CSC - Interim / Quarterly Report 2025

China Steel Corporation and Subsidiaries

Consolidated Financial Statements for the Three Months Ended March 31, 2025 and 2024 and Independent Auditors’ Review Report

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INDEPENDENT AUDITORS’ REVIEW REPORT

The Board of Directors and Shareholders China Steel Corporation

Introduction

We have reviewed the accompanying consolidated balance sheets of China Steel Corporation (the “Corporation”) and its subsidiaries as of March 31, 2025 and 2024, and the consolidated statements of comprehensive income, the consolidated statements of changes in equity and cash flows for the three months then ended, and the related notes to the consolidated financial statements, including material accounting policy information (collectively referred to as the “consolidated financial statements”). Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34 “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China. Our responsibility is to express a conclusion on the consolidated financial statements based on our reviews.

Scope of Review

We conducted our reviews in accordance with the Standards on Review Engagements of the Republic of China 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our reviews, nothing has come to our attention that caused us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Corporation and its subsidiaries as of March 31, 2025 and 2024, and of its consolidated financial performance and its consolidated cash flows for the three months ended March 31, 2025 and 2024 in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34 “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

The engagement partners on the reviews resulting in this independent auditors’ review report are Jui-Hsuan Hsu and Jr-Shian Ke.

Deloitte & Touche Taipei, Taiwan Republic of China

May 9, 2025

Notice to Readers

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

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

CHINA STEEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands of New Taiwan Dollars)

ASSETS CURRENT ASSETS Cash and cash equivalents (Note 6) Financial assets at fair value through profit or loss - current (Note 7) Financial assets at fair value through other comprehensive income - current (Note 8) Financial assets for hedging - current (Note 9) Contract assets - current (Note 24) Notes receivable (Note 10) Accounts receivable, net (Note 10) Accounts receivable - related parties (Notes 10 and 30) Other receivables (Note 30) Current tax assets Inventories (Notes 11 and 31) Other financial assets - current (Notes 13 and 31) Other current assets Total current assets NONCURRENT ASSETS Financial assets at fair value through profit or loss - noncurrent (Note 7) Financial assets at fair value through other comprehensive income - noncurrent (Note 8) Financial assets at amortized cost - noncurrent Financial assets for hedging - noncurrent (Note 9) Investments accounted for using the equity method (Note 12) Property, plant and equipment (Notes 14 and 31) Right-of-use assets (Notes 15 and 31) Investment properties (Notes 16 and 31) Intangible assets Deferred tax assets Refundable deposits Other financial assets - noncurrent (Notes 13 and 31) Other noncurrent assets Total noncurrent assets TOTAL LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term borrowings and bank overdraft (Notes 17 and 31) Short-term bills payable (Note 17) Financial liabilities at fair value through profit or loss - current (Note 7) Financial liabilities for hedging - current (Note 9) Contract liabilities - current (Note 24) Notes payable Accounts payable (Note 19) Accounts payable - related parties (Notes 19 and 30) Other payables (Notes 20 and 30) Current tax liabilities Provisions - current (Note 21) Lease liabilities - current (Note 15) Current portion of bonds payable (Note 18) Current portion of long-term bank borrowings (Notes 17 and 31) Refund liabilities - current Other current liabilities Total current liabilities NONCURRENT LIABILITIES Financial liabilities for hedging - noncurrent (Note 9) Contract liabilities - noncurrent (Note 24) Bonds payable (Note 18) Long-term bank borrowings (Notes 17 and 31) Long-term bills payable (Note 17) Provisions - noncurrent (Note 21) Deferred tax liabilities Lease liabilities - noncurrent (Note 15) Net defined benefit liabilities Other noncurrent liabilities Total noncurrent liabilities Total liabilities EQUITY ATTRIBUTABLE TO OWNERS OF THE CORPORATION (Note 23) Share capital Ordinary shares Preference shares Total share capital Capital surplus Retained earnings Legal reserve Special reserve Unappropriated earnings Total retained earnings Other equity Treasury shares Total equity attributable to owners of the Corporation NON-CONTROLLING INTERESTS Total equity TOTAL		March 31, 2025		December 31, 2024		March 31, 2024
		Amount % $ 17,917,153 3 4,558,134 1 8,285,749 1 2,668,415 - 8,604,564 1 1,500,500 - 15,167,516 2 49,516 - 1,881,487 - 105,290 - 108,446,199 16 19,130,404 3 4,960,351 1 193,275,278 28 838,678 - 46,446,608 7 20,000 - 978,401 - 14,568,445 2 399,083,217 57 12,461,611 2 10,306,519 2 1,118,103 - 12,080,136 2 692,083 - 2,929,362 - 2,432,666 - 503,955,829 72 $ 697,231,107 100 $ 40,715,233 6 26,047,261 4 2,958 - 1,082,917 - 5,541,625 1 650,576 - 16,364,733 2 226,454 - 24,111,521 3 1,627,384 - 4,391,246 1 1,014,668 - 11,536,841 2 4,377,765 1 1,149,544 - 1,645,457 - 140,486,183 20 - - 44,854 - 57,633,420 8 78,715,408 11 45,240,810 7 1,635,917 - 15,144,079 2 9,691,045 2 4,078,523 1 1,180,606 - 213,364,662 31 353,850,845 51 157,348,610 23 382,680 - 157,731,290 23 41,091,378 6 74,847,259 11 26,912,116 4 17,711,472 2 119,470,847 17 (3,012,149) (1) (12,923,473) (2) 302,357,893 43 41,022,369 6 343,380,262 49 $ 697,231,107 100		Amount % $ 17,828,047 3 4,252,624 1 9,111,712 1 3,674,587 1 9,180,905 1 1,646,347 - 14,118,383 2 66,297 - 1,811,987 - 105,690 - 107,682,955 15 18,275,667 3 5,143,302 1 192,898,503 28 802,175 - 46,292,740 7 20,000 - 1,257,410 - 14,705,994 2 397,633,498 57 12,625,727 2 10,035,899 2 1,136,536 - 11,615,773 2 594,345 - 3,041,404 - 2,399,333 - 502,160,834 72 $ 695,059,337 100 $ 36,169,577 5 25,608,233 4 1,055 - 1,120,637 - 5,120,893 1 609,229 - 18,189,691 3 357,633 - 26,948,594 4 1,121,303 - 3,505,488 - 1,027,307 - 13,536,337 2 10,871,064 2 1,245,936 - 1,510,307 - 146,943,284 21 - - 45,116 - 54,134,815 8 71,419,133 10 49,227,680 7 1,629,694 - 14,918,196 2 9,824,040 2 4,259,939 1 1,171,546 - 206,630,159 30 353,573,443 51 157,348,610 23 382,680 - 157,731,290 23 41,082,914 6 74,847,259 11 26,912,231 4 17,127,981 2 118,887,471 17 (3,478,031) (1) (12,923,473) (2) 301,300,171 43 40,185,723 6 341,485,894 49 $ 695,059,337 100		Amount % $ 19,090,447 3 3,470,989 - 7,971,829 1 4,811,230 1 9,141,611 1 1,666,083 - 11,191,422 2 581,179 - 2,127,077 - 79,817 - 122,482,917 19 17,144,239 2 5,399,157 1 205,157,997 30 765,166 - 51,715,784 7 20,000 - 1,368,340 - 14,511,780 2 379,430,178 55 12,626,786 2 9,758,243 1 1,217,777 - 10,170,939 2 566,065 - 2,830,799 - 2,505,843 1 487,487,700 70 $ 692,645,697 100 $ 33,707,960 5 71,066,106 10 1,248 - 85,944 - 4,442,475 1 855,565 - 18,248,297 3 224,782 - 18,235,659 3 2,010,607 - 6,018,903 1 1,113,121 - 10,461,942 2 3,936,014 - 1,348,167 - 1,456,208 - 173,212,998 25 951,642 - 39,208 - 56,843,325 8 57,118,319 9 25,490,395 4 957,782 - 14,286,840 2 10,198,061 1 5,367,228 1 1,168,606 - 172,421,406 25 345,634,404 50 157,348,610 23 382,680 - 157,731,290 23 40,688,749 6 74,683,304 11 26,913,528 4 20,652,284 3 122,249,116 18 774,458 - (12,728,712) (2) 308,714,901 45 38,296,392 5 347,011,293 50 $ 692,645,697 100

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

CHINA STEEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share)

OPERATING REVENUES (Notes 24, 30 and 36) OPERATING COSTS (Notes 11, 25 and 30) GROSS PROFIT OPERATING EXPENSES Selling and marketing expenses General and administrative expenses Research and development expenses Expected credit loss reversed Total operating expenses PROFIT FROM OPERATIONS NON-OPERATING INCOME AND EXPENSES Interest income (Note 25) Other income (Notes 25 and 30) Other gains and losses (Note 25) Finance costs (Note 25) Share of the profit of associates Total non-operating income and expenses PROFIT BEFORE INCOME TAX INCOME TAX EXPENSE (Notes 4 and 26) NET PROFIT FOR THE PERIOD OTHER COMPREHENSIVE INCOME (Notes 23 and 26) Items that will not be reclassified subsequently to profit or loss Unrealized gains and losses on investments in equity instruments designated as at fair value through other comprehensive income Gains and losses on hedging instruments		For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 Amount % $ 83,170,223 100 78,566,251 94 4,603,972 6 954,455 1 1,740,464 2 542,166 1 (4,892) - 3,232,193 4 1,371,779 2 258,288 - 396,869 - 279,814 - (1,246,002) (1) 57,478 - (253,553) (1) 1,118,226 1 304,404 - 813,822 1 (89,831) - 111,317 -		2024
				Amount % $ 93,753,916 100 89,647,055 96 4,106,861 4 1,063,503 1 1,706,027 2 569,076 - (289) - 3,338,317 3 768,544 1 254,486 - 763,716 1 217,738 - (918,233) (1) 392,296 1 710,003 1 1,478,547 2 346,969 1 1,131,578 1 802,702 1 2,258 - (Continued)

CHINA STEEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share)

	For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
	2025 Amount % 112,404 - (17,619) - 1,105,327 1 1,942 - (342,853) - (42,907) - (14,377) - 823,403 1 1,637,225 2 243,215 - 570,607 1 813,822 1 1,049,331 1 587,894 1 1,637,225 2 $ 0.02 $ 0.02		2024
$		$	Amount % (16,380) - 515,551 1 913,424 1 2,410 - 750,621 1 386,288 - (42,201) - 3,314,673 4 4,446,251 5 640,613 1 490,965 - 1,131,578 1 3,282,452 4 1,163,799 1 4,446,251 5 $ 0.04 $ 0.04

$		$
$		$
$		$
$		$
$		$

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

(Concluded)

CHINA STEEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (In Thousands of New Taiwan Dollars)

		Equity Attributable to O	ners of the Corporation	ners of the Corporation	ners of the Corporation
Share Capital Ordinary Shares Preference Shares Capital Surplus $ 157,348,610 $ 382,680 $ 40,688,818 - - - - - - - - - - - - - - - - - - - - - - - (69) $ 157,348,610 $ 382,680 $ 40,688,749 $ 157,348,610 $ 382,680 $ 41,082,914 - - - - - - - - - - - - - - - - - - - - 8,464 $ 157,348,610 $ 382,680 $ 41,091,378	R	etained Earnings		Other Equity		Total Other Equity Treasury Shares $ (1,498,330) $ (12,394,740) - - - - 2,641,887 - 2,641,887 - - (333,972) - - (369,099) - - - $ 774,458 $ (12,728,712) $ (3,478,031) $ (12,923,473) - - - - 806,046 - 806,046 - - - (340,164) - - - $ (3,012,149) $ (12,923,473)
			Exchange Differences on Translating Foreign Operations $ (6,296,189) - - 939,000 939,000 - - - - $ (5,357,189) $ (4,813,798) - - 835,981 835,981 - - - $ (3,977,817)	Unrealized Gains and Losses on Financial Assets at Fair Value Through Other Comprehensive Income $ 273,982 - - 1,312,872 1,312,872 - - (369,099) - $ 1,217,755 $ (3,446,289) - - 58,462 58,462 - (340,164) - $ (3,727,991)	Gains and Losses on Hedging Instruments $ 4,523,877 - - 390,015 390,015 - - - - $ 4,913,892 $ 4,782,056 - - (88,397) (88,397) - - - $ 4,693,659
Ordinary Shares $ 157,348,610 - - - - - - - - $ 157,348,610 $ 157,348,610 - - - - - - - $ 157,348,610	Legal Reserve $ 74,683,304 - - - - - - - - $ 74,683,304 $ 74,847,259 - - - - - - - $ 74,847,259	Special Reserve Unappropriated Earnings $ 26,913,635 $ 19,642,513 (107) 107 - 640,613 - (48) - 640,565 - - - - - 369,099 - - $ 26,913,528 $ 20,652,284 $ 26,912,231 $ 17,127,981 (115) 115 - 243,215 - 70 - 243,285 - - - 340,164 - (73) $ 26,912,116 $ 17,711,472

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

CHINA STEEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

CASH FLOWS FROM OPERATING ACTIVITIES Profit before income tax Adjustments for: Depreciation expense Amortization expense Expected credit loss reversed Net gain on financial assets and liabilities at fair value through profit or loss Finance costs Interest income Dividends income Share of the profit of associates Loss (gain) on disposal of property, plant and equipment Gain on disposal of investments Reversal of write-down inventories Impairment losses recognized on non-financial assets Recognition (reversal) of provisions Others Changes in operating assets and liabilities Financial assets mandatorily classified as at fair value through profit or loss Financial assets for hedging Contract assets Notes receivable Accounts receivable Accounts receivable - related parties Other receivables Inventories Other current assets Financial liabilities for hedging Contract liabilities Notes payable Accounts payable Accounts payable - related parties Other payables Provisions Other current liabilities Net defined benefit liabilities Refund liabilities Cash generated from operations Income taxes paid Net cash generated from operating activities		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 1,118,226 8,370,398 40,546 (4,892) (21,928) 1,246,002 (258,288) (170,684) (39,196) (32,440) (15,593) (936,404) - 891,938 (29,224) (334,943) 1,128,643 592,672 145,847 (1,042,294) 16,781 77,174 139,562 179,208 (109,134) 420,470 41,347 (1,824,958) (131,179) (2,399,885) (9,929) 135,150 (181,416) (96,392) 6,905,185 (68,399) 6,836,786	2024 $ 1,478,547 7,934,103 45,834 (289) (30,137) 918,233 (254,486) (588,614) (402,439) 98 (9,523) (66,024) 28,811 (173,021) (3,259) 23,222 305,001 (334,083) 440,958 (552,307) (430,591) (793,758) (2,076,414) (565,802) 1,123 569,023 (264,590) 1,029,849 136,003 (2,506,001) (16,678) (10,330) (146,316) (265,735) 3,420,408 (71,143) 3,349,265

(Continued)

CHINA STEEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of financial assets at fair value through other comprehensive income Proceeds from disposal of financial assets at fair value through other comprehensive income Proceeds from capital reduction of financial assets at fair value through other comprehensive income Acquisition of financial assets at fair value through profit or loss Proceeds from disposal of financial assets at fair value through profit or loss Proceeds from disposal of investments accounted for using the equity method Acquisition of property, plant and equipment Proceeds from disposal of property, plant and equipment Decrease (increase) in refundable deposits Acquisition of intangible assets Acquisition of investment properties Increase in other financial assets Decrease in other noncurrent assets Interest received Dividends received from associates Dividends received from others Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from short-term borrowings Repayments of short-term borrowings Proceeds from short-term bills payable Repayments of short-term bills payable Proceeds from bonds payable Repayments of bonds payable Proceeds from long-term bank borrowings Repayments of long-term bank borrowings Proceeds from long-term bills payable Repayments of long-term bills payable Repayments of principal of lease liabilities Increase (decrease) in other noncurrent liabilities Dividends paid to owners of the Corporation Payments for buy-back of ordinary shares Partial disposal of interests in subsidiaries without loss of control Interest paid Increase in non-controlling interests Net cash generated from (used in) financing activities		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ (1,465,820) 2,073,255 - (985,892) 1,089,145 6,311 (9,592,041) 36,691 (93,995) (13,735) (264,391) (742,695) 11,229 253,722 454,894 155,131 (9,078,191) 56,910,165 (54,528,830) 23,178,197 (22,739,169) 3,500,000 (2,000,000) 33,149,375 (32,379,318) 3,011,589 (6,998,460) (289,125) 9,060 (1,733) - 28,621 (1,287,630) 269,885 (167,373)	2024 $ (1,478,441) 2,023,391 70,652 (698,138) 835,151 13,809 (9,025,806) 39,240 113,604 (32,121) - (1,041,103) 31,981 266,064 111,471 578,418 (8,191,828) 71,734,168 (70,137,929) 55,827,725 (47,707,418) - (3,500,000) 19,768,918 (16,575,548) 7,091,685 (6,301,554) (357,245) (31,303) (3,794) (333,972) - (1,250,137) 573,300 8,796,896 (Continued)

CHINA STEEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

EFFECT OF EXCHANGE RATE CHANGES ON THE BALANCE OF CASH AND CASH EQUIVALENTS HELD IN FOREIGN CURRENCIES NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD Reconciliation of the amounts in the consolidated statements of cash flows with the equivalent items reported in the consolidated balance sheets as of March 31, 2025 and 2024: Cash and cash equivalents in the consolidated balance sheets Bank overdraft Cash and cash equivalents in the consolidated statements of cash flows		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 441,401 (1,967,377) 15,065,137 $ 13,097,760 $ 17,917,153 (4,819,393) $ 13,097,760	2024 $ 531,950 4,486,283 10,919,515 $ 15,405,798 $ 19,090,447 (3,684,649) $ 15,405,798

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

(Concluded)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

CHINA STEEL CORPORATION AND SUBSIDIARIES

1. GENERAL INFORMATION

China Steel Corporation (the “Corporation”) was incorporated on December 3, 1971. It manufactures and sells steel products and engages in mechanical, communications, and electrical engineering.

The shares of the Corporation and its subsidiaries, including China Steel Structure Co., Ltd., China Steel Chemical Corporation, CHC Resources Corporation, China Ecotek Corporation and Chung Hung Steel Corporation, have been listed on the Taiwan Stock Exchange. The shares of the subsidiary Thintech Materials Technology Co., Ltd. have been traded on the Taipei Exchange. The subsidiary Dragon Steel Corporation has issued shares to the public.

As of March 31, 2025, the Ministry of Economic Affairs (MOEA), Republic of China owned 20 % of the Corporation’s issued shares.

The consolidated financial statements are presented in the Corporation’s functional currency, the New Taiwan dollars.

2. APPROVAL OF FINANCIAL STATEMENTS

The consolidated financial statements were approved by the Corporation’s board of directors and authorized for issue on May 9, 2025.

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

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

The initial application of the IFRS Accounting Standards endorsed and issued into effect by the FSC did not have material impact on the Corporation and its subsidiaries’ accounting policies.

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

New, Amended and Revised Standards and Interpretations Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments” - the amendments to the application guidance of classification of financial assets	Effective Date Announced by IASB
	January 1, 2026 (Note 1)

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Note 1: An entity shall apply those amendments for annual reporting periods beginning on or after January 1, 2026. It is permitted to apply these amendments for an earlier period beginning on January 1, 2025.

As of the date the consolidated financial statements were authorized for issue, the Corporation and its subsidiaries are continuously assessing the possible impact of the application of the amendments on the Corporation and its subsidiaries’ financial position and financial performance.

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

New, Amended and Revised Standards and Interpretations Annual Improvements to IFRS Accounting Standards - Volume 11 Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments”- the amendments to the application guidance of derecognition of financial liabilities Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity” Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture” IFRS 17 “Insurance Contracts” Amendments to IFRS 17 Amendments to IFRS 17 “Initial Application of IFRS 17 and IFRS 9 - Comparative Information” IFRS 18 “Presentation and Disclosure in Financial Statements” IFRS 19 “Subsidiaries without Public Accountability: Disclosures”	Effective Date Announced by IASB (Note 1)
	January 1, 2026 January 1, 2026 January 1, 2026 To be determined by IASB January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2027 January 1, 2027

New, Amended and Revised Standards and Interpretations
Annual Improvements to IFRS Accounting Standards - Volume 11

Amendments to IFRS 9 and IFRS 7 “Amendments to the
Classification and Measurement of Financial Instruments”- the
amendments to the application guidance of derecognition of
financial liabilities

Amendments to IFRS 9 and IFRS 7 “Contracts Referencing
Nature-dependent Electricity”

Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets
between an Investor and its Associate or Joint Venture”

IFRS 17 “Insurance Contracts”

Amendments to IFRS 17

Amendments to IFRS 17 “Initial Application of IFRS 17 and IFRS 9 -
Comparative Information”

IFRS 18 “Presentation and Disclosure in Financial Statements”

IFRS 19 “Subsidiaries without Public Accountability: Disclosures”

Effective Date
Announced by IASB (Note 1)

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

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

IFRS 18 “Presentation and Disclosure in Financial Statements”

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

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

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

4. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

For readers’ convenience, the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the ROC. If inconsistencies arise between the English version and the Chinese version or if differences arise in the interpretations between the two versions, the Chinese version of the consolidated financial statements shall prevail.

a. Statement of compliance

The consolidated financial statements have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and IAS 34 “Interim Financial Reporting” as endorsed and issued into effect by the FSC. The consolidated financial statements do not present full disclosures required for a complete set of IFRS Accounting Standards annual financial statements.

b. Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Corporation and the entities controlled by the Corporation (i.e. its subsidiaries).

The consolidated entities were as follows:

Investor
Investee
Main Businesses
China Steel Corporation
Dragon Steel Corporation (DSC)
Hot-rolled products, H beams,
billets, flat steels
Gains Investment Corporation
(GIC)
General investment
China Steel Express Corporation
(CSE)
Shipping services for raw
materials, ship chartering
C.S.Aluminium Corporation
(CSAC)
Production and sale of aluminum
and non-ferrous metal products
China Prosperity Development
Corporation (CPDC)
Real estate development
China Steel Asia Pacific Holdings
Pte Ltd (CSAP)
Holding and investment
Chung Hung Steel Corporation
(CHS)
Manufacture and sale of steel
products
China Steel Chemical Corporation
(CSCC)
Manufacture of coal chemistry and
speciality chemical
China Steel Global Trading
Corporation (CSGT)
Buy and sell, and act as an agency
for steel products
CHC Resources Corporation
(CHC)
Manufacture and sale of
Ground-Granulated
Blast-Furnace Slag and
Blast-Furnace Slag Cement,
Air-cooled Blast Furnace Slag
and Basic Oxygen Furnace Slag,
reutilization of resources
InfoChamp Systems Corporation
(Info Champ)
ERP systems automation control
systems service
China Steel Structure Co., Ltd.
(CSSC)
Manufacture and sale of products
of steel structure
China Ecotek Corporation (CEC)
Environmental engineering, M&E
engineering, and O&M
engineering

Percentage of Ownership (%)
March 31,
2025
December 31,
2024
March 31,
2024
Additional
Descriptions
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
41
41
41
Refer to 2) below
29
29
29
Refer to 1) below
100
100
100
20
20
20
Direct and indirect
ownerships
amounted to
36%, and refer
to 1) below
100
100
100
33
33
33
Direct and indirect
ownerships
amounted to
38%, and refer
to 1) below
45
45
45
Direct and indirect
ownerships
amounted to
45%, and refer
to 1) below

12 -

Investor
Investee
Main Businesses
China Steel Security Corporation
(CSS)
On-site security, systematic
security
HIMAG Magnetic Corporation
(HIMAG)
Production and sale of industrial
magnetic, chemical, and iron
oxides
China Steel Machinery
Corporation (CSMC)
Manufacture and sale of products
for iron and steel equipment,
vehicle transportation
equipment, power generation
and other mechanical equipment
China Steel Management
Consulting Corporation
(CMCC)
Business management and
management consulting services
Eminent Venture Capital
Corporation (Eminent VC)
General Investment
CSC Steel Australia Holdings Pty
Ltd (CSC SAH)
General investment
China Steel and Nippon Steel
Vietnam Joint Stock Company
(CSVC)
Manufacture and sale of steel
products
CSCI Steel Corporation India Pvt.
Ltd. (CSCI)
Electrical steel
Kaohsiung Rapid Transit
Corporation (KRTC)
Mass Rapid Transit service
China Steel Resources Corporation
(CSRC)
Other non-metallic mineral
products manufacturing
CSC Solar Corporation
(CSCSOLAR)
Solar energy generation
Sing Da Marine Structure
Corporation (SDMS)
Foundation of offshore wind
power
China Steel Power Holding
Corporation (CPHC)
General investment
Gains Investment Corporation
Eminence Investment Corporation
(EIC)
General investment
Betacera Inc. (BETACERA)
Manufacturing and trading of
electronic ceramics
Thintech Materials Technology
Co., Ltd. (TTMC)
Sputtering target manufacturing
and sales
Universal Exchange Inc. (UEC)
Wholesale of computer software,
software design services, digital
information supply services
Mentor Consulting Corporation
(MCC)
Management consulting services
Winning Investment Corporation
(WIC)
General investment
Pro-Ascentek Investment
Corporation (PAIC)
General investment
OmniGains Investment
Corporation (OG)
Holding and investment
Eminence Investment
Corporation
Shin Mau Investment Corporation
(SMIC)
General investment
Ding Da Investment Corporation
(DDIC)
General investment
Gau Ruei Investment Corporation
(GRIC)
General investment
Chiun Yu Investment Corporation
(CYIC)
General investment
Shin Mau Investment
Corporation
Hung-Chuan Investment
Corporation (HCIC)
General investment
Chi-Yi Investment Corporation
(CYIIC)
General investment
Ding Da Investment
Corporation
Jiing-Cherng-Fa Investment
Corporation (JCFIC)
General investment

Percentage of Ownership (%)
March 31,
2025
December 31,
2024
March 31,
2024
Additional
Descriptions
100
100
100
69
69
69
Direct and indirect
ownerships
amounted to
88%
74
74
74
Direct and indirect
ownerships
amounted to
100%
100
100
100
-
-
-
Indirect ownership
were 55%
100
100
100
56
56
56
100
100
100
44
44
43
Direct and indirect
ownerships
amounted to
52%
100
100
100
55
55
55
Direct and indirect
ownerships
amounted to
100%
47
47
47
Direct and indirect
ownerships
amounted to
62%
51
51
51
100
100
100
48
48
48
Direct and indirect
ownerships
amounted to
52%
47
47
32
Direct and indirect
ownerships
amounted to
52%, and refer
to 1) below
64
64
64
Direct and indirect
ownerships
amounted to
99%
100
100
100
49
49
49
Direct and indirect
ownerships
amounted to
72%
5
5
5
Direct and indirect
ownerships
amounted to
61%
-
-
100
The investment
was restructured
in May 2024
30
30
30
Direct and indirect
ownerships
amounted to
100%
30
30
30
Direct and indirect
ownerships
amounted to
100%
25
25
25
Direct and indirect
ownerships
amounted to
100%
25
25
25
Direct and indirect
ownerships
amounted to
100%
5
5
5
Direct and indirect
ownerships
amounted to
100%
5
5
5
Direct and indirect
ownerships
amounted to
100%
4
4
4
Direct and indirect
ownerships
amounted to
100%

