 - - 176,413 $ 6,382,410 $ 4,444,352 $ 3,659,876 $ 6,123,432 $ - $ 3,504,268 258,978 4,444,352 155,608 $ 6,382,410 $ 4,444,352 $ 3,659,876	Reportable Department Property and real estate investment development department Construction department Other departments $ 6,123,432 $ - $ - - 4,444,352 - - - 3,327,855 258,978 - 155,608 - - 176,413 $ 6,382,410 $ 4,444,352 $ 3,659,876 $ 6,123,432 $ - $ 3,504,268 258,978 4,444,352 155,608 $ 6,382,410 $ 4,444,352 $ 3,659,876		Total
		Property and real estate investment development department $ 6,123,432 - - 258,978 - $ 6,382,410 $ 6,123,432 258,978 $ 6,382,410		Construction department $ - 4,444,352 - - - $ 4,444,352 $ - 4,444,352 $ 4,444,352
							$ 6,123,432 4,444,352 3,327,855 414,586 176,413 $ 14,486,638 $ 9,627,700 4,858,938 $ 14,486,638

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(2) Contract Balance

Contract Balance
Notes and accounts receivable (including related parties) (Note 8) Contract asset Construction contract Contract liabilities Sale of property Construction contract Rendering of services		September 30, 2025 $ 1,598,766 $ 84,741 $ 13,118,149 421,441 114,540 $ 13,654,130		December 31, 2024 $ 1,052,287 $ 22,249 $ 11,781,685 555,408 136,742 $ 12,473,835		September 30, 2024
						$ 786,874 $ 15,851 $ 11,016,256 547,444 110,538 $ 11,674,238

1. Contract Asset

The contract costs incurred plus recognized profits (less recognized losses) for construction contracts in progress undertaken by the consolidated companies and the progress billings as of the balance sheet date are as follows:

follows:
Incurred contract costs and recognized profits (less recognized losses) Less: Progress billing amounts Net contract assets (liabilities) in progress Presented on the balance sheet information: Contract assets - Construction contracts Contract liabilities – Construction contracts Net amount		September 30, 2025 $ 12,321,655 12,658,355) $ 336,700) $ 84,741 421,441) $ 336,700)		December 31, 2024 $ 8,237,773 8,770,932) $ 533,159) $ 22,249 555,408) $ 533,159)		September 30, 2024
	( ( ( (		( ( ( (		( ( ( (	$ 7,031,382 7,562,975) $ 531,593) $ 15,851 547,444) $ 531,593)

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Explanation of major changes in contract assets balances of the consolidated company from January 1 to September 30, 2025 and 2024:

Beginning balance reclassified to accounts receivable this period Change in measurement of percentage of completion	January 1 to September 30, 2025 ($ 16,271) $ 78,762	January 1 to September 30, 2024	January 1 to September 30, 2024
	(	(	$ 170,547) $ 14,975

2. Contract Liabilities

Explanation of major changes in contract liabilities balances of the consolidated company from January 1 to September 30, 2025 and 2024:

Beginning balance reclassified to revenue this period Increase in advance receipts for current period	January 1 to September 30, 2025 ($ 2,420,679) $ 3,600,974	January 1 to September 30, 2024	January 1 to September 30, 2024
	(	(	$ 1,214,036) $ 5,292,119

(3) Transaction Price Allocated to Remaining Performance Obligations

As of September 30, 2025, the consolidated company has an aggregate transaction price of NT$17,988,505 thousand allocated to remaining performance obligations. The consolidated company will recognize revenue progressively as the construction projects are completed. These construction projects are expected to be completed between 2025 and 2030.

(4) Contract Cost-Related Assets

Incremental Costs of Obtaining Contract

Property sales	September 30, 2025 $ 2,032,915		December 31, 2024 $ 1,880,371	September 30, 2024	September 30, 2024
					$ 1,694,437

The amortization amounts of incremental costs from obtaining contracts recognized during the reporting period for the consolidated company were NT$218,962 thousand and NT$125,731 thousand for the nine months ended September 30, 2025 and 2024, respectively.

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20. Net Profit for the Period

(1) Interest Income

July 1 to September 30, 2025 Bank deposits $ 5,247 Other interest income 4,581 $ 9,828 Other gains and losses July 1 to September 30, 2025 Loss on disposal of real estate, plant and equipment ( $ 63,680 ) Gain (loss) on disposal of investment properties 358 Disposal loss of intangible assets ( 1,929 ) Gain on disposal of right-of-use assets 11,668 Net foreign currency exchange (loss) gain ( 432 ) Others ( 7,057) ($ 61,072) Finance Costs July 1 to September 30, 2025 Interest on bank loan $ 230,684 Interest on lease liabilities 38,681 Less: Amounts included in the qualifying assets costs ( 150,490) $ 118,875 Interest capitalization rate 1.99%～3.10%	July 1 to September 30, 2024 $ 1,954 3,340 $ 5,294 July 1 to September 30, 2024 ( $ 11,695 ) - - - 76 ( 7,298) ($ 18,917) July 1 to September 30, 2024 $ 214,313 40,539 ( 140,553) $ 114,299 1.81%～2.74%	January 1 to September 30, 2025 $ 23,251 15,518 $ 38,769 January 1 to September 30, 2025 ( $ 92,809 ) ( 684 ) ( 3,910 ) 11,668 661 ( 12,655) ($ 97,729) January 1 to September 30, 2025 $ 630,948 117,636 ( 387,730) $ 360,854 1.86%～3.10%	January 1 to September 30, 2024
			$ 16,652 12,400 $ 29,052 January 1 to September 30, 2024
			( $ 9,160 ) - - - ( 421 ) ( 17,026) ($ 26,607) January 1 to September 30, 2024
			$ 588,394 123,193 ( 354,779) $ 356,808 1.81%～2.74%

(2) Other gains and losses

(3) Finance Costs

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(4) Depreciation and amortization

Real estate, plant, and equipment Investment properties Right-Of-Use Asset Intangible assets Depreciation expenses by function Operating Costs Operating expenses Amortization expenses by function Operating Costs Operating expenses	July 1 to September 30, 2025 $ 96,891 80,371 100,674 5,756 $ 283,692 $ 198,035 79,901 $ 277,936 $ 2,857 2,899 $ 5,756	July 1 to September 30, 2024 $ 97,616 69,467 101,732 4,522 $ 273,337 $ 186,322 82,493 $ 268,815 $ 2,363 2,159 $ 4,522	January 1 to September 30, 2025 $ 297,861 241,047 303,220 17,208 $ 859,336 $ 595,495 246,633 $ 842,128 $ 8,600 8,608 $ 17,208	January 1 to September 30, 2024	January 1 to September 30, 2024
					$ 301,284 215,695 301,333 13,846 $ 832,158 $ 569,613 248,699 $ 818,312 $ 6,936 6,910 $ 13,846

(5) Employee Benefit Expenses

Short-term employee benefits Salary Labor and health insurance Retirement benefits Defined contribution plans Defined benefit plans (Note 17) Other employee benefits Total employee benefits By function Operating Costs Operating expenses	July 1 to September 30, 2025 $ 471,154 43,916 515,070 20,560 2,292 22,852 27,926 $ 565,848 $ 388,972 176,876 $ 565,848	July 1 to September 30, 2024 $ 450,972 41,481 492,453 19,564 2,737 22,301 24,398 $ 539,152 $ 363,196 175,956 $ 539,152	January 1 to September 30, 2025 $ 1,387,506 136,035 1,523,541 58,887 6,761 65,648 85,519 $ 1,674,708 $ 1,141,839 532,869 $ 1,674,708	January 1 to September 30, 2024	January 1 to September 30, 2024
					$ 1,280,065 125,411 1,405,476 53,634 8,168 61,802 68,438 $ 1,535,716 $ 1,026,667 509,049 $ 1,535,716

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(6) Compensation to Directors and Employees

The Company's Articles of Incorporation stipulate that if there is profit for the year, 0.1% to 1% should be appropriated as employee compensation, and no more than 1% as director compensation. However, if there are accumulated losses, an amount should be reserved in advance for making up the losses. The aforementioned employee compensation may be distributed in the form of shares or cash, which should be approved by a resolution of the Board of Directors with two-thirds or more of the directors present and a majority of the attending directors voting in favor, and reported to the shareholders' meeting.

