Stock code: 2072

ANNUAL REPORT 2025

Century Wind Power Co., Ltd.

Website for information about this annual report

Company website: www.cwptw.com

Market Observation Post System: http://mops.twse.com.tw

Published on April 14, 2026

Company Spokesperson

Name of Spokesperson | Stephen Lai

Title | Vice President, BD&Sales

Tel | (02)8979-8698

Email | [email protected]

Deputy Spokesperson

Name of Spokesperson | Rex Wang

Title: Finance Vice President

Tel | (02)8979-8698

Email | [email protected]

Headquarter and Locations of Plants

Address of Headquarter | No. 388-5, Sec. 3, Zhongshan Rd., Bali Dist., New Taipei City

Tel | (02)8979-8698

Stock Transfer Agent

Name | Stock Affairs Agency Department, Capital Securities Corporation

Address | B2, No. 97, Dunhua S. Rd., Da' an Dist., Taipei City

Website | https://www.capital.com.tw

Tel | (02)2702-3999

Financial Statements of the Most Recent Year Certifying CPAs

Name of CPA: Lin, Cheng-Wei and Chen, Kuo-Shuai

Name of Accounting Firm | EY Taiwan

Address | 27F, No. 1088, Zhongzheng Rd., Taoyuan Dist., Taoyuan City

Website | https://www.ey.com/tw

Tel | (03)319-8888

Transaction Information of Negotiable Securities Listed Overseas

None

Company Website

www.cwptw.com

CONTENTS

One. Report to the Shareholders

Two. Corporate Governance Report

7 I. Information on directors, general managers, associate general managers, associate general managers, and department and branch heads
20 II. Remuneration paid to directors, general managers, and deputy general managers in the most recent year
23 III. Status of corporate governance
56 IV. Auditor's professional fee information
56 V. Information on replacement of CPAs
56 VI. Name of auditing firm or its affiliates at which the Company's chairman, general managers, or managers responsible for financial or accounting matters was an employee in the most recent year, their position and employment period
56 VII. Any transfer of equity interests and/or pledge of or change in equity interests by a director, managerial officer, or shareholder with a stake of more than 10 percent during the most recent fiscal year or during the current fiscal year up to the date of publication of the annual report
57 VIII. Relationship information, if among the Company's top ten shareholders any one is a related party or a relative within the second degree of kinship of another
58 IX. The total number of shares and total equity stake held in any single enterprise by the Company, its directors and managerial officers, and any companies controlled either directly or indirectly by the Company:

Three. Capital Raising

59 I. Source of share capital
60 II. List of major shareholders
60 III. Dividend policy and Implementation
60 IV. The effects of stock grants proposed at this shareholders' meeting on business performance and earnings per share
61 V. Remuneration to employees and directs
61 VI. Status of the Company repurchasing its own shares
61 VII. Issuance of corporate bonds
61 VIII. Issuance of preferred shares
61 IX. Issuance of overseas depository receipts
61 X. Issuance of employee stock options
61 XI. Issuance of new shares related to mergers or share transfers

61 XII. Implementation of capital allocation plans

Four. Overview of the Company's Operations

62 I. Description of the business
72 II. Analysis of the market and the production and marketing situation
81 III. Information on employees employed during the two most recent fiscal years and up to the date of publication of the annual report
81 IV. Information on environmental protection expenditure
81 V. Labor-Management Relations
82 VI. Cybersecurity management
84 VII. Important contracts

Five. Review and Analysis of the Financial Position and Financial Performance and the Risks

87 I. Financial status
88 II. Financial performance
89 III. Cash flow analysis
89 IV. Effect upon financial operations of any major capital expenditures during the most recent fiscal year
90 V. Reinvestment policy for the most recent fiscal year, the main reasons for the profits or losses generated, plans for improvement, and investment plans for the coming year
90 VI. Analysis of risk factors
93 VII. Other important matters

Six. Special Items to Be Included

94 I. Information on affiliated companies
94 II. Private placement of securities during the most recent fiscal year or during the current fiscal year up to the date of publication of the annual report
94 III. Other matters that require additional description
94 IV. Any of the situations listed in Article 36, Paragraph 3, Subparagraph 2 of the Securities and Exchange Act which materially affect shareholders' equity or the price of the Company's securities during the most recent fiscal year or during the current fiscal year up to the date of publication of the annual report

One.

Report to the Shareholders

According to the latest statistics from the Global Wind Energy Council (GWEC) and the Bureau of Energy, Ministry of Economic Affairs (MOEA), as of the end of 2025, more than 474 offshore wind turbines had been installed in the Taiwan Strait, and the total installed capacity of offshore wind power reached approximately 4.4 GW. Taiwan's cumulative installations rose to fifth place globally, and the installed capacity of offshore wind power is projected to reach 5.3 GW by the end of 2026. Century Wind Power has continued to play a key role in Taiwan's offshore wind power development.

In 2025, the Company's primary revenue source was the Fengmiao Project, followed by the Hailong Project and Taipower Phase II Project. Century Wind Power completed delivery of all underwater foundations for Taiwan Power's Phase II Project and the Hailong Project this year, while work on the Fengmiao Project is progressing rapidly. In terms of business, we signed a substructure supply contract with Synera Renewable Energy for the underwater foundations of the Formosa 4 and Formosa 6 wind farms, and have since begun overall contracting for both international and domestic substructure projects.

Century Wind Power is actively preparing for Taiwan's stage 3 (phase 3) block development. On one hand, the Company continued to engage with the government to ensure a smooth transition for itself and its related Taiwanese supply chain under the new policy. On the other hand, the Company accelerated development of the Taipei Port Sky Tower 3 and construction of the Phase V Plant to continue expanding production capacity and optimizing overall costs. In terms of quality, Century Wind Power continued to refine its welding and manufacturing technologies to reduce the defect rate and improve profitability. We are confident that we will overcome challenges and achieve stronger results in the new year.

The summary report of the Company's business results for 2025 and business plan for 2026 is as follows:

I. 2025 business results

(I) Implementation results of business plan

The net operating revenue for 2025 was NT$10,276,165 thousand, a 6.33% increase from NT$9,664,454 thousand in 2024, primarily due to the on-time and high-quality progress of various projects. The Taipower Phase II wind farm underwater foundation project and the Hailong wind farm underwater foundation project were completed and shipped in 2025, and the Fengmiao Phase 1 Offshore Wind Farm underwater foundation project was initiated and progressed smoothly, leading to an overall revenue increase compared to the same period last year (the Company recognizes project revenue based on the percentage of completion of the engineering contract). The gross operating profit increased from last year due to the increase in capacity utilization.

In 2026, following the successful completion of the Fengmiao Phase 1 Offshore Wind Farm Project, revenue and gross profit are expected to increase with the start of underwater foundation production for the Formosa 4 Offshore Wind Farm and other tendered wind farms from the stage 3 (phase 2).

(II) Budget implementation

No public financial forecast was disclosed for fiscal year 2025; accordingly, a variance analysis is not applicable.

(III) Financial income and expenditure and profit analysis

Fiscal year 2025 operating revenue, cost of revenue, and gross profit are summarized as follows:

Annual net operating income: NT$10,276,165 thousand.

Annual operating cost: NT$7,354,900 thousand.

Annual gross profit: NT$2,921,265 thousand.

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Report to Shareholders | Century Wind Power | 01

Fiscal year 2025 operating expenses, non-operating income, and non-operating expenses are summarized as follows:
Annual operating expenses: NT$593,869 thousand.
Annual non-operating income (expenditure): NT$189,463 thousand.
Net profit before tax in 2025 was NT$2,516,859 thousand.
Net profit after tax in 2025 was NT$2,030,444 thousand, and the net profit after tax per share was NT$11.94.

(IV) Research and development work
1. The false work facilities are oriented toward project sharing, in order to optimize the design.
2. Enhance the technical competence of steel coiling.
3. Cultivate the capability and talents to design and draw the construction drawings independently.

II. Summary of the 2026 business plan

(I) Business

Based on the current development of offshore wind power in Taiwan, the business expansion and contract negotiation have entered the stage 3 block development. The relevant engineering projects are as follows:

1. Phase 1 Block Development

A total of five companies signed the administrative contracts for the phase 1 (3-1) of the offshore wind power block development. As of 2025, the negotiations of business with each offshore wind farm are as below:

Fengmiao Phase 1:
The installation capacity of this wind farm is 500MW. The Company is currently working on this project and anticipates completing manufacturing of all underwater foundations by the end of this year.

Formosa 4:
The installation capacity of this wind farm is 495MW. The Company signed an underwater foundation manufacturing contract with Synera Renewable Energy in July 2025. Currently, this project is in the early stages of limited notice to proceed.

2. Phase 2 Block Development

In August 2024, the Energy Administration of MOEA announced five assigned offshore wind farms. Which includes Yuanta, Formosa 6, Fengmiao II, Formosa 3, and DS Green.

Formosa 6 Wind Farm:
The installation capacity of this wind farm is 800MW. The Company signed an underwater foundation manufacturing contract with Synera Renewable Energy in August 2025.

Yuanta Wind Farm:
The installation capacity of this wind farm is 700MW. The Company signed a conditional and binding industry association agreement with Shinfox Energy in 2024. The contract for the manufacturing of underwater foundations is expected to be signed in June 2027.

Fengmiao II:
The installation capacity of this wind farm is 600MW. The Company is currently preparing bid documents. The manufacturing contract for the underwater foundations of this wind farm is expected to be signed before May 2027.

Haiding 1 (Windfarm No. 11):
The development right has been revoked by the Energy Bureau of the MOEA due to the failure to sign an administrative contract.

2025 Annual Report

01 | Century Wind Power | Report to Shareholders

Meisen Wind Farm:
The development right has been revoked by the Energy Bureau of the MOEA due to the failure to sign an administrative contract.

Phase 3 Block Development
The MOEA held a briefing on the draft of stage 3 (phase 3), vendor selection mechanism on January 8, 2026. Following feedback from stakeholders, MOEA officially announced at the end of March that the bidding period will close on September 30, and the selection process is expected to be completed with the allocation results announced by the end of the year.

(II) Project implementation
In 2025, the Company completed the manufacturing of 31 underwater foundations for the Fuwei Taipower Phase II project and 21 underwater foundations for the Hailong 2A wind farm. The contract for 20 underwater foundations for the Fengmiao Phase I wind farm was also signed in the second quarter of 2024, and production began in 2025. began phased production at the end of September 2025. Manufacturing and delivery are expected to be completed in 2026. Formosa 4 completed the contract signing in 2025 and is currently undertaking limited initial work, with manufacturing and delivery expected in 2027.

The Company has continuously accumulated successful experiences in underwater foundation constructions from projects such as Taipower Phase II Wind Farm and Hailong Wind Farm, and has become an indispensable underwater foundation supplier for domestic offshore wind power. In the future, we will continue to uphold the spirit of always improving and ensure that each project is completed on time and meeting the high quality standards.

III. Future development strategy of the Company

(I) Business development strategies:
1. In the stage 3 block development – continue to employ a strategy aiming for EPCI contractors, integrating both local and international resources to allow for flexible production capacity adjustments and revenue expansion.
In the bidding process for phase 3 – collaborate with developers to jointly address environmental, social responsibility, and corporate governance (ESG) issues, creating a win-win outcome.
2. Focus on the demand and development trends in the Asia-Pacific offshore wind power market, particularly the market dynamics in South Korea, Japan, Vietnam, the Philippines, and Australia. Participate in international exhibitions, build local networks and regional partnerships, and establish a strong presence in the Asia-Pacific region.
3. Continue to monitor developments in floating wind farms and prepare for Taiwan’s future floating wind energy development.

(II) Manufacturing strategy:
1. Complete the outdoor installation of large assembly equipment (Sky Tower 3) in response to the trend toward larger wind turbines; complete the construction of the Phase V Plant to enhance overall production capacity.
2. Leverage the technologies and production capacity of other domestic substructure manufacturers and form a strategic alliance to overcome production bottlenecks. Achieve both technology improvements and cost reductions, further solidifying market competitiveness and expanding production capacity.
3. Establish overseas production bases to deepen global supply chain deployment, enhance international market responsiveness and competitiveness, and prepare for future market liberalization.
4. Continuously review construction methods and optimize manufacturing processes and production equipment to effectively improve operational efficiency, reduce construction costs, and shorten project timelines. This further enhances overall project benefits and market competitiveness.
5. Continue to promote occupational safety implementation and awareness, strengthen workplace safety management measures, reduce the risk of occupational hazards, and

2025 Annual Report

Report to Shareholders | Century Wind Power | 01

provide employees with safer working conditions to support the company's stable development.

IV. Impact of the external competition environment, regulatory environment and overall operating environment

(I) Regulatory environment

In Taiwan, the MOEA announced the "Directions for Allocating Installed Capacity of Offshore Wind Potential Zones" on March 27, 2026. The selection criteria include the developer’s track record, financial strength, and project execution capabilities. There is no mandatory domestic content requirement. However, project implementation capabilities are assessed based on ESG planning - including benefits to local industry, environmental sustainability, and corporate social responsibility - and can add 15 points to the score. In addition, developers who completed grid connection ahead of schedule and achieved local industry and economic benefits, as well as enhanced energy resilience, have been eligible for up to five years of additional electricity sales incentives.

Financially, developers have faced increasing capital spending and financing challenges in recent years; however, many of these issues are gradually being resolved. Taiwan Smart Energy Co., Ltd. began formal operation in 2025 and signed a landmark long-term power purchase agreement with Formosa 4 in the same year. Furthermore, recognizing the approximately NT$2 trillion in funding needed for the offshore wind power industry by 2035, the National Development Council (NDC) has prioritized offshore wind power within the “Trillion NT Dollar Investment National Development Plan” to accelerate investment. To assist companies in securing financing, the Executive Yuan (EY) has increased the guarantee percentage offered through the national financing guarantee mechanism from a maximum of 60% to 80%. The NDC is also exploring ways to refine the existing financing guarantee mechanism, with plans to increase the size of the dedicated guarantee fund and raise the guarantee multiplier, expanding the guarantee limit to NT$156 billion and enhancing overall financing guarantee capacity. Furthermore, to encourage insurance companies to invest in the offshore wind power industry, the Financial Supervisory Commission (FSC) has implemented several regulatory adjustments and supporting measures. These included reducing the risk coefficient for insurers’ indirect investments in public construction projects through private equity funds and venture capital enterprises. The risk coefficient for strategic industrial investments was also reduced to lower the capital investment threshold and increase investment incentives for insurers. In addition, at the end of 2025, the FSC amended relevant laws and regulations to raise the upper limit on the total amount insurance companies could invest in public and social welfare projects from 10% to 15% of their funds. This change is expected to increase flexibility in the allocation of trillions of dollars and further expand opportunities for insurance funds to invest in key industries such as public construction and offshore wind power.

From Taiwan’s regulatory environment, it is clear that the government is making an effort to actively promote offshore wind power as a key component of its strategy to achieve net-zero carbon emissions. Century Wind Power will continue to proactively engage with the government and remain a leader in Taiwan’s offshore wind power sector.

(II) External competitive environment

In Taiwan, Century Wind Power is the only company with the capability to manufacture complete offshore wind power underwater foundations. We are also currently the only company to have delivered over one hundred jacket-type foundations. Following Sing Da Marine Structure’s withdrawal from the offshore wind power sector in 2025, Intercontinental Wind Energy has expressed intent to manufacture large underwater foundations based on its facility plans. However, as of today, the company has no prior experience in offshore wind power projects. In addition, there remains a significant gap between the said company and the Company in areas such as facility construction, project experience, and professional certifications.

In terms of the overseas competitive landscape, underwater foundation manufacturers in

2025 Annual Report 4

Northeast Asia (primarily South Korea) and Southeast Asia (primarily Vietnam) have become key competitors. Although India offers lower labor costs, factors such as distance, quality control, and monitoring difficulties - combined with transportation expenses - result in a considerable overall disadvantage compared to Northeast and Southeast Asia. Similarly, European manufacturers have not been included in the current assessment of international external competition, primarily due to price and distance considerations.

Although South Korea and Vietnam have established longer histories in shipbuilding and the oil and natural gas industry, they currently benefit from more competitive plant and land rental costs compared to ours. Our Phase V plant and the Port Sky Tower 3 will be completed in 2026. As capacity increases, the amortization cost per underwater foundation decreases significantly, resulting in a more competitive price. In addition to the costs of local manufacturing, customers sourcing underwater foundations from South Korea or Vietnam have also had to bear freight and tariff expenses, as well as storage and loading/unloading fees. After careful consideration of various factors, Century Wind Power still maintains a competitive edge in Taiwan's offshore wind farm sector.

In addition, with the Korean government's strong push for green energy, renewable energy capacity is expected to increase to four times the current level (reaching 122GW) in the early 2038. Therefore, South Korea's offshore wind power is estimated to have entered a stage of rapid growth in a few years, and the capacity of Korean underwater foundation suppliers is expected to be fully utilized, preventing their participation in underwater foundation manufacturing for Taiwanese wind farms.

Although Vietnam has experience in underwater foundation manufacturing and a low-cost labor force, Taiwanese offshore wind farm developers are unlikely to prioritize it due to limitations in its existing manufacturing capacity and the absence of government export credit support.

In conclusion, if Century Wind Power maintains its momentum and continues to refine its quality and production capacity, it is well-positioned to remain the leader in Taiwan's offshore wind power substructure market and advance toward becoming a leading substructure manufacturer in the Asia-Pacific region.

(III) Overall business environment

Following the high-interest rate environment of 2023 and 2024, developers have benefited from the subsequent gradual interest rate cuts by the Fed and central banks around the world starting in 2025. The price of steel plate was at a relatively low point in 2025, impacted by sluggish domestic demand in China and the influx of low-priced steel. However, with growing global demand and recent increases in raw material prices and oil price volatility stemming from the conflict between the U.S. and Iran, steel plate prices have begun to rise.

In geopolitical terms, despite a historically unfavorable environment for offshore wind power in the U.S. under the Trump administration, the Russia-Ukraine war and the U.S.-Iran conflict have led many governments - including Taiwan, the EU, and South Korea - to increasingly prioritize energy sovereignty and recognize offshore wind power as critical national security infrastructure.

In addition, the rapid growth of generative artificial intelligence and large data centers has driven a surge in electricity demand. Five of the seven largest U.S. tech companies - known as the Magnificent Seven - are members of RE100. Global demand for sustainable energy has continued to grow, and this is expected to drive further advancements in the offshore wind power industry.

Over the past several years in Taiwan, we have steadily enhanced our production capacity, product quality, and cost-effectiveness. In 2026, Century Wind Power will keep a close eye on the overall macroeconomic environment, maintain active and constructive communication with the government and its customers, and actively track market competition trends. Driven by overall market demand, the Company has the potential to become a leading enterprise not only in Taiwan but globally.

Report to Shareholders | Century Wind Power | 01

The business results of 2025 and the outline of the business plan for 2026 are hereby as reported above. We will still maintain a rigorous and positive spirit and attitude, implement all the business strategies and plans of the Company, and enhance the quality of decision-making and adaptability, so as to make the Company more competitive and create new opportunities and achieve good results.

Chairman Lai, Wen-Hsiang

2025 Annual Report 6

02 | Century Wind Power | Corporate Governance Report

I. Information on directors, general managers, associate general managers, associate general managers, and department and branch heads

(I) Information on directors

Information on directors

April 14, 2026 Unit: shares, %

Position	Nationality or place of registration	Name	Gender/Age	Date of appointment	Date when first appointment	Shareholding when elected		Current shareholding		Shareholding of spouses and minor children		Shareholding in another person's name		Major work experience (education)	Positions concurrently served in the Company and other companies	Other managerial officers, directors, of whom they are a spouse or relative within the second degree of kinship			Remarks (Note D)
						Shares	Shares ratio	Shares	Shares ratio	Shares	Shares ratio	Shares	Shares ratio			Position	Name	Relation
Chairman	Republic of China	Century Iron and Steel Industrial Co., Ltd.	-	2023.06.21	3	71,764,238	59.80	100,502,184	52.34	-	-	-	-	-	-	-	-	-	None
	Republic of China	Representative: Lai, Wen-Hsiang	Male/ 61-70	2023.06.21	3	361,423	0.30	710,794	0.37	2,154,963	1.12	0	0.00	Graduated from junior high General Manager, Century Iron & Steel Industrial Co., Ltd.	Chairman, Century Iron & Steel Industrial Co. Ltd.
Chairman, Century Wind Power Co., Ltd
Chairman, Century Huaxin Wind Energy Co., Ltd.
Chairman, Century Heavy Industry International Co., Ltd.
Century International Investment Co., Ltd.
Director
Myanmar Century Steel Structure. Ltd.
Director
CHINESE MYANMAR INVESTMENT CO., LTD. Director
Director, Shangfeng Investment Co., Ltd.
Director, Shangding Investment Co., Ltd.
Chairman, Century Green Energy Vocational Senior High School	Director	Lai, Huei-Hua	Father-daughter	None
Vice Chairman	Republic of China	Chen, Kuo-Chin	Male/ 61-70	2023.06.21	3	2022.09.28	0	0.00	5,000	0.00	151,195	0.08	0	0.00	The 19th cohort of the Graduate School of Police Policy, Central Police University
Police Chief, Pingtung County Commander, Sixth Special Police Corps, National Police Agency, Ministry of the Interior
Commissioner of the Taoyuan City Police Department	Century Wind Power Co., Ltd.
Director, Century Green Energy Vocational Senior High School	None	None	None

Corporate Governance Report | Century Wind Power | 02

Position	Nationality or place of registration	Name	Gender/Age	Date of appointment	Date when first appointment	Shareholding when elected		Current shareholding		Shareholding of spouses and minor children		Shareholding in another person's name		Major work experience (education)	Positions concurrently served in the Company and other companies	Other managerial officers, directors, of whom they are a spouse or relative within the second degree of kinship			Remarks (Note 1)
						Shares	Shares ratio	Shares	Shares ratio	Shares	Shares ratio	Shares	Shares ratio			Position	Name	Relation
Director	Republic of China	Yi-Chin Chemical & Technical Co., Ltd.	-	2023.06.21	3	326,483	0.27	447,864	0.23	-	-	-	-	-	-	-	-	-	None
	Republic of China	Representative: Chin, Chia-Hong	Male/ 81-90	Male/ 81-90	2020.06.05	0	0.00	0	0.00	0	0.00	0	0.00	Department of Public Administration, Yumkang College of Arts and Science, Chairman, Taiwan Mineral Oil Association Honorary Chairman, Alliance of Industrial Zone Associations, R.O.C. National Policy Advisor to the President	Chairman, Yi-Chin Group Chairman, Yi-Chen Holdings Co., Ltd. Director, Yi-Chin Chemical Engineering Co., Ltd. Director, Ecol International Corporation Chairman, Yi Chan Green Technology Co., Ltd. Chairman, Fuhu Greenwich Inc. Chairman, ECL International Co. Ltd Chairman, UWELL Biopharma Director, Tai CI Co. Ltd Director, Kang Chuang Asset Development Co., Ltd. Director, Shich Chi Chemical Industry Co., Ltd. Director, Yi Tseng Co., Ltd. Chairman, Zhenzhou Shwusheng Co., Ltd. Independent Director, Gudeng Precision Industrial Co., Ltd. Not concurrently serving any position in the Company	None	None	None	None
Director	Republic of China	Tseng, Ming-Shan	Male/ 61-70	2024.12.23	3	59,000	0.03	57,000	0.03	0	0.00	0	0.00	Junior high Director and General Manager, Hsin Kuang Steel Company Limited	Director and General Manager, Hsin Kuang Steel Company Limited Chairman, Hsin Hua Steel Industry Co., Ltd. Director, Han De Investment Co., Ltd. Director, Xingang International Co., Ltd. Director, Hui-Rong Social Welfare and Charity Foundation, New Taipei City Director, Neimlah Corporation Director, Yuan Sheng International Co., Ltd. Not concurrently serving any position in the Company	None	None	None	None
Director	Republic of China	Lai, Huei-Hua	Female/41-50	2023.06.21	3	946,964	0.79	1,272,623	0.66	291,854	0.20	0	0.00	Bachelor, Department of Accounting, Shih Chien University Master, Business Administration, University of Leicester, U.K. Audit team leader, Deloitte Taiwan	Special Assistant to Chairman, Century Wind Power Co., Ltd. Director, Shangding Investment Co., Ltd. Supervisor, Shangding Investment Co., Ltd.	Chairman	Lai, Wen-Hsiang	Father-daughter	None
Director	Republic of China	Lai, Hsuan-Fen	Male/ 41-50	2023.06.21	3	2023.06.21	0	0.00	100,000	0.05	0	0.00	0	Bachelor, Department of Chemical Engineering and Material Science, National Central University Chief Commercial Officer, Century Bluff Foundations Co., Ltd. Business and finance manager, Taiwan Generations Corporation	Deputy General Manager, Business Department, Century Wind Power Co., Ltd.	None	None	None	None

9 2025 Annual Report

Position	Nationality or place of registration	Name	Gender/Age	Date of appointment	Date when first application	Shareholding when elected		Current shareholding		Shareholding of spouses and minor children		Shareholding in another person's name		Major work experience (education)	Other managerial officers, directors, of whom they are a spouse or relative within the second degree of kinship
						Shares	Shares ratio	Shares	Shares ratio	Shares	Shares ratio	Shares	Shares ratio		Position	Name	Relation
Independent Director	Republic of China	Shi, Mao-Lin	Male/ 71-80	2020.11.04	2023.06.21	0	0.00	0	0.00	0	0.00	0	0.00	Department of Law, National Taiwan University
Honorary PhD in Law, Woonah University
Chief Prosecutor, Taiwan Taipei District Court
Chief Prosecutor, Taiwan Kaohsiung District Court
Chief Prosecutor, Taiwan Taichung District Court
Adjunct Associate Professor, Professor, Honorary Professor, and Distinguished Professor, Feng Chin University, Providence University, China Medical University, Chung Shan Medical University, and National Chung Hsing University	Honorary Seminar Professor, Department of Financial and Economic Law, Asia University
Director, SuperAlley Industrial Co., Ltd.
Independent Director, HCM Co. Ltd.
Chairman, Fu-De SuperAlley Social Welfare
Benevolence Foundation, Yindin County
Chairman, Du-Du-Shan Industry Innovation Foundation
Not concurrently serving any position in the Company	None	None	None	None
Independent Director	Republic of China	Huang, Chong-Chou	Male/ 71-80	2023.06.21	2023.11.04	0	0.00	0	0.00	0	0.00	0	0.00	Bachelor, Department of Electronic Engineering, Chung Yuan Christian University
Master of Computer Science and Engineering, National Chiao Tung University
Ph.D. In Science and Information Engineering, National Chiao Tung University
Chairman, Taiwan Power Co., Ltd.
Administrative Deputy Minister, MOEA
CEO and Vice Chairman, Department of State-owned Enterprise Affairs, MOEA
Deputy Director-General and Director, Department of Industrial Technology, MOEA
Honorary Professor, Chung Yuan Christian University	Director, Sun, Yun-Hsuan Foundation
Director, Chung Yuan Christian University
Director, Sun Linn Technology Education Foundation
Independent Director, UPC Technology Corporation
Independent Director, Waffer Technology Corporation
Not concurrently serving any position in the Company	None	None	None	None
Independent Director	Republic of China	Huang, Po-Yi	Male/ 19-70	2023.11.10	2023.11.10	1,000	0.00	1,192	0.00	1,192	0.00	0	0.00	Bachelor of Economics, National Taiwan University
Master/Director of Economics, National Chung Hsing University
Professor, Department of Finance and Dean, College of Management, Shih Chiun University
Principal, Taiwan Academy of Banking and Finance
Chairman, Taiwan Business Bank	Professor, Department of Finance, Chihlee Institute of Technology
Managing Director, COTA Commercial Bank
Independent Director, Power Master Energy Co., Ltd.
Chairman, Association of Financial Business Research and Development
Not concurrently serving any position in the Company	None	None	None	None

Note 1: Where the Chairman of the Board of Directors and the general manager or person with an equivalent post (the highest level manager) of a company are the same person, spouses, or relatives within the first degree of kinship, an explanation shall be given of the reason, reasonableness and necessity thereof, and the measures adopted in response thereto (e.g., adding more independent directors and having a majority of directors who are not concurrently serving as employees or managers: N/A

02 | Century Wind Power | Corporate Governance Report

Corporate Governance Report | Century Wind Power | 02

Major shareholder of juristic person shareholder
April 14, 2026

Name of juristic person shareholder	Major shareholder of juristic person shareholder	Shareholding ratio (%)
Century Iron & Steel Industrial Co, Ltd.	Shiangding Investment Co., Ltd.	7.13%
	Guangtseng Investment Co., Ltd.	5.53%
	Lai, Wen-Hsiang	5.04%
	Shiangfeng Investment Co., Ltd.	4.79%
	Lai, Chun-Cheng	3.62%
	Yuan, Chi-Hao	2.49%
	Hsin Kuang Steel Company Limited	1.80%
	HSBC (Taiwan) Commercial Bank acts as custodian for the iShares II Co., Ltd. investment account	1.62%
	Nomura Premium Fund Account	1.23%
	Chen, Hsing-Hsueh	1.09%
Yi-Chiu Chemical Engineering Co., Ltd.	Yi-Chiu Holdings Co., Ltd.	39.27%
	Chin, Shu-Mei	7.95%
	Chin, Hsi-Feng	11.07%
	Chin, An-Chieh	9.74%
	Yulo Investment Co., Ltd.	6.24%
	Chin, Shu-Fen	5.83%
	Chin, Hsin-Chun	5.23%
	Lu, Yao-Tung	5.19%
	Chin, Chia-Hong	4.89%
	Chang, Chia-Mei	2.66%

