2025 Annual Report of Chien Shing Harbour Service Co., Ltd.
Table of Contents

Chien Shing Harbour Service Co., Ltd. ... 2
One. Letter to Shareholders ... 2
Two. Corporate Governance Report ... 7
I. Directors and Management Team ... 7
II. Remuneration paid to Directors, Supervisors, President and Vice Presidents ... 15
III. Implementation of Corporate Governance ... 19
IV. Information on CPAs fees ... 45
V. Information on replacement of CPAs ... 46
VI. Where the Company’s Chairperson, President, or any managerial officer in charge of finance or accounting matters of the Company had worked in the accounting firm or its affiliated companies in the most recent year ... 46
VII. Information on the change or transfer of equity interests and/or pledge of or change in equity interests by the Directors, Supervisors, managers or shareholders with a share of more than 10% during the most recent or the current fiscal year up to the date of publication of the annual report: ... 47
VIII. Information on the relationship among the top 10 shareholders ... 48
IX. The total number of shares and total equity stake held in any single enterprise by the Company, the Company’s Directors, Supervisors, Managers, and any companies controlled either directly or indirectly by the Company ... 50

Three. Capital Overview ... 51
I. Capital and shares ... 51
II. Corporate Bonds: ... 53
III. Preferred Shares ... 54
IV. Global Depository Receipts Issuance ... 54
V. Issuance of Employee Stock Options and New Restricted Employee Shares ... 54
VI. Issuance of New Restricted Employee Shares ... 54
VII. Issuance of New Shares due to Company’s mergers and acquisitions or shares transferred ... 54
VIII. Capital implementation plan and allocation status ... 54

Four. Overview of Business Operations ... 55
I. Business Activities ... 55
II. Market, Production and Sales Overview ... 63
III. Information on employees ... 72
IV. Information on environmental protection expenditures ... 72
V. Labor Relations ... 73
VI. Cybersecurity Management ... 75
VII. Important contracts ... 76

Five. Review of Financial Position, Financial Performance and Risk Management ... 79

I. Financial position... 79
II. Financial performance... 79
III. Cash flow... 80
IV. Impact of major capital expenditures on finance and business matters in the past year... 80
V. Investment policy in the past year, the main reasons for profit or loss, improvement plans and investment plans for the coming year... 80
VI. Risk Management... 81
VII. Other Important Matters... 82
Six. Special Disclosures... 83
I. Information related to the Company’s Affiliates... 83
II. Private placement of securities in the past year and this year up to the publication date of this annual report... 84
III. Holding or disposal of the Company’s shares by Affiliates in the past year and this year up to the publication date of this annual report... 84
IV. Other necessary supplement... 84
V. Matters in the past year and as of the Date of Publication of the Annual Report which have a substantial impact on Stockholder’s Equity or Share Price as stipulated in Item 2, Paragraph 3 of Article 36 of the Securities and Exchange Act... 84

(This English translation is prepared in accordance with the Chinese version and is for reference purpose only. If there is any inconsistency between the Chinese version and the English translation, the Chinese version shall prevail.)

Chien Shing Harbour Service Co., Ltd.

One. Letter to Shareholders

Ladies and gentlemen, shareholders:

On behalf of Chien Shing Harbour Service Co., Ltd. I would like to express my sincere and heartfelt thanks to all shareholders for your enthusiastic support to the Company for a long time. At the same time, I would like to express my affirmation and gratitude to all directors for their support, the excellent leadership of the management team and the efforts of our employees.

According to the World Economic Outlook published by the International Monetary Fund (IMF) in January 2026, the global economic growth rate is projected to be 3.3% in 2026 and 3.2% in 2027, close to the estimated 3.3% growth rate already achieved in 2025. This apparent stability stems from a balance of conflicting forces. On the one hand, shifts in trade policy have had a negative impact; on the other hand, a surge in investment related to artificial intelligence, coupled with fiscal and monetary support, a generally loose financial environment, and the resilience of the private sector, has had a positive impact.

Regarding the risks to the economic outlook, an escalation of trade tensions would lead to prolonged uncertainty and a greater drag on economic activity. Sudden escalations of domestic or geopolitical tensions could introduce new uncertainty and disrupt the global economy through their impact on financial markets, supply chains, and commodity prices. Widening fiscal deficits and high levels of public debt could put pressure on long-term interest rates, thereby affecting broader financial conditions. However, on the opportunity side, if faster adoption of artificial intelligence technologies leads to robust productivity growth and increased business dynamism, AI-related investments could further boost economic activity, ultimately translating into sustainable economic growth. A sustained easing of trade tensions could also support economic activity.

Since October 2025, trade tensions have continued to ease, though they have occasionally escalated. A dispute arose between the US and China over export controls on semiconductors and rare earth minerals, which was quickly resolved with a truce agreement reducing bilateral tariffs until November 2026 and suspending export controls. The US also eliminated tariffs on certain agricultural products from all countries, offsetting previously announced and implemented tariffs on certain sectors. Against the backdrop of stabilizing trade tensions and easing financial conditions, the global economy continues to demonstrate significant resilience, adapting to a changing environment, with varying momentum across countries and sectors.

As for the domestic economic situation, according to data from the Taiwan Institute of Economic Research on January 26, 2026, compared to the growth pattern in 2025, which was mainly supported by external demand and private investment while private consumption was relatively weak, 2026 is expected to show a growth structure in which external demand and investment expand steadily, and domestic consumption recovers in tandem. On the domestic demand side, with corporate profits remaining robust, there is room for salary, bonus, and dividend increases. The job market is stable, and the effects of automotive policies and stock market wealth creation contribute to a return to normal levels of private consumption. On the investment side, driven by the continued expansion of AI, high-performance computing, and cloud applications, major domestic technology companies are increasing capital expenditures, the semiconductor supply chain is ramping up high-end production capacity and R&D, and private investment remains stable in line with net-zero transformation and government public infrastructure initiatives. On the trade side, although global trade growth is slowing, the reduced uncertainty in trade policies, the advancement of sovereign AI construction, and the ramp-up of high-end semiconductor process capacity are keeping order momentum for technology products strong. Furthermore, the Taiwan-US tariff agreement and China's anti-involution policies help alleviate cost and price competition pressures, improving the divergence between AI and non-AI industries. Overall, according to the latest forecast from the Taiwan Institute of Economic Research, Taiwan's economic growth rate is projected to be 4.05% in 2026.

I. The operating results of the Company are as follows:

A. Achievements of business plan:

Consolidated Financial Statements

Unit: NT$1,000

	2025	2024	Ratio
Operating revenue	3,244,666	2,896,677	12.01%
Operating costs	2,204,505	1,957,683	12.61%
Operating gross	1,040,161	938,994	10.77%
Operating expenses	348,470	303,203	14.93%
Operating profit	691,691	635,791	8.79%

Parent company only financial statements:

Unit: NT$1,000

	2025	2024	Ratio
Operating revenue	1,701,874	1,467,721	15.95%
Operating costs	1,207,778	1,056,789	14.29%
Operating gross profit	494,096	410,932	20.24%
Operating expenses	245,535	213,418	15.05%
Operating profit	248,561	197,514	25.84%

B. Budget execution state: The Company has not disclosed the financial forecast data for 2025, and is not applicable.

C. Financial structure and profitability analysis:

Consolidated Financial Statements

Item		2025	2024
Capital structure	Liabilities to Assets Ratio (%)	72.74	72.91
	The ratio of long-term funds to property, plant and equipment (%)	175.97	191.88
Solvency	Current ratio (%)	75.75	82.96
	Quick ratio (%)	73.23	81.80
	Interest coverage ratio (times)	4.58	4.46
Profitability	Return on assets (%)	3.58	3.51
	Return on equity (%)	10.36	9.94
	Ratio of net profit before tax to paid-in capital (%)	64.81	60.40
	Net profit ratio (%)	14.87	15.02
	Earnings per share (NT$)	3.80	3.59

Parent company only financial statements

Item		2025	2024
Capital structure	Liabilities to Assets Ratio (%)	54.17	54.08
	The ratio of long-term funds to property, plant and equipment (%)	245.52	245.40
Solvency	Current ratio (%)	53.19	50.37
	Quick ratio (%)	52.37	49.93
	Interest coverage ratio (times)	6.67	7.08

Return on assets (%)	5.51	5.29
Return on equity (%)	10.36	9.94
Ratio of net profit before tax to paid-in capital (%)	43.06	39.30
Net profit ratio (%)	20.59	21.61
Earnings per share (NT$)	3.80	3.59

D. Research and development state: The Company is a service provider for customs declaration, transportation, logistics and loading and unloading instead of a general manufacturer; this is not applicable as it has no research and development department.

II. Summary of 2026 business plan

Overall, on the domestic demand side, with listed companies maintaining stable profits, businesses have more room to raise salaries, distribute bonuses, and increase cash dividends, which will further boost household disposable income. Meanwhile, the stable job market supports private consumption. Furthermore, the new policies related to automobile commodity tax continue to take effect, and the gradual release of previously accumulated deferred car purchase demand is expected to drive a rebound in the overall annual growth rate of automobile sales. Moreover, the recent strong performance of the Taiwan stock market has generated a wealth effect that will also help boost consumer confidence, allowing private consumption growth momentum to return to normal. Therefore, the private consumption growth rate is projected to be $2.50\%$ in 2026, an upward revision of 0.50 percentage points from the previous forecast.

Regarding fixed capital formation, with the continued expansion of emerging technologies such as AI, high-performance computing, and cloud data services, investment in AI infrastructure remains strong in various countries, driving many major domestic technology companies to increase capital expenditures and prompting the semiconductor supply chain to continuously increase investment in high-end production capacity and R&D, thus promoting the continuous expansion of domestic production capacity. In addition, corporate investments related to net-zero transformation and continued government expansion of technology and public works budgets also help maintain private investment momentum. Therefore, the overall fixed capital formation growth rate is projected to be $3.05\%$ in 2026, an upward revision of 0.90 percentage points from the previous forecast; among which, the private investment growth rate is projected to be $2.88\%$ , also an upward revision of 0.52 percentage points from the previous forecast. In terms of trade, although international institutions generally expect global trade growth to slow in 2026, with Trump having successively completed trade agreements with many countries, related policy uncertainties are gradually dissipating. Furthermore, the development trend of AI technology and applications is becoming increasingly clear, and governments around the world are actively promoting sovereign AI construction, continuously driving up demand for related hardware. With advanced semiconductor manufacturing processes gradually coming online, recent export orders for technology products remain strong, supporting export growth momentum. Furthermore, following the Taiwan-US tariff agreement, the US has lowered tariffs on Taiwan, which will help reduce cost pressures on downstream Taiwanese industries exporting to the US. Additionally, China's anti-involution policies are expected to alleviate price competition, leading to a more favorable economic outlook for AI and non-AI industries compared to 2025. Considering these factors, the projected growth rates for exports and imports in 2026 are $13.84\%$ and $10.64\%$ , respectively. Based on this, the projected output and import growth rates for 2026 are $7.22\%$ and $6.82\%$ , respectively.

Looking ahead to 2026, the global economy will still face numerous challenges, among which the most critical are the future developments of US tariff policies, whether AI applications and business models can

translate into tangible economic benefits, and China's weak domestic demand and overproduction issues. These factors will not only affect Taiwan's export performance but may also further impact Taiwan's domestic demand and consumption momentum through financial market volatility, warranting early assessment and continued monitoring.

A. The relevant business strategies are as follows:

We will make good use of the competitive advantage of the one-stop logistics service of CSHS Group, continue to implement and improve "work safety first", "lean management" and "e-information"; uphold the corporate culture of integrity and innovation of CSHS Group, and establish a sustainable business environment.

	Volume
Customs declaration department (quantity: number of transactions)	100,000
Stevedore department (quantity: tons)	9.03 million
Warehousing department	NA

C. Important production and marketing policy

Marketing policy

(1) The business department and the profit centers: actively develop big customers to reach sales goals.
(2) Customs declaration department: promote clients to apply the CS Cloud ver.2.0 platform and connect with ERP system.
(3) All departments need to fulfill the annual project of standardization, set up computerized operation management, reduce customer complaints and improve customer satisfaction.
(4) Stevedore department: Strengthen service to domestic customers and increase the market share based on five core operation standards.
(5) To improve the service quality of copper and soil customers, we will develop a more optimized and systematic service process to meet their quality requirements.

Production strategy

(1) Reach the goals of sales revenue and profit.
(2) Keep enhancing the standard of occupational safety.
(3) Focus on human assets and develop internal talents.

III. Development strategy in the future

(1) Counter Area ORI Operation Dispatch System Upgrade - AI Prediction and Prompt for Container Turnover (Outbound Application)
(2) Temporary Worker Application and Payment Consolidation Platform
(3) Online Risk Assessment System
(4) Procurement Dashboard Management (Including Creating Procurement Orders)
(5) Automatic Standardization of Shift Scheduling
(6) Automation of Work Order Input and Inventory Management

IV. Impacts by the external competition, regulatory environment and global markets

The uncertainties that could jeopardize the economy this year include: First, the current US tariff policy remains controversial regarding its legality under domestic law and the scope of its administrative

authorization, with the final outcome pending a ruling from the Supreme Court. If the Supreme Court finds the tariffs unconstitutional or exceeding its authority, the US will likely adjust its existing trade policy tools, and the impact of this policy shift on global trade and economic growth remains highly uncertain. Second, a sharp correction in technology or artificial intelligence-related stock markets would be a significant downside risk to the global economic outlook. Finally, weak domestic demand and overproduction in China have become important uncertainties affecting regional and global economic prospects. Low consumer confidence and a prolonged correction in the real estate market in China are weakening the wealth effect on households and suppressing corporate investment, thus limiting the transmission effect of loose monetary policy. Despite continued government fiscal expansion and policy support, the effectiveness of these measures in boosting economic growth remains to be seen, given the high pressure on local finances and the lack of significant recovery in public confidence.

V. Regulatory environment

The Company has been conducting businesses in accordance with the laws and regulations of the competent authority, and the Company has not been affected by domestic and foreign policies and legal changes which may hamper its finances or business in recent years. However, the Company has been watching and understands important domestic and foreign policies and legal changes, and actively coming up with countermeasures when necessary.

Thank you for attending the meeting to show your supports to CSHS and give CSHS the opportunity to continue to grow and progress. On behalf of the CSHS and its employees I wish all of you good health and all the best, and another prosperous and successful year of CSHS.

Chairman: Yen-Ming Chen
CEO: Sheng-Jung Ko
Accounting supervisor: Xiu-Bao Chen

Two. Corporate Governance Report

I. Directors and Management Team

(I) Information on Directors and Supervisors
March 27, 2026

Title	Nationality or Place of Incorporation	Name	Gender and age	Date elected	Term of office	Date first elected	Shareholding when elected		Current shareholding		Current shareholding by spouse and minor children		Shareholding Held by Nominee Arrangement		Major work experiences and educations	Concurrent positions in the Company and other companies	Spouse or relatives within second degree of kinship who are officers, directors or supervisors			Remarks
							Number of shares	Shareholding percentage	Number of shares	Shareholding percentage	Number of shares	Shareholding percentage	Number of shares	Shareholding percentage			Title	Name	Relationship
Chairman	ROC	Yu Hsin Wealth Investment Co., Ltd.	-	2025.05.27	3 years	2025.05.27	4,018,291	4.36	-	-	-	-	-	-	-	-	-	-	-	-
	ROC	Yen-Ming Chen	Male 40~50 years old	2025.05.27	3 years	2025.05.27	3,376,145	3.66	76,145	0.08	612,709	0.66	7,495,291	8.13	M.B.A. of Columbia University Manager of Global Corporate Finance & Capital Markets Division, HSBC, Hong Kong	Chairman of the Company Director of Central Taiwan Science Park Logistics Co., Ltd. Chairman of ANCORA HARBOR SERVICE CO., LTD. Chairman of Chien Tung Harbour Service Co., Ltd. Chairman of Innotech Logistics Co., Ltd. Chairman of Shuang An Investment Co., Ltd. Chairman of Ya Hsin Fortune Investment Co., Ltd.	Director	Yi-Chien Chen	Sister and brother	-
Director	ROC	Shi-Jie Yang	Male 40~50 years old	2025.05.27	3 years	2022.05.27	1,122,126	1.22	1,132,166	1.23	115,391	0.13	1,835,000	1.99	B.S. of Chinese Cultural University	Senior Assistant V.P. of Sales Division of the Company Chairman of Sheng Wei Investment Co., Ltd.	-	-	-	-
Director	ROC	Sheng-Jung Ko	Male 50~60 years old	2025.05.27	3 years	2025.05.27	36,697	0.04	36,697	0.04	-	-	-	-	M.S. of Department of Traffic and Transportation, National Chiao Tung University Manager of Central Taiwan Science Park Logistics Co., Ltd., Taipei Branch Marketing Manager of TAIWAN AIR CARGO TERMINAL LIMITED Special Assistant to the Chairperson of CTW Logistics Corporation	President of the Company Director of Innotech Logistics Co., Ltd.	-	-	-	-
Director	ROC	Yi Chia Investment Co., Ltd.	-	2025.05.27	3 years	2025.05.27	2,500,000	2.7	8,420,753	9.14	-	-	-	-	-	-	-	-	-	-
	ROC	Representative Yi-Chien Chen	Female 40~50 years old	2025.05.27	3 years	2005.7.11	272,572	0.30	272,572	0.30	420,698	0.46	2,500,000	2.71	M.S. in Finance, Drexel University Manager of President's Office of the Company	Assistant V.P. of the President's Office Chairman of Yi Chia Investment Co., Ltd Director of Innotech Logistics Co., Ltd. Supervisor of Jian Mao Investment Co., Ltd.	Chairper	Yen-Ming Chen	Sister and brother	-
Director	ROC	Tung Ho Steel Enterprise Corporation	-	2025.05.27	3 years	2008.6.27	8,203,800	8.90	-	-	-	-	-	-	-	-	-	-	-	-
	ROC	Representative Yi-Chih Hsu	Male 50~60 years old	2025.05.27	3 years	2018.1.30	-	-	-	-	-	-	-	-	Executive M.B.A of National Tsing Hua University M.S. of Materials Science and Engineering, National Chung Kong University	-	-	-	-	-
Director	ROC	FENG HSIN STEEL CO., LTD.	-	2025.05.27	3 years	2016.9.6	8,737,696	9.48	-	-	-	-	-	-	-	-	-	-	-	-
	ROC	Representative Chi-Ruai Liu	Male 50~40 years old	2025.05.27	3 years	2016.9.6	-	-	-	-	-	-	-	-	B.A. of Department of Corporate Finance and Accounting, Bentley University Manager of Sales Division II, FENG HSIN STEEL CO., LTD.	Director and Sales Deputy General Manager of FENG HSIN STEEL CO., LTD Director of Hsin Lin Ji Co., Ltd Director of TA CHIA IRON & STEEL CO., LTD	-	-	-	-

| Independent director | ROC | Shi-Yin Tsai | Male 60–70 years old | 2025.05.27 | 3 years | 2019.6.24 | - | - | - | - | - | - | - | - | M.A. School of Management, Asia University
Director, Civil Affairs Bureau, Taichung City Government | Chairman of GOLDEN VOICE COMPUTER TECHNOLOGY CO., LTD.
Director of Ching Yun Foundation
Director of Hondao Senior Citizen's Welfare Foundation
Director of Mo Nu Yuan Records Co., Ltd.
Chairman of GLOBAL V INTERNATIONAL CO., LTD.
Director of Icloud Luxury Resort and Hotel
Director of SINEX INDUSTRY CO., LTD.
Director of Hsin Chan Industry Ltd. | - | - | - | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Independent director | ROC | Cheng-Hsiang Lin | Male 60–90 years old | 2025.05.27 | 3 years | 2025.05.27 | - | - | - | - | 2,000 | - | - | - | Master of International Logistics Management, Graduate Institute of Shipping Management, National Taiwan Ocean University | Chief Secretary, Taipei Custome Office, Customs Administration, Ministry of Finance
Member, Operations Committee, Taiwan International Ports Corporation
Adjunct Assistant Professor, Ming Chuan University, Takming Financial Technology, Taipei City Technology, Taipei University of Marine Technology | - | - | - | - |
| Independent director | ROC | Pai-Chien Huang | Female 60–70 years old | 2025.05.27 | 3 years | 2025.05.27 | - | - | - | - | - | - | - | - | B.S. of Business Administration, National Cheng Kung University | Honorary Advisor, Chung Ying Investment Development Co., Ltd.
Director, Hong Sheng Industrial Co., Ltd. | - | - | - | - |

The number of female directors does not reach one-third. Reason: When selecting directors, the company prioritizes factors such as the candidate's professional background, experience, and contribution to the company's development. Currently, the board includes only one female director, falling short of the one-third target. Measures to be taken: The company plans to actively seek suitable candidates to increase the number of female directors. Achieving one-third of the seats for either gender has been set as a long-term goal, and implementation will be gradually pursued.

March 26, 2024

Table 1: Major institutional shareholders

Name of institutional shareholder	Major shareholders of institutional shareholders
Jian Mao Investment Co., Ltd.	Yin-Hai Chen 33.70%, Yu-Lan Chen Hung 7.00%, Ya Hsin Fortune Investment Co., Ltd. 19.77%, Yi Chia Investment Co., Ltd.17.58%, Shuang An Investment Co., Ltd. 18.93%, Hsin-Yu Chen 1.52% - Da Rong International Investment Co., Ltd.50%
Tung Ho Steel Enterprise Corporation (Note 1)	Shen Yuan Investment Co., Ltd. 14.89%, Mao Sheng Investment Co., Ltd. 8.92%, He Zhao Investment Co., Ltd. 8.61%, Yuanta/P-shares Taiwan Dividend Plus ETF 4.67%, Bank of Taiwan in custody for Yuanta Taiwan High Dividend Low Volatility ETF Fund 1.95%, Yu Tai Investment Co., Ltd. 1.78%, Yu Tai Huan Yu Investment Co., Ltd. 1.18%, Public Service Pension Fund Supervisory Board 1.08%, Ji Cheng Investment Co., Ltd. 1.04%, Liang Cheng Investment Co., Ltd. 1.03%,
FENG HSIN STEEL CO., LTD. (Note 2)	Cheng Chuan Investment Co., Ltd. 5.91%, Feng Shuo Investment Co., Ltd. 3.91%, Shu-Wen Lin Chang 2.44%, San-Ping Lai 2.18%, Jin Fu Li Investment Co., Ltd. 2.09%, Meng-Pi Lin 2.03%, Mark Lin 1.85%, Ching-Lin Chung 1.84%, Yu-Mei Lin Hsu 1.77%, Golden Empire Investment Co., Ltd. 1.74%

Note 1: The number of shares held as of 2026.03.23
Note 2: The number of shares held as of 2026.03.28

March 27, 2026

Table 2: Major Shareholders of the Institutional Shareholders

Name of Institutional Shareholders	Major shareholders of Institutional Shareholders
Ya Hsin Fortune Investment Co., Ltd.	Yen-Ming Chen 84.44%, Ya-Jen Lin 15.56%
Yi Chia Investment Co., Ltd.	Yi-Chien Chen 80.00%, Chia-En Ho 20.00%
Shuang An Investment Co., Ltd.	Yen-Ming Chen 70.00%, Ya-Jen Lin 30.00%
Da Rong International Investment Co., Ltd.	Yu-Lan Chen Hung 99.93%, Hsin-Yu Chen 0.07%
Shen Yuan Investment Co., Ltd.	Jie-Teng Hou 47.52%, Yu-Shu Hou 47.48%
Mao Sheng Investment Co., Ltd.	Jie-Teng Hou 77.86%, Yu-Shu Hou 5.76%
He Zhao Investment Co., Ltd.	Yu-Shu Hou 77.85%, Shen Yuan Investment Co., Ltd. 16.39%
Yuanta/P-shares Taiwan Dividend Plus ETF	Not applicable
Bank of Taiwan in custody for Yuanta Taiwan High Dividend Low Volatility ETF Fund	Not applicable
Yu Tai Investment Co., Ltd.	Chih-Ming Huang 42.5%, Tseng-Ling Huang 17%, Mei-Chu Cheng 8.1%
Yu Tai Huan Yu Investment Co., Ltd.	Chih-Hao Huang 28%, Ya-Chih Kuo 24%,
Public Service Pension Fund Supervisory Board	Not applicable
Ji Cheng Investment Co., Ltd.	Bao-He Chen 1%
Liang Cheng Investment Co., Ltd.	Justin Investment Management, a British Virgin Islands company 100%
Cheng Chuan Investment Co., Ltd.	Chen-Wei Lin 22.97%, Cheng-Te Lin 22.97%, Cheng-Hao Lin 22.97%, Shu-Wen Lin Chang 15.87%, Chin-Husan Lin 7.49%, Liang-Husan Lin 7.49%
Feng Shuo Investment Co., Ltd.	FENG HSIN STEEL CO., LTD. 18.20%, D&H Enterprises Co., Ltd. 15.75%, Mark Lin 10.00%, Ching-Lin Chung 4.00%, Chao-Chuan Chung 4.00%, Ling-Yu Lin 3.13%, Chen-Ju Lin 3.13%, Shan-Yi Lin 3.13%, Tai-Chiao Lin 3.13, Yu-Mei Lin Hsu 3.00%
Jin Fu Li Investment Co., Ltd.	Cheng-Feng Lin 24.73%, Cheng-Chang Lin 24.47%, Chiu-Huang Lin 16.67%, Pei-Fang Lin 16.67%
Golden Empire Investment Co., Ltd.	Tsai-Hsiang Lin 40.04%, Cheng-Wei Lin 49.31%

Information on Directors (Including Independent Directors)
1. Disclosure of Professional Qualifications and Independence of Directors:

| Criteria
Name | Professional qualifications and experiences | Status of independence | Number of other public companies in which the individual is concurrently serving as an independent director |
| --- | --- | --- | --- |
| Ya Hsin Wudth Investment Co., Ltd.
Representative: Yen-Ming Chen | 1.M.B.A. of Columbia University
2.Manager of Global Corporate Finance & Capital Markets Division, HSBC, Hong Kong. From March 2017 to May 2022, served as the General Manager of the Company and has been appointed as the Chairperson of the Board since May 2022, possessing in-depth work experience required for the company's business and professional capabilities in areas such as operational judgment, accounting and financial analysis, business management, crisis management, industry knowledge, international markets, leadership, decision-making, sustainable management, risk management, and climate change management, as well as industry experience in the logistics supply chain, they have a macro-level vision for the company's future development and sustainable operation.
3.Have none circumstances defined in Article 30 of the Company Act. | 1. Chairman of the Board of Directors of the Company's related companies (Chien Tung/Ancora/Imotech) and Director of (CSTPL).
2. Chairman of the Board of Directors of the Company's top ten corporate shareholders (Ya Hsin/Hao An).
3. The remaining independence requirements have been verified in accordance with the "Regulations Governing the Establishment and Compliance of Independent Directors of Publicly Offered Companies" issued by the Financial Supervisory Commission and still meet the relevant independence requirements. | - |
| Shi-Jie Yang | 1.Graduated from Chinese Cultural University, and currently serves as the Senior Assistant VP of the Sales Division of the Company.
2.Possess the work experience required for the company's business and professional skills in operational judgment, accounting and financial analysis, business management, crisis management, industry knowledge, international markets, leadership, decision-making, sustainability management, risk management, and climate change management within the board's diversified core projects; be familiar with the development of the logistics supply chain and possess industry experience in business management..
3.Have none circumstances defined in Article 30 of the Company Act. | 1. Also serves the Senior Assistant VP of the Sales Division of the Company.
2. Chairman of the board of directors of the company's top ten corporate shareholders (Shengwei).
3. The remaining independence requirements have been verified in accordance with the "Regulations Governing the Establishment and Compliance of Independent Directors of Publicly Offered Companies" issued by the Financial Supervisory Commission and still meet the relevant independence requirements. | - |
| Sheng-Jung Ko | 1. M.S. of Department of Traffic and Transportation, National Chiao Tung University
2. Served as Vice President of this company from September 2014 to March 2024, and has been appointed President since March 2024. Possesses in-depth work experience required for the company's business and professional skills in operational judgment, accounting and financial analysis, business management, crisis management, leadership, decision-making, and sustainable management within the board's diversified core projects. Familiar with the development of the logistics supply chain and possesses industry experience in business management.
3. Have none circumstances defined in Article 30 of the Company Act. | 1. Also serves as the President of the Company.
2. Director of the Company's related companies (Imotech).
3. The remaining independence requirements have been verified in accordance with the "Regulations Governing the Establishment and Compliance of Independent Directors of Publicly Offered Companies" issued by the Financial Supervisory Commission and still meet the relevant independence requirements. | - |
| Yi Chia Investment Co., Ltd.
Representative: Yi-Chien Chen | 1.M.S. in Finance, Drexel University
2.Joined Chien Shing in 2000 and served in the finance department, as special assistant and manager of the President's Office., with the professional work experiences required by the Company's business and expertise of Board diverse core items such as operational judgment, accounting and financial analysis, operations management, international markets, crisis management, industry knowledge, leadership, sustainability and risk management and others.
3.Have none circumstances defined in Article 30 of the Company Act. | 1. Also serves the Assistant VP of the President's Office of the Company.
2. Chairman of the board of directors of the company's top ten corporate shareholders (Yi Chia).
3. The remaining independence requirements have been verified in accordance with the "Regulations Governing the Establishment and Compliance of Independent Directors of Publicly Offered Companies" issued by the Financial Supervisory Commission and still meet the relevant independence requirements. | - |
| Tung He Steel Enterprise Corporation
Representative: Yi-Chih Hsu | 1.Executive M.B.A of National Tung Hua University.
M.S. of Materials Science and Engineering, National Cheng Kung University
2.Has been the representative of a corporate director of the Company since 2025. Familiar with the decision-making process of the Company, with the professional experiences required by the Company's business and expertise of Board diverse core items such as operational judgment, accounting and financial analysis, operations management, international markets, crisis management, industry knowledge, leadership, sustainability and risk management and others.
3.Have none circumstances defined in Article 30 of the Company Act. | 1. Tung Ho Steel Enterprise Corporation is a corporate shareholder holding more than 5% of the Company's issued shares.
2. Mr. Yi-Chih Hsu is the legal representative appointed by Tung Ho Steel Enterprise Corporation.
3. The remaining independence requirements have been verified in accordance with the "Regulations Governing the Establishment and Compliance of Independent Directors of Publicly Offered Companies" issued by the Financial Supervisory Commission and still meet the relevant independence requirements. | - |
| FENG HSIN STEEL CO., LTD.
Representative: Chi-Ruei Lin | 1.Graduated from Department of Corporate Finance and Accounting, Bentley University. Director and Deputy General Manager of Sales Division, FENG HSIN STEEL CO., LTD.
2.Has been the representative of a corporate director of the Company since 2018. Familiar with the decision-making process of the Company, with the professional experiences required by the Company's business and expertise of Board diverse core items such as operational judgment, accounting and financial analysis, operations management, international markets, crisis management, industry knowledge, leadership, sustainability and risk management and others.
3.Have none circumstances defined in Article 30 of the Company Act. | 1. FENG HSIN STEEL CO., LTD. is a corporate shareholder holding more than 5% of the Company's issued shares.
2. Mr. Chi-Ruei Lin is the legal representative appointed by FENG HSIN STEEL CO., LTD.
3. The remaining independence requirements have been verified in accordance with the "Regulations Governing the Establishment and Compliance of Independent Directors of Publicly Offered Companies" issued by the Financial Supervisory Commission and still meet the relevant independence requirements. | - |
| Independent Director
Shi-Yin Tsai | 1.Graduated from Asia University with a Master's degree in Business Administration.
2.Currently Chairperson of GOLDEN VOICE COMPUTER TECHNOLOGY CO., LTD., Chairperson of GLOBAL V INTERNATIONAL CO., LTD., Director of Mo Na Yuan Records Co., Ltd., Director of Icloud Luxury Resort and Hotel, and Chairperson of SINEX INDUSTRY CO., LTD and Sin Li | As an independent director, all the following independence criteria must be met:
1.The individual, spouse, or relatives within 2nd degree of kinship (including but not | - |

| Independent Director
Cheng-Hsiung Lin | Industrial Co., Ltd.; currently serving the third term as an independent director of the Company; with expertise of the Board diverse core items such as operational judgment, accounting and financial analysis, operational management, international marketing, crisis management, industry knowledge, leadership and decision-making, sustainability management and risk management.
3.Have none circumstances defined in Article 30 of the Company Act. | limited to these relationships) are not directors, supervisors or employees of the Company or its affiliates
2.The individual, spouse, or relatives within 2nd degree of kinship should not own more than 1% of the Company's issued shares.
3.Not a director, supervisor, or employee of an entity with a specific relationship to the Company.
4.Not being compensated for business, legal, financial, or accounting services provided to the Company or its affiliates in the last two years. | ~ |
| --- | --- | --- | --- |
| Independent Director
Pia-Chien Huang | 1.Master of International Logistics Management, Graduate Institute of Shipping Management, National Taiwan Ocean University
2.Certified Logistics Operations Manager, Level 3, by the Chartered Institute of Logistics and Transport (CILT).
3. Currently serving as an adjunct assistant professor at National Taiwan Ocean University, and an advisor and lecturer at the China Maritime Research Association. Possesses the necessary experience for the company's business and demonstrates expertise in operational judgment, international markets, crisis management, industry knowledge, leadership decision-making, sustainability management, and risk management within the diverse core projects of the board of directors. Proficient in the development, industry knowledge, and experience of the logistics supply chain.
4.Have none circumstances defined in Article 30 of the Company Act. | 5.Not served as an independent director of the Company for more than 3 terms. | |

Diversity and Independence of the Board of Directors:

(1) Diversity of the Board of Directors: In accordance with the "Corporate Governance Best Practice Principle" 4.2 on the regulations for enhancing the function of the Board of Directors, the composition of the Board of Directors should be determined with diversity taken into account and appropriate diversity guidelines should be formulated with respect to the Company's operations, business model and development needs, which should include but not limited to the following two major criteria:

A. Basic criteria and values: Gender, age, nationality and culture, etc.

B. Professional knowledge and skills: professional background (e.g. law, accounting, industry, finance, marketing or technology), professional skills and industry experience, etc.

