TSE: 2390

EVERSPRING INDUSTRY CO., LTD.

Parent Company Only Financial Statements for the Years Ended December 31, 2025 and 2024 and Independent Auditors’ Report

Address: 3F., No. 50, Sec. 1, Zhonghua Rd., Tucheng Dist., New Taipei City
Phone: (02)2260-6868

§Contents§

I	T	A	NOTES
1. Cover		1	-
2. Contents		2	-
3. Independent Auditors' Report		3 ~ 6	-
4. Parent Company Only Balance Sheets		7	-
5. Parent Company Only Statements of Comprehensive Income		8 ~ 9	-
6. Parent Company Only Statements of Changes in Equity		10	-
7. Parent Company Only Statements of Cash Flows		11 ~ 12	-
8. Notes to Parent Company Only Financial Statements
(1)	Company History	13	1
(2)	The Authorization of Financial Statements	13	2
(3)	Application of New and Revised International Financial Reporting Standards	13 ~ 16	3
(4)	Summary of Significant Accounting Policies	16 ~ 28	4
(5)	Critical Accounting Judgments and Key Sources of Estimation and Uncertainty	28 ~ 29	5
(6)	Explanation of Major Accounting Items	29 ~ 53	6 ~ 27
(7)	Related-party Transactions	54 ~ 56	28
(8)	Pledged Assets	56	29
(9)	Significant Contingent Liabilities and Unrecognized Commitments	56	30
(10)	Other	56 ~ 57	31, 32
(11)	Supplementary Disclosures
	1. Information on Significant Transactions	58 ~ 61	33
	2. Information on Reinvestment Business	58, 62	33
	3. Information on Investments in Mainland China	58, 63 ~ 64	33
9. Table of Major Accounting Items		65 ~ 73	-

INDEPENDENT AUDITORS' REPORT

The Board of Directors and Shareholders
EVERSPRINGINDUSTRY CO., LTD

Opinion

We have audited the accompanying parent company only financial statements of EVERYSPRING INDUSTRY CO., LTD. (the “Company”), which comprise the parent company only balance sheets as of December 31, 2025 and 2024, and the parent company only statements of comprehensive income, changes in equity and cash flows for the years then ended, and the notes to the parent company only financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying parent company only financial statements present fairly, in all material respects, the accompanying parent company only financial position of the Company as of December 31, 2025 and 2024, and its parent company only financial performance and its parent company only cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.

Basis for Opinion

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

Key Audit Matters

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

Key audit maters for the Company's parent company only financial statements for the year ended December 31, 2025 are stated as follows:

Recognition of sales revenue

Based on the audit regulations over income preset recognition, there are significant audit risks. EVERSPRING INDUSTRY CO., LTD. is continuing actively to promote the sale of smart home safety control systems, smart lighting fixtures and smart sensors, etc., which export way mainly carried out in the form of triangular trade, and the authenticity of sales revenue has significant impact on the consolidated financial statements, therefore, these sales revenue are listed as key audit items.

In response to the above key audit items, we perform the main inspection procedures as follows:

To understand, evaluate and test the effectiveness of the design and implementation of the internal control system related to income recognition.
To obtain the sales revenue details of smart home safety control systems, smart lighting fixtures and smart sensors for the year 2025, and check the original orders, shipping orders, export declaration, invoices and other related documents of the related transactions, and compare them with the entered amount, to check and confirm the authenticity of income.

Other Matters

In addition, the financial statements of Medigen Biotechnology Corporation were included in the open financial statements. The financial statements of the investee company Medigen Biotechnology Corporation were checked by the equity method in the Republic of China in 2025 and 2024 by other accountants. Therefore, the accountant indicated his opinion that the investments of these investee companies using the equity method and their investment gains and losses are recognized based on the audit reports of other accountants. The amount of investment in these investee companies accounted for using equity method as of December 31, 2025 and 2024 was NT$393,793 thousand and NT$397,088 thousand, respectively, which accounted for 16% and 16% of the total assets, respectively. The share of affiliated companies income accounted for using equity method recognized by these investee companies were losses of NT$11,065 thousand and NT$20,826 thousand, respectively, accounting for 39.9% and 9.48% of the net income loss before tax.

Responsibilities of Management and Those Charged with Governance for the Parent Company Only Financial Statements

Management is responsible for the preparation and fair presentation of the parent company only financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and for such internal control as management determines is necessary to enable the preparation of parent company only financial statements that are free from material misstatement, whether due to fraud or error.

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

Those charged with governance (including members of the Audit Committee) are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Parent Company Only Financial Statements

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

As part of an audit in accordance with auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the parent company only financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the parent company only financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
5 -

Evaluate the overall presentation, structure and content of the parent company only financial statements, including the disclosures, and whether the parent company only financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the investment in other entities accounted for using the equity method to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the audit. We remain solely responsible for our audit opinion.

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

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

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the parent company only financial statements for the year ended December 31, 2025 and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partners on the audit resulting in this independent auditors' report are Yi-Zhen Lu and Yi-Hua Peng.

DELOITTE & TOUCHE TAIPEI, TAIWAN
Republic of China

Yi-Zhen Lu

FSAC Approval Number:No.
Financial-Supervisory-Securities-Auditing-1080321204

Yi-Hua Peng

FSAC Approval Number:No.
Financial-Supervisory-Securities-Auditing-1130349292

March 25, 2026

EVERSPRING INDUSTRY CO., LTD.
Parent Company Only Balance Sheets
December 31, 2025 and 2024
(In Thousands of New Taiwan Dollars)

Code	A	t	s	December 31, 2025			December 31, 2024
				A	m	o	u	n	t
	Current assets
1100	Cash and cash equivalents ( Note 6 )	$	202,795	8	$	211,003	8
1110	Financial assets measured at fair value through profit or loss-current ( Note 7 and 27 )	296,803	12	368,991	15
1172	Accounts receivable ( Note 9, 21 and 28 )	44,774	2	54,419	2
1200	Other receivables ( Note 9 and 28 )	365	-	433	-
130X	Inventories ( Note 10 )	14,354	1	7,623	-
1479	Other current assets ( Note 15 and 28 )	7,030	-	7,906	-
11XX	Total current assets	566,121	23	650,375	25
	Non-current assets
1510	Financial assets measured at fair value through profit or loss-non-current ( Note 7 and 27 )	2,832	-	3,714	-
1517	Financial assets measured at fair value through other comprehensive income-non-current ( Note 8 and 27 )	64,075	3	80,705	3
1550	Investments accounted for using equity method ( Note 11 )	1,465,519	60	1,449,189	57
1600	Property, plant and equipment ( Note 12 and 29 )	146,840	6	150,278	6
1755	Right-of-use assets. (Note 13)	697	-	837	-
1760	Net investment property ( Note 14 and 29 )	207,714	8	212,773	9
1840	Deferred tax assets ( Note 23 )	1,547	-	1,352	-
1821	Other intangible assets	2,133	-	2,094	-
1920	Refundable deposits	95	-	126	-
1990	Other non-current assets ( Note 15 )	17	-	29	-
15XX	Total non-current assets	1,891,469	77	1,901,097	75
1XXX	Total assets	$ 2,457,590	100	$ 2,551,472	100
Code	Liabilities and Equity
	Current liabilities
2100	Short-term borrowings ( Note 16 and 29 )	$ 70,000	3	$ 120,000	5
2130	Contract liabilities-current ( Note 21 )	6,314	-	11,449	-
2170	Accounts payable ( Note 17 and 28 )	20,027	1	29,637	1
2280	Current lease liabilities (Note 13)	136	-	134	-
2219	Other payables ( Note 18 and 28 )	34,758	2	42,112	2
2399	Other current liabilities	10	-	-	-
21XX	Total current liabilities	131,245	6	203,332	8
	Non-current liabilities
2580	Non-current lease liabilities (Note 13)	575	-	711	-
2645	Guarantee deposits received ( Note 18 )	3,282	-	2,650	-
2570	Deferred tax liabilities ( Note 23 )	-	-	144	-
25XX	Total non-current liabilities	3,857	-	3,505	-
2XXX	Total liabilities	135,102	6	206,837	8
	Equity ( Note 20 )
	Share capital
3110	Common stock	1,926,194	78	1,926,194	75
3200	Capital surplus	616,926	25	601,234	24
	Retained earnings
3310	Legal reserve	120,407	5	120,407	5
3320	Special reserve	45,041	2	45,041	2
3350	Accumulated deficit	( 341,419 )	( 14 )	( 315,000 )	( 13 )
3300	Total retained earnings	( 175,971 )	( 7 )	( 149,552 )	( 6 )
	Other equity
3410	Exchange differences on translation of foreign financial statements	( 4,390 )	-	( 5,469 )	-
3420	Unrealized gains or losses on financial assets measured at fair value through other comprehensive income	( 40,271 )	( 2 )	( 27,772 )	( 1 )
3400	Total other equity	( 44,661 )	( 2 )	( 33,241 )	( 1 )
3XXX	Total equity	2,322,488	94	2,344,635	92
	Total liabilities and equity	$ 2,457,590	100	$ 2,551,472	100

The accompanying notes are an integral part of the parent company only financial statements.
(Please refer to the audit report of the Deloitte & Touche on Mar 25, 2026)

Chairman: Chang Tse-Ling
Manager: Lu Li-Zhu
Accounting Supervisor: Li Hsiu-Ting

(In Thousands of New Taiwan Dollars)

(Except Loss Per Share)

EVERSPRING INDUSTRY CO., LTD.
Parent Company Only Statements of Comprehensive Income
From January 1 to December 31, 2025 and 2024

Code		2025		2024
		Amount	%	Amount	%
	Operating income (Note 21 and 28)
4100	Sales revenue	$ 168,081	84	$ 200,455	83
4800	Other operating income	31,565	16	41,961	17
4000	Total operating income	199,646	100	242,416	100
	Operating costs (Note 10, 22 and 28)
5110	Cost of sales	134,356	67	156,365	65
5800	Other operating costs	25,300	13	30,057	12
5000	Total operating costs	159,656	80	186,422	77
5900	Gross profit	39,990	20	55,994	23
5910	Unrealized profits from sales	( 2,535 )	( 1 )	( 3,194 )	( 1 )
5920	Realized profits from sales	3,194	1	2,026	1
5950	Realized gross profit	40,649	20	54,826	23
	Operating expenses (Note 22)
6100	Marketing expenses	23,279	12	20,905	9
6200	Administrative expenses	35,924	18	35,255	15
6300	R&D expenses	48,842	24	49,380	20
6450	Expected credit loss (Reversal of Impairment Loss)	( 66 )	-	235	-
6000	Total operating expenses	107,979	54	105,775	44
6900	Net operating losses	( 67,330 )	( 34 )	( 50,949 )	( 21 )
	Non-operating income and expenses
7100	Interest income (Note 22)	3,266	2	3,067	1
7010	Other income (Note 22 and 28)	21,048	10	20,143	9
7020	Other gains and losses (Note 22)	3,957	2	( 191,505 )	( 79 )

(To be continued on the next page)

( Continued from the previous page )

Code		2025			2024
		A m o u n t	%		A m o u n t	%
7060	Share of profit or loss of Subsidiary & associates accounted for using equity method	$ 11,531	6	( $ 189 )	-
7050	Financial costs ( Note 22 )	( 215 )	-	( 287 )	-
7000	Total non-operating income and expenses	39,587	20	( 168,771 )	( 69 )
7900	Profit (Loss) before tax for the period	( 27,743 )	( 14 )	( 219,720 )	( 90 )
7950	Income tax profit (expenses) (Note 23)	339	-	( 21,664 )	( 9 )
8200	Net profit (loss) for the period	( 27,404 )	( 14 )	( 241,384 )	( 99 )
	Other comprehensive income
8310	Items that will not be reclassified to profit or loss
8316	Unrealized gains or losses on equity investments measured at fair value through other comprehensive income	( 7,740 )	( 4 )	( 9,998 )	( 4 )
8320	Share of other comprehensive income, of Subsidiary & associates accounted for using equity method	985	1	1,349	-
8360	Item that may be reclassified subsequently to profit or loss
8361	Exchange differences on translation of foreign financial statements	1,079	1	3,567	1
8367	Unrealized gains or losses on Debt Investment measured at fair value through other comprehensive income	493	-	( 735 )	-
8370	Share of affiliates other comprehensive income accounted for using equity method	( 5,252 )	( 3 )	1,241	1
8300	Total other comprehensive income, net of tax	( 10,435 )	( 5 )	( 4,576 )	( 2 )
8500	Total comprehensive income	( $ 37,839 )	( 19 )	( $ 245,960 )	( 101 )
	Loss per share ( Note 24 )
9710	Basic	( $ 0.14 )		( $ 1.25 )

The accompanying notes are an integral part of the parent company only financial statements. (Please refer to the audit report of the Deloitte & Touche on Mar 25, 2026)

Chairman: Chang Tse-Ling

Manager: Lu Li-Zhu

Accounting Supervisor: Li Hsiu-Ting

(In Thousands of New Taiwan Dollars)

EVERSPRING INDUSTRY CO., LTD.