Major shareholders of juristic person shareholders who are major shareholders

Name of juristic person	Major shareholder of juristic person
Shiangding Investment Co., Ltd.	Chen, Hsing-Hsueh (65.69%), Lai, Wen-Hsiang (29.08%), Lai, Huei-Hua (2.31%); Lai, Chun-Cheng (2.31%); Lai, Chun-Yu (0.61%)
Guangtseng Investment Co., Ltd.	Huang, Li-Chu (44.67%); Chou, Sheng-Hao (31.03%); Chou, Yi-Tsen (24.30%)
Shiangfeng Investment Co., Ltd.	Chen, Hsin-Hsueh (46.67%), Lai, Wen-Hsiang (43.33%), Lai, Chun-Cheng (4.67%), Lai, Huei-Hua (4.33%), Lai, Chun-Yu (1.00%)
Hsin Kuang Steel Company Limited	Including Han-De Investment Co., Ltd. (10.93%), Su, Ming-De (5.05%), Cheng-Yu Investment Co., Ltd. (4.99%), Huei-Rong Investment Co., Ltd. (4.99%), Tian-Cheng Industrial Co., Ltd. (4.57%), HSBC Bank-managed BIT Bank investment account (2.73%), Su You-Rong (2.40%), Su, Ming-De’s Trust Account, trusted to First Commercial Bank (1.87%), Tien-Cheng Chang (1.63%), Qi De Investment Co., Ltd. (1.14%)
Yi-Chiu Holdings Co., Ltd.	Chin, Chia-Hung (41.66%), Chang, Chia-Mei (3.00%), Chin, Shu-Mei (9.22%), Chin, Shu-Fen (9.22%), Lu, Yao-Tong (9.22%), Chin, Hsi-Feng (9.22%), Chin, Hsi-Chun (9.22%)

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02 | Century Wind Power | Corporate Governance Report

4. Professional knowledge and independence of directors

(1) Disclosure of directors' professional qualifications and information on independent directors:

| Qualification
Name | Professional qualification and experience
(Note 1) | Independence status (Note 2) | Number of other public companies where the person concurrently serves as independent director |
| --- | --- | --- | --- |
| Chairman
Lai, Wen-Hsiang
(Representative of Representative of Century Iron & Steel Industrial Co, Ltd.) | • With work experience necessary for the business of the Company.
• Current Chairman, the Company; Chairman, Century Iron & Steel Industrial Co, Ltd.; Chairman, Century Huaxin Wind Energy Co., Ltd.; Chairman, Century Heavy Industry International Co., Ltd.
• Does not meet any of the conditions listed in Article 30 of the Company Act. | Non-independent director, not applicable. | 0 |
| Vice Chairman
Chen, Kuo-Chin | • With work experience necessary for the business of the company.
• Current Vice Chairman, the Company; Director, Century Green Energy Vocational Senior High School
• Does not meet any of the conditions listed in Article 30 of the Company Act. | Non-independent director, not applicable. | 0 |
| Director
Chin, Chia-Hong
(Representative of Yi-Chiu Chemical Engineering Co., Ltd.) | • With work experience necessary for the business of the Company.
• Current Chairman, Yi-Chiu Group; Independent Director, Gudeng Precision Industrial Co., Ltd..
• Does not meet any of the conditions listed in Article 30 of the Company Act. | Non-independent director, not applicable. | 1 |
| Director
Tseng, Ming-Shan | • With work experience necessary for the business of the Company.
• Current Director and General Manager, Hsin Kuang Steel Company Limited.
• Does not meet any of the conditions listed in Article 30 of the Company Act. | Non-independent director, not applicable. | 0 |
| Director
Lai, Huei-Hua | • With work experience in finance, accounting, and work experience necessary for the business of the Company.
• Current Special Assistant to Chairman's Office, the Company
• Does not meet any of the conditions listed in Article 30 of the Company Act. | Non-independent director, not applicable. | 0 |
| Director
Lai, Hsuan-Fen | • With work experience necessary for the business of the Company.
• Current Deputy General Manager, the Company
• Does not meet any of the conditions listed in Article 30 of the Company Act. | Non-independent director, not applicable. | 0 |
| Independent Director
Shi, Mao-Lin | • With work experience in law.
• A judge, public prosecutor, attorney, certified public accountant, or other professional or technical specialist who has passed a national examination and been awarded a certificate in a profession necessary for the business of the company.
• With work experience in commerce, law, finance or accounting, and work experience necessary for the business of | • The independent director and their spouse, and relatives within the second degree of kinship, do not serve as directors, supervisors, or employees of the Company or its affiliated companies.
• The independent director, their spouse, and relatives within the second degree of kinship (or anyone acting on their behalf) do not hold any shares of the Company.
• The independent director does not serve | 1 |

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Qualification	Name	Professional qualification and experience (Note 1)
Independent Director
Huang, Chong-Chou		the Company.
• Previous Chief Prosecutor of the Taipei/Kaohsiung/Taichung/Taoyuan District Courts; current Adjunct Associate Professor, Professor, Honorary Professor, and Distinguished Professor, Feng Chia University, Providence University, China Medical University, Chung Shan Medical University, and National Chung Hsing University.
• Current Honorary Seminar Professor, Department of Financial and Economic Law, Asia University; Director, SuperAlloy Industrial Co., Ltd.; Independent Director, HCM Co. Ltd.
• Does not meet any of the conditions listed in Article 30 of the Company Act.	as a director, supervisor, or employee of any company with a specific relationship to the Company, as defined in subparagraphs 5 through 8, Paragraph 1, Article 3 of the Regulations Governing Appointment of Independent Directors and Compliance Matters for Public Companies.
• No remuneration was received for providing business, legal, financial, accounting, or other services to the Company or its affiliates in the most recent two years.	2
		• With work experience necessary for the business of the Company.
• Previous Chairman, Taiwan Power Co., Ltd.; Administrative Deputy Minister, MOEA; CEO and Vice Chairman, Department of State-owned Enterprise Affairs, MOEA; Deputy Director-General and Director, Department of Industrial Technology, MOEA; Honorary Professor, Chung Yuan Christian University
• Current Director, Chung Yuan Christian University; Independent Director, UPC Technology Corporation; Independent Director, Waffer Technology Corporation
• Does not meet any of the conditions listed in Article 30 of the Company Act.	• The independent director and their spouse, and relatives within the second degree of kinship, do not serve as directors, supervisors, or employees of the Company or its affiliated companies.
• The independent director, their spouse, and relatives within the second degree of kinship (or anyone acting on their behalf) do not hold any shares of the Company.
• The independent director does not serve as a director, supervisor, or employee of any company with a specific relationship to the Company, as defined in subparagraphs 5 through 8, Paragraph 1, Article 3 of the Regulations Governing Appointment of Independent Directors and Compliance Matters for Public Companies.
• No remuneration was received for providing business, legal, financial, accounting, or other services to the Company or its affiliates in the most recent two years.
Independent Director
Huang, Po-Yi		• With work experience in business and accounting.
• Previous Professor, Department of Finance and Dean, College of Management, Shih Chien University; Principal, Taiwan Academy of Banking and Finance; Chairman, Taiwan Business Bank
• Current Professor, Department of Finance, Chihlee Institute of Technology; Managing Director, COTA Commercial Bank; Independent Director, Power Master Energy Co., Ltd.; Chairman, Association of Financial Business Research and Development
• Does not meet any of the conditions listed in Article 30 of the Company Act.	• The independent director and their spouse, and relatives within the second degree of kinship, do not serve as directors, supervisors, or employees of the Company or its affiliated companies.
• The independent director, their spouse, and relatives within the second degree of kinship (or anyone acting on their behalf) do not hold any shares of the Company.
• The independent director does not serve as a director, supervisor, or employee of any company with a specific relationship to the Company, as defined in subparagraphs 5 through 8, Paragraph 1, Article 3 of the Regulations Governing Appointment of Independent Directors and Compliance Matters for Public Companies.	1

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02 | Century Wind Power | Corporate Governance Report

| Qualification
Name | Professional qualification and experience
(Note 1) | Independence status (Note 2) | Number of other public companies where the person concurrently serves as independent director |
| --- | --- | --- | --- |
| | | and Compliance Matters for Public Companies.
• No remuneration was received for providing business, legal, financial, accounting, or other services to the Company or its affiliates in the most recent two years. | |

Note 1: Note on professional qualifications and experience: Specify the professional qualifications and experience of individual directors and supervisors. If the person is a member of the Audit Committee with accounting or financial expertise, their accounting or financial background and work experience shall be specified; while stating whether they meet the circumstances provided in Article 30 of the Company Act.

Note 2: For independent directors, their state of independence must be specified, including but not limited to whether they, their spouses, second-degree relatives serve as a director, supervisor or employee in the Company or affiliates; the proportion of shares held by the independent director himself/herself, their spouses or relatives within second degree of kinship (or in the name of others); whether the independent director serves as a director, supervisor or an employee of a company with which the Company has a specific relationship (refer to Subparagraphs 5 to 8, Paragraph 1, Article 3 of the Regulations Governing Appointment of Independent Directors and Compliance Matters for Public Companies); and amount of remuneration receive for commercial, legal, financial and accounting services provided by the Company or its affiliates in the past two years.

(2) Diversity and Independence of the Board of Directors:

A. Board Diversity

(A) Board diversity policy:

The Company has established Board function enhancement guidelines in accordance with Article 20 of the "Corporate Governance Best Practice Principles", stating that Board composition should consider diversity. In addition to limiting the number of directors concurrently serving as Company managers to one-third of total board seats, appropriate diversity policies should be adopted based on operational characteristics and development needs, and may include but are not limited to the following two categories:

a. Basic requirements and values: Gender, age, nationality, and culture.
b. Professional knowledge and skills: background in law, accounting, industry, finance, marketing, or technology; professional capabilities; and industry experience.

Board members shall generally possess the knowledge, skills, and qualities necessary for performing their duties. To achieve optimal corporate governance, the Board as a whole should possess the following capabilities:

The ability to make judgments about operations.
Accounting and financial analysis ability.
Business management ability.
Crisis management ability.
Knowledge of the industry.
An international market perspective.
Leadership ability.
Decision-making ability.
Risk management knowledge and capabilities.

(B) Concrete management objectives for Board member diversity:

The Company's Board of Directors shall guide corporate strategy, supervise the management team, and be accountable to the Company and its shareholders. All operations and arrangements under the corporate governance system shall ensure that the Board exercises its authority in accordance with laws, the Articles of Incorporation, or resolutions of the shareholders' meeting. The specific management objectives are as follows:

a. The Company's Board of Directors prioritizes gender equality in its composition. While the industry currently has only one female director, the Company will prioritize female candidates in future director nominations and actively seek experienced female professionals to join the board, with a goal of increasing female representation to one-third

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Corporate Governance Report | Century Wind Power | 02

(33%) or more.

b. The Board emphasizes competencies in operational judgment, business management, and crisis handling, with more than two-thirds of directors possessing such core competencies.
c. Independent directors shall not serve more than three terms to maintain independence.
d. The number of directors concurrently serving as employees of the Company, its parent, subsidiaries, or affiliates shall not exceed one-third of total board seats.

a. Currently, male directors account for 89% (eight members), and female directors account for 11% (one member). The Company will strive to increase the number of female directors in the future to achieve this goal.
b. Board members have extensive experience in business management and relevant professional backgrounds, and possess the knowledge, skills, and qualities required to perform their duties. In the nine core competencies, at least one-third of members hold related qualifications. Over 70% of members possess capabilities in the three key areas prioritized by the Company: operational judgment, business management, and crisis handling.

Name	Gender	Age distribution (years)	Also serves as an employee of the Company.	Operational judgment	Accounting and financial analysis	Business management	Crisis management	Industry knowledge	View of international market	Leadership capabilities	Decision-making capabilities	Risk management knowledge and capabilities
Lai, Wen-Hsiang	Male	61-70		✓		✓	✓	✓	✓	✓	✓	✓
Chen, Kuo-Chin	Male	61-70	✓	✓		✓	✓	✓	✓	✓	✓	✓
Chin, Chia-Hong	Male	81-90		✓		✓	✓	✓	✓	✓	✓	✓
Tseng, Ming-Shan	Male	61-70		✓		✓	✓	✓	✓	✓	✓	✓
Lai, Huei-Hua	Female	41-50	✓		✓	✓	✓	✓	✓	✓	✓	✓
Lai, Hsuan-Fen	Male	41-50	✓			✓	✓	✓	✓	✓	✓	✓
Shi, Mao-Lin	Male	71-80					✓		✓	✓	✓	✓
Huang, Chong-Chou	Male	71-80		✓		✓	✓	✓	✓	✓	✓	✓
Huang, Po-Yi	Male	61-70			✓	✓	✓		✓	✓	✓	✓

c. The Company's three independent directors have each served fewer than three terms, thereby maintaining independence.
d. Directors concurrently holding employee positions account for 33.33% of the board. Directors with employee status in the Company, its parent, subsidiaries, or affiliates also account for 33.33%. The Company will strive to reduce this proportion in the future to meet the target.
e. The Company's board members possess the necessary knowledge, skills, qualifications, and capabilities for industry decision-making and management. The Company also continuously arranges diverse continuing education courses for board members in order to improve their decision making quality, to fulfill supervisory responsibilities and to further enhance the functions of the board.

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Century Wind Power | Corporate Governance Report

B. Board Independence

(A) Board structure

The Company has established a director election system, and the procedures for nominating and electing all directors are open and fair, in compliance with the Company's "Articles of Incorporation", "Rules for Election of Directors", and "Corporate Governance Best Practice Principles", as well as the "Regulations Governing Appointment of Independent Directors and Compliance Matters for Public Companies" and "Article 14-2 of the Securities and Exchange Act". The Company's current Board of Directors consists of nine members, including three independent directors (33%) and six non-independent directors (67%). Two of the directors are related within the second degree of kinship, representing less than half of the Board, which is in accordance with Paragraphs 3 and 4 of Article 26-3 of the Securities and Exchange Act.

(B) Functioning of Board of Directors

The Company's Board of Directors provides guidance on corporate strategy, supervises management, and is responsible to the Company and its shareholders. The Board exercises its powers and functions in accordance with the law, the Company's Articles of Incorporation, and shareholder resolutions in all operations and arrangements related to corporate governance. The Company's Board of Directors emphasizes independent operation and transparency, and all directors, including independent directors, are independent individuals who exercise their powers independently. The three independent directors comply with applicable laws and regulations and, leveraging the authority of the Audit Committee, assessed the Company's existing and potential risks. Based on this assessment, they effectively oversaw the implementation of internal controls, the selection and dismissal of certified public accountants, their independence, and the appropriate preparation of financial statements. In addition, the Company's "Rules of Election of Directors" stipulate that directors and independent directors are elected using a cumulative voting system and a candidate nomination system, encouraging shareholder participation. Shareholders holding a certain number of shares may submit candidate lists, and candidate qualifications are reviewed and verified to ensure compliance with the provisions of Article 30 of the Company Act. All relevant processing and announcements are conducted in accordance with the law to protect shareholder rights, prevent the monopolization or undue exercise of nomination rights, and maintain independence.

(3) Succession planning for the Board of Directors and senior management, and its implementation.

In line with the Company's development direction and goals, the succession plan requires that successors possess not only professional capabilities but also the personal traits of integrity and values aligned with the Company.

A. Board member succession planning and implementation

The Company currently has nine directors (including three independent directors), who possess expertise in business, finance, accounting, or areas related to the Company's operations. The future composition and background of the Board of Directors will continue the current structure.

Regarding the succession planning for the Board of Directors, the Company cultivates senior managers to join the Board, enabling them to become familiar with Board operations and the businesses of each department, and maintains regular communication and discussion with existing institutional shareholders regarding the selection of successors. As for independent directors, since the law requires work experience in business, law, finance, accounting, or areas related to the Company's operations, candidates will be selected from domestic academic and industry professionals.

B. Management succession planning and implementation

The Company regularly reviews and screens potential candidates at all levels, builds a talent pool, and conducts training programs. The talent development program includes professional skills, management skills, personal development plans, and job rotations.

a. Through work practice reports and participation in key meetings such as goal setting and business management, employees develop decision-making skills. Regular performance evaluations assist in guiding personal development and providing feedback.

b. Through cross-functional or cross-departmental (plant) job rotation, project planning and execution, dual-role assignments, acting positions, or assignments to invested of subsidiaries, the Company cultivates diverse capabilities and perspectives and provides hands-on experience.

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Corporate Governance Report | Century Wind Power | 02

c. Employees participate in internal and external relevant training annually based on individual development needs to strengthen decision-making abilities.
d. Complete training records are maintained, and talent development plans are regularly Review and adjusted according to organizational operational needs.
e. Encourage middle and senior-level employees to be creative and engage in self-directed learning, proactively propose training, research, alternative study tours, or internships, and provide them with company resources or job role adjustments to foster a more diverse and resilient workforce.

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02 | Century Wind Power | Corporate Governance Report
17 2025 Annual Report

(II) Information on general managers, Associate General Managers, associate general managers, and department and branch heads
April 14, Unit: shares, %

Position	Nationality	Name	Gender	Inauguration date	Shareholding		Shareholding of spouses and minor children		Shareholding in another person's name		Major work experience (education)	Positions concurrently served in other companies	Managers of whom they are a spouse or relative within the second degree of kinship			Remarks (Note 1)
					Shares	Shareholding percentage (%)	Shares	Shareholding percentage (%)	Shares	Shareholding percentage (%)			Position	Name	Relation
General Manager	Republic of China	Lin, Ming-Cheng	Male	2023.01.13	175,443	0.09	0	0.00	0	0.00	Department of Computer Engineering, Kwang Wu Junior College of Technology
Deputy Plant Manager, Century Iron & Steel Industrial Co, Ltd. – Yunlin Plant Special Assistant to the General Manager, Century Iron & Steel Industrial Co, Ltd.
Plant Manager, Century Iron & Steel Industrial Co, Ltd. – Yunlin Plant Director and General Manager, Century Iron & Steel Industrial Co., Ltd.	None	-	-	-	None
Executive Deputy General Manager	Republic of China	Chuang, Chien-Hung	Male	2021.11.08	188,862	0.10	1,460,556	0.76	0	0.00	Department of Civil Engineering, National Yilan Institute of Technology
Department of Construction Engineering, National Taiwan University of Science and Technology International Welding Engineer
Executive Vice General Manager, Oscar Technology Manager, Procurement and Issuance Department, Century Wind Power Co., Ltd.	Century Huaxin Wind Energy Co. LTD. Director	-	-	-	None
Vice General Manager, Sales Department	Republic of China	Lai, Hsuan-Fen	Male	2020.06.12	100,000	0.05	0	0.00	0	0.00	Bachelor, Department of Chemical Engineering and Material Science, Central University
Financial and finance manager, Taiwan Generations Corporation
Chief Commercial Officer, Century Bladt Foundations Co., Ltd.	None	-	-	-	None
Deputy General Manager, Operations Department	Republic of China	Yu, Chun-Wei	Male	2021.11.08	207,005	0.11	0	0.00	0	0.00	Master's degree from Newcastle University
Business Manager, Century Iron & Steel Industrial Co., Ltd.
Business Associate General Manager, Century Wind Power Co., Ltd.
General Manager, Century Bladt Foundations Co., Ltd.	None	-	-	-	None
Deputy General Manager, Manufacturing Department	Republic of China	Lu, Hung-Ming	Male	2021.11.08	30,000	0.02	9,000	0.00	0	0.00	Department of Civil Engineering, Chung Hua University
Production Management Manager, Century Iron & Steel Industrial Co., Ltd.	None	-	-	-	None
Plant Director, Manufacturing Department	Republic of China	Peng, Kuo-Feng	Male	2021.11.08	33,000	0.02	0	0.00	0	0.00	Electronics Department, Nan Tai Junior College of Technology
Chu Hong Enterprise Co., Ltd.
Plant Affairs Officer, Century Iron & Steel Industrial Co, Ltd.	None	-	-	-	None
Associate General	Republic of China	Chen, Yu-Chun	Male	2021.11.08	42,000	0.02	4,000	0.00	0	0.00	Two-year Mechanical Engineering program, Nanya Institute of Technology	None	-	-	-	None

Position	Nationality	Name	Gender	Inauguration date	Shareholding		Shareholding of spouses and minor children		Shareholding in another person's name		Major work experience (education)	Positions concurrently served in other companies	Managers of whom they are a spouse or relative within the second degree of kinship			Remarks (Note 1)
					Shares	Shareholding percentage (%)	Shares	Shareholding percentage (%)	Shares	Shareholding percentage (%)			Position	Name	Relation
Manager, Operations Department											Associate General Manager, Jingzhou Manager of the Sales Department, Century Iron & Steel Industrial Co., Ltd. Project Manager, Century Wind Power Co., Ltd. Director, Engineering Department, Century Bladt Foundations Co., Ltd.
Associate General Manager, Operations Department and Information Security Department	Republic of China	Chiu, Yi-Yao	Male	2021.11.08	45,000	0.02	0	0.00	0	0.00	Department of Information Management, Yu Du University of Science and Technology Taiwan Internet advertising AE Century Iron & Steel Industrial Co, Ltd. Century Wind Power Co., Ltd. Century Bredt Co., Ltd.	None	-	-	-	None
Associate General Manager, Operations Department	Republic of China	Liao, Chin-Cheng	Male	2021.11.08	35,000	0.02	0	0.00	0	0.00	Department of Merchant Shipping, National Taiwan Ocean University ZWP International Retail sales manager Foreign Sales, Ligittek Electronics Co., Ltd.	None	-	-	-	None
Associate General Manager, Operations Department	Republic of China	Yang, Chih-Ping	Male	2021.11.08	31,000	0.02	0	0.00	0	0.00	Master of Civil Engineering, National Taiwan University Manager, Century Iron & Steel Industrial Co., Ltd. Special Assistant, Chyi Yuh Construction Co., Ltd.	None	-	-	-	None
Associate General Manager, Audit Office	Republic of China	Yu, Cheng-Ting	Male	2020.01.03	42,521	0.02	67,000	0.03	0	0.00	Department of Economics, Tamkang University Deputy Manager, PwC Taiwan Overseas Plant Finance Officer, TA-I Technology Co., Ltd. Chief Auditor, Luminous Optical Technology Co., Ltd.	None	-	-	-	None
Chief Financial and Governance Officer	Republic of China	Wang, Chin-Huo	Male	2021.11.08	30,000	0.02			0	0.00	Institute of University Research, National Cheng Kung University Assistant Manager, Audit Department, KPMG Associate General Manager, Ability Opto-Electronics Technology Co., Ltd.	None	-	-	-	None
Associate General Manager, Environment, Safety and Health Office	Republic of China	Weng, Shih-Wei	Male	2025.08.04	8,000	0.00	0	0.00	0	0.00	Institute of Law, National Defense University Institute of Management Science, Tamkang University Occupational Safety and Health Institute, China Medical University Department of Occupational Safety and Health, China Medical University Health, Safety and Environmental Manager, Project Development & Management Department, Jones Lang LaSalle Incorporated Manager of Environment, Safety, and	None	-	-	-	None

2025 Annual Report
02 | Century Wind Power | Corporate Governance Report

Position	Shareholding		Shareholding of spouses and minor children		Shareholding in another person's name		Major work experience (education)	Managers of whom they are a spouse or relative within the second degree of kinship
	Shares	Shareholding percentage (%)	Shares	Shareholding percentage (%)	Shares	Shareholding percentage (%)		Position	Name	Relation
							Health Office, Century Wind Power Co., Ltd.
Senior Specialist, Administration Department, Chicony Power Technology Co., Ltd.
Labor Inspector hired by the New Taipei City Government's Labor Inspection Division

II. Remuneration paid to directors, general managers, and deputy general managers in the most recent year

(I) Remuneration to directors and independent directors

Position	Name	Remuneration to directors (estimated)								Remuneration to concurrent employees (estimated)											State of A, B, C, and D as percentage of net income after tax
		Remuneration (A)		Severance pay and pension (B)		Director remuneration (C) (estimated)		Professional allowance (D)		Salary, bonus, and special expense account (E)		Severance pay and pension (F)		Employee remuneration (G) (estimated)
		The Company	All companies included in the financial statements	The Company	All companies included in the financial statements	The Company	All companies included in the financial statements	The Company	All companies included in the financial statements	The Company	All companies included in the financial statements	The Company	All companies included in the financial statements	The Company		All companies included in the financial statements		The Company	All companies included in the financial statements		The Company	All companies included in the financial statements
														Cash amount	Share amount	Cash amount	Share amount	Cash amount	Share amount
Chairman	Century Iron & Steel Industrial Co, Ltd. Representative: Lai, Wen-Hwang	5,380	5,380	0	0	17,905	17,905	90	90	23,375 1.15	23,375 1.15
Vice Chairman	Chen, Kun-Chin
Director	Yi-Chin Chemical Engineering Co., Ltd. Representative: Chin, Chia-Hong	0	0	0	0	19,894	19,894	460	460	20.354 1.00	20.354 1.00	5,892	5,892	0	0	557	0	557	0	50,178 2.47	50,178 2.47	5,470
Director	Tseng, Ming-Shan
Director	Lai, Huai-Hua
Director	Lai, Hsuan-Fen
Independent Director	Shi, Mao-Lin
Independent Director	Huang, Chong-Chou	3,600	3,600	0	0	0	0	0	0	3,600 0.18	3,600 0.18	0	0	0	0	0	0	0	0	3,600 0.18	3,600 0.18	0
Independent Director	Huang, Po-Yi

Please provide in detail the policy, system, standards and structure of remuneration to independent directors, and describe the relevance to the amount of remuneration according to the responsibilities, risks, time invested and other factors: According to the Company's "Procedures for Directors and Managers", they receive fixed remuneration and do not participate in profit distributions. Considering the Company's industry characteristics and operational/asset scale, remuneration to independent directors reflects their responsibilities and balance, and should be reasonable.
In addition to the disclosure in the table above, in the most recent fiscal year, remuneration received by directors (e.g., serving as a consultant for a non-employee of the parent company/companies in the financial statements/investment businesses): None.
Note: The total amount of remuneration for directors and employees allocated by the Company for the 2025 was approved by the Board of Directors on February 23, 2026. As of the date of publication of the annual report, individual remuneration had not yet been distributed or approved by the Board of Directors; therefore, proposed individual allocations were calculated based on the actual distribution ratios from previous years.

Range of remunerations paid to each director	Name of director
		The sum total of the above 4 items (A × B × C × D)		The sum total of the above 2 items (A × B × C × D × E × F)
		The Company	All companies included in the financial statements	The Company	All companies included in the financial statements
Below NT$1,000,000
NT$ 1,000,000 (inclusive)	NT$ 2,000,000 (exclusive)
NT$ 2,000,000 or more	NT$ 3,500,000 (exclusive)
NT$ 3,500,000 or more	NT$ 5,000,000 (exclusive)	Representatives of Yi-Chiu Chemical Engineering Co., Ltd.: Chin, Chia-Hung, Tseng, Ming-Shan, Chen, Kuo-Chin, Lai, Huei-Hua, Lai, Hsuan-Fen, Shih, Mao-Lin, Huang, Chong-Chou, and Huang, Po-Yi	Representatives of Yi-Chiu Chemical Engineering Co., Ltd.: Chin, Chia-Hung, Tseng, Ming-Shan, Chen, Kuo-Chin, Lai, Huei-Hua, Lai, Hsuan-Fen, Shih, Mao-Lin, Huang, Chong-Chou, and Huang, Po-Yi	Representatives of Yi-Chiu Chemical Engineering Co., Ltd.: Chin, Chia-Hung, Tseng, Ming-Shan, Shih, Mao-Lin, Huang, Chong-Chou, and Huang, Po-Yi	Representatives of Yi-Chiu Chemical Engineering Co., Ltd.: Chin, Chia-Hung, Tseng, Ming-Shan, Shih, Mao-Lin, Huang, Chong-Chou, and Huang, Po-Yi
NT$ 5,000,000 or more	NT$ 10,000,000 (exclusive)			Chen, Kuo-Chin; Lai, Huei-Hua; Lai, Xuan-Yuan	Chen, Kuo-Chin; Lai, Huei-Hwa; Lai, Xuan-Yan
NT$ 10,000,000 or more	NT$ 15,000,000 (exclusive)
NT$ 15,000,000 or more	NT$ 30,000,000 (exclusive)	Representative of Century Steel Structure Co., Ltd.: Lai, Wen-Hsiang	Representative of Century Steel Structure Co., Ltd.: Lai, Wen-Hsiang	Representative of Century Steel Structure Co., Ltd.: Lai, Wen-Hsiang	Representative of Century Steel Structure Co., Ltd.: Lai, Wen-Hsiang
NT$ 30,000,000 or more	NT$ 50,000,000 (exclusive)
NT$ 50,000,000 or more	NT$ 100,000,000 (exclusive)
Over 100,000,000 (inclusive)
Total		9	9	9	9

Corporate Governance Report | Century Wind Power | 02

(II) Remuneration to the general managers and deputy general managers
December 31, 2025 Unit: NT$ thousand

Position	Name	Salaries (A)		Severance pay and pension (B)		Bonus and special expense account (C)		Employee remuneration (D) (estimated)				Sum of A, B, C and D as a percentage of net profit after tax (%)		Remuneration from investment other than subsidiaries or parent company
		The Company	All companies included in the financial statements	The Company	All companies included in the financial statements	The Company	All companies included in the financial statements	The Company		All companies included in the financial statements		The Company	All companies included in the financial statements
								Cash amount	Share amount	Cash amount	Share amount
General Manager	Lin, Ming-Cheng	8,088	8,088	-	-	3,200	3,200	3,502	0	3,502	0	14,790 0.73	14,790 0.73	-
Executive Vice Deputy General Manager	Chuang, Chien-Hung
Vice General Manager, Sales Department	Lai, Hsuan-Fen
Deputy General Manager, Operations Department	Yu, Chung-Wei
Deputy General Manager, Manufacturing Department	Lu, Hung-Ming
Plant Director, Manufacturing Department	Peng, Kuo-Feng

Note: The total amount of remuneration for employees allocated by the Company for the 2025 was approved by the Board of Directors on February 23, 2026. As of the date of publication of the annual report, individual remuneration had not yet been distributed or approved by the Board of Directors; therefore, proposed individual allocations were calculated based on the actual distribution ratios from previous years.