13 -

Investor
Investee
Main Businesses
Gau Ruei Investment
Corporation
Sheng Lih Dar Investment
Corporation (SLDIC)
General investment
Li-Ching-Long Investment
Corporation (LCLIC)
General investment
Betacera Inc.
Lefkara Ltd. (Lefkara)
Holding and Investment
Lefkara Ltd.
Betacera (Su Zhou) Co., Ltd.
(BSZ)
Manufacturing and trading of
electronic ceramics
Shanghai Xike Ceramic Electronic
Co., Ltd. (SHXCE)
Manufacturing and trading of
electronic ceramics
Suzhou Betacera Technology Co.,
Ltd. (SBTC)
Manufacturing and trading of
aeronautical or marine life
saving products
Thintech Materials Technology
Co., Ltd.
Thintech Global Limited (TTGL)
Holding and investment
Changzhou China Steel Precision
Materials Co., Ltd. (CSPM)
Production and sale of titanium
and titanium alloys, nickel and
nickel alloys
OmniGains Investment
Corporation (OG)
Holding and investment
Thintech Global Limited
Taicang Thintech Materials Co.,
Ltd. (TCMC)
Sputtering target manufacturing
and sales
China Steel Express
Corporation
CSE Transport Corporation
(CSEP)
Shipping services for raw materials
Transglory Investment Corporation
(TIC)
General investment
Kaoport Stevedoring Corporation
(KPC)
Ship cargo loading and unloading
industry
China Prosperity Development
Corporation
CK Japan Co., Ltd. (CKJCL)
Real estate lease
China Prosperity Construction
Corporation (CPCC)
Real estate development
China Steel Asia Pacific
Holdings Pte Ltd
CSC Steel Holdings Berhad
(CSHB)
General investment
Changzhou China Steel Precision
Materials Co., Ltd. (CSPM)
Production and sale of titanium
and titanium alloys, nickel and
nickel alloys
CSC Steel Holdings Berhad
CSC Steel Sdn. Bhd. (CSCM)
Manufacture and sale of steel
products
CSC Steel Sdn. Bhd.
Constant Mode Sdn. Bhd. (CMSB) General investment
Chung Hung Steel Corporation
Hung Kao Investment Corporation
(HKIC)
General investment
China Steel Chemical
Corporation
Ever Wealthy International
Corporation (EWIC)
General investment
Ever Wealthy International
Corporation
Changzhou China Steel New
Materials Technology Co., Ltd.
(CSNCMT)
Mesophase sales and trading
China Steel Global Trading
Corporation
Chung Mao Trading (Samoa)
Corporation (SAMOA)
Holding and investment
Wabo Global Trading Corporation
(WABO)
Buy and sell, and act as an agency
for steel products
CSGT (Singapore) Pte. Ltd.
(CSGTSNG)
Buy and sell, and act as an agency
for steel products
CSGT International Corporation
(CIC)
Holding and investment
CSGT (Shenzhen) Co., Ltd. (SZH)
Buy and sell, and act as an agency
for steel products
China Steel Precision Metals
Kunshan Co., Ltd. (CSPK)
Cutting and processing of steel
products
China Steel Precision Metals
Qingdao Co., Ltd. (CSMQ)
Cutting and processing of steel
products
Chung Mao Trading (Samoa)
Corporation
CSGT (Shanghai) Co., Ltd.
(CSGTPRC)
Buy and sell, and act as an agency
for steel products
Wabo Global Trading
Corporation
CSGT Japan Co., Ltd. (CSGTJPN)
Buy and sell, and act as an agency
for steel products
CSGT International
Corporation
CSGT Metals Vietnam Joint Stock
Company (CSGT-VTM)
Cutting and processing of steel
products
CSGT Trading India Private
Limited (CSGTIN)
Buy and sell, and act as an agency
for steel products

Percentage of Ownership (%)
March 31,
2025
December 31,
2024
March 31,
2024
Additional
Descriptions
4
4
4
Direct and indirect
ownerships
amounted to
100%
5
5
5
Direct and indirect
ownerships
amounted to
100%
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
35
35
-
After the
investment was
restructured in
May 2024, the
direct and
indirect
ownerships
amounted to
70%
100
100
-
After the
investment was
restructured in
May 2024, the
direct
ownerships
amounted to
100%
-
-
100
Disposal in
November 2024
100
100
100
48
48
48
Direct and indirect
ownerships
amounted to
100%
66
66
66
80
80
80
Direct and indirect
ownerships
amounted to
100%
60
60
60
Direct and indirect
ownerships
amounted to
100%
46
46
46
Refer to 2) below
-
-
35
The investment
was restructured
in May 2024
and October
2023
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
44
44
44
Direct and indirect
ownerships
amounted to
50%
100
100
100
100
100
100
65
65
65
100
100
100
70
70
70
100
100
100
100
100
100
60
60
60
99
99
99
Direct and indirect
ownerships
amounted to
100%

14 -

Investor
Investee
Main Businesses
CHC Resources Corporation
Union Steel Development
Corporation (USDC)
Manufacture and sale of iron
powder, OEM and sales of
refractory, trading, human
dispatch
Pao Good Industrial Co., Ltd. (PG) Sales of fly ash, manufacture and
sales of dry-mix mortar, trading
Yu Cheng Lime Corporation
(YCC)
Real estate lease, management of
raw materials
CHC Resources Vietnam Co., Ltd
(CHCV)
Manufacture and sale of
Ground-Granulated
Blast-Furnace Slag, Sales of
Granulated Blast-Furnace Slag
InfoChamp Systems
Corporation
Info-Champ System (B.V.I)
Corporation (ICSCB)
Holding and investment
Info-Champ System (B.V.I)
Corporation
Wuhan InfoChamp I.T. Co., Ltd.
(WICIT)
Enterprise information system
integration services
China Steel Structure Co., Ltd.
United Steel Engineering &
Construction Corporation
(USEC)
Contracting for civil engineering
and management
China Steel Structure Holding Co.,
Ltd. (CSSHCL)
Holding and investment
China Ecotek Corporation
CEC International Corporation
(CECIC)
General investment
CEC Development Corporation
(CDC)
General investment
China Ecotek India Private
Limited (CECI)
Construction engineering
CEC International Corporation
China Ecotek India Private
Limited (CECI)
Construction engineering
CEC Development Corporation China Ecotek Vietnam Company
Limited (CEVC)
Construction engineering
Xiamen Ecotek PRC Company
Limited (XEP)
Equipment materials import and
export
China Steel Security
Corporation
Steel Castle Technology
Corporation (SCTC)
Firefighting engineering and
mechatronic engineering
China Steel Management And
Maintenance For Buildings
Corporation (CSMM)
Management and maintenance for
buildings
HIMAG Magnetic Corporation
MagnPower Corporation (MPC)
Powder metallurgy
CSC Steel Australia Holdings
Pty Ltd
CSC Sonoma Pty Ltd (CSC
Sonoma)
Investments in mining industry
Kaohsiung Rapid Transit
Corporation
Taiwan Intelligent Transportation
Co., Ltd. (TITC)
Technical service
China Steel Power Holding
Corporation
China Steel Power Corporation
(ZN)
Offshore Wind Power Generation

Percentage of Ownership (%)
March 31,
2025
December 31,
2024
March 31,
2024
Additional
Descriptions
93
93
93
51
51
51
90
90
90
85
85
85
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
-
-
-
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
55
After repurchasing
shares from
external
shareholders in
June 2024, the
direct
ownerships
amounted to
100%
100
100
100
100
100
100
100
100
100

1) Explanations for subsidiaries which are less than 50% owned but included in the consolidated entities are as follows:
- a) The chairman and general manager of CEC, CSCC, CHC, CSSC and TTMC are designated by the Corporation and other subsidiaries in order to lead its finance, operation, and human resources. Therefore, the Corporation had control-in-substance over aforementioned subsidiaries and included them in the consolidated entities.
- b) The actual operations of CHS and CSHB are controlled by the respective board of directors. The Corporation or with other subsidiaries jointly had more than half of the seats in the board of directors of CHS and CSHB. Therefore, the Corporation had control-in-substance over the aforementioned entities and included them in the consolidated entities.
2) The Corporation had no subsidiary with material non-controlling interests.
c. Other material accounting policies

Except for the following, refer to the summary of material accounting policies in the consolidated financial statements for the year ended December 31, 2024.

1) Carbon fee liabilities

In accordance with the Regulations Governing the Collection of Carbon Fees and related regulations of the ROC, the carbon fee liabilities are recognized and measured on the basis of the

15 -

best estimate of the expenditure required to settle the obligation for the current year, and are recognized and measured on the actual emissions or proportionally on the estimated total emissions for the year.

2) Retirement benefits

Pension cost for an interim period is calculated on a year-to-date basis by using the actuarially determined pension cost rate at the end of the prior financial year, adjusted for significant market fluctuations since that time and for significant plan amendments, settlements, or other significant one-off events.

3) Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax. Interim period income taxes are assessed on an annual basis and calculated on an interim period’s pre-tax income by applying to the tax rate that would be applicable to expected total annual earnings.

5. MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Except for the following, the same material accounting judgments and key sources of estimation uncertainty of consolidated financial statements have been followed in these consolidated financial statements as those applied in the preparation of the consolidated financial statements for the year ended December 31, 2024.

Carbon fees

In accordance with the Regulations Governing the Collection of Carbon Fees and related regulations of the ROC, the management recognizes the carbon fees liabilities based on the estimate of the chargeable emissions, the preferential rate, and the emission adjustment coefficient. The estimate may vary as a result of the change in the estimated possibility in the approval for the self-determined reduction plan from the competent authority and the expected achievement of the annual designated target.

6. CASH AND CASH EQUIVALENTS

Cash on hand Checking accounts and demand deposits Cash equivalents (investments with original maturities of less than 3 months) Time deposits and negotiable certificates of deposit Commercial papers Bonds with repurchase agreements	March 31, 2025 $ 38,504 12,032,220 3,217,918 2,628,511 - $ 17,917,153	December 31, 2024 $ 40,471 12,038,907 2,856,445 2,832,224 60,000 $ 17,828,047	March 31, 2024 $ 41,286 13,132,616 2,764,187 2,726,266 426,092 $ 19,090,447

Cash and cash equivalents shown in the consolidated statements of cash flows can be reconciled to the related items in the consolidated balance sheets. The reconciliation information as of March 31, 2025 and 2024 was shown in the consolidated statements of cash flows; the reconciliation information as of December 31, 2024 was as follows:

16 -

Cash and cash equivalents Bank overdraft	December 31, 2024 $ 17,828,047 (2,762,910) $ 15,065,137

7. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

Financialassets atFVTPL -current Financial assets mandatorily classified as at FVTPL Mutual funds Listed shares Emerging market shares Corporate bonds Convertibles bonds Convertible bonds call options and put options, net (Note 18) Subordinated debt Exchange traded notes Financial assets at FVTPL - noncurrent Financial assets mandatorily classified as at FVTPL Unlisted shares Emerging market shares Mutual funds Financial liabilities at FVTPL - current Financial liabilities held for trading Foreign exchange forward contracts (a)	March 31, 2025 December 31, 2024 $ 4,120,815 $ 3,941,496 87,610 108,063 34,383 54,358 17,081 16,604 238,056 82,103 - - 50,000 50,000 10,189 - $ 4,558,134 $ 4,252,624 $ 802,211 $ 765,759 23,647 24,001 12,820 12,415 $ 838,678 $ 802,175 $ 2,958 $ 1,055	March 31, 2024 $ 3,086,473 166,199 75,828 16,304 75,545 640 50,000 - $ 3,470,989 $ 740,973 24,193 - $ 765,166 $ 1,248

a. The subsidiaries entered into foreign exchange forward contracts to manage exposures due to exchange rate fluctuations of foreign currency denominated assets and liabilities. However, some of those contracts were not accounted for by using hedge accounting. The outstanding foreign exchange forward contracts not under hedge accounting of the subsidiaries at the end of the reporting period were as follows:

17 -

Contract Amount Maturity Date (In Thousands)

			Contract Amount
	Currency	Maturity Date	(In Thousands)
March31,2025
Sell	USD/NTD	2025.04-2025.06	USD3,200/NTD102,587
December31,2024
Sell	USD/NTD	2025.01-2025.06	USD3,200/NTD102,524
March31,2024
Sell	USD/NTD	2024.06	USD2,000/NTD62,200

8. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

Current Domestic investments Listed shares Emerging market shares and unlisted shares Corporate bonds Foreign investments Subordinated debt Corporate bonds Noncurrent Domestic investments Listed shares Emerging market shares and unlisted shares Foreign investments Unlisted shares Listed shares Certificate of entitlement	March 31, 2025 $ 8,171,013 31,100 - 8,202,113 48,013 35,623 83,636 $ 8,285,749 $ 9,388,575 3,044,193 12,432,768 30,203,853 2,813,653 996,334 34,013,840 $ 46,446,608	December 31, 2024 $ 9,002,573 27,444 - 9,030,017 46,683 35,012 81,695 $ 9,111,712 $ 9,489,769 3,237,503 12,727,272 30,006,173 2,581,581 977,714 33,565,468 $ 46,292,740	March 31, 2024 $ 7,732,125 27,558 126,574 7,886,257 - 85,572 85,572 $ 7,971,829 $ 10,099,659 3,233,436 13,333,095 34,250,373 2,870,735 1,261,581 38,382,689 $ 51,715,784

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

18 -

9. FINANCIAL INSTRUMENTS FOR HEDGING

Financial assets for hedging- current
Hedging foreign currency deposits

Foreign exchange forward contracts
Interest rate swap contracts
Futures contracts

Financial assets for hedging- noncurrent
Foreign exchange forward contracts

Interest rate swap contracts

Financial liabilities for hedging- current
Bank loans (Note 17)

Borrowed precious metals from bank
Foreign exchange forward contracts

Financial liabilitiesfor hedging- noncurrent
Bank loans (Note 17)

Foreign exchange forward contracts

March 31,
2025
December 31,
2024
March 31,
2024
$ 2,328,542
$ 3,268,645
$ 4,312,789
106,642
121,335
482,688
221,059
284,607
-

12,172

-

15,753
$ 2,668,415
$ 3,674,587
$ 4,811,230
$ 9,988
$ 9,692
$ 26,229

968,413

1,247,718

1,342,111
$ 978,401
$ 1,257,410
$ 1,368,340
$ 1,001,593
$ 944,025
$ -
76,412
169,085
$ 82,071

4,912

7,527

3,873
$ 1,082,917
$ 1,120,637
$ 85,944
$ -
$ -
$ 951,221

-

-

421
$ -
$ -
$ 951,642

Refer to Note 29 for information relating to financial instruments for hedging.

10. NOTES AND ACCOUNTS RECEIVABLE, NET (INCLUDING RELATED PARTIES)

Notes receivable Operating Non-operating Accounts receivable Less: Allowance for impairment loss	March 31, 2025 $ 1,500,500 - $ 1,500,500 $ 15,381,722 164,690 $ 15,217,032	December 31, 2024 $ 1,645,157 1,190 $ 1,646,347 $ 14,354,199 169,519 $ 14,184,680	March 31, 2024 $ 1,666,083 -
			$ 1,666,083
			$ 11,914,912 142,311
			$ 11,772,601

19 -

The Corporation and its subsidiaries make prudent assessment of their customers. The counterparties are creditworthy companies; as a result, the significant credit risk is unexpected. The Corporation and its subsidiaries did transactions with a large number of unrelated customers and no concentration of credit risk was observed. The Corporation and its subsidiaries continue to manage the financial condition and entire credit risk of their customers and obtain sufficient collateral if needed to mitigate the risk of financial loss from late payment.

The expected credit losses on notes and accounts receivable are estimated by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast GDP and direction of economic conditions at the reporting date.

The Corporation and its subsidiaries continue to monitor the collection of receivables to ensure that proper actions are made to collect past due receivables. Additionally, the Corporation and its subsidiaries review the recoverable amount of receivables one by one at the balance sheet date to ensure that proper allowances are recognized for unrecoverable receivables.

The following table details the loss allowance of notes and accounts receivable based on the impaired aging analysis.

March 31, 2025

Gross carrying amount Loss allowance (Lifetime ECL) Amortized cost December 31, 2024 Gross carrying amount Loss allowance (Lifetime ECL) Amortized cost March 31, 2024 Gross carrying amount Loss allowance (Lifetime ECL) Amortized cost	Not Past Due $ 16,257,404 (9,722) $ 16,247,682 Not Past Due $ 15,213,203 (8,135) $ 15,205,068 Not Past Due $ 12,855,401 (7,274) $ 12,848,127	1 to 30 Days $ 268,804 (1,489) $ 267,315 1 to 30 Days $ 405,336 - $ 405,336 1 to 30 Days $ 316,157 - $ 316,157	31 to 60 Days $ 43,157 (13,737) $ 29,420 31 to 60 Days $ 61,326 (4,243) $ 57,083 31 to 60 Days $ 22,902 (5,294) $ 17,608	61 to 365 Days Over 365 Days $ 32,193 $ 280,664 (896) (138,846) $ 31,297 $ 141,818 61 to 365 Days Over 365 Days $ 29,375 $ 291,306 (12,032) (145,109) $ 17,343 $ 146,197 61 to 365 Days Over 365 Days $ 120,943 $ 265,592 (6,216) (123,527) $ 114,727 $ 142,065	Total $ 16,882,222 (164,690) $ 16,717,532 Total $ 16,000,546 (169,519) $ 15,831,027 Total $ 13,580,995 (142,311) $ 13,438,684

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

Balance, beginning of period Reversal Effect of foreign currency exchange differences Balance, end of period		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 169,519 (4,892) 63 $ 164,690	2024 $ 142,389 (289) 211 $ 142,311

The Corporation and its subsidiary CHS entered into accounts receivable factoring agreements (without recourse) with Mega Bank and other financial institutions. Under the agreements, the Corporation and its subsidiary are empowered to sell accounts receivable to the banks upon the delivery of products to

20 -

customers and are required to complete related formalities at the next banking day.

For the three months ended March 31, 2025 and 2024, the related information for the Corporation and its subsidiary CHS’s sale of accounts receivable was as follows:

Counterparty For the Three Months Ended March31,2025 Mega Bank Bank of Taiwan Bank of Taiwan Taishin Bank CTBC Bank Mizuho Bank Mega Bank For the Three Months Ended March31,2024 Mega Bank Bank of Taiwan Bank of Taiwan Taishin Bank CTBC Bank Mizuho Bank Mega Bank Bank of Taiwan	Advances Received at Period - Beginning $ 793,739 401,855 235,668 2,392,118 1,121,942 14,708 161,929 $ 5,121,959 $ 983,565 370,934 265,937 2,668,013 824,245 16,783 85,722 1,791 $ 5,216,990	Receivables Sold $ 781,667 315,201 322,045 1,269,221 892,486 121,368 82,871 $ 3,784,859 $ 509,845 303,040 923,726 3,219,301 488,898 123,615 152,478 - $ 5,720,903	Amounts Collected by Bank $ 564,313 320,648 370,518 1,489,216 459,109 118,036 82,688 $ 3,404,528 $ 686,292 257,067 927,552 1,901,354 457,576 103,878 47,974 1,791 $ 4,383,484	Advances Received at Period - End Interest Rate on Advances Received (%) Credit Line $ 1,011,093 2.18-2.73 NT$9 billion 396,408 2.18-2.73 NT$2.1 billion 187,195 5.45-6.70 USD130,000 thousand 2,172,123 5.24-5.86 USD250,000 thousand 1,555,319 5.31-5.83 USD60,000 thousand 18,040 5.45-6.15 USD10,000 thousand 162,112 2.23 NT$485,000 thousand $ 5,502,290 $ 807,118 1.98-2.56 NT$9 billion 416,907 1.99-2.56 NT$2.1 billion 262,111 6.28-7.00 USD130,000 thousand 3,985,960 6.22-6.43 USD250,000 thousand 855,567 6.24-6.45 USD60,000 thousand 36,520 5.98-6.24 USD10,000 thousand 190,226 2.06 NT$485,000 thousand - - - $ 6,554,409

The subsidiary CSAC entered into accounts receivable factoring agreements with the bank. Under the agreements, if the accounts receivable cannot be received when due, the bank is empowered to demand payment of outstanding balances from CSAC. Therefore, the material risks and rewards of the accounts receivable have not been transferred from CSAC. All accounts receivable continue to be recognized and the transferred accounts receivable are used as collateral for borrowings. Refer to Note 31 for information relating to accounts receivable pledged as collateral.

The subsidiary CSPM entered into notes receivable discounting agreements with the bank. Under the agreements, if the notes receivable cannot be received when due, the bank is empowered to demand payment of outstanding balances from CSPM. Therefore, the material risks and rewards of the notes receivable have not been transferred from CSPM. All notes receivable continue to be recognized and the transferred notes receivable are used as collateral for borrowings. Refer to Note 31 for information relating to notes receivable pledged as collateral.

As of March 31, 2025, December 31, 2024 and March 31, 2024, the carrying amount of these accounts receivable and notes receivable that have been transferred but not derecognized were NT$218,472 thousand, NT$266,617 thousand and NT$387,078 thousand, respectively, and the carrying amount of the related short-term borrowings were NT$218,472 thousand, NT$266,617 thousand and NT$387,078 thousand, respectively.

21 -

11. INVENTORIES

Work in progress Finished goods Raw materials Supplies Inventory in transit Buildings and lands for sale and under construction Others	March 31, 2025 $ 31,433,908 25,211,633 26,673,623 12,794,342 10,999,277 367,937 965,479 $ 108,446,199	December 31, 2024 $ 28,236,837 27,961,260 25,014,366 13,048,523 12,307,349 305,790 808,830 $ 107,682,955	March 31, 2024 $ 30,758,077 31,300,061 28,471,598 14,082,185 16,567,926 261,789 1,041,281 $ 122,482,917

The costs of inventories recognized as operating costs for the three months ended March 31, 2025 and 2024 were NT$64,401,122 thousand and NT$77,110,053 thousand, respectively, including reversal of loss on inventories of NT$936,404 thousand and NT$66,024 thousand, respectively. Reversal of loss on inventory was due to the disappearance of the factors that previously caused the net realizable value of inventories to be lower than the cost.

12. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

Material associate 9404-5515 Québec Inc. Associates that are not individually material a. Material associate Name of Associate Nature of Activities 9404-5515 Québec Inc. Mineral Investment Ca	March 31, 2025 $ 8,679,270 5,889,175 $ 14,568,445 Principal Place of Business nada	December 31, 2024 March 31, 2024 $ 8,926,064 $ 8,826,821 5,779,930 5,684,959 $ 14,705,994 $ 14,511,780 Percentage of Ownership and Voting Rights (%) March 31, 2025 December 31, 2024 March 31, 2024 25 25 25	December 31, 2024 March 31, 2024 $ 8,926,064 $ 8,826,821 5,779,930 5,684,959 $ 14,705,994 $ 14,511,780 Percentage of Ownership and Voting Rights (%) March 31, 2025 December 31, 2024 March 31, 2024 25 25 25
		$

			March 31, 2025 December 31, 2024 March 31, 2024 25 25 25

The summarized financial information below represents amounts shown in the financial statements of 9404-5515 Québec Inc., which have been prepared in accordance with the IFRS Accounting Standards, and converted to the functional currency and adjusted for the purposes of applying the equity method.

Current assets Noncurrent assets Current liabilities Equity Equity attributable to the Corporation and its subsidiaries (carrying amount of the investment)	March 31, 2025 $ 531,948 36,524,880 (1,688,978) $ 35,367,850 $ 8,679,270	December 31, 2024 $ 1,813,424 36,063,589 (1,503,486) $ 36,373,527 $ 8,926,064	March 31, 2024 $ 1,638,497 35,200,374 (869,757) $ 35,969,114 $ 8,826,821

22 -

Net profit for the period Total comprehensive income for the period Dividends received from 9404-5515 Québec Inc. Comprehensive income attributable to the Corporation and its subsidiaries		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 300,165 $ 4,921 $ 429,071 $ 1,208	2024 $ 1,452,844 $ 3,119,384 $ - $ 765,497

b. Information about associates that are not individually material was as follows:

The Corporation and its subsidiaries’ share of Net profit (loss) for the period Other comprehensive income (loss) Total comprehensive income		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ (34,465) 141,950 $ 107,485	2024 $ 45,911 (39,061) $ 6,850

Fair values (Level 1) of investments in associates with available published price quotation are summarized as follows:

Chateau International Development Co., Ltd.	March 31, 2025 December 31, 2024 $ 680,813 $ 798,603	March 31, 2024 $ 1,212,126

Except for the investments in some companies, investments accounted for using equity method as of March 31, 2025 and 2024, and the share of profit or loss and other comprehensive income of associates for the three months ended March 31, 2025 and 2024, were calculated based on the reviewed financial statements. The Corporation’s management considered the use of unreviewed financial statements as acceptable and will not have material impact on both the investments and income accounted for using the equity method.

Refer to Table 7 “Information on Investees” for the nature of main business, principal place of business and countries of incorporation of associates that are not individually material.

13. OTHER FINANCIAL ASSETS

	March 31,	December 31,	March 31,
	2025	2024	2024
Current
Time deposits with original maturities of more
than 3 months	$ 12,052,500	$ 11,499,200	$ 10,032,043
Pledged time deposits (Note 31)	6,703,014	6,399,482	6,717,154

23 -

Pledged demand deposits(Note 31) Deposits for projects Noncurrent Pledged receivables (Note 31) Pledged time deposits (Note 31) Time deposits Deposits for projects	March 31, 2025 $ 300,000 74,890 $ 19,130,404 $ 2,000,000 286,838 631,999 10,525 $ 2,929,362	December 31, 2024 $ 300,000 76,985 $ 18,275,667 $ 2,000,000 299,805 731,295 10,304 $ 3,041,404	March 31, 2024 $ 300,000 95,042 $ 17,144,239 $ 2,000,000 307,509 523,290 - $ 2,830,799

Refer to Note 31 for information relating to other financial assets pledged as collateral.

14. PROPERTY, PLANT AND EQUIPMENT

Refer to Table 9 for the movements of property, plant and equipment for the three months ended March 31, 2025 and 2024.

Items of property, plant and equipment are depreciated on a straight-line basis over the following useful lives:

Land improvements 3-40 years Buildings Main structure 5-60 years Others 3-40 years Machinery and equipment Power equipment 3-25 years Process equipment 8-40 years Lifting equipment 5-25 years Others 2-30 years Transportation equipment Ship equipment 18 years Others 2-20 years Other equipment 2-35 years

The subsidiary CHS bought farmlands for warehousing at the Gangshan District in Kaohsiung City. However, certain regulations prohibit CHS from registering the title of these farmlands in CHS’s name; therefore, the registration was made in the name of an individual person. The individual person consented to fully cooperate with CHS in freely changing the land title to CHS or to other name under CHS’s instructions. Meanwhile, the land had been pledged to CHS as collateral. The above-mentioned farmlands had completed the change of its land category and registration of the title to CHS in 2024. As of March 31, 2024, the book value of the farmlands was NT$19,354 thousand, recorded as land.

Refer to Note 31 for the carrying amount of property, plant and equipment that had been pledged by the Corporation and its subsidiaries to secure borrowings.

24 -

15. LEASE ARRANGEMENTS

a. Right-of-use assets

March 31, 2025 Carrying amounts Land $ 11,503,650 Land improvements 141,051 Buildings 671,991 Machinery 37,094 Transportation equipment 103,923 Office equipment 2,158 Others 1,744 $ 12,461,611 Additions to right-of-use assets Depreciation charge for right-of-use assets Land Land improvements Buildings Machinery Transportation equipment Office equipment Others Lease liabilities March 31, 2025 Carrying amounts Current $ 1,014,668 Non-current 9,691,045 $ 10,705,713 Range of discount rate (%) for lease liabilities was as follows: March 31, 2025 Land 0.59-2.21 Land improvements 1.31-1.69		December 31, 2024 March 31, 2024 $ 11,644,775 $ 11,494,768 154,720 195,722 716,494 836,576 819 729 103,503 85,658 3,642 8,125 1,774 5,208 $ 12,625,727 $ 12,626,786 For the Three Months Ended March 31	December 31, 2024 March 31, 2024 $ 11,644,775 $ 11,494,768 154,720 195,722 716,494 836,576 819 729 103,503 85,658 3,642 8,125 1,774 5,208 $ 12,625,727 $ 12,626,786 For the Three Months Ended March 31

		2025 $ 155,852 $ 220,073 13,669 74,705 1,704 14,360 1,484 30 $ 326,025 December 31, 2024 $ 1,027,307 9,824,040 $ 10,851,347 December 31, 2024 0.59-2.21 1.31-1.69	2024 $ 375,633 $ 231,150 13,668 80,131 46,577 14,559 1,494 1,137 $ 388,716 March 31, 2024 $ 1,113,121 10,198,061 $ 11,311,182 March 31, 2024 0.56-2.21 1.31-1.74

b. Lease liabilities

25 -

	March 31,	December 31,	March 31,
	2025	2024	2024
Buildings	0.56-5.04	0.56-5.04	0.56-5.04
Machinery	0.59-1.80	0.59-1.78	0.57-1.74
Transportation equipment	0.59-2.08	0.36-2.08	0.36-2.08
Office equipment	0.59-0.95	0.59-0.95	0.59-5.77
Others	2.00-2.01	2.00-2.01	0.59-2.01

c. Material lease activities and terms

The Corporation leases land with a total of 261,207.62 square meter from Taiwan International Ports Corporation, Ltd. The rent is calculated by an annual rate of 5% based on the announced land value. The lease term started from January 2008 to December 2027.

The Corporation leases No. 101 berth in Kaohsiung Harbor from Taiwan International Ports Corporation, Ltd. for the use of cargo handling of raw materials, including coal and iron ore, as well as GBFS with a lease term started from December 2016 to December 2027.

The subsidiary DSC leases industrial land and port land from Taiwan International Ports Corporation, Ltd. Taichung branch for the use of cargo handling with a lease term started from December 2004 to November 2054. The rent is calculated based on leased portion of land times announced land value and tax rate of land value.

To expand its operation in central Taiwan, the subsidiary CHC rented land from Taiwan International Ports Corporation, Ltd. Taichung branch for 20 years, which is from January 1, 2007 to December 31, 2026. Rental cost consists of rent and fixed as well as floating operating royalties during operating period. Rental duration may be extended when due. Each extension is limited to no more than 20 years until such extension is not permitted. The conditions of the extension shall be negotiated when extended.

To expand storage of GBFS and mid to long-term utilization, the subsidiary CHC continued to rent several pieces of land in Taiwan International Ports Corporation, Ltd. Taichung branch with a lease period due on various dates through 2036. Rental duration may be extended when expired, with conditions of the extension to be negotiated.