(2) Board of Directors should generally possess the knowledge, skills and qualities necessary to perform their duties. To achieve the ideal goals of corporate governance, the Board of Directors as a whole must possess the following capabilities: operational judgment, accounting and financial analysis, business management, crisis management, industry knowledge, international market perspective, leadership, decision-making, sustainable management, risk management and climate change management.

(3) Currently, there are eight directors (including three independent directors) on the Board of Directors, including two female members to address gender equality. Two of the current directors have a professional background in finance and accounting, and three have experiences in the logistics industry chain (customs clearance, transportation, warehousing, container terminals and stevedoring operations).

Management Objectives	Achievement Status
1. Gender diversity	When selecting directors, our company prioritizes candidates' professional background, experience, and contributions to the company's development. Currently, the board includes only one female director, falling short of the target one-third majority.
Measures Taken: We plan to actively seek suitable candidates to increase the number of female directors. Achieving one-third of the board seats for any gender has been set as a long-term goal for the company, and we will gradually work towards this goal.
2. At least two-thirds of the board members should possess core competencies in operational judgment, business management, crisis management, and sustainable management.	Achieved
3. The term of office for independent directors should not exceed three terms.	Achieved
4. The number of board members who are employees of the company, its parent company, its subsidiaries, or sister companies should be less than or equal to one-third of the total number of board seats.	Achieved

(4) Achievement of the Diversity Policy for the Board of Directors:

| Diverse Core Items
Name of Director | Basic Composition | | | | | | | | Core Items | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Nationality | Gender | Concurrently serving the Company as an employee | Below 60 | 61 to 70 | Over 71 | Below 3 years | 7-9 years | Operational Judgement ability | Accounting and financial analysis ability | Business management ability | Crisis management ability | Industry knowledge | International market perspective | Leadership ability |
| Yen-Ming Chen | ROC | Male | | ☑ | | | | | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ |
| Shi-Jie Yang | ROC | Male | ☑ | ☑ | | | | | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ |
| Sheng-Jung Ko | ROC | Male | ☑ | ☑ | | | | | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ |
| Yi-Chien Chen | ROC | Female | ☑ | ☑ | | | | | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ |
| Yi-Chih Hsu | ROC | Male | | ☑ | | | | | ☑ | | ☑ | ☑ | ☑ | ☑ | ☑ |
| Chi-Raei Lin | ROC | Male | | ☑ | | | | | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ |
| Shi-Yin Tsai | ROC | Male | | | ☑ | | | ☑ | ☑ | | ☑ | ☑ | | | ☑ |
| Cheng-Hsiung Lin | ROC | Male | | | | ☑ | ☑ | | ☑ | | | ☑ | ☑ | ☑ | ☑ |
| Pai-Chien Huang | ROC | Male | | | ☑ | | ☑ | | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ |

3. Independence of the Board of Directors:

(1) In accordance with the Company's Articles of Incorporation, the election of directors and independent directors is based on the candidate nomination system, and shareholders holding a certain number of shares or more may propose a list of candidates. The examination of the candidate's -qualifications, the confirmation of whether there is any violation of the circumstances listed in Article 30 of the Company's Articles of Incorporation and the acceptance of the nomination shall be announced in accordance with the law to protect shareholders' rights and interests and maintain independence.
(2) The current board of directors consists of 9 members, including 3 independent directors. This complies with the requirement in the Corporate Governance 3.0 - Sustainable Development Blueprint that independent directors must occupy at least one-third of the board seats. Independent directors, in accordance with relevant laws and regulations, and in conjunction with the powers of the audit committee, examine the company's management of existing or potential risks, thereby effectively supervising the implementation of the company's internal controls, the selection (removal) of auditors, and the independence and proper preparation of financial statements.
(3) Two directors are relatives within two degrees of kinship (not exceeding half of the seats), which complies with Article 26-3, Paragraph 3 of the Securities and Exchange Act.
(4) The company's articles of association stipulate that independent directors may not serve more than three consecutive terms to maintain their independence. The current three independent directors have not served more than three terms.

(II) Information on Management Team

Title	Nationality	Name	Gender	Date elected (Date Assumed)	Shareholding		Current shareholding by spouse and minor children		Shareholding Held by Nominee Arrangement		Major work experiences and educations	Spouse or relatives within second degree of kinship who are managerial officers
					Number of shares	Shareholding percentage	Number of shares	Shareholding percentage	Number of shares	Shareholding percentage		Title	Name	Relationship
President	ROC	Sheng-Jung Ko	Male	2014.09.01	36,697	0.04	-	-	-	-	M.S. of Department of Traffic and Transportation, National Chiao Tung University
Director of Central Taiwan Science Park Logistics Co., Ltd., Taipei Branch Marketing Manager of TAIWAN AIR CARGO TERMINAL LIMITED
Special Assistant to the Chairperson of CTW Logistics Corporation	Director of Central Taiwan Science Park Logistics Co., Ltd.
Director of Innotech Logistics Co., Ltd.
Vice President	ROC	Chung-Hsing Chang	Male	2022.10.12	-	-	-	-	-	-	M.S. in Transportation Management, National Chiao Tung University
Senior Manager of Donerco Express Corporation
Director of Foxconn Technology Group Taiwan Senior Manager of DHL EXPRESS	-
Senior Assistant V.P.	ROC	Hsiu-Bao Chen	Female	2020.01.01	218,289	0.24	198,532	0.22	-	-	Department of Accounting and Statistics of National Changhua Senior School of Commerce
Manager of Finance Department of the Company
Senior Assistant V.P.	ROC	Shi-Jie Yang	Male	2021.01.01	1,132,166	1.23	115,391	0.13	1,835,000	1.99	B.S. in International Trade, Chinese Cultural University
Manager of Northern Region Business of the Company	Director of the Company
Director of ANCORA HARBOR SERVICE CO., LTD.
Chairman of Sheng Wei Investment Co., Ltd..
Assistant V.P.	ROC	Chi-Ling Lin	Female	2022.08.01	-	-	-	-	-	-	Department of Accounting Affairs of Taichung Municipal Feng-Yuan Senior High School
Accountant of FWUSOW INDUSTRY CO., LTD.
Assistant Manager of Warehouse Department of the Company
Manager	ROC	Yi-Chien Chen	Female	2020.01.01	272,572	0.30	420,698	0.46	2,500,000	2.71	M.S. in Finance, Drexel University
Special Assistant of General Manager's Office of the Company	Director of Innotech Logistics Co., Ltd.
Chairman of Yi Chia Investment Co., Ltd..	Chairman	Yen-Ming Chen	Sister and brother
Manager	ROC	Sheng-Li Hung	Male	2024.08.01	-	-	-	-	-	-	B.S. in Environmental Engineering, Hungkuang University of Science and Technology.
Assistant Manager of Container Department of the Company
Manager	ROC	Jian-Feng Wang	Male	2022.07.12	2.000	-	-	-	-	-	Department of Environmental Engineering and Health of Yuanpei Junior College of Medical Technology
Logistics Manager of Central Region, Shan-Loong Transportation Co., Ltd.
Manager	ROC	Chien-Wei Hsu	Male	2019.12.09	-	-	-	-	-	-	B.S. in Biotechnology, Fooyin University
Division Chief of Taoyuan Operations Division, Transportation Business Unit, TZE SHIN INTERNATIONAL CO., LTD.
Manager	ROC	Chih-Wei Hsu	Male	2024.08.19							B.S. in Merchant Marine, National Taiwan Ocean University

										Assistant Manager of Terminal depot, United Logistics International Co. Ltd.
Manager	ROC	Min-Wei Chen	Male	2005.08.22	421,000	0.05	-	-	-	B.S. in Business Administration, Feng Chia University Assistant Manager of Administration Department, Lelon Electronics Corp.
Manager	ROC	Ling-Chen Chou	Female	2021.06.30	8,380	0.01	-	-	-	Associate Degree in International Trade, Ling Tung University Chief Director of Audit office of Chien Shing Harbour Service Co., Ltd. Manager of Management Department of Central Taiwan Science Park Logistics Co., Ltd.
Manager	ROC	Chi-Sheng Feng	Male	2016.11.01	13,632	0.02	44,000-	0.05-	-	M.S. in Computer Science, Western Illinois University Manager of KANTO-PPC Inc. Assistant Manager of NOVATEK MICROELECTRONICS CORP.

(III) It's required to explain the reason, necessity and center measure when the chairman of the Board of Directors also serves as the president of the Company: Not applicable

II. Remuneration paid to Directors, Supervisors, President and Vice Presidents

(I) Remuneration paid to Directors (including Independent Directors)

December 31, 2025, Unit: Thousands of NTD; %

Title	Name	Director's Remuneration								Sum of A, B, C and D/ The Sum as a % of Net Income (%)	Remuneration Received as Employee								Sum of A, B, C, D, E, F and G/ The Sum as a % of Net Income	Remuneration from Other NonConsolidated Entities Invested by the Company
		Base Remuneration (A)		Pension (B)		Remuneration to Directors (C)		Allowances (D)				Salary, Bonus and Allowance (E)		Pension (F)		Remuneration to employees (C)
		The Company	Consolidated Entities	The Company	Consolidated Entities	The Company	Consolidated Entities	The Company	Consolidated Entities	The Company	Consolidated Entities	The Company	Consolidated Entities	The Company	Consolidated Entities	The Company		Consolidated Entities			The Company	Consolidated Entities
																Cash	Stock	Cash	Stock
Chairman	Rpresentatives of Ya Hsin Investment Co., Ltd.: Yen-Ming Chen	1300	1,976	-	-	2,662	2,662	-	-	3,962 / 1.13%	4,638 / 1.32%	13,598	16,443	305	305	237	-	237	-	20,292 / 5.79%	23,813 / 6.80%	-
Director	Shi-Jie Yang
Director	Sheng-Jung Ko (Note 2)
Director	Representative of Tung Ho Steel: Yi-Chih Hsu
Director	Representative of FENG HSIN STEEL CO., LTD.: Chi-Ruei Lin
Director	Representatives of Jian Mao Investment Co., Ltd.: Yi-Chien Chen (Note 1)
Director	Representatives of Yi Chia Investment Co., Ltd.: Yi-Chien Chen (Note 2)
Independent director	Shi-Yin Tsai	760	760	-	-	1,430	1,430	-	-	2,190 / 0.62%	2,190 / 0.62%
Independent director	Yuen-Yun Mo (Note 1)
Independent director	Yueh-Yun Tsai (Note 1)
Independent director	Cheng-Hsiung Lin (Note 2)
Independent director	Pai-Chien Huang (Note 2)

Please describe the policy, system, standards and structure for the payment of remuneration to independent directors, and describe the correlation between the responsibilities, risks, time invested and other factors and the amount of remuneration paid: The company sets the remuneration of independent directors in accordance with the general industry standards.
In addition to the above disclosure, the remuneration received by the company's directors for services provided in the most recent year (such as serving as consultants for the parent company/all companies in the financial report/invested businesses that are not employees, etc.): None.

Note 1: May 27, 2025: A complete re-election of the previous president was held.

Note 2: May 27, 2025: A complete re-election of the new president was held.

Range of Remuneration Paid to Directors

Range of remuneration paid to Directors of the Company	Name of Directors
	Total (A+B+C+D)		Total (A+B+C+D+E+F+G)
	The Company	Consolidated Entities	The Company	All companies in The Consolidated Financial Statements
Below $1,000,000	Yen-Ming Chen, Shi-Jie Yang, Sheng-Jung Ko, Jian Mao Investment: Yi-Chien Chen, Yi Chia Investment: Yi-Chien Chen, Tung Ho Steel - Chi-Hsieh Lin, Tung Ho Steel-Yi-Chih Hsu, FENG HSIN STEEL- Chi-Ruei Lin, Yuen-Yun Mo, Shi-Yin Tsai, Yueh-Yun Tsai, Cheng-Hsiung Lin, Pai-Chien Huang	Yen-Ming Chen, Shi-Jie Yang, Sheng-Jung Ko, Jian Mao Investment: Yi-Chien Chen, Yi Chia Investment: Yi-Chien Chen, Tung Ho Steel - Chi-Hsieh Lin, Tung Ho Steel-Yi-Chih Hsu, FENG HSIN STEEL- Chi-Ruei Lin, Yuen-Yun Mo, Shi-Yin Tsai, Yueh-Yun Tsai, Cheng-Hsiung Lin, Pai-Chien Huang	Tung Ho Steel - Chi-Hsieh Lin, Tung Ho Steel-Yi-Chih Hsu, FENG HSIN STEEL - Chi-Ruei Lin, Yuen-Yun Mo, Shi-Yin Tsai, Yueh-Yun Tsai, Cheng-Hsiung Lin, Pai-Chien Huang	Tung Ho Steel - Chi-Hsieh Lin, Tung Ho Steel-Yi-Chih Hsu, FENG HSIN STEEL - Chi-Ruei Lin, Yuen-Yun Mo, Shi-Yin Tsai, Yueh-Yun Tsai, Cheng-Hsiung Lin, Pai-Chien Huang
$1,000,000 (inclusive) ~$2,000,000	-	-	Jian Mao & Yi Chia - Yi-Chien Chen	Jian Mao & Yi Chia - Yi-Chien Chen
$2,000,000 (inclusive)~$3,500,000	-	-	Shi-Jie Yang	Shi-Jie Yang
$3,500,000 (inclusive)~$5,000,000	-	-	Sheng-Jung Ko	Sheng-Jung Ko
$5,000,000 (inclusive)~$10,000,000	-	-	Yen-Ming Chen	Yen-Ming Chen
$10,000,000 (inclusive)~$15,000,000	-	-	-	-
$15,000,000 (inclusive)~$30,000,000	-	-	-	-
$30,000,000 (inclusive)~$50,000,000	-	-	-	-
$30,000,000 (inclusive)~$100,000,000	-	-	-	-
Over $100,000,000	-	-	-	-
Total	13	13	13	13

Note: The shareholders' meeting on May 27, 2025, conducted a comprehensive re-election of directors, therefore the list of newly dismissed directors is included.
(II) Remuneration paid to President and Vice Presidents (disclose their names by total remuneration in accordance with the range)

December 31, 2025, Unit: Thousands of NTD

Title	Name	Salary (A)		Severance Pay and Pension (B)		Bonus and Allowance (C)		Remuneration to Employees (D)				Sum of A, B, C and D/ The Sum as a % of Net Income (%)		Remuneration from Other NonConsolidated Entities Invested by the Company
		The Company	Consolidated Entities	The Company	Consolidated Entities	The Company	Consolidated Entities	The Company		Consolidated Entities		The Company	Consolidated Entities
								Cash	Stock	Cash	Stock
President	Sheng-Jung Ko	3,454	3,486	192	192	2,831	2,831	131	-	131	-	6,608 / 1.89%	6,608 / 1.89%	-
Vice President	Chung-Hsing Chang

Note 1: Effective from March 5th 2024, in order to strengthen company governance and meet demands of the Company's future operation and business development, the Company has appointed Vice President Sheng-Jung Ko to assume the President of the Company. Mr. Yen-Ming Chen remains as the Chairman of the Company.

Range of Remuneration Paid to President and Vice Presidents

Range of remuneration paid to President and Vice Presidents of the Company	Name of President and Vice President
	The Company	All companies in The Consolidated Financial Statements
Below $1,000,000
$1,000,000 (inclusive)~$2,000,000,000 (exclusive)	Chung-Hsing Chang	Chung-Hsing Chang
$2,000,000 (inclusive)~$3,500,000,000 (exclusive)	-	-
$3,500,000 (inclusive)~$5,000,000,000 (exclusive)	Sheng-Jung Ko	Sheng-Jung Ko
$5,000,000 (inclusive)~$10,000,000,000 (exclusive)	-	-
$10,000,000 (inclusive)~$15,000,000,000 (exclusive)	-	-
$15,000,000 (inclusive)~$30,000,000,000 (exclusive)	-	-
$30,000,000 (inclusive)~$50,000,000,000 (exclusive)	-	-
$50,000,000 (inclusive)~$100,000,000,000 (exclusive)	-	-
Over $100,000,000	-	-
Total	2	2

Managers responsible for distribution of employee compensation

Title	Name	Employees's compensation in stock	Employees's compensation in cash	Total	Ratio of total amount to net income (%)
President	Sheng-Jung Ko	-	598	598	0.17
Vice President	Chung-Hsing Chang
Senior Assis.V.P.	Shi-Jie Yang
Senior Assis.V.P./CFO	Hsiu-Bao Chen
Assis.V.P.	Chi-Ling Lin
Assis.V.P.	Yi-Chien Chen
Assis.V.P.	Chi-Sheng Feng
Assis.V.P.	Ling-Chen Chou

(III) Comparison of remuneration paid to Directors, Supervisors, President, and Vice Presidents for the most recent 2 years by the Company and all consolidated entities as a % of net income as well as the description of remuneration policies, standards, packages, the procedures for determining remuneration and the correlation to operating performances and future risks.

The total amount of remuneration paid to the Company's Directors, Supervisors, President and Vice Presidents as a % of net income for the most recent two years by the Company and all consolidated entities

Payee	Total amount paid as a % of net income
	2025		2024
	The Company	All companies in The Consolidated Financial Statements	The Company	All companies in The Consolidated Financial Statements
Directors	5.79	6.80	4.61	5.61
President and Vice Presidents	1.89	1.89	1.97	2.03

The remuneration policies, standards, packages, the procedures for determining remuneration and the correlation to operating performances and future risks.

(1) The remuneration of the Company's directors and managerial officers is submitted to the Remuneration Committee and is subsequently discussed by the Board of Directors for approval.

(2) The profit sharing remuneration to directors is provided in accordance with Article 20 of the Company's Articles of Incorporation and the Company's "Regulations Governing the Remuneration Paid to Directors":

The Company shall pay each director a fixed monthly remuneration of NT$20,000 from the date of election.
The profit sharing remuneration to directors is in accordance with Article 20 of the Company's Articles of Incorporation; the directors are not compensated for travel expenses and nor other variable remuneration.

(3) The remuneration of the Company's managerial officers is in accordance with the Company's Salary Management Regulations, and the recurring salaries include: basic salary, full attendance allowance, duty allowance, staff allowance, meal allowance, sales bonus, and performance bonus. Other allowances and non-recurring benefits include: year-end bonuses, etc; The calculation of year-end bonuses is based on the Company's year-end bonus payment management regulations, based on the usual level of payments in the industry, taking into account the characteristics of the industry, the achievement of the managerial officer's "annual work objectives" and the overall performance of his or her duties and responsibilities (including operational effectiveness, financial performance, occupational safety and security incidents, environmental sustainability, etc.), and evaluating the reasonableness of the relationship between personal achievement and the Company's operating performance and future risks in accordance with the Company's relevant remuneration regulations and with reference to the Company's financial condition. regulations and with reference to the Company's financial situation.

III. Implementation of Corporate Governance

(I) Operations of the Board of Directors

The Board of Directors met 9 (A) times during the most recent year (2025) and the attendance of directors is as follows:

Title	Name	Number of attendance in person B	Number of attendance by proxy	Percentage of attendance in person (%) [B/A] (Note 2)	Remarks
Chairman	Rpresentatives of Ya Hsin Investment Co., Ltd.: Yen-Ming Chen	5	0	100	Newly-elected
Chairman	Yen-Ming Chen	4	0	100	Dismissal
Director	Sheng-Jung Ko	5	0	100	Newly-elected
Director	Shi-Jie Yang	9	0	100
Director	Yi Chia Investment Co Ltd. Representative: Yi-Chien Chen	5	0	100	Newly-elected
Director	Jian Mao Investment Representative: Yi-Chien Chen	4	0	100	Dismissal
Director	Tung Ho Steel Representative: Chi-Hsieh Lin	4	0	100	Dismissal
Director	Tung Ho Steel Representative: Yi-Chih Hsu	5	0	100	Newly-elected
Director	FENG HSIN STEEL Representative: Chi-Ruei Lin	7	0	78
Independent director	Shi-Yin Tsai	8	1	89
Independent director	Cheng-Hsiung Lin	5	0	100	Newly-elected
Independent director	Pai-Chien Huang	5	0	100	Newly-elected
Independent director	Yuen-Yun Mo	2	2	50	Dismissal
Independent director	Yueh-Yun Tsai	4	0	100	Dismissal
Other matters to be recorded:
I. If the operations of the Board of Directors is under any of the following circumstances, the date, meeting session, motion content, all independent directors’ opinions and the Company’s handling of their opinions should be described:
(I) Matters listed in Article 14-3 of the Securities and Exchange Act.
(II) In addition to the foregoing matters, other Board meeting resolutions that have been opposed or reserved by independent directors with records or written statements.
II. In the implementation of a director’s recusal for being an interested party in a motion, the director’s name, the motion content, the reasons for recusal and his or her participation in voting should be stated.
III. Listed companies should disclose information on the frequency and period, scope, method and content of the self-evaluation (or peer evaluation) by the Board of Directors, and the implementation of the Board evaluation.
IV. Evaluation of the current and most recent year's objectives for enhancing the functions of the Board of Directors (e.g., establishing an audit committee, enhancing information transparency, etc.) and their implementation.
Note 1: Independent Director Chen-Huan Wang resigned from the position of independent director on May 9, 2024.

If the operations of the Board of Directors is under any of the following circumstances specified in Article 14-3 of the Securities and Exchange Act, the date, meeting session, motion content, all independent directors’ opinions and the Company’s handling of their opinions should be described:

Date	Meeting session	Motion content and resolution	Independent directors' opinions	The Company's handling of independent directors' opinions
2025/01/15	18th session of the 12th term	1. The Company's 2024 Managerial Year-End Bonus Distribution Plan Resolution: Passed as proposed	None	None
		2. The proposed authorization to sign a lease agreement for the exposed portion of the land at Piers 118-119 of Kaohsiung Port. Resolution: Passed as proposed	None	None
2025/03/04	19th session of the 12th term	1. Amendment to certain articles of the Company's "Articles of Association..." Resolution: Passed as proposed	None	None
		2. Amendments to the "Regulations on the management of official seals" Resolution: Passed as proposed	None	None
		3. Revised the internal audit system for "Audit of business and collection cycles", "Audit of procurement and payment cycles", and "Audit of financing cycles" Resolution: Passed as proposed	None	None
		4. Revised the internal audit implementation rules and checklists for "Audit of other management systems - Audit of Honest Business Operations" Resolution: Passed as proposed	None	None
		5. Revised the internal audit implementation rules and checklists for "Audit of business and collection cycles", and "Audit of procurement and payment cycles" Resolution: Passed as proposed	None	None
		6. The Company's 2024 business report and financial statements. Resolution: Passed as proposed	None	None
		7. Issue of the statement of internal control system for 2024. Resolution: Passed as proposed	None	None
		8. Appointment and remuneration, evaluation of the independence of the Company's attesting certified public accountants and Pre-approval Procedures for Non-Assurance Services Resolution: Passed as proposed	None	None
2025/05/06	21st session of the 12th term	1. 1Q2025 consolidated financial statements Resolution: Passed as proposed	None	None
2025/05/27	1st session of the 13th term	1. Election of the Company's Chairman Resolution: Passed as proposed	None	None
		2. To appoint the Company's 4th Audit Committee. Resolution: Passed as proposed	None	None
		3. To appoint the Company's 4th Compensation and Remuneration Committee.. Resolution: Passed as proposed	None	None
2025/06/05	2nd session of the 13th term	1. Kaohsiung Port Pier 118 (Natural Gas Pipeline) Storage Site Improvement Project. Resolution: Passed as proposed	None	None
2025/08/05	3rd session of the 13th term	1. Consideration of the remuneration amount for representatives acting as directors of the Company's subsidiaries. Resolution: Passed as proposed	None	None
		2. The Company's 2Q2025 consolidated financial statements Resolution: Passed as proposed	None	None
		3. Endorsement and guarantee for subsidiary, "ANCORA HARBOR SERVICE CO., LTD.and Innotech Logistics Co. Ltd." Resolution: Passed as proposed	None	None
		4. Revised the internal audit system for "Audit of Production Cycle - Loading and Unloading Operations" Resolution: Passed as proposed	None	None
		5. Revised the internal audit implementation rules and checklists for "Audit of financing cycles", and "Other Management Systems - Seal Usage Management Audit" Resolution: Passed as proposed	None	None
2025/11/06	4th session of the 13th term	1. The Company's 3Q2025 consolidated financial statements Resolution: Passed as proposed	None	None
		2. Revised the internal audit system for "Audit of financing cycles" Resolution: Passed as proposed	None	None
		3. Amendments to certain clauses of the "Procedures for Acquiring or Disposing of Assets" Resolution: Passed as proposed	None	None
		4. Defining the scope and definition of frontline employees and revising the "Internal Control System - Payroll Cycle and Corresponding Internal Audit Implementation Rules". Resolution: Passed as proposed	None	None
		5. The Company's 2025 audit plan Resolution: Passed as proposed	None	None
		6. Proposed capital increase in "Innotech Logistics Co., Ltd." Resolution: Passed as proposed	None	None
2025/12/30	5th session of the 13th term	1. It is proposed to adjust the amount of capital increase investment and participate in the cash capital increase of Innotech Logistics Co., Ltd. Resolution: Passed as proposed	None	None

In addition to the foregoing matters, other Board meeting resolutions that have been opposed or reserved by independent directors with records or written statements: None.
In the implementation of a director's recusal for being an interested party in a motion, the director's name, the motion content, the reasons for recusal and his or her participation in voting should be stated:

Date, term and meeting session	Motion content	Reason for recusal	Participation in voting

| 2025/03/04
19th session of the 12th term | Profit sharing remuneration for directors and employees of the Company for 2024 | Because Albert Chen, Shi-Jie Yang, and Yi-Chien Chen were the parties involved in the motion. | The motion was presided over by independent director, Yuen-Yun Mo as the acting meeting chair. Except for the above-mentioned directors who recused themselves due to a conflict of interest, the rest of the directors passed the motion without objection. |
| --- | --- | --- | --- |
| 2025/08/05
3rd session of the 13th term | Consideration of the remuneration amount for representatives acting as directors of the Company's subsidiaries. | Chairman Yen-Ming Chen and his second-degree relatives Yi-Chien Chen, Director Shi-Jie Yang, and Director Seng-Jung Ko are interested parties in this case. | The motion was presided over by independent director, Shi-Yin Tsai as the acting meeting chair. Except for the above-mentioned directors who recused themselves due to a conflict of interest, the rest of the directors passed the motion without objection. |

Information on the frequency and period, scope, method and content of the self-evaluation (or peer evaluation) by the Board of Directors, and the implementation of the Board evaluation for the year.

Evaluation frequency	Evaluation period	Evaluation scope
Once a year	2025	1. Board of Directors
2. Individual Board members
3. Performance evaluation of functional committees	1. Internal self-evaluation of the Board of Directors
2. Self-evaluation of the Board members	1. Internal self-evaluation of the Board of Directors
A. The extent of participation in the Company's operations.
B. Improvement in the quality of the Board's decision-making.
C. Composition and structure of the Board.
D. Election and continuing education of directors.
E. Internal control
2. Self-evaluation of the Board members
A. Alignment of the Company's objectives and tasks.
B. Perception of directors' responsibilities.
C. The extent of participation in the Company's operations.
D. Internal relationship management and communication.
E. Professionalism and continuing education of directors.
F. Internal control
3. Performance evaluation of functional committees
A. The extent of participation in the Company's operations.
B. Improvement in the quality of the committee's decision-making.
C. Composition and structure of the committee
D. Election and continuing education of committee members.
F. Internal control

The results of the performance evaluation of the Board of Directors and functional committees for 2025 have been disclosed on the Company's website for shareholders' reference.

Assessment of the goals and implementation status of strengthening the Board's functions in the current and most recent years (e.g., establishing an audit committee, improving information transparency):

(1) The Company's important rules and regulations and corporate governance-related norms have been disclosed on the Company's website or public information observation platform as required.

(2) The Company has purchased "Directors' and Supervisors' Liability Insurance" to mitigate the legal liability risks of directors and enhance corporate governance capabilities; after completing the renewal procedures for the Directors' and Supervisors' Liability Insurance in 2025, it was submitted to the 19th meeting of the 12th Board of Directors on March 4, 2025.

(3) Succession planning for Board members and key management: Based on the Company's development direction and goals, in planning the succession plan, in addition to possessing professional and management capabilities, the successor's values must be consistent with the Company's philosophy.

Succession planning for Board members:

Regarding the succession planning for the Board, the Company cultivates senior managers to enter the Board, enabling them to become familiar with the operation of the Board, and considering the diversity of directors concurrently serving as company managers, the number of directors does not exceed one-third of the total number of directors. The 2025 Annual General Meeting of Shareholders will conduct a board re-election. The resolution submitted to the 12th Board Meeting (19th Session) on March 4th, 2025, addresses the following:

Whether the director candidates possess the professional knowledge, skills, experience, and diverse backgrounds (including gender) required for the company's operation.
The qualifications, professionalism, independence, integrity, and number of concurrent positions held by independent director candidates, and whether they meet the requirements of the Securities and Exchange Act, the Regulations Governing the Establishment and Compliance of Independent Directors for Publicly Listed Companies, and the regulations of the Taiwan Stock Exchange.
The eligibility of director candidates and whether they fall under any of the circumstances listed in Article 30 of the Company Act, and will be handled in accordance with Article 192-1 of the Company Act.
Succession Planning and Operation of Key Management:

To ensure the company's stable operation and sustainable development, the company has established a succession plan for key management, adopting a dual-track mechanism of continuous professional development for current senior executives and systematic succession training for middle-level managers. Through institutionalized talent development, practical experience, and management operations, the integrity of the management team is strengthened, reducing the impact of key personnel changes on the company's operations.

Regarding the development of current senior executives, our company continuously strengthens their leadership skills, decision-making quality, and overall business vision through management courses, strategic planning participation, and supervision of major projects. This ensures that the senior management team can continuously adapt to the industry environment and the company's development needs.

Simultaneously, to cultivate the next generation of management talent for future succession, our company continuously promoted a middle-level management training program from 2024 to 2025. Through management function training, project assignment, and performance evaluation mechanisms, this program systematically cultivates middle-level managers with succession potential, gradually building a succession pipeline for senior management. Through the implementation of this training program, several middle-level managers who completed the training in 2025 were successfully promoted to senior management positions based on their performance and organizational development needs, demonstrating that the succession development mechanism has been concretely implemented and is producing results.

At the operational level, the company holds regular monthly management meetings, with the participation of senior executives and core management personnel, to review operational performance, progress of major projects, and cross-departmental collaboration. This fosters a holistic business perspective and decision-making capabilities among the management team. Additionally, the company holds two annual management policy meetings to discuss and reach consensus on the company's medium- and long-term development strategies, operational goals, and organizational development direction. These meetings serve as an important platform for strategic thinking and succession planning among key management personnel.

The company's succession planning for key management personnel continuously refines its succession system and talent development mechanisms based on operational strategies, organizational development, and changes in the external environment to ensure stable corporate governance and sustained improvement in operational performance.

(II) Operations of the Audit Committee

The Company's Audit Committee consists of three independent directors. The purpose of the Audit Committee is to assist the Board of Directors in fulfilling its role of overseeing the quality and integrity of the Company in accounting, auditing, financial reporting processes and financial controls.

The Audit Committee held 7 meetings in 2025 and deliberated, among other things, the following matters.

(1). Establishment or amendments to the internal control system in accordance with Article 14-1 of the Securities and Exchange Act.
(2). Appraisal of the effectiveness of the internal control system.
(3). Establishment or amendments to procedures for significant financial transactions involving the acquisition or disposal of assets, derivative transactions, lending of funds to others, or endorsement or guarantee for others in accordance with Article 36-1 of the Securities and Exchange Act.
(4). Matters involving directors' own interests.
(5). Significant asset or derivative transactions.
(6). Significant lending of funds, endorsements or guarantees
(7). Raising, issue or private placement of securities of an equity nature.
(8). Appointment, dismissal and remuneration of the Company's attesting certified public accountants.
(9). Appointment or dismissal of the officers of finance, accounting or internal audit.
(10). The annual financial statements signed or sealed by the chairperson, managerial officer and accounting officer, and the second quarter financial statements subject to audit and attestation by CPAs.
(11). Other significant matters as required by the Company or the competent authorities.

A. Review of financial statements

The Board of Directors has prepared the business report, financial statements, and earnings distribution proposal of the Company for 2025, of which the financial statements have been audited by Deloitte Taiwan and an independent auditor's report has been issued thereon. The above-mentioned business report, financial statements and earnings distribution proposal have been reviewed by and found to be accurate by the Audit Committee.

B. Evaluation of the effectiveness of the internal control system

The Audit Committee evaluated the effectiveness of the policies and procedures of the Company's internal control system (including financial, operational, risk management, information security, outsourcing, and legal compliance and other control measures) and reviewed the Company's audit department and attesting certified public accountants, and management's periodic reports, including risk management and legal compliance.

C. Appointment of the attesting CPAs

The Audit Committee was given the responsibility to oversee the independence of the attesting CPA firm to ensure the fairness of the financial statements.

