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CHENG UEI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS' REPORT

DECEMBER 31, 2025 AND 2024

For the convenience of readers and for information purpose only, the auditors' report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. In the event of any discrepancy between the English version and the original Chinese version or any differences in the interpretation of the two versions, the Chinese-language auditors' report and financial statements shall prevail.

CHENG UEI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES
DECEMBER 31, 2025 AND 2024 CONSOLIDATED FINANCIAL STATEMENTS
AND INDEPENDENT AUDITORS' REPORT
TABLE OF CONTENTS

Contents	Page
1. Cover Page	1
2. Table of Contents	2 ~ 3
3. Declaration of Consolidated Financial Statements of Affiliated Enterprises	4
4. Independent Auditors' Report	5 ~ 13
5. Consolidated Balance Sheets	14 ~ 15
6. Consolidated Statements of Comprehensive Income	16 ~ 17
7. Consolidated Statements of Changes in Equity	18
8. Consolidated Statements of Cash Flows	19 ~ 20
9. Notes to the Consolidated Financial Statements	21 ~ 141
(1) HISTORY AND ORGANIZATION	21
(2) THE DATE OF AUTHORISATION FOR ISSUANCE OF THE CONSOLIDATED FINANCIAL STATEMENTS AND PROCEDURES FOR AUTHORISATION	21
(3) APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS	21 ~ 23
(4) SUMMARY OF MATERIAL ACCOUNTING POLICIES	23 ~ 50

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Contents

(5) CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND KEY SOURCES OF ASSUMPTION UNCERTAINTY 50 ~ 51
(6) DETAILS OF SIGNIFICANT ACCOUNTS 52 ~ 110
(7) RELATED PARTY TRANSACTIONS 110 ~ 116
(8) PLEDGED ASSETS 117
(9) SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS 117 ~ 122
(10) SIGNIFICANT DISASTER LOSS 122
(11) SIGNIFICANT SUBSEQUENT EVENTS 122 ~ 124
(12) OTHERS 124 ~ 137
(13) SUPPLEMENTARY DISCLOSURES 137 ~ 139
(14) SEGMENT INFORMATION 140 ~ 141

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CHENG UEI PRECISION INDUSTRY CO., LTD.

Declaration of Consolidated Financial Statements of Affiliated Enterprises

For the year ended December 31, 2025, pursuant to “Criteria Governing Preparation of Affiliated Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises”, the entity that is required to be included in the consolidated financial statements of affiliates, is the same as the entity required to be included in the consolidated financial statements of parent and subsidiary companies under International Financial Reporting Standard No. 10. Also, if relevant information that should be disclosed in the consolidated financial statements of affiliates has all been disclosed in the consolidated financial statements of parent and subsidiaries, it shall not be required to prepare separate consolidated financial statements of affiliates.

Hereby declare,

March 31, 2026

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INDEPENDENT AUDITORS' REPORT TRANSLATED FROM CHINESE

PWCR 25000656

To the Board of Directors and Stockholders of Cheng Uei Precision Industry Co., Ltd.

Opinion

We have audited the accompanying consolidated balance sheets of Cheng Uei Precision Industry Co., Ltd. and its subsidiaries (the "Group") as at December 31, 2025 and 2024, and the related consolidated statements of comprehensive income, of changes in equity and of cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of material accounting policies.

In our opinion, based on our audits and the reports of other auditors (please refer to the Other matter section), the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the years then ended, in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations that came into effect as endorsed by the Financial Supervisory Commission.

Basis for opinion

We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group 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. Based on our audits and the reports of other auditors, we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Group’s 2025 consolidated financial statements. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and, in forming our opinion thereon, we do not provide a separate opinion on these matters.

Key audit matters for the Group’s consolidated financial statements of the year ended December 31, 2025 are stated as follows:

Valuation of goodwill impairment

Description

Please refer to Note 4(20) for accounting policies on impairment loss on non-financial assets, Note 5(2)A. for the uncertainty of accounting estimates and assumptions applied to goodwill impairment valuation, and Note 6(12) for details of goodwill impairment valuation.

As of December 31, 2025, the balance of goodwill (including indefinite useful life trademarks) derived from the acquisition of Foxlink Image Technology Co., Ltd. and DG Lifestyle Store Limited by the Company’s subsidiary, FIT Holding Co., Ltd. amounted to NT$715,197 thousand and NT$2,076,035 thousand, respectively. The accumulated impairment amounted to NT$0 thousand and NT$1,966,068 thousand, respectively. The net goodwill amounted to NT$715,197 thousand and NT$109,967 thousand, respectively. The Group valued the impairment of goodwill (including indefinite useful life trademarks) through the discounted cash flow method, using the higher of value in use or fair value less costs to sell to measure the cash generating unit’s recoverable amount. As the assumptions of expected future cash flows contained subjective judgement and involved a high degree of uncertainty which would cause a material impact on the valuation result, the valuation of goodwill impairment was identified as a key audit matter.

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How our audit addressed the matter

We performed the following audit procedures on the above key audit matter:

A. Obtained an understanding and assessed the reasonableness of valuation of goodwill impairment policies and procedures, including collection of internal and external data, operating forecast and industry changes.

B. Obtained the external appraisal report on impairment valuation and performed the following procedures:

(a) We examined the external appraiser’s qualification and assessed the independence, objectiveness and competence.

(b) We assessed that the valuation method used in the appraisal report was widely used and appropriate.

(c) We assessed the reasonableness of significant assumptions (including expected growth rate and discount rate) applied in the appraisal report.

Assessment of allowance for inventory valuation losses

Description

Please refer to Note 4(13) for accounting policies on inventory, Note 5(2)B. for the uncertainty of accounting estimates and assumptions applied to inventory valuation, and Note 6(6) for details of inventory.

The Group is primarily engaged in the manufacturing and sale of electronic components and parts. As the electronic products’ life cycles are relatively short and the market is highly competitive, there is a higher risk of incurring inventory valuation losses or obsolescence due to economic depression or an excess of supply over demand. The Company’s inventories are measured at the lower of cost and net realisable value, and individually assessed for those inventories over a certain age in order to identify obsolete or slow-moving inventories.

The industry technology is rapidly changing, and the net realisable value involves subjective judgement resulting in an uncertainty when assessing the obsolete or slow-moving inventories. Given that the inventory and allowance for inventory valuation losses were material to the financial statements, the assessment of allowance for inventory valuation losses was identified as a key audit matter.

How our audit addressed the matter

We performed the following audit procedures on the above key audit matter:

A. Assessed the reasonableness of policies and procedures on allowance for inventory valuation losses based on our understanding of the Group’s operation and industry.

B. Obtained an understanding of the Group’s warehousing control procedures. Reviewed annual physical inventory count plan and participated in the annual inventory count event in order to assess the effectiveness of the management of inventory.

C. Verified whether the systematic logic used in the Group’s inventory aging report is appropriate and in line with its policies.

D. Inspected inventory valuation basis adequacy and verified the selected samples’ information, for instance, purchase price and sale price. Also recalculated and evaluated the reasonableness of inventory allowance basis in order to verify that the inventory was measured at the lower of cost and net realisable value.

Recognition of construction revenue—assessment on the stage of completion

Description

Please refer to Note 4(31) for accounting policies on construction contracts, and Note 5(2)C. for the uncertainty of critical judgement, accounting estimates and assumptions applied to construction contracts. As of December 31, 2025, contract assets, contract liabilities and construction revenue of the Group amounted to $10,889,106 thousand, $66,119 thousand and $24,064,455 thousand, respectively, refer to Note 6(24) for details. Due to the unavoidable costs of fulfilling certain construction contracts exceeding the expected recoverable economic benefits, the Company recognized a provision for onerous contracts of NT$639,861 thousand. Please refer to Note 6(20) to the consolidated financial statements for details.

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Construction revenue and costs of the Group mainly arise from undertaking construction works. If the outcome of a construction contract can be estimated reliably, profit or loss should be recognised by reference to the stage of completion of the contract activity, using the percentage-of-completion method of accounting, over the contract term. The stage of completion of a construction contract is measured by the proportion of contract costs incurred for the construction performed as of the financial reporting date to the estimated total costs for the construction contract, and revenue is recognised over time.

The aforementioned estimated total costs are assessed by the management based on the different nature of constructions and the price fluctuations in the market to estimate the costs for each construction activity such as estimated subcontract charges and material and labour expenses, and the complexity of aforementioned total cost usually involves subjective judgement and contains a high degree of uncertainty, which may affect the construction revenue recognition, thus, we consider the assessment on the stage of completion which was applied on construction revenue recognition as a key audit matter.

How our audit addressed the matter:

We performed the following audit procedures on the stage of completion as described on the above key audit matter:

A. Obtained an understanding on the nature of business and industry, and assessed the reasonableness of internal process applied to estimate total construction cost, including the basis for estimating the expected total cost for construction contracts of the same nature.

B. Assessed and tested the internal controls used by the management to recognise construction revenue based on the stage of completion, including checking the supporting documents of additional or reduced construction and significant construction performed in the period.

C. Sampled and tested the subcontracts that have been assigned, and assessed the basis and reasonableness of estimating costs for those that have not been assigned.

D. Performed substantive procedures relating to the construction profit or loss statement, including sampling and verifying the costs incurred in the period with the appropriate evidence, and recalculating and confirming that construction revenue calculated based on the stage of completion had been accounted for appropriately.

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Other matter - Reference to the reports of other auditors

We did not audit the financial statements of certain subsidiaries and investments accounted for under the equity method which were audited by other auditors. Therefore, our opinion expressed herein, insofar as it relates to the amounts included in respect of these subsidiaries and the information disclosed in Note 13, is based solely on the reports of the other auditors. Total assets of these subsidiaries amounted to NT$354,284 thousand and NT$402,053 thousand, constituting 0.29% and 0.31% of the consolidated total assets as at December 31, 2025 and 2024, respectively, and operating revenue amounted to NT$1,707,703 thousand and NT$2,582,025 thousand, constituting 1.80% and 2.62% of the consolidated total operating revenue for the years then ended, respectively. The total balances of these investments accounted for under the equity method amounted to NT$698,933 thousand, constituting 0.54% of the consolidated total assets as at December 31, 2024, and the share of profit of associates and joint ventures accounted for under the equity method amounted to NT$18,676 thousand, constituting 0.46% of the consolidated total comprehensive income for the year then ended.

Other matter-Parent company only financial reports

We have audited and expressed an unmodified opinion with an Other matters section on the parent company only financial statements of Cheng Uei Precision Industry Co., Ltd. as at and for the years ended December 31, 2025 and 2024.

Responsibilities of management and those charged with governance for the consolidated financial statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations that came into effect as endorsed by the Financial Supervisory Commission, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group'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 Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance, including the audit committee, are responsible for overseeing the Group's financial reporting process.

Auditors' responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' 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 Standards on Auditing of the Republic of China 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 consolidated financial statements.

As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgement and professional skepticism throughout the audit. We also:

A. Identify and assess the risks of material misstatement of the consolidated 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.

B. 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 Group's internal control.

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C. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

D. 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 Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated 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 auditors’ report. However, future events or conditions may cause the Group to cease to continue as a going concern.

E. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

F. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group 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.

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From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period 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.

Chou, Hsiao-Tzu

Lin, Kuan-Hung

For and on behalf of PricewaterhouseCoopers, Taiwan

March 31, 2026

The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and independent auditors' report are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice.

As the financial statements are the responsibility of the management, PricewaterhouseCoopers Taiwan cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.

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CHENG UEI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2025 AND 2024
(Expressed in thousands of New Taiwan dollars)

ASSETS	Notes	December 31, 2025		December 31, 2024
		AMOUNT	%	AMOUNT	%
CURRENT ASSETS
1100	Cash and cash equivalents	6(1)	$ 19,799,074	16	$ 17,806,585	14
1110	Financial assets at fair value through profit or loss - current	6(2) and 12(3)	739	-	4,074	-
1136	Current financial assets at amortised cost	6(4) and 8	7,212,480	6	7,683,555	6
1140	Current contract assets	6(24)	10,892,561	9	8,906,886	7
1150	Notes receivable, net	6(5)	52,378	-	33,510	-
1170	Accounts receivable, net	6(5)	12,748,683	11	16,662,379	13
1180	Accounts receivable, net - related parties	7	148,126	-	408,972	-
1200	Other receivables		1,001,646	1	553,067	-
1210	Other receivables - related parties	7	529,123	-	932,785	1
1220	Current income tax assets	6(31)	107,414	-	95,732	-
130X	Inventories	6(6)	10,175,753	8	11,967,832	9
1410	Prepayments	6(7) and 7	3,153,723	3	13,833,859	10
1470	Other current assets	8	138,279	-	1,038,156	1
11XX	TOTAL CURRENT ASSETS		65,959,979	54	79,927,392	61
NON-CURRENT ASSETS
1517	Financial assets at fair value through other comprehensive income - non-current	6(3) and 12(3)	1,456,815	1	1,375,321	1
1535	Non-current financial assets at amortised cost	6(4) and 8	1,158,922	1	1,521,074	1
1550	Investments accounted for under the equity method	6(8)	8,330,268	7	7,463,827	6
1600	Property, plant and equipment, net	6(9), 7 and 8	34,926,902	29	31,445,503	24
1755	Right-of-use assets	6(10) and 7	2,953,223	2	4,737,744	4
1760	Investment property, net	6(11)	1,460,575	1	236,071	-
1780	Intangible assets	6(12)(34)	1,795,860	2	1,306,213	1
1840	Deferred income tax assets	6(31)	1,116,026	1	659,298	-
1915	Prepayments for business facilities	6(9) and 7	1,733,500	1	868,597	1
1990	Other non-current assets, others	6(19) and 8	1,145,918	1	970,588	1
15XX	TOTAL NON-CURRENT ASSETS		56,078,009	46	50,584,236	39
1XXX	TOTAL ASSETS		$ 122,037,988	100	$ 130,511,628	100

(Continued)

CHENG UEI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2025 AND 2024
(Expressed in thousands of New Taiwan dollars)

LIABILITIES AND EQUITY	Notes	December 31, 2025		December 31, 2024
		AMOUNT	%	AMOUNT	%
CURRENT LIABILITIES
2100	Short-term borrowings	6(14)	$ 15,069,297	12	$ 6,944,505	5
2110	Short-term notes and bills payable	6(15)	4,992,426	4	4,516,472	4
2130	Current contract liabilities	6(24)	730,663	1	849,498	1
2150	Notes payable		138	-	8,102	-
2170	Accounts payable		13,665,702	11	15,912,236	12
2180	Accounts payable - related parties	7	76,516	-	121,324	-
2200	Other payables	6(16) and 7	6,603,062	6	7,042,795	5
2230	Current income tax liabilities	6(31)	947,513	1	602,420	1
2250	Current provisions	6(20)	896,296	1	160,385	-
2280	Current lease liabilities	7	378,960	-	500,710	-
2320	Long-term liabilities, current portion	6(17)(19)	32,051,819	26	5,186,727	4
2365	Current refund liabilities		34,938	-	162,408	-
2399	Other current liabilities, others		254,190	-	113,144	-
21XX	TOTAL CURRENT LIABILITIES		75,701,520	62	42,120,726	32
NON-CURRENT LIABILITIES
2527	Non-current contract liabilities	6(24)	14,858	-	84,817	-
2530	Corporate bonds payable	6(17)	-	-	1,976,525	2
2540	Long-term borrowings	6(19)	18,086,553	15	41,165,915	32
2570	Deferred income tax liabilities	6(31)	1,506,432	1	1,462,366	1
2580	Non-current lease liabilities	7	1,608,543	2	3,151,060	2
2600	Other non-current liabilities	6(8)(19)(20)	229,902	-	247,136	-
25XX	TOTAL NON-CURRENT LIABILITIES		21,446,288	18	48,087,819	37
2XXX	TOTAL LIABILITIES		97,147,808	80	90,208,545	69
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
	Capital stock	6(21)
3110	Common stock		5,123,269	4	5,123,269	4
	Capital reserve	6(22)
3200	Capital surplus		11,379,482	10	10,814,659	8
	Retained earnings	6(23)
3310	Legal reserve		3,733,884	3	3,563,233	3
3320	Special reserve		1,384,022	1	2,673,428	2
3350	Unappropriated earnings		2,836,355	2	6,043,502	5
	Other equity
3400	Other equity interest		( 1,824,118 )	( 1 )	( 1,384,023 )	( 1 )
	Treasury shares	6(21)
3500	Treasury shares		( 622,774 )	( 1 )	( 622,774 )	( 1 )
31XX	Equity attributable to owners of the parent		22,010,120	18	26,211,294	20
36XX	Non-controlling interests	6(33)	2,880,060	2	14,091,789	11
3XXX	TOTAL EQUITY		24,890,180	20	40,303,083	31
	Significant contingent liabilities and unrecognised contract commitments	9
	Significant events after the balance sheet date	11
3X2X	TOTAL LIABILITIES AND EQUITY		$ 122,037,988	100	$ 130,511,628	100

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

CHENG UEI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 2025 AND 2024
(Expressed in thousands of New Taiwan dollars, except (loss) earnings per share amount)

	Items	Notes	Years ended December 31
			2025		2024
			AMOUNT	%	AMOUNT	%
4000	Operating revenue	6(24) and 7	$ 95,016,219	100	$ 98,397,461	100
5000	Operating costs	6(6)(29)(30) and 7	( 102,109,921)	( 107)	( 85,904,391)	( 87)
5900	Gross (loss) profit		( 7,093,702)	( 7)	12,493,070	13
5910	Unrealized loss on sales	6(8)	( 43,478)	-	( 32,443)	-
5920	Realized profit on sales	6(8)	285	-	-	-
5950	Net operating margin		( 7,136,895)	( 7)	12,460,627	13
	Operating expenses	6(29)(30)
6100	Sales and marketing expenses		( 1,878,112)	( 2)	( 1,953,028)	( 2)
6200	General and administrative expenses		( 5,250,256)	( 6)	( 4,650,232)	( 5)
6300	Research and development expenses		( 2,062,215)	( 2)	( 2,368,979)	( 2)
6450	Expected credit loss	12(2)	( 68,843)	-	( 3,005)	-
6000	Total operating expenses		( 9,259,426)	( 10)	( 8,975,244)	( 9)
6900	Operating (loss) income		( 16,396,321)	( 17)	3,485,383	4
	Non-operating income and expenses
7100	Interest income	6(4)(25)	458,769	-	502,861	-
7010	Other income	6(11)(26) and 7	267,821	-	394,000	-
7020	Other gains and losses	6(2)(8)(9)(11)(13)(27)
		)	( 1,385,147)	( 1)	76,030	-
7050	Finance costs	6(28) and 7	( 1,641,885)	( 2)	( 979,747)	( 1)
7055	Impairment loss determined in accordance with IFRS 9	12(2)	-	-	( 219,306)	-
7060	Share of profit of associates and joint ventures accounted for under the equity method	6(8)	892,458	1	745,839	1
7000	Total non-operating income and expenses		( 1,407,984)	( 2)	519,677	-
7900	(Loss) income before income tax		( 17,804,305)	( 19)	4,005,060	4
7950	Income tax expense	6(31)	( 1,279,434)	( 1)	( 1,482,680)	( 2)
8200	Net (loss) income		( $ 19,083,739)	( 20)	$ 2,522,380	2

(Continued)

CHENG UEI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2025 AND 2024

(Expressed in thousands of New Taiwan dollars, except (loss) earnings per share amount)

	Items	Notes	Years ended December 31
			2025		2024
			AMOUNT	%	AMOUNT	%
	Other comprehensive (loss) income, net
	Components of other comprehensive (loss) income that will not be reclassified to profit or loss
8311	Gains on remeasurements of defined benefit plans	6(19)
8316	Unrealized (loss) gain on equity instrument at fair value through other comprehensive income	6(3)	$ 32,298	-	$ 35,969	-
8320	Share of other comprehensive loss of associates and joint ventures accounted for under the equity method, components of other comprehensive (loss) income that will not be reclassified to profit or loss	(63)	(16,304)	-	45,697	-
8349	Income tax related to components of other comprehensive income that will not be reclassified to profit or loss	6(31)	(182,890)	-	223,530	1
8310	Total components of other comprehensive (loss) income that will not be reclassified to profit or loss	(31)	(6,459)	-	(7,193)	-
	Components of other comprehensive (loss) income that will be reclassified to profit or loss		(173,355)	-	298,003	1
8361	Exchange differences arising on translation of foreign operations	(31)	(578,454)	(1)	1,546,695	1
8370	Share of other comprehensive loss of associates and joint ventures accounted for using equity method, components of other comprehensive loss that will be reclassified to profit or loss	(31)	68,405	-	1,919	-
8399	Income tax related to components of other comprehensive income that will be reclassified to profit or loss	6(31)	66,169	-	(301,390)	-
8360	Total components of other comprehensive (loss) income that will be reclassified to profit or loss	(31)	(443,880)	(1)	1,247,224	1
8300	Other comprehensive (loss) income, net	(31)	($617,235)	(1)	$1,545,227	2
8500	Total comprehensive (loss) income for the period	(31)	($19,700,974)	(21)	$4,067,607	4
	Net (loss) income attributable to:
8610	Shareholders of the parent	(31)	($3,065,624)	(3)	$1,687,146	1
8620	Non-controlling interests	(31)	(16,018,115)	(17)	835,234	1
	Total	(31)	($19,083,739)	(20)	$2,522,380	2
	Total comprehensive (loss) income attributable to:
8710	Shareholders of the parent	(31)	($3,485,180)	(4)	$2,989,088	3
8720	Non-controlling interests	(31)	(16,215,794)	(17)	1,078,519	1
	Total	(31)	($19,700,974)	(21)	$4,067,607	4
	Basic (loss) earnings per share (in dollars)
9750	Basic (loss) earnings per share	6(32)	($6.62)	$	3.65
	Diluted (loss) earnings per share (in dollars)
9850	Diluted (loss) earnings per share	6(32)	($6.62)	$	3.62

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

CHENG UEI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

YEARS ENDED DECEMBER 31, 2025 AND 2024

(Expressed in thousands of New Taiwan dollars)

Equity attributable to owners of the parent

	Notes	Common stock	Capital reserve	Retained earnings			Other equity interest		Treasury shares	Total equity attributable to shareholders of the parent	Non-controlling interest	Total equity
				Legal reserve	Special reserve	Unappropriated earnings	Exchange differences on translation of foreign financial statements	Unrealised gains (losses) from financial assets measured at fair value through other comprehensive income
Year ended December 31, 2024
Balance at January 1, 2024		$ 5,123,269	$ 10,764,901	$ 3,445,937	$ 2,363,760	$ 5,788,610	($ 2,393,924 )	($ 279,505 )	($ 622,774 )	$ 24,190,274	$ 12,631,718	$ 36,821,992
Net income for the year		-	-	-	-	1,687,146	-	-	-	1,687,146	835,234	2,522,380
Other comprehensive income		-	-	-	-	23,196	1,067,883	210,863	-	1,301,942	243,285	1,545,227
Total comprehensive income		-	-	-	-	1,710,342	1,067,883	210,863	-	2,989,088	1,078,519	4,067,607
Appropriation of 2023 earnings	6(23)
Legal reserve		-	-	117,296	-	( 117,296 )	-	-	-	-	-	-
Special reserve		-	-	-	309,668	( 309,668 )	-	-	-	-	-	-
Cash dividends		-	-	-	-	( 1,024,654 )	-	-	-	( 1,024,654 )	-	( 1,024,654 )
Changes in ownership interests in subsidiaries	6(17)(22)	-	122,095	-	-	-	-	-	-	122,095	720,139	842,234
Changes in net equity of associates and joint ventures accounted for using equity method		-	( 110,149 )	-	-	-	-	-	-	( 110,149 )	-	( 110,149 )
Disposal of investments in equity instruments designated at fair value through other comprehensive income		-	-	-	-	( 3,832 )	-	10,660	-	6,828	-	6,828
Cash dividends distributed to subsidiaries	6(22)	-	37,812	-	-	-	-	-	-	37,812	-	37,812
Changes in non-controlling interest	6(33)	-	-	-	-	-	-	-	-	-	( 338,587 )	( 338,587 )
Balance at December 31, 2024		$ 5,123,269	$ 10,814,659	$ 3,563,233	$ 2,673,428	$ 6,043,502	($ 1,326,041 )	($ 57,982 )	($ 622,774 )	$ 26,211,294	$ 14,091,789	$ 40,303,083
Year ended December 31, 2025
Balance at January 1, 2025		$ 5,123,269	$ 10,814,659	$ 3,563,233	$ 2,673,428	$ 6,043,502	($ 1,326,041 )	($ 57,982 )	($ 622,774 )	$ 26,211,294	$ 14,091,789	$ 40,303,083
Net loss for the year		-	-	-	-	( 3,065,624 )	-	-	-	( 3,065,624 )	( 16,018,115 )	( 19,083,739 )
Other comprehensive (loss) income		-	-	-	-	20,539	( 276,922 )	( 163,173 )	-	( 419,556 )	( 197,679 )	( 617,235 )
Total comprehensive loss		-	-	-	-	( 3,045,085 )	( 276,922 )	( 163,173 )	-	( 3,485,180 )	( 16,215,794 )	( 19,700,974 )
Appropriation of 2024 earnings	6(23)
Legal reserve		-	-	170,651	-	( 170,651 )	-	-	-	-	-	-
Special reserve		-	-	-	( 1,289,406 )	-	-	-	-	-	-	-
Cash dividends		-	-	-	-	( 1,280,817 )	-	-	-	( 1,280,817 )	-	( 1,280,817 )
Difference between proceeds from acquisition of disposal of subsidiary and book value		-	( 20,404 )	-	-	-	-	-	-	( 20,404 )	-	( 20,404 )
Changes in ownership interests in subsidiaries	6(22)	-	320,645	-	-	-	-	-	-	320,645	116,978	437,623
Changes in net equity of associates and joint ventures accounted for using equity method		-	217,332	-	-	-	-	-	-	217,332	-	217,332
Subsidiary received cash dividends from parent company		-	47,263	-	-	-	-	-	-	47,263	-	47,263
Employee stock option	6(22)	-	( 13 )	-	-	-	-	-	-	( 13 )	-	( 13 )
Changes in non-controlling interest	6(33)	-	-	-	-	-	-	-	-	-	4,887,087	4,887,087
Balance at December 31, 2025		$ 5,123,269	$ 11,379,482	$ 3,733,884	$ 1,384,022	$ 2,836,355	($ 1,602,963 )	($ 221,155 )	($ 622,774 )	$ 22,010,120	$ 2,880,060	$ 24,890,180

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

CHENG UEI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2025 AND 2024
(Expressed in thousands of New Taiwan dollars)

	Years ended December 31
	Notes	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss) profit before tax		($ 17,804,305)	$ 4,005,060
Adjustments
Adjustments to reconcile profit (loss)
Gain (loss) on financial assets and liabilities at fair value through profit or loss	6(2)
Depreciation expense (including investment property)	6(9)(10)(11)(27)(29)	4,803,919	4,258,963
Amortisation	6(12)(29)	215,762	146,736
Expected credit loss	12(2)	68,843	222,311
Interest expense	6(28)	1,641,885	979,747
Interest income	6(25)	( 458,769)	( 502,861)
Gain on disposal of real estate, plant and equipment, and investment property	6(27)
Unrealized gross profit on sales		43,478	32,443
Realized gain (loss) on sales		( 285)	-
Share of profit of associates accounted for using the equity method	6(8)
(Gain) loss on disposals of investments	6(27)	( 532,305)	2,192
Impairment loss on non-financial assets	6(7)(8)(9)(13)(27)	1,559,416	553,774
Deferred government grants revenue recognised		( 7,624)	( 54,163)
Default losses	6(27)	329,205	-
Loss on onerous contracts provision	6(20)	605,399	6,677
Changes in operating assets and liabilities
Changes in operating assets
Contract assets		( 1,927,873)	( 230,926)
Notes receivable		( 18,868)	20,423
Accounts receivable		3,910,191	1,006,741
Accounts receivable - related parties		260,846	24,907
Other receivables		( 420,825)	( 63,509)
Other receivables due from related parties		403,662	( 869,966)
Inventories		1,758,759	2,290,348
Prepayments		10,631,100	( 6,669,492)
Other current assets		( 90,841)	10,787
Other non-current assets		96,111	( 24,894)
Changes in operating liabilities
Contract liabilities		( 188,794)	152,316
Notes payable		( 8,339)	( 24,575)
Accounts payable		( 2,261,226)	142,605
Accounts payable - related parties		( 44,808)	( 23,281)
Other payables		( 1,663,098)	1,273,767
Refund liabilities		( 127,469)	( 12,655)
Other current liabilities		( 90,560)	( 151,291)
Other non-current liabilities		( 10,214)	( 49,917)
Cash (outflow) inflow generated from operations		( 342,300)	5,633,169
Interest received		458,769	502,861
Dividends received		167,414	103,597
Interest paid		( 1,643,413)	( 955,832)
Income tax paid		( 1,354,184)	( 1,514,972)
Net cash flows (used in) from operating activities		( 2,713,714)	3,768,823

(Continued)

CHENG UEI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2025 AND 2024
(Expressed in thousands of New Taiwan dollars)

	Years ended December 31
	Notes	2025	2024
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other comprehensive income	12(3)	($ 102,733 )	($ 45,780 )
Proceeds from disposal of financial assets at fair value through other comprehensive income		-	89,560
Proceeds from capital reduction of financial assets at fair value through other comprehensive income	12(3)	-	1,706
Acquisition of financial assets at fair value through other comprehensive income		-	( 29 )
Acquisition of a subsidiary	6(35) and 7	( 32,133 )	-
Net cash flow from acquisition of subsidiaries	6(34)	779,025	-
Proceeds from disposal of financial assets at fair value through other comprehensive income		1,250	-
Increase in financial assets at amortised cost	6(4)	833,227	( 5,585,390 )
Acquisition of investments accounted for using equity method	6(8) and 7	( 617,121 )	( 1,062,670 )
Acquisition of intangible assets	6(12)	( 185,537 )	( 67,372 )
Proceeds from disposal of intangible assets	6(12)	3,548	390
Acquisition of property, plant and equipment	6(35)	( 11,028,788 )	( 11,990,156 )
Proceeds from disposal of property, plant and equipment		1,402,923	352,435
Proceeds from disposal of investment property	6(35)	-	216,899
Decrease (increase) in guarantee deposits paid		846,691	( 164,923 )
Proceeds from disposal of investments accounted for using the equity method		824,271	-
Increase in prepayments for business facilities		( 1,482,836 )	( 377,409 )
Net cash flows used in investing activities		( 8,758,213 )	( 18,632,739 )
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings	6(36)	44,621,128	33,662,256
Repayments of short-term borrowings	6(36)	( 36,429,772 )	( 36,654,705 )
Increase in short-term notes and bills payable	6(36)	475,954	430,952
Repayments of corporate bonds	6(36)	( 3,600,000 )	( 3,000,000 )
Proceeds from long-term borrowings	6(36)	47,081,461	45,708,000
Repayments of long-term borrowings	6(36)	( 41,804,401 )	( 21,136,331 )
Repayments of lease liabilities	6(36)	( 492,051 )	( 605,695 )
Cash dividends paid	6(23)	( 1,280,817 )	( 1,024,654 )
Proceeds from disposal of ownership interests in subsidiaries	6(34)	827,174	-
Changes in non-controlling interest	6(33)	3,326,444	( 428,607 )
Net cash flows from financing activities		12,725,120	16,951,216
Effect of change in exchange rates		739,296	874,489
Net increase in cash and cash equivalents		1,992,489	2,961,789
Cash and cash equivalents at beginning of year		17,806,585	14,844,796
Cash and cash equivalents at end of year		$ 19,799,074	$ 17,806,585

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

~21~

CHENG UEI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

1. HISTORY AND ORGANIZATION

Cheng Uei Precision Industry Co., Ltd. (the “Company”) was incorporated as a company limited by shares under the provisions of the Company Act of the Republic of China (R.O.C.) on July 14, 1986 and has begun operations on July 31, 1986. The Company and its subsidiaries (collectively referred herein as the “Group”) are engaged in the manufacture of cable assemblies, connectors, battery packs, and power modules, investment and development of power plant and cleaning energy services. Effective September 1999, the shares of the Company were listed on the Taiwan Stock Exchange.

2. THE DATE OF AUTHORISATION FOR ISSUANCE OF THE CONSOLIDATED FINANCIAL STATEMENTS AND PROCEDURES FOR AUTHORISATION

These consolidated financial statements were authorized for issuance by the Board of Directors on March 31, 2026.

3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS

(1) Effect of the adoption of new issuances of or amendments to International Financial Reporting Standards (“IFRS®”) Accounting Standards that came into effect as endorsed by the Financial Supervisory Commission (“FSC”)

New standards, interpretations and amendments endorsed by the FSC effective and became effective from 2025 are as follows:

New Standards, Interpretations and Amendments	Effective date by International Accounting Standards Board
Amendments to IAS 21, ‘Lack of exchangeability’	January 1, 2025
The above standards and interpretations have no significant impact to the Group’s financial condition and financial performance based on the Group’s assessment.

(2) Effect of new issuances of or amendments to IFRSs Accounting Standards as endorsed by the FSC but not yet adopted by the Group

New standards, interpretations and amendments endorsed by the FSC effective from 2026 are as follows:

New Standards, Interpretations and Amendments	Effective date by International Accounting Standards Board
Amendments to IFRS 9 and IFRS 7, ‘Amendments to the classification and measurement of financial instruments’	January 1, 2026

~22~

New Standards, Interpretations and Amendments	Effective date by International Accounting Standards Board
Amendments to IFRS 9 and IFRS 7, ‘Contracts referencing nature-dependent electricity’	January 1, 2026
IFRS 17, ‘Insurance contracts’	January 1, 2023
Amendments to IFRS 17, ‘Insurance contracts’	January 1, 2023
Amendment to IFRS 17, ‘Initial application of IFRS 17 and IFRS 9 – comparative information’	January 1, 2023
Annual Improvements to IFRS Accounting Standards – Volume 11	January 1, 2026

Except for the following, the above standards and interpretations have no significant impact to the Group’s financial condition and financial performance based on the Group’s assessment.

Amendments to IFRS 9 and IFRS 7, ‘Amendments to the classification and measurement of financial instruments’

Update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). The entity shall disclose the fair value of each class of investment and is no longer required to disclose the fair value of each investment. In addition, the amendments require the entity to disclose the fair value gain or loss presented in other comprehensive income during the period, showing separately the fair value gain or loss related to investments derecognised during the reporting period and the fair value gain or loss related to investments held at the end of the reporting period; and any transfers of the cumulative gain or loss within equity during the reporting period related to the investments derecognised during that reporting period.

(3) IFRSs Accounting Standards issued by IASB but not yet endorsed by the FSC

New standards, interpretations and amendments issued by IASB but not yet included in the IFRS Accounting Standards as endorsed by the FSC are as follows:

New Standards, Interpretations and Amendments	Effective date by International Accounting Standards Board
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 International Accounting Standards Board
IFRS 18, ‘Presentation and disclosure in financial statements’	January 1, 2027 (Note)
IFRS 19, ‘Subsidiaries without public accountability: disclosures’	January 1, 2027
Amendments to IAS 21, ‘Translation to a Hyperinflationary Presentation Currency’	January 1, 2027

Note: The FSC has announced in a press release on September 25, 2025 that public companies will apply IFRS 18 starting from the fiscal year 2028. Additionally, entities can choose to adopt IFRS 18 earlier based on their requirements after the FSC endorses IFRS 18.

Except for the following, the above standards and interpretations have no significant impact to the Group’s financial condition and financial performance based on the Group’s assessment.

IFRS 18, 'Presentation and disclosure in financial statements'

IFRS 18, 'Presentation and disclosure in financial statements' replaces IAS 1. The standard introduces a defined structure of the statement of profit or loss, disclosure requirements related to management-defined performance measures, and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes.

4. SUMMARY OF MATERIAL ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

(1) Compliance statement

The consolidated financial statements of the Group have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards, International Accounting Standards, IFRIC® Interpretations, and SIC® Interpretations that came into effect as endorsed by the FSC (collectively referred herein as the "IFRSs").

(2) Basis of preparation

A. Except for the following items, the consolidated financial statements have been prepared under the historical cost convention:

(a) Financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.

(b) Financial assets at fair value through other comprehensive income.

(c) Defined benefit liabilities recognised based on the net amount of pension fund assets less present value of defined benefit obligations.

B. The preparation of financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.

(3) Basis of consolidation

A. Basis for preparation of consolidated financial statements:

(a) All subsidiaries are included in the Group's consolidated financial statements. Subsidiaries are all entities controlled by the Group. The Group controls an entity when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidation of subsidiaries begins from the date the Group obtains control of the subsidiaries and ceases when the Group loses control of the subsidiaries.

~23~

(b) Inter-company transactions, balances and unrealised gains or losses on transactions between companies within the Group are eliminated. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group.

(c) Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the non-controlling interests. Total comprehensive income is attributed to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

(d) Changes in a parent’s ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary (transactions with non-controlling interests) are accounted for as equity transactions, i.e. transactions with owners in their capacity as owners. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity.

(e) When the Group loses control of a subsidiary, the Group remeasures any investment retained in the former subsidiary at its fair value. That fair value is regarded as the fair value on initial recognition of a financial asset or the cost on initial recognition of the associate or joint venture. Any difference between fair value and carrying amount is recognised in profit or loss. All amounts previously recognised in other comprehensive income in relation to the subsidiary are reclassified to profit or loss on the same basis as would be required if the related assets or liabilities were disposed of. That is, when the Group loses control of a subsidiary, all gains or losses previously recognised in other comprehensive income in relation to the subsidiary should be reclassified from equity to profit or loss, if such gains or losses would be reclassified to profit or loss when the related assets or liabilities are disposed of.

(f) For the intra-group reorganisation, the Group shall recognise the acquisition in investments accounted for using equity method based on the carrying amount of subsidiary (net of impairment loss) in accordance with Accounting Research and Development Foundation Interpretation 100-248 and other related letters. The difference between carrying amount of the Group’s investments accounted for using equity method in the subsidiary (net of impairment loss) and its consideration will be adjusted in ‘capital surplus, share premium’. If the write-off is insufficient, ‘retained earnings’ will be adjusted and decreased.