Refer to Note 31 for the carrying amount of right-of-use assets that had been pledged by the Corporation and its subsidiaries to secure borrowings.

d. Other lease information

Expenses relating to short-term leases and low-value asset leases Expenses relating to variable leases payments not included in the measurement of lease liabilities Total cash outflow for leases		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 64,868 $ 358 $ (403,580)	2024 $ 65,902 $ 337 $ (476,634)

For land, buildings and some transportation equipment which qualify as short-term leases and office equipment which qualify as low-value asset leases, the Corporation and its subsidiaries have elected to apply the recognition exemption and thus did not recognize right-of-use assets and lease liabilities for these leases.

26 -

16. INVESTMENT PROPERTIES

For the three months ended March 31, 2025

Cost Balance at January 1, 2025 Additions Effect of foreign currency exchange differences Balance at March 31, 2025 Accumulated depreciationandimpairment Balance at January 1, 2025 Depreciation Effect of foreign currency exchange differences Balance at March 31, 2025 Carrying amount at December 31, 2024 Carrying amount at March 31, 2025 For the three months ended March 31, 2024 Cost Balance at January 1, 2024 Transfers from property, plant and equipment Effect of foreign currency exchange differences Balance at March 31, 2024 Accumulated depreciationandimpairment Balance at January 1, 2024 Depreciation Transfers from property, plant and equipment Effect of foreign currency exchange differences Balance at March 31, 2024 Carrying amount at March 31, 2024	Land $ 8,520,250 264,391 7,271 $ 8,791,912 $ 42,034 - - $ 42,034 $ 8,478,216 $ 8,749,878 Land $ 8,431,994 8,060 (3,238) $ 8,436,816 $ 42,034 - - - $ 42,034 $ 8,394,782	Buildings $ 2,897,813 - 16,449 $ 2,914,262 $ 1,340,130 11,658 5,833 $ 1,357,621 $ 1,557,683 $ 1,556,641 Buildings $ 2,595,926 3,635 (6,580) $ 2,592,981 $ 1,220,740 9,624 612 (1,456) $ 1,229,520 $ 1,363,461	Total $ 11,418,063 264,391 23,720 $ 11,706,174 $ 1,382,164 11,658 5,833 $ 1,399,655 $ 10,035,899 $ 10,306,519 Total $ 11,027,920 11,695 (9,818) $ 11,029,797 $ 1,262,774 9,624 612 (1,456) $ 1,271,554 $ 9,758,243

The above items of investment properties are depreciated on a straight-line basis over the following useful lives:

Buildings

7-60 years

27 -

The determination of fair value was performed by independent qualified professional valuers or the management of the Corporation and its subsidiaries, which used the valuation model that market participants would use in determining the fair value, and the fair value was measured using Level 3 inputs. The valuation was measured under the comparative approach, income approach, cost approach and land developing analysis approach similar to the transaction price of the real estate market. The significant unobservable inputs used include discount rates and depreciation rates. The fair value as appraised was as follows:

Fair value	March 31, 2025 $ 29,489,512	December 31, 2024 $ 29,206,353	March 31, 2024 $ 28,959,495

All of the Corporation and its subsidiaries’ investment properties are held under freehold interests. Refer to Note 31 for the carrying amount of the investment properties that had been pledged by the Corporation and its subsidiaries to secure borrowings.

17. BORROWINGS

a. Short-term borrowings and bank overdraft

Unsecured loans Bank overdraft (Note 31) Letters of credit and export bill loans Secured loans (Note 31) Range of interest rate (%) Short-term bills payable Commercial paper Less: Unamortized discounts Range of interest rate (%)	March 31, 2025 $ 33,024,286 4,819,393 2,403,083 468,471 $ 40,715,233 0.00-5.45 March 31, 2025 $ 26,081,000 33,739 $ 26,047,261 1.63-2.68	December 31, 2024 $ 29,635,211 2,762,910 3,504,839 266,617 $ 36,169,577 0.00-7.92 December 31, 2024 $ 25,640,000 31,767 $ 25,608,233 1.50-2.68	March 31, 2024 $ 26,858,973 3,684,649 2,649,918 514,420 $ 33,707,960 0.00-8.33 March 31, 2024 $ 71,177,000 110,894 $ 71,066,106 1.32-2.91

b. Short-term bills payable

The above commercial paper was secured by Ta Ching Bills Finance Corporation, China Bills Finance Corporation, Taiwan Finance Corporation, Mega Bills Finance Corporation, International Bills Finance Corporation, Grand Bills Finance Corporation, Dah Chung Bills Finance Corporation and Mizuho Bank, Ltd., Taiwan Cooperative Bills Finance Corporation, and Union Bank of Taiwan.

28 -

c. Long-term borrowings

Syndicated bank loans Mortgage loans (Note 31) Unsecured loans Less: Current portion Financial liabilities for hedging - current Financial liabilities for hedging - non-current Range of interest rate (%)	March 31, 2025 $ 44,554,147 5,160,999 34,379,620 84,094,766 4,377,765 1,001,593 - $ 78,715,408 0.86-6.28	December 31, 2024 $ 38,835,814 5,876,613 38,521,795 83,234,222 10,871,064 944,025 - $ 71,419,133 0.72-6.40	March 31, 2024 $ 31,098,071 5,924,405 24,983,078 62,005,554 3,936,014 - 951,221 $ 57,118,319 0.31-7.11

1) The subsidiary CSCI entered into a syndicated credit facility agreement with financial institutions for a US$105,000 thousand of credit line. Under the agreement, the Corporation should meet certain financial ratios and criteria based on its reviewed consolidated financial statements for the six months ended June 30 and audited consolidated annual financial statements. The loans had been repaid. CSCI entered into a syndicated credit facility agreement for a US$75,000 thousand of credit line in 2024. Under the agreement, the Corporation should meet certain financial ratios and criteria based on its reviewed consolidated financial statements for the six months ended June 30 and audited consolidated annual financial statements. The Corporation was in compliance with the syndicated credit facility agreement based on its audited consolidated financial statements for the years ended December 31, 2024 and 2023.
2) The subsidiary ZN entered into a syndicated credit facility agreement with financial institutions for a NT$45.55 billion and EUR$40,000 thousand of credit line. Under the agreement, the Corporation and ZN’s investors should hold ownerships directly and indirectly amounted to 51% and maintain more than half the total number of directors. As of March 31, 2025, the Corporation was in compliance with the syndicated credit facility agreement.
3) The subsidiary CHS entered into a syndicated credit facility agreement with financial institutions for a NT$ 6 billion of credit line. Under the agreement, CHS should meet certain financial ratios and criteria based on its audited consolidated annual financial statements. The subsidiary CHS was in compliance with the syndicated credit facility agreement based on its audited consolidated financial statements for the year ended December 31, 2024.

The above unsecured loans included those obtained by the Corporation in JPY to hedge the exchange rate fluctuations on equity investments, which were reclassified to financial liabilities for hedging (including current and noncurrent).

d. Long-term bills payable

Commercial paper Less: Unamortized discounts	March 31, 2025 $ 45,270,000 29,190 $ 45,240,810	December 31, 2024 $ 49,270,000 42,320 $ 49,227,680	March 31, 2024 $ 25,520,000 29,605 $ 25,490,395

29 -

	March 31,	December 31,	March 31,
	2025	2024	2024
Range of interest rate (%)	1.68-1.96	1.40-1.97	1.50-2.08

The Corporation and its subsidiaries entered into commercial paper contracts with bills finance corporations and banks. The duration of the contracts is two to five years which the Corporation and its subsidiaries only have to pay service fees and interests. Therefore, the Corporation and its subsidiaries recorded those commercial papers issued as long-term bills payable.

The above commercial paper was secured by Mega Bank and Agricultural Bank of Taiwan, etc.

18. BONDS PAYABLE

Unsecured domestic bonds (a) Secured domestic convertible bonds (b) Less: Issuance cost of bonds payable Current portion	March 31, 2025 $ 69,207,500 - 37,239 11,536,841	December 31, 2024 $ 67,707,500 - 36,348 13,536,337	March 31, 2024 $ 67,150,000 199,900 44,633 10,461,942

$ 57,633,420 $ 54,134,815 $ 56,843,325

a. The major terms of unsecured domestic bonds are as follows:

				Coupon Rate
Issuer	Issuance Period	Total Amount		(%)	Repayment and Interest Payment
The Corporation	May 2018 to May 2025	$	6,000,000	0.95	Repayable in May 2024 and May
					2025; interest payable annually
The Corporation	October 2018 to October		4,150,000	0.90	Repayable 25% in October 2024 and
	2025				75% in October 2025; interest
					payable annually
The Corporation	December 2020 to		1,600,000	0.39	Repayable in December 2024 and
	December 2025				December 2025; interest payable
					annually
The Corporation	July 2023 to July 2026		7,200,000	1.50	Repayable in July 2026; interest
					payable annually
The Corporation	December 2020 to		4,200,000	0.43	Repayable 70% in December 2026
	December 2027				and 30% in December 2027;
					interest payable annually
The Corporation	July 2023 to July 2028		3,800,000	1.57	Repayable in July 2027 and July
					2028; interest payable annually
The Corporation	July 2013 to July 2028		3,600,000	1.88	Repayable 30% in July 2026, 30% in
					July 2027 and 40% in July 2028;
					interest payable annually
The Corporation	August 2018 to August		5,600,000	1.10	Repayable in August 2027 and
	2028				August 2028; interest payable
					annually
The Corporation	October 2018 to October		2,250,000	1.05	Repayable in October 2027 and
	2028				October 2028; interest payable
					annually
The Corporation	January 2014 to January		9,000,000	2.15	Repayable 30% in January 2027, 30%
	2029				in January 2028 and 40% in
					January 2029; interest payable
					annually
The Corporation	May 2024 to May 2029		1,570,000	1.84	Repayable in May 2029; interest
					payable annually

30 -

					Coupon Rate
	Issuer	Issuance Period	Total Amount		(%)	Repayment and Interest Payment
DSC		June 2018 to June 2025	$	2,250,000	1.00	Repayable in June 2024 and June
						2025; interest payable annually
DSC		June 2020 to June 2025		5,000,000	0.73	Repayable in June 2024 and June
						2025; interest payable annually
DSC		June 2023 to June 2026		5,000,000	1.55	Repayable in June 2026; interest
						payable annually
DSC		December 2023 to		4,500,000	1.79	Repayable in December 2027 and
		December 2028				December 2028; interest payable
						annually
DSC		April 2024 to April 2029		4,400,000	1.72	Repayable in April 2028 and April
						2029; interest payable annually
DSC		August 2024 to August		3,050,000	2.25	Repayable in August 2028 and
		2029				August 2029; interest payable
						annually
DSC		January 2025 to January		3,500,000	2.19	Repayable in January 2029 and
		2030				January 2030; interest payable
						annually
CHS		March 2020 to March		2,000,000	0.78	Repayable in March 2025; interest
		2025				payable annually
CHS		September 2020 to		1,000,000	0.65	Repayable in September 2025;
		September 2025				interest payable annually

b. The major terms of secured domestic convertible bonds are as follows:

				Coupon Rate
Issuer	Issuance Period	Total	Amount	(%)	Repayment and Interest Payment
TTMC	March 2023 to March	$	200,000	0.00	Repayable in cash within 10 business
	2026				days after the maturity date at the
					face value of the bonds

The subsidiary, TTMC issued NT$200,000 thousand secured domestic convertible bonds at par in March 2023, the issuance period secured by Bank SinoPac is from March 2023 to March 2026. The creditors may request the bonds to be converted into TTMC’s ordinary shares in accordance with the terms of conversion after three months from the issue date. The creditors may request TTMC to redeem the bond in cash at 100.5006% of the par value (yield to put of 0.25% per annum) after two years from the issue date. The derivatives embedded in the bonds, including put options and redemption options were recognized separately from the host contract - corporate bonds as financial instruments at fair value through profit or loss (Note 7) and measured at fair value in accordance with IAS 32 and IFRS 9. As of March 31, 2025, December 31, 2024, and March 31, 2024, the convertible bonds with a par value NT$200,000 thousand, NT$200,000 thousand, and NT$100 thousand have been converted into 7,525 thousand, 7,525 thousand, and 3 thousand shares of ordinary shares, respectively.

19. ACCOUNTS PAYABLE (INCLUDING RELATED PARTIES)

Accounts payable includes advances received on construction contracts. Advances received on construction contracts bears no interests and are expected to be paid until the satisfaction of conditions specified in each contract for the payment of such amounts during retention periods, which were within the normal operating cycle of the Corporation and its subsidiaries, usually more than twelve months.

31 -

20. OTHER PAYABLES

Purchase of equipment Salaries and bonus Outsourced repair and construction Interest payable Compensation of employees and remuneration of directors Dividends payable Others	March 31, 2025 $ 8,968,157 4,474,609 846,145 725,807 413,822 370,654 8,312,327 $ 24,111,521	December 31, 2024 $ 9,506,173 7,180,961 780,120 624,371 290,458 372,387 8,194,124 $ 26,948,594	March 31, 2024 $ 2,748,924 4,455,298 634,478 597,719 474,146 366,510 8,958,584 $ 18,235,659

21. PROVISIONS

Current	March 31, 2025 December 31, 2024 $ 2,869,286 $ 2,359,280 1,521,960 1,146,208 $ 4,391,246 $ 3,505,488 $ 524,212 $ 519,856 632,867 629,543 478,838 480,295 $ 1,635,917 $ 1,629,694 Provision for Stabilization Funds Provision for Decommissioning Obligations Others $ 519,856 $ 629,543 $ 480,295 4,553 3,324 (2,281 ) (197 ) - (696 ) - - 1,520 $ 524,212 $ 632,867 $ 478,838 $ 560,513 $ - $ 387,403 6,308 - 4,369 (277 ) - (1,552 ) - - 1,018 $ 566,544 $ - $ 391,238	March 31, 2024 $ 4,849,904 1,168,999 $ 6,018,903 $ 566,544 - 391,238 $ 957,782 Total $ 5,135,182 899,815 (9,929 ) 2,095 $ 6,027,163 $ 7,158,122 (166,713 ) (16,678 ) 1,954 $ 6,976,685
Onerous contracts (a) Construction warranties (b) Noncurrent
		$
		$
Provision for stabilization funds (c) Provision for decommissioning obligations (d) Others Onerous Contracts Construction Warranties Balance at January 1, 2025 $ 2,359,280 $ 1,146,208 Recognized (reversal) 509,431 384,788 Paid - (9,036 ) Effect of foreign currency exchange differences 575 - Balance at March 31, 2025 $ 2,869,286 $ 1,521,960 Balance at January 1, 2024 $ 5,288,693 $ 921,513 Recognized (reversal) (439,725 ) 262,335 Paid - (14,849 ) Effect of foreign currency exchange differences 936 - Balance at March 31, 2024 $ 4,849,904 $ 1,168,999
		$

	$ 478,838
	$ 387,403 4,369 (1,552 ) 1,018
	$ 391,238

32 -
a. The provision for onerous contracts of the Corporation and its subsidiaries comes from the non-cancellable purchase contracts of which the provision amounts are measured using the difference between the unavoidable costs of meeting the contractual obligations and the economic benefits expected to be received from the contracts; and the non-cancellable construction contracts of which the provision amounts are measured using the difference between the expected unavoidable costs of meeting the contractual obligations and the economic benefits expected to be received from the contracts.
b. The provision for construction warranties represents the present value of management’s best estimate of the future outflow of economic benefits that will be required under the Corporation and its subsidiaries’ obligations for warranties. The estimate had been made on the basis of historical warranty trends.
c. The provision for stabilization funds represents the provision recognized in accordance with the build-operate-transfer contract by the subsidiary KRTC. The provision was used for capital demand due to force majeure, exceptional events, operating deficits, etc. The provision for stabilization funds was recognized based on increase in stabilization funds.
d. The provision for decommissioning obligations represents the subsidiary ZN’s obligation to restore the offshore land used for the construction and operation of its offshore wind farm in the waters off the coast of Changhua. This provision was recognized on the present value of the best estimate of the future outflow of economic benefits. The estimate will be reviewed regularly and adjusted according to the relevant regulations for the use of offshore land.

22. RETIREMENT BENEFIT PLANS

Employee benefit expenses in respect of the Corporation and its subsidiaries’ defined benefit retirement plans were calculated using the actuarially determined pension cost rate as of December 31, 2024 and 2023. An analysis by function of the amounts is as follows:

Operating costs Operating expenses Others		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 33,797 39,106 116 $ 73,019	2024 $ 81,133 46,195 207 $ 127,535

23. EQUITY

a. Share capital

Number of shares authorized (in thousands) Shares authorized	March 31, 2025 17,000,000 $ 170,000,000	December 31, 2024 17,000,000 $ 170,000,000	March 31, 2024 17,000,000
			$ 170,000,000

33 -

Number of shares issued and fully paid (in thousands) Ordinary shares (in thousands) Preference shares (in thousands) Shares issued Ordinary shares Preference shares	March 31, 2025 15,734,861 38,268 15,773,129 $ 157,348,610 382,680 $ 157,731,290	December 31, 2024 15,734,861 38,268 15,773,129 $ 157,348,610 382,680 $ 157,731,290	March 31, 2024 15,734,861 38,268
			15,773,129
			$ 157,348,610 382,680
			$ 157,731,290

1) Ordinary shares

Fully paid ordinary shares, which have a par value of NT$10, carry one vote per share and the right to dividends.

2) Preference shares

The Corporation’s Articles of preference shareholders have the following entitlements or rights:

a) 14% annual dividends, with dividend payments ahead of those to ordinary shareholders;
b) Preference over ordinary shares in future payment of dividends in arrears;
c) The sequence and percentage of appropriation of residual property are the same with ordinary shares;
d) The same rights as ordinary shareholders, except the right to vote for directors; and
e) Redeemable by the Corporation and convertible to ordinary shares by preference shareholders with the ratio of 1:1.
3) Overseas depositary receipts

In May 1992, February 1997, October 2003 and August 2011, the Corporation issued 126,512,550 units of GDR in the Europe, U.S., and Asia. The depositary receipts then increased by 6,924,354 units resulting from the capital increase out of retained earnings. Each unit represents 20 shares of the Corporation’s ordinary shares and the issued GDRs account for the Corporation’s ordinary shares totaling 2,668,738,370 shares (including 290 fractional shares). Under relevant regulations, the GDR holders may also request the conversion to the shares represented by the GDR. The foreign investors may also request the reissuance of such depositary receipts within the originally approved units. As of March 31, 2025, December 31, 2024 and March 31, 2024, the outstanding depositary receipts were 402,934 units, 413,493 units and 629,735 units, equivalent to 8,058,990 ordinary shares (including 310 fractional shares), 8,270,170 ordinary shares (including 310 fractional shares) and 12,595,010 ordinary shares (including 310 fractional shares), which represented 0.05%, 0.05% and 0.07% of all the outstanding ordinary shares, respectively.

34 -

b. Capital surplus

May be used to offset deficits, distribute cash or transfer to share capital (see 1 below) Additional paid-in capital Treasury share transactions Others May be used to offset deficits only Share of change in equity of subsidiaries (see 2 below) Share of change in equity of associates	March 31, 2025 $ 31,154,766 8,766,830 44,523 39,966,119 909,077 216,182 1,125,259 $ 41,091,378	December 31, 2024 $ 31,154,766 8,766,830 44,523 39,966,119 907,802 208,993 1,116,795 $ 41,082,914	March 31, 2024 $ 31,154,766 8,649,345 44,523 39,848,634 708,058 132,057 840,115 $ 40,688,749

1) The capital surplus could be used to offset a deficit and distribute as cash dividends or transfer to capital when the Corporation has no deficit (limited to a certain percentage of the Corporation’s paid-in capital and once a year).
2) The capital surplus included the share of change in equity of subsidiaries recognized without any actual acquisition or disposal of subsidiaries’ share by the Corporation or the adjustments to capital surplus of subsidiaries under equity method.
c. Retained earnings and dividend policy

The Corporation’s Articles of Incorporation provide that the annual net income, less any deficit, should be appropriated in the following order:

1) 10% as legal reserve;
2) Preference share dividends at 14% of par value;
3) Ordinary share dividends at no more than 14% of par value; and
4) The remainder, if any, as additional dividends divided equally between the holders of preference and ordinary shares.

The board of directors should propose the appropriation of earnings. If necessary, it may, after appropriating for preference shares dividends, propose to appropriate a special reserve or to retain certain earnings. These proposals should be submitted to the shareholders’ meeting for approval.

The Corporation’s steel business is in a phase of stable growth; thus, 75% or more of the appropriation for dividends should be in cash and 25% or less in shares.

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

Under Rule issued by the FSC and the directive titled “Questions and Answers for Special Reserves Appropriated Following Adoption of IFRS Accounting Standards”, the Corporation should appropriate

35 -

or reverse a special reserve. In addition, if the market price of the Corporation’s ordinary shares held by subsidiaries is lower than the carrying value of the Corporation’s shares held by subsidiaries, the Corporation should appropriate a special reserve equal to the difference between market price and carrying value multiplied by the percentage of ownership. Any special reserve appropriated may be reversed to the extent of the increase in valuation.

The appropriations of earnings for 2024 and 2023 had been proposed by the board of directors in February 2025 and approved in the shareholders’ meeting in June 2024, respectively. The appropriations and dividends per share were as follows:

Legal reserve Special reserve Preference shares Cash dividends Ordinary shares Cash dividends	Appropriation of Earnings For the Year Ended December 31 2024 2023 $ 315,770 $ 163,955 2,431,770 - 53,575 53,575 5,143,004 5,454,701		Dividend Per Share (NT$)	Dividend Per Share (NT$)
			2024 $ 1.40 $ 0.33	2023 $ 1.40 $ 0.35

The appropriations of earnings for 2024 are subject to the resolution of the shareholder’s meeting to be held in June 2025.

d. Special reserves

Balance, beginning of the period Reversal in respect of Disposal of property, plant and equipment Balance, end of the period Other equity items 1) Exchange differences on translating foreign operations Balance, beginning of the period Recognized during the period Exchange differences arising on translating the net assets of foreign operations Income tax relating to exchange differences arising on translating the net assets of foreign operations Share from accounted for using the equity method Other comprehensive income recognized in the period Balance, end of the period		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 2024 $ 26,912,231 $ 26,913,635 (115) (107) $ 26,912,116 $ 26,913,528 For the Three Months Ended March 31
		2025 $ (4,813,798) 892,840 (13,136) (43,723) 835,981 $ (3,977,817)	2024 $ (6,296,189) 592,533 (40,258) 386,725 939,000 $ (5,357,189)

e. Other equity items
36 -

2) Unrealized gains and losses on financial assets at fair value through other comprehensive income

Balance, beginning of the period Recognized during the period Unrealized gains and losses - equity instruments Unrealized gains and losses - debt instruments Income tax relating to unrealized gains and losses Share from accounted for using the equity method Other comprehensive income recognized in the period Cumulative unrealized gain or loss of equity instruments transferred to retained earnings due to disposal Balance, end of the period		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ (3,446,289) (74,247) 578 11,644 120,487 58,462 (340,164) $ (3,727,991)	2024 $ 273,982 822,269 718 505,566 (15,681) 1,312,872 (369,099) $ 1,217,755

3) Gains and losses on hedging instrument

Balance at January 1, 2025 Decrease in the period Balance at March 31, 2025 Balance at January 1, 2024 Increase in the period Balance at March 31, 2024 a) Cash flow hedges	Cash Flow Hedges $ 800,940 (72,858) $ 728,082 $ 551,623 383,095 $ 934,718	Fair Value Hedges Hedges of Net Investments in Foreign Operations $ 192,330 $ 3,788,786 (15,539) - $ 176,791 $ 3,788,786 $ 183,468 $ 3,788,786 6,920 - $ 190,388 $ 3,788,786	Total $ 4,782,056 (88,397) $ 4,693,659 $ 4,523,877 390,015 $ 4,913,892

Balance, beginning of the period Recognized during the period Foreign currency risk - foreign exchange forward contracts and hedging foreign currency deposits Interest rate risk - interest rate swap contracts Share from accounted for using the equity method Income tax effect		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 800,940 75,773 (206,472) (3,416) (16,564)	2024 $ 551,623 (10,745) 368,262 2,284 1,714

37 -

Reclassification adjustment Foreign currency risk - hedging foreign currency deposits Income rate risk-interest rate swap contracts Income tax effect Other comprehensive income (loss) recognized in the period Balance, end of the period b) Fair value hedges		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 57,755 31,617 (11,551) (72,858) $ 728,082	2024 $ 8,781 14,555 (1,756) 383,095 $ 934,718

Balance, beginning of the period Recognized during the period Foreign currency risk - foreign currency bank loans Balance, end of the period c) Hedges of net investments in foreign operations		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 192,330 (15,539) $ 176,791	2024 $ 183,468 6,920 $ 190,388

Balance, beginning / end of the period		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 3,788,786	2024 $ 3,788,786

f. Treasury shares

Purpose of Treasury Shares For the three months ended March 31, 2025 Shares transferred to employees Shares held by subsidiaries reclassified from investments accounted for using the equity method to treasury shares For the three months ended March 31, 2024 Shares transferred to employees Shares held by subsidiaries reclassified from investments accounted for using the equity method to treasury shares		Thousand Shares	Thousand Shares	Reduction - - - - - -		March 31	March 31
		Beginning of the Period 150,000 335,468 485,468 137,426 327,813 465,239	Additions - - - 12,574 - 12,574
						Thousand Shares 150,000 335,468 485,468 150,000 327,813 477,813	Book Value $ 3,898,320 9,025,153 $ 12,923,473 $ 3,898,320 8,830,392 $ 12,728,712

38 -

The Corporation’s shares held by subsidiaries for the purpose of investment are accounted for as treasury shares (subsidiaries recorded those shares as financial assets at fair value through other comprehensive income - current and financial assets at fair value through other comprehensive income - noncurrent) based on the percentage of ownership held by the Corporation. The Corporation’s shares held by more than 50%-owned subsidiaries are not allowed to participate in the Corporation’s capital increase in cash and have no voting rights; other rights are the same as other ordinary shareholders.

Refer to Table 3 for the Corporation’s shares held by subsidiaries as of March 31, 2025 were 524,286 thousand shares regardless of the percentage of ownership held by the Corporation. As of March 31, 2025, December 31, 2024 and March 31, 2024, the market values of the treasury shares calculated by combined holding percentage were NT$7,515,676 thousand, NT$6,593,383 thousand and NT$7,836,056 thousand, respectively.

In November 2023, the Corporation’s Board of Directors resolved to buy back 150,000 thousand shares of ordinary shares from the open market for transfer to employees. As of March 31, 2025, the actual buy back shares amounted to 150,000 thousand shares, with a payment of NT$3,898,320 thousand, which had not yet been transferred to employees.

Under the Securities and Exchange Act, the number of shares bought back may not exceed 10% of the total number of issued and outstanding shares of the Corporation. The total amount of the shares bought back may not exceed the amount of retained earnings plus premium on capital stock plus realized capital reserve. The shares bought back to transfer to employees shall be transferred within five years from the date of buyback. The shares not transferred within the announced time limit shall be deemed as not issued by the Corporation, and amendment registration shall be processed.