The Audit Committee met 7 times (A) during 2025 and the attendance of independent directors is as follows:

Title	Name	Number of attendance in person (B)	Number of attendance by proxy	Percentage of attendance in person (%) (B/A)	Remarks
Independent director	Yuen-Yun Mo	2	1	67	Dismissal
Independent director	Shi-Yin Tsai	6	1	86	Re-elected
Independent director	Yueh-Yun Tsai	3	0	100	Dismissal
Independent director	Cheng-Hsiung Lin	4	0	100	Newly-elected
Independent director	Pai-Chien Huang	4	0	100	Newly-elected

Note 1: On May 27, 2025, the shareholders' meeting held a comprehensive re-election of directors..

Other matters to be recorded

(1). If the operations of the Audit Committee is under any of the following circumstances, the date, session, motion content, resolution of the Audit Committee and the Company's handling of the Audit Committee's opinions should be described:

A. Matters listed in Article 14-5 of the Securities and Exchange Act.
B. In addition to the above, other matters that have not been approved by the Audit Committee but approved by more than two-thirds of all directors:

Meeting date	Motion content and follow-up action	Matters listed in Article 14-5 of the Securities and Exchange Act.	Other matters that have not been approved by the Audit Committee but approved by more than two-thirds of all directors:
2025/01/15	1. Proposed discussion on authorizing the signing of lease agreements for the exposed land at Kaohsiung Port Piers 118-119.	✓	None
	Resolution of the Audit Committee: Passed by the Audit Committee as a whole as proposed.
	The Company's handling of the Audit Committee's opinions: Passed by all directors present.
2025/03/04	1. Amendment to certain articles of the Company's “Articles of Association..”	✓	None
	2. Amendments to the “Regulations on the management of official seals”	✓	None
	3. Revised the internal audit system for "Audit of business and collection cycles", "Audit of procurement and payment cycles", and "Audit of financing cycles"	✓	None
	4. Revised the internal audit implementation rules and checklists for "Audit of other management systems - Audit of Honest Business Operations"	✓	None

Meeting date	Motion content and follow-up action	Matters listed in Article 14-5 of the Securities and Exchange Act.	Other matters that have not been approved by the Audit Committee but approved by more than two-thirds of all directors:
	5. Revised the internal audit implementation rules and checklists for "Audit of business and collection cycles", and "Audit of procurement and payment cycles"	✓	None
	6. The Company's 2024 business report and financial statements.	✓	None
	7. 2024 Profit Distribution.	✓	None
	8. Issue of the statement of internal control system for 2024.	✓	None
	9. Appointment and remuneration, evaluation of the independence of the Company's attesting certified public accountants and Pre-approval Procedures for Non-Assurance Services	✓	None
	Resolution of the Audit Committee: Passed by the Audit Committee as a whole as proposed.
	The Company's handling of the Audit Committee's opinions: Passed by all directors present.
2025/05/06	1. 1Q2025 consolidated financial statements	✓	None
	Audit Committee Resolution: Approved by all members of the Audit Committee.
	Company's Handling of the Audit Committee's Opinions: Approved by all attending directors.
2025/06/05	1. Kaohsiung Port Pier 118 (Natural Gas Pipeline) Storage Site Improvement Project.	✓	None
	Resolution of the Audit Committee: Passed by the Audit Committee as a whole as proposed.
	The Company's handling of the Audit Committee's opinions: Passed by all directors present.
2025/08/05	1. The Company's 2Q2025 consolidated financial statements.	✓	None
	2. Endorsement and guarantee for subsidiary, "ANCORA HARBOR SERVICE CO., LTD.and Innotech Logistics Co. Ltd."	✓	None
	3. Revised the internal audit system for "Audit of Production Cycle - Loading and Unloading Operations"	✓	None
	4. Revised the internal audit implementation rules and checklists for "Audit of financing cycles", and "Other Management Systems - Seal Usage Management Audit"	✓	None
	Resolution of the Audit Committee: Passed by the Audit Committee as a whole as proposed.
	The Company's handling of the Audit Committee's opinions: Passed by all directors present.
2025/11/06	1. The Company's 3Q2025 consolidated financial statements.	✓	None
	2. Revised the internal audit system for "Audit of financing cycles"	✓	None
	3. Amendments to certain clauses of the "Procedures for Acquiring or Disposing of Assets"	✓	None
	4. Defining the scope and definition of frontline employees and revising the "Internal Control System - Payroll Cycle and Corresponding Internal Audit Implementation Rules".	✓	None
	5. The Company's 2025 audit plan	✓	None
	6. Proposed capital increase in "Innotech Logistics Co., Ltd."	✓	None
	Resolution of the Audit Committee: Passed by the Audit Committee as a whole as proposed.
	The Company's handling of the Audit Committee's opinions: Passed by all directors present.
2025/12/30	1. It is proposed to adjust the amount of capital increase investment and participate in the cash capital increase of Innotech Logistics Co., Ltd.	✓	None
	Audit Committee Resolution: Approved by all members of the Audit Committee.
	Company's Handling of the Audit Committee's Opinions: Approved by all attending directors.

(2). In the implementation of an independent director's recusal for being an interested party in a motion, the independent director's name, the motion content, the reasons for recusal and his or her participation in voting should be stated: None.
(3). Communication between independent directors, internal audit officer (major matters, methods and results of communication on the Company's financial and business conditions, etc. should be included) as follows:

With CPAs -

Date	Participants	Methods of communication	Matters of communication	Results of communication
2025/03/04	Attending members: Yuen-Yun Mo, Yueh-Yun Tsai Deloitte Taiwan: CPA Nai-Hua Guo	16th session of the Audit Committee of the 3rd term	Report on communication between CPAs and corporate governance unit and management	No disagreement

With internal audit officer -

Date	Participants	Methods of communicati	Focus of communication	Results of communication
2025.03.04	Attending members: Yuen-Yun Mo, Yueh-Yun Tsai Sit-in person: Ling-Chen Chou	Symposium	1. Report on the audit execution and deficiency tracking for Oct-Dec 2024 and communication and discussion on related issues.2. Annual self-evaluation report on internal control and Statement on Internal Control System for 2024.3. Revise internal control systems and management procedures.4. Develop and revise detailed rules and checklists for internal audit implementation.	No further comments.
2025.05.06	Attending members: Shi-Yin Tsai, Yueh-Yun Tsai Sit-in person: Ling-Chen Chou	Symposium	1. Report on the audit execution and deficiency tracking for Jan-Mar 2025 and communication and discussion on related issues.	No further comments.
2025.08.05	Attending members: Shi-Yin Tsai, Cheng-Hsiung Lin, Pai-Chien Huang Sit-in person: Ling-Chen Chou	Symposium	1. Report on the audit execution and deficiency tracking for Apr-June 2025 and communication and discussion on related issues.2. Revise internal control systems and management procedures.3 Develop and revise detailed rules and checklists for internal audit implementation.	1. Director Huang: The audit of cash receipts and disbursements in the financing cycle—specifically the inventory count of time deposit statements—should specify "at least several times per year."2. No further comments.
2025/11/06	Attending members: Shi-Yin Tsai, Cheng-Hsiung Lin, Pai-Chien Huang Sit-in person: Ling-Chen Chou	Symposium	1. Report on the audit execution and deficiency tracking for Jul-Sep 2025 and communication and discussion on related issues.2. Formulation of 2026 audit plan3. Revise internal control systems and management procedures.4. Develop and revise detailed rules and checklists for internal audit implementation.	1. Directors Lin and Huang: Auditing should be subject to a computerized control mechanism to reduce manual auditing and strengthen the system anomaly notification mechanism.2. Director Huang: The inventory counts for each item in the financing cycle should be revised to "should be counted irregularly at any time and in December of each year."3. No further comments.

(III) Implementation of corporate governance, its deviations from the Corporate Governance Best Practice Principles for TWSE/TPEx Listed Companies and the reasons for such deviations.

Evaluation item	Implementation Status				The deviations from the Company Governance Best Practice Principles for TWSE/TPEx Listed Companies and the reasons
	Yes	No	Summary Description
I. Has the Company formulated and disclosed its corporate governance practice best principles in accordance with the "Corporate Governance Best Practice Principles for TWSE/TPEx Listed Companies"?	☑		The relevant provisions were established on 2017/05/01 and amended thereafter, and are disclosed on the Market Observation Post System and the Company's website.		No difference.
II. Shareholding structure and shareholder's rights
(I) Has the Company established internal operating procedures to handle shareholder recommendations, doubts, disputes and litigations, and implemented them in accordance with the procedures?
(II) Does the Company have a list of the major shareholders who actually control the Company and those who ultimately have control over the major shareholders?
(III) Has the Company established and implemented risk control and firewall mechanisms within its affiliated companies?
(IV) Has the Company formulated internal regulations to prevent insiders from trading securities using undisclosed information?	☑		(I) The Company has established the "Operating Procedures for Handling Material Inside Information and Preventing Insider Trading" and has a spokesperson and an acting spokesperson to effectively handle shareholders' suggestions, questions, disputes and litigation matters.
(II) The Company reports the shareholdings of its major shareholders on a monthly basis and includes a list of the significant corporate shareholders of each major shareholder in its annual report.
(III) The endorsement and guarantee of related companies and the loan of funds are strictly implemented in accordance with relevant regulations. The "Transaction Operation Rules for Related Persons, Specific Companies and Group Enterprises" are also formulated to improve the financial business transactions between the company and related companies, and prevent irregular transactions or improper benefits transfer in the purchase and sale transactions, acquisition and disposal of assets, endorsement and guarantee, and loan of funds between related parties.
(IV) Our company has established procedures for preventing insider trading and for handling material internal information. Newly appointed directors are provided with relevant training and guidance upon taking office and sign a declaration.
On December 28, 2022, the Board of Directors approved amendments to the "Procedures for Handling Material Internal Information and Preventing Insider Trading," adding a clause regarding stock trading control measures from the date of obtaining the company's financial reports or related performance information, including (but not limited to) prohibiting directors from trading their shares during the closed period of 30 days prior to the announcement of the annual financial report and 15 days prior to the announcement of each quarterly financial report. In 2025, the following items and times were emailed to remind directors of the following:
Financial Report
Board meeting date
Lockdown period (start)
Lockdown period (end)
Notification Date
Preventive measures have been implemented
Annual
2025/3/4
2025/2/1
2025/3/4
2025/1/21
As a precaution, relevant insiders (including but not limited to directors) have been notified in advance via email that they are prohibited from trading their holdings of the Company's issued securities during the lock-up period.
Quarterly
2025/4/5
2025/7/20
2025/8/5
2025/7/4
Quarterly
2025/11/6
2025/10/21
2025/11/6
2025/10/19				No difference.

III. Composition and Responsibilities of the Board of Directors (I) Has the Board of Directors formulated and implemented a diversity policy on membership? (II) In addition to the Remuneration Committee and the Audit Committee established in accordance with the law, has the Company voluntarily set up other functional committees? (III) If the Company has formulated Board performance evaluation measures and methods, conducts performance evaluations annually and regularly, and reports the results of performance evaluations to the Board of Directors, and uses them as a reference for individual directors' remuneration and a nomination for reappointment? (IV) Does the Company periodically evaluate the independence of CPAs?	(I) See page 9 for information on board diversity and independence. (II) The Company has established a Remuneration Committee and an Audit Committee in accordance with the law, and discloses the composition, responsibilities and operation of the functional committees on the Company's website. In the future, other functional committees will be established as needed based on the scale of business development and practical needs. (III) The Board of Directors of the Company on October 25, 2018 approved the "Regulations Governing the Performance Evaluation of the Board of Directors and Functional Committees". The performance evaluation of the Company's Board of Directors shall include at least the following five aspects: (1) The extent of participation in the Company's operations. (2) Improvement in the quality of the Board's decision-making. (3) Composition and structure of the Board. (4) Election and continuing education of directors. (5) Internal control The performance evaluation of the Company's directors (self or peer) shall include the following six aspects: (1) Alignment of the Company's objectives and tasks. (2) Perception of directors' responsibilities. (3) The extent of participation in the Company's operations. (4) Internal relationship management and communication. (5) Professionalism and continuing education of directors. (6) Internal control After the directors have completed the questionnaire, Finance Department will collect and calculate the scores. The 2025 performance evaluation was completed on Jan/28/2026 and the results of the performance evaluation are as follows: (1) The average score of the self-evaluation of the Board of Directors is 99.4 (out of 100). Overall comment: The Board of Directors is operating in accordance with the law and its performance is in line with expectations. (2) The average score of the self-evaluation of the directors is 97.9 (out of 100). The results of the internal performance evaluation and its implementation were summarized and reported to the Board of Directors on Jan/28/2026. (IV) The auditors, when communicating with the Audit Committee quarterly regarding the review/audit of the financial statements, explain the auditors' compliance with independence requirements. In accordance with the "Code of Conduct for Listed Companies," the Company assesses the independence and competence of its appointed auditors annually. The audit and certification of the Company's 2016 financial statements was conducted by auditors Kuo Nai-hua and Li Li-huang of Deloitte Touche Tohmatsu. The independence and competence of the appointed auditors for 2026 were assessed using Audit Quality Indicators (AQIs). Following review to the 4th Audit Committee (6th meeting) on March 3, 2026, the assessment was submitted to the 13th Board of Directors (7th meeting) on March 3, 2026, for approval. Based on Deloitte's audit quality disclosure framework, which comprises 5 dimensions and 13 audit quality indicators, the firm's overall audit quality assessment and that of the audit team are as follows: Five Key Dimensions 13 Indicators Indicator Description Evaluation Result
	✓ Professionalism	1-1 Audit Experience 1-2 Training Hours 1-3 Turnover Rate 1-4 Professional Support	Whether the CPA and audit personnel have sufficient auditing experience to perform audit work. Whether the CPA and audit personnel receive sufficient education and training to acquire professional knowledge and skills. Whether the CPA and audit personnel receive sufficient non-audit professional knowledge and skills. Whether the CPA and audit personnel receive sufficient training to acquire professional knowledge and skills. Whether the CPA and audit personnel receive sufficient non-audit professional knowledge and skills. Whether the CPA and audit personnel receive sufficient training to acquire professional knowledge and skills.
Quality Control	2-1 CPA Workload 2-2 Audit Effort Allocation 2-3 Engagement Quality Control Review (EQCR) 2-4 Quality Control Support Capability	Whether the CPA and audit personnel have sufficient auditing experience to perform audit work. Whether the CPA and audit personnel receive sufficient education and training to acquire professional knowledge and skills. Whether the CPA and audit personnel receive sufficient non-audit professional knowledge and skills. Whether the CPA and audit personnel receive sufficient training to acquire professional knowledge and skills.	☐ Good ☐ Fair ☐ Poor ☐ Good ☐ Fair ☐ Poor ☐ Good ☐ Fair ☐ Poor ☐ Good ☐ Fair ☐ Poor ☐ Good ☐ Fair ☐ Poor ☐ Good ☐ Fair ☐ Poor ☐ Good ☐ Fair ☐ Poor
Independence	3-1 Non-Audit Services 3-2 Client Familiarity	Whether the CPA and auditors have sufficient auditing experience to perform audit work. Whether the CPA and auditors have sufficient auditing experience to perform audit work. Whether the CPA and auditors have sufficient auditing experience to perform audit work.	☐ Good ☐ Fair ☐ Poor ☐ Good ☐ Fair ☐ Poor ☐ Good ☐ Fair ☐ Poor ☐ Good ☐ Fair ☐ Poor
Supervision	4-1 External Inspection Deficiencies and Sanctions 4-2 Improvement Notices from Competent Authorities	Whether the CPA and auditors have sufficient auditing experience to perform audit work. Whether the CPA and auditors have sufficient auditing experience to perform audit work.	☐ Good ☐ Fair ☐ Poor ☐ Good ☐ Fair ☐ Poor ☐ Good ☐ Fair ☐ Poor
Innovation Capability	5-1 Innovation Planning and Initiatives	The firm's commitment to improving audit quality, including adopting or planning initiatives and investments related to audit quality enhancement.	☐ Good ☐ Fair ☐ Poor

Evaluation item	The state of operations					The differences from the Corporate Governance from Practice Principles for TWMC/TPM-Certified Programs and the reasons that they
	Yes	No	Summary description
IV. Does the Company as a listed enterprise have a suitable and appropriate number of corporate governance personnel and appoint a corporate governance officer to be responsible for corporate governance related matters (including but not limited to providing information necessary for directors and supervisors to perform their business, assisting directors and supervisors to comply with laws and regulations, conducting Board meeting and shareholder meeting related matters in accordance with law, handling company registration and alteration registration, and preparing minutes of Board meetings and shareholder meetings, etc.)?	✓		1- Corporate governance related business is performed by the Finance Department as a part-time unit, including handling the Board of Directors and functional committee meetings, preparing minutes of meetings, assisting directors in their appointment and continuing education, providing information necessary for directors to perform their business, assisting directors in complying with laws and regulations, registering changes for the Company, handling matters stipulated in the Articles of Incorporation, administering the convening and minutes of shareholders' meetings, etc.2- On May 11, 2023, the 7th meeting of the 12th Board of Directors approved the appointment of Ms. Chen Hsiu-Bao, who has more than 3 years of experience in the positions of financial director, accounting director, and director of management department, as the director of corporate governance supervising corporate governance related matters, including.(1)Administer the Board meetings and the shareholders' meeting in accordance with the law.(2)Prepare minutes of the Board of Directors' and shareholders' meetings.(3)Assist directors in the assumption of their offices and continuing education.(4)Provide directors with information necessary for the execution of their business.(5)Assist directors in complying with the law.(6)Other matters as provided for in the Articles of Incorporation or contracts.3- Further training for corporate governance supervisors:The total number of training hours in 2025 was 12 hours, which meets the requirements of Article 24, Paragraph 2 of the "Guidelines for the Establishment of Boards of Directors". The corporate governance officer should have at least 12 hours of training (continuing education) per year.			Assigned relevant personnel in a timely manner.
			Date	Organizer	Course Title	Hours
			2025.05.09	Securities and Futures Market Development Foundation, ROC	114th Annual Insider Trading Prevention Promotion	3
			2025.07.09	Taiwan Stock Exchange	Cathay Pacific Sustainable Finance and Climate Change Summit Forum;	6
			2025.08.01	Corporate Governance Association, ROC	Corporate Governance and Securities Regulations.	3
			4- Execution in 2025(1)Handle matters related to convening board meetings and shareholders' meetings in accordance with the law.(2)Arrange for board members to attend continuing education courses.(3)Assist the board in reviewing and submitting performance evaluation reports.(4)Assist the board in reviewing and submitting performance evaluation reports.(5)Report the progress of greenhouse gas inventory and verification to the board.(6)Complete the relevant work on liability insurance for directors and key personnel and submit it to the board meeting on March 4, 2025.
V. Has the Company established communication channels with stakeholders (including but not limited to shareholders, employees, customers and suppliers, etc.) and a special sections for stakeholders on the Company's website, and responded appropriately to important corporate social responsibility issues that are of concern to stakeholders?	✓		The type of stakeholders of the Company, issues of concern to them, response method and Board of Directors' reports are disclosed on the Company's website (https://www.chienshing.com.tw/social01-4).Communication channels are disclosed on the Company's website (https://www.chienshing.com.tw/company05)			No material difference
VI. Has the Company appointed a professional stock transfer agent to handle matters for shareholders' meetings?	✓		The Company appointed KGI Securities Co., Ltd. to administer shareholders' meetings on its behalf. Address: SF, No. 2, Section 1, Chongqing South Road, Zhongzheng District, Taipei City Tel: 02-23890088 Website: https://www.kgi.com.tw			No material difference
VII. Information Disclosure(I) Has the Company set up a website to disclose finance and business matters and corporate governance information?(II) Has the Company adopted other means of information disclosure (such as setting up an English website, appointing dedicated personnel responsible for the collection and disclosure of Company information, implementing a spokesperson system, posting the Company's earnings calls on its website, etc.)?(III) Does the Company publicly announce and file annual financial statements within two months after the end of the fiscal year, and the financial statements for the first, second and third quarters and the monthly operating status before the prescribed deadline?	✓		(I) The Company has set up a website at https://www.chienshing.com.tw to disclose important information on the Company's important regulations, finance, business, corporate governance and the status of their execution.(II) The Company has established a spokesperson system in accordance with the regulations and has dedicated personnel responsible for the collection and disclosure of corporate information, and information on the Company's earnings calls is disclosed on the Company's website (https://www.chienshing.com.tw/investment04).(III) The first, second, and third quarter financial statements and monthly revenue are announced and reported within the legally prescribed period. The link to the information reporting website is (https://mops.twse.com.tw/).			No material difference
			No material difference
VIII. Is there any other important information to facilitate a better understanding of its implementation of corporate governance (including but not limited to employee rights, employee care, investor relations, supplier relations, stakeholder rights, continuing education of directors and supervisors, implementation of risk management policies and risk measurement standards, implementation of customer policies, the Company's purchase of liability insurance for directors and supervisors, etc.)?	✓		(I) Employee rights and employee care:(1)In accordance with the Labor Standards Act and the Labor Pension Act, the Company has established the employee retirement plan, emphasizes internal communication, holds quarterly labor-management meetings, and maintains an atmosphere of mutual trust between employees and management, and makes annual actuarial calculations of retirement under the old system. For employees who are subject to the new pension system, the Company also makes monthly contributions to their individual pension accounts in accordance with their pension brackets.(2)The Company has established the Employee Welfare Committee to administer various employee welfare activities and subsidies.(3)In order to motivate employees to better performance and retain outstanding talents, the Company established the "Employee Stock Ownership Trust", which combines the concepts of savings, investment and wealth management to achieve the objectives of enhancing employees' welfare and retaining talents, and further motivating employees to work together with the Company to achieve good performance and share the fruits of operations.(4)Organize health checkups for employees, with regular visits by medical doctors and nurses on site to care for the health of our staff.(5)Employee complaint system, including complaint e-mail box, hotline and sexual harassment hotline and complaint mailbox.(II) Investor Relations: Encourage shareholders' participation, with regular shareholders' meetings allowing shareholders to exercise their voting rights by electronic means. Discourage extempore motions at shareholders' meetings to protect the rights and interests of shareholders who use electronic communication to vote.(III) Supplier Relations and Stakeholders' Rights.The Company upholds the principle of honesty and integrity in handling related matters. In order to fulfill the Company's commitment and responsibility for supplier management, the Company expects to work with suppliers to achieve good			No material difference

Evaluation item	The state of operations			The differences from the Corporate Governance and Practice Principles for TWSE TPEs Listed Companies and the reasons thereof.
	Yes	No	Summary description
			ethical standards, respect for labor and human rights, and environmental sustainability, and to encourage all cooperating suppliers to work together to fulfill corporate social responsibility.

(IV) Continuing educations of directors and supervisors:
The Company arranges from time to time each year for directors to attend education courses. For 2025, the number of hours of continuing education for all directors is 100%, which was in compliance with the requirements of the “Directions for the Implementation of Continuing Education for Directors and Supervisors of TWSE Listed and TPEs Listed Companies”, and please refer to P.34 of the Annual Report for details of the continuing education for directors and supervisors

(V) Implementation of risk management policies and risk measurement standards:
The Company currently does not engage in high-risk, high-leverage and derivative trading operations.
Risk measurement is conducted from time to time in accordance with the Company's "Risk Management Procedures" and potential risks associated with each department are examined and identified at the annual management review meeting. Each department assesses the likelihood and impact according to their duties and responsibilities, and the relevant departments formulate management measures to ensure that all operational risks are effectively controlled and propose improvement in a timely manner. Related promotion was reported in the meeting session of the Board of Directors on 2025.03.04.

(VI) Implementation of customer policies.
We communicate with our customers through various channels, including face-to-face meetings, telephone conferences, correspondence, preoperational meetings and instant communication platforms, to understand customers' needs and establish long-term relationships.
Establish customer complaint handling procedures and customer satisfaction measurement procedures to address customer complaints in a timely manner and conduct annual customer satisfaction surveys to fully understand customer opinions and needs, and track improvements through the Company's internal tracking mechanism.

(VII) Purchase of liability insurance for directors and supervisors of the Company: The Company has had its directors and key employees covered by liability insurance since March 2018 to reduce and diversify the risk of significant damage to the Company and shareholders caused by illegal acts of directors; the insurance was renewed in 2025 and presented to the Board of Directors meeting on 2026.03.03. | |
| IX. Please explain the improvements that have been made based on the corporate governance evaluation results released by the Corporate Governance Center of the Taiwan Stock Exchange in the most recent year, and propose priority areas and measures for improvement for those that have not yet been improved. | | | | |

(IV) If the Company has a remuneration committee, disclose its composition, responsibilities and operations.

Information on the members of the Remuneration Committee

Position	Criteria Name	Professional Qualifications and Experiences	Status of Independence	Number of other public companies in which the individual is concurrently serving as a remuneration committee member	Remark
Independent direct/convenor	Shi-Yin Tsai	Please refer to the information on directors in the Annual Report (II)	0	Re-elected on May 27, 2025, and nominated as convener.
Independent director	Cheng-Hsiung Lin			0	Newly elected on May 27, 2025.
Independent director	Pai-Chien Huang			0	Newly elected on May 27, 2025.

Note 1: On May 27, 2025, the shareholders' meeting held a comprehensive re-election of directors.

Operations of the Remuneration Committee

(1) There are three members on the Remuneration Committee of the Company.
(2) The term of office of the members of the current term: May 27, 2025 to May 26, 2028. The Remuneration Committee met 3 times in 2025 (A), and the qualifications and attendance of the members are as follows:

Title	Name	Number of Attendance in Person (B)	Number of Attendance by Proxy	Percentage of Attendance in Person (%) (B/A)	Remarks
Convener	Yuen-Yun Mo	2	0	100	Dismissal on May 27, 2025.
Convener	Shi-Yin Tsai	2	1	67	Re-elected on May 27, 2025, and nominated as convener.
Member	Yueh-Yun Tsai	2	0	100	Dismissal on May 27, 2025.
Member	Cheng-Hsiung Lin	1	0	100	Newly elected on May 27, 2025.
Member	Pai-Chien Huang	1	0	100	Newly elected on May 27, 2025.
Other matters to be recorded: I. If the Board of Directors does not adopt or amend the recommendations of the Remuneration Committee, it should state the date, period, proposal content, resolution of the Board, and its handling of the committee’s opinions (if the remuneration approved by the Board is better than the recommendation proposed by the committee, the difference and reasons should be stated): None. II. For the proposals by the Remuneration Committee. If any members have objections or reservations with records or written statements, the date, period, proposal content, the opinions of all members, and its handling of the members’ opinions should be stated: None.

Note 1: On May 27, 2025, the shareholders' meeting held a comprehensive re-election of directors.

(3) Responsibilities and operations of the Remuneration Committee:

A. The Remuneration Committee will faithfully perform the following duties and responsibilities with the attention of good stewards, and will submit its recommendations to the Board of Directors for discussion.

a- Periodically review the regulations and propose amendments.
b- Establish and periodically review the policies, systems, standards and structures for annual and long-term performance goals and remuneration for directors and managerial officers of the Company.
c- Periodically evaluate the achievement of the performance goals of the Company's directors and managerial officers and determine the content and amount of their individual remuneration.

B. The Remuneration Committee shall perform its duties in accordance with the following principles:

a- Ensure that the Company's remuneration arrangements comply with the relevant laws and regulations and are sufficient to attract outstanding talent.
b- The performance evaluation and remuneration of directors and managerial officers shall be based on the usual level of remuneration in the industry, and reasonable correlation among personal performance, the Company's operating performance and future risks.
c- Directors and managerial officers shall not be induced to engage in conduct that exceeds the Company's risk appetite in pursuit of remuneration.
d- The percentage of short-term performance bonuses and the timing of payment of certain variable remuneration for directors and managerial officers shall be determined by taking into account the characteristics of the industry and the nature of the Company's business.
e- The members of the Committee shall not participate in the discussion and voting on their personal remuneration decisions.

C. The date and meeting session of the meetings of the Remuneration Committee for the most recent year, the motion content, the resolution, and the Company's handling of the Remuneration Committee's opinions.

Remuneration Committee	Motion content and follow-up action	Resolution results	The Company's handling of the Remuneration Committee's opinions.
2025.01.15		Passed by all members of the Committee	Proposed to the Board of Directors and passed by all directors present.
2025.03.04	1-The amount and method of profit sharing remuneration for employees and directors of the Company for 2024
2-Profit sharing remuneration for directors and managerial employees of the Company for 2024	Passed by all members of the Committee	Proposed to the Board of Directors and passed by all directors present.
2025.08.05	1. The amount of remuneration to be paid to the representative of the Company as a director of its subsidiaries.
2. The promotion of Assistant V.P of the Company	Passed by all members of the Committee	Proposed to the Board of Directors and passed by all directors present.

(V) Implementation of sustainable development, its deviations from the Sustainable Development Best Practice Principles for TWSE/TPEx listed Companies and the reasons.

Promotion Item	Implementation Status	The Deviations from the Sustainable Development Best Practice Principles for TWSE/TPEx Listed Companies and the Reasons
Yes	No	Summary Description
I. Has the Company established a governance structure to promote sustainable development, and set up a dedicated (part-time) unit to promote sustainable development, which is authorized by the Board of Directors to be handled by senior management, and the supervision situation of the Board of Directors?	☑	1. The Company has established a sustainable development promotion team to promote and integrate corporate governance. The President assigns the Vice President of the Operation Division as the convener of the team. The Corporate Planning Office serves as the staff and executive unit responsible for the operations, coordination, and data collection of the team, with an establishment of 10-12 members, including the leaders from various departments, such as the Administration Department, Finance Department, Occupational Safety Office, Human Resources, and Audit Office, as well as employee representatives from each operating unit. The promotion is divided into three major aspects: economic, social and environmental. Through the internal division of work meetings, we continue to promote our business philosophy and sustainability concept, identify and improve related risk and opportunity issues, and present them to the Board of Directors once a year. The implementation status for 2025 was reported to the Board of Directors of the Company on 03.03.2026. The Board of Directors receives reports from the management team on a regular basis each year. The management team must propose corporate strategies to the Board of Directors, and the Board of Directors must evaluate the likelihood of success of these strategies and must constantly review the progress of the strategies and urge the management team to make adjustments when necessary.2. The Company's 2024 Sustainability Report is available on the Company's website (https://www.cbzending.com.tw/reports/brs).3. The Company's Board of Directors receives an annual report from the management team and reviews their progress, urging the management team to make necessary adjustments as needed.
II. Does the Company, in accordance with the principle of materiality, conduct risk assessments on environmental, social and corporate governance issues related to the Company's operations, and formulate relevant risk management policies or strategies?	☑	The Company conducts risk assessments on important issues in accordance with the materiality principle for sustainable development and, based on the assessed risks, establishes risk management policies or strategies as follows:
Material issues	Risk assessment items	Risk management policies and strategies
Environment	Investment on Environment Protection equipment	Considering environment protection policy, market demand, economic benefits and shareholders' equity, the Company continues to invest on environment-friendly machinery for reconditioning, to house coal warehouse and replace transport equipment with new ones to meet the latest emission standards (6th session) for environment protection.
Society	Occupational Safety	1. The Company upholds the belief of good environmental management and safety and health management, and integrates the environmental management system and safety and health system according to the international trend, and set the environmental safety and health policy, and continues to pass the HOAN91 international standard certification in 2024.2. The Company has specific operating regulations for each operation characteristic. For daily work areas, the Company performs operating environment monitoring twice/year according to the law, and the Environmental Safety Office conducts daily paints and inspections on occupational safety.3. For drills and industrial safety education and training are held regularly every year to foster employees' ability of emergency response and self-safety management.
III. Environmental Issues (I) Has the Company set up an appropriate environmental management system based on the characteristics of its industry? (II) Is the Company committed to improving the efficiency of energy utilization and using recycled materials with low impact on the environment? (III) Does the Company evaluate the current and future potential risks and opportunities of climate change for the Company, and take corresponding measures to respond to climate related issues? (IV) Does the Company make statistics on greenhouse gas emissions, water consumption and the total weight of waste for the past two years, and formulate policies for energy conservation and carbon reduction, greenhouse gas reduction, water consumption reduction or other waste management?	(I) The Company's related system is as follows: (1) ANCORA HARBOR SERVICE CO., LTD. provides environmentally friendly recondensing and storage services using advanced closed coal recondensing equipment, indoor coal storage services and full computerized central control room management. (2) Clean Slung Harbour Service Co., Ltd. has introduced the only rotating container recondensing machine in Taichung Port area. In 2019, we added 2 new enclosed unloaded to replace traditional operations with special machines during the recondensing process to improve recondensing efficiency and worker safety, and we are committed to corporate social responsibility for safety enhancement and environmental protection, providing customized environment-friendly recondensing and storage services. (3) Actively invest in prevention facilities to improve the environment by replacing traditional recondensing with environmentally friendly machinery and enclosed indoor storage. (4) Related demand information can be found at company website: https://www.cbzending.com.tw/rec/aff2.7 In order to protect the global environment, we have leased the roof of our plant to a solar power company since October 2018 to contribute to green energy.	No material difference
(II) (III) (III) (IV) (IV)	Period	Solar power generation capacity (kW)
2025	8,371.01
2024	6,790.43
2023	6,759.09
2022	7,140.31
(1) Management of climate change. The Company has identified climate change risk as an important concern in its annual risk assessment. After describing the problem, evaluating the climate and controlling strategies and targets, each unit will submit a report to the Board of Directors for approval by the Sustainable Development Team. The following is a report to the Board of Directors for the 2024 climate change management on 03.03.2026. (2) Strategy for climate change. A - Identification of risk and opportunity: The assessment will be affected by the total amount of control of the Greenhouse Gas Emission Reduction Drafting Act and the Air Pollution Control Act, and the frequencies of natural disasters, rapid rainfall, and windstorm will increase, and the intensity and breadth of these disasters will also increase, while the market demand for green products and services is on the rise. B - Financial impact: In the future, the company may need to purchase carbon credits. As air pollution standards are increasing, transportation vehicles need to be replaced with new ones, which will increase operating costs. Extreme rainfall and hurricane shall cause disruptions in recondensing and transportation capacity, resulting in lower operating revenue, but the construction of green warehouses not only generates revenue from electricity planting, but also enhances the company's image and increases operating profit. C - Countermeasures: In the future, we will purchase advanced and more efficient vehicles and large machinery to reduce emissions and avoid penalties, and instruct the Occupational Safety and Health Office to keep an eye on the climate and report abnormalities to facilitate deployment of contingencies. If new buildings are built, priority will be given to the installation of solar power on the roof for renewable energy to fulfill corporate responsibility. (3) Risk Management. A - The company has started to understand, concern itself with and evaluate various sustainability and climate change issues and activities in order to improve the company's ability to respond to climate change. B - The Company's Sustainable Development Team is the dedicated unit for risk management. Based on the risks and opportunities provided by each unit for climate change analysis, the Company identifies and evaluates the impact and likelihood of occurrence of transit risks, physical risks, and opportunities on the Company's operations. (4) Indicators and targets: 1% reduction in greenhouse gas emissions per year is the target. (IV) The Company has established "Energy Saving and Carbon Reduction Management Regulations" and has statistics on gas emissions, water and electricity consumption and waste as follows:	Item	Amount of waste (kg)
2025	2,656,951	20,541
2024	2,510,206	19,041

Energy saving and carbon reduction programs
To cherish the resources and implement the environmental policy, the Company has formulated the energy saving and carbon reduction programs, and the specific operating principles are as follows:
1. When renewing the lighting of each business unit, the emergency lights and indicators of the fire protection system due to damage, use LED lighting that saves energy and reduces carbon
2. When renewing all kinds of machinery and equipment, use the latest environmentally friendly models
3. When renewing transportation vehicles, use the latest environmentally friendly vehicle models
4. Regularly clean and maintain air conditioners to maintain high efficiency, and set them to operate at the appropriate temperature of 26-28 degrees C
5. Purchase environmental labels, energy saving labels, water saving labels and products with high EER quality
6. Use double-sided printing or reuse the blank back of the recycled paper as much as possible, and reuse the document briefcase for internal delivery
Energy saving and carbon reduction environmental policy
1. "High efficiency": improve service efficiency and reduce energy consumption rate
2. "High value": Increase the added value of energy use and resource recovery and reuse
3. "Low pollution": Pursue low-carbon vehicles and machinery, low (zero) pollution equipment instead of traditional equipment
4. "Green procurement": Give priority to purchase equipment with environmental protection labels
The Company's "Energy Saving and Carbon Reduction Management Regulations" have set carbon reduction targets, and the relevant statistics are as follows:

Item	Carbon emissions (metric tons)	Actual carbon reduction %	Target carbon reduction %	Explanation
2025	6,620.52	-4.95	-1%	In 2025, the Company's business continued to grow. The Company's electricity consumption increased by 11.6%, compared to the previous year, but the water consumption increased by 38.4%, and the diesel consumption largely decreased by nearly 0.05%, compared to last year. This proves that the company's policy of giving priority to electric and environmentally friendly models in the replacement of old equipment has been effective, and the fuel efficiency has gradually improved.