Parent Company Only Statements of Changes in Equity
From January 1 to December 31, 2025 and 2024

Code		Share capital		R e t a i n e d e a r n i n g s				O t h e r e q u i t y
		Common stock	Capital surplus	Legal reserve	Special reserve	Unappropriated retained earnings	Exchange differences on translation of foreign financial statements	Unrealized gains or losses on financial assets measured at fair value through other comprehensive income	Total equity
A1	Balance at January 1, 2024	$ 1,926,194	$ 581,418	$ 120,407	$ 45,041	($ 74,965)	($ 8,764)	($ 18,280)	$ 2,571,051
C7	Changes in other capital surplus: Changes in affiliates accounted for using equity method	-	19,816	-	-	-	-	-	19,816
D1	Net income 2024	-	-	-	-	( 241,384)	-	-	( 241,384)
D3	Other comprehensive income, net of tax 2024	-	-	-	-	1,349	3,567	( 9,492)	( 4,576)
D5	Total comprehensive income 2024	-	-	-	-	( 240,035)	3,567	( 9,492)	( 245,960)
M3	Disposal Subsidiary	-	-	-	-	-	( 272)	-	( 272)
Z1	Balance at December 31, 2024	1,926,194	601,234	120,407	45,041	( 315,000)	( 5,469)	( 27,772)	2,344,635
C7	Changes in other capital surplus: Changes in affiliates accounted for using equity method	-	15,692	-	-	-	-	-	15,692
D1	Net loss 2025	-	-	-	-	( 27,404)	-	-	( 27,404)
D3	Other comprehensive income, net of tax 2025	-	-	-	-	985	1,079	( 12,499)	( 10,435)
D5	Total comprehensive income 2025	-	-	-	-	( 26,419)	1,079	( 12,499)	( 37,839)
Z1	Balance at December 31, 2025	$ 1,926,194	$ 616,926	$ 120,407	$ 45,041	($ 341,419)	($ 4,390)	($ 40,271)	$ 2,322,488

The accompanying notes are an integral part of the parent company only financial statements.
(Please refer to the audit report of the Deloitte & Touche on Mar 25, 2026)

Chairman: Chang Tse-Ling

Manager: Lu Li-Zhu

Accounting Supervisor: Li Hsiu-Ting

EVERSPRING INDUSTRY CO., LTD.
Parent Company Only Statements of Cash Flows
From January 1 to December 31, 2025 and 2024
(In Thousands of New Taiwan Dollars)

C o d e		2025	2024
	Net cash flows from operating activities
A10000	Net profit (loss) before tax for the current period	($ 27,743)	($ 219,720)
A20010	Income and expense items that do not affect cash flows:
A20100	Depreciation expenses	13,401	12,594
A20200	Amortization expenses	294	307
A20300	Reversal of expected credit Losses	( 66)	235
A20400	Net profit (losses) on financial assets measured at fair value through profit or loss	( 14,260)	199,990
A20900	Financial costs	215	287
A21200	Interest income	( 3,266)	( 3,067)
A21300	Dividend income	( 608)	( 596)
A22300	Share of subsidiaries and affiliates losses accounted for using equity method	( 11,531)	189
A22500	Loss on disposal of property, plant and equipment	-	37
A22700	Gains on disposal of investment property	-	( 1,860)
A22800	Loss on disposal of intangible assets	-	123
A22900	Gains on disposal of Subsidiary	-	( 166)
A23100	Loss on disposal of investments	955	( 9,820)
A23700	(Reversal of) Loss on inventory valuation and obsolescence	( 94)	41
A23900	Unrealized profits on intercompany sales	2,535	3,194
A24000	Realized profits on intercompany sales	( 3,194)	( 2,026)
A30000	Net changes in operating assets and liabilities
A31130	Notes receivable	-	2,078
A31150	Accounts receivable	9,711	( 9,705)
A31180	Other receivables	74	470
A31200	Inventories	( 6,637)	3,974
A31240	Other current assets	876	139
A32125	Contract liabilities	( 5,135)	3,074
A32150	Accounts payable	( 7,947)	4,967
A32160	Accounts payable-related parties	( 1,663)	1,542
A32180	Other payables	( 7,383)	( 20,180)
A32230	Other current liabilities	10	-
A33000	Cash used in operations	( 61,456)	( 33,899)

(To be continued on the next page)

11 -

(Continued from the previous page)

Code		2025	2024
A33300	Interest paid	($ 223)	($ 290)
A33500	Income tax paid	-	(13,518)
AAAA	Net cash outflow from operating activities	(61,679)	(47,707)
Cash flows from investing activities
B00010	Acquisition of financial assets measured at fair value through other comprehensive income	-	(9,426)
B00020	Disposal of financial assets measured at fair value through other comprehensive income	8,852	-
B00100	Acquisition of financial assets measured at fair value through profit or loss	-	(231,409)
B00200	Disposal of financial assets measured at fair value through profit or loss	86,943	166,713
B02700	Acquisition of property, plant and equipment	(4,764)	(1,177)
B02300	Net cash inflow from disposal of subsidiary	-	4,869
B03800	Decrease in refundable deposits	31	2,491
B04500	Acquisition of intangible assets	(321)	(167)
B05500	Disposal of investment property	-	2,742
B06800	Decrease in other non-current assets	-	12
B07500	Interests received	3,260	3,067
B07600	Dividends received	608	596
B07700	Dividends from subsidiaries, affiliates and joint ventures received	8,364	3,689
BBBB	Net cash inflow (outflow) from investing activities	102,973	(58,000)
Cash flow from financing activities
C00100	Increase in short-term borrowings	-	70,000
C00200	Decrease in short-term borrowings	(50,000)	-
C01700	Repayment of long-term loans	-	(12,415)
C04020	Repayment of lease liabilities	(134)	(131)
C03000	Increase in guarantee deposits received	632	-
C03100	Decrease in guarantee deposits received	-	(515)
CCCC	Net cash outflow from financing activities	(49,502)	56,939
EEEE	Net decrease in cash and cash equivalents	(8,208)	(48,768)
E00100	Cash and cash equivalents at beginning of year	211,003	259,771
E00200	Cash and cash equivalents at the end of year	$ 202,795	$ 211,003

The accompanying notes are an integral part of the parent company only financial statements. (Please refer to the audit report of the Deloitte & Touche on Mar 25, 2026)

Chairman: Chang Tse-Ling

Manager: Lu Li-Zhu

Accounting Supervisor: Li Hsiu-Ting

EVERSPRING INDUSTRY CO., LTD.
Notes to Parent Company Only Financial Statements
From January 1 to December 31, 2025 and 2024
(Expressed in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Company History
Everspring Industry Co., Ltd. (the “Company” or “EVERSPRING”), a Republic of China (R.O.C.) corporation, was incorporated in New Taipei City on April, 1980. The Company started business in April of the same year. The main business is the manufacturing, reprocessing and trading of burglar alarm and other electronic products and parts.
On November 15, 1996, the Company’s shares were traded on the ROC Over-the-Counter Securities Exchange [ROSE]. On June 15, 1999, the Group’s shares were listed on the Taiwan Stock Exchange (TWSE).
This parent company only financial statement is denominated in NT Dollar, the functional currency of the EVERSPRING.
The Authorization of Financial Statements
The accompanying parent company only financial statements were approved and authorized for issue by the Board of Directors on March 12, 2026.
Application of New and Revised International Financial Reporting Standards
(1) Initial application of the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), Interpretations (IFRIC) and Interpretation Announcements (SIC) (hereinafter referred to as “IFRSs”) recognized and issued into effect by the Financial Supervisory Commission (FSC)
Amendments to IAS 21 "Lack of Exchangeability"
The adoption of the amendment to IAS 21, “Lack of Exchangeability” will not result in a significant change to the Company’s accounting policies.

(2) The IFRS Accounting Standards endorsed by the FSC for application starting from 2026.

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

13 -

Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments” –

(1) The amendments to the application guidance of classification of financial assets

The amendments mainly amend the requirements for the classification of financial assets, including:

A. If a financial asset contains a contingent feature that could change the timing or amount of contractual cash flows and the contingent event itself does not relate directly to changes in basic lending risks and costs (e.g., whether the debtor achieves a contractually specified reduction in carbon emissions), the financial asset has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding if, and only if:

In all possible scenarios (before and after the occurrence of a contingent event), the contractual cash flows are solely payments of principal and interest on the principal amount outstanding; and
In all possible scenarios, the contractual cash flows would not be significantly different from the contractual cash flows on a financial instrument with identical contractual terms, but without such a contingent feature.

B. To clarify that a financial asset has non-recourse features if an entity's ultimate right to receive cash flows is contractually limited to the cash flows generated by specified assets.

C. To clarify that the characteristics of contractually linked instruments include a prioritization of payments to the holders of financial assets using multiple contractually linked instruments (tranches) established through a waterfall payment structure, resulting in concentrations of credit risk and a disproportionate allocation of cash shortfalls from the underlying pool between the tranches.

As of the date the parent company only financial statements were authorized for issue, the Company has assessed that other standards and interpretations will not have significant impact on its financial position and financial performance.

(3) IFRSs New IFRSs issued but not yet endorsed and issued into effect by the FSC

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

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

Note 2: On September 25, 2025, the FSC announced that companies in Taiwan shall apply IFRS 18 starting January 1, 2028, and may elect early application after IFRS 18 is endorsed by the FSC.

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

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

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

In addition, IAS 7 “Statement of Cash Flows” has been consequentially amended as follows:

When the Company prepares cash flows from operating activities using the indirect method, operating profit or loss shall be used as the starting point for the reconciliation.
Dividends and interest received by the Company shall be classified as investing activities, while dividends and interest paid shall be classified as financing activities. If, upon assessment, the consolidated company has specified main business activities, it shall consider the categories in which dividend income, interest income, and interest expense are presented in the statement of profit or loss in determining the classification of dividends received, interest received, and interest paid in the statement of cash flows. However, each of the above cash flows may be classified in only one single category in the statement of cash flows.
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As of the date of the parent company only financial statements were authorized for issue, the Company is continuously assessing the possible impact that the application of the above standards and interpretations will have on its financial position and financial performance and will disclose the relevant impact when the assessment is completed.

4. Summary of Significant Accounting Policies

(1) Statement of compliance

The financial statements have been prepared in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers (the "Accounting Standards Used in Preparation of the Parent Company Only Financial Statements").

(2) Basis of preparation

The financial statements have been prepared on the historical cost basis except for financial instruments that are measured at fair values.

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

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

When preparing the financial statements, the Company's investments in subsidiaries and associates are accounted for using the equity method. In order to agree with the amount of net income, other comprehensive income and equity attributable to shareholders of the parent in the financial statements, the differences of the accounting treatment between the individual basis and the consolidated basis are adjusted under the heading of investments accounted for using equity method, share of subsidiaries, associates and joint ventures profit or loss and share of subsidiaries, associates and joint ventures other comprehensive income in the parent company only financial statements.

(3) Classification of current and non-current assets and liabilities

Current assets include:

Assets held primarily for the purpose of trading;
Assets expected to be realized within 12 months after the reporting period; and
Cash and cash equivalents unless the asset is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.
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Current liabilities include:

Liabilities held primarily for the purpose of trading;
Liabilities due to be settled within 12 months after the reporting period and
Liabilities for which the Group does not have an unconditional right to defer settlement for at least 12 months after the reporting period.

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

(4) Foreign currencies

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

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

Non-monetary items measured at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Exchange differences arising from the retranslation of non-monetary items are included in profit or loss for the period except for exchange differences arising from the retranslation of non-monetary items in respect of which gains and losses are recognized directly in other comprehensive income; in which cases, the exchange differences are also recognized directly in other comprehensive income.

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

For the purposes of presenting consolidated financial statements, the assets and liabilities of the Company's foreign operations (including of the subsidiaries and associates in other countries with currencies used different from the Company) are translated into New Taiwan dollars using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising are recognized in other comprehensive income.

On the disposal of a foreign operation (i.e. a disposal of the Company's entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, or a disposal involving loss of significant influence over an associate that includes a foreign operation), all of the exchange differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss.

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In relation to a partial disposal of a subsidiary that does not result in the Company losing control over the subsidiary, the proportionate share of accumulated exchange differences are re-attributed to non-controlling interests of the subsidiary and are not recognized in profit or loss. For all other partial disposals, the proportionate share of the accumulated exchange differences recognized in other comprehensive income is reclassified to profit or loss.

(5) Inventories

Inventories consist of raw materials, supplies, finished goods and work-in-process and are stated at the lower of cost or net realizable value. Inventory write-downs are made by item, except where it may be appropriate to Company similar or related items. Net realizable value is the estimated selling price of inventories less all estimated costs of completion and costs necessary to make the sale. Inventories are recorded at weighted-average cost on the balance sheet date.

(6) Investments in subsidiaries

The investments in subsidiaries of the Company are accounted for using the equity method.

A subsidiary is an entity that is controlled by the Company.

Under the equity method, investments in subsidiaries are initially recognized at cost and adjusted thereafter to recognize the Company's share of the profit or loss and other comprehensive income of those subsidiaries. The Company also recognizes the changes in the Company's share of the equity of subsidiaries.

Changes in the Company's ownership interest in a subsidiary that do not result in the Company losing control of the subsidiary are equity transactions. The Company recognizes directly in equity any difference between the carrying amount of such investments and the fair value of the consideration paid or received.