Range of remunerations paid to each president and vice president	Name of general manager and deputy general manager
		The Company	All companies listed in the financial statements.
Below NT$1,000,000
NT$ 1,000,000 or more	~ NT$ 2,000,000 (exclusive)
NT$ 2,000,000 or more	~ NT$ 3,500,000 (exclusive)	Lin, Ming-Cheng; Chuang, Chien-Hung; Lai, Hsuan-Fen; Yu, Chung-Wei; Lu, Hung-Ming; Peng, Kuo-Feng	Lin, Ming-Cheng; Chuang, Chien-Hung; Lai, Hsuan-Fen; Yu, Chung-Wei; Lu, Hung-Ming; Peng, Kuo-Feng
NT$ 3,500,000 or more	~ NT$ 5,000,000 (exclusive)
NT$ 5,000,000 or more	~ NT$ 10,000,000 (exclusive)
NT$ 10,000,000 or more	~ NT$ 15,000,000 (exclusive)
NT$ 15,000,000 or more	~ NT$ 30,000,000 (exclusive)
NT$ 30,000,000 or more	~ NT$ 50,000,000 (exclusive)
NT$ 50,000,000 or more	~ NT$ 100,000,000 (exclusive)
Over 100,000,000 (inclusive)
Total		6	6

(III) Top five executives with the highest remuneration: Not applicable
(IV) Names of managers receiving employee remunerations and state of distribution

	Position	Name	Share amount	Cash Amount (Proposed)	Total	Sum as a percentage of net income after tax
Manager	General Manager	Lin, Ming-Cheng	0	7,827	7,827	0.39
	Executive Deputy General Manager	Chuang, Chien-Hung
	Vice General Manager, Sales Department	Lai, Hsuan-Fen
	Deputy General Manager, Operations Department	Yu, Chung-Wei
	Deputy General Manager, Manufacturing Department	Lu, Hung-Ming
	Plant Director, Manufacturing Department	Peng, Kuo-Feng
	Associate General Manager, Operations Department	Chen, Yu-Chun
	Associate General Manager, Operations Department and Information Security Department	Chiu, Yi-Yao
	Associate General Manager, Operations Department	Liao, Chin-Cheng
	Associate General Manager,	Yang, Chih-Ping

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	Operations Department
	Associate General Manager, Audit Office	Yu, Cheng-Ting
	Chief Financial and Governance Officer	Wang, Chin-Huo
	Associate General Manager, Environment, Safety and Health Office	Weng, Shih-Wei

(V) Separately compare and describe the total remuneration as a percentage of net income stated in the parent company only financial reports or individual financial reports as paid by the Company and by each other company included in the consolidated financial statements during the most recent 2 fiscal years to directors, president, and vice presidents, and analyze and describe remuneration policies, standards, and packages, the procedure for determining remuneration, and its linkage to operating performance and future risk exposure

Analysis of total remuneration paid to the Company's directors, general managers, and deputy general managers as a percentage of net income after tax for the past two years

Position	The Company		All companies included in the financial statements
	2024	2025 (estimated)	2024	2025 (estimated)
Director	2.69%	2.67%	2.30%	2.67%
General Managers and Deputy General Managers	1.60%	0.73%	1.76%	0.73%

Remuneration policies, standards, and packages, the procedure for determining remuneration, and its linkage to operating performance

The remunerations to directors are stipulated in the Articles of Incorporation and related laws and regulations, while taking profits and future operation needs into account. The Remuneration Committee proposes to the Board of Directors, and upon the approval of the Board of Directors, the proposal will be reported at the shareholders' meeting.

The remuneration of the general managers and deputy general managers include wages, incentives, and employee bonuses. Every year the Remuneration Committee determines their compensations based on their position, responsibilities assumed, and contributions to the Company, while referring the level of the industry. The proposal is submitted to the Board of Directors for approval before being enacted.

III. Status of corporate governance

(I) Functioning of the Board of Directors

In 2025, the Board of Directors met ten times (A), and the attendance of all directors is as follows:

Position	Name	Actual attendance frequency (as observers) (B)	Attendance by proxy	Actual attendance rate % (B/A)
Chairman	Representative of Century Steel Structure Co., Ltd.: Lai, Wen-Hsiang	9	1	90%
Vice Chairman	Chen, Kuo-Chin	10	0	100%
Director	Representatives of Yi-Chiu Chemical Engineering Co., Ltd.: Chin, Chia-Hung	8	2	80%
Director	Tseng, Ming-Shan	10	10	100%

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Position	Name	Actual attendance frequency (as observers) (B)	Attendance by proxy	Actual attendance rate % (B/A)
Director	Lai, Huei-Hua	9	1	90%
Director	Lai, Hsuan-Fen	9	1	90%
Independent Director	Shi, Mao-Lin	10	0	100%
Independent Director	Huang, Chong-Chou	10	0	100%
Independent Director	Huang, Po-Yi	10	0	100%

Other items to be stated:

I. Where the operation of the Board of Directors meets any of the following circumstances, the minutes concerned shall clearly state the meeting date, term, contents of motions, opinions of all independent directors, and the Company's handling of said opinions:

(I) Matters listed in Article 14-3 of the Securities and Exchange Act: The Company has established an Audit Committee and is therefore exempt from the requirements of Article 14-3. For details on Article 14-5 of the Securities and Exchange Act, please refer to the Audit Committee's operations.

(II) Other than the abovementioned matters, any resolution of the Board meeting to which an independent director has a dissenting or qualified opinion which is on record or stated in a written statement: None.

II. Implementation of directors' recusals to proposals with personal interests:

Date/session	Name of director	Content of motion	Reason for recusal	Voting participation
2025/01/17
16th meeting of the 4th Board	Lai, Wen-Hsiang Chen, Kuo-Chin Lai, Huei-Hua Lai, Hsuan-Fen	Motion for the year-end bonus for the Company's chairman, vice chairman, and managers for 2024.	As this motion concerned the year-end bonus for the Company's chairman, vice chairman and managers - Chairman Lai, Wen-Hsiang, Vice Chairman Chen, Kuo-Chin, Director and Deputy General Manager of the Sales Department Lai, Hsuan-Fen, and Director Lai, Huei-Hua, a relative of Chairman Lai, Wen-Hsiang - recused themselves from the meeting as required by law due to a conflict of interest.	After the directors with a conflict of interest recused themselves, the acting chair, Shi, Mao-Lin, consulted the directors present at the meeting. The motion was approved as presented.
2025/01/17
16th meeting of the 4th Board	Lai, Wen-Hsiang Lai, Huei-Hua	To expand its Taipei Port South Wharf facility, the Company purchased a batch of steel structures from Century Iron & Steel Industrial Co, Ltd., a related party.	As this motion concerned a related party transaction - Director Lai, Wen-Hsiang, also Chairman of Century Iron & Steel Industrial Co, Ltd., Director Hui-Hua Lai, a relative of Director Wen-Hsiung Lai - recused themselves from the meeting as required by law due to a conflict of interest.	After the directors with a conflict of interest recused themselves, the acting chair, Chen, Kuo-Chin, consulted the directors present at the meeting. The motion was approved as presented.
2025/01/17
16th meeting of the 4th Board	Lai, Wen-Hsiang Lai, Huei-	The Company has entered into an agreement to manufacture and supply 20	As this motion concerned a related party transaction - Director Lai, Wen-	After the directors with a conflict of interest recused

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Date/session	Name of director	Content of motion	Reason for recusal	Voting participation
	Hua	monopiles for the Fengmiao Offshore Wind Farm, 21 for the Formosa 4 Wind Farm, and 31 for the Wei Lan Hai Changhua Offshore Wind Farm. The Company is expected to purchase a batch of small-diameter steel pipes and arch heads from related party Century Huaxin Wind Energy Co., Ltd., with a maximum transaction amount of NTS 1.5 billion for the entire year.	Hsiang, also Chairman of Century Iron & Steel Industrial Co, Ltd., Director Hui-Hua Lai, a relative of Director Wen-Hsiung Lai - recused themselves from the meeting as required by law due to a conflict of interest.	themselves, the acting chair, Chen, Kuo-Chin, consulted the directors present at the meeting. The motion was approved as presented.
2025/03/04
17th meeting of the 4th Board	Lai, Wen-Hsiang
Lai, Huei-Hua	Motion for donation to the "Century Sustainable Development Foundation" to be established.	As this motion concerned a donation to a related party - Chairman Lai, Wen-Hsiang and Director Hui-Hua Lai - recused themselves from the meeting as required by law due to a conflict of interest.	After the directors with a conflict of interest recused themselves, the acting chair, Chen, Kuo-Chin, consulted the directors present at the meeting. The motion was approved as presented.
2025/03/04
17th meeting of the 4th Board	Lai, Wen-Hsiang
Lai, Huei-Hua	Motion for setting the remuneration to the Company chairman.	As this motion concerned director remuneration - Chairman Lai, Wen-Hsiang and Director Lai, Huei-Hua - recused themselves from the meeting as required by law due to a conflict of interest.	After the directors with a conflict of interest recused themselves, the acting chair, Chen, Kuo-Chin, consulted the directors present at the meeting. The motion was approved as presented.
2025/07/11
22nd meeting of the 4th Board	Lai, Huei-Hua
Lai, Hsuan-Fen	Motion for the Company's 2025 salary adjustment for managers.	As this motion concerned salary adjustment of managers - Director Lai, Hsuan-Fen - recused himself from the meeting as required by law due to a conflict of interest. Director Lai, Huei-Hua recused herself from the meeting as she is the spouse of Executive Deputy General Manager Chuang, Chien-Hung, as required by Article 206 of the Company Act.	After the directors with a conflict of interest recused themselves, the chair consulted the directors present at the meeting. The motion was approved as presented.
2025/07/11
22nd meeting of the 4th Board	Lai, Wen-Hsiang
Lai, Huei-Hua	The Company is to lease premises in Guanyin District, Taoyuan City from related party Century Iron & Steel Industrial Co, Ltd. for use as a dormitory for foreign welders.	As this motion concerned a related party transaction - Director Lai, Wen-Hsiang, also Chairman of Century Iron & Steel Industrial Co, Ltd., Director Hui-Hua Lai, a relative of Director Wen-Hsiung Lai - recused themselves from the meeting as required by law due to a conflict of interest.	After the directors with a conflict of interest recused themselves, the acting chair, Chen, Kuo-Chin, consulted the directors present at the meeting. The motion was approved as presented.
2025/08/04
23rd meeting of the 4th Board	Lai, Wen-Hsiang
Chen, Kuo-Chin	Motion for the Company's distribution of remuneration to directors for 2024.	As this motion concerned remuneration distribution - Chairman Lai, Wen-Hsiang, Vice Chairman	After the directors with a conflict of interest recused themselves, the

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Date/session	Name of director	Content of motion	Reason for recusal	Voting participation
	Chin, Chia-Hong Tseng, Ming-Shan Lai, Huei-Hua Lai, Hsuan-Fen		Chen, Kuo-Chin, Director Chin, Chia-Hung, Director Tseng, Ming-Shan, Director Lai, Huei-Hua, and Director Lai, Hsuan-Fen - recused themselves from the meeting as required by law due to a conflict of interest.	acting chair, Shi, Mao-Lin, consulted the directors present at the meeting. The motion was approved as presented.
2025/08/04
23rd meeting of the 4th Board	Lai, Huei-Hua Lai, Hsuan-Fen	Motion for 2024 remuneration distribution for the Company’s managers.	As this motion concerned employee remuneration distribution for managers - Director Lai, Hsuan-Fen - recused himself from the meeting as required by law due to a conflict of interest. Director Lai, Huei-Hua recused herself from the meeting as she is the spouse of Executive Deputy General Manager Chuang, Chien-Hung, as required in accordance with Article 206 of the Company Act.	After the directors with a conflict of interest recused themselves, the chair consulted the directors present at the meeting. The motion was approved as presented.
2025/11/06
24th meeting of the 4th Board	Lai, Wen-Hsiang Chen, Kuo-Chin Lai, Huei-Hua Lai, Hsuan-Fen	Motion for the list of employees holding director or manager positions who participated in the Company’s 2025 cash capital increase	As this motion concerned the list of employees holding director or manager positions who participated in the Company’s 2025 cash capital increase - Director and Vice Chairman Chen, Kuo-Chin, Director and Special Assistant to Chairman’s Office Lai, Huei-Hua, Director and Deputy General Manager of the Sales Department Lai, Hsuan-Fen, and Director Lai, Wen-Hsiang, a relative of Chairman Lai, Wen-Hsiang - recused themselves from the meeting as required by law due to a conflict of interest.	After the directors with a conflict of interest recused themselves, the acting chair consulted the directors present at the meeting. The motion was approved as presented.

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III. Board of Directors' self-assessment: Information on the cycle and duration, scope, methods, and content of the evaluation:

Evaluation frequency	Evaluation period	Evaluation scope	Evaluation method	Evaluation content
Once a year	From January 1 to December 31, 2025	Evaluation of the performance of the board as a whole, individual directors, and functional committees.	Self-assessment of board performance, self-assessment of individual director performance, and self-assessment of functional committee performance	1. Board performance as a whole
• Participation in the Company's operations
• Enhancement of the quality of Board decisions-making
• Composition and structure of the Board of Directors
• Election and continuing education of directors
• Internal controls
2. Performance of individual board members
• Understanding of Company objectives and missions
• Awareness of directors' responsibilities
• Participation in the Company's operations
• Internal relations and communication management
• Directors' professionalism and continuing education
• Internal controls
3. Performance of functional committees
• Participation in the Company's operations
• Enhancement of the quality of functional committee decision-making
• Election of functional committees
• Internal controls
Evaluation results (out of 5):
1. The results of the Board as a whole were positive, with average scores of 4.9 or higher across all five key areas. The overall evaluation was favorable.
2. The results of the Board members were positive, with average scores of 4.9 or higher across all six key areas. The overall evaluation was favorable.
3. The results of the Audit Committee were positive, with average scores of 4.9 or higher across all five key areas. The overall evaluation was favorable.
4. The results of the Remuneration Committee were positive, with average scores of 4.9 or higher across all four key areas. The overall evaluation was favorable.
Note: The Company's 2024 Board of Directors performance evaluation results were reported to the Board of Directors on February 4, 2026.

IV. Objective of enhancing the Board's functions in the current and most recent year (e.g. establishing an Audit Committee or enhancing information transparency) and the assessment of the implementation:

(I) In order to improve the functions of the Board of Directors and strengthen operational efficiency, the Company has established the Procedures for the Board's Performance Evaluation. The evaluations are completed in the first quarter of each year for review by the Board.

The 2025 performance evaluation of the Board of Directors was concluded successfully, and the evaluation results were reported to the Board on February 4, 2026.

(II) The Company is committed to enhancing the transparency of its Board of Directors' operations. The Company discloses directors' training and attendance at Board meetings through the Market Observation Post System (MOPS), the Company's website, and annual reports. We also disclose major Board resolutions in the annual report, as well as the implementation of directors' recusals from voting on matters involving conflicts of interest, and we take out liability insurance for our directors.

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(II) Professional qualifications and experience of Audit Committee members, annual work priorities, and operations

Professional qualifications of Audit Committee members:
The Audit Committee is comprised of three independent directors and is responsible for assisting the Board in overseeing the quality and integrity of the Company’s accounting, auditing, financial reporting processes, and financial controls. For the members' professional qualifications and experience, please refer to pages 11-13 of this annual report.
Audit Committee's annual work highlights
(1) Review of financial reports: The Company’s annual business report, financial statements, and earnings distribution proposal are reviewed and approved by the Audit Committee before being submitted to the Board of Directors for discussion. Following Board approval, these reports are then submitted to the annual shareholders’ meeting for ratification.
(2) Evaluation on the effectiveness of internal control: the Company’s audit unit reports regularly to the Audit Committee on a yearly basis regarding the internal control system and its implementation. Amendments to the internal control system and the annual statement of the internal control system are submitted to the Audit Committee for review.
(3) Appointment of CPAs: The Audit Committee annually evaluates the independence of the CPAs and the reasonableness of their remuneration.
Audit Committee's annual work highlights and operation
In 2025, the Audit Committee met nine times (A), and the attendance of independent directors is as follows:

Position	Name	Number of actual attendances (B)	Actual attendance (%) [B/A]
Independent Director	Shi, Mao-Lin	9	100%
Independent Director	Huang, Chong-Chou	9	100%
Independent Director	Huang, Po-Yi	9	100%

Other items to be stated:
I. For Audit Committee meetings that meet any of the following descriptions, state the date and session of the Audit Committee meeting held, the discussed topics, the content c the objections, reservations or material recommendations of independent directors, the Audit Committee's resolution, and how the company has responded to Audit Committee's opinions:

(I) Matters listed in Article 14-5 of the Securities and Exchange Act:

Audit Committee meeting date/session	Content of motion	Objections, reservations or significant recommendations from independent directors	Audit Committee resolution
2025/01/17 12th meeting of the 2nd term	1. Approved the Company's 2025 business plan.
2. Approved the Company's 2025 budget.
3. Approved to change the Company's financial statement CPAs.
4. Approved the evaluation of the independence and competency of the Company's 2025 CPAs.
5. Approved the motion for auditing and attesting the Company's 2025 financial statements and payment of professional fees.
6. Approved the motion for auditing the 2025 "List of Non-Assurance Services".	None	After the chair consulted the directors present at the meeting, the motion was approved as presented.	The Board of Directors approved the motion as presented.

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Audit Committee meeting date/session	Content of motion	Objections, reservations or significant recommendations from independent directors	Audit Committee resolution	The Company's response to the Audit Committee's opinions
	7. Approved to expand its Phase II plant at Taipei Port South Wharf facility and that the Company purchased a batch of steel structures from Century Iron & Steel Industrial Co, Ltd., a related party.
8. Approved that the Company has entered into an agreement to manufacture and supply 20 monopiles for the Fengmiao Offshore Wind Farm, 21 for the Formosa 4 Wind Farm, and 31 for the Wei Lan Hai Changhua Offshore Wind Farm. The Company is expected to purchase a batch of small-diameter steel pipes and arch heads from related party Century Huaxin Wind Energy Co., Ltd., with a maximum transaction amount of NT$ 1.5 billion for the entire year.
2025/03/4
13th meeting of the 2nd term	1. Approved the motion for revision of the Company’s "Internal Control System – Personnel Salary Cycle" and "Implementation Rules of Internal Audits".
2. Approved the motion for the 2024 business report and financial statements.
3. Approved motion for 2024 earnings distribution.
4. Approved the motion for the Company's "Statement of Internal Control System".
5. Approved the motion for the Company’s agreement with the lead securities underwriter regarding the “initial public offering over-allotment and voluntary book-entry transfer by specific shareholders”.
6. Approved the motion not to proceed with the private placement of common shares approved by the 2024 general annual meeting.
7. Approved the motion for amendment to certain clauses of the Company's "Procedures for Monitoring Subsidiaries".
8. Approved the motion to amend the Company's “Accounting System”.	None	After the chair consulted the directors present at the meeting, the motion was approved as presented.	The Board of Directors approved the motion as presented.
2025/04/17
14th meeting of the 2nd term	1. Approved the motion for the Company's financial forecasts for Q2 and Q3 of 2025.
2. Approved contracting with Xuyuan Construction Co., Ltd. for the Taipei Port Phase V Plant construction and the phase 2 equipment pit engineering.	None	After the chair consulted the directors present at the meeting, the motion was approved as presented.	The Board of Directors approved the motion as presented.
2025/05/07
15th meeting of the 2nd term	1. Approved the motion for revision of the Company’s "Internal Control System – Personnel Salary Cycle" and "Implementation Rules of Internal Audits".	None	After the chair consulted the directors present at the meeting, the motion was	The Board of Directors approved the motion as presented.

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Audit Committee meeting date/session	Content of motion	Objections, reservations or significant recommendations from independent directors	Audit Committee resolution	The Company's response to the Audit Committee's opinions
	2. Approved the motion for the Company's consolidated financial statement for Q1 2025.		approved as presented.
2025/05/23 16th meeting of the 2nd term	1. Approved the motion for revision of the Company's "Internal Control System".	None	After the chair consulted the directors present at the meeting, the motion was approved as presented.	The Board of Directors approved the motion as presented.
2025/07/11 17th meeting of the 2nd term	1. Approved the motion for the internal control system statement issued by the Company and the appointment of an accountant to perform a special review of the internal control system.
2. Approved the Company's lease of premises in Guanyin District, Taoyuan City from related party Century Iron & Steel Industrial Co, Ltd. for use as a dormitory for foreign welders.	None	After the chair consulted the directors present at the meeting, the motion was approved as presented.	The Board of Directors approved the motion as presented.
2025/08/04 18th meeting of the 2nd term	1. Approved the motion for the Company's consolidated financial statement for Q2 2025.
2. Approved the motion for the Company's financial forecasts for Q3 and Q4 of 2025.
3. Approved the motion for revision of the Company's "Table of Authorization Powers".	None	After the chair consulted the directors present at the meeting, the motion was approved as presented.	The Board of Directors approved the motion as presented.
2025/11/06 19th meeting of the 2nd term	1. Motion for the Company to conduct a public offering of new shares through a cash capital increase prior to its initial public offering.	None	After the chair consulted the directors present at the meeting, the motion was approved as presented.	The Board of Directors approved the motion as presented.
2025/11/12 20th meeting of the 2nd term	1. Approved the motion for the Company's consolidated financial statement for Q3 2025.
2. Approved the Company's 2026 audit plan.	None	After the chair consulted the directors present at the meeting, the motion was approved as presented.	The Board of Directors approved the motion as presented.

(II) Except for the preceding matters, any matter that has not been passed by the Audit Committee, but has been adopted with the approval of two-thirds or more of all directors without having been passed by the audit committee: None.

II. Implementation of independent directors' recusals to proposals with personal interests; the name of the director, proposal description, reason for recusal, and voting participation shall be specified: None.

III. Communication between independent directors and the head of internal audit and CPAs (including significant items, methods and results of the Company's financial and business situation)

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(I) Communication between independent directors and the head of internal audit:

Date	Method of communication	Issue communicated	Result
2025/03/04	13th meeting of the 2nd Audit Committee	1. Report on the implementation of internal audits for Q4 2024.
2. Motion for revision of the Company’s "Internal Control System – Personnel Salary Cycle" and "Implementation Rules of Internal Audits".
3. Motion for the Company's 2024 Statement of Internal Control System.	No objection from independent directors.
2025/05/07	15th meeting of the 2nd Audit Committee	1. Report on the implementation of internal audits for Q1 2025.
2. Motion for revision of the Company’s "Internal Control System – Personnel Salary Cycle" and "Implementation Rules of Internal Audits".	Recommendations by independent directors:
1. In order to enhance the protection of the Company's trade secrets, it is recommended that the Company strengthen employee awareness and have them sign relevant confidentiality agreements.
2. It is recommended that the Company's procedures for related party transactions be more rigorous.
2025/05/23	16th meeting of the 2nd Audit Committee	1. Internal control ad-hoc audit report.
2. Motion for revision of the Company's "Internal Control System".	No objection from independent directors.
2025/07/11	17th meeting of the 2nd Audit Committee	1. Report on the improvement of internal control deficiencies identified during ad-hoc audits.
2. Motion for the internal control system statement issued by the Company and the appointment of an accountant to perform a special review of the internal control system.	No objection from independent directors.
2025/08/04	18th meeting of the 2nd Audit Committee	1. Report on the implementation of the internal audit for Q2 2025.	No objection from independent directors.
2025/11/12	19th meeting of the 2nd Audit Committee	1. Report on the implementation of the internal audit for the third quarter of 2025.
2. The Company's 2026 audit plan.	No objection from independent directors.

(II) Communication between independent directors and CPAs:

Date	Method of communication	Issue communicated	Result
2025/01/17	20th meeting of the 2nd Audit Committee	1. Motion for evaluation of the independence and competence of the Company's CPAs.
2. Motion for auditing and attesting the Company's 2025 financial statements and payment of professional fees.
3. Motion for auditing the 2025 "List of Non-Assurance Services".	No objection from independent directors.
2025/03/04	13th meeting of the 2nd Audit Committee	1. Communication and discussion regarding the audit results of the parent company only and consolidated financial statements for 2024.	No objection from independent directors.
2025/05/07	15th meeting of the 2nd Audit Committee	1. Communication and discussion regarding the audit results of the consolidated financial statements for Q1 2025.	No objection from independent directors.
2025/08/04	18th meeting of the 2nd Audit Committee	1. Communication and discussion regarding the audit results of the consolidated financial statements for Q2 2025.	No objection from independent directors.
2025/11/12	19th meeting of the 2nd Audit Committee	1. Communication and discussion regarding the audit results of the consolidated financial statements for Q3 2025.	No objection from independent directors.

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(III) The operation of corporate governance and any variance from the Corporate Governance Best-Practice Principles for TWSE/TPEx Listed Companies, and the reasons for such difference

Evaluation item	Operation status			Variance from the Corporate Governance Best-Practice Principles for TWSE/TPEx Listed Companies, and the reason for any such variance
	Yes	No	Summary
I. Has the Company established and disclosed Corporate Governance Best Practice Principles pursuant to the Corporate Governance Best Practice Principles for TWSE/TPEx Listed Companies?	☑		The Company has “Corporate Governance Best Practice Principles” in place and disclosed on the Market Observation Post System and the Company's website.	No material deviation
II. Shareholding structure and shareholders' rights
(I) Does the Company have Internal Operation Procedures for handling shareholders' suggestions, concerns, disputes and litigation matters, and have they been implemented accordingly?	☑		The Company has established a spokesperson with staff from a professional registrar to help answer shareholders' inquiries.	No material deviation
(II) Does the Company possess a list of major shareholders who actually control the Company and the ultimate controlling parties of major shareholders?	☑		The shareholder registry is provided by the stock affair agency, in order to grasp the major shareholders who actually control the Company. The information is regularly disclosed as required by law.	No material deviation
(III) Has the Company built and executed a risk management system and firewall between the Company and its affiliates?	☑		To mitigate risks, the Company has established “Procedures Handling the Transactions between Related Parties, Certain Companies, and Enterprises within the Group” and built and executed a risk management system and firewall between the Company and its affiliates.	No material deviation
(IV) Has the Company established internal rules prohibiting insider trading on undisclosed information?	☑		The Company has formulated "Procedures for Handling Internal Material Information and Preventing Insider Transactions". These procedures apply to the Company's directors, managers, and employees, and relevant information is updated and disseminated periodically.	No material deviation
III. Composition and responsibilities of the Board of Directors
(I) Has the Board of Directors established a diversity policy with specific management goals and implementation plans?	☑		The Company has established Board function enhancement guidelines in accordance with Article 20 of the “Corporate Governance Best Practice Principles”, stating that Board composition should consider diversity. In addition to limiting the number of directors concurrently serving as Company managers to one-third of total board seats, appropriate diversity policies should be adopted based on operational characteristics and development needs. For the Company's diversification policy, specific management objectives, and implementation details, please refer to pages 11-13 of this annual report.	No material deviation
(II) Other than the Remuneration Committee and the Audit Committee which are required by law, does the Company voluntarily set up other functional committees?		☑	To date, the Company has not voluntarily established any other functional committees.	Although the Company currently has only a Remuneration Committee and an Audit

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Evaluation item	Operation status			Variance from the Corporate Governance Best-Practice Principles for TWSE/TPEx Listed Companies, and the reason for any such variance
	Yes	No	Summary
				Committee, the Board of Directors has consistently exercised its powers and responsibilities in accordance with applicable laws and regulations, the Company’s Articles of Incorporation, shareholder resolutions, and the principles of corporate governance.
(III) Has the Company established a methodology for evaluating the performance of its Board of Directors on an annual basis, reporting the performance results to the Board of Directors, and using the results as reference for directors’ remuneration and re-election?	☑		The Company established the "Procedures for the Board's Performance Evaluation" on August 9, 2021. In accordance with the regulations of the competent authority, the self-assessment of the Board of Directors, individual directors, and functional committees for 2025 was completed before the first quarter of 2026 and reported to the Board of Directors on February 4, 2026.	No material deviation
(IV) Does the Company regularly evaluate its external auditors’ independence?	☑		The assessment of the independence, suitability, and appointment of the CPAs, as well as the review of the motion for 2026 professional fees, was based on audit quality indicator (AQI) information provided by the CPAs. This information served as the basis for their appointment. The AQI information was prepared with reference to the AQI framework and disclosure template released by the FSC, and the evaluation covered five major components and 13 indicators, including professionalism, independence, quality control, supervision, and innovation ability. The data used for this assessment was based on the financial years FY24 (January 1 to December 31, 2024) and FY23 (January 1 to December 31, 2024) of Ernst & Young. A statement of independence of CPAs was issued and submitted to the Board of Directors for resolution on February 4, 2026, following review by the Audit Committee on the same day. For the evaluation of CPAs’ independence, please refer to (Note 1).	No material deviation
IV. Do TWSE/TPEx Listed Companies appoint competent and appropriate	☑		On October 23, 2024, the Company’s 13th meeting of the 4th Board approved the appointment of Wang Chin-Huo, Associate General Manager of the Finance	No material deviation

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Evaluation item	Operation status			Variance from the Corporate Governance Best-Practice Principles for TWSE/TPEx Listed Companies, and the reason for any such variance
	Yes	No	Summary
corporate governance personnel and corporate governance officers to be in charge of corporate governance affairs (including but not limited to furnishing information required for business execution by directors, assisting directors’ compliance of law, handling matters related to Board meetings and shareholders’ meetings according to law, and recording minutes of Board meetings and shareholders’ meetings)?			Department, as Corporate Governance Officer. Coordinate with the shareholder unit on matters related to the Board of Directors, Audit Committee, Remuneration Committee, and Shareholders’ Meeting; assist directors in their appointment and continuing education; provide directors with the information needed to perform their duties, and assist them in complying with applicable laws and regulations.
V. Has the Company established a means of communicating with its stakeholders (including but not limited to shareholders, employees, customers, suppliers, etc.) or created a Stakeholders Section on the Company website? Does the Company respond to stakeholders’ questions on corporate social responsibility?	☑		The Company has created a Stakeholders Section on the Company website, with phone numbers and email addresses of spokespersons and the departments, to serve as the communication channels for shareholders, employees, clients, and suppliers, as well as to properly respond to stakeholders’ questions on key corporate social responsibility issues.	No material deviation
VI. Has the Company appointed a professional registrar for its shareholders’ meetings?	☑		The Company appoints the professional registrar, “Stock Affairs Agency Department, Capital Securities Corporation”, to handle the shareholders’ meeting.	No material deviation
VII. Information disclosure
(I) Has the Company established a website to disclose information regarding its finance, business and corporate governance?	☑		The Company has created a website both in Chinese and English, to fully disclose the information related to finance, business and corporate governance, for the investors to inquire.	No material deviation
(II) Does the Company use other information disclosure channels (e.g. maintaining an English-language website, designating staff to handle information collection and disclosure( appointing spokespersons, webcasting investors conference etc.)?	☑		The Company has established an English website and assigned dedicated personnel to collect and disclose company information, and has implemented a spokesperson system.	No material deviation
(III) Does the Company announce and report the annual financial statements within two months after the end of the fiscal year, and	☑		The Company’s 2025 financial report was approved by the Board of Directors on February 23, 2026, and was announced and filed within two months of the end of the year. The financial reports for the first, second, and third quarters (within 45 days of the end of each	No material deviation

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Evaluation item	Operation status			Variance from the Corporate Governance Best-Practice Principles for TWSE/TPEX Listed Companies, and the reason for any such variance
	Yes	No	Summary
announce and report the first, second, and third quarter financial statements as well as the operating status of each month before the prescribed deadline?			quarter) and the operating results for each month (before the 10th of each month) were also announced and filed ahead of schedule.
VIII. Has the Company disclosed other information to facilitate a better understanding of its corporate governance practices (including but not limited to employee rights, employee wellness, investor relations, supplier relations, rights of stakeholders, directors’ and supervisors’ training records, the implementation of risk management policies and risk evaluation measures, the implementation of customer relations policies, and purchasing insurance for directors and supervisors by the Company)?	✓		(I) Employee rights and employee wellness: Other than protecting the rights of employees pursuant to law and setting up the employee welfare committee to promote employee welfare, the Company’s employees are also entitled to: 1. Labor insurance, health insurance, and group insurance 2. Three key holidays and year-end bonuses 3. Employee health check (II) Investor relations and rights of stakeholders: In addition to disclosing the Company’s financial and business information pursuant to laws and regulations, the Company also has spokespersons and deputy spokespersons to maintain good investor relations and the rights of stakeholders. (III) Supplier relations: The collaboration between the Company and suppliers honors laws and contracts, to protect the rights of both parties. (IV) Continuing education of the directors: The Company encourages the directors to participate in continuing education, and also retains professional institutions to offer courses in the Company for directors to take. Please refer to the MOPS for continuing education. (V) Implementation of risk management policies and risk evaluation measures: The Company operates by complying with laws and regulations, management procedures, and various internal systems, while conducting various risk assessments and controls. (VI) Implementation of customer relations policies: Other than honoring laws and contracts to protect the rights of both parties when the Company collaborates with customers, dedicated staff is assigned to contact and communicate with customers. (VII) Insurance purchased for directors by the Company: The Company has purchased liability insurance for directors.	No material deviation
IX. Please explain the improvements made, based on the latest Corporate Governance Evaluation results published by TWSE Corporate Governance Center, and propose enhancement items and measures for any issues that are yet to be improved: (no response required for companies not included in the evaluation): Not applicable.