~24~

B. Subsidiaries included in the consolidated financial statements:

Name of investor	Name of subsidiary	Main business activities	Ownership (%)		Description
			December 31, 2025	December 31, 2024
The Company	CU International Ltd. (CU)	Manufacture of electronic parts and components and holding company and reinvestment business	100	100
The Company	Culink International Ltd. (CULINK)	Holding company and reinvestment business	100	100
The Company	Foxlink International Investment Ltd. (FII)	Holding company and reinvestment business	100	100
The Company	Fu Uei International Investment Ltd. (FUII)	Holding company and reinvestment business	100	100
The Company	Darts Technologies Corporation (Darts)	Manufacture and sales of wired and wireless communication devices	97	97
The Company	DU Precision Industry Co., Ltd. (DU Precision)	Manufacture and sales of electronic parts and components	100	100
The Company	Foxlink Technology Ltd. (FOXLINK TECH)	Holding company and reinvestment business	100	100
The Company	Sustain Co., Ltd. (Sustain)	Electroplating processing services	100	100
The Company	SINOBEST BROTHERS LIMITED (SINOBEST)	Holding company and reinvestment business	85.19	85.19	Note 8
The Company	FOXLINK ARIZONA INC. (FOXLINK ARIZONA)	Energy service management	100	100
The Company	UBILINK AI CO., LTD. (UBILINK)	Computer software services	53.75	41	Notes 2, 10
The Company	MICROLINK COMMUNICATIONS INC. (MICROLINK)	Trading and manufacturing	100	-	Notes 1, 15
The Company	FOXLINK TEXAS INC. (FOXLINK TEXAS)	Trading and manufacturing	100	-	Note 1
CU	Fugang Electronic (Dongguan) Co., Ltd. (FGEDG)	Manufacture and sales of electronic parts and components	100	100
CU	New Start Industries Ltd. (NEW START)	Holding company and reinvestment business	100	100
CU	Fugang Electric (Kunshan) Co., Ltd. (FGEKS)	Manufacture and sales of electronic parts and components	100	100
CU	Dong Guan Fu Shi Chang Co., Ltd. (FSC)	Manufacture and sales of electronic parts and components	100	100
CU	Culink Tianjin Co., Ltd. (CTJ)	Manufacture and sales of electronic parts and components	25	25
CU	Foxlink Automotive Technology (Kunshan) Co., Ltd. (KAFE)	Manufacture and sales of electronic parts and components	49.98	49.98
CU	Dongguan Fuqiang Electronics Co., Ltd. (DGFQ)	Manufacture and sales of electronic parts and components	83.17	83.17
CU	Foxlink Energy (Tianjin) Ltd. (FETJ)	Manufacture and sales of electronic parts and components	100	100
CU	Solteras Limited (SOLTERAS)	General investments holding	100	100

Name of investor	Name of subsidiary	Main business activities	Ownership (%)		Description
			December 31, 2025	December 31, 2024
CU	Fushineng Electronics (Kunshan) Co., Ltd.(Fushineng Kunshan)	Manufacture and sales of electronic parts and components	100	100
CU	FUJIXANG ELECTRONICS (KUNSHAN) CO., LTD.(Fu Shi Xiang Research &Development Center(Kunshan)Co., Ltd. (Fu Shi Xiang Kunshan))	Manufacture and sales of electronic parts and components	100	100
CU	Fu Gang Electronic (Nan Chang) Co., Ltd. (FENC)	Manufacture and sales of electronic parts and components	72	72
CU	Fugang Electric (YANCHENG) Co., Ltd. (FG YANCHENG)	Manufacture and sales of electronic parts and components	-	80	Note 3
CU	Fuqiang Electric (YANCHENG) Co., Ltd. (FQ YANCHENG)	Manufacture and sales of electronic parts and components	-	100	Note 3
CU	Fugang Electric (MAANSHAN) Co., Ltd. (FG MAANSHAN)	Manufacture and sales of electronic parts and components	32.86	32.86
CU	Kunshan Fugang Investment Co., Ltd. (Kunshan Fugang Investment)	Holding company and reinvestment business	100	100
CU	FOXLINK TECHNICAL INDIA PRIVATE LIMITED (FOXLINK INDIA)	Manufacture and sales of electronic parts and components	34.45	34.45
CU	Fugang Electric (XuZhou) Co., Ltd. (FG XuZhou)	Manufacture and sales of electronic parts and components	27.94	27.94
FGEDG	FOXLINK DA NANG ELECTRONICS CO., LTD. (FDN)	Manufacture and sales of electronic parts and components	18.18	-	Note 25
NEW START	Foxlink Tianjin Co., Ltd. (FTJ)	Manufacture and sales of electronic parts and components	100	100
NEW START	Culink Tianjin Co., Ltd. (CTJ)	Manufacture and sales of electronic parts and components	75	75
NEW START	Changzhou Xinwei Vehicle Energy Venture Capital Co., Ltd. (Xinwei)	General investments holding	50	50
NEW START	Fugang Electric (XuZhou) Co., Ltd. (FG XuZhou)	Manufacture and sales of electronic parts and components	24.85	24.85
FTJ	Foxlink Automotive Technology (Kunshan) Co., Ltd. (KAFE)	Manufacture and sales of electronic parts and components	50.02	50.02
FTJ	Fu Gang Electronic (Nan Chang) Co., Ltd. (FENC)	Manufacture and sales of electronic parts and components	28	28
FTJ	Fugang Electric (MAANSHAN) Co., Ltd. (FG MAANSHAN)	Manufacture and sales of electronic parts and components	50.71	50.71
KAFE	Suzhou Keyu Rui Automobile Technology Co., Ltd. (Keyu Rui)	Trading and manufacturing	-	55.56	Note 3
KAFE	Foxlink Automotive Technology Co., Ltd. (FAT)	Manufacture and sales of electronic parts and components	100	100
CULINK	PACIFIC WEALTH LIMITED (PACIFIC WEALTH)	Holding company and reinvestment business	100	100
CULINK	FOXLINK TECHNICAL INDIA PRIVATE LIMITED (FOXLINK INDIA)	Manufacture and sales of electronic parts and components	65.55	65.55

Name of investor	Name of subsidiary	Main business activities	Ownership (%)		Description
			December 31, 2025	December 31, 2024
CULINK	FOXLINK POWERBANK INTERNATIONAL TECHNOLOGY PRIVATE LIMITED (FOXLINK POWERBANK)	Manufacture and sales of electronic parts and components	0.73	0.73
CULINK	GLORYTEK SCIENCE INDIA PRIVATE LIMITED (GLORY SCIENCE INDIA)	Manufacture and sales of the components of communication and consumer electronics	0.73	0.73
CULINK	FUGANG ELECTRIC (XUZHOU) CO., LTD. (FG XUZHOU)	Manufacture and sales of electronic parts and components	47.21	47.21
PACIFIC WEALTH	FOXLINK INTERNATIONAL INC. (FOXLINK)	Trading business	100	100
Kunshan Fugang Investment	Dongguan Fuqiang Electronics Co., Ltd. (DGFQ)	Manufacture and sales of electronic parts and components	16.83	16.83
Kunshan Fugang Investment	Fuqiang Electric (MAANSHAN) Co., Ltd. (FQ MAANSHAN)	Manufacture and sales of electronic parts and components	100	100
Kunshan Fugang Investment	Fugang Electric (MAANSHAN) Co., Ltd. (FG MAANSHAN)	Manufacture and sales of electronic parts and components	16.43	16.43
FII	World Circuit Technology Co., Ltd. (WCT)	Manufacture and sales of electronic parts and components and flexible printed circuit	69.56	69.56
FII	FIT Holding Co., Ltd. (FIT Holding)	Holding company and reinvestment business	23.67	23.67
FII	FOXLINK INDIA ELECTRIC PRIVATE LIMITED (FIE)	Manufacture and sales of electronic parts and components	11.60	13.53	Note 19
FII	FOXLINK VIETNAM CO., LTD. (FV)	Manufacture and sales of electronic parts and components	100	100
FII	FOXLINK DA NANG ELECTORNICS CO., LTD. (FDN)	Manufacture and sales of electronic parts and components	81.82	100	Note 25
FII	FOXLINK DA NANG TECHNOLOGY Co., LTD. (FDT)	Manufacture and sales of electronic parts and components	100	-	Note 1
FII	SYNCROBOTIC CO., LTD. (SYNCROBOTIC)	Sales of electronic parts and components	100	-	Note 16
WCT	VALUE SUCCESS LIMITED (VALUE SUCCESS)	Holding company and reinvestment business	100	100
VALUE SUCCESS	CAPITAL GUARDIAN LIMITED (CAPITAL)	Holding company and reinvestment business	100	100
CAPITAL	World Circuit Technology (Hong Kong) Limited (WCTHK)	Holding company and reinvestment business	100	100
Darts	BENEFIT RIGHT LTD. (BENEFIT)	Holding company and reinvestment business	100	100
BENEFIT	POWER CHANNEL LIMITED (POWER)	Holding company and reinvestment business	64.25	64.25
DU Precision	CE Link International Ltd. (CELINK)	Manufacture and sales of electronic parts and components	100	100
FOXLINK TECH	SINOBEST BROTHERS LIMITED (SINOBEST)	Holding company and reinvestment business	14.81	14.81	Note 8

Name of investor	Name of subsidiary	Main business activities	Ownership (%)		Description
			December 31, 2025	December 31, 2024
SINOBEST	FOXLINK MYANMAR COMPANY LIMITED (FOXLINK MYANMAR)	Manufacture and sales of electronic parts and components	100	100	Note 5
MICROLINK	MICROLINK DA NANG COMMUNICATION COMPANY LIMITED (MDN)	Manufacture and sales of electronic parts and components	100	-	Note 1
FUII	Studio A Inc. (Studio A)	Sales of 3C products	51	51
FUII	VA Product Inc. (VA)	Sales of electronic parts and components	100	100
FUII	Zhi De Investment Co., Ltd. (Zhi De Investment)	Holding company and reinvestment business	100	100
FUII	Shinfox Energy Co., Ltd. (Shinfox)	Energy service management	8.01	8.31	Notes 7
FUII	FIT Holding Co., Ltd. (FIT Holding)	Holding company and reinvestment business	5.97	5.97
FUII	FOXLINK INDIA ELECTRIC PRIVATE LIMITED (FIE)	Manufacture and sales of electronic parts and components	88.40	86.47	Notes 19
FUII	X2 CLOUD INC.(X2)	Security software services	60	-	Notes 1, 17
Zhi De Investment	FIT Holding Co., Ltd. (FIT Holding)	Holding company and reinvestment business	8.55	8.55
Studio A	Straight A Inc. (Straight A)	Sales of electronic parts and components	100	100
Studio A	Studio A Technology Limited (Studio A Hong Kong)	Sales of 3C products	51	51
Studio A	Jing Jing Technology Co., Ltd. (Jing Jing)	Sales of electronic parts and components	100	100
Studio A	Kunshan Fugang Electric Trading Co., Ltd. (KFET)	Sales of electronic parts and components	100	-	Note 22
Studio A Hong Kong	ASHOP CO., LTD. (ASHOP)	Sales of electronic parts and components	100	100
Studio A Hong Kong	STRAIGHT A LIMITED (Straight A Hong Kong)	Sales of electronic parts and components	100	100	Note 2
FGEKS	Kunshan Fugang Electric Trading Co., Ltd. (KFET)	Sales of electronic parts and components	-	51	Note 22
KFET	Shanghai Fugang Electric Trading Co., Ltd. (SFET)	Sales of electronic parts and components	100	100
KFET	Kunshan Fu Shi You Trading Co., Ltd. (KFSY)	Sales of electronic parts and components	100	100
KFET	Shanghai Standard Information Technology Co., Ltd. (Shanghai Standard)	Sales of electronic parts and components	100	100
KFET	Changzhou Fugang Digital Technology Co., Ltd (Changzhou Digital)	Sales of electronic parts and components	100	-	Note 1
KFET	Hefei Jingshi Digital Technology Co., Ltd (Hefei Digital)	Sales of electronic parts and components	100	-	Note 1
KFET	Yangzhou Biaogan Digital Technology Co., Ltd (Yangzhou Digital)	Sales of electronic parts and components	100	-	Note 1

Name of investor	Name of subsidiary	Main business activities	Ownership (%)		Description
			December 31, 2025	December 31, 2024
FIT Holding	Power Quotient International Co., Ltd. (PQI)	Manufacture and sales of electronic parts and components	100	100
FIT Holding	Foxlink Image Technology Co., Ltd. (Foxlink Image)	Manufacture of image scanners and multifunction printers	100	100
FIT Holding	Glory Science Co., Ltd. (Glory Science)	Production and processing and sale of optical lens components and other products	100	100
FIT Holding	Shih Fong Power Co., Ltd. (Shih Fong)	Hydropower	16.30	16.30	Note 11
FIT Holding	Synergy Co., Ltd. (Synergy)	Energy service management	2.30	-	Note 14
PQI	Power Quotient International (H.K.) Co., Ltd. (PQI H.K.)	Sales of electronic parts and components	100	100
PQI	PQI JAPAN CO., LTD. (PQI JAPAN)	Sales of electronic parts and components	100	100
PQI	SYSCOM DEVELOPMENT CO., LTD. (SYSCOM)	Holding company and reinvestment business	100	100
PQI	APIX LIMITED (APIX)	Holding company and reinvestment business	100	100
PQI	Power Sufficient International Co., Ltd. (PSI)	Sales of medical instruments	-	-	Note 4
PQI	Shinfox Energy Co. Ltd. (Shinfox)	Energy service management	37.49	45.82	Note 7
SYSCOM	FOXLINK POWERBANK INTERNATIONAL TECHNOLOGY PRIVATE LIMITED (FOXLINK POWERBANK)	Manufacture and sales of electronic parts and components	99.27	99.27
APIX	Sinocity Industries Limited (Sinocity)	Sales of 3C products	100	100	Note 5
APIX	PERENNIAL ACE LIMITED (Perennial)	General investments holding	100	100
Sinocity Industries	DG LIFESTYLE STORE LIMITED (DG)	Sales of 3C products	-	100	Note 3
Perennial	Studio A Technology Limited (Studio A Hong Kong)	Sales of 3C products	24.50	24.50
Shinfox	Foxwell Energy Corporation Ltd. (Foxwell Energy)	Energy service management	100	100
Shinfox	Shinfox Natural Gas Co., Ltd. (Shinfox Natural Gas)	Energy service management	80	80
Shinfox	Kunshan Jiuwei Info Tech Co., Ltd. (Kunshan Jiuwei)	Supply chain finance energy service management	100	100
Shinfox	Foxwell Power Co., Ltd. (Foxwell Power)	Energy service management	49.36	77.57	Note 18
Shinfox	Jiuwei Power Co., Ltd. (Jiuwei Power)	Natural gas power generation	100	100
Shinfox	Elegant Energy TECH Co., Ltd. (Elegant Energy)	Energy service management	100	100
Shinfox	Yuanshan Forest Natural Resources Co., Ltd. (Yuanshan Forest)	Afforestation	100	100

Name of investor	Name of subsidiary	Main business activities	Ownership (%)		Description
			December 31, 2025	December 31, 2024
Shinfox	Guanwei Power Co., Ltd (Guanwei Power)	Electric Power Generation	51	51
Shinfox	Jun Wei Technology Co., Ltd (Jun Wei)	Electric Power Generation	100	100	Note 13
Shinfox	SHINFOX FAR EAST COMPANY PTE. LTD. (SFE)	Marine engineering	67	67
Shinfox	Eastern Rainbow Green Energy Environmental Technology Co., Ltd.(Eastern Rainbow Green Energy)	Energy technical services	56.63	56.63
Shinfox	UBILINK AI CO., LTD. (UBILINK)	Computer software services	13.20	10	Notes 2, 10
Shinfox	Chengdu Xinfuwei Energy Co., Ltd. (Chengdu Xinfuwei)	Electric Power Generation	100	100	Note 2
Shinfox	FOX NAM ENERGY CO., LTD. (FOX NAM)	Electric Power Generation	100	100	Note 2
Shinfox	Youde Wind Power Co., Ltd. (Youde Wind Power)	Electric Power Generation	70.04	70.04	Notes 2, 12
Shinfox	Synergy Co., Ltd. (Synergy)	Energy service management	50	-	Note 14
Foxwell Energy	Xinwei Power Co., Ltd. (Xinwei Power)	Electric Power Generation	-	100	Note 23
Foxwell Energy	Youde Wind Power Co., Ltd. (Youde Wind Power)	Electric Power Generation	29.96	29.96	Notes 2, 12
Foxwell Power	Foxwell Certification Co., Ltd. (Foxwell Certification)	Energy technical services	95.50	95.50	Notes 9
Foxwell Power	Billion Sun Energy Storage Technologies Inc. (Billion Sun Energy Storage)	Energy technical services	30	-	Notes 1, 20
Foxwell Power	Huijie Energy Co., Ltd. (Huijie Energy)	Energy technical services	100	-	Notes 1, 24
Foxwell Power	Smart Power System Ltd. (Smart Power System)	Energy technical services	51	-	Note 1
Smart Power System	Zhixin Energy Co., Ltd. (Zhixin Energy)	Energy storage and management services	100	-	Note 1
Smart Power System	Smart Power System Australia PTY. Ltd. (Smart Power)	Energy technical services	100	-	Note 1
Smart Power System	Zhiwei Power Co., Ltd. (Zhiwei Power)	Inspection and maintenance of electrical equipment	-	-	Note 4
Synergy	Billion Sun Energy Storage Technologies Inc. (Billion Sun Energy Storage)	Energy technical services	40	-	Notes 1, 20
Synergy	Xinwei Power Co., Ltd. (Xinwei Power)	Electric Power Generation	100	-	Note 23
SFE	SFE HERCULES COMPANY CORPORATIONS (SFEH)	Marine Engineering	100	100	Note 2
SFE	Shinfox Far East (Taiwan) Company Pty Ltd (SFET)	Marine Engineering	100	100	Note 2

Name of investor	Name of subsidiary	Main business activities	Ownership (%)		Description
			December 31, 2025	December 31, 2024
SFE	SFE DEVELOPER COMPANY CORPORATION (SFED)	Marine Engineering	100	100	Notes 1, 21
Eastern Rainbow Green Energy	Eastern Rainbow Environmental Resource Co., Ltd. (Eastern Rainbow Environmental)	Energy technical services	100	100
Eastern Rainbow Green Energy	KunShan Eastern Rainbow Environmental Equipment CO., Ltd. (KunShan Eastern Rainbow)	Energy technical services	100	100
PQI H.K.	Power Quotient Technology (YANCHENG) Co., Ltd. (PQI YANCHENG)	Manufacture and sales of electronic parts and components	100	100
PQI YANCHENG	PQI (Xuzhou) New Energy Co., Ltd. (PQI (Xuzhou))	Manufacture and sales of electronic parts and components	-	100	Note 3
Foxlink Image	ACCU-IMAGE TECHNOLOGY LIMITED (AITL)	Manufacture of image scanners and multifunction printers	100	100
Foxlink Image	Shih Fong Power Co., Ltd. (Shih Fong)	Hydropower	34.70	34.70	Note 11
Foxlink Image	Shinfox Energy Co., Ltd. (Shinfox)	Energy service management	6.67	-	Note 7
AITL	POWER CHANNEL LIMITED (POWER)	Holding company and reinvestment business	35.75	35.75
AITL	Dongguan Fu Wei Electronics Co., Ltd. (Dongguan Fu Wei)	Manufacture and of image scanners and multifunction printers	100	100
AITL	Dong Guan Fu Zhang Precision Industry Co., Ltd. (DGFZ)	Mould development and moulding tool manufacture	100	100
AITL	Wei Hai Fu Kang Electric Co., Ltd. (WHFK)	Manufacture and sales of parts and moulds of photocopiers and scanners	100	100
AITL	Dong Guan HanYang Computer Co., Ltd. (DGHY)	Manufacture of image scanners and multifunction printers and investment of real estate	100	100
Glory Science	GLORY TEK (BVI) CO., LTD. (GLORY TEK)	Holding company and reinvestment business	100	100
GLORY TEK	GLORY OPTICS (BVI) CO., LTD. (GLORY OPTICS)	Trading business	100	100
GLORY TEK	GLORY TEK (SAMOA) CO., LTD. (GLORY TEK (SAMOA))	Holding company and reinvestment business	100	100
GLORY TEK	GLORYTEK SCIENCE INDIA PRIVATE LIMITED (GLORYTEK SCIENCE INDIA)	Manufacture and sales of the components of communication and consumer electronics	99.27	99.27
GLORY TEK (SAMOA)	Glorytek (Suzhou) Co., Ltd. (Glorytek Suzhou)	Production and processing and sale of optical lens components and other products	100	100
GLORY TEK (SAMOA)	Glory Optics (Yancheng) Co., Ltd. (GOYC)	Production and processing and sale of optical lens components and other products	46.82	46.82	Note 6
GLORY OPTICS	Glorytek (Yancheng) Co., Ltd. (Glorytek Yancheng)	Production and processing and sale of optical lens components and other products	100	100
Glorytek Yancheng	Yancheng Yaowei Technology Co., Ltd. (YYWT)	Production and processing and sale of optical lens components and other products	100	100
GLORY Suzhou	Glory Optics (Yancheng) Co., Ltd. (GOYC)	Production and processing and sale of optical lens components and other products	53.18	53.18	Note 6

Note 1: Investment or incorporation began in 2025.
Note 2: Investment or incorporation began in 2024.
Note 3: Dissolved or liquidated in 2025.
Note 4: Dissolved or liquidated in 2024.
Note 5: With balance sheet date of March 31. For the preparation of consolidated financial statements, the Company had required FOXLINK MYANMAR, and PQI had required Sinocity and DG as consolidated entities to prepare financial statements with balance sheet date on December 31 to conform to the balance sheet date of the consolidated financial statements.
Note 6: GLORY TEK (SAMOA) and Glorytek Suzhou jointly held 100% equity interest in GOYC.
Note 7: Foxlink Image and FUII participated in Shinfox's cash capital increase in March 2025. After the capital increase, Foxlink Image and FUII held 6.67% and 8.01% equity interest, respectively. The Group's subsidiaries, Foxlink Image, FUII and PQI, jointly held 52.17% equity interest in Shinfox Energy, and had control over the entity, thus, the entity was recorded as the consolidated entity.
Note 8: FOXLINK TECH participated in SINOBEST's cash capital increase on August 6, 2024. After the capital increase, Cheng Uei and FOXLINK THCH held 85.19% and 14.81% equity interest in SINOBEST, respectively, at a total shareholding ratio of 100% in SINOBEST.
Note 9: FOXWELL CERTIFICATION increased its capital by issuing new shares in 2024, and reserved certain shares for employee preemption in accordance with regulations. The Group's shareholding ratio was decreased by 4.50% and decreased to 95.5%.
Note 10: The Company and Shinfox jointly invested and established UBILINK in June 2024. After the investment, the Company and Shinfox held 41% and 10% equity interest, respectively, and they combined held 51% equity interest in UBILINK. In addition, the Company and Shinfox participated in UBILINK's capital increase in July 2025. After the capital increase, the Company and Shinfox held 53.75% and 13.20% equity interest, respectively, and they combined held 66.95% equity interest in UBILINK.
Note 11: FIT Holding and Foxlink Image jointly held 51% equity interest in Shih Fong.
Note 12: Shinfox and Foxwell Energy participated in Youde Wind Power Co., Ltd.'s cash capital increase in November 2024. After the capital increase, Youde Wind Power Co., Ltd. became a wholly-owned subsidiary of Shinfox and Foxwell Energy with 70.04% and 29.96% equity interest, respectively.
Note 13: On December 26, 2024, Shinfox Energy participated in the cash capital increase of Junwei Power amounting to $10,000. The shareholding ratio remains at 100% after the capital increase.
Note 14: FIT Holding originally held 8.88% equity interest in Synergy Co., Ltd. However, in January 2025, Shinfox participated in Synergy's cash capital increase, and the Group held

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52.3% equity interest after the capital increase, with a majority of the seats in the Board of Directors, and had control over the entity, thus, the entity was recorded as the consolidated entity.

Note 15: In March 2025, the Company acquired 100% equity interest in MICROLINK. Since the equity purchase transaction is not considered as a purchase of business, the transaction is processed through the method of asset acquisition. Refer to Note 7 for details.

Note 16: FII originally held 15.38% equity interest in SYNCROBOTIC. In February 2025, FII acquired the remaining 84.62% equity interest from related parties, and FII obtained 100% equity interest in SYNCROBOTIC. Since the equity purchase transaction is not considered as a purchase of business, the transaction is processed through the method of acquisition of assets. Refer to Note 7(2) for details.

Note 17: FUII invested $189,988 to acquire 60% equity interest in X2 CLOUD INC. in 2025.

Note 18: On January 13, 2025, Foxwell Power increased capital by issuing new shares, and thus the Group's shareholding ratio decreased by 11.7%, which resulted in a decrease in the shareholding ratio to 65.87%. In addition, Foxwell Power issued 3,328,571 ordinary shares on July 1, 2025 to acquire the shares of Smart Power System. The Group did not subscribe to the shares proportionally to its interest, resulting in a decrease in equity interests by 2.97%, which resulted in a decrease in the shareholding ratio to 62.90%. In December 2025, the Group further disposed of 10,000 thousand shares of Foxwell Power, resulting in a decrease in its ownership interest to 49.36%; however, the Group still retained control over Foxwell Power.

Note 19: FUII increased its capital in FIE in November 2025. After the capital increment, FIE became a wholly-owned subsidiary of FII and FUII with 11.6% and 88.4% ownership, respectively.

Note 20: On August 26, 2025, the Board of Directors has resolved Billion Sun Energy Storage to increase capital by issuing 123,800 new shares with the subscription price of NT$10 (in dollars) per share. The capital increase was set effective on September 12, 2025. The total consideration of the Group's second-tier subsidiary, Foxwell Power, for share subscription amounted to $322,400. As Foxwell Power did not subscribe to the shares proportionally to its interest, the shareholding ratio was changed from 100% to 30%, and therefore Foxwell Power lost its control over Billion Sun Energy Storage. In addition, the Group's second-tier subsidiary, Synergy, participated in the subscription of cash capital increase, thereby holding 40% equity interest in Billion Sun Energy Storage, and had control over Billion Sun Energy Storage.

Note 21: In April 2025, the Group's second-tier subsidiary, SFE, provided the ships amounting to US$9,920 thousand as capital to invest in SFED. The shareholding ratio remains at 100% after the capital increase.

Note 22: In September 2025, Studio A acquired 100% equity interest in KFET.

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Note 23: In September 2025, Foxwell Energy disposed all equity interests in Xinwei Power to Synergy.

Note 24: During 2025, the Group’s second-tier subsidiary, Foxwell Power, acquired Huijie Energy. At the acquisition date, the project’s construction of the site has not yet been started. Therefore, Huijie Energy did not meet the definition of a business for business acquisition. According to the regulations of IFRS 3, the accounting treatment for business combinations is not applicable.

Note 25: FGEDG increased its capital in FDN in December 2025 in cash. After the capital increment, FDN became a wholly-owned subsidiary of FII and FGEDG with 81.82% and 18.18% ownership, respectively.

C. Subsidiaries not included in the consolidated financial statements: None.

D. Adjustments for subsidiaries with different balance sheet dates:

(a) Sinocity and DG are subsidiaries of PQI in Hong Kong and Macau, respectively, with balance sheet date of March 31. For the preparation of consolidated financial statements, PQI had required Sinocity and DG as consolidated entities to prepare financial statements with balance sheet date of December 31 to conform with the balance sheet date of the Group.

(b) FOXLINK MYANMAR is a subsidiary of SINOBEST in Myanmar with balance sheet date of March 31. For the preparation of consolidated financial statements, SINOBEST had required FOXLINK MYANMAR as consolidated entities to prepare financial statements with balance sheet date of December 31 to conform to the balance sheet date of the consolidated financial statements.

E. Significant restrictions: None.

F. Subsidiaries that have non-controlling interests that are material to the Group:

As of December 31, 2025 and 2024, the non-controlling interest amounted to $2,880,060 and $14,091,789, respectively. The information of non-controlling interest and respective subsidiaries is as follows:

Name of subsidiary	Principal place of business	Non-controlling interest
		December 31, 2025		December 31, 2024
		Amount	Ownership (%)	Amount	Ownership (%)
FIT Holding	Taiwan	$ 1,346,736	61.81	$ 5,024,927	61.81
Shinfox	Taiwan	660,184	75.13	5,803,123	74.19
		$ 2,006,920		$ 10,828,050

Summarised financial information of the subsidiaries:

Balance sheets

	FIT Holding
	December 31, 2025	December 31, 2024
Current assets	$ 30,402,818	$ 41,416,060
Non-current assets	31,486,066	25,523,401
Current liabilities	( 46,005,785)	( 17,125,558)
Non-current liabilities	( 11,986,738)	( 29,855,940)
Total net assets	$ 3,896,361	$ 19,957,963
	Shinfox
	December 31, 2025	December 31, 2024
Current assets	$ 22,326,894	$ 34,685,933
Non-current assets	22,696,900	15,175,528
Current liabilities	( 39,600,185)	( 12,161,411)
Non-current liabilities	( 5,382,071)	( 24,004,450)
Total net assets	$ 41,538	$ 13,695,600

Statements of comprehensive income

	FIT Holding
	Years ended December 31,
	2025	2024
Revenue	$ 32,820,918	$ 26,903,862
(Loss) profit before income tax	( 18,870,092)	1,950,387
Income tax expense	( 408,830)	( 531,655)
(Loss) profit for the year	( 19,278,922)	1,418,732
Other comprehensive (loss) income (net of tax)	( 1,925,378)	1,543,451
Total comprehensive (loss) income for the year	($ 21,204,300)	$ 2,962,183
Comprehensive (loss) income attributable to non-controlling interest	($ 13,779,264)	$ 367,527
Dividends paid to non-controlling interest	$ 458,171	$ 304,385

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	Shinfox
	Years ended December 31,
	2025	2024
Revenue	$ 26,064,104	$ 19,644,727
(Loss) profit before income tax	( 20,490,519)	939,806
Income tax expense	( 202,284)	( 279,393)
(Loss) profit for the year	( 20,692,803)	660,413
Other comprehensive (loss) income (net of tax)	( 183,789)	120,190
Total comprehensive (loss) income for the year	($ 20,876,592)	$ 780,603
Comprehensive loss attributable to non-controlling interest	($ 4,803,574)	($ 114,419)
Dividends paid to non-controlling interest	$ 187,326	$ 155,415
Statements of cash flow
	FIT Holding
	Years ended December 31,
	2025	2024
Net cash used in operating activities	($ 5,863,121)	($ 2,651,576)
Net cash used in investing activities	( 5,925,027)	( 12,226,477)
Net cash provided by financing activities	11,634,925	15,775,829
Effect of exchange rates on cash and cash equivalents	( 28,491)	77,371
(Decrease) increase in cash and cash equivalents	( 181,714)	975,147
Cash and cash equivalents, beginning of year	7,928,276	6,953,129
Cash and cash equivalents, end of year	$ 7,746,562	$ 7,928,276
	Shinfox
	Years ended December 31,
	2025	2024
Net cash used in operating activities	($ 7,026,539)	($ 3,857,014)
Net cash used in investing activities	( 5,903,904)	( 11,800,653)
Net cash provided by financing activities	11,540,765	16,554,769
Effect of exchange rates on cash and cash equivalents	( 58,667)	10,693
(Decrease) increase in cash and cash equivalents	( 1,448,345)	907,795
Cash and cash equivalents, beginning of year	4,820,258	3,912,463
Cash and cash equivalents, end of year	$ 3,371,913	$ 4,820,258

(4) Foreign currency translation

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The consolidated financial statements are presented in New Taiwan dollars, which is the Company's functional and the Group's presentation currency.

A. Foreign currency transactions and balances

(a) Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions are recognised in profit or loss in the period in which they arise.

(b) Monetary assets and liabilities denominated in foreign currencies at the period end are re-translated at the exchange rates prevailing at the balance sheet date. Exchange differences arising upon re-translation at the balance sheet date are recognised in profit or loss.

(c) Non-monetary assets and liabilities denominated in foreign currencies held at fair value through profit or loss are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognised in profit or loss. Non-monetary assets and liabilities denominated in foreign currencies held at fair value through other comprehensive income are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognised in other comprehensive income. However, non-monetary assets and liabilities denominated in foreign currencies that are not measured at fair value are translated using the historical exchange rates at the dates of the initial transactions.

(d) All foreign exchange gains and losses are presented in the statement of comprehensive income within ‘other gains and losses’.

B. Translation of foreign operations

(a) The operating results and financial position of all the group entities associates that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

i. Assets and liabilities for each balance sheet presented are translated at the closing exchange rate at the date of that balance sheet;

ii. Income and expenses for each statement of comprehensive income are translated at average exchange rates of that period; and

iii. All resulting exchange differences are recognised in other comprehensive income.

(b) When the foreign operation partially disposed of or sold is a subsidiary, cumulative exchange differences that were recorded in other comprehensive income are proportionately transferred to the non-controlling interest in this foreign operation. In addition, even when the Group still retains partial interest in the former foreign subsidiary after losing control of the former foreign subsidiary, such transactions should be accounted for as disposal of all interest in the foreign operation.

(c) Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing exchange rates at the balance sheet date.

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(5) Classification of current and non-current items

A. Assets that meet one of the following criteria are classified as current assets; otherwise they are classified as non-current assets:

(a) Assets that are expected to be realised, or are intended to be sold or consumed in the normal operating cycle;

(b) Assets that are held primarily for the purpose of trading;

(d) Cash and cash equivalents, excluding restricted cash and cash equivalents and those that are to be exchanged or used to settle liabilities for at least twelve months after the reporting period.

B. Liabilities that meet one of the following criteria are classified as current liabilities; otherwise they are classified as non-current liabilities:

(a) Liabilities that are expected to be settled in the normal operating cycle;

(b) Liabilities that are held primarily for the purpose of trading;

(d) It does not have the right at the end of the reporting period to defer settlement of the liability at least twelve months after the reporting period.

C. The operating cycle of the construction contracts undertaken by the Group is typically longer than one year. Accordingly, the assets and liabilities related to construction projects are classified as current or non-current based on the operating cycle.

(6) Cash and cash equivalents

Cash equivalents refer to short-term highly liquid investments that are readily convertible to known amount of cash and subject to an insignificant risk of changes in value. Time deposits that meet the above criteria and are held for the purpose of meeting short-term cash commitment in operations are classified as cash equivalents.

(7) Financial assets at fair value through profit or loss

A. Financial assets at fair value through profit or loss are financial assets that are not measured at amortised cost or fair value through other comprehensive income.

B. On a regular way purchase or sale basis, financial assets at fair value through profit or loss are recognised and derecognised using trade date accounting.

C. At initial recognition, the Group measures the financial assets at fair value and recognises the transaction costs in profit or loss. The Group subsequently measures the financial assets at fair value, and recognises the gain or loss in profit or loss.

D. The Group recognises the dividend income when the right to receive payment is established, future economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

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(8) Financial assets at fair value through other comprehensive income

A. Financial assets at fair value through other comprehensive income comprise equity securities which are not held for trading, and for which the Group has made an irrevocable election at initial recognition to recognise changes in fair value in other comprehensive income.

B. On a regular way purchase or sale basis, financial assets at fair value through other comprehensive income are recognised and derecognised using trade date accounting.

C. At initial recognition, the Group measures the financial assets at fair value plus transaction costs. The Group subsequently measures the financial assets at fair value:

The changes in fair value of equity investments that were recognised in other comprehensive income are reclassified to retained earnings and are not reclassified to profit or loss following the derecognition of the investment. Dividends are recognised as revenue when the right to receive payment is established, future economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

(9) Financial assets at amortised cost

A. Financial assets at amortised cost are those that meet all of the following criteria:

(a) The objective of the Group’s business model is achieved by collecting contractual cash flows.

(b) The assets’ contractual cash flows represent solely payments of principal and interest.

B. On a regular way purchase or sale basis, financial assets at amortised cost are recognised and derecognised using trade date accounting.

C. At initial recognition, the Group measures the financial assets at fair value plus transaction costs. Interest income from these financial assets is included in finance income using the effective interest method. A gain or loss is recognised in profit or loss when the asset is derecognised or impaired.

D. The Group’s time deposits which do not fall under cash equivalents are those with a short maturity period and are measured at initial investment amount as the effect of discounting is immaterial.

(10) Accounts and notes receivable

A. Accounts and notes receivable entitle the Group a legal right to receive consideration in exchange for transferred goods or rendered services.

B. The short-term accounts and notes receivable without bearing interest are subsequently measured at initial invoice amount as the effect of discounting is immaterial.

(11) Impairment of financial assets

For debt instruments measured at fair value through other comprehensive income and financial assets at amortised cost, at each reporting date, the Group recognises the impairment provision for 12 months expected credit losses if there has not been a significant increase in credit risk since initial recognition or recognises the impairment provision for the lifetime expected credit losses (ECLs) if such credit risk has increased since initial recognition after taking into consideration all reasonable and verifiable information that includes forecasts. On the other hand, for accounts receivable or contract assets that do not contain a significant financing component, the Group recognises the impairment provision for lifetime ECLs.

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(12) Derecognition of financial assets

The Group derecognises a financial asset when one of the following conditions is met:

A. The contractual rights to receive cash flows from the financial asset expire.

B. The contractual rights to receive cash flows from the financial asset have been transferred and the Group has transferred substantially all risks and rewards of ownership of the financial asset.

C. The contractual rights to receive cash flows from the financial asset have been transferred; however, the Group has not retained control of the financial asset.

(13) Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted-average method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (allocated fixed production overheads based on actual capacity). It excludes borrowing costs. The item by item approach is used in applying the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated cost of completion and applicable variable selling expenses.

(14) Investments accounted for under the equity method / associates

A. Associates are all entities over which the Group has significant influence but not control. In general, it is presumed that the investor has significant influence, if an investor holds, directly or indirectly 20 percent or more of the voting power of the investee. Investments in associates are accounted for under the equity method and are initially recognised at cost.

B. The Group's share of its associates' post-acquisition profits or losses is recognised in profit or loss, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. When the Group's share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred statutory/constructive obligations or made payments on behalf of the associate.

C. When changes in an associate's equity are not recognised in profit or loss or other comprehensive income of the associate and such changes do not affect the Group's ownership percentage of the associate, the Group recognises change in ownership interests in the associate in 'capital surplus' in proportion to its ownership.

D. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group's interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group.

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E. In the case that an associate issues new shares and the Group does not subscribe or acquire new shares proportionately, which results in a change in the Group’s ownership percentage of the associate but maintains significant influence on the associate, then ‘capital surplus’ and ‘investments accounted for under the equity method’ shall be adjusted for the increase or decrease of its share of equity interest. If the above condition causes a decrease in the Group’s ownership percentage of the associate, in addition to the above adjustment, the amounts previously recognised in other comprehensive income in relation to the associate are reclassified to profit or loss proportionately on the same basis as would be required if the relevant assets or liabilities were disposed of.

F. Upon loss of significant influence over an associate, the Group remeasures any investment retained in the former associate at its fair value. Any difference between fair value and carrying amount is recognised in profit or loss.

G. When the Group disposes its investment in an associate and loses significant influence over this associate, the amounts previously recognised in other comprehensive income in relation to the associate, are reclassified to profit or loss, on the same basis as would be required if the relevant assets or liabilities were disposed of. If it retains significant influence over this associate, the amounts previously recognised in other comprehensive income in relation to the associate are reclassified to profit or loss proportionately in accordance with the aforementioned approach.

H. When the Group disposes its investment in an associate and loses significant influence over this associate, the amounts previously recognised as capital surplus in relation to the associate are transferred to profit or loss. If it retains significant influence over this associate, the amounts previously recognised as capital surplus in relation to the associate are transferred to profit or loss proportionately.

I. When the Group disposed the subsidiary which was a developed and constructed renewable energy power generation project, gain or loss on disposal of the subsidiary was categorised as income and expenses arising from operating activities, which was accounted for as other income and expense based on the actual operating condition.

J. At the balance sheet date, the Group performs an impairment test for an investment in a subsidiary and an associate when there is an indication that the investment may be impaired. The entire carrying amount of the investment (including goodwill) is tested for impairment as a single asset, by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of impairment loss is recognized to the extent that the recoverable amount of the investment subsequently increases.

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(15) Investments accounted for using equity method – joint ventures

Investment of joint arrangements is classified as joint operations or joint ventures based on its contractual rights and obligations.

The Group accounts for its interest in a joint venture using equity method. Unrealised profits and losses arising from the transactions between the Group and its joint venture are eliminated to the extent of the Group's interest in the joint venture. However, when the transaction provides evidence of a reduction in the net realisable value of current assets or an impairment loss, all such losses shall be recognised immediately. When the Group's share of losses in a joint venture equals or exceeds its interest in the joint venture together with any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the joint venture.

(16) Property, plant and equipment

A. Property, plant and equipment are initially recorded at cost. Borrowing costs incurred during the construction period are capitalised.

B. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.

C. Land is not depreciated. Other property, plant and equipment apply cost model and are depreciated using the straight-line method to allocate their cost over their estimated useful lives. If each component of property, plant and equipment is significant, it is depreciated separately.

D. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each balance sheet date. If expectations for the assets' residual values and useful lives differ from previous estimates or the patterns of consumption of the assets' future economic benefits embodied in the assets have changed significantly, any change is accounted for as a change in estimate under IAS 8, 'Accounting Policies, Changes in Accounting Estimates and Errors', from the date of the change. The estimated useful lives of property, plant and equipment are as follows:

Buildings and structures	1~50 year(s)
Machinery and equipment	1~20 year(s)
Office equipment	2~5 year(s)
Ships and equipment	20~25 year(s)
Miscellaneous equipment	1~15 year(s)

(17) Leasing arrangements (lessee)-right-of-use assets/ lease liabilities

A. Leases are recognised as a right-of-use asset and a corresponding lease liability at the date at which the leased asset is available for use by the Group. For short-term leases or leases of low-value assets, lease payments are recognised as an expense on a straight-line basis over the lease term.

B. Lease liabilities include the net present value of the remaining lease payments at the commencement date, discounted using the incremental borrowing interest rate.

Lease payments are comprised of the following:

(a) Fixed payments, less any lease incentives receivable;
(b) Variable lease payments that depend on an index or a rate.

The Group subsequently measures the lease liability at amortised cost using the interest method and recognises interest expense over the lease term. The lease liability is remeasured and the amount of remeasurement is recognised as an adjustment to the right-of-use asset when there are changes in the lease term or lease payments and such changes do not arise from contract modifications.

C. At the commencement date, the right-of-use asset is stated at cost comprising the following:

(a) The amount of the initial measurement of lease liability;
(b) Any lease payments made at or before the commencement date;
(c) Any initial direct costs incurred by the lessee; and
(d) An estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.

The right-of-use asset is measured subsequently using the cost model and is depreciated from the commencement date to the earlier of the end of the asset’s useful life or the end of the lease term. When the lease liability is remeasured, the amount of remeasurement is recognised as an adjustment to the right-of-use asset.

(18) Investment property

An investment property is stated initially at its cost and measured subsequently using the cost model. Except for land, investment property is depreciated on a straight-line basis over its estimated useful life of 15 ~ 50 years.

(19) Intangible assets

A. Goodwill

Goodwill arises in a business combination accounted for by applying the acquisition method.

B. Trademark right (indefinite useful life)

Trademark right is stated at cost and regarded as having an indefinite useful life as it was assessed to generate continuous net cash inflow in the foreseeable future. Trademark right is not amortised, but is tested annually for impairment.

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C. The intangible assets, other than goodwill and trademark rights, are computer software and customer relationships, which are amortized using the straight-line method over a period of 3 to 5 years.

(20) Impairment of non-financial assets

A. The Group assesses at each balance sheet date the recoverable amounts of those assets where there is an indication that they are impaired. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell or value in use. Except for goodwill, when the circumstances or reasons for recognising impairment loss for an asset in prior years no longer exist, the impairment loss shall be reversed to the extent of the loss previously recognised in profit or loss. Such recovery of impairment loss shall not result to the asset’s carrying amount greater than its amortised cost where no impairment loss was recognised.

B. The recoverable amounts of goodwill, intangible assets with an indefinite useful life and intangible assets that have not yet been available for use shall be evaluated periodically. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. Impairment loss of goodwill previously recognised in profit or loss shall not be reversed in the following years.

C. Goodwill for impairment testing purpose is allocated to cash generating units. This allocation is identified based on operating segments. Goodwill is allocated to a cash generating unit or a group of cash generating units that expects to benefit from business combination that will produce goodwill.

(21) Borrowings

Borrowings comprise long-term and short-term bank borrowings. Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method.

(22) Accounts and notes payable

A. Accounts payable are liabilities for purchases of raw materials, goods or services and notes payable are those resulting from operating and non-operating activities.

B. The short-term accounts and notes payable without bearing interest are subsequently measured at initial invoice amount as the effect of discounting is immaterial.

(23) Bonds payable

Ordinary corporate bonds issued by the Group are initially recognised at fair value less transaction costs. Any difference between the proceeds (net of transaction costs) and the redemption value is presented as an addition to or deduction from bonds payable, which is amortised to profit or loss over the period of bond circulation using the effective interest method as an adjustment to ‘finance costs’.

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(24) Convertible corporate bonds

Convertible corporate bonds issued by the Company contain conversion options (that is, the bondholders have the right to convert the bonds into the Group’s common shares by exchanging a fixed amount of cash for a fixed number of common shares) and put options. The Group classifies the bonds payable upon issuance as a financial asset, a financial liability or an equity instrument in accordance with the contract terms. They are accounted for as follows:

A. The embedded put options are recognised initially at net fair value as ‘financial assets or financial liabilities at fair value through profit or loss’. They are subsequently remeasured and stated at fair value on each balance sheet date; the gain or loss is recognised as ‘gain or loss on valuation of financial assets or financial liabilities at fair value through profit or loss’.

B. The host contracts of bonds are initially recognised at fair value. Any difference between the initial recognition and the redemption value is accounted for as the premium or discount on bonds payable and subsequently is amortised in profit or loss as an adjustment to ‘finance costs’ over the period of circulation using the effective interest method.

C. The embedded conversion options which meet the definition of an equity instrument are initially recognised in ‘capital surplus—share options’ at the residual amount of total issue price less the amount of financial assets or financial liabilities at fair value through profit or loss and bonds payable as stated above. Conversion options are not subsequently remeasured.

D. Any transaction costs directly attributable to the issuance are allocated to each liability or equity component in proportion to the initial carrying amount of each abovementioned item.

E. When bondholders exercise conversion options, the liability component of the bonds (including bonds payable and ‘financial assets or financial liabilities at fair value through profit or loss’) shall be remeasured on the conversion date. The issuance cost of converted common shares is the total book value of the abovementioned liability component and ‘capital surplus—share options’.

(25) Derecognition of financial liabilities

A financial liability is derecognised when the obligation under the liability specified in the contract is discharged or cancelled or expires.

(26) Offsetting financial instruments

Financial assets and liabilities are offset and reported in the net amount in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

(27) Employee benefits

A. Pensions

(a) Defined contribution plans

For defined contribution plans, the contributions are recognised as pension expenses when they are due on an accrual basis. Prepaid contributions are recognised as an asset to the extent of a cash refund or a reduction in the future payments.

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(b) Defined benefit plans

i. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of government bonds (at the balance sheet date).

ii. Remeasurement arising on defined benefit plans are recognised in other comprehensive income in the period in which they arise and are recorded as retained earnings.

iii. Past service costs are recognised immediately in profit or loss.

B. Employees' compensation and directors' and supervisors' remuneration

Employees' compensation and directors' and supervisors' remuneration are recognised as expenses and liabilities, provided that such recognition is required under legal obligation or constructive obligation and those amounts can be reliably estimated. Any difference between the resolved amounts and the subsequently actual distributed amounts is accounted for as changes in estimates.

(28) Income tax

A. The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or items recognised directly in equity, in which cases the tax is recognised in other comprehensive income or equity.

B. The current income tax charge is calculated on the basis of the tax laws at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in accordance with applicable tax regulations. It establishes provisions where appropriate based on the amounts expected to be paid to the tax authorities. An additional tax is levied on the unappropriated retained earnings and is recorded as income tax expense in the year the stockholders resolve to retain the earnings.

C. Deferred tax is recognised, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated balance sheet. However, the deferred tax is not accounted for if it arises from initial recognition of goodwill or of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax is determined

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using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

D. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. At each balance sheet date, unrecognised and recognised deferred income tax assets are reassessed.

E. Current income tax assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Deferred income tax assets and liabilities are offset on the balance sheet when the entity has the legally enforceable right to offset current tax assets against current tax liabilities and they are levied by the same taxation authority on either the same entity or different entities that intend to settle on a net basis or realise the asset and settle the liability simultaneously.

F. A deferred tax asset shall be recognised for the carryforward of unused tax credits resulting from acquisitions of equipment or technology, research and development expenditures and equity investments to the extent that it is possible that future taxable profit will be available against which the unused tax credits can be utilized.

(29) Share capital

A. Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or stock options are shown in equity as a deduction, net of tax, from the proceeds.

B. Where the Company repurchases the Company's equity share capital that has been issued, the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company's equity holders. Where such shares are subsequently reissued, the difference between their book value and any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, are included in equity attributable to the Company's equity holders.

(30) Dividends

Dividends are recorded in the Company's financial statements in the period in which they are approved by the Company's shareholders. Cash dividends are recorded as liabilities; stock dividends are recorded as stock dividends to be distributed and are reclassified to ordinary shares on the effective date of new shares issuance.

(31) Revenue recognition

A. Sales of goods

(a) The Group manufactures and sells electronic telecommunication component products. Revenue is measured at the fair value of the consideration received or receivable taking into account value-added tax, returns, rebates and discounts for the sale of goods to external customers in the ordinary course of the Group's activities. Revenue arising from the sales of goods should be recognised when the Group has delivered the goods to the customer, the

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amount of sales revenue can be measured reliably and it is probable that the future economic benefits associated with the transaction will flow to the entity. The delivery of goods is completed when the significant risks and rewards of ownership have been transferred to the customer, the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold, and the customer has accepted the goods based on the sales contract or there is objective evidence showing that all acceptance provisions have been satisfied.

(b) The goods are often sold with volume discounts based on aggregate sales over a 12-month period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated sales discounts and allowances. Revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. The estimation is subject to an assessment at each reporting date. No element of financing is deemed present as the sales are made with a credit term of 30 to 120 days, which is consistent with market practice.

(c) A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

B. Sales of services

The Group is engaged in research and development and mold repair of products, energy saving and maintenance of energy-saving equipment as well as design and development of solar engineering, etc. In cases where the results of transactions involving the provision of services can be reliably estimated or when certain milestones in research and development projects are achieved, revenue shall be recognized based on the project's progress. In other cases, revenue shall be recognized upon the completion of the provision of services or over the period in which the services are provided to the customer.

C. Construction revenue from construction contracts

(a) The Group’s construction revenue mainly arises from undertaking construction contracts. As the cost of construction input is directly related to the stage of completion of performance obligations, revenue is recognised by the proportion of contract costs input to the estimated total costs.

(b) The Group’s revenue is recognised as contract assets over time based on the proportion of the cost of construction input. Accounts receivable from a service contract are recognised in which the Group bills monthly at the amount to which the Group has the right to invoice. The customer pays at the time specified in the payment schedule. If the services rendered exceed the payment, a contract asset is recognised. If the payments exceed the services rendered, a contract liability is recognised.