The shares bought back for transfer to employees shall not be pledged and have no rights to vote and receive dividends.

g. Non-controlling interests

Balance, beginning of the period

Attributable to non-controlling interests:
Share of net profit for the period
Other comprehensive income (loss) in the period
Exchange differences on translating foreign operations
Income tax relating to exchange differences on translating
foreign operations
Unrealized gains and losses on financial assets at fair value
through other comprehensive income
Income tax relating to unrealized gains and losses on
financial assets at fair value through other comprehensive
income
Gains and losses on hedging instrument
Income tax relating to gains and losses on hedging
instrument
Share of other comprehensive loss of associates accounted
for using the equity method
Non-controlling interests arising from capital increase of
subsidiaries
Dividend distributed by subsidiaries

For the Three Months
Ended March 31

2025
2024
$ 40,185,723 $ 36,485,008
570,607
490,965
212,487
320,891
(1,241)
(1,943)
(14,220)
(17,875)
-
12,182
(174,670)
365,106
(1,148)
(2,155)
(3,921)
(3,372)
300,860
573,300
(30,975)
-

39 -

Partial disposal of subsidiaries Others Balance, end of the period		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 8,016 (29,149) $ 41,022,369	2024 $ - 74,285 $ 38,296,392

24. OPERATING REVENUE

a. Contract balances

b.	Notes and accounts receivable (Note 10) Contract assets Construction contracts Retentions receivable Others Contract liabilities Construction contracts Sale of goods Sale of real estates Others Disaggregation of revenue For the three months ended March	March 31, 2025 $ 16,717,532	December 31, 2024 $ 15,829,837 $ 8,071,872 1,002,982 106,051 $ 9,180,905 $ 2,848,223 2,225,877 - 91,909 $ 5,166,009 Steel Department $ 61,430,962 1,249,217 $ 62,680,179	$	March 31, 2024 $ 13,438,684 $ 8,155,148 878,105 108,358 $ 9,141,611 $ 2,771,091 1,623,007 24,023 63,562 $ 4,481,683 Others 11,773,928 8,716,116 20,490,044	January 1, 2024 $ 12,891,681 $ 7,893,576 926,612 105,715 $ 8,925,903 $ 2,418,280 1,456,840 - 37,540 $ 3,912,660 Total $ 73,204,890 9,965,333 $ 83,170,223
		$ 7,578,358 926,620 99,586
		$ 8,604,564
		$ 3,335,587 2,171,746 - 79,146
		$ 5,586,479
				$

40 -

For the three months ended March 31, 2024

Type of goods or services Revenue from the sale of goods Construction contract, service and other revenue	Steel Department $ 73,818,240 1,302,886 $ 75,121,126	Others $ 12,210,978 6,421,812 $ 18,632,790	Total $ 86,029,218 7,724,698 $ 93,753,916

25. PROFIT BEFORE TAX

a. Interest income Bank deposits Others b. Other income Dividends income Rental income Others c. Other gains and losses Net foreign exchange gain Gain (loss) arising from financial assets at fair value through profit or loss Gain (loss) on disposal of property, plant and equipment Gain on disposal of investments Others		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 2024 $ 210,954 $ 210,206 47,334 44,280 $ 258,288 $ 254,486 For the Three Months Ended March 31
		2025 2024 $ 149,661 $ 566,222 45,699 40,514 201,509 156,980 $ 396,869 $ 763,716 For the Three Months Ended March 31
		2025 $ 310,269 33,255 32,440 5,635 (101,785) $ 279,814	2024 $ 351,129 (5,924) (98) 9,523 (136,892) $ 217,738

41 -

The components of net foreign exchange gain were as follows:

	For the Three Months Ended March 31	For the Three Months Ended March 31
	2025 2024 $ 551,033 $ 604,642 (240,764) (253,513) $ 310,269 $ 351,129 For the Three Months Ended March 31
2025 2024 $ 1,393,908 $ 1,246,097 147,906 327,864 $ 1,246,002 $ 918,233 For the Three Months Ended March 31

	2025 2024 $ 147,906 $ 327,864 1.53-3.09 1.38-3.59 For the Three Months Ended March 31
	2025 2024 $ - $ 28,811 $ - $ 28,811 For the Three Months Ended March 31
2025 $ 8,032,715 326,025 11,658 32,273 8,273 $ 8,410,944		2024 $ 7,535,763 388,716 9,624 38,036 7,798 $ 7,979,937

42 -

Analysis of depreciation by function Operating costs Operating expenses Others Analysis of amortization by function Operating costs Operating expenses		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 8,046,743 309,403 14,252 $ 8,370,398 $ 16,817 23,729 $ 40,546	2024 $ 7,612,142 310,383 11,578 $ 7,934,103 $ 20,079 25,755 $ 45,834

g. Employee benefits

Short-term employee benefits Salaries Labor and health insurance Others Post-employment benefits Defined contribution plans Defined benefit plans (Note 22) Termination benefits Analysis of employee benefits by function Operating costs Operating expenses Others		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 7,482,886 636,939 337,772 8,457,597 315,693 73,019 388,712 19,103 $ 8,865,412 $ 7,126,720 1,582,488 156,204 $ 8,865,412	2024 $ 7,456,052 626,611 358,959 8,441,622 301,520 127,535 429,055 4,449 $ 8,875,126 $ 7,145,023 1,605,103 125,000 $ 8,875,126

h. Compensation of employees and remuneration of directors

According to the Articles of Incorporation, the article stipulates the Corporation distributed compensation of employees and remuneration of directors at the rates no less than 0.1% and no higher than 0.15%, respectively, of the pre-tax profit prior to deducting compensation of employees and remuneration of directors.

The compensation of employees and remuneration of directors for the three months ended March 31, 2025 and 2024 were as follows:

43 -

Compensation of employees Remuneration of directors	For the Three Months Ended March 31
	2025 2024 $ 60,212 $ - 1,129 -

The appropriations of compensation of employees and remuneration of directors (all in cash) for 2024 and 2023 which had been approved by the Corporation’s board of directors in February 2025 and 2024, respectively, were as follows:

Compensation of employees Remuneration of directors	For the Year Ended December 31
	2024 2023 $ 2,853 $ 117,132 - 2,196

There is no difference between the amounts of compensation of employees and remuneration of directors approved in the board of directors and the amounts recognized in the financial statements for the years ended December 31, 2024 and 2023.

Information on the compensation of employees and remuneration of directors resolved by the board of directors are available on the Market Observation Post System website of the Taiwan Stock Exchange.

26. INCOME TAX

a. Income tax recognized in profit or loss

	For the Three Months Ended March 31	For the Three Months Ended March 31
$	2025 2024 586,429 $ 726,002 (10,507) 44,644 (265,977) (382,129) (5,541) (41,548) 304,404 $ 346,969 For the Three Months Ended March 31
$

	2025 $ 36 (36) $ -	2024 $ 33 (33) $ -

b. Income tax recognized directly in equity

44 -

c. Income tax benefit (expense) recognized in other comprehensive income

Deferred tax Current - translation of foreign operations Current - unrealized gains and losses on financial assets at fair value through other comprehensive income Current - fair value changes of cash flow hedges Fair value changes of hedging instruments in cash flow hedges transferred to adjust carrying amounts of hedged items		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ (14,377) 11,644 (16,966) (12,297) $ (31,996)	2024 $ (42,201) 517,748 1,058 (3,255) $ 473,350

d. Income tax assessments

The Corporation’s income tax returns through 2023 and the subsidiaries’ income tax returns through 2020 to 2023 have been assessed by the tax authorities, except for the Corporation’s income tax returns of 2021 and 2022 which have not yet been approved.

27. EARNINGS PER SHARE

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

Net profit for the period

Net profit for the period attributable to owners of the Corporation Less: Dividends on preference shares Net profit used in computation of basic earnings per share Add: Dividends on preference shares Net profit used in computation of diluted earnings per share Number of shares (in thousand shares)		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 243,215 13,394 229,821 - $ 229,821	2024 $ 640,613 13,394 627,219 - $ 627,219

Weighted average number of ordinary shares used in computation of basic earnings per share Effect of dilutive potential ordinary shares: Compensation of employees Convertible preference shares Weighted average number of ordinary shares used in computation of diluted earnings per share		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 15,249,393 2,765 - 15,252,158	2024 15,257,048 3,133 - 15,260,181

45 -

Preference shares were not included in the calculation of diluted earnings per share for the three months ended March 31, 2025 and 2024 because of their anti-dilutive effect.

Since the Corporation offered to settle the compensation paid to employees in cash or shares, the Corporation assumed the entire amount of the compensation will be settled in shares and the resulting potential shares were included in the weighted average number of shares outstanding used in the computation of diluted earnings per share, as the effect is dilutive. Such dilutive effect of the potential shares is included in the computation of diluted earnings per share until the number of shares to be distributed to employees is resolved in the following year.

28. CAPITAL MANAGEMENT

The management of the Corporation and its subsidiaries optimized the balances of working capital, debt and equity as well as the related cost through monitoring the Corporation and its subsidiaries’ capital structure and capital demand by reviewing quantitative data and considering industry characteristics, domestic and international economic environment, interest rate fluctuation, strategies for development, etc.

29. FINANCIAL INSTRUMENTS

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

The Corporation and its subsidiaries believe the carrying amounts of financial instruments, including cash and cash equivalents, receivables and payables recognized in the consolidated financial statements approximated their fair values.

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

March31,2025 Financial assets at fair value through profit or loss Mutual funds Unlisted shares Emerging market shares Listed shares Corporate bonds Convertible bonds Subordinated debt Exchange traded notes Financial liabilities at fair value through profit or loss Foreign exchange forward contracts	Level 1 $ 4,120,815 - - 87,610 17,081 238,056 50,000 10,189 $ 4,523,751 $ -	Level 2 $ - - - - - - - - $ - $ 2,958	Level 3 $ 12,820 802,211 58,030 - - - - - $ 873,061 $ -	Total $ 4,133,635 802,211 58,030 87,610 17,081 238,056 50,000 10,189
				$ 5,396,812
				$ 2,958

46 -

Financial assets at fair value through other comprehensive income Foreign unlisted shares and certificate of entitlement Domestic listed shares Domestic emerging market shares and unlisted shares Foreign listed shares Corporate bonds Subordinated debt Financial assets for hedging Interest rate swap contracts Foreign exchange forward contracts Future contracts Financial liabilities for hedging Foreign exchange forward contracts December31,2024 Financial assets at fair value through profit or loss Mutual funds Unlisted shares Emerging market shares Listed shares Corporate bonds Convertible bonds Convertible bonds call options and put options, net Subordinated debt Financial liabilities at fair value through profit or loss Foreign exchange forward contracts Financial assets at fair value through other comprehensive income Foreign unlisted shares and certificate of entitlement Domestic listed shares	Level 1 $ - 17,559,588 - 2,813,653 35,623 48,013 $ 20,456,877 $ - - - $ - $ - $ 3,941,496 - - 108,063 16,604 82,103 - 50,000 $ 4,198,266 $ - $ - 18,492,342	Level 2 $ - - - - - - $ - $ 1,189,472 116,630 12,172 $ 1,318,274 $ 4,912 $ - - - - - - - - $ - $ 1,055 $ - -	Level 3 $ 31,200,187 - 3,075,293 - - - $ 34,275,480 $ - - - $ - $ - $ 12,415 765,759 78,359 - - - - - $ 856,533 $ - $ 30,983,887 -	Total $ 31,200,187 17,559,588 3,075,293 2,813,653 35,623 48,013
				$ 54,732,357
				$ 1,189,472 116,630 12,172
				$ 1,318,274
				$ 4,912
				$ 3,953,911 765,759 78,359 108,063 16,604 82,103 - 50,000
				$ 5,054,799
				$ 1,055
				$ 30,983,887 18,492,342

47 -

Domestic emerging market shares and unlisted shares Foreign listed shares Corporate bonds Subordinated debt Financial assets for hedging Interest rate swap contracts Foreign exchange forward contracts Financial liabilities for hedging Foreign exchange forward contracts March31,2024 Financial assets at fair value through profit or loss Mutual funds Unlisted shares Emerging market shares Listed shares Corporate bonds Convertible bonds Convertible bonds call options and put options, net Subordinated debt Financial liabilities at fair value through profit or loss Foreign exchange forward contracts Financial assets at fair value through other comprehensive income Foreign unlisted shares and certificate of entitlement Domestic listed shares Domestic emerging market shares and unlisted shares Foreign listed shares Corporate bonds	Level 1 $ - 2,581,581 35,012 46,683 $ 21,155,618 $ - - $ - $ - $ 3,086,473 - - 166,199 16,304 75,545 - 50,000 $ 3,394,521 $ - $ - 17,831,784 - 2,870,735 212,146 $ 20,914,665	Level 2 $ - - - - $ - $ 1,532,325 131,027 $ 1,663,352 $ 7,527 $ - - - - - - - - $ - $ 1,248 $ - - - - - $ -	Level 3 $ 3,264,947 - - - $ 34,248,834 $ - - $ - $ - $ - 740,973 100,021 - - - 640 - $ 841,634 $ - $ 35,511,954 - 3,260,994 - - $ 38,772,948	Total $ 3,264,947 2,581,581 35,012 46,683
				$ 55,404,452
				$ 1,532,325 131,027
				$ 1,663,352
				$ 7,527
				$ 3,086,473 740,973 100,021 166,199 16,304 75,545 640 50,000
				$ 4,236,155
				$ 1,248
				$ 35,511,954 17,831,784 3,260,994 2,870,735 212,146
				$ 59,687,613

48 -

Financial assets for hedging Interest rate swap contracts Foreign exchange forward contracts Future contracts Financial liabilities for hedging Foreign exchange forward contracts	Level 1 $ - - - $ - $ -	Level 2 $ 1,342,111 508,917 15,753 $ 1,866,781 $ 4,294	Level 3 $ - - - $ - $ -	Total $ 1,342,111 508,917 15,753
				$ 1,866,781
				$ 4,294

There was no transfer between Level 1 and Level 2 for the three months ended March 31, 2025 and 2024.

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

For the three months ended March 31, 2025

Financial Assets
at Fair Value
Through
Profit or Loss
Financial Assets
at Fair Value
Through Other
Comprehensive
Income
Financial Assets
Balance, beginning of the period
$ 856,533 $ 34,248,834
Recognized in profit or loss
49,852
-
Recognized in other comprehensive
income (loss)
-
22,475
Purchases
3,829
25,912
Transfer out of Level 3
-
(72,522)
Disposals
(37,153)
(57,645)
Effect of foreign currency exchange
differences

-

108,426

Balance, end of the period
$ 873,061
$ 34,275,480

Total
$ 35,105,367

49,852
22,475

29,741

(72,522)

(94,798)

108,426
$ 35,148,541

For the three months ended March 31, 2024

			Financial Assets
	Financial Assets		at Fair Value
	at	Fair Value	Through Other
		Through	Comprehensive
	Profit or Loss		Income	Total
Financial Assets
Balance, beginning of the period	$	898,519	$ 38,364,398	$ 39,262,917
Recognized in profit or loss		(41,154)	-	(41,154)
Recognized in other comprehensive
income (loss)		-	524,483	524,483

49 -

Financial Assets at Fair Value Through Profit or Loss Financial Assets at Fair Value Through Other Comprehensive Income Purchases $ 5,498 $ 42,278 Transfer out of Level 3 - (35,189) Disposals (21,229) (69,359) Reduction of capital cash return - (70,652) Effect of foreign currency exchange differences - 16,989 Balance, end of the period $ 841,634 $ 38,772,948	Total $ 47,776 (35,189) (90,588) (70,652) 16,989 $ 39,614,582

3) Valuation techniques and inputs applied for the purpose of measuring Level 2 fair value measurement

Financial Instrument Valuation Techniques and Inputs

Derivative instruments

  - A discounted cash flow analysis was performed by using the applicable yield curve for the duration of the instruments for non-option derivatives, and option pricing models for option derivatives. The estimates and assumptions used by the Corporation and its subsidiaries were consistent with those that market participants would use in setting a price for the financial instrument.

4) Valuation techniques and inputs applied for the purpose of measuring Level 3 fair value measurement
a) For emerging market shares, fair values were estimated on the basis of the closing price and liquidity.
b) For domestic unlisted shares, some foreign unlisted shares and certificate of entitlement, fair values were determined based on industry types or valuations of similar companies and operations.
c) For other foreign unlisted shares, fair values were measured under income approach and calculated by the present value of the expected returns by using a discounted cash flow model. Significant unobservable inputs were as follows; if the long-term pre-tax operating income rate increased or discount rate decreased, the fair value of the investments would increase.

	March 31,	December 31,	March 31,
	2025	2024	2024
Long-term pre-tax operating income	12.52	12.24	9.26
rate (%)
Discount rate (%)	10.82	10.82	9.79

If the below input to the valuation model was changed to reflect reasonably possible alternative assumptions while all other variables were held constant, the fair value of the equity investment would increase (decrease) as follows:

50 -

Long-term pre-tax operating income rate Increase 1% Decrease 1% Discount rate Increase 1% Decrease 1%	March 31, 2025 December 31, 2024 $ 222,719 $ 212,514 $ (222,719) $ (212,514) $ (283,203) $ (275,039) $ 357,605 $ 347,455	March 31, 2024 $ 228,370 $ (228,370) $ (248,211) $ 322,431

d) For parts of foreign unlisted shares, their fair values were measured under the market approach. In particular significant unobservable inputs included discount for lack of marketability and control premium. If discount for lack of marketability decreased or control premium increased, the fair values of the investments would increase.
e) Derivative financial instruments - convertible bonds were determined using the binomial option pricing model, where the unobservable input is stock market volatility, risk-free interest rate, discount rate and liquidity risk.
f) For parts of mutual funds, their fair values were estimated on the carrying amount of the company’s net assets.
c. Categories of financial instruments

		March 31,	December 31,	December 31,	March 31,
		2025		2024	2024
Financialassets
Financial assets at fair value through profit or
loss	$	5,396,812	$	5,054,799 $	4,236,155
Financial assets for hedging		3,646,816		4,931,997	6,179,570
Financial assets at amortized cost 1)		59,329,375		57,447,574	55,289,800
Financial assets at fair value through other
comprehensive income		54,732,357		55,404,452	59,687,613
Financial liabilities
Financial liabilities at fair value through
profit or loss		2,958		1,055	1,248
Financial liabilities for hedging		1,082,917		1,120,637	1,037,586
Financial liabilities at amortized cost 2)		307,084,997		308,634,381	297,851,518

1) The balances include financial assets measured at amortized cost, which comprise cash and cash equivalents, notes and accounts receivable (including related parties), other receivables, financial assets at amortized cost - noncurrent, refundable deposits and other financial assets.
2) The balances include financial liabilities measured at amortized cost, which comprise short-term borrowings and bank overdraft, short-term bills payable, notes and accounts payable (including related parties), other payables, refund liabilities, bonds payable, long-term bank borrowings, long-term bills payable and deposits received.
51 -
d. Financial risk management objectives and policies

The Corporation and its subsidiaries place great emphasis on financial risk management. By tracking and managing the market risk, credit risk, and liquidity risk efficiently, the management ensured that the Corporation and its subsidiaries were equipped with sufficient and cost-efficient working capital, which reduced financial uncertainty that may have adverse effects on the operations.

The significant financial activities of the Corporation and its subsidiaries are reviewed by the board of directors in accordance with relevant regulations and internal controls. The finance department follows the accountability and related financial risk control procedures required by the Corporation and its subsidiaries for executing financial projects. Compliance with policies and exposure limits is continually reviewed by the internal auditors. The Corporation and its subsidiaries did not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

1) Market risk
a) Foreign currency risk

The Corporation and its subsidiaries were exposed to foreign currency risk due to sales, purchases, capital expenditures and equity investments denominated in foreign currencies. Exchange rate exposures were managed within approved policy parameters utilizing foreign exchange forward contracts, foreign deposits or foreign borrowings.

The carrying amounts of the significant non-functional currency monetary assets and liabilities (including those eliminated on consolidation) at the balance sheet date were referred to Note 34.

The Corporation and its subsidiaries were mainly exposed to the currencies USD and CNY. The following table details the sensitivity to a 1% increase in the functional currencies against the relevant foreign currencies.

Pre-tax profit or (loss) Equity	USD Impact For the Three Months Ended March 31 2025 2024 $ 68,002 $ 57,561 i (1,933) (5,715) ii	CNY Impact
		For the Three Months Ended March 31
		2025 2024 $ (2,724) $ (4,952) i (2,975) (5,467) ii

i. These were mainly attributable to the exposure of bank deposits, receivables, payables and borrowings which were not hedged at the balance sheet date.
ii. These were attributable to financial assets for hedging that were designated as hedging instruments in cash flow hedges.

In management’s opinion, the sensitivity analysis was unrepresentative of the inherent foreign exchange risk because the exposure at the balance sheet date did not reflect the exposure during the period.

Hedge accounting

The Corporation and its subsidiaries’ hedging strategies were as follows:

i. The Corporation and its subsidiaries’ hedging strategy is to enter into foreign exchange forward contracts and purchase foreign currency to hedge. Those transactions are designated as cash flow hedges.
52 -
ii. The Corporation has designated certain long term foreign currency borrowing as a hedge to manage its foreign currency risk:
i) Currency risks on foreign equity investments are accounted for as fair value hedge. Changes in the fair value of hedging instruments are recognized, based on the nature of hedged items, either in other gains or losses or other comprehensive income. The Corporation performs assessment of hedging effectiveness and it expects that the value of foreign currency borrowing and the value of the foreign equity investment will systematically change in opposite direction in response to movements in the underlying exchange rates.
ii) Foreign currency risk on investments in foreign operations is managed by using foreign currency borrowing as a hedge instrument to hedge the investments.

The following tables summarize the information relating to the hedges of foreign currency risk.

March 31, 2025

Hedging Instruments/
Line Item in
Hedged Items
Balance Sheet
Cash flow hedge
Foreign exchange forward
contracts/Forecast
purchases, construction
contracts and raw materials
Financial
assets/liabilities for
hedging
Hedging foreign currency
deposits/Forecast purchases,
construction contracts and
raw materials
Financial assets for
hedging
Fair value hedge
Foreign exchange forward
contracts/Payables for raw
materials
Financial liabilities
for hedging
Foreign currency bank
borrowings/Financial assets
at FVTOCI
Financial liabilities
for hedging
Foreign currency bank
borrowings/Financial assets
at FVTPL
Financial liabilities
for hedging
Net investment hedge in foreign
operations
Foreign currency bank
borrowings/Investment in
foreign operations
-

Carrying Amount

Asset
Liability
$ 116,630
$ 1,925
2,328,542
-
-
2,987
-
270,358
-
731,235
-
-

53 -

Change in Fair Value of Hedging Instruments Used for Calculating Change in Fair Value of Hedged Items Used for Calculating Balance in Other Equity Fair Value Hedge - Hedged Items’ Carrying Fair Value Hedge - Accumulated Amount of Fair Value Hedge Hedging Instruments/ Hedge Hedge Continuing Discounting Amount Adjustments Hedged Items Ineffectiveness Ineffectiveness Hedges Hedges Asset Asset Cash flow hedge Foreign exchange forward contracts/Forecast purchases, construction contracts and raw materials $ (8,795) $ 8,795 $ 114,705 $ - NA NA Hedging foreign currency deposits/Forecast purchases, construction contracts and raw materials 135,651 (135,651) 33,869 - NA NA Fair value hedge Foreign exchange forward contracts/Payables for raw materials (1,723) 1,723 NA NA $ - $ - Foreign currency bank borrowings/Financial assets at FVTOCI (15,539) 15,386 87,871 88,920 496,176 (78,146) Foreign currency bank borrowings/Financial assets at FVTPL (42,029) 42,662 NA NA 689,200 (276,035) Net investment hedge in foreign operations Foreign currency bank borrowings/Investment in foreign operations - - - 3,788,786 NA NA March 31, 2024 Hedging Instruments/ Line Item in Carrying Amount Hedged Items Balance Sheet Asset Liability Cash flow hedge Foreign exchange forward contracts/Forecast purchases, construction contracts and raw materials Financial assets/liabilities for hedging $ 508,546 $ 4,294 Hedging foreign currency deposits/Forecast purchases, construction contracts and raw materials Financial assets for hedging 4,312,789 - Fair value hedge Foreign exchange forward contracts/Payables for raw materials Financial assets for hedging 371 - Foreign currency bank borrowings/Financial assets at FVTOCI Financial liabilities for hedging - 256,761 Foreign currency bank borrowings/Financial assets at FVTPL Financial liabilities for hedging - 694,460	Balance in Other Equity	Balance in Other Equity	Fair Value Hedge - Hedged Items’ Carrying Amount	Fair Value Hedge - Accumulated Amount of Fair Value Hedge Adjustments
		Asset Liability $ 508,546 $ 4,294 4,312,789 - 371 - - 256,761 - 694,460

54 -

Hedging Instruments/ Line Item in Carrying Amount Hedged Items Balance Sheet Asset Liability Net investment hedge in foreign operations Foreign currency bank - - - borrowings/Investment in foreign operations

Change in Fair Value of Hedging Instruments Used for Calculating Change in Fair Value of Hedged Items Used for Calculating Hedging Instruments/ Hedge Hedge Hedged Items Ineffectiveness Ineffectiveness Cash flow hedge Foreign exchange forward contracts/Forecast purchases, construction contracts and raw materials $ 27,888 $ (27,888) Hedging foreign currency deposits/Forecast purchases, construction contracts and raw materials (32,550) 32,550 Fair value hedge Foreign exchange forward contracts/Payables for raw materials 84 (84) Foreign currency bank borrowings/Financial assets at FVTOCI 6,920 (6,851) Foreign currency bank borrowings/Financial assets at FVTPL 18,716 (18,998) Net investment hedge in foreign operations Foreign currency bank borrowings/Investment in foreign operations - -	Balance in Other Equity	Fair Value Hedge - Hedged Items’ Carrying Amount	Fair Value Hedge - Accumulated Amount of Fair Value Hedge Adjustments
	Continuing Discounting Hedges Hedges $ 504,251 $ - (89,438) - NA NA 101,468 88,920 NA NA - 3,788,786
		Asset NA NA $ - 386,199 642,722 NA	Asset NA NA $ - (91,608) (313,364) NA

For the three months ended March 31, 2025

Effect on Comprehensive Income (Loss) Hedging Gains (Losses) Recognized in OCI Amount of Hedge Ineffectiveness Recognized in P/L Line Item in Which Hedge Ineffec - tiveness is Included Cash flow hedge $ 126,856 $ - -	Amount Reclassified to P/L and the Adjusted Line Item
	Due to Hedged Item Affecting P/L Due to Hedged Future Cash Flows No Longer Expected to Occur $ - $ -

For the three months ended March 31, 2024

Effect on Comprehensive Income (Loss) Hedging Gains (Losses) Recognized in OCI Amount of Hedge Ineffectiveness Recognized in P/L Line Item in Which Hedge Ineffec - tiveness is Included Cash flow hedge $ (4,662 ) $ - -	Amount Reclassified to P/L and the Adjusted Line Item
	Due to Hedged Item Affecting P/L Due to Hedged Future Cash Flows No Longer Expected to Occur $ - $ -

55 -

The outstanding foreign exchange forward contracts of the Corporation and its subsidiaries at the balance sheet date were as follows:

		Period for Generating
		Cash Flows and Maturity	Contract Amount
	Currency	Date	(In Thousands)
March31,2025
Buy	NTD/USD	2025.04-2026.08	NTD502,066/USD17,147
Buy	NTD/JPY	2025.04-2025.12	NTD25,446/JPY115,371
Buy	NTD/EUR	2025.04-2026.08	NTD859,444/EUR25,402
Buy	NTD/CNY	2025.04-2026.01	NTD255,644/CNY56,811
Buy	INR/USD	2025.04	INR636,327/USD7,348
Sell	USD/NTD	2025.07	USD63/NTD1,963
December31,2024
Buy	NTD/USD	2025.01-2026.08	NTD1,554,925/USD49,914
Buy	NTD/JPY	2025.01-2025.08	NTD132,520/JPY599,077
Buy	NTD/EUR	2025.01-2026.08	NTD462,941/EUR13,660
Buy	NTD/CNY	2025.01-2025.10	NTD242,874/CNY54,339
Sell	USD/NTD	2025.07	USD63/NTD1,963
March31,2024
Buy	NTD/USD	2024.04-2026.08	NTD2,436,496/USD85,523
Buy	NTD/JPY	2024.07-2025.08	NTD133,322/JPY603,543
Buy	NTD/EUR	2024.04-2026.08	NTD4,069,141/EUR126,447
Buy	NTD/CNY	2024.04-2025.03	NTD213,391/CNY48,977
Buy	INR/USD	2024.04	INR197,892/USD2,384
Sell	USD/NTD	2024.05-2024.06	USD2,145/NTD67,610

b) Interest rate risk

The Corporation and its subsidiaries were exposed to interest rate risk because the Corporation and its subsidiaries borrowed funds at both fixed and floating interest rates. The risk is managed by the Corporation and its subsidiaries by maintaining an appropriate mix of fixed and floating rate borrowings and using interest rate swap contracts.

The carrying amounts of the Corporation and its subsidiaries’ financial liabilities with exposure to interest rates at the balance sheet date were as follows:

	March 31,	December 31,	March 31,
	2025	2024	2024
Fair value interest rate risk
Financial liabilities	$ 105,923,235	$ 104,130,732	$ 149,682,555
Cash flow interest rate risk
Financial liabilities	170,050,809	168,631,479	121,203,909

If interest rates had been 1% higher/lower and all other variables were held constant, the Corporation and its subsidiaries’ pre-tax profit for the three months ended March 31, 2025 and 2024 would have been lower/higher by NT$425,127 thousand and NT$303,010 thousand, respectively.

56 -

Hedge accounting

A subsidiary entered into interest rate swap contracts to mitigate the risk of changes in interest rates on cash flow exposure related to its outstanding variable rate debt. Interest rate swaps are settled on a quarterly basis. The floating rate on interest rate swaps is the local interbank rate of Taipei. The subsidiary will settle the difference between the fixed and floating interest rates on a net basis.