Any excess of the cost of an acquisition over the Company's share of the net fair value of the identifiable assets and liabilities of a subsidiary at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment and is not amortized. Any excess of the Company's share of the net fair value of the identifiable assets and liabilities over the cost of the acquisition is recognized immediately in profit or loss. When the Company acquires a subsidiary that does not constitute a business, the Company appropriately allocates the cost of acquisition to the Company's share of the amounts of the identifiable assets acquired (including intangible assets) and liabilities assumed, and the transaction does not give rise to goodwill nor gains.

The Company assesses its investment for any impairment by comparing the carrying amount with the estimated recoverable amount as assessed based on the entire financial statements of the invested company. Impairment loss is recognized when the carrying amount exceeds the recoverable amount. If the recoverable amount of the investment subsequently increases, the Company recognizes reversal of the impairment loss; the adjusted post-reversal carrying amount should not exceed the carrying amount that would have been recognized (net of amortization

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or depreciation) had no impairment loss been recognized in prior years. An impairment loss recognized on goodwill cannot be reversed in a subsequent period.

When the Company loses control of a subsidiary, it recognizes the investment retained in the former subsidiary at its fair value at the date when control is lost. The difference between the fair value of the retained investment plus any consideration received and the carrying amount of the previous investment at the date when control is lost is recognized as a gain or loss in profit or loss. Besides, the Company accounts for all amounts previously recognized in other comprehensive income in relation to that subsidiary on the same basis as would be required if the Company had directly disposed of the related assets or liabilities.

Profits or losses resulting from downstream transactions are eliminated in full in the individual financial statements. Profits and losses resulting from upstream transactions and transactions between subsidiaries are recognized in the individual financial statements only to the extent of interests in the subsidiaries that are not related to the Company.

(7) Investments in associates

An associate is an entity over which the Company has significant influence and which is neither a subsidiary nor an interest in a joint venture. The investments in associates of the Company are accounted for using the equity method.

Under the equity method, an investment in an associate is initially recognized at cost and adjusted thereafter to recognize the Company's share of the profit or loss and other comprehensive income of the associate. The Company also recognizes the changes in the Company's share of equity of associates.

Any excess of the cost of acquisition over the Company's share of the net fair value of the identifiable assets and liabilities of an associate recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment and is not amortized. Any excess of the Company's share of the net fair value of the identifiable assets and liabilities over the cost of acquisition, after reassessment, is recognized immediately in profit or loss.

When the Company subscribes for additional new shares of the associate, at a percentage different from its existing ownership percentage, the resulting carrying amount of the investment differs from the amount of the Company's proportionate interest in the associate. The Company records such a difference as an adjustment to investments with the corresponding amount charged or credited to capital surplus - changes in the Company's share of equity of associates. If the Company's ownership interest is reduced due to the additional subscription of the new shares of associate, the proportionate amount of the gains or losses previously recognized in other comprehensive income in relation to that associate is reclassified to profit or loss on the same basis as would be required if the investee had directly disposed of the related assets or liabilities. When the adjustment should be debited to capital surplus, but the capital surplus recognized from investments accounted for by the equity method is insufficient, the shortage is debited to retained earnings.

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When the Company's share of losses of an associate equals or exceeds its interest in that associate (including carrying amount of investments in associates using equity method and other long-term interests of net investment in associates and joint ventures), the Company discontinues recognizing its share of further losses. Additional losses and liabilities are recognized only to the extent that the Company has incurred legal obligations, or constructive obligations, or made payments on behalf of that associate.

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

When the Company entity transacts with its associate, profits and losses resulting from the transactions with the associate are recognized in the individual financial statements to the extent of interests in the associate that are not related to the Company.

(8) Property, plant and equipment

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

Freehold land is not depreciated.

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

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

(9) Investment properties

Investment properties are properties held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment properties also include land held for a currently undetermined future use.

Investment properties are initially measured at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at cost less accumulated depreciation and accumulated impairment loss. Depreciation is recognized using the straight-line method.

On derecognition of an investment property, the difference between the net disposal proceeds and the carrying amount of the asset is included in profit or loss.

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(10) Intangible assets

Intangible assets acquired separately

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

Derecognition of intangible assets

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

(11) Impairment of property, plant and equipment, right-of-use assets, investment property, and intangible assets (excluding goodwill)

At the end of each reporting period, the Company reviews the carrying amounts of Tangible Assets and Intangible Assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually and whenever there is an indication that the assets may be impaired.

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

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

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(12) Financial instruments

Financial assets and financial liabilities are recognized in the parent company only balance sheet when the Company becomes a party to the contractual provisions of the instruments.

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

Financial instruments

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

(1) Measurement categories

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

A. Financial assets at FVTPL

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

Financial assets at FVTPL are subsequently measured at fair value, and any dividends, interest earned and remeasurement gains or losses on such financial assets are recognized in gains on financial assets and liabilities at fair value through profit or loss. Fair value is determined in the manner described in Note 27.

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B. Financial assets at amortized cost

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

a. The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
b. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Subsequent to initial recognition, financial assets at amortized cost, including cash and cash equivalents, trade receivables at amortized cost, are measured at amortized cost, which equals the gross carrying amount determined using the effective interest method less any impairment loss. Exchange differences are recognized in profit or loss.

Interest income is calculated by applying the effective interest rate to the gross carrying amount of such a financial asset, except for:

a. Purchased or originated credit-impaired financial assets, for which interest income is calculated by applying the credit-adjusted effective interest rate to the amortized cost of such financial assets; and
b. Financial assets that are not credit-impaired on purchase or origination but have subsequently become credit-impaired, for which interest income is calculated by applying the effective interest rate to the amortized cost of such financial assets in subsequent reporting periods.

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

C. Investments in equity instruments at FVTOCI

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

Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and

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accumulated in other equity. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments; instead, it will be transferred to retained earnings.

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

D. Investments in liabilities instruments at FVTOCI

Liabilities instruments that meet the following conditions are subsequently FVTOCI:

a. The financial asset is held within a business model whose objective is to sold financial assets in order to collect contractual cash flows; and
b. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Investments in liabilities instruments at FVTOCI are subsequently measured at fair value, carrying amount include interest income, foreign currency exchange gains and losses, and impairment losses or reversal benefits that are recognized with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in other equity. The cumulative gain or loss will be reclassified to disposal of the equity investments.

(2) Impairment of financial assets

The Company recognizes a loss allowance for expected credit losses on financial assets at amortized cost (including trade receivables). And investments lose in liabilities instruments at FVTOCI

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

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

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The Company recognizes an impairment gain or loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account, except for investments in debt instruments that are measured at FVTOCI, for which the loss allowance is recognized in other comprehensive income and does not reduce the carrying amount of such a financial asset.

(3) Derecognition of financial assets

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

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

Equity instruments

Debt and equity instruments issued by a company entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

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

Financial liabilities

(1) Subsequent measurement

All financial liabilities are measured at amortized cost using the effective interest method.

(2) Derecognition of financial liabilities

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

(13) Revenue recognition

The Company identifies contracts with customers, allocates the transaction price to the performance obligations and recognizes revenue when performance obligations are satisfied.

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Sales are customers obtain control of the promised goods which is generally when the goods are delivered to the customers' specified locations.

Revenue from sale of goods is measured at the fair value of the consideration received or receivable.

(14) Leases

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

The Company as lessor

Leases are classified as finance leases whenever the terms of a lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Lease payments (less any lease incentives payable) from operating leases are recognized as income on a straight-line basis over the terms of the relevant leases. Initial direct costs incurred in obtaining operating leases are added to the carrying amounts of the underlying assets and recognized as expenses on a straight-line basis over the lease terms.

The Company as lessee

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

Right-of-use assets are initially measured at cost, which comprises the initial measurement of lease liabilities adjusted for lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs needed to restore the underlying assets, and less any lease incentives received. Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses and adjusted for any remeasurement of the lease liabilities. Right-of-use assets are presented on a separate line in the individual financial statements.

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

Lease liabilities are initially measured at the present value of the lease payments, which comprise fixed payments, in-substance fixed payments, variable lease payments which depend on an index or a rate, residual value guarantees, the exercise price of a purchase option if the Company is reasonably certain to exercise that option, and payments of penalties for terminating a lease if the lease term reflects such termination, less any lease incentives receivable. The lease payments are discounted using the interest rate implicit in a lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses the lessee's incremental borrowing rate.

Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with interest expense recognized over the lease

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terms. When there is a change in a lease term, a change in the amounts expected to be payable under a residual value guarantee, a change in the assessment of an option to purchase an underlying asset, or a change in future lease payments resulting from a change in an index or a rate used to determine those payments, the Company remeasures the lease liabilities with a corresponding adjustment to the right-of-use-assets. However, if the carrying amount of the right-of-use assets is reduced to zero, any remaining amount of the remeasurement is recognized in profit or loss. Lease liabilities are presented on a separate line in the individual balance sheets.

Variable lease payments that do not depend on an index or a rate are recognized as expenses in the periods in which they are incurred.

(15) Employee benefits

Short-term employee benefits

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

Retirement benefits

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

Defined benefit costs (including service cost, net interest and remeasurement) under defined benefit retirement benefit plans are determined using the projected unit credit method. Service cost and net interest on the net defined benefit liabilities are recognized as employee benefits expense in the period in which they occur. Remeasurement, comprising actuarial gains and losses and the return on plan assets (excluding interest), is recognized in other comprehensive income in the period in which it occurs. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss.

Net defined benefit liability represents the actual deficit in the Company's defined benefit plan.

(16) Taxation

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

Current tax

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

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

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Deferred tax

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

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

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

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

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

Current and deferred taxes for the year

Current and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity; in which case, the current and deferred taxes are also recognized in other comprehensive income or directly in equity, respectively.

Critical Accounting Judgements and Key Sources of Estimation and Uncertainty

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

When developing material accounting estimates, the Company considers the possible impact of US retaliatory tariffs on the cash flow projection, growth rate, discount rate, profitability, and other relevant material estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. For the summary of critical accounting judgments and key sources of estimation uncertainty, refer to the consolidated financial statements.

Critical Accounting Judgements

N/A

Key Sources of Estimation and Uncertainty

N/A

6. Cash and cash equivalents

	December 31, 2025	December 31, 2024
Cash on hand	$ 280	$ 183
Checking accounts and cash in banks	177,371	197,706
Cash Equivalents
Bank time deposit with maturity date within 3 months	25,144	13,114
	$ 202,795	$ 211,003

The market interest rate ranges for bank deposits and time deposits of the reporting period were as follows:

	December 31, 2025	December 31, 2024
Demand deposit	0.005%~0.705%	0.002%~0.95%
Time deposit	3.55%~3.77%	4.15%

7. Financial instruments at fair value through profit or loss

	December 31, 2025	December 31, 2024
Financial assets-current
Mandatorily measured at FVTPL
Non-derivative financial assets
— Domestic listed shares	$ 274,721	$ 285,108
— Foreign listed shares	21,738	2,688
— Foreign unlisted shares	344	344
— Mutual funds	-	80,851
	$ 296,803	$ 368,991
Financial assets-non-current
Mandatorily measured at FVTPL
Non-derivative financial assets
— Mutual funds	$ 2,832	$ 3,714

(1) As December 31, 2025 and 2024, the Company acquired shares and mutual funds amounting to $0 thousand and $231,409 thousand, which were current financial assets mandatorily measured at air value through profit or loss. In addition, the Company sold $87,330 thousand and $156,893 thousand of shares for the year 2025 and 2024, and investment gains of $86,943 thousand and $166,713 thousand was generated from the proceeds of disposals of ($387) thousand and $9,820 thousand.

(2) As December 31, 2025 and 2024, the gains (losses) on financial assets measured at fair value through profit or loss was $14,260 thousand and ($199,990) thousand, respectively.

Financial assets measured at fair value through other comprehensive income

	December 31, 2025	December 31, 2024
Non-current
Investment in equity instruments	$ 31,577	$ 39,317
Investment in debt instruments	32,498	41,388
	$ 64,075	$ 80,705
(1) Investment in equity instruments
	December 31, 2025	December 31, 2024
Non-current
Domestic investments
Unlisted shares	$ 9,224	$ 12,665
Foreign investments
Foreign funds	22,353	26,652
	$ 31,577	$ 39,317
(2) Investment in debt instruments
	December 31, 2025	December 31, 2024
Non-current
Foreign investments
Foreign bonds	$ 32,498	$ 41,388

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

The Company sold $9,420 thousand of foreign bonds for the year 2025, and $8,852 thousand was generated from the proceeds of disposals; total ($568) thousand was reclassified from other comprehensive income to profit or loss.

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Accounts receivable and other receivables

	December 31, 2025	December 31, 2024
Accounts receivable
At amortized cost
Total carrying amount – non-related parties	$ 41,698	$ 50,269
Total carrying amount – related parties	3,251	4,391
Less: Loss allowance	( 175 )	( 241 )
	$ 44,774	$ 54,419
Other receivables
At amortized cost
Total carrying amount – non-related parties	$ 309	$ 387
Total carrying amount – related parties	56	46
	$ 365	$ 433

The Company measures the loss allowance for trade receivables at an amount equal to lifetime ECLs. The expected credit losses on trade receivables are estimated using a provision matrix by reference to the past default experience with the respective debtors and an analysis of the debtors' current financial positions, industrial economic atmosphere, and consider the industrial prospect. As the Company's historical credit loss experience does not show significantly different loss patterns for different customer segments, the loss allowance based on the past due status of receivables is not further distinguished according to different segments of the Company's customer base.