Note 1: Assessment of CPA independence

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Evaluation item		Assessment outcome	Independence achieved or not
1.	Do the assigned CPAs have any material financial interest in the Company?	No	Yes
2.	Do the assigned CPAs have any improper relationship with the Company?	No	Yes
3.	Do the CPAs and their assistants fail to comply with ethics, fairness, and independence?	No	Yes
4.	Are the assigned CPAs currently directors, supervisors or managerial officers in the Company, or in any position with great and direct influence on the audit, or have they been in the most recent two years?	No	Yes
5.	During the period of the audit, are the assigned CPAs, their spouses, or dependent relatives directors, supervisors or managerial officers in the Company, or in any position with great and direct influence on the audit? During the period of audit, are the relatives within the fourth degree of kinship of the assigned CPAs directors, supervisors or managerial officers in the Company, or in any position with great and direct influence on the audit? This is a violation of independence.	No	Yes
6.	Are the names of assigned CPAs used by others?	No	Yes
7.	Do the assigned CPAs have any monetary borrowing from or to the Company? However, normal business relationships with the financial industry are not subject to this restriction.	No	Yes
8.	Do the assigned CPAs have any other side jobs that may lose their independence?	No	Yes
9.	Do the assigned CPAs receive any commissions related to their business?	No	Yes
10.	Do the assigned CPAs hold shares in the Company?	No	Yes
11.	Do the assigned CPAs concurrently carry out recurring tasks with fixed wages in the Company?	No	Yes
12.	Do the assigned CPAs have any joint investments or profit sharing with the Company?	No	Yes
13.	Are the assigned CPAs involved with the management functions for the decision-making of the Company?	No	Yes

(IV) Composition, duties, and operation of the Remuneration Committee

1. Remuneration Committee responsibilities

(1) Establish and periodically review the performance evaluation of the Company’s directors and managerial officers as well as the policy, system, standard and structure for the remuneration.
(2) Periodically assess and specify the remuneration content and amount for the Company’s directors and managers.

2. Information on the Remuneration Committee members

Qualification		Professional qualification and experience (Note 1)
Status	Name
Independent Director	Shi, Mao-Lin	• With work experience in law.
• A judge, public prosecutor, attorney, certified public accountant, or other professional or technical specialist who has passed a national examination and been awarded a certificate in a profession necessary for the business of the company
• With work experience in commerce, law, finance or accounting, and work experience necessary for the business of the Company.
• Previous Chief Prosecutor of the Taipei/Kaohsiung/Taichung/Taoyuan District Courts; current Adjunct Associate Professor, Professor, Honorary Professor, and Distinguished Professor, Feng Chia University, Providence University, China Medical University, Chung Shan Medical University, and	• The independent director and their spouse, and relatives within the second degree of kinship, do not serve as directors, supervisors, or employees of the Company or its affiliated companies.
• The independent director, their spouse, and relatives within the second degree of kinship (or anyone acting on their behalf) do not hold any shares of the Company.
• The independent director does not serve as a director, supervisor, or employee of any company with a specific relationship to the Company, as defined in subparagraphs 5 through 8, Paragraph 1, Article 3 of the Regulations Governing Appointment of Independent	1

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Status	Qualification	Professional qualification and experience (Note 1)
		Name	Independent director
		National Chung Hsing University
• Current Honorary Seminar Professor, Department of Financial and Economic Law, Asia University; Director, SuperAlloy Industrial Co., Ltd.; Independent Director, HCM Co. Ltd.
• Does not meet any of the conditions listed in Article 30 of the Company Act.	Directors and Compliance Matters for Public Companies.
• No remuneration was received for providing business, legal, financial, accounting, or other services to the Company or its affiliates in the most recent two years.
Independent Director	Huang, Chong-Chou	• With work experience necessary for the business of the Company.
• Previous Chairman, Taiwan Power Co., Ltd.; Administrative Deputy Minister, MOEA; CEO and Vice Chairman, Department of State-owned Enterprise Affairs, MOEA; Deputy Director-General and Director, Department of Industrial Technology, MOEA; Honorary Professor, Chung Yuan Christian University
• Current Director, Chung Yuan Christian University; Independent Director, UPC Technology Corporation; Independent Director, Waffer Technology Corporation
• Does not meet any of the conditions listed in Article 30 of the Company Act.	• The independent director and their spouse, and relatives within the second degree of kinship, do not serve as directors, supervisors, or employees of the Company or its affiliated companies.
• The independent director, their spouse, and relatives within the second degree of kinship (or anyone acting on their behalf) do not hold any shares of the Company.
• The independent director does not serve as a director, supervisor, or employee of any company with a specific relationship to the Company, as defined in subparagraphs 5 through 8, Paragraph 1, Article 3 of the Regulations Governing Appointment of Independent Directors and Compliance Matters for Public Companies.
• No remuneration was received for providing business, legal, financial, accounting, or other services to the Company or its affiliates in the most recent two years.	2
Independent Director	Huang, Po-Yi	• With work experience in business and accounting.
• Previous Professor, Department of Finance and Dean, College of Management, Shih Chien University; Principal, Taiwan Academy of Banking and Finance; Chairman, Taiwan Business Bank
• Current Professor, Department of Finance, Chihlee Institute of Technology; Managing Director, COTA Commercial Bank; Independent Director, Power Master Energy Co., Ltd.; Chairman, Association of Financial Business Research and Development
• Does not meet any of the conditions listed in Article 30 of the Company Act.	• The independent director and their spouse, and relatives within the second degree of kinship, do not serve as directors, supervisors, or employees of the Company or its affiliated companies.
• The independent director, their spouse, and relatives within the second degree of kinship (or anyone acting on their behalf) do not hold any shares of the Company.
• The independent director does not serve as a director, supervisor, or employee of any company with a specific relationship to the Company, as defined in subparagraphs 5 through 8, Paragraph 1, Article 3 of the Regulations Governing Appointment of Independent Directors and Compliance Matters for Public Companies.	1

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Qualification		Independence status (Note 2)
Status	Name
		Directors and Compliance Matters for Public Companies.
• No remuneration was received for providing business, legal, financial, accounting, or other services to the Company or its affiliates in the most recent two years.

3. Operation of the Remuneration Committee

(1) The Company's Remuneration Committee consists of three members.
(2) Term of Office: from June 21, 2023, to June 20, 2026. The Remuneration Committee met six times (A) in 2025. The qualifications and attendance of the members are as follows:

Position	Name	Number of actual attendances (B)	Actual attendance (%) [B/A]
Convener	Shi, Mao-Lin	6	100%
Member	Huang, Chong-Chou	6	100%
Member	Huang, Po-Yi	6	100%

Other items to be stated:

I. If the Board of Directors declines to adopt or modifies a recommendation of the Remuneration Committee, state the meeting date, term, contents of motions, resolution of the Board meeting, and the Company's handling of the opinions of the Remuneration Committee (e.g. the remuneration passed by the Board exceeds the recommendation of the Remuneration Committee, the circumstances and cause for the variance shall be specified): None.
II. For resolutions adopted by the Remuneration Committee to which a member has a dissenting or qualified opinion which is on record or stated in a written statement, state the meeting date, term, contents of motions, opinion of each member, and the handling of such opinions: None.

III. Resolution of the Remuneration Committee for 2025

Date/term	Content of motion	Resolution	The Company's handling of the Remuneration Committee's opinions
2025/01/17
6th meeting of the 2nd term	1. Motion for the year-end bonus for the Company's chairman, vice chairman, and managers for 2024.	After the chair consulted the directors present at the meeting, the motion was approved as presented.	The Board of Directors approved the motion as presented.
2025/03/04
7th meeting of the 2nd term	1. Motion for definition of the scope of the Company's entry-level employees.
2. Motion for amendment to certain clauses of the Company's "Articles of Incorporation".
3. Motion for formulation of the Company's "Procedures for the Management of Employee Remuneration and Bonus Allocations".
4. Motion for setting the remuneration to the Company chairman.
5. Motion for distribution of	After the chair consulted the directors present at the meeting, the motion was approved as presented.	The Board of Directors approved the motion as presented.

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Date/term	Content of motion	Resolution	The Company's handling of the Remuneration Committee's opinions
	remunerations to employees and directors for 2024.
2025/05/07
8th meeting of the 2nd term	1. Motion for amendment to the Company's "Procedures for the Management of Employee Remuneration and Bonus Allocations".	After the chair consulted the directors present at the meeting, the motion was approved as presented.	The Board of Directors approved the motion as presented.
2025/07/11
9th meeting of the 2nd term	1. Motion for amendment to the Company's "Procedures for the Management of Employee Remuneration and Bonus Allocations".
2. Motion for the Company's 2025 salary adjustment for managers.	After the chair consulted the directors present at the meeting, the motion was approved as presented.	The Board of Directors approved the motion as presented.
2025/08/04
10th meeting of the 2nd term	1. Motion for the Company's distribution of remuneration to directors for 2024.
2. Motion for 2024 remuneration distribution for the Company's managers.
3. Motion for appointment of the Company's new managers.	After the chair consulted the directors present at the meeting, the motion was approved as presented.	The Board of Directors approved the motion as presented.
2025/11/06
11th meeting of the 2nd term	1. Motion for the list of employees holding director or manager positions who participated in the Company's 2025 cash capital increase	After the chair consulted the directors present at the meeting, the motion was approved as presented.	The Board of Directors approved the motion as presented.

(V) State of the company's promotion of sustainable development, any variance from the Sustainable Development Best-Practice Principles for TWSE/TPEx Listed Companies, and the reasons for such difference

Item for promotion	Implementation			Variance from the Sustainable Development Best-Practice Principles for TWSE/TPEx Listed Companies, and the reasons for such difference
	Yes	No	Summary
I. Has the company established a governance structure to promote sustainable development and set up a special (part-time) unit to promote sustainable development which is authorized by the board of directors to be handled by senior management and supervised by the board of directors?	☑		1. The Company has established a sustainable development governance framework and has formulated the "Sustainable Development Best Practice Principles".
2. The Company's ESG task force consists of the ISO Committee, Audit Office, Finance Department, Sales Department, Administration Department, and Environmental Safety and Health Office. The General Manager has been authorized by the Board of Directors to execute the task force's initiatives.
3. In the future, a Sustainable Development Committee will be established, composed of members of the Board of Directors, to plan and implement initiatives based on their management policies, strategies, and goals, and to report progress to the Board of Directors regularly.	No material deviation
II. Does the Company follow the materiality principle to conduct risk assessment for environmental, social	☑		1. The Company provides an electronic questionnaire to stakeholders - including business owners, shareholders, employees, and suppliers - and compiles key issues for the year based on the questionnaire results. After an internal assessment, we analyze the positive and negative impacts	No material deviation

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Item for promotion	Implementation
	Yes	No	Summary
and corporate governance topics related to company operations, and establish policies or strategies related to risk management?			of our operations on the environment, society, and corporate governance, identify material issues, and develop corresponding risk management measures.
2. A risk committee will be established to develop risk assessment strategies for key issues, in order to mitigate the impact of related risks on operations and achieve corporate sustainability goals.
III. Environmental topics
(I) Has the Company set an environmental management system designed to industry characteristics?	☑		1. The Company's Environmental Protection Office sets environmental goals and formulates control plans and countermeasures for issues such as air pollution, water resources, and waste.
2. In addition, monthly inspections are carried out to comply with relevant laws and regulations, and an annual regulatory compliance assessment is performed at year-end to ensure the applicability of relevant environmental protection policies within the plant. Internal and external audits are conducted regularly each year.
3. The Company has obtained third-party certification for the ISO 14001 Environmental Management System. The certificate is valid from June 4, 2025, to June 3, 2028.	No material deviation
(II) Is the Company committed to enhancing energy efficiency and using renewable materials with a low environmental impact?	☑		1. The Company upholds the principles of energy conservation, carbon reduction, and sustainable operations. From the initial construction of the plant, the Company uses low-carbon building materials, LED lights, and Grade 1 energy-saving equipment throughout. Currently, all welding machines in the plant are frequency conversion types, and automated machines have been introduced to improve operational accuracy and stability, further reducing energy consumption and waste generation.
2. We have made reusable modular upper and lower platforms and jigs.
3. In the future, an energy monitoring system will be introduced to automatically adjust, monitor, and analyze energy use, enabling the effective development of countermeasures.
4. The Company has obtained third-party certification for the ISO 50001 Energy Management System; the certificate is valid until November 12, 2027.	No material deviation
(III) Does the Company assess potential risks and opportunities associated with climate change, and undertake related countermeasures?	☑		Potential risks of climate change and the Company’s countermeasures:
1. Low-carbon technology transition/transition risks – policies and regulations
[Cost increase]
At present, the Company is not yet subject to carbon tax, nor is it required to install 10% renewable energy generation facilities as a major power user. However, if policy conditions are further adjusted in the future, this will affect the Company’s capital expenditures and costs.
[Countermeasures]
(1) The Company introduced ISO 50001 Energy Management System to improve overall energy efficiency.
(2) All future new plants will be constructed to sustainable	No material deviation

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Item for promotion	Yes	No	Summary	Variance from the Sustainable Development Best-Practice Principles for TWSE/TPEx Listed Companies, and the reasons for such difference
			building standards and will prioritize high-efficiency equipment to meet increasingly stringent environmental regulations and demonstrate the Company’s commitment to green operations.
2. Clients change supplier selection criteria/transition risks – market
[Cost increase, profit decrease]
As global attention on climate change increases, customers (owners) are raising requirements on carbon management across the supply chain, particularly emphasizing procurement principles for low-carbon products and green services. Clients may require suppliers to conduct GHG inventories, set specific carbon reduction targets and strategies, and provide supporting data on emissions reductions. Failure to meet these requirements may result in the loss of business opportunities, leading to revenue decline and weakened profitability, presenting a real financial risk.
[Countermeasures]
(1) The Company is formulating and actively promoting a net-zero emissions strategy with concrete goals, showing strong commitment and action on long-term carbon reduction.
(2) Strive to enhance energy efficiency by replacing energy-intensive equipment, introducing high-efficiency machinery, and optimizing process design to continuously reduce the operational carbon footprint.
(3) Introduce an energy management information system to perform real-time monitoring, data analysis, and automated controls to track energy usage and effectively develop energy-saving and carbon-reduction strategies.
3. Extreme climate/physical risks – long-term
[Cost increase, profit decrease]
The Company’s plants are located in a port area reclaimed from the sea. In light of the long-term physical risks of sea-level rise caused by climate change, the Company has assessed the potential threat of production disruption and risks to employee safety, which may lead to increased operating costs and human capital loss, thereby posing a challenge to operational stability.
[Countermeasures]
(1) Every year, we regularly monitor and record ground subsidence at the plant site and dock, and simultaneously assess the disaster resilience of facilities to proactively identify potential risks and respond swiftly.
(2) When constructing new plants and infrastructure, we incorporate assessments of factors such as ground bearing capacity, drainage design, and extreme climate simulation to enhance the facilities’ resilience and adaptability to climate risks.
(3) Improve the emergency response plan, conduct regular disaster prevention drills and employee training, enhance response speed and capabilities for handling

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Item for promotion	Yes	No	Summary	Variance from the Sustainable Development Best-Practice Principles for TWSE/TPEx Listed Companies, and the reasons for such difference
			extreme climate events, and ensure employee safety and operational continuity.

Potential opportunities and strategies of the Company in response to climate change:
1. Renewable energy – solar/opportunity – energy sources and policy incentives
[Increase in revenue]
The Company has installed solar power generation systems on the rooftops of its Taipei Port plants, initially demonstrating its commitment to renewable energy use. To further reduce Scope 2 GHG emissions and optimize the energy cost structure, the Company is actively assessing the feasibility of expanding the application of decentralized energy. Additionally, government support and subsidy programs for energy storage system development provide favorable conditions for reducing construction costs and increasing investment returns.
[Strategy]
(1)Continue to evaluate the recovery benefits of currently leased solar panels and integrate solar systems into the rooftops of new plants, aiming for energy self-consumption or feed-in to the grid, which is expected to bring additional income and profits.
(2)Actively assess the costs and potential benefits of energy storage system installation and closely engage with relevant government support agencies to secure policy incentives, maximizing economic and environmental benefits in the storage sector.
2. Green energy industry/opportunity – market
[Increase in revenue]
The Company’s core business is the manufacturing of offshore wind power foundations, which is a key focus among Taiwan’s twelve net-zero strategic initiatives for renewable energy development. As the government actively promotes offshore wind farm development and attracts domestic and foreign investors, the Company expects to gain stable and substantial contract opportunities, driving further revenue growth.
[Strategy]
Continue to improve process technology to ensure stable and reliable product quality and enhance employee professional training. At the same time, the Company will focus on effective resource allocation and optimizing production scheduling to ensure on-time or early product delivery, enabling it to capture market opportunities and sustain revenue growth.
3. Low-carbon technology transition/opportunity – resource use efficiency
[Reduced operating costs]
The Company demonstrates its environmental responsibility by voluntarily conducting GHG inventories and introducing the ISO 50001 energy management system, which has been successfully verified by a third | |

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Item for promotion	Yes	Summary
		party. Through systematic energy management, the Company gains deep insight into its energy usage, enabling it to develop proactive measures to improve overall operational efficiency and market competitiveness, positioning it as a preferred partner. [Strategy] It will continue monitoring and measuring energy use and plans to introduce an advanced centralized energy monitoring system to further optimize equipment operating efficiency, effectively reduce energy consumption and operating costs, and achieve both environmental sustainability and economic benefits.
(IV) Does the Company collect data for GHG emissions, water usage and waste quantity in the past two years, and set GHG emissions reduction, water usage reduction and other waste management policies?	☑	1. The Company began implementing the ISO 14064-1 GHG inventory system in March 2023. The 2023 inventory covered the Taipei Port office building and Phase I Plant; the scope expanded in 2024 to include the Taipei Port office building and phase 1 to phase 3 plants, and 2024 was set as the base year. Third-party verification for the 2025 GHG emissions is planned for April 2026.
2. The Company's statistics for the past two years are as follows:
(1) GHG emissions
(2) Water consumption
(3) Total waste (Non-hazardous)
(4) Waste weight
Note:
The Company's 2024 GHG emissions were verified by TÜV Rheinland Taiwan As the 2025 data had not yet been verified at the time of the annual report's publication, internal inventory data was used. Therefore, the data is primarily based on the figures published in the sustainability report.
In addition, waste increased due to the removal of temporarily stored waste from the plant in 2023 and 2024.
3. The relevant reduction measures are as follows:
(1) Energy conservation and carbon reduction
① Give preference to purchasing energy-efficient and high-performance equipment.
② Regular equipment maintenance.
③ Promote energy conservation by turning off or reducing office lights during lunch breaks, and turning off or unplugging equipment during holidays.	No material deviation

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Item for promotion	Yes	Summary	Variance from the Sustainable Development Best-Practice Principles for TWSE/TPEx Listed Companies, and the reasons for such difference
		①Provide employees with a free shuttle service to reduce carbon emissions from commuting.
②The Company has introduced the ISO 50001 Energy Management System and ISO 14064-1 GHG Emissions Inventory to track energy consumption, reduce energy waste, and lower carbon emissions. In the future, an energy monitoring system will be gradually introduced to automatically adjust, monitor, and analyze energy use, enabling the effective development of countermeasures.
(2)Water conservation
①Build a flood control pool to collect rainwater, which is filtered through a rainwater pre-filter and used to irrigate plants to reduce tap water consumption.
②Install water-saving equipment such as two-stage flush toilets and water-saving valves.
③Regularly maintain facilities and equipment.
(3)Waste management
①Continued advocacy and thorough implementation of waste sorting and recycling.
②Waste generated within the plant is collected by legal treatment contractors and reported to the competent authorities.
③The waste removal plan for waste welding slag and waste grinding wheel blades was revised, successfully converting these materials into an alternative for “high-temperature burning rods”. An agreement was signed with a licensed operator, and full removal was completed in 2025. Continue to explore the development of resource-based products in the future to reduce waste generation.
IV. Social topics
(I) Does the Company set policies and procedures in compliance with regulations and internationally recognized human rights principles?	☑	1. The Company has formulated the Century Wind Power Human Rights Declaration in accordance with internationally recognized human rights standards such as the International Labor Office Tripartite Declaration of Principles and the UN Universal Declaration of Human Rights, and adheres to policies prohibiting forced labor, ensuring reasonable working hours, and rejecting child labor.
2. The Company's employment policy does not discriminate. Through bi-annual performance reviews of all employees, the Company ensures fairness and equity in remuneration and benefits, training, performance appraisals, and promotion opportunities. The Company also provides an effective and appropriate complaint mechanism to prevent and address issues that could harm employee rights, and is committed to creating an equal opportunity workplace free from discrimination.	No material deviation
(II) Has the Company established appropriately managed employee welfare measures	☑	1. To provide comprehensive employee benefits, the Company’s Employee Welfare Committee coordinates a range of programs designed to support employees’ well-being in areas such as food, clothing, housing, transportation, and recreation. These benefits include an	No material deviation

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Item for promotion	Implementation	Variance from the Sustainable Development Best-Practice Principles for TWSE/TPEx Listed Companies, and the reasons for such difference
Yes	No	Summary
(including salary and compensation, leave and other benefits), and link operational performance or achievements to employee salary and compensation?
2. Employee remuneration is planned to be competitive, taking into consideration the Company’s financial performance and operations, industry-wide salary adjustments, and individual performance. An annual bonus was distributed in February 2026 to incentivize and retain top talent.
(III) Does the Company provide employees with a safe and healthy working environment, with regular safety and health training?	☑
2. The Company has obtained third-party certification for the ISO 14001 Environmental Management System. The certificate is valid from June 16, 2025, to June 15, 2028.
3. In 2025, a total of 58 occupational safety education and training sessions, lectures, and trainings were conducted, with 1,181 people trained for a total of 12,782.5 hours (including emergency response exercises such as earthquakes, aerial rescues, shore rescues, fire safety drills, various escape drills, or health promotion and employee health-related activities and lectures).
4. The Company did not experience any fires in 2025 and reported no employee injuries.	No material deviation
(IV) Has the Company established effective career development training plans?	☑
The employee education and training for 2025 is as follows:	No material deviation
New hires	55	212
Environmental, safety, and health training	58	1181
Welding	10	275
Testing (non-destructive testing (NDT))	12	18
ESG	2	2
Other external trainings	52	124
(V) Does the Company comply with laws and international standards with respect to customer health,	☑

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Item for promotion	Implementation			Variance from the Sustainable Development Best-Practice Principles for TWSE/TPEx Listed Companies, and the reasons for such difference
	Yes	No	Summary
safety and privacy, marketing and labeling in all products and services offered, and have the company implemented consumer protection policies and complaint procedures?			privacy policies, and complaint procedures, ensuring consumers' rights are protected throughout the procurement, production, operation, and service processes. In practice, the Company website features a Stakeholders Section where customers can submit inquiries, complaints, or suggestions.
(VI) Does the Company set supplier management policy and request suppliers to comply with related standards on environmental, occupational safety and health or labor rights topics, and their implementation status?	☑		1. The Company requires all contractors to sign the "Century Group Integrity Link Commitment for Suppliers" in their contracts. If a seller violates the Company's ethical business practices (e.g., bid rigging, bribery, fraud, etc.), the Company may terminate or cancel the contract and seek damages.
2. The Company has established "Contractor Safety and Health Management Procedure" and "Contractor Occupational Safety and Health Penalty Regulations" requiring contractors to comply with relevant regulations. In 2025, the Company held 22 "coordination meetings" with contractors to manage and promote environmental safety and health and related issues.	No material deviation
III. Does the Company prepare reports disclosing its non-financial information, such as sustainability reports, with reference to internationally recognized reporting standards or guidelines? Has the said report acquire third-party verification or a statement of assurance?	☑		The Company began referencing the "International Reporting Guidelines GRI" to prepare its sustainability report in 2020, which was independently verified by the third-party verification unit TÜV. The verification was based on the AccountAbility AA1000 Assurance Standard v3, as well as the relevant standards AA1000 Accountability Principles (2018), AA1000 Stakeholder Engagement Standard (2015), the principles of inclusivity, materiality, responsiveness, and impact, and the application standards for core options in the GRI Standards Reporting Guidelines. The "Independence Assurance Statement for the Sustainability Report of Century Wind Power Co., Ltd. was issued. As of the publication date, verification of the 2025 Sustainability Report is underway, and a statement is expected in June 2026.	No material deviation
IV. If the company has formulated its own Sustainable Development Best-Practice Principles in accordance with the "Sustainable Development Best-Practice Principles for TWSE/TPEx Listed Companies", please describe the differences between its operation and the Principles: Our company amended its "Corporate Sustainability Best Practice Principles" by resolution of the Board of Directors on March 27, 2023, and disclosed them on the MOPS. Still under implementation with no differences found.
V. Other important information to help understand the promotion of sustainable development implementation: Please refer to the Company's past sustainability reports. The 2025 sustainability report is currently in development and will be updated on the company website once third-party certification is obtained.

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Implementation of climate-related information:

Item	Implementation
1. Describe the monitoring and governance of climate-related risks and opportunities between the Board and management.	The Company’s Board of Directors serves as the highest oversight body for climate-related risks and opportunities. It is responsible for reviewing the potential impacts of climate change on the Company’s operations and for overseeing management’s development of appropriate response strategies and action plans. In terms of management, an ESG task force leads and implements climate-related initiatives, responsible for identifying, assessing, and addressing risks and opportunities. Based on the Company’s operational characteristics and changes in the external environment, management is promoting specific actions such as GHG inventories, an energy management system (introduced ISO 50001), and application for green building certification for the Phase 2 Plant, and regularly tracks implementation results. In addition, the relevant departments are responsible for implementing climate-related measures, such as improving energy efficiency, optimizing processes, and reporting the implementation status to management for review. Through the collaborative structure of the aforementioned governance levels, the Company has continuously strengthened its ability to address climate-related risks and opportunities, and effectively integrated climate issues into its overall business strategy and decision-making processes to enhance corporate resilience.
2. Describe how the identified climate risks and opportunities affect the Company's business operations, strategies, and finance (short-, medium-, and long-term).	A. Potential risks of climate change and the Company’s countermeasures:
a. Low-carbon technology transition/transition risk – policies and regulations
[Cost increase]
At present, the Company is not yet subject to carbon tax, nor is it required to install 10% renewable energy generation facilities as a major power user. However, if policy conditions are further adjusted in the future, this will affect the Company’s capital expenditures and costs.
[Countermeasures: short- and medium-term]
(1) Introduce the ISO 50001 Energy Management System to improve overall energy efficiency.
(2) All future new plants will be constructed to sustainable building standards and will prioritize high-efficiency equipment to meet increasingly stringent environmental regulations and demonstrate the Company’s commitment to green operations.
b. Clients change supplier selection criteria/transformation risks – market
[Cost increase, profit decrease]
As global attention on climate change increases, customers (owners) are raising requirements on carbon management across the supply chain, particularly emphasizing procurement principles for low-carbon products and green services. Clients may require suppliers to conduct GHG inventories, set specific carbon reduction targets and strategies, and provide supporting data on emissions reductions. Failure to meet these requirements may result in the loss of business opportunities, leading to revenue decline and weakened profitability, presenting a real financial risk.
[Countermeasures: Long-term]
(1) The Company is formulating and actively promoting a net-zero emissions strategy with concrete goals, showing strong commitment and action on long-term carbon reduction.
(2) Strive to enhance energy efficiency by replacing energy-intensive equipment, introducing high-efficiency machinery, and optimizing process design to continuously reduce the operational carbon footprint.
(3) Introduce an energy management information system to perform real-time monitoring, data analysis, and automated controls to track energy usage and effectively develop energy-saving and carbon-reduction strategies.
c. Extreme climate/physical risks – long-term
[Cost increase, profit decrease]
The Company’s plants are located in a port area reclaimed from the sea. In light of the long-term physical risks of sea-level rise caused by climate change, the Company has assessed the potential threat of production disruption and risks to employee safety, which may lead to increased operating costs and human capital loss, thereby posing a challenge to operational stability.
[Countermeasures: mid- and long-term]
(1) Every year, we regularly monitor and record ground subsidence at the plant site and dock, and simultaneously assess the disaster resilience of facilities to proactively identify potential risks and respond swiftly.
(2) When constructing new plants and infrastructure, we incorporate assessments of factors such as ground bearing capacity, drainage design, and extreme climate simulation to enhance the facilities’ resilience and

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Item	Implementation
3. Describe financial impacts of extreme climate events and transition-related actions.	adaptability to climate risks.