In accordance with FSC Document No. 1130385442 and Article 14, Paragraph 6 of the Securities and Exchange Act, the shareholders' meeting resolved on June 13, 2025 to amend the company's Articles of Incorporation, stipulating that no less than 50% of employee compensation should be distributed to entry-level employees, with the remaining portion to be distributed to non-entry-level employees.

The estimated employee compensation (including rank-and-file employee compensation) and director compensation for the three months ended September 30, 2025 and 2024, and the nine months ended September 30, 2025 and 2024, respectively, are as follows:

Employee Compensation Director Remuneration	July 1 to September 30, 2025	July 1 to September 30, 2025	July 1 to September 30, 2024 $ 61 $ 600	January 1 to September 30, 2025 $ 2,352 $ 1,800	January 1 to September 30, 2024	January 1 to September 30, 2024
		$ 594 $ 600				$ 1,117 $ 1,800

The employee compensation and directors' compensation for the years 2024 and 2023 were resolved to be distributed in cash amounts as follows by the Board of Directors on March 12, 2025 and March 14, 2024, respectively:

Employee Compensation Director Remuneration	2024 $ 1,976 2,400	2023
		$ 2,245 2,400

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If there is still any change in the amount after the annual consolidated financial statements are authorized for issue, the differences shall be treated as a change in accounting estimates in the following year.

The amounts of employee compensation distributed for 2024 and 2023 and those recognized in the consolidated financial statements for 2024 and 2023 are consistent.

For information about the employee and director remuneration resolved by the Company's Board of Directors, please refer to the Market Observation Post System of the Taiwan Stock Exchange.

21. Income Tax

(1) Income Tax Recognized in Profit or Loss

Current income tax Current amount generated Surtax on undistributed earnings Land Value Increment Tax Adjustments for prior years Deferred Income Tax Current amount generated Adjustments for prior years Income Tax Expense Recognized in Profit or Loss	July 1 to September 30, 2025 $ 122,255 1,126 173 - 123,554 ( 10,137 ) - $ 113,417	July 1 to September 30, 2024 $ 24,212 - 785 - 24,997 ( 7,984 ) - $ 17,013	January 1 to September 30, 2025 $ 347,705 21,387 44,935 ( 43,025) 371,002 14,105 - $ 385,107	January 1 to September 30, 2024	January 1 to September 30, 2024
	(	(	(	(	$ 208,535 35,241 1,231 8,685) 236,322 4,842 254 $ 241,418

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(2) Income Tax Assessment Status of the Company and its Subsidiaries

The Company
San Ching Engineering Co., Ltd.
Cathay Real Estate Management Co., Ltd.
Cathay Healthcare Management Co., Ltd.
Cathay Hospitality Management Co., Ltd.
Cathay Hospitality Consulting Co., Ltd.
Cathay Food & Beverage Group Co., Ltd.
Lin Yuan Property Management Co., Ltd.
Jinhua Realty Co., Ltd.
Bannan Realty Co., Ltd.
Sanchong Realty Co., Ltd.
Zhulun Realty Co., Ltd.
Cymbal Medical Network Co., Ltd.
Cymlin Co., Ltd.

Income Tax Return Assessment Status

Assessed up to 2022
Assessed up to 2023
Assessed up to 2023
Assessed up to 2023
Assessed up to 2023
Assessed up to 2022
Assessed up to 2022
Assessed up to 2023
Assessed up to 2023
Assessed up to 2023
Assessed up to 2023
Assessed up to 2023
Assessed up to 2023
Assessed up to 2023

The Company has filed a reconsideration application for the approved assessment of 2022, and the reconsideration process is currently in progress.

22. Earnings per Share

The net profit and the weighted average number of common shares used to calculate earnings per share are as follows:

Net profit for the period Net profit attributable to owners of parent company Number of shares (in thousands) Weighted Average Number of Common Shares Used to Calculate Basic Earnings Per Share Effect of potentially dilutive common shares: Employee Compensation Weighted average number of common shares used for calculation of diluted earnings per share Earnings per share（NT$） Basic Earnings Per Share Diluted earnings per share	July 1 to September 30, 2025 $ 609,526 1,159,561 101 1,159,662 $ 0.53 $ 0.53	July 1 to September 30, 2024 $ 80,323 1,159,561 44 1,159,605 $ 0.07 $ 0.07	January 1 to September 30, 2025 $ 2,212,931 1,159,561 122 1,159,683 $ 1.91 $ 1.91	January 1 to September 30, 2024	January 1 to September 30, 2024
					$ 971,028 1,159,561 76 1,159,637 $ 0.84 $ 0.84

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If the consolidated company chooses to offer employee compensation or share profits in the form of cash or stock, while calculating diluted earnings per share, and assuming that the compensation is paid in the form of stock, the dilutive potential common shares will be included in the weighted average number of outstanding shares to calculate diluted earnings per share. When calculating diluted earnings per share before the resolution on the number of shares to be distributed as employee remuneration in the following year, the dilutive effect of these potential common shares continues to be considered.

23. Capital Risk Management

The capital structure of the consolidated company consists of the borrowings and equity (including share capital, capital surplus, retained earnings, and other equity items) of the consolidated company.

The consolidated company's main management regularly reviews the Group's capital structure, which includes considering the cost of various types of capital and related risks, and balancing the overall capital structure by issuing new debts, repaying old debts, paying dividends, returning capital, or issuing new shares.

24. Financial Instruments

(1) Fair value information - Financial instruments not measured at fair value

For financial assets and liabilities not measured at fair value, the Consolidated Company's main management believes that the carrying amounts and fair values are not materially different.

(2) Information on Fair Value – Financial Instruments Measured at Fair Value on a Recurring Basis
Fair Value Level

September 30, 2025

curring Basis Fair Value Level September 30, 2025
Financial Assets at Fair Value through Other Comprehensive Income Listed companies' shares Non-listed companies' shares Total	Level 1	Level 2	Level 3	Total
	$3,878,149 - $3,878,149	$ - - $ -	$ - 408,342 $ 408,342	$3,878,149 408,342 $4,286,491

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December 31, 2024

December 31, 2024
Financial Assets at Fair Value through Other Comprehensive Income Listed companies' shares Non-listed companies' shares Total	Level 1	Level 2	Level 3	Total
	$4,037,768 - $4,037,768	$ - - $ -	$ - 498,270 $ 498,270	$4,037,768 498,270 $4,536,038

September 30, 2024

September 30, 2024
Financial Assets at Fair Value through Other Comprehensive Income Listed companies' shares Non-listed companies' shares Total	Level 1	Level 2	Level 3	Total
	$4,253,881 - $4,253,881	$ - - $ -	$ - 519,300 $ 519,300	$4,253,881 519,300 $4,773,181

There was no transfer between Level 1 and Level 2 fair value measurements

during January 1 to September 30, 2025 and 2024, respectively.

Reconciliation of financial instruments measured at fair value under Level 3

Financial Assets at Fair Value through Other Comprehensive Income

Equity instruments Beginning balance Recognized in other comprehensive income Ending balance	January 1 to September 30, 2025 $ 498,270 ( 89,928) $ 408,342	January 1 to September 30, 2024	January 1 to September 30, 2024
	(		$ 505,324 13,976 $ 519,300

Valuation Techniques and Inputs Used in Level 3 Fair Value Measurements

September 30, 2025

Class of Financial Instruments	Valuation Technique	Significant Unobservable Inputs	Quantitative Information	Relationship Between Unobservable Inputs and Fair Value	Sensitivity Analysis of the Relationship Between Unobservable Inputs and Fair Value
Financial Assets: Unlisted shares measured at fair value through other comprehensive income	Market approach Asset-based approach	Lack of marketability discount Lack of marketability discount	30%~50% 0%～30%	The higher the degree of lack of marketability, the lower the fair value estimate. The higher the degree of lack of marketability, the lower the fair value estimate.	If the percentage of lack of marketability increases/decreases by 10%, the consolidated equity will decrease/increase by NT$47,816 thousand. If the percentage of lack of marketability increases/decreases by 10%, the consolidated equity will decrease/increase by NT$7,710 thousand.