			2024	6,965.59	-	-1%	In 2024, the Company's business continued to grow. The Company's electricity consumption increased by 8.8% compared to the previous year, but the water consumption decreased by 26.6%, and the diesel consumption decreased by nearly 2% compared to last year. This proves that the company's policy of giving priority to electric and environmentally friendly models in the replacement of old equipment has been effective, and the fuel efficiency has gradually improved.

Promotion item	Implementation status			The difference/how the Seller/other Development Best Practice Principles for P&M/1044/United Companies and the consumer benefits
	Yes	No	Summary description

IV. Social Issues (I) Has the company formulated relevant management policies and procedures in accordance with relevant laws and regulations as well as the International Bill of Human Rights? (II) Whether the Company has formulated and implemented reasonable employee welfare measures (including remuneration, vacation and other benefits, etc.), and appropriately reflects operating performance or results in employee remuneration? (III) Does the Company provide employees with a safe and healthy working environment, and related education? (IV) Has the Company established an effective career development training program for employees? (V) Does the Company comply with relevant laws and regulations and international standards regarding customer health and safety, customer privacy, marketing and labeling of products and services, and establish relevant customer rights protection policies and complaint procedures? (VI) Has the Company formulated supplier management policies that require suppliers to follow relevant regulations on issues such as environmental protection, occupational safety and health, or labor rights, and monitor their implementation?	☑	II. The Company respects and supports internationally recognized human rights norms and principles, including the "Universal Declaration of Human Rights", the "United Nations Global Compact", and the International Labor Organization's "Declaration of Fundamental Principles and Rights at Work", and complies with the laws and regulations of the place where the Company is located, and formulates human rights policies in accordance with the "United Nations Guiding Principles on Business and Human Rights" and implements human rights assessment, human rights commitment, human rights concern principles, human rights protection training, and establishes a complaint system, which is fully disclosed on the website. (III) The Company's measures are as follows: 1. The Company attaches great importance to the welfare of its employees, and has established an employee welfare committee in accordance with the regulations, established employee welfare regulations, and provides various welfare measures for employees, such as subsidies for weddings, funerals, childbirths, and education for children, as well as gifts for festivals such as Dragon Boat Festival and Mid-Autumn Festival. Major employee benefits: (1) employee bonus, employee stock descriptions (2) employee gifts for three festivals, birthday gifts (3) Labor Day gift certificates (4) subsidies for marriage, childbirth, funeral, disability, and new home purchase. (5) Educational scholarships for employees' children. (6) Annual employee travel subsidy. (7) Health insurance, labor insurance and group insurance to protect employees in accordance with the law. (8) Organize employee health checkups every two years, and provide preferential programs for employees' dependents. (9) Regular domestic and overseas employee trips every year. (10) Other group meal subsidies. (11) Employer stock ownership trust. 2. The Company pays 1% bonus to employees in accordance with the Articles of Incorporation to share operating performance. Employee bonus of 2025 total $8,183,188 has been distributed on Mar 15 2026. (III) The Company's description is as follows: 1. In order to effectively improve the operating environment and ensure the safety of each employee, the Company has an "Occupational Safety and Health Committee", which consists of site operating leaders, occupational safety and health personnel, and other relevant employees, including 18 labor members, accounting for 50% of the total number of committee members. The Occupational Safety and Health Committee and other collaborative organizations meet quarterly or formulate and supervise the occupational safety and health policies of each unit of the company, which are given for discussion and implementation by each unit, while the Occupational Safety Office is responsible for tracking and monitoring the implementation status. 2. Since July 2016, the Company has introduced OHSAS 18001 based on risk management, and in March 2019 revised to the ISO 45001 management system. The Servoboring Department and the Transportation Department asked a third-party certification unit to conduct external verification and obtained certification, which is valid from 07. 01. 2026 to 07.24.2028 The company's occupational safety and health management system is applicable to all employees in the workplace. For the organization's operation and environmental considerations, it is required to evaluate and commit to compliance with relevant laws and regulations, and to identify relevant laws and regulations and other requirements in order to improve the performance of occupational safety and health management and to achieve the company's occupational safety and health objectives. The overall disaster index was 0.97 for men and 0.86 for women for 2025, and we will continue to improve in the future. 3. The Company attaches great importance to employee safety and follows the "Clean Shing Occupational Safety and Health Policy" to continuously promote various safety management measures, and cooperates with site leaders to conduct regular inspections and audits by the audit team to review the behavior and operating environment of employees and contracted vendors' workers, and to encourage improvements or make corrections in order to achieve the goal of zero occupational disasters, zero incidents and zero injuries. The following are the safety management measures of the company: (1) Personnel safety management: All operating activities must be equipped with appropriate personal protective equipment when exposed to hazards. (2) Equipment safety management: Each relevant unit's employees didn't have net regular inspection, focus inspection or operation checking for the machinery and equipment in their charge to prevent hazards. (3) Plant safety management: Security guards are stationed 24 hours a day and perform duties in accordance with the "Security Guards Management Guidelines" established by the Company to maintain plant safety. (4) Operation safety management: Our on-site units are divided into Warehousing Center, Container Center, Servoboring Department, and Transportation Department. Each unit must follow the prescribed regulations and procedures to ensure that the service quality can meet customer requirements, and to reduce the risk of occupational injury that may be caused by on-site operations through the standardized process of operation. 4. In accordance with the practical needs of the company, relevant occupational safety and health courses are offered to employees of each department to enhance their awareness of occupational safety and the ability to respond to emergencies. In 2025, there were 1,296 people trained, and the total number of hours of training in occupational safety and health education was 6,686.5. (IV) In order to improve the quality of employees and their work skills, and to enhance the efficiency and quality of work, the Company has established the "Education and Training Management Regulations". In addition to organizing internal education and training from time to time to improve the professionalism of employees, the Company also encourages employees to participate in various further education activities organized by external organizations in order to effectively develop and utilize human resources, thereby improving operational performance. The total number of training hours in 2025 was nearly 6,952 hours. (V) Our clients are key stakeholders at Clean Shing's strong client relationships help us maintain our industry leadership. In client relations and communication, we utilize diverse channels, including in-person meetings, conference calls, correspondence, pre-operation meetings, and instant messaging platforms, to understand client needs and build long-term partnerships. Simultaneously, our end-to-end logistics service integrates import/export customs clearance, transportation, warehousing, loading/unloading, and container yard operations to achieve comprehensive logistics services, meeting client needs and making us a leading listed company providing end-to-end logistics services. Client feedback is the driving force behind service improvement. Therefore, we established customer complaint handling procedures in 1998 and customer satisfaction measurement procedures in 2001, respectively. We also set up dedicated service windows in our sales offices to handle operational communication, providing timely and sufficient information to meet the needs of downstream clients, end customers, or government departments. Furthermore, we cooperate with clients' sustainability plans by implementing necessary activities, investigations, verifications, audits, and data collection. To confirm customer satisfaction with our service quality, we conduct annual customer satisfaction surveys. Customers can provide feedback through ratings, comments, or comparisons with our competitors. Our dedicated customer satisfaction team not only provides detailed responses to customers and tracks the improvement progress of relevant departments, but also uses data analysis to identify underlying issues and compiles reports for senior management as a reference for medium- and long-term operational planning. Our 2025 customer satisfaction survey showed a 92.31% satisfaction rate. In addition to B2B communication through our website, we also have a "Customer Complaint Handling Procedure" that requires relevant departments to promptly address customer complaints and provide analytical reports in response. Our 2025 customer complaint analysis report response rate reached 100%. (VI) The Company has formulated supplier management procedures, uphold an encouraging attitude and adapted relevant guidance measures. All suppliers who have business dealings with the Company shall comply with and implement the following corporate social responsibility categories: 1. Corporate integrity/Suppliers shall establish a corporate culture of honest management and promote clean, transparent and responsible business philosophy. 2. Ethical requirements/Suppliers shall comply with relevant laws and regulations promulgated by governments and competent authorities at all levels, and encourage suppliers to hold themselves to standards that are superior to legal norms. 3. Good labor/The dismissal and layoff of all employees of suppliers shall comply with legal provisions, prohibit the employment of child labor, do not exploit employees, do not discriminate, and prohibit inhuman treatment. 4. Environmental sustainability/Suppliers shall comply with relevant national environmental protection laws and regulations in their own operations and the provision of goods and services, and actively take practical actions to avoid any form of pollution. 5. Safety and Health: Suppliers should provide a safe and hygienic working environment for all employees, ensure that their operating activities will not cause direct or indirect harm to employees or others, and comply with the company's "Contractor Construction Safety Management Measures", and command and supervise their subsidiaries and personnel with relevant certificates to perform business in accordance with relevant laws and regulations on occupational safety and health. Implementation measures: Communication and consultation: In addition to promoting corporate social responsibility policies in "supplier meetings" from time to time, the results of communication are used as a reference for the company's supplier evaluation and management action plan, and "Occupational Safety and Health Committee and Agreement Organization Meeting" is held quarterly to regularly conduct certificate management, industrial safety and environmental protection incident analysis, audit deficiency review and deficiency improvement tracking with important suppliers. A total of 10 supplier meetings were held in 2025. Contract specification: For large-scale purchases or services with higher purchase amounts, contracts are clearly signed with suppliers, and suppliers are required to sign the "Supplier Corporate Social Responsibility Self Assessment Form" and "Human Rights and Environmental Sustainability Classes Commitment". A total of 15 suppliers signed in 2025. Corporate social responsibility requirements All suppliers must comply with the "Integrity Management Code for Listed Companies" and "Corporate Social Responsibility Practice Code for Listed Companies". In addition, the supplier shall comply with the corporate social responsibility clauses in the contract, which include the following meanings: When any party knows that a person has improperly received commissions, kickbacks or other benefits, it shall immediately inform the other party of the identity, provision, practice, request or receipt method, amount or other benefits of such person, and provide relevant evidence and cooperate with the other party's investigators. If the supplier is involved in dishonest behavior, it shall be liable for damages, and the company may terminate or cancel the contract unconditionally at any time. If the supplier violates the corporate social responsibility policy and has a significant impact on the environment and society of the supply source community, the company may terminate or cancel the contract unconditionally at any time. Rewards and regulations Rewards: For suppliers with good performance in practicing corporate social responsibility, excellent suppliers should be given priority in bargaining opportunities in the selection and procurement cases, and substantial incentives are given. Punishment: If a supplier violates the terms of honest management and corporate social responsibility, resulting in major losses to the company's image, reputation or financial losses, the company may list the supplier and suspend the supplier's right to participate in the company's procurement, maintenance, and project construction holdings. The Company prepares its Sustainability Report in accordance with the Global Reporting Initiative (GRI) Standards and does not obtain third-party assurance or opinion, and expects to publish it in August 2026. No material difference
V. Does the Company make reference to international reporting standards or guidelines to prepare Sustainability Reports that disclose non-financial information about the Company? Has the assurance or opinion from third-party certifying institutions been obtained for the reports of the preceding paragraph?	☑

VI. If the Company has related practice principles of its own in accordance with the "Corporate Social Responsibility Best Practice Principles for TWSE/TPEs Listed Companies", please state the differences between the two and the state of implementation: Same difference as above.
VII. Other important information to facilitate a better understanding of the company's implementation of corporate social responsibility: Please refer to the company's website (https://www.chicinding.com.tw/social01-1) for the company's corporate social responsibility. Implementation status for 2025 is as follows:
ESG aspects	Specific plan	Implementation status of 2025
Environment	Regularly monitor carbon emissions	Conduct greenhouse gas survey of inside and outside the organization for categories 1 and 2 on a monthly basis
Governance	Education and Training on Ethical Corporate Management and Corporate Social Responsibility - Middle and Senior Management	Education and training reach total 26 hours
Governance	Education and Training on Ethical Corporate Management and Corporate Social Responsibility - New employees	Education and training reach total 86 hours
Society	Promote industry-ucademia exchange (hosting school visits and off-campus lectures)	Hosted one school for a total of 1 visit, with 72 people participating.
Society	The "Regulations for Employee Participation in Public Welfare Activities" was established to commend and encourage employees to participate in activities.	The "Regulations for Employee Participation in Public Welfare Activities" was established to commend and encourage employees to participate in various public welfare road races and blood donation activities.
Society	Charitable donations	We donated NT$270,000 to schools, community, police, fire department, cultural, charitable and social welfare organizations. totaling 4 institutions
Society	We purchased from petty farmers and disadvantaged groups for annual festivals.	Purchase tea and fruit gift boxes, totaling NT$131,860.
Society	Provide group insurance and health checkups for employees' dependents at a discounted rate	Employees' dependents are free to join
Society	Organize health seminars	We held three seminars with a total of 62 participants.
Society	Application for employee trust shareholding	The total number of participants for this year was 135.
Society	Occupational medicine and occupational health consultation	215 people were served and 72 hours of consultation were provided.
Society	Organize labor rights lectures (ex. labor insurance annuities and pensions).	The campaign was promoted during the education and training of new employees, and a total of 86 people participated in related lectures, with a total of 43 hours of training.

(VI) Implementation Status of Climate-Related Information by Listed Companies:

Implementation status of climate-related information

Items	Implementation status
1. Describe the board of directors and management's oversight and governance of climate-related risks and opportunities.	1. In accordance with the Climate-Related Financial Disclosure Recommendations issued by the TCTD Working Group, The company has reviewed the potential risks, opportunities and financial impacts of climate change on the company during its operations through a systematic disclosure framework, and has planned relevant mitigation and adaptation plans.
	Core elements	Execution Summary
	Governance	• The company has established a sustainability promotion team to regularly review climate change risks and opportunities and report the risk monitoring situation to the general manager and the board of directors, including the annual energy conservation and carbon reduction results, the implementation results of climate change risks and opportunities, and the implementation plan for the following year, as as to enhance the company's ability to respond to climate change risks.
	Strategy	• Through cross-group discussions, identify climate change risks and opportunities, and assess their potential impact on company operations and finances.
	Risk management	• Establish a company-wide climate risk identification and management process. Using a risk matrix, assess climate change risks and opportunities with substantial potential impact on operations and finances based on the severity of financial impact and the probability of occurrence. Develop response plans based on the matrix results. • Incorporate climate factors into the existing corporate risk management mechanism to strengthen the climate risk and opportunity detection, response, and control capabilities of each unit, and integrate climate risk and opportunity issues into the company's overall strategic planning.
	Index and Targets	• Set indicators for assessing the use of climate risks and opportunities, and disclose the company's greenhouse gas emissions in the sustainability report. • The corporate sustainability team continuously collects relevant information, such as water consumption, electricity consumption, and the number of days of operational interruption due to disasters, sets short-, medium-, and long-term energy management goals, and regularly reviews performance results. The goal is to reduce carbon intensity by 4% annually.
2. Describe how the identified climate risks and opportunities affect the company's business, strategy, and finances (short-term, medium-term, and long-term).	Climate change risk and opportunity identification results
	Climate Change Risk Statement		Impact time	Potential financial impact	Coping strategy
	Risk type	Risk factor
	Physical risk	Typhoon	Strong winds and heavy rain caused operations interruption and equipment damage	Short/ Medium	Operational disruptions, equipment maintenance and repair costs increased	• Continuously concern about the climate and report abnormalities to allocate and respond. • Implement site and equipment inspection operations to reduce the risk of financial losses. Utilize property insurance mechanism to share part of the disaster loss risk.
		Extreme rainfall	Flooding incidents increase	Short/ Medium	The damage of equipment and cargo causes operating costs increased	Regularily maintain electrical equipment and check for any abnormal energy consumption.
		Extreme heat	Average temperature rise	Medium/ Long	Increase electricity consumption increases operating costs and carbon emissions	•Monitor energy consumption and carbon emissions, and regularly review energy usage consumption. •Prioritize efficiency and energy conservation when purchasing vehicles and machinery.
	Sensation risk	Policy and Regulation	Carbon fees and total greenhouse gas control affect operating costs	Medium/ Long	Increased operating costs due to compliance with regulatory requirements	•Monitor energy consumption and carbon emissions, and regularly review energy usage consumption. •Prioritize efficiency and energy conservation when purchasing vehicles and machinery.
		Market uncertainty	Services don't meet customer or market requirements for low-carbon services	Medium/ Long	The reduction of service demand causes lower operating revenue	•Continue to optimize logistics routes and improve fuel-saving measures. •Increase the recognition of green services among customers to boost demand for new services. •Regularly collect information on climate change-related issues both domestically and internationally to enhance differentiation with green.
Customer behavior changes		Customers reduce coal burning in response to climate change	Medium/ Long	The reduction of coal import causes lower netroboring volumes and revenue	•Continue to concern about customer industry dynamics to grasp coal demand in Promote the transformation of the coal unloading business.
3. Describe the financial impact of extreme climate events and transitional actions.	Description of opportunities related to climate change		Impact time	Potential financial impact	Coping strategy
	Improve energy use efficiency	Medium/	Reduce operating costs and increase asset value	• Replace old machinery and prioritize the procurement of energy-efficient and eco-friendly products. Several electric forklifts have been rented, and the number of electric machines will be increased in the future depending on the situation.
				Long	• Collaborate with industry partners to establish solar photovoltaic systems to make good use of the large rooftop areas of the warehousing, which also helps improve warehouse insulation.
	Develop low-carbon services	Medium/	Raise competition threshold and increase operating revenue	• Build up the Imomach Logistics Park into a silver-level intelligent green building logistics center, and make comprehensive professional planning based on environmental protection, safety, ECCR, and provide customized, high-quality, and full-temperature logistics services for target domestic and international markets.
						Long
	Increase new customers' willingness to cooperate	Medium/	Strive to join the green energy industry chain and create the new sources of income	• Cooperate with green energy technology industry to break into the green energy supply chain and enhance corporate image.
				Long	• Grasp customer dynamics and promote the transformation of coal storage services into alternative energy storage services.

4. Explain how the processes for identifying, assessing, and managing climate risks are integrated into the overall risk management system.	The Company has adopted the Climate-Related Financial Disclosure Framework (TFFD) and conducts annual risk assessments. Climate change risks are listed as a key concern. Each unit describes the issues, assesses the impacts, and develops control strategies and objectives. These are then submitted to the Sustainable Development Promotion Team for approval and reported to the Board of Directors.
5. If scenario analysis is used to assess resilience to climate change risks, the scenarios, parameters, assumptions, analytical factors, and key financial impacts used should be described.	In terms of physical risks, we adopted the SSP1-1.9 and SSP3-8.5 emission scenarios from IPCC AR6 for simulation, and take the location of the Chien Shing Headquarters as the scope to compare the key climate change indicators between the base period and future. The primary references for this analysis were the Taiwan Climate Change Projection Information and Adaptation Knowledge Platform (TCCIP) and the climate change disaster risk maps released by the National Science & Technology Center for Disaster Reduction. Additionally, we assessed the potential flooding risk from extreme rainfall exceeding 650 mm at each of our business offices. The results indicated that none of the offices are within flood-prone areas under extreme rainfall scenarios. However, in order to prevent the risk of extreme rainfall events in the future, we will continue to conduct regular inspections and cleaning of the drainage system to reduce the possibility of flooding.Regarding transformation risks, we considered Taiwan's "2058 Net-Zero Emission Pathway and Strategy," officially announced in March 2022. Furthermore, given that our customers cover multiple industries and are engaged in export sales, the "IEA Net Zero A Roadmap for the Global Energy Sector" is also used to evaluate.
6. If there is a transition plan to address climate-related risks, describe the details of the plan and the indicators and objectives used to identify and manage entry risks and transition risks.	To achieve net-zero emissions, the Company has formulated a low-carbon transition plan, which will reduce direct emissions from operational activities (Scope 1) and indirect emissions from energy use (Scope 2). The implementation includes:1. Continuous and proactive carbon reduction: Monitoring energy consumption and carbon emissions, and regularly reviewing energy consumption. Prioritizing efficiency and energy conservation in the purchase of vehicles and equipment.2. Adoption of renewable energy: Collaborating with businesses to build solar photovoltaic systems, making good use of the large rooftops in the warehouse department, which also helps with warehouse insulation, and planning to increase the proportion of renewable energy use, thus supporting the low-carbon energy transition with concrete actions.Indicators and Targets:• Setting indicators for assessing climate risks and opportunities, disclosing the Company's greenhouse gas emissions and energy use in the annual report and sustainability report.• The Sustainability Promotion Team continuously collects relevant information, such as water consumption, electricity consumption, and the number of days of operational interruption due to disasters, sets energy management targets, and regularly reviews performance results. The target is to reduce carbon intensity by 1% annually.
7. If internal carbon pricing is used as a planning tool, the basis for price setting should be explained.	Our company currently has no such plan.
8. If climate-related targets have been set, the activities covered, the scope of greenhouse gas emissions, the planning timeline, and the annual progress should be described. If carbon offsets or renewable energy certificates (RECs) are used to achieve the targets, the source and quantity of the carbon reduction credits or the number of RECs should be described.	(1) Emissions Reduction Targets:Our main business is port logistics services, and we are not a major energy consumer. Starting from the base year 2025, the parent company has set a target of reducing annual greenhouse gas emissions by more than 1%, striving to achieve the government's 2058 net-zero emissions target.(2) Strategic Actions:Our company has set climate-related targets and is actively promoting various measures to achieve carbon reduction goals. Firstly, through procurement policies, we purchase energy-efficient and environmentally friendly infrastructure equipment. Secondly, we are gradually replacing air conditioning systems with energy-efficient (Level 1) products to reduce energy consumption and carbon emissions. At this stage, our company does not use the purchase of renewable energy certificates (RECs) as a means of carbon reduction; however, to achieve the net-zero emissions target, we will carefully assess the need for RECs in the future.
9. Greenhouse gas inventory and confidence status, reduction targets, strategies, and specific action plans (to be filled in separately in 1-1 and 1-2). *	Please refer to the statements in 2-1 and 2-2. *

The Company's Greenhouse Gas Inventory and Confirmation Status for the Most Recent Two Years

(1). Greenhouse Gas Inventory Information

Specify the greenhouse gas emissions (metric tons of CO2e), concentration (metric tons of CO2e/million yuan) for the most recent two years, and the scope of the data.
1. The parent company should begin its greenhouse gas emissions audit starting in 2026. 2. Subsidiaries with consolidated financial statements should begin their audit starting in 2028. The data covers the parent company. The company has established a greenhouse gas emissions audit mechanism in accordance with the Greenhouse Gas Protocol issued by the World Business Council for Sustainable Development (WBCSD) and the World Resources Institute (WRI). We regularly audit our company's greenhouse gas emissions annually to fully understand our greenhouse gas use and emissions status and verify the effectiveness of reduction actions.

Specify the greenhouse gas emissions (metric tons of CO2e), concentration (metric tons of CO2e/million yuan) for the most recent two years, and the scope of the data.

1. The parent company should begin its greenhouse gas emissions audit starting in 2026. 2. Subsidiaries with consolidated financial statements should begin their audit starting in 2028. The data covers the parent company. The company has established a greenhouse gas emissions audit mechanism in accordance with the Greenhouse Gas Protocol issued by the World Business Council for Sustainable Development (WBCSD) and the World Resources Institute (WRI). We regularly audit our company's greenhouse gas emissions annually to fully understand our greenhouse gas use and emissions status and verify the effectiveness of reduction actions.

Furthermore, the greenhouse gas emissions audit data for the most recent two years are summarized and explained below in accordance with the Operating Control Act:

Area	Scope	2024		2025
		Emissions (Toone CO2e)	Tonne CO2e / Million dollars	Emissions (Toone CO2e)	Tonne CO2e / Million dollars
The Company	Scope 1	5,606.67	4.65	5293.45	3.89
	Scope 2	1,222.87		1327.06
	Sub-total	6,829.54		6,620.51
Subsidiaries included in the consolidated financial statements	Scope 1
	Scope 2
	Sub-total
Total		6,829.54		6,620.51	3.89

Note 1: Greenhouse gas emission intensity is calculated per unit of product/service or revenue; individual revenue in 2024 was NT$14.68 billion, and individual revenue in 2025 was NT$17.02 billion.
Note 2: Greenhouse gas inventory standard: Greenhouse Gas Protocol (GHG Protocol).

(2) Greenhouse Gas Assurance Information

Please describe the assurance measures implemented for the most recent two years, including the scope of assurance, the assurance body, assurance criteria, and assurance opinions.

The parent company should have implemented the assurance system since 2027.
Subsidiaries with consolidated financial statements should have implemented the assurance system since 2029.
The company's current greenhouse gas emissions inventory is self-managed and voluntarily disclosed to understand current trends and respond early, and has not yet been verified by an external third-party verification body.

2. Greenhouse gas reduction targets, strategies and specific action plans

Describe the baseline year for greenhouse gas reduction and its data, reduction targets, strategies, specific action plans, and the status of achieving the reduction targets.

Greenhouse Gas Reduction Baseline Year and Reduction Target

Our company's base year is 2025, with Scope I emissions of 5293.45 tons of CO2e and Scope II emissions of 1327.06 tons of CO2e. We hope to further achieve our goal of reducing carbon intensity by 1% annually through the following specific actions.

Greenhouse Gas Reduction Strategy and Specific Action Plan

To conserve resources and implement environmental policies, our company has formulated energy-saving and carbon-reduction measures. Specific operational guidelines are as follows:

Energy-Saving and Carbon-Reduction Plan

When replacing damaged lighting, fire protection systems, emergency lighting, and indicator lights in all business units, use energy-saving and carbon-reducing LED models.
When replacing various motors and equipment, use the latest environmentally friendly models.
When replacing transport vehicles, use the latest environmentally friendly models.
Regularly clean and maintain air conditioning systems to ensure high-efficiency operation and set them at the optimal temperature of 26-28 degrees Celsius.
Purchase environmental labels, energy-saving labels, water-saving labels, and EER (Environmental Energy Emission Reduction) labels. High-quality products
Use double-sided printing or reuse blank reverse side paper for documents whenever possible; reuse internal document bags.

Energy Conservation, Carbon Reduction, and Environmental Policies

"High Efficiency" Improve service efficiency and reduce energy consumption.
"High Value" Increase the added value of energy use and promote resource recycling and reuse.
"Low Pollution" Pursue low-carbon vehicles and machinery; replace traditional equipment with low (zero) pollution equipment.
"Green Procurement" Prioritize the procurement of equipment with environmental certification.

(VII) Implementation of Ethical Corporate Management, its deviations from the Ethical Corporate Management Best Practice Principles for TWSE/TPEx Listed Companies and the reasons.

Evaluation Item	Implementation Status
	Yes	No	Summary Description
I. Formulation of ethical corporate management policies and plans
(I) Has the Company formulated an ethical corporate management policy approved by the Board of Directors, and are the policy and practice of ethical corporate management stated in the Company’s regulations and external documents, as well as the commitment of the Board of Directors and the senior management to actively implement the policy?
(II) If the Company has established a mechanism for evaluating the risk of unethical conduct, regularly analyzes and evaluates the activities in the scope of business with a higher risk of unethical conduct, and on the basis of this, has formulated a plan to prevent unethical conduct, which covers at least the preventive measures for the conduct set out in Paragraph 2 of Article 7 of the "Ethical Corporate Management Best Practice Principles for TWSE/TPEx Listed Companies"?
(III) If the Company has specified operating procedures, conduct guidelines, and disciplinary and complaint systems for violations in the plan to prevent unethical conduct and implemented the plan as well as regularly reviews and amends it?	✓		(I) The Company has established the "Ethical Corporate Management Best Practice Principles" and the "Procedures for Ethical Corporate Management and Guidelines for Conduct", which are disclosed on the website.
(II) The Company has established the "Procedures for Ethical Corporate Management and Guidelines for Conduct", which specify the procedures for avoidance of interests and improper interests and are implemented in accordance with the Procedures.
(III) The Company has established the "Ethical Corporate Management Best Practice Principles" and the "Procedures for Ethical Corporate Management and Guidelines for Conduct", which are implemented in accordance with the relevant laws and regulations.	No material difference

II. Implementation of Ethical Corporate Management(I) Does the Company evaluate the ethical records of its counterparties and specify the ethical conduct clauses in the contracts signed with the counterparties?(II) Does the Company have a dedicated unit under the Board of Directors to promote ethical corporate management and report regularly (at least once a year) to the Board of Directors on its ethical management policy and plan to prevent unethical conduct and monitor their implementation?(III) Does the Company have a policy to prevent conflict of interest, provide appropriate channels for explanation, and implement it?(IV) If the Company has established an effective accounting system and internal control system for the implementation of ethical corporate management, and the internal audit unit draws up relevant audit plans based on the evaluation results of risk of unethical conduct, and audits the compliance of the plan to prevent unethical conduct by the internal audit unit or a CPA?(V) Does the Company regularly organize internal and external education and training on ethical corporate management?	✓		(I) The Company evaluates the ethical records of its major counterparties and specifies the terms of corporate social responsibility and ethical corporate management in the contracts of major construction projects and service contracts, so as to fulfill corporate social responsibility together with the contracted vendors.(II) The Administration Department is the part-time unit for the Company's ethical corporate management, and ethical corporate management is incorporated into the economic team of the Sustainable Development Team. The Sustainable Development Team reported to the Board of Directors on 03. 05, 2024 on the following education and training, covering ethical corporate management, anti-corruption, insider trading prevention, and corporate social responsibility, etc.	No material difference
Trainee	Course subject	Number of hours	Number of participants
Director	2025 Cathay Pacific Sustainable Finance and Climate Change Summit Forum	6	3
2025 Campaign for Prevention of Insider Equity Transaction	3	2
2025 Annual Insider Equity Transaction Legal Compliance Briefing	3	5
Sustainable Development Promotion Meeting	3	2
Corporate Governance and Securities Regulations	3	2
Latest Corporate Mergers and Acquisitions Act and Corporate Governance Practice Cases	3	1
Enterprise Digital Transformation in the AI Era	3	1
Current Status and Trends of Carbon Pricing and Carbon Trading	3	1
The Epoch-Making Development and Business Impact of AI	3	1
15th Taipei Corporate Governance Forum	6	1
The Corporate governance forum	3	1
Sustainability, Risk, and Cybersecurity Issues in the AI Era	3	1
Middle and senior management	Improving Transparency in Supply Chain Sustainability Governance (May 15)	0.5	26
Fraud Prevention Awareness Campaign (September 22)	0.5	26
New employees	Introduction to Management Regulations, Regulations and Ethical Corporate Management Philosophy	0.5	86
(III) The Company has established the "Procedures for Ethical Corporate Management and Guidelines for Conduct" for all employees to follow, and reinforces its promotion from time to time to prevent conflict of interest.(IV) The Company's accounting system and internal control system operate well. In addition to appointing certified public accountants to perform audits and attestations, the Company's internal audit unit conducts regular or irregular audits in accordance with regulations.(V) The Company conducts annual education and training on ethical corporate management for directors, middle and senior management and new employees.
III. The operations of Whistleblower System(I) Has the Company set up a specific whistleblower reporting and reward system and a convenient reporting channel, and designated appropriate personnel to deal with the reported matters?(II) Has the Company formulated standard operating procedures for the investigation of the reported matters, follow-up measures to be taken after the completion of the investigation, and the relevant confidentiality mechanisms?(III) Whether the Company takes measures to protect whistleblowers?	✓		(I) The Company has defined a specific whistleblower reporting system in its "Work Rules", "Ethical Corporate Management Best Practice Principles" and "Procedures for Ethical Corporate Management and Guidelines for Conduct" to actively handle employee complaints, prevent sexual harassment and unethical behavior, encourage internal and external personnel to report unethical behavior or misconduct, and assign the human resources officer or the audit officer to be the dedicated personnel for receiving whistleblower reports according to their authority, which is disclosed on the website. In 2024, no internal or external whistleblower reports were received.(II) The Company has established the "Procedures for Ethical Corporate Management and Guidelines for Conduct" to regulate the relevant procedures and confidentiality mechanisms, which are disclosed on the website.(III) The Company has established the "Procedures for Ethical Corporate Management and Guidelines for Conduct" to protect whistleblowers from being improperly punished for their reports, which are disclosed on the website.	No material difference
IV. Enhance Information DisclosureDoes the Company disclose the content and effectiveness of its Ethical Corporate Management Principles on its website and the Market Observation Post System?	✓		The Company has disclosed the content and effectiveness of its Ethical Corporate Management Principles on its website and the Market Observation Post System.?	No material difference
V. If the Company has related practice principles of its own in accordance with the "Ethical Corporate Management Best Practice Principles for TWSE/TPEx Listed Companies", please state the differences between the two and the state of implementation: None
VI. Other important information to facilitate a better understanding of the company's ethical corporate management policies (For example, if the Company reviews and amends its ethical corporate management principles): None.