(c) Some of the Group’s sales contracts include variable consideration for price break. The Group uses either the expected value or the most likely amount as an appropriate estimate of the variable consideration.

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D. Electricity (natural gas) sales revenue

Electricity (natural gas) sales revenue of the Group is mainly recognised when the Group has provided the goods to the customer, the amount can be measured reliably and it is probable that the future economic benefits associated with the transaction will flow to the entity.

(32) Government grants

Government grants are recognised at their fair value only when there is reasonable assurance that the Group will comply with any conditions attached to the grants and the grants will be received. Government grants related to property, plant and equipment are recognised as non-current liabilities and are amortised to profit or loss over the estimated useful lives of the related assets using the straight-line method.

(33) Business combinations

A. The Group uses the acquisition method to account for business combinations. The consideration transferred for an acquisition is measured as the fair value of the assets transferred, liabilities incurred or assumed and equity instruments issued at the acquisition date, plus the fair value of any assets and liabilities resulting from a contingent consideration arrangement. All acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. For each business combination, the Group measures at the acquisition date components of non-controlling interests in the acquiree that are present ownership interests and entitle their holders to the proportionate share of the entity's net assets in the event of liquidation at either fair value or the present ownership instruments' proportionate share in the recognised amounts of the acquiree's identifiable net assets. All other non-controlling interests should be measured at the acquisition-date fair value.

B. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of any previous equity interest in the acquiree over the fair value of the identifiable assets acquired and the liabilities assumed is recorded as goodwill at the acquisition date. If the total of consideration transferred, non-controlling interest in the acquiree recognised and the fair value of previously held equity interest in the acquiree is less than the fair value of the identifiable assets acquired and the liabilities assumed, the difference is recognised directly in profit or loss on the acquisition date.

(34) Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Group's chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors that makes strategic decisions.

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CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND KEY SOURCES OF ASSUMPTION UNCERTAINTY

The preparation of these consolidated financial statements requires management to make critical judgements in applying the Group’s accounting policies and make critical assumptions and estimates concerning future events. Assumptions and estimates may differ from the actual results and are continually evaluated and adjusted based on historical experience and other factors. Such assumptions and estimates have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year; and the related information is addressed below:

(1) Critical judgements in applying the Group’s accounting policies

None.

(2) Critical accounting estimates and assumptions

A. Impairment assessment of goodwill

The impairment assessment of goodwill relies on the Group’s subjective judgement, including identifying cash-generating units, allocating assets and liabilities as well as goodwill to related cash-generating units, and determining the recoverable amounts of related cash-generating units. As of December 31, 2025, the Group’s goodwill amount is $1,095,783. Please refer to Note 6(12) for detailed information.

B. Evaluation of inventories

As inventories are stated at the lower of cost and net realisable value, the Group must determine the net realisable value of inventories on balance sheet date using judgements and estimates. Due to the rapid technology innovation, the Group evaluates the amounts of normal inventory consumption, obsolete inventories or inventories without market selling value on balance sheet date, and writes down the cost of inventories to the net realisable value. Such an evaluation of inventories is principally based on the demand for the products within the specified period in the future. Therefore, there might be material changes to the evaluation.

As of December 31, 2025, the Group’s inventory book value is $10,175,753. Please refer to Note 6(6) for detailed information.

C. Recognition of construction revenue

Construction revenue is recognized over the contract period using the percentage-of-completion method, based on the stage of completion of the contract. Contract costs are recognised as expenses in the period in which they are incurred. The stage of completion of a contract is measured by the proportion of contract costs incurred for work performed up to the balance date to the estimated total costs for the contract. As the estimated total costs and contract items are assessed and determined by the management based on different nature of constructions, the price fluctuations in the market, estimated subcontract charges and material and labour expenses, etc., which may affect the calculation of construction profit or loss. Furthermore, during the execution

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of certain construction contracts, disputes or ongoing negotiations have arisen with subcontractors regarding the scope of work, additional costs, and the recognition of related payments. As the final outcomes of these disputed amounts remain uncertain, management has performed evaluations based on available information, contractual terms, and relevant legal opinions, and has estimated the total estimated costs based on the most likely amount. The transaction price of unfulfilled obligations under the Group’s construction contracts is provided in Note 6(24).

D. Estimation of provisions- overdue default penalty

In the event that construction cannot be executed as scheduled due to force majeure or reasons not attributable to the Group, the resulting contingent losses from project delays involve uncertainty. The Company’s estimation of provisions is based on historical construction experience and past extension applications for offshore wind power projects. After evaluation and consultation with legal counsel, it is currently considered not probable that significant compensation losses will arise from overall project delays, please refer to Note 6(20) for details.

E. Estimation of provisions- onerous contracts

For construction projects undertaken by the Group, factors such as weather conditions, changes in construction requirements, subcontractors’ performance, and negotiations over change orders during the execution period may cause actual fulfillment costs to exceed the total transaction price (including estimated additional consideration). When the Group determines that a project has become an onerous contract, a one-time provision for onerous contracts is recognised to reflect the current estimate of the performance obligations. Regarding the assessment of the provision for onerous contracts, please refer to Note 6(20).

As of December 31, 2025, the balance of provision for onerous contract amounted to $639,861.

F. Impairment assessment of tangible assets

(a) The Group assesses impairment based on its subjective judgement and determines the separate cash flows of a specific group of assets, useful lives of assets and the future possible income and expenses arising from the assets depending on how assets are utilised and industrial characteristics. Any changes of economic circumstances or estimates due to the change of Group strategy might cause material impairment on assets in the future.

(b) When the Group identifies indications that the vessel equipment of its second-tier subsidiary may be impaired, it engages external valuation experts to conduct an impairment assessment. The experts appointed by management measure the recoverable amount of such vessel equipment based on the fair value less costs of disposal. As the estimation of the recoverable amount relies primarily on the appraisal reports of vessel issued by the experts, the data sources and assumptions used may have a material impact on the assessment results, refer to Note 6(13) for detail.

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6. DETAILS OF SIGNIFICANT ACCOUNTS

(1) Cash and cash equivalents

	December 31, 2025	December 31, 2024
Cash on hand and revolving funds	$ 144,242	$ 26,338
Checking accounts and demand deposits	10,240,469	9,407,067
Cash equivalents
Time deposits	9,414,363	8,373,180
Total	$ 19,799,074	$ 17,806,585

A. The Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote.

B. As of December 31, 2025 and 2024, cash and cash equivalents amounting to $6,108,513 and $7,590,595, respectively, were restricted due to construction performance security deposit, guarantee for bonds, short-term borrowings, guaranteed bill and performance security deposit, and were classified as financial assets at amortised cost.

(2) Financial assets at fair value through profit or loss

Item	December 31, 2025	December 31, 2024
Current items:
Financial assets at fair value through profit or loss
Derivative instruments-call options of convertible corporate bonds payable	$ 2,641	$ 2,641
Listed stocks	605	956
	3,246	3,597
Valuation adjustment	(2,507)	477
	$ 739	$ 4,074

A. Amounts recognised in profit or loss in relation to financial assets at fair value through profit or loss are listed below:

	Years ended December 31,
	2025	2024
Financial assets mandatorily measured at fair value through profit or loss
Derivative instruments - call options of convertible corporate bonds payable	($ 2,641)	$ 2,345
Listed stocks	556	137
	($ 2,085)	$ 2,482

B. The Group has no financial assets at fair value through profit or loss pledged to others as collateral.

C. Information relating to credit risk of financial assets at fair value through profit or loss is provided in Note 12(2).

(3) Financial assets at fair value through other comprehensive income

Items	December 31, 2025	December 31, 2024
Non-current items:
Equity instruments
Unlisted stocks	$ 1,370,717	$ 1,280,470
Listed stocks	323,491	323,491
Valuation adjustment	( 237,393)	( 228,640)
	$ 1,456,815	$ 1,375,321

A. The Group has elected to classify equity instruments that are considered to be strategic investments as financial assets at fair value through other comprehensive income. As of December 31, 2025 and 2024, the fair value of such investments amounted to $1,456,815 and $1,375,321, respectively.

B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial assets at fair value through other comprehensive income are listed below:

	Years ended December 31,
	2025	2024
Equity instruments at fair value through other comprehensive income
Fair value change recognised in other comprehensive income	($ 16,304)	$ 45,697
Cumulative losses reclassified to retained earnings due to derecognition	$ -	($ 3,832)

C. The Group has no financial assets at fair value through other comprehensive income pledged to others as collateral.

D. Information relating to credit risk of financial assets at fair value through other comprehensive income is provided in Note 12(2).

(4) Financial assets at amortised cost

Items	December 31, 2025	December 31, 2024
Current items:
Pledged time deposits	$ 3,767,394	$ 5,783,479
Restricted deposits	1,183,243	1,191,731
Time deposits maturing over three months	2,261,843	708,345
	$ 7,212,480	$ 7,683,555
Non-current items:
Time deposits maturing over one year	$ 1,046	$ 905,689
Pledged time deposits	83,272	450,034
Restricted deposits	1,074,604	165,351
	$ 1,158,922	$ 1,521,074

A. Amounts recognised in profit or loss in relation to financial assets at amortised cost are listed below:

	Years ended December 31,
	2025	2024
Interest income	$ 144,118	$ 138,053

B. As at December 31, 2025 and 2024, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at amortised cost held by the Group was $8,371,402 and $9,204,629, respectively.

C. Details of the Group’s financial assets at amortised cost pledged to others as collateral are provided in Note 8.

D. Information relating to credit risk of financial assets at amortised cost is provided in Note 12(2). The counterparties of the Group’s investments in certificates of deposit are financial institutions with high credit quality, so the Group expects that the probability of counterparty default is remote.

(5) Notes receivable and accounts receivable

	December 31, 2025	December 31, 2024
Notes receivable	$ 52,378	$ 33,510
Accounts receivable	$ 12,676,896	$ 16,634,696
Construction receivable	135,245	101,717
Less: Loss allowance	( 63,458)	( 74,034)
	$ 12,748,683	$ 16,662,379

A. The information on the Group’s ageing analysis of accounts receivable is provided in Note 12(2).

B. As of December 31, 2025 and 2024, accounts receivable was all from contracts with customers. And as of January 1, 2024, the balance of receivables from contracts with customers amounted to $17,708,938.

C. The quality information of accounts receivable is based on customers’ credit ranking and recoverable period of receivables in order to calculate the accrual of impairment. The Group’s internal credit ranking policy is that the Group’s business and management segment assesses periodically or occasionally whether the credit ranking of existing customers is appropriate and adjusts to obtain the latest information when necessary. Customers’ credit ranking assessment is based on industrial operating scale, profitability and ranking assessed by financial insurance institutions.

The Group has insured accounts receivable of certain customers and the Group will receive 80%~90% compensation if bad debts occur. As of December 31, 2025 and 2024, the balance of accounts receivable from specific customers amounted to $1,512,677 and $1,691,458, respectively.

D. The Group does not hold any collateral as security.

E. Information relating to credit risk of accounts receivable is provided in Note 12(2).

(6) Inventories

	December 31, 2025
	Cost	Allowance for valuation loss	Book value
Raw materials	$ 3,987,499	($ 117,330)	$ 3,870,169
Work in progress	1,702,222	( 56,828)	1,645,394
Finished goods	4,774,120	( 114,185)	4,659,935
Inventory in transit	255	-	255
	$ 10,464,096	($ 288,343)	$ 10,175,753
	December 31, 2024
	Cost	Allowance for valuation loss	Book value
Raw materials	$ 4,062,466	($ 206,373)	$ 3,856,093
Work in progress	2,395,764	( 34,922)	2,360,842
Finished goods	5,860,436	( 109,556)	5,750,880
Inventory in transit	17	-	17
	$ 12,318,683	($ 350,851)	$ 11,967,832

The cost of inventories recognised as expense for the year:

	Years ended December 31,
	2025	2024
Cost of inventories sold	$ 59,558,497	$ 69,286,806
Construction cost and cost of electricity sold	42,548,301	17,178,625
Provision for onerous contracts provision	605,399	6,677
Gain on reversal of decline in market value	( 62,508)	( 223,431)
Others (revenue from sale of scraps)	( 539,768)	( 344,286)
	$ 102,109,921	$ 85,904,391

A. The Group reversed a previous inventory write-down because obsolete and slow-moving inventories and inventories with decline in market value were partially sold by the Group for the years ended December 31, 2025 and 2024.
B. As the construction costs of the construction projects undertaken by the Group were significantly increased in the fourth quarter of 2025 and certain construction projects constituted an onerous contract, the Group recognised provision for onerous contracts amounting to $605,399 for the year ended December 31, 2025. Refer to Note 6(20).

(7) Prepayments

	December 31, 2025	December 31, 2024
Overpaid VAT	$ 1,466,663	$ 1,310,834
Construction prepayment	695,410	11,301,922
Payments on behalf of others	328,119	287,267
Construction insurance prepayment	304,981	524,961
Others	453,973	408,875
Less: Impairment loss	( 95,423)	-
	$ 3,153,723	$ 13,833,859

Impairment information about the prepayments is provided in Note 6(13).

(8) Investments accounted for using equity method

Investee	December 31, 2025		December 31, 2024
	Amount	Ownership percentage (%)	Amount	Ownership percentage (%)
Associates:
Sharetronic Data Technology Co., Ltd.	$ 3,261,222	16.79%	$ 2,531,726	17.21%
Central Motion Picture Corporation	1,740,130	17.49%	1,948,457	17.49%
Well Shin Technology Co., Ltd.	1,346,343	18.84%	1,375,788	18.84%
DAKPSI INVESTMENT AND DEVELOP
HYDROELECTRIC JOINT	675,446	35.00%	662,914	35.00%
LUMINYS SYSTEMS CORPORATION	264,329	31.00%	-	-
Terabitcom Technology Co., Ltd.	205,717	15.38%	-	-
CMPC Cultural & Creative Co., Ltd.	140,228	42.86%	142,901	42.86%
Hangzhou Huantuo Power Technology
Development Service Co., Ltd.	118,966	43.71%	120,548	43.71%
Dongguan Banrin Robot Technology Co., Ltd.	98,018	31.03%	110,943	31.03%
TEGNA ELECTRONICS PRIVATE LIMITED	37,244	30.00%	40,233	30.00%
Cheng Shin Digital Co., Ltd.	35,224	49.00%	33,959	49.00%
Synergy Co., Ltd.	-	-	36,019	8.88%
SYNCROBOTIC Co., Ltd.	-	-	10,449	15.38%
Smart Technology Energy Co., Ltd.	4,052	40.00%	-	-
Hong Ju Energy Co., Ltd.	7,199	30.00%	-	-
Xunqiang Communication Technology Co., Ltd.	721	21.43%	( 24,784)	21.43%
	7,934,839		6,989,153
Joint ventures:
Changpin Wind Power Ltd.	281,893	50.00%	222,818	50.00%
GRID RESPONSE LLC	-	50.00%	-	50.00%
	281,893		222,818
Prepayments for investments:
JOURN TA BROTHERS LIMITED	113,536		227,072
Add: Credit balance of long-term equity investments reclassified to other non-current liabilities	-		24,784
	$ 8,330,268		$ 7,463,827

A. The Group's investments accounted for using the equity method for the years ended December 31, 2025 and 2024 were recognised based on the financial statements audited and attested by independent auditors. The share of profit of associates and joint ventures accounted for using equity method for the years ended December 31, 2025 and 2024 was $892,458 and $745,839, respectively.

B. Associates

(a) The basic information of the associates that are material to the Group is summarised below:

Company name	Principal place of business	Shareholding ratio		Nature of relationship	Methods of measurement
		December 31, 2025	December 31, 2024
Central Motion Picture Corporation	Taiwan	17.49%	17.49%	Note	Equity method
Well Shin Technology Co., Ltd.	Taiwan	18.84%	18.84%	Note	Equity method

Note : As the Group's management holds several seats in the Board of Directors of Central Motion Picture Corporation and Well Shin Technology Co., Ltd., the Group is assessed to have significant influence.

(b) Summarised financial information of the associates that are material to the Group is as follows: Balance sheet

	Central Motion Picture Corporation
	December 31, 2025	December 31, 2024
Current assets	$ 290,963	$ 322,930
Non-current assets	16,999,923	18,306,304
Current liabilities	( 106,476)	( 133,163)
Non-current liabilities	( 5,793,863)	( 5,914,639)
Total net assets	$ 11,390,547	$ 12,581,432
Share in associate's net assets	$ 1,740,130	$ 1,948,457
Goodwill	-	-
Carrying amount of the associates	$ 1,740,130	$ 1,948,457
	Well Shin Technology Co., Ltd.
	December 31, 2025	December 31, 2024
Current assets	$ 6,116,630	$ 6,395,190
Non-current assets	3,500,622	2,787,441
Current liabilities	( 1,786,630)	( 1,211,122)
Non-current liabilities	( 879,459)	( 864,075)
Total net assets	$ 6,951,163	$ 7,107,434
Share in associate's net assets	$ 1,309,754	$ 1,296,175
Goodwill	36,589	36,589
Carrying amount of the associates	$ 1,346,343	$ 1,375,788

Statement of comprehensive income

	Central Motion Picture Corporation
	Years ended December 31,
	2025	2024
Revenue	$ 462,945	$ 487,553
Profit for the year from continuing operations	$ 72,206	$ 113,350
Other comprehensive (loss) income, net of tax	( 1,146,671)	986,001
Total comprehensive (loss) income	($ 1,074,465)	$ 1,099,351
Dividends received from associates	$ 11,577	$ 15,432
	Well Shin Technology Co., Ltd.
	Years ended December 31,
	2025	2024
Revenue	$ 5,539,855	$ 5,922,193
Profit for the year from continuing operations	$ 354,488	$ 723,444
Other comprehensive (loss) income, net of tax	( 37,763)	198,155
Total comprehensive income	$ 316,725	$ 921,599
Dividends received from associates	$ 89,130	$ 66,847

(c) The carrying amount of the Group's interests in all individually immaterial associates (Note) and the Group's share of the operating results are summarised below:

As of December 31, 2025 and 2024, the carrying amount of the Group's individually immaterial associates amounted to $4,848,366 and $3,664,908, respectively.

	Years ended December 31,
	2025	2024
Profit for the year from continuing operations	$ 819,552	$ 575,358
Other comprehensive income (loss), net of tax	93,225	( 28,403)
Total comprehensive income	$ 912,777	$ 546,955

Note: Sharetronic Data, Terabitcom, LUMINYS, CMPC Cultural & Creative, Xunqiang, SYNCROBOTIC, Dongguan Banrin, Synergy, TEGNA, DAKPSI, Hangzhou Huantuo, Cheng Shin Digital, Hong Ju and Smart.

(d) The fair value of the Group's material associates with quoted market prices is as follows:

Well Shin Technology Co., Ltd.

December 31, 2025

$ 1,077,355

December 31, 2024

$ 1,374,826

C. Joint ventures

The carrying amount of the Group's interests in all individual immaterial join ventures (Changpin Wind) and the Group's share of the operating results are summarised below:

As of December 31, 2025 and 2024, the carrying amount of the Group's individually immaterial joint ventures amounted to $281,893 and $222,818, respectively.

Profit (loss) for the year from continuing operations
Total comprehensive income (loss)

Years ended December 31,

2025		2024
$	2,268	($	33,162)
$	2,268	($	33,162)

D. The Group is the single largest shareholder of Well Shin Technology Co., Ltd. with an $18.84\%$ equity interest. Given that it was a strategic investment, and the Group had no involvement in its substantial operations and no active participation at the last shareholders' meeting by other shareholders, which indicates that the Group has no current ability to direct the relevant activities of Well Shin Technology Co., Ltd., the Group has no control, but only has significant influence, over the investee.
E. The Group has signed a stock purchase agreement with an individual on May 15, 2014 to purchase all the Group's shares in CMPC amounting to $150,000 thousand. As of December 31, 2025, uncollected amount was$ 141,000 thousand (shown as ‘other receivables’) and accrued impairment loss was $141,000 thousand.
F. On September 25, 2023, the Board of Directors of the Group's second-tier subsidiary, Shinfox Energy, resolved to invest in renewable energy power plants in Vietnam, including GIO THANH ENERGY JOINT STOCK COMPANY, DAKPSI INVESTMENT AND DEVELOP HYDROELECTRIC JOINT STOCK COMPANY, VIETNAM RENEWABLE ENERGY JOINT STOCK COMPANY and STOCK SECO JOINT STOCK COMPANY, of which the Group's shareholding ratio are all (35\%), and both parties completed the signing of the contract on September 29, 2023, with an investment amount of VND 853,248,000 thousand. DAKPSI INVESTMENT AND DEVELOP HYDROELECTRIC JOINT STOCK COMPANY has completed their investment with )644,381 (VND 517,574,738 thousand) on October 30, 2024. As of March 31, 2026, the investment of the remaining three power plants has not yet been completed.
G. During 2024, the Group increased its shareholding in Sharetronic Data Technology Co., Ltd. and recognized its share of changes in equity based on its ownership interest. As a result of the change in the Group's ownership interest, capital surplus decreased by (111,095. In addition, during 2025, the Group disposed of a portion of its equity interest and recognized its share of changes in the equity of associates accounted for using the equity method based on its ownership interest. Accordingly, capital surplus increased by )218,271.
H. The Group's second-tier subsidiary, Foxwell Energy, has participated in Cheng Shin Digital Co., Ltd.'s capital increase in the amounts of (40,670 and )7,276 on January 12 and May 21, 2024, respectively. After the capital increase, the shareholding ratio remained at (49\%.
I. The Group's second-tier subsidiary, Shinfox Energy, has participated in Changpin Wind Power Ltd.'s capital in the amounts of (65,000, )85,000 and (100,000 on August 20, 2024, December 5, 2024 and April 28, 2025, respectively. After the capital increase, the shareholding ratio remains at (50\%).

J. As the operation results of the Group’s investee accounted for using equity method, GRID RESPONSE LLC, were not as expected, the Group has recognised impairment loss of $12,600 for the existing objective evidence of loss for the year ended December 31, 2024.

K. In January 2025, the Group’s second-tier subsidiary, Shinfox Energy, acquired a 50% equity interest in Synergy Co., Ltd. in the amount of $800,010, and the Group’s shareholding ratio increased to 52.3% in total. As a result, Synergy Co., Ltd. became a subsidiary of the Group. The Group recognised gain on disposal of investments for this transaction amounting to $3,274 (shown as ‘other gains and losses-gain on disposal of investments’) due to accounting remeasurement and written off capital surplus amounting to $946 proportionally to its interest.

L. In January 2025, the Group acquired a 15.38% equity interest in Terabitcom Technology Co., Ltd. in the amount of RMB 50,000 thousand and held a seat in the Board of Directors of Terabitcom Technology Co., Ltd. Thus, the Group is assessed to have significant influence.

M. In February 2025, the Group acquired the remaining 84.62% equity interest in SYNCROBOTIC Co., Ltd., in the amount of $57,475 and the Group’s shareholding ratio increased to 100% in total. As a result, SYNCROBOTIC Co., Ltd. became a subsidiary of the Group. Details are provided in Note 7.

N. The Company acquired a 23% equity interest in Luminys Systems Corporation for US$6,000 thousand in February 2025, and subsequently acquired an additional 8% equity interest for US$2,400 thousand in December 2025. Total equity interest held by the Company amounted to 31%. Please refer to Note 7 for further details.

O. For the years ended December 31, 2025 and 2024, as the Group's second-tier subsidiary, Shinfox Energy, provided engineering services to investees, the realised and unrealised gains arising from downstream and sidestream transactions amounting to $43,193 and $32,443 were eliminated, respectively. These amounts have been recorded as deductions from ‘Investments accounted for using the equity method’.

P. The prepayments for investments of the Group in the amount of $227,072 on December 31, 2025 were used to invest in JOURN TA BROTHERS LIMITED. The Group had recognised impairment loss of $113,536 for the existing objective evidence of loss for the year ended December 31, 2025. Impairment information is provided in Notes 6(13) and 9(1) F.

(Blank)

(9) Property, plant and equipment

	2025
	Land	Buildings and structures	Machinery and equipment	Information and office equipment	Ship equipment	Others	Construction-in -progress	Total
At January 1
Cost	$ 494,986	$ 14,630,879	$ 19,683,197	$ 569,040	$ 5,898,922	$ 4,791,227	$ 5,368,995	$ 51,437,246
Accumulated depreciation and impairment	-	( 4,876,563)	( 11,310,125)	( 414,556)	( 170,314)	( 3,220,185)	-	( 19,991,743)
	$ 494,986	$ 9,754,316	$ 8,373,072	$ 154,484	$ 5,728,608	$ 1,571,042	$ 5,368,995	$ 31,445,503
Opening net book amount as at January 1	$ 494,986	$ 9,754,316	$ 8,373,072	$ 154,484	$ 5,728,608	$ 1,571,042	$ 5,368,995	$ 31,445,503
Additions	-	311,027	1,427,968	84,171	-	442,223	9,043,817	11,309,206
Acquired from business combinations	-	-	135,217	403	-	333	30,971	166,924
Disposals	-	( 326,534)	( 689,336)	( 22,158)	-	( 236,992)	( 3,603)	( 1,278,623)
Reclassifications	-	( 165,054)	182,247	1,556,918	6,136,746	99,449	( 8,419,520)	( 609,214)
Depreciation charge	-	( 465,949)	( 2,449,317)	( 433,846)	( 389,713)	( 559,786)	-	( 4,298,611)
Impairment loss	-	( 72,040)	-	-	( 1,077,910)	-	( 86,923)	( 1,236,873)
Net exchange differences	-	( 78,896)	( 87,792)	( 2,626)	( 199,282)	( 22,611)	( 180,203)	( 571,410)
Closing net book amount as at December 31	$ 494,986	$ 8,956,870	$ 6,892,059	$ 1,337,346	$ 10,198,449	$ 1,293,658	$ 5,753,534	$ 34,926,902
At December 31
Cost	$ 494,986	$ 13,498,216	$ 17,053,322	$ 1,928,922	$ 11,841,129	$ 4,034,594	$ 5,840,457	$ 54,691,626
Accumulated depreciation and impairment	-	( 4,541,346)	( 10,161,263)	( 591,576)	( 1,642,680)	( 2,740,936)	( 86,923)	( 19,764,724)
	$ 494,986	$ 8,956,870	$ 6,892,059	$ 1,337,346	$ 10,198,449	$ 1,293,658	$ 5,753,534	$ 34,926,902

~61~

	2024
	Land	Buildings and structures	Machinery and equipment	Information and office equipment	Ship equipment	Others	Construction-in-progress	Total
At January 1
Cost	$494,986	$14,361,983	$15,562,981	$559,986	$303,319	$5,310,175	$4,929,864	$41,523,294
Accumulated depreciation and impairment	-	(4,412,917)	(10,324,368)	(408,096)	(7,583)	(3,664,522)	-	(18,817,486)
	$494,986	$9,949,066	$5,238,613	$151,890	$295,736	$1,645,653	$4,929,864	$22,705,808
Opening net book amount as at January 1	$494,986	$9,949,066	$5,238,613	$151,890	$295,736	$1,645,653	$4,929,864	$22,705,808
Additions	-	178,517	3,135,983	80,932	-	511,305	8,306,245	12,212,982
Disposals	-	(12,215)	(342,538)	(16,052)	-	(58,507)	-	(429,312)
Decrease (Note)	-	(274,007)	-	-	-	-	-	(274,007)
Reclassifications	-	32,532	2,736,282	39,410	5,460,612	71,106	(7,980,035)	359,907
Depreciation charge	-	(411,830)	(2,417,140)	(94,203)	(158,887)	(622,505)	-	(3,704,565)
Impairment loss	-	-	(121,418)	(8,774)	-	(47,713)	-	(177,905)
Net exchange differences	-	292,253	143,290	1,281	131,147	71,703	112,921	752,595
Closing net book amount as at December 31	$494,986	$9,754,316	$8,373,072	$154,484	$5,728,608	$1,571,042	$5,368,995	$31,445,503
At December 31
Cost	$494,986	$14,630,879	$19,683,197	$569,040	$5,898,922	$4,791,227	$5,368,995	$51,437,246
Accumulated depreciation and impairment	-	(4,876,563)	(11,310,125)	(414,556)	(170,314)	(3,220,185)	-	(19,991,743)
	$494,986	$9,754,316	$8,373,072	$154,484	$5,728,608	$1,571,042	$5,368,995	$31,445,503

A. Amount of borrowing costs capitalised as part of property, plant and equipment and the range of the interest rates for such capitalisation are as follows:

	Years ended December 31,
	2025	2024
Amount capitalised	$ 7,708	$ 24,453
Range of the interest rates for capitalisation	1.758%~1.810%	1.6%~2.689%

B. Impairment information about the property, plant and equipment is provided in Note 6(13).
C. The Group's property, plant and equipment were pledged to others as collateral, please refer to Note 8 for detailed information.
D. The amount of interests capitalised was considered as necessary expense when the development of power plants started to operate and reached the usable condition or the completion condition, which was shown as unfinished construction.
E. As of December 31, 2025 and 2024, the Group's prepayments for the purchase of equipment amounted to $1,733,500 and $868,597, respectively.

(10) Leasing arrangements-lessee

A. The Group leases various assets including land, buildings, multifunction printers, installation location for solar-energy equipment and energy storage equipment, and business vehicles. Rental contracts are typically made for periods of 2 to 50 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes. In addition, the Group bears the obligation of dismantling the solar-energy modules and the panel mounting equipment in accordance with Standard Procedures for Managing and Using the Expenses and Income of Recycling Solar Photovoltaic Power Generation Facilities and Modules as well as the regulations of lease contracts. Please refer to Note 6(20) for the related decommissioning liabilities.

B. The carrying amount of right-of-use assets and the depreciation charge are as follows:

| | December 31, 2025
Carrying amount | December 31, 2024
Carrying amount |
| --- | --- | --- |
| Land | $ 1,948,627 | $ 2,936,637 |
| Buildings | 998,203 | 1,794,801 |
| Transportation equipment (Business vehicles) | 6,114 | 6,141 |
| Office equipment (Photocopiers) | 279 | 165 |
| | $ 2,953,223 | $ 4,737,744 |

	Years ended December 31,
	2025	2024
	Depreciation charge	Depreciation charge
Land	$ 121,560	$ 85,027
Buildings	412,503	484,429
Transportation equipment (Business vehicles)	3,752	3,493
Office equipment (Photocopiers)	136	44
Less: Capitalisation of depreciation	( 42,090)	( 23,235)
	$ 495,861	$ 549,758

C. For the years ended December 31, 2025 and 2024, the additions to right-of-use assets amounted to $273,315 and $1,957,420, respectively.
D. The Group's second-tier subsidiary, Foxwell Power, acquired 100% equity interest in Billion Sun Energy Storage and Huijie Energy in April 2025 and May 2025, respectively. The fair value of the right-of-use assets and the lease liabilities both amounted to $626,492 at the acquisition date.
E. The Group's second-tier subsidiary, Jiuwei Power, and the lessor of Tree Valley Park terminated the land lease agreement on February 27, 2025 due to force majeure factors, resulting in a decrease in right-of-use assets and lease liabilities by $1,581,979 and $1,588,518, respectively.
F. The information on income and expense accounts relating to lease contracts is as follows:

	Years ended December 31,
	2025	2024
Items affecting profit or loss
Interest expense on lease liabilities	$ 47,601	$ 46,219
Expense on short-term lease contracts	800,578	285,450
Expense on leases of low-value assets	4,908	6,946
Expense on variable lease payments	51,515	49,154
Lease modification gain	7,317	83
Gain on sublease of right-of-use assets	38	834

G. For the years ended December 31, 2025 and 2024, the Group's total cash outflow for leases amounted to $1,349,052 and $947,245, respectively.

H. Variable lease payments

(a) Some of the Group's lease contracts contain variable lease payment terms that are linked to sales generated from a store or a counter in a department store and sales generated from electricity sold. For aforementioned contracts, up to 1.02%~20% of lease payments are on the basis of variable payment terms and are accrued based on the sales amount. Variable payment terms are used for a variety of reasons and various lease payments that depend on sales are recognised in profit or loss in the period in which the event or condition that triggers those payments occurs.

(b) A 1% increase in the aggregate sales amount of all stores with such variable lease contracts would increase total lease payments by approximately $5,152.

I. The right-of-use assets were not pledged to others as collateral.

(11) Investment property

	2025
	Land	Buildings and structures	Total
At January 1
Cost	$ 183,076	$ 179,389	$ 362,465
Accumulated depreciation and impairment	-	( 126,394)	( 126,394)
	$ 183,076	$ 52,995	$ 236,071
Opening net book amount as at January 1	$ 183,076	$ 52,995	$ 236,071
Depreciation charge	-	( 9,447)	( 9,447)
Reclassifications	-	1,204,529	1,204,529
Net exchange differences	-	29,422	29,422
Closing net book amount as at December 31	$ 183,076	$ 1,277,499	$ 1,460,575
At December 31
Cost	$ 183,076	$ 1,932,211	$ 2,115,287
Accumulated depreciation and impairment	-	( 654,712)	( 654,712)
	$ 183,076	$ 1,277,499	$ 1,460,575

	2024
	Land	Buildings and structures	Total
At January 1
Cost	$ 183,076	$ 520,938	$ 704,014
Accumulated depreciation and impairment	-	( 162,174)	( 162,174)
	$ 183,076	$ 358,764	$ 541,840
Opening net book amount as at January 1	$ 183,076	$ 358,764	$ 541,840
Depreciation charge	-	( 4,640)	( 4,640)
Disposals	-	( 285,833)	( 285,833)
Reclassifications	-	( 20,563)	( 20,563)
Net exchange differences	-	5,267	5,267
Closing net book amount as at December 31	$ 183,076	$ 52,995	$ 236,071
At December 31
Cost	$ 183,076	$ 179,389	$ 362,465
Accumulated depreciation and impairment	-	( 126,394)	( 126,394)
	$ 183,076	$ 52,995	$ 236,071

A. Rental income from the lease of the investment property and direct operating expenses arising from the investment property are shown below:

	Years ended December 31,
	2025	2024
Rental income from the lease of the investment property	$ 38,529	$ 19,448
Direct operating expenses arising from the investment property that generated rental income in the year	$ 9,447	$ 4,640

B. Investment property is stated initially at its cost and is depreciated on a straight-line basis over its estimated useful life. The fair value of the investment property held by the Group as at December 31, 2025 and 2024 was $1,940,032 and $711,209, respectively, which was evaluated based on the market prices of similar real estate in the areas nearby, as Level 2 fair value market prices did not change significantly.

C. There was no impairment loss on investment property.

D. The investment property was not pledged to others as collateral.

(12) Intangible assets

	2025
	Trademark rights	Patent	Goodwill	Customer relationship	Others	Total
At January 1
Cost	$ 56,906	$ 451,126	$ 4,034,955	$ 197,637	$ 483,744	$ 5,224,368
Accumulated amortisation and impairment	( 423)	( 293,754)	( 3,125,786)	( 133,296)	( 364,896)	( 3,918,155)
	$ 56,483	$ 157,372	$ 909,169	$ 64,341	$ 118,848	$ 1,306,213
Opening net book amount as at January 1	$ 56,483	$ 157,372	$ 909,169	$ 64,341	$ 118,848	$ 1,306,213
Additions-acquired separately	1,259	5,596	-	-	178,682	185,537
Additions-acquired through business combinations	-	167,777	241,234	166,678	10,095	585,784
Disposals					( 3,548)	( 3,548)
Amortisation charge	( 109)	( 28,560)	-	( 70,424)	( 116,669)	( 215,762)
Reclassifications	-	-	-	-	771	771
Impairment loss	( 1,098)	( 5,008)	( 49,878)	-	-	( 55,984)
Net exchange differences	( 2,241)	-	( 4,742)	-	( 168)	( 7,151)
Closing net book amount as at December 31	$ 54,294	$ 297,177	$ 1,095,783	$ 160,595	$ 188,011	$ 1,795,860
At December 31
Cost	$ 55,924	$ 624,499	$ 3,523,329	$ 364,315	$ 650,472	$ 5,218,539
Accumulated amortisation and impairment	( 1,630)	( 327,322)	( 2,427,546)	( 203,720)	( 462,461)	( 3,422,679)
	$ 54,294	$ 297,177	$ 1,095,783	$ 160,595	$ 188,011	$ 1,795,860

~67~

~68~

	2024
	Trademark rights	Patent	Goodwill	Customer relationship	Others	Total
At January 1
Cost	$ 51,267	$ 451,126	$ 4,015,008	$ 197,637	$ 453,379	$ 5,168,417
Accumulated amortisation and impairment	( 379)	( 269,294)	( 2,762,518)	( 68,956)	( 342,838)	( 3,443,985)
	$ 50,888	$ 181,832	$ 1,252,490	$ 128,681	$ 110,541	$ 1,724,432
Opening net book amount as at January 1	$ 50,888	$ 181,832	$ 1,252,490	$ 128,681	$ 110,541	$ 1,724,432
Additions	2,200	-	-	-	65,172	67,372
Disposals	-	-	-	-	( 390)	( 390)
Amortisation charge	( 44)	( 24,460)	-	( 64,340)	( 57,892)	( 146,736)
Impairment loss	-	-	( 363,269)	-	-	( 363,269)
Net exchange differences	3,439	-	19,948	-	1,417	24,804
Closing net book amount as at December 31	$ 56,483	$ 157,372	$ 909,169	$ 64,341	$ 118,848	$ 1,306,213
At December 31
Cost	$ 56,906	$ 451,126	$ 4,034,955	$ 197,637	$ 483,744	$ 5,224,368
Accumulated amortisation and impairment	( 423)	( 293,754)	( 3,125,786)	( 133,296)	( 364,896)	( 3,918,155)
	$ 56,483	$ 157,372	$ 909,169	$ 64,341	$ 118,848	$ 1,306,213

A. Goodwill is allocated to the Group’s cash-generating units identified according to operating segments as follows:

	December 31, 2025
	System and peripheral products	3C product retail	Energy service management	Others	Total
Taiwan	$ 715,197	$ -	$ 250,753	$ 8,258	$ 974,208
Hong Kong	-	109,967	-	-	109,967
All other segments	-	-	-	11,608	11,608
	$ 715,197	$ 109,967	$ 250,753	$ 19,866	$ 1,095,783
	December 31, 2024
	System and peripheral products	3C product retail	Energy service management	Others	Total
Taiwan	$ 715,197	$ -	$ 59,397	$ 8,258	$ 782,852
Hong Kong	-	114,711	-	-	114,711
All other segments	-	-	-	11,606	11,606
	$ 715,197	$ 114,711	$ 59,397	$ 19,864	$ 909,169

B. The recoverable amount of all cash-generating units has been determined based on value-in-use calculations. These calculations use pre-tax cash flow projections and decisions assisted by independent valuation institutions based on financial budgets approved by the management covering a five-year period. According to IAS 36, the impairment assessment of goodwill acquired in a business combination shall be performed at least annually. For impairment assessment of goodwill, goodwill arising from a business combination is allocated to cash-generating units that are expected to benefit from the synergies of the combination. The entity itself is an independent cash-generating unit.

C. Impairment information about the intangible assets is provided in Note 6(13).

(13) Impairment of non-financial assets

A. Details of the recognition of the Group's impairment loss for the years ended December 31, 2025 and 2024 are as follows:

	Years ended December 31,
	2025		2024
	Recognised in profit or loss	Recognised in other comprehensive income	Recognised in profit or loss	Recognised in other comprehensive income
Impairment loss - ship equipment	$ 1,077,910	$ -	$ -	$ -
Impairment loss - prepayments for investments	113,536	-	-	-
Impairment loss - prepayments	95,423	-	-	-
Impairment loss - construction in progress	86,923	-	-	-
Impairment loss - buildings and structures	72,040	-	-	-
Impairment loss - prepayments for business facilities	57,600	-	-	-
Impairment loss - goodwill	49,878	-	363,269	-
Impairment loss - intangible assets	6,106	-	-	-
Impairment loss - machinery and other equipment	-	-	177,905	-
	$ 1,559,416	$ -	$ 541,174	$ -

B. The impairment loss (shown as "other gains and losses") reported by operating segments is as follows:

	Years ended December 31,
	2025		2024
	Recognised in profit or loss	Recognised in other comprehensive income	Recognised in profit or loss	Recognised in other comprehensive income
Energy service management	$ 1,367,734	$ -	$ 39,528	$ -
3C component department	185,576	-	323,741	-
Systems and peripheral products department	6,106	-	177,905	-
	$ 1,559,416	$ -	$ 541,174	$ -

C. The Group’s second-tier subsidiary, Jiuwei Power, and the lessor of Tree Valley Park terminated the land lease agreement on February 27, 2025 due to force majeure factors. The Group assessed that the necessary expenditures originally incurred do not have economic benefits based on the future operation plan and the current situation of the gas-fired power plant. As a result, impairment loss of $182,346 was recognised for the year ended December 31, 2025.

D. The Group’s subsidiary, FOXLINK MYANMAR COMPANY LIMITED, is located in Myanmar, where a severe earthquake occurred on March 28, 2025. The local political and economic environment is unfavourable for operations. The Group had recognised an impairment loss of $72,040 on buildings and structures due to the existing objective evidence of loss for the year ended December 31, 2025.

E. The Company’s prepayments for investments amounting to $227,072 were used to invest in JOURN TA BROTHERS LIMITED. The Company had recognized an impairment loss of $113,536 due to the existing objective evidence of loss for the year ended December 31, 2025. Please refer to Note 9(1) G.

F. The acceptance of energy storage system that the Company purchased for the second-tier subsidiary has not yet been completed as of now. The Company assessed that the necessary input expenditures for prepayments for business facilities had no economic benefits, thus, the Company had recognised an impairment loss of $57,600 for the year ended December 31, 2025.

G. The Group’s second-tier subsidiary, Shinfox Energy, evaluated the impairment of recoverable amount of the goodwill arising from the acquisition of SHINFOX FAR EAST COMPANY (SFE) at each reporting date and used the value-in-use calculation as basis for recoverable amount. These calculations use future cash flow projections based on financial budgets approved by the management covering a two-year period. Due to the fact that SFE’s operational performance and the growth of profit are not as expected, an impairment loss of $49,878 was recognized as the recoverable amount is less than the carrying amount based on the Group’s assessment for the year ended December 31, 2025.

H. The Group’s second-tier subsidiary, SFE, is primarily engaged in ocean freight forwarding. Due to the adverse impact of the external competitive environment in maritime construction and installation as well as unfavorable macroeconomic conditions, the Group conducted an impairment assessment on its vessel equipment. This assessment adopted appraisal reports of vessel issued by external experts commissioned by management and considered future operating plans. Consequently, an impairment loss of $1,077,910 was recognised for the year ended December 31, 2025.

I. For the year ended December 31, 2024, decrease in the estimated future cash inflow is due to unfavorable changes incurred in the market that resulted in an impairment in the intangible assets of the Group’s 3C component department. The Group wrote down the carrying amount of the asset based on the recoverable amount and recognised an impairment loss of $323,741 accordingly. The recoverable amount was determined based on value in use of the intangible assets. The main assumptions used in calculating value in use are set out below.

~70~

(a) Operating revenue growth rate: taking into consideration the related market information and the estimated operation and sales plans.
(b) Gross margin: calculated based on the historical data and taking into consideration the estimated operation and sales plans.
(c) Discount rate: referred to weighted average capital cost and reflected risk premium of the intangible assets. For the year ended December 31, 2024, the discount rate was between $11.85\% \sim 20.13\%$ .

J. The operating synergy of the Group's energy service management department did not reach the Group's expectation, thus, the growth of operating income of Elegant Energy was not as expected. Accordingly, the Group recognised impairment loss on goodwill amounting to $39,528 since the recoverable amount of the cash-generating units was less than the carrying amount for the year ended December 31, 2024.

K. Due to the termination of cooperation on certain projects, the Group's 3C components department evaluated that specific machinery and other equipment could no longer provide future economic benefits. Consequently, an impairment loss of $177,905 was recognised for the year ended December 31, 2024.

(14) Short-term borrowings

Type of borrowings	December 31, 2025	Interest rate range	Collateral
Bank borrowings
Credit borrowings	$ 11,130,977	1.82%~6.97%	-
Secured borrowings	3,938,320	1.73%~5.78%	Note 8
Other short-term borrowings	-	-	-
	$ 15,069,297
Type of borrowings	December 31, 2024	Interest rate range	Collateral
Bank borrowings
Credit borrowings	$ 5,191,997	1.80%~2.63%	-
Secured borrowings	1,749,133	2.20%~6.97%	Note 8
Other short-term borrowings	3,375	-	-
	$ 6,944,505

A. As of October 30, 2024, the borrowing agreement between the Group's second-tier subsidiary SFE and KGI Bank amounted to US$48,000 thousand, which was jointly guaranteed by the Group's second-tier subsidiary, Shinfox Energy.
B. As of March 17, 2025, the borrowing agreement between the Group's second-tier subsidiary, SFE, and Mega Bank amounted to US$7,000 thousand, which was jointly guaranteed by the Group's second-tier subsidiary, Shinfox Energy.
C. As of March 21, 2025, the borrowing agreement between the Group's second-tier subsidiary, SFE, and Bank SinoPac amounted to US$12,000 thousand, which was jointly guaranteed by the Group's second-tier subsidiary, Shinfox Energy.