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December 31, 2024

Class of Financial Instruments	Valuation Technique	Significant Unobservable Inputs	Quantitative Information	Relationship Between Unobservable Inputs and Fair Value	Sensitivity Analysis of the Relationship Between Unobservable Inputs and Fair Value
Financial Assets: Unlisted shares measured at fair value through other comprehensive income	Market approach Asset-based approach	Lack of marketability discount Lack of marketability discount	30%～50% 0%～30%	The higher the degree of lack of marketability, the lower the fair value estimate. The higher the degree of lack of marketability, the lower the fair value estimate.	If the percentage of lack of marketability increases/decreases by 10%, the consolidated equity will decrease/increase by NT$60,259 thousand. If the percentage of lack of marketability increases/decreases by 10%, the consolidated equity will decrease/increase by NT$7,726 thousand.

September 30, 2024

Class of Financial Instruments	Valuation Technique	Significant Unobservable Inputs	Quantitative Information	Relationship Between Unobservable Inputs and Fair Value	Sensitivity Analysis of the Relationship Between Unobservable Inputs and Fair Value
Financial Assets: Unlisted shares measured at fair value through other comprehensive income	Market approach Asset-based approach	Lack of marketability discount Lack of marketability discount	30%～50% 0%～30%	The higher the degree of lack of marketability, the lower the fair value estimate. The higher the degree of lack of marketability, the lower the fair value estimate.	If the percentage of lack of marketability increases/decreases by 10%, the consolidated equity will decrease/increase by NT$62,980 thousand. If the percentage of lack of marketability increases/decreases by 10%, the consolidated equity will decrease/increase by NT$7,605 thousand.

(3) Category of Financial Instruments

Financial assets Measured at amortized cost (Note 1) Measured at fair value through other comprehensive income Financial liabilities Measured at amortized cost (Note 2)	September 30, 2025 $ 9,192,000 4,286,491 45,301,562	December 31, 2024 $ 8,957,048 4,536,038 45,860,242	September 30, 2024
			$ 9,110,507 4,773,181 48,300,039

Note 1: The balance includes financial assets measured at amortized cost such

as cash and cash equivalents, notes receivable, accounts receivable, accounts receivable - related parties, other receivables, financial assets measured at amortized cost - current and non-current (recorded under other current assets and other non-current assets), and

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refundable deposits (recorded under other current assets and other non-current assets).

Note 2: The balance includes financial liabilities measured at amortized cost such as short-term borrowings, short-term notes payable, notes payable, accounts payable, accounts payable - related parties, other payables, lease liabilities, current portion of long-term borrowings, long-term borrowings, and guarantee deposits received (recorded under other non-current liabilities).

(4) Financial Risk Management Objectives and Policies

The main objective of the consolidated company's financial risk management is to manage market risks (including foreign exchange risk, interest rate risk, and other price risks), credit risk, and liquidity risk related to operating activities. In accordance with group policies and risk preferences, the consolidated company identifies, measures, and manages the aforementioned risks.

The consolidated company has established appropriate policies, procedures, and internal controls for the aforementioned financial risk management in accordance with relevant regulations. Important financial activities must be reviewed by the Board of Directors and the Audit Committee in accordance with relevant regulations and internal control systems. During the execution of financial management activities, the consolidated company must strictly comply with the established financial risk management regulations.

1. Market Risk

(1) Foreign Exchange Risk

The consolidated company primarily engages in various business services within Taiwan, and the amount of foreign currency held is insignificant. Therefore, the risk arising from changes in foreign exchange rates is not significant for the consolidated company.

(2) Interest Rate Risk

Interest rate risk is the risk of fluctuations in the future cash flows of financial instruments due to changes in market interest rates. The

46 -

consolidated company's interest rate risk mainly arises from floating-rate borrowings.

The sensitivity analysis for interest rate risk is calculated based on financial assets and liabilities with floating interest rates as of the balance sheet date. When interest rates rise/fall by ten basis points, the Consolidated Company's pre-tax profit and loss for January 1 to September 30, 2025 and 2024 would decrease/increase by NT$23,715 thousand and NT$24,864 thousand, respectively.

(3) Other Price Risk

The consolidated company is exposed to price risks arising from investments in various domestic and foreign listed (OTC) and unlisted (OTC) company stocks. The consolidated company has established a real-time monitoring mechanism, so it is not expected to incur significant price risks.

Regarding the sensitivity analysis of the aforementioned investment price risk, it is calculated based on the financial assets measured at fair value on the balance sheet date. When market prices rise/fall by 5%, the Consolidated Company's other comprehensive income for January 1 to September 30, 2025 and 2024 would increase/decrease by NT$214,325 thousand and NT$238,659 thousand, respectively.

2. Credit Risk

Credit risk refers to risk that causes the financial loss of the Company due to a counterparty's failure to fulfill the contractual obligations. The consolidated company's credit risk arises from operating activities (mainly contract assets – receivables from construction, accounts receivable, and notes receivable) and financing activities (mainly bank deposits and various financial instruments).

Each unit of the consolidated company follows credit risk policies, procedures, and controls to manage credit risk. The credit risk assessment of all counterparties comprehensively considers factors such as the counterparty's financial condition, credit rating agency ratings, historical

47 -

transaction experience, current economic environment, and the consolidated company's internal rating standards. The consolidated company also uses certain credit enhancement instruments (such as advance receipts and insurance) at appropriate times to reduce the credit risk of specific counterparties.

As of September 30, 2025, December 31, and September 30, 2024, the receivables from the top ten customers of the consolidated company accounted for a very low percentage of the consolidated company's total receivables, and there was no concentration of credit risk for receivables.

The consolidated company's finance department manages the credit risk of bank deposits and other financial instruments in accordance with company policies. As the consolidated company's counterparties are determined by internal control procedures and are creditworthy banks, financial institutions, and companies with investment grades, there is no significant performance concern and no significant credit risk.

3. Liquidity Risk

The Consolidated Company maintains financial flexibility through cash and cash equivalents, highly liquid securities, bank loans, and corporate bond issuances. The following table summarizes the maturity profile of the Group's financial liabilities based on contractual undiscounted cash flows and the earliest date on which the Group can be required to pay, including contractual interests. For interest cash flows paid at floating rates, the undiscounted interest amounts are derived from the yield curve at the end of the reporting period.

The following table provides a detailed maturity analysis of the Consolidated Company's non-derivative financial liabilities based on the earliest date on which the consolidated company may be required to make payment, and is prepared using undiscounted cash flows of financial liabilities (including principal and estimated interest).

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September 30, 2025

Loans Payables Lease liabilities Guarantee deposits received		Less than 1 year		2-3 Years		4–5years	Over 5years	Over 5years		Total
		$ 23,514,437 3,206,557 450,414 47,047 $ 27,218,455		$ 10,506,718 - 899,208 22,780 $11,428,706		$ 3,057,126 - 883,585 43,199 $ 3,983,910		$ 994,196 - 3,095,495 25,334 $ 4,115,025		$ 38,072,477 3,206,557 5,328,702 138,360 $ 46,746,096

Further information relating to the maturity analysis of lease liabilities is as follows:

Less than 1 year Lease liabilities $ 450,414 December 31, 2024 Less than 1 year Loans $24,549,519 Payables 3,242,403 Lease liabilities 428,876 Guarantee deposits received 48,302 $ 28,269,100	Less than 1 year Lease liabilities $ 450,414 December 31, 2024 Less than 1 year Loans $24,549,519 Payables 3,242,403 Lease liabilities 428,876 Guarantee deposits received 48,302 $ 28,269,100	1-5 Years	5-10 Years	10-15 Years	ver 15year		Total
					$ 22,860		$5,328,702 Total
					5years
Loans Payables Lease liabilities Guarantee deposits received
	$24,549,519 3,242,403 428,876 48,302 $ 28,269,100	$ 10,539,916 - 869,480 18,559 $ 11,427,955	$ 1,752,497 - 878,254 38,269 $ 2,669,020	$ 506,700 - 3,529,409 28,653 $ 4,064,762		$37,348,632 3,242,403 5,706,019 133,783 $46,430,837