(3) Improve the emergency response plan, conduct regular disaster prevention drills and employee training, enhance response speed and capabilities for handling extreme climate events, and ensure employee safety and operational continuity.

B. Potential opportunities and strategies of the Company in response to climate change:
a. Renewable energy – solar energy/opportunity – energy sources and policy incentives.
[Increase in revenue]
The Company has installed solar power generation systems on the rooftops of its Taipei Port plants, initially demonstrating its commitment to renewable energy use. To further reduce Scope 2 GHG emissions and optimize the energy cost structure, the Company is actively assessing the feasibility of expanding the application of decentralized energy. Additionally, government support and subsidy programs for energy storage system development provide favorable conditions for reducing construction costs and increasing investment returns.
[Strategy: Mid-term]
(1) Continue to evaluate the recovery benefits of currently leased solar panels and integrate solar systems into the rooftops of new plants, aiming for energy self-consumption or feed-in to the grid, which is expected to bring additional income and profits.
(2) Actively assess the costs and potential benefits of energy storage system installation and closely engage with relevant government support agencies to secure policy incentives, maximizing economic and environmental benefits in the storage sector.

b. Green energy industry/opportunity – market
[Increase in revenue]
The Company’s core business is the manufacturing of offshore wind power foundations, which is a key focus among Taiwan’s twelve net-zero strategic initiatives for renewable energy development. As the government actively promotes offshore wind farm development and attracts domestic and foreign investors, the Company expects to gain stable and substantial contract opportunities, driving further revenue growth.
[Strategy: short-, medium-, and long-term]
Continue to improve process technology to ensure stable and reliable product quality and enhance employee professional training. At the same time, the Company will focus on effective resource allocation and optimizing production scheduling to ensure on-time or early product delivery, enabling it to capture market opportunities and sustain revenue growth.

c. Low-carbon technology transition/opportunity – resource use efficiency
[Reduced operating costs]
The Company demonstrates its environmental responsibility by voluntarily conducting GHG inventories and introducing the ISO 50001 energy management system, which has been successfully verified by a third party. Through systematic energy management, the Company gains deep insight into its energy usage, enabling it to develop proactive measures to improve overall operational efficiency and market competitiveness, positioning it as a preferred partner.
[Strategy]
It will continue monitoring and measuring energy use and plans to introduce an advanced centralized energy monitoring system to further optimize equipment operating efficiency, effectively reduce energy consumption and operating costs, and achieve both environmental sustainability and economic benefits. |
| | In terms of extreme climate, the intensification of climate change may impact the Company’s plant located in the port area through typhoons, heavy rains, and sea level rise, potentially disrupting production processes, damaging equipment, and reducing operational efficiency. This could increase expenses related to maintenance and disaster prevention, adversely affecting short-term operating costs and long-term capital expenditures. Furthermore, if employee safety and attendance are affected, this may also lead to increased indirect labor costs and production schedule delays, further impacting revenue performance.
With regard to climate transition initiatives, in response to international trends toward carbon reduction and regulatory requirements, the Company is implementing measures such as the adoption of energy management systems, equipment upgrades, and the installation of smart meters. While these measures will increase capital expenditures and operating costs in the short term, in the medium to long term, they |

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Item	Implementation
	will effectively reduce energy costs and carbon-related expenses by improving energy efficiency, reducing carbon emissions, and optimizing production processes. These will in turn enhance the Company’s operational efficiency and market competitiveness. In addition, as customer demand for supply chain carbon reduction increases, proactively driving transformation helps stabilize orders and create green business opportunities, which has a positive effect on revenue growth. Overall, extreme weather events generally pose financial risks in the form of increased costs and potential revenue fluctuations. While climate transformation actions involve higher investment costs in the short term, they can create opportunities for cost savings, revenue growth, and enhanced corporate value over the medium to long term.
4. Describe how climate risk identification, assessment, and management processes are integrated into the overall risk management system.	The Company has incorporated climate-related risks into its existing risk management framework, and these efforts are coordinated and driven by the ESG management team. In the risk identification stage, potential impacts such as transition risks (e.g., regulatory changes, rising carbon costs, and customer demand for low-carbon options) and physical risks (e.g., extreme weather and sea level rise) are identified based on operating characteristics and changes in the external environment. In the risk assessment stage, the likelihood and impact of each risk – including its effects on operations, finance, and the supply chain – are analyzed to inform resource allocation and strategic planning. In terms of risk management, the responsible units promote countermeasures according to their respective roles, including the introduction of an energy management system (ISO 50001), improving equipment energy efficiency, planning a low-carbon transformation strategy, and strengthening disaster prevention and response mechanisms at the plant areas, as well as regularly tracking implementation status. The relevant information is compiled by management and disclosed in the Sustainability Report, then submitted to the Board of Directors for oversight as part of the overall risk management system.
5. If the scenario analysis is used to assess the resilience to climate change risks, the used scenarios, parameters, assumptions, analysis factors, and main financial impacts shall be described.	The Company is still in the early stages of building its climate risk management system and has not yet officially adopted scenario analysis tools (such as 2°C or 1.5°C scenarios) for quantitative assessments. However, the Company has preliminarily assessed qualitative risks by referencing international climate trends and policy developments. This assessment considered stricter regulations (such as carbon pricing mechanisms), growing market demand for low-carbon products, and the increasing frequency of extreme weather events as key factors in reviewing potential impacts on operations and finances. In the future, the Company plans to adopt internationally recognized scenario analysis methods (such as IEA or IPCC scenarios) and will gradually establish relevant parameters and assumptions to assess the impact of different climate scenarios on revenue, costs, and capital expenditures, strengthening the Company’s resilience to climate change.
6. If there is a transformation plan in place to manage climate-related risks, specify the contents of the plans, as well as the indicators and targets used to identify and manage physical risks and transition risks.	The Company has initiated its low-carbon transition, currently focusing on establishing systems and foundational management practices to progressively implement energy management and carbon reduction initiatives. The main contents include the introduction of ISO 50001 energy management systems, GHG inventories and third-party assurance, evaluation of high-energy-consumption equipment replacement, and planning for renewable energy applications (such as solar power generation systems). For risk management indicators, energy consumption, GHG emissions, regulatory compliance, and customer carbon reduction requirements are the main indicators for transition risks. Physical risks are assessed based on the frequency of extreme weather events, plant safety, and operational disruption risks. Specific quantified reduction targets have not yet been set, but will be gradually established based on the baseline year inventory results and policy trends to strengthen the management and tracking of the transformation plan.
7. If using internal carbon pricing as a planning tool, specify the basis for setting the pricing.	The Company has not yet introduced an internal carbon pricing mechanism as a decision-making or planning tool. We will continue to monitor the development of domestic and foreign carbon pricing systems (such as carbon fees or carbon taxes) and evaluate the feasibility of introducing internal carbon pricing as a reference for investment decisions and carbon reduction strategy planning.
8. If climate-related goals have been set, specify the activities covered, the scope of GHG emissions, the planned schedule, and the progress made in each year. If carbon credits or renewable energy certificates (RECs) are used to achieve the relevant targets, the source and quantity of	The Company has set 2024 as the base year for GHG inventory. The Company has completed the inventory and verification of Scope 1 and Scope 2 emissions, which serve as the basis for subsequent target setting. Currently, specific climate-related reduction targets – including reduction amounts, timelines, and annual progress – have not been formally established. Nor have carbon offsets or renewable energy certificates (RECs) been used as tools to meet these targets. In the future, the Company will gradually establish GHG reduction targets covering Scope 1 and Scope 2 emissions (and Scope 3 where applicable) based on domestic and international regulatory requirements, industry trends, and the Company’s business strategies. We will also plan corresponding implementation timelines and annual tracking

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Item	Implementation
carbon credits to be offset or the quantity of renewable energy certificates (RECs) shall be specified.	mechanisms, evaluate the use of carbon offsets and renewable energy certificates as supplementary tools for our reduction strategies, and disclose relevant progress in a timely manner.
9. GHG inventory and assurance status, along with reduction targets, strategies, and concrete action plans (detailed separately in 9-1 and 9-2).	Please refer to the following description for details.

9-1 GHG inventory and assurance for the most recent two years

9-1-1 GHG inventory information

Describe the GHG emission volume (tCO2e), intensity (tCO2e/NT$million), and data coverage for the most recent two years.

Century Wind Power is committed to building a systematic carbon management mechanism and began implementing ISO 14064-1 GHG inventory establishment in March 2023. The 2023 inventory covered the Company's Taipei Port office building and Phase I Plant. In 2024, the inventory boundary was expanded to include the Taipei Port office building and phases 1, 2, and 3 plants, and this year was officially designated as the baseline year for the GHG inventory. The boundaries of the organization for 2025 were the same as those for the office building and the phases 1, 2, and 3 plants. Third-party certification is expected to be carried out in April 2026.
The Company's statistics for the past two years are as follows:

(1) GHG emissions

	2024	2025
Category 1	2,414.4929 t CO2e	3,883.5963 t CO2e
Category 2	8,979.5773 t CO2e	7,581.1105 t CO2e
Total	11,394.070 t CO2e	11,464.707 t CO2e

(2) GHG emissions intensity

	2024	2025
Category 1	0.2535 tCO2e / NT$1,000	0.3916 tCO2e / NT$1,000
Category 2	0.9430 tCO2e / NT$1,000	0.7644 tCO2e / NT$1,000
Total	1.1965 tCO2e / NT$1,000	1.156 tCO2e / NT$1,000

Note:
1. The Company's 2024 greenhouse gas emissions were verified by TÜV Rheinland Taiwan. As the 2025 data had not yet been verified at the time of the annual report's publication, internal inventory data was used. Therefore, the data is primarily based on the figures published in the sustainability report.
2. The GHG emission factors are based on the GHG emission factor management table published by the Environmental Protection Agency, and the electricity factor was calculated as 0.474 kg CO2E/degree (2024) for Category 2.
3. The source of global warming potential (GWP) is the "Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report (AR6) (2021)" version.

9-1-2 GHG assurance information

Describe the assurance status for the most recent two years, including the scope of assurance, institutions of assurance, criteria of assurance, and opinions of assurance.

As disclosed in Section 9-1-1 on total greenhouse gas emissions, the assurance scope for both 2024 and 2025 covers the Company on a standalone basis and accounts for 100% of the Company's total emissions in each respective year. The aforementioned information on GHG inventory has been verified by TÜV Rheinland Taiwan in accordance with ISO 14064-1:2018, ISO 14064-3:2019, and the Company's GHG Inventory Management Procedure (CWP-EN-P-014). The assurance opinion was based on the classification of GHG verification levels. Categories 1 and 2 employed "reasonable assurance," while Categories 3 and 4 employed "limited assurance". The assurance results for 2024 and 2025 both received unqualified conclusions.

9-2 GHG reduction targets, strategies and concrete action plans

Describe the GHG reduction base year and its data, reduction targets, strategies, and concrete action plans, and achievement of the reduction targets.

The Company established a GHG inventory base year in 2024, which serves as the basis for subsequent reduction target setting and performance tracking. According to the inventory results, the Scope 1 GHG emissions in 2024 were 2,414.4929 tCO2e, and the Scope 2 emissions were 8,979.5773 tCO2e. These figures subsequently served as the baseline for reduction management. Regarding reduction targets, the Company is currently in the early stages of establishing its GHG management system. While the base year inventory and third-party verification have been completed, official quantitative mid- and long-term reduction targets – such as annual reduction rates or science-based targets – have not yet been established. In the future, we will gradually develop specific reduction pathways and targets, based on international trends, regulatory requirements, and industry characteristics, to strengthen climate governance and risk management capabilities. In terms of strategy and specific actions, several foundational carbon reduction measures have already been implemented as preparation for further reductions. These include the introduction of an Energy Management System (ISO 50001), energy use inventories and efficiency analyses, evaluation of high-energy-consuming equipment for replacement, and planning for renewable energy applications such as solar power systems, all aimed at gradually lowering energy consumption and carbon emissions

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Describe the GHG reduction base year and its data, reduction targets, strategies, and concrete action plans, and achievement of the reduction targets.

intensity.

Regarding the achievement of the reduction targets, since 2024 is the base year and no formal reduction targets have been set yet, there is currently no reduction performance available for comparison. In the future, once the Company establishes reduction targets, we will regularly track the performance of reduction initiatives and disclose reduction results and progress towards those targets. By doing this, we will continuously improve GHG management and enhance corporate sustainability.

(VI) Fulfillment of ethical corporate management, and variance from the Ethical Corporate Management Best Practice Principles for TWSE/TPEx Listed Companies, and the reason for any such variance

Evaluation item	Operation status			Variance from the Ethical Corporate Management Best Practice Principles for TWSE/TPEx Listed Companies, and the reason for any such variance
	Yes	No	Summary
I. Establishment of corporate conduct and ethics policies and implementation measures
(I) Does the company have clear ethical corporate management policies approved by its Board of Directors and bylaws and publicly available documents addressing its corporate conduct and ethics policies and measures, and commitment from the Board of Directors and the upper management regarding the implementation of such policies?	✓		The Company's Board of Directors approved the "Ethical Corporate Management Best Practice Principles", "Procedures for Ethical Management and Guidelines for Conduct" on October 7, 2020, and disclosed them on the MOPS. The Company has continuously and actively implemented its ethical management policy in accordance with these principles.	No material deviation
(II) Does the company have a mechanism in place to evaluate the risk of unethical conduct, regularly analyzing and assessing business activities with a higher risk of misconduct, and formulating a plan to prevent such conduct? This plan should at least include preventive measures for the activities listed in paragraph 2 of Article 7 of the "Ethical Corporate Management Best Practice Principles for TWSE/TPEx Listed Companies"?	✓		In the "Operational Procedures and Conduct Guidelines for Ethical Management", the Company specifies that unethical conduct means that any personnel of the Company, in the course of their duties, directly or indirectly provides, promises, requests, or accepts improper benefits or commits a breach of ethics, unlawful act, or breach of fiduciary duty for purposes of acquiring or maintaining benefits; which is the basis of analysis and assessment of unethical conduct within the business scope.	No material deviation
(III) Has the Company established relevant policies that are duly enforced to prevent unethical conduct, provided implementation procedures, guidelines, consequences of violation and appealing procedures, and periodically reviews	✓		The Board of Directors has approved the "Operational Procedures and Conduct Guidelines for Ethical Management" on October 7, 2020, to specifically regulate the conduct that the personnel must observe when doing business; the procedures are required to be fully understood and observed. For unethical conduct, regardless of level, disciplinary actions will be taken pursuant to the "Work Rules Manual"; channels for complaints are provided to employees to handle the	No material deviation

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Evaluation item	Operation status			Variance from the Ethical Corporate Management Best Practice Principles for TWSE/TPEx Listed Companies, and the reason for any such variance
	Yes	No	Summary
and revises such policies?			opinions of employees alleging what they believe is unfair and unreasonable treatment. The Company’s employees are required to pay extra attention to observe such regulations when handling various businesses, to avoid violations.
II. Implementation of ethical management
(I) Has the Company assessed the ethics records of parties it has business relationships with and included business conduct and ethics related clauses in business contracts?	☑		The Company’s business activities are carried out based on the contracts with the counterparties; most of the commercial contracts clearly stipulate the clauses related to ethical conducts.	No material deviation
(II) Has the Company set up a unit under the Board of Directors which is dedicated to promoting the Company’s ethical standards and regularly (at least once a year) reports to the Board of Directors on its ethical corporate management policies and plans to prevent unethical conduct and monitoring of its implementation?	☑		The Administration Department of the Company serves as the dedicated unit responsible for promoting ethical corporate management. The department oversees ethical management policies, programs for preventing dishonest conduct, and their implementation. Such reports will be made to the Board of Directors annually, to assist the Board of Directors and management to check and assess whether the preventive programs established for ethical management are operated effectively.	No material deviation
(III) Has the Company established policies to prevent conflicts of interests, provided appropriate communication and complaint channels and implemented such policies properly?	☑		The "Ethical Corporate Management Best Practice Principles", "Procedures for Ethical Management and Guidelines for Conduct" established by the Company have specified policies for preventing conflicts of interests, as a complete guideline. The Company provides appropriate presentation channels for employees to state their opinions both internally and on the Company website.	No material deviation
(IV) To implement relevant policies on ethical conduct, has the Company established effective accounting and internal control systems, audit plans based on the assessment of unethical conduct, and have its ethical conduct program audited by internal auditors or CPAs periodically?	☑		The Company has established an effective accounting system and internal control system for the implementation of ethical management, to ensure the effectiveness of the financial reporting process and internal control; the internal audit unit prioritizes high-risk operations as the primary audit item of the annual audit plan based on risk assessment, or carries out project audits from time to time as needed. The implementation of the audit plan or the results of the project audits are reported to the Audit Committee and the Board of Directors.	No material deviation
(V) Does the Company provide internal and external ethical conduct training programs on a regular basis?	☑		The "Ethical Corporate Management Best Practice Principles", "Procedures for Ethical Management and Guidelines for Conduct" established by the Company are announced on the billboard and required to be fully understood and observed by all employees. New recruits are given orientations, and related staff is required to attend seminars or courses provided by the competent authorities or professional groups.	No material deviation
III. Implementation of the whistle-blowing system

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Evaluation item	Operation status			Variance from the Ethical Corporate Management Best Practice Principles for TWSE/TPEx Listed Companies, and the reason for any such variance
	Yes	No	Summary
(I) Does the Company establish specific reporting and reward procedures, set up conveniently accessible reporting channels, and designate responsible individuals to handle the reports received?	☑		The Company has an internal grievance channel. Employees may file grievances about violations of the Company’s ethical management. Appropriate personnel are assigned to handle grievances against those accused, and a whistle-blowing system was established in 2021. However, no reward system has been established yet, and a specific system will be established as needed.	No material deviation
(II) Has the Company established standard operational procedures for investigating the reports received, follow-up measures after investigations are completed, and ensuring such reports are handled in a confidential manner?	☑		The Company keeps all grievances confidential and handles them according to the procedures specified in the “Whistle-Blowing System”.	No material deviation
(III) Does the Company adopt proper measures to prevent whistle blowers from retaliation for their whistle-blowing?	☑		The Company adopts proper measures to prevent whistle blowers from retaliation for their whistle-blowing?	No material deviation
IV. Information disclosure enhancement
Does the Company disclose its ethical corporate management best practice principles as well as information about the implementation of such guidelines on its website and the Market Observation Post System?	☑		The Company has established a Company website to disclose information related to ethical management with an investor’s mailbox. Both employees and vendors may use the mailbox to file complaints.	No material deviation
V. If the Company has established its own ethical corporate management best practice principles based on the “Ethical Corporate Management Best Practice Principles for TWSE/TPEx Listed Companies”, please describe any discrepancy between the policies and their implementation: the Board of Directors has approved the “Ethical Corporate Management Best Practice Principles”, "Procedures for Ethical Management and Guidelines for Conduct" on October 7, 2020. Both are disclosed on the Market Observation Post System and will be referred to for the continued implementation of ethical management policies.
VI. Other important information to facilitate better understanding of the Company’s ethical corporate management practices: (e.g., reviewing and amending the Company’s corporate management best practice principles): the operation of ethical management is fully described as above. Please refer to the Company’s website for the implementation of ethical management. In the future, the “Ethical Corporate Management Best Practice Principles” will be assessed regularly and amended as needed.

(VII) Other information to facilitate better understanding of the Company’s operation of corporate governance:

Please refer to MOPS at http://mops.twse.com.tw > Single Company > Corporate Governance, or the Company’s website at http://www.cwptw.com/corporate-governance.

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(VIII) Implementation of the internal control system

Internal control system statement: Please refer to http://mops.twse.com.tw > Single Company > Corporate Governance > Company Rules/Internal Control > Internal Control System Statement.
Where a CPA was engaged to review the internal control system, a review report must be disclosed. Please refer to the MOPS website at http://mops.twse.com.tw > Single Company > Corporate Governance > Company Rules/Internal Control > Internal Control Review Report.

(IX) Material resolutions of a shareholders meeting or a Board of Directors meeting during the most recent fiscal year and up to the date of publication of the annual report

Major resolutions of the 2025 shareholders' meeting and implementation status

Date	Material resolution	Implementation
2025/05/26
General
Shareholders' Meeting	1. Ratified the motion for 2024 business report and financial statements.	Approved by the shareholders' meeting.
	2. Ratified the motion for the 2024 earnings distribution.	Approved by the shareholders' meeting.
	3. Motion for amendment to certain clauses of the Company's "Articles of Incorporation".	Changes to the registration have been made to the MOEA as required, and they have been announced and reported.
	4. Motion for amendment to certain clauses of the Company's "Procedures for Election of Directors".	Took effect upon passage of the shareholders' resolution.

Material resolutions of Board of Directors' meetings in 2025 and up to the publication date of the annual report

Board of Directors	Important resolutions
2025/01/17
16th meeting of the 4th Board	1. Approved the motion for the year-end bonus for the Company's chairman, vice chairman, and managers for 2024.
2. Approved the Company's 2025 business plan.
3. Approved the Company's 2025 budget.
4. Approved to change the Company's financial statement CPAs.
5. Approved the evaluation of the independence and competency of the Company's 2025 CPAs.
6. Approved the motion for auditing and attesting the Company's 2025 financial statements and payment of professional fees.
7. Approved the motion for auditing the 2025 "List of Non-Assurance Services".
8. Approved to expand its plant at Taipei Port South Wharf facility and that the Company purchased a batch of steel structures from Century Iron & Steel Industrial Co, Ltd., a related party.
9. Approved that the Company has entered into an agreement to manufacture and supply 20 monopiles for the Fengmiao Offshore Wind Farm, 21 for the Formosa 4 Wind Farm, and 31 for the Wei Lan Hai Changhua Offshore Wind Farm. The Company is expected to purchase a batch of small-diameter steel pipes and arch heads from related party Century Huaxin Wind Energy Co., Ltd., with a maximum transaction amount of NT$ 1.5 billion for the entire year.
2025/03/04
17th meeting of the 4th Board	1. Approved the motion for donation to the "Century Sustainable Development Foundation" to be established.
2. Approved the motion for donation to the "Century Sustainable Development Foundation" to be established.
3. Approved the motion for definition of the scope of the Company's entry-level employees.
4. Approved the motion for amendment to certain clauses of the Company's "Articles of Incorporation".
5. Approved the motion for revision of the Company's "Internal Control System – Personnel Salary Cycle" and "Implementation Rules of Internal Audits".
6. Approved the motion for amendment to the Company's "Procedures for the Management of Employee Remuneration and Bonus Allocations".
7. Approved the motion for setting the remuneration to the Company chairman.
8. Approved the motion for distribution of remunerations to employees and directors for 2024.
9. Approved the motion for the 2024 business report and financial statements.
10. Approved motion for 2024 earnings distribution.
11. Approved the motion for the Company's "Statement of Internal Control System".
12. Approved the motion concerning the Company's ability to prepare its own financial reports.
13. Approved the motion for the Company's agreement with the lead securities underwriter regarding the "initial public offering over-allotment and voluntary book-entry transfer by specific shareholders".
14. Approved the motion not to proceed with the private placement of common shares approved by the 2024 general annual meeting.
15. Approved the motion for amendment to certain clauses of the Company's "Procedures for Monitoring Subsidiaries".

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Board of Directors	Important resolutions
	16. Approved the motion to amend the Company's “Accounting System”.
17. Approved the motion for amendment to certain clauses of the Company's “Procedures for Election of Directors”.
18. Approved the motion for amendment to certain clauses of the Company's “Corporate Governance Best Practice Principles”.
19. Approved the motion to set the date, time, place, and agenda for the 2025 shareholders' meeting.
20. Approved shareholders' proposals by the Company.
2025/04/17
18th meeting of the 4th term	1. Approved the motion for the Company's financial forecasts for Q2 and Q3 of 2025.
2. Approved contracting with Xuyuan Construction Co., Ltd. for the Taipei Port Phase V Plant construction and the phase 2 equipment pit engineering.
2025/05/07
19th meeting of the 4th term	1. Approved the motion for amendment to certain clauses of the Company's "Procedures for the Management of Employee Remuneration and Bonus Allocations".
2. Approved the motion for revision of the Company's "Internal Control System – Personnel Salary Cycle" and "Implementation Rules of Internal Audits".
3. Approved the motion for the Company's consolidated financial statement for Q1 2025.
2025/05/23
20th meeting of the 4th term	1. Approved the motion for revision of the Company's "Internal Control System".
2025/06/27
21st meeting of the 4th term	1. Approved the Company's contract to undertake 35 underwater foundations for the 495 MW Formosa 4 Wind Farm for Formosa 4 Wind Power Co., Ltd.
2. Approved the Company's proposal to acquire the contract for 57 underwater foundations for the 800 MW Formosa 6 Wind Farm for Hai Guang International Investment Co., Ltd.
2025/07/11
22nd meeting of the 4th Board	1. Approved the motion for amendment to the Company's "Procedures for the Management of Employee Remuneration and Bonus Allocations".
2. Approved the motion for the Company's 2025 salary adjustment for managers.
3. Approved the motion for the internal control system statement issued by the Company and the appointment of an accountant to perform a special review of the internal control system.
4. Approved the Company's lease of premises in Guanyin District, Taoyuan City from related party Century Iron & Steel Industrial Co, Ltd. for use as a dormitory for foreign welders.
2025/08/04
23rd meeting of the 4th Board	1. Approved the motion for the Company's distribution of remuneration to directors for 2024.
2. Approved the motion for 2024 remuneration distribution for the Company's managers.
3. Approved the motion for appointment of the Company's new managers.
4. Approved the motion for the Company's consolidated financial statement for Q2 2025.
5. Approved the motion for the Company's financial forecasts for Q3 and Q4 of 2025.
6. Approved the motion for revision of the Company's "Table of Authorization Powers".
7. Approved the completion of the Company's 2024 ESG Report.
2025/11/06
24th meeting of the 4th Board	1. Approved the motion for the Company to conduct a public offering of new shares through a cash capital increase prior to its initial public offering.
2. Approved the motion for the list of employees holding director or manager positions who participated in the Company's 2025 cash capital increase
2025/11/12
25th meeting of the 4th Board	1. Approved the motion for the Company's consolidated financial statement for Q3 2025.
2. Approved the Company's 2026 audit plan.
2026/01/15
26th meeting of the 4th term	1. Approved the motion for purchase of six lots (lots 52, 55, 60, 63, 64, and 67) of Type D industrial land in Section 5 of the Guanyin District Industrial Zone, Taoyuan City, for business use in support of the Company's future operational plans.
2. Approved the motion for appointment of Wang Chin-Huo, Associate General Manager of the Finance Department, as Corporate Governance Officer.
3. Approved the motion for the Company's “Procedures for Donations and Sponsorships”.
1. Approved the motion for the year-end bonus for the Company's chairman, vice chairman, and managers for 2025.
2. Approved the motion for amendment to the Company's “Procedures for Directors and Managerial Officers’ Remuneration”.
3. Approved the motion for donation of NT$2 million to the "Century Sustainable Development Foundation".
4. Approved the Company's 2026 business plan.
5. Approved the Company's 2026 budget.
6. Approved the evaluation of the independence and competency of the Company's 2026 CPAs.
7. Approved the motion for auditing and attesting the Company's 2026 financial statements and payment of professional fees.
8. Approved the motion for 2026 "List of Non-Assurance Services"
2026/02/23
28th meeting of the 4th term	1. Approved the motion for distribution of remunerations to employees and directors for 2025.
2. Approved the motion for the Company's 2025 business report and financial statements.
3. Approved motion for 2025 earnings distribution.
4. Approved the motion for the Company's 2025 Statement of Internal Control System.
5. Approved the motion for amendment to the Company's “Articles of Incorporation”.

2025 Annual Report

Corporate Governance Report | Century Wind Power | 02

Board of Directors	Important resolutions
	6. Approved he additional a batch of steel structures from Century Iron & Steel Industrial Co, Ltd., a related party, for its new Phase V Plant at Taipei Port South Wharf.
7. Approved the motion for full re-election of directors.
8. Approved the motion to remove the non-compete restrictions on new directors and their representatives.
9. Approved the motion to set the date, time, place, and agenda for the 2026 shareholders' meeting.
10. Approved the handling of shareholder proposals submitted by shareholders representing more than 1% of shareholdings.
11. Approved the acceptance of director nominees put forward by shareholders representing more than 1% of shareholdings.
2026/04/02
29th meeting of the 4th term	1. Motion for amendment to the Company's Articles of Incorporation.
2. Approved the Company's acquisition of land in Guanyin District, Taoyuan City.
3. Approved the list of the Company's nominated director candidates.
4. Approved the motion to remove the non-compete restrictions on new directors and their representatives.

(X) Where, during the most recent fiscal year and up to the date of publication of the annual report, a director has expressed a dissenting opinion with respect to a material resolution passed by the Board of Directors, and said dissenting opinion has been recorded or prepared as a written declaration, disclose the principal content thereof: None.