D. As of April 7, 2025, the borrowing agreement between the Group's second-tier subsidiary, SFE, and Shin Kong Commercial Bank amounted to US$15,000 thousand, which was jointly guaranteed by the Group's second-tier subsidiary, Shinfox Energy.

(15) Short-term notes and bills payable

	December 31, 2025	December 31, 2024
Commercial paper	$ 5,002,400	$ 4,523,200
Discount amortisation	( 9,974)	( 6,728)
	$ 4,992,426	$ 4,516,472
Annual interest rate range	1.938%~3.42%	2.02%~2.93%

A. The abovementioned payables on commercial papers were guaranteed and issued by Mega Bills Finance Co., Ltd., Taiwan Cooperative Bills Finance Corporation and Dah Chung Bills Finance Corporation.

B. The Group's second-tier subsidiary, Foxwell Energy, signed commercial paper agreements in the year 2025 with Mega Bills Finance Co., Ltd., with amount of $1,150,000. The guarantee agreements for these are provided by the Group's second-tier subsidiary, Shinfox Energy, acting as a joint guarantor.

C. The Group's second-tier subsidiary, Youde Wind Power, signed commercial paper agreements in the year 2025 with Mega Bills Finance Co., Ltd., with amounts of $560,000. The guarantee agreements for these are provided by the Group's second-tier subsidiary, Shinfox Energy, acting as a joint guarantor.

D. The notes and bills payable of the Group's second-tier subsidiary, PQI, to Mega Bills Finance Co., Ltd. and Taiwan Cooperative Bills Finance Corporation amounted to $400,000. These bills are guaranteed by the Company's subsidiary, FIT Holding, acting as a joint guarantor.

E. The short-term notes and bills payable were not pledged to others as collateral.

(16) Other payables

	December 31, 2025	December 31, 2024
Payables on salary and bonus	$ 2,240,864	$ 2,310,060
Payables on equipment	1,187,408	949,080
Payables on purchases on behalf of others	329,910	689,094
Payables on employees' compensation and directors' remuneration	321,758	560,319
Others	2,523,122	2,534,242
	$ 6,603,062	$ 7,042,795

(17) Bonds payable

	December 31, 2025	December 31, 2024
Secured corporate bonds payable	$ -	$ 3,600,000
Secured convertible bonds payable	2,031,800	2,031,800
Less: Discount on bonds payable	( 3,516)	( 62,236)
	2,028,284	5,569,564
Less: Current portion of corporate bonds payable (shown as “long-term liabilities, current portion”)	( 2,028,284)	( 3,593,039)
	$ -	$ 1,976,525

A. The main terms of the $3,000,000 1st secured corporate bonds issued by the Company on June 26, 2019 are as follows:

(a) Total initial issue amount: $3,000,000.
(b) Issue price: Issue at par value, $1,000 each.
(c) Issue period: 5 years, from June 26, 2019 to June 26, 2024.
(d) Coupon rate: 0.80% fixed per annum.
(e) Interest payment method: Interest is calculated from the date of issuance at the coupon rate, is a simple interest and is paid yearly.
(f) Principal repayment method: Pay entire amount at the maturity date.
(g) Guarantee method:

The joint guarantor banks including CTBC Bank Co., Ltd., Taiwan Cooperative Bank Co., Ltd., Mega International Commercial Bank Co., Ltd. and Chang Hwa Commercial Bank, Ltd. provide guarantees based on a joint engagement guarantee contract and bond-fulfilling guarantee obligation contract.

(h) Commitment:

The Company should maintain the following financial ratios during the contract duration for semi-annual consolidated and annual consolidated financial statements:

i. Current assets to current liabilities ratio of at least 1:1;
ii. Liabilities not exceeding 200% of tangible net equity;
iii. Interest coverage of at least 400%; and
iv. Tangible net equity of at least NT$15,000,000 thousand.

The Company's 1st secured corporate bonds had been fully paid on June 26, 2024.

B. The main terms of the $3,600,000 2nd secured corporate bonds issued by the Company on July 29, 2020 (amended in August 2024) are as follows:

(a) Total initial issue amount: $3,600,000.
(b) Issue price: Issue at par value, $1,000 each.
(c) Issue period: 5 years, from July 29, 2020 to July 29, 2025.
(d) Coupon rate: 0.65% fixed per annum.

(e) Interest payment method: Interest is calculated from the date of issuance at the coupon rate, is a simple interest and is paid yearly.

(f) Principal repayment method: Pay entire amount at the maturity date.

(g) Guarantee method:
The joint guarantor banks including CTBC Bank Co., Ltd., Taiwan Cooperative Bank Co., Ltd., Hua Nan Commercial Bank Ltd., Agricultural Bank of Taiwan Corporation and Mega International Commercial Bank Co., Ltd. provide guarantees based on a joint engagement guarantee contract and bond-fulfilling guarantee obligation contract.

(h) Commitment:
The Company should maintain the following financial ratios during the contract duration for semi-annual consolidated and annual consolidated financial statements:
i. Current assets to current liabilities ratio of at least 1:1;
ii. Liabilities not exceeding 300% of tangible net equity (amended from 200% to 300% in August 2024);
iii. Interest coverage of at least 400%; and
iv. Tangible net equity of at least NT$15,000,000 thousand.

The Company’s 2nd secured corporate bonds had been fully paid on July 29, 2025.

C. The terms of the first domestic secured convertible bonds raised and issued by the Group’s second-tier subsidiary, Shinfox Energy, as approved by the competent authority are as follows:

(a) The bonds have a total issuance amount of $3,000,000 and a coupon rate of 0%, covering a 3-year period of issuance and a circulation period from November 22, 2023 to November 22, 2026. The convertible bonds will be fully redeemed in cash at face value at the maturity date. The bonds were listed on the Taipei Exchange on November 22, 2023.

(b) The bondholders have the right to ask for conversion of the bonds into common shares of Shinfox Energy Co., Ltd. during the period from the date after three months of the bonds issue to the maturity date, except for the stop transfer period as specified in the terms of the bonds or the laws/regulations. The rights and obligations of the new shares converted from the bonds are the same as the issued and outstanding common shares.

(c) The conversion price of the convertible bonds was made in accordance with the pricing model as specified in the terms of conversion. The conversion price was NT$114 per share at the issuance date of the bonds. The abovementioned conversion price had been reset to NT$113 in terms of the regulations starting from August 26, 2024. For the year ended December 31, 2024, the amount of the bonds which the bondholders requested to exercise the conversion right amounted to $968,200, which was converted into common shares in the amount of 8,493 thousand shares. Equity attributable to owners of the parent and non-controlling interests increased to $214,399 and $708,057 respectively, due to the exercise of conversion right. The abovementioned conversion price had been reset to NT$105 in terms of the regulations starting from August 29, 2025 (the effective date of price resetting).

~74~

(d) Shinfox Energy Co., Ltd. may repurchase all the bonds outstanding in cash at the bonds' face value at any time after the following events occur: (i) the closing price of Shinfox Energy Co., Ltd.'s common shares is above the then conversion price by 30% for 30 consecutive trading days during the period from the date after three months of the bonds issue to 40 days before the maturity date, or (ii) the outstanding balance of the bonds is less than 10% of total initial issue amount during the period from the date after three months of the bonds issue to 40 days before the maturity date.

(e) Under the terms of the bonds, all bonds redeemed (including bonds repurchased from the Taipei Exchange), matured and converted are retired and not to be re-issued; all rights and obligations attached to the bonds are also extinguished.

D. Regarding the issuance of convertible bonds of the Group's second-tier subsidiary, Shinfox Energy Co., Ltd., the equity conversion options were separated from the liability component in accordance with IAS 32. The call options embedded in bonds payable were separated from their host contracts and were recognised in 'financial assets at fair value through profit or loss' in net amount of $0 in accordance with IFRS 9 because the economic characteristics and risks of the embedded derivatives were not closely related to those of the host contracts. The effective interest rate of the bonds payable after such separation was 1.7688%.

(18) Long-term borrowings

Type of borrowings	Borrowing period and repayment term	Interest rate range	Unused credit line	December 31, 2025
Bank’s unsecured borrowings
Cheng Uei
- with covenants	Borrowing period is from October 2024 to May 2028; pay principal and interest based on each bank’s regulations	2.05%~2.50%	$ 2,800,000	$ 2,000,000
- without covenants	Borrowing period is from December 2023 to September 2028; pay principal and interest based on each bank’s regulations	1.90%~2.15%	1,328,700	7,950,000
FIT Holding
- with covenants	Borrowing period is from January 2025 to December 2027; pay entire amount of principal when due, interest is repayable monthly	2.16%~2.20%	1,132,000	500,000
- without covenants	Borrowing period is from May 2023 to September 2028; pay entire amount of principal when due, interest is repayable monthly	1.98%~2.23%	150,000	950,000
Foxlink Image
- with covenants	Borrowing period is from January 2025 to December 2027; pay entire amount of principal when due, interest is repayable monthly	2.08%~2.18%	1,000,000	1,350,000
- without covenants	Borrowing period is from March 2025 to August 2028; pay entire amount of principal when due, interest is repayable monthly	1.95%~2.05%	860,000	2,640,000

Type of borrowings	Borrowing period and repayment term	Interest rate range	Unused credit line	December 31, 2025
PQI
- with covenants	Borrowing period is from January 2025 to January 2027; pay principal based on each bank’s regulations, interest is repayable monthly	2.41%	$ 200,000	$ 300,000
- without covenants	Borrowing period is from December 2024 to November 2028; pay principal based on each bank’s regulations, interest is repayable monthly	2.23~2.67%	-	860,000
Glory Science
- without covenants	Borrowing period is from January 14, 2025 to December 23, 2026; pay principal and interest based on each bank’s regulations	2.44%	-	55,000
Shinfox
- without covenants	Borrowing period is from November 2024 to June 2032; pay principal based on each bank’s regulations, interest is repayable monthly	2.09%~2.14%	480,000	880,000
Foxwell Energy
- without covenants	Principal and interest are repayable in installments from December 2018 to December 2028	2.41%~2.80%	308,319	2,220,035
Foxwell Power
- with covenants	Principal and interest are repayable in installments from October 2022 to July 2029	2.73%	-	410,112
- without covenants	Principal and interest are repayable in installments from June 2024 to June 2029	2.67%~2.74%	46,250	123,750
Synergy
- without covenants	Principal and interest are repayable in installments from November 2024 to November 2027	0.5%~2.22%	1,458	33,542
SFET
- without covenants	Principal and interest are repayable in installments from July 2025 to July 2030	4.32%	-	259,367
Bank’s secured borrowings
Foxwell Energy	Principal and interest are repayable in installments from May 2018 to February 2036	2.41%~2.46%	205,776	143,699
Foxwell Power	Principal and interest are repayable in installments from October 2022 to July 2029 (Note 1)	2.73%	-	1,162,778
Synergy	Principal and interest are repayable in installments from January 2024 to March 2039	2.36%	751,342	59,134
Kunshan Jiuwei	Principal and interest are repayable in installments from March 2025 to March 2030	3.50%~5.50%	16,867	50,207
SFET	Principal and interest are repayable in installments from June 2025 to June 2030	3.75%	-	561,113

Type of borrowings	Borrowing period and repayment term	Interest rate range	Unused credit line	December 31, 2025
Medium-term and long-term syndicated loans
Cheng Uei
- with covenants	Borrowing period is from October 2024 to October 2029. The Company may issue a drawing application before the maturity date of borrowing to repay the loan principal with the new payment	2.19%~2.22%	$ 4,800,000	$ 5,200,000
- with covenants	Borrowing period is from June 2024 to June 2029. The Company may issue a drawing application before the maturity date of borrowing to repay the loan principal with the new payment	2.17%~2.21%	500,000	5,500,000
Foxwell Energy
- with covenants	Principal and interest are repayable in installments from July 2024 to March 2026 (Note 2)	4.05%	6,910,067 (Note 3)	7,464,933
SFED
- with covenants	Principal and interest are repayable in installments from April 2025 to January 2031	6.19%~6.50%	-	4,714,500
Other secured borrowings
SFE	Principal and interest are repayable in installments from May 2024 to May 2026	5.72%~6.36%	-	2,842,942
Less: Current portion				48,231,112
Less: Discount				( 30,023,535)
				( 121,024)
				$ 18,086,553

Note 1: The Group’s second-tier subsidiary, Foxwell Power, negotiated with the bank to extend the borrowing period of secured borrowings during the first quarter of 2025.

Note 2: It refers to the performance security deposit paid by the Group’s second-tier subsidiary, Foxwell Energy, during the construction period. As of December 31, 2025, performance security deposit provided by the bank amounted to $6,531,540.

Note 3: As of December 31, 2025, the Group’s second-tier subsidiary, Foxwell Energy, violated the financial commitment terms specified in the syndicated borrowing contract. Consequently, the banking group suspended the use of the undrawn credit line.

Note 4: The Group’s second-tier subsidiary, Foxwell Energy, negotiated with King's Town Bank to extend the borrowing period in the second quarter of 2025.

Type of borrowings	Borrowing period and repayment term	Interest rate range	Unused credit line	December 31, 2024
Bank’s unsecured borrowings
Cheng Uei
- with covenants	Borrowing period is from December 2023 to October 2027; pay principal and interest based on each bank’s regulations	2.05%~2.15%	$ 2,000,000	$ 2,900,000
- without covenants	Borrowing period is from April 2020 to June 2027; pay principal and interest based on each bank’s regulations	1.90%~2.10%	1,476,375	7,172,500
FIT Holding
- with covenants	Borrowing period is from October 2024 to November 2026; pay entire amount of principal when due, interest is repayable monthly	2.04%~2.10%	1,000,000	500,000
- without covenants	Borrowing period is from May 2023 to December 2027; pay entire amount of principal when due, interest is repayable monthly	1.95%~2.23%	-	1,400,000
Foxlink Image
- with covenants	Borrowing period is from September 2024 to November 2026; pay entire amount of principal when due, interest is repayable monthly	2.08%	1,600,000	300,000
- without covenants	Borrowing period is from November 2023 to September 2026; pay entire amount of principal when due, interest is repayable monthly	1.93%~2.06%	1,200,000	1,750,000
PQI
- with covenants	Borrowing period is from November 2024 to January 2027; pay principal based on each bank’s regulations, interest is repayable monthly	2.30%~2.41%	-	500,000
- without covenants	Borrowing period is from June 2022 to June 2026; pay principal based on each bank’s regulations, interest is repayable monthly	2.13%~2.23%	100,000	800,000
Shinfox
- without covenants	Interest is repayable monthly from November 2024 to November 2026; pay entire amount of principal when due	2.09%	-	400,000
Glory Science
- without covenants	Borrowing period is from December 23, 2024 to December 23, 2026; pay principal and interest based on each bank’s regulations	2.44%	-	60,000
Foxwell Energy
- without covenants	Principal and interest are repayable in installments from January 2019 to December 2035	2.36%~2.80%	281,666	2,329,270
Foxwell Power
- with covenants	Principal and interest are repayable in installments from October 2022 to July 2029	2.99%~3.13%	-	457,753
- without covenants	Principal and interest are repayable in installments from June 2024 to June 2029	2.67%	-	50,000

Type of borrowings	Borrowing period and repayment term	Interest rate range	Unused credit line	December 31, 2024
Bank’s secured borrowings
Foxwell Energy	Principal and interest are repayable in installments from May 2018 to February 2036	2.36%–2.84%	$ 224,428	$ 194,704
Foxwell Power	Principal and interest are repayable in installments from October 2022 to September 2028	2.99%–3.13%	-	1,307,851
Medium-term and long-term syndicated loans
Cheng Uei
- with covenants	Borrowing period is from October 2024 to October 2029. The Company may issue a drawing application before the maturity date of borrowing to repay the loan principal with the new payment	2.15%	6,800,000	3,200,000
- with covenants	Borrowing period is from June 2024 to June 2029. The Company may issue a drawing application before the maturity date of borrowing to repay the loan principal with the new payment	2.17%	3,000,000	3,000,000
Foxwell Energy
- with covenants	Borrowing period is from July 2024 to March 2026, pay entire amount when due	3.74%–3.76%	1,079,051	13,295,949
Other secured borrowings
SFE	Principal and interest are repayable in installments from June 2024 to May 2026	6.55%–7.34%	-	3,308,027
Less: Current portion				42,926,054
Less: Discount				( 1,593,688)
				( 166,451)
				$ 41,165,915

A. The Company entered into the borrowing contracts with Bank SinoPac, Taipei Fubon, Far Eastern International Bank and HSBC Bank, and the total credit line is $4,800,000. As of December 31, 2025, the borrowings that have been used amounted to $2,000,000. In the duration period of these contracts, the financial ratios in the semi-annual consolidated and annual consolidated financial statements shall be as follows:

(a) Current assets to current liabilities ratio of at least 1:1;

(b) Liabilities not exceeding 300% of tangible net equity (amended from 200% to 300% from June 2024 to March 2025 by each bank);

(d) Tangible net equity of at least NT$15,000,000 thousand.

As of December 31, 2025, the Company’s interest coverage ratio and debt ratio did not meet the regulations, thus, the borrowing rate would be processed based on the contracts on the review date. The Company shall propose specific improvements to the syndicated banks immediately. The management bank has the right to require the borrower to settle all amounts immediately during the period in which the syndicated banking group determines that an event of default has occurred.

B. In October 2024, the Group signed a medium-term syndicated revolving NTD credit facility agreement with the Bank of Taiwan as the lead bank. As of December 31, 2025, the borrowings that have been used amounted to $5,200,000. The terms of agreement are summarised below:

(a) Duration of loan: The loan period of the agreement was 5 years from the agreement signing date.

(b) Credit line and draw-down: The credit line was NT$10,000,000, which can be drawn down in installments of at least NT$100,000 thousand per draw-down.

(c) Principal repayment: The duration of each loan drawn down is either 90 days or 180 days at the Company’s option. The Company, if without any default, may submit an application to the banks to draw down a new loan with principal equal to the original loan before its maturity, and the new loan is directly used to repay the original loan. The banks and the Company are not required to make remittances for such draw-down and repayment, which is viewed that the Company has received the new loan on the maturity of original loan.

(d) Commitment: The Company should maintain the following financial ratios during the contract duration for semi-annual consolidated and annual consolidated financial statements:

i. Current assets to current liabilities ratio of at least 1:1;

ii. Liabilities not exceeding 300% of tangible net equity;

iii. Interest coverage of at least 400%; and

iv. Tangible equity, net of non-controlling interests, of at least NT$15,000,000 thousand.

(e) The loan period is decided by the borrower. The borrower may choose to early repay the loans during the contract period according to the syndicated loan contract.

C. In June 2024, the Group signed a medium-term syndicated revolving NTD credit facility agreement with the Mega Bank as the lead bank. As of December 31, 2025, the borrowings that have been used amounted to $5,500,000. The terms of agreement are summarised below:

(a) Duration of loan: The loan period of the agreement was 5 years from the agreement signing date.

(b) Credit line and draw-down: The credit line was NT$6,000,000, which can be drawn down in installments of at least NT$50,000 thousand per draw-down.

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(c) Principal repayment: The borrower shall settle each borrowing before its maturity date. However, the borrower can use the new drawn amount to directly repay the original matured borrowing. For those equal amount, the borrower and the syndicated bank did not need to remit the capital in or out, and the amount was regarded as the drawn borrowing which had been received by the borrower.

(d) Commitment: The Company should maintain the following financial ratios during the contract duration for semi-annual consolidated and annual consolidated financial statements:

i. Current assets to current liabilities ratio of at least 1:1;
ii. Liabilities not exceeding 300% of tangible net equity;
iii. Interest coverage of at least 400%; and
iv. Total equity of at least NT$15,000,000 thousand.

(e) The loan period is decided by the borrower. The borrower may choose to early repay the loans during the contract period according to the syndicated loan contract.

D. The Group’s second-tier subsidiaries, FIT Holding, Foxlink Image and PQI, entered into the borrowing contracts with Bank SinoPac, Entie Commercial Bank, Far Eastern International Bank, Taishin International Bank and Yuanta Commercial Bank, and the total credit line is NT$2,850,000. As of December 31, 2025, the borrowings that have been used amounted to NT$2,150,000. In the duration period of these contracts, the financial ratios in the semi-annual consolidated and annual consolidated financial statements shall be as follows:

(a) Current assets to current liabilities ratio of at 80% to 100%;
(b) Liabilities not exceeding 110% to 200% of tangible net equity;
(c) Interest coverage of at 3 to 5 times or above;
(d) Financial gearing ratio should be below 75%;
(e) Tangible net equity of at least NT$1,500,000 thousand to NT$8,000,000 thousand; and
(f) Net equity of at least NT$1,800,000 thousand to NT$2,000,000 thousand.

As of December 31, 2025, the Group’s second-tier subsidiaries, FIT Holding, Foxlink Image, and PQI, failed to meet the required net worth and net debt-to-equity ratios as specified in the aforementioned borrowing agreements. Consequently, the related borrowings were reclassified to current liabilities. As of March 30, 2026, the banks have not requested accelerated repayment of these borrowings. As of December 31, 2024, the second-tier subsidiary PQI was in compliance with all terms of the aforementioned bank agreements.

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E. The Group’s second-tier subsidiary, Shinfox Energy, entered into a medium and long-term loan agreement for a credit line of $400,000 with The Export-Import Bank of the Republic of China on October 28, 2024. The main contents are as follows:

(a) Purpose of borrowing: Provided the working capital for Foxwell Power to contract the development, construction and operation and maintenance of the domestic renewable energy power plants.

(b) Borrowing period: From October 28, 2024 to November 9, 2026. The financing period is 2 years from the drawing date.

i. Principal: Paid in full amount at the maturity date of tenure of borrowing.

ii. Interest: The first interest collection date would be on the 21st of the month following the first drawing date, and thereafter interest collection date would be on the 21st of each month. The interest rate would be adjusted every three months from the first interest collection date.

F. The Group’s second-tier subsidiary, Shinfox Energy, entered into a medium and long-term loan agreement for a credit line of $960,000 with The Export-Import Bank of the Republic of China on March 11, 2024. The main contents are as follows:

(a) Purpose of borrowing: Provided the capital for Shinfox Energy to invest in the equity interest of the renewable energy companies in Vietnam.

(b) Borrowing period: 7 years from the first drawing date.

i. Principal: The first installment is 60 months after the first disbursement date, and after that, the principal is repayable every 6 months in 5 installments.

ii. Interest: Interest is collected every three months and the interest rate may be adjusted every six months.

G. The long-term borrowing contract entered into by the Group’s second-tier subsidiary, Foxwell Power, with Taishin International Bank on March 7, 2022 stipulates that the Group shall annually review the financial ratios to maintain a current assets to current liabilities ratio not less than 150%, liabilities not less than 200% of tangible net equity and a net asset value not less than $800,000 before every July 31 during the loan period. Additionally, the Group is required to review the shareholding ratio of the ultimate parent company and the parent company on a semi-annual basis. Additionally, on February 29, 2024, Foxwell Power Co., Ltd. obtained a credit line approval letter from Taishin Bank. The Group entered into a long-term borrowing contract amounting to $1,845,000 with Taishin Bank on June 5, 2024, which stipulates that the Group shall semi-annually review the financial ratios based on the consolidated financial statements issued by an independent auditor to maintain a current ratio not less than 100%, a net debt-to-equity ratio not higher than 250%, a net asset value not less than $900,000 and DSCR (Debt

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Service Coverage Ratio) not less than 1.05 times. Additionally, the Group is required to review the shareholding ratio of the ultimate parent company and the parent company on a semi-annual basis, if the financial ratios do not meet the aforementioned financial ratios, a 0.15% interest rate will be added. As of December 31, 2025, the Company’s shareholding in Foxwell Power decreased to 49.36%, which was in breach of the aforementioned loan agreements. According to the terms, the Group is required to submit the specific improvement measures to the lending banks. The banks may suspend lending the related amounts and suspend the right to draw any credit line. As of March 30, 2026, the lending banking syndicate was still conducting internal discussions and assessments and had not yet taken any action regarding the breach of financial commitments.

H. The Group’s second-tier subsidiary, Foxwell Power entered into a syndicated contract for a credit line of $1,750,000 with three syndicated banks including O-Bank, etc., on October 3, 2022, and the credit line was divided into Tranche A’s and Tranche B’s credit line. As of December 31, 2023, the undrawn credit line was from Tranche A for both years. As the use of Tranche B is for Foxwell Power repaying the unsettled claim, Tranche A borrowings will be reclassified as Tranche B borrowings if the preconditions of the first drawing of Tranche A’s credit line are satisfied. In addition, financial commitments relating to Trance B are summarised as follows:

(a) Foxwell Power committed to review the latest six months’ or twelve months’ revenue from ancillary services on a semi-annual or annual basis after the site of the project has been qualified to trade on the energy trading platform and the first settlement amount of ancillary services revenue has been remitted to the reserve account. The interest rate will be adjusted by 0.1% if the cumulative number of times did not meet the above requirement of which the revenue reached 80% of the average monthly income listed in the “Estimated statement of annual gain and loss and cash flow”.

(b) Foxwell Power committed to review the DSCR semi-annually based on the revenue from ancillary services and the principal and interest amount for the last twelve months from the date the first monthly settlement amount of ancillary services revenue for the site of project has been remitted to the reserve account for a full twelve months. Foxwell Power should repay the principal in advance within three months or by other appropriate means as agreed by the management bank, so that the DSCR will not be lower than 1.1 times.

Foxwell Power entered into a syndicated contract with three syndicated banks including O-Bank, etc., the loan which was fully settled in July 2024, and the related quotas of the syndicated loan had been fully cancelled. The loss from early termination of syndicated contract amounted to $10,937. For the disclosure of related gains and losses, please refer to Note 6(27).

I. The Group’s second-tier subsidiary, Foxwell Energy, entered into the borrowing contracts with eleven banks including CTBC Bank, etc., on March 10, 2023. The original credit line of the borrowings was $6,720,000. The Group signed a supplementary contract on January 29, 2024,

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and the credit line of the borrowings was changed to $3,360,000. In the duration period of these contracts, the Group shall semi-annually review the tangible net equity to not be less than $6,000,000 and maintain the shareholding ratio of Shinfox Energy. The syndicated credit contract was jointly guaranteed by Shinfox Energy. In May 2024, the amount of $622,405 had been drawn. In addition, the borrowings had matured and been settled on June 30, 2024.

J. The Group’s second-tier subsidiary, Foxwell Energy, entered into a syndicated credit contract for a credit line of $20,906,540 with nine syndicated banks including CTBC Bank, KGI Bank and Bank of Taiwan etc., in July 2024, and the credit line is divided into item A and item B. The main contents are as follows:

(a) Purpose of borrowing:

i. Item A: Provide the required performance guarantees or prepayment guarantees for Foxwell Energy Co., Ltd. in order to apply for the issuance of the project contracts.

ii. Item B: Provide the required working capital for the construction projects of Foxwell Energy Co., Ltd.

(b) Tenure of borrowing: From the first drawing date to March 31, 2026. However, there is no default or no expected default occurred, and the related conditions are met during the contract periods, the application of extension can be submitted in six months before the tenure of the borrowing.

i. Credit item A: The original credit line was $7,100,000, which must be drawn in installments or in full on the first drawing date, and the credit line was non-revolving. The undrawn portion on the first drawing date shall be automatically cancelled. In August 2024, Foxwell Energy Co., Ltd. cancelled the undrawn credit line of credit item A amounting to $568,460 in the case. The performance security deposit is provided by the bank, which is regarded as the used credit line amounting to $6,531,540 and as of December 31, 2025, all amounts have been fully repaid.

ii. Credit item B: The credit line is $14,375,000 and it can be revolving as stipulated in the contract. However, the cumulative drawn amount shall not exceed $28,500,000. As of December 31, 2025, the unused credit line amounted to $6,910,067.

(d) Repayment:

i. Item A: The guarantee liabilities of the syndicated banking group under the construction guarantee letters will be terminated upon the completion and acceptance of each construction and being notified by the owners, or upon the reduction or expiration of each construction guarantee. For the payments on behalf of others of the syndicated banking group under the construction guarantee letters, Foxwell Energy Co., Ltd. shall immediately repay the amounts within 5 days.

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ii. Item B: Each drawn borrowing shall be repaid according to the borrowing term and maturity date specified in the drawing application. Provided no event of default has occurred, Foxwell Energy may issue the drawing application to use the new drawn amount to directly settle the principal of the original matured borrowings before the maturity date.

(e) The Group’s second-tier subsidiary, Foxwell Energy, commits to test its financial statements that are audited or reviewed by independent auditors at least every half year starting from the financial statements for the year ended December 31, 2024. If the financial ratios or restrictions do not meet the following rules, the syndicated banking group may suspend lending the related amounts and suspend the borrower’s right to draw any credit line during the period in which the syndicated banking group determine that an event of default has occurred.

Covenants: During the contract period, debt ratio shall not be more than 200% and net tangible assets shall not be less than $9,000,000 on the semi-annual and annual parent company only financial statements of Foxwell Energy. For the semi-annual and annual consolidated financial statements of Shinfox Energy, current ratio shall not be less than 100%, net debt-to-equity ratio shall not be more than 300% and net tangible assets shall not be less than $9,500,000. For the Company’s semi-annual and annual consolidated financial statements, current ratio shall not be less than 100%, net debt-to-equity ratio shall not be more than 300%, interest coverage ratio shall not be less than four times and net tangible assets shall not be less than $15,000,000. As of December 31, 2025, the debt ratio and net tangible assets of the Group’s second-tier subsidiary, Foxwell Energy, the current ratio, net debt-to-equity ratio and net tangible assets of the Group’s second-tier subsidiary, Shinfox Energy, and the Company’s current ratio, net debt-to-equity ratio as well as interest coverage ratio did not meet the regulations, thus, the borrowing rate would be processed based on the contracts on the review date. Foxwell Energy, Shinfox Energy and the Company shall propose specific improvements to the syndicated banks. The management bank may suspend lending the related amounts and suspend the borrower’s right to draw any credit line during the period in which the syndicated banking group determine that an event of default has occurred. As of March 31, 2026, the lending bank syndicated was still conducting internal discussions and assessments and had not yet taken any action regarding the breach of financial commitments.

(f) The abovementioned syndicated borrowings were jointly guaranteed by Shinfox Energy.

K. The Group’s second-tier subsidiary, Foxwell Energy, entered into the borrowing contract with King’s Town Bank on July 8, 2024. The borrowing was non-revolving. In the second quarter of 2025, Foxwell Energy negotiated with the bank to extend the period of the unsecured borrowing to February 26, 2027. As of December 31, 2025, the credit line had been used amounting to $2,300,000 and there was no unused credit line. The borrowing contract was jointly guaranteed by the Group’s second-tier subsidiary, Shinfox Energy.

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L. In April 2024, the Group’s second-tier subsidiary, SFE, entered into a syndicated loan agreement for a credit line of US$105,000 thousand with Chailease International Financial Services (Singapore) Pte. Ltd., Taishin International Bank, O-Bank and King's Town Bank. The main contents are as follows:

(a) Purpose of borrowing: Including but not limited to cost of purchasing ships.

(b) Borrowing period: From May 29, 2024 to May 29, 2026.

(c) Repayment: The principal is repayable monthly in the amount of US$1,050 thousand starting from December 2024 and the remaining balance is fully repayable in the final instalment, as well as the interest is repayable monthly.

(d) The abovementioned syndicated borrowings were jointly guaranteed by Shinfox Energy.

M. The Group’s second-tier subsidiary, Synergy Energy, entered into a medium-term loan agreement for a credit line of $35,000 with Shin Kong Commercial Bank in September 2024. The main contents are as follows:

(a) Purpose of borrowing: Revolving funds.

(b) Borrowing period: From November 4, 2024 to November 4, 2027.

(c) Repayment: The first year is the grace period. After the grace period, the principal is repayable in 24 equal installments; the interest is repayable monthly at a preferential interest rate provided under a government program of the Small and Medium Enterprise and Startup Administration, Ministry of Economic Affairs.

N. The Group’s second-tier subsidiary, Synergy Energy, entered into a medium-term secured loan agreement for a credit line of $818,000 with Bank SinoPac in March 2022. The main contents are as follows:

(a) Purpose of borrowing: For the acquisition of movable properties only.

(b) Borrowing period: From January 22, 2024 to March 29, 2039.

(d) Machinery and equipment of Synergy Energy were pledged as collateral for the abovementioned loan agreement.

O. The Group’s second-tier subsidiary, Kunshan Jiuwei, entered into a medium-term secured loan agreement for a credit line of RMB 15,000 thousand with Bank SinoPac (China) Ltd. in December 2024. The main contents are as follows:

(a) Purpose of borrowing: To pay capital expenditure such as relevant construction of power plants or equipment purchases.

(b) Borrowing period: From March 24, 2025 to March 22, 2030.

(c) Repayment: The interest is repayable monthly; the principal is repayable in equal installments of RMB 100,000 every six months. Upon the loan maturity, the remaining principal and interest are settled together.

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(d) The abovementioned loan agreement was secured by machinery and equipment as collateral, with the Company serving as a joint guarantor.

P. The Group’s second-tier subsidiary, SFET, entered into a medium-term loan agreement for a credit line of $620,000 with First Commercial Bank in April 2025. The main contents are as follows:

(a) Purpose of borrowing: Including but not limited to cost of purchasing ships.

(b) Borrowing period: From June 27, 2025 to June 27, 2030.

(d) The abovementioned loan agreement was secured by vessel equipment as collateral, with the Shinfox Energy serving as a joint guarantor.

Q. In April 2025, the Group’s second-tier subsidiary, SFED, entered into a syndicated loan agreement for a credit line of US$150,000 thousand with KGI Bank, Shin Kong Bank and Land Bank of Taiwan. The main contents are as follows:

(a) Purpose of borrowing: Cost of purchasing ships and equipment.

(b) Tenure of borrowing: The credit line shall be drawn in full within 3 months from the date of contract and the undrawn credit line will be automatically cancelled by then. The tenure of borrowing is 5 years from the first drawing date. Additionally, the application of extending the tenure of borrowing can be submitted by notifying the administering bank via the written notice from nine months to six months before the maturity date of the first tenure of the borrowing.

(c) Repayment: The first installment is 12 months after the first drawing date, and after that, the principal is repayable every 3 months in 17 installments. 1.76% of the credit line is repayable from the first installment to the sixteenth installment and 71.84% of the credit line is repayable in the seventeenth installment.

(d) SFED commits to test its financial statements that are audited or reviewed by independent auditors at least every half year starting from the financial statements for the year ended December 31, 2025. If the financial ratios or restrictions do not meet the following rules, a 0.25% interest rate will be added in the improvement period during the period in which the syndicated banking group determines that an event of default has occurred.

Covenants: During the contract period, interest coverage ratio shall not be less than 1.2 times on the semi-annual and annual parent company only financial statements of SFED. For the Company’s semi-annual and annual consolidated financial statements, current ratio shall not be less than 100%, net debt-to-equity ratio shall not be more than 300% and net tangible assets shall not be less than $9,500,000. As of December 31, 2025, Shinfox Energy’s current ratio, debt ratio, and tangible net worth ratio do not meet the rules, thus, the specific improvement measures shall be immediately proposed and submitted to the management bank based on the agreement on the review date. If the Company’s net debt-to-equity ratio meets the abovementioned financial commitments in the next financial reporting period, the

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Company will not be considered in default during the improvement period. If the Company’s net debt-to-equity ratio is not improved to meet the agreed conditions in the next period, SFED must immediately repay the principal of the borrowings plus accrued interests in accordance with the agreement. As of December 31, 2025, the loan has breached the terms of long-term loan agreement and has been reclassified to ‘current liabilities’.

(e) The abovementioned syndicated borrowings were jointly guaranteed by Shinfox Energy.

R. In July 2025, the Group’s sub-subsidiary, SFET, entered into a medium-term loan agreement for a credit line of $300,000 with HE JING Co Ltd. The main contents are as follows:

(a) Purpose of borrowing: Revolving funds.
(b) Borrowing period: From June 11, 2025 to June 10, 2028.
(c) Repayment: The principal is repayable in installments; the interest is repayable monthly.
(d) The abovementioned loan agreement was jointly guaranteed by Shinfox Energy.

S. Information about the collateral that was pledged for the long-term borrowings is provided in Note 8.

(19) Pensions

A.(a) The Company and its domestic subsidiaries have a defined benefit pension plan in accordance with the Labour Standards Act, covering all regular employees’ service years prior to the enforcement of the Labour Pension Act on July 1, 2005 and service years thereafter of employees who chose to continue to be subject to the pension mechanism under the Labour standards Act. Under the defined benefit pension plan, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. The Company and its domestic subsidiaries contributes monthly an amount equal to 2% of the employees’ monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. Also, the Company and its domestic subsidiaries would assess the balance in the aforementioned labour pension reserve account by the end of December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method, to the employees expected to be qualified for retirement next year, the Company and its domestic subsidiaries will make contributions to cover the deficit by next March.

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(b) The amounts recognised in the balance sheet are as follows:

	December 31, 2025	December 31, 2024
Present value of defined benefit obligations	($ 210,109)	($ 250,317)
Fair value of plan assets	249,205	248,467
Net defined benefit liability	$ 39,096	($ 1,850)
Presented as:
Net defined benefit asset (shown as "Other non-current assets")	$ 126,012	$ 113,052
Net defined benefit liability (shown as "Other non-current liabilities")	( 86,916)	( 114,902)
	$ 39,096	$ 1,850)

	Present value of defined benefit obligations	Fair value of plan assets	Net defined benefit liability
Year ended December 31, 2025
Balance at January 1	($ 250,317)	$ 248,467	($ 1,850)
Current service cost	( 1,206)	-	( 1,206)
Interest (expense) income	( 4,020)	4,186	166
	( 255,543)	252,653	( 2,890)
Remeasurements:
Return on plan asset (excluding amounts included in interest income or expense)	-	9,504	9,504
Change in financial assumptions	( 3,713)	-	( 3,713)
Experience adjustments	18,854	7,653	26,507
	15,141	17,157	32,298
Pension fund contribution	-	2,077	2,077
Benefits paid	22,682	( 22,682)	-
Paid pension	7,611	-	7,611
Balance at December 31	($ 210,109)	$ 249,205	$ 39,096

	Present value of defined benefit obligations	Fair value of plan assets	Net defined benefit liability
Year ended December 31, 2024
Balance at January 1	($ 272,313)	$ 226,889	($ 45,424)
Current service cost	( 1,139)	-	( 1,139)
Interest (expense) income	( 3,297)	3,065	( 232)
	( 276,749)	229,954	( 46,795)
Remeasurements:
Return on plan asset (excluding amounts included in interest income or expense)	-	11,017	11,017
Change in financial assumptions	6,521	-	6,521
Experience adjustments	8,868	9,563	18,431
	15,389	20,580	35,969
Pension fund contribution	-	2,040	2,040
Benefits paid	4,107	( 4,107)	-
Paid pension	6,936	-	6,936
Balance at December 31	($ 250,317)	$ 248,467	($ 1,850)

(d) The Bank of Taiwan was commissioned to manage the Fund of the Company's and domestic subsidiaries' defined benefit pension plan in accordance with the Fund's annual investment and utilisation plan and the "Regulations for Revenues, Expenditures, Safeguard and Utilisation of the Labor Retirement Fund" (Article 6: The scope of utilisation for the Fund includes deposit in domestic or foreign financial institutions, investment in domestic or foreign listed, over-the-counter, or private placement equity securities, investment in domestic or foreign real estate securitization products, etc.). With regard to the utilisation of the Fund, its minimum earnings in the annual distributions on the final financial statements shall be no less than the earnings attainable from the amounts accrued from two-year time deposits with the interest rates offered by local banks. If the earnings is less than aforementioned rates, government shall make payment for the deficit after being authorized by the Regulator. The Company has no right to participate in managing and operating that fund and hence the Company is unable to disclose the classification of plan asset fair value in accordance with IAS 19 paragraph 142. The composition of fair value of plan assets as of December 31, 2025 and 2024 is given in the Annual Labor Retirement Fund Utilisation Report announced by the government.

(e) The principal actuarial assumptions used were as follows:

	Years ended December 31,
	2025	2024
Discount rate	1.30%~1.75%	1.25%~2.00%
Future salary increases	3.00%~4.00%	3.00%~5.00%

Future mortality rate was estimated based on the 6th Taiwan Standard Ordinary Experience Mortality Table. Because the main actuarial assumption changed, the present value of defined benefit obligation is affected. The analysis was as follows:

	Discount rate		Future salary increases
	Increase 0.25%	Decrease 0.25%	Increase 0.25%	Decrease 0.25%
December 31, 2025
Effect on present value of defined benefit obligation	$ 2,425	($ 2,485)	($ 2,041)	$ 2,025
December 31, 2024
Effect on present value of defined benefit obligation	$ 2,982	($ 3,060)	($ 2,520)	$ 2,499

The sensitivity analysis above is based on other conditions that are unchanged but only one assumption is changed. In practice, more than one assumption may change all at once. The method of analysing sensitivity and the method of calculating net pension liability in the balance sheet are the same.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the previous period.

(f) Expected contributions to the defined benefit pension plans of the Group for the year ending December 31, 2026 amount to $1,983.

(g) As of December 31, 2025, the weighted average duration of that retirement plan is 7 to 16.2 years.

B.(a) Effective July 1, 2005, the Company and its domestic subsidiaries have established a funded defined contribution pension plan (the "New Plan") under the Labour Pension Act (the "Act"), covering all regular employees with R.O.C. nationality. Under the New Plan, the Company and its domestic subsidiaries contributes monthly an amount based on 6% of the employees' monthly salaries and wages to the employees' individual pension accounts at the Bureau of Labour Insurance. The benefits accrued are paid monthly or in lump sum upon termination of employment.

(b) The Group's foreign subsidiaries have funded defined contribution plans in accordance with the relevant local laws and regulations of their respective jurisdictions. Other than making monthly contributions, the Group has no further obligations.

(c) The pension costs under the abovementioned defined contribution pension plan for the years ended December 31, 2025 and 2024 were $845,420 and $870,213, respectively.

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(20) Provisions

	2025
	Onerous contracts	Provision for warranty	Default losses	Decommissioning provisions	Total
At January 1	$ 34,462	$ 127,990	$ -	$ 3,020	$ 165,472
Additional (reversed) provisions	605,399	( 1,031)	131,248	-	735,616
Unwinding of discount	-	-	-	63	63
At December 31	$ 639,861	$ 126,959	$ 131,248	$ 3,083	$ 901,151
	2024
	Onerous contracts	Provision for warranty	Decommissioning provisions	Total
At January 1	$ 27,785	$ 125,773	$ 2,958	$ 156,516
Additional provisions	6,677	2,217	-	8,894
Unwinding of discount	-	-	62	62
At December 31	$ 34,462	$ 127,990	$ 3,020	$ 165,472
			December 31, 2025	December 31, 2024
Current provisions			$ 896,296	$ 160,385
Non-current provisions (shown as ‘other non-current liabilities’)			$ 4,855	$ 5,087

A. Onerous contracts

(a) For the year ended December 31, 2025, the estimated total costs for the contracts were less than the original estimated amounts due to the adjustments of construction cost. Thus, the Group’s second-tier subsidiary, Eastern Rainbow Green Energy, reversed onerous contracts provision amounting to $1,900 for the current period. For the year ended December 31, 2024, as the unavoidable costs of fulfilling the performance obligations under certain construction contracts exceeded the economic benefits expected to be received, a provision for onerous contracts of $6,677 was recognized.