If there was any evidence shows that the counter-party is in serious financial difficulty and the Company cannot reasonably expect to recover the amount, such as the counterparty is under liquidation, the Company would directly write off the related accounts receivable but will continue the recovery activities, and the recovered amount will be recognized in profit or loss.

The following table details the loss allowance of note receivables, trade receivables and overdue receivables:

December 31, 2025

	Not past due	Less than 90 Days	91 to 180 Days	181 to 330 Days	More than 330 Days	Total
Expected credit loss rate	0%	0.04%~0.16%	0.04%~1.56%	1.89%~4.30%	100%
Total carrying amount Loss allowance(lifetime ECLs)	-	( 4 )	-	-	( 171 )	( 175 )
Amortized cost	$ 39,795	$ 4,979	$ -	$ -	$ -	$ 44,774

December 31, 2024

	Not past due	Less than 90 Days	91 to 180 Days	181 to 330 Days	More than 330 Days	Total
Expected credit loss rate	0.03%	0.13%~3.93%	3.19%~3.4%	2.63%~3.49%	3.19%~100%
Total carrying amount	$ 46,791	$ 6,720	$ -	$ 979	$ 170	$ 54,660
Loss allowance(lifetime ECLs)	( 13 )	( 28 )	-	( 30 )	( 170 )	( 241 )
Amortized cost	$ 46,778	$ 6,692	$ -	$ 949	$ -	$ 54,419

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

	2025	2024
Balance at January 1	$ 241	$ 6
Add: Provision of impairment loss	-	235
Less: Turning loss	( 66 )	-
Balance at December 31	$ 175	$ 241

Inventories

	December 31, 2025	December 31, 2024
Finished goods	$ 3,445	$ 2,349
Raw materials and spare parts	2,221	158
	5,666	2,507
Overhead used in constructions	8,688	5,116
	$ 14,354	$ 7,623

The allowance for inventory valuation losses for the years ended December 31, 2025 and 2024 was $7,469 thousand and $7,563 thousand, respectively.

The cost of inventories recognized as cost of goods sold for the year ended December 31, 2025 and 2024 included reversal of inventory write-downs of ($94) thousand and $41 thousand, respectively.

The cost of inventories recognized as cost of goods sold for the years ended December 31, 2025 and 2024 was $134,356 thousand and $156,365 thousand, respectively.

Details of some construction land provided to financial institutions as collateral for loans, refer to Note.29

Investments accounted for using equity method

	December 31, 2025	December 31, 2024
Subsidiaries	$ 1,071,726	$ 1,052,101
Associates	393,793	397,088
	$ 1,465,519	$ 1,449,189

(1) Investments in subsidiaries

	December 31, 2025	December 31, 2024
Unlisted companies
EVERSPRING INDUSTRY (S)
PTE LTD. (“(S)
EVERSPRING”)	$ 109,372	$ 99,145
Worldtrend Security Co. Ltd.
(“Worldtrend Security”)	342,296	327,333
Tung Sheng Development Corporation (“Tung
Sheng”)	620,058	625,623
	$ 1,071,726	$ 1,052,101

The following table shows the Company's proportion of ownership and voting right of associates at the end of the reporting date:

	December 31, 2025	December 31, 2024
(S) EVERSPRING	100%	100%
Worldtrend Security	100%	100%
Tung Sheng	97%	97%

The Company passed a resolution at the shareholders' meeting to dissolve and liquidate EVERSPRING TECH USA, INC. on June 25, 2024, and the liquidation was completed on July 31, 2024.

The financial statements of other subsidiaries have been reviewed. The management agrees that there is no material impact for the above-mentioned subsidiaries whose financial statements were not review by auditors.

(2) Investments in associates

	December 31, 2025	December 31, 2024
Material associates
Medigen Biotechnology Corporation (“Medigen Biotechnology”)	$ 393,793	$ 397,088

Material associates

Name of associate	% of ownership and voting rights held by the Company
	December 31, 2025	December 31, 2024
Medigen Biotechnology Corporation	10.17%	10.17%

Refer to Table 4 "Information on Investees" for the nature of activities, principal place of business and country of incorporation of the associates.

Medigen Biotechnology is listed as an associated company because the Company has significant impact on it by holding majority of its shares taking two seats of directors.

Share of associates profit or loss and other comprehensive income accounted for using equity method was recognized based on the financial statements of each associate that have been audited by accountants for the same period.

Investments in associates at fair value (Level 1) with available quoted market price are summarized as follows:

Name of associate	December 31, 2025	December 31, 2024
Medigen Biotechnology Corporation	$ 459,051	$ 459,051

All the associates are accounted for using equity method.

The following financial information of each associated company was summarized based on the preparation basis of the IFRSs financial statements and was adjusted for adopting the equity method

Medigen Biotechnology Corporation (parent company only financial statements)

	December 31, 2025	December 31, 2024
Current assets	$ 316,807	$ 246,154
Non-current assets	1,809,645	2,046,028
Current liabilities	( 190,474 )	( 338,221 )
Non-current liabilities	( 386,482 )	( 372,071 )
Equity	$ 1,549,496	$ 1,581,890
Proportion of the Company's ownership	10.17%	10.17%
Equity attributable to the Company	$ 157,583	$ 160,878
Accumulated impairment loss	( 40,426 )	( 40,426 )
Goodwill	329,770	329,770
Other adjustments	( 53,134 )	( 53,134 )
Carrying amount	$ 393,793	$ 397,088
Operating income	$ 200,518	$ 17,542
Net loss for the year	( $ 108,803 )	( $ 204,690 )
Other comprehensive income (loss)	( 55,345 )	29,961
Total comprehensive income for the year	( $ 164,148 )	( $ 174,729 )

Property, plant and equipment

	Land	Buildings	Machinery and equipment	Office equipment	Transportation equipment	Other equipment	Total
Cost
Balance at January 1, 2025	$ 99,019	$138,913	$ 213	$ 4,377	$ 3,600	$ 3,398	$249,520
Additions	-	599	-	1,573	-	2,592	4,764
Disposals	-	( 139 )	( 105 )	-	-	( 66 )	( 310 )
Balance at December 31, 2025	$ 99,019	$139,373	$ 108	$ 5,950	$ 3,600	$ 5,924	$253,974
Accumulated depreciation
Balance at January 1, 2025	$ -	$ 93,579	$ 140	$ 1,814	$ 2,340	$ 1,369	$ 99,242
Depreciation	-	4,978	27	885	720	1,592	8,202
Disposals	-	( 139 )	( 105 )	-	-	( 66 )	( 310 )
Balance at December 31, 2025	$ -	$ 98,418	$ 62	$ 2,699	$ 3,060	$ 2,895	$107,134
December 31, 2025, net	$ 99,019	$ 40,955	$ 46	$ 3,251	$ 540	$ 3,029	$146,840
Cost
Balance at January 1, 2024	$ 99,019	$138,913	$ 213	$ 3,972	$ 3,600	$ 3,385	$249,102
Additions	-	-	-	671	-	506	1,177
Disposals	-	-	-	( 266 )	-	( 493 )	( 759 )
Balance at December 31, 2024	$ 99,019	$138,913	$ 213	$ 4,377	$ 3,600	$ 3,398	$249,520
Accumulated depreciation
Balance at January 1, 2024	$ -	$ 88,640	$ 87	$ 1,489	$ 1,620	$ 740	$ 92,576
Depreciation	-	4,939	53	554	720	1,122	7,388
Disposals	-	-	-	( 229 )	-	( 493 )	( 722 )
Balance at December 31, 2024	$ -	$ 93,579	$ 140	$ 1,814	$ 2,340	$ 1,369	$ 99,242
December 31, 2024, net	$ 99,019	$ 45,334	$ 73	$ 2,563	$ 1,260	$ 2,029	$150,278

The Company carries out a periodic review of the impairment assessment for the property, plant and equipment; after the review, the Company found no indication of impairment for the years ended December 31, 2025 and 2024.

The depreciated are calculated on a straight-line basis over the following estimated useful lives:

Buildings
Main building of plant	5 to 50 years
Electrical power equipment	7 to 15 years
Engineering system	8 to 10 years
Machinery and equipment	3 years
Transportation equipment	5 years
Office equipment	3 to 5 years
Molding equipment	2 years
Other equipment	3 years

Property, plant and equipment pledged as collateral for bank borrowings are set out in Note 29.

36 -

13. LEASE ARRANGEMENT

(1) Right-of-use assets

	December 31, 2025	December 31, 2024
Carrying amounts
Hardware Facilities	$ 697	$ 837
	2025	2024
Additions to right-of-use assets
Hardware Facilities	$ -	$ 976
Depreciation charge for right-of-use assets
Hardware Facilities	$ 140	$ 139

(2) Lease liabilities

	December 31, 2025	December 31, 2024
Carrying amounts
Current	$ 136	$ 134
Non-current	$ 575	$ 711

Range of discount rates for lease liabilities was as follows: :

	December 31, 2025	December 31, 2024
Hardware Facilities	2.1%	2.1%

(3) Material lease activities and terms

The Company leases various assets including buildings and office equipment with lease terms between 2024 to 2030. The leased buildings includes factory and offices, and the leased office equipment includes rental cars. The Company does not have bargain purchase or renewal options to acquire or renew the leases when they expire.

(4) Other lease information

	2025	2024
Expenses relating to short-term leases	$ -	$ -
Total cash outflow for leases	($ 150)	($ 150)

The Company's leases of certain parking spaces qualify as short-term leases and leases of machinery qualify as low-value asset leases. The Company has elected to apply the recognition exemption and thus, did not recognize right-of-use assets and lease liabilities for these leases

37 -
Investment properties

	December 31, 2025	December 31, 2024
Completed investment properties	$ 207,714	$ 212,773
		Completed investment properties
Cost
Balance at January 1, 2025		$ 329,205
Balance at December 31, 2025		$ 329,205
Accumulated depreciation and impairment
Balance at January 1, 2025		$ 116,432
Depreciation		5,059
Balance at December 31, 2025		$ 121,491
Net at December 31, 2025		$ 207,714
Cost
Balance at January 1, 2024		$ 330,836
Disposals		( 1,631 )
Balance at December 31, 2024		$ 329,205
Accumulated depreciation and impairment
Balance at January 1, 2024		$ 112,114
Depreciation		5,067
Disposals		( 749 )
Balance at December 31, 2024		$ 116,432
Net at December 31, 2024		$ 212,773

The completed investment properties are depreciated under the straight-line method over their estimated useful lives of 45 to 50 years.

(1) The fair values of the investment properties which are land and plant at Guishan District, Taoyuan City and Tucheng District, New Taipei City of the Group on December 31, 2025 and 2024 were $594,548 thousand and $593,768 thousand, respectively. The fair value was not evaluated by independent qualified professional valuers. The valuation was arrived at by reference to the market evidence of transaction price for similar properties, and the fair value was measured by using Level 3 inputs. The fair value was made reference with market price of similar property because of no significant change of the property's price in these regions during 2025 and 2024.

(2) The maturity analysis of lease payments receivable under operating leases of investment properties as of December 31, 2025 and 2024 is as follows:

	December 31, 2025	December 31, 2024
1st year	$ 16,990	$ 13,492
2nd year	10,987	12,417
3rd year	2,603	6,789
4th year	-	1,000
	$ 30,580	$ 33,698

(3) All investment properties of the Company are its own equity. The investment properties pledged as collateral for bank borrowings are set out in Note 29.

Other assets

	December 31, 2025	December 31, 2024
Current
Prepayments to suppliers	$ 684	$ 2,222
Other prepaid expenses	4,624	5,405
Other	1,722	279
	$ 7,030	$ 7,906
Non-current
Other	$ 17	$ 29

Borrowings

Short-term borrowings	December 31, 2025	December 31, 2024
Secured borrowings(Note 29)
—Bank loans	$ 70,000	$ 120,000

The interest rates of bank loans were 2.22% ~ 2.32% and 2.22% ~ 2.275% as of December 31, 2025 and 2024, respectively.

Notes and accounts payable

	December 31, 2025	December 31, 2024
Accounts payable
Arising from operations
Total carrying amount — non-related parties	$ 3,663	$ 11,610
Total carrying amount — related parties	16,364	18,027
	$ 20,027	$ 29,637

The repayment period of accounts receivables is 90-120 days and interest free. The financial risk management policy made by the Company is to ensure all the repayment within the credit period.

39 -
Other liabilities

	December 31, 2025	December 31, 2024
Current
Other payables
Salaries payable	$ 4,333	$ 4,553
Vocation payable	1,461	1,815
Insurance payable	1,414	1,470
Pension payable	924	952
Bonus payable	4,589	4,064
Services expense payable	1,130	1,130
Interest payable	7	15
Remuneration payable to employees and directors	11,948	26,554
Other	8,952	1,559
	$ 34,758	$ 42,112
Non-current
Guarantee deposits received	$ 3,282	$ 2,650

Retirement benefits plan

Defined contribution plans

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

Equity

(1) Share capital

Common stock

	December 31, 2025	December 31, 2024
Number of shares authorized (in thousands)	380,000	380,000
Shares authorized	$3,800,000	$3,800,000
Number of shares issued and fully paid (in thousands)	192,619	192,619
Shares issued	$1,926,194	$1,926,194

Common stock issued with a par value of $10, carries one vote per share and the right to receive dividends.