December 31, 2024

Further information relating to the maturity analysis of lease liabilities is as follows:

Less than 1 year Lease liabilities $ 428,876 September 30, 2024 Less than 1 year Loans $ 29,293,876 Payables 2,355,921 Lease liabilities 435,287 Guarantee deposits received 49,609 $ 32,134,693	Less than 1 year Lease liabilities $ 428,876 September 30, 2024 Less than 1 year Loans $ 29,293,876 Payables 2,355,921 Lease liabilities 435,287 Guarantee deposits received 49,609 $ 32,134,693	1-5 Years	5-10 Years	10-15 Years	ver 15year		Total
					$ 95,378		$5,706,019 Total
					5years
Loans Payables Lease liabilities Guarantee deposits received
	$ 29,293,876 2,355,921 435,287 49,609 $ 32,134,693	$ 9,501,962 - 845,472 18,216 $10,365,650	$ 2,238,359 - 866,931 24,747 $ 3,130,037	$ 510,031 - 3,575,168 33,130 $ 4,118,329		$ 41,544,228 2,355,921 5,722,858 125,702 $49,748,709

September 30, 2024

Further information relating to the maturity analysis of lease liabilities is as follows:

follows:
Lease liabilities		Less than 1 year $ 435,287		1-5 Years		5-10 Years		10-15 Years	O	ver 15years		Total
				$1,712,403		$1,916,430		$1,535,471		$ 123,267		$5,722,858

As of September 30, 2025, December 31, 2024 and September 30, 2024, the unused bank credit facilities of the consolidated company were NT$44,106,410 thousand, NT$45,424,195 thousand and NT$40,575,086 thousand, respectively.

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25. Related Party Transactions

Transactions, account balances, revenues and expenses between the Company and its subsidiaries (related parties to the Company) are fully eliminated upon consolidation and therefore not disclosed in these notes. The significant transactions between the consolidated company and other related parties are as follows.

(1) Names and Relations of Related Parties

Related Party Symphox Information Co., Ltd. (Symphox Information) Xiangyang Realty Co., Ltd. (Xiangyang Realty) Cathay United Bank Co., Ltd. (Cathay United Bank) Cathay Life Insurance Co., Ltd. (Cathay Life Insurance) Cathay Financial Holdings Co., Ltd. (Cathay Financial Holdings) Cathay General Hospital (Cathay Hospital) Cathay Century Insurance Co., Ltd. (Cathay Century Insurance) Lin Yuan Investment Co., Ltd. (Lin Yuan Investment) Seaward Card Co., Ltd. (Seaward Card) Zhensheng Industrial Co., Ltd. (Zhensheng Industrial) Tung Chi Capital Co., Ltd. (Tung Chi Capital) Liang Ting Industrial Co., Ltd. (Liang Ting Industrial) ○○ Lee ○○ Lee

○○ Chen

○○ Hsieh
○○ Tseng

Relationship with the consolidated company Joint ventures Joint ventures Other related parties Other related parties Other related parties Other related parties Other related parties

Other related parties Other related parties Other related parties Other related parties Other related parties Company's main management Spouse of the Company's main management Spouse of the Company's main management

Children of the Company's main management
Spouse of management personnel of related enterprises
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(2) Operating Revenue

Account item Engineering service revenue Service revenue Rental income	Related Party Category/Name Other related parties Cathay Life Insurance Cathay Hospital Other related parties Cathay Life Insurance Cathay United Bank Cathay Century Insurance Cathay Financial Holdings Tung Chi Capital Liang Ting Industrial Zhensheng Industrial Other related parties Cathay United Bank Cathay Life Insurance		July 1 to September 30, 2025 $1,535,806 21,579 $1,557,385 $ 321,038 55,804 1,295 2,449 3,334 2,972 2,468 $ 389,360 $ 2,743 2,349 $ 5,092		July 1 to September 30, 2024 $1,358,528 24,862 $1,383,390 $ 295,693 52,995 3,157 1,266 3,263 2,897 2,340 $ 361,611 $ 2,389 961 $ 3,350	January 1 to September 30, 2025 $3,806,406 29,997 $3,836,403 $ 941,711 150,262 3,207 5,238 11,137 9,807 8,232 $1,129,594 $ 7,516 7,045 $ 14,561	January 1 to September 30, 2024	January 1 to September 30, 2024
								$4,306,186 29,387 $4,335,573 $ 826,417 148,552 4,883 3,721 10,888 9,621 8,005 $1,012,087 $ 10,811 1,420 $ 12,231

Engineering service revenue

The construction project prices for contractors are determined based on the estimated construction costs plus reasonable management fees and profits, through mutual negotiation and bargaining, and payments are received according to the agreed payment terms in the contracts. The transaction prices and payment terms are not significantly different from those of non-related parties.

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As of September 30, 2025, the total contract price of the construction projects undertaken by the consolidated company for Cathay Life Insurance and Cathay General Hospital that have been signed but not yet completed is NT$27,058,321 thousand, of which NT$11,943,821 thousand has been received, with NT$15,114,500 thousand remaining to be collected in the future.

Service revenue

These include revenue from health examination services, accommodation services, and technical and maintenance services. The transaction prices and payment terms are not significantly different from those of non-related parties.

Rental income

The determination and collection of rent are in accordance with the contract provisions, and there is no significant difference from non-related parties.

(3) Purchases

Related Party Category/Name Other related parties Cathay United Bank Cathay United Bank Cathay Life Insurance Cathay Century Insurance Lin Yuan Investment	Nature of the transaction Price trust management fee Demolition and relocation compensation fees Insurance expense Insurance expense Urban renewal joint construction landowner subsidy		July 1 to September 30, 2025 $ 1,885 - 1,282 11,750 - $ 14,917		July 1 to September 30, 2024 $ 1,884 - 1,204 6,686 - $ 9,774	January 1 to September 30, 2025 $ 5,238 22,462 3,798 29,851 3,360 $ 64,709	January 1 to September 30, 2024	January 1 to September 30, 2024
								$ 5,118 44,924 3,293 11,714 3,360 $ 68,409

The Consolidated Company's purchases from related parties are conducted according to general purchase terms (i.e., market prices).

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(4) Bank Deposits and Short-Term Borrowings

Related Party Category/Name Other related parties Cathay United Bank Cathay Life Insurance	Nature of the transaction Demand deposits Check deposits Securities account Deposit account Short-term loans Short-term loans	September 30, 2025	September 30, 2025	September 30, 2025
		Highest balance $ 9,141,809 3,339,906 2,629,847 1,960,400 3,550,000 100,000	Ending balance $ 2,821,009 12,960 330,259 1,580,500 2,550,000 100,000	Interest Rate
				0.64% - 0.01% 0.68%～1.69% 2.15% 2.70%

Related Party Category/Name Other related parties Cathay United Bank	Nature of the transaction Demand deposits Check deposits Securities account Deposit account Short-term loans	December 31, 2024	December 31, 2024
		Highest balance $ 13,163,871 2,494,868 1,780,851 1,933,700 2,300,000	Ending balance $ 3,653,461 43,535 195,612 1,869,850 500,000	Interest Rate
				0.51%～0.64% - 0.01% 0.67%～1.69% 2.14%

Related Party Category/Name Other related parties Cathay United Bank	Nature of the transaction Demand deposits Check deposits Securities account Deposit account Short-term loans	September 30, 2024	September 30, 2024	September 30, 2024
		Highest balance $ 12,230,593 2,487,622 1,290,024 323,700 2,300,000	Ending balance $ 5,162,344 28,200 108,130 236,650 2,300,000	Interest Rate
				0.51%～0.64% - 0.01% 1.10%～1.69% 2.11%