(b) The Group’s second-tier subsidiary, Foxwell Energy, undertook Taiwan Power Company’s Phase II of Taipower’s Offshore Wind Power Project and the Wind Farm Property Procurement and Installation Project (“The Project”), with the maritime engineering part executed by the Group’s subsidiary, SFE. During the execution of the construction in the second quarter of 2025, as the sling accident occurred during the lifting of wind turbines, and the manufacturer of cable laying vessel delayed the delivery of the thrusters, resulting in the delay of construction, so that the Group’s subsidiary, SFE, adjusted the vessel dispatch plan to ensure smooth progress of the construction. In the third quarter of 2025, as the delivery progress of the thrusters was still not as expected, resulting in the Group’s own vessels being unavailable for construction, along with the adverse weather conditions in the third quarter, the marine engineering work schedule was further delayed. In order to expedite the construction, SFE had to urgently lease additional vessels from third parties to catch up with

the overall construction progress. However, because each construction vessel required corresponding equipment to operate, the lease term was extended and related costs increased significantly, resulting in a substantial increase in the actual input costs in the third quarter of 2025. In the fourth quarter of 2025, considering the overall operation and performance risk control of the project, Foxwell Energy suspended the maritime engineering which was originally executed by SFE and took over the subsequent construction matters, re-subcontracting the maritime engineering to external suppliers. As the original plan for maritime engineering, which primarily used SFE's own vessels for construction, changed to leasing vessels from external entities, along with the disputes between Foxwell Energy and the wind turbine subcontractors regarding the agreed conditions, Foxwell Energy estimated a significant increase in the input costs. The amount of provision for onerous contracts recognised for the year ended December 31, 2025 was $607,274.

(c) For the year ended December 31, 2025, due to the adjustment of construction costs that resulted in the estimated total costs of the agreement being less than the original estimated amount, the Group's sub-subsidiary, Smart Power System, recognized the provisions for onerous contracts amounting to $25.

B. Default losses

(a) The 2026 power purchases and sales contract for commercial operation of gas-fired system signed between the Group's second-tier subsidiary, Jiuwei Power, and Taiwan Power Company (Taipower) stipulates that if the work permit is not obtained by the extended deadline, 1% of the performance security deposit before operation shall be deducted, with successive deductions for delaying every 30 days. The progress of the abovementioned construction was affected by various and successive difficulties in activation of modifying the business plan of Tree Valley Park and the factors such as environmental impact difference since the end of 2024. As a result, Jiuwei Power and the lessor of Tree Valley Park terminated the land lease agreement in February 2025. The Group determined that the probability of fulfilling the contract was remote based on the Group's comprehensive assessment of the current situation and future operational feasibility. Therefore, the Group accrued the possible losses amounting to $23,485 on liquidated damages based on the contract. As of December 31, 2025, the overdue default penalty had been fully paid.

(b) The equipment procurement and installation requirement document for the "Phase II of Taipower's Offshore Wind Power Project and the Wind Farm Property Procurement and Installation Project" signed between the Group's second-tier subsidiary, Foxwell Energy, and Taiwan Power Company stipulates that overdue default penalty for the installation of foundation construction for wind turbine generator system and offshore substation will incur, which Foxwell Energy will be fined in the amount of $1,050 thousand per calendar day. After contracting the construction, Foxwell Energy could not carry out the construction as scheduled due to the force majeure or uncontrollable events. As a result, the stages of

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construction had been slightly delayed. As of March 31, 2026, Foxwell Energy had gradually received confirmation letters from Taiwan Power Company. According to the approved content, the total extension days were 96.5 days. The Group’s management had made the necessary adjustments in the way the Group’s management considered appropriate based on its assessment of preliminary consensus reached with Taiwan Power Company through mediation and historical offshore wind power construction and the experience of applying for the extension. The Group’s management accrued the most likely reserves of default losses amounting to $131,248.

C. Provision for warranty

The Group provides warranties on image scanners and multifunction printers sold and construction contracts.

(a) Provision for warranty related to the image scanners and multifunction printers sold is estimated based on historical warranty data of the products.

(b) Provision for warranty related to the construction contracts is estimated based on historical warranty data. The Group expected the provision for warranty will usually occur during the period regulated in the contracts after the acceptance of the construction.

D. Decommissioning liabilities

In accordance with the applicable agreements or the law/regulation requirement, the Group bears dismantling, removing the asset and restoring the site obligations for certain property, plant and equipment in the future. Decommissioning provision is recognised for the present value of costs to be incurred for dismantling, removing the asset and restoring the site. It is expected that the decommissioning provision will occur.

(21) Share capital

A. As of December 31, 2025, the Company’s authorised common stock was $7,000,000 (including 50,000,000 shares reserved for the issuance of employees’ warrants), and the issued and outstanding shares were 462,823,940 shares (net of treasury shares).

B. Treasury shares

Before becoming a subsidiary, Foxlink Image Technology Co., Ltd. held the parent’s capital stock amounting to 27,503 thousand shares with a book value of $272,066 for general investment purpose. For the year ended December 31, 2023, Foxlink Image Technology Co., Ltd. acquired 22,000 thousand shares with an accumulated book value of $622,774 after the Company acquired control over Foxlink Image on October 1, 2018.

As of December 31, 2025 and 2024, the detailed information of Foxlink Image’s parent equity shares is as follows:

	December 31, 2025	December 31, 2024
Thousand shares	49,503	49,503
Book value	$ 622,774	$ 622,774

(22) Capital surplus

Pursuant to the R.O.C. Company Act, capital surplus arising from paid-in capital in excess of par value on issuance of common stocks and donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders in proportion to their share ownership, provided that the Company has no accumulated deficit. Further, the R.O.C. Securities and Exchange Law requires that the amount of capital reserve to be capitalised mentioned above should not exceed 10% of the paid-in capital each year. Capital reserve should not be used to cover accumulated deficit unless the legal reserve is insufficient.

	2025
	Share premium	Treasury share transactions	Difference between proceeds from acquisition or disposal of subsidiary and book value	Changes in ownership interests in subsidiaries	Change in net equity of associates accounted for using equity method	Total
At January 1	$ 9,337,850	$ 158,119	$ 709,960	$ 209,481	$ 399,249	$ 10,814,659
Cash dividends distributed to subsidiaries	-	47,263	-	-	-	47,263
Non-participation in subsidiary's capital increase proportionately by the Group	-	-	(20,404)	113,388	-	92,984
Recognition of change in equity of associates in portion to the Group's ownership	-	-	-	-	217,332	217,332
Changes in ownership interest in subsidiaries	-	-	-	192,262	-	192,262
Compensation costs of employee stock options	-	-	-	14,995	(13)	14,982
At December 31	$ 9,337,850	$ 205,382	$ 689,556	$ 530,126	$ 616,568	$ 11,379,482
	2024
	Share premium	Treasury share transactions	Difference between proceeds from acquisition or disposal of subsidiary and book value	Changes in ownership interests in subsidiaries	Change in net equity of associates accounted for using equity method	Total
At January 1	$ 9,337,850	$ 120,307	$ 709,960	$ 87,386	$ 509,398	$ 10,764,901
Cash dividends distributed to subsidiaries	-	37,812	-	-	-	37,812
Non-subscription in the capital increase of subsidiaries proportionately by the Group	-	-	-	121,858	-	121,858
Recognition of change in equity of associates in portion to the Group's ownership	-	-	-	(521)	(110,149)	(110,670)
Compensation costs of employee stock options	-	-	-	758	-	758
At December 31	$ 9,337,850	$ 158,119	$ 709,960	$ 209,481	$ 399,249	$ 10,814,659

(23) Retained earnings

A. Based on the Company's Articles of Incorporation, the current year’s earnings, if any, shall first be used to pay all taxes and offset prior years’ operating losses and then 10% of the remaining amount shall be set aside as legal reserve. The appropriation of remainder shall be proposed by the Board of Directors and be resolved by the shareholders.

The Board of Directors may, upon resolution adopted by a majority vote at a meeting of the Board of Directors attended by at least two-thirds of the total number of directors, distribute dividends and bonus, capital surplus or legal reserve, in whole or in part, in the form of cash. The above distribution is not subject to approval by the shareholders.

B. According to the Company’s Articles of Incorporation, no more than 90% of the distributable retained earnings shall be distributed as stockholders’ bonus and cash dividend distributed in any calendar year shall be at least 20% of the total distributable earnings in that year based on future capital expenditures budget and capital requirements.

C. Except for covering accumulated deficit or issuing new stocks or cash to shareholders in proportion to their share ownership, the legal reserve shall not be used for any other purpose. The use of legal reserve for the issuance of stocks or cash to shareholders in proportion to their share ownership is permitted, provided that the balance of the reserve exceeds 25% of the Company’s paid-in capital.

D. (a) In accordance with the regulations, the Company shall set aside special reserve from the debit balance on other equity items at the balance sheet date before distributing earnings. When debit balance on other equity items is reversed subsequently, the reversed amount could be included in the distributable earnings.

(b) The amounts previously set aside by the Company as special reserve on initial application of IFRSs in accordance with Order No. Financial-Supervisory-Securities-Corporate-1090150022, dated March 31, 2021, shall be reversed proportionately when the relevant assets are used, disposed of or reclassified subsequently.

(c) The amounts previously set aside by the Company as special reserve for the initial application of IFRSs amounted to $665,206. Furthermore, the Company did not reverse special reserve to retained earnings for the years ended December 31, 2025 and 2024 as a result of the use, disposal or reclassification of related assets. As of December 31, 2025 and 2024, the amount of special reserve set aside for the initial application of IFRSs all amounted to $665,206.

E. (a) Details of the appropriation of 2024’s and 2023’s net income which was resolved at the stockholders’ meeting on May 29, 2025 and May 30, 2024, respectively, are as follows:

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	Year ended December 31, 2024		Year ended December 31, 2023
	Amount	Dividend per share (in dollars)	Amount	Dividend per share (in dollars)
Legal reserve appropriated	$ 170,651	$ -	$ 117,296	$ -
(Reversal of) special reserve appropriated	(1,289,406)	-	309,668	-
Cash dividends	1,280,817	2.5	1,024,654	2.0

(b) The appropriation of 2025 earnings had been resolved by the Board of Directors on March 31, 2026. Details are summarized below:

	Year ended December 31, 2025
	Amount	Dividend per share (in dollars)
Special reserve appropriated	$ 440,095	$ -
Cash dividends	512,327	1.0

Information about earnings distribution of the Company as approved and proposed by the Board of Directors and resolved by the shareholders' will be posted in the "Market Observation Post System" at the website of the Taiwan Stock Exchange.

(24) Operating revenue

A. Disaggregation of revenue from contracts with customers

The Group derives revenue from the transfer of goods over time and at a point in time in the following major product lines and generates related revenue in each reportable segment:

	Years ended December 31,
	2025	2024
Systems and peripheral products	$ 33,555,483	$ 39,674,195
3C component	22,681,684	27,878,363
3C product retail	12,734,296	11,555,871
Energy service management	26,044,756	19,289,032
Total	$ 95,016,219	$ 98,397,461

B. Unfulfilled construction contracts

Aggregate amount of the transaction price allocated to and the year expected to recognise revenue for the unsatisfied performance obligations in relation to the contracted significant construction contracts as of December 31, 2025 and 2024 are as follows:

Year	Total contract consideration		Amount of unfulfilled obligation	Year expected to recognise revenue
December 31, 2025	$ 68,111,049	(Note)	$ 12,746,860	2026~2027
December 31, 2024	61,556,032		29,417,845	2025~2027

Note: Regarding the mediation between the Group and Taiwan Power Company, the Group has included the variable consideration of $5,556,934, which is probably to be collected, in the aggregate contracted amount based on the recommendations provided by the mediation committee.

C. Contract assets and contract liabilities

(a) The Group has recognised the following revenue-related contract assets and liabilities:

	December 31, 2025	December 31, 2024
Contract assets:
Contract assets-construction contracts	$ 10,889,106	$ 8,906,120
Contract assets- service contracts	3,455	766
	$ 10,892,561	$ 8,906,886
Contract liabilities-current:
Contract liabilities-advance sales receipts	$ 576,411	$ 750,367
Contract liabilities-construction contracts	66,119	15,011
Contract liabilities-service contracts	330	1,382
Contract liabilities-warranty with an extra fee	69,936	64,127
Contract liabilities-education training courses	17,867	18,611
	$ 730,663	$ 849,498
Contract liabilities-non-current:
Contract liabilities-warranty with an extra fee	$ 4,600	$ 70,453
Contract liabilities-education training courses	10,258	14,364
Total	$ 14,858	$ 84,817

(b) Contract assets and liabilities recognised for the aforementioned construction contracts as at December 31, 2025 and 2024 are as follows:

	December 31, 2025	December 31, 2024
Aggregate costs incurred plus recognised profits	$ 55,716,210	$ 31,573,642
Less: Progress billings	( 44,893,223)	( 22,682,533)
Net balance sheet position for construction in progress	$ 10,822,987	$ 8,891,109
Presented as:
Current contract assets	$ 10,889,106	$ 8,906,120
Current contract liabilities	( 66,119)	( 15,011)
Total	$ 10,822,987	$ 8,891,109

	Years ended December 31,
	2025	2024
Revenue recognised that was included in the contract liability balance at the beginning of the year	$ 639,029	$ 493,700

(d) Information relating to credit risk of contract assets is provided in Note 12(2).

D. Please refer to Note 9 for the information of significant construction contracts of the Group.

(25) Interest income

	Years ended December 31,
	2025	2024
Interest income from bank deposits	$ 314,651	$ 364,808
Interest income from financial assets measured at amortised cost	144,118	138,053
	$ 458,769	$ 502,861

(26) Other income

	Years ended December 31,
	2025	2024
Government grants revenue	$ 33,593	$ 106,729
Rental revenue	84,446	70,365
Income from counter-party default	-	46,718
Other revenue-other	149,782	170,188
	$ 267,821	$ 394,000

(27) Other gains and losses

	Years ended December 31,
	2025	2024
Gain (loss) on disposal of investments	$ 532,305	($ 2,192)
Gain on disposal of property, plant and equipment and investment property	124,300	70,777
Depreciation charge on investment property	( 9,447)	( 4,640)
Net currency exchange (loss) gain	( 43,354)	582,668
Impairment loss	( 1,559,416)	( 553,774)
Loss on the early termination of the contract	-	( 10,937)
Loss from default	( 329,205)	-
Other gains and losses	( 100,330)	( 5,872)
	($ 1,385,147)	$ 76,030

(28) Finance costs

	Years ended December 31,
	2025	2024
Bank borrowings	$ 1,517,908	$ 811,441
Corporate bonds	76,376	122,087
Lease liabilities	47,601	46,219
	$ 1,641,885	$ 979,747

(29) Expenses by nature

	Years ended December 31,
	2025	2024
Employee benefit expense	$ 11,934,138	$ 12,869,580
Depreciation expense	4,794,472	4,254,323
Amortisation charges on intangible assets	215,762	146,736
Transportation expense	630,599	486,534
Advertising costs	199,176	66,928
Operating lease payments	857,001	341,550
	$ 18,631,148	$ 18,165,651

(30) Employee benefit expense

	Years ended December 31,
	2025	2024
Wages and salaries	$ 10,030,221	$ 10,881,115
Pension costs	846,460	871,584
Labour and health insurance fees	561,612	646,141
Directors' remuneration	-	18,000
Other personnel expenses	495,845	452,740
	$ 11,934,138	$ 12,869,580

A. According to the Articles of Incorporation of the Company, a ratio of distributable profit of the current year, after covering accumulated losses, shall be distributed as employees' compensation and directors' and supervisors' remuneration. The ratio shall not be lower than 6% for employees' compensation and shall not be higher than 3% for directors' and supervisors' remuneration.

B. For the years ended December 31, 2025 and 2024, employees' compensation was accrued at $0 and $208,093, respectively; directors' remuneration was accrued at $0 and $18,000, respectively. The aforementioned amounts were recognised in salary expenses.

C. The employees' compensation and directors' remuneration were estimated and accrued based on the distributable profit of current period for the year ended December 31, 2025 and percentage as prescribed by the Company's Articles of Incorporation. The Board of Directors resolved the actual appropriation amounts of $0 and $0 on March 31, 2026.

D. Employees' compensation and directors' and supervisors' remuneration of 2025 as resolved at the Board of Directors were in agreement with those amounts recognised in the 2025 financial statements.

E. Information about employees' compensation and directors' and supervisors' remuneration of the Company as approved by the Board of Directors will be posted in the "Market Observation Post System" at the website of the Taiwan Stock Exchange.

(31) Income tax

A. Income tax expense

(a) Components of income tax expense:

	Years ended December 31,
	2025	2024
Current tax:
Tax payable incurred in current year	$ 1,626,455	$ 1,484,921
Tax on undistributed surplus earnings	3,007	12,281
Prior year income tax underestimation	69,815	13,133
Total current tax	1,699,277	1,510,335
Deferred tax:
Origination and reversal of temporary differences	( 419,843)	( 27,655)
Total deferred tax	( 419,843)	( 27,655)
Income tax expense	$ 1,279,434	$ 1,482,680

(b) The income tax relating to components of other comprehensive income is as follows:

	Years ended December 31,
	2025	2024
Currency translation differences	($ 66,169)	$ 301,390
Remeasurement of defined benefit obligations	6,459	7,193
	($ 59,710)	$ 308,583

B. Reconciliation between income tax expense and accounting profit

	Years ended December 31,
	2025	2024
Tax calculated based on (loss) profit before tax and statutory tax rate	($ 6,853,028)	$ 1,558,847
Tax on undistributed surplus earnings	3,007	12,281
Change in assessment of realisation of deferred tax	39,102	71,702
Effect from items disallowed by tax regulation	6,682,015	( 310,884)
Income exempt from taxation under applicable tax laws.	15,688	-
Effect from investment tax credits	( 23,690)	( 40,872)
Tax effect of prior years’ loss carryforwards.	161,966	-
Prior year income tax underestimation underestimation	69,815	13,133
Tax losses not recognised as deferred tax assets	1,195,831	178,473
Other	( 11,272)	-
Income tax expense	$ 1,279,434	$ 1,482,680

C. Amounts of deferred tax assets or liabilities as a result of temporary differences, tax losses and investment tax credits are as follows:

	2025
	January 1	Recognised in profit or loss	Recognised in other comprehensive income	Business combination	December 31
Temporary differences:
-Deferred tax assets:
Loss on investments	$ 39,197	$ 269,142	$ -	$ -	$ 308,339
Bad debts expense	18,993	-	-	-	18,993
Impairment losses on slow-moving inventory	17,144	3,020	-	-	20,164
Unrealised exchange gain	47,781	6,777	-	-	54,558
Unrealised profit from sales	63,478	13,533	-	-	77,011
Currency translation differences	25,986	-	66,169	-	92,155
Tax losses	262,974	(193,919)	-	-	69,055
Others	183,745	292,006	-	-	475,751
Subtotal	$ 659,298	$ 390,559	$ 66,169	$ -	$ 1,116,026
-Deferred tax liabilities:
Gain on investments	($ 1,278,517)	$ 34,328	$ -	$ -	($ 1,244,189)
Unrealised exchange (loss) gain	(23,018)	20,057	-	(66,891)	(69,852)
Unrealised appropriation of pension	(8,014)	222	-	-	(7,792)
Remeasurement of defined benefit	(16,268)	-	(6,459)	-	(22,727)
Others	(136,549)	(25,323)	-	-	(161,872)
Subtotal	($ 1,462,366)	$ 29,284	($ 6,459)	($ 66,891)	($ 1,506,432)
Total	($ 803,068)	$ 419,843	$ 59,710	($ 66,891)	($ 390,406)
	2024
	January 1	Recognised in profit or loss	Recognised in other comprehensive income	December 31
Temporary differences:
-Deferred tax assets:
Loss on investments	$ -	$ 39,197	$ -	$ 39,197
Bad debts expense	18,993	-	-	18,993
Impairment losses on slow-moving inventory	30,913	(13,769)	-	17,144
Unrealised exchange gain	-	47,781	-	47,781
Unrealised profit from sales	51,217	12,261	-	63,478
Currency translation differences	327,376	-	(301,390)	25,986
Tax losses	144,735	118,239	-	262,974
Others	108,627	75,118	-	183,745
Subtotal	$ 681,861	$ 278,827	($ 301,390)	$ 659,298
-Deferred tax liabilities:
Gain on investments	($ 1,067,882)	($ 210,635)	$ -	($ 1,278,517)
Unrealised exchange loss	(341)	(22,677)	-	(23,018)
Unrealised appropriation of pension	(12,016)	4,002	-	(8,014)
Remeasurement of defined benefit	(9,075)	-	(7,193)	(16,268)
Others	(114,687)	(21,862)	-	(136,549)
Subtotal	($ 1,204,001)	($ 251,172)	($ 7,193)	($ 1,462,366)
Total	($ 522,140)	$ 27,655	($ 308,583)	($ 803,068)

D. Expiration dates of unused tax losses and amounts of unrecognised deferred tax assets are as follows:

December 31, 2025
Year incurred	Amount filed /assessed	Unused amount	Unrecognised deferred tax assets	Expiry year
2015-2025	$ 9,704,522	$ 8,336,861	$ 8,095,827	2025-2035
December 31, 2024
Year incurred	Amount filed /assessed	Unused amount	Unrecognised deferred tax assets	Expiry year
2014-2024	$ 6,026,012	$ 4,895,692	$ 4,409,019	2024-2034

E. The latest year of the Company's and its domestic subsidiaries' income tax returns that have been assessed and approved by the Tax Authority is as follows:

	Status of Assessment
Sustain, WCT, Darts, FAT, FII, FUII, Zhi De Investment, DU Precision, SYNCROBOTIC, MICROLINK, Jing Jing, Shih Fong Power, Shinfox, Shinfox Natural Gas, Yuanshan Forest, Foxwell Certification, Synergy, Foxwell Power, Eastern Rainbow Environmental, Elegant Energy, Eastern Rainbow Green Energy, Jiuwei Power, Guanwei Power, Huijie Energy, Xinwei Power, Jun Wei, VA	Assessed and approved up to 2023
The Company, Foxwell Energy, Studio A, Straight A	Assessed and approved up to 2022
Foxlink Image, PQI, Glory Science, FIT Holding	Assessed and approved up to 2021

F. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

G. The Group's exposure to Pillar Two income taxes arising from the Pillar Two legislation is as follows:

(a) The Group is within the scope of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD).

(b) Since Pillar Two legislation was enacted in Vietnam and Singapore, the jurisdiction in which the Group's subsidiaries are incorporated, and have come into effect, the Group has no related current tax exposure as of December 31, 2025.

(c) Under the Pillar Two legislation, the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate.

(d) The Group is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect. However, due to the complexities in applying the legislation and calculating GloBE income as well as the impact of specific adjustments envisaged in the Pillar Two legislation which give rise to different effective tax rates compared to those calculated in accordance with IAS 12, the quantitative impact of the enacted or substantively enacted legislation is not yet reasonably estimable. The Group is currently engaged with tax specialists to assist it with applying the legislation.

(32) (Loss) earnings per share

	Year ended December 31, 2025
	Amount after tax	Weighted average number of ordinary shares outstanding (share in thousands)	Loss per share (in dollars)
Basic/diluted loss per share
Loss attributable to ordinary shareholders of the parent	($ 3,065,624)	462,824	($ 6.62)
	Year ended December 31, 2024
	Amount after tax	Weighted average number of ordinary shares outstanding (share in thousands)	Earnings per share (in dollars)
Basic earnings per share
Profit attributable to ordinary shareholders of the parent	$ 1,687,146	462,824	$ 3.65
Diluted earnings per share
Profit attributable to ordinary shareholders of the parent	$ 1,687,146	462,824
Assumed conversion of all dilutive potential ordinary shares
Employees’ compensation	-	3,873
Profit attributable to ordinary shareholders of the parent plus assumed conversion of all dilutive potential ordinary shares	$ 1,687,146	466,697	$ 3.62

Note: Employee compensation has an anti-dilutive effect and is therefore excluded from the calculation of diluted earnings per share.

(33) Transactions with non-controlling interest

A. In January 2025, the Group's second-tier subsidiary, Shinfox Energy, disposed of a 0.03% equity interest in another second-tier subsidiary, Foxwell Power, for a consideration of $8,099. This transaction resulted in an increase in non-controlling interests of $6,739 and an increase in equity attributable to owners of the parent of $1,360. Furthermore, in December 2025, the Group disposed of a 14% equity interest in Foxwell Power for a consideration of $819,075. This

transaction resulted in an increase in non-controlling interests of $692,582 and an increase in equity attributable to owners of the parent of $126,493. Additionally, non-controlling interests decreased by $39 due to the change in shareholding proportions.

B. The Group’s second-tier subsidiary, Foxwell Power, increased its capital by issuing new shares on January 13, 2025. The Group did not acquire shares proportionally to its interest. As a result, the Group decreased its share interest by 11.67%. The transaction amount was $898,021. This transaction resulted in an increase in the non-controlling interest and the equity attributable to owners of the parent by $799,061 and $100,733, respectively.

C. The Group’s second-tier subsidiary, Shinfox Energy, acquired 50% equity interest in Synergy Co., Ltd. through capital increase by cash of $800,100 on January 17, 2025. The transaction resulted in an increase in the non-controlling interest by $758,302.

D. The Group’s second-tier subsidiary, Shinfox Energy, increased its capital by issuing new shares in March 2025. The Group did not acquire shares proportionally to its interest. As a result, the Group decreased its share interest by 0.94%. This transaction resulted in an increase in the non-controlling and the equity attributable to owners of the parent by $2,257,988 and $66,454, respectively.

E. The Group’s second-tier subsidiary, Foxwell Power, acquired 51% equity interest in Smart Power System by cash and issuance of ordinary shares in July 2025. The transaction resulted in an increase in the non-controlling interest by $441,780. The Group did not acquire shares proportionally to its interest. As a result, the Group decreased its share interest by 2.97%. This transaction resulted in an increase in the non-controlling interest and the equity attributable to owners of the parent by $116,946 and $10,376, respectively.

F. The Group’s second-tier subsidiary, Billion Sun Energy Storage, increased its capital by issuing new shares on September 12, 2025. The Group did not acquire shares proportionally to its interest. As a result, the Group decreased its share interest by 30%. The transaction amounted to $392,400. This transaction resulted in an increase in the non-controlling interest and the equity attributable to owners of the parent by $389,539 and $5,280, respectively. The Group’s second-tier subsidiary, Billion Sun Energy Storage, increased its capital by issuing new shares on September 12, 2025. The Group’s second-tier subsidiary, Foxwell Power, did not acquire shares proportionally to its interest. As a result, Foxwell Power lost control over Billion Sun Energy Storage, and Foxwell Power’s equity interest in the company was decreased from 100% to 30%. Billion Sun Energy Storage Technologies Inc. increased its capital by issuing new shares, of which 40% of shares was held by the Group’s second-tier subsidiary, Synergy Co., Ltd. Foxwell Power and Synergy held 30% and 40% equity interest in Billion Sun Energy Storage, respectively. Therefore, the transaction was considered as the reorganisation.

G. The Group’s second-tier subsidiary, Foxwell Power, distributed cash dividends as resolved by the shareholders during their meeting on May 21, 2025 and May 15, 2024, and the transaction resulted in a decrease in the non-controlling interest by $24,433 and $6,731, respectively.

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H. The Group’s second-tier subsidiary, FIT Holding, distributed cash dividends as resolved by the Board of Directors during their meeting on May 28, 2025 and May 27, 2024, which is yet to be reported at the shareholders’ meeting, and the transaction resulted in a decrease in the non-controlling interest by $456,213 and $304,385, respectively.

I. The Group’s second-tier subsidiary, Shinfox Energy, distributed cash dividends as resolved by the shareholders during their meeting on May 27, 2025 and May 21, 2024, and the transaction resulted in a decrease in the non-controlling interest by $188,161 and $175,635, respectively.

J. Changes in equity of the Group’s second-tier subsidiary, Shinfox Energy, arising from the conversion of convertible bonds for the year ended December 31, 2024. The transaction resulted in an increase in non-controlling interest and the equity attributable to owners of the parent in the amount of $805,049 and $121,858, respectively. Refer to Note 6(17) for details.

(34) Business combinations

A. Synergy Co., Ltd

(a) On January 17, 2025, the Group subscribed to the newly issued common shares of Synergy Co., Ltd. in cash amounting to $800,010. The Group held 52.3% equity interests in Synergy and had control over Synergy after the subscription.

(b) The allocation of the acquisition price of Synergy was completed for the year ended December 31, 2025. The fair value of the goodwill amounted to $4,874.

(c) The operating revenue included in the consolidated statement of comprehensive income since January 17, 2025 contributed by Synergy was $42,183. Synergy also contributed loss before income tax of ($10,984) over the same period. Had Synergy been consolidated from January 1, 2025, the consolidated statement of comprehensive income would show operating revenue of $43,193 and loss before income tax of ($9,583), respectively, for the year ended December 31, 2025.

B. Smart Power System

(a) The Group’s second-tier subsidiary, Foxwell Power, issued 3,328,571 ordinary shares on July 1, 2025 for the acquisition of shares of Smart Power System. The swap ratio was 1:1.4, in exchange for 35.85% of Smart Power System’s issued and newly issued ordinary shares, totaling 4,660 thousand shares. Furthermore, on July 22, 2025, Foxwell Power acquired 3,000 thousand newly issued ordinary shares and 500 thousand issued ordinary shares of Smart Power System at a price of NT$100 (in dollars) per share. Both aforementioned transactions resulted in a total acquisition of 51% of Smart Power System’s shares. In addition, Foxwell Power obtained the control over Smart Power System. The company deeply cultivates the fields of power and energy for a long time, including power system analysis, microgrid construction and power equipment monitoring, etc. As a result of the acquisition, the Group is expected to increase its presence in the power market. It also expects to accelerate power integration in the Asian market and expand economic benefits through the development of

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related power system software.

(b) The fair value totaling NT$104 (in dollars) of the 3,328,571 ordinary shares issued as part of the consideration paid for Smart Power System was based on the published share price on July 1, 2025. The cost of issuing shares was a deduction item to capital surplus. Other acquisition costs totaling $160 were recognised in operating expenses under the statements of comprehensive income.

(c) The allocation of the acquisition price of Smart Power System was completed during the period from July 22, 2025 to December 31, 2025, and the fair value of the identifiable intangible assets (including computer software, customer relationships and patents) and goodwill acquired amounted to $344,550 and $236,360, respectively.

(d) The operating revenue included in the consolidated statement of comprehensive income since July 22, 2025 contributed by Smart Power System was $316,404. Smart Power System also contributed profit before income tax of $28,166 over the same period. Had Smart Power System been consolidated from January 1, 2025, the Group's operating revenue and profit before income tax for the year ended December 31, 2025 would increase by $416,267 and $43,139, respectively.

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C. The following table summarises the consideration paid for Synergy and the fair values of the assets acquired and liabilities assumed at the acquisition date:

	Smart Power System	Synergy
Purchase consideration
Cash paid	$ 350,000	$ 800,010
Market price of new shares issued	346,171	-
	696,171	800,010
The fair value of the equity previously held as of the acquisition date	-	36,815
The non-controlling interest’s proportionate share of the recognised amounts of acquirer’s identifiable net assets	441,780	758,302
	1,137,951	1,595,127
Fair value of the identifiable assets acquired and liabilities
Cash and bank deposits	385,563	1,543,472
Contract assets	57,371	431
Accounts receivable	49,490	14,691
Prepayments	41,636	2,558
Other current assets	7,903	-
Financial assets at fair value through other comprehensive income	187,497	-
Investments accounted for using equity method	26,304	-
Other receivables	51	29
Property, plant and equipment	3,011	136,496
Right-of-use assets	1,877	3,752
Intangible assets-computer software	10,095	-
Intangible assets-customer relationships	166,678	-
Intangible assets-patents	167,777	-
Guarantee deposits paid	33,104	3,633
Current income tax assets	-	31
Notes payable	-	(375)
Accounts payable	-	(8,730)
Other payables	-	(2,431)
Contract liabilities	-	(756)
Other current liabilities	(156,801)	(11)
Lease liabilities	(1,937)	(3,993)
Deferred income tax liabilities	(66,891)	-
Security deposit paid	(11,137)	-
Long-term borrowings	-	(98,544)
Total identifiable net assets	901,591	1,590,253
Goodwill	$ 236,360	$ 4,874

(35) Supplemental cash flow information

A. Investment activities with partial cash payments:

	Years ended December 31,
	2025	2024
Purchase of property, plant and equipment	$ 11,309,206	$ 12,212,982
Add: Opening balance of payable on equipment	949,080	749,489
Less: Ending balance of payable on equipment	( 1,187,408)	( 949,080)
Less: Capitalisation of depreciation expense	( 42,090)	( 23,235)
Cash paid during the year	$ 11,028,788	$ 11,990,156

B. The following table summarises the consideration paid by the Group's second-tier subsidiary for Billion Sun Energy Storage and Huijie Energy in April 2025 and May 2025, and the fair values of the assets acquired and liabilities assumed at the acquisition date:

	Billion Sun Energy Storage		Huijie Energy
Purchase consideration
Cash paid	$	46,815	$ 500
Fair value of the identifiable assets acquired and liabilities assumed
Cash and bank deposits		3,819	130
Prepayments		1,031	1,162
Other current assets, others		15	358
Property, plant and equipment		-	27,417
Right-of-use assets		386,597	239,895
Prepayments for business facilities		1,162	-
Guarantee deposits paid		44,096	38,305
Other payables	(	360)	( 66,872)
Lease liabilities	(	386,597)	( 239,895)
Other current liabilities, others	(	3,448)	-
Total identifiable net assets	$	46,315	$ 500

(36) Changes in liabilities from financing activities

	2025
	Short-term borrowings	Short-term notes and bills payable	Corporate bonds payable	Long-term borrowings	Lease liabilities	Liabilities from financing activities - gross
At January 1	$ 6,944,505	$ 4,516,472	$ 5,569,564	$ 42,759,603	$ 3,651,770	$ 63,441,914
Changes in cash flow from financing activities	8,191,356	475,954	( 3,600,000)	5,277,060	( 492,051)	9,852,319
Impact of changes in foreign exchange rate	( 1,524)	-	-	-	3,902	2,378
Interest expense	-	-	-	-	47,601	47,601
Changes in other non-cash items	( 65,040)	-	58,720	73,425	( 1,223,719)	( 1,156,614)
At December 31	$ 15,069,297	$ 4,992,426	$ 2,028,284	$ 48,110,088	$ 1,987,503	$ 72,187,598

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	Short-term borrowings	Short-term notes and bills payable	Corporate bonds payable	Long-term borrowings	Lease liabilities	Liabilities from financing activities - gross
At January 1	$ 9,890,697	$ 4,085,520	$ 9,437,733	$ 18,079,707	$ 2,158,295	$ 43,651,952
Changes in cash flow from financing activities	( 2,992,449)	430,952	( 3,000,000)	24,571,669	( 605,695)	18,404,477
Impact of changes in foreign exchange rate	13,953	-	-	-	95,531	109,484
Interest expense	-	-	-	-	46,219	46,219
Changes in other non-cash items	32,304	-	( 868,169)	108,227	1,957,420	1,229,782
At December 31	$ 6,944,505	$ 4,516,472	$ 5,569,564	$ 42,759,603	$ 3,651,770	$ 63,441,914

7. RELATED PARTY TRANSACTIONS

(1) Names of related parties and relationship

Names of related parties	Relationship with the Group
Well Shin Technology Co., Ltd. (Well Shin)	Associate
Sharetronic Data Technology Co., Ltd. (Sharetronic)	Associate
Xunqiang Communication Technology CO., LTD. (Xunqiang)	Associate
Central Motion Picture Corporation (Central Motion Picture)	Associate
Dongguan Banrin Robot Technology Co., Ltd. (Banrin)	Associate
Synergy Co., Ltd. (Synergy)	Previous associate (Note 1)
Cheng Shin Digital Co., Ltd. (Cheng Shin Digital)	Associate
LUMINYS SYSTEMS CORPORATION (LUMINYS)	Associate
LUMINYS SYSTEMS CANADA CORPORATION (LUMINYS CANADA)	Associate
Deepwaters Digital Support Inc. (Deepwaters)	Associate
Sharetronic Data Technology (Hong Kong) Limited	Associate
Terabitcom Technology Co., Ltd. (Terabitcom)	Associate
Billion Watts Technologies Co., Ltd.	Associate
Smart Grid System Technologies INC	Other related party
Terabitcom Technology Co., Ltd. (Terabitcom)	Associate
Hongju Energy Co., Ltd.	Associate
Billion Power Technologies INC	Associate (Note 2)
Smart Technology Co., Ltd	Associate
Changpin Wind Power Ltd. (Changpin)	Joint venture
Shin Hon International Investment Co., Ltd. (SHIN HON)	Other related party
Hon Hai Precision Industry Co., Ltd. (Hon Hai)	Other related party
Foxlink Taiwan Industry Co., Ltd. (Foxlink Taiwan)	Other related party
Fortune Electric Extra High Voltage Co., Ltd.(Fortune)	Other related party (Note 3)
Zheng Fa Investment Co., LTD. (Zheng Fa)	Other related party

Names of related parties	Relationship with the Group
LOYAL PACIFIC INTERNATIONAL LIMITED (LOYAL PACIFIC)	Other related party
CENTRAL MOTION PICTURE USA CORPORATION (CMPC USA)	Other related party
LI CHIU-HUI	Other related party
KOU, CHENG-CHIEN	Other related party
LI, CHENG	Director

Note 1: As the Group acquired $50\%$ equity interest in Synergy, Synergy was changed to the Group's subsidiary from an associate since January 17, 2025.
Note 2: As the Group's associate, Billion Power Technologies INC, resolved to dissolve, and it was no longer an associate of the Group starting from December 10, 2025.
Note 3: The Group's second-tier subsidiary, Shinfox Energy, acquired $50\%$ equity interest in Synergy on January 17, 2025. The company is the director of Synergy, thus, the company became an other related party since January 17, 2025.

(2) Significant related party transactions

A. Operating revenue

	Years ended December 31,
	2025	2024
- Associates	$ 20,079	$ 256,279
- Joint ventures	659,660	515,557
- Other related parties	280,174	285,764
	$ 959,913	$ 1,057,600

(a) The sales price in relation to the transaction made with related parties is based on mutual agreement. All the credit terms on sales to related parties were receivable within 4 to 6 months after sales. The credit terms on sales to third parties were 30 to 120 days after monthly billing or by telegraphic transfer upon shipment of goods, except for receivables arising from the sales of tooling that are collectible upon acceptance by customers.
(b) The Group entered into contracted construction agreements with related parties and charged construction revenue and revenue from electricity sold, and the transaction price and credit terms are the same with the market situation or the general customers.

Total contract consideration, aggregate amount of the transaction price allocated to and the year expected to recognise revenue for the unsatisfied performance obligations in relation to the contracted significant construction contracts as of December 31, 2025 and 2024 are as follows:

Year	Total contract consideration	Amount of unfulfilled obligation	Year expected to recognise revenue
December 31, 2025	$ 3,297,150	$ 1,999,709	2026~2027
December 31, 2024	$ 3,850,748	$ 2,603,705	2025~2027
	$ 7,147,898	$ 4,603,414

B. Operating costs

(a) Purchase

	Years ended December 31,
	2025	2024
Purchases of goods:
- Associates	$ 111,853	$ 197,211
- Previous associate	400	-
- Other related parties	657,425	808,350
	$ 769,678	$ 1,005,561

The purchase price in relation to the transaction made with related parties is based on mutual agreement. All purchases from related parties are at arm's-length. Payment period was 60 to 120 days after receipt of goods from suppliers.

(b) Construction cost

	Years ended December 31,
	2025	2024
Construction cost
- Associates	$ 1,721	$ 7,338
- Joint ventures	15,938	-
	$ 17,659	$ 7,338

Except for construction cost which is calculated based on the construction contract entered into using market quotes, other payments of the transactions between the Group and the abovementioned related parties are calculated based on mutual agreement and paid monthly.

	Years ended December 31,
	2025	2024
Other operating costs
- Associates	$ 11	$ -
- Other related parties	36,344	-
	$ 36,355	$ -

Payments of the transactions between the Group and the abovementioned related parties are calculated based on mutual agreement and paid monthly.

C. Rental revenue

	Years ended December 31,
	2025	2024
Associates	$ 50,869	$ 51,556

The Group entered into rental contracts based on normal conditions with related parties and collects rents monthly based on the contracts.

D. Receivables from related parties

	December 31, 2025	December 31, 2024
Accounts receivable:
- Associates	$ 33,676	$ 185,413
- Joint ventures	2,415	100,000
- Other related parties	112,035	123,559
	$ 148,126	$ 408,972
	December 31, 2025	December 31, 2024
Other receivables (Purchase on behalf of others):
- Associates
LUMINYS	$ 424,323	$ 863,615
Others	98,487	69,022
Other receivables (Others):
- Associates	6,313	148
	$ 529,123	$ 932,785

(a) Other receivables (Others) mainly refer to the rental income received from related parties, and the collection terms are based on mutual agreement.

(b) For the years ended December 31, 2025 and 2024, the Company's purchase on behalf of associates amounted to $792,373 and $1,041,516, respectively, which was not included in the Company's purchase and sales, and the transaction terms are 180 days after weekly billings or 180 days from invoice date.

E. Prepayments

	December 31, 2025	December 31, 2024
Prepayments:
- Associates	$ 21,666	$ 48,720

The prepayments mainly refer to the service expenses paid to related parties and the payment terms were determined based on mutual agreements.

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F. Payables to related parties:

	December 31, 2025	December 31, 2024
Accounts payable:
- Associates	$ 26,077	$ 55,828
- Joint ventures	15,938	-
- Other related parties	34,501	65,496
	$ 76,516	$ 121,324
Other payables (Purchase on behalf of others):
- Associates	$ 127,647	$ 9,470
- Other related parties	506	144
Other payables (Others):
- Associates	$ 644	$ 20,574
- Other related parties	60	60
	$ 128,857	$ 30,248

G. Property transactions

(a) Acquisition of property, plant and equipment

	Years ended December 31,
	2025	2024
- Associates	$ 183	$ 10,564

The Group purchased equipment from the associates and the payment terms were determined based on mutual agreements.

(b) Acquisition of property, plant and equipment (shown as "prepayments for business facilities")

	December 31, 2025	December 31, 2024
- Subsidiaries
Shin Hon	$ 98,475	$ 98,475

On August 12, 2024, the Company acquired land and plants in Tucheng Industrial Park from Shin Hon International Investment Co., Ltd. Total price of the contracts amounted to $984,750 which was purchased based on normal conditions. As of December 31, 2025, the Company has prepaid$ 98,475 cumulatively (shown as prepayments for business facilities) and the remaining amount of $886,275 will be paid on the payment date in accordance with the contracts.

	Accounts	No. of shares	Objects	Year ended December 31, 2025
				Consideration
Joint ventures
-Changpin	Investments accounted for using equity method	10,000	Shares of Changpin	$ 100,000
Associates
- LUMINYS	Investments accounted for using equity method	0.23	Shares of LUMINYS	197,010
- Deepwaters	Subsidiary included in the consolidated financial statements	6,500	Shares of SYNCROBOTIC	57,475
Other related parties-
- Zheng Fa	Subsidiary included in the consolidated financial statements	850	Shares of MICROLINK	8,500
- LOYAL PACIFIC	Subsidiary included in the consolidated financial statements	19,153	Shares of Kunshan Trade	6,131
- CMPC USA	Investments accounted for using equity method	0.08	Shares of LUMINYS	75,552
Directors
- LI, CHENG	Subsidiary included in the consolidated financial statements	150	Shares of MICROLINK	1,500
				$ 446,168
				Year ended December 31, 2024
	Accounts	No. of shares	Objects	Consideration
Associate
- Cheng Shin Digital	Investments accounted for using equity method	1,000	Shares of Cheng Shin Digital	$ 47,946
Joint venture	Investments accounted for using equity method	15,000	Shares of Changpin	150,000
- Changpin				$ 197,946

i. In order to diversify the business and enhance the Group's competitiveness, the Group acquired 100% equity interest in MICROLINK in the amount of $10,000 in March 2025. Additionally, the Group acquired 84.62% equity interest in SYNCROBOTIC in the amount of $57,475 in February 2025. With the Group's previously held equity interest of 15.38%, the Group's equity interest increased to 100%.

ii. The following table summarises the Group's assets acquired and liabilities assumed arising from MICROLINK COMMUNICATIONS INC.:

	March 2025
Cash and bank deposits	$ 3,889
Prepayments	$ 40
Intangible assets	$ 6,855

iii. The following table summarises the Group's assets acquired and liabilities assumed arising from SYNCROBOTIC Co., Ltd.:

	February 2025
Cash and bank deposits	$ 67,964
Prepayments	$ 45
Accrued expenses	$ 45
Other current liabilities	$ 25

H. Lease transactions - lessee

(a) The Group leases buildings from related parties. Rental contracts are typically made for periods of 3 years. Rents are paid at the end of the month.