The following tables summarize the information relating to the hedges for interest rate risk:

March 31, 2025

					Range of		Range of
Hedging Instrument/		Notional			Interest Rates	Interest Rates
Hedged Item		Amount		Maturity	Paid (%)	Received (%)
Cash flow hedge
Interest rate swap	$ 41,250,000			2031.12	0.994		1.68
contracts/Expected
bank interest
Hedging Instrument/		Line Item in			Carrying	Amount
Hedged Item		Balance Sheet			Asset	Liability
Cash flow hedge
Interest rate swap		Financial assets for			$ 1,189,472	$	-
contracts/Expected bank		hedging
interest
	Change in Fair
		Value of	Change in Fair
		Hedging		Value of
	Instruments		Hedged Items
		Used for		Used for
		Calculating	Calculating		Balance in	Other Equity
Hedging Instrument/		Hedge		Hedge	Continuing	Discontinuing
Hedged Item	Ineffectiveness		Ineffectiveness		Hedges		Hedges
Cash flow hedge
Interest rate swap	$ (342,853)		$	342,853	$ 1,189,472	$	-
contracts/Expected
bank interest
March 31, 2024
					Range of		Range of
Hedging Instrument/		Notional			Interest Rates	Interest Rates
Hedged Item		Amount		Maturity	Paid (%)	Received (%)
Cash flow hedge
Interest rate swap	$ 41,250,000			2031.12	0.994		1.49
contracts/Expected
bank interest

57 -

Hedging Instrument/	Hedging Instrument/	Line Item in	Line Item in		Carrying Amount	Carrying Amount	Carrying Amount
Hedged Item		Balance Sheet			Asset	Liability
Cash flow hedge
Interest rate swap		Financial assets for		$	1,342,111 $		-
contracts/Expected bank		hedging
interest
	Change in Fair
		Value of	Change in Fair
		Hedging	Value of
	Instruments		Hedged Items
		Used for	Used for
	Calculating		Calculating		Balance inOther Equity
Hedging Instrument/		Hedge	Hedge		Continuing Discontinuing
Hedged Item	Ineffectiveness		Ineffectiveness		Hedges		Hedges
Cash flow hedge
Interest rate swap	$	750,621	$ (750,621)		$ 1,342,111	$	-
contracts/Expected
bank interest

c) Other price risk

The Corporation and its subsidiaries were exposed to equity price risk through their investments in mutual funds and listed shares.

If equity prices had been 1% lower/higher, the pre-tax profit or loss for the three months ended March 31, 2025 and 2024 would have been lower/higher by NT$42,084 thousand and NT$32,527 thousand, respectively, as a result of the fair value changes of financial assets at fair value through profit or loss, and the other comprehensive income for the three months ended March 31, 2025 and 2024 would have been lower/higher by NT$203,732 thousand and NT$207,025 thousand, respectively, as a result of the changes in fair value of financial assets at fair value through other comprehensive income.

Hedge accounting

A subsidiary minimizes its fair value exposures of financial liabilities to price fluctuations of precious metals by entering into precious metals borrowing contracts and minimizes its fair value of inventory exposures to price fluctuations of precious metals by entering into precious metals futures contracts. The fair value of the precious metals borrowing transactions at the end of the reporting period is determined by the price of the precious metals. The fair value of the precious metals futures transactions at the end of the reporting period is estimated based on the spot position of the underlying assets linked to the held derivative instruments.

The terms of the precious metals borrowing contracts and precious metals futures contracts matched the terms of financial liabilities. The subsidiary performs a qualitative assessment of effectiveness and it expects that the value of the precious metals borrowing contracts and precious metals futures contracts and the value of the corresponding hedged items will systematically change in the opposite direction in response to movements in the underlying prices. The source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the subsidiary’s own credit risk on the fair value of the precious metals borrowing contracts and precious metals futures contracts, which is not reflected in the fair value of the hedged item attributable to the change in prices. No other sources of ineffectiveness are expected to emerge from these hedging relationships.

58 -

The following tables summarize the information relating to the hedges of other price risk.

March 31, 2025

C Hedging Instruments A Fair value hedge Precious metals borrowing contracts $ Sell futures contracts - Silver Sell futures contracts - Silver Hedged Items Fair value hedge Inventory - borrowings contracts Inventory - futures contracts March 31, 2024 C Hedging Instruments A Fair value hedge Precious metals borrowing contracts $ Sell futures contracts - Silver Sell futures contracts - Silver Hedged Items Fair value hedge Inventory - borrowings contracts Inventory - futures contracts	ontract mount Maturity 76,412 - 54,705 2025.05 54,600 2025.02 Carrying Amount Asset $ 76,412 52,918 ontract mount Maturity 82,071 - 66,658 2024.05 70,788 2024.03 Carrying Amount Asset $ 82,071 68,716	Change in Fair Value of Hedging Instruments Used for Line Item in Carrying Amount Calculating Hedge Balance Sheet Asset/Liability Ineffectiveness Financial liabilities for hedging $ 76,412 $ - Financial assets for hedging 12,172 (4,065 ) Financial assets for hedging - 393 Accumulated Amount of Fair Value Hedge Adjustments Change in Fair Value of Hedged Items Used for Calculating Hedge Asset Ineffectiveness $ - $ - 5,362 5,362 Change in Fair Value of Hedging Instruments Used for Line Item in Carrying Amount Calculating Hedge Balance Sheet Asset/Liability Ineffectiveness Financial liabilities for hedging $ 82,071 $ - Financial assets for hedging 15,753 (3,484 ) Financial assets for hedging - 3,581 Accumulated Amount of Fair Value Hedge Adjustments Change in Fair Value of Hedged Items Used for Calculating Hedge Asset Ineffectiveness $ - $ - 3,117 3,117

59 -

2) Credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Corporation and its subsidiaries. As at the balance sheet date, the Corporation and its subsidiaries’ maximum exposure to credit risk is the carrying amount of the financial assets on the consolidated balance sheets and the amount of contingent liabilities in relation to financial guarantee issued by the Corporation and its subsidiaries.

The Corporation and its subsidiaries do not expect significant credit risk because the counterparties are creditworthy financial institutions and companies.

Counterparties of accounts receivable consisted of a large number of different customers, spread across diverse industries and geographical areas. Ongoing credit evaluation is performed on the customers’ financial condition.

The Corporation and its subsidiaries did not have significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The Corporation and its subsidiaries define counterparties as having similar characteristics if they are related entities.

As of March 31, 2025, December 31, 2024 and March 31, 2024, the maximum credit risk of off-balance-sheet guarantees provided to related party for procurement and construction contract compliance was NT$1,067,964 thousand, NT$1,208,552 thousand and NT$1,070,998 thousand, respectively.

3) Liquidity risk

The management of the Corporation and its subsidiaries continuously monitors the movement of cash flows, net cash position, significant capital expenditures and the utilization of bank loan commitments to control proportion of the long-term and short-term bank loans or issue bonds payable, and ensures compliance with loan covenants.

The following table details the undiscounted cash flows of the Corporation and its subsidiaries’ remaining contractual maturity for its non-derivative financial liabilities from the earliest date on which they can be required to pay. The tables included both interest and principal cash flows. Specifically, bank loans with a repayment on demand clause were included in the earliest time span regardless of the probability of the banks choosing to exercise their rights. The maturity dates for other non-derivative financial liabilities were based on the agreed repayment dates or financial guarantee periods.

The table below summarized the maturity profile of the Corporation and its subsidiaries’ financial liabilities based on contractual undiscounted payments:

	Less Than
	1 Year	1-5 Years	Over 5 Years		Total
March31,2025
Non-derivative financial
liabilities
Non-interest bearing
liabilities	$ 40,395,861 $	231,616	$	-	$ 40,627,477
Lease liabilities	1,159,188	2,457,052		10,022,478	13,638,718
Variable interest rate
liabilities	48,421,592	103,402,381		33,476,623	185,300,596
Fixed interest rate liabilities	38,939,778	59,591,544		-	98,531,322
Refund liabilities	1,149,544	-		-	1,149,544

60 -

Financial guarantee liabilities December31,2024 Non-derivative financial liabilities Non-interest bearing liabilities Lease liabilities Variable interest rate liabilities Fixed interest rate liabilities Refund liabilities Financial guarantee liabilities March31,2024 Non-derivative financial liabilities Non-interest bearing liabilities Lease liabilities Variable interest rate liabilities Fixed interest rate liabilities Refund liabilities Financial guarantee liabilities	Less Than 1 Year $ - $ 130,065,963 $ 45,222,881 1,143,983 50,710,832 40,496,817 1,245,936 - $ 138,820,449 $ 36,823,216 1,250,687 39,783,176 82,819,194 1,348,167 - $ 162,024,440	1-5 Years $ 472,327 $ 166,154,920 $ 257,895 2,573,513 102,320,325 55,961,601 - 639,839 $ 161,753,173 $ 143,368 2,905,909 66,840,147 58,738,877 - 548,125 $ 129,176,426	Over 5 Years $ 595,637 $ 44,094,738 $ - 10,086,578 29,832,862 - - 568,713 $ 40,488,153 $ - 10,167,561 26,473,367 - - 522,873 $ 37,163,801	Total $ 1,067,964
				$ 340,315,621
				$ 45,480,776 13,804,074 182,864,019 96,458,418 1,245,936 1,208,552
				$ 341,061,775
				$ 36,966,584 14,324,157 133,096,690 141,558,071 1,348,167 1,070,998
				$ 328,364,667

The amounts included above for financial guarantee liabilities were the maximum amounts the Corporation and its subsidiaries could be required to settle under the arrangement for the full guaranteed amount if that amount is claimed by the counterparty to the guarantee. Based on expectations at the balance sheet date, the Corporation and its subsidiaries considered that it is more likely than not that none of the amount will be payable under the arrangement.

30. TRANSACTIONS WITH RELATED PARTIES

Balances and transactions between the Corporation and its subsidiaries, which are related parties of the Corporation, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Corporation and its subsidiaries and other related parties were disclosed below:

61 -
a. The name of the company and its relationship with the Corporation and its subsidiaries

Company
TaiAn Technologies Corporation
Fukuta Electric & Machinery Co., Ltd.
Hsin Hsin Cement Enterprise Corporation
Eminent III Venture Capital Corporation
Nikken & CSSC Metal Products Co., Ltd.
Eminent II Venture Capital Corporation
Honley Auto. Parts Co., Ltd.
Taiwan Rolling Stock Co., Ltd.
Kaohsiung Arena Development Corporation
Overseas Investment & Development Corporation
Chateau International Development Co., Ltd.
HC&C Auto Parts Co., Ltd.
TSK Steel Company Limited
Taiwan High Speed Rail Corporation
Rechi Precision Co., Ltd.
Taiwan International Windpower Training Corporation Ltd.
Tang Eng Iron Works Co., Ltd.
CDIB Bioscience Ventures I, Inc.
East Asia United Steel Corporation
Sakura Ferroalloys Sdn. Bhd.
Rechi Precision (Qingdao) Electric Machinery Limited
Ministry of Economic Affairs, R.O.C.
CSC Labor Union
CSC Educational Foundation
Formosa Ha Tinh Steel Corporation
Formosa Ha Tinh (Cayman) Limited

Relationship

Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
The Corporation as key
management of other related
parties
The Corporation as key
management of other related
parties
The Corporation as key
management of other related
parties
The Corporation as key
management of other related
parties
The Corporation as key
management of other related
parties before November 2024
The Corporation as key
management of other related
parties
The Corporation as key
management of other related
parties
The Corporation as key
management of parent company
Director of the Corporation
Director of the Corporation
Other related parties
Other related parties
Other related parties

b. Operating revenues

Account Items Related Parties Types Revenue from sales of Associates goods The Corporation as key management of parent company	For the Three Months Ended March 31
	2025 2024 $ 185,000 $ 209,923 23,283 27,658

62 -

Account Items Related Parties Types Others Construction contract Associates revenue Other related parties The Corporation as key management of other related parties		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ - $ 208,283 $ 4,866 391 80 $ 5,337	2024 $ 1,007 $ 238,588 $ 4,781 1,593 364,507 $ 370,881

Sales to related parties were made at arm’s length. The construction contracts undertaken by the Corporation and its subsidiaries with related parties were different from those with unrelated parties; therefore, the prices were not comparable while the collection terms have no material differences.

c. Purchase of goods

Related Parties Types Other related parties The Corporation as key management of other related parties Others		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 1,738,631 376,086 54,695 $ 2,169,412	2024 $ 2,760,932 193,704 62,509 $ 3,017,145

Purchases from related parties were made at arm’s length.

d. Receivables from related parties

Account Items Related Parties Types Notes and accounts receivable Other related parties The Corporation as key management of other related parties The Corporation as key management of parent company Others Other receivables Other related parties The Corporation as key management of other related parties Others	March 31, 2025 December 31, 2024 $ 24,306 $ 24,111 14,506 36,379 10,243 3,477 461 2,330 $ 49,516 $ 66,297 $ 24,468 $ 20,614 5,841 - 984 18 $ 31,293 $ 20,632	March 31, 2024 $ 17,774 549,610 13,431 364 $ 581,179 $ 35,822 1,412 11 $ 37,245

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e. Payables to related parties

Account Items Related Parties Types Accounts payable Other related parties The Corporation as key management of other related parties Associates Other payables Other related parties Director of the Corporation The Corporation as key management of other related parties	March 31, 2025 December 31, 2024 $ 144,697 $ 332,929 51,355 16,819 30,402 7,885 $ 226,454 $ 357,633 $ 4,240 $ 660 565 - 197 788 $ 5,002 $ 1,448	March 31, 2024 $ 188,967 - 35,815 $ 224,782 $ 727 1,098 197 $ 2,022

The outstanding payables to related parties were unsecured.

f. Others

Classified as operating and non-operating income by nature:

For the Three Months Ended March 31 Account Items Related Parties Types 2025 2024 Service and other Other related parties $ 73,391 $ 63,879 revenues and other income - other The Corporation as key management of other related parties 44,168 37,195 Others 3,183 1,745 $ 120,742 $ 102,819 Endorsements and guarantees provided by the Corporation and its subsidiaries Related Parties Types March 31, 2025 December 31, 2024 March 31, 2024 The Corporation as key management of other related parties Amount endorsed $ 1,364,257 $ 1,340,633 $ 1,267,867 Amount utilized (922,762) (1,065,124) (928,876) $ 441,495 $ 275,509 $ 338,991		For the Three Months Ended March 31	For the Three Months Ended March 31
			2024 $ 63,879 37,195 1,745 $ 102,819 March 31, 2024 $ 1,267,867 (928,876) $ 338,991

g. Endorsements and guarantees provided by the Corporation and its subsidiaries

Endorsements and guarantees above are provided to investee by the percentage of shareholdings under joint venture agreements.

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h. Compensation of key management personnel

The remuneration of directors and other members of key management personnel were as follows:

Short-term employee benefits Post-employment benefits		For the Three Months Ended March 31	For the Three Months Ended March 31
		2025 $ 15,474 385 $ 15,859	2024 $ 12,633 404 $ 13,037

31. ASSETS PLEDGED AS COLLATERAL OR FOR SECURITY

The Corporation and its subsidiaries’ assets mortgaged or pledged as collateral for long-term borrowings, short-term borrowings and bank overdraft, performance guarantees and bankers’ acceptance bills, etc. were as follows (listed based on their carrying amounts):

Net property, plant and equipment Shares Time deposits Pledged receivables (a.) Net investment properties Demand deposits Trade receivable - sales and notes discounted Right-of-use assets - land Buildings and lands under construction	March 31, 2025 $ 68,195,802 28,085,083 6,989,852 2,000,000 1,005,872 300,000 218,472 133,233 300,009 $ 107,228,323	December 31, 2024 $ 68,672,495 26,367,006 6,699,287 2,000,000 986,555 300,000 266,617 133,451 - $ 105,425,411	March 31, 2024 $ 15,273,038 20,353,175 7,024,663 2,000,000 993,977 300,000 387,078 137,239 - $ 46,469,170

a. In accordance with revised agreements of build-operate-transfer contract in 2013, the subsidiary KRTC reclassified NT$2,000,000 thousand including arbitration receivable - Kaohsiung City Government and part of the consideration of transferred assets to operating performance guarantees.

32. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS

Significant commitments and contingencies of the Corporation and its subsidiaries as of March 31, 2025 were as follows:

a. The Corporation and its subsidiaries provided letters of credits for NT$7.4 billion guaranteed by financial institutions for several constructions, lease contracts and payment. Guarantee notes for NT$5.2 billion were provided to owners for purchase agreements, performance of the contract and warranties.
b. Unused letters of credit for importation of materials and machinery amounted to NT$7.1 billion.
c. Property purchase and construction contracts for NT$15.6 billion were signed but not yet recorded.
d. The Corporation and its subsidiaries entered into raw material purchase contracts with suppliers in Australia, Brazil, Canada, China, Japan, Philippines, Vietnam, Indonesia and domestic companies with contract terms of 1 to 3 years. Contracted annual purchases of 9,450,000 metric tons of coal, 19,870,000
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metric tons of iron ore, and 2,940,000 metric tons of limestone are at prices negotiable with the counterparties. Purchase commitments as of March 31, 2025 were US$3.1 billion (including 8,940,000 metric tons of coal and 18,650,000 metric tons of iron ore).

e. Refer to Table 2 for information relating to endorsements/guarantees provided.

33. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD

The Corporation issued 5-year unsecured corporate bonds in the amount of NT$5.8 billion in April 2025 for repaying the bank loans and expanding the working capital.

34. SIGNIFICANT ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

The following information was aggregated by the foreign currencies other than functional currencies of the Corporation and its subsidiaries and the exchange rates between foreign currencies and respective functional currencies were disclosed. The significant assets and liabilities denominated in foreign currencies were as follows:

					Carrying
					Amount
		Foreign		(In Thousands
		Currencies		of	New Taiwan
	(In Thousands)		Exchange Rate		Dollars)
March 31,2025
Monetary foreign assets
USD	$	140,458	33.2050(USD:NTD)	$	4,663,905
JPY		10,378,144	0.2227(JPY:NTD)		2,311,213
VND	1,030,784,827		0.00004(VND:USD)		1,314,251
Non-monetary foreign assets
Financial assets at fair value through
other comprehensive income
USD		717,468	33.2050(USD:NTD)		23,823,534
JPY		8,884,000	0.2227(JPY:NTD)		1,978,466
MYR		315,689	7.2195(MYR:NTD)		2,279,118
Associates accounted for using the
equity method
USD		357,882	33.2050(USD:NTD)		11,883,329
AUD		1,221,139	20.8100(AUD:NTD)		25,411,899
Monetary foreign liabilities
USD		247,480	33.2050(USD:NTD)		8,217,579
JPY		6,285,743	0.2227(JPY:NTD)		1,399,835
USD		121,731	85.4918(USD:INR)		4,042,091
VND	1,217,147,516		0.00004(VND:USD)		1,551,863
December31,2024
Monetary foreign assets
USD		258,979	32.7850 (USD:NTD)		8,490,635
JPY		15,910,673	0.2099 (JPY:NTD)		3,339,650
VND	1,017,811,572		0.00004 (VND:USD)		1,287,532

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					Carrying
					Amount
		Foreign		(In Thousands
		Currencies		of	New Taiwan
	(In Thousands)		Exchange Rate		Dollars)
Non-monetary foreign assets
Financial assets at fair value through
other comprehensive income
USD	$	722,846	32.7850 (USD:NTD)	$	23,698,521
JPY		9,238,000	0.2099 (JPY:NTD)		1,939,056
MYR		299,074	7.0655 (MYR:NTD)		2,113,107
Associates accounted for using the
equity method
USD		358,157	32.7850 (USD:NTD)		11,742,000
AUD		1,209,316	20.3900 (AUD:NTD)		24,657,957
Monetary foreign liabilities
USD		346,790	32.7850 (USD:NTD)		11,369,501
JPY		7,089,869	0.2099 (JPY:NTD)		1,488,163
USD		108,798	85.6117 (USD:INR)		3,566,953
March 31,2024
Monetary foreign assets
USD		224,364	32.0000(USD:NTD)		7,179,662
EUR		43,004	34.4600(EUR:NTD)		1,481,926
CNY		258,021	4.4080(CNY:NTD)		1,137,355
JPY		15,433,484	0.2115(JPY:NTD)		3,264,182
VND		989,909,930	0.00004(VND:USD)		1,252,236
Non-monetary foreign assets
Financial assets at fair value through
other comprehensive income
USD		876,121	32.0000(USD:NTD)		28,035,881
JPY		9,870,000	0.2115(JPY:NTD)		2,087,505
MYR		302,766	6.4960(MYR:NTD)		1,966,769
Associates accounted for using the
equity method
USD		386,828	32.0000(USD:NTD)		12,381,569
AUD		1,115,702	20.8200(AUD:NTD)		23,228,909
INR		3,233,491	0.3830(INR:NTD)		1,238,427
Monetary foreign liabilities
USD		297,363	32.0000(USD:NTD)		9,515,608
EUR		37,446	34.4600(EUR:NTD)		1,290,406
JPY		5,601,903	0.2115(JPY:NTD)		1,184,803
USD		101,285	83.5509(USD:INR)		3,241,134
VND		907,558,915	0.00004(VND:USD)		1,148,062

It is impractical to disclose net foreign exchange gains and losses by each significant foreign currency due to the variety of the foreign currency transactions and functional currencies of each entity. Please refer to Note 25 for information relating to net foreign exchange gains and losses.

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35. SEPARATELY DISCLOSED ITEMS

a. Information about significant transactions and b. investees:
1) Financing provided to others (Table 1)
2) Endorsements/guarantees provided (Table 2)
3) Significant marketable securities held (excluding investments in subsidiaries and associates) (Table 3)
4) Total purchases from or sales to related parties amounting to at least NT$100 million or 20% of the paid-in capital (Table 4)
5) Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital (Table 5)
6) Intercompany relationships and significant intercompany transactions (Table 6)
7) Information on investees (Table 7)
c. Information on investments in mainland China
1) Information on any investee company in mainland China, showing the name, principal business activities, paid-in capital, method of investment, inward and outward remittance of funds, ownership percentage, investment income (loss), carrying amount of the investment at the end of the period, repatriations of investment income, and limit on the amount of investment in the mainland China area (Table 8)
2) Any of the following significant transactions with investee companies in mainland China, either directly or indirectly through a third party, and their prices, payment terms and unrealized gains and losses:
- a) The amount and percentage of purchases and the balance and percentage of the related payables at the end of the period (Table 4)
- b) The amount and percentage of sales and the balance and percentage of the related receivables at the end of the period (Table 4)
- c) The amount of property transactions and the amount of the resultant gains or losses (None)
- d) The balance of negotiable instrument endorsements or guarantees or pledges of collateral at the end of the period and the purposes (Table 2)
- e) The highest balance, the end of period balance and the interest rate range, and total current period interest with respect to financing of funds (Table 1)
- f) Other transactions that have a material effect on the profit or loss for the year or on the financial position, such as the rendering or receipt of services (None)

36. SEGMENT INFORMATION

Information reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance. Since the actual resource allocation focuses on the steel business, the resource investment in non-steel business is mainly decided by each company, and it is mainly the demand

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for the extension of the steel business. Reported segments of the Corporation and its subsidiaries were as follows:

Steel department - manufacture and sell steel products, including the Corporation, DSC, CHS, CSCM, CSVC and CSCI.
Non-steel department - extension or support of the manufacture of steel products, analysis by function, including engineering, industrial materials, green power, shipping, trading, investing, etc..
a. Segment revenue and operating results

The following is an analysis of the Corporation and its subsidiaries’ revenues and results of operations by reportable segment.

For the three months ended March 31, 2025 Revenue from external customers Inter-segment revenue Segment revenue Segment profit (loss) Interest income Financial costs Share of the profit (loss) of associates Other non-operating income and expenses Profit (loss) before income tax Income tax expense (benefit) Net profit (loss) for the period For the three months ended March 31, 2024 Revenue from external customers Inter-segment revenue Segment revenue Segment profit (loss) Interest income Financial costs Share of the profit (loss) of associates Other non-operating income and expenses Profit (loss) before income tax Income tax expense (benefit) Net profit (loss) for the period	Steel Department $ 62,680,179 11,807,203 $ 74,487,382 $ (1,270,734) 75,375 (724,217) (652,891) 487,591 (2,084,876) (210,003) $ (1,874,873) $ 75,121,126 16,766,819 $ 91,887,945 $ (786,881) 71,550 (687,361) (236,635) 422,004 (1,217,323) (8,480) $ (1,208,843)	Non-Steel Department Adjustment and Elimination $ 20,490,044 $ - 12,664,431 (24,471,634) $ 33,154,475 $ (24,471,634) $ 2,772,368 $ (129,855) 208,849 (25,936) (574,623) 52,838 1,085,675 (375,306) 366,222 (177,130) 3,858,491 (655,389) 562,600 (48,193) $ 3,295,891 $ (607,196) $ 18,632,790 $ - 12,955,311 (29,722,130) $ 31,588,101 $ (29,722,130) $ 2,008,092 $ (452,667) 208,344 (25,408) (283,203) 52,331 891,432 (262,501) 723,255 (163,805) 3,547,920 (852,050) 459,707 (104,258) $ 3,088,213 $ (747,792)	Total $ 83,170,223 - $ 83,170,223 $ 1,371,779 258,288 (1,246,002) 57,478 676,683 1,118,226 304,404 $ 813,822 $ 93,753,916 - $ 93,753,916 $ 768,544 254,486 (918,233) 392,296 981,454 1,478,547 346,969 $ 1,131,578

Inter-segment revenue was accounted for according to market price or cost-plus pricing.