(VIII) Other important information for understanding of the operations of corporate governance may be disclosed: None.

(IX) Regarding the implementation of the internal control system, the following matters should be disclosed

Statement of Internal Control System

Chien Shing Harbour Service Co., Ltd.
Statement of Internal Control System

Date: March 3, 2026

The Company states the following for its 2025 internal control system based on the results of self-evaluation:

I. The Company knows that establishing, implementing and maintaining an internal control system is the responsibility of the Company's Board of Directors and managerial officers, and the Company has established this system. Its purpose is to provide reasonable assurance of the achievement of objectives such as the effectiveness and efficiency of operations (including profitability, performance and asset security, etc.), the reliability, timeliness, and transparency of reporting, as well as compliance with relevant rulings, laws and regulations, etc.

II. Internal control system has its inherent limitations. No matter how perfect the design is, an effective internal control system can only provide a reasonable assurance of the achievement of the above three objectives; moreover, due to changes in the environment and circumstances, the effectiveness of the internal control system may change accordingly. However, the Company's internal control system has a self-monitoring mechanism. Once a defect is identified, the Company will take corrective actions.

III. The Company determines the effectiveness of the design and implementation of its internal control system in accordance with the criteria of the effectiveness of the internal control system stipulated in the "Regulations Governing Establishment of Internal Control Systems by Public Companies" (hereinafter referred to as the "Regulations"). The criteria of the internal control system adopted in the "Regulations" are based on the process of managerial control and divide the internal control system into five components: 1. control environment, 2. risk assessment, 3. control activities, 4. Information and communication, and 5. Monitoring activities. Each component consists of a number of items. Please refer to the "Regulations" for these items.

IV. The Company has adopted the aforementioned criteria of internal control system to evaluate the effectiveness of the design and implementation of its internal control system.

V. Based on the evaluation results of the preceding paragraph, the Company believed that the design and implementation of its internal control system were effective as of December 31, 2025 (including the supervision and management of subsidiaries), with an understanding of the extent to which the objectives of effectiveness and efficiency of operations were achieved, whether the reporting was reliable, timely, transparent, and if the compliance with relevant rulings, laws and regulations is met, and a reasonable assurance of the achievement of these objectives.

VI. This Statement will become the main content of the Company's annual report and prospectus, and will be made public. If the above-mentioned disclosures have falsehood or concealment, legal liability under Articles 20, 32, 171 and 174 of the Securities and Exchange Act will be incurred.

VII. This Statement was approved by the Company's Board of Directors on March 03, 2026. Of the 9 directors present, all agreed with the content of this Statement and declare here.

Chien Shing Harbour Service Co., Ltd.

Chairperson: Yen-Ming Chen (with signature)

President: Sheng-Jung Ko (with signature)

Where a CPA was entrusted to examine the internal control system, the auditing report should be disclosed: Not applicable: The Company has not appointed a CPA to examine the internal control system.

(X) Important resolutions of the shareholders' meeting and Board meeting during the most recent year or during the current year up to the date of publication of the annual report:

Important resolutions of the shareholders' meeting since 2025 up to the date of publication of the annual report:

Meeting date	Important motion for resolution
2025.5.24	I. Adoption
(1). 2024 business report and financial statements
Resolution: As a result of the voting, 62,602,762 voting rights were in favor, accounting for 99.23% of the total voting rights. 13,793 were against the motion; 474,673 abstained and did not vote, and 0 were invalid. The motion was passed as proposed by the Board of Directors.
Implementation: The financial statements have been reported and announced in accordance with the regulations of the competent authorities.
(2). 2024 earnings distribution proposal
Resolution: As a result of the voting, 62,603,620 voting rights were in favor, accounting for 99.23% of the total voting rights. 13,793 were against the motion; 473,815 abstained and did not vote, and 0 were invalid. The motion was passed as proposed by the Board of Directors.
Implementation: The Company had the earnings distribution proposal approved at 2025 regular shareholders' meeting. The chairperson of the Board of Directors approved the cash dividend of $258,081,687. The ex-dividend date was July 09, 2025 and the cash dividend payment date was July 25, 2025.
II. Discussion
(1). Amendments to certain provisions of the “Articles of Incorporation”
Resolution: As a result of the voting, 62,514,529 voting rights were in favor, accounting for 99.09% of the total voting rights. 102,884 were against the motion; 473,815 abstained and did not vote, and 0 were invalid. The motion was passed as proposed by the Board of Directors.
Implementation: The amendments were completed in accordance with the resolution of the shareholders' meeting, and the relevant operations were carried out in accordance with the amended provisions.
(2). Amendments to certain provisions of the “Procedures for Lending Funds to Others”
Resolution: As a result of the voting, 62,359,646 voting rights were in favor, accounting for 98.84% of the total voting rights. 30,029 were against the motion; 701,553 abstained and did not vote, and 0 were invalid. The motion was passed as proposed by the Board of Directors.
Implementation: The amendments were completed in accordance with the resolution of the shareholders' meeting, and the relevant operations were carried out in accordance with the amended provisions.

Important resolutions of Board meetings since 2025 up to the date of publication of the annual report:

Meeting date	Important motion for resolution	Resolution of the Board of Directors
2025.01.15	(1) Proposed application for a comprehensive credit line from relevant financial institutions.
(2) 2025 Budget Discussion Proposal.
(3) 2024 Managerial Bonus Distribution Proposal.
(4) Proposed authorization to sign lease agreements for the undeveloped portion of the open-air space at Kaohsiung Port Piers 118-119.	Passed as proposed without objection by all directors present.
2025.03.04	(1) Announcement regarding the amount and method of employee and director remuneration for 2024.
(2) Announcement regarding the payment of director and manager remuneration for 2024.
(3) Announcement regarding amendments to certain articles of the Company's Articles of Association.
(4) Announcement regarding amendments to the Seal Management Regulations.
(5) Announcement regarding amendments to the internal control system's "Business and Collection Cycle," "Procurement and Payment Cycle," and "Financing Cycle."
(6) Developing implementation details and checklists for the internal audit system's "Other Management Systems - Audit of Honest Business Operations."
(7) Announcement regarding amendments to the implementation details and checklists for the internal audit systems' "Audit of Business and Collection Cycle" and "Audit of Procurement and Payment Cycle."
(8) Announcement regarding the 2024 Business Report and Financial Statements.
(9) Announcement regarding the 2024 Profit Distribution.
(10) Announcement regarding the issuance of the 2024 Internal Control System Statement.
(11) The appointment fee, assessment independence, and pre-approval procedures for non-credibility services of the certified public accountant.
(12) Discussion on the complete re-election of directors/independent directors of the Company.
(13) Nomination of candidates for directors/independent directors.
(14) Lifting of non-compete restrictions on newly appointed directors and their representatives.
(15) Date, location, and related matters for the 2025 Annual General Meeting of Shareholders.
(16) Application by creditors of the Company's first domestic unsecured convertible corporate bonds to convert into ordinary shares; proposed setting of a base date for the capital increase through conversion of ordinary shares.
(17) Relocation of the Company's business address.	Passed as proposed without objection by all directors present.

Meeting date	Important motion for resolution	Resolution of the Board of Directors
2025.04.10	(1) Nomination of a candidate for an independent director.	Passed as proposed without objection by all directors present.
2025.05.06	(1). Consolidated financial statements for the first quarter of 2025.	Passed as proposed without objection by all directors present.
2025.05.27	(1). Election of the Company's Chairman.
(2). Appointment of the Company's 4th Audit Committee.
(3). Appointment of the Company's 4th Salary and Compensation Committee	Passed as proposed without objection by all directors present.
2025.06.05	(1). Kaohsiung Port Pier 118 (Natural Gas Pipeline) Storage Site Improvement Project.	Passed as proposed without objection by all directors present.
2025.08.05	(1) Consideration of the remuneration amount for representatives serving as directors of the Company's subsidiaries.
(2) Proposal for the promotion of the Company's assistant general manager.
(3) Proposal for the consolidated financial statements for the second quarter of 2025.
(4) Proposed endorsement guarantee for subsidiaries (Ancora/Innotech).
(5) Proposal to revise the internal control system for "Production Cycle - Loading and Unloading Operations".
(6) Proposal to revise the implementation details and checklists for the internal audit systems "Audit of Financing Cycle" and "Audit of Other Management Systems - Management of Seal Use".
(7) Proposal for the issuance of a sustainable report.
(8) Proposal to apply for a comprehensive credit line from relevant financial institutions.	Passed as proposed without objection by all directors present.
2025.11.06	(1) Consolidated financial statements for the third quarter of 2025.
(2) Revision of the "Financing Cycle" section of the internal control system.
(3) Revision of certain clauses in the "Procedures for Acquiring or Disposing of Assets".
(4) Definition and scope of the company's frontline employees and revision of the "Internal Control System - Payroll Cycle and Corresponding Internal Audit Implementation Rules".
(5) Drafting of the company's 2025 audit plan.
(6) Proposed capital increase for "Shintec Smart Logistics Co., Ltd." Aplication for a comprehensive credit line from relevant financial institutions.	Passed as proposed without objection by all directors present.
2025.12.30	(1) Proposal of adjusting the amount of capital increase investment and participate in the cash capital increase of Innotech Logistics Co., Ltd.	Passed as proposed without objection by all directors present.
2026.01.28	(1) Review of the 2025 Year-End Bonus Proposal.
(2) Discussion of the 2026 Budget.
(3) Proposal to Relocate the Taipei Company's Business Address.
(4) Proposed Application for a Comprehensive Credit Line from Relevant Financial Institutions.
(5) Proposed Provision of Guarantees for Subsidiaries.
(6) Proposed Purchase and Repair of Ship Loading Machine (9300E) and L280 Port Crane Equipment.
(7) Amendment of the "Company Code of Conduct for Integrity Management" and the "Company Code of Ethical Conduct".	Passed as proposed without objection by all directors present.
2026.03.03	(1). The amount and method of profit sharing remuneration for employees and directors of the Company for 2025.
(2). Profit sharing remuneration for directors and employees of the Company for 2025.
(3). The Company's 2025 business report and financial statements.
(4). 2025 earnings distribution proposal
(5). Issue of the statement of internal control system for 2025
(6). Appointment and remuneration of the Company's attesting certified public accountants. Periodic evaluation of the independence of the Company's attesting certified public accountants.
(7). Date, location and related matters of the 2026 regular shareholders' meeting.
(8). Proposed acquisition of commercial real estate and bank financing.
(9). Proposed investment in the construction of copper-soil screening and grinding equipment within a warehouse at Taichung Port.
(10). Proposed acquisition of land use rights for the area behind Pier 117 at Kaohsiung Port.	Passed as proposed without objection by all directors present.

(XI) During the most recent year or during the current year up to the date of publication of the annual report, if Board directors or supervisors had dissenting opinions on important resolutions approved by the Board of Directors with records or written statements, the main content of the opinions: None.

IV. Information on CPAs fees

(I) If the amount of non-audit fees paid to the CPAs, its firm and affiliates is more than one-fourth of the audit fees, the amount of audit and non-audit fees and the content of non-audit service should be disclosed.

Amount unit: Thousands of NTD

CPA Firm name	Name of CPA	CPA Audit Period	Audit fees	Non-audit fees	Remarks
Deloitte Taiwan	Nai-Hua Guo	2025.01 ~ 2025.12	2,780	-	-

	Li-Huang Li

(II) Where the audit fees paid in the year of the replacement of CPA firm is less than the audit fees in the year before the change, the amount of audit fees before and after the replacement should be disclosed and the reasons: None.

(III) Where the audit fees have decreased by 10% or more from the previous year, the amount, percentage and reason for the decrease in the audit fees should be disclosed: None.

V. Information on replacement of CPAs: None.

VI. Where the Company’s Chairperson, President, or any managerial officer in charge of finance or accounting matters of the Company had worked in the accounting firm or its affiliated companies in the most recent year: None.

VII. Information on the change or transfer of equity interests and/or pledge of or change in equity interests by the Directors, Supervisors, managers or shareholders with a share of more than 10% during the most recent or the current fiscal year up to the date of publication of the annual report:

(I) Changes in shareholdings of Directors, Supervisors, managers and major shareholders

Title	Name	2025		2026 up to March 27th
		Holding Increase (Decrease)	Pledged Holding Increase (Decrease)	Holding Increase (Decrease)	Pledged Holding Increase (Decrease)
Chairman	Ya Hsin Fortune Investment Co., Ltd.
Representative: Yen-Ming Chen	-
(3,300,000)	-	-	-
Director	Shi-Jie Yang	10,000	-	-	-
Director	Yi Chia Investment Co., Ltd.
Representative: Yi-Chien Chen	-	-	-	600,000
Director	Tung Ho Steel Enterprise Corporation
Representative: Yi-Chih Hsu	-	-	-	-
Director	FENG HSIN STEEL CO., LTD.
Representative: Chi-Ruei Lin	-	-	-	-
Independent director	Shi-Yin Tsai	-	-	-	-
Independent director	Cheng-Hsiung Lin	-	-	-	-
Independent director	Pai-Chien Huang	-	-	-	-
Manager	Sheng-Jung Ko	-	-	-	-
Manager	Hsiu-Bao Chen	-	-	-	-
Manager	Chi-Ling Lin	-	-	-	-
Manager	Ling-Chen Chou	-	-	-	-
Manager	Chi-Sheng Feng	-	-	-	-

(II) Any equity transfer by a director, supervisor, managerial officer, or shareholder with 10% stake or more:

Name	Reason for Share Transfer	Transaction Date	Transaction Counterparty	Relationship between the Transaction Counterparty and the Company, Directors, Supervisors, Managers, and Shareholders Holding More Than 10% of Shares	Number of Shares	Transaction Price
Yen-Ming Chen	Investment Payment Offset	2025/06/02	Hao An Investment CO., Ltd.	Holder in another person's name	3,300,000	48.5

(III) Information on pledge of shares: None.

VIII. Information on the relationship among the top 10 shareholders

Base date: March 27, 2026

Name (Note 1)	Shareholding by the individual		Shareholding by spouse and minor children		Shareholding in the name of others		The name of and relationship among the top 10 shareholders if anyone is a related party, a spouse or a relative within second degree of kinship of another. (Note 3)		Remarks
	Number of shares	Shareholding percentage	Number of shares	Shareholding percentage	Number of shares	Shareholding percentage	Name	Relationship	None
FENG HSIN STEEL CO., LTD. Representative: Chi-Ruei Lin	8,737,696	9.48					-	-	None
Jian Mao Investment Co., Ltd. Representative: Yin-Hai Chen	8,420,753	9.14					Yi Chia Investment Co., Ltd. Representative: Yi-Chien Chen Ya Hsin Fortune /Hao An Investment Co., Ltd. Representative: Yen-Ming Chen Yu-Lan Chen Hung	Father and daughter	None
Tung Ho Steel Enterprise Corporation Representative	8,203,800	8.90					-	-	None
Pao Chu International Investment Co., Ltd. Representative: Yin-Hai Chen	4,177,000	4.53					Ya Hsin Fortune /Hao An Investment Co., Ltd. Representative: Yen-Ming Chen Yi Chia Investment Co., Ltd. Representative: Yi-Chien Chen Yu-Lan Chen Hung	Father and son	None
Ya Hsin Fortune Investment Co., Ltd. Representative: Yen-Ming Chen	4,018,291	4.36	-	-	-	-	Pao Chu International Investment Co., Ltd. Representative: Yin-Hai Chen Yi Chia Investment Co., Ltd. Representative: Yi-Chien Chen Yu-Lan Chen Hung	Father and son	None
Hao An Investment Co., Ltd. Representative: Yen-Ming Chen	3,300,000	3.58	-	-	-	-		Sister and brother	None
Yi Chia Investment Co., Ltd. Representative: Yi-Chien Chen	2,500,000	2.71	-	-	-	-	Pao Chu International Investment Co., Ltd. Representative: Yin-Hai Chen Ya Hsin Fortune /Hao An Investment Co., Ltd. Representative: Yen-Ming Chen Yu-Lan Chen Hung	Father and daughter	None

Si-Guan Wu	2,144,444	2.33	471,820	0.51	-	-	-	-	None
Yu-Lan Chen Hung	2,028,515	2.20	1,414,957	1.54	-	-	Ya Hsin Fortune /Hao An Investment Co., Ltd.
Representative: Yen-Ming Chen Yi Chia Investment Co., Ltd.
Representative: Yi-Chien Chen Pao Chu International /Jian Mao Investment Co., Ltd.
Representative: Yin-Hai Chen	Mother and son
Mother and daughter
Spouses	None
INTELLIOCEAN INTERNATIONAL INC.
Representative: Tsung-Hsien Yang	2,001,940	2.17	-	-	-	-	-	-	None

Note 1: All the top ten shareholders should be listed, and for corporate shareholders, the names of corporate shareholders and the names of their representatives should be listed separately.

Note 2: The calculation of the shareholding percentage refers to the total shareholding in the name of the individual, spouse, minor children or others, respectively.

Note 3: The shareholders listed in the preceding paragraph include both corporations and natural persons, and the relationships between them should be disclosed in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.

IX. The total number of shares and total equity stake held in any single enterprise by the Company, the Company's Directors, Supervisors, Managers, and any companies controlled either directly or indirectly by the Company

Unit: Shares; % Base date: March 27, 2026

| Investee
(Note) | Investment by the Company | | Investment by Directors, Supervisors, Managers, and Directly/ Indirectly Controlled Entities | | Total Investments | |
| --- | --- | --- | --- | --- | --- | --- |
| | Number of shares | Shareholding percentage % | Number of shares | Shareholding percentage % | Number of shares | Shareholding percentage % |
| Central Taiwan Science Park Logistics Co., Ltd. | 18,798,000 | 62.66 | - | - | 18,798,000 | 62.66 |
| ANCORA HARBOR SERVICE CO., LTD. | 76,900,394 | 85.44 | - | - | 76,900,394 | 85.44 |
| Chien Tung Harbour Service Co., Ltd. | 28,075,160 | 40.11 | 3,529,360 | 4.90 | 31,604,520 | 45.01 |
| Innotech Logistics Co., Ltd. | 52,925,133 | 52.93 | 17,996,119 | 18.00 | 70,921,252 | 70.93 |

Three. Capital Overview

I. Capital and shares

(I) Source of capital

Type of shares

Base date: March 27, 2026

Type of shares	Authorized capital			Remarks
	Outstanding shares	Unissued shares	Total
Registered common stock	92,172,031	107,827,969	200,000,000	TWSE-listed stock

Capital formation

Year and month	Issue price	Authorized capital		Paid-in capital		Remarks
		Number of shares	Amount	Number of shares	Amount	Source of capital	Using property other than cash as payment of shares	Approval date and document
1989.04	10	612,000	6,120,000	612,000	6,120,000	Founding capital of $6,120,000 in cash	None	1989-Jian-III-Ji-Zi No. 233404 dated 1989.4.25
1990.07	10	3,060,000	30,600,000	3,060,000	30,600,000	Cash capital increase of $24,480,000	None	Jing-(1990)-Shang-Zi No. 114259 dated 1990.7.14
1994.09	10	3,519,000	35,190,000	3,519,000	35,190,000	Cash capital increase $4,590,000	None	1994-Jian-III-Ji-Zi No. 436328 dated 1994.9.14
1996.09	10	10,557,000	105,570,000	10,557,000	105,570,000	Cash capital increase of $70,380,000	None	Jing-(1996)-Shang-Zi No. 114858 dated 1996.9.4
1997.01	10	15,835,500	158,355,000	15,835,500	158,355,000	Cash capital increase of $52,785,000	None	Jing-(1997)-Shang-Zi No. 121061 dated 1997.10.30
1998.07	10	19,354,500	193,545,000	19,354,500	193,545,000	Cash capital increase of $35,190,000	None	Jing-(1998)-Shang-Zi No. 087123115 dated 1998.8.13
2000.03	14	36,000,000	360,000,000	30,154,500	301,545,000	Merger-related capital increase of $48,000,000Cash capital increase of $60,000,000	None	Jing-(2000)-Shang-Zi No. 089106298 dated 2000.3.1
2000.08	10	36,000,000	360,000,000	31,662,225	316,622,250	Cash capital increase of $15,077,250	None	Jing-(2000)-Shang-Zi No. 089128788 dated 2000.8.11
2004.11	10	32,928,714	329,287,140	32,928,714	329,287,140	Cash capital increase of $12,664,890	None	Jing-Shou-Shang-Zi No. 09332975520 dated 2004.11.3
2006.01	10	50,000,000	500,000,000	34,904,436	349,044,360	Capital increase from earnings of $19,757,220	None	Jing-Shou-Shang-Zi No. 09532921190 dated 2006.10.2
2007.03	14	50,000,000	500,000,000	43,804,436	438,044,360	Capital increase of $89,000,000 by private placement	None	Jing-Shou-Shang-Zi No. 09631779650 dated 2007.03.08
2008.09	10	50,000,000	500,000,000	45,994,657	459,946,570	Capital increase from earnings of $21,902,210	None	Jing-Shou-Shang-Zi No. 09732947800 dated 2008.09.02
2008.01	14	100,000,000	1,000,000,000	51,249,657	512,496,570	Capital increase of $52,550,000 by private placement	None	Jing-Shou-Shang-Zi No. 09701274560 dated 2008.10.29
2011.01	10	100,000,000	1,000,000,000	53,812,140	538,121,400	Capital increase from earnings of $25,624,830	None	Jing-Shou-Shang-Zi No. 10001241830 dated 2011.10.21
2012.08	10	100,000,000	1,000,000,000	54,888,383	548,883,830	Capital increase from earnings of $10,762,430	None	Jing-Shou-Shang-Zi No. 10101181620 dated 2012.08.31
2013.09	10	100,000,000	1,000,000,000	56,535,034	565,350,340	Capital increase from earnings of $16,466,510	None	Jing-Shou-Shang-Zi No. 10201181000 dated 2013.09.03
2014.01	10	100,000,000	1,000,000,000	64,449,938	644,499,380	Capital increase from earnings of $79,149,040	None	Jing-Shou-Shang-Zi No. 10301211340 dated 2014.10.08
2016.03	21	100,000,000	1,000,000,000	73,449,938	734,499,380	Cash capital increase of $90,000,000	None	Jing-Shou-Shang-Zi No. 10501058680 dated 2016.03.29
2018.09	20.91	100,000,000	1,000,000,000	81,131,938	811,319,380	Cash capital increase 76,820,000	None	Jing-Shou-Shang-Zi No. 10701123060 dated 2018.09.27
2022.03	42.50	200,000,000	2,000,000,000	87,731,938	877,319,380	Cash capital increase 66,000,000	None	Jing-Shou-Shang-Zi No. 11101035470 dated 2022.03.18
2023.06	10	200,000,000	2,000,000,000	87,733,918	877,339,180	Conversion of convertible bonds to shares 19,800	None	Jing-Shou-Shang-Zi No. 11230090810 dated 2023.06.09
2024.08	10	200,000,000	2,000,000,000	87,736,010	877,360,100	Conversion of convertible bonds to shares 20,920	None	Jing-Shou-Shang-Zi No. 11230090810 dated 2024.08.18
2024.12	10	200,000,000	2,000,000,000	88,755,811	887,558,110	Conversion of convertible bonds to shares 10,198,010	None	Jing-Shou-Shang-Zi No. 11230090810 dated 2024.12.13
2025.04	10	200,000,000	2,000,000,000	92,172,031	921,720,310	Conversion of convertible bonds to shares 34,162,600	None	Jing-Shou-Shang-Zi No. 11230090810 dated 2025.04.14

Information on the shelf registration system: None.

(II) Shareholder structure: Name, amount and proportion of shareholders holding 5% or more of the shares or the top ten shareholders

Base date: March 27, 2026

Shareholder Structure	Shareholding	Shareholding percentage (%)
FENG HSIN STEEL CO., LTD.	8,737,696	9.48
Jian Mao Investment Co., Ltd.	8,420,753	9.14
Tung Ho Steel Enterprise Corporation	8,203,800	8.90
Pao Chu International Investment Co., Ltd.	4,177,000	4.53
Ya Hsin Fortune Investment Co., Ltd.	4,018,291	4.36
Hao An Investment Co., Ltd.	3,300,000	3.58
Yi Chia Investment Co., Ltd.	2,500,000	2.71
Si-Guan Wu	2,144,444	2.33
Yu-Lan Chen Hung	2,017,515	2.19
INTELLIOCEAN INTERNATIONAL INC.	2,001,940	2.17

(III) Dividend Policy and the Implementation Status:

Dividend policy:

In accordance with the Company's Articles of Incorporation, any surplus in earnings from the annual final accounts shall be distributed in the following order, after the payment of tax:

(1). Make up for prior years' losses.
(2). Appropriate 10% as legal reserve, except when it has reached the amount of the Company's paid-in capital, no further such appropriation shall be made.
(3). Appropriate for or reverse special reserve in accordance with the law.

If there is any remaining earnings, the Board of Directors shall prepare an earnings distribution proposal and submit it to the shareholders' meeting for resolution on the distribution of dividends or bonuses to shareholders. Given the volatile industrial environment, In order to create a competitive advantage for sustainable operations, the Company has accelerated the diversification of its businesses in recent years. In consideration of the Company's future capital requirements and long-term financial planning, and to meet the demand for cash inflows, cash dividends shall be distributed to shareholders at a percentage of no less than 20%, but when cash dividends are less than NT$0.1 per share, the dividends shall be paid in the form of stock instead of cash.

The distribution of dividends to be proposed to the shareholders' meeting:

As approved by the Board of Directors on March 04, 2025, the Company will distribute cash dividends in the amount of NT$2.8 per share, and the total amount of cash dividends to be distributed will be NT$258,081,687), based on the number of shares that are entitled to dividends (88,398,226 shares). If there is any other reason that affects the total number of outstanding shares, the Chairman is authorized to adjust the distribution percentage.

(IV) The effect of the proposed stock dividends at the shareholders' meeting on the Company's operating results and earnings per share: Not applicable.

(V) Remuneration for employees, directors and supervisors

The percentage or range of profit sharing remuneration for employees, directors and supervisors as set forth in the Articles of Incorporation. The percentage or range of employee bonus and profit sharing remuneration for directors and supervisors as set forth in the Company's Articles of Incorporation are as follows:

(1) Remuneration for directors and supervisors shall not be more than 1%.
(2) Remuneration for employees shall not be less than 1%. (The portion of remuneration allocated to junior employees shall not be less than 60%)

The basis for estimating the amount of profit sharing remuneration to employees, directors and supervisors for the period, the basis for calculating the number of shares for employee profit sharing remuneration distributed in stock, and the accounting treatment if the actual amount distributed differs from the estimated amount:

The Company's Board of Directors' meeting held on March 04, 2026 approved the distribution of the 2025 cash remuneration to employees and remuneration to directors and supervisors in accordance with the Company's Articles of Incorporation. If there is any difference between the estimated amount and the actual distribution amount, it will be treated as a change in accounting estimate and will be posted to the year of distribution.

Distribution of remuneration approved by the Board of Directors

(1) The amount of remuneration to employees and remuneration to directors and supervisors in cash or stock:

Unit: NTD

Item	Resolution of the Board of Directors on 03.03, 2026
Remuneration to directors (Cash)	4,091,594
Remuneration to employees (Cash)	8,183,188

No difference from the estimated amount of expense in the year of recognition.

(2) The percentage of the amount of employee remuneration distributed in stock to the net profit after tax and total employee remuneration in the parent company only or standalone financial statements for the period: Not applicable.

The difference between the actual amount of remuneration for employees, directors and supervisors in the previous year (including the number of shares distributed, the amount and the price of the shares) and the recognized amount of remuneration for employees, directors and supervisors, the reasons for the difference and the treatment of the difference should be described.

Unit: NTD

Item	Resolution of the Board of Directors on March 4, 2025
Remuneration to directors (Cash)	3,704,820
Remuneration to employees (Cash)	7,409,640

(VI) Buyback of Treasury Stock: Not applicable

II. Corporate Bonds:

(I) Issuance of Corporate Bonds

The company's first domestic unsecured convertible corporate bond was suspended from over-the-counter trading on 25 January 2025.

| Type of Corporate Bonds | 1st domestic unsecured convertible bonds
(Bond code: 83671) |
| --- | --- |
| Issue (processing) date | 2022.01.25 |
| Denomination | 100,000.- |
| Place of issuance and transaction (Note 3) | Taipei Exchange |
| Issue price | Denomination is NT$100,000, issued at 106.94% of the denomination. |
| Total amount | Total denomination NT$700,000,000
Total issue amount of $748,600,800 |
| Interest rate | Coupon rate 0% |
| Duration | Issue for a period of three years.
Issue from January 25, 2022 and expire on January 25, 2025 |
| Guarantee institution | Not applicable |
| Trustee | Securities Department of KGI Bank |
| Underwriting institution | KGI Securities Co., Ltd. |
| Certifying attorney | HANDSOME ATTOMEY'S-AT-LAW
Attorney Ya-Wen Chiu |
| Certifying CPA | Deloitte Taiwan
Nai-Hua Guo and Li-Huang Li, CPAs |
| Repayment method | Except for the conversion of the convertible bonds into the Company's common stock in accordance with Article 10 of the Regulations, or the early redemption of the bonds in accordance with Article 18 of the Regulation, or the retirement of the bonds repurchased by the Company on the OTC market, the Company shall repay the bonds in cash at 100% of their denomination within seven business days from the day of maturity of the bonds. |
| Outstanding principal | NT$700 million |
| Terms and conditions for redemption or early repayment | (I) From the day after the third month from the issue date (April 26, 2022) to the fortieth day before the expiration of the issuance period (December 16, 2024), if the closing price of the Company's common stock exceeds the then prevailing conversion price by more than 30% (inclusive) for 30 consecutive business days, the Company may send a "Notice of Bond Call" with a 30-day expiration by registered mail within 30 business days thereafter (the aforementioned period shall be counted from the date of sending by the Company and the expiration of such period shall be the base date of bond call, and the aforementioned period shall not be the period of suspension of conversion under Article 9) to the bondholders (based on the bondholder register on the fifth business day prior to the date of mailing of the "Notice of Bond Call", and for bondholders who subsequently acquire the convertible bonds by trading or other reasons, by announcement) by registered mail. The redemption price shall be set at the denomination of the bonds and the bonds shall be redeemed in cash, and a letter shall be sent to the TPEx for announcement. The Company shall execute the call request and redeem the outstanding convertible bonds in cash at the denomination of the bonds within five business days after the base date of bond call. (II) From the day after the third month from the issuance date (April 26, 2022) to the fortieth day before the expiration of the issue period (December 16, 2024), if the outstanding balance of the convertible bonds is less than 10% of the original issuance amount, the Company may, at any time thereafter, send to the bondholders (based on the bondholder register on the fifth business day prior to the date of mailing of the "Notice of Bond Call", and for bondholders who subsequently acquire the convertible bonds by trading or other reasons, by announcement) by registered mail a "Notice of Bond Call" with a 30-day expiration (the aforementioned period shall be counted from the date of sending by the Company and the expiration of such period shall be the base date of bond call, and the aforementioned period shall not be the period of suspension of conversion under Article 9). The redemption price shall be set at the denomination of the bonds and the bonds shall be redeemed in cash, and a letter shall be sent to the TPEx for announcement. The Company shall execute the call request and redeem the outstanding convertible bonds in cash at the denomination of the bonds within five business days after the base date of bond call. (III) If the bondholders do not reply in writing to the Company's stock affairs agency (effective upon delivery or based on the postmark date for those that are notified by mail) prior to the base date of the bond call as stated in the notice of bond call, the Company shall, within five business days after the base date of bond call, redeem the bonds in cash at their denomination. (IV) If the Company executes the call request, the final deadline for the bondholders to request the conversion is the second business day after the closing date of the over-the-counter trading of the bonds. |

| Type of Corporate Bonds | | 1st domestic unsecured convertible bonds
(Bond code: 83671) | |
| --- | --- | --- | --- |
| Restrictions (Note 4) | | None | |
| Name of credit rating agency, rating date, and rating result of corporate bonds | | Not applicable | |
| Other rights | Amount of common stock, global depository receipts or other marketable securities converted (exchanged or subscribes) as at the date of publication of the annual report | Convertible bonds was converted into the Company common shares worth total NTD 44,400,930. | |
| | Issuance and conversion (exchange or subscription) regulations | - | |
| Issuance and conversion, exchange or subscription regulations, possible dilution of shareholdings and impact on existing shareholders' equity | | None | |
| The name of the custodian institution for the exchanged asset | | None | |

(II) Information on convertible bonds

The company's first domestic unsecured convertible corporate bond was suspended from over-the-counter trading on 25 January 2025.

| Type of corporate bonds
(Note 1) | | 1st domestic unsecured convertible bonds (bond code: 83671) | | |
| --- | --- | --- | --- | --- |
| Year
Item | | 2023 | 2024 | The current year up to January 22, 2025
(Note 4) |
| Market value of convertible bonds
(Note 2) | Highest | 109.00 | 117.50 | 99.85 |
| | Lowest | 98.00 | 100.00 | 99.85 |
| | Average | 103.17 | 109.63 | 99.85 |
| Conversion price | | 45.4 | 47.80 | 47.80 |
| Issuance (processing) date and conversion price upon issuance | | 2022/01/25
$55 | | |
| Performance of conversion obligations | | New Share Issuance | | |

Note 1: The 1st domestic unsecured convertible bonds were paid cash dividends on 2022.07.20, and the conversion price was adjusted to 50.5.