(b) Acquisition of right-of-use assets:

	December 31, 2025	December 31, 2024
Other related parties	$ 12,509	$ 5,027

i. Outstanding balance:

	December 31, 2025	December 31, 2024
Associates	$ 12,010	$ 23,403
Other related parties	11,065	-
	$ 23,075	$ 23,403

ii. Interest expense

	Years ended December 31,
	2025	2024
Associates	$ 382	$ 540
Other related parties	169	21
	$ 551	$ 561

I. Endorsements and guarantees provided to related parties: Refer to Note 13(1) B.

(3) Key management compensation

	Years ended December 31,
	2025	2024
Short-term employee benefits	$ 190,546	$ 261,367
Post-employment benefits	4,637	4,774
Total	$ 195,183	$ 266,141

PLEDGED ASSETS

The Group’s assets pledged as collateral are as follows:

Pledged asset	Book value		Purpose
	December 31, 2025	December 31, 2024
Property, plant and equipment	$ 12,973,602	$ 8,737,633	Short-term notes and bills, short-term borrowings, long-term borrowings and debt mortgage guarantee
Restricted deposits and time deposits-current (shown as “Financial assets at amortised cost-current”)	4,950,637	6,975,210	Customs deposit, guarantee for L/C issued for purchases of materials, government grants, coupon trust, construction performance security deposit, long-term borrowings, short-term borrowings and guaranteed bill
Refundable deposits (shown as “Other current assets”)	109,770	998,994	Construction performance security deposit and performance security deposit
Restricted deposits and time deposits-non-current (shown as “Financial assets at amortised cost-non-current”)	1,157,876	615,385	Reserve account, performance security deposit and guarantee for land lease and bonds
Refundable deposits (shown as “Other non-current assets”)	916,834	777,270	Customs deposit, plant deposit, rental performance security deposit, security deposit and electrical energy performance security deposit
	$ 20,108,719	$ 18,104,492

SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS

(1) Contingencies

A. The Group’s second-tier subsidiary, Shih Fong Power Co., Ltd. (“Shih Fong”), carried out the “Shih Fong Power’s FongPing River and Its Tributary Hydroelectric Project” (the “Project”) in Hualien County and planned to build a weir in FongPing River for hydropower plants to generate electricity. Since 2000, the Company has successively obtained the permit to build the infrastructure as an electricity enterprise and the work permit to operate power generation equipment as an electricity enterprise (the “Work Permit”). As the construction was unable to be completed on time, an extension was applied for according to the law year by year and the Work Permit was obtained as approved and issued by the Ministry of Economic Affairs. Certain litigations that ensued during the period of application for the renewal of the Work Permit were as follows:

(a) Administrative appeal

The local indigenous people (the "Petitioners") filed a petition on May 14, 2021 with the Administrative Appeals Committee of the Executive Yuan (AAC), requesting "the suspension of the Project" and "the revocation of work permit in 2021 issued by the Ministry of Economic Affairs". Regarding the dispute with the former, the administrative appeal was dismissed from the AAC on May 31, 2021; and regarding the dispute with the latter, the decision of administrative appeal was rendered by the AAC on March 3, 2022 and the original administrative action was revoked.

In accordance with the decision of the AAC, the Ministry of Economic Affairs sent a letter to Shih Fong on March 10, 2022, ordering it to consult and obtain consent and participation from the indigenous peoples or tribes. Shih Fong disagreed with the judgement and filed an administrative litigation according to the law on April 29, 2022, requesting the Executive Yuan to revoke the decision of administrative appeal of Shih Fong's Work Permit in 2021. The case trial had been initiated by the court on November 9, 2022, and the case was dismissed by the Taipei High Administrative Court on March 14, 2024.

(b) Administrative litigation

The Petitioners disagreed with the decision of dismiss on May 31, 2021 by the AAC and filed an administrative litigation with the Taipei High Administrative Court (THAC). On December 3, 2021, the THAC rendered a judgement that the Project is suspended until the administrative litigation is finalised. The Ministry of Economic Affairs and Shih Fong disagreed with the abovementioned judgement and filed a counter-appeal with the Supreme Administrative Court (SAC). On March 31, 2022, the SAC revoked the original verdict, excluding certain final judgements.

However, in order to conduct the construction smoothly in the future and respect the will of local people, Shih Fong sent a letter to the Zhuoxi Township Office on April 7, 2022, requesting it to consult and obtain consent from the tribes. Shih Fong completed relevant tribal consultation and obtained a majority of consent in December 2022 and sent a letter to the Bureau of Energy to report the results of the tribal consultation. Shih Fong had obtained the renewal Work Permit in 2021 and 2022 in December 2022 and the Work Permit in 2023 was renewed by the Ministry of Economic Affairs in February 2023 which will be valid until December 31, 2023. However, the Petitioners disagreed with the issuance of the Work Permit in 2023 by the Ministry of Economic Affairs and requested for a suspension until the administrative litigation is finalised. On August 11, 2023, the THAC issued a ruling that "stay of execution pending the final and binding conclusion of the administrative proceedings". Shih Fong dissatisfied with such ruling, filed an interlocutory appeal with the Supreme Administrative Court. On September 28, 2023, the Supreme Court issued a ruling that "the execution shall be stayed until the administrative litigation is concluded and the certain litigation expenses shall all be abandoned." The Petitioners disagreed with the decision of dismiss on February 6, 2024 by the AAC and filed an administrative litigation

~118~

with the THAC. The court's verdict is still pending as of March 6, 2025.

Shih Fong had obtained the renewal Work Permit between 2024 and 2026 in February 2024 which will be valid until December 31, 2026. However, the Petitioners disagreed with the issuance of the Work Permit in 2024 by the Ministry of Economic Affairs and requested for a suspension and revocation of the issuance of the Work Permit in 2024 until the administrative litigation is finalised. The Petitioners of the aforementioned case disagreed with the decision to dismiss on August 5, 2024 by the AAC and filed an administrative litigation with the THAC, which was dismissed by the THAC on April 23, 2025. The Petitioners of the latter case disagreed with the decision of dismiss on March 14, 2025 by the AAC and filed an administrative litigation with the THAC. The court's verdict is still pending as of March 31, 2026.

B. The Group's second-tier subsidiary, Foxwell Energy Corporation Ltd. ("Foxwell Energy"), entered into a 'Transportation and Installment Contract of Wind Turbines in Wind Farm Site No. 26' with a Singapore contractor, Teras Offshore Pte. Ltd. As the contractor failed to submit the essential documents within the time frame prescribed in the contract, Foxwell Energy has the right to revoke the contract and has notified the contractor in writing of the termination of the contract. After receiving the written notice from Foxwell Energy, the contractor entrusted a lawyer on December 11, 2021, to request for compensation from Foxwell Energy, and state that it will refer the matter to arbitration if the compensation is not paid. On December 24, 2021, Foxwell Energy also appointed a lawyer to send a letter stating that it was a lawful termination of the contract and it reserves the right to claim compensation from the contractor. As of March 31, 2026, Foxwell Energy has not yet received the notice of arbitration submitted by the contractor to the arbitration institution, and the termination of the contract has no impact on the original construction contract and subsequent performance obligations.

C. On August 13, 2020, the Group's second-tier subsidiary, Foxwell Energy, entered into an equipment procurement contract and an operation and maintenance contract with Taiwan Power Company ("Taiwan Power") for the Phase II of Taipower's Offshore Wind Power Project and the "Wind Farm Property Procurement and Installation Project" amounting to $56,588,000 and $6,300,000, respectively. The terms of the equipment procurement contract specifies that Foxwell Energy shall complete the foundation construction for wind turbine generator system and offshore substation as of September 30, 2024, shall complete all wind turbine generator system which shall be under the security constrained dispatch process as of December 31, 2025, shall complete the whole construction as of December 31, 2025 and shall provide 2-year warranties from the date of completion and acceptance of the whole construction. In addition, the equipment shall provide guaranteed generating capacity. The performance term of this project is divided into stages progress and the final completion deadline. The default penalty shall be computed until the termination date of the contract according to each stage of the project. The operation and maintenance contract specifies the terms such as the guaranteed annual availability and default penalty of all wind turbine generator system as well as the relevant rights and obligations of both

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parties. The contract period is 5 years from the time when all wind turbine generator systems are under the security constrained dispatch process. However, Foxwell Energy began construction in June 2024 with the completion of the heavy lift vessels, the project encountered consecutive typhoons and sudden strong winds that damaged the crane of the heavy lift vessels, necessitating repairs back at Taichung Port. This affected the installation schedule of the substructures for wind turbine. Since Foxwell Energy took on the contract, global inflation, rate hike, wars and other force majeure or uncontrollable events have led to increase international offshore wind power costs and a shortage of the large construction vessels. Therefore, Foxwell Energy Co., Ltd. had applied for an extension of the completion deadline to Taiwan Power in accordance with the contract terms and legal provisions in September 2024. Foxwell Energy obtained a letter from Taiwan Power, stating that catching up to the construction work is the priority goal and the applied matters are pending for further evidence. In June 2025, Foxwell Energy submitted the project to the Public Construction Commission (“PCC”) for mediation in accordance with the contract for the Phase II of Taipower’s Offshore Wind Power Project and the “Wind Farm Property Procurement and Installation Project”. As of March 31, 2026, Foxwell Energy had received confirmation from Taiwan Power Company that the total extension period was 93.5 days. However, as the future development of this mediation case is currently unpredictable, and given the anticipated delays in the project due to engineering incidents that occurred between January 1 and December 31, 2025, Foxwell Energy is liable for compensation for the delayed work in accordance with the contract. Therefore, the Group recognised a provision for potential losses. Please refer to Note 6(20) for details.

D. The subcontractor (Xincheng Co., Ltd.) of the Group’s second-tier subsidiary, Shinfox Energy, requested compensation from the Company as it had objections to the payment of the construction. In May 2022, the court’s first instance judgement was rendered. According to the judgement, the Company shall pay $1,257 and its penalty interest to Xincheng Co., Ltd., and the Company’s other litigations were dismissed. The Company and Xincheng Co., Ltd. both disagreed with the judgement and filed an appeal. As of March 31, 2026, the case is still under trial with the court of second instance. The Group’s second-tier subsidiary will actively defend the aforementioned litigation. However, due to the nature of unpredictability of legal cases, the exact amount of possible compensation cannot be estimated currently. The Group assessed that the loss amount was immaterial to its financial statements.

E. The Group’s subsidiary, SFE, had a performance dispute with the subcontractors, Bernhard Weyres GmbH and Success Overseas International Corporation, during the execution of the construction. Bernhard Weyres GmbH sent a letter claiming that certain parts were lost during the equipment return process, and requested compensation for equipment operating costs, spare equipment and decommissioning costs. Success Overseas International Corporation sent a letter stating that it is requesting SFE to pay rental fees for relevant equipment and construction costs due to the adjustments in the construction progress, including the estimated rental fees and construction costs

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for the period during which the equipment was not actually put into use. Although these subcontractors have made claims for the aforementioned amounts, they have not yet provided specific evidence or a reasonable basis to support their calculations of losses, and the related responsibility attribution stills needs further clarification. As of March 30, 2026, these subcontractors have not formally appointed lawyers to filed a lawsuit or make specific legal claims against SFE. Therefore, the Group did not estimate related provisions for the dispute for the year ended December 31, 2025.

F. In July 2020, the Company entered into a share transfer contract with two individuals, Wang,Sih-Cheng and Wang,Shih-Sian (collectively, the "Sellers"), wherein both parties agreed that the Company would acquire a 100% equity interest in JOURN TA BROTHERS LIMITED ("Hong Kong company"), a 100% equity interest in HUA TAI ENTERPRISE COMPANY LIMITED ("Myanmar company") located in Myanmar, which was held by Hong Kong company, as well as Myanmar company's land use right for Plot No. C7 located in Mingaladon Industrial Park, Myanmar, along with the ownership of buildings on the land, for a total price of USD 12,553 thousand. The Company had paid an amount equivalent to 60% of the total price according to the contract. However, as of today, the Sellers have not yet completed the transfer of equity interests in Hong Kong company according to the contract, nor have they provided the supporting documents to prove that such assets, including the land use right of Plot No. C7 and the ownership of buildings held by Myanmar company, have been transferred to the Company along with the equity interests. Consequently, the Company did not make the final payment on the final payment date (December 31, 2021) as agreed in the contract. The Sellers filed with the Chinese Arbitration Association, Taipei for this arbitration case, requesting the Company to pay the final payment of USD 5,021 thousand. The Company also appointed a lawyer to send a letter notifying the Sellers to complete the contract terms. As of March 31, 2026, the trial has not yet been held. Since the Company assessed that there had been objective evidence of loss, an impairment loss of $113,536 was recognised for the year ended December 31, 2025. Details are provided in Note 6(8) P.

(2) Commitments

A. Please refer to Note 7(2) G (b) for the details of commitments between the Company and related parties.

B. Capital expenditure contracted for at the balance sheet date but not yet incurred is as follows:

	December 31, 2025	December 31, 2024
Equipment purchase contract
Contract price	$ 4,799,020	$ 9,198,967
Outstanding amount	$ 2,354,088	$ 6,205,037
	December 31, 2025	December 31, 2024
Construction contract
Contract price	$ 63,577,884	$ 54,628,711
Outstanding amount	$ 15,209,465	$ 21,003,785

C. As of December 31, 2025 and 2024, as required for the contract of the Phase II of Taipower’s Offshore Wind Power Project, the “Wind Farm Property Procurement and Installation Project”, the amounts of bank deposits and time deposits pledged by the Group to the banks (shown “as financial assets at amortised cost”) were $1,644,520 and $5,414,904, respectively.

D. As of December 31, 2025 and 2024, the endorsement/guarantee amounts of credit line guaranteed by using the letters of guarantee issued by the subcontractor were $600,012 and $3,832,012, respectively.

E. Except as described in Notes 9(2) C and D, the Group provided performance guarantee on the subcontracted construction and the credit line on the guaranteed amount to the Group’s second-tier subsidiary, Foxwell Energy Corporation Ltd., amounting to $24,035,547 and $30,095,801 as of December 31, 2025 and 2024, respectively.

F. As of December 31, 2025 and 2024, apart from the significant construction contracts in Note 6(24), the letters of guarantee to be issued by the bank, which are required for contracted construction, agreements of purchasing renewable energy, group guarantees and operations of land lease for commercial port facilities amounted to $533,333 and $453,584, respectively.

G. The Group entered into an operation and maintenance contract with Changyuan, Beiyuan and Shinfox Power for wind turbine generator system and solar energy equipment. The contract specifies the terms such as the bonus and penalty of operation and maintenance which are calculated based on ceiling and floor guaranteed generating capacity as well as the relevant rights and obligations of both parties. The contract period is for 20 years from the parallel connection date.

H. The Group’s second-tier subsidiary, Foxwell Power Co., Ltd., entered into a renewable energy purchase contract with the electricity enterprise. The yearly minimum purchase quantity and price were agreed in the contract. If the Group did not purchase the agreed quantity of electricity according to the contract, the Group had default obligations. As of December 31, 2025, the Group has no default arising from this contract.

I. The Group’s second-tier subsidiary, Foxwell Power Co., Ltd., entered into renewable energy sales contracts with power customers. The performance period of power sales and the committed yearly minimum power sales were agreed in the contract. If the Group did not provide the agreed quantity of electricity according to the contract, the Group had default obligations. As of December 31, 2025, the Group has no default arising from this contract.

SIGNIFICANT DISASTER LOSS

None.

SIGNIFICANT SUBSEQUENT EVENTS

A. Details of the appropriation of 2025 earnings as resolved by the Board of Directors on March 31, 2026 are provided in Note 6(23).

B. On March 16, 2026, the Board of Directors resolved to increase capital in Foxlink Texas Inc. by US$35 million. This investment is intended to fund the construction of plants and equipment as well

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as to fulfill working capital.

C. To fulfil working capital and introduce strategic investors, the Board of Directors of Foxwell Power, a second-tier subsidiary of the Group, resolved on March 3, 2026, to conduct a cash capital increase through private placement of common stock. The issuance, not exceeding 15,000 thousand shares, will be carried out in one or multiple tranches depending on capital market conditions. The Board of Directors is authorized to execute the private placement within one year from the date of the shareholders’ meeting resolution.

D. The Board of Directors of the Group’s second-tier subsidiary, Synergy, during its meeting on January 21, 2026 resolved to acquire 100% and 35% equity interests in Fox Nam Energy Co., Ltd. and Dakpsi Investment and Develop Hydroelectric Stock Company, which was originally held by the Group’s second-tier subsidiary, Shinfox Energy, with an estimated investment amount of $113,400 and $642,600, respectively.

E. To increase the working capital, on March 10, 2026, the sole director resolved to increase the capital of the Group’s second-tier subsidiary, Foxwell Energy, by issuing 70,000 new thousands shares with a par value of NT$10 (in dollars) per share. The effective date of the capital increase was set on March 14, 2026. The Group’s second-tier subsidiary, Shinfox Energy, participated in the capital increase on March 13, 2026.

F. The Board of Directors of the Group’s second-tier subsidiary, Foxwell Energy, during its meeting on March 30, 2026 resolved to adjust total budget costs of the project as Foxwell Energy assessed there would be a significant increase in the estimated total costs, considering the overall operation and performance risk control of the Phase II of the offshore construction. This adjustment aims to ensure smooth progress of the construction.

G. The Board of Directors of the Group’s second-tier subsidiary, Shinfox Energy, during its meeting on February 3, 2026 resolved to sell up to 10,000 thousands share of ordinary shares of the Group’s second-tier subsidiary, Foxwell Power, in order to revitalize capital and improve the efficiency of capital utilization.

H. To increase the working capital and introduce strategic investors, the Board of Directors of the Group’s second-tier subsidiary, Shinfox Energy, during its meeting on March 30, 2026 adopted a resolution to raise additional cash through private placement. Within the limit of 93,750 thousand shares and depending on the capital market conditions, the Board of Directors was authorised to increase the capital by issuing ordinary shares through private placement, in full or installments, starting from the day of shareholders’ meeting within one year.

I. On January 7, 2025, the Group’s subsidiary, SFE, entered into a vessel modification agreement with a third-party shipyard. Subsequently, due to factors such as changes in vessel design, both parties entered into a supplementary and settlement agreement on January 5, 2026. The total price of the supplementary agreement amounted to US$12,401 thousand. According to the agreement, SFE shall pay the remaining amount before the end of January 2026. As of March 31, 2026, SFE received a letter from the lawyer appointed by the counterparty, claiming that SFE still has unpaid payables of

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approximately US$15,221 thousand according to the agreement. It also requested default interest that is calculated at 6% per annum starting from February 1, 2026 according to the agreement, and stated that if SFE failed to fulfill its payment obligations within the specified period, legal proceedings, such as arbitration, will be taken to pursue the relevant responsibilities. As both parties are still in the negotiation stage, the final result remains uncertain, and the relevant effects cannot presently be determined.

J. The relevant creditor filed a motion with the Taiwan Taichung District Court for an enforcement of provisional attachment on the work support vessels held by the Group’s subsidiary, SFE, due to certain unpaid vessel-related amounts under paragraph 1, Article 114 of the Compulsory Enforcement Act. As of March 30, 2025, SFE is still negotiating with the relevant creditor regarding the settlement of the amounts and the lifting of the vessel attachment. The final result of the negotiations remains uncertain. However, the Group has assessed the nature and amount of its obligations concerning the relevant debts based on existing information, and recognised the relevant accounts payable and expenses at the most probable amounts.

12. OTHERS

(1) Capital management

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of the actual financial condition.

(2) Financial instruments

A. Financial instruments by category

	December 31, 2025	December 31, 2024
Financial assets
Financial assets at fair value through profit or loss
Financial assets mandatorily measured at fair value through profit or loss	$ 739	$ 4,074
Financial assets at fair value through other comprehensive income
Designation of equity instrument	$ 1,456,815	$ 1,375,321
Financial assets at amortised cost/loans and receivables
Cash and cash equivalents	$ 19,799,074	$ 17,806,585
Financial assets at amortised cost	8,371,402	9,204,629
Notes receivable	52,378	33,510
Accounts receivable	12,896,809	17,071,351
Other receivables	1,530,769	1,485,852
Guarantee deposits paid	1,026,604	1,776,264
	$ 43,677,036	$ 47,378,191

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	December 31, 2025	December 31, 2024
Financial liabilities
Financial liabilities at amortised cost
Short-term borrowings	$ 15,069,297	$ 6,944,505
Short-term notes and bills payable	4,992,426	4,516,472
Notes payable	138	8,102
Accounts payable	13,742,218	16,033,560
Other accounts payable	6,603,062	7,042,795
Corporate bonds payables (including current portion)	2,028,284	5,569,564
Long-term borrowings (including current portion)	48,110,088	42,759,603
Guarantee deposits received	83,035	49,996
	$ 90,628,548	$ 82,924,597
Lease liability	$ 1,987,503	$ 3,651,770

B. Risk management policies

(a) The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial position and financial performance.

(b) Risk management is carried out by a central treasury department (Group treasury) under policies approved by the Board of Directors. Group treasury identifies, evaluates and hedges financial risks in close co-operation with the Group’s operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas and matters, such as foreign exchange risk, interest rate risk, and credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

C. Significant financial risks and degrees of financial risks

(a) Market risk

Foreign exchange risk

i. The Group operates internationally and is exposed to exchange rate risk arising from the transactions of the Company and its subsidiaries used in various functional currency, primarily with respect to the USD and RMB. Exchange rate risk arises from future commercial transactions and recognised assets and liabilities.

ii. Management has set up a policy to require group companies to manage their foreign exchange risk against their functional currency. The companies are required to hedge their entire foreign exchange risk exposure with the Group treasury. Exchange rate risk is measured through a forecast of highly probable USD and RMB expenditures. Forward foreign exchange contracts are adopted to minimise the volatility of the exchange rate affecting cost of forecast inventory purchases.

iii. The Group hedges foreign exchange rate by using forward exchange contracts. However, the Group does not adopt hedging accounting. Details of financial assets or liabilities at fair value through profit or loss are provided in Note 6(2).

iv. The Group’s businesses involve some non-functional currency operations (the Company’s and certain subsidiaries’ functional currency: NTD; other certain subsidiaries’ functional currency: RMB and HKD). The information on assets and liabilities denominated in foreign currencies whose values would be materially affected by the exchange rate fluctuations is as follows:

	December 31, 2025
	Foreign currency amount (In thousands)	Exchange rate	Book value (NTD)
(Foreign currency: functional currency)
Financial assets
Monetary items
USD:NTD	$ 458,258	31.43	$ 14,403,049
RMB:NTD	400,119	4.47	1,789,172
HKD:NTD	54,124	4.04	218,553
EUR:NTD	1,555	36.90	57,380
JPY:NTD	34,818	0.20	6,991
USD:RMB	8,955	7.03	281,456
HKD:RMB	3,081	0.90	12,441
USD:HKD	13,906	7.78	437,066
SGD:USD	54	0.78	1,288
USD:VND	1,413	26,192.00	44,425
Non-monetary items
USD:NTD	8,410	31.43	264,329
RMB:USD	48,525	0.14	216,984
RMB:HKD	726,824	1.11	3,261,222
INR:USD	106,564	0.01	37,244
HKD:NTD	28,117	4.04	113,536
VND:NTD	562,871,667	0.0012	675,446
Financial liabilities
Monetary items
USD:NTD	$ 204,315	31.43	$ 6,422,155
RMB:NTD	15,091	4.47	67,482
HKD:NTD	1,670	4.04	6,743
EUR:NTD	467	36.90	17,232
JPY:NTD	33,023	0.20	6,631
USD:RMB	8,417	7.03	264,546
USD:HKD	2,005	7.78	63,017
SGD:USD	592	0.78	14,124
EUR:USD	5,700	1.17	210,337

	December 31, 2024
	Foreign currency amount (In thousands)	Exchange rate	Book value (NTD)
(Foreign currency: functional currency)
Financial assets
Monetary items
USD:NTD	$ 443,445	32.79	$ 14,538,344
RMB:NTD	70,791	4.48	317,002
HKD:NTD	48,765	4.22	205,886
EUR:NTD	478	34.14	16,319
JPY:NTD	65,395	0.21	13,726
USD:RMB	23,311	7.19	764,257
HKD:RMB	3,074	0.93	12,978
USD:HKD	84	7.77	2,754
RMB:HKD	76,926	1.08	344,475
Non-monetary items
USD:NTD	-	32.79	-
RMB:USD	51,695	0.14	231,491
RMB:HKD	565,370	1.08	2,531,726
INR:USD	105,074	0.01	40,233
HKD:NTD	53,783	4.22	227,072
VND:NTD	509,933,846	0.0013	662,914
Financial liabilities
Monetary items
USD:NTD	$ 266,649	32.79	$ 8,742,087
RMB:NTD	7,048	4.48	31,561
HKD:NTD	1,674	4.22	7,068
EUR:NTD	313	34.14	10,686
JPY:NTD	51,415	0.21	10,792
USD:RMB	12,608	7.19	413,353
USD:HKD	890	7.77	29,179
RMB:HKD	3	1.08	13

v. The total exchange (loss) gain, including realised and unrealised, arising from significant foreign exchange variation on the monetary items held by the Group for the years ended December 31, 2025 and 2024 amounted to ($43,354) and $582,668, respectively.

vi. Analysis of foreign currency market risk arising from significant foreign exchange variation:

	Year ended December 31, 2025
	Sensitivity Analysis
	Degree of variation	Effect on profit or loss	Effect on other comprehensive income
(Foreign currency: functional currency)
Financial assets
Monetary items
USD : NTD	1%	$ 144,030	$ -
RMB : NTD	1%	17,892	-
HKD : NTD	1%	2,186	-
EUR : NTD	1%	574	-
JPY : NTD	1%	70	-
USD : RMB	1%	2,815	-
HKD : RMB	1%	124	-
USD : HKD	1%	4,371	-
SGD : USD	1%	13	-
USD : VND	1%	444	-
Financial liabilities
Monetary items
USD : NTD	1%	$ 64,216	$ -
RMB : NTD	1%	675	-
HKD : NTD	1%	67	-
EUR : NTD	1%	172	-
JPY : NTD	1%	66	-
USD : RMB	1%	2,645	-
USD : HKD	1%	630	-
SGD : USD	1%	141	-
EUR : USD	1%	2,103	-

	Year ended December 31, 2024
	Sensitivity Analysis
	Degree of variation	Effect on profit or loss	Effect on other comprehensive income
(Foreign currency: functional currency)
Financial assets
Monetary items
USD : NTD	1%	$ 145,383	$ -
RMB : NTD	1%	3,170	-
HKD : NTD	1%	2,059	-
EUR : NTD	1%	132	-
JPY : NTD	1%	137	-
USD : RMB	1%	7,643	-
HKD : RMB	1%	130	-
USD : HKD	1%	28	-
RMB : HKD	1%	3,445	-
Financial liabilities	1%
Monetary items
USD : NTD	1%	$ 87,421	$ -
RMB : NTD	1%	316	-
HKD : NTD	1%	71	-
EUR : NTD	1%	107	-
JPY : NTD	1%	108	-
USD : RMB	1%	4,134	-
USD : HKD	1%	292	-

Price risk

i. The Group’s equity securities, which are exposed to price risk, are the held financial assets at fair value through other comprehensive income. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group.

ii. The Group’s investments in equity securities comprise domestic or foreign listed and unlisted stocks. The prices of equity securities would change due to the change of the future value of investee companies. If the prices of these equity securities had increased/decreased by 1% with all other variables held constant. Other components of equity for the years ended December 31, 2025 and 2024 would have increased by $11,655 and $11,003, respectively, as a result of gains/losses on equity securities other comprehensive income classified as equity investment at fair value through other comprehensive income.

Cash flow and fair value interest rate risk

i. The Group’s main interest rate risk arises from short-term and long-term borrowings with variable rates, which expose the Group to cash flow interest rate risk. The Group’s interest rates of borrowings are fixed and floating rate. For the years ended December 31, 2025 and 2024, the Group’s borrowings issued by floating rate are priced in New Taiwan dollars and US dollar.

ii. As of December 31, 2025 and 2024, if interest rates on borrowings at that date had been 1% higher with all other variables held constant, post-tax profit for the years ended December 31, 2025 and 2024 would have been $545,374 and $433,765 lower/higher, respectively, mainly as a result of higher interest expense on floating rate borrowings.

(b) Credit risk

i. Credit risk refers to the risk of financial loss to the Group arising from default by the clients or counterparties of financial instruments on the contract obligations. The main factor is that counterparties could not repay in full the accounts receivable based on the agreed terms.

ii. According to the Group’s credit policy, each local entity in the Group is responsible for managing and analysing the credit risk for each of their new clients before standard payment and delivery terms and conditions are offered. Internal risk control assesses the credit quality of the customers, taking into account their financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the Board of Directors. The utilisation of credit limits is regularly monitored.

iii. Group treasury manages credit risk of cash in banks and other financial instruments based on the Group’s credit policy. Because the Group’s counterparties are determined based on the Group’s internal control, only rated banks with an optimal rating and financial institutions with investment grade are accepted.

iv. The Group adopts following assumptions under IFRS 9 to assess whether there has been a significant increase in credit risk on that instrument since initial recognition. If the contract payments were past due over 30 days based on the terms, there has been a significant increase in credit risk on that instrument since initial recognition.

The Group adopts the assumptions under IFRS 9 and considers the industry characteristics, the default occurs when the contract payments are past due over 120 days.

v. The following indicators are used to determine whether the credit impairment of debt instruments has occurred:

(i) It becomes probable that the issuer will enter bankruptcy or other financial reorganisation due to their financial difficulties;

(ii) Default or delinquency in interest or principal repayments;

(iii) Adverse changes in national or regional economic conditions that are expected to cause a default.

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vi. The Group classifies customers' accounts receivable and contract assets in accordance with customer types. The Group applies the simplified approach using provision matrix to estimate expected credit loss under the provision matrix basis.

vii. The Group used the forecast ability of Taiwan Institute of Economic Research boom observation report to adjust historical and timely information to assess the default possibility of accounts receivable. As of December 31, 2025 and 2024, the provision matrix is as follows:

(a) General clients

	Not past due	Up to 30 days past due	31~120 days past due	Over 120 days	Total
December 31, 2025
Expected loss rate	0.02%~20.46%	0.02%~42.81%	0.02%~100%	100%
Total book value	$ 12,190,919	$ 569,334	$ 31,996	$ 19,892	$ 12,812,141
Loss allowance	$ 21,451	$ 19,730	$ 2,385	$ 19,892	$ 63,458
	Not past due	Up to 30 days past due	31~120 days past due	Over 120 days	Total
December 31, 2024
Expected loss rate	0.03%~0.98%	0.03%~21.84%	0.03%~66.59%	100%
Total book value	$ 16,002,831	$ 539,281	$ 181,934	$ 12,367	$ 16,736,413
Loss allowance	$ 21,338	$ 23,162	$ 17,167	$ 12,367	$ 74,034

(b) Other receivables - individual provision (with individual objective evidence showing that other receivables were impaired)

	December 31, 2025	December 31, 2024
Expected loss rate	100%	100%
Total book value	$ 436,965	$ 360,306
Loss allowance	436,965	360,306

viii. Movements in relation to the Group applying the modified approach to provide loss allowance for accounts receivable and other receivables (including related parties) are as follows:

	2025			2024
	Accounts receivable	Accounts receivable related party	Others receivable	Accounts receivable	Others receivable
	Collectively assessed impairment loss	Individually assessed impairment loss	Individually assessed impairment loss	Collectively assessed impairment loss	Individually assessed impairment loss
At January 1	$ 74,034	$ -	$ 360,306	$ 69,843	$ 141,000
Provision for impairment loss	-	-	-	3,005	219,306
Reversal of impairment loss	( 5,303)	74,146	-	-	-
Write-offs	( 4,622)	-	-	-	-
Effect of foreign exchange	( 651)	1,809	704	1,186	-
At December 31	$ 63,458	$ 75,955	$ 361,010	$ 74,034	$ 360,306

ix. The Group's financial assets at amortised cost are pledged time deposits and restricted bank deposits with low credit risk. Thus, the Group measured the loss allowance for the period in accordance with 12 months expected credit losses and the Group did not recognise significant loss allowance.

i. Cash flow forecasting is performed in the operating entities of the Group and aggregated by Group treasury. Group treasury monitors rolling forecasts of the Group's liquidity requirements to ensure it has sufficient cash to meet operational needs.

ii. The table below analyses the Group's non-derivative financial liabilities and net-settled or gross-settled derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date for non-derivative financial liabilities and to the expected maturity date for derivative financial liabilities. Except that the carrying amounts of notes payable, accounts payable and other payables are approximate to the amounts of contractual undiscounted cash flows and those accounts will expire within a year, the amounts of financial liabilities disclosed in the table are the contractual undiscounted cash flows:

Non-derivative financial liabilities:

December 31, 2025	Less than 1 year	Between 1 and 2 years	Between 2 and 3 years	Between 3 and 5 years	Over 5 years
Short-term borrowings	$ 15,167,691	$ -	$ -	$ -	$ -
Short-term notes and bills payable	5,002,400	-	-	-	-
Lease liabilities	386,494	531,258	166,891	346,942	740,791
Long-term borrowings (including current portion)	18,500,431	18,390,515	2,248,199	10,846,137	346,605
Corporate bonds payable (including current portion)	2,031,800	-	-	-	-

Non-derivative financial liabilities:

December 31, 2024	Less than 1 year	Between 1 and 2 years	Between 2 and 3 years	Between 3 and 5 years	Over 5 years
Short-term borrowings	$ 7,130,945	$ -	$ -	$ -	$ -
Short-term notes and bills payable	4,523,200	-	-	-	-
Lease liabilities	554,088	454,033	350,891	667,822	2,263,537
Long-term borrowings (including current portion)	2,042,318	31,641,603	3,247,135	7,859,604	33,597
Corporate bonds payable (including current portion)	3,617,656	2,031,800	-	-	-

iii. The Group does not expect the timing of occurrence of the cash flows estimated through the maturity date analysis will be significantly earlier, nor expect the actual cash flow amount will be significantly different.

(3) Fair value information

A. The different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have been defined as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A market is regarded as active where a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The fair value of the Group's investment in listed stocks is included in Level 1.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The fair value of the Group's convertible bonds is included in Level 2.

Level 3: Unobservable inputs for the asset or liability. The fair value of the Group's investment in non-hedging derivatives is included in Level 3.

B. Fair value information of investment property at cost is provided in Note 6(11).

C. Financial instruments not measured at fair value

Except for those listed in the table below, the carrying amounts of cash and cash equivalents, notes receivable, accounts receivable, other receivables, short-term borrowings, short-term notes and bills payable, notes payable, accounts payable, other payables and long-term borrowings are approximate to their fair values.

	December 31, 2025
	Book value	Fair value
		Level 1	Level 2	Level 3
Financial liabilities:
Bonds payable	$ 2,028,284	$ -	$ 2,003,761	$ -
	December 31, 2024
	Book value	Fair value
		Level 1	Level 2	Level 3
Financial liabilities:
Bonds payable	$ 5,569,564	$ -	$ 5,559,415	$ -

D. The related information of financial and non-financial instruments measured at fair value by level on the basis of the nature, characteristics and risks of the assets and liabilities is as follows:

December 31, 2025	Level 1	Level 2	Level 3	Total
Assets
Recurring fair value measurements
Financial assets at fair value through profit or loss
Equity securities	$ 739	$ -	$ -	$ 739
Financial assets at fair value through other comprehensive income
Equity securities	353,823	-	1,102,992	1,456,815
	$ 354,562	$ -	$ 1,102,992	$ 1,457,554
December 31, 2024	Level 1	Level 2	Level 3	Total
Assets
Recurring fair value measurements
Financial assets at fair value through profit or loss
Equity securities	$ 1,433	$ -	$ -	$ 1,433
Financial assets at fair value through other comprehensive income
Equity securities	370,123	-	1,005,198	1,375,321
Embedded derivatives
Put options of convertible bonds	-	2,641	-	2,641
	$ 371,556	$ 2,641	$ 1,005,198	$ 1,379,395

E. The methods and assumptions the Group used to measure fair value are as follows:

(a) The instruments the Group used market quoted prices as their fair values (that is, Level 1) are listed below by characteristics:

	Listed shares
Market quoted price	Closing price

(b) Except for financial instruments with active markets, the fair value of other financial instruments is measured by using valuation techniques or by reference to counterparty quotes.

(c) When assessing non-standard and low-complexity financial instruments, for example, debt instruments without active market, interest rate swap contracts, foreign exchange swap contracts and options, the Group adopts valuation technique that is widely used by market participants. The inputs used in the valuation method to measure these financial instruments are normally observable in the market.

(d) The valuation of derivative financial instruments is based on valuation model widely accepted by market participants, such as present value techniques and option pricing models. Forward exchange contracts are usually valued based on the current forward exchange rate.

(e) The output of valuation model is an estimated value and the valuation technique may not be able to capture all relevant factors of the Group's financial and non-financial instruments. Therefore, the estimated value derived using valuation model is adjusted accordingly with additional inputs. In accordance with the Group's management policies and relevant control procedures relating to the valuation models used for fair value measurement, management believes adjustment to valuation is necessary in order to reasonably represent the fair value of financial and non-financial instruments at the consolidated balance sheet. The inputs and pricing information used during valuation are carefully assessed and adjusted based on current market conditions.

(f) The Group takes into account adjustments for credit risks to measure the fair value of financial and non-financial instruments to reflect credit risk of the counterparty and the Group's credit quality.

F. For the years ended December 31, 2025 and 2024, there was no transfer between Level 1 and Level 2.

G. The following chart is the movement of Level 3 for the years ended December 31, 2025 and 2024:

| | 2025
Equity securities | 2024
Equity securities |
| --- | --- | --- |
| At January 1 | $ 1,005,198 | $ 1,023,772 |
| Recorded as unrealised losses on valuation of investments in equity instruments measured at fair value through other comprehensive income | - | ( 2,892) |
| Acquired in the year | 102,733 | 45,780 |
| Decreased in the year | - | ( 1,706) |
| Sold in the year | - | ( 89,560) |
| Effect of exchange rate changes | ( 4,939) | 29,804 |
| At December 31 | $ 1,102,992 | $ 1,005,198 |

H. For the years ended December 31, 2025 and 2024, there was no transfer into or out from Level 3.

I. Group treasury is in charge of valuation procedures for fair value measurements being categorised within Level 3, which is to verify independent fair value of financial instruments. Such assessment is to ensure the valuation results are reasonable by applying independent information to make results close to current market conditions, confirming the resource of information is independent, reliable and in line with other resources and represented as the exercisable price, and frequently calibrating valuation model, performing back-testing, updating inputs used to the valuation model and making any other necessary adjustments to the fair value.

J. The following is the qualitative information of significant unobservable inputs and sensitivity analysis of changes in significant unobservable inputs to valuation model used in Level 3 fair value measurement:

	Fair value at December 31, 2025	Valuation technique	Significant unobservable input	Range (weighted average)	Relationship of inputs to fair value
Non-derivative equity instrument:
Unlisted shares	$ 135,671	Market comparable companies	Discount for lack of marketability	20%~50%	The higher the discount for lack of marketability, the lower the fair value
	967,321	Net asset method	N/A	-	N/A
	Fair value at December 31, 2024	Valuation technique	Significant unobservable input	Range (weighted average)	Relationship of inputs to fair value
Non-derivative equity instrument:
Unlisted shares	$ 57,952	Market comparable companies	Discount for lack of marketability	18.7%~50%	The higher the discount for lack of marketability, the lower the fair value
	947,246	Net asset method	N/A	-	N/A

K. The Group has carefully assessed the valuation models and assumptions used to measure fair value. However, use of different valuation models or assumptions may result in different measurement. The following is the effect of profit or loss or of other comprehensive income from financial assets and liabilities categorised within Level 3 if the inputs used to valuation models have changed:

			December 31, 2025
			Recognised in profit or loss		Recognised in other comprehensive income
	Input	Change	Favourable change	Unfavourable change	Favourable change	Unfavourable change
Financial assets
Equity instruments	Discount for lack of marketability	±5%	$ -	$ -	$ 6,784	($ 6,784)

			December 31, 2024
			Recognised in profit or loss		Recognised in other comprehensive income
	Input	Change	Favourable change	Unfavourable change	Favourable change	Unfavourable change
Financial assets
Equity instruments	Discount for lack of marketability	±5%	$ -	$ -	$ 2,898	($ 2,898)

13. SUPPLEMENTARY DISCLOSURES

(1) Significant transactions information

For the investees' information, refer to investees' independent auditor's report.

A. Loans to others: Please refer to table 1.
B. Provision of endorsements and guarantees to others: Please refer to table 2.
C. Holding of significant marketable securities at the end of the period (not including subsidiaries, associates and joint ventures): Please refer to table 3.
D. Purchases or sales of goods from or to related parties reaching $100 million or 20% of paid-in capital or more: Please refer to table 4.
E. Receivables from related parties reaching $100 million or 20% of paid-in capital or more: Please refer to table 5.
F. Significant inter-company transactions during the reporting periods: Please refer to table 6.

(2) Information on investees

A. For the information on investees, except for current profit (loss) for the year ended December 31, 2025 that is translated using the monthly average exchange rate in 2025, others are translated using the spot rate at December 31, 2025.
B. Names, locations and other information of investee companies (not including investees in Mainland China): Please refer to table 7.

(3) Information on investments in Mainland China

A. Processing on order plant invested in Mainland China:

In 1997, the Company rented plants located in Shenzhen and Dongguan, Guangdong Province, Mainland China, respectively, through the investee, CU International Ltd. and operated the plants through processing on order. The plants were primarily engaged in the manufacture of electronic telecommunication components and electric wire, under Cu International Ltd. without their own corporate entity for the operating period ended December 2017. As of March 31, 2026, the plants are still under the cancellation process.

B. Investee in Mainland China, main business activities, paid-in capital, investment method, amount remitted from Taiwan to Mainland China / amount remitted back to Taiwan, ownership, investment income (loss), investments in Mainland China as of December 31, 2025, book value, investment income remitted back and ceiling on investments in Mainland China: Please refer to table 8.

C. Significant transactions, either directly or indirectly through a third area, with investee companies in the Mainland China, and price, payment terms, unreleased income/loss and other related information relating to investments in Mainland China:

(a) The amount and percentage of purchases and the balance and percentage of the related payables at the end of the period:

Company name	General ledger account	Year ended December 31, 2025
		Amount	Percentage of total amount
Dongguan Fuqiang Electronics Co., Ltd.	Purchases of goods	$ 19,449,155	41%
Fugang Electric (Dongguan) Co., Ltd.	Purchases of goods	$ 5,696,968	12%
Fugang Electronic (Xuzhou) Co., Ltd.	Purchases of goods	$ 5,058,672	11%
Fugang Electric (Kunshan) Co., Ltd.	Purchases of goods	$ 2,613,006	6%
Fushineng Electronics (Kunshan) Co., Ltd.	Purchases of goods	$ 1,823,253	4%
Foxlink Automotive Technology (Kunshan) Co., Ltd.	Purchases of goods	$ 217,044	0%
		December 31, 2025
Company name	General ledger account	Amount	Percentage of total amount
Fugang Electronic Co., (Xuzhou) Ltd.	Accounts payable	$ 3,661,696	22%
Fugang Electric (Dongguan) Co., Ltd.	Accounts payable	$ 3,236,364	20%
Dongguan Fuqiang Electronics Co., Ltd.	Accounts payable	$ 886,981	5%
Fushineng Electronics (Kunshan) Co., Ltd.	Accounts payable	$ 799,588	5%
Fugang Electric (Kunshan) Co., Ltd.	Accounts payable	$ 216,822	1%

(b) Balance and purpose of provision of endorsements/guarantees or collateral at the end of the year: Please refer to table 2.

(c) Maximum balance, ending balance, interest rate range and interest for financing during the year ended December 31, 2025: Please refer to table 1.

(d) Other transactions that have a significant impact on the profit/loss of current period or on the financial condition, such as the rendering or receiving of service:

Company name	General ledger account	Year ended December 31, 2025
		Amount	Percentage of total amount
Dongguan Fuqiang Electronics Co., Ltd.	Raw materials purchased on behalf of others	$ 7,865,395	34%
Fugang Electric (Xuzhou) Co., Ltd.	Raw materials purchased on behalf of others	$ 2,621,938	11%
Fugang Electronic (Dongguan) Co., Ltd.	Raw materials purchased on behalf of others	$ 2,359,636	10%
Fugang Electric (Kunshan) Co., Ltd.	Raw materials purchased on behalf of others	$ 753,496	3%
Fushineng Electronics (Kunshan) Co., Ltd.	Raw materials purchased on behalf of others	$ 737,689	3%
Foxlink Automotive Technology (Kunshan) Co., Ltd.	Raw materials purchased on behalf of others	$ 150,615	1%
		Year ended December 31, 2025
Company name	General ledger account	Amount	Percentage of total amount
Fushineng Electronics (Kunshan) Co., Ltd.	Fixture and equipment purchased on behalf of others	$ 19,519	21%
Fugang Electric (Xuzhou) Co., Ltd.	Fixture and equipment purchased on behalf of others	$ 10,177	11%
Dongguan Fuqiang Electronics Co., Ltd.	Fixture and equipment purchased on behalf of others	$ 5,674	6%
Fugang Electronic (Dongguan) Co., Ltd.	Fixture and equipment purchased on behalf of others	$ 495	1%
Fugang Electric (Kunshan) Co., Ltd.	Fixture and equipment purchased on behalf of others	$ 32	0%
		December 31, 2025
Company name	General ledger account	Amount	Percentage of total amount
Dongguan Fuqiang Electronics Co., Ltd.	Other receivables	$ 2,131,112	22%
Fugang Electric (Xuzhou) Co., Ltd.	Other receivables	$ 408,033	4%
Fushineng Electronics (Kunshan) Co., Ltd.	Other receivables	$ 241,146	3%
Fugang Electric (Maanshan) Co., Ltd.	Other receivables	$ 153,677	2%
Fu Gang Electronic (Nan Chang) Co., Ltd.	Other receivables	$ 26,937	0%

~140~

14. SEGMENT INFORMATION

(1) General information

The Group has classified the reportable operating segments based on product types. The Company’s operations and segmentation are both developed according to the product types. The current main product types are: 3C component, systems and peripheral products, 3C product retail, energy service management and others.