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b. Segment total assets and liabilities

Segment assets Steel department Non - steel department Adjustment and elimination Consolidated total assets Segmentliabilities Steel department Non - steel department Adjustment and elimination Consolidated total liabilities	March 31, 2025 $ 677,415,333 307,802,750 (287,986,976) $ 697,231,107 $ 254,004,672 123,444,585 (23,598,412) $ 353,850,845	December 31, 2024 $ 675,837,076 302,622,003 (283,399,742) $ 695,059,337 $ 251,911,812 122,403,851 (20,742,220) $ 353,573,443	March 31, 2024 $ 699,876,149 279,226,278 (286,456,730) $ 692,645,697 $ 260,772,562 109,191,129 (24,329,287) $ 345,634,404

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TABLE 1

CHINA STEEL CORPORATION AND SUBSIDIARIES

FINANCING PROVIDED TO OTHERS FOR THE PERIOD ENDED MARCH 31, 2025

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

No.	Financing Company	Counter-party	Financial Statement Account	Related Party	Maximum Balance for the Period	Ending Balance	Amount Actually Drawn	Interest Rate	Nature for Financing (Note 1)	Transaction Amounts	Reason for Financing	Allowance for Bad Debt	Col	lateral	Financing Limits for Each Borrowing Company	Financing Company’s Total Financing Amount Limits	Note
													Item	Value
0 0 0 0 0 0 1 2 2 3 4 5 6 7 8	China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Security Corporation China Prosperity Development Corporation China Prosperity Development Corporation ThinTech Materials Technology Co., Ltd. HIMAG Magnetic Corporation Ever Wealthy International Corporation InfoChamp Systems Corporation China Steel Machinery Corporation China Steel Express Corporation	C.S.Aluminium Corporation China Steel Resources Corporation HIMAG Magnetic Corporation Sing Da Marine Structure Corporation Kaohsiung Rapid Transit Corporation Chung Hung Steel Corporation Steel Castle Technology Corporation China Prosperity Construction Corporation China Steel Corporation Changzhou China Steel Precision Materials Co., Ltd. MagnPower Corporation Changzhou China Steel New Materials Technology Co., Ltd. China Steel Corporation China Steel Corporation China Steel Corporation	Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables	Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes	1,900,000 800,000 300,000 2,500,000 1,300,000 1,300,000 150,000 100,000 1,050,000 27,438 180,000 96,033 120,000 550,000 500,000	1,900,000 800,000 200,000 2,500,000 1,200,000 1,300,000 150,000 100,000 850,000 27,438 180,000 96,033 120,000 550,000 500,000	900,000 730,000 135,000 2,000,000 200,000 - - - 800,000 - 165,000 96,033 120,000 550,000 -	1.88%-1.92% 1.88%-1.92% 1.89%-1.94% 1.82%-1.86% 1.82%-1.86% N/A N/A 1.79% 1.78%-1.84% N/A 2.41% 2.00% 1.78%-1.84% 1.79%-1.82% N/A	2 2 2 2 2 2 2 2 2 2 2 2 2 2 2	- - - - - - - - - - - - - - -	Operating capital Operating capital Operating capital Operating capital Operating capital Operating capital Operating capital Operating capital Operating capital Operating capital Operating capital Operating capital Operating capital Operating capital Operating capital	- - - - - - - - - - - - - - -	- - - - - - - - - - - - - - -	- - - - - - - - - - - - - - -	30,235,789 30,235,789 30,235,789 30,235,789 30,235,789 30,235,789 220,222 2,515,110 2,515,110 563,876 208,230 333,671 341,047 782,143 1,148,699	60,471,578 60,471,578 60,471,578 60,471,578 60,471,578 60,471,578 220,222 2,515,110 2,515,110 751,835 208,230 500,507 389,768 782,143 2,297,398	Note 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 3 Note 4 Note 4 Note 5 Note 6 Note 7 Note 8 Note 9 Note 10

Note 1: The nature for financing is as follows:

1) Business relationship
2) The need for short-term financing
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Note 2: According to “The Process of Financing Others” established by the Corporation, the total available amount for lending to others and the total amount for lending to a company shall not exceed 20% and 10% of the net worth of the Corporation, respectively.
Note 3: According to “The Process of Financing Others” established by China Steel Security Corporation, the total available amount for lending to others and the total amount for lending to a company both shall not exceed 40% of the net worth of China Steel Security Corporation, respectively.
Note 4: According to “The Process of Financing Others” established by China Prosperity Development Corporation, the total available amount for lending to others and the total amount for lending to a company both shall not exceed 40% of the net worth of China Prosperity Development Corporation.
Note 5: According to “The Process of Financing Others” established by ThinTech Materials Technology Co., Ltd., the total available amount for lending to others and the total amount for lending to a company shall not exceed 40% and 30% of the net worth of ThinTech Materials Technology Co., Ltd., respectively.
Note 6: According to “The Process of Financing Others” established by HIMAG Magnetic Corporation, the total available amount for lending to others and the total amount for lending to a company both shall not exceed 40% of the net worth of HIMAG Magnetic Corporation.
Note 7: According to “The Process of Financing Others” established by Ever Wealthy International Corporation, the total available amount for lending to others and the total amount for lending to a company shall not exceed 30% and 20% of the net worth of Ever Wealthy International Corporation, respectively; the financing limit amount for parent company shall not exceed 30% of the net worth of the company.
Note 8: According to “The Process of Financing Others” established by InfoChamp Systems Corporation, the total available amount for lending to others and the total amount for lending to a company shall not exceed 40% and 35% of the net worth of InfoChamp Systems Corporation, respectively.
Note 9: According to “The Process of Financing Others” established by China Steel Machinery Corporation, the total available amount for lending to others and the total amount for lending to a company both shall not exceed 40% of the net worth of China Steel Machinery Corporation.
Note 10: According to “The Process of Financing Others” established by China Steel Express Corporation, the total available amount for lending to others and the total amount for lending to a company shall not exceed 20% and 10% of the net worth of China Steel Express Corporation, respectively.
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TABLE 2

CHINA STEEL CORPORATION AND SUBSIDIARIES

ENDORSEMENTS/GUARANTEES PROVIDED FOR THE PERIOD ENDED MARCH 31, 2025 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

NO.	Endorsement/Guarantee Provider	Endorsee	/Guarantee	Limits on Endorsement/ Guarantee Amount Provided to Each Guaranteed Party	Maximum Balance for the Period	Ending Balance	Amount Actually Drawn	Amount of Endorsement/ Guarantee Collateralized by Properties	Ratio of Accumulated Endorsement /Guarantee to Net Equity per Latest Financial Statements (%)	Maximum Endorsement/ Guarantee Amount Allowable	Guarantee Provided by Parent Company	Guarantee Provided by Subsidiary	Guarantee Provided to Subsidiaries in Mainland China	Note
		Name	Nature of Relationship (Note 1)
0 0 1 2 3 4 4 4 5 6 7 7	China Steel Corporation China Steel Corporation ThinTech Materials Technology Co., Ltd. HIMAG Magnetic Corporation China Steel Power Holding Corporation InfoChamp Systems Corporation InfoChamp Systems Corporation InfoChamp Systems Corporation United Steel Engineering & Construction Corporation CSC Steel Holdings Berhad Wuhan InfoChamp I.T. Co., Ltd. Wuhan InfoChamp I.T. Co., Ltd.	China Steel Power Corporation Sakura Ferroalloys Sdn. Bhd. Changzhou China Steel Precision Materials Co., Ltd. MagnPower Corporation China Steel Power Corporation Wuhan InfoChamp I.T. Co., Ltd. Industrial Technology Research Institute Tang Steel International Engineering Technology Corp. China Prosperity Construction Corporation CSC Steel Sdn. Bhd. InfoChamp Systems Corporation Tang Steel International Engineering Technology Corp.	2 6 2 2 2 2 5 5 5 2 3 5	90,707,367 90,707,367 751,835 520,576 79,901,381 292,326 292,326 292,326 891,752 2,599,745 113,000 113,000	7,156,210 1,364,257 59,449 70,000 13,986,000 48,862 60,000 42,686 500,000 1,100,195 42,170 42,686	7,156,210 1,364,257 59,449 70,000 13,986,000 48,862 60,000 42,686 500,000 1,100,195 42,170 42,686	7,156,210 922,762 - 70,000 13,986,000 37,430 59,830 42,686 140,000 322,553 42,170 42,686	8,149,941 - - - 15,979,302 - - - - - - -	2 - 3 13 88 5 6 4 37 17 187 189	120,943,157 120,943,157 751,835 520,576 79,901,381 487,210 487,210 487,210 20,064,433 2,599,745 135,601 135,601	Y N N N N N N N N N N N	N N N N N N N N N N N N	N N Y N N Y N Y N N N Y	Notes 2 and 3 Note 3 Note 4 Note 5 Note 6 Note 7 Note 7 Note 7 Note 8 Note 9 Note 10 Note 10

Note 1: Relationships between the endorser/guarantor and the party being endorsed/guaranteed are as follows:

1) A company that the Corporation has business relationship with.
2) The Corporation owns directly or indirectly over 50% ownership of the investee company.
3) The company that owns directly or indirectly hold over 50% ownership of the Corporation.
4) In between companies that were held over 90% of voting shares directly or indirectly by an entity.
5) The Corporation is required to provide guarantees or endorsements for the construction project based on the construction contract.
6) Shareholder of the investee provides endorsements/guarantees to the company in proportion to their shareholding percentages.
7) According to Consumer Protection Act, companies in the same industry enter into collateral performance guarantees for pre-construction home sales agreements.
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Note 2: Endorsements and guarantees provided by the Corporation to its subsidiaries.

Note 3: According to “The Process of making endorsements/quadrants” established by the Corporation, the ceilings on the amounts for any single entity or the aggregate amounts to the entities shall not exceed 30% and 40% of the net worth of the Corporation, respectively.
Note 4: According to “The Process of making endorsements/quadrants” established by ThinTech Materials Technology Co., Ltd., both the ceilings on the amounts for any single entity or the aggregate amounts to the entities shall not exceed 40% of the net worth of ThinTech Materials Technology Co., Ltd..
Note 5: According to “The Process of making endorsements/quadrants” established by HIMAG Magnetic Corporation, both the ceilings on the amounts for any single entity or the aggregate amounts to the entities shall not exceed 100% of the net worth of HIMAG Magnetic Corporation.
Note 6: According to “The Process of making endorsements/quadrants” established by China Steel Power Holding Corporation, both the ceilings on the amounts for any single entity or the aggregate amounts to the entities shall not exceed 500% of the net worth of China Steel Power Holding Corporation.
Note 7: According to “The Process of making endorsements/quadrants” established by InfoChamp Systems Corporation, the ceilings on the amounts for any single entity or the aggregate amounts to the entities shall not exceed 30% and 50% of the net worth of InfoChamp Systems Corporation, respectively.
Note 8: According to “The Process of making endorsements/quadrants” established by United Steel Engineering & Construction Corporation, the ceilings on the amounts for any single entity or the aggregate amounts to the entities shall not exceed two - thirds and 1500% of the net worth of United Steel Engineering & Construction Corporation. However, the ceilings on the amounts to China Steel Structure Co., Ltd. shall not exceed 1500% of the net worth of United Steel Engineering & Construction Corporation.
Note 9: According to “The Process of making endorsements/quadrants” established by CSC Steel Holdings Berhad, both the ceilings on the amounts for any single entity or the aggregate amounts to the entities shall not exceed 40% of the net worth of CSC Steel Holdings Berhad.
Note 10: According to “The Process of making endorsements/quadrants” established by Wuhan InfoChamp I.T. Co., Ltd., the ceilings on the amounts for any single entity or the aggregate amounts to the entities shall not exceed 500% and 600% of the net worth of Wuhan InfoChamp I.T. Co., Ltd., respectively.
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TABLE 3

CHINA STEEL CORPORATION AND SUBSIDIARIES

SIGNIFICANT MARKETABLE SECURITIES HELD MARCH 31, 2025

(Amounts in Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Held Company Name	Type and Name	of Marketable Securities	Relationship with The Company	Financial Statement Account		MARCH 31, 2025	MARCH 31, 2025		Note
					Shares/Units	Carrying Value	Percentage of Ownership (%)	Fair Value
China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation	Common stock Common stock Common stock Common stock Common stock Common stock Common stock Common stock Common stock Common stock Common stock Preferred stock Preferred stock	Taiwan High Speed Rail Corporation Maruichi Steel Tube Ltd. O-Bank Co., Ltd. TANG ENG IRON WORKS CO., LTD. CSN Mineracao S.A. RECHI PRECISION CO., LTD. Yodogawa Steel Works, Ltd. Formosa Ha Tinh (Cayman) Limited Sakura Ferroalloys Sdn. Bhd. CDIB & Partners Investment Holding Corporation Taiwan International Windpower Training Corporation Ltd. East Asia United Steel Corporation (A) Sakura Ferroalloys Sdn. Bhd.	The held company as its director No relation No relation The held company as its director No relation The held company as its director No relation The held company as its director The held company as its director No relation The held company as its director The held company as its director The held company as its director	Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets mandatorily classified as at fair value through profit or loss - noncurrent(including measurement) Financial assets at fair value through other comprehensive income-noncurrent	242,148,000 2,000,000 103,847,695 29,860,691 22,366,860 23,002,022 400,000 1,111,418,177 207,290,000 54,000,000 1,500,000 3,333 56,443,634	6,465,352 1,482,290 1,022,900 970,472 807,826 696,961 496,176 22,880,877 1,791,347 1,153,263 16,679 689,200 487,771	4 2 3 9 - 5 1 20 19 5 15 10 19	6,465,352 1,482,290 1,022,900 970,472 807,826 696,961 496,176 22,880,877 1,791,347 1,153,263 16,679 689,200 487,771

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Held Company Name	Type and Name	of Marketable Securities	Relationship with The Company	Financial Statement Account		MARCH 31, 2025	MARCH 31, 2025		Note
					Shares/Units	Carrying Value	Percentage of Ownership (%)	Fair Value
Chung Hung Steel Corporation Chung Hung Steel Corporation Hung Kao Investment Corporation China Steel Chemical Corporation China Steel Chemical Corporation Ever Wealthy International Corporation Ever Wealthy International Corporation China Ecotek Corporation China Steel Structure Co., Ltd. United Steel Engineering & Construction Corporation CHC Resources Corporation Union Steel Development Corporation Union Steel Development Corporation China Steel Security Corporation China Prosperity Development Corporation China Prosperity Development Corporation HIMAG Magnetic Corporation	Common stock Common stock Common stock Common stock Preferred stock Common stock Common stock Common stock Common stock Common stock Common stock Common stock Certificate of entitlement Common stock Common stock Common stock Common stock	China Steel Corporation PACIFIC HARBOUR STEVEDORING CORP. China Steel Corporation China Steel Corporation China Steel Corporation China Steel Chemical Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation Shanghai Bao Shun Steel Corporation China Steel Corporation China Steel Corporation QUN XIN PROPERITES CO., LTD. China Steel Corporation	Parent company The held company as its supervisor The ultimate parent company Parent company Parent company Parent company The ultimate parent company Parent company Parent company The ultimate parent company Parent company The ultimate parent company The held company as its director Parent company Parent company The held company as its director Parent company	Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-noncurrent	34,359,239 250,000 1,003,980 3,746,915 229,000 4,753,537 4,226,265 1,150,000 7,436,878 3,745,446 10,401,806 423,849 - 2,349,975 952,979 2,400,000 325,505	769,647 7,420 22,489 83,931 9,149 449,685 94,668 25,760 166,586 83,898 233,000 9,494 18,749 52,639 21,347 12,048 7,291	- 5 - - - - - - - - - - 19 - - 8 -	769,647 7,420 22,489 83,931 9,149 449,685 94,668 25,760 166,586 83,898 233,000 9,494 18,749 52,639 21,347 12,048 7,291

76 -

Held Company Name	Type and Name	of Marketable Securities	Relationship with The Company	Financial Statement Account		MARCH 31, 2025	MARCH 31, 2025		Note
					Shares/Units	Carrying Value	Percentage of Ownership (%)	Fair Value
InfoChamp Systems Corporation InfoChamp Systems Corporation Kaohsiung Rapid Transit Corporation C.S.Aluminium Corporation China Steel Express Corporation Transglory Investment Corporation Transglory Investment Corporation Gains Investment Corporation Gains Investment Corporation Gains Investment Corporation Gains Investment Corporation Winning Investment Corporation Betacera Inc. Pro-Ascentek Investment Corporation Shin Mau Investment Corporation Hung-Chuan Investment Corporation Chi-Yi Investment Corporation	Common stock Common stock Common stock Common stock Common stock Common stock Mutual fund Common stock Common stock Common stock Common stock Common stock Common stock Mutual fund Common stock Common stock Common stock	China Steel Corporation iPASS Corporation iPASS Corporation China Steel Corporation China Steel Corporation China Steel Corporation Jih Sun Money Market Fund BRIGHTON-BEST INTERNATIONAL (TAIWAN) INC. CDIB & Partners Investment Holding Corporation GE TECHNOLOGY INC. FOXCONN GLOBAL NETWORK CORPORATION China Steel Corporation HCT REGENERATIVE CO., LTD CTBC Hua Win Money Market Fund China Steel Corporation China Steel Corporation China Steel Corporation	Parent company The held company as its director The held company as its director Parent company Parent company The ultimate parent company No relation No relation The held company as its director The held company as its director The held company as its director The ultimate parent company The held company as its director No relation The ultimate parent company The ultimate parent company The ultimate parent company	Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-noncurrent Financial assets mandatorily classified as at fair value through profit or loss -current(including measurement) Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets mandatorily classified as at fair value through profit or loss -current(including measurement) Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent	3,834,338 3,828,188 9,912,843 4,431,944 8,801,555 257,615,331 32,843,418 21,117,242 2,160,000 1,219,801 1,895,578 160,506,339 1,294,153 35,138,751 1,433,749 1,605,875 1,616,723	85,889 22,775 59,572 99,276 197,155 5,770,583 510,022 754,941 46,130 19,613 11,399 3,595,342 27,664 404,770 32,116 35,972 36,215	- 3 7 - - 2 - - - 5 7 1 19 - - - -	85,889 22,775 59,572 99,276 197,155 5,770,583 510,022 754,941 46,130 19,613 11,399 3,595,342 27,664 404,770 32,116 35,972 36,215	Note1 Note2

77 -

Held Company Name	Type and Name	of Marketable Securities	Relationship with The Company	Financial Statement Account		MARCH 31, 2025	MARCH 31, 2025		Note
					Shares/Units	Carrying Value	Percentage of Ownership (%)	Fair Value
Ding Da Investment Corporation Jiing-Cherng-Fa Investment Corporation Gau Ruei Investment Corporation Li-Ching-Long Investment Corporation Sheng Lih Dar Investment Corporation Chiun Yu Investment Corporation China Steel Global Trading Corporation Wabo Global Trading Corporation CSC Steel Australia Holdings Pty Ltd China Steel Asia Pacific Holdings Pte Ltd China Steel Asia Pacific Holdings Pte Ltd CSC Steel Sdn. Bhd. CSC Steel Sdn. Bhd. CSC Steel Sdn. Bhd.	Common stock Common stock Common stock Common stock Common stock Common stock Common stock Common stock Common stock Certificate of entitlement Certificate of entitlement Mutual fund Mutual fund Mutual fund	China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation KJTC Pty Ltd Wuxi TECO Electric & Machinery Co., Ltd. QINGDAO TECO PRECISION MECHATRONICS CO., Ltd. RHB CASH MANAGMENT FUND 2 UOBAM - United Money Market Fund AFFINHWANG – AIIMAN MONEY MARKET FUND	The ultimate parent company The ultimate parent company The ultimate parent company The ultimate parent company The ultimate parent company The ultimate parent company Parent company The ultimate parent company The held company as its director The held company as its director and supervisor The held company as its director No relation No relation No relation	Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-current Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets at fair value through other comprehensive income-noncurrent Financial assets mandatorily classified as at fair value through profit or loss -current(including measurement) Financial assets mandatorily classified as at fair value through profit or loss -current(including measurement) Financial assets mandatorily classified as at fair value through profit or loss -current(including measurement)	1,525,494 1,461,875 1,493,318 1,605,441 1,542,138 1,623,289 4,349,507 487,367 2,623,595 - - 74,101,858 184,786,646 124,774,028	34,171 32,746 33,450 35,962 34,544 36,362 97,429 10,917 4,662,048 375,217 83,013 863,421 745,268 527,729	- - - - - - - - 13 6 12 - - -	34,171 32,746 33,450 35,962 34,544 36,362 97,429 10,917 4,662,048 375,217 83,013 863,421 745,268 527,729

Note 1: Parent company’s stocks pledged as collateral amounted to 53,500 thousand shares and NT$1,198,400 thousand.

Note 2: Parent company’s stocks pledged as collateral amounted to 123,100 thousand shares and NT$2,757,440 thousand.

78 -

TABLE 4

CHINA STEEL CORPORATION AND SUBSIDIARIES

TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL FOR THE PERIOD ENDED MARCH 31, 2025

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

Buyer	Related Party	Relationship		Relationship	Relationship		Abnormal	Transaction	Notes/Accounts Receivable (Payable)	Notes/Accounts Receivable (Payable)	Note
			Purchase/Sale	Amount	% of Total	Payment Terms	Unit Price	Payment Terms	Ending Balance	% of Total
China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation	China Steel Structure Co., Ltd. Chung Hung Steel Corporation CSCI Steel Corporation India Pvt. Ltd. China Steel and Nippon Steel Vietnam Joint Stock Company China Steel Chemical Corporation CSC Steel Sdn. Bhd. CSGT Metals Vietnam Joint Stock Company CHC Resources Corporation TSK Steel Company Limited China Steel Precision Metals Kunshan Co., Ltd. China Steel Global Trading Corporation Dragon Steel Corporation China Steel Express Corporation Dragon Steel Corporation	Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary	Sales Sales Sales Sales Sales Sales Sales Sales Sales Sales Sales Service revenue and other operating revenue Purchases Purchases	(1,048,874) (1,009,819) (892,486) (745,126) (589,501) (336,759) (311,416) (194,939) (138,794) (126,576) (119,491) (133,942) 1,424,195 1,280,912	(2) (2) (2) (2) (1) (1) (1) - - - - - 5 5	Letter of credit/Accounts received in advance before shipment date Letter of credit/Receivables were collected after final acceptance Accounts receivable factoring agreements Accounts receivable factoring agreements/Receivab les were collected within 14 days after shipment date Letter of credit Receivables were collected within 14 days after shipment date Receivables were collected within 14 days after shipment date Letter of credit Letter of credit/Accounts received in advance before shipment date Receivables were collected within 85 days after shipment date Receivables were collected within 10 days after shipment date By contract terms Payment against copy of B/L Payment within 5 days after shipment date/Payment after final acceptance	- - - - - - - - - - - - - -	NO THIRD-PARTY COULD BE COMPARED	40,007 76,806 - 55,955 203,560 21,692 72,577 14,375 - 97,455 2,433 102,169 (400,290) (83,796)	2 3 - 2 8 1 3 1 - 4 - 4 (7) (1)

79 -

Buyer	Related Party	Relationship		Relationship	Relationship		Abnormal	Transaction	Notes/Accounts Receivable (Payable)	Notes/Accounts Receivable (Payable)	Note
			Purchase/Sale	Amount	% of Total	Payment Terms	Unit Price	Payment Terms	Ending Balance	% of Total
China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Betacera Inc. Betacera Inc.	C.S.Aluminium Corporation CSE Transport Corporation Sakura Ferroalloys Sdn. Bhd. China Steel Global Trading Corporation Chung Hung Steel Corporation China Steel Corporation China Steel and Nippon Steel Vietnam Joint Stock Company CSC Steel Sdn. Bhd. China Steel Structure Co., Ltd. China Steel Chemical Corporation China Steel Global Trading Corporation China Steel Express Corporation CSE Transport Corporation C.S.Aluminium Corporation Sakura Ferroalloys Sdn. Bhd. China Steel Corporation Betacera (Su Zhou) Co., Ltd.	Subsidiary Subsidiary The held company as its director Subsidiary The same parent company Parent company The same parent company The same parent company The same parent company The same parent company The same parent company The same parent company The same parent company The same parent company The parent company as director of the board of related party The ultimate parent company Subsidiary	Purchases Purchases Purchases Purchases Sales Sales Sales Sales Sales Sales Sales Purchases Purchases Purchases Purchases Sales Purchases	654,993 493,895 215,436 168,236 (1,739,822) (1,257,600) (1,194,304) (792,969) (307,018) (244,611) (198,862) 674,012 223,905 178,293 156,460 (141,568) 374,082	2 2 1 1 (10) (7) (7) (5) (2) (1) (1) 5 2 1 1 (19) 58	Payment after final acceptance Payment against copy of B/L Payment after shipping document specified Payment after final acceptance Receivables were collected within 5 days after shipment date Receivables were collected within 5 days after shipment date/Receivables were collected after final acceptance Receivables were collected within 5 days after shipment date Receivables were collected within 5 days after shipment date Receivables were collected within 5 days after shipment date/Letter of credit Receivables were collected within 5 days after shipment date Receivables were collected within 5 days after shipment date/Accounts received in advance before shipment date Payment against copy of B/L Payment against copy of B/L Payment after final acceptance Payment after shipping document specified Receivables were collected after final acceptance Net 90-180 days from the end of the month of when invoice is issued	- - - - - - - - - - - - - - - - -	NO THIRD-PARTY COULD BE COMPARED NO THIRD-PARTY COULD BE COMPARED NO THIRD-PARTY COULD BE COMPARED NO THIRD-PARTY COULD BE COMPARED NO THIRD-PARTY COULD BE COMPARED	(162,254) (219,549) (51,355) (47,667) 17,541 117,885 75,176 71,454 108,169 18,868 333 (129,082) (32,776) (50,802) - 8,363 (330,103)	(3) (4) (1) (1) 1 7 5 4 7 1 - (5) (1) (2) - 2 (45)

80 -

Buyer	Related Party	Relationship		Relationship	Relationship		Abnormal	Transaction	Notes/Accounts Receivable (Payable)	Notes/Accounts Receivable (Payable)	Note
			Purchase/Sale	Amount	% of Total	Payment Terms	Unit Price	Payment Terms	Ending Balance	% of Total
Betacera Inc. Betacera (Su Zhou) Co., Ltd. Suzhou Betacera Technology Co., Ltd. China Steel Express Corporation China Steel Express Corporation China Steel Express Corporation China Steel Express Corporation CSE Transport Corporation CSE Transport Corporation CSE Transport Corporation C.S.Aluminium Corporation C.S.Aluminium Corporation CSC Steel Sdn. Bhd. CSC Steel Sdn. Bhd. CSC Steel Sdn. Bhd. CSC Steel Sdn. Bhd. Chung Hung Steel Corporation Chung Hung Steel Corporation	Suzhou Betacera Technology Co., Ltd. Betacera Inc. Betacera Inc. China Steel Corporation Dragon Steel Corporation CHC Resources Corporation CSE Transport Corporation China Steel Corporation Dragon Steel Corporation China Steel Express Corporation China Steel Corporation Dragon Steel Corporation Dragon Steel Corporation China Steel Corporation Chung Hung Steel Corporation China Steel Global Trading Corporation CSC Steel Sdn. Bhd. Dragon Steel Corporation	Subsidiary Parent company Parent company Parent company The same parent company The same parent company Subsidiary The ultimate parent company The same parent company Parent company Parent company The same parent company The same parent company The ultimate parent company The same parent company The same parent company The same parent company The same parent company	Purchases Sales Sales Service revenue Service revenue Service revenue Purchases Service revenue Service revenue Service revenue Sales Sales Purchases Purchases Purchases Purchases Sales Purchases	126,414 (368,835) (124,523) (1,754,954) (766,832) (223,800) 118,118 (498,616) (224,487) (118,556) (654,993) (178,293) 816,599 330,092 286,194 194,337 (277,909) 1,755,464	20 (93 ) (100) (54) (24) (7) 4 (52) (23) (12) (14) (4) 44 18 16 11 (5) 29	Net 90-180 days from the end of the month of when invoice is issued Net 90-180 days from the end of the month of when invoice is issued Net 90-180 days from the end of the month of when invoice is issued Receivable were collected within 10 working days against copy of B/L Receivable were collected within 10 working days against copy of B/L Receivable were collected within 10 working days against copy of B/L Payment against copy of B/L Receivable were collected within 10 working days against copy of B/L Receivable were collected within 10 working days against copy of B/L Receivable were collected within 10 working days against copy of B/L Receivables were collected after final acceptance Receivables were collected after final acceptance Payment after shipping document specified Payment after shipping document specified Payment after shipping document specified Payment after shipping document specified T/T within 7 working days against copy of B/L Letter of credit at sight/Prepaid before shipment date	- - - - - - - - - - - - - - - - - -		(127,714) 326,335 126,256 406,049 129,129 76,039 (52,096) 219,549 32,776 52,096 162,254 50,803 (67,141) (21,212) (47,514) - 48,590 -	(17) 92 99 66 21 12 (29) 66 10 16 25 8 (39) (12) (27) - 9 -

81 -

Buyer	Related Party	Relationship		Relationship	Relationship		Abnormal	Transaction	Notes/Accounts Receivable (Payable)	Notes/Accounts Receivable (Payable)	Note
			Purchase/Sale	Amount	% of Total	Payment Terms	Unit Price	Payment Terms	Ending Balance	% of Total
Chung Hung Steel Corporation China Steel Chemical Corporation China Steel Chemical Corporation China Steel Chemical Corporation China Steel Global Trading Corporation China Steel Global Trading Corporation China Steel Global Trading Corporation China Steel Global Trading Corporation CSGT Metals Vietnam Joint Stock Company China Steel Precision Metals Kunshan Co., Ltd. CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation CHC Resources Vietnam Co., Ltd InfoChamp Systems Corporation China Steel Structure Co., Ltd. China Steel Structure Co., Ltd. China Steel Structure Co., Ltd. United Steel Engineering & Construction Corporation	China Steel Corporation Linyuan Advanced Materials Technology Co., Ltd. China Steel Corporation Dragon Steel Corporation CSC Steel Sdn. Bhd. China Steel Corporation Formosa Ha Tinh Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation TAIWAN CEMENT CORPORATION YA TUNG READY-MIXED CONCRETE CORP. China Steel Corporation Dragon Steel Corporation China Steel Resources Corporation China Steel Corporation Formosa Ha Tinh Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation Dragon Steel Corporation China Steel Corporation	Parent company Subsidiary of director of the board Parent company The same parent company The same parent company Parent company Other related parties Parent company The ultimate parent company The ultimate parent company Director of the board Subsidiary of director of the board Parent company The same parent company The same parent company Parent company Other related parties Parent company Parent company Parent company The same parent company The ultimate parent company	Purchases Sales Purchases Purchases Sales Sales Purchases Purchases Purchases Purchases Sales Sales Service revenue Service revenue Service revenue Purchases Purchases Service revenue Service revenue Purchases Purchases Construction revenue	1,031,173 (247,654) 587,694 244,611 (199,459) (168,236) 1,107,558 319,188 327,173 127,781 (203,822) (128,951) (689,522) (425,850) (180,251) 199,531 121,128 (187,321) (104,948) 1,048,874 307,821 (313,687)	17 (15) 68 28 (12) (10) 58 17 70 91 (7) (4) (22) (14) (6) 21 100 (38) (3) 62 18 (21)	Letter of credit at sight/Payment after final acceptance Receivables are collected as the end of every month of when invoice is issued Letter of credit at sight Letter of credit at sight Receivable were collected within 7 working days against copy of B/L Receivables were collected after final acceptance Payment from counter-party notice after shipping Payment within 10 days after shipment date Payment within 14 days after shipment date Payment within 85 days after shipment date Net 60 days from the end of the month of when invoice is issued Net 60 days from the end of the month of when invoice is issued Receivables were collected after final acceptance Receivables were collected after final acceptance Receivables were collected after final acceptance Letter of credit Prepaid before shipment date By contract terms Contractual period Letter of credit/Prepaid before shipment date Letter of credit Contractual period	- - - - - - - - - - - - - - - - - - - - - -	Payment 7th of next month after accept supplier invoice. Payment 7th of next month after accept supplier invoice.	(113,876) 85,608 (244,617) - 8,690 47,667 (144,697) (2,433) (72,577) (97,455) 165,444 66,932 343,030 187,788 62,323 (14,375) - 35,415 36,204 (40,292) (103,396) 304,005	(19) 18 (91) - 6 33 (63) (1) (61) (95) 13 5 26 14 5 (5) - 20 2 (2) (5) 51	Note Note

82 -

Buyer	Related Party	Relationship		Relationship	Relationship		Abnormal	Transaction	Notes/Accounts Receivable (Payable)	Notes/Accounts Receivable (Payable)	Note
			Purchase/Sale	Amount	% of Total	Payment Terms	Unit Price	Payment Terms	Ending Balance	% of Total
China Ecotek Corporation China Ecotek Corporation China Steel Security Corporation Steel Castle Technology Corporation Steel Castle Technology Corporation China Steel Machinery Corporation China Steel Machinery Corporation China Steel and Nippon Steel Vietnam Joint Stock Company China Steel and Nippon Steel Vietnam Joint Stock Company China Steel and Nippon Steel Vietnam Joint Stock Company China Steel and Nippon Steel Vietnam Joint Stock Company China Steel and Nippon Steel Vietnam Joint Stock Company CSCI Steel Corporation India Pvt. Ltd. China Steel Resources Corporation China Steel Resources Corporation	China Steel Corporation Dragon Steel Corporation China Steel Corporation United Steel Engineering & Construction Corporation China Steel Corporation China Steel Corporation Dragon Steel Corporation NIPPON STEEL SALES VIETNAM COMPANY LIMITED NS BlueScope (Vietnam) Limited China Steel Corporation NIPPON STEEL TRADING CORPORATION Formosa Ha Tinh Steel Corporation China Steel Corporation China Steel Corporation CHC Resources Corporation	Parent company The same parent company Parent company The same parent company The ultimate parent company Parent company The same parent company Other related parties Other related parties Parent company Director of the board Other related parties Parent company Parent company The same parent company	Construction revenue Construction revenue Service revenue Service revenue Service revenue Construction revenue Construction revenue Sales Sales Purchases Purchases Purchases Purchases Service revenue Costs of Service	(1,329,159) (627,918) (107,557) (339,140) (161,948) (532,774) (424,792) (316,391) (125,495) 2,003,734 994,178 473,423 895,729 (232,746) 177,054	(54) (26) (25) (61) (29) (47) (37) (8) (3) 58 29 14 99 (100) 100	Contractual period Contractual period By contract terms By contract terms By contract terms Receivables were collected after final acceptance Receivables were collected after final acceptance Accounts receivable, 10 days term Accounts receivable, 60 days term 14 days after B/L/Payment to the bank after the Corporation's shipment date 14 days after B/L 08 days after B/L Payment to the bank after the Corporation's shipment date Net 60 days from the end of the month of when invoice is issued Payment after final acceptance	- - - - - - - - - - - - - - -		469,401 296,074 29,380 60,721 60,374 257,269 232,754 71,116 75,738 (95,789) - (59,809) - 80,220 (60,872)	47 30 17 36 36 49 44 7 7 (4) - (3) - 100 (100)	Note

Note: Purchase amount includes the Corporation’s sales commitment to Dragon Steel Corporation.