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Account item Related Party Category/Name July 1 to September 30, 2025 Finance costs Other related parties Cathay United Bank $ 11,551 Interest income Other related parties Cathay United Bank $ 3,608 ) Accounts Receivable from Related Parties Related Party Category/Name September 30, 2025 Other related parties Cathay Life Insurance $ 888,868 Cathay United Bank 29,371 Cathay Hospital 34,705 Others 1,128 $ 954,072	July 1 to September 30, 2024 January 1 to September 30, 2025 January 1 to September 30, 2024 $ 7,783 $ 17,819 $ 20,692 $ 4,232 $ 19,081 $ 15,089 December 31, 2024 September 30, 2024 $ 7,963 $ 59,416 11,997 28,101 - 11,604 783 4,373 $ 20,743 $ 103,494	July 1 to September 30, 2024 January 1 to September 30, 2025 January 1 to September 30, 2024 $ 7,783 $ 17,819 $ 20,692 $ 4,232 $ 19,081 $ 15,089 December 31, 2024 September 30, 2024 $ 7,963 $ 59,416 11,997 28,101 - 11,604 783 4,373 $ 20,743 $ 103,494
	$
	$

$ 888,868 29,371 34,705 1,128 $ 954,072		$ 59,416 28,101 11,604 4,373 $ 103,494

(5) Accounts Receivable from Related Parties

The outstanding receivables to related parties are unsecured. No allowance for doubtful accounts was provided for receivables from related parties as of January 1 to September 30, 2025 and 2024.

(6) Accounts Payable From Related Parties

Related Party Category/Name Other related parties Cathay Life Insurance Others	September 30, 2025 $ 5,465 559 $ 6,024		December 31, 2024 $ 3,313 1,264 $ 4,577	September 30, 2024	September 30, 2024
					$ 984 424 $ 1,408

For the merging of companies with related parties for purchases or sales of goods with similar specifications, the prices are comparable to those for non-related parties. For goods with different specifications, the prices are set separately due to the diverse range of product specifications and services provided. The payment or collection terms for related parties are comparable to those for non-related parties.

The outstanding balances payable to related parties are unsecured.

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(7) Lease Agreements

Related Party Category/Name January 1 to September 30, 2025 Acquisition of right-of-use assets Other related parties Cathay Life Insurance $ 76,556 Related Party Category/Name September 30, 2025 December 31, 2024 Lease liabilities Other related parties Cathay Life Insurance $ 5,149,893 $ 5,497,235	Related Party Category/Name January 1 to September 30, 2025 Acquisition of right-of-use assets Other related parties Cathay Life Insurance $ 76,556 Related Party Category/Name September 30, 2025 December 31, 2024 Lease liabilities Other related parties Cathay Life Insurance $ 5,149,893 $ 5,497,235	January 1 to September 30, 2024
		$ 291,956 September 30, 2024
Other related parties Cathay Life Insurance Related Party Category/Name Lease liabilities Other related parties Cathay Life Insurance

	$ 5,497,235	$ 5,556,618

Related Party Category/Name Interest expense Other related parties Cathay Life Insurance	July 1 to September 30, 2025	July 1 to September 30, 2025	July 1 to September 30, 2024 $ 30,085	January 1 to September 30, 2025	January 1 to September 30, 2025	January 1 to September 30, 2024 $ 109,987	January 1 to September 30, 2024 $ 109,987
		$ 37,608			$ 114,209		$ 109,987

(8) Other Current Assets – Restricted Assets

Related Party Category/Name September 30, 2025 December 31, 2024 September 30, 2024 Other related parties Cathay Life Insurance $ 5,000 $ 5,000 $ 5,000 ) Prepayments Related Party Category/Name Nature September 30, 2025 December 31, 2024 September 30, 2024 Other related parties Cathay Century Insurance Prepaid insurance$ 5,097 $ 530 $ 2,756	Related Party Category/Name September 30, 2025 December 31, 2024 September 30, 2024 Other related parties Cathay Life Insurance $ 5,000 $ 5,000 $ 5,000 ) Prepayments Related Party Category/Name Nature September 30, 2025 December 31, 2024 September 30, 2024 Other related parties Cathay Century Insurance Prepaid insurance$ 5,097 $ 530 $ 2,756	Related Party Category/Name September 30, 2025 December 31, 2024 September 30, 2024 Other related parties Cathay Life Insurance $ 5,000 $ 5,000 $ 5,000 ) Prepayments Related Party Category/Name Nature September 30, 2025 December 31, 2024 September 30, 2024 Other related parties Cathay Century Insurance Prepaid insurance$ 5,097 $ 530 $ 2,756	September 30, 2024	September 30, 2024	September 30, 2024
				$ 5,000 September 30, 2024 $ 2,756
		$ 530			$ 2,756

(9) Prepayments

(10) Other Non-Current Assets/Liabilities

Account item Refundable deposits	Related Party Category/Name	September 30, 2025 $ 44,939 4,000 $ 48,939	December 31, 2024	December 31, 2024	September 30, 2024 $ 50,126 8,000 $ 58,126	September 30, 2024 $ 50,126 8,000 $ 58,126
	Other related parties Cathay Life Insurance Lin Yuan Investment			$ 50,143 8,000 $ 58,143		$ 50,126 8,000 $ 58,126

55 -

Account item Guarantee deposits received	Related Party Category/Name Other related parties Cathay Life Insurance Cathay United Bank	September 30, 2025 $ 3,103 3,174 $ 6,277	December 31, 2024	December 31, 2024	September 30, 2024 $ 2,072 2,324 $ 4,396	September 30, 2024 $ 2,072 2,324 $ 4,396
				$ 2,072 2,324 $ 4,396		$ 2,072 2,324 $ 4,396

(11) Pre-sale Housing Sales Contracts for Development Projects

The total contract price of the presale construction project signed between the consolidated company and related parties is as follows:

Related Party Category/Name Company's main management ○○ Lee Spouse of management personnel of related enterprises ○○ Tseng Spouse of the Company's main management ○○ Chen ○○ Lee Children of the Company's main management ○○ Hsieh		July 1 to September 30, 2025 $ - - - - - - $ -		July 1 to September 30, 2024 $ - - - - - - $ -	January 1 to September 30, 2025 $ - - - - - - $ -	January 1 to September 30, 2024	January 1 to September 30, 2024
							$ 34,400 26,290 25,060 23,500 48,560 23,450 $ 132,700

(12) Endorsements and guarantees

Endorsement/guarantee for others

Related Party Category/Name Joint ventures Xiangyang Realty Guarantee amount Actual withdrawal amount	September 30, 2025 $ 2,940,000 $ 1,626,310		December 31, 2024 $ - $ -	September 30, 2024	September 30, 2024
					$ - $ -

56 -

(13) Other Related Parties Transactions

Account item Sundry revenue Operating Costs Operating expenses	Related Party Category/Name Other related parties Cathay Life Insurance Cathay United Bank Other related parties Cathay Life Insurance Cathay Century Insurance Joint ventures Symphox Information Other related parties Cathay Life Insurance Cathay Century Insurance Seaward Card Cathay United Bank	July 1 to September 30, 2025 $ 1,187 1,312 $ 2,499 $ 38,682 12,748 $ 51,430 $ 1,685 21,888 2,914 2,079 258 $ 28,824	July 1 to September 30, 2024 $ 1,176 1,170 $ 2,346 $ 35,765 12,501 $ 48,266 $ 1,352 53,921 2,001 2,355 2,767 $ 62,396	January 1 to September 30, 2025	January 1 to September 30, 2025	January 1 to September 30, 2024 $ 3,163 3,623 $ 6,786 $ 100,820 18,041 $ 118,861 $ 2,428 63,528 9,183 4,382 3,714 $ 83,235	January 1 to September 30, 2024 $ 3,163 3,623 $ 6,786 $ 100,820 18,041 $ 118,861 $ 2,428 63,528 9,183 4,382 3,714 $ 83,235
					$ 3,573 3,676 $ 7,249 $ 115,494 35,771 $ 151,265 $ 3,700 67,600 9,745 5,895 652 $ 87,592		$ 3,163 3,623 $ 6,786 $ 100,820 18,041 $ 118,861 $ 2,428 63,528 9,183 4,382 3,714 $ 83,235

(14) Compensation for the Main Management

Short-term employee benefits Retirement benefits	July 1 to September 30, 2025 $ 18,295 264 $ 18,559	July 1 to September 30, 2024 $ 20,426 300 $ 20,726	January 1 to September 30, 2025 $ 70,530 818 $ 71,348	January 1 to September 30, 2024	January 1 to September 30, 2024
					$ 66,342 869 $ 67,211

The remuneration to directors and the management is determined by the Remuneration Committee based on personal performances and market trends.