40 -

(2) Capital surplus

	December 31, 2025	December 31, 2024
May be used to offset a deficit, distributed as cash dividends, or transferred to share capital (Note)
Conversion of bonds	$ 219,420	$ 219,420
Gain on disposal of assets	424	424
May be used to offset a deficit only
Share of change in capital surplus of associates	397,082	381,390
	$ 616,926	$ 601,234

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

(3) Retained earnings and dividend policy

Under the Company’s dividend policy as set forth in its Articles of Incorporation, where the Company made a profit in a fiscal year, the profit shall be first utilized for paying taxes, offsetting losses of previous years, setting aside as a legal reserve of 10% of the remaining profit, setting aside or reversing a special reserve in accordance with the laws and regulations, and then any remaining profit together with any undistributed retained earnings shall be used by the Company’s board of directors as the basis for proposing a distribution plan, which should be resolved in the shareholders’ meeting for the distribution of dividends and bonuses to shareholders. For the policies on the distribution of employees’ compensation and remuneration of directors, refer to employees’ compensation and remuneration of directors in Note 22(6).

The appropriation of earnings mentioned above shall be retained by the board of directors in accordance with the changing operating environment, operation and investment needs. When dividends are declared, cash dividends must be at least 20% of total dividends declared.

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

The company sets special reserves based on the net deductions from other equity accumulated in the previous period. If the undistributed earnings are insufficient, it should be calculated net profit and other items, as the undistributed earnings for the current period

The surplus appropriation for 2024 and loss offsetting for 2023 had been approved in the shareholders’ meeting of the Company on June 19, 2025 and June 19, 2024, respectively.

The company net loss in 2024 and 2023 with undistributed earnings.

The loss offsetting for 2025 is subject to the resolution of the shareholders' meeting to be held in June 2026.

(4) Other equity

Exchange differences on translation of foreign financial statements

	2025	2024
Balance at January 1	($ 5,469)	($ 8,764)
Recognized for the period
Exchange differences arising on translation of foreign operations net assets	1,079	3,567
Disposal subsidiaries	-	( 272)
Balance at December 31	($ 4,390)	($ 5,469)

Unrealized gains or losses on financial assets measured at fair value through other comprehensive income

	2025	2024
Balance at January 1	($ 27,772)	($ 18,280)
Recognized for the period
Unrealized gain and loss
Equity instruments	( 7,740)	( 9,998)
Debt instruments	493	( 735)
Share of investments in associates
accounted for using equity method	( 5,252)	1,241
Balance at December 31	($ 40,271)	($ 27,772)

21. Revenue

	2025	2024
Revenue from contracts with customers
Sales revenue	$ 168,081	$ 200,455
Other operating income	31,565	41,961
	$ 199,646	$ 242,416

Contract Balance

	December 31, 2025	December 31, 2024	January 1, 2024
Notes receivable and accounts receivable (Note 9 and 28)	$ 44,774	$ 54,419	$ 47,027
Contract liabilities-current Sales of goods	$ 6,314	$ 11,449	$ 8,375

42 -
Net loss for the year

(1) Interest income

	2025	2024
Bank balance	$ 3,266	$ 3,067

(2) Other income

	2025	2024
Dividend income	$ 608	$ 596
Rent income	19,412	19,162
Other	1,028	385
	$ 21,048	$ 20,143

(3) Other gains and losses

	2025	2024
Gains on disposal of tangible Assets and investments	$ -	$ 1,823
Loss on disposal of intangible assets	-	( 123 )
Gains (losses) on disposal of Investment properties	( 955 )	9,820
Gains (losses) on financial assets mandatorily measured at fair value through profit or loss	14,260	( 199,990 )
Net foreign currency exchange gains (losses)	( 2,762 )	3,442
Depreciation of investment properties	( 5,059 )	( 5,067 )
Other	( 1,527 )	( 1,410 )
	$ 3,957	( $ 191,505 )

(4) Financial costs

	2025	2024
Interest on bank loans	$ 199	$ 268
Interest on lease liabilities	16	19
	$ 215	$ 287

(5) Depreciation and amortization

	2025	2024
Property, plant and equipment	$ 8,202	$ 7,388
Investment properties	5,059	5,067
Right-of-use asset	140	139
Other intangible assets	294	307
Total	$ 13,695	$ 12,901

	2025	2024
Depreciation by function
Operating costs	$ 1,597	$ 1,122
Operating expenses	6,745	6,405
Other gains and losses	5,059	5,067
Total	$ 13,401	$ 12,594
Amortization by function
Operating expenses	$ 294	$ 307
(6) Employee benefits expense
	2025	2024
Retirement benefits
Defined contribution plans(Note 19)	$ 3,225	$ 3,121
Other employee benefits	67,463	65,345
Total employee benefits expense	$ 70,688	$ 68,466
By function
Operating costs	$ 6,390	$ 5,743
Operating expenses	64,298	62,723
Total	$ 70,688	$ 68,466

The Company uses 3.75% to 12% and no more than 3% of the profits before tax for the current year to contribute the remuneration to employees and directors, respectively.

In accordance with the amendment to the Securities and Exchange Act in August 2024, the company amended its articles of association at the shareholders' meeting in 2025, to specify that no less than 5% of the employee compensation allocated for the year shall be designated as compensation for non-executive employees.

The Company has losses before tax in 2025 and 2024, remuneration to employees and directors and supervisors is not estimated.

If there are any amount changes after the date of publication of the annual parent company only financial statements, it will be treated as the changes in accounting estimates and adjusted to account in the next year.

The relevant information regarding the employees and directors and supervisors remuneration resolved by the Company's board of directors, please go to the "Market Observation Post System" of Taiwan Stock Exchange for inquiries.

44 -

23. Income taxes

(1) Income tax recognized in profit or loss

The main components of income tax expenses are as follows:

	2025	2024
Current tax
Current generated	$ -	$ -
Land Value Increment Tax	-	14
Deferred tax
Current generated	( 339 )	21,650
Income tax expenses (benefits) recognized in profit or loss	( $ 339 )	$ 21,664

Reconciliation of accounting income and current income tax expenses is as follows:

	2025	2024
Net profit (loss) before tax	( $ 27,743 )	( $ 219,720 )
Income tax expenses (benefits) of profit (loss) before tax calculated at the statutory tax rate	( $ 5,548 )	( $ 43,944 )
Income not recognized in tax	( 24 )	( 155 )
Non-deductible expenses on tax	( 2,735 )	40,017
Securities trading income	( 376 )	( 1,964 )
Losses (Gains) on equity investments	( 2,306 )	37
Land Value Increment Tax	-	14
Unrecognized deductible temporary differences	10,650	27,659
Income tax expenses (benefits) recognized in profit and loss	( $ 339 )	$ 21,664

(2) Deferred tax assets and liabilities

Changes in deferred tax assets and liabilities are as follows: 2025

Deferred tax assets	Beginning balance	Recognized in profit or loss	Ending balance
Temporary differences
Unrealized exchange profits and losses	$ -	$ 327	$ 327
Unrealized gross profit	638	( 132 )	506
Unrealized exchange profits and losses	714	-	714
	$ 1,352	$ 195	$ 1,547

45 -

Deferred tax liabilities

Temporary differences
Unrealized exchange
profits and losses
$ 144 ($ 144) $ -

2024

	Beginning balance	Recognized in profit or loss	Ending balance
Deferred tax assets
Temporary differences
Unrealized exchange profits and losses	$ 275	($ 275)	$ -
Unrealized gross profit	405	233	638
Investment profits and losses accounted for using equity method	21,464	( 21,464 )	-
Unrealized compensation losses	714	-	714
	$ 22,858	($ 21,506 )	$ 1,352
Deferred tax liabilities
Temporary differences
Unrealized exchange profits and losses	$ -	$ 144	$ 144

(3) The carryforward of unused tax losses

As of December 31, 2025, the information of the unutilized business losses for which no deferred tax assets were recognized is as follows:

Unutilized creditable amount	Expiry date
$ 81,896	2027
112,079	2028
73,623	2029
26,907	2030
33,805	2033
31,260	2034
53,585	2035
$ 413,155

(4) Income tax examination

The Company's settlement and declaration of the profit-seeking enterprise income tax in 2023 and previous years has been verified by the tax collection agency.

Earnings (Loss) per share

	2025	Unit: NTD per Share 2024
Basic earnings (loss) per share	($ 0.14)	($ 1.25)

Used to calculate the Company's earnings per share and the weighted average number of ordinary shares are as follows:

Net profit (loss) for the year	2025	2024
Net profit (loss) for the year	($ 27,404)	($ 241,384)
Shares
	Unit: In Thousands of Shares
	2025	2024
The weighted average number of ordinary shares used to calculate the basic earnings per share	192,619	192,619

Disposal of subsidiary

The Company decided to disposal EVERSPRING TECH USA, INC ("USA EVERSPRING") on June 25, 2024, and the liquidation was completed on July 31, 2024.

(1) Consideration received from disposal

	USA EVERSPRING
Cash and cash equivalents	$ 4,869
Total consideration received	$ 4,869

(2) Analysis of assets and liabilities on the date control was lost (July.31, 2024)

	USA EVERSPRING
Current assets
Cash and cash equivalents	$ 4,975
Net assets disposed of	$ 4,975

(3) Gain on disposal of subsidiary

	USA EVERSPRING
Consideration received	$ 4,869
Net assets disposed of	( 4,975 )
Cumulative translation difference on the reclassification of controlling interest to profit or loss due to the loss of control over the subsidiary	272
Gain assets disposed of	$ 166

(4) Net cash inflow on disposal of subsidiary

Consideration received on Cash and cash equivalents
Less: Cash and cash equivalents disposed of

USA EVERSPRING

$ 4,869

( 4,975 )

($ 106)

Capital Risk Management

The Company conducts capital management to ensure that the companies in the group can be under the premise of continuous operation and maximize shareholder compensation by optimizing the balance of debt and equity.

The capital structure of the Company is composed of the net debts (i.e. borrowings minus cash and cash equivalents) and the equity (i.e. capital stock, capital surplus, retained earnings and other equity items).

The Company does not have to comply with other external capital requirements.

Financial Instrument

(1) Fair value information – financial instruments not measured at fair value

The management of the Company believes that the carrying amount of financial assets and financial liabilities that are not measured by fair value approaches their fair value.

(2) Fair value information – financial instruments measured at fair value

Fair value hierarchy December 31, 2025

	Level 1	Level 2	Level 3	Total
Financial assets
measured at fair value
through profit or loss
Domestic listed shares	$ 274,721	$ -	$ -	$ 274,721
Foreign listed shares	21,738	-	-	21,738
Foreign unlisted shares	-	-	344	344
Mutual funds	-	-	2,832	2,832
Total	$ 296,459	$ -	$ 3,176	$ 299,635
Financial assets
measured at fair value
through other
comprehensive
income
Domestic unlisted shares	$	$ -	$ 9,224	$ 9,224
Foreign mutual funds	-	-	22,353	22,353
Foreign bonds	32,498	-	-	32,498
Total	$ 32,498	$ -	$ 31,577	$ 64,075

December 31, 2024

	Level 1	Level 2	Level 3	Total
Financial assets
measured at fair value
through profit or loss
Domestic listed shares	$ 285,108	$ -	$ -	$ 285,108
Foreign listed shares	2,688	-	-	2,688
Foreign unlisted shares	-	-	344	344
Mutual funds	80,851	-	3,714	84,565
Total	$ 368,647	$ -	$ 4,058	$ 372,705
Financial assets
measured at fair value
through other
comprehensive
income
Domestic listed shares	$ -	$ -	$ 12,665	$ 12,665
Domestic unlisted shares	-	-	26,652	26,652
Foreign Bond	41,388	-	-	41,388
Total	$ 41,388	$ -	$ 39,317	$ 80,705

In 2025 and 2024, there were no transfers of fair value measurement between Level 1 and Level 2.

Reconciliation of financial instruments measured by Level 3 fair value 2025

| | Measured at fair value through profit or loss
Equity instrument | Financial assets at fair value through other comprehensive income
Equity instrument |
| --- | --- | --- |
| Balance at January 1 | $ 4,058 | $ 39,317 |
| Recognized in profit or loss (other gains and losses) | ( 882 ) | - |
| Recognized in other comprehensive income
(Unrealized gains or losses on financial assets measured at fair value through other comprehensive income) | - | ( 7,740 ) |
| Balance at December 31 | $ 3,176 | $ 31,577 |

2024

	Measured at fair value through profit or loss	Financial assets at fair value through other comprehensive income
	Equity instrument	Equity instrument
Balance at January 1	$ 3,090	$ 49,315
Recognized in profit or loss (other gains and losses)	968	-
Recognized in other comprehensive income (unrealized gains or losses on financial assets measured at fair value through other comprehensive income)	-	( 9,998 )
Balance at December 31	$ 4,058	$ 39,317

Valuation technique and input value for Level 3 fair value measurement

The fair value estimation of financial assets measured at fair value through other comprehensive income is based on the analysis of the investee's financial status and operating results, with reference to companies with similar businesses, their stock quotes in active markets, and the value multiplier implied by such prices and related transaction information. Considering the difference between the evaluation target and the comparable target, use an appropriate multiplier to estimate the value of the evaluation target.