83 -

TABLE 5

CHINA STEEL CORPORATION AND SUBSIDIARIES

RECEIVABLES FROM RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL MARCH 31, 2025

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

Company Name	Related Party	Relationship	Ending Balance	Turnover Rate	Overd	ue	Amount Received in Subsequent Period	Allowance for Impairment Loss	Note
					Amount	Actions Taken
China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Betacera (Su Zhou) Co., Ltd. Suzhou Betacera Technology Co., Ltd. China Steel Express Corporation China Steel Express Corporation CSE Transport Corporation C.S.Aluminium Corporation China Prosperity Development Corporation CSC Steel Holdings Berhad Chung Hung Steel Corporation CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation InfoChamp Systems Corporation United Steel Engineering & Construction Corporation China Ecotek Corporation China Ecotek Corporation HIMAG Magnetic Corporation China Steel Machinery Corporation China Steel Machinery Corporation China Steel Machinery Corporation	Sing Da Marine Structure Corporation C.S.Aluminium Corporation China Steel Resources Corporation China Steel Chemical Corporation Kaohsiung Rapid Transit Corporation HIMAG Magnetic Corporation Dragon Steel Corporation China Steel Corporation China Steel Structure Co., Ltd. Betacera Inc. Betacera Inc. China Steel Corporation Dragon Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation CSC Steel Sdn. Bhd. China Steel Corporation China Steel Corporation Dragon Steel Corporation TAIWAN CEMENT CORPORATION China Steel Corporation China Steel Corporation China Steel Corporation Dragon Steel Corporation MagnPower Corporation China Steel Corporation China Steel Corporation Dragon Steel Corporation	Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Parent company The same parent company Parent company Parent company Parent company The same parent company The ultimate parent company Parent company Parent company Subsidiary Parent company Parent company The same parent company Director of the board Parent company The ultimate parent company Parent company The same parent company Subsidiary Parent company Parent company The same parent company	2,022,217 917,378 738,063 236,796 201,851 135,545 103,569 117,885 108,169 327,601 126,256 406,049 129,129 219,549 162,254 800,429 184,819 297,990 343,030 187,788 165,444 120,064 304,005 469,401 296,074 168,464 557,342 257,269 232,754	- - - 11 - - 11 27 18 5 4 23 22 13 17 - - - 8 9 5 - 6 15 9 - - 12 7	- - - - - - - - - - - - - - - - - - - - - - - - - - - - -		- 42 - 203,560 - 420 78,189 113,062 108,169 66,298 47,073 - 29,807 - - - - - 16,583 22,584 - - - 369,654 50,832 - - 137,947 106,128	- - - - - - - - - - - - - - - - - - - - - - - - - - - - -	Note Note Note Note Note Note Note Note Note Note Note

Note: Other receivables.

84 -

TABLE 6

CHINA STEEL CORPORATION AND SUBSIDIARIES

INTERCOMPANY RELATIONSHIPS AND SIGNIFICANT INTERCOMPANY TRANSACTIONS FOR THE PERIOD ENDED MARCH 31, 2025 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

No.	Investee Company	Counterparty	Relationship (Note 1)		Transaction Details	Transaction Details	% of Total Sales or Assets
				Financial Statement Accounts	Amount	Payment Terms
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1	China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation Dragon Steel Corporation Dragon Steel Corporation	China Steel Structure Co., Ltd. Chung Hung Steel Corporation CSCI Steel Corporation India Pvt. Ltd. China Steel and Nippon Steel Vietnam Joint Stock Company China Steel Chemical Corporation CSC Steel Sdn. Bhd. CSGT Metals Vietnam Joint Stock Company CHC Resources Corporation China Steel Precision Metals Kunshan Co., Ltd. China Steel Global Trading Corporation Dragon Steel Corporation China Steel Express Corporation Dragon Steel Corporation C.S.Aluminium Corporation CSE Transport Corporation China Steel Global Trading Corporation Chung Hung Steel Corporation China Steel Corporation	1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 2	Sales Sales Sales Sales Sales Sales Sales Sales Sales Sales Service revenue and other operating revenue Purchases Purchases Purchases Purchases Purchases Sales Sales	1,048,874 1,009,819 892,486 745,126 589,501 336,759 311,416 194,939 126,576 119,491 133,942 1,424,195 1,280,912 654,993 493,895 168,236 1,739,822 1,257,600	Letter of credit/Accounts received in advance before shipment date Letter of credit/Receivables were collected after final acceptance Accounts receivable factoring agreements Accounts receivable factoring agreements/Receivables were collected within 14 days after shipment date Letter of credit Receivables were collected within 14 days after shipment date Receivables were collected within 14 days after shipment date Letter of credit Receivables were collected within 85 days after shipment date Receivables were collected within 10 days after shipment date By contract terms Payment against copy of B/L Payment within 5 days after shipment date/Payment after final acceptance Payment after final acceptance Payment against copy of B/L Payment after final acceptance Receivables were collected within 5 days after shipment date Receivables were collected within 5 days after shipment date/Receivables were collected after finalacceptance	1 1 1 1 1 - - - - - - 2 2 1 1 - 2 2

85 -

No.	Investee Company	Counterparty	Relationship (Note 1)		Transaction Details	Transaction Details	% of Total Sales or Assets
				Financial Statement Accounts	Amount	Payment Terms
1 1 1 1 1 1 1 1 2 2 2 3 4 5 5 5 5 6 6	Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Dragon Steel Corporation Betacera Inc. Betacera Inc. Betacera Inc. Betacera (Su Zhou) Co., Ltd. Suzhou Betacera Technology Co., Ltd. China Steel Express Corporation China Steel Express Corporation China Steel Express Corporation China Steel Express Corporation CSE Transport Corporation CSE Transport Corporation	China Steel and Nippon Steel Vietnam Joint Stock Company CSC Steel Sdn. Bhd. China Steel Structure Co., Ltd. China Steel Chemical Corporation China Steel Global Trading Corporation China Steel Express Corporation CSE Transport Corporation C.S.Aluminium Corporation China Steel Corporation Betacera (Su Zhou) Co., Ltd. Suzhou Betacera Technology Co., Ltd. Betacera Inc. Betacera Inc. China Steel Corporation Dragon Steel Corporation CHC Resources Corporation CSE Transport Corporation China Steel Corporation Dragon Steel Corporation	3 3 3 3 3 3 3 3 2 1 1 2 2 2 3 3 1 2 3	Sales Sales Sales Sales Sales Purchases Purchases Purchases Sales Purchases Purchases Sales Sales Service revenue Service revenue Service revenue Purchases Service revenue Service revenue	1,194,304 792,969 307,018 244,611 198,862 674,012 223,905 178,293 141,568 374,082 126,414 368,835 124,523 1,754,954 766,832 223,800 118,118 498,616 224,487	Receivables were collected within 5 days after shipment date Receivables were collected within 5 days after shipment date Receivables were collected within 5 days after shipment date/Letter of credit Receivables were collected within 5 days after shipment date Receivables were collected within 5 days after shipment date/Accounts received in advance before shipment date Payment against copy of B/L Payment against copy of B/L Payment after final acceptance Receivables were collected after final acceptance Net 90-180 days from the end of the month of when invoice is issued Net 90-180 days from the end of the month of when invoice is issued Net 90-180 days from the end of the month of when invoice is issued Net 90-180 days from the end of the month of when invoice is issued Receivable were collected within 10 working days against copy of B/L Receivable were collected within 10 working days against copy of B/L Receivable were collected within 10 working days against copy of B/L Payment against copy of B/L Receivable were collected within 10 working days against copy of B/L Receivable were collected within 10 working days against copy of B/L	1 1 - - - 1 - - - - - - - 2 1 - - 1 -

86 -

No.	Investee Company	Counterparty	Relationship (Note 1)		Transaction Details	Transaction Details	% of Total Sales or Assets
				Financial Statement Accounts	Amount	Payment Terms
6 7 7 8 8 8 8 9 9 9 10 10 11 11 11 12 13 14 14 14 14 15 16 16 16 17	CSE Transport Corporation C.S.Aluminium Corporation C.S.Aluminium Corporation CSC Steel Sdn. Bhd. CSC Steel Sdn. Bhd. CSC Steel Sdn. Bhd. CSC Steel Sdn. Bhd. Chung Hung Steel Corporation Chung Hung Steel Corporation Chung Hung Steel Corporation China Steel Chemical Corporation China Steel Chemical Corporation China Steel Global Trading Corporation China Steel Global Trading Corporation China Steel Global Trading Corporation CSGT Metals Vietnam Joint Stock Company China Steel Precision Metals Kunshan Co., Ltd. CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation InfoChamp Systems Corporation China Steel Structure Co., Ltd. China Steel Structure Co., Ltd. China Steel Structure Co., Ltd. United Steel Engineering & ConstructionCorporation	China Steel Express Corporation China Steel Corporation Dragon Steel Corporation Dragon Steel Corporation China Steel Corporation Chung Hung Steel Corporation China Steel Global Trading Corporation CSC Steel Sdn. Bhd. Dragon Steel Corporation China Steel Corporation China Steel Corporation Dragon Steel Corporation CSC Steel Sdn. Bhd. China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation Dragon Steel Corporation China Steel Resources Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation Dragon Steel Corporation China Steel Corporation	2 2 3 3 2 3 3 3 3 2 2 3 3 2 2 2 2 2 3 3 2 2 2 2 3 2	Service revenue Sales Sales Purchases Purchases Purchases Purchases Sales Purchases Purchases Purchases Purchases Sales Sales Purchases (Note2) Purchases (Note2) Purchases Service revenue Service revenue Service revenue Purchases Service revenue Service revenue Purchases Purchases Construction revenue	118,556 654,993 178,293 816,599 330,092 286,194 194,337 277,909 1,755,464 1,031,173 587,694 244,611 199,459 168,236 319,188 327,173 127,781 689,522 425,850 180,251 199,531 187,321 104,948 1,048,874 307,821 313,687	Receivable were collected within 10 working days against copy of B/L Receivables were collected after final acceptance Receivables were collected after final acceptance Payment after shipping document specified Payment after shipping document specified Payment after shipping document specified Payment after shipping document specified T/T within 7 working days against copy of B/L Letter of credit at sight/Prepaid before shipment date Letter of credit at sight/Payment after final acceptance Letter of credit at sight Letter of credit at sight Receivable were collected within 7 working days against copy of B/L Receivables were collected after final acceptance Payment within 10 days after shipment date Payment within 14 days after shipment date Payment within 85 days after shipment date Receivables were collected after final acceptance Receivables were collected after final acceptance Receivables were collected after final acceptance Letter of credit By contract terms Contractual period Letter of credit/Prepaid before shipment date Letter of credit Contractual period	- 1 - 1 - - - - 2 1 1 - - - - - - 1 1 - - - - 1 - -

87 -

No.	Investee Company	Counterparty	Relationship (Note 1)		Transaction Details	Transaction Details	% of Total Sales or Assets
				Financial Statement Accounts	Amount	Payment Terms
18 18 19 20 20 21 21 22 23 24 24	China Ecotek Corporation China Ecotek Corporation China Steel Security Corporation Steel Castle Technology Corporation Steel Castle Technology Corporation China Steel Machinery Corporation China Steel Machinery Corporation China Steel and Nippon Steel Vietnam Joint Stock Company CSCI Steel Corporation India Pvt. Ltd. China Steel Resources Corporation China Steel Resources Corporation	China Steel Corporation Dragon Steel Corporation China Steel Corporation United Steel Engineering & Construction Corporation China Steel Corporation China Steel Corporation Dragon Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation CHC Resources Corporation	2 3 2 3 2 2 3 2 2 2 3	Construction revenue Construction revenue Service revenue Service revenue Service revenue Construction revenue Construction revenue Purchases (Note2) Purchases Service revenue Costs of Service	1,329,159 627,918 107,557 339,140 161,948 532,774 424,792 2,003,734 895,729 232,746 177,054	Contractual period Contractual period By contract terms By contract terms By contract terms Receivables were collected after final acceptance Receivables were collected after final acceptance 14 days after B/L/Payment to the bank after the Corporation's shipment date Payment to the bank after the Corporation's shipment date Net 60 days from the end of the month of when invoice is issued Payment after final acceptance	2 1 - - - 1 1 2 1 - -

Note 1: The relationships with counterparties are as follows:

1) Parent to subsidiaries
2) Subsidiaries to parent
3) Subsidiaries to subsidiaries

Note 2: Purchase amount includes the Corporation's sales commitment to Dragon Steel Corporation.

88 -

TABLE 7

CHINA STEEL CORPORATION AND SUBSIDIARIES

INFORMATION ON INVESTEES FOR THE PERIOD ENDED MARCH 31, 2025 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Inves	tment Amount		As of March	31, 2025	Net Income (Loss) of the Investee	Share of Profit (Loss)	Note
						Number of Shares	%	Carrying Amount
				March 31, 2025	December 31, 2024
China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation	Chung Hung Steel Corporation China Steel Security Corporation China Steel Management Consulting Corporation China Prosperity Development Corporation China Steel Chemical Corporation HIMAG Magnetic Corporation Sing Da Marine Structure Corporation China Steel Power Holding Corporation CSC Solar Corporation China Steel Resources Corporation InfoChamp Systems Corporation Kaohsiung Rapid Transit Corporation China Steel Machinery Corporation China Steel Power Corporation China Ecotek Corporation Dragon Steel Corporation China Steel Structure Co., Ltd. CHC Resources Corporation C.S.Aluminium Corporation China Steel Express Corporation Gains Investment Corporation China Steel Global Trading Corporation CSC Steel Australia Holdings Pty Ltd CSCI Steel Corporation India Pvt. Ltd. China Steel Asia Pacific Holdings Pte Ltd China Steel and Nippon Steel Vietnam Joint Stock Company	Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Australia India Singapore Vietnam	Manufacture and sale of steel products On-site security, systematic security Business management and management consulting services Real estate development Manufacture of coal chemistry and speciality chemical Production and sale of industrial magnetic, chemical, and iron oxides Foundation of offshore wind power General investment Solar energy generation Other non-metallic mineral products manufacturing ERP systems automation control systems service Mass Rapid Transit service Manufacture and sale of products for iron and steel equipment, vehicle transportation equipment, power generation and other mechanical equipment Offshore Wind Power Generation Environmental engineering, M&E engineering, and O&M engineering Hot-rolled products, H beams, billets, flat steels Manufacture and sale of products of steel structure Manufacture and sale of Ground-Granulated Blast-Furnace Slag and Blast-Furnace Slag Cement, Air-cooled Blast Furnace Slag and Basic Oxygen Furnace Slag, reutilization of resources Production and sale of aluminum and non-ferrous metal products Shipping services for raw materials, ship chartering General investment Buy and sell, and act as an agency for steel products General investment Electrical steel Holding and investment Manufacture and sale of steel products	5,539,872 149,940 15,144 4,749,938 334,285 389,497 4,671,000 7,014,030 959,200 981,120 357,602 4,038,501 591,748 - 554,268 95,779,069 1,024,194 261,677 3,922,801 2,504,071 4,999,940 309,502 17,359,623 3,795,159 4,773,118 9,651,239	5,539,872 149,940 15,144 4,749,938 334,285 389,497 4,671,000 6,700,890 959,200 981,120 357,602 4,038,501 591,748 - 554,268 95,779,069 1,024,194 261,677 3,922,801 2,504,071 4,999,940 309,502 17,359,623 3,795,159 4,773,118 9,651,239	582,673,153 25,036,986 999,993 509,802,912 68,787,183 27,815,765 122,695,000 701,403,000 95,920,000 98,112,000 41,465,634 122,085,874 100,066,400 10 55,393,138 8,612,586,123 66,487,844 49,289,597 840,122,049 422,545,250 596,992,650 78,827,362 594,638 253,567,202 116,996,967 514,304,000	41 100 100 100 29 69 47 51 55 100 100 44 74 - 45 100 33 20 100 100 100 100 100 100 100 56	6,105,056 554,050 19,152 5,121,485 2,601,891 360,518 250,455 8,149,941 1,135,482 999,456 463,318 1,233,006 559,857 - 884,087 86,448,116 1,189,372 1,287,933 8,828,860 11,848,115 10,048,265 2,962,127 25,411,899 774,428 4,687,322 7,196,007	(211,267 ) 19,201 242 58,913 218,247 7,059 (177,997 ) 570,142 14,075 4,086 49,443 68,644 5,471 570,581 109,262 (1,861,932 ) 125,566 330,112 72,940 339,744 6,073 37,689 316,000 19,536 51,668 (153,441 )	(85,723 ) 19,329 242 59,088 65,270 4,924 (90,879 ) 290,772 7,829 4,317 22,655 29,984 (25,655 ) - 19,359 (1,883,467 ) 16,521 65,416 83,225 390,643 6,258 37,664 316,000 19,536 51,668 (85,927 )	Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary

89 -

Investor Company	Investee Company	Location	Main Businesses and Products	Original Inves	tment Amount		As of March	31, 2025	Net Income (Loss) of the Investee	Share of Profit (Loss)	Note
						Number of Shares	%	Carrying Amount
				March 31, 2025	December 31, 2024
China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation China Steel Corporation Chung Hung Steel Corporation Chung Hung Steel Corporation Chung Hung Steel Corporation China Steel Chemical Corporation China Steel Chemical Corporation China Steel Chemical Corporation China Steel Chemical Corporation China Steel Chemical Corporation China Steel Chemical Corporation China Steel Chemical Corporation China Steel Chemical Corporation China Steel Chemical Corporation China Steel Chemical Corporation China Steel Chemical Corporation China Steel Chemical Corporation Ever Wealthy International Corporation Ever Wealthy International Corporation Ever Wealthy International Corporation Ever Wealthy International Corporation Ever Wealthy International Corporation Ever Wealthy International Corporation Ever Wealthy International Corporation China Ecotek Corporation China Ecotek Corporation	Taiwan Smart Electricity & Energy Co., Ltd. TaiAn Technologies Corporation Hsin Hsin Cement Enterprise Corporation Eminent II Venture Capital Corporation Honley Auto. Parts Co., Ltd. Taiwan Rolling Stock Co., Ltd. Kaohsiung Arena Development Corporation Overseas Investment & Development Corporation Transglory Investment Corporation Hung Kao Investment Corporation Pro-Ascentek Investment Corporation Li-Ching-Long Investment Corporation HIMAG Magnetic Corporation Transglory Investment Corporation Eminent Venture Capital Corporation CSC Solar Corporation Ever Wealthy International Corporation Pro-Ascentek Investment Corporation China Steel Structure Co., Ltd. CHC Resources Corporation Gau Ruei Investment Corporation TaiAn Technologies Corporation Eminent III Venture Capital Corporation Sheng Lih Dar Investment Corporation Hung-Chuan Investment Corporation ThinTech Materials Technology Co., Ltd. HIMAG Magnetic Corporation China Steel Structure Co., Ltd. Ding Da Investment Corporation Honley Auto. Parts Co., Ltd. Jiing-Cherng-Fa Investment Corporation Hung-Chuan Investment Corporation	Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China	Renewable Energy-Based Electricity Retailing Enterprise Bio-Tech consultants and management Cement manufacturing, nonmetallic mining, cement and concrete mixing manufacturing General investment Manufacture of automotive components Manufacture of railway vehicles Development of competitive and leisure sports General investment General investment General investment General investment General investment Production and sale of industrial magnetic, chemical, and iron oxides General investment General Investment Solar energy generation General investment General investment Manufacture and sale of products of steel structure Manufacture and sale of Ground-Granulated Blast-Furnace Slag and Blast-Furnace Slag Cement, Air-cooled Blast Furnace Slag and Basic Oxygen Furnace Slag, reutilization of resources General investment Bio-Tech consultants and management General investment General investment General investment Sputtering target manufacturing and sales Production and sale of industrial magnetic, chemical, and iron oxides Manufacture and sale of products of steel structure General investment Manufacture of automotive components General investment General investment	10,000 7,629 320,929 195,000 591,639 970,044 450,000 50,000 2,001,152 26,000 200,000 7,000 47,950 450,000 3,375 261,600 300,083 60,000 13,675 91,338 15,070 2,295 160,000 8,400 9,000 41,043 33,015 29,281 10,495 100,985 8,050 6,000	10,000 7,629 320,929 195,000 591,639 970,044 450,000 50,000 2,001,152 26,000 200,000 7,000 47,950 450,000 3,375 261,600 300,083 60,000 13,675 91,338 15,070 2,295 160,000 8,400 9,000 42,396 33,015 29,281 10,495 100,985 8,050 6,000	1,000,000 1,666,700 28,658,729 19,500,000 35,751,427 95,527,811 45,000,000 5,000,000 337,554,151 2,600,000 20,000,000 700,000 3,133,744 75,911,726 337,500 26,160,000 107,712,232 6,000,000 600,069 15,019,341 1,196,000 499,998 16,000,000 840,000 900,000 5,461,748 2,297,860 532,000 897,000 8,034,528 805,000 600,000	50 17 31 46 29 48 18 6 40 100 17 35 8 9 5 15 100 5 - 6 40 5 9 35 45 5 6 - 30 7 35 30	7,541 23,027 412,138 226,077 137,668 699,010 595,771 67,544 2,745,194 26,982 233,068 12,906 40,761 617,099 3,815 308,729 1,336,311 69,920 16,860 410,008 26,993 6,907 96,362 17,256 16,594 94,543 29,881 15,174 16,124 85,731 14,886 11,063	(3,998 ) 1,125 16,840 (6,327 ) (19,809 ) 3,689 51,152 (4,623 ) 965 (53 ) 669 (3 ) 7,059 965 (4,839 ) 14,075 5,183 669 125,566 330,112 178 1,125 (46,542 ) 688 (3 ) 9,236 7,059 125,566 469 (19,809 ) 292 (3 )	(1,999 ) 187 5,793 (2,926 ) (8,317 ) 1,762 9,207 (257 ) - - - - - - - - - - - - - - - - - - - - - - - -	Associate Associate Associate Associate Associate Associate Associate Associate Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Associate Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Subsidiary Subsidiary

90 -

Investor Company	Investee Company	Location	Main Businesses and Products	Original Inves	tment Amount		As of March	31, 2025	Net Income (Loss) of the Investee	Share of Profit (Loss)	Note
						Number of Shares	%	Carrying Amount
				March 31, 2025	December 31, 2024
China Ecotek Corporation China Ecotek Corporation China Ecotek Corporation China Ecotek Corporation China Ecotek Corporation China Ecotek Corporation China Ecotek Corporation China Ecotek Corporation China Ecotek Corporation China Ecotek Corporation CEC International Corporation CEC Development Corporation China Steel Structure Co., Ltd. China Steel Structure Co., Ltd. China Steel Structure Co., Ltd. China Steel Structure Co., Ltd. China Steel Structure Co., Ltd. China Steel Structure Co., Ltd. China Steel Structure Co., Ltd. China Steel Structure Co., Ltd. China Steel Structure Co., Ltd. China Steel Structure Co., Ltd. China Steel Structure Co., Ltd. United Steel Engineering & Construction Corporation United Steel Engineering & Construction Corporation United Steel Engineering & Construction Corporation United Steel Engineering & Construction Corporation United Steel Engineering & Construction Corporation United Steel Engineering & Construction Corporation United Steel Engineering & Construction Corporation CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation	Chi-Yi Investment Corporation CSC Solar Corporation China Steel Machinery Corporation Pro-Ascentek Investment Corporation Chiun Yu Investment Corporation China Ecotek India Private Limited CEC International Corporation CEC Development Corporation Eminent III Venture Capital Corporation Honley Auto. Parts Co., Ltd. China Ecotek India Private Limited China Ecotek Vietnam Company Limited Wabo Global Trading Corporation Li-Ching-Long Investment Corporation Chi-Yi Investment Corporation HIMAG Magnetic Corporation Sing Da Marine Structure Corporation Pro-Ascentek Investment Corporation United Steel Engineering & Construction Corporation CHC Resources Corporation Chiun Yu Investment Corporation China Steel Structure Holding Co., Ltd. Nikken & CSSC Metal Products Co., Ltd. Transglory Investment Corporation China Prosperity Construction Corporation Kaohsiung Rapid Transit Corporation Pro-Ascentek Investment Corporation Shin Mau Investment Corporation Kaohsiung Arena Development Corporation Overseas Investment & Development Corporation Sheng Lih Dar Investment Corporation Jiing-Cherng-Fa Investment Corporation HIMAG Magnetic Corporation	Republic of China Republic of China Republic of China Republic of China Republic of China India Samoa Samoa Republic of China Republic of China India Vietnam Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Samoa Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China	General investment Solar energy generation Manufacture and sale of products for iron and steel equipment, vehicle transportation equipment, power generation and other mechanical equipment General investment General investment Construction engineering General investment General investment General investment Manufacture of automotive components Construction engineering Construction engineering Buy and sell, and act as an agency for steel products General investment General investment Production and sale of industrial magnetic, chemical, and iron oxides Foundation of offshore wind power General investment Contracting for civil engineering and management Manufacture and sale of Ground-Granulated Blast-Furnace Slag and Blast-Furnace Slag Cement, Air-cooled Blast Furnace Slag and Basic Oxygen Furnace Slag, reutilization of resources General investment Holding and investment Building materials wholesale industry, pollution prevention equipment wholesale industry, etc. General investment Real estate development Mass Rapid Transit service General investment General investment Development of competitive and leisure sports General investment General investment General investment Production and sale of industrial magnetic, chemical, andironoxides	8,000 348,800 329,174 60,000 14,233 27 30,642 478,579 100,000 34,000 27,070 302,065 1,500 6,000 6,000 17,080 250,000 40,000 410,000 132,715 12,453 - 6,750 287,500 53,550 15,433 20,000 13,754 100,000 44,100 9,600 9,200 10,970	8,000 348,800 329,174 60,000 14,233 27 30,642 478,579 100,000 34,000 27,070 302,065 1,500 6,000 6,000 17,080 250,000 40,000 410,000 132,715 12,453 - 6,750 287,500 53,550 15,433 20,000 13,754 100,000 44,100 9,600 9,200 10,970	800,000 34,880,000 35,204,170 6,000,000 1,196,000 5,000 10,000,000 17,000,000 10,000,000 2,000,000 4,995,000 - 714,000 600,000 600,000 1,116,252 20,000,000 4,000,000 80,000,000 23,182,738 1,046,500 10 675,000 27,503,866 5,355,000 1,543,276 2,000,000 1,196,000 10,000,000 4,410,000 960,000 920,000 716,938	40 20 26 5 40 - 100 100 6 2 100 100 6 30 30 3 8 3 100 9 35 100 45 3 40 1 2 40 4 5 40 40 2	14,847 316,300 508,794 69,920 23,493 37 37,363 1,056,947 60,226 33,141 37,096 852,754 7,941 11,062 11,135 14,524 43,307 46,567 1,337,629 633,341 20,557 123 6,109 223,958 54,262 15,476 23,353 24,070 132,394 59,527 19,721 17,012 9,318	(3 ) 14,075 5,471 669 299 146 150 6,872 (46,542 ) (19,809 ) 146 6,409 3,560 (3 ) (3 ) 7,059 (177,997 ) 669 35,022 330,112 299 2 302 965 (1,149 ) 68,644 669 970 51,152 (4,623 ) 688 292 7,059	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Associate Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Associate Subsidiary Subsidiary Subsidiary