57 -

26. Pledged Assets

The following assets have been pledged or mortgaged as collateral for the consolidated company's bank credit lines, construction guarantees, and performance bonds, etc.:

performance bonds, etc.:
Inventories Investment properties Financial Assets at Fair Value through Other Comprehensive Income Transferable certificates of deposit		September 30, 2025 $ 8,348,400 11,572,332 2,820,800 107,826 $ 22,849,358		December 31, 2024 $ 11,766,000 7,492,332 - 116,811 $ 19,375,143		September 30, 2024
						$ 14,766,000 7,638,372 - 108,522 $ 22,512,894

27. Significant Contingent Liabilities and Unrecognized Contract Commitments

Consolidated company's significant contingent liabilities and unrecognized contract commitments are as follows:

(1) Material Contract

As of September 30, 2025, the consolidated company has signed construction contracts with non-related parties with a total contract price of NT$11,269,103 thousand, with an unpaid amount of NT$7,082,891 thousand.

(2) Others

As of September 30, 2025, the consolidated company has issued promissory notes to financial institutions for borrowings in the amount of NT$55,541,330 thousand.
As of September 30, 2025, the consolidated company has issued guarantee notes for construction warranties and performance guarantees in the amount of NT$3,206,072 thousand.
58 -

28. Department Information

The information provided to the chief operating decision maker for the purpose of resource allocation and performance assessment focuses on the financial information of each department. The reportable operating segments of the consolidated company, which are based on different products and services, are as follows:

(1) Movable and immovable property investment and development department: Primarily responsible for commissioning construction contractors to build residential housing, commercial buildings for lease and sale, and various equipment leasing businesses.
(2) Construction department: Primarily responsible for construction engineering contracting and construction management.

The income and operating results of the consolidated company are analyzed by the reporting department as follows:

July 1 to September 30, 2025 Revenue from external customers Revenue from other departments within the Company Total revenue Department income (loss) July 1 to September 30, 2024 Revenue from external customers Revenue from other departments within the Company Total revenue Department income (loss) January 1 to September 30, 2025 Revenue from external customers Revenue from other departments within the Company Total revenue Department income (loss) January 1 to September 30, 2024 Revenue from external customers Revenue from other departments within the Company Total revenue Department income (loss)		Property and real estate investment development department		Construction department		Other departments	Adjustments and write-offs	Adjustments and write-offs		Total
		$ 1,136,109 21,262 $ 1,157,371 $ 593,139 $ 359,285 21,234 $ 380,519 $ 60,609 $ 7,541,528 67,430 $ 7,608,958 $ 2,348,225 $ 6,382,410 65,644 $ 6,448,054 $ 1,113,877		$ 1,743,602 1,684,007 $ 3,427,609 $ 590,160 $ 1,435,828 1,229,406 $ 2,665,234 $ 101,232 $ 4,105,687 4,314,147 $ 8,419,834 $ 1,033,966 $ 4,444,352 3,618,871 $ 8,063,223 $ 271,066	( ( ( (	$ 1,304,164 64,015 $ 1,368,179 $ 150,805) $ 1,293,712 40,896 $ 1,334,608 $ 163,259) $ 3,909,921 142,328 $ 4,052,249 $ 165,135) $ 3,659,876 109,717 $ 3,769,593 $ 175,398)	( ( ( ( ( ( ( ( ( ( (	$ - 1,769,284) $ 1,769,284) $ 330,251) $ - 1,291,536) $ 1,291,536) $ 30,777 $ - 4,523,905) $ 4,523,905) $ 653,566) $ - 3,794,232) $ 3,794,232) $ 71,867)		$ 4,183,875 - $ 4,183,875 $ 702,243 $ 3,088,825 - $ 3,088,825 $ 29,359 $ 15,557,136 - $ 15,557,136 $ 2,563,490 $ 14,486,638 - $ 14,486,638 $ 1,137,678

59 -

Transfer pricing among construction departments is based on arm's length transactions with third parties. External revenue and departmental profit or loss are consistent with the information provided to the chief operating decision maker for allocating resources to segments and assessing their performance.

29. Supplementary Disclosures

(1) Information on Significant Transactions:
Funds loaned to others. (None)
Endorsement/guarantee for others. (Table 1)
Major securities held at the end of the period (excluding investments in subsidiaries, associates and joint ventures). (Table 2)
Purchases from or sales to related parties amounting to NT$100 million or 20% of the paid-in capital or more. (Table 3)
Receivables from related parties amounting to NT$100 million or 20% of paid-up capital or more. (Table 4)
Others: Business relationships and significant transactions between parent and subsidiary companies, and among subsidiaries. (Table 5)
(2) Information on invested companies (Table 6)
60 -

Cathay Real Estate Development Co., Ltd. and Subsidiaries

Endorsement/guarantee for others

January 1 to September 30, 2025

Table 1

Amount in Thousand of New Taiwan Dollars, Unless Specified Otherwise

No.	Guarantor company name	Endorsed entity	Endorsed entity	Limit on Endorsement Guarantee for a Single Enterprise (Note 2)	The Highest Balance of Endorsement Guarantee for This Period	Balance of Endorsements at the End of the Period	Actual withdrawal amount	Amount of endorsement and guarantee secured by property	The Ratio of Accumulated Endorsement Guarantee Amount to the net Worth in the Most Recent Financial Statement (%)	Maximum Limit of Endorsement Guarantee (Note 3)	Parent Company's Endorsement Guarantee for Its Subsidiary	Subsidiary's endorsement and guarantee for the parent company	Endorsement and guarantee for the mainland China region
		Company Name	Relationship (Note 1)
0	Cathay Real Estate Development Co., Ltd.	Bannan Realty Co., Ltd. Xiangyang Realty Co., Ltd.	1 2	$ 8,707,517 8,707,517	$ 5,763,000 2,940,000	$ 5,763,000 2,940,000	$ 501,886 1,626,310	$ - -	19.86 10.13	$ 17,415,033 17,415,033	Yes No	No No	No No

Note 1: The relationship categories between the endorser and the endorsed are as follows:

Companies in which the company directly or indirectly holds more than 50% of the voting shares.
Companies guaranteed by all contributing shareholders in proportion to their shareholdings due to joint investment relationships.

Note 2: The limit for endorsement and guarantee to a single enterprise is 30% of the net worth in the most recent financial statements.

Note 3: The maximum limit for endorsements and guarantees is 60% of the net worth in the most recent financial statements.

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Cathay Real Estate Development Co., Ltd. and Subsidiaries

Securities Held at the End of the Period

September 30, 2025

Table 2

Amount in Thousand of New Taiwan Dollars, Unless Specified Otherwise

Securities Holding Company	Type and Name of Securities (Note 1)	Relationship with Issuer of Securities	Ledger Account		Ending Balance	Ending Balance		Note
				Shares / Unit	Carrying Amount	Proportion of Shareholdings (%)	Fair Value
Cathay Real Estate Development Co., Ltd. San Ching Engineering Co., Ltd.	Common Stock Cathay Financial Holdings Co., Ltd. Gian Feng Investment Co., Ltd. Da Chiang International Co., Ltd. Nangang International One Co., Ltd. Nangang International Two Co., Ltd. Common Stock China Construction Management Co., Ltd.	Other related parties －－ Other related parties Other related parties －	Financial assets at fair value through other comprehensive profit or loss – Current Financial assets at fair value through other comprehensive income – Non-current 〃〃〃 Financial assets at fair value through other comprehensive income – Non-current	59,118,129 2,000,000 3,448,276 27,465,000 32,460,000 1,400,000	$ 3,878,149 25,257 51,794 146,938 172,363 11,214	0.40 10.00 1.72 7.85 8.12 5.48	$ 3,878,149 25,257 51,794 146,938 172,363 11,214	Note 2

Note 1: The marketable securities referred to in this statement are stocks, bonds, beneficiary certificates, and the derivative securities of the aforementioned items that fall within the scope of International Financial Reporting Standard No. 9 "Financial Instruments".