(3) Categories of financial instruments

	December 31, 2025	December 31, 2024
Financial assets
Financial assets at fair value through profit or loss	$ 299,635	$ 372,705
Financial assets at fair value through other comprehensive income	64,075	80,705
Financial assets at amortized cost(Note 1)	247,934	265,855
Financial liabilities
At amortized cost(Note 2)	102,454	154,763

Note 1: The balance includes the financial assets measured at amortized cost such as cash and cash equivalents, notes receivable, accounts receivable, and accounts receivable-related parties, etc.
Note 2: The balance includes the financial liabilities measured at amortized cost such as short-term loans, accounts payable, other payables, excluding salaries payable, vacation payable, employee compensation payable, directors' and supervisors' compensation payable (including subsidiaries), and bonuses payable.

49 -

(4) Objectives and policies of financial risk management

The main financial instruments of the Company include equity and debt instrument investments, accounts receivable, other receivables, accounts payable, accounts payable-related parties, other payables and loans. The Company's financial management department provides services for various business units, overall plans and coordinates access to operate domestic and international financial market, and supervises and manages financial risks related to the Company's operations by analyzing internal risk reports based on the degree and breadth of risk. These risks include market risks (including exchange rate risk and interest rate risk), credit risk and liquidity risk.

Market risk

The operating activities of the Company make the Company bear the main financial risks that are the risk of changes in foreign currency exchange rates (see below (1)) and the risk of changes in interest rates (see below (2)).

The Company's risks related to market risks of financial instruments and their management and measurement methods have not changed.

(1) Currency risk

Several subsidiaries of the Company are engaged in sales and purchase transactions denominated in foreign currencies. As a result, the Company has the risk of exchange rate changes.

The carrying amounts of monetary assets and monetary liabilities of the Company that are not denominated in functional currencies at the balance sheet date are detailed in Note 32.

Sensitivity analysis

The Company is mainly affected by fluctuations in the exchange rate of the USD, RMB, AND HKD..

The following table details the sensitivity analysis of the Company when the exchange rate of the New Taiwan Dollar (functional currency) to each relevant foreign currency increases and decreases by 1%. 1% is the sensitivity rate used when reporting exchange rate risks to the key management within the Company, and also represents the management's evaluation of the reasonably possible range of changes in foreign currency exchange rates. The sensitivity analysis only includes monetary items in foreign currencies in circulation and forward foreign exchange contracts designated as cash flow hedging. The positive numbers in the following table indicate the amount of increase in net profit or equity before tax when the New Taiwan Dollar depreciates by 1% relative to each relevant currency; when the New Taiwan Dollar appreciates by 1% relative to each relevant foreign currency, its impact on net profit or equity before tax will be a negative number of the same amount.

50 -

	Impact of U.S. Dollars
	2025	2024
Profits or losses	$ 709 (i)	$ 634 (i)
	Impact of RMB
	2025	2024
Profits or losses	$ 20 (i)	$ 21 (i)
	Impact of HK Dollars
	2025	2024
Profits or losses	$ 30 (i)	$ 2 (i)

(i) Mainly derived from the USD, RMB and HKD-denominated monetary items of the Company that are still in circulation on the balance sheet date and have not conducted cash flow hedging.

(2) Interest rate risk

Due to the entities in the Company borrow funds at fixed and floating interest rates at the same time, interest rate risk is incurred. The Company manages interest rate risk by maintaining an appropriate combination of fixed and floating interest rates.

The carrying amount of the Company's financial assets and financial liabilities subject to interest rate risk on the balance sheet date are as follows:

	December 31, 2025	December 31, 2024
With fair value interest rate risk
—Financial assets	$ 25,144	$ 13,114
—Financial liabilities	711	845
With cash flow interest rate risk
—Financial assets	177,371	197,706
—Financial liabilities	70,000	120,000

Sensitivity analysis

The sensitivity analysis below is determined based on the interest rate risk of derivative and non-derivative instruments on the balance sheet date. For floating-rate liabilities, the analysis method is based on the assumption that the amount of liabilities outstanding on the balance sheet date is in circulation during the reporting period. The rate of change used when reporting interest rates to the key management within the Company is an increase or decrease of $0.25\%$ , which also represents management's evaluation of the reasonably possible range of changes in interest rates.

If the interest rate increases/decreases by 0.25% and all other variables remain unchanged, the Company's net loss before tax for 2025 and 2024 will increase/decrease by $268 thousand and $194 thousand, mainly due to the part of risk of interest rate changes caused by bank deposits and bank borrowings of the Company's floating interest rate calculation.

(3) Other price risks

The Company incurs the equity price risk due to the listed (OTC) equity securities investment. The equity price risk of the Company is mainly concentrated on the equity instruments of the ROC Stock Exchange. The equity price risk of the Company is still under the control of the management.

Sensitivity analysis

The sensitivity analysis below is based on the equity price risk on the balance sheet date.

If the equity price increases/decreases by 1%, the 2025 profits (losses) before tax will increase/decrease by $2,996 thousand due to the changes in the fair value of financial assets measured at fair value through profit or loss. The 2025 other comprehensive income before tax will increase/decrease by $641 thousand due to changes in the fair value of financial assets measured at fair value through other comprehensive income.

If the equity price increases/decreases by 1%, the 2024 profits (losses) before tax will increase/decrease by $3,727 thousand due to the changes in the fair value of financial assets measured at fair value through profit or loss. The 2024 other comprehensive income before tax will increase/decrease by $807 thousand due to changes in the fair value of financial assets measured at fair value through other comprehensive income.

Credit Risk

Credit risk refers to the risk that the counterparty of the transaction defaults on contractual obligations and causes financial losses to the Company in the consolidate financial statements. As of the balance sheet date, the maximum credit risk of the Company that may cause financial losses due to the counterparty's failure to perform obligations (The maximum irrevocable amount of the risk, excluding collateral or other credit enhancement instruments) is mainly derived from the carrying amount of financial assets recognized in the consolidated balance sheet.

Liquidity Risk

The Company manages and maintains sufficient cash and cash equivalents to support the group's operations and reduce the impact of cash flow fluctuations. The management of the Company supervises the use status of

52 -

the bank's financing lines and ensures compliance with the terms of the loan contract.

(1) Liquidity and interest rate risk table of non-derivative financial liabilities

The remaining contract maturity analysis of non-derivative financial liabilities is based on the earliest date that the Company may be required to repay, and is compiled based on the undiscounted cash flows of the financial liabilities (including principal and estimated interest).

Therefore, the bank loans that the Company can be required to repay immediately are within the earliest period in the table below, regardless of the probability of the bank immediately executing the right; the maturity analysis of other non-derivative financial liabilities is compiled in accordance with the agreed repayment date.

For interest cash flows paid at floating interest rates, the undiscounted interest amount is derived from the yield curve on the balance sheet date.

December 31, 2025

	Pay on demand or less than 1 month	1 to 3 months	3 months to 1 Year	1 to 5 years	More than 5 years
Non-derivative financial liabilities
Floating interest rate instruments	$ 70,116	$ -	$ -	$ -	$ -
Fixed interest rate instruments	-	-	-	-	-
	$ 70,116	$ -	$ -	$ -	$ -

December 31, 2024

	Pay on demand or less than 1 month	1 to 3 months	3 months to 1 Year	1 to 5 years	More than 5 years
Non-derivative financial liabilities
Floating interest rate instruments	$ 120,862	$ -	$ -	$ -	$ -
Fixed interest rate instruments	-	-	-	-	-
	$ 120,862	$ -	$ -	$ -	$ -

The amount of floating interest rate instruments for the above-mentioned non-derivative financial assets and liabilities will be changed due to the difference between the floating interest rate and the interest rate estimated on the balance sheet date.

(2) Financing line

	December 31, 2025	December 31, 2024
Guaranteed bank overdraft line
— Used amount	$ 70,000	$ 120,000
— Unused amount	290,000	230,000
	$ 360,000	$ 350,000

Related-party Transactions

The transactions between the Company and related parties are as follows:

(1) Name and relations of related parties

Name of related parties	Relations with the Company
Worldtrend Security Co. Ltd. (“Worldtrend Security”)	Subsidiary
Worldtrend Building Management and Maintenance Co., Ltd. (“Worldtrend Building”)	Second-tier subsidiary
Tung Sheng Development Corporation (“Tung Sheng”)	Subsidiary
EVERSPRING INDUSTRY (S) PTE LTD. (“(S) EVERSPRING”)	Subsidiary
Dongguan Found Chain IOT CO., LTD. (“DONGGUAN FOUND CHAIN”)	Second-tier subsidiary
Medigen Vaccine Biologics Corporation (“Medigen Biotech Co.”)	Other associates
Tong Chuang Construction and Development Co., Ltd. (“Tong Chuang Co.”)	Other associates
UNI ARTS GROUP LTD.	Other associates

(2) Operating income

Account item	Category/name of related parties	2025	2024
Sales revenue	Subsidiaries
	Worldtrend Security	$ 5,441	$ 8,862
	Second-tier subsidiary
	DONGGUAN FOUND CHAIN	5,198	7,763
		$ 10,639	$ 16,625
Sales return	Subsidiaries
	Worldtrend Security	$ 58	$ -
	Second-tier subsidiary
	DONGGUAN FOUND CHAIN	-	30
		$ 58	$ 30
Other operating income	Second-tier subsidiary
	DONGGUAN FOUND CHAIN	$ 371	$ 269
	Subsidiaries
	Worldtrend Security	2,267	1,525
	Tung Sheng	-	89
	Other associates
	Tong Chuang Co.	1,743	1,565
	Other	25	9
		$ 4,406	$ 3,457

The sales prices of the Company's products sold to related parties in 2025 and 2024 are calculated based on the Company's product cost plus. The terms of collection are within 60-360 days after the end of the month, which is the same as that of general domestic customers.

54 -

There are no major differences between the sales prices and payment transaction conditions from the general manufacturers.

(3) Purchases

Category/name of related parties	2025	2024
Second-tier subsidiary
DONGGUAN FOUND CHAIN	$ 128,035	$ 146,555

The Company purchases goods from related parties in 2025 and 2024, some payment methods adopt the method of offsetting creditor's rights and debts, and some are payment within 30 days after the month end.

(4) Accounts receivable from the related parties

Account item	Category/name of related parties	December 31, 2025	December 31, 2024
Accounts receivable	Second-tier subsidiary
	DONGGUAN FOUND CHAIN	$ 2,291	$ 3,805
	Subsidiaries
	Worldtrend Security	960	549
	Other associates
	Tong Chuang Co.	-	37
		$ 3,251	$ 4,391
Other receivables	Second-tier subsidiary
	DONGGUAN FOUND CHAIN	$ 23	$ 19
	Subsidiaries
	Worldtrend Security	33	27
		$ 56	$ 46

No guarantee is received for the outstanding accounts receivable from related parties. No allowance for losses is provided for the accounts receivable from related parties in 2025 and 2024.

(5) Accounts payable to related parties (excluding borrowings from related parties)

Account item	Category/name of related parties	December 31, 2025	December 31, 2024
Accounts payable	Second-tier subsidiary
	DONGGUAN FOUND CHAIN	$ 16,364	$ 18,027
Other payables	Subsidiaries
	Worldtrend Security	$ 122	$ 50

(6) Prepayments

Category/name of related parties	December 31, 2025	December 31, 2024
Subsidiaries
Worldtrend Security	$ 41	$ 20
Second-tier subsidiary
Dongguan Found Chain	128	-
	$ 169	$ 20

(7) Rent income

Account item	Category/name of related parties	2025	2024
Rent income	Subsidiaries
	Worldtrend Security	$ 1,658	$ 1,658

The lease contract between the Company and its subsidiaries is to negotiate the rents with reference to the market conditions, and the rent collection is equivalent to that of non-related parties, and the rent income is calculated on a monthly basis.

(8) Reward for key management

The total remuneration for directors and other key management in 2025 and 2024 is as follows:

	2025	2024
Short-term employee benefits	$ 10,452	$ 10,481

The remuneration of directors and other key management is determined by the remuneration committee in accordance with individual performance and market trends.

Pledged Assets

The following assets have been provided as collateral for bank's borrowings:

	December 31, 2025	December 31, 2024
Land	$ 164,901	$ 164,901
Buildings	100,229	106,130
	$ 265,130	$ 271,031

Significant Contingent Liabilities and Unrecognized Commitments

As of December 31, 2025 and 2024, the Company issued guaranteed bills payable for bank loans is $120,000 thousand and $120,000 thousand, respectively.