III. Preferred Shares: None

IV. Global Depository Receipts Issuance: None

V. Issuance of Employee Stock Options and New Restricted Employee Shares: None

VI. Issuance of New Restricted Employee Shares: None

VII. Issuance of New Shares due to Company's mergers and acquisitions or shares transferred: None.

VIII. Capital implementation plan and allocation status: None.

Four. Overview of Business Operations

Business Activities

(I) Business Scope

The main content of the business
(1). Warehousing
(2). Gas Stations
(3). Convenience Stores
(4). Automobile Cargo Transportation Business
(5). Container Truck Transportation Enterprise
(6). Container Rental
(7). Customs Brokers
(8). Ship Stevedore Operator
(9). Measuring Instruments Certification
(10). Container Terminal Operators
(11). Real Estate Leasing
(12). Tally Packaging
(13). Air Cargo Entrepots
(14). International Trade
Sales percentage
Sales percentage of the Company (100% domestic sales) for 2025
Vessel stevedoring 59%
Warehousing 23%
Transportation 9%
Customs Brokers 9%
The Company's current products and services
The Company is a professional integrated logistics solution provider, integrating import/export customs clearance, warehousing, transportation, bulk and general cargo terminal stevedoring, inland container terminal and air cargo terminal, etc., to provide customers with comprehensive logistics solutions through a one-stop operation model. The main logistics services provided by the Company are as follows:

(1) Customs Brokers
Provide customers with high quality and fast customs declaration services for import and export of cargo

(2) Transportation
- Flat-rack transportation
- Container transportation
- Bulk cargo transportation.
- General alongside transportation.
- Stevedoring truck transportation.

(3) Warehousing
- Bonded warehouse leasing
- General warehouse leasing
- Free Trade Zone Storage and Transportation Center.
- The only inland container terminal in Taichung port
- The Company's subsidiary Central Taiwan Science Park Logistics Co., Ltd. is the only professional warehousing and logistics center in the Central Taiwan Science Park (CTSP) with the advantage of location to provide JIT (Just In Time) warehousing services (general warehouse, air-conditioned warehouse, park consignment warehouse, bonded warehouse, import/export storeroom, etc.) to the park companies, and by combining group resources to meet the full range of logistics needs of our customers. In addition, Central Taiwan Science Park Logistics Co., Ltd. has acquired the exclusive international air cargo distribution business at Taipei Songshan Airport to meet the needs of both aircraft belly cargo transportation and convenient import and export cargo customs clearance and distribution for customers.

(4) Vessel stevedoring
- Bulk stevedoring of bulk and general cargo such as pulp, coal, scrap iron, copper clay, silica sand, furnace stone, sludge, and wind and power equipment
- ANCORA HARBOR SERVICE CO., LTD., a subsidiary of the Company, is the first operator of the 104W coal wharf at Taichung Port to automate coal stevedoring and "intelligent enclosed coal storage". The automated wharf is more friendly to the environment, more economically efficient, more productive and reliable, and more healthy, safe and comfortable for workers. It also centralizes the stevedoring management of fugitive cargo to address the pollution caused by traditional stevedoring methods, thus improving stevedoring efficiency, increasing wharf revenue and enhancing Taiwan's international

competitiveness.

The Company's subsidiary, Chien Tung Harbour Service Co., Ltd. has built a new "Intelligent Enclosed Coal Storage" at intercontinental phase II bulk and general cargo Wharf S19 of Kaohsiung Port, which is in compliance with environmental regulations. Mainly engaged in the automatic stevedoring of coal and bulk cargo and the intelligent indoor coal storage business.
Planned new products and services

(1) Develop container distribution business, vertically integrate various departments of the Company to implement a full range of services, extend the breadth and depth of the Company's services, create service differentiation, increase revenue and improve profitability.
(2) Leverage the advantages of customs clearance in the free trade port area, and provide import, export and entrepot services for China, Taiwan, Hong Kong and Macau, in line with the return of Taiwanese businesses to invest and expand production in Taiwan.
(3) Implement IT projects, promote customer data exchange (B2B), and strengthen cooperation with vendors to win new business.

(II) Industry Overview

Current status and development of the industry

The Company is a professional integrated logistics service provider in Taiwan, operating import and export customs clearance, warehousing and transportation, terminal stevedoring, inland container distribution and air cargo distribution, which are closely related to Taiwan's import and export trade. The prosperity of import and export trade will directly affect the current situation and development of the industry. Therefore, the following is an overview of Taiwan's import and export and the industries to which each major business belongs.

Last year, Taiwan's total trade with China (including Hong Kong) accounted for 28.57% of its total foreign trade, a record low in the past 10 years. The reasons behind this phenomenon include the escalation of the Sino-US trade war and the rapid rise in China's labor costs. In Taiwan's foreign trade pattern, China's role is no longer seen as indispensable as in the early days. The dependence on cross-strait trade has shown a downward trend year by year.

In the past decade, Taiwan's trade dependence on China has gradually weakened, and the amount of investment in China has also declined significantly. At the same time, Taiwanese companies have accelerated their layout in other markets such as Southeast Asia. This trend is closely related to many factors, including the surge in China's labor costs, the impact of the Sino-US trade war, and the challenges brought by the COVID-19 epidemic. These have prompted Taiwanese businessmen to turn their attention to other emerging markets and readjust their development strategies.

Source: Statistical Database, Customs Administration, Ministry of Finance

Global trade is projected to maintain moderate growth in 2025, but the overall momentum will exhibit a "high in the first half and low in the second half" trend due to the influence of tariff policies and geopolitics. The first half will see short-term growth driven by companies shipping goods ahead of schedule, while the second half will see a slowdown as demand recovers. In Taiwan, exports will see significant growth and reach new highs, benefiting from strong demand for artificial intelligence (AI) and semiconductors, leading to an expansion of the overall trade surplus. Imports will grow steadily due to increased demand for capital equipment and raw materials. Overall, the import and export performance in 2025 will exhibit a structural characteristic of "technology-driven growth and external environmental constraints."

Import and export trade value in recent quarters
Unit: Millions of USD

	4Q2024	1Q2025	2Q2025	3Q2025	4Q2025
Export	125,903	129,538	153,711	169,334	187,400
Quarterly growth rate_export	1.46%	2.89%	18.66%	10.16%	10.67%
Import	104,774	105,913	121,611	125,826	130,193
Quarterly growth rate_import	3.98%	1.09%	14.82%	3.47%	3.47%

Source: Import and Export Trade Statistics, Department of Statistics, Ministry of Finance

In the short term, the global economy is expected to maintain stable growth, but uncertainty remains high, with recovery momentum diverging among major economies.

The US economy is projected to slow slightly in 2025, but will remain resilient overall, supported by fiscal spending and productivity gains driven by generative artificial intelligence. The European economy is expected to improve slightly compared to 2024, with lower inflation and interest rates helping to boost consumption; however, insufficient export and investment momentum limits the strength of the recovery.

China's economic growth faces challenges such as external trade policies and weak domestic demand. Despite continued stimulus measures, their effectiveness remains uncertain. Emerging markets are expected to benefit from a recovery in global trade and commodity demand, showing relatively robust overall performance.

Looking ahead, the global economic outlook remains uncertain, influenced by factors such as the direction of US policy, adjustments in monetary policy by major central banks, the scale of China's stimulus, and investment momentum in various regions.

Import and Export Trade Forecast for 2025
Unit: Millions of USD

Year and Quarter	Export	Import
2026	7,294	5,350
Q1	1,653	1,253
Q2	1,780	1,351
Q3	1,880	1,390
Q4	1,981	1,356
2025	5,060	4,219
Q1	1,195	1,044
Q2	1,245	1,037
Q3	1,316	1,052
Q4	1,304	1,086

Source: National Income Statistics, Directorate-General of Budget, Accounting and Statistics, Executive Yuan; Query website for statistical indicators, Department of Statistics, Ministry of Economic Affairs.

(1) Customs Brokers

As an island nation, the Republic of China's economic development heavily relies on international trade and is closely integrated with the global economic system. The smooth completion of international trade depends on professional customs brokers in both Taiwan and mainland China providing customs clearance services to assist with relevant procedures, ensuring the smooth entry and exit of goods through ports and airports.

As most developed countries worldwide have successively promoted the automation of customs clearance and utilized Electronic Data Interchange (EDI) to transmit customs documents, effectively shortening clearance times, Taiwan has also actively promoted related institutional reforms. Since November 7, 1992, air cargo customs clearance automation was first implemented; subsequently, on November 7, 1994, maritime cargo customs clearance automation was fully implemented, officially ushering in a new era of comprehensive automation for import and export goods, significantly reducing the time required for customs clearance.

Furthermore, the government reopened the establishment of customs brokerage firms in March 1996 and implemented the "Consolidated Customs Declaration System" from March 1998. Driven by these various customs reforms, the operating environment and industrial ecosystem of the customs brokerage industry are now vastly different from the past. Businesses capable of providing customs brokerage services across various customs districts will have a greater competitive advantage in the market.

According to statistics from the Customs Administration of the Ministry of Finance, as of the end of 2025, there were a total of 1,435 registered customs brokerage businesses nationwide, of which only 32 could provide cross-customs district customs brokerage services. Jianxin Company is one of these, and it can simultaneously provide customs brokerage services in Keelung, Taipei, Taichung, and Kaohsiung customs districts.

Statistics on the number of customs brokers in the past five years
Unit: Number of customs brokers

Year	Keelung Customs	Taipei Customs	Taichung Customs	Kaohsiung Customs	Total	Number of cross-regional customs brokers
2021	508	492	130	311	1,441	29
2022	520	527	130	316	1,493	30
2023	536	543	133	343	1,555	32
2024	545	560	138	348	1,591	32
2025	508	491	137	299	1,435	29

Source: Statistical Database, Customs Administration, Ministry of Finance

(2) Transportation industry

In Taiwan, due to its geographical constraints and the government's transportation development policy, the tonnage of road vehicle cargo transportation accounts for more than 90% of the total tonnage of domestic cargo transportation. As Taiwan is an island economic entity, its economic development is closely related to the global economy. The operations of international trade give rise to domestic investment and economic development. The transportation of cargo in international trade is mostly carried out in containers due to safety and convenience. cargo are transported to ports or airports for delivery to the airports or ports of destination and then to the end customers. Since Taiwan entered the field of container transportation in 1969, the proportion of containerized international trade has been increasing year by year along with the economic growth and soaring foreign trade, so that Taiwan has a good performance in the development of container transportation.

Generally speaking, the container transportation industry can be divided into four categories according to the type of operations: entrepot transportation, alongside transportation, full container transportation and bulk transportation, all of which are point-to-point transportation from container yards to customers. As customers of entrepot transportation and alongside transportation are mainly carriers,

the business volume is large. Therefore, container transportation operators in this business will make contracts with carriers, so only container transportation companies of a certain scale are capable of running the business. As for full container transportation companies, their customers are mostly customs brokers, importers and exporters or merchants, which are usually of smaller scale.

According to the statistics of the Ministry of Transportation and Communications, the number of operating vehicles in the last five years increased year by year, the average distance per ton of cargo transported also increased, and revenue from freight transportation also gradually climbed. In 2025, the number of vehicles in operation reached 129,802, an increase of 0.59% over the previous year; the freight tonnage reached 493,859 thousand metric tons, a decrease of 2.92% over the previous year; the average transport distance per ton was 66.0 kilometers, a decrease of 0.75% over the previous year; and freight revenue was NT$192,627,460 thousand, a decrease of 0.87% over the previous year.

Year	Operating vehicles (units)	Freight tonnage (thousands of metric tons)	Average distance transported per ton (km)	Freight revenue (thousands of NTD)
2021	121,452	516,852	66.0	183,403,805
2022	128,658	513,875	66.1	189,049,371
2023	129,792	503,941	65.8	187,927,123
2024	129,041	508,712	66.5	194,319,891
2025	129,802	493,859	66.0	192,627,460

Source: Monthly Statistical Report of the Ministry of Transportation and Communications

After the pandemic, governments around the world have also begun to invest in infrastructure to revive their economies, such as the Infrastructure Investment Jobs Act promoted by the United States, and China's announcement in the fourth quarter of this year to issue an additional RMB 1 trillion in government bonds for disaster prevention and mitigation infrastructure, transportation, etc. These actions will increase the country's demand for raw materials, thereby driving the demand for bulk shipping. In addition, after the end of the Ukrainian-Russian war and the Israeli-Palestinian conflict, post-war reconstruction will also require a large amount of raw materials. According to information from Taiwan Port Services (Co., Ltd.), in 2025, the container throughput of Taiwan's international commercial ports was approximately 13.55 million TEUs, a decrease of 2.78% compared to the previous year. Of these, approximately 6.81 million TEUs were inbound and approximately 6.74 million TEUs were outbound. Meanwhile, the container throughput of Taichung Port was approximately 1.59 million TEUs, a decrease of 1.41% compared to the previous year, accounting for approximately 11.74% of the total container throughput of Taiwan's international commercial ports. Of these, approximately 800,000 TEUs were inbound and approximately 800,000 TEUs were outbound.

Container stevedoring in Taiwan

Unit: TEU

Year	Grand total (GrandTotal)	Import container (Import Container)	Export container (Export Container)
2021	15,454,638	7,771,648	7,682,990
2022	14,691,796	7,346,735	7,345,061
2023	13,596,988	6,815,362	6,781,626
2024	13,933,255	6,990,594	6,942,661
2025	13,546,096	6,806,990	6,739,106

Source: Taiwan International Ports Corporation, Ltd.

(3) Warehousing industry

The warehousing industry is divided into three businesses: storage of empty containers and heavy containers and related management and machinery services, storage of bonded cargo and duty-paid cargo. Warehouses can be divided into general warehouses, bonded

warehouses, import/export storerooms, container terminals, warehouses in free trade ports, and logistics centers in science parks. There are many different operating models in the warehousing industry according to the different operating strategies of each company, according to which they will build the warehouses they need. In Taiwan, due to the limitation of land area and economic development strategy, there are many restrictions on the construction of warehouses in free trade ports and science parks, and it is necessary to acquire land (such as leasing, bidding or purchasing) and obtain approvals before construction. The warehouses in the free trade zones are located at the port side, which can provide the relevant warehousing services immediately and reduce transportation costs. As for logistics centers in science parks, as it is difficult to acquire land and the cost is high, most of the operators instead build factories on the land they acquire and then lease 3rd party warehouses when there is a shortage of storage. Therefore, logistics centers in science parks are relatively rare.

Chien Shing's warehousing and container business is mainly for the storage of duty-paid cargo approved by the Customs, duty-paid cargo for import and export, and for leasing to 3rd parties for storage of their cargo. Chien Shing's warehousing business runs bonded warehouses, container terminals, general warehouses and warehouses in free trade ports in the Central Taiwan Science Park and Taichung Port. General warehouses include Longjing Warehouse, Wuqi Warehouse, C5 Warehouse, 104 Coal Warehouse, Gongzhuan II Warehouse and No. 42 Warehouse; bonded warehouses include Wuqi Warehouse, 10C Warehouse and Logistics Warehouse; free trade port warehouses include 10C Warehouse, No. 24 Warehouse, No. 25 Warehouse, No. 42 Warehouse and No. 43 Warehouse; container terminals include Logistics Warehouse and Songshan Warehouse; and CTSP Logistics Center.

(4) Stevedoring industry

The stevedoring industry mainly operates in the port areas, and the higher the dependence on international trade, the higher the volume of stevedoring of cargo. After years of trade development, the cargo stevedoring volume of Taiwan's commercial ports can be maintained at a certain amount. According to the data of Taiwan International Ports Corporation, Ltd., the volume of cargo stevedoring at international commercial ports in Taiwan exceeded 70 million tons per year in the last five years. In 2025, the total cargo throughput of Taiwan's international commercial ports was approximately 687.89 million tons, a decrease of 0.67% compared to the previous year. Of this, international container cargo accounted for approximately 483.15 million tons (70.24%), bulk cargo approximately 151.55 million tons (22.03%), and pipeline cargo approximately 53.19 million tons (7.73%). Meanwhile, Taichung Port's cargo throughput was approximately 137.49 million tons, an increase of 10.97% compared to the previous year, accounting for 19.99% of the total cargo throughput of Taiwan's international commercial ports. Of this, international container cargo accounted for approximately 56.39 million tons (8.20%), bulk cargo approximately 63.06 million tons (9.17%), and pipeline cargo approximately 18.04 million tons (2.62%).

Container stevedoring in Port of Taichung
Unit: Thousand Ton

Year (Years)	Grand total (Grand Total)	Container cargo (Container)	Bulk and general cargo (Bulk)	Pipeline cargo (Pipeline)
2021	13,927	7,024	5,100	1,803
2022	13,559	6,358	5,655	1,546
2023	11,706	5,713	4,426	1,567
2024	12,390	5,721	4,837	1,832
2025	13,749	5,639	6,306	1,804

Source: Taiwan International Ports Corporation, Ltd.

The stevedoring of bulk and general cargo at Taichung Port was operated parallelly by public and private sectors in the early years, and a "freight volume allocation system" was implemented. Taichung Harbor Bureau assigned freight volumes to the stevedoring operators to according to the allocation percentage for each type of cargo in the order of vessels' expected arrivals at the port. Although this method eliminated the pressure of competition among the industry players, it led to the disadvantages of lack of efficiency and failure to improve the overall service quality. In view of this, Taichung Harbor Bureau abolished the freight volume allocation system on January 1, 2001, allowing cargo owners to choose their own storage and stevedoring companies.

At present, there are only four operators in Taichung Port, excluding public operators and private operators who handles their own volume only (without external business). According to the data of Taichung Port Bulk and General Cargo Import and Export Vessel Notification Form, the bulk and general cargo stevedoring volume in Taichung Port in 2025 was about 13,430 thousand tons, accounting for 21.30% of the bulk and general cargo stevedoring volume of Taichung Port, of which Chien Shing accounted for 42.57%, followed by Company A. Chien Shing's market share has been steadily growing, mainly due to the Company's one-stop operating model, which provides customers with comprehensive logistics solutions, integrating import/export customs clearance, warehousing, transportation, bulk and general cargo terminal stevedoring, inland container terminal and air cargo terminal, etc., and maintaining a mutually beneficial relationship with customers.

Volume of bulk and general cargo stevedored by stevedoring companies in Taichung Port.
Unit: Tonnes; %

Year	Chien Shing		Company A		Company B		Total
	Volume of stevedoring	Percentage	Volume of stevedoring	Percentage	Volume of stevedoring	Percentage
2021	7,094,018	43.11	5,014,786	30.47	4,348,590	26.42	16,457,394
2022	5,184,863	42.03	3,075,993	24.93	4,076,772	33.04	12,337,628
2023	5,084,507	41.95	3,526,018	29.09	3,509,728	28.96	12,120,253
2024	5,443,584	41.54	4,178,565	31.89	3,482,441	26.57	13,104,590
2025	5,716,636	42.57	4,075,736	30.35	3,637,970	27.08	13,430,342

Source: Taichung Port Bulk and General Cargo Import and Export Vessel Notification Form

Correlations among upstream, midstream, and downstream industries.

The Company provides logistics services such as customs clearance, transportation, warehousing, container and stevedoring services to importers and exporters, cargo owners, cargo forwarders and is different from the manufacturing industry, which has production process of products and suppliers of major raw materials. Therefore, there is no clear upstream, midstream and downstream relationship. The following is a summary of the industry correlation.

Development trends of products

(1) Customs Brokers

With respect to the future development trend of customs brokerage industry, service quality will become the main focus of competition in the industry, while industry players will face a full range of challenges to provide high-value service quality and those with poor service quality will be eliminated. In terms of digitalization, in addition to developing high-tech information personnel, we will also integrate internal organizational management automation through external automation strategies. With

quality strategy, differentiation strategy, price strategy, and cost strategy, we cope with the impact of the external unfavorable environment, and further move towards a reasonable scale by merging operations or combining with large customs brokers to obtain a low-cost position, which will make us more competitive.

(2) Transportation industry

A. Flexible mobilization of tractors

The mission of transportation is to achieve smooth flow of cargo, and with the progress of the times, transportation occupies a very important position in the economy, so for the future market demand, we need to have perfect transportation tools to provide better service, in order to have the ability to compete in the market. Therefore, in order to meet the steady growth of transportation volume and customer demand, professional transportation companies with the ability to flexibly mobilize their vehicles are what the industry really needs.

B. Computerization of operations management

Due to the increase in the size of vessels and the improvement of stevedoring equipment and operation technology, the volume of container operations is increasing. In order to provide safe and fast transportation services and to meet the requirements of carriers and cargo owners, computerization of operations is a must.

(3) Warehousing industry

Since it is not easy to acquire land for warehousing, and with the increase of container and cargo storage, the warehousing operators will need to follow the directions listed below in order to meet this trend.

A. Add equipment and machinery to improve operational efficiency

Since it is not easy to acquire land, the industry currently engaged in container and cargo storage will purchase new type of forklift and other machinery and equipment to increase operating space and improve operating efficiency.

B. Computerization of operations management

The container and cargo warehousing business hinge on the ability to provide fast processing of import and export storage, picking up and tallying of containers and other related operations. In order to provide such good service quality, it is necessary to have good computerized operations to keep track of the container dynamics and cargo owners' demand for picking up cargo, so as to improve operational efficiency and fully utilize storage space.

(4) Stevedoring industry

A. Increase the load capacity of bulk and general cargo handling equipment to improve operational efficiency and safety

Since the stevedoring speed is an important factor for cargo owners to choose the stevedoring company, if the stevedoring equipment capacity is not sufficient, the stevedoring speed and cost will be affected, and so is the quality of service. Therefore, it is an inevitable trend for industry players to increase the load capacity of bulk and general cargo lifting equipment to improve service quality.

B. The industry is moving towards leasing land in the wharf area and the backline sites to facilitate stevedoring operations and storage and transportation operations.

For the purpose of sustainable operations, the stevedoring operators will lease land in the terminal areas and the backline sites to facilitate the full coordination of stevedoring operations and storage and transportation operations to enhance the efficiency of stevedoring operations.

Competition

According to the statistics of the Customs Administration, Ministry of Finance of the R.O.C., the number of customs declaration companies was 1,586 at the end of 2024, so the customs declaration market is quite saturated; in the transportation industry, there are currently four to five large domestic inland transportation companies, and the competition is fierce. As for the bulk and general cargo stevedoring operators in Taichung Port, only 2 companies are qualified to operate. Under the above circumstances, although the competition has been reduced, in order to implement the quality policy and achieve the corporate mission, all employees should strive to understand customers' needs and strive to exceed their expectations.

Risk of product substitution

The Company provides comprehensive logistics solutions for bulk and general cargo with a one-stop business model, and has no unique circular demand. However, when the cost of container transportation is lower than that of bulk transportation due to changes in economic conditions, some customers may substitute container transportation for bulk transportation due to cost considerations, but the proportion of such substitution is not significant. This is mainly due to the difference in cargo carried by container transportation and bulk vessels. Container transportation is transportation in which containers are used as storage receptacles, which can be full container loads or groupage; The contents of the transportation are mainly high-tech components, finished electronic products, garments, etc. The contents of bulk transportation are usually bulk cargo, which is more economical by bulk vessels with large cabin space. Due to the nature of the cargo carried, it is more unfavorable to use container transportation. The contents of transportation are ore, iron bricks, coal, sugar, wheat, corn, gravel, mud... etc. Usually, the characteristics of bulk vessel transportation include that the freight volume is large, the freight cost is low, and it needs to be a full shipload, which is different from container vessel transportation. Therefore, the risk of product substitutability due to industry characteristics should be limited.

(III) Technology and R&D Overview

The Company is in the service industry of customs clearance, transportation, warehousing, container and stevedoring, not in general manufacturing industry, and does not have a research and development department so this is not applicable.

(IV) Long-term and short-term business development plans

Segment	Short-term business development plans	Long-term business development plans
Customs Brokers	To increase the accuracy and timeliness of customs clearance is our commitment and mission to our customers.	Pursue satisfactory cooperation relationships and create win-win cooperation value with customers, and set a new benchmark for customs declaration service in Taiwan.
Transportation industry	Emphasis on driver selection and education and training; From basic etiquette, professional cargo counting, checking and signing off, and compliance with safe transportation regulations.	Record customer customs declaration data and provide quotations efficiently and correctly, with quotation system, operation system, billing system, business digitalized data...to meet customer digitalization requirements.
Warehousing industry	Provide flexible, efficient, and high value-added cargo tally services to customers by tailoring warehousing operations to meet their needs.	Assist customers to complete unloading, tallying, value-added operations, distribution and dispatching vessels within a reasonable time frame, effectively enhancing the operational efficiency of customers' supply chain.
Stevedoring industry	Provide high quality and complete services to strengthen the cooperation between upstream and downstream operators.	Stabilize the market share and achieve the profit center management principle.

II. Market, Production and Sales Overview

(I) Market Analysis

Major service regions

Customs Brokers

Provide general import and export customs declaration, forwarding service and customs regulation consultation, with branches in Keelung, Taipei, Taichung and Kaohsiung. Sales and service regions include northern, central and southern regions.

Transportation

The main service is the transportation of inland cargo, including container cargo, flatbed cargo, general cargo and dump truck cargo. With Taichung and Dashu stations, the service route centers on Taichung Port and Kaohsiung Port, including alongside pickup and loading, customer import and export transportation, and inter-plant distribution and transportation, especially for the business opportunities in CTSP and Chungkang Export Processing Zone.

Warehousing

Mainly bonded warehouses and general warehouses. The Company provides warehousing services at CTSP and Taichung Port, with bonded warehouses, general warehouses, totaling 95,143 pings in free trade ports and import/export terminals. Such large warehousing space provides customers with storage, entrepot, and distribution points for all types of cargo imported and exported from Taichung Port and domestically produced cargo.

Stevedoring

The Stevedoring Department currently provides services for bulk and general cargo vessels of coal, copper clay, scrap iron, slag, furnace stone, wind turbines, etc. in Taichung Port. In the future, in addition to increasing the market share of the bulk and general cargo stevedoring volume in Taichung Port, we expect to extend the bulk and general cargo stevedoring service to Taipei Port.

Market share

Chieng Shing is a professional integrated logistics solution provider, integrating import/export customs clearance, warehousing, transportation, bulk and general cargo terminal stevedoring, inland container terminal and air cargo terminal, etc. There are no official statistics or relevant public information on the industry to which the Company belongs. Therefore, we intend to provide market shares for each of the Company's major businesses based on the relevant information collected. The following is an analysis of the market share of each major business.

Customs Brokers

According to the data from the Bureau of Foreign Trade, Ministry of Economic Affairs, there were 350,213 companies registered for import and export trade at the end of 2025, of which 122,766 had import and export business. According to the statistics of Customs Administration, Ministry of Finance, the number of domestic import and export declarations in 2025 was 2,975,926 and 3,601,890 respectively, and the number of the Company's import and export declarations was 45,125 and 43,909 respectively, with market shares of 1.52% and 1.22% respectively. The Company provides one-stop integrated logistics services and has established a rigorous and complete enterprise resource planning (ERP) system to achieve the exchange of logistics information with customers (B2B) and increase the added value of services to customers. Therefore, there should be an opportunity for the market share of the customs declaration business to grow.

Market share of customs declaration business for the last five years
Unit: Number of declarations; %

Year	Total number of domestic customs declaration		The number of customs declaration filed by the Company		Market share
	Import	Export	Import	Export	Import	Export
2021	2,912,731	4,278,670	46,189	44,428	1.59	1.04
2022	2,867,025	3,785,859	44,679	42,487	1.56	1.12
2023	2,707,227	3,433,602	43,034	41,001	1.59	1.19
2024	2,831,375	3,548,816	47,089	45,038	1.66	1.27
2025	2,975,926	3,601,890	45,125	43,909	1.52	1.22

Source: Statistical Database, Customs Administration, Ministry of Finance

Transportation

Currently, the Ministry of Transportation and Communication does not have a separate statistic for the inland container transportation, but only the operating profile of the road automobile cargo transportation business. The statistics include the automobile cargo transportation business (those whose businesses are carrying cargo by automobiles), the automobile cargo transportation within designated routes (those whose businesses are carrying cargo by automobiles within designated routes), and the container truck transportation business (those whose businesses are carrying cargo by trailers within designated routes). According to the statistical information website of the Ministry of Transportation and Communications, the total tonnage of road automobile transportation in 2025 was about 493,859 thousand tons, the average daily transportation tonnage was 1,353 thousand tons, the average transportation distance per ton of cargo was about 66.0 kilometers, and the total freight revenue was about 192,627,460 thousand dollars. The Company's transportation revenue for 2025 was approximately $307,118 thousand, with a market share of approximately 0.16%. The Company has established a container terminal to join the operations, which is the only one in Taichung Port. With it, the Company will be able to serve the customers in Taichung Port and increase the revenue of container transportation. The market share of transportation business is expected to increase gradually in the future.

Market share of transportation business for the last five years
Unit: Thousands of NTD

Road automobile freight volume	Freight tonnage (thousands of tons)	Average daily tonnage (thousand of tons)	Average distance per ton of cargo (km)	Freight revenue	Revenue from transportation business of the Company	Market share (%)
2021	516,852	1,416	66.0	183,403,805	339,301	0.19
2022	513,875	1,408	66.1	189,049,371	278,258	0.15
2023	503,941	1,381	65.8	187,927,123	255,954	0.14
2024	508,712	1,394	66.5	194,319,891	257,204	0.16
2025	493,859	1,353	66.0	192,627,460	307,118	0.16

Source: Statistical information website of the Ministry of Transportation and Communication, Chieng Shing

Warehousing

There is no data available on the areas provided by the domestic warehousing industry. Therefore, it is not possible to estimate the market share of the warehousing business, but only the number of bonded warehouses as indicated by the statistics of the Customs Administration, Ministry of Finance. The number of bonded warehouses available at the end of 2025, excluding self-use, was 101, down 1 from the previous year; the number of bonded warehouses for self-use was 59, decrease 2 from the previous year; and the total number of bonded warehouses available was 160, representing a decrease of 3 from the previous year.

The Company has bonded warehouses with an area of 8,316 pings; the rest of the related warehousing services are for CTSP and Taichung Port, with 44,949 pings of general warehouses, 22,087 pings of free trade ports, 16,000 pings of CTSP Logistics Center, and 2,980 pings of container terminals, totaling 94,332 pings, providing warehouses for the storage, entrepot, and distribution of various cargo imported and exported from Taichung Port and domestically produced cargo by importers and exporters. All warehousing operations are fully computerized, and we are the largest privately owned warehousing company in Taichung Port, and one of the most professional warehousing management companies.

Number of bonded warehouses in Taiwan

	2021	2022	2023	2024	2025
Bonded warehouses do not include: Number of self-use bonded warehouses in Taiwan	115	106	104	102	101
Number of self-use bonded warehouses in Taiwan	62	59	60	61	59
Total	177	165	164	163	160

Source: Statistical Database, Customs Administration, Ministry of Finance

Stevedoring

Chien Shing's stevedoring business mainly provides stevedoring services for bulk and general cargo in Taichung Port. Based on the information provided by Taiwan International Ports Corporation, Ltd., Taichung Port Bulk and General Cargo Import and Export Vessel Notification Form, and the data collected by Chien Shing, our bulk and general cargo stevedoring volume accounted for 3.77% of the bulk and general cargo stevedoring volume at international commercial ports in Taiwan, 9.07% of the bulk and general cargo stevedoring volume in Taichung Port, and 42.57% of the bulk and general cargo stevedoring volume in Taichung Port among operators with external business in 2025. The Company is the largest operator at Taichung Port with external bulk and general cargo stevedoring business, has rich experience in bulk and general cargo stevedoring, and adopts automatic stevedoring operations, which makes the stevedoring efficiency better than other industry players. Currently, the Company leases land at Taipei Port and expects to replicate the successful experience in Taichung Port. Upon completion of the construction of Taipei Port and its entry into operations in the future, the Company's bulk and general cargo stevedoring business should grow at an accelerating pace and further increases its market share.