Note 2: 43,000 thousand shares have been pledged to financial institutions as collateral for loan facilities.

Note 3: This table presents marketable securities that the company has determined should be disclosed based on the materiality principle.

Note 4: For information on investments in subsidiaries, associates and joint ventures, please refer to Table 6.

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Cathay Real Estate Development Co., Ltd. and Subsidiaries

Purchases from or sales to related parties amounting to NT$100 million or 20% of the paid-in capital or more

January 1 to September 30, 2025

Table 3

Amount in Thousand of New Taiwan Dollars, Unless Specified Otherwise

Company for Purchases (Sales)	Name of Trading Partner	Relation		Transaction (Note 1)	Transaction (Note 1)		Conditions and Reasons for Differences From Ordinary Transactions	Conditions and Reasons for Differences From Ordinary Transactions	Notes Receivable (Payable), Accounts (Note 1)	Notes Receivable (Payable), Accounts (Note 1)	Note
			Purchases (sales)	Amount	Percentage of Total Purchase (Sales) (%)	Credit Period	Unit price	Credit Period	Balance	Percentage of Total Notes Receivable (Payable), Accounts(%)
Cathay Real Estate Development Co., Ltd. San Ching Engineering Co., Ltd. Lin Yuan Property Management Co., Ltd. Jinhua Realty Co., Ltd. Sanchong Realty Co., Ltd. Bannan Realty Co., Ltd.	San Ching Engineering Co., Ltd. Cathay Real Estate Development Co., Ltd. Jinhua Realty Co., Ltd. Sanchong Realty Co., Ltd. Bannan Realty Co., Ltd. Cathay Life Insurance Co., Ltd. Cathay Life Insurance Co., Ltd. Cathay United Bank Co., Ltd. San Ching Engineering Co., Ltd. San Ching Engineering Co., Ltd. San Ching Engineering Co.,Ltd.	Subsidiary Parent company Affiliated company Affiliated company Affiliated company Other related parties Other related parties Other related parties Affiliated company Affiliated company Affiliated company	Purchases Sales Sales Sales Sales Sales Sales Sales Purchases Purchases Purchases	$ 3,130,144 ( 3,130,144 ) ( 531,207 ) ( 330,746 ) ( 410,315 ) ( 3,806,406 ) ( 935,442 ) ( 137,800 ) 531,207 330,746 410,315	60% 37% 6% 4% 5% 45% 63% 9% 95% 61% 78%	Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable 30 to 90 days 30 to 90 days Not applicable Not applicable Not applicable	$ - - - - - - - - - - -	－－－－－－－－－－－	( $ 1,387,754 ) 1,501,710 73,920 66,465 285,726 810,884 77,564 29,051 - ( 66,465 ) -	57% 52% 3% 2% 10% 28% 60% 22% - 100% -	Note 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 2

Note 1: Refers to unsettled import (export) goods and receivable (payable) notes and accounts before offsetting with the import (export) company. Note 2: Offset when preparing consolidated financial statements.

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Cathay Real Estate Development Co., Ltd. and Subsidiaries

Receivables from related parties amounting to NT$100 million or 20% of paid-up capital or more.

September 30, 2025

Table 4

Amount in Thousand of New Taiwan Dollars, Unless Specified Otherwise

Company with Receivables	Transaction counterparty	Relation	Balance of receivable from related parties	Turnover Rate	Overdue receivables from related parties	Overdue receivables from related parties	Amount of receivables from related parties collected after period	Allowance for doubtful accounts	Note
					Amount	Handling method
San Ching Engineering Co., Ltd.	Cathay Real Estate Development Co., Ltd. Bannan Realty Co., Ltd. Cathay Life Insurance Co., Ltd.	Parent company Affiliated company Other related parties	$ 1,501,710 285,726 810,884	1.91 3.83 12.52	$ - - -	－－－	$ 360,465 285,726 24,733	$ - - -	Note 1 and Note 2 Note 1 and Note 2 Note 1

Note 1: The main accounts receivable are due to construction revenue and advance receipts for construction projects.

Note 2: These have been eliminated in the preparation of the consolidated financial statements.

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Cathay Real Estate Development Co., Ltd. and Subsidiaries

Business relationships and significant transactions between parent and subsidiary companies

January 1 to September 30, 2025

Table 5

Amount in Thousand of New Taiwan Dollars, Unless Specified Otherwise

No. (Note 1)	Name of Transaction Party	Transaction Counterparty	Relationship with Issuer (Note 2)		Transactions Details	Transactions Details
				Account	Amount	Transaction qualifications	Percentage of Consolidated Total Revenue or Total Assets (Note 3)
0 1 2 3	Cathay Real Estate Development Co., Ltd. Cathay Hospitality Consulting Co., Ltd. San Ching Engineering Co., Ltd. Lin Yuan Property Management Co., Ltd.	Lin Yuan Property Management Co., Ltd. Cathay Hospitality Management Co., Ltd. Cathay Hospitality Consulting Co., Ltd. Bannan Realty Co., Ltd. Sanchong Realty Co., Ltd. Zhulun Realty Co., Ltd. Zhulun Realty Co., Ltd. Cathay Food & Beverage Group Co., Ltd. Cathay Food & Beverage Group Co., Ltd. Cathay Real Estate Development Co., Ltd. Cathay Real Estate Development Co., Ltd. Jinhua Realty Co., Ltd. Jinhua Realty Co., Ltd. Bannan Realty Co., Ltd. Bannan Realty Co., Ltd. Sanchong Realty Co., Ltd. Sanchong Realty Co., Ltd. Cathay Real Estate Development Co., Ltd. Cathay Real Estate Development Co., Ltd. San Ching Engineering Co., Ltd. Cathay Healthcare Management Co., Ltd.	1 1 1 1 1 1 1 3 3 2 2 3 3 3 3 3 3 2 2 3 3	Rental income Rental income Rental income Other revenue Other revenue Other revenue Other receivables – related parties Other hospitality service revenue Other receivables – related parties Accounts receivable – related parties Engineering service revenue Accounts receivable – related parties Engineering service revenue Accounts receivable – related parties Engineering service revenue Accounts receivable – related parties Engineering service revenue Accounts receivable – related parties Service revenue Service revenue Service revenue	$ 5,924 24,995 32,416 4,821 8,812 6,250 6,250 48,358 11,206 1,501,710 3,130,144 73,920 531,207 285,726 410,315 66,465 330,746 6,114 42,614 32,836 5,231	Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications Under normal transaction qualifications	- - - - - - - - - 2% 20% - 3% - 3% - 2% - - - -

Note 1: The information on business dealings between the parent company and its subsidiaries should be noted separately in the number column. The numbering method is as follows: 1. The parent company is numbered 0.
The subsidiaries are numbered sequentially starting from 1 using Arabic numerals.

Note 2: The above transactions have been eliminated in preparing the consolidated financial statements, relationships with counterparties are classified into three types:

Parent company to subsidiary.
Subsidiary to parent company.
Subsidiary to subsidiary.

Note 3: The calculation of the transaction amount as a percentage of consolidated total revenue or total assets: If it is an asset or liability item, it is calculated based on the ending balance as a percentage of consolidated total assets; if it is a profit or loss item, it is calculated based on the cumulative amount for the period as a percentage of consolidated total revenue.

Note 4: The Company may decide whether to list significant transactions based on the principle of materiality.