Others: None

Information on the Significant Impact ff Foreign Currency Assets and Liabilities

The following information is summarized and expressed in foreign currencies other than the Company's functional currencies. The disclosed exchange rates refer to the exchange rates of these foreign currencies into functional currencies. The foreign currency assets and liabilities with significant impact are as follows:

December 31, 2025

	Foreign currency	Exchange rate	Carrying amount
Financial assets
Monetary item
USD	$ 2,790	31.43(USD: TWD)	$ 87,690
HKD	737	4.038 (HKD: TWD)	2,976
RMB	448	4.496 (CNY: TWD)	2,015
Non-monetary item
USD	90	31.43(USD: TWD)	2,832
HKD	5,222	4.038 (HKD: TWD)	21,737
Financial liabilities
Monetary item
USD	533	31.43(USD: TWD)	16,760
December 31, 2024
	Foreign currency	Exchange rate	Carrying amount
Financial assets
Monetary item
USD	$ 2,492	32.785 (USD: TWD)	$ 81,696
RMB	469	4.478 (CNY: TWD)	2,098
Non-monetary item
USD	113	32.785 (USD: TWD)	3,714
HKD	637	4.222 (HKD: TWD)	2,688
Financial liabilities
Monetary item
USD	559	32.785 (USD: TWD)	18,339

The net foreign currency exchange losses of the Company in 2025 and 2024 are ($2,762) thousand and $3,442 thousand, respectively. Due to the various types of functional currencies of the Company, it is impossible to disclose the exchange profits and losses according to the foreign currencies of each significant impact.

57 -

Supplementary Disclosures

(1) Information on Significant Transactions and (2) Information on Reinvestment Business:

Lending funds to others (Table 1)
Providing endorsements or guarantees (None)
Holding of securities at the end of the period (Table 2)
Purchases or sales of goods from or to related parties reaching NT$100 million or 20 percent of paid-in capital or more (Table 3)
Accounts receivable from related parties reaching NT$100 million or 20 percent of paid-in capital or more (None)
Investee information (Table 4)

(3) Information on Investments in Mainland China:

If the issuer directly or indirectly exercises significant influence or control over, or has a joint venture interest in, an investee company in Mainland China, it shall disclose information on the investee company, showing the name, principal business activities, paid-in capital, method of investment, inward and outward remittance of funds, shareholding ratio, profit or loss for the period and recognized investment gain or loss, carrying amount of the investment at the end of the period, repatriated investment gains, and limit on the amount of investment in Mainland China.(Table 5)
Any of the following significant transactions with investee companies in Mainland China, either directly or indirectly through a third area, and their prices, payment terms, and unrealized gains or losses: (Table 6)

(1) The amount and percentage of purchases and the balance and percentage of the related payables at the end of the period.
(2) The amount and percentage of sales and the balance and percentage of the related receivables at the end of the period.
(3) The amount of property transactions and the amount of the resultant gains or losses.
(4) The balance of negotiable instrument endorsements or guarantees or pledges of collateral at the end of the period and the purposes.
(5) The highest balance, the end of period balance, the interest rate range, and total current period interest with respect to financing of funds.
(6) Other transactions that have a material effect on the profit or loss for the period or on the financial position, such as the rendering or receiving of services.

58 -

EVERSPRING INDUSTRY CO., LTD.
Lending funds to others
For the year ended December 31, 2025

Table 1
(In Thousands of New Taiwan Dollars)

No.	Creditor	Borrower	General ledger account (Note 2)	Maximum Outstanding balance during the year ended December 31, 2024	Balance at December 31, 2024 (Note 8)	Actual amount drawn down	Interest rate range %	Nature of loan (Note 3)	Amount of transactions With the borrower (Note 4)	Reason for short-term financing (Note 5)	Loss Allowance	Collateral		Limit on loans granted to a single party (Note 6 and 7)	Ceiling on total loans granted (Note 6 and 7)
												Item	Value
0	EVERSPRING	Tung Sheng	Other receivables-related parties	$ 90,000	$ 90,000	$ -	-	2	$ -	Operating needs	$ -	-	$	$ 464,498	$ 928,995
0	EVERSPRING	DONGGUAN FOUND CHAIN	Other receivables-related parties	60,000	60,000	-	-	2	-	Operating needs	-	-		464,498	928,995

Note 1: The numbers filled in for the loans provided by the Company or subsidiaries are as follows:
(1) The Company is '0'
(2) The subsidiaries are numbered in order starting from '1'.

Note 2: In case of fund loan and nature, accounts receivable from related enterprises, accounts receivable from related parties, shareholder transactions, prepayments, interim payments, etc., shall be filled in the table.

Note 3: The companies with number '1' are related to business transaction; and the companies with number '2' are related to short-term financing.

Note 4: If the loan and nature of funds is '1', the amount of business transaction shall be filled in.

Note 5: If the loan and nature of the funds is '2', the reasons for the necessary funds and the use of the funds to be lent shall be specified, such as repayment of loans, purchase of equipment, business turnover, etc.

Note 6:
(1) The total loans to others of the Company shall not exceed twenty percent of the net value, and the total amount shall not exceed forty percent of the Company's net value.
(2) The Company's business and individual loans shall not exceed the total business transactions between the two parties in the previous two years. Business transaction amount means the amount of purchase or sales between both parties, whichever is higher. In addition, the amount of goods sold includes the part of goods purchased on behalf of others.

Note 7: The Company, directly and indirectly, holds one hundred percent of the voting shares of foreign companies, due to the need for short-term financing funds to engage in capital loans, the amount of which is not subject to the "loan and forty percent of net corporate value" limit, and its financing period does not apply to one year or one business cycle.

Note 8: Public Companies follow item 1 Article 14 of "Regulations Governing Loaning of Funds and Making of Endorsements/Guarantees by Public Companies". Each financing provided need to be approved by board of directors and announce the amount, risk even the Financing Company doesn't borrow money to the counter party. It needs to announce the amount after repay. It needs to announce the highest lending limit for announcement application amount even the board of directors approved the loan can borrow several times during one year or roll over.

59 -

EVERSPRING INDUSTRY CO., LTD.
Holding of securities at the end of the period
December 31, 2025

Table 2
(In Thousands of New Taiwan Dollars)

Securities held by	Marketable securities	Relationship with the securities issuer	General ledger account	As of December 31, 2025
				Number of shares (in thousands)	Carrying amount	Ownership (%)	Fair value
EVERSPRING	Stock
	Medigen Biotech Co.	—	Financial assets measured at fair value through profit or loss-current	5,955	$ 224,802	1.81	$ 224,802
	U-GEN Biotechnology	—	〃	698	344	0.38	344
	NANKANG Rubber Tire	—	〃	88	3,278	0.01	3,278
	VisEra Technologies Company Limited	—	〃	20	5,700	0.01	5,700
	TaiMed Biologics			669	40,941	0.24	40,941
	Clover Biopharmaceuticals, Ltd.-B	—	〃	2,301	21,738	0.18	21,738
					$ 296,803		$ 296,803
	Fund
	ARCH VENTURE FUND	—	Financial assets measured at fair value through profit or loss-non-current		$ 2,832		$ 2,832
	Stock
	Eleceram Technology Co., Ltd.	—	Financial assets measured at fair value through other comprehensive income-current	1,652	$ 9,224	13.77	$ 9,224
	Fund
	Translink Capital	—		-	22,353	-	22,353
	Bond
	MetLife Corporate Bonds			300	9,953	-	9,953
	Abbott Corporate Bonds			200	6,505	-	6,505
	TSMC Global Corporate Bonds			200	6,439	-	6,439
	Morgan Stanley Corporate Bonds			300	9,601	-	9,601
					$ 64,075		$ 64,075

Note: The Company has disclosed the relevant information of the reinvestment business in the consolidated financial statements. Please refer to the 2025 consolidated financial statements prepared by the Company for details.

60 -

EVERSPRING INDUSTRY CO., LTD.
Purchases or sales of goods from or to related parties reaching NT$100 million or 20 percent of paid-in capital or more
December 31, 2025

Table 3
(In Thousands of New Taiwan Dollars)

Company	Transaction Parties	Relation	Situation of transaction				Terms of transaction and difference situation or reason comparison with general transactions		Notes and accounts receivable (payable)			Remark k
			Purchase (Sales)	Amount	%	Credit period	Unit price	Credit period	Balance		%
EVERSPRING	DONGGUAN FOUND CHAIN	Second-tier subsidiary	Purchase	$ 128,035	95	30 days after the next month	Measured at the cost of related parties	No difference from general suppliers	Accounts payable	$ 16,364	82

61 -

EVERSPRING INDUSTRY CO., LTD.
Investee information
For the year ended December 31, 2025

Table 4
(In Thousands of New Taiwan Dollars/Foreign Currency)

Investor	Investee	Location	Main business activities	Initial investment amount		Shares held as at December 31, 2025			Net profit (loss) of the investee for the year ended at December 31, 2025	Investment income (loss) recognized by the Company for the year ended December 31, 2025	Remark
				Balance as at December 31, 2025	Balance as at December 31, 2024	Number of shares (in thousands)	Ownership (%)	Carrying amount
EVERSPRING	(5) EVERSPRING	10 Anson ROAD,#13-05 International Plaza Singapore 079903	Investment holding	$ 156,075	$ 156,075	4,000	100	$ 109,372	$ 8,692	$ 8,692	Subsidiary
	Worldtrend Security	2F., No. 50, Sec. 1, Zhonghua Rd., Tucheng Dist., New Taipei City, Taiwan (R.O.C.)	Trading of preservation equipment and design of preservation system	284,346	284,346	21,264	100	342,296	20,111	20,111	Subsidiary
	Tung Sheng	10F., No. 198, Sec. 3, Civic Blvd., Da'an Dist., Taipei City, Taiwan (R.O.C.)	Housing and buildings, industrial plants, particular professional areas, new towns, new community development, leasing, real estate	645,686	645,686	64,569	97	620,058	( 6,399 )	( 6,207 )	n
	Medigen Biotechnology	14F., F building, No. 3, Park St., Nangang Dist., Taipei City, Taiwan (R.O.C.)	Wholesale and retail of medical equipment of Chinese and Western medicine in biopharmaceutical research and development business	606,711	606,711	14,168	10.17	393,793	( 108,803 )	( 11,065 )	Investee evaluated for using equity method
								$ 1,465,519		$ 11,531

Note 1: The Company has disclosed the relevant information of the reinvestment business in the consolidated financial statements. Please refer to the 2025 consolidated financial statements prepared by the Company for details.

62 -

EVERSPRING INDUSTRY CO., LTD.
Information on Investments in Mainland China
For the year ended December 31, 2025

Table 5
(In Thousands of New Taiwan Dollars/Foreign Currency)

Name, principal business activities, paid-in capital, method of investment, inward and outward remittance of funds, shareholding ratio, profit or loss for the period and recognized investment gain or loss, carrying amount of the investment at the end of the period, repatriated investment gains, and limit on the amount of investment in Mainland China:

Investee in Mainland China	Main business activities	Paid-in capital	Investment method	Accumulated amount of remittance from Taiwan to Mainland China as of December 31, 2024	Amount remitted from Taiwan to Mainland China/ Amount remitted back to Taiwan for the year ended December 31, 2023		Accumulated amount of remittance from Taiwan to Mainland China as of December 31, 2024	Net income (loss) of investee as of December 31, 2024	Ownership held by the Company (direct or indirect) %	Investment income (loss) recognized by the Company for the year ended December 31, 2024 Note 2(2) 2	Book value of investments in Mainland China as of December 31, 2024	Accumulated amount of investment income remitted back to Taiwan as of December 31, 2024
					Outward	Inward
DONGGUAN FOUND CHAIN	R&D, manufacture and trade of intelligent security equipment	RMB 19,999	Note 1(2)	USD 2,129 ( NT$ 60,647 )	$ -	$ -	USD 2,129 ( NT$ 60,647 )	RMB$ 1,698 NT$ 7,335	100	RMB$ 1,698 NT$ 7,335	RMB$ 21,918 NT$ 98,543	$ -

Ceiling on investments in Mainland China:

Accumulated amount of remittance from Taiwan to Mainland China as of December 31, 2025	Investment amount approved by the Investment Commission of the Ministry of Economic Affairs (MOEA)	Ceiling on investments in Mainland China imposed by the Investment Commission of MOEA (Note 3)
USD 2,129 ( NT$ 60,647 )	USD 2,129 ( NT$ 60,647 )	NT$ 1,393,493

Note 1: Investment methods are classified into the following four categories:
(1) Invest in mainland companies through third-area remittance.
(2) Reinvest in mainland companies through third region investment to establish companies.
(3) Through investing in an existing company in the third area, which then invested in the investee in Mainland China.
(4) Others.

Note 2: In the column of investment profit and loss recognized in the current period:
(1) If there is no investment profit or loss in preparation, it shall be stated.
(2) The recognition basis of investment profit and loss is divided into the following three types, which shall be Noted:
1. Financial statements audited and certified by an international accounting firm in partnership with the ROC accounting firm
2. Financial statements audited and certified by the Taiwan parent company licensed public accountant
3. Others.

Note 3: Sixty percent of net worth or consolidated net worth, whichever is higher.

63 -

EVERSPRING INDUSTRY CO., LTD.