91 -

Investor Company	Investee Company	Location	Main Businesses and Products	Original Inves	tment Amount		As of March	31, 2025	Net Income (Loss) of the Investee	Share of Profit (Loss)	Note
						Number of Shares	%	Carrying Amount
				March 31, 2025	December 31, 2024
CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation CHC Resources Corporation China Steel Security Corporation China Steel Security Corporation China Steel Security Corporation China Steel Security Corporation China Prosperity Development Corporation China Prosperity Development Corporation China Prosperity Development Corporation China Prosperity Development Corporation China Prosperity Development Corporation China Prosperity Development Corporation HIMAG Magnetic Corporation China Steel Power Holding Corporation CSC Solar Corporation CSC Solar Corporation InfoChamp Systems Corporation InfoChamp Systems Corporation InfoChamp Systems Corporation InfoChamp Systems Corporation Kaohsiung Rapid Transit Corporation China Steel Machinery Corporation China Steel Machinery Corporation Dragon Steel Corporation	Pro-Ascentek Investment Corporation Yu Cheng Lime Corporation Union Steel Development Corporation Shin Mau Investment Corporation Ding Da Investment Corporation Gau Ruei Investment Corporation Pao Good Industrial Co., Ltd. CHC Resources Vietnam Co., Ltd Hsin Hsin Cement Enterprise Corporation Eminent III Venture Capital Corporation Steel Castle Technology Corporation China Steel Management And Maintenance For Buildings Corporation Kaohsiung Rapid Transit Corporation Eminent III Venture Capital Corporation China Prosperity Construction Corporation Kaohsiung Rapid Transit Corporation Pro-Ascentek Investment Corporation CK Japan Co., Ltd. Kaohsiung Arena Development Corporation Chateau International Development Co., Ltd. MagnPower Corporation China Steel Power Corporation Pro-Ascentek Investment Corporation China Ecotek Corporation Universal Exchange Inc. Kaohsiung Rapid Transit Corporation Info-Champ System (B.V.I) Corporation Majestic Solid Light Corporation Taiwan Intelligent Transportation Co., Ltd. Sing Da Marine Structure Corporation Overseas Investment & Development Corporation CSC Solar Corporation	Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Vietnam Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Japan Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China British Virgin Islands Republic of China Republic of China Republic of China Republic of China Republic of China	General investment Real estate lease, management of raw materials Manufacture and sale of iron powder, OEM and sales of refractory, trading, human dispatch General investment General investment General investment Sales of fly ash, manufacture and sales of dry-mix mortar, trading Manufacture and sale of Ground-Granulated Blast-Furnace Slag, Sales of Granulated Blast-Furnace Slag Cement manufacturing, nonmetallic mining, cement and concrete mixing manufacturing General investment Firefighting engineering and mechatronic engineering Management and maintenance for buildings Mass Rapid Transit service General investment Real estate development Mass Rapid Transit service General investment Real estate lease Development of competitive and leisure sports Development of leisure business Powder metallurgy Offshore Wind Power Generation General investment Environmental engineering, M&E engineering, and O&M engineering Wholesale of computer software, software design services, digital information supply services Mass Rapid Transit service Holding and investment Manufacture and sale of UV LED Technical service Foundation of offshore wind power General investment Solar energy generation	30,000 126,010 53,345 10,316 12,516 12,306 50,937 647,338 73,269 30,000 31,257 10,000 17,000 10,000 92,105 130,000 50,000 151,526 175,000 126,298 400,208 13,747,000 30,000 - 60,784 40,265 6,816 4,500 26,000 250,000 95,900 174,400	30,000 126,010 53,345 10,316 12,516 12,306 50,937 647,338 73,269 30,000 31,257 10,000 17,000 10,000 92,105 130,000 50,000 151,526 175,000 127,173 400,208 13,133,000 30,000 4,826 60,784 40,265 6,816 4,500 26,000 250,000 95,900 174,400	3,000,000 108,000 4,668,333 897,000 1,196,000 1,046,500 5,408,550 - 9,298,583 3,000,000 13,000,000 1,000,000 1,700,000 1,000,000 8,032,500 13,000,000 5,000,000 3,840 17,500,000 23,395,623 18,210,000 1,374,699,990 3,000,000 - 5,825,030 5,200,319 201,000 450,000 2,600,000 20,000,000 9,590,000 17,440,000	3 90 93 30 40 35 51 85 10 2 100 100 1 1 60 5 4 80 7 16 100 100 3 - 35 2 100 45 100 8 11 10	34,960 142,739 118,952 18,052 21,499 23,619 92,624 765,009 125,362 18,068 263,261 14,448 17,018 6,132 81,393 131,487 58,301 187,189 231,358 418,991 (1,279) 15,979,302 34,960 - 77,654 52,171 24,630 - 28,124 43,307 129,501 205,819	669 880 9,013 970 469 178 390 28,361 16,840 (46,542 ) 12,379 338 68,644 (46,542 ) (1,149 ) 68,644 669 4,377 51,152 (12,636 ) (2,264 ) 570,581 669 109,262 9,121 68,644 667 - (1,136 ) (177,997 ) (4,623 ) 14,075	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Associate Subsidiary Subsidiary Subsidiary Associate Subsidiary Subsidiary Subsidiary Subsidiary Associate Associate Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Subsidiary Subsidiary Associate Subsidiary

92 -

Investor Company	Investee Company	Location	Main Businesses and Products	Original Inves	tment Amount		As of March	31, 2025	Net Income (Loss) of the Investee	Share of Profit (Loss)	Note
						Number of Shares	%	Carrying Amount
				March 31, 2025	December 31, 2024
Dragon Steel Corporation Dragon Steel Corporation C.S.Aluminium Corporation China Steel Express Corporation China Steel Express Corporation China Steel Express Corporation Transglory Investment Corporation Transglory Investment Corporation Gains Investment Corporation Gains Investment Corporation Gains Investment Corporation Gains Investment Corporation Gains Investment Corporation Gains Investment Corporation Gains Investment Corporation Gains Investment Corporation Gains Investment Corporation Gains Investment Corporation Gains Investment Corporation ThinTech Materials Technology Co., Ltd. ThinTech Materials Technology Co., Ltd. ThinTech Materials Technology Co., Ltd. Betacera Inc. Betacera Inc. Universal Exchange Inc. Pro-Ascentek Investment Corporation Pro-Ascentek Investment Corporation Eminence Investment Corporation Eminence Investment Corporation Eminence Investment Corporation Eminence Investment Corporation Eminence Investment Corporation Eminence Investment Corporation Eminence Investment Corporation	Pro-Ascentek Investment Corporation China Steel Structure Co., Ltd. Pro-Ascentek Investment Corporation Kaoport Stevedoring Corporation Transglory Investment Corporation CSE Transport Corporation Winning Investment Corporation China Steel Structure Co., Ltd. Winning Investment Corporation ThinTech Materials Technology Co., Ltd. Betacera Inc. Eminent Venture Capital Corporation Universal Exchange Inc. Pro-Ascentek Investment Corporation Mentor Consulting Corporation Eminence Investment Corporation Fukuta Electric & Machinery Co., Ltd. Eminent III Venture Capital Corporation Honley Auto. Parts Co., Ltd. Pro-Ascentek Investment Corporation OmniGains Investment Corporation Thintech Global Limited Lefkara Ltd. Eminent III Venture Capital Corporation Pro-Ascentek Investment Corporation Betacera Inc. Fukuta Electric & Machinery Co., Ltd. Li-Ching-Long Investment Corporation Sheng Lih Dar Investment Corporation Jiing-Cherng-Fa Investment Corporation Hung-Chuan Investment Corporation Chi-Yi Investment Corporation Shin Mau Investment Corporation Ding Da Investment Corporation	Republic of China Republic of China Republic of China Republic of China Republic of China Panama Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Samoa Samoa British Virgin Islands Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China	General investment Manufacture and sale of products of steel structure General investment Ship cargo loading and unloading industry General investment Shipping services for raw materials General investment Manufacture and sale of products of steel structure General investment Sputtering target manufacturing and sales Manufacturing and trading of electronic ceramics General Investment Wholesale of computer software, software design services, digital information supply services General investment Management consulting services General investment Motor manufacturing and selling General investment Manufacture of automotive components General investment Holding and investment Holding and investment Holding and Investment General investment General investment Manufacturing and trading of electronic ceramics Motor manufacturing and selling General investment General investment General investment General investment General investment General investment General investment	100,000 138,375 30,000 35,013 2,440,000 316 809,084 210,064 989,664 817,156 150,165 33,750 170,432 60,000 25,909 1,600,000 646,481 400,000 104,246 30,000 274,710 205,435 452,352 50,000 20,000 77,278 - 6,262 5,317 4,762 4,173 5,222 9,513 8,970	100,000 138,375 30,000 35,013 2,440,000 316 809,084 210,064 989,664 817,156 150,165 33,750 170,432 60,000 25,909 1,600,000 646,481 400,000 104,246 30,000 274,710 205,435 446,630 50,000 20,000 77,278 986 6,262 5,317 4,762 4,173 5,222 9,513 8,970	10,000,000 4,217,000 3,000,000 3,275,000 411,610,257 10 52,900,000 3,655,000 112,700,000 50,894,058 20,555,253 3,375,000 10,533,713 6,000,000 1,000,000 150,000,000 8,798,519 40,000,000 8,642,160 3,000,000 23,168,349 6,800,000 13,623,000 5,000,000 2,000,000 1,608,491 - 600,000 500,000 476,000 400,000 501,000 896,999 897,000	8 2 3 66 48 100 23 2 49 47 48 50 64 5 100 100 17 22 7 3 100 100 100 3 2 4 - 30 21 21 20 25 30 30	116,534 118,495 34,960 55,653 3,347,588 4,719,020 541,878 103,360 1,154,435 881,715 1,332,970 38,152 142,257 69,920 21,856 2,110,585 760,493 245,268 94,552 34,960 635,907 27,715 2,042,421 30,659 23,307 113,958 - 11,062 10,270 8,804 7,375 9,298 18,052 16,124	669 125,566 669 3,163 965 50,829 (7,518 ) 125,566 (7,518 ) 9,236 91,436 (4,839 ) 9,121 669 1,213 (6,889 ) (10,105 ) (46,542 ) (19,809 ) 669 4,667 561 35,234 (46,542 ) 669 91,436 (10,105 ) (3 ) 688 292 (3 ) (3 ) 970 469	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Associate Associate Subsidiary Subsidiary Subsidiary Subsidiary Associate Subsidiary Subsidiary Associate Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary

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Investor Company	Investee Company	Location	Main Businesses and Products	Original Inves	tment Amount		As of March	31, 2025	Net Income (Loss) of the Investee	Share of Profit (Loss)	Note
						Number of Shares	%	Carrying Amount
				March 31, 2025	December 31, 2024
Eminence Investment Corporation Eminence Investment Corporation Eminence Investment Corporation Shin Mau Investment Corporation Shin Mau Investment Corporation Shin Mau Investment Corporation Shin Mau Investment Corporation Ding Da Investment Corporation Ding Da Investment Corporation Ding Da Investment Corporation Ding Da Investment Corporation Jiing-Cherng-Fa Investment Corporation Gau Ruei Investment Corporation Gau Ruei Investment Corporation Gau Ruei Investment Corporation Sheng Lih Dar Investment Corporation Chiun Yu Investment Corporation Chiun Yu Investment Corporation China Steel Global Trading Corporation China Steel Global Trading Corporation China Steel Global Trading Corporation China Steel Global Trading Corporation China Steel Global Trading Corporation Wabo Global Trading Corporation Wabo Global Trading Corporation CSGT International Corporation CSGT International Corporation CSGT International Corporation CSGT (Singapore) Pte. Ltd. CSC Steel Australia Holdings Pty Ltd CSC Steel Australia Holdings Pty Ltd China Steel Asia Pacific Holdings Pte Ltd CSC Steel Holdings Berhad CSC Steel Sdn. Bhd.	Gau Ruei Investment Corporation Chiun Yu Investment Corporation Fukuta Electric & Machinery Co., Ltd. Hung-Chuan Investment Corporation Chi-Yi Investment Corporation China Steel Structure Co., Ltd. CHC Resources Corporation Jiing-Cherng-Fa Investment Corporation Betacera Inc. China Steel Chemical Corporation Universal Exchange Inc. China Ecotek Corporation Li-Ching-Long Investment Corporation Sheng Lih Dar Investment Corporation China Steel Chemical Corporation CHC Resources Corporation China Ecotek Corporation China Steel Structure Co., Ltd. Wabo Global Trading Corporation CSGT Trading India Private Limited Chung Mao Trading (Samoa) Corporation CSGT International Corporation CSGT (Singapore) Pte. Ltd. CSGT Japan Co., Ltd. CK Japan Co., Ltd. CSGT Trading India Private Limited CSGT Metals Vietnam Joint Stock Company TSK Steel Company Limited CSCD SA CSC Sonoma Pty Ltd 9404-5515 Quebec Inc. CSC Steel Holdings Berhad CSC Steel Sdn. Bhd. Constant Mode Sdn. Bhd.	Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China Republic of China India Samoa Samoa Singapore Japan Japan India Vietnam Thailand Switzerland Australia Canada Malaysia Malaysia Malaysia	General investment General investment Motor manufacturing and selling General investment General investment Manufacture and sale of products of steel structure Manufacture and sale of Ground-Granulated Blast-Furnace Slag and Blast-Furnace Slag Cement, Air-cooled Blast Furnace Slag and Basic Oxygen Furnace Slag, reutilization of resources General investment Manufacturing and trading of electronic ceramics Manufacture of coal chemistry and speciality chemical Wholesale of computer software, software design services, digital information supply services Environmental engineering, M&E engineering, and O&M engineering General investment General investment Manufacture of coal chemistry and speciality chemical Manufacture and sale of Ground-Granulated Blast-Furnace Slag and Blast-Furnace Slag Cement, Air-cooled Blast Furnace Slag and Basic Oxygen Furnace Slag, reutilization of resources Environmental engineering, M&E engineering, and O&M engineering Manufacture and sale of products of steel structure Buy and sell, and act as an agency for steel products Buy and sell, and act as an agency for steel products Holding and investment Holding and investment Buy and sell, and act as an agency for steel products Buy and sell, and act as an agency for steel products Real estate lease Buy and sell, and act as an agency for steel products Cutting and processing of steel products Steel coil processing and distributing International trade and investment Investments in mining industry Investments in mining industry General investment Manufacture and sale of steel products General investment	8,805 7,475 23,521 1,000 990 5,619 5,454 990 25 17,404 17 7,874 1,000 1,000 17,584 5,678 5,764 3,559 11,000 240 127,847 631,983 22,600 10,160 37,488 25,821 287,393 95,899 126,379 342,116 5,494,335 1,203,231 3,153,427 5,415	8,805 7,475 23,521 1,000 990 5,619 5,454 990 25 17,404 17 7,874 1,000 1,000 17,584 5,678 5,764 3,559 11,000 240 127,847 631,983 22,600 10,160 37,488 25,494 283,758 94,686 123,113 335,212 5,383,445 1,188,011 3,086,161 5,299	747,499 747,500 186,000 100,000 99,000 341,896 512,685 99,000 1,000 474,220 1,600 302,052 100,000 100,000 474,220 512,535 275,469 275,896 5,236,000 48,000 8,800,000 20,740,000 6,100,000 800 960 4,752,000 13,279,770 408,000 1,876,795 16,440,001 270,122,727 171,000,000 359,000,000 750,000	25 25 - 5 5 - - 4 - - - - 5 4 - - - - 44 1 100 100 100 100 20 99 60 34 49 100 25 46 100 100	16,870 14,683 25,250 1,844 1,837 9,615 14,213 1,829 64 16,965 22 9,268 1,844 2,056 16,965 14,213 8,496 7,918 58,236 272 372,615 1,085,006 888,193 25,311 46,797 26,974 479,254 221,199 815,507 192,569 8,679,270 3,049,133 6,249,984 7,889	178 299 (10,105 ) (3 ) (3 ) 125,566 330,112 292 91,436 218,247 9,121 109,262 (3 ) 688 218,247 330,112 109,262 125,566 3,560 916 3,396 27,559 (11,387 ) (794 ) 4,377 920 38,181 - (33,622 ) 1,527 300,165 89,790 89,016 61	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	Subsidiary Subsidiary Associate Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Associate Subsidiary Associate Subsidiary Subsidiary Subsidiary

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TABLE 8

CHINA STEEL CORPORATION AND SUBSIDIARIES

INFORMATION ON INVESTMENTS IN MAINLAND CHINA FOR THE PERIOD ENDED MARCH 31, 2025 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Investee Company	Main Business	es and Products	Paid-in Capital (Note 1)	Metho Investm (Note	d of ent 2)	Accumulated Outward Remittance for Investment from Taiwan as of January 1, 2025 (Note 1)	Remittance of	Funds (Note 1)	Accumulated Outward Remittance for Investment from Taiwan as of March 31, 2025 (Note 1)	Net Income (Loss) of the Investee	% Ownership of Direct or Indirect Investment	Investment Gain (Loss)	Carrying Amount as of March 31, 2025	Accumulated Repatriation of Investment Income as of March 31, 2025	Note
							Outward	Inward
Betacera (Su Zhou) Co., Ltd. CSGT (Shanghai) Co., Ltd. Changzhou China Steel Precision Materials Co., Ltd. China Steel Precision Metals Qingdao Co., Ltd. Changzhou China Steel New Materials Technology Co., Ltd. CSGT (Shenzhen) Co., Ltd. HC&C Auto Parts Co., Ltd. Suzhou Betacera Technology Co., Ltd. Shanghai Xike Ceramic Electronic Co., Ltd. China Steel Precision Metals Kunshan Co., Ltd. Wuhan InfoChamp I.T. Co., Ltd. Xiamen Ecotek PRC Company Limited	Manufacturing and electronic ceram Buy and sell, and a for steel produc Production and sal titanium alloys, alloys Cutting and proces products Mesophase sales a Buy and sell, and a for steel produc Manufacture of au components Manufacturing and aeronautical or products Manufacturing and electronic ceram Cutting and proces products Enterprise informa integration serv Equipment materia export	trading of ics ct as an agency ts e of titanium and nickel and nickel sing of steel nd trading ct as an agency ts tomotive trading of marine life saving trading of ics sing of steel tion system ices ls import and	146,102 19,923 1,689,470 664,100 182,691 26,564 863,330 498,075 39,846 498,075 6,641 199,230	2 2 3 1 1 1 2 2 2 1 2 2		146,102 19,923 1,538,610 464,870 216,032 17,267 132,820 498,075 39,647 533,272 6,641 199,230	- - - - - - - - - - - -	- - - - - - - - - - - -	146,102 19,923 1,538,610 464,870 216,032 17,267 132,820 498,075 39,647 533,272 6,641 199,230	25,533 2,433 21,319 (6,737) (4,054) 12 (10,249) 8,227 870 949 667 377	100 100 70 70 100 65 15 100 100 100 100 100	25,533 2,433 14,923 (4,716) (4,054) 8 (1,576) 8,227 865 949 667 377	788,324 31,884 1,181,965 392,302 197,671 16,758 117,665 722,117 354,679 471,600 22,597 197,439	- 65,205 34,843 24,649 - 7,875 - - - 1,102 168,203 -	Note 3(1) Note 3(1) Note 3(1) Note 3(1) Note 3(1) Note 3(1) Note 3(1) Note 3(1) Note 3(1) Note 3(1) Note 3(1) Note 3(1)

Investee Company		Accumulated Investment Marc	Outward Remittance for in Mainland China as of h 31, 2025 (Note 1)		Inve Inv	stment Amount Authorized by estment Commission, MOEA (Note 1)		Upper Limit on the Amount of Investment Stipulated by Investment Commission, MOEA (Note 4)
China Steel Corporation China Steel Chemical Corporation China Ecotek Corporation Thintech Materials Technology Co., Ltd. Betacera Inc. China Steel Global Trading Corporation Infochamp Systems Corporation			132,820 216,032 199,230 1,538,610 683,824 1,035,332 6,641			132,820 216,032 199,230 1,538,610 683,824 1,035,332 6,641		181,414,736 5,126,224 2,323,765 - 1,586,154 1,721,653 546,070

Note 1: The amounts were calculated based on the foreign exchange rate as of March 31, 2025.

Note 2: Methods of investment are classified as below:

1) Direct investment.
2) Investments through a holding company registered in a third region.
3) Partial direct investment, and partial investments through a holding company registered in a third region.
95 -

Note 3: The basis for recognition of investment income (loss) is based on the following:

1) From the financial statements reviewed and attested by R.O.C. parent company’s CPA.
2) From the investee company, which had not been audited and attested by independent accountants.
Note 4: As the subsidiary ThinTech Materials Technology Co., Ltd. has obtained the certificate of qualified for operating headquarters, which is due on October 10, 2025, issued by the Industrial Development Bureau, MOEA, the limit on investment in Mainland China pursuant to “Principle of investment or Technical Cooperation in Mainland China” is not applicable, while other companies, investments shall not exceed 60% of their net worth.
96 -

TABLE 9

CHINA STEEL CORPORATION AND SUBSIDIARIES

MOVEMENT OF PROPERTY, PLANT AND EQUIPMENT FOR THE PERIOD ENDED MARCH 31, 2025 AND 2024 (Amounts in Thousands of New Taiwan Dollars)

For the three months ended March 31, 2025

Cost Balance at January 1, 2025 Additions Disposals Reclassification Others Effect of foreign currency exchange differences Balance at March 31, 2025 Accumulated depreciation andimpairment Balance at January 1, 2025 Depreciation Disposals Others Effect of foreign currency exchange differences Balance at March 31, 2025 Carrying amount at December 31, 2024 Carrying amount at March 31, 2025	Land $ 69,888,142 - - - - 2,095 $ 69,890,237 $ 6,370 - - - - $ 6,370 $ 69,881,772 $ 69,883,867	Land Improvements $ 6,169,969 - - - - 1,622 $ 6,171,591 $ 5,098,762 19,636 - - 1,438 $ 5,119,836 $ 1,071,207 $ 1,051,755	Buildings Machinery and Equipment Transportation Equipment $ 143,120,130 $ 737,739,986 $ 32,287,353 10,211,131 4,046,958 162,400 (17,880) (632,122) (17,329) - 31,821 - - - - 105,356 401,094 151,801 $ 153,418,737 $ 741,587,737 $ 32,584,225 $ 77,161,525 $ 542,989,921 $ 15,224,310 1,039,297 6,025,718 487,614 (16,589) (630,696) (17,187) - - - 46,580 260,328 51,981 $ 78,230,813 $ 548,645,271 $ 15,746,718 $ 65,958,605 $ 194,750,065 $ 17,063,043 $ 75,187,924 $ 192,942,466 $ 16,837,507	Other Equipment $ 19,671,954 143,744 (51,045) - (9) 14,931 $ 19,779,575 $ 16,917,201 244,390 (50,903) (9) 12,446 $ 17,123,125 $ 2,754,753 $ 2,656,450	Spare Parts Construction in Progress and Equipment to be Inspected $ 9,785,959 $ 40,575,553 213,203 (5,625,276) (412,231) - (3,857) 1,250 - - 406 779 $ 9,583,480 $ 34,952,306 $ 4,207,459 - 216,060 - (410,981) - - - - - $ 4,012,538 $ - $ 5,578,500 $ 40,575,553 $ 5,570,942 $ 34,952,306	Total $1,059,239,046 9,152,160 (1,130,607) 29,214 (9) 678,084 $1,067,967,888 $ 661,605,548 8,032,715 (1,126,356) (9) 372,773 $ 668,884,671 $ 397,633,498 $ 399,083,217

97 -

For the three months ended March 31 2024

Cost Balance at January 1, 2024 Additions Disposals Reclassification Effect of foreign currency exchange differences Balance at March 31, 2024 Accumulated depreciation andimpairment Balance at January 1, 2024 Depreciation Disposals Impairments Reclassification Effect of foreign currency exchange differences Balance at March 31, 2024 Carrying amount at March 31, 2024	Land $ 69,462,185 - - (8,060) (294) $ 69,453,831 $ 6,370 - - - - - $ 6,370 $ 69,447,461	Land Improvements $ 6,155,891 333 - - 4,241 $ 6,160,465 $ 5,016,757 19,776 - - - 3,327 $ 5,039,860 $ 1,120,605	Buildings Machinery and Equipment Transportation Equipment $ 141,830,590 $ 677,713,614 $ 31,210,164 93,558 2,156,906 160,810 (19,969) (243,089) (56,421) 134,083 (6,110) - 218,756 927,476 464,365 $ 142,257,018 $ 680,548,797 $ 31,778,918 $ 73,208,185 $ 523,871,057 $ 13,369,152 975,618 5,583,084 462,307 (19,969) (225,095) (56,393) - 28,811 - 75,973 (3,259) - 76,573 514,011 128,604 $ 74,316,380 $ 529,768,609 $ 13,903,670 $ 67,940,638 $ 150,780,188 $ 17,875,248	Other Equipment $ 19,623,691 192,096 (290,119) (131,610) 24,362 $ 19,418,420 $ 16,616,468 242,684 (289,867) - (73,326) 20,556 $ 16,516,515 $ 2,901,905	Spare Parts Construction in Progress and Equipment to be Inspected $ 10,098,363 $ 56,084,816 246,314 7,697,900 (317,693) (21,064) (5,298) (6,027) 593 2,813 $ 10,022,279 $ 63,758,438 $ 4,481,983 $ - 252,294 - (317,693) - - - - - - - $ 4,416,584 $ - $ 5,605,695 $ 63,758,438	Total $1,012,179,314 10,547,917 (948,355) (23,022) 1,642,312 $1,023,398,166 $ 636,569,972 7,535,763 (909,017) 28,811 (612) 743,071 $ 643,967,988 $ 379,430,178

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AI assistant

CSC — Interim / Quarterly Report 2025

51937_rns_2025-11-18_71b37b60-70ad-4344-978a-75ce9db7cf45.pdf

China Steel Corporation and Subsidiaries

INDEPENDENT AUDITORS’ REVIEW REPORT

Introduction

Scope of Review

Conclusion

Notice to Readers

CHINA STEEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands of New Taiwan Dollars)

CHINA STEEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share)

CHINA STEEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share)

CHINA STEEL CORPORATION AND SUBSIDIARIES

CHINA STEEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

CHINA STEEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

CHINA STEEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

CHINA STEEL CORPORATION AND SUBSIDIARIES

1. GENERAL INFORMATION

2. APPROVAL OF FINANCIAL STATEMENTS

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

IFRS 18 “Presentation and Disclosure in Financial Statements”

4. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

a. Statement of compliance

b. Basis of consolidation

5. MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Carbon fees

6. CASH AND CASH EQUIVALENTS

7. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

Contract Amount Maturity Date (In Thousands)

8. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

9. FINANCIAL INSTRUMENTS FOR HEDGING

10. NOTES AND ACCOUNTS RECEIVABLE, NET (INCLUDING RELATED PARTIES)

March 31, 2025

11. INVENTORIES

12. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

13. OTHER FINANCIAL ASSETS

14. PROPERTY, PLANT AND EQUIPMENT

15. LEASE ARRANGEMENTS

a. Right-of-use assets

b. Lease liabilities

d. Other lease information

16. INVESTMENT PROPERTIES

17. BORROWINGS

c. Long-term borrowings

18. BONDS PAYABLE

19. ACCOUNTS PAYABLE (INCLUDING RELATED PARTIES)

20. OTHER PAYABLES

21. PROVISIONS

22. RETIREMENT BENEFIT PLANS

23. EQUITY

1) Ordinary shares

b. Capital surplus

24. OPERATING REVENUE

For the three months ended March 31, 2024

25. PROFIT BEFORE TAX

g. Employee benefits

26. INCOME TAX

b. Income tax recognized directly in equity

c. Income tax benefit (expense) recognized in other comprehensive income

d. Income tax assessments

27. EARNINGS PER SHARE

Net profit for the period

28. CAPITAL MANAGEMENT

29. FINANCIAL INSTRUMENTS

Financial Instrument Valuation Techniques and Inputs

Hedge accounting

March 31, 2025

Hedge accounting

March 31, 2025

Hedge accounting

CSC Interim / Quarterly Report 2025