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Cathay Real Estate Development Co., Ltd. and Subsidiaries

Relevant information including name and location of the company invested

January 1 to September 30, 2025

Table 6

Unit: NT$ Thousand

Name of Inventor Company	Name of investee company	Location	Main Business Activities	Initial Investment	Initial Investment	Shareholding at the end	Shareholding at the end	of theperiod	Profit (loss) of investee companies for the currentperiod	Investment profit (loss) recognized in the current period	Note
				End of the current period	End of last year	Number of shares	Ratio (%)	Carrying Amount
Cathay Real Estate Development Co., Ltd. Cathay Hospitality Consulting Co., Ltd. Cymbal Medical Network Co., Ltd. San Ching Engineering Co., Ltd.	Cathay Real Estate Management Co., Ltd. Cathay Healthcare Management Co., Ltd. Cathay Hospitality Management Co., Ltd. Cathay Hospitality Consulting Co., Ltd. Cymbal Medical Network Co., Ltd. Lin Yuan Property Management Co., Ltd. Jinhua Realty Co., Ltd. Bannan Realty Co., Ltd. Sanchong Realty Co., Ltd. Zhulun Realty Co., Ltd. San Ching Engineering Co., Ltd. Symphox Information Co., Ltd. San Hsiung Fongshan LaLaport Co., Ltd. Xiangyang Realty Co., Ltd. Cathay Food & Beverage Group Co., Ltd. Cymder Co., Ltd. Cymlin Co., Ltd. Cathay Power Inc. Symphox Information Co., Ltd.	R.O.C 〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃〃	Construction Management Consultancy Service industry Service industry Wholesale of Drugs, Medical Goods Apartment building management service industry Housing and Building Development and Rental industry 〃〃〃 Construction Contractor Wholesale of Computer Software Department Stores Housing and Building Development and Rental industry Service industry Manpower dispatch and leasing industry 〃 Solar-power generation industry Wholesale of Computer Software	$ 50,000 467,500 1,740,000 1,300,000 600,000 68,809 408,000 586,500 1,834,800 331,500 2,400,000 67,515 204,000 147,000 167,933 - 225,000 1,381,433 244,770	$ 50,000 467,500 1,740,000 1,300,000 350,000 68,809 408,000 586,500 1,834,800 331,500 2,400,000 67,515 204,000 - 115,000 120,000 140,000 1,381,433 244,770	5,000,000 46,750,000 25,000,000 60,000,000 60,000,000 1,530,000 40,800,000 58,650,000 183,480,000 33,150,000 120,000,000 5,489,000 204,000,000 14,700,000 16,700,000 - 22,500,000 111,113,100 19,022,000	100.00 85.00 100.00 100.00 100.00 51.00 51.00 51.00 66.00 51.00 100.00 11.20 30.00 49.00 100.00 - 100.00 30.00 38.80	$ 130,619 672,154 86,587 87,198 166,930 92,761 333,426 405,936 1,629,244 318,973 3,086,661 95,879 159,094 146,575 179,691 - 85,636 1,401,736 329,912	$ 25,678 73,182 13,777 ( 20,823 ) ( 131,784 ) 121,736 ( 2,275 ) ( 146,713 ) ( 88,144 ) ( 4,496 ) 839,073 ( 7,700 ) 37,612 ( 869 ) 8,293 ( 33,068 ) ( 67,254 ) 195,051 ( 7,700 )	$ 25,678 62,204 15,624 ( 17,976 ) ( 131,784 ) 63,171 ( 1,160 ) ( 74,823 ) ( 58,175 ) ( 2,293 ) 768,085 ( 862 ) 11,284 ( 425 ) (Note 4) (Note 5) (Note 5) 58,515 ( 2,989 )	Subsidiary (Notes 1 and 3) Subsidiary (Notes 1 and 3) Subsidiary (Notes 1 and 3) Subsidiary (Notes 1 and 3) Subsidiary (Notes 1 and 3) Subsidiary (Notes 1 and 3) Subsidiary (Notes 1 and 3) Subsidiary (Notes 1 and 3) Subsidiary (Notes 1 and 3) Subsidiary (Notes 1 and 3) Subsidiary (Notes 1 and 3) Joint Venture (Note 2) Associate (Note 2) Joint Venture (Note 2) Sub-subsidiary (Notes 1 and 3) (Notes 1, 3 and 6) Sub-subsidiary (Notes 1 and 3) Associate (Note 2) Joint Venture (Note 2)

Note 1: Calculated based on the financial statements of the investee companies for the same period, which have been reviewed by CPAs.

Note 2: Calculated based on the self-prepared financial statements of the investee companies for the same period, which have not been reviewed by CPAs.

Note 3: Eliminated during the preparation of consolidated financial statements.

Note 4: Its investment gains and losses have been recognized by Cathay Hospitality Consulting Co., Ltd. under the equity method.

Note 5: Its investment gains and losses have been recognized by Cymbal Medical Network Co., Ltd. under the equity method.

Note 6: Cymder Co., Ltd. and Cymbal Medical Network Co., Ltd. merged in June 2025, with Cymder Co., Ltd. as the dissolved company and Cymbal Medical Network Co., Ltd. as the surviving company.

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AI assistant

CATHAY RED — Interim / Quarterly Report 2025

52129_rns_2025-11-14_f2d2b712-2967-4ad3-b4cd-bcac55bab6c8.pdf

Cathay Real Estate Development Co., Ltd. and Subsidiaries

Notice to Reader

§TABLE OF CONTENTS§

INDEPENDENT AUDITORS' REVIEW REPORT

Preface

Scope

Basis for Qualified Conclusions

Qualified Conclusion

Cathay Real Estate Development Co., Ltd. and Subsidiaries

Consolidated Balance Sheet

Cathay Real Estate Development Co., Ltd. and Subsidiaries Consolidated Statement of Comprehensive Income

Cathay Real Estate Development Co., Ltd. and Subsidiaries Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

(Brought forward from previous page)

Note of consolidated financial statements

1. Company History

2. Date of Authorization for Issuance of the Parent Company Only Financial Statements and Procedures for Authorization

3. Application of New and Amended Standards and Interpretations

4. Summary of Significant Accounting Policies

1. Defined Benefit of Retirement Benefits

2. Income Tax Expense

5. Primary Sources of Uncertainties in Material Accounting Judgments, Estimates, and Assumptions

6. Cash and Cash Equivalents

7. Financial Assets at Fair Value through Other Comprehensive Income

8. Notes and Accounts Receivable

September 30, 2025

December 31, 2024

September 30, 2024

Changes in the allowance for doubtful accounts is as follows:

9. Inventories

10. Subsidiaries Included in the Consolidated Financial Statements

11. Investments Accounted for Using Equity Method

(1) Investments in Associates

(2) Investment Joint Venture

12. Real Estate, Plant, and Equipment

(1) Self-use

(2) Operating Lease for Rental

13. Lease Agreements

1. Right-Of-Use Asset

2. Lease Liabilities

Discount rate range for lease liabilities:

3. Significant Leasing Activities and Terms

4. Others Lease Information

(2) The consolidated company as lessor

14. Investment properties

15. Other Non-current Assets

16. Loans

(1) Short-Term loans

(2) Short-Term Notes and Bills Payable

(3) Long-Term Loans

17. Benefit Plan After Retirement

18. Equity

(1) Capital – Common Stock

(2) Capital surplus

(3) Retained Earnings and Dividend Policy

(4) Other Equity Items

(5) Non-controlling Interests

19. Operating Revenue

(1) Disaggregation of Revenue from Contracts With Customers

July 1 to September 30, 2025

July 1 to September 30, 2024

January 1 to September 30, 2025

January 1 to September 30, 2024

(2) Contract Balance

1. Contract Asset

2. Contract Liabilities

(3) Transaction Price Allocated to Remaining Performance Obligations

(4) Contract Cost-Related Assets

Incremental Costs of Obtaining Contract

20. Net Profit for the Period

(1) Interest Income

(2) Other gains and losses

(3) Finance Costs

(4) Depreciation and amortization

(5) Employee Benefit Expenses

(6) Compensation to Directors and Employees

21. Income Tax

CATHAY RED Interim / Quarterly Report 2025