(2) Measurement of segment information

The Board of Directors of the Group uses operating profit to measure the operating segments and as evaluation basis of the segments’ performance.

(3) Segment information

The financial information of reportable segments provided to Chief Operating Decision-Maker is as follows:

Year ended December 31, 2025

	Systems and peripheral products department	3C component department	3C product retail department	Energy service management	Adjustments	Total
External Revenue	$ 33,555,483	$ 22,681,684	$ 12,734,296	$ 26,044,756	$ -	$ 95,016,219
Revenue from Internal Customers	1,084,931	755,527	9	6,427	( 1,846,894)	-
Segment Revenue	$ 34,640,414	$ 23,437,211	$ 12,734,305	$ 26,051,183	($ 1,846,894)	$ 95,016,219
Segment Profit (Loss)	$ 2,515,360	($ 725,710)	$ 187,181	($ 18,321,609)	($ 51,543)	($ 16,396,321)

Year ended December 31, 2024

	Systems and peripheral products department	3C component department	3C product retail department	Energy service management	Adjustments	Total
External Revenue	$ 39,674,195	$ 27,878,363	$ 11,555,871	$ 19,289,032	$ -	$ 98,397,461
Revenue from Internal Customers	1,546,909	2,832,157	-	8	( 4,379,074)	-
Segment Revenue	$ 41,221,104	$ 30,710,520	$ 11,555,871	$ 19,289,040	($ 4,379,074)	$ 98,397,461
Segment Profit (Loss)	$ 2,064,437	$ 321,594	($ 3,069)	$ 1,180,622	($ 78,201)	$ 3,485,383

(4) Reconciliation for segment profit (loss)

The external revenue and segment profit (loss) reported to the chief operating decision-maker are measured in manner consistent with revenue and profit (loss) before tax in the financial statements. Therefore, no reconciliation was needed.

(5) Geographical information

Geographical information for the years ended December 31, 2025 and 2024 is as follows:

Years ended December 31,

	2025		2024
	Revenue	Non-current assets	Revenue	Non-current assets
Taiwan	$ 33,702,627	$ 43,398,814	$ 26,063,390	$ 20,446,504
China	15,928,041	13,690,588	20,133,898	15,871,278
America	22,684,508	779,163	30,448,549	549,153
Vietnam	3,351,527	2,158,672	4,176,629	1,340,180
India	2,645,226	412,422	2,921,830	531,535
Hong Kong	4,745,809	337,862	3,515,086	345,399
Others	11,958,481	357,300	11,138,079	480,667
	$ 95,016,219	$ 61,134,821	$ 98,397,461	$ 39,564,716

(6) Major customer information

Major customer information of the Group for the years ended December 31, 2025 and 2024 is as follows:

Years ended December 31,

	2025		2024
	Revenue	Segment	Revenue	Segment
E	$ 22,400,351	Energy service management department	$ 16,528,678	Energy service management department
D	16,906,593	3C component department	20,461,823	3C component department
A	6,735,631	Systems and peripheral products department	9,561,190	Systems and peripheral products department
	$ 46,042,575		$ 46,551,691

Cheng Uei Precision Industry Co., Ltd. and subsidiaries

Loans to others

Year ended December 31, 2025

Expressed in thousands of NTD

(Except as otherwise indicated)

Table 1

Number	Creditor	Borrower	General ledger account	Is a related party	Maximum outstanding balance during the year ended December 31, 2025	Balance at December 31, 2025	Actual amount drawn down	Interest rate	Nature of loan (Note 1)	Amount of transactions with the borrower	Reason for short-term financing	Allowance for doubtful accounts	Collateral		Limit on loans granted to a single party (Note 2)	Ceiling on total loans granted (Note 3)
													Item	Value
1	Fugang Electric (Kunshan) Co., Ltd.	Fujixang Electronics (Kunshan) CO., LTD.(Fu Shi Xiang Research &Development Center(Kunshan)Co., Ltd. (Fu Shi Xiang Kunshan))	Other receivables-related parties	Yes	$ 27,438	$ 26,830	$ 26,830	-	2	$ -	Operations	$ -	-	$ -	$ 2,403,440	$ 2,403,440
1	Fugang Electric (Kunshan) Co., Ltd.	Kunshan Fugang Electric Trading Co., Ltd.	Other receivables-related parties	Yes	184,767	22,358	-	3%	2	-	Operations	-	-	-	961,376	961,376
1	Fugang Electric (Kunshan) Co., Ltd.	Shanghai Standard Information Technology Co., Ltd.	Other receivables-related parties	Yes	16,006	-	-	4%	2	-	Operations	-	-	-	961,376	961,376
2	World Circuit Technology Co., Ltd.	Cheng Uei Precision Industry Co., Ltd.	Other receivables	Yes	100,000	-	-	-	2	-	Operations	-	-	-	100,532	100,532
2	World Circuit Technology Co., Ltd.	Suntain Co., Ltd.	Other receivables	Yes	60,000	60,000	60,000	-	2	-	Operations	-	-	-	100,532	100,532
3	Foxlink International Investment Ltd.	SYNCROBOTIC CO., LTD.	Other receivables	Yes	20,000	20,000	20,000	-	2	-	Operations	-	-	-	2,412,730	2,412,730
3	Foxlink International Investment Ltd.	Suntain Co., Ltd.	Other receivables	Yes	30,000	-	-	-	2	-	Operations	-	-	-	2,412,730	2,412,730
3	Foxlink International Investment Ltd.	Cheng Uei Precision Industry Co., Ltd.	Other receivables	Yes	200,000	135,000	135,000	-	2	-	Operations	-	-	-	2,412,730	2,412,730
4	Fu Uei International Investment Ltd.	Foxlink Arizona Inc.	Other receivables	Yes	131,140	-	-	2%	2	-	Operations	-	-	-	395,030	395,030
4	Fu Uei International Investment Ltd.	Xunqiang Communication Technology Co., Ltd.	Other receivables	Yes	38,000	38,000	38,000	-	2	-	Operations	38,000	-	-	395,030	395,030
4	Fu Uei International Investment Ltd.	Cheng Uei Precision Industry Co., Ltd.	Other receivables	Yes	140,000	50,000	50,000	-	2	-	Operations	-	-	-	395,030	395,030
5	Foxlink Technology Limited	Cu International Ltd.	Other receivables	Yes	570,920	540,401	540,401	-	2	-	Operations	-	-	-	851,231	851,231
5	Foxlink Technology Limited	Cheng Uei Precision Industry Co., Ltd.	Other receivables	Yes	251,440	251,440	251,440	-	2	-	Operations	-	-	-	851,231	851,231
6	Foxlink Tianjin Co., Ltd.	Fugang Electric (Kunshan) Co., Ltd.	Other receivables	Yes	179,120	-	-	3%	2	-	Operations	-	-	-	430,700	430,700

Table 1 Page 1

Number	Creditor	Borrower	General ledger account	Is a related party	Maximum outstanding balance during the year ended December 31, 2025	Balance at December 31, 2025	Actual amount drawn down	Interest rate	Nature of loan (Note 1)	Amount of transactions with the borrower	Reason for short-term financing	Allowance for doubtful accounts	Collateral		Limit on loans granted to a single party (Note 2)	Ceiling on total loans granted (Note 3)	Footnote
													Item	Value
7	Zhi De Investment Co., Ltd.	Cheng Uei Precision Industry Co., Ltd.	Other receivables	Yes	$ 200,000	$ 100,000	$ 100,000	-	2	$ -	Operations	$ -	-	$ -	$ 101,685	$ 101,685
8	Dongguan Fuqiang Electronics Co., Ltd.	Fugang Electric (Maanshan) Co., Ltd.	Other receivables	Yes	171,488	-	-	1%	2	-	Operations	-	-	-	11,087,032	11,087,032
9	Fugang Electronic (Dongguan) Co., Ltd.	Fugang Electric (Maanshan) Co., Ltd.	Other receivables	Yes	361,267	-	-	Note 4	2	-	Operations	-	-	-	8,023,094	8,023,094	Note 4
10	Fushineng Electronics (Kanshan) Co., Ltd.	Fuqiang Electric (Yancheng) Co., Ltd.	Other receivables	Yes	36,584	-	-	-	2	-	Operations	-	-	-	1,602,377	1,602,377
11	DU Precision Industry Co., Ltd.	Suntain Co., Ltd.	Other receivables	Yes	60,000	-	-	-	2	-	Operations	-	-	-	9,967	9,967
12	Studio A Inc.	Ashop Co., Ltd.	Other receivables	Yes	232,435	157,150	-	3%	2	-	Operations	-	-	-	306,147	306,147
13	Straight A Inc.	Studio A Inc.	Other receivables	Yes	68,000	-	-	-	2	-	Operations	-	-	-	85,942	85,942
14	Studio A Technology Limited	Ashop Co., Ltd.	Other receivables	Yes	166,025	157,150	100,576	2%	2	-	Operations	-	-	-	182,243	182,243
15	Foxlink Image Technology Co., Ltd.	Glorytek (Yancheng) Co., Ltd.	Other receivables	Yes	182,920	178,864	178,864	3%	2	-	Operations	-	-	-	1,189,338	1,189,338
16	Glorytek (Suzhou) Co., Ltd.	Glorytek (Yancheng) Co., Ltd.	Other receivables-related parties	Yes	228,650	223,580	159,189	3%	2	-	Operations	-	-	-	392,925	392,925
17	Power Quotient Technology (Yancheng) Co., Ltd.	Glory Optics (Yancheng) Co., Ltd.	Other receivables	Yes	352,121	344,313	344,313	3%	2	-	Group's capital management	-	-	-	751,628	751,628
17	Power Quotient Technology (Yancheng) Co., Ltd.	Glorytek (Yancheng) Co., Ltd.	Other receivables	Yes	228,650	223,580	223,580	3%	2	-	Group's capital management	-	-	-	751,628	751,628
18	Dong Guan HanYang Computer Co., Ltd.	Glorytek (Yancheng) Co., Ltd.	Other receivables	Yes	114,325	22,358	-	3.45%	2	-	Operations	-	-	-	404,242	404,242
18	Dong Guan HanYang Computer Co., Ltd.	Glory Optics (Yancheng) Co., Ltd.	Other receivables	Yes	112,650	-	-	3.45%	2	-	Operations	-	-	-	404,242	404,242

Table 1 Page 2

Number	Creditor	Borrower	General ledger account	Is a related party	Maximum outstanding balance during the year ended December 31, 2025	Balance at December 31, 2025	Actual amount drawn down	Interest rate	Nature of loan (Note 1)	Amount of transactions with the borrower	Reason for short-term financing	Allowance for doubtful accounts	Collateral		Limit on loans granted to a single party (Note 2)	Ceiling on total loans granted (Note 3)	Footnote
													Item	Value
19	Shinfox Energy Co., Ltd.	Shinfox Far East Company Pte Ltd.	Other receivables-related parties	Yes	$ 2,000,000	$ 2,000,000	$ 2,000,000	1.98%	2	$ -	Group's capital management	$ -	-	$ -	$ 561,058	$ 561,058	Note 5
19	Shinfox Energy Co., Ltd.	Shinfox Far East (Taiwan) Company Pty Ltd.	Other receivables-related parties	Yes	450,000	450,000	450,000	2.97%	2	-	Group's capital management	-	-	-	561,058	561,058	Note 5
20	Foxwell Energy Corporation Ltd.	Shinfox Far East Company Pte. Ltd	Other receivables-related parties	Yes	8,916,117	8,916,117	8,916,117	-	2	-	Group's capital management	-	-	-	3,065,965	3,065,965	Note 5
21	Shinfox Natural Gas Co., Ltd.	Shinfox Far East Company Pte. Ltd	Other receivables-related parties	Yes	48,119	48,119	48,119	2.97%	2	-	Group's capital management	-	-	-	636,625	636,625
22	Synergy Co., Ltd.	Xinwei Power Co., Ltd.	Other receivables-related parties	Yes	10,000	10,000	10,000	3.50%	2	-	Group's capital management	-	-	-	129,096	129,096

Note 1: The numbers as follows represent the nature of loan:
(1) Business transaction is labelled as "1".
(2) Short-term financing is labelled as "2".
Note 2: (1) Limit on loans granted to a single party is $20\%$ of the Company's net asset value.
(2) Limit on loans granted to the domestic unlisted subsidiaries of the Company and FIT Holding Co., Ltd. is $40\%$ of their net asset value.
(3) Limit on loans granted to direct or indirect holding foreign subsidiaries is $40\%$ of their net asset value.
(4) Limit on loans granted between foreign companies whose voting shares are $100\%$ held by the Company directly or indirectly, or on loans granted to the Company by such foreign companies is $100\%$ of their net asset value.
(5) Limit on loans granted by FIT Holding Co., Ltd. to its direct or indirect holding foreign subsidiaries is $30\%$ of FIT Holding Co., Ltd.'s net asset value on recent financial report.
Note 3: (1) Ceiling on total loans granted to the company is $40\%$ of the Company's net asset value.
(2) Ceiling on total loans granted to the domestic unlisted subsidiaries of the Company and FIT Holding is $40\%$ of their net asset value.
(3) Ceiling on total loans granted to the direct or indirect holding subsidiaries is $40\%$ of their net asset value.
(4) Ceiling on total loans granted between foreign companies whose voting shares are $100\%$ held by the Company directly or indirectly, or on loans granted to the Company by such foreign companies is $100\%$ of their net asset value.
(5) Ceiling on total loans granted by FIT Holding Co., Ltd. to its direct or indirect holding foreign subsidiaries is $40\%$ of their net asset value on recent financial report.
Note 4: The loan granted by Fugang Electronic (Dongguan) Co., Ltd. to Fugang Electric (Maanshan) Co., Ltd. is subject to the following interest rate structure: $265,234 bears interest at 1%, and $96,033 bears interest at 3%.
Note 5: The limit has been exceeded. Shinfox Energy Co., Ltd has established the improvement plan in accordance with the Procedures for Provision of Loans and intends to submit the plan to the Board of Directors.

Cheng Uei Precision Industry Co., Ltd. and subsidiaries

Provision of endorsements and guarantees to others

Year ended December 31, 2025

Table 2
Expressed in thousands of NTD
(Except as otherwise indicated)

Number	Endorser/guarantee	Party being endorsed/guaranteed		Limit on endorsements/guarantees provided for a single party (Note 1)	Maximum outstanding endorsement/guarantee amount as of December 31, 2025	Outstanding endorsement/guarantee amount at December 31, 2025	Actual amount drawn down	Amount of endorsements/guarantees secured with collateral	Ratio of accumulated endorsement/guarantee amount to net asset value of the endorser/guarantee company	Ceiling on total amount of endorsements/guarantees provided (Note 2)	Provision of endorsements/guarantees by parent company to subsidiary	Provision of endorsements/guarantees by subsidiary to parent company	Provision of endorsements/guarantees to the party in Mainland China	Footnote
		Company name	Relationship with the endorser/guarantee
0	Cheng Uei Precision Industry Co., Ltd.	Forslink International Incorporation	The Company's third-tier subsidiary	$ 33,015,180	$ 1,075,842	$ 221,299	$ -	$ -	1.01	$ 66,030,360	Y	N	N
0	Cheng Uei Precision Industry Co., Ltd.	Studio A Inc.	The Company's second-tier subsidiary	33,015,180	1,328,200	1,257,200	304,627	-	5.71	66,030,360	Y	N	N
0	Cheng Uei Precision Industry Co., Ltd.	Studio A Technology Limited	The Company's third-tier subsidiary	33,015,180	1,328,200	1,257,200	110,319	-	5.71	66,030,360	Y	N	N
0	Cheng Uei Precision Industry Co., Ltd.	Kunshan Fugang Electric Trading Co., Ltd.	The Company's third-tier subsidiary	33,015,180	896,535	848,610	123,206	-	3.86	66,030,360	Y	N	Y
0	Cheng Uei Precision Industry Co., Ltd.	Ashop Co., Ltd.	The Company's third-tier subsidiary	33,015,180	929,740	880,040	157,779	-	4.00	66,030,360	Y	N	N
0	Cheng Uei Precision Industry Co., Ltd.	Straight A Inc.	The Company's third-tier subsidiary	33,015,180	498,075	471,450	45,228	-	2.14	66,030,360	Y	N	N
0	Cheng Uei Precision Industry Co., Ltd.	LUMINYS SYSTEMS CORPORATION.	The Company's associates	33,015,180	33,205	-	-	-	-	66,030,360	N	N	N
1	Fugang Electric (Kunshan) Co., Ltd.	Kunshan Fugang Electric Trading Co., Ltd.	Fugang Electric (Kunshan) Co., Ltd.'s sibling company	33,015,180	89,432	89,432	-	-	0.41	66,030,360	N	N	Y
2	Studio A Inc.	Studio A Technology Limited	Studio A Inc.'s subsidiary	33,015,180	597,690	235,725	-	-	1.07	66,030,360	N	N	N
3	Forslink International Incorporation	Forslink Arizona Inc.	Forslink International Incorporation's sibling company	33,015,180	571,923	541,350	541,350	-	2.46	66,030,360	N	N	N
4	FIT Holding Co., Ltd.	Power Quotient International Co., Ltd.	FIT Holding Co., Ltd.'s subsidiary	19,891,434	2,960,000	2,760,000	2,260,000	-	12.54	19,891,434	N	N	N
4	FIT Holding Co., Ltd.	Glory Science Co., Ltd.	FIT Holding Co., Ltd.'s subsidiary	19,891,434	1,410,000	1,310,000	904,000	-	5.95	19,891,434	N	N	N
4	FIT Holding Co., Ltd.	Glorytek (Yancheng) Co., Ltd.	FIT Holding Co., Ltd.'s third-tier subsidiary	19,891,434	137,190	-	-	-	-	19,891,434	N	N	Y
5	Forslink Image Technology Co., Ltd.	Power Quotient International Co., Ltd.	Forslink Image Technology Co., Ltd.'s sibling company	17,840,082	740,000	200,000	25,000	-	0.91	17,840,082	N	N	N
5	Forslink Image Technology Co., Ltd.	Glory Science Co., Ltd.	Forslink Image Technology Co., Ltd.'s sibling company	17,840,082	440,000	-	-	-	-	17,840,082	N	N	N
6	Shinfox Energy Co., Ltd.	Foxwell Energy Corporation Ltd.	Shinfox Energy Co., Ltd.'s subsidiary	8,415,870	27,325,000	19,960,786	11,550,718	-	90.69	8,415,870	N	N	N	Note 3

Number	Endorser/ guarantor	Party being endorsed/guaranteed		Limit on endorsements/ guarantees provided for a single party (Note 1)	Maximum outstanding endorsement/ guarantee amount as of December 31, 2025	Outstanding endorsement/ guarantee amount at December 31, 2025	Actual amount drawn down	Amount of endorsements /guarantees secured with collateral	Ratio of accumulated endorsement/guarantee amount to net asset value of the endorser/guarantee company	Ceiling on total amount of endorsements /guarantees provided (Note 2)	Provision of endorsements /guarantees by parent company to subsidiary	Provision of endorsements /guarantees by subsidiary to parent company	Provision of endorsements /guarantees to the party in Mainland China
		Company name	Relationship with the endorser/guarantee
6	Shinfox Energy Co., Ltd.	Kunshan Jiawei Info Tech Co., Ltd.	Shinfox Energy Co., Ltd.'s subsidiary	$ 8,415,870	$ 68,595	$ 67,074	$ 50,207	$ -	0.30	$ 8,415,870	N	N	Y
6	Shinfox Energy Co., Ltd.	Youde Wind Power Co., Ltd.	Shinfox Energy Co., Ltd.'s subsidiary	7,854,812	700,000	700,000	560,000	-	3.18	8,415,870	N	N	N
6	Shinfox Energy Co., Ltd.	SFE DEVELOPER COMPANY CORPOORATION	Shinfox Energy Co., Ltd.'s second-tier subsidiary	7,854,812	4,980,750	4,714,500	4,714,500	-	21.42	8,415,870	N	N	N
6	Shinfox Energy Co., Ltd.	SHINFOX FAR EAST COMPANY PTE. LTD.	Shinfox Energy Co., Ltd.'s subsidiary	7,854,812	6,374,587	5,870,122	5,870,122	-	26.67	8,415,870	N	N	N
6	Shinfox Energy Co., Ltd.	Shinfox Far East (Taiwan) Co., Ltd.	Shinfox Energy Co., Ltd.'s second-tier subsidiary	7,854,812	1,830,000	1,420,000	920,000	-	6.45	8,415,870	N	N	N
6	Shinfox Energy Co., Ltd.	Changpin Wind Power Ltd.	Shinfox Energy Co., Ltd.'s joint venture	7,854,812	370,000	370,000	370,000	-	1.68	8,415,870	N	N	N
7	Smart Power System Ltd.	BL ANAKIE SOLAR LTD	Smart Power System Ltd.'s investee	321,071	40,541	40,541	40,541	-	0.18	642,142	N	N	N

Note 1: Calculation for limit on endorsements/guarantees provided for a single party is as follows:
(1) For subsidiaries whose shares are $90\%$ or above held by the Company, ceiling on total amount of endorsements and guarantees provided by the Company is $150\%$ of the Company's net asset value; limit on endorsements and guarantees provided by the Company for a single party
(2) For FIT Holding Co., Ltd., limit on endorsements and guarantees for a single party is $600\%$ of FIT Holding Co., Ltd.'s current net asset value and for subsidiary whose equity is no less than $90\%$ held by FIT Holding Co., Ltd., is $600\%$ of FIT Holding Co., Ltd.'s net asset value.
(3) Endorsements and guarantees are available between companies whose voting shares are more than $90\%$ held by FIT Holding Co., Ltd. directly or indirectly. And the limit on endorsements and guarantees is $10\%$ of FIT Holding Co., Ltd.'s net asset value except that endorsements and guarantees are between companies whose voting shares are $100\%$ held by FIT Holding Co., Ltd. directly or indirectly.
Note 2: Calculation for limit on endorsements/guarantees provided is as follows:
(1) The Company's and subsidiaries' endorsements and guarantees to others should not exceed $300\%$ of the Company's net asset value.
(2) FIT Holding Co., Ltd.'s endorsements and guarantees to others and subsidiaries should not exceed $600\%$ of FIT Holding Co., Ltd.'s net asset value in the latest financial statements.
(3) Endorsements and guarantees are available between companies whose voting shares are more than $90\%$ held by FIT Holding Co., Ltd. directly or indirectly. And the limit on endorsements and guarantees is $10\%$ of FIT Holding Co., Ltd.'s net asset value except that endorsements and guarantees are between companies whose voting shares are $100\%$ held by FIT Holding Co., Ltd. directly or indirectly.
Note 3: The total actual drawdown amount of endorsements and guarantees provided by the Company's subsidiary, FIT Holding Co., Ltd, and its subsidiaries has exceeded the limit. An improvement plan has been formulated in accordance with the Procedures for Provision of Endorsements and Guarantees, and the Company intends to submit the plan to the Board of Directors.

Cheng Uei Precision Industry Co., Ltd. and subsidiaries

Holding of significant marketable securities at the end of the period (not including subsidiaries, associates and joint ventures)

December 31, 2025

Table 3
Expressed in thousands of NTD
(Except as otherwise indicated)

Securities held by	Marketable securities	Relationship with the securities issuer	General ledger account	As of December 31, 2025
				Number of shares(in thousand shares)	Book value	Ownership (%)	Fair value
Changzhou Xinwei Vehicle Energy Venture Capital Co., Ltd.	TBB Power (Xiamen) Co., Ltd.	N/A	Financial assets at fair value through other comprehensive income - non-current	2,149	$ 223,580	4.35	$ 223,580
Changzhou Xinwei Vehicle Energy Venture Capital Co., Ltd.	Shahu Technology (Shanghai) Co., Ltd.	N/A	Financial assets at fair value through other comprehensive income - non-current	163	125,205	14.00	125,205
FIT Holding Co., Ltd.	Leadsun Wind & Solar Co., Ltd.	N/A	Financial assets at fair value through other comprehensive income - non-current	23,843	210,529	12.00	210,529
Foxlink Image Technology Co., Ltd.	Taiwan Mobile Co., Ltd.	N/A	Financial assets at fair value through other comprehensive income - non-current	1,631	176,909	0.04	176,909
Power Quotient International Co., Ltd.	Taiwan Mobile Co., Ltd.	N/A	Financial assets at fair value through other comprehensive income - non-current	1,631	176,909	0.04	176,909
Shinfox Energy Co., Ltd.	Feiyue Development Limited Partnership	N/A	Financial assets at fair value through other comprehensive income - non-current	-	135,000	20.07	135,000

Note: The above disclosure standard is the carrying amount that reaches $100,000.

Cheng Uei Precision Industry Co., Ltd. and subsidiaries

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

Year ended December 31, 2025

Table 4
Expressed in thousands of NTD
(Except as otherwise indicated)

Purchaser/seller	Counterparty	Relationship with the counterparty	Transaction				Differences in transaction terms compared to third party transactions		Notes/accounts receivable (payable)		Footnote
			Purchases (sales)	Amount	Percentage of total purchases (sales)	Credit term	Unit price	Credit term	Balance	Percentage of total notes/accounts receivable (payable)
The Company	Foxlink International Incorporation	The Company's third-tier subsidiary	Sales	($ 13,513,231)	( 31)	Note 1	Note 1	Note 1	$ 1,484,533	16	Note 5
The Company	Hon Hai Precision Industry Co., Ltd.	Other related party	Sales	( 240,999)	( 1)	Note 1	Note 1	Note 1	109,841	1	Note 5
The Company	Dongguan Fuqiang Electronics Co., Ltd.	The Company's second-tier subsidiary	Purchases	19,449,155	41	Note 2	Note 2	Note 2	( 886,981)	( 6)	Note 5
The Company	Fugang Electronic (Dongguan) Co., Ltd.	The Company's second-tier subsidiary	Purchases	5,696,968	12	Note 2	Note 2	Note 2	( 3,236,364)	( 21)	Note 5
The Company	Fugang Electric (Kunshan) Co., Ltd.	The Company's second-tier subsidiary	Purchases	2,613,006	6	Note 2	Note 2	Note 2	( 216,822)	( 1)	Note 5
The Company	Fushineng Electronics (Kunshan) Co., Ltd.	The Company's second-tier subsidiary	Purchases	1,823,253	4	Note 2	Note 2	Note 2	( 799,588)	( 5)	Note 5
The Company	Well Shin Technology Co., Ltd.	The Company's investee accounted for using equity method	Purchases	109,036	-	Note 2	Note 2	Note 2	( 23,625)	-	Note 5
The Company	Fugang Electric (Xuzhou) Co., Ltd.	The Company's second-tier subsidiary	Purchases	5,058,672	11	Note 2	Note 2	Note 2	( 3,661,696)	( 24)	Note 5
The Company	Hon Hai Precision Industry Co., Ltd.	Other related party	Purchases	280,429	1	Note 2	Note 2	Note 2	( 19,772)	-	Note 5
The Company	Foxlink Automotive Technology (Kunshan) Co., Ltd.	The Company's second-tier subsidiary	Purchases	217,044	-	Note 2	Note 2	Note 2	-	-	Note 5
The Company	Foxlink (Vietnam) Co., Ltd.	The Company's second-tier subsidiary	Purchases	5,187,851	11	Note 2	Note 2	Note 2	( 2,196,633)	( 14)	Note 5
The Company	Foxlink Da Nang Electronics Co., Ltd.	The Company's second-tier subsidiary	Purchases	3,186,212	7	Note 2	Note 2	Note 2	( 2,503,319)	( 16)	Note 5
The Company	MICROLINK COMMUNICATIONS INC.	The Company's subsidiary	Purchases	910,596	2	Note 2	Note 2	Note 2	( 450,812)	( 3)	Note 5
The Company	CU INTERNATIONAL LTD.	The Company's subsidiary	Purchases	1,363,344	3	Note 2	Note 2	Note 2	( 1,261,937)	( 8)	Note 5
Dongguan Fuqiang Electronics Co., Ltd.	CU INTERNATIONAL LTD.	Affiliated company	Sales	( 1,244,507)	( 5)	Note 2	Note 2	Note 2	1,262,501	20	Note 5
Dongguan Fuqiang Electronics Co., Ltd.	Fugang Electronic (Dongguan) Co., Ltd.	Affiliated company	Purchases	862,443	4	Note 2	Note 2	Note 2	( 44,534)	( 1)	Note 5
Dongguan Fuqiang Electronics Co., Ltd.	Fugang Electric (Xuzhou) Co., Ltd.	Affiliated company	Purchases	135,683	1	Note 2	Note 2	Note 2	( 37,414)	( 1)	Note 5

Table 4 Page 1

Purchaser/seller	Counterparty	Relationship with the counterparty	Transaction				Differences in transaction terms compared to third party transactions		Notes/accounts receivable (payable)		Footnote
			Purchases (sales)	Amount	Percentage of total purchases (sales)	Credit term	Unit price	Credit term	Balance	Percentage of total notes/accounts receivable (payable)
Sustain Co., Ltd.	Hon Hai Precision Industry Co., Ltd.	Other related party	Purchases	$ 376,996	77	Note 2	Note 2	Note 2	($ 14,729)	( 47)	Note 5
MICROLINK COMMUNICATIONS INC.	FOXLINK DA NANG ELECTRONICS CO., LTD.	Affiliated company	Purchases	272,510	16	Note 2	Note 2	Note 2	( 66,080)	( 15)	Note 5
MICROLINK COMMUNICATIONS INC.	FOXLINK (VIETNAM) CO., LTD.	Affiliated company	Purchases	309,984	18	Note 2	Note 2	Note 2	( 210,925)	( 47)	Note 5
MICROLINK COMMUNICATIONS INC.	Fugang Electronic (Dongguan) Co., Ltd.	Affiliated company	Purchases	304,083	17	Note 2	Note 2	Note 2	( 173,288)	( 38)	Note 5
Foxlink Image Technology Co., Ltd.	Wei Hai Fu Kang Electric Co., Ltd.	Affiliated company	Purchases	980,789	25	The flexible collection based on the financial situation	Prices are based on the mutual	None	( 454,193)	( 41)	Note 5
Shinfox Energy Co., Ltd.	Changpin Wind Power Ltd.	Joint venture	Sales	( 659,660)	( 51)	Note 1	Note 1	Note 1	2,415	0	Note 3, Note 5
Shinfox Energy Co., Ltd.	Youde Wind Power Co., Ltd.	Affiliated company	Sales	( 431,172)	( 33)	Note 1	Note 1	Note 1	-	-	Note 4, Note 5
Foxwell Energy Corporation Ltd.	Shinfox Far East Company Pte Ltd.	Affiliated company	Purchases	10,009,964	42	Note 2	Note 2	Note 2	( 154,526)	( 8)	Note 5
FOXWELL POWER CO., LTD	Billion Sun Energy Storage Technologies Inc.	Affiliated company	Sales	( 2,723,061)	( 59)	Note 2	Note 2	Note 2	571,500	57	Note 5
Shinfox Far East Company Pte. Ltd.	SFE HERCULES COMPANY CORPORATION	Affiliated company	Purchases	1,061,103	6	Note 2	Note 2	Note 2	( 543,786)	( 15)	Note 5
Shinfox Far East Company Pte. Ltd.	SFE DEVELOPER COMPANY CORPORATION	Affiliated company	Purchases	1,272,836	8	Note 2	Note 2	Note 2	( 819,893)	( 22)	Note 5

Note 1: Please refer to Note 7(2) A. for the details.
Note 2: Please refer to Note 7(2) B. for the details.
Note 3: Changpin Wind Power Ltd. has unfinished construction amounting to $744,824 with the Group's fourth-tier subsidiary, Shinfox Energy.
Note 4: Youde Wind Power Co., Ltd. has unfinished construction amounting to $375,000 with the Group's fourth-tier subsidiary, Shinfox Energy.
Note 5: The relative related party in the same transaction will not be disclosed separately.

Cheng Uzi Precision Industry Co., Ltd. and subsidiaries

Receivables from related parties reaching NTS100 million or
20\%
of paid-in capital or more

December 31, 2025

Table 5
Expressed in thousands of NTD
(Except as otherwise indicated)

Creditor	Counterparty	Relationship with the counterparty	Balance as at December 31, 2025	Turnover rate	Overdue receivables		Amount collected subsequent to the balance sheet date	Allowance for doubtful accounts
					Amount	Action taken
The Company	Foxlink International Incorporation	The Company's third-tier subsidiary	$ 1,484,533	9.10	None	N/A	$ 614,791	None
The Company	Fushineng Electronics (Kunshan) Co., Ltd.	The Company's second-tier subsidiary	241,146	Note 1	×	×	-	×
The Company	Hon Hai Precision Industry Co., Ltd.	Other related party	109,841	2.19	×	×	26,108	×
The Company	Fugang Electric (Xuzhou) Co., Ltd.	The Company's second-tier subsidiary	408,033	Note 1	×	×	-	×
The Company	Fuqiang Electric (Maanshan) Co., Ltd.	The Company's second-tier subsidiary	153,677	Note 1	×	×		×
The Company	Dongguan Fuqiang Electronics Co., Ltd.	The Company's second-tier subsidiary	2,131,112	Note 1	×	×	1,263,489	×
The Company	FOXLINK INDIA ELECTRIC PRIVATE LIMITED	The Company's second-tier subsidiary	1,864,864	Note 1	×	×	91,149	×
The Company	FOXLINK VIETNAM CO., LTD.	The Company's second-tier subsidiary	872,524	Note 1	×	×	43,065	×
The Company	FOXLINK DA NANG ELECTRONICS CO., LTD.	The Company's second-tier subsidiary	3,086,025	Note 1	×	×	-	×
The Company	UBILINK AI CO., LTD.	The Company's subsidiary	191,642	Note 1	×	×	1,965	×
The Company	LUMINYS SYSTEMS CORPORATION	Associate	424,323	Note 1	×	×	299,026	×
CU INTERNATIONAL LTD.	The Company	The Company's subsidiary	1,261,937	1.08	×	×	-	×
Fugang Electric (Kunshan) Co., Ltd.	The Company	This company is the ultimate parent company of the Company	216,822	12.05	×	×	-	×
Fushineng Electronics (Kunshan) Co., Ltd.	The Company	This company is the ultimate parent company of the Company	799,588	2.28	×	×	-	×
Fugang Electric (Dongguan) Co., Ltd.	The Company	This company is the ultimate parent company of the Company	3,236,364	1.76	×	×	-	×
Dongguan Fuqiang Electronics Co., Ltd.	The Company	This company is the ultimate parent company of the Company	886,981	21.93	×	×	-	×
Fugang Electric (Xuzhou) Co., Ltd.	The Company	This company is the ultimate parent company of the Company	3,661,696	1.38	×	×	-	×

Table 5 Page 1

Creditor	Counterparty	Relationship with the counterparty	Balance as at December 31, 2025	Turnover rate	Overdue receivables		Amount collected subsequent to the balance sheet date	Allowance for doubtful accounts
					Amount	Action taken
FOXLINK VIETNAM CO., LTD.	The Company	This company is the ultimate parent company of the Company	$ 2,196,633	2.36	None	N/A	$ -	None
FOXLINK DA NANG ELECTRONICS CO., LTD	The Company	This company is the ultimate parent company of the Company	2,503,319	1.27	#	#	-	#
Zhi De Investment Co., Ltd.	The Company	This company is the ultimate parent company of the Company	100,000	Note 1	#	#	-	#
Foxlink International Investment Ltd.	The Company	This company is the ultimate parent company of the Company	135,000	Note 1	#	#	-	#
MICROLINK COMMUNICATIONS INC.	The Company	The Company's subsidiary	450,812	2.02	#	#	-	#
FOXLINK TECHNOLOGY LIMITED	The Company	Affiliated company	251,440	Note 1	#	#	-	#
Sharetronic Data Technology Co., Ltd.	The Company	Associate	127,597	Note 1	#	#	-	#
Fugang Electronic (Dongguan) Co., Ltd.	MICROLINK COMMUNICATIONS INC.	Affiliated company	173,288	1.75	#	#	-	#
Dongguan Fuqiang Electronics Co., Ltd.	Fugang Electric (Kunshan) Co., Ltd.	Affiliated company	1,862,177	Note 1	#	#	-	#
Dongguan Fuqiang Electronics Co., Ltd.	FOXLINK DA NANG ELECTRONICS CO., LTD.	Affiliated company	127,429	Note 1	#	#	-	#
Dongguan Fuqiang Electronics Co., Ltd.	CU INTERNATIONAL LTD.	Affiliated company	1,262,501	0.99	#	#	-	#
Fugang Electric (Xuzhou) Co., Ltd.	FOXLINK DA NANG ELECTRONICS CO., LTD.	Affiliated company	238,471	Note 1	#	#	-	#
Foxlink Technology Limited	Cu International Ltd	Affiliated company	540,401	Note 1	#	#	-	#
Fuqiang Electric (MAANSHAN) Co., Ltd.	Dongguan Fuqiang Electronics Co., Ltd.	Affiliated company	137,000	0.00	#	Expected to be recovered during 2026.	-	#
FOXLINK (VIETNAM) CO., LTD.	MICROLINK COMMUNICATIONS INC.	Affiliated company	210,925	1.48	#	#	-	#
Studio A Inc.	Ashop Co., Ltd.	The Company's subsidiary	100,576	Note 1	#	#	-	#
FIT Holding Co., Ltd.	Foxlink Image Technology Co., Ltd.	Affiliated company	135,258	Note 1	#	#	-	#
Foxlink Image Technology Co., Ltd.	Glorytek (Yancheng) Co., Ltd.	Affiliated company	178,864	Note 1	#	#	-	#
Glorytek (Suzhou) Co., Ltd.	Glorytek (Yancheng) Co., Ltd.	Affiliated company	178,057	Note 1	#	#	-	#

Table 5 Page 2

Creditor	Counterparty	Relationship with the counterparty	Balance as at December 31, 2025	Turnover rate	Overdue receivables		Amount collected subsequent to the balance sheet date	Allowance for doubtful accounts
					Amount	Action taken
Dongguan Fu Wei Electronics Co., Ltd.	Foxlink Image Technology Co., Ltd.	Affiliated company	$ 616,304	1.01	None	N/A	$ 47,155	None
Wei Hai Fu Kang Electric Co., Ltd.	Foxlink Image Technology Co., Ltd.	Affiliated company	454,193	2.03	#	#	145,284	#
Dong Guan Fu Zhang Precision Industry Co., Ltd.	Foxlink Image Technology Co., Ltd.	Affiliated company	103,518	1.76	#	#	18,095	#
Power Quotient Technology (Yancheng) Co., Ltd.	Glory Optics (Yancheng) Co., Ltd.	Affiliated company	344,313	Note 1	#	#	-	#
Power Quotient Technology (Yancheng) Co., Ltd.	Glorytek (Yancheng) Co., Ltd.	Affiliated company	223,580	Note 1	#	#	-	#
Shinfox Energy Co., Ltd.	Shinfox Far East Company Pte Ltd.	Affiliated company	2,004,882	Note 1	#	Expected to be recovered during 2026.	-	#
Shinfox Energy Co., Ltd.	SHINFOX FAR EAST (TAIWAN) COMPANY PTY LTD	Affiliated company	450,000	Note 1	#	Expected to be recovered during 2026.	-	#
Foxwell Energy Corporation Ltd.	Shinfox Far East Company Pte. Ltd.	Affiliated company	8,916,117	Note 1	#	Expected to be recovered during 2026.	-	#
Foxwell Power Co., Ltd.	Billion Sun Energy Storage Technologies Inc.	Affiliated company	571,500	9.53	#	#	-	#
Shinfox Far East Company Pte. Ltd.	Foxwell Energy Corporation Ltd.	Affiliated company	154,526	0.06	#	Expected to be recovered during 2026.	-	#
SFE HERCULES COMPANY CORPARATION	Shinfox Far East Company Pte. Ltd.	Affiliated company	543,786	168.52	#	Expected to be recovered during 2026.	-	#
SFE DEVELOPER COMPANY CORPARATION	Shinfox Far East Company Pte. Ltd.	Affiliated company	819,893	307.73	#	Expected to be recovered during 2026.	-	#

Note 1: The turnover rate was not applicable as the receivables were recorded as other receivables.