IV. Auditor's professional fee information
Unit: NT$thousand

Name of accounting firm:	Name of CPA	CPA's audit period	Audit fee	Non-audit fees (Note)	Total	Remarks
EY Taiwan	Lin Cheng-Wei
Chen Kuo-Shuai	2025.01.01 ~ 2025.12.31	2,370	1,563	3,933

Note: Non-audit fees include tax report audits and certifications, transfer pricing services, and business registration services.

V. Information on replacement of CPAs: None.

VI. Name of auditing firm or its affiliates at which the Company's chairman, general managers, or managers responsible for financial or accounting matters was an employee in the most recent year, their position and employment period: None.

VII. Any transfer of equity interests and/or pledge of or change in equity interests by a director, managerial officer, or shareholder with a stake of more than 10 percent during the most recent fiscal year or during the current fiscal year up to the date of publication of the annual report

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

Please refer to the MOPS: http://mops.twse.com.tw > Summary Report > Shareholding and Securities Issuance > Director/Supervisor Shareholding Changes > Changes in Shareholding of Directors, Supervisors, Managers, and Shareholders with Over 10% Ownership > Summary Table of Changes in Shareholding of Directors, Supervisors, Managers, and Shareholders with Over 10% Ownership.

(II) Share transfers of directors, managers and major shareholders where the counterparty is a related party: None

(III) Share pledges of directors, managers and major shareholders where the counterparty is a related party: None

2025 Annual Report 56

02 | Century Wind Power | Corporate Governance Report

VIII. Relationship information, if among the Company’s top ten shareholders any one is a related party or a relative within the second degree of kinship of another

April 14, 2026 Units: shares

Name	Shareholding by oneself		Shareholding of spouses and minor children		Shareholding in another person's name		Related parties, or spouse or relatives within the second degree of kinship among top ten shareholders, including their names and relationships.
	Shares	Shareholding percentage (%)	Shares	Shareholding percentage (%)	Shares	Shareholding percentage (%)	Name	Relation
Century Iron & Steel Industrial Co, Ltd.	100,502,184	52.34%	-	-	-	-	Century Huaxin Wind Energy Co., Ltd.	Parent-subsidiary company
							Shiangding Investment Co., Ltd.	Director, Century Iron & Steel
							Su, Ming-De	Director, Century Iron & Steel

Representative: Lai, Wen-Hsiang	710,794	0.37%	2,154,963	1.12%	0	0.00%	Shiangding Investment Co., Ltd.	Director
							Chen, Hsing-Hsueh	Spouse
							Lai, Chun-Cheng	Father-son
							Lai, Chun-Yu	Father-son
Century Huaxin Wind Energy Co., Ltd.	7,669,797	3.99%	-	-	-	-	Century Iron & Steel Industrial Co, Ltd.	Parent-subsidiary company
Representative: Lai, Wen-Hsiang	710,794	0.37%	2,154,963	1.12%	0	0.00%	Shiangding Investment Co., Ltd.	Director
							Chen, Hsing-Hsueh	Spouse
							Lai, Chun-Cheng	Father-son
							Lai, Chun-Yu	Father-son
Hsin Kuang Steel Company Limited Representative: Su, Ming-De	5,742,000	2.99%	-	-	-	-	None	None
	0	0.00%	0	0.00%	0	0.00%	Century Iron & Steel Industrial Co, Ltd.	Director
Lai, Chun-Yu	3,934,622	2.05%	0	0.00%	0	0.00%	Lai, Wen-Hsiang	Father-son
							Chen, Hsing-Hsueh	Mother-son
							Lai, Chun-Cheng	Brothers
Chen, Hsing-Hsueh	2,154,963	1.12%	710,794	0.37%	0	0.00%	Shiangding Investment Co., Ltd.	Chairman
							Lai, Wen-Hsiang	Spouse
							Lai, Chun-Cheng	Mother-son
							Lai, Chun-Yu	Mother-son
Li, Ching-Chin	2,013,385	1.05%	0	0.00%	0	0.00%	None	None
Shiangding Investment Co., Ltd.	1,747,720	0.91%	-	-	-	-	Century Iron & Steel Industrial Co, Ltd.	Director
							Lai, Wen-Hsiang	Director, Shiangding
							Lai, Chun-Cheng	Supervisor, Shiangding

Representative: Chen, Hsing-Hsueh	2,154,963	1.12%	710,794	0.37%	0	0.00%	Lai, Wen-Hsiang	Spouse
							Lai, Chun-Cheng	Mother-son
							Lai, Chun-Yu	Mother-son
Lai, Chun-Cheng	1,610,429	0.84%	75,674	0.04%	0	0.00%	Century Iron & Steel Industrial Co, Ltd.	Director
							Lai, Wen-Hsiang	Father-son
							Chen, Hsing-Hsueh	Mother-son
							Lai, Chun-Yu	Brothers
Chen, Shih-Yun	1,570,786	0.82%	0	0.00%	0	0.00%	None	None
Lo, Ching-Yuan	1,567,917	0.82%	0	0.00%	0	0.00%	None	None

2025 Annual Report

Corporate Governance Report | Century Wind Power | 02

IX. The total number of shares and total equity stake held in any single enterprise by the Company, its directors and managerial officers, and any companies controlled either directly or indirectly by the Company:

December 31, 2025 Unit: share

| Reinvestment
(Note 1) | The Company's investment | | Investment by directors and managers and by directly or indirectly controlled enterprises | | Comprehensive investment | |
| --- | --- | --- | --- | --- | --- | --- |
| | Shares | Shares ratio | Shares | Shares ratio | Shares | Shares ratio |
| Century Bladt Foundations Co., Ltd. (Note 2) | 5,861,260 | 66.60 | 0 | 0.00 | 5,861,260 | 66.60 |
| Century Heavy Industry International Co., Ltd | 2,375,000 | 9.90 | 13,872,900 | 57.80 | 16,247,900 | 67.70 |

Note 1: Long term equity investment recognized with the equity method by the Company
Note 2: Century Bladt Foundations Co., Ltd. held an extraordinary general meeting on December 19, 2023, and resolved to end operations with dissolution and liquidation proceedings underway. This was approved by the Taoyuan City Government on December 28, 2023, under Letter Fu-Jin-ShangHang-Zi No. 202390200930.

2025 Annual Report 58

Three

Capital Raising

I. Source of share capital

(I) Source of share capital

Unit: thousand NTD; thousand shares

Month/Year	Issuance price	Authorized capital		Paid-up capital		Remarks
		Shares	Amount	Shares	Amount	Source of share capital	Shares paid with properties other than cash	Others
2017.05	10	30,000	300,000	600	6,000	Establishment	None	2017.05.15 Fu-Jing-Zheng-Zi No. 10690846210
2017.07	10	30,000	300,000	10,000	100,000	Capital increase of NT$94,000 thousand.	None	2017.07.18 Fu-Jing-Zheng-Zi No. 10690918880
2017.10	15	100,000	1,000,000	45,000	450,000	Capital increase of NT$350,000 thousand.	None	2017.11.06 Fu-Jing-Zheng-Zi No. 10691048840
2018.12	50	100,000	1,000,000	88,000	880,000	Capital increase of NT$430,000 thousand.	None	2019.01.17 Jing-Shou-Shang-Zi No. 10801003500
2020.06	60	200,000	2,000,000	100,000	1,000,000	Capital increase of NT$120,000 thousand.	None	2020.06.29 Jing-Shou-Shang-Zi No. 10901104550
2022.10	95	200,000	2,000,000	120,000	1,200,000	Capital increase of NT$200,000 thousand.	None	2022.11.09 Jing-Shou-Shang-Zi No. 11101215040
2023.10	140	200,000	2,000,000	140,000	1,400,000	Capital increase of NT$200,000 thousand.	None	2023.11.15 Jing-Shou-Shang-Zi No. 11230213190
2024.12	300	300,000	3,000,000	170,000	1,700,000	Capital increase of NT$300,000 thousand.	None	2025.01.14 Jing-Shou-Shang-Zi No. 11330223130
2026.03	186	300,000	3,000,000	192,000	1,920,000	Capital increase of NT$220,000 thousand in cash	None	2026.04.27 Jing-Shou-Shang-Zi No. 11530049200

(II) Share categories

April 14, 2026 Unit: share

Share categories	Approved share capital			Remark
	Outstanding shares	Unissued shares	Total
Registered common shares	192,000,000	108,000,000	300,000,000	Stocks listed at the exchange

(III) Information related to shelf registration: None

2025 Annual Report

Fundraising Status | Century Wind Power

II.List of major shareholders

April 14, 2026 Unit: share

Shares Name of major shareholder	Number of shares held	Shareholding percentage
Century Iron and Steel Industrial Co., Ltd.	100,502,184	52.35
Century Huaxin Wind Energy Co., Ltd.	7,669,797	4.00
Hsin Kuang Steel Company Limited	5,742,000	2.99
Lai, Chun-Yu	3,934,622	2.05
Chen, Hsing-Hsueh	2,154,963	1.12
Li, Ching-Chin	2,013,385	1.05
Shiangding Investment Co., Ltd.	1,747,720	0.91
Lai, Chun-Cheng	1,610,429	0.84
Chen, Shih-Yun	1,570,786	0.82
Lo, Ching-Yuan	1,567,917	0.82

III.Dividend policy and Implementation

(I) Company's dividend policy

Dividend policy specified in the Articles of Incorporation:

Article 21: If there are earnings in the annual final accounts of the Company, after paying taxes according to law and making up for the cumulative loss, 10% of the balance shall be allocated as the legal reserve. However, no further allocation is required when the legal reserve reaches the paid-in capital of the Company. After the special reserve is allocated or reversed according to the law or the provisions of the competent authority, the remaining balance shall be the distributable earnings of the current year. The Board of Directors shall draw up an earnings distribution proposal based on the distributable earnings of the current year plus the accumulated undistributed earnings of the previous year, and submit it to the shareholders' meeting for resolution on the distribution of dividends to shareholders.

Article 22: The Company is in a stage of growth, and the dividend policy is based on the Company's different stages of operations and development, profitability, future operations and development plans, changes in the investment environment and industrial environment, while taking into account factors such as the interests of shareholders and the Company's long-term financial planning. Each year, the Company allocates no less than a certain proportion of the distributable earnings of the current year as the dividend to shareholders, and may adopt the form of stock dividend or cash dividend as appropriate. The ratio of cash dividend shall not be less than 10% of the total dividend. However, the above is not applicable if the resolution of the Board meeting is to not distribute earnings and the approval of the shareholders' meeting is obtained.

If the Company distributes all or part of the dividend and bonus in the form of cash, the authorizing Board meeting shall be attended by more than two-thirds of the directors and the resolution passed by more than half of the directors present, and the resolution shall be reported to the shareholders' meeting.

(II) Implementation status

The Company's audited financial statements for 2025 showed a net income of NT$ 2,030,428,004 after tax. The opening balance of undistributed earnings was NT$654,629,927. A legal reserve of 10%, or NT$203,042,800, was set aside as required by law. The earnings available for distribution at the end of the period totaled NT$2,482,015,131. Consequently, the Company's Board of Directors resolved on February 23, 2026, to pay shareholders a cash dividend of NT$1,360,000,000. Due to the impact of a cash capital increase on the number of outstanding shares, the chairman adjusted the dividend rate on March 24, 2026, to NT$7.08333333 per share, and the dividend was paid on April 30, 2026.

IV. The effects of stock grants proposed at this shareholders' meeting on business performance and earnings per share: Not applicable

2025 Annual Report

03| Century Wind Power | Fundraising Status

V. Remuneration to employees and directs

(I) Percentages or scopes of remuneration to employees and directors specified in the Articles of Incorporation: If the Company makes a profit in the year, it shall allocate no more than 2.5% as the directors' remuneration and no less than 0.5% as the employees' remuneration; the allocations shall be approved by a special resolution of the Board meeting and reported to the shareholders' meeting. However, if the Company still has a cumulative loss, it shall reserve the amount to make up for the loss in advance, and then allocate the remuneration of employees and directors according to the proportion mentioned in the preceding paragraph.

Employees' remuneration may be paid in stock or cash, and the target of payment may include employees of controlled or subordinate companies who meet certain conditions; the Board of Directors is authorized to determine such certain conditions.

(II) The basis for estimating the amount of employee, director, and supervisor remuneration, for calculating the number of shares to be distributed as employee compensation, and the accounting treatment of discrepancies, if any, between the actual distributed amount and the estimated figure, for the current period: The estimated difference in remuneration to employees and directors is included in the profit or loss for the following year.

(III) Remuneration distribution approved by the board of directors:

On February 23, 2026, the Board of Directors resolved to distribute employee remuneration of 2%, totaling NT$ 52,137,067, and director remuneration of 1.45%, totaling NT$ 37,799,373.
The amount of employee remuneration paid in stock and its proportion to the total net profit after tax and total employee remuneration in the parent company only or individual financial report for the current period: Not applicable.

(IV) The actual distribution of remuneration to employees and directors for the previous fiscal year (including the number of shares, monetary amount and stock price of the shares distributed), and, if there is any discrepancy between the actual distribution and the recognized employee, director, or supervisor compensation, the discrepancy, cause, and how it is treated:

Employee remuneration and director remuneration for 2025 are as follows:

Allocation items	Amount determined by the Board for payment (A)	Amount presented in the year of recognition as expense (B)	Amount difference (A)-(B)	Reason of difference	Treatment
Remuneration to employees	52,137	52,180	(43)	After review by the Remuneration Committee, the figure was adjusted to NT$52,137 thousand and approved by the Board of Directors on February 23, 2026.	The difference was recorded in 2026.
Director remuneration	37,799	37,830	(31)	After review by the Remuneration Committee, the figure was adjusted to NT$37,799 thousand and approved by the Board of Directors on February 23, 2026.	The difference was recorded in 2026.

VI. Status of the Company repurchasing its own shares: None.

VII. Issuance of corporate bonds: None

VIII. Issuance of preferred shares: None

IX. Issuance of overseas depository receipts: None

X. Issuance of employee stock options: None

XI. Issuance of new shares related to mergers or share transfers: None.

XII. Implementation of capital allocation plans: Please refer to the MOPS website at http://mops.twse.com.tw > Investment > Fundraising Project Implementation.

2025 Annual Report

Four

Overview of the Company's Operations

I. Description of the business

(I) Scope of business

1. Description of business

The Company focuses on the manufacturing of underwater foundations for offshore wind power, as well as project management, supply chain management, and port management, and is committed to providing high-quality underwater foundation solutions. The Company has acquired a Taipei Port wharf and manufacturing facilities, encompassing complete operations - manufacturing, assembly, storage, and transportation - to ensure products meet international standards from production to delivery. Currently, the company primarily manufactures jacket-type foundations. These structures utilize a steel tubular design and can be configured with three or four legs to meet specific wind farm requirements. They are connected to the wind turbine tower via flange connections, ensuring both stability and durability. Jacket-type foundations are particularly suitable for water depths exceeding 40 meters. Compared with monopiles or tripods, jacket-type foundations offer greater structural advantages and cost-effectiveness, reducing steel usage and minimizing environmental impact during construction. In addition, the Company possesses complete assembly technology and testing capabilities, ensuring stable product operation for 20 to 30 years even in harsh marine environments.

In addition to jacket-type foundations, we also offer large-scale underwater foundation assembly, project management services, supply chain management, and port management. These services encompass quality control, cost control, logistics planning, and technical analysis, ensuring products meet the requirements of international developers and enhance production efficiency. In addition, in response to global trends in the offshore wind power industry, the Company will gradually develop the manufacturing and management of floating offshore wind power structures. This will enhance the competitiveness of Taiwan's offshore wind power industry and promote the integration of domestic and international supply chains, building a comprehensive underwater foundation manufacturing and management service system.

CC01010	Manufacture of Power Generation, Transmission and Distribution Machinery
CB01010	Mechanical Equipment Manufacturing
IG03010	Energy Technical Services
CA01050	Steel Secondary Processing
CA02010	Manufacture of Metal Structure and Architectural Components
CA01030	Iron and Steel Casting
CA02060	Metal Containers Manufacturing
F106010	Wholesale of Hardware
F111090	Wholesale of Building Materials
F401010	International trade
E599010	Piping Engineering
E604010	Machinery Installation
EZ99990	Other Engineering
F199990	Other Wholesale Trade
G406061	Harbor Cargoes Forwarding Services
ZZ99999	All business items that are not prohibited or restricted by law, except those that are subject to special approval.

2025 Annual Report

04 | Century Wind Power | Operational Overview

2. Weight of business

Unit: NT$ thousand; %

| Year
Product Item | 2024 | | 2025 | |
| --- | --- | --- | --- | --- |
| | Net operating income | Proportion (%) | Net operating income | Proportion (%) |
| Jacket-type foundation | 9,533,853 | 98.65% | 9,918,354 | 96.52% |
| Pinpile foundation | 29,055 | 0.3 % | 122,693 | 1.19% |
| Others | 101,546 | 1.05% | 235,118 | 2.29% |
| Total | 9,664,454 | 100.00% | 10,276,165 | 100.00% |

3. The Company's current products (services)

As of the end of 2025, eight offshore wind farms had been completed and connected to the grid domestically. A total of 474 offshore wind turbines had been installed, representing an installed capacity of 4.4 GW, placing Taiwan fifth globally in total construction volume. Taiwan boasts world-class wind farms, and these offshore wind turbines must withstand typhoons and earthquakes for 20-30 years to remain securely anchored to the seabed. A robust underwater foundation is therefore critical to the construction of these facilities.

Currently, depending on the fixed structures, the foundations of offshore wind power may be roughly divided into four types, including monopile, jacket, tripod and gravity base foundations. Please refer to the illustration below, "Types of fixed underwater foundations for offshore wind power", for further details. In Taiwan, jacket foundations are the most commonly used type of fixed foundation. Ørsted has adopted suction bucket jacket foundations for its Greater Changhua Southwest Phase 2 and Northwest offshore wind farms, marking the first use of this foundation type in the Asia-Pacific region.

In addition, offshore wind power development in Europe has moved into deeper waters. Developers and underwater foundation supply chain manufacturers have developed several types of floating substructures, though most projects remain in the development and testing phases, with relatively few having been officially commissioned. At present, the four main types are semi-submersible, spar, barge, and tension leg. Please refer to the illustration below, "Types of floating underwater foundations for offshore wind power", for further details. Currently, floating offshore wind power development in Taiwan remains in its early stages. To reach commercial viability, progress has depended on, and will continue to depend on, several factors. These include technological breakthroughs to lower costs, supportive government policies, investment from financial institutions, a mature supply chain, and careful planning by power purchasers - all working in concert.

2025 Annual Report

Operational Overview | Century Wind Power | 04

[Types of fixed underwater foundations for offshore wind power]

Source: Ghost456 – Own work, CC BY-SA 4.0

[Types of floating underwater foundations for offshore wind power]

Source: DNV GL, Different types of floating foundation for offshore wind turbines. (2018)

Given the tremendous volume and weight of offshore wind turbine foundations, some have exceeded 100 meters in height and 2,500 tons in weight. Therefore, shipping and transportation need to be located near the port. At present, the Company has obtained a plant site at the Taipei Port South Wharf (including manufacturing plant area, storage area and boarding area), which may be used as the manufacturing, assembly and storage of various offshore wind power foundations, transition sections and other localized wind power steel structure products. The Company possesses a dedicated heavy-lift quay capable of handling underwater foundation shipments. This capability has been a key factor in establishing the Company's leading position in the Taiwan offshore wind power market.

Based on the water depth and geological conditions of Taiwan's main wind farm sites, and the developers' current substructure designs for those sites, the Company will focus on producing jacket-type foundations. Detailed product specifications are as follows:

2025 Annual Report 64

04 | Century Wind Power | Operational Overview

Product	Description
Jacket-type foundation	• The jacket-type foundation can be divided into three-legged and four-legged designs, depending on the wind turbine and structural design chosen by the developer. A jacket-type foundation is approximately 25-40m wide, 60-110m high, and weighs 1,200-2,700 tons.
• The frame system consists of steel pipes. A transition section is installed on the steel frame platform and connected to the tower with a flanged connection.
• For water depths exceeding 40m, jacket foundations are the most economical option. Compared to monopile and tripod foundations, jacket foundations require less steel. However, the cost of jacket foundations increases in shallow water areas. A key advantage of jacket foundations is their reduced construction noise, as they do not necessitate the large pile foundations typical of monopile structures.

New technologies planned for development

As the water depth of future offshore wind farms increases, Century Wind Power will continue to develop production technology for large-scale jacket-type foundations exceeding 2500 tons per unit, working towards the goals of continuously increasing production capacity and reducing production costs. Meanwhile, the Company will continue to monitor market trends and maintain close communication with design companies and developers specializing in floating foundations to prepare for future expansion into this area. The new technology development directions of the Company are as follows:

A. Serialized production technology for large jacket-type foundations

a. Innovative construction methods for the assembly of medium and large assemblies
b. Lifting, precision control, and welding deformation control technologies for medium and large assemblies
c. Optimization of transportation technologies for medium and large assemblies
d. Cost optimization for large jacket-type foundations

B. Floating foundation manufacturing technology development and project management

a. Structural analysis of floating foundation design drawings
b. Technical development of manufacturing solutions for floating foundations
c. Development of inspection methods and assembly tolerance control technology
d. Budget evaluation and subcontracting strategy planning

(II) Industry overview

Overview of the industry and development

After taking office in 2025, the new Minister of Economic Affairs stated in a media exchange meeting that he would continue to promote renewable energy, emphasizing that Taiwan's offshore wind power had withstood multiple earthquakes and typhoons without damage, demonstrating its resilience. Meanwhile, it is hoped that Taiwan's green power generation will account for 20% of its total energy mix by the end of 2026, and that the 1st and 2nd phases of Taiwan's completed offshore wind power procurement will be expedited toward completion. Continuing this momentum, the competent authority officially announced the stage 3 (Phase 3-3) developer selection mechanism in March 2026, which is expected to release 3.6 GW of capacity. The selection mechanism has been transformed from a mandatory industrial linkage program to an evaluation model primarily based on performance, ESG, and CPPA. The 3-3 phase vendor selection is expected to be completed by the end of 2026, continuing to steadily expand market scale.

On the other hand, as Taiwan's national financing guarantee mechanism has taken effect, the government increased the national financing guarantee percentage from 60% to 80% to further address developers' financing constraints. This was achieved through contributions from the National Development Fund and the eight major state-owned banks, which significantly reduced credit risk and encouraged greater bank participation. The government is actively coordinating with state-owned banks to have a more comprehensive understanding and participation in the industry; plus the establishment of Taiwan Smart Electricity & Energy, which is composed of a wide range of state-owned shares. This will help local businesses in need to purchase green electricity, allowing both electricity sellers and buyers to overcome challenges from funding and credit ratings.

In terms of the global macroeconomic environment, inflationary pressure eased further and the U.S. Federal Reserve had restarted the interest rate cut cycle at the end of 2025. However, as of early 2026, the policy interest rate still remained in the relatively high range of 3.5% to 3.75%, and

2025 Annual Report

Operational Overview | Century Wind Power | 04

had not yet returned to the low interest rate era. As the offshore wind power industry is capital-intensive, the cost of capital has not decreased significantly and continues to pose pressure on the development plan’s financial model. According to reports by market institutions, the global offshore wind power industry remains in a period of cost structure adjustment due to the cumulative effects of past inflation and high interest rates. The levelized cost of energy (LCOE) is showing signs of peaking, but a significant decrease is unlikely in the short term.

From the perspective of the international political environment, there is a divergence between Europe and the US. In Europe, to combat high costs and accelerate the energy transition, the UK, Germany, the Netherlands, and ten other North Sea coastal countries signed the "Hamburg Declaration" in January 2026, committing to jointly build 100 GW of offshore wind power capacity by 2050 through transnational grid interconnection and joint development models. This shows Europe's determination to reduce development costs through regional integration, and gives a shot in the arm to the global supply chain.

In contrast, the Trump administration adopted a tighter stance on green energy policies after taking office in 2025, suspending some federal offshore wind leases and triggering legal challenges, leading to high uncertainty in the U.S. market. This situation has forced international developers to reconfigure their assets, and capital and technology are flowing more rapidly to regions with relatively stable policies. Asia (especially Taiwan, South Korea, and Japan) has become a primary beneficiary of this round of supply chain reorganization, thanks to clear policy continuity. Taiwan’s recently released draft of the Phase 3 selection guidelines for investment projects further enhances market visibility and is expected to attract some of the international investment shifting from other locations.

Overall, despite ongoing challenges in the global financial environment and policy landscape, the “Hamburg Declaration” signed by ten European countries in January 2026 established a strong long-term demand for industry products. Meanwhile, the Asian market has emerged as a new bright spot, leveraging its supply chain advantages. If Taiwan continues to optimize its infrastructure development, enhance industrial self-sufficiency, and maintain policy stability, it will further demonstrate its investment value in the evolving global landscape and continue to play a key role in the Asia-Pacific green energy market.

(1) Development of the global offshore wind power industry

The contribution of offshore wind power to the global energy transition is becoming increasingly critical. In March 2026, RenewableUK, a major green energy industry body in the UK, predicted that global offshore wind power installed capacity will reach 100GW by the end of 2026. Additionally, according to a report released by the Global Wind Energy Council (GWEC) in 2025, global offshore wind power capacity increased by 11% by the end of 2024 compared to 2023, with 8GW added, bringing the total to 83.2GW. Between 2015 and 2024, new installation capacity grew at an average annual rate of 11%, and since 2016, an average of 8 GW of new capacity has been added each year. The global wind power market will continue to grow through 2030. Estimates indicate that from the end of 2024 to the end of 2030, total global installed wind power capacity increased by an average of 8.8% annually, adding an additional 156GW. Although most current installations are in mature markets, most growth will come from emerging markets, including Taiwan and Southeast Asian countries which continue to invest in development and have already shown initial results. The report indicates that the Asia-Pacific offshore wind power market is expected to enter a period of accelerated growth in 2026, with new installed capacity increasing by approximately 5 to 8 GW annually. By 2028, the installed capacity of offshore wind power in the Asia-Pacific region will account for approximately 20% of the global total and is expected to gradually become a leading region in the global offshore wind power industry. According to forecasts by the Global Wind Energy Council, 215 GW of offshore wind power generation capacity will be added over the next decade, with 36% of that coming between 2025 and 2029, and the remainder between 2030 and 2034. Over the next decade, the top 5 APAC markets for additions to offshore wind power capacity will be China, Taiwan, South Korea, Japan and the Philippines. As the technology matures and costs decrease, offshore wind power is expected to enter a stable development stage with cost competitiveness and economies of scale in the 2030s. It is estimated that by 2031, the cumulative installed capacity of offshore wind power in the Asia-Pacific region will exceed 100GW, becoming an indispensable part of the global renewable energy structure.

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Looking forward beyond 2031, the Global Wind Energy Association predicts that offshore wind power will play an important role in the energy transition. As more and more markets enter the offshore industry, innovative technologies such as floating solutions will gradually become mainstream. Offshore wind power will become more and more cost-competitive, and in the future it will have the opportunity to replace traditional energy sources and contribute more to the global green economy.

Source: Global Wind Energy Council (2025)

(2) Development of offshore wind power in Taiwan

The Taiwan Strait is known for its world-class wind resources, and offshore wind power has seen remarkable development over the past decade. According to statistics published by the Bureau of Energy, Ministry of Economic Affairs in January 2026, as of the end of 2025, 474 offshore wind turbines had been completed in Taiwan, with a total installed capacity exceeding 4.4GW. This achievement not only met the phased installation target but also firmly established Taiwan as a leader in offshore wind power in the Asia-Pacific region (excluding China), and placed it among the top five global offshore wind power markets. Looking ahead, as block-developed wind farms are completed and connected to the grid, Taiwan's cumulative installed offshore wind capacity is expected to reach 5.3 GW by 2026, indicating that the nation's offshore wind power industry has progressed from the construction phase into a period of rapid development characterized by maturity and economies of scale.

The development of offshore wind power policy in Taiwan can be divided into three stages: demonstration incentives, potential sites, and block development. The following is a brief description of each stage:

(I) Demonstration incentives: Confirm the administrative, technical, and financial feasibility of Taiwan's offshore wind power. The government provides subsidies and incentives to encourage developers to invest, laying the foundation for the industry.

(II) Potential sites: A total of 5.5 GW has been allocated and has been progressively developed since 2018. As of the end of 2025, a total of 474 wind turbines had been installed, with a total installed capacity of 4.4 GW.

(III) Block development: Beginning in 2026, the project has entered a long-term block development stage, planning to release a cumulative 15 GW (1.5 GW annually) from 2026 to 2035. Release schedules will be adjusted based on the latest procurement mechanisms to ensure a stable long-term market demand, with a target of achieving a cumulative installed capacity of 18.4 GW by 2035.

During the demonstration incentive stage, the government primarily attracted businesses to invest and verified technical feasibility through equipment subsidies. For the second stage potential sites, a "selection" and "bidding" mechanism was used to reasonably allocate capacity to each developer, and a prototype of a local supply chain was established. After entering the third stage of block development, the government further expanded and released marine space to lower

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development costs. The Bureau of Energy completed the phase 1 (R3-1) vendor selection at the end of 2022, choosing six developers for a combined capacity of 3GW. Subsequently, in 2024, the Bureau of Energy completed the second phase (R3-2) vendor selection and administrative contracts were signed throughout 2025, totaling 2.7GW. These projects are expected to be completed between 2028 and 2029. To meet demand for greater flexibility and encourage local manufacturers to join the international supply chain, an industrial correlation score of phase 2 block development was incorporated into the evaluation process. This resulted in a list of 24 key development items from which developers could independently select and commit to specific localization targets and quantities, with scoring based on the extent of their commitments. The Bureau of Energy officially announced the draft of phase 3 (R3-3) vendor selection mechanism in January 2026 and cancelled the mandatory industrial association scheme. Localization was incorporated as an ESG scoring factor (including benefits to local industries) and a reward mechanism within the assessment of "project implementation ability. This move aims to enhance the international competitiveness of the domestic supply chain through open competition, removing restrictions on developers with mandatory items and giving the market greater flexibility.