Bulk and general cargo stevedoring volume in Taiwan for the last five years

Year	Tonnage of bulk and general cargo stevedored at international commercial ports in Taiwan (A)	Tonnage of bulk and general cargo stevedored at Taichung Port (B)	Tonnage of bulk and general cargo stevedored by operators with external business at Taichung Port (C)	Tonnage of bulk and general cargo stevedored by Chien Shing (D)	Market share (%)
					D/A	D/B	D/C
2021	140,987,491	50,998,580	16,457,394	7,094,018	5.03	13.91	43.11
2022	138,608,089	56,547,694	12,337,628	5,184,863	3.74	9.17	42.02
2023	129,477,772	44,264,927	12,120,253	5,084,507	3.93	11.49	41.95
2024	140,664,820	48,374,040	13,430,342	5,443,584	3.87	11.25	41.54
2025	151,548,517	63,062,150	13,430,342	5,716,636	3.77	9.07	42.57

Source: Taiwan International Ports Corporation, Ltd., Taichung Port Bulk and General Cargo Import and Export Vessel Notification Form, Chien Shing

Future Market Supply and Demand and Growth

Customs Brokers

A. Demand

The global freight market recovery has driven a corresponding increase in demand for customs clearance services. Taking the air freight market as an example, global air freight demand is projected to grow by over $5\%$ annually by 2025, indicating a continued expansion of cross-border cargo flows and directly boosting demand for customs declaration and clearance services.

As an export-oriented economy, Taiwan's logistics and customs clearance industries are highly interconnected with import and export trade. Between 2024 and 2025, logistics and transportation-related industries will experience significant growth, leading to an expansion of customs clearance and contracting services, reflecting the support of the recovery in international trade activities for customs clearance demand. Furthermore, the increasingly complex global trade environment, with adjustments to tariff policies, strengthened rules of origin determination, and increased compliance requirements in various countries, has increased companies' reliance on professional customs clearance services. Factors such as tariff resetting, carbon border adjustment mechanisms, and multilateral trade regulations have all increased the professionalism and demand intensity of customs clearance operations.

In addition, supply chain restructuring (such as nearshore outsourcing and friendly offshore outsourcing) and multi-country sourcing trends have increased the frequency and complexity of cross-border transactions, further driving up demand for services such as customs document processing, rules of origin certification, and compliance consulting.

According to the statistics from the Department of Commerce, Ministry of Economic Affairs, the total number of registered business organizations in Taiwan reached 1,804,245 at the end of 2025, representing an increase of $1.47\%$ from the previous year. Of these, approximately 998,057 are registered businesses and approximately 806,188 are registered companies. According to the statistics from the Bureau of Foreign Trade, Ministry of Economic Affairs, the number of registered importers and exporters reached 350,213 at the end of 20254, representing an increase of $0.95\%$ over the previous year. The actual number of companies engaged in import and export trade in 2025 was 121,890, showing a decrease of $0.71\%$ compared to the previous year. In 2026, with the pandemic slowing down, the import and export trade in Taiwan should grow positively, and the demand for customs brokerage industry will also increase.

Number of registered business organizations

Year	Total number of registered business organizations	Growth rate (%)	Number of registered importers and exporters	Growth rate (%)	Number of exporters and importers with actual trade	Growth rate (%)
2021	1,660,277	2.58	327,443	2.40	124,398	-0.55
2022	1,696,169	2.16	333,914	1.98	122,715	-1.35
2023	1,746,378	2.96	340,605	2.00	122,900	0.15
2024	1,778,054	1.81	346,903	1.85	122,766	-0.11
2025	1,804,245	1.47	350,213	0.95	121,890	-0.71

Source: Customs workload statistics, Department of Commerce, Ministry of Economic Affairs, Bureau of Foreign Trade

Year	Import	Export	Total	Growth rate (%)
2021	2,912,731	4,278,670	7,191,401	6.38
2022	2,867,025	3,785,859	6,652,884	-7.49
2023	2,707,227	3,433,602	6,140,829	-7.70
2024	2,831,375	3,548,816	6,380,191	3.90
2025	2,975,926	3,601,890	6,577,816	3.10

Source: Statistical Database, Customs Administration, Ministry of Finance

B. Supply

Taiwan's economy is closely related to international trade. After years of operations, the number of customs brokers has remained at around 1,500 in recent years, and competition is very fierce. However, there are not many brokers that can provide cross-regional customs declaration services, with only 29 cross-regional ones by the end of 2025, accounting for about $2.02\%$ of all customs brokers. Chien Shing is one of them, and can provide customs clearance services in Keelung, Taipei, Taichung, and Kaohsiung at the same time.

In the future, the customs brokerage industry will move towards "professionalism, efficiency, knowledge, and information" and will need to provide diversified services through industry integration or cross-industry strategic alliances. Chien Shing has established a rigorous and complete Enterprise Resource Planning (ERP) system and continues to invest in advanced information systems to computerize the internal and external processes to exchange logistics information with customers (B2B) and to increase the added value of services to customers in order to maintain competitiveness.

Changes in the number of customs brokers in the last five years

Year	Number of cross-regional customs brokers	Number of customs brokers	Growth rate (%)
2021	29	1,441	-0.76
2022	30	1,493	3.61
2023	32	1,555	4.15
2024	32	1,591	2.32

2025 29 1,435 -9.81

Source: Statistical Database, Customs Administration, Ministry of Finance

Transportation industry

A. Demand

After the COVID-19 epidemic, some companies began to make changes to diversify risks. Coupled with the impact of the US-China trade war, some production capacity will be moved out of China, and the industrial chain will be reorganized to build diversified demand and supply, which will also drive cargo contracting. The transportation demand of the industry has increased significantly, the loading and unloading volume of container transportation and warehousing operators has increased significantly, and the rental volume of factory offices and warehousing in the port area has also increased. Therefore, many warehousing operators have actively expanded their investment plans and started construction of logistics parks and factories. Or even directly transform the business. With the return of Taiwanese businessmen bringing huge demand for factory leasing and warehousing, future business opportunities cannot be underestimated. After all, in the post-epidemic era, the traditional model in the past needs to be changed. Only by leveraging high technology, using AI artificial intelligence, the Internet of Things, and system automation can we improve industrial competitiveness and irreplaceability.

The value of Taiwan's import and export trade in the last five years
Unit: 100 Million NTD

Year	2021	2022	2023	2024	2025
Value of Import and Export Trade	231,986	269,207	244,332	278,817	349,417
Growth rate	24.33	16.04	-9.24	14.11	25.32

Source: Statistical Database, Customs Administration, Ministry of Finance

B. Supply

In 2025, the supply side of the freight transportation industry will show a trend of gradual recovery and structural adjustment. With the continued effects of previous capacity expansion, the supply of shipping and air freight capacity remains relatively sufficient, and the tight capacity situation has been significantly alleviated. At the same time, operators continue to invest in digitalization and smart logistics systems to improve operational efficiency and transportation scheduling capabilities, thereby improving the overall quality and flexibility of supply. Furthermore, the trend of industry consolidation and strategic alliances continues, driving economies of scale and resource integration, strengthening market supply capacity. On the other hand, facing net-zero emissions and environmental regulations, operators are gradually adopting energy-efficient ships, low-carbon vehicles, and green logistics solutions, moving the supply structure towards sustainability.

According to statistics from the Ministry of Transportation and Communications, in 2025, the number of import and export containers handled in Taiwan was approximately 13,546,000 TEUs, a decrease of 2.78% compared to the previous year; the number of trucks actually in operation in Taiwan was approximately 129,802, an increase of 0.59% compared to the previous year.

The comparison of import and export container stevedoring volume and freight vehicles in Taiwan in the past five years

Year	Volume of import and export containers loaded and unloaded in Taiwan (thousands of TEU)	Growth rate compared to the previous year (%)	Automobile freight vehicles in Taiwan (units)	Growth rate compared to the previous year (%)
2021	15,455	5.90	121,452	5.80
2022	14,692	-4.94	128,658	5.93
2023	13,597	-7.45	129,792	0.88
2024	13,934	2.48	129,041	-0.58
2025	13,546	-2.78	129,802	0.59

Source: Monthly Traffic Statistics Report, Statistics of the Motor Vehicles Office, Ministry of Transportation and Communications

Warehousing industry

A. Demand

The market is experiencing steady growth driven by the recovery of global trade and increased logistics activity. Increased import and export volumes are simultaneously expanding the demand for warehousing, transshipment, and inventory management. Meanwhile, the continued development of e-commerce and cross-border e-commerce is increasing businesses' demand for just-in-time delivery and flexible inventory management, prompting warehousing services to evolve towards higher turnover rates and diversification. Furthermore, supply chain restructuring and safety stock strategies (such as increasing reserve levels) are increasing businesses' demand for warehousing space and management services. On the other hand, the demand for cold chain logistics and high-value-added warehousing (such as smart warehousing and automated warehousing) continues to grow, driving overall industry upgrading..

B. Supply

In 2025, the warehousing industry will exhibit a trend of stable expansion and structural upgrading. With the growth in logistics demand, operators will continue to expand warehousing facilities and logistics centers, gradually increasing the overall supply of warehousing space. Simultaneously, the industry is actively adopting automated equipment and smart warehousing systems (such as Warehouse Management Systems (WMS) and robotic picking) to improve operational efficiency and space utilization, thereby simultaneously enhancing supply capacity and service quality. Third-party logistics (3PL) and integrated

logistics services are maturing, with operators improving overall market supply flexibility and service depth through economies of scale and resource integration. On the other hand, in response to net-zero emissions and environmental protection requirements, green warehousing and energy-saving facilities are gradually becoming more widespread, driving the supply structure towards sustainability and high efficiency. Driven by space expansion, smart upgrades, and industry integration, overall supply capacity will steadily increase and develop towards high quality and sustainability.

The Company's warehousing services are located in the Central Taiwan Science Park, Taichung Port, and Taipei Port, with 8,316 pings of bonded warehouse space, 44,949 pings of general warehouse space, 22,087 pings of free trade port area space, 16,000 pings of Central Taiwan Science Park logistics center space, and 2,980 pings of container terminal space, totaling 94,332 pings. These facilities provide warehousing bases for import and export manufacturers to store, transship, and distribute various goods imported and exported from Taichung Port, as well as domestically produced goods. The warehousing operations are fully computerized, making it one of the most professional warehousing and cargo management companies in the Taichung Port area.

Stevedoring industry

A. Demand

The Company's stevedoring business mainly provides related stevedoring services for bulk and general cargo in Taichung Port. Therefore, the demand for bulk and general cargo transportation at Taichung Port is relevant to the development of its stevedoring business. According to the overall development plan of the commercial ports in Taiwan by the Institute of Transportation, Ministry of Transportation and Communications, In 2021, the bulk cargo volume in Taiwan was estimated to reach 239.53 million tons, of which the largest is Kaohsiung port's volume of 106.92 million tons, accounting for 44.64%, followed by Taichung port's volume of 72.67 million tons, accounting for 30.34%; by 2041, the bulk cargo volume in Taiwan will reach 28,704, up 19.83% from 2021, of which Kaohsiung port will account for 43.83% of the total volume of 125.81 million tons, down slightly by 0.81% compared to 2021, while Taichung port will account for 34.52% of the total volume of 99.09 million tons, up 4.18% compared to 2021.

The freight volume of bulk and general cargo transportation in the coming years by port and year
Unit: 10 Thousand Tonnes

Port	2021	2031	2041
Keelung Port	1,301	1,300	1,299
Taichung Port	7,267	8,486	9,909
Kaohsiung Port	10,692	11,598	12,581
Taipei Port	1,464	1,491	1,518
Hualien Port	1,733	1,770	1,808
Suao Port	655	699	746
Anping Port	841	842	843
Total	23,953	26,186	28,704

Source: Overall development plan of the commercial ports in Taiwan by the Institute of Transportation, MOTC

B. Supply

Due to the geographical nature of the berthing business, bulk and general cargo owners choose their ports of stevedoring by considering market demand and transportation costs. Currently, there are three operators jointly operating the stevedoring of bulk and general cargo at Taichung Port. The Company's bulk and general cargo stevedoring business is mainly for people's daily necessities, scrap iron, coal, copper, LNG and other cargo. In addition to providing bulk and general cargo stevedoring services, the Company also provides integrated services such as import and export customs clearance, alongside, container drayage/inland transshipment, and warehousing. As a result, the Company's market share has been growing steadily, and in 2025, it accounted for 42.57% of the bulk and general cargo stevedoring volume at Taichung Port, making it the largest in the vessel stevedoring industry at Taichung Port.

Volume of bulk and general cargo stevedored by stevedoring companies in Taichung Port for the last five years

Unit: Tonnes; %

Year	Chien Shing		Company A		Company B		Total
	Volume of stevedoring	Percentage	Volume of stevedoring	Percentage	Volume of stevedoring	Percentage
2021	7,094,018	43.11	5,014,786	30.47	4,348,590	26.42	16,457,394
2022	5,184,863	42.03	3,075,993	24.93	4,076,772	33.04	12,337,628
2023	5,084,507	41.95	3,526,018	29.09	3,509,728	28.96	12,120,253
2024	5,443,584	41.54	4,178,565	31.89	3,482,441	26.57	13,104,590
2025	5,716,636	42.57	4,075,736	30.35	3,637,970	27.08	13,430,342

Source: Taichung Port Bulk and General Cargo Import and Export Vessel Notification Form

Competitive Edge

(1) One-Stop Integrated Logistics Services

Te Company has been established for more than 30 years and our department leaders have rich practical experience. We are a professional integrated logistics solution provider, integrating import/export customs clearance, warehousing, transportation, bulk and general cargo terminal stevedoring, inland container terminal and air cargo terminal, etc., to provide customers with comprehensive logistics solutions through a one-stop operation model. No one in the industry has adopted the same strategy as the Company to provide one-stop integrated logistics solutions. Our flexible operating model, efficient inter-group communication, timely information transmission and mutual support enable us to handle customers' problems in a timely manner, and our management and field staff are stable, interactive and able to provide professional services, which are well recognized by our customers.

(2) In response to the rising awareness of environmental protection, we have taken the lead in building automated equipment.

Port of Taichung, Taiwan International Ports Corporation, Ltd. has given the first priority to Wharves 104 and 105 for coal vessel berthing since March 2017. The subsidiary ANCORA HARBOR SERVICE CO., LTD. has set up an enclosed mechanical coal unloading pier at Wharf 104, which is the only coal unloading pier at Taichung Port with full coverage of stevedoring and storage, which, in addition, to enhancing our competitiveness, can also effectively reduce air pollution caused by stevedoring coal or storage to do our part in environmental protection. According to the statistics of Port of Taichung, Taiwan International Ports Corporation, Ltd., the efficiency of automated coal unloading equipment is 32.66 times faster than that of traditional manual coal unloading, and 6.84 times faster than that of traditional derrick mechanical coal unloading.

(3) Private logistics company with the largest storage space at Taichung Port

Chien Shing provides warehousing services for CTSP and Taichung Port, and is the private logistics company with the largest storage space at Taichung Port, with 8,316 pings of bonded warehouses, 44,949 pings of general warehouses, 22,087 pings of free trade ports, 16,000 pings of CTSP Logistics Center, and 2,980 pings of container terminals, totaling 94,332 pings, providing warehouses for the storage, entrepot, and distribution of various cargo imported and exported from Taichung Port and domestically produced cargo by importers and exporters. The Company is one of the most professional warehousing and cargo management companies at Taichung Port, with computerized management of warehousing operations. We will fully leverage the advantages of customs clearance at the free trade ports and the rarity of wharves to attract Taiwanese businesses to return home to invest and expand production capacities and to meet the needs of international companies for entrepot warehousing, providing cross-strait import and export, re-export and other logistics services for China, Taiwan, Hong Kong and Macau.

Favorable and Unfavorable Factors and Countermeasures for Development Prospects

Favorable factors

(1) Customs Brokers

A. The Company provides one-stop integrated logistics services and can offer customers with a variety of services at one time. We also have branches in Keelung, Taipei, Taichung and Kaohsiung Customs Regions to provide cross-regional customs clearance services, which is better than single-regional customs clearance operators and can help win customs clearance business.

B. The Company has established a rigorous and complete Enterprise Resource Planning (ERP) system and continues to invest in advanced information systems to computerize the internal and external processes to exchange logistics information with customers (B2B) and to increase the added value of services to customers in order to maintain competitiveness.

C. After the arrival of companies in CTSP, the volume of import and export trade in Central Taiwan has increased, and many major technology companies have set up factories in CTSP. In addition to being the only sophisticated warehouse in CTSP, our operational headquarters is also located at Taichung Port, which enables us to keep track of customer activities and provide customs clearance services in a timely manner.

(2) Transportation industry

A. Taiwan has become a member of the WTO. With the trend of trade liberalization and tariff reduction, the volume of international trade is expected to increase gradually. Therefore, the volume of import and export trade will increase, and the demand for inland transportation will also increase.

B. Since December 15, 2008, when the "Three Links" were realized through direct postal, transportation, and trade between the two sides of the Taiwan Strait, the cargo stevedoring volume of Taichung Port has been growing year by year, and its importance has been increasing day by day, and its future development is expected.

C. Taichung Port is located in the middle of the Taiwan and is a hub for companies in central Taiwan. Enterprises in central Taiwan, such as those in Miaoli, Taichung, Changhua, Nantou, Yunlin, and Chiayi, use Taichung Port as the point of customs clearance for import and export business in order to save inland transportation costs. Therefore, Taichung Port has the advantage of transportation cost for inland transportation by sea, land and air, and the number of cargo to be transferred through Taichung Port will gradually increase in the future.

D. We have fully computerized our transportation dispatching operations, from receiving orders to dispatching vehicles and reviewing closed orders, etc., which can be queried from the computer screen at any time. We will be able to accurately have in control the status of the transportation operations, strengthen the control ability and improve transportation efficiency.

(3) Warehousing industry

A. Taichung Port is located in the middle of Taiwan, with the well-situated location and the lowest cost for north-south distribution of cargo. Based on this, it is necessary and reasonable for customers to place their products in warehouses (self-built or leased) at Taichung Port, and then have them shipped directly to customers when orders are received. The Company is currently the largest private logistics company at Taichung Port, with a total storage area of 79,143 pings in the port area and surrounding areas for bulk cargo storage, plus 16,000 pings in the CTSP Logistics Center for storage of precision parts or raw materials. The storage area is sufficient for long-term business development. In addition, the steel structure of the warehouse hardware facilities, complete fire safety facilities and security guards management reassure customers to store their cargo with peace of mind.

B. The land leased from Port of Taichung, Taiwan International Ports Corporation, Ltd. will be developed into a logistics zone to significantly improve the quality and efficiency of warehousing services.

(4) Stevedoring industry

A. In response to the trend of environmental protection, we are leading the industry in the use of automated coal unloading equipment. It can significantly improve stevedoring efficiency, shorten operation time, increase manpower utilization rate and reduce cost. According to the statistics of Port of Taichung, Taiwan International Ports Corporation, Ltd., the efficiency of automated coal unloading equipment is 32.66 times faster than that of traditional manual coal unloading, and 6.84 times faster than that of traditional derrick mechanical coal unloading.

B. The introduction of German-made large-scale scrap metal unloading machines has significantly changed traditional scrap metal operations and improved stevedoring efficiency by several times, making it a leading indicator for scrap metal stevedoring in domestic ports.

C. Introduce computerized standard operating methods and reduce manpower and management costs.

Threats
69

(1) Slow growth of import and export container volume

Due to the high cost of land, high wages, and rising environmental awareness in Taiwan, labor-intensive industries have moved to China and Southeast Asia to set up factories, which has slowed down the growth of import and export container volume in Taiwan.

Countermeasures:

Although the growth of import and export is slowing down due to industries moving offshore, the government is actively establishing domestic ports as free trade zones to improve the marine and inland transportation environment, which will help to increase the volume of import and export containers in Taiwan. In addition, the Company has started to implement the following countermeasures in response.

A. Actively cooperate with the government in the environmental protection policy, innovate on the operating model of bulk and general cargo stevedoring, reduce the cost of customers and improve our competitiveness, so as to increase our competitive advantage with industry players and become the top port logistics service company in Taiwan.

B. Strengthen cross-sector alliances, strengthen cooperation with corporate shipowners and forwarders, and strive for "DOOR TO DOOR" turnkey contracts to expand the scope of operations.

C. Seize the advantages of free trade ports and the rarity of wharves to attract Taiwanese businesses to return home to invest and expand production capacities and to meet the needs of international companies for entrepot warehousing, providing cross-strait import and export, re-export and other logistics services for China, Taiwan, Hong Kong and Macau.

(2) Competitive price cutting among the industry players

Due to the fierce competition among the industry players, some of them use "price" as the main means of market competition. However, with the high costs of operations, the main costs such as storage and transportation have been rising rapidly in recent years, and companies that continue to compete on price will be gradually eliminated.

Countermeasures:

Through one-stop operations and vertical integration, we can provide tailor-made and real-time service differentiation, control order scheduling and quality independently, and provide pricing flexibility to respond to market changes. In addition, we will enhance our non-price competitiveness, increase the quality of our professional services to meet customer needs, and provide comprehensive services to our customers so that we can achieve economic benefits, create profits, and save time and costs for our customers. Therefore, we adopt the strategy of service specialization and comprehensive services to seize the competitive advantage.

(3) Human resources are becoming insufficient

Customs clearance, transportation, warehousing and stevedoring business are traditional service industries, and the working environment is rather challenging. Young people are not willing to join this field, which makes it difficult to develop professional talents, and the work pressure is high, with frequent overtime for customers, and high labor costs

Countermeasures:

Through computerized management system, we strive to rationalize the workflow and shorten the operation time to effectively reduce labor costs. In addition, we will strengthen education and training for employees to improve their professional skills and they can learn professional knowledge of different businesses, and enhance employee welfare measures to reduce employee turnover.

(II) Important Applications and Production Processes of Major Products

Important Applications of Major Products

Major Products	Applications	Production Processes (Note)
Customs Declaration	Customs clearance services for importers and exporters	-
Flatbed transportation	For cargo packed in a regular manner and bundled on pallets for transport	-
Container transportation	For cargo loaded in containers for transport	-
Stevedoring truck transportation.	For cargo in powder, granular or lump form without any packaging	-
Bonded, general warehouses	For storage of imported and exported cargo	-
Container centers	For import and export container stevedoring operations	-
Stevedoring	For vessel cargo stevedoring operations	-

Production processes: The Company is in the service industry, not in the manufacturing industry, so there is no production process.

(III) Supply of major raw materials: The Company is not a manufacturing company but a service company, so this is not applicable.

(IV) The names of suppliers and customers who accounted for more than 10% of the total purchases (sales) in any of the most recent 2 years, their purchases (sales) amount and percentage.

The names of suppliers and customers who accounted for more than 10% of the total purchases in any of the most recent 2 years, their purchases amount and percentage, and the reasons for the change:

Unit: Thousands of NTD

	2024				2025				March 31, 2026
Item	Name	Amount	As a percentage of net purchases for the year (%)	Relationship with the issuer	Name	Amount	As a percentage of net purchases for the year (%)	Relationship with the issuer	Name	Amount (Note 1)	As a percentage of net purchases for the year (%)	Relationship with the issuer
1	Port of Taichung, Taiwan International Ports Corporation, Ltd.	260,098	14	None	Port of Taichung, Taiwan International Ports Corporation, Ltd.	304,659	14	None	Port of Taichung, Taiwan International Ports Corporation, Ltd.	62,045	11	None
2	Others	1,670,993	86	None	Others	1,899,846	86	None	Others	503,740	89	None
	Net purchases	1,931,091	100		Net purchases	2,204,505	100			565,785	100

Reasons for the change: Operating fees for land and building leasing and vessel stevedoring services provided by the Company's major suppliers.

The names of suppliers and customers who accounted for more than 10% of the total sales in any of the most recent 2 years, their sales amount and percentage, and the reasons for the change

Unit: Thousands of NTD

	2024				2025				March 31, 2026
Item	Name	Amount	As a percentage of net sales for the year (%)	Relationship with the issuer	Name	Amount	As a percentage of net sales for the year (%)	Relationship with the issuer	Name	Amount	As a percentage of net sales for the year (%)	Relationship with the issuer
1	B	322,684	11	None	B	300,597	9	None	A	85,450	11	None
2	Others	2,573,993	89	None	Others	2,944,069	91	None	Others	699,051	89	None
	Net purchases	2,896,677	100		Net purchases	3,244,666	100			784,501	100

Reasons for the change: In 2024, the Company provided Customer B with one-stop services for the free trade ports, including customs clearance, vessel stevedoring, transportation and warehousing services.

III. Information on employees

Number, average years of service, average age and percentage of educational distribution of employees for the last two years and for the current year as of the date of publication of the annual report

	Year	2024	2025	March 31, 2026
Year of service	Direct labors	397	395	402
	Indirect labors	109	109	109
	Management	86	89	86
	Total	592	593	597
Average age		40	39	40
Average years of service		7	7	8
In addition	Doctors	-	-	-
	Masters	20	23	25
	Bachelor’s Degree	306	318	322
	Senior high school	236	224	224
	Below senior high school	30	28	26

IV. Information on environmental protection expenditures

(I) Total losses (including remuneration) and penalties due to pollution for the most recent year and the current year up to the date of publication of the annual report:

Environmental penalty cases without company	Environmental Violations	Contents of sanctions	Future Response Measures (Improvement and preventive measures)
parent company	Date: 2025.01.15
Letter No.: Zhongshi Huankongzi No. 1130139457
Article: Violation of Article 32, Paragraph 1, Item 1 of the Air Pollution Control Act.
Regulation content: Engage in combustion, melting, refining, grinding, casting, transportation or other operations that produce obvious particulate pollutants and spread them into the air or other people's property.	Fine
NTD100,000
Lecture 2 hours	Advise drivers to use dust screens to prevent dust from escaping

(II) Future countermeasures:

The Company's countermeasures to the recent environmental violations for the future is as described above, and no significant environmental capital expenditure is expected for the next two years.

V. Labor Relations

(I) The Company's employee welfare measures, education, training and retirement systems and their implementation, as well as the agreements between employees and management and measures to protect employees' rights and interests:

The Company has always attached importance to the rights and interests of employees, and has enforced the provisions of the Labor Standards Act, embracing the concept of benefit sharing. The Company fully coordinates with employees, holds labor-management meetings and employee welfare committee meetings on a regular basis, aligns the views of both employers and management, and reaches good communication with employees, which is an important source of reference for administrative and welfare measures.

Employee welfare benefits:

Talents are Chien Shing's most cherished assets. Chien Shing is committed to providing comprehensive welfare measures to take care of our employees. In addition to labor insurance and health insurance for employees, the Company also provides group insurance, occupational hazard insurance, accidental injury and liability insurance, and liability insurance for work-related accidents to protect employees' safety at work and in life. The Company has established an employee welfare committee in accordance with the regulations, established employee welfare regulations, and provides various welfare measures for employees, such as subsidies for weddings, funerals, childbirths, and education for children, as well as gifts for festivals such as Dragon Boat Festival and Mid-Autumn Festival. Major employee benefits:

(1) Employee bonus, employee stock subscriptions
(2) Employee gifts for three festivals, birthday gifts
(3) Labor Day, Dragon Boat Festival and Mid-Autumn Festival gift coupons
(4) Subsidies for marriage, childbirth, funeral, disability, and new home purchase.
(5) Educational scholarships for employees' children.
(6) Health insurance, labor insurance and group insurance to protect employees in accordance with the law.
(7) Organize employee health checkups every two years, and provide preferential programs for employees' dependents.
(8) Annual employee travel allowance.
(9) Other group meal subsidies, Regular employee education and training to improve employees' work skills.
(10) 24-hour group insurance for employees, and provide preferential programs for employees' dependents.
(11) Employee shareholding trust
(12) Promotion of club activities

Retirement systems:

(1) The procedures, criteria and payment standards for employees to apply for retirement are defined in the "Work Rules" and announced on the Company's intranet site.

The Company's employees may apply for retirement under one of the following circumstances:

A. Those who have worked for at least fifteen years and have reached the age of fifty-five.
B. Those who have worked for more than twenty-five years.
C. Those who have worked for more than ten years and have reached the age of sixty.

The Company's employees may be compelled to retire under one of the following circumstances:

A. Those who have reached the age of sixty-five.
B. Those who are mentally or physically incapacitated for work.

The age specified in the first subparagraph of the preceding paragraph may be adjusted by the Company for tasks with special characteristics that are dangerous or require physical strength, etc., etc., upon approval of the central competent authority. But not less than fifty-five years old.

The Company's labor pension payment standards are as follows:

A. For employees subject to the Labor Standards Act:

a. Two bases are given for each full year of service rendered. But for the rest of the years over 15 years, one base is given for each full year of service rendered. The total number of bases shall be no more than 45. The length of service is calculated as half year when it is less than six months and as one year when it is more than six months;
b. As set forth in Subparagraph 2 of Paragraph 1 of Article 54, an additional 20% on top of the amount calculated according to the preceding subparagraph shall be given to workers forced to retire due to disability incurred from the execution of their duties.

The retirement pension base as specified in Subparagraph 1 of the preceding paragraph shall be one month's average wage of the worker at the time when his or her retirement is approved.

B. For employees subject to the Labor Pension Act:

a. After July 1, 2005, the employer shall contribute 6% of the employee's monthly wages to the pension fund for each year of service subject to the Labor Pension Act.
b. Employees, who were covered by the Labor Standards Act prior to the enforcement of the Act, who still work for the same business entity after the enforcement of the Act and choose to be covered by the pension system of the Act, their seniority prior to their application to the Act shall be reserved. When a labor contract is terminated in accordance with Articles 11, the proviso of Article 13, Articles 14, 20, 53, 54 of the Labor Standards Law or Articles 23 and 24 of the Act for Protecting Worker of Occupational Accidents, the Company shall pay the severance pay or pension for the retained years of service at the average wage at the time of termination of the contract in accordance with the provisions of the respective Acts within 30 days after the termination of the labor contract.

During the continuing period of a labor contract, when an employer and an employee mutually agree to provide payment based on an employee's calculated seniority, as referred to in the preceding paragraph, such a payment shall amount to no less than the payment prescribed by Article 55 or Article 84-2 of the Labor Standards Act, and such an agreement shall be upheld.

c. After an employee applies the pension system under the Labor Pension Act, he or she may not change his or her choice to apply the pension provisions of the Labor Standards Act.

(2) The Company shall contribute 6% of the employees' monthly salary to the personal account with the Bureau of Labor Insurance in accordance with the Labor Pension Act for those employees who have elected the new pension system since July 1, 2005. Employees may also make their own pension contributions.

(3) In accordance with the Labor Standards Act, the Company appropriate the retirement fund based on the calculations by actuaries for employees' years of service prior to July 1, 2005 and those who have chosen to remain with the old pension system. The Company has established the "Supervisory Committee of Labor Retirement Reserve" in accordance with the Committee's Charter to manage the fund and makes monthly appropriations at a rate of 6% of salaries and wages to a segregated bank account in the Bank of Taiwan in the name of the Committee. The Company makes pension payments to employees in accordance with the Labor Standards Act.

Employees' education and training.

The Company defines the role of training as gradually moving toward the role of "learning, creating and sharing" in order to build a competitive advantage that is difficult to replace. In order to improve the quality of employees and their work skills, and to enhance the efficiency and quality of work, the Company has established the "Education and Training Management Regulations". In addition to organizing internal education and training from time to time, the Company also encourages employees to participate in various further education activities organized by external organizations, in a hope of developing the professional skills of employees, building personal irreplaceable professionalism, gaining trust of our customers, and increasing the market share of customers, and bringing more benefits to the Company.

Agreements between labor and management and various measures to protect employees' rights and interests.

(II) Losses suffered from labor disputes in the most recent year and the current year up to the date of publication of the annual report, and the estimated amount of current and potential future:

| Penalty Cases
content
company | Violations | Contents of
sanctions | Future Response
Measures
(Improvement and
preventive measures) |
| --- | --- | --- | --- |
| parent company | Date: Jan 06.2025
Document Number: Government Labor Approval No. 1140003965
Article: Article 6, Paragraph 1 of the Occupational Safety and Health Act
Legal Content: Employers shall, in accordance with relevant regulations, take necessary safety and health equipment and measures to prevent occupational accidents by addressing 14 types of operational risks, including machinery, electrical heating, falling/objects falling, raw materials, hazardous substances, radiation, and noise. | Fine
NTD100,000 | 1- Follow the relevant laws and regulations.
2-The company has no lossese expected to occur in future. |
| parent company | Date: May 14, 2025
Document Number: Jifu Social Affairs Penalty No. 1140229817
Article: Article 24, Paragraph 1 of the Labor Standards Act
Legal Content: When an employer extends an employee's working hours (overtime), the employer shall pay additional wages according to the following standards: for overtime of 2 hours or less, the hourly wage shall be increased by 1/3 or more (i.e., 4/3 times); for overtime of 2 hours or less, the hourly wage shall be increased by 2/3 or more (i.e., 5/3 times). | Fine
NTD50,000 | 1- Follow the relevant laws and regulations.
2-The company has no lossese expected to occur in future. |
| parent company | Date: October 9, 2025
Document Number: Government-issued Labor Document No. 1140302729
Article: Article 24, Paragraph 1 of the Labor Standards Act
Legal Content: When an employer extends an employee's working hours (overtime), the employer shall pay additional wages according to the following standards: For overtime of 2 hours or less, the hourly wage shall be increased by 1/3 or more (i.e., 4/3 times); for overtime of 2 hours or less, the hourly wage shall be increased by 2/3 or more (i.e., 5/3 times). | Fine
NTD60,000 | 1- Follow the relevant laws and regulations.
2-The company has no lossese expected to occur in future. |

VI. Cybersecurity Management

(I) Describe the risk management framework, policies and specific management programs for cybersecurity and resources devoted to cybersecurity management, etc.