Any of the following significant transactions with investee companies in Mainland China, either directly or indirectly through a third area, and their prices, payment terms, and unrealized gains or losses

For the year ended December 31, 2026

Table 6

(Expressed in Thousands of NTD, except specified otherwise)

Any of the following significant transactions with investee companies in Mainland China, either directly or indirectly through a third area, and their prices, payment terms, and unrealized gains or losses

Company	Investee in Mainland China	Transaction type	Purchases (Sales)		Pricing	Terms of transaction		Notes and accounts receivable (payable)		Unrealized gains and losses	Remark
			Amount	%		Payment terms	Comparison with general transactions	Amount	%
EVERSPRING	DONGGUAN FOUND CHAIN	Purchase	$128,035	95	Measured at the cost of related parties	30 days open account	No difference from general suppliers	Accounts payable $16,364	82	($2,535)	—
		Sales	$5,198	3	Measured at the cost of related parties	30 days open account	No difference from general suppliers	Accounts receivable $2,291	5

The amount of property transactions and the amount of the resultant gains or losses: None.
The balance of negotiable instrument endorsements or guarantees or pledges of collateral at the end of the period and the purposes: None.
The highest balance, the end of period balance, the interest rate range, and total current period interest with respect to financing of funds: None.
Other transactions that have a material effect on the profit or loss for the period or on the financial position, such as the rendering or receiving of services: None.
64 -

§Table of Major Accounting Items§

I	T	E	M	STATEMENT / NOTE
Major Accounting Items in Assets, Liabilities and Equity
Statement of cash and cash equivalents				Statement 1
Statement of accounts receivable				Statement 2
Statement of inventories				Statement 3
Statement of changes in investments accounted for using equity method				Statement 4
Statement of changes in property, plant and equipment				Note 14
Major Accounting Items in Profit or Loss
Statement of operating costs				Statement 5
Statement of production overheads				Statement 6
Statement of operating expenses				Statement 7
Statement of labor, depreciation and amortization by function				Statement 8

65 -

EVERSPRING INDUSTRY CO., LTD.
Statement of cash and cash equivalents
December 31, 2025

Statement 1
(Expressed in thousands of NTD; in thousands of foreign currencies, unless less than one thousand, expressed in a full amount)

I t e m	D e s c r i p t i o n	A m o u n t
Petty cash and cash on hand		$ 280
Checking deposits		-
Demand Deposits		142,809
Foreign Currency Demand Deposit	Note 1 and 2	34,562
Time Deposits		25,144
		$ 202,795

Note 1: Included USD943 thousand, HKD730 thousand, GBP70, EUR1 thousand, RMB428 thousand, and AUD57
Note 2: The above foreign currencies calculated according to the exchange rate: USD $1=31.43 \cdot HKD $1=4.038 \cdot GBP $1=42.33 \cdot EUR $1=36.9 \cdot RMB $1=4.496, and AUD $1=21.01

66 -

EVERSPRING INDUSTRY CO., LTD.
Statement of accounts receivable
December 31, 2025

Statement 2
(In Thousands of New Taiwan Dollars)

I t e m	A m o u n t
TIMEGUARD LTD.	$ 14,860
Hehua Construction Co., Ltd.	9,326
JOKO LABS	6,959
Dongguan Found Chain IOT CO., LTD	2,291
Other(Note)	11,513
	44,949
Less: Allowance for doubtful accounts	( 175 )
	$ 44,774

Note: The balance of each customer is less than 5% of the account amount.

67 -

EVERSPRING INDUSTRY CO., LTD.
Statement of inventories
December 31, 2025

Statement 3
(In Thousands of New Taiwan Dollars)

I t e m	A m o u n t
	C o s t	Net realizable v a l u e
Raw materials and spare parts	$ 2,221	$ 2,221
Finished goods	3,445	3,467
Overhead used in constructions	8,688	8,688
	$ 14,354	$ 14,376

Note: When comparing cost with net realizable value, the classification comparison method is adopted. Net realizable value means the balance of the estimated interest price under normal circumstances after deducting the costs and selling expenses that need to be invested to the completion.

68 -

EVERSPRING INDUSTRY CO., LTD.
Statement of changes in investments accounted for using equity method
For the year ended December 31, 2024

Statement 4
(In Thousands of New Taiwan Dollars / Shares)

N a m e	Balance, January 1, 2025		A d d i t i o n s		D i s p o s a l s		Collateral using equity method	Balance, December 31, 2025			Market value or net assets value
	S h a r e s	A m o u n t	S h a r e s	A m o u n t	S h a r e s	A m o u n t		S h a r e s	% A m o u n t	Unit price	Total amount	Collateral None
(S) EVERSPRING(Note 1)	4,000	$ 99,145		$		$ -	$ 10,227	4,000	100	$ 109,372	$109,372
Worldtrend Security Co. Ltd.(Note 2)	21,264	327,333				-	14,963	21,264	100	342,296	342,296	p
Tung Sheng Development Corporation(Note 3)	64,569	625,623				-	( 5,565	64,569	97	620,058	620,058	p
Medigen Biotechnology Corporation (Note 4)	14,168	397,088				-	( 3,295	14,168	10.17	393,793	32.4	459,051
		$ 1,449,189		$		$ -	$ 16,330			$ 1,465,519	$1,530,777

Note 1: Including investment gains of $8,692 thousand accounted for using equity method, an increase of $876 thousand in exchange differences on translation of foreign financial statements, an increase of $659 thousand in unrealized gains on investment adjusted by the downstream transaction for the current period.
Note 2: Including investment gains of $20,111 thousand accounted for using equity method, an increase of $29 thousand in exchange differences on translation of foreign financial statements, a decrease of $91 thousand in unrealized gains and losses of financial assets, a increase of $2,293 thousand in capital surplus-long-term investments, receive dividends $8,364 thousand, and an increase of $985 thousand in actuarial gains and losses of defined benefits for the current period.
Note 3: Including investment increase of $6,207 thousand accounted for using equity method, and increase of $642 thousand in unrealized gains and losses of financial assets,
Note 4: Including investment losses of $11,065 thousand accounted for using equity method, a increase of $174 thousand in exchange differences on translation of foreign financial statements, a decrease of $5,803 thousand in unrealized gains and losses of financial assets, an increase of $13,399 thousand in capital surplus-long-term investments.

69 -

EVERSPRING INDUSTRY CO., LTD.
Statement of operating costs
For the year ended December 31, 2025

Statement 5
(In Thousands of New Taiwan Dollars)

I t e m	A m o u n t
Cost of goods sold
Direct raw material
Add: raw materials, beginning of year	$ 158
Purchases in the current period	2,063
Less: raw materials, end of year	( 2,221 )
Raw materials consumed	-
Manufacturing overheads	7,871
Manufacturing costs	7,871
Add: supplies purchased	-
Cost of finished goods	7,871
Cost of products sold	7,871
Cost of goods sold for purchased goods
Add: goods, beginning of year	2,349
current purchase	134,660
Less: goods, end of year	( 3,445 )
other consumption of goods	( 7,079 )
Cost of goods sold for purchased goods	126,485
Other operating costs	25,300
Total cost of goods sold	$ 159,656

70 -

EVERSPRING INDUSTRY CO., LTD.
Statement of production overheads
For the year ended December 31, 2025

Statement 6
(In Thousands of New Taiwan Dollars)

I t e m	A m o u n t
Salaries and wages	$ 3,389
Employee insurance expenses	429
Royalty	1,749
Other(Note)	2,304
	$ 7,871

Note: Amount of each item is less than 5% of the account amount.

71 -

EVERSPRING INDUSTRY CO., LTD.
Statement of operating expenses
For the year ended December 31, 2025

Statement 7
(In Thousands of New Taiwan Dollars)

I t e m	D e s c r i p t i o n	A m o u n t
Marketing expenses
Salaries and wages		$ 10,848
Traveling expenses		3,220
Advertising expenses		990
Insurance expenses		3,147
Sampling expenses		1,703
Other expenses(Note)		3,371
		23,279
General and administrative expenses
Salaries and wages		13,137
Remuneration to directors		1,630
Water, electricity and gas expenses		2,085
Insurance expenses		1,750
Depreciation		6,457
Services expense		3,764
Other expenses(Note)		7,101
		35,924
R&D expenses
Salaries and wages		27,287
Insurance expenses		3,009
Technical service expenses		6,215
Sample expenses		3,325
Other expenses(Note)		9,006
		48,842
Reversal of expected credit impairment loss		( 66 )
Total operating expenses		$ 107,979

Note: Amount of each item is less than 5% of the account amount.

72 -

EVERSPRING INDUSTRY CO., LTD.
Statement of labor, depreciation and amortization by function
For the year ended December 31, 2025

Statement 8
(In Thousands of New Taiwan Dollars)

I t e m	2025			2024
	Operating c o s t s	Operating expenses	T o t a l	Operating c o s t s	Operating expenses	T o t a l
Salary and wages	$ 5,168	$ 51,272	$ 56,440	$ 4,656	$ 49,868	$ 54,524
	648	5,838	6,486	571	5,724	6,295
Labor and health insurance	303	2,922	3,225	271	2,850	3,121
Remuneration to directors	-	1,630	1,630	-	1,550	1,550
Other employee benefits	271	2,636	2,907	245	2,731	2,976
Depreciation	1,597	6,745	8,342	1,122	6,405	7,527
Amortization	-	294	294	-	307	307
	$ 7,987	$ 71,337	$ 79,324	$ 6,865	$ 69,435	$ 76,300

The Company had 78 employees in 2025 and 79 employees in 2024, including 7 non-employee directors for both years.
A company whose stock is listed for over-the-counter securities exchange shall additionally disclose the following information:
(1) Average employee benefit expense in 2025 was $973 thousand and in 2024 was $929 thousand.
(2) Average employee salaries in 2025 were $795 thousand and in 2024 were $757 thousand.
(3) Adjustments of average employee salaries were increase by 5.02%.
The Company has set up an audit committee to replace the supervisor, so there is no supervisor remuneration.
The remuneration policies of the directors, managers, and employees of the company are as follows:

Directors

Emoluments: Based on the degree of participation and contribution value to the company's operation, the expenses shall be determined by the board of directors according to the average level of the industry.

Remuneration: When the company is profitable, it shall be paid according to the provision ratio of the Articles of Association (not more than 3%).

Attendance fee: It shall be paid according to the number of times that he attends the functional committees such as the board of directors, the Remuneration Committee, and the audit committee in person.

Managers

Remuneration to be paid to the Company manager shall be determined by the Remuneration Committee based on his position, contribution, and the Company's operating performance for the year and submitted to the board for resolution.

Employees

To maintain the competitiveness of the overall remuneration, the Company conducts annual salary surveys to measure the salary level of the market and considers the Company's operating performance and future development to formulate a reward plan. The Company implements the performance-oriented policy and provides differentiated rewards based on individual performance to reward the contribution of colleagues.

Note: "Remuneration to directors" means the emoluments, retirement pensions, directors' remuneration, and business execution fees received by all directors, excluding salaries, health insurance, pension, and other welfare expenses received for concurrent employment.

73 -

AI assistant

EVERSPRING Audit Report / Information 2025

52050_rns_2026-05-26_17325529-ec8e-4c1b-b882-a066bc706277.pdf

EVERSPRING INDUSTRY CO., LTD.

Parent Company Only Financial Statements for the Years Ended December 31, 2025 and 2024 and Independent Auditors’ Report

Recognition of sales revenue

Other Matters

Responsibilities of Management and Those Charged with Governance for the Parent Company Only Financial Statements

Auditor's Responsibilities for the Audit of the Parent Company Only Financial Statements

EVERSPRING INDUSTRY CO., LTD.

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

4. Summary of Significant Accounting Policies

(1) Statement of compliance

(2) Basis of preparation

(3) Classification of current and non-current assets and liabilities

D. Investments in liabilities instruments at FVTOCI

(2) Impairment of financial assets

Critical Accounting Judgements

Key Sources of Estimation and Uncertainty

6. Cash and cash equivalents

7. Financial instruments at fair value through profit or loss

13. LEASE ARRANGEMENT

(1) Right-of-use assets

(2) Lease liabilities

(3) Material lease activities and terms

(4) Other lease information

(4) Other equity

21. Revenue

Contract Balance

23. Income taxes

(2) Interest rate risk

Sensitivity analysis

AI assistant

EVERSPRING — Audit Report / Information 2025

52050_rns_2026-05-26_17325529-ec8e-4c1b-b882-a066bc706277.pdf

EVERSPRING INDUSTRY CO., LTD.

Parent Company Only Financial Statements for the Years Ended December 31, 2025 and 2024 and Independent Auditors’ Report

Recognition of sales revenue

Other Matters

Responsibilities of Management and Those Charged with Governance for the Parent Company Only Financial Statements

Auditor's Responsibilities for the Audit of the Parent Company Only Financial Statements

EVERSPRING INDUSTRY CO., LTD.

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

4. Summary of Significant Accounting Policies

(1) Statement of compliance

(2) Basis of preparation

(3) Classification of current and non-current assets and liabilities

D. Investments in liabilities instruments at FVTOCI

(2) Impairment of financial assets

Critical Accounting Judgements

Key Sources of Estimation and Uncertainty

6. Cash and cash equivalents

7. Financial instruments at fair value through profit or loss

13. LEASE ARRANGEMENT

(1) Right-of-use assets

(2) Lease liabilities

(3) Material lease activities and terms

(4) Other lease information

(4) Other equity

21. Revenue

Contract Balance

23. Income taxes

(2) Interest rate risk

Sensitivity analysis

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EVERSPRING Audit Report / Information 2025