In response to the recent global challenges of inflation and high interest rates in the offshore wind power sector, the government is actively promoting four major measures to revitalize the market:

(I) Flexibility in Extension: Considering the difficulties posed by the pandemic and initial supply chain establishment, the Ministry of Economic Affairs has generally granted a one-year grace period for grid connection to developers awarded the first phase (R3-1) block development, to alleviate development pressure. Subsequently, the administrative contract for phase 2 block development (R3-2) awarded to developers includes a new conditional extension mechanism. Developers who achieve specific milestones – such as first wind turbine/blade production and completion of all underwater foundation installation – may apply for a one-year extension to the grid connection date.

(II) Enhanced financing guarantee: The guarantee percentage under the national financing guarantee mechanism has been increased from 60% to 80%, with support from the national development fund and the eight major state-owned banks, significantly reducing banks' credit risk.

(III) Direct insurance funds for investment: The Financial Supervisory Commission amended relevant laws and regulations, raising the upper limit on the total amount of domestic project investments by the insurance industry in public and social welfare projects from 10% to 15%. This is expected to free up trillions of dollars in capital allocation flexibility, significantly expand the space for insurance companies to invest in key public infrastructure projects such as offshore wind power, and inject long-term stable capital into the industry.

(IV) Optimization of mechanisms: By relaxing the R3-3 vendor selection mechanism and operating a general public electricity sales platform, developers are assisted in reducing establishment costs and resolving credit rating issues for green electricity trading.

It is hoped that these adjustments will encourage local investment and strengthen the sustainability of the green energy industry, ensuring Taiwan maintains its leading position in the Asia-Pacific offshore wind power market.

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Source: Ministry of Economic Affairs "Draft Amendment for Vendor Selection Mechanism" (2026)

Links between the upstream, midstream, and downstream segments of the industry supply chain

The upstream stage of Taiwan's wind power industry mainly involves the planning, development, and manufacturing of offshore wind power, representing the beginning of the industrial chain. This includes equipment manufacturing, such as the supply of raw materials, components, and accessories for wind turbines, sub-system supply, and wind turbine equipment system assembly, as well as the production of towers, foundations, and submarine cables. In addition, design firms such as Sinotech Engineering are also part of the upstream industry. The midstream of the offshore wind power industry consists of integrated service providers that focus on the construction, installation, and transportation of wind farms. This is a critical link in transforming upstream products into actual power generation capacity. This includes wind turbine assembly, offshore lifting and substructure construction, etc. Downstream businesses of offshore wind power include wind farm developers and power generation operators. The downstream stage involves the operation, maintenance, and sales of electricity in wind farms - the final link in the industrial chain - aiming to achieve stable power generation and revenue.

The Company is in the upstream sector of its main industry, primarily manufacturing/assembling substructures and providing related management services. The Company has close cooperation with other Taiwanese underwater foundation design companies. With a better understanding of the Company's manufacturing restrictions and methods, this cooperation allows for more efficient production. Meanwhile, there is close interaction with the midstream underwater foundation transportation and construction contractors to ensure smooth installation of the underwater foundations within suitable weather windows.

Product development trends and competition

(1) Product development trends

From a global perspective on wind power development trends, Asia and other regions still have considerable growth potential, beyond the relatively mature European market. Wind power currently accounts for a small percentage of global energy consumption, leaving significant room for future expansion.

The underwater foundation varies depending on water depth and seabed geology. Currently, the mainstream in the market includes monopiles, gravity bases, jackets and tripods. Other forms such as tripiles, suction buckets and floating are still under development and have yet become the technical mainstream. Due to the relatively soft seabed of the Taiwan Strait, and the challenges of the natural environment such as typhoons and earthquakes to the carrying capacity, the current development projects of relevant wind farms in Taiwan are mainly based on jacket-type foundations (with piles), and only a small portion of wind farms use the monopile foundation. Floating

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substructures are still an immature technology currently, but they are expected to be gradually developed and become one of the trends in the international renewable energy supply in the future.

The offshore wind power industry is a key renewable energy policy promoted by the government. Given Taiwan's geography, surrounded by oceans on all sides, offshore wind resources are abundant. Driven by the government's goal of a non-nuclear homeland, the wind power market has demonstrated significant growth potential. According to data from the National Sustainable Development Commission of the Executive Yuan, wind power and solar power are the primary focuses of renewable energy development. Wind power is evolving towards larger scales and floating offshore wind turbines, with planned offshore wind power installation capacity increasing from 13.1GW in 2035 to 18.4GW, and projected to reach 40–55GW by 2050. Therefore, we believe that even if the industry encounters headwinds, the overall wind power industry market is still expected to grow.

(2) Degree of competition

In Taiwan, Century Wind Power is the only company with the capability to manufacture complete offshore wind power underwater foundations. We are also currently the only company to have delivered over one hundred jacket-type foundations. Following Sing Da Marine Structure's withdrawal from the offshore wind power sector in 2025, another Taiwanese company has reportedly expressed interest to manufacture large underwater foundations based on its facility plans. However, as of today, the company has no prior experience in offshore wind power projects. In addition, there remains a significant gap between the said company and the Company in areas such as facility construction, project experience, and professional certifications.

In terms of the overseas competitive landscape, underwater foundation manufacturers in Northeast Asia (primarily South Korea) and Southeast Asia (primarily Vietnam) have become key competitors. Although India offers lower labor costs, factors such as distance, quality control, and monitoring difficulties - combined with transportation expenses - result in a considerable overall disadvantage compared to Northeast and Southeast Asia. Similarly, European manufacturers have not been included in the current assessment of international external competition, primarily due to price and distance considerations.

Although South Korea and Vietnam have established longer histories in shipbuilding and the oil and natural gas industry, they currently benefit from more competitive plant and land rental costs compared to ours. Our Phase V plant and the Port Sky Tower 3 will be completed in 2026; increasing, our production capacity significantly. As capacity increases, the amortization cost per underwater foundation decreases significantly, resulting in a more competitive price. In addition to the costs of local manufacturing, customers sourcing underwater foundations from South Korea or Vietnam have also had to bear freight and tariff expenses, as well as storage and loading/unloading fees. After careful consideration of various factors, Century Wind Power still maintains a competitive edge in Taiwan's offshore wind farm sector.

(III) Overview of technology and R&D

The technical level of the business and its research and development

The Company is a professional manufacturer of substructures for offshore wind power. Production is based on the structural design drawings provided by the customers. Currently, there is no full-time R&D department. However, for product areas with high technical thresholds or innovative products, the Company has established a technical planning unit that

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continues to collaborate with customers and related design firms to develop innovative construction techniques to address construction challenges. This unit also utilizes professional drawing software to draw and integrate construction drawings, thereby reducing construction costs, ensuring project quality and meeting the requirements of project progress.

The Company has set up relevant assurance mechanisms for precision/welding control and assembly technology with high thresholds, and the substructure is the product to be localized. The Company continues to develop and deepen this field. It has been successively certified by various domestic and foreign professional certification agencies, proving that the Company is indeed capable of manufacturing substructures. In addition to supplying the substructures required by all domestic offshore wind farms, it is also possible to sell related products and technologies to neighboring countries in the future to increase the exposure and export output value of Taiwan's substructure technologies.

R&D personnel, their educational background and experience, and the R&D expenses incurred each year over the past five years

As the Company does not have a dedicated R&D unit, there are no R&D expenses recorded in its accounts.

Technologies or products successfully developed over the past five years

To meet the growing demand for large-scale underwater foundations required for larger wind turbines, the Company has invested over NT$3.8 billion in the exclusive construction of the "Century Tower" and the addition of a Phase V Plant. Century Tower is mainly composed of three super-tall towers, reaching a height of 138 meters and a lifting weight of 1,920 tons. Currently, two towers have been completed and are in production. With the expected completion of the third tower in mid-2026, two additional large assembly workstations will be added to further enhance manufacturing safety and production efficiency. The expansion of the plant site further enhances flexibility in future production line planning, ensuring the Company is well-positioned to address upcoming industrial challenges.

Century Tower

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

Short-term development plan

(1) Business development strategy

A. For stage 3 block development, the Company's strategy for accepting orders is to become a underwater foundation turnkey contractor, with the aim of integrating local and international capabilities to facilitate production capacity adjustments and expand revenue scale.

B. Continuously improve on environmental, social responsibility and corporate governance (ESG) issues, and collaborate with developers to create a win-win situation.

C. Research the demand and development trends of the offshore wind power market in the Asia-Pacific region and participated in offshore wind power exhibitions in Asian countries including South Korea, Japan, and the Philippines to understand market dynamics and inform future international business expansion. Century Wind Power is maintaining strong relationships with existing and prospective customers as it prepares to deepen its roots in Taiwan and expand internationally.

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D. Continue to pay attention to the dynamics of floating wind farms, and prepare for the future development of Taiwan's floating wind farms.

(2) Manufacturing strategies:

A. Complete the outdoor installation of large assembly equipment (Sky Tower 3) in response to the trend toward larger wind turbines; complete the construction of the Phase V Plant to enhance overall production capacity.
B. Establish a production base overseas, deepen the overseas supply chain layout, and enhance international market responsiveness and competitiveness to prepare for competition in the next phase.
C. Continuously review construction methods and optimize manufacturing processes and production equipment to effectively improve operational efficiency, reduce construction costs, and shorten project timelines. This further enhances overall project benefits and market competitiveness.
D. Expand the search for domestic and international suppliers of primary and secondary components, as well as electromechanical equipment and related supply chains, to optimize quality, price, and delivery time.
E. Continue to promote occupational safety implementation and awareness, strengthen workplace safety management measures, reduce the risk of occupational hazards, and provide employees with safer working conditions to support the company's stable development.
F. The Company maintains strong relationships with underwater foundation manufacturers in South Korea, Japan, and Vietnam to bolster its role as a key partner to Taiwanese offshore wind farm foundation EPCI contractors. This ensures seamless process integration and capacity alignment, and positions the Company for expansion into other Asian markets.

Long-term development plan

(1) Cultivate the domestic offshore wind power market

Through stage 2 selection process and stage 3 block development training, the Company will continue its active investment and generate profits through its advantages in local storage and delivery. Expand capacity and establish a strong foothold in Taiwan, ensuring all future Taiwanese offshore wind farm developers become Century Wind Power's customers.

(2) Actively expand production facilities and develop overseas markets

In the future, the Company plans to expand the relevant products to offshore wind farms in the Asia-Pacific region. This will not only maximize Century Group's production capacity but also integrate domestic and overseas supply chains for underwater foundations. The Company will also leverage the technologies and production capacity of other domestic underwater foundation manufacturers through a strategic alliance to overcome production bottlenecks. We aim to achieve both technological advancements and cost reductions, further strengthening our market competitive edge and expanding production capacity to meet the growing demand for underwater infrastructure in the Asia-Pacific region.

(3) New offshore wind power products

In response to the needs for deep-sea floating foundations, we will continue to maintain good communication with developers and design companies with experience in floating foundation wind farms, and also communicate with foreign manufacturers with experience in floating foundation manufacturing to conduct technical and commercial evaluation of floating substructure manufacturing. This will help the Company prepare for the future opportunity of the floating foundations of wind farms.

II. Analysis of the market and the production and marketing situation

(1) Market analysis

Sales areas of major products

Unit: NT\$thousand; %

| Year
Region | 2024 | | 2025 | |
| --- | --- | --- | --- | --- |
| | Amount | Proportion (%) | Amount | Proportion (%) |
| Domestic sales | 9,664,454 | 100 | 10,276,165 | 100 |
| Foreign sales | — | — | — | — |
| Total | 9,664,454 | 100 | 10,276,165 | 100 |

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Market share

The Company's customers are primarily focused on the Taiwanese offshore wind power industry, with offshore wind farm developers as the main customer base. The company also serves a limited number of large-scale EPCI (engineering, procurement, construction, and installation) contractors for offshore wind farms. As no statistical data currently exists on the supply of underwater foundation manufacturing for the domestic offshore wind power industry, the market share has only been estimated as follows:

By the end of 2025, Taiwan had a total of 759 offshore wind turbine underwater foundations commissioned, under construction, or with manufacturing contracts or exclusive capacity agreements signed, including 300 contracted by Century Wind Power, giving us a 39.5% market share. It is worth noting that if only the number of underwater foundations subject to localization requirements is calculated, Century Wind Power’s market share reached 75%, demonstrating its strong competitive advantage under localization requirements. In addition, while the Company is actively developing its business in overseas markets, such as Japan and Australia, it has not yet received any confirmed overseas orders.

By product	CWP
Jacket-type foundation	75%

Note: The above market share is estimated based on Century Wind Power's order backlog (including the exclusive capacity agreement in stage 3) as of January 2026.

Future supply and demand and growth of the market

According to forecasts by the Global Wind Energy Association, from 2025 to 2030, the global offshore wind power market will add 156 GW, of which China accounts for 51%, Europe 33%, Asia 12% (excluding China), and the United States 4%. Overall, global offshore wind power entered the second stage of expansion, and the Asia-Pacific market became one of the main drivers of new capacity growth.

Offshore wind power is a clean energy source that is essential to achieving international commitments to reduce carbon emissions and combat climate change. These large-scale wind power projects have driven the development of related industries, created jobs, promoted economic growth, and advanced local technology research and development and manufacturing, enhancing industrial competitiveness and attracting international investment. Under Taiwan’s non-nuclear energy policy, offshore wind power development has progressed from stage 1 to the current stage 3. While the bidding processes have varied, the government has consistently aimed to promote the localization of the industrial chain, offering numerous incentives and tax breaks to companies investing in the offshore wind sector. This support has actively fostered the growth of domestic manufacturers across key areas - including main components, construction, and marine engineering operation and maintenance - and has attracted international wind power companies to Taiwan, helping establish a complete supply chain and accelerate industrial and technological transformation.

Competitive niche

In recent years, governments around the world have begun to consider offshore wind power as an alternative energy source to address the trends of net-zero and energy transition, and have used this as an opportunity to promote domestic industrial transformation and require a certain level of localization for related components. However, when it comes to underwater foundation manufacturing, Century Wind Power, as the first professional underwater foundation manufacturer in the Asia-Pacific region, had considerable first-mover advantages over competitors that entered the market later. The barriers to entry for underwater foundation manufacturing involve significant hardware requirements. Plants must have ample space and lifting capacity, and wharves need to be purpose-built and located in deep water. In terms of project management, it is necessary for companies to coordinate the supply chain to ensure that production progress, quality, and safety meet international standards. Last but not least, the ability to deliver results and build long-term relationships with customers are key to winning in a competitive environment.

As previously discussed regarding product development trends and the competitive landscape, Century Wind Power has demonstrated a competitive advantage over its peers in both Taiwan and Asia.

(1) A. Policy promotion is helpful for the sustainable development of the offshore wind power

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industry

As detailed in the preceding chapters of this prospectus, the government has actively promoted the development of the offshore wind power industry through industrial and financial policies, improving the financing environment and advancing offshore wind power projects. Simultaneously, efforts have been made to encourage industrial localization, fostering the domestic manufacturing of wind turbines, underwater foundations, and marine engineering vessels, and gradually establishing a local offshore wind power industry supply chain.

Driven by demand for green electricity from the domestic semiconductor and related industries, the government continues to promote renewable energy and offshore wind power development.

(2) Possession of infrastructure suitable development of offshore wind power substructures

Develop the indispensable infrastructure - ports and sufficient back-up land for storage - needed for offshore wind power manufacturing. As wind turbine installation capacity continues to increase, the size of their components and foundation elements also increases, resulting in heavier components. The port must have sufficient water depth and load-bearing capacity to provide storage space for installation components needed for seasonal requirements. The Company holds exclusive rights to use heavy-lift terminals in central and northern Taiwan, and its accompanying storage facilities provide suitable storage and dispatch solutions for Taiwan's offshore wind power developers. In addition, to address Taiwan's climate and the growing scale of underwater foundations, the Company has constructed a high-specification wind power underwater foundation facility in Taipei Port and is continuing construction to produce even larger equipment. In the future, the Company will strive to build Taipei Port into a world-class offshore wind power substructure production base.

(3) Professional and extensive industry experience and comprehensive certifications

The wind power management team boasts extensive industry experience and a commitment to continuous improvement, differentiating itself from competitors. Since 2017, The company has established itself as an offshore wind power underwater foundation manufacturing supplier, achieving ISO 3834 and EN 1090 European certifications. More recently, we have become the first company in Taiwan to obtain ISO 27001 certification from TÜV Rheinland Germany. We have become one of the few companies in Taiwan to have complete international underwater foundation certification.

Century Wind Power has obtained key certifications for its underground foundations.

(3) Possession of the most offshore wind power substructure experience in Taiwan

Since Century Wind Power undertook its first underwater foundation project in 2019, after a period of learning and development, it successfully delivered 62 underwater foundations for the Changfang and Xidao Wind Farm. In 2025, the Company delivered 21 foundations for the

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Hailong Project and 31 for the Taipower Phase II Project. The 20 foundations for the Fengmiao Project are expected to be completed by the end of this year, and the 35 foundations for the Formosa 4 Project are expected to be delivered by the second quarter of next year. Meanwhile, another project by Synera Renewable Energy, Formosa 6, is scheduled for completion in the second quarter of 2028. At present, Century Wind Power is the contractor with the most domestically manufactured underwater foundations completed in Taiwan. As long as the government's green energy and offshore wind power policies remain unchanged, the Company will continue to refine its technology and maximize production capacity to gradually establish a presence in the international market.

Positive and negative factors for future development, and the response to such factors

(1) Positive factors

A. The average wind speed in the Taiwan Strait is 11.94–12.02 m/s, a rare high wind speed for any location globally. A 2014 study by 4C Offshore, an international engineering consulting firm, analyzing 23 years of average wind speed data, identified the world's 20 strongest offshore wind farm locations, finding 16 of them in the Taiwan Strait - most off the coast of Changhua.

B. As the global energy transition gains momentum, the Taiwanese government has actively responded to the international community's challenges in decarbonization, energy security, and addressing climate change. In the offshore wind power sector, the government implemented a three-stage block development policy, planning to release 1.5 GW of installed capacity annually, and cumulative installed capacity was expected to exceed 5.7 GW by 2025. These policies not only enhance Taiwan's energy independence but also ensure Taiwan's active role in the global energy transition and lay the foundation for future low-carbon and sustainable development.

C. These policies aim to create more domestic investment and job opportunities, targeting 5.7 GW of offshore wind power capacity by 2025. The Ministry of Economic Affairs estimates this will generate approximately NT$1 trillion in investment and drive approximately NT$1.26 trillion in manufacturing and subsequent operation and maintenance output value over the following 20 years, creating approximately 20,000 new job opportunities. Meanwhile, in response to localization requirements, developers must cooperate with and procure from domestic manufacturers, which not only enhances the technology and capabilities of Taiwan's wind power industry supply chain, but also further facilitates integration into the international market and the establishment of a robust industrial cluster.

D. The Ministry of Economic Affairs explained that Taiwanese companies are increasingly seeking large volumes of competitive green electricity - driven by factors such as RE100 commitments - to enhance their international competitiveness. Furthermore, advanced manufacturing processes require a higher percentage of renewable energy. As a result, increasing the proportion of green electricity used in Taiwan's manufacturing sector has become a pressing priority. The national financing guarantee mechanism has facilitated investment from banks and insurance funds into offshore wind farm projects, accelerating the development of overall offshore wind power capacity. The Ministry of Economic Affairs and the National Development Council recently collaborated to raise the national financing guarantee for green energy projects used in developer project financing from 60% to 80%. This increase expands the overall credit guarantee for bank participation in wind farm projects and enhances financing incentives for state-owned banks and other financial institutions to support Taiwan's offshore wind power market's sustainable development.

E. The state-owned "Taiwan Smart Electricity & Energy", led by China Steel, was officially established under the leadership of the Ministry of Economic Affairs. The platform acts as a bulk purchaser and distributor, acquiring a specific proportion of wind farms during the block development stage and then sells green power in smaller volumes and with shorter-term contracts, offering industries greater purchasing flexibility. On one hand, small and medium-sized enterprises can now purchase green power. On the other hand, electricity procurement by companies with strong credit ratings, such as China Steel, helps developers secure financing and accelerate offshore wind farm development. At present,

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Taiwan Smart Electricity & Energy has formally signed a corporate power purchase agreement (CPPA) with Formosa 4 and Wei Lan Hai Changhua wind farms.

> The market difficulties have yet to be resolved. The Ministry of Economic Affairs has launched a unified procurement and distribution platform for offshore wind power.

Source: Information on RECESSARY

(2) Negative factors and countermeasures

A. Risks associated with material prices and supply chain management

The main raw material risk for underwater foundation manufacturing comes from steel price fluctuations. Although international steel prices have recently fluctuated due to the uneven global economic recovery and adjustments in Chinese market demand, geopolitical conflicts and trade protectionist policies such as carbon tariffs could still cause sudden fluctuations in raw material prices and transportation costs, posing a potential challenge to project cost control. In supply chain management, the increasing trend toward larger offshore wind turbines with single-unit capacities exceeding 14MW has significantly increased the volume and weight of underwater foundations. This poses greater technical challenges for production equipment, port infrastructure, and lifting capabilities.

Countermeasures

a. Regarding price fluctuations, the Company intends to continue strengthening long-term partnerships with domestic and international steel companies. This will include signing long-term contracts or price-locking agreements with suppliers, and establishing price adjustment mechanisms consistent with international practice. This way, the impacts of price fluctuations on cost can be minimized.

b. Establishing a diversified material supply channel to avoid over-reliance on any single supplier, mitigating the risk of price increases or schedule delays caused by supplier issues. Century Iron & Steel Industrial Co, Ltd. and Century Huaxin Wind Energy Co., Ltd., both within Century Group, have become key suppliers of leg tubes and diagonal braces. Meanwhile, our parent company, Century Iron & Steel, invested in Century Indonesia Energy Co., Ltd. on Batam Island and expects production to begin this year. The company will also serve as a new supplier of pre-processed components, such as leg tubes and transition sections, to help ensure the quality and lead time of components delivered to us meet requirements.

c. Understand and comply with relevant legal and policy changes in a timely manner to ensure the compliant operation of domestic and foreign supply chains. A detailed supply chain risk management plan has also been developed, including supplier alternatives and contingency measures, to respond to emergencies.

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B. Financial risks due to concentrated financing channels

The scale of capital and the efficiency of its circulation has a greater impact on the Company's operating capacity. Because the industry where the Company operates in is a capital-intensive industry, with the expansion of the Company's business scale, a large amount of capital is needed to guarantee the demand for products and large-scale production. Currently, the capital needed for business development is primarily met through equity or bank financing. These financing channels are relatively limited and come at a high cost. This could become a bottleneck for the Company's product guarantees and capacity expansion, ultimately impacting profitability and competitiveness.

Countermeasures

a. While the Company's market share has been steadily increasing, we are seeking diversified funding channels, including applying for an IPO to enter the capital market, developing new funding sources, and optimizing its capital structure. This will maintain a degree of flexibility in response to changing financing conditions and avoid future restrictions on the Company's development due to a lack of funds.

b. On par with the government's alternative energy policy, the Company has focused on stable operations in the domestic market, building relevant manufacturing and specialized management experience. We have steadily optimized processes, reduced costs, and improved overall gross profit margin and market competitiveness.

c. Due to the long manufacturing cycles and high investment required for large-scale projects such as underwater foundations, cash flow forecasts and capital utilization plans should be developed based on European offshore wind power contract practices. The Company will also seek balanced payment terms to reduce the risk of capital demand fluctuations during project implementation, thereby ensuring the continuity and stability of its operational cash flow.

C. Risk of insufficient talent for offshore wind power

Offshore wind power is a high-tech industry. With growing demand for green energy, there is a significant increase in the need for software and hardware technical personnel. However, Taiwan currently lacks a robust consulting system for offshore wind power experts, and insufficient talent training programs could lead to a domestic supply-demand imbalance, hindering the successful development of wind power projects.

Countermeasures

a. The source of the Company's technology stems from the technical experience accumulated by Century Steel in the Taiwan steel structure industry, as well as early collaboration with Bladt Industries - a leading international underwater foundation manufacturer. In recent years, the Company has also actively cultivated talent and built operational management experience in engineering technology and underwater foundation manufacturing projects through these collaborations.

b. The Company actively engages with academia and leverages industry-academic collaboration to develop the talent needed for the offshore wind power sector. In 2023, thanks to the initiative and efforts of Chairman Lai of Century Group, the Board of Directors of Cheng-kung Senior Industrial Commercial Vocational School in Guishan District, Taoyuan, was reorganized and the school was transformed into Century Green Energy Vocational Senior High School – the first senior high school in Taiwan dedicated to cultivating green energy professionals.

c. Moreover, the Company has a welding school with professional welding instructors who train local welding technicians. The school also builds a pipeline of welding talent by collaborating with welding programs at various vocational training bureaus.

D. International situation and policy shifts

US President Trump made it clear that US energy policy would shift towards reviving petrochemical and natural gas energy development, and executive orders were issued to suspend or strictly review offshore wind power leasing permits in federal waters, leading to significant policy uncertainty in the US market.

Countermeasures

Due to a slowdown in U.S. market development, international developers and major supply chain manufacturers are reassessing their global asset allocations. Funding, technical teams,

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and advanced construction fleets are expected to increasingly flow into the Asia-Pacific (Taiwan, Japan, and South Korea) and European markets, which offer relative policy stability and sustained demand. The Company will leverage this opportunity to pursue greater international collaboration and strengthen its role as a key hub in the Asia-Pacific supply chain.

(II) Major uses and manufacturing processes of major products.

Major uses of main products

The main function of a jacket-type foundation is to support the offshore wind turbine and tower above it, enabling it to stand stably on the seabed for approximately 20–30 years.

Production processes for major products

(1) Transition piece (TP)

(2) Upper & Lower 3D Assembled Structure

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(3) Final assembly

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(III) Supply of main raw materials

The main raw material used in the Company’s tubular underwater foundations is steel plate, which is primarily sourced from South Korea, Japan, and Taiwan. The Company primarily procures materials based on individual project needs, and while fluctuations in prices and supply lead times pose risks, these can be mitigated through mechanisms such as price adjustments and joint, transparent procurement practices during contract negotiations. The Company maintains good relationships with the steel mills and has several reputable steel plate suppliers; the supply of raw materials is currently smooth.

(IV) A list of any suppliers and customers accounting for 10 percent or more of the company’s total procurement (sales) amount in either of the two most recent fiscal years

Name of major supplier

Unit: NT\$thousand

	2024				2025
Item	Name	Amount	Percentage to net amount of purchase of goods for the whole year (%)	Relation to the issuer	Name	Amount	Proportion to net purchase of the year (%)	Relation to the issuer
1	Century Steel	2,050,762	45.38	Parent company	Century Steel	1,325,800	30.49	Parent company
2	SK oceanplant Co., Ltd	1,031,941	22.83	None	SK oceanplant Co., Ltd	557,613	12.83	None
3	Others	1,436,790	31.79	None	Others	2,464,444	56.68	None
	Net amount of purchase	4,519,493	100.00	—	Net amount of purchase	4,347,857	100.00	—

Reason for increase/decrease:

The Company purchases steel, underwater foundation components for pre-assembly, and welding materials primarily from domestic and foreign suppliers for project needs. As order demands and new suppliers are introduced, raw material procurement has changed, and consequently, the main suppliers and their respective proportions have also shifted.

List of major customers

Unit: NT\$thousand

	2024				2025
Item	Name	Amount	Percentage of net amount of sales of goods for the whole year (%)	Relation to the issuer	Name	Amount	Proportion to net sale of the years (%)	Relation to the issuer
1	Company H&I	6,266,937	64.85	None	Company J	7,789,433	75.80	None
2	Company G	3,728,267	38.58	None	Company H&I	1,780,861	17.33	None
3	Company Z	87,000	0.90	None	Company G	401,960	3.91	None
4	Others	(417,750)	(4.33)		Others	303,911	2.96	—
	Net amount of sales	9,664,454	100		Net amount of sales	10,276,165	100.00	—

Note 1: A list of any client accounting for 10 percent or more of the Company’s total sales amount in either of the two most recent fiscal years, the amounts sold to each, the percentage of total sales accounted for by each. Where the Company is prohibited by contract from revealing the name of a client, or where a trading counterparty is an individual person who is not a related party, it may use a code in place of the actual name.
Note 2: Other revenue for 2024 was negative. This year, due to project completion and final settlement with the customer, the difference between the final contract price received and the revenue previously recognized was recorded as a revenue reduction.

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Reason for increase/decrease:
The Company’s engineering and labor services are provided on a project basis. Unlike general manufacturers with stable client bases, the Company does not have fixed clients. Service schedules are defined in each contract, and services are delivered according to progress unless unforeseen circumstances arise. Consequently, sales to individual clients have fluctuated over the past two years, influenced by project size and stage of completion. Client concentration has also occurred, which is typical for the underwater foundation engineering industry. As projects undertaken each year vary, so do the Company’s clients, and this variation is to be expected.

III. Information on employees employed during the two most recent fiscal years and up to the date of publication of the annual report
Unit: person; year; %

Year		2024	2025	Current year up to March 31, 2026
Number of employees	Number of management personnel	204	153	186
	Indirect personnel	352	118	109
	Direct personnel	628	705	663
	Total	1184	976	958
Average age		38 years old	38 years old	36 years old
Average tenure (years)		3	3	2.8
Education distribution ratio %	PhD.	0.4%	0%	0%
	Master	3.2%	1.6%	1.81%
	College or university	30.9%	20.4%	19.37%
	High school	13.6%	9.4%	6.20%
	Under senior high school	51.9%	68.6%	72.62%

IV. Information on environmental protection expenditure

Any losses suffered by the Company during the most recent fiscal year or during the current fiscal year up to the date of publication of the annual report due to environmental pollution incidents (including any compensation paid and any violations of environmental protection laws or regulations found in environmental inspection, specifying the disposition dates, disposition reference numbers, the articles of law violated, and the content of the dispositions), and disclosing an estimate of possible expenses that could be incurred currently and in the future and measures being or to be taken:

On July 30, 2025, the New Taipei City Environmental Protection Bureau issued letter Xin-Bei-Huan-Ji-Zi No. 1141513897, stating that, based on inspection records from May 14, 2025, the Company violated the Management Regulations for Air Pollution Control Installations for Construction Projects during the fifth-phase construction of the plant, impacting pollution control effectiveness. A fine of NT$ 100,000 was imposed in accordance with Paragraph 4 of Article 62, Section 1 of the Air Pollution Control Act, due to violations related to fixed pollution sources at public and private venues. We have paid the fine and assigned personnel dedicated to environmental protection to a two-hour training session on environmental compliance. Furthermore, we have immediately implemented corrective actions to address the identified deficiencies and reinforced internal process controls for our operating personnel. Aside from this incident, we have no record of any regulatory violations or penalties.