Management framework: The information unit leader will complete an internal audit (self-evaluation) report on information security annually.
Information security policies:
(1) Comply with the relevant information security management regulations and provide adequate protection measures for our information assets to ensure their confidentiality, integrity, availability and legal compliance.
(2) Regularly evaluate the impact of various man-made and natural disasters on the Company's information assets, and establish disaster prevention and recovery plans for critical information assets and critical businesses to ensure the continued operations of the Company.
(3) Supervise the implementation of information security protection work by the Company's employees, foster the concept of "information security is everyone's responsibility", and raise the awareness of information security among all sales departments and personnel.
(4) Require all employees of the Company, as well as the vendors who use or link to the Company's information systems, to comply with the Company's information security-related regulations, and punish any violation in accordance with the Company's regulations or the contractual penalty clauses, depending on the circumstances. Those with serious violations will be prosecuted by relevant laws.
Information security management programs: According to the Company's information security policies, we will continue to pay attention to the changing trend of information environment and prepare information security protection mechanism and programs with reference to technical literature every year. Perform annual security tests to strengthen the awareness of employees of information security risks and the ability of information security administers in response to risks, so as to prevent them in advance and to effectively detect and stop their spread at the first time.
(2) The following are the actual results for 2025:
Offered AEO information security education and training for 3 hours, including Keelung Customs Declaration Department, Taichung Customs Declaration Department, and Kaohsiung Customs Declaration Department.
Intercepted 677 suspicious emails in the backend of the Exchange email system in last 2 month.
Intercepted suspected network attacks for 25,110,000 times by the backend of Sophos server room network firewall in Taipei office
Intercepted 67 suspected viruses by F-secure, a computer antivirus software
The report on information security management for 2025 is presented to the Board of Directors in March 03, 2026 (the operations for 2024 were reported to the Board of Directors on March 04, 2025).

(II) For the most recent year and for the current year as of the publication of the annual report, the amount of loss and possible impacts from major cybersecurity incidents and countermeasures and if the amount cannot be reasonably estimated, the fact that it cannot be reasonably estimated shall be stated: None.

As of the date of publication of the annual report, there was no loss due to major cybersecurity incidents, and the Company will continue to strengthen information security control and enhance preventive measures in the future.

VII. Important contracts

Nature of contract	Parties to the contract	Contract starting and ending date	Main content	Restricted clauses
Leasing contracts	Port of Taichung, Taiwan International Ports Corporation, Ltd.	2014.11.01–2034.10.31	Contract for approx. 3.4 hectares of land lease at Taichung Harbor Related Industrial Park (1)	None
Leasing contracts	Port of Taichung, Taiwan International Ports Corporation, Ltd.	2024.03.19–2044.03.18	Contract of land lease at Taichung Harbor Related Industrial Park (2)	None
Leasing contracts	Port of Taichung, Taiwan International Ports Corporation, Ltd.	2017.01.01–2033.11.19	Contract for the lease of land and facilities of the backline site at Wharves No. 23–25 of Taichung Port	None
Leasing contracts	Port of Taichung, Taiwan International Ports Corporation, Ltd.	2024.06.09–2036.06.08	Contract for the lease of approx. 60,000 square meters of land at Taichung Harbor Related Industrial Park (III)	None
Leasing contracts	Port of Taichung, Taiwan International Ports Corporation, Ltd.	2014.04.28–2035.06.30	Contract for the construction and operations of storage business for approx. 2.1 hectares of land at the backline site of Wharf No. 43 of Taichung Port	Minimum guaranteed freight volume
Leasing contracts	Export Processing Zone	2026.02.11–2036.02.10	Land lease - Warehouse C5 land in processing zone	None
Leasing contracts	Port of Kaohsiung, Taiwan International Ports Corporation, Ltd.	2025.04.29–2028.10.31	Lease Contract for Part of the Storage Area at Pier 118-119 and Part of the Equipment Inspection Room at Pier 119 (Control Station) at Kaohsiung Port	None
Leasing contracts	Central Taiwan Science Park Bureau	2006.12.26–2026.08.31	Land lease contracts (Phase I and II)	None
Operating contracts	Central Taiwan Science Park Bureau	2006.09.01–2026.08.31
2026.09.01–2036.08.31	Operating contracts	None
Leasing contracts	Taipei International Airport	2021.04.01–2031.03.31	Land and building lease contracts	None
Operating contracts	Taipei International Airport	2021.04.01–2031.03.31	Operating contracts	None
Leasing contracts	Port of Taichung, Taiwan International Ports Corporation, Ltd.	2009.06.05–2039.02.05	Contract for the construction of enclosed coal storage facilities on the land in shoulder and backline land of Wharf No. 104 at Taichung Port.	Minimum guaranteed freight volume
Leasing contracts	Port of Taichung, Taiwan International Ports Corporation, Ltd.	2014.09.01–2034.08.31	Contract for approx. 15 hectares at Taichung Harbor Related Industrial Park (II)	Minimum guaranteed freight volume
Leasing contracts	Port of Kaohsiung, Taiwan International Ports Corporation, Ltd.	2019.12.02–2053.11.01	Contract for the lease of the land on Wharf S19 and the construction of enclosed coal storage Facilities on the backline land of intercontinental phase II Wharf of Kaohsiung Port.	None
Leasing contracts	Port of Kaohsiung, Taiwan International Ports Corporation, Ltd.	2022.02.06–2037.02.05	Contract for part of No. 1 and No. 13 wharf areas and back-line site and No. 14-15 back-line bulk cargo warehouse and ancillary facilities and open space thereof at Anping Port	None
Leasing contracts	Port of Kaohsiung, Taiwan International Ports Corporation, Ltd.	2025.05.01–2026.12.31	Space contract for the repair shop at Kaohsiung Port Pier 119	None
Borrowing contract	Hua Nan Commercial Bank	2021.05.31–2041.05.31	Medium- to long-term lending	None
Leasing contracts	Port of Keelung, Taiwan International Ports Corporation, Ltd.	2019.09.01–2039.09.01	Contract for the construction and lease of Warehouses 1-3 land at Taipei Port Logistics Storage Area Phase I for the operations of commercial port facilities	None
Leasing contracts	Port of Keelung, Taiwan International Ports Corporation, Ltd.	2021.01.11–2061.12.31	Contract for the construction and lease of Warehouses 1-2 land at Taipei Port Logistics Storage Area Phase I for the operations of commercial port facilities	None
Engineering Contract	CECI ENGINEERING CONSULTANTS, INC.	From 2025.07, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	Light Space Corp.	From 2025.05, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	BRAVE GENERAL MACHINERY CO., LTD.	From 2025.12, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	YOUNG SHENG ENGINEERING	From 2021.05.01, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	SCHADE Lagertechnik GmbH	From 2025.09, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	Dayi Architects	From 2024.10, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	DAYOO DISASTER PREVENTION SCIENCE AND TECHNOLOGY	From 2025.03, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	Hsiang Ran Interior Design	From 2025.03, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	Hsiang Ran Interior Design	From 2025.03, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	Hsiang Ran Interior Design	From 2025.03, the construction will be completed and accepted according to the progress.	Engineering Contract	None

Engineering Contract	Custom AC	From 2025.04, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	Custom AC	From 2025.04, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	Sunlight Technology	From 2025.05, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	LEE ENVIRONMENTAL LAB, INC	From 2024.11, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	TAIWAN TIANSHUI ENGINEERING	From 2025.10, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Equipment payment	PengXin Limited	Acceptance will be completed according to schedule starting from 2025.10.	Equipment payment	None
Engineering Contract	MAYEKAWA(TAIWAN)	From 2023.07, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	MAYEKAWA(TAIWAN)	From 2023.07, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	Yon Ruan Consulting Engineering	From 2021.06, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	Xu Yuan Construction	From 2023.05, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	Xu Yuan Construction	From 2023.05, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	Xu Yuan Construction	From 2023.05, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	Tang Kang Steel Structure Corporation	From 2023.05, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	Goldsun Building Materials	From 2023.04, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	SCFC Architects	From 2021.07, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	LONG LONG CLEAN ROOM TECHNOLOGY	From 2023.07, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	FENG HSIN STEEL	From 2023.04, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	LONG I METAL INDUSTRIAL	From 2023.07, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	Greentex system engineering	From 2023.07, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	AD INTERNATIONAL ENGINEERING CORPORATION	From 2023.05, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	AD INTERNATIONAL ENGINEERING CORPORATION	From 2023.05, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Engineering Contract	TIHA DESIGN	From 2024.10, the construction will be completed and accepted according to the progress.	Engineering Contract	None
Prepayment for equipment	MAYEKAWA(TAIWAN)	Acceptance to be completed according to schedule starting from 2023.07.	Equipment payment	None
Prepayment for equipment	MAYEKAWA(TAIWAN)	Acceptance to be completed according to schedule starting from 2023.07.	Equipment payment	None
Prepayment for equipment	LONG LONG CLEAN ROOM TECHNOLOGY	Acceptance to be completed according to schedule starting from 2023.07.	Equipment payment	None
Prepayment for equipment	LONG I METAL INDUSTRIAL	Acceptance to be completed according to schedule starting from 2023.07.	Equipment payment	None
Prepayment for equipment	Greentex system engineering	Acceptance to be completed according to schedule starting from 2023.07.	Equipment payment	None
Prepayment for equipment	AD INTERNATIONAL ENGINEERING CORPORATION	Acceptance to be completed according to schedule starting from 2023.05.	Equipment payment	None
Prepayment for equipment	AD INTERNATIONAL ENGINEERING CORPORATION	Acceptance to be completed according to schedule starting from 2023.05.	Equipment payment	None
Prepayment for equipment	WAP INTERNATIONAL	Acceptance to be completed according to schedule starting from 2025.09.	Equipment payment	None
Prepayment for equipment	HEAP HAUS	Acceptance to be completed according to schedule starting from 2025.11.	Equipment payment	None
Prepayment for equipment	EC-NETWORK.COM CORPORATION	Acceptance to be completed according to schedule starting from 2025.11.	Equipment payment	None

Prepayment for equipment	TRADE-VAN	Acceptance to be completed according to schedule starting from 2025.11.	Equipment payment	None
Prepayment for equipment	ACER E-ENABLING SERVICE	Acceptance to be completed according to schedule starting from 2025.12.	Equipment payment	None
Prepayment for equipment	MAYEKAWA(TAIWAN)	Acceptance to be completed according to schedule starting from 2023.07.	Equipment payment	None

Five. Review of Financial Position, Financial Performance and Risk Management

I. Financial position

Material changes in assets, liabilities and shareholders' equity in the last two years and their effects

Unit: Thousands of NTD

| Year
Item | 2025 | 2024 | Difference | |
| --- | --- | --- | --- | --- |
| | | | Amount | % |
| Current assets | 2,094,130 | 2,293,662 | (199,532) | (8.70%) |
| Property, plant and equipment | 8,373,865 | 7,352,833 | 1,021,032 | 13.89% |
| Investment property | 233,086 | 534,931 | (301,845) | (56.43%) |
| Intangible assets | 518,843 | 557,966 | (39,123) | (7.01%) |
| Prepayment for equipment | 405,815 | 309,312 | 96,503 | 31.20% |
| Other assets | 5,874,565 | 5,824,915 | 49,650 | 0.85% |
| Total assets | 17,500,304 | 16,873,619 | 626,685 | 3.71% |
| Current liabilities | 2,764,565 | 2,764,757 | (192) | (0.01%) |
| Non-current liabilities | 9,965,637 | 9,537,909 | 427,728 | 4.48% |
| Total liabilities | 12,730,202 | 12,302,666 | 427,536 | 3.48% |
| Capital stock | 921,720 | 914,320 | 7,400 | 0.81% |
| Capital surplus | 802,257 | 773,687 | 28,570 | 3.69% |
| Retained earnings | 1,733,046 | 1,640,254 | 92,792 | 5.66% |
| Other equity | (14,643) | (3,855) | (10,788) | 279.84% |
| Equity of the owners of the Company | 3,442,380 | 3,324,406 | 117,974 | 3.55% |
| Non-controlling interests | 1,327,722 | 1,246,547 | 81,175 | 6.51% |
| Total shareholders’ equity | 4,770,102 | 4,570,953 | 199,149 | 4.36% |

Explanation for significant changes (for change reaches 20% and amount reaches $10,000 thousand):
1. Investment Properties: Due to the reclassification of investment properties for owner-occupancy.
2. Prepaid Equipment: Due to the subsidiary's construction of factory buildings and purchase of equipment.
3. Other Equity: Due to stock valuation.

II. Financial performance

(I) Reasons for significant changes in operating revenue, net operating profit and net profit before tax for the last two years

Unit: Thousands of NTD

| Year
Item | 2025 | 2024 | Difference | |
| --- | --- | --- | --- | --- |
| | | | Amount | % |
| Net operating revenue | 3,244,666 | 2,896,677 | 347,989 | 12.01% |
| Operating costs | 2,204,505 | 1,957,683 | 246,822 | 12.61% |
| Operating gross profit | 1,040,161 | 938,994 | 101,167 | 10.77% |
| Operating expenses | (348,470) | (303,203) | (45,267) | 14.93% |
| Operating profit | 691,691 | 635,791 | 55,900 | 8.79% |
| Non-operating income and expenses | (94,322) | (83,577) | (10,745) | 12.86% |
| Net profit before tax | 597,369 | 552,214 | 45,155 | 8.18% |
| Income tax expense | (114,834) | (117,261) | 2,427 | (2.07%) |
| Net profit | 482,535 | 434,953 | 47,582 | 10.94% |
| Other comprehensive income | (16,357) | 524 | (16,881) | (3,221.56%) |
| Total comprehensive income | 466,178 | 435,477 | 30,701 | 7.05% |

Analysis of changes (for change reaches 20% and amount reaches $10,000 thousand)
1. Decrease in other comprehensive profits and losses: due to year-end performance adjustments.

(II) Expected sales volume and its basis, possible impact on the Company's future finance and business matters and countermeasures: None.

III. Cash flow

(I) Analysis of changes in cash flow for the most recent year

Unit: Thousands of NTD

Item\Year	2025	2024	Increase or decrease
			Amount	%
Operating activities	1,123,189	1,271,979	(148,790)	(11.70)
Investing activities	(1,075,098)	(1,890,555)	815,457	43.13
Financing activities	(154,072)	713,380	(867,452)	(121.60)
Net cash inflows	(105,981)	94,804	(200,785)	(211.79)

Notes for analysis: (for change reaches 20% above)

a. Decreased investment activities, financing activities and net cash inflows: This is mainly due to the fact that major capital expenditures and equipment investments had been completed in the previous period, the scale of new investments in the current period was relatively reduced, and the demand for funds tended to be stable, resulting in a decrease in the amount of borrowing and raising funds compared with the previous period.

(II) Remedy for estimated cash shortage and liquidity analysis: None.

(III) Cash flow analysis for the coming year:

Cash balance at the beginning of the year	Estimated net cash flow from operating activities for the whole year	Estimated net cash flow from investing and financing activities for the whole year	Estimated cash surplus (shortage)	Remedy for estimated cash shortage
(1) Consolidated	Cash flows (2)	Cash outflows (3)	(1)+(2)-(3)	Investing plan	Financing plan
577,395	1,170,935	1,551,966	196,364	-	-
Cash flow analysis for the coming year: 1. Operating activities: Mainly due to increase in net profit forecasted for 2026. 2. Financing and investing activities: Due to the purchase of equipment, repayment of long-term and short-term loans, and the distribution of cash dividends..

IV. Impact of major capital expenditures on finance and business matters in the past year: None

V. Investment policy in the past year, the main reasons for profit or loss, improvement plans and investment plans for the coming year.

(I) The Company's investment policy: The Company's investment policy follows the "investment cycle" of the internal control and "procedures for acquisition or disposal of assets".

(II) The main reasons for profit or loss of investees, improvement plan and investment plan for the coming year:

ANCORA

The efficiency of the ash pond area and two coal unloaders is multiplied, so that the terminal turnover rate, the efficiency of automated loading and unloading of marginal effects, and the warehouse flow rate can be maximized.

The win-win strategy of the two ports (Taiwan Terminal 104 of Taichung Port and Terminal S-19 of Kaohsiung Port) will comprehensively improve the business volume of loading and unloading and back-end storage yards, contributing to the company's performance growth and profit.

CENTRAL TAIWAN SCIENCE PARK

Due to the political factors that restrict the cross-strait line, some routes have not yet resumed, and the aircraft models are smaller than before the epidemic, which has also affected the cargo volume. It is hoped that the tourism of people on both sides of the strait can resume normal exchanges this year, the aircraft models can be further enlarged, the cargo volume will increase accordingly, and the revenue can also grow synchronously. In the future, the storage and transportation center warehousing business will continue to convert the normal temperature warehouse into an air-conditioned warehouse or a constant temperature and humidity warehouse to store high-priced equipment and semiconductor raw materials, increase the unit area revenue, and enhance the company's performance and profit.

Chien Tung

Based on the existing business foundation of Kaohsiung Port S19 Terminal, we will further deepen and enhance the output value, and at the same time expand into port terminal operation projects outside S19 Terminal to strive for revenue, and strive for various types of clinker cargo in Anping Port, strive for business diversification, and start the dual engines of Kaohsiung and Anping Ports, which will be of great benefit to the company's performance growth and profit.

Innotech

The "Taipei Port Smart Warehousing and Logistics Park" in the Taipei Port Free Trade Port Area will build a high-efficiency smart logistics warehouse. The integration of digital software and hardware will establish a three-dimensional smart warehouse. The customized smart logistics warehouse based on the supply chain needs of industrial customers will become the benchmark smart warehouse for Taipei Port's warehousing and logistics, and can provide sea and air transportation storage, smart warehousing logistics, e-commerce delivery centers, cold chain temperature control and technology companies in northern Taiwan. Customer needs such as warehousing, transportation and factory offices. It is still in the preparation and construction period, and is expected to be completed in the first quarter of 2026, which will contribute significantly to the company's performance growth.

(III) Investment plan for the coming year: None.

VI. Risk Management

(I) The impact of the changes in interest rate and exchange rate, and inflation on the Company’s profitability and future countermeasures:

Interest rate risk

Interest expenses of the Company and its subsidiaries for 2025 and 2024 were $166,841 thousand and $159,697 thousand, respectively, which accounted for 5%/8, 4% of the net operating revenue for 2024 and 2023, respectively. Therefore, the impact of the change in interest rate on the profit or loss of the Company and its subsidiaries is limited. However, if there is an increase in interest expense due to the need to borrow funds from banks for operations in the future, the impact of changes in interest rate on profit or loss of the Company and its subsidiaries will increase accordingly. The Company and its subsidiaries will continue to maintain close contact with banks and maintain good relations with them. Therefore, the interest income and expenses arising from future changes in interest rates should have limited impact on the profit or loss of the Company and its subsidiaries.

Exchange rate change:

Exchange gain or loss of the Company and its subsidiaries for 2025 and 2024 was 176 thousand and 1,983 thousand, respectively, which accounted for 0.07% and 0.13% of the net operating revenue for 2024 and 2023, respectively. Therefore, the impact of the change in exchange rates on the profit or loss of the Company and its subsidiaries is limited. In response to the changes in exchange rates, the Company has foreign currency accounts for the management of foreign currency denominated positions, kept abreast of changes in the foreign exchange market and used them as the basis for product quotations by sales personnel. In addition, depending on the global economic trends and future capital requirements for overseas market expansion, the Company will decide whether to engage in foreign currency market hedging operations to reduce the impact of exchange rates on the Company's profit and loss.

Inflation:

The Company and its subsidiaries have entered into contracts with large customers to secure stable sales and review the contents annually in light of the economic situation to maintain stable sales prices.

(II) The policy of engaging in high-risk, high-leverage investments, lending of funds to others, endorsement and guarantee, and derivative transactions, the main reasons for profit or loss, and future countermeasures:

The Company focuses on its core business and has not entered into other high-risk industries. The Company's financial policy follows the principle of prudence and conservatism and does not make high-leverage investments. Therefore, the risk in this area is limited.

The Company has established the "Procedures for Acquisition or Disposal of Assets", "Procedures for Lending Funds to Others" and "Procedures for Endorsement and Guarantee" to regulate the Company and its subsidiaries for the engagements in high-risk, high-leverage investments, lending funds to others, endorsement and guarantee, and derivative transactions. The Company and its subsidiaries have not engaged in high-risk, high-leverage investments and derivative transactions in the most recent year or for the current year up to the date of publication of the public offering documents. The Company and its subsidiaries have not engaged in high-risk, highly leveraged investments and derivative transactions for the most recent year and as of the date of the publication of the prospectus.

(III) Future research and development plans and estimated investment in research and development expenses.

The Company is engaged in the provision of integrated logistics solutions, so investment in R&D is not applicable.

(IV) The impact of important domestic and foreign policy and legal changes on the Company's finance and business and countermeasures

On January 26, 2016, the Taichung City Government passed and implemented of the Autonomous Regulations on the Control of Raw Coal and Prohibition of Petroleum Coke in Public and Private Establishments in Taichung City, Article 6 of which stipulates that raw coal stockpiles within the City shall be limited to enclosed buildings after December 31, 2018. Since as early as November 2013, the Company has adopted the enclosed type mechanical coal unloading pier and enclosed type warehouse at Wharf 104, which is the only coal unloading pier in Taichung Port that has the fully covered stevedoring enclosed type warehouse. In addition, the Company conducts its business in accordance with the laws and regulations of the competent authorities, and tracks and understands important domestic and international policies and legal changes from time to time, and proactively discusses countermeasures when necessary. Therefore, there are no significant domestic or foreign policy and legal changes that may affect the Company's financial or business operations.

(V) The impact of important changes in technology or industry on the Company's finance and business and countermeasures:

The Company concludes that there is no change in technology that would have an impact on the Company's finance or business matters. However, the Company keeps track of technological developments in the industries and evaluates future trends from time to time in order to develop new services to meet market demand.

(VI) The impact of change in corporate image on corporate crisis management and countermeasures

The Company has always adopted a prudent management style and pays attention to its corporate image, and there is no crisis caused by changes in corporate image.

(VII) Expected benefits and possible risks of mergers and acquisitions and countermeasures:

As of the date of publication of the annual report, the Company had no plans to make mergers and acquisitions.

(VIII) Expected benefits and possible risks of capacity expansion and countermeasures:

As of the date of publication of the annual report, the Company had no plans to make plant expansion.

(IX) Risks of concentration of purchases or sales and countermeasures:

Concentration of purchases

For the most recent year and for the current year as of the date of publication of the annual report, except for the rental and management fees paid to Taiwan International Ports Corporation, Ltd. due to the characteristics of the industry, there were no cases in where purchases from a single supplier accounted for 20% or more of the total purchases. In order to avoid the risk of material

shortage and costs going out of control due to concentration in one supplier, the Company not only maintains good relationships with its suppliers, but also has decentralized purchasing with suppliers of the same nature to maintain the flexibility of supply and reduce the risk of concentration of purchases.

Concentration of sales:

For the most recent year and for the current year as of the date of publication of the annual report, there was such a circumstance where the Company's sales to a single customer accounted for 20% or more of the total sales amount, mainly because the Company has been serving the customer for many years and has a good long-term relationship with the customer in order to reduce the risk of concentration of sales, the Company also actively develops new business and expands new customers to reduce the risk of concentration of sales.

(X) The impact on the Company and risks of the massive transfer or replacement of shares by Directors, Supervisors, or major shareholders with 10% stake or more and countermeasures:

For the most recent year and for the current year as of the date of publication of the annual report, there was no significant transfer or change of ownership of the Company's directors, supervisors, or major shareholders holding more than 10% of the shares.

(XI) The impact on the Company and risks of change in management rights and countermeasures:

The Company has a stable operating structure and there was no change in management rights in the most recent year or the current year as of the date of publication of the annual report.

(XII) For litigation or non-litigation events, if the Company, its Directors, Supervisors, Presidents, de facto persons in charge, major shareholders with more than 10% stake, or subordinate companies have been convicted by final and binding judgments or are still bound by significant litigation, non-litigation or administrative disputes, the results of which may have a significant impact on shareholder interests or securities prices, the facts of the dispute, the amount of the subject matter, the start date of the litigation, the main parties involved and the handling of the case as of the date of publication of the annual report shall be disclosed:

For the last two years and the current year up to the date of publication of the prospectus, the Group's litigation, non-litigation events or administrative disputes that have been convicted by final and binding judgments: (to be provided by legal affairs)

Company	Event	Counterparty to the litigation	Cause of litigation and current status	Impact on the Company's finance and business matters
Chien Shing	Remuneration paid	R ○ Group	The Company has been providing customs declaration, transportation and storage services to affiliates A, B, C, and D under the R ○ Group since October 1, 2016. In June 2019, the R ○ Group suddenly ceased operations. As a result, the Company suffered damages of $13,791,517, $9,099,480, $685,708, and $5,160,146, respectively, due to A, B, C and D. In addition to exercising the lien on the containers in possession of A and D to protect its interests, the Company also filed a claim for enforcement against the R ○ Group to preserve its creditor's rights..	Although the Company was damaged, the case did not have a significant impact on the Company because of the immediate preservation of its creditor's rights.
Chien Shing	Damage compensation	X ○ Co., Ltd.	The subject matter previously seized by the Taiwan Taichung District Court in accordance with the request of X ○ Co., Ltd. in July 2019 belonged to the Company, and the Company was sued for $51,244,474.	X ○ Co., Ltd.'s objections to the enforcement procedures were rejected as final and binding and the Company had sequestrated and exchanged the property for cash in accordance with the law, which had been verified to be of no discrepancy and had no significant impact on the Company.
Ancora	Contract performance and damages	T ○ Co., Ltd.	Ancora and T ○ Co., Ltd. signed a compensation agreement on the relocation in July 2010. Now the two parties have a disagreement on the implementation of the disputed agreement. Ancora filed for arbitration and requested T ○ Co., Ltd. to compensate NT$338,012,696. The case is currently being heard by the Taiwan Arbitration Association.	The Taiwan Arbitration Association's arbitration judgment ordered X ○ Co., Ltd. to pay approximately NT$330 million in accordance with the contract.
Ancora	Action to set aside an arbitration award	T ○ Co., Ltd.	T ○ Co., Ltd., dissatisfied with the arbitration ruling by the Taiwan Arbitration Association ordering it to pay approximately NT$330 million as per the contract, has filed a lawsuit seeking to overturn the ruling. The case is currently being heard by the Taipei District Court.	This has no significant impact on the company's finances at present.
Ancora	Change of Circumstances and Contract Adjustment	Taiwan ○ Port Corporation, Tai ○ Port Branch.	Ancora and Tai ○ Port Corporation, Tai ○ Port Branch, have entered into a dispute regarding Taichung Port ○ Wharf. Due to government energy policy, the original contract is manifestly unfair. Ancora has submitted the contract to arbitration, requesting an adjustment to the contract.	The energy policy was unforeseen by Ancora when entering into the contract. Forcing Ancora to perform according to the original contract would be unfair. Arbitration is being pursued to protect the interests of investors. The current arbitration proceedings have no significant impact on Ancora's finances.
Ancora	Action to set aside an arbitration award	Taiwan ○ Port Corporation, Tai ○ Port Branch.	Taiwan ○ Port Corporation, Tai ○ Port Branch. dissatisfied with the arbitration ruling of the Arbitration Association of the Republic of China that the contract for Taichung Port Terminal should be adjusted according to the change of circumstances, filed a lawsuit to annul the contract. The case is currently being heard by the Taichung District Court.	This has no significant impact on the company's finances at present.

(XIII) Other important risks and countermeasures: none.

VII. Other Important Matters: None.

Six. Special Disclosures

1. Information related to the Company's Affiliates

(I) Organizational chart of affiliated companies

(II) Basic information on affiliated companies

Unit: NTD

Company name	Date of Establishment	Address	Paid-in capital	Main business activities
Central Taiwan Science Park Logistics Co., Ltd.	2006.06.23	No. 29, Keya West Road, Daya District, Taichung City, Central Science Park	300,000,000	Warehousing, Air Cargo Entrepots, Rental and Leasing
ANCORA HARBOR SERVICE CO., LTD.	2008.04.09	No. 10, Nandi Road, Lishui, Longjing District, Taichung City	900,000,000	Warehousing, International Trade, Ship Stevedore Operator at commercial ports
Chien Tung Harbour Service Co., Ltd.	2019.11.04	8F-1, No. 130, Section 2, Zhongxiao East Road, Zhongsheng District, Taipei City	700,000,000	Warehousing, Rental and Leasing and tally and packing
Innotech Logistics Co., Ltd.	2021.07.02	8F-1, No. 130, Section 2, Zhongxiao East Road, Zhongsheng District, Taipei City	800,000,000	Warehousing, Rental and Leasing and tally and packing

(III) Names and shareholdings of Directors, Supervisors and Presidents of affiliated companies

Unit: Shares; %

Enterprise name	Title	Name or legal representative	Shareholding
			Number of shares	Shareholding percentage
Central Taiwan Science Park Logistics Co., Ltd.	Chairman	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Yin-Hai Chen	18,798,000	62.66%
	Director	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Yen-Ming Chen
	Director	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Hsu-Tung Chin
	Director	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Chang-Hung Chen
	Director	Legal Representative of HCT LOGISTICS CO., LTD.: Wen-Liang Yao	4,016,000	12.93%
	Director	Legal Representative of TAIWAN EXPRESS CO., LTD.: Yung-Yi Wan	3,763,000	13.39
	Independent Director	Mei-Yuan Wu	-	-
		Yi-Tsui Chen	-	-
		Miao-Tang Chen	-	-
ANCORA HARBOR SERVICE CO., LTD.	Chairman	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Yen-Ming Chen	76,900,394	85.44%
	Director	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Yin-Hai Chen
	Director	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Wu-Yang Ho
	Director	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Chen-Yi Lin
	Director	Xi-Kuan Wu	3,722,080	4.14%
	Supervisor	Shih-Ming Liao	-	-
Chien Tung Harbour Service Co., Ltd.	Chairman	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Yen-Ming Chen	28,075,160	40.11%
	Director	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Tsui-Yuan Lin
	Director	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Wu-Yang Ho
	Director	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Chi-Hsinh Lin
	Director	Legal Representative of Tai Tung Communication Co., Ltd.: Ching-Huang Li	16,820,000	24.03%
	Supervisor	Legal Representative of Huan Tai International Co., Ltd.: Kuo-Yin Su	11,516,480	16.45%
Innotech Logistics Co., Ltd.	Chairman	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Yen-Ming Chen	41,415,000	51.77%
	Director	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Yin-Hai Chen
	Director	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Sheng-Jung Ko
	Director	Legal Representative of Chien Shing Harbour Service Co., Ltd.: Yi-Chien Chen
	Director	Farglary Free Trade Zone Investment Holding Co., Ltd.	7,700,000	9.63%
	Supervisor	Yong-Hsien Cheng	-	-

(IV) Operating Overview of Affiliated Companies

Company name	Total assets	Total liabilities	Net worth	Operating revenue	Net operating profit (loss)	Net profit (loss) for the period
Central Taiwan Science Park Logistics Co., Ltd.	1,665,930	545,525	1,120,405	371,376	133,311	125,269
ANCORA HARBOR SERVICE CO., LTD.	2,897,200	1,881,200	1,016,000	511,112	55,631	27,853
Chien Tung Harbour Service Co., Ltd.	4,565,483	3,689,913	875,570	695,883	221,576	136,121
Innotech Logistics Co., Ltd.	3,424,368	2,608,006	816,362	28,152	14,929	12,428

II. Private placement of securities in the past year and this year up to the publication date of this annual report: none.

III. Holding or disposal of the Company’s shares by Affiliates in the past year and this year up to the publication date of this annual report: none.

IV. Other necessary supplement: None

V. Matters in the past year and as of the Date of Publication of the Annual Report which have a substantial impact on Stockholder’s Equity or Share Price as stipulated in Item 2, Paragraph 3 of Article 36 of the Securities and Exchange Act

Chien Shing Harbour Service Co., Ltd.

Chairman: Yen-Ming Chen

AI assistant

CS — Annual Report 2025

52736_rns_2026-05-26_5115555b-cf39-48fd-88c8-b2a2844b5e3f.pdf

Chien Shing Harbour Service Co., Ltd.

One. Letter to Shareholders

II. Summary of 2026 business plan

Two. Corporate Governance Report

I. Directors and Management Team

3. Independence of the Board of Directors:

II. Remuneration paid to Directors, Supervisors, President and Vice Presidents

III. Implementation of Corporate Governance

(II) Operations of the Audit Committee

(VI) Implementation Status of Climate-Related Information by Listed Companies:

(2) Greenhouse Gas Assurance Information

2. Greenhouse gas reduction targets, strategies and specific action plans

Greenhouse Gas Reduction Baseline Year and Reduction Target

Greenhouse Gas Reduction Strategy and Specific Action Plan

Energy-Saving and Carbon-Reduction Plan

Energy Conservation, Carbon Reduction, and Environmental Policies

IV. Information on CPAs fees

Three. Capital Overview

I. Capital and shares

II. Corporate Bonds:

(I) Issuance of Corporate Bonds

(1) Customs Brokers

(2) Transportation industry

(3) Warehousing industry

(4) Stevedoring industry

II. Market, Production and Sales Overview

(I) Market Analysis

Customs Brokers

Transportation

Warehousing

Stevedoring

Customs Brokers

Transportation

Warehousing

Stevedoring

A. Demand

B. Supply

Transportation industry

A. Demand

B. Supply

Warehousing industry

A. Demand

B. Supply

Stevedoring industry

A. Demand

B. Supply

III. Information on employees

IV. Information on environmental protection expenditures

Five. Review of Financial Position, Financial Performance and Risk Management

I. Financial position

II. Financial performance

III. Cash flow

IV. Impact of major capital expenditures on finance and business matters in the past year: None

V. Investment policy in the past year, the main reasons for profit or loss, improvement plans and investment plans for the coming year.

ANCORA

CENTRAL TAIWAN SCIENCE PARK

Chien Tung

Innotech

Six. Special Disclosures

1. Information related to the Company's Affiliates

More from CS

CS Annual Report 2025