V. Labor-Management Relations

(1) List any employee benefit plans, continuing education, training, retirement systems, and the status of their implementation, and the status of labor-capital agreements and measures for preserving employees' rights and interests.

Employee welfare measures and their implementation.

In addition to health insurance and labor insurance required by the Labor Standards Act of the Republic of China, the Company and its subsidiaries also provide group insurance for employees and a system for contributing to employees' individual pension accounts, as the protection to employees' related benefits. The measures and implementation are as follows:

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(1) Entitled to paid leaves and pension contribution as required by law; setting up an employee welfare committee to coordinate welfare activities and protect labor rights.
(2) All employees not only participate in labor insurance and national health insurance as required by law, but the Company also provides employee group insurance and travel insurance at its own costs.
(3) Regular employee health checks.
(4) Organize employee events and trips from time to time to enrich employees' leisure activities and their friendships.
(5) Gifts or allowance are available on Labor Day, Dragon Boat Festival and Mid-Autumn Festival.
(6) For weddings, funerals, festivities, and celebrations, other than the leave provided by the Labor Standards Act, there are also welfare subsidies.
(7) Orientation for new recruits and a new employee counselor system are provided to help new recruits to adapt to the working environment.

Employees' continuing education and training

In order to enhance the professional and technical capabilities of employees, strengthen work efficiency and appreciation for product quality, internal training and external training are provided to strengthen the professional capabilities of employees in various functions. Various trainings of the Company and its subsidiaries are listed as follows

(1) Orientations: Providing courses related to the Company's business projects, working rules, employee benefits, among other things, so that new recruits have a basic understanding of the Company.
(2) On-the-job training: Cultivating employees' professional skills, knowledge and management abilities.
(3) Professional function training: Based on needs, employees are sent to relevant institutions for training so that they can obtain professional certificates.

Retirement system and implementation

The Company and its subsidiaries, pursuant to the Labor Pension Act, contribute 6% of pensions on a monthly basis for employees who opted for the new pension system; the contribution is deposited in individual labor pension accounts to protect the interests of employees. Employees may also opt to contribute 0 to 6% of their monthly salary to their personal pension accounts. When employees reach the statutory retirement age set by the government, they may apply to the government for a monthly pension or a one-time pension.

Status of agreements between labor and management and various employee rights protection measures

The Company and its subsidiaries value the interests of employees and labor-capital relations very much. Employees may exchange opinions through open communication and adopt a coordinated approach to achieve consensus on labor issues in order to maintain a good relationship of mutual trust between labor and capital.

(II) List any losses suffered by the company in the most recent fiscal years and up to the annual report publication date due to labor disputes, and disclose an estimate of possible expenses that could be incurred currently and in the future and measures being or to be taken: The Company has not yet suffered losses due to labor disputes in fiscal year 2025 up to the date of publication of the annual report.

VI. Cybersecurity management

(I) Cybersecurity risk management framework, cybersecurity policy, specific management plans, and resources dedicated to cybersecurity management.

Cybersecurity risk management framework
(1) Organization

The Company has established an Information Security Department and a Security Management Committee, responsible for planning and implementing the establishment and maintenance of the information security management system (ISMS). They adopt the PDCA information security management cycle to formulate security standards and operating procedures, and control potential threats and vulnerabilities in accordance with the "Electronic Data Processing Operation Cycle" of

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the internal control system, achieving management planning for early prevention, continuous monitoring, and emergency response.

2. Cybersecurity Policy

The Company passed ISO 27001:2022 information security management system certification in 2024. To ensure the sound operation and preservation of the Company's core system management operations, personal data, and customer privacy, a protection mechanism has been established. We also regularly perform vulnerability scans, with access permissions divided by level and function to ensure the information security management system is implemented effectively.

Information security policy

Confidentiality: The Company must prevent sensitive information from being leaked to the internet.

Completeness: The accuracy of the Company's sensitive information (e.g., insurance information, personal information) and protection against tampering must be ensured.

Availability: The Company must ensure its critical data is backed up and system operation remains uninterrupted.

Compliance: Adherence to relevant Taiwanese laws and regulations (e.g., Personal Data Protection Act, Trade Secrets Act, and intellectual property laws) is required to avoid infringing on the rights of the Company and third parties.

Specific management plan for cybersecurity

Information security management plan
Item	Specific management measures
External threat and internal vulnerability management	Network planning and threat monitoring
External network connection management
Virus protection and malware detection
Vulnerability protection and update measures for mainframes/computers
Regularly review the system records of various online services
System access control	Personnel account privilege management and audits.
Regular personnel account permissions reviews.
Operational behavior log

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| System availability | Data backup measures and on-site/off-site backup mechanisms
Regular disaster recovery drills |
| --- | --- |
| Personnel and environmental safety | Control over the access of personnel to the server room
Equipment management
Computer room environmental management |

3. Resources Invested in Cybersecurity Management

The Company places a high priority on information security risk control and protection. Currently, our security infrastructure includes firewalls, IPS intrusion prevention systems, email gateway protection, virus filtering, important file backup systems, and on-site and off-site backup systems.

New employees receive information security training on their first day to familiarize them with relevant security policies. Security controls and major information security incidents are regularly announced to promote awareness.

(II) Major cybersecurity incidents:

The Company experienced a small-scale ransomware cyber incident on March 17, 2025. In accordance with regulations, the Company disclosed this material information and reported the incident to the police on the same day. The case remains under police investigation. Based on the police's review of the affected computers and the IST security software installed by the IT security department, relevant data were collected, and immediate adjustments were made to mitigate the risk of recurrence. These adjustments included a re-evaluation of relevant access permissions and measures to reduce computer idle time by automatically shutting down systems after a period of inactivity. Additionally, EDR software was installed for ongoing monitoring of any anomalous activity. Preliminary assessments indicate no significant data leakage or loss occurred, and the Company's normal operations were not affected. The compromised data and systems were restored within two days. Consequently, after a thorough evaluation, the incident did not have a material adverse impact on the Company, its business, or its operations.

VII. Important contracts

Nature of contract	Counterparty	Start date	End date	Main content	Restrictive terms
Key leasing agreement	Port of Keelung, Taiwan International Ports Corporation	September 1, 2017	October 3, 2039	S7-2-1 and S7-3-1 rear line lands of Taipei Port South Wharf	None
Key leasing agreement	Port of Keelung, Taiwan International Ports Corporation	March 26, 2018	October 3, 2039	S8-3-2 rear line land of Taipei Port South Wharf	None
Key leasing agreement	Port of Keelung, Taiwan International Ports Corporation	June 1, 2018	October 3, 2039	S8-3-1 rear line land of Taipei Port South Wharf	None
Key leasing agreement	Port of Keelung, Taiwan International Ports Corporation	September 1, 2019	October 3, 2039	S8-2-1 and S8-2-2 rear line lands of Taipei Port South Wharf	None
Key leasing agreement	Port of Keelung, Taiwan International Ports Corporation	June 1, 2020	July 16, 2030	S09 Pier and S9-1 rear line land of Taipei Port South Wharf	None
Key leasing agreement	Port of Keelung, Taiwan International Ports Corporation	November 15, 2021	July 16, 2030	S7-1 and S8-1 rear line lands of Taipei Port South Wharf	None

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Nature of contract	Counterparty	Start date	End date	Main content	Restrictive terms
Key leasing agreement	Port of Keelung, Taiwan International Ports Corporation	January 19, 2023	July 16, 2030	S7-1 and S8-1 rear line lands of Taipei Port South Wharf (Supplementary Tenancy Agreement)	None
Key leasing agreement	Port of Keelung, Taiwan International Ports Corporation	June 21, 2025	June 20, 2026	S9-2 rear line land of Taipei Port South Wharf	None
Key leasing agreement	Port of Keelung, Taiwan International Ports Corporation	May 9 2023	October 3, 2039	S6-2 rear line land of Taipei Port South Wharf	None
Guarantee limit agreement	HSBC (Taiwan) Commercial Bank Taipei Branch	February 27, 2025	October 31, 2027	Performance bond	Cash pledge
Long-term loan	Taiwan Business Bank	March 15, 2021	March 15, 2026	Long-term mortgage joint loans	Plant, machinery, and cash as collateral
Warranty	Taipei Fubon Bank Co., Ltd.	January 3, 2025	January 26, 2029	Warranty	20% time deposit pledged
Long-term loans and guarantee limits	Chang Hua Commercial Bank	May 9, 2024	December 31, 2025	Prepayment guarantee, performance bond limit, and revolving fund.	Cash pledge
Construction contract	Company B & C	October 2, 2018	Warranty until December 18, 2028	Manufacturing and supply 62 sets of jacket-type foundations	Non-disclosure agreement
Construction contract	Company B & C	November 4, 2019	Warranty until May 29, 2028	Manufacturing and supply 69 pin piles of foundations	Non-disclosure agreement
Construction contract	Company G	June 3, 2021	Until the completion of the project	Supplementary agreement to the manufacturing and supply contract	Non-disclosure agreement
Construction contract	Company G	June 3, 2021	Until the completion of the project	Manufacturing and supply contract	Non-disclosure agreement
Construction contract	Company G	June 3, 2021	Until the completion of the project	Steel plate purchase contract	Non-disclosure agreement
Construction contract	Company H&I	November 29, 2022	Until the completion of the project	Manufacturing and supply 21 sets of jacket-type foundations	Non-disclosure agreement
Construction contract	Company J	June 3, 2024	Until the completion of the project	Manufacturing and supplying 20 sets jacket-type foundations	Non-disclosure agreement
Construction contract	Company N	July 3, 2025	Until the completion of the project	Manufacturing and supplying 35 sets jacket-type foundations	Non-disclosure agreement

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Nature of contract	Counterparty	Start date	End date	Main content	Restrictive terms
Construction contract	Company O	August 22, 2025	Until the completion of the project	Manufacturing and supplying 57 sets jacket-type foundations	Non-disclosure agreement
Contract for outsourcing	Company K	May 21, 2024	Until the completion of the project	Manufacturing and supply contract	Non-disclosure agreement
Contract for outsourcing	Company L	May 29, 2023	Until the completion of the project	Manufacturing and supply contract	Non-disclosure agreement
Contract for outsourcing	Company L	October 4, 2024	Until the completion of the project	Manufacturing and supply contract	Non-disclosure agreement
Contract for outsourcing	Company M	October 31, 2024	Until the completion of the project	Manufacturing and supply contract	Non-disclosure agreement

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Five

Review and Analysis of the Financial Position and Financial Performance and the Risks

I. Financial status
Unit: NT$thousand

Year	2024	2025	Difference
			Amount	%
Current assets	12,471,474	11,977,889	(493,585)	(3.96)
Property, plant and equipment	9,292,543	9,405,394	112,851	1.21
Intangible assets	6,284	13,693	7,409	117.90
Other assets	2,771,991	2,922,219	150,228	5.42
Total assets	24,542,292	24,319,195	(223,097)	(0.91)
Current liabilities	4,030,692	3,018,213	(1,012,479)	(25.12)
Non-current liabilities	1,830,932	1,609,778	(221,154)	(12.08)
Total liabilities	5,861,624	4,627,991	(1,233,633)	(21.05)
Share capital (including prepayment for investment)	1,700,000	1,700,000	-	-
Additional paid-in capital	14,930,324	14,930,416	92	-
Retained earnings	2,047,960	3,058,388	1,010,428	49.34
Other equity	-	-	-	-
Non-controlling interests	2,384	2,400	16	0.01
Total shareholders’ equity	18,680,668	19,691,204	1,010,536	5.40
Note to changes in the ratio analysis (change in ±20% between two periods and amounted to NT$10,000,000):
1. Decrease in current assets and total assets: Mainly due to project completion and the reduction of contract assets as project payments were claimed based on milestone achievements.
2. Non-current liabilities and total liabilities: Mainly due to large-scale production ramp-up for the Fengmiao Project, which led to a decrease in contract liabilities and a reduction in accounts payable at the end of the period.
3. Increase in retained earnings and total shareholders' equity: Mainly due to the continued execution of projects initiated in the previous year. This increase stemmed from improved capacity utilization rates and expanded operations, resulting in significantly higher business profits and net profits for the current period compared to 2024.

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Review and Analysis of the Financial Position and Financial Performance and the Risks

II. Financial performance

(I) Comparative analysis of financial performance

Unit: NT\$thousand

Item	2024	2025	Amount of increase/ decrease	Change %
Net operating income	9,664,454	10,276,165	611,711	6.33
Operating cost	(7,552,833)	(7,354,900)	197,933	2.62
Operating gross income	2,111,620	2,921,265	809,645	38.34
Operating expenses	(242,360)	(593,869)	(351,509)	145.04
Operating income (loss)	1,869,261	2,327,396	458,135	24.51
Non-operating income and expense	(4,333)	189,463	193,796	4472.56
net income (loss) before tax	1,864,928	2,516,859	651,931	34.96
Income tax benefits (expense)	(360,027)	(486,415)	(126,388)	35.11
Net income (loss) in current period	1,504,901	2,030,444	525,543	34.92

Note to changes in the ratio analysis (change in $\pm 20\%$ between two periods and amounted to NT\$10,000,000):
1. Increase in gross and net profits: Mainly due to the continued execution of projects initiated in the previous year, which, coupled with improved capacity utilization and expanded economic scale, led to a significant increase in gross and net profits compared to 2024.
2. Operating expenses: Mainly due to an increase in warranty reserves for shipments related to the Hailong and Taipower projects.
3. Non-operating income and expenses: Mainly due to an increase in interest income from bank deposits and a decrease in bank interest expenses.
4. Increase in net profits before and after tax: Mainly due to an increase in gross profit and non-operating income.
5. Increase in income tax expense: Mainly due to an increase in pre-tax net profit.

(II) Sales volume forecast and the basis thereof, and describe the effect upon the Company's financial operations as well as measures to be taken in response

Sales volume and its basis

The Company has not prepared a financial forecast, so the sales volume forecast and the basis thereof are not applicable. The Company expects that the operating revenue will keep on growing in the next year. The annual shipment goals are determined mainly based on the clients' demand forecast while taking capacity planning and past operation performance into account.

Effect upon the Company's financial operations as well as measures to be taken in response: The Company has a robust financial position and is able to meet the needs of future business growth.

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Review and Analysis of the Financial Position and Financial Performance and the Risks

III. Cash flow analysis

Describe and analyze any cash flow changes during the most recent fiscal year, describe corrective measures to be taken in response to illiquidity, and provide a liquidity analysis for the coming year.

(I) Describe and analyze any cash flow changes during the most recent fiscal year (2025): (consolidated)

Unit: NT\$thousand

| Year
Item | 2024 | 2025 | Amount of
increase/decrease | Rate of change
% |
| --- | --- | --- | --- | --- |
| Net cash flow from
operating activities | 2,193,071 | 5,012,166 | 2,819,095 | 128.55 |
| Net cash flows from
investing activities | (2,177,768) | (65,587) | (2,112,181) | (96.99) |
| Net cash flow from
financing activities | 3,281,172 | (1,043,525) | 4,324,697 | 131.80 |
| Analysis and explanation of changes in the percentage of increase or decrease:
1. Increase in cash inflow from operating activities: Mainly due to the progressive collection of payments for engineering projects.
2. Decrease in cash outflow from investing activities: Mainly due to a reduction in the conversion of bank time deposits to demand deposits and less planning for equipment purchases and construction of new plants compared to the previous period, resulting in a decrease in cash outflow from investing activities.
3. Increase in cash outflow from financing activities: Mainly due to the absence of a cash capital increase this year and the repayment of bank loans this year. | | | | |

(II) Improvement plan for insufficient liquidity: None.

(III) Cash flow analysis for the next year (2026)

Unit: NT\$thousand

Cash balance at the beginning of the year	Net cash flow expected from operating activities for the whole year	Projected net cash flow from investing and financing activities for the year	Projected cash balance (shortfall)	Expected remedies for insufficient cash
(1)	(2)	(3)	(1)+(2)-(3)	Investment plan	Treasury plan
7,912,279	(2,838,277)	2,541,215	7,615,217	N/A	N/A
1. Analysis of cash flow changes for the coming year:
(1) Operating activities: Anticipated upfront material purchases for new construction projects are expected to result in significant net cash outflow.
(2) Investing activities and financing: Capital expenditures for the construction of the Phase V Plant, outdoor construction platform, and purchase of machinery and equipment, planned cash dividends and a cash capital increase.
2. Analysis of remedies for expected cash deficits and liquidity: None.

IV. Effect upon financial operations of any major capital expenditures during the most recent fiscal year

Due to the continuous performance growth of offshore wind power substructure products, the Company continued to expand the Taipei Port plant in response to the order demand. The source of funds was supported by its own funds, bank loans, and a cash capital increase.

Currently, the Company is undertaking the construction of the Plant V and building an outdoor construction platform. Sufficient funds and bank loan facilities have now been secured to cover subsequent capital needs, and therefore, the related capital expenditures for plant construction have not had a significant impact on the Company's finances.

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Review and Analysis of the Financial Position and Financial Performance and the Risks

V. Reinvestment policy for the most recent fiscal year, the main reasons for the profits or losses generated, plans for improvement, and investment plans for the coming year
Unit: NT\$thousand

Investor	Investee	Investment profit (loss) recognized in 2024	Main businesses and products	Major reason of income or loss	Improvement plan
Century Wind Power Co., Ltd.	Century Bladt Foundations Co., Ltd.	32	Offshore wind power underwater foundation engineering project management services	Adjusting operations; the liquidation process has begun.	None
Century Wind Power Co., Ltd.	Century Heavy Industry International Co., Ltd	12,205	Crane and hoist services engineering	Resulted from the project contracted and executed	Projects have been contracted and executed. Once the new machines arrive, the business volume and profit are expected to increase

Investment plans for the coming year: None

VI. Analysis of risk factors

(I) Effect upon the Company's profit or loss of interest and exchange rate fluctuations and changes in the inflation rate, and response measures to be taken in the future

Effect upon the Company's profit or loss of interest rate fluctuations, and response measures to be taken in the future:

Changes in interest rates resulted in financial costs that had a limited impact on overall operations, as the Company's current borrowing amount is relatively small. Consequently, the effect of interest rate fluctuations on the Company's profit and loss is limited. However, the Company has continued to monitor domestic and international economic conditions and will take necessary measures as needed to mitigate risks to its profit and loss from interest rate changes.

Effect upon the Company's profit or loss of exchange rate fluctuations, and response measures to be taken in the future:

The Company's exchange rate risk primarily arises from foreign currency deposits and import financing. To manage this risk, the Company continuously monitors exchange rate fluctuations and analyzes exchange rate trends to determine optimal timing for foreign currency conversions. Furthermore, the Finance Department plans to strengthen relationships with financial institutions and implement hedging strategies for foreign currency assets and liabilities when appropriate, to mitigate the impact of exchange rate volatility.

Effect upon the Company's profit or loss of inflation rate, and response measures to be taken in the future:

Based on the current economic situation, the domestic inflation index is still low and the impact on the Company is not significant, but the Company will pay close attention to the development of the economic situation.

(II) The Company's policy regarding high-risk investments, highly leveraged investments, loans to other parties, endorsements, guarantees, and derivative transactions; the main reasons for the profit or loss generated thereby; and response measures to be taken in the future

Policy regarding high-risk investments, highly leveraged investments; the main reasons for the profit or loss generated thereby; and response measures to be taken in the future:

The Company and its subsidiaries mainly focus on the operation and development of the core business and have not stepped into investing in other high-risk industries. Furthermore, the Company has always been operating rigorously and does not make any highly leveraged investments.

The Company's policy regarding loans to other parties; the main reasons for the profit or loss generated thereby; and response measures to be taken in the future:

The loaning of funds to others by the Company and subsidiaries is handled pursuant to the Company's "Operational Procedures of Loaning Funds to Others".

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Review and Analysis of the Financial Position and Financial Performance and the Risks

The Company did not engage in any lending of funds as of December 31, 2025.

Policy regarding endorsements and guarantees; and response measures to be taken in the future: The Company did not provide any endorsements or guarantees as of December 31, 2025.
Policy regarding derivative transactions; and response measures to be taken in the future: The Company engages in derivative transactions mainly for the purpose of hedging, to avoid the impact of exchange rate changes, and thus the Company’s overall foreign exchange risk may be mitigated and foreign exchange operating costs are saved. It is not used for arbitrage and speculative transaction purposes. In addition to complying with relevant regulations issued by the competent authority and generally accepted accounting principles, it will also be handled pursuant to the Company’s “Operation of Derivative Transactions” and “Handling Procedures of Derivatives”. As of December 31, 2025, the Company has not engaged in derivative transactions.

(III) Research and development work to be carried out in the future, and further expenditures expected for research and development work

The Company is mainly engaged in the manufacture of offshore wind power substructures, which are all made based on the structural design drawings furnished by the clients. Therefore, there is no department dedicated to the research and development of production technology and product functions. Currently, the Company still classifies the related expenses as manufacturing expenses. However, the Group has set up a design department to be responsible for the development of engineering drawings and production drawings. Meanwhile, it conducts research on various product categories to reduce input costs, shorten construction periods, reduce the number of people at construction sites and the occurrence of occupational safety incidents. The Group applies for patents of various construction methods and related manufacturing technologies that are self-developed currently and in the future to relevant units to enhance the Company’s competitiveness and achieve the Company’s goal of sustainable operations.

(IV) Effect on the Company’s financial operations of important policies adopted and changes in the key policies and laws at home and abroad, and measures to be taken in response

The Company and its subsidiaries continue to monitor the changes in the domestic and foreign political and economic environments, policies, laws and regulations, and take various corresponding measures in a timely manner. In 2025 and as of the publication date of the annual report, the Company has not been affected by changes in policies and laws in terms of finance and business.

(V) Impacts of technology and industry evolution on the Company’s finance and business, and measures to be taken in response

The Company grasps the pulse of the relevant industries and analyzes trends in a timely manner. For 2025 and as of the publication date of the annual report, there were no incidents that affected the finance and business due to technological changes.

(VI) Effect on the Company’s crisis management of changes in the Company’s corporate image, and measures to be taken in response

The Company upholds the principles of professionalism and ethics, and values corporate image and risk control. There has been no major corporate image change that has led to corporate crisis management.

(VII) Expected benefits and possible risks associated with any mergers and acquisitions, and mitigation measures being or to be taken: None.

(VIII) Expected benefits and possible risks associated with any plant expansions, and mitigation measures being or to be taken: None.

(IX) Expected benefits and possible risks associated with any mergers and acquisitions, and mitigation measures being or to be taken: None.

Risks associated with concentration of purchasing

The Company’s main business is offshore wind power foundation steel structure engineering. To meet domestic content requirements, we procure underwater foundation components from the domestic supply chain, which is distributed between the north and south of the country. In the south, Sing Da Marine Structure - a subsidiary of China Steel - is the primary supplier, while Century Group dominates in the north. Given that our products are steel structures and therefore very large and heavy, we primarily use subcontractors in the north to minimize transportation costs and lead times. To reduce future purchase concentration, the Company continues to support the domestic supply chain and has also developed other overseas suppliers to further mitigate the risk of

2025 Annual Report

Century Wind Power | 05
Review and Analysis of the Financial Position and Financial Performance and the Risks

concentrated sourcing.

Risk of sales concentration

The Company's offshore wind power substructure products are manufactured to individual order. Due to the long lead times required for production and revenue recognition tied to project progress, sales tend to be concentrated among certain customers, which is typical for this industry. However, as major customers are added or removed with the development and completion of wind farms, the Company does not face a significant risk of sales concentration in the medium to long term. The Company will proactively seek orders from a diverse range of wind farm developers to reduce its reliance on any single customer by expanding its customer base.

(X) Effect upon and risk to the Company in the event a major quantity of shares belonging to a director or shareholder holding greater than a 10 percent stake in the Company has been transferred or has otherwise changed hands, and mitigation measures being or to be taken: None

(XI) Effect upon and risk to the Company associated with any change in governance personnel or top management, and mitigation measures being or to be taken: None

(XII) Litigious and non-litigious matters

List major litigious, non-litigious or administrative disputes that have been concluded by means of a final and unappealable judgment, or are still under litigation during the two most recent years and up to the publication date of the annual report, which could materially affect shareholders' equity or the prices of the Company's securities, and disclose the facts of the dispute, amount of money at stake in the dispute, the date of litigation commencement, the main parties to the dispute, and the status of the dispute: None.
List major litigious, non-litigious or administrative disputes during the two most recent years and up to the publication date of the annual report that involve any Company director, general manager, any person with actual responsibility, any major shareholder holding a stake greater than 10 percent, or any companies controlled by the Company, and could materially affect shareholders' equity or the prices of the company's securities: None.

(XIII) Other important risks, and mitigation measures being or to be taken:

Risk management:

In managing risk, the Company identifies, assesses all potential risks and take appropriate measures in response to these risk as identified so as to monitor the changes in the internal and external environment and the compliance with related systems. The Company has implemented various sorts of risk management and the following responsible units:

Strategic risks and operation risks:

Each department formulates control systems based on their business and authority, and regularly analyzes and evaluates such pursuant to laws, policies, and market movements.

(1) The sales department holds weekly business meetings for performance and payment collection
(2) Production and quality control submit monthly progress reports on various sorts of output and quality at the business meeting
(3) The environment, safety and health department regularly convenes environment, safety and health meetings for review and planning

Financial risks:

Financial Department established different control systems, and conducts routine evaluation and analysis in response to the changes in the financial market, and reports on financial information in the business meeting and the management meeting, and proceed to control and manage possible risk and crisis.

Information risks:

The field of information development has already undergone a digital transformation, and it is more dependent on information systems. The availability of data backup and remote backup mechanisms are established based on the risk levels, to ensure data integrity. In order to prevent damage to the information system, anti-virus, anti-hacking, disaster prevention and anti-theft mechanisms are established in the Company; hardware maintenance contracts are entered to ensure smooth operations. For software, service contracts are entered into with third-party service

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05 | Century Wind Power |
Review and Analysis of the Financial Position and Financial Performance and the Risks

vendors to reduce the possibility of disasters.

In order to strengthen the ability to respond to information security incidents and digital forensics, training for information personnel and information related to network security and information security awareness are provided, to avoid or mitigate security damage incidents caused by people. The audit unit conducts internal control inspections through information system risk management every year to achieve information security goals. In addition, the audit unit continuously checks the above risk control through risk assessment.

VII. Other important matters: None

93 2025 Annual Report

Six

Special Items to Be Included

I. Information on affiliated companies: Please refer to http://mops.twse.com.tw > Single Company > Electronic File Downloads > Three Reports on Affiliated Enterprises
II. Private placement of securities during the most recent fiscal year or during the current fiscal year up to the date of publication of the annual report: None
III. Other matters that require additional description: None
IV. Any of the situations listed in Article 36, Paragraph 3, Subparagraph 2 of the Securities and Exchange Act which materially affect shareholders' equity or the price of the Company's securities during the most recent fiscal year or during the current fiscal year up to the date of publication of the annual report: None

2025 Annual Report

Century Wind Power Co., Ltd.

Chairman Lai, Wen-Hsiang

AI assistant

CWP — Annual Report 2025

51966_rns_2026-05-20_86bdfefe-ff38-4002-a92f-7d7befed8a8b.pdf

ANNUAL REPORT 2025

One. Report to the Shareholders

Two. Corporate Governance Report

Three. Capital Raising

Four. Overview of the Company's Operations

Five. Review and Analysis of the Financial Position and Financial Performance and the Risks

Six. Special Items to Be Included

Report to the Shareholders

I. 2025 business results

II. Summary of the 2026 business plan

(I) Business

1. Phase 1 Block Development

2. Phase 2 Block Development

IV. Impact of the external competition environment, regulatory environment and overall operating environment

(I) Regulatory environment

(II) External competitive environment

(III) Overall business environment

I. Information on directors, general managers, associate general managers, associate general managers, and department and branch heads

(I) Information on directors

4. Professional knowledge and independence of directors

II. Remuneration paid to directors, general managers, and deputy general managers in the most recent year

(I) Remuneration to directors and independent directors

III. Status of corporate governance

(I) Functioning of the Board of Directors

(IV) Composition, duties, and operation of the Remuneration Committee

1. Remuneration Committee responsibilities

2. Information on the Remuneration Committee members

3. Operation of the Remuneration Committee

9-1 GHG inventory and assurance for the most recent two years

9-1-1 GHG inventory information

9-1-2 GHG assurance information

9-2 GHG reduction targets, strategies and concrete action plans

(VIII) Implementation of the internal control system

(IX) Material resolutions of a shareholders meeting or a Board of Directors meeting during the most recent fiscal year and up to the date of publication of the annual report

I. Source of share capital

(I) Source of share capital

(II) Share categories

(III) Information related to shelf registration: None

II.List of major shareholders

III.Dividend policy and Implementation

V. Remuneration to employees and directs

Overview of the Company's Operations

I. Description of the business

(I) Scope of business

1. Description of business

2. Weight of business

3. The Company's current products (services)

(2) Development of offshore wind power in Taiwan

II. Analysis of the market and the production and marketing situation

(1) Market analysis

(II) Major uses and manufacturing processes of major products.

VI. Cybersecurity management

2. Cybersecurity Policy

Information security policy

3. Resources Invested in Cybersecurity Management

(II) Major cybersecurity incidents:

VII. Important contracts

Review and Analysis of the Financial Position and Financial Performance and the Risks

II. Financial performance

(I) Comparative analysis of financial performance

(II) Sales volume forecast and the basis thereof, and describe the effect upon the Company's financial operations as well as measures to be taken in response

III. Cash flow analysis

(I) Describe and analyze any cash flow changes during the most recent fiscal year (2025): (consolidated)

(II) Improvement plan for insufficient liquidity: None.

(III) Cash flow analysis for the next year (2026)

IV. Effect upon financial operations of any major capital expenditures during the most recent fiscal year

Special Items to Be Included

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CWP Annual Report 2025