Cheng Uei Precision Industry Co., Ltd. and subsidiaries

Significant inter-company transactions during the reporting periods

Year ended December 31, 2025

Table 6
Expressed in thousands of NTD
(Except as otherwise indicated)

Number (Note 1)	Company name	Counterparty	Relationship (Note 2)	Transaction
				General ledger account	Amount	Transaction terms	Percentage of consolidated total operating revenues or total assets (Note 3)
1	Cheng Uei Precision Industry Co., Ltd.	Foxlink International Incorporation	1	Sales	$ 13,513,231	Sales prices are based on the mutual agreement	14
1	Cheng Uei Precision Industry Co., Ltd.	Foxlink International Incorporation	1	Accounts receivable	1,484,533	The collections depend on the financial situation after offsetting the receivables against the payables	1
1	Cheng Uei Precision Industry Co., Ltd.	Dongguan Fuqiang Electronics Co., Ltd.	1	Purchases	19,449,155	Purchase prices are based on the mutual agreement	16
1	Cheng Uei Precision Industry Co., Ltd.	Dongguan Fuqiang Electronics Co., Ltd.	1	Accounts payable	886,981	The collections depend on the financial situation after offsetting the receivables against the payables	1
1	Cheng Uei Precision Industry Co., Ltd.	Dongguan Fuqiang Electronics Co., Ltd.	1	Other receivables	2,131,112	The collections depend on the financial situation after offsetting the receivables against the payables	2
1	Cheng Uei Precision Industry Co., Ltd.	Fugang Electric (Kunshan) Co., Ltd.	1	Purchases	2,613,006	Purchase prices are based on the mutual agreement	3
1	Cheng Uei Precision Industry Co., Ltd.	Fugang Electric (Kunshan) Co., Ltd.	1	Accounts payable	216,822	The collections depend on the financial situation after offsetting the receivables against the payables	-
1	Cheng Uei Precision Industry Co., Ltd.	Fushineng Electronics (Kunshan) Co., Ltd.	1	Purchases	1,823,253	Purchase prices are based on the mutual agreement	2
1	Cheng Uei Precision Industry Co., Ltd.	Fushineng Electronics (Kunshan) Co., Ltd.	1	Other receivables	241,146	The collections depend on the financial situation after offsetting the receivables against the payables	-
1	Cheng Uei Precision Industry Co., Ltd.	Fushineng Electronics (Kunshan) Co., Ltd.	1	Accounts payable	799,588	The collections depend on the financial situation after offsetting the receivables against the payables	1
1	Cheng Uei Precision Industry Co., Ltd.	Fugang Electronic (Dongguan) Co., Ltd.	1	Purchases	5,696,968	Purchase prices are based on the mutual agreement	6
1	Cheng Uei Precision Industry Co., Ltd.	Fugang Electronic (Dongguan) Co., Ltd.	1	Accounts payable	3,236,364	The collections depend on the financial situation after offsetting the receivables against the payables	3
1	Cheng Uei Precision Industry Co., Ltd.	FOXLINK TECHNOLOGY LIMITED	1	Other payables	251,440	The collections depend on the financial situation after offsetting the receivables against the payables	-
1	Cheng Uei Precision Industry Co., Ltd.	Fugang Electric (Maanshan) Co., Ltd.	1	Other receivables	153,677	The collections depend on the financial situation after offsetting the receivables against the payables	-
1	Cheng Uei Precision Industry Co., Ltd.	Fugang Electric (Xuzhou) Co., Ltd.	1	Other receivables	408,033	The collections depend on the financial situation after offsetting the receivables against the payables	-
1	Cheng Uei Precision Industry Co., Ltd.	Fugang Electric (Xuzhou) Co., Ltd.	1	Purchases	5,058,672	Purchase prices are based on the mutual agreement	5

Number (Note 1)	Company name	Counterparty	Relationship (Note 2)	Transaction
				General ledger account	Amount	Transaction terms	Percentage of consolidated total operating revenues or total assets (Note 3)
1	Cheng Uei Precision Industry Co., Ltd.	Fugang Electric (Xuzhou) Co., Ltd.	1	Accounts payable	$ 3,661,696	The collections depend on the financial situation after offsetting the receivables against the payables	3
1	Cheng Uei Precision Industry Co., Ltd.	Foxlink Automotive Technology (Kunshan) Co., Ltd.	1	Purchases	217,044	Purchase prices are based on the mutual agreement	-
1	Cheng Uei Precision Industry Co., Ltd.	Foxlink International Investment Ltd.	1	Other payables	135,000	The collections depend on the financial situation after offsetting the receivables against the payables	-
1	Cheng Uei Precision Industry Co., Ltd.	Zhi De Investment Co., Ltd.	1	Other payables	100,000	The collections depend on the financial situation after offsetting the receivables against the payables	-
1	Cheng Uei Precision Industry Co., Ltd.	Foxlink India Electric Private Limited	1	Other receivables	1,864,864	The collections depend on the financial situation after offsetting the receivables against the payables	2
1	Cheng Uei Precision Industry Co., Ltd.	FOXLINK VIETNAM CO.LTD.	1	Purchases	5,187,851	Purchase prices are based on the mutual agreement	5
1	Cheng Uei Precision Industry Co., Ltd.	FOXLINK VIETNAM CO.LTD.	1	Other receivables	872,524	The collections depend on the financial situation after offsetting the receivables against the payables	1
1	Cheng Uei Precision Industry Co., Ltd.	FOXLINK VIETNAM CO.LTD.	1	Accounts payable	2,196,633	The collections depend on the financial situation after offsetting the receivables against the payables	2
1	Cheng Uei Precision Industry Co., Ltd.	FOXLINK DA NANG ELECTRONICS CO., LTD	1	Purchases	3,186,212	Purchase prices are based on the mutual agreement	3
1	Cheng Uei Precision Industry Co., Ltd.	FOXLINK DA NANG ELECTRONICS CO., LTD	1	Other receivables	3,086,025	The collections depend on the financial situation after offsetting the receivables against the payables	3
1	Cheng Uei Precision Industry Co., Ltd.	FOXLINK DA NANG ELECTRONICS CO., LTD	1	Accounts payable	2,503,319	The collections depend on the financial situation after offsetting the receivables against the payables	2
1	Cheng Uei Precision Industry Co., Ltd.	MICROLINK COMMUNICATIONS INC.	1	Purchases	910,596	Purchase prices are based on the mutual agreement	1
1	Cheng Uei Precision Industry Co., Ltd.	MICROLINK COMMUNICATIONS INC.	1	Accounts payable	450,812	The collections depend on the financial situation after offsetting the receivables against the payables	-
1	Cheng Uei Precision Industry Co., Ltd.	CU INTERNATIONAL LTD.	1	Purchases	1,363,344	Purchase prices are based on the mutual agreement	1
1	Cheng Uei Precision Industry Co., Ltd.	CU INTERNATIONAL LTD.	1	Accounts payable	1,261,937	The collections depend on the financial situation after offsetting the receivables against the payables	1
1	Cheng Uei Precision Industry Co., Ltd.	UBILINK AI CO., LTD.	1	Other receivables	191,642	Transaction terms are based on the mutual agreement	-
2	CU INTERNATIONAL LTD.	Dongguan Fuqiang Electronics Co., Ltd.	3	Purchases	1,244,507	Purchase prices are based on the mutual agreement	1
2	CU INTERNATIONAL LTD.	Dongguan Fuqiang Electronics Co., Ltd.	3	Accounts payable	1,262,501	The collections depend on the financial situation after offsetting the receivables against the payables	1

Table 6 Page 2

Number (Note 1)	Company name	Counterparty	Relationship (Note 2)	Transaction
				General ledger account	Amount	Transaction terms	Percentage of consolidated total operating revenues or total assets (Note 3)
2	CU INTERNATIONAL LTD.	FOXLINK TECHNOLOGY LIMITED	3	Other payables	$ 540,401	The collections depend on the financial situation after offsetting the receivables against the payables	-
3	Fugang Electric (Kunshan) Co., Ltd.	Kunshan Fugang Electric Trading Co., Ltd.	3	Advance receipts	117,161	The collections depend on the financial situation after offsetting the receivables against the payables	-
4	Dongguan Fuqiang Electronics Co., Ltd.	Fugang Electronic (Dongguan) Co., Ltd.	3	Purchases	862,443	Purchase prices are based on the mutual agreement	1
4	Dongguan Fuqiang Electronics Co., Ltd.	Fugang Electric (Maanshan) Co., Ltd.	3	Accounts payable	137,000	The collections depend on the financial situation after offsetting the receivables against the payables	-
4	Dongguan Fuqiang Electronics Co., Ltd.	Fugang Electric (Kunshan) Co., Ltd.	3	Other receivables	1,862,177	The collections depend on the financial situation after offsetting the receivables against the payables	2
4	Dongguan Fuqiang Electronics Co., Ltd.	Fugang Electric (XuZhou) Co., Ltd.	3	Purchases	135,683	Sales prices are based on the mutual agreement	-
4	Dongguan Fuqiang Electronics Co., Ltd.	FOXLINK DA NANG ELECTRONICS CO., LTD.	3	Other receivables	127,429	The collections depend on the financial situation after offsetting the receivables against the payables	-
5	Fugang Electric (XuZhou) Co., Ltd.	FOXLINK DA NANG ELECTRONICS CO., LTD.	3	Other receivables	238,471	The collections depend on the financial situation after offsetting the receivables against the payables	-
6	MICROLINK COMMUNICATIONS INC.	FOXLINK DA NANG ELECTRONICS CO., LTD.	3	Purchases	272,510	Purchase prices are based on the mutual agreement	-
6	MICROLINK COMMUNICATIONS INC.	FOXLINK (VIETNAM) CO., LTD.	3	Purchases	309,984	Purchase prices are based on the mutual agreement	-
6	MICROLINK COMMUNICATIONS INC.	Fugang Electronic (Dongguan) Co., Ltd.	3	Purchases	304,083	Purchase prices are based on the mutual agreement	-
6	MICROLINK COMMUNICATIONS INC.	FOXLINK (VIETNAM) CO., LTD.	3	Accounts payable	210,925	The collections depend on the financial situation after offsetting the receivables against the payables	-
6	MICROLINK COMMUNICATIONS INC.	Fugang Electronic (Dongguan) Co., Ltd.	3	Accounts payable	173,288	The collections depend on the financial situation after offsetting the receivables against the payables	-
7	Studio A Inc.	ASHOP CO., LTD.	3	Other receivables	100,576	The collections depend on the financial situation after offsetting the receivables against the payables	-
8	FIT Holding Co., Ltd.	Foxlink Image Technology Co., Ltd.	3	Other receivables	135,258	Based on the company's policy	-
9	Foxlink Image Technology Co., Ltd.	Glorytek (Yancheng) Co., Ltd.	3	Other receivables	178,864	Based on the company's policy	-
10	Glorytek (Suzhou) Co., Ltd.	Glorytek (Yancheng) Co., Ltd.	3	Other receivables	178,057	Based on the company's policy	-
11	Dongguan Fu Wei Electronics Co., Ltd.	Foxlink Image Technology Co., Ltd.	3	Accounts receivable	616,304	The flexible collection based on the financial situation	1

Table 6 Page 3

Number (Note 1)	Company name	Counterparty	Relationship (Note 2)	Transaction
				General ledger account	Amount	Transaction terms	Percentage of consolidated total operating revenues or total assets (Note 3)
11	Dongguan Fu Wei Electronics Co., Ltd.	Foxlink Image Technology Co., Ltd.	3	Processing income	$ 587,693	The flexible collection based on the financial situation	1
12	Wei Hai Fu Kang Electric Co., Ltd.	Foxlink Image Technology Co., Ltd.	3	Accounts receivable	454,193	The flexible collection based on the financial situation	-
12	Wei Hai Fu Kang Electric Co., Ltd.	Foxlink Image Technology Co., Ltd.	3	Sales	980,789	The flexible collection based on the financial situation	1
13	Dongguan Fuzhang Precision Industry Co., Ltd.	Foxlink Image Technology Co., Ltd.	3	Accounts receivable	103,518	The flexible collection based on the financial situation	-
13	Dongguan Fuzhang Precision Industry Co., Ltd	Foxlink Image Technology Co., Ltd.	3	Processing income	167,610	The flexible collection based on the financial situation	-
14	Power Quotient Technology (Yancheng) Co., Ltd.	Glory Optics (Yancheng) Co., Ltd.	3	Other receivables	344,313	Based on the company's policy	-
14	Power Quotient Technology (Yancheng) Co., Ltd.	Glorytek (Yancheng) Co., Ltd.	3	Other receivables	223,580	Based on the company's policy	-
15	Shinfix Energy Co., Ltd.	SHINFOX FAR EAST COMPANY PTE. LTD.	3	Other receivables	2,004,882	Transaction terms are based on the mutual agreement	2
15	Shinfix Energy Co., Ltd.	SHINFOX FAR EAST (TAIWAN) COMPANY PTY LTD	3	Other receivables	450,000	Transaction terms are based on the mutual agreement	-
15	Shinfix Energy Co., Ltd.	Youde Wind Power Co., Ltd.	3	Technical service revenue	431,172	Sales price are approximate to normal clients	-
16	Foxwell Energy Corporation Ltd.	SHINFOX FAR EAST COMPANY PTE. LTD.	3	Construction cost	10,009,964	Purchase price are approximate to normal suppliers	11
16	Foxwell Energy Corporation Ltd.	SHINFOX FAR EAST COMPANY PTE. LTD.	3	Accounts payable	154,526	Transaction terms are based on the mutual agreement	-
16	Foxwell Energy Corporation Ltd.	SHINFOX FAR EAST COMPANY PTE. LTD.	3	Other receivables	8,916,117	The collections depend on the financial situation after offsetting the receivables against the payables	7
17	Foxwell Power Co., Ltd.	Billion Sun Energy Storage Technologies Inc	3	Construction revenue	2,723,061	Sales price are approximate to normal clients	3
17	Foxwell Power Co., Ltd.	Billion Sun Energy Storage Technologies Inc	3	Accounts receivable	571,500	Transaction terms are based on the mutual agreement	-
17	Foxwell Power Co., Ltd.	Billion Sun Energy Storage Technologies Inc	3	Contract assets	1,063,061	Transaction terms are based on the mutual agreement	1
18	SHINFOX FAR EAST COMPANY PTE. LTD.	SFE Hercules Company Corporation	3	Accounts payable	543,786	Transaction terms are based on the mutual agreement	-
18	SHINFOX FAR EAST COMPANY PTE. LTD.	SFE Developer Company Corporation	3	Accounts payable	819,893	Transaction terms are based on the mutual agreement	1

Table 6 Page 4

Number (Note 1)	Company name	Counterparty	Relationship (Note 2)	Transaction
				General ledger account	Amount	Transaction terms	Percentage of consolidated total operating revenues or total assets (Note 3)
18	SHINFOX FAR EAST COMPANY PTE. LTD.	Shinfox Far East (Taiwan) Company Pty Ltd	3	Guarantee deposits received	$ 1,303,652	Transaction terms are based on the mutual agreement	1
18	SHINFOX FAR EAST COMPANY PTE. LTD.	SFE Hercules Company Corporation	3	Construction cost	1,061,103	Transaction prices are calculated based on actual amount incurred	1
18	SHINFOX FAR EAST COMPANY PTE. LTD.	SFE Developer Company Corporation	3	Construction cost	1,272,836	Transaction prices are calculated based on actual amount incurred	1

Note 1: The numbers filled in for the transaction company in respect of inter-company transactions are as follows:

(1)Parent company is '1'.
(2)The subsidiaries are numbered in order starting from '2'.

Note 2: Relationship between transaction company and counterparty is classified into the following three categories; fill in the number of category each case belongs to (If transactions between parent company and subsidiaries or between subsidiaries refer to the same transaction, it is not required to disclose twice. For example, if the parent company has already disclosed its transaction with a subsidiary, then the subsidiary is not required to disclose the transaction; for transactions between two subsidiaries, if one of the subsidiaries has disclosed the transaction, then the other is not required to disclose the transaction.):

(1)Parent company to subsidiary.
(2)Subsidiary to parent company.
(3)Subsidiary to subsidiary.

Note 3: Regarding percentage of transaction amount to consolidated total operating revenues or total assets, it is computed based on period-end balance of transaction to consolidated total assets for balance sheet accounts and based on accumulated transaction amount for the period to consolidated total operating revenues for income statement accounts.

Note 4: Disclosure of the transactions of related party over $100 million only and the related party transactions for counterparty are not disclosed.

Cheng Usi Precision Industry Co., Ltd. and subsidiaries

Information on investees

Year ended December 31, 2025

Table 7
Expressed in thousands of NTD
(Except as otherwise indicated)

Investor	Investor	Location	Main business activities	Initial investment amount		Shares held as at December 31, 2025			Net income (loss) of the investor for the year ended December 31, 2025	Investment income (loss) recognised by the Company for the year ended December 31, 2025	Footnote
				Balance as at December 31, 2025	Balance as at December 31, 2024	Number of shares (in thousand shares)	Ownership (%)	Bank value
The Company	Cu International Ltd	British Virgin IS.	Manufacture of electronic telecommunication components and reinvestment business	$ 15,512,277	$ 15,512,277	493,550	100	$ 26,055,793	($ 1,333,506)	($ 1,303,242)
The Company	Culink International Ltd.	British Virgin IS.	Reinvestment business	1,053,785	1,053,785	33,528	100	2,159,953	27,320	27,320
The Company	Foxlink International Investment Ltd.	Taiwan	General investments holdings	4,220,000	4,160,000	495,750	100	5,409,051	( 442,092)	( 471,385)
The Company	Fu Usi International Investment Ltd.	Taiwan	General investments holdings	4,450,000	4,250,000	445,000	100	973,278	( 2,150,031)	( 2,168,522)
The Company	Well Shin Technology Co., Ltd.	Taiwan	Manufacture and sales of wire and cable and electronic telecommunication components	270,065	270,065	22,282	18.84	1,346,343	354,488	66,794
The Company	Darts Technologies Corporation	Taiwan	Manufacture and sales of wired and wireless communication devices	762,566	762,566	92,894	97	2,089,642	464,469	450,535
The Company	DU Precision Industry Co., Ltd.	Taiwan	Sales of raw materials and products of various connectors	10,000	600,000	1,000	100	3,214	14,916	14,916	Note 1
The Company	Foxlink Technology Limited.	Hong Kong	Reinvestment business	350,095	350,095	86,700	100	862,839	( 9,154)	( 9,154)
The Company	Santain Co., Ltd.	Taiwan	Electroplating processing services	190,810	190,810	23,529	100	354,392	86,153	86,153
The Company	Foxlink Arizona Inc.	USA	Energy service management	916,813	747,091	29,170	100	( 162,922)	( 369,313)	( 369,313)
The Company	Sinobest Brothers Limited	Hong Kong	Reinvestment business	650,727	650,727	20,704	85.19	190,105	( 118,696)	( 101,114)
The Company	Ubilink Al Co., Ltd.	Taiwan	Computer software services	107,500	41,000	8,200	53.75	( 90,953)	( 359,765)	( 171,340)
The Company	MICROLINK COMMUNICATIONS INC.	Taiwan	Trading and manufacturing business	300,000	-	30,000	100	377,709	74,825	74,825
The Company	LUMINYS SYSTEMS CORPORATION	USA	Trading of monitoring products	264,012	-	-	31	264,329	46,548	5,869)
The Company	FOXLINK TEXAS INC.	USA	Trading of monitoring products	628,600	-	20,000	100	628,301	( 9,243)	( 296)
Foxlink Technology Limited	Sinobest Brothers Limited	Hong Kong	Reinvestment business	78,383	78,383	3,600	14.81	33,055	( 118,696)	( 17,582)
Sinobest Brothers Limited	Foxlink Myanmar Company Limited	Myanmar	Manufacture and sales of electronic telecommunication components	713,587	713,587	22,704	100	259,864	( 118,483)	( 118,483)

(Except as otherwise indicated)

Investor	Investor	Location	Main business activities	Initial investment amount		Shares held as at December 31, 2025			Net income (loss) of the investor for the year ended December 31, 2025	Investment income (loss) recognised by the Company for the year ended December 31, 2025
				Balance as at December 31, 2025	Balance as at December 31, 2024	Number of shares (in thousand shares)	Ownership (%)	Book value
DU Precision Industry Co., Ltd.	CELINK INTERNATIONAL LTD.	British Virgin IS.	Manufacture and sales of wired and wireless communication devices	$ 519,726	$ 519,726	16,536	100	$ -	$ -	$ -
Darts Technologies Corporation	Benefit Right Ltd.	British Virgin IS.	General investments holdings	309,460	309,460	9,846	100	2,211,509	506,673	506,673
Benefit Right Ltd.	Power Channel Limited	Hong Kong	General investments holdings	242,325	242,325	6	64.25	2,140,882	784,436	504,070
Foslink Arizona Inc.	Grid Response LLC	USA	Energy service management	12,321	12,321	392	50	-	-	-
Cu International Ltd	New Start Industries Ltd.	British Virgin IS.	Reinvestment business	270,298	270,298	8,600	100	2,044,453	413,853	413,853
Cu International Ltd	Foslink Technical India Private Ltd.	India	Manufacture and sales of electronic telecommunication components	123,457	123,457	26,596	34.45	59,479	541	186
Cu International Ltd	Solteras Limited	British Virgin IS.	Reinvestment business	62,860	62,860	1,960	100	-	-	-
Fugang Electronic (Dongguan) Co., Ltd.	FOXLINK DA NANG ELECTRONICS CO., LTD.	Vietnam	Sales of electronic telecommunication components	314,300	-	10,000	18.18	318,301	164,218	29,855
Foslink Automotive Technology (Kunshan) Co., Ltd.	Foslink Automotive Technology Co., Ltd.	Taiwan	Manufacture and sales of electronic telecommunication components	40,545	40,545	5,000	100	48,353	391	391
Colink International Ltd.	Pacific Wealth Limited	Cayman Islands	General investments holdings	31,430	31,430	1,000	100	(116,746)	11,394	11,394
Colink International Ltd.	Foslink Technical India Private Ltd.	India	Manufacture and sales of electronic telecommunication components	211,641	211,641	21,546	65.55	106,840	541	355
Colink International Ltd.	Foslink Powerbank International Technology Private Ltd.	India	Manufacture and sales of electronic telecommunication components	559	559	160	0.73	75,537	(357)	3)
Colink International Ltd.	Glorytek Science India Private Limited	India	Trading and manufacture	559	559	160	0.73	554	(289)	2)
Pacific Wealth Limited	Foslink International Incorporation	USA	Sales of electronic telecommunication components	15,715	15,715	500	100	(116,748)	11,394	11,394
Foslink Technical India Private Ltd.	Tegna Electronics Private Limited	India	Trading and manufacture	10,490	10,490	3,001	10	12,414	1,774	177
Foslink International Investment Ltd.	FIT Holding Co., Ltd.	Taiwan	General investments holdings	1,241,017	1,241,017	58,303	23.67	672,163	(5,625,725)	(1,340,659)
Foslink International Investment Ltd.	Xanqiang Communication Technology Co., Ltd.	Taiwan	Manufacture and sales of telecommunication equipment and apparatus	80,000	80,000	6,857	21.43	721	116,719	25,504
Foslink International Investment Ltd.	World Circuit Technology Co., Ltd.	Taiwan	Manufacture and sales of electronic telecommunication components and flexible printed circuit	469,500	469,500	15,650	69.56	174,812	(29,078)	(17,981)
Foslink International Investment Ltd.	Central Motion Picture Corporation	Taiwan	Motion picture production	876,000	876,000	15,000	13.60	1,549,971	72,206	2,987

(Except as otherwise indicated)

Investor	Investor	Location	Main business activities	Initial investment amount		Shares held as at December 31, 2025			Net income (loss) of the investor for the year ended December 31, 2025	Investment income (loss) recognised by the Company for the year ended December 31, 2025
				Balance as at December 31, 2025	Balance as at December 31, 2024	Number of shares (in thousand shares)	Ownership (%)	Book value
Foslink International Investment Ltd.	Foslink India Electric Private Limited	India	Manufacture and sales of electronic telecommunication components	$ 160,662	$ 160,662	41,646	11.60	($ 43,290)	($ 77,120)	($ 8,718)
Foslink International Investment Ltd.	Synerobotic Co., Ltd.	Taiwan	Sales of electronic telecommunication components	57,485	10,000	6,700	100	12,566	($ 55,115)	($ 55,357)
Foslink International Investment Ltd.	Foslink (Vietnam) Co., Ltd.	Vietnam	Sales of electronic telecommunication components	185,058	185,058	6,452	100	2,011,836	($ 767,383)	($ 767,383)
Foslink International Investment Ltd.	FOXLINK DA NANG ELECTRONICS CO., LTD	Vietnam	Sales of electronic telecommunication components	1,450,821	1,450,821	45,000	81.82	1,432,528	($ 164,218)	($ 134,363)
Foslink International Investment Ltd.	FOXLINK DA NANG TECHNOLOGY COMPANY LIMITED	Vietnam	Sales of electronic telecommunication components	63,140	-	2,000	100	62,823	($ 6)	($ 6)
Foslink Image Technology Co., Ltd.	Central Motion Picture Corporation	Taiwan	Motion picture production	257,656	257,656	4,294	3.89	190,159	($ 72,206)	($ 855)
World Circuit Technology Co., Ltd.	Value Success Ltd	British Virgin IS.	Holding company and reinvestment business	201,152	201,152	5,000	100	3,284	($ 29,786)	($ 29,786)
Value Success Ltd	Capital Guardian Limited	British Virgin IS.	Sales of electronic telecommunication components	201,152	201,152	3,005	100	3,214	($ 29,786)	($ 29,786)
Capital Guardian Limited	World Circuit Technology (Hong Kong) Limited	Hong Kong	Sales of electronic telecommunication components	35,187	35,187	-	100	3,214	($ 29,786)	($ 29,786)
Fu Usi International Investment Ltd.	FIT Holding Co., Ltd.	Taiwan	General investments holdings	426,860	426,860	14,690	5.97	124,502	($ 5,625,725)	($ 338,037)
Fu Usi International Investment Ltd.	Studio A Inc.	Taiwan	Sales of electronic telecommunication components	96,200	96,200	13,196	51	401,668	($ 94,911)	($ 48,405)
Fu Usi International Investment Ltd.	VA Product Inc.	Taiwan	Sales of electronic telecommunication components	16,642	16,642	2,400	100	31,951	($ 2,164)	($ 2,164)
Fu Usi International Investment Ltd.	Zhi De Investment Co., Ltd.	Taiwan	General investments holdings	2,184,388	2,184,388	170,918	100	254,214	($ 486,363)	($ 486,363)
Fu Usi International Investment Ltd.	CMPC Cultural & Creative Co., Ltd.	Taiwan	Venture capital	150,000	150,000	15,000	42.86	140,228	($ 238)	($ 4,279)
Fu Usi International Investment Ltd.	Shinfos Energy Co., Ltd.	Taiwan	Mechanical installation and piping engineering	960,164	694,170	21,998	8.01	111,657	($ 15,941,683)	($ 1,275,859)
Fu Usi International Investment Ltd.	Foslink India Electric Private Limited	India	Manufacture and sales of electronic telecommunication components	1,191,167	1,010,999	317,247	88.40	329,770)	($ 77,120)	($ 68,402)
Fu Usi International Investment Ltd.	X2 CLOUD INC.	USA	Security software service	188,580	-	6,000	60	160,886	($ 45,790)	($ 27,474)
Zhi De Investment Co., Ltd.	FIT Holding Co., Ltd.	Taiwan	General investments holdings	1,486,096	1,486,096	21,056	8.55	53,286)	($ 5,625,725)	($ 484,482)
Studio A Inc.	Straight A Inc.	Taiwan	Sales of electronic telecommunication components	84,543	84,543	12,527	100	214,856	($ 56,301)	($ 56,301)

(Except as otherwise indicated)

Investor	Investor	Location	Main business activities	Initial investment amount		Shares held as at December 31, 2025			Net income (loss) of the investor for the year ended December 31, 2025	Investment income (loss) recognised by the Company for the year ended December 31, 2025
				Balance as at December 31, 2025	Balance as at December 31, 2024	Number of shares (in thousand shares)	Ownership (%)	Book value
Studio A Inc.	Studio A Technology Limited	Hong Kong	Sales of electronic telecommunication components	$ 10,297	$ 10,297	2,550	51	$ 232,360	$ 48,992	$ 24,986
Studio A Inc.	Jing Jing Technology Co., Ltd.	Taiwan	Sales of electronic telecommunication components	3,700	3,700	370	100	8,115	63	63
Studio A Technology Limited	Ashop Co., Ltd.	South Korea	Sales of electronic telecommunication components	4,715	4,715	10	100	40,593	10,920	10,920
Studio A Technology Limited	Straight A (Hong Kong) Inc.	Hong Kong	Sales of electronic telecommunication components	8,076	8,076	200	100	7,887	178	178
MICROLINK COMMUNICATIONS INC.	MICROLINK DA NANG COMMUNICATION COMPANY LIMITED	Vietnam	Manufacture and sales of electronic telecommunication components	125,720	-	4,000	100	120,474	(5,130)	(5,130)
FIT Holding Co., Ltd.	Glory Science Co., Ltd.	Taiwan	Manufacture and sales of optical instruments	2,814,868	2,814,868	35,000	100	466,873	221,245	221,245
FIT Holding Co., Ltd.	Foxlink Image Technology Co., Ltd.	Taiwan	Manufacture and sales of image scanners and multifunction printers	3,011,140	3,011,140	164,994	100	3,378,613	(25,879)	(32,216)
FIT Holding Co., Ltd.	Power Quotient International Co., Ltd.	Taiwan	Manufacture and sales of electronic telecommunication components	3,372,180	3,372,180	444,691	100	682,417	(5,929,367)	(5,930,137)
FIT Holding Co., Ltd.	Shih Fong Power Co., Ltd.	Taiwan	Hydroelectric power	300,000	300,000	37,500	16.30	390,663	6,350	1,035
FIT Holding Co., Ltd.	Synergy Co., Ltd.	Taiwan	Energy service management	36,760	36,760	3,676	2.50	36,772	9,172	169
Foxlink Image Technology Co., Ltd.	ACCU-Image Technology Limited	British Virgin IS.	Manufacture and sales of image scanners and multifunction printers	1,357,049	1,357,049	20,241	100	3,497,250	509,486	509,486
Foxlink Image Technology Co., Ltd.	Shih Fong Power Co., Ltd.	Taiwan	Hydroelectric power	957,600	957,600	79,800	34.70	962,812	6,350	2,203
Foxlink Image Technology Co., Ltd.	Shinfox Energy Co., Ltd.	Taiwan	Energy service management	1,466,522	-	18,332	6.67	403,034	(15,941,683)	(1,063,310)
Accu-Image Technology Limited	Power Channel Limited	Hong Kong	Holding company and reinvestment business	134,835	134,835	4	35.75	1,292,832	784,338	280,401
Glory Science Co., Ltd.	GLORY TEK (BVI) CO., LTD.	British Virgin IS.	General investments holdings	1,492,919	1,492,919	47,500	100	606,682	621,795	621,795
Glorytek (BVI) Co., Ltd.	GLORY TEK (SAMOA) CO., LTD.	Samoa	General investments holdings	1,001,065	1,001,065	31,851	100	665,724	235,576	235,576
Glorytek (BVI) Co., Ltd.	GLORY OPTICS (BVI) CO., LTD.	British Virgin IS.	Sales agent	502,880	502,880	16,000	100	(123,184)	386,510	386,510
Glorytek (BVI) Co., Ltd.	GLORYTEK SCIENCE INDIA PRIVATE LIMITED	India	Trading and manufacture	105,789	105,789	21,773	99.27	75,529	(289)	(287)
Glorytek Science India Private Limited	TEGNA ELECTRONICS PRIVATE LIMITED	India	Trading and manufacture	10,488	10,488	3,001	10	12,415	1,774	177

(Except as otherwise indicated)

Investor	Investor	Location	Main business activities	Initial investment amount		Shares held as at December 31, 2025			Net income (loss) of the investor for the year ended December 31, 2025	Investment income (loss) recognised by the Company for the year ended December 31, 2025
				Balance as at December 31, 2025	Balance as at December 31, 2024	Number of shares (in thousand shares)	Ownership (%)	Book value
Power Quotient International Co., Ltd.	Power Quotient International (H.K.) Co., Ltd.	Hong Kong	Sales of electronic telecommunication components	$ 428,432	$ 428,432	106,100	100	$ 751,847	$ 11,157	$ 11,157
Power Quotient International Co., Ltd.	PQI Japan Co., Ltd.	Japan	Sales of electronic telecommunication components	2,008	2,008	24	100	2,154	-	-
Power Quotient International Co., Ltd.	Syscom Development Co., Ltd.	British Virgin IS.	Specialized investments holding	341,423	341,423	10,863	100	78,309	(347)	(347)
Power Quotient International Co., Ltd.	Apix Limited	British Virgin IS.	Specialized investments holding	3,252,037	3,252,037	13	100	910,342	53,879	53,879
Power Quotient International Co., Ltd.	Shinfox Energy Co., Ltd.	Taiwan	Energy service management	3,646,600	3,646,600	102,951	37.49	525,852	(15,941,683)	(5,976,537)
Shinfox Energy Co., Ltd.	Foxwell Energy Corporation Ltd.	Taiwan	Energy service management	11,533,000	8,233,000	1,374,500	100	7,615,076	(6,353,620)	(6,351,623)
Shinfox Energy Co., Ltd.	Shinfox Natural Gas Co., Ltd.	Taiwan	Energy service management	360,000	360,000	36,000	80	258,191	(23,208)	(18,566)
Shinfox Energy Co., Ltd.	Foxwell Power Co., Ltd.	Taiwan	Energy service management	546,585	656,590	36,439	49.36	1,281,462	450,199	79,752
Shinfox Energy Co., Ltd.	Jiawei Power Co., Ltd.	Taiwan	Natural gas power generation business	200,000	1,100,000	20,000	100	50,138	(130,097)	(130,097)
Shinfox Energy Co., Ltd.	Yaanshan Forest Natural Resources Co., Ltd.	Taiwan	Afforestation	100,000	100,000	10,000	100	66,464	(18,590)	(18,590)
Shinfox Energy Co., Ltd.	Elegant Energy Tech Co., Ltd.	Taiwan	Energy technical services	200,000	200,000	500	100	219	(2,217)	(53,689)
Shinfox Energy Co., Ltd.	Changpin Wind Power Ltd.	Taiwan	Electric Power Generation	370,000	270,000	37,000	50	281,893	4,536	2,268
Shinfox Energy Co., Ltd.	Guanwei Power Co., Ltd	Taiwan	Electric Power Generation	35,700	35,700	3,570	51	34,965	(516)	(263)
Shinfox Energy Co., Ltd.	Shinfox Far East Company Pte Ltd	Singapore	Marine engineering business	1,684,648	1,684,648	53,600	67	(7,868,684)	(11,776,527)	(9,160,037)
Shinfox Energy Co., Ltd.	Jun Wei Technology Co., Ltd	Taiwan	Electric Power Generation	22,000	22,000	2,200	100	18,106	(263)	(263)
Shinfox Energy Co., Ltd.	Eastern Rainbow Green Energy Environmental Technology Co., Ltd.	Taiwan	Energy technical services	218,020	218,020	19,820	56.63	134,019	(33,477)	(18,958)
Shinfox Energy Co., Ltd.	Ubilink Al Co., Ltd.	Taiwan	Computer software services	26,400	10,000	2,640	13.20	(22,536)	(359,765)	(41,959)
Shinfox Energy Co., Ltd.	Youde Wind Power Co., Ltd.,	Taiwan	Electric Power Generation	491,000	491,000	49,100	70.04	474,200	(23,753)	(16,637)
Shinfox Energy Co., Ltd.	FOX NAM ENERGY CO., LTD.	Vietnam	Electric Power Generation	110,005	110,005	-	100	106,991	1,079	1,079

(Except as otherwise indicated)

Investor	Investor	Location	Main business activities	Initial investment amount		Shares held as at December 31, 2025			Net income (loss) of the investor for the year ended December 31, 2025	Investment income (loss) recognised by the Company for the year ended December 31, 2025
				Balance as at December 31, 2025	Balance as at December 31, 2024	Number of shares (in thousand shares)	Ownership (%)	Book value
Shinfox Energy Co., Ltd.	DAKPSI INVESTMENT AND DEVELOP HYDROELECTIC JOINT STOCK COMPANY	Vietnam	Electric Power Generation	$ 631,127	$ 631,127	14,645	35	$ 675,446	$ 111,259	$ 38,975
Shinfox Energy Co., Ltd.	Synergy Co., Ltd.	Taiwan	Energy service management	800,010	-	80,001	50	621,657	9,172	1,511
Foxwell Energy Corporation Ltd.	Xinwei Power Co., Ltd.	Taiwan	Electric Power Generation	-	37,300	-	-	-	4,682	9,870
Foxwell Energy Corporation Ltd.	Youde Wind Power Co., Ltd.,	Taiwan	Electric Power Generation	210,000	210,000	21,000	29.96	202,815	(23,753)	(7,116)
Foxwell Power Co., Ltd.	Foxwell Certification Co., Ltd.	Taiwan	Energy technical services	28,650	28,650	2,865	95.50	13,190	(1,100)	(1,051)
Foxwell Power Co., Ltd.	Cheng Shin Digital Co., Ltd.	Taiwan	Energy technical services	48,436	48,436	4,844	49	35,224	840	1,265
Foxwell Power Co., Ltd.	Billion Sun Energy Storage Technologies Inc.	Taiwan	Energy technical services	369,215	-	39,240	30	129,550	24	(255,862)
Foxwell Power Co., Ltd.	Huijie Energy Co., Ltd.	Taiwan	Energy technical services	500	-	50	100	499	-	-
Foxwell Power Co., Ltd.	Smart Power System Ltd.	Taiwan	Energy technical services	696,171	-	8,160	51	609,645	35,439	4,697
Smart Power System Ltd.	Hongju Energy Co., Ltd.	Taiwan	Energy storage site development industry	3,900	3,900	679	30	7,199	(417)	(746)
Smart Power System Ltd.	Shinfox Far East (Taiwan) Co., Ltd.	Taiwan	Overseas energy storage market development	12,500	12,500	1,250	40	4,052	(13,838)	(6,778)
Smart Power System Ltd.	Billion Power System Technologies INC.	Taiwan	Electrical equipment inspection and maintenance industry	-	4,900	-	-	-	4,289	2,102
Smart Power System Ltd.	Zhixin Energy Co., Ltd.	Taiwan	Energy storage equipment services and operation services	6,010	1,000	601	100	8,298	2,200	2,200
Smart Power System Ltd.	SMART POWER SYSTEM AUSTRALIA PTY LTD	Australia	Energy technical services	13,390	-	700	100	14,271	(417)	(417)
Eastern Rainbow Green Energy Environmental Technology Co., Ltd.	Eastern Rainbow Environmental Resources Co., Ltd. (Eastern Rainbow Environmental)	Taiwan	Energy technical services	2,500	2,500	250	100	781	(29)	(29)
Synergy Co., Ltd.	Xinwei Power Co., Ltd.	Taiwan	Electric Power Generation	44,151	-	3,730	100	43,751	4,682	(400)
Synergy Co., Ltd.	Billion Sun Energy Storage Technologies Inc.	Taiwan	Energy technical services	523,200	-	64,000	40	513,936	24	3
SHINFOX FAR EAST COMPANY PTE LTD	SFE HERCULES COMPANY CORPORATION	Panama	Marine engineering services	5,281,500	5,281,500	-	100	5,321,896	289,512	289,512
SHINFOX FAR EAST COMPANY PTE LTD	Shinfox Far East (Taiwan) Co., Ltd.	Taiwan	Marine engineering services	30,000	30,000	3,000	100	24,458	(53,003)	(53,003)

(Except as otherwise indicated)

Investor	Investor	Location	Main business activities	Initial investment amount		Shares held as at December 31, 2025			Net income (loss) of the investor for the year ended December 31, 2025	Investment income (loss) recognised by the Company for the year ended December 31, 2025	Footnote
				Balance as at December 31, 2025	Balance as at December 31, 2024	Number of shares (in thousand shares)	Ownership (%)	Book value
SHINFOX FAR EAST COMPANY PTE LTD	SFE DEVELOPER COMPANY CORPORATION	Panama	Marine engineering services	$ 1,677,444	$ 3	-	100	$ 1,355,248	($ 319,629)	($ 319,629)
SYSCOM DEVELOPMENT CO.,LTD	FOXLINK POWERBANK INTERNATIONAL TECHNOLOGY PRIVATE LIMITED	India	Sales of electronic telecommunication components	105,698	105,698	21,790	99.27	75,537	( 357)	( 354)
APIX LIMITED	Sinocity Industries Limited	Hong Kong	Sales of electronic products	2,725,650	2,725,650	6,000	100	658,771	41,875	41,875
APIX LIMITED	PERENNIAL ACE LIMITED	British Virgin IS.	Specialized investments holding	669,459	669,459	-	100	251,419	12,003	12,003
Sinocity Industries Limited	DG Lifestyle Store Limited	Macao	Sales of electronic products	-	392	-	-	-	146	-	Note 2
PERENNIAL ACE LIMITED	Studio A Technology Limited	Hong Kong	Sales of electronic products	4,998	4,998	1,225	24.50	111,623	48,992	12,003
FOXLINK POWERBANK INTERNATIONAL TECHNOLOGY	TEGNA ELECTRONICS PRIVATE LIMITED	India	Trading and manufacture	10,490	10,490	3,001	10	12,415	1,774	177

Note 1: In November 2025 DU Precision Industry Co., Ltd. completed a capital reduction to offset accumulated deficits and return cash to shareholders amounting to $590,000.
Note 2: The liquidation of DG Lifestyle Store Limited was completed in the fourth quarter of 2025.

Cheng Uzi Precision Industry Co., Ltd. and subsidiaries

Information on investments in Mainland China

Year ended December 31, 2025

Table 8
Expressed in thousands of NTD
(Except as otherwise indicated)

Investor in Mainland China	Main business activities	Paid-in capital	Investment method	Accumulated amount of remittance from Taiwan to Mainland China as of January 1, 2025	Amount remitted from Taiwan to Mainland China/Amount remitted back to Taiwan for the year ended December 31, 2025		Accumulated amount of remittance from Taiwan to Mainland China as of December 31, 2025	Net income (loss) of investee as of December 31, 2025	Ownership held by the Company (direct or indirect)	Investment income (loss) recognised by the Company for the year ended December 31, 2025	Book value of investments in Mainland China as of December 31, 2025	Accumulated amount of investment income remitted back to Taiwan as of December 31, 2025
					Remitted to Mainland China	Remitted back to Taiwan
Fugang Electronic (Dongguan) Co., Ltd.	Manufacture and sales of electronic telecommunication components	$ 1,838,188	Investment through an existing company in the third area	$ 1,838,188	$ -	$ -	$ 1,838,188	($ 876,198)	100	($ 876,198)	$ 8,023,239	$ -
Culink Tianjin Co., Ltd.	Manufacture and sales of electronic telecommunication components	125,720	Investment through an existing company in the third area	31,430	-	-	31,430	345	100	345	177,076	-
Fugang Electric (Kanshan) Co., Ltd.	Manufacture and sales of electronic telecommunication components	3,818,745	Investment through an existing company in the third area	3,818,745	-	-	3,818,745	( 383,260)	100	( 383,260)	2,403,484	-
Deng Guan Fu Shi Chang Co., Ltd.	Manufacture and sales of electronic telecommunication components	3,780	Investment through an existing company in the third area	3,780	-	-	3,780	-	100	-	2,508	-
Dongguan Fuqiang Electronics Co., Ltd.	Manufacture and sales of electronic telecommunication components	4,677,098	Investment through an existing company in the third area and the investee company in Mainland China	3,628,688	-	-	3,628,688	141,760	100	141,760	11,087,200	-
Foxlink Automotive Technology (Kanshan) Co., Ltd.	Manufacture and sales of electronic telecommunication components	202,400	Investment through an existing company in the third area and the investee company in Mainland China	94,290	-	-	94,290	( 60,814)	100	( 60,814)	237,836	-
Foxlink Energy (Tianjin) Ltd.	Manufacture and sales of electronic telecommunication components	125,720	Investment through an existing company in the third area	125,720	-	-	125,720	( 87)	100	( 87)	133,269	-
Fushineng Electronics (Kanshan) Co., Ltd.	Manufacture and sales of electronic telecommunication components	377,160	Investment through an existing company in the third area	377,160	-	-	377,160	( 220,183)	100	( 220,183)	1,596,642	-
Fu Shi Xiang Research & Development Center (Kanshan) Co., Ltd.	Manufacture and sales of electronic telecommunication components	141,435	Investment through an existing company in the third area	141,435	-	-	141,435	( 2,873)	100	( 2,873)	61,932	-
Fu Gang Electronic (Nan Chung) Co., Ltd.	Manufacture and sales of electronic telecommunication components	1,571,500	Investment through an existing company in the third area and the investee company in Mainland China	1,571,500	-	-	1,571,500	( 1,294,664)	100	( 1,294,664)	23,762	-
Fugang Electric (Yancheng) Co., Ltd.	Manufacture and sales of electronic telecommunication components	-	Investment through an existing company in the third area	-	-	-	-	-	-	-	-	Note 1
Fugang Electric (Yancheng) Co., Ltd.	Manufacture and sales of electronic telecommunication components	314,300	Investment through an existing company in the third area	314,300	-	-	314,300	73,797	-	73,797	-	Note 2
Foxlink Tianjin Co., Ltd.	Manufacture and sales of electronic telecommunication components	565,740	Investment through an existing company in the third area	163,436	-	-	163,436	523,892	100	523,892	431,728	1,026,857
Kanshan Fugang Investment Co., Ltd.	Reinvestment business	942,900	Investment through the investee company in Mainland China	942,900	-	-	942,900	192,551	100	192,551	1,992,274	-
Fugang Electric (Maanshan) Co., Ltd.	Manufacture and sales of electronic telecommunication components	956,446	Investment through an existing company in the third area	314,300	-	-	314,300	1,027,714	100	1,027,714	( 147,440)	-

Table 8 Page 1

Investor in Mainland China	Main business activities	Paid-in capital	Investment method	Accumulated amount of remittance from Taiwan to Mainland China as of January 1, 2025	Amount remitted from Taiwan to Mainland China/Amount remitted back to Taiwan for the year ended December 31, 2025		Accumulated amount of remittance from Taiwan to Mainland China as of December 31, 2025	Net income (loss) of investee as of December 31, 2025	Ownership held by the Company (direct or indirect)	Investment income (loss) recognised by the Company for the year ended December 31, 2025	Book value of investments in Mainland China as of December 31, 2025	Accumulated amount of investment income remitted back to Taiwan as of December 31, 2025	Footnote
					Remitted to Mainland China	Remitted back to Taiwan
Kunshan Fugang Electric Trading Co., Ltd.	Sales of electronic telecommunication components	$ 530,254	Investment through the investee company in Mainland China	$ 174,594	$ 12,601	$ -	$ 187,195	$ 6,743	100	$ 6,743	$ 490,791	$ -
Kunshan Fu Shi You Trading Co., Ltd.	Sales of electronic telecommunication components	62,602	Investment through the investee company in Mainland China	-	-	-	-	(877)	51	(447)	6,060	-
Shanghai Fugang Electric Trading Co., Ltd.	Sales of electronic telecommunication components	8,943	Investment through the investee company in Mainland China	-	-	-	-	(11,662)	51	(5,505)	(39,727)	-
Shanghai Standard Information Technology Co., Ltd.	Sales of electronic telecommunication components	22,358	Investment through the investee company in Mainland China	-	-	-	-	(2,446)	51	(1,247)	3,543	-
Changzhou Fugang Digital Technology Co., Ltd	Sales of electronic telecommunication components	-	Investment through the investee company in Mainland China	-	-	-	-	1,617	51	825	845	-	Note 3
Hefei Jingzhi Digital Technology Co., Ltd	Sales of electronic telecommunication components	-	Investment through the investee company in Mainland China	-	-	-	-	4,998	51	2,549	2,611	-	Note 3
Yangzhou Biaogan Digital Technology Co., Ltd	Sales of electronic telecommunication components	-	Investment through the investee company in Mainland China	-	-	-	-	2,325	51	1,186	1,215	-	Note 3
Sharotronic Data Technology Co., Ltd.	Manufacture and sales of electronic telecommunication components	1,535,355	Investment through an existing company in the third area and the investee company in Mainland China	377,160	-	-	377,160	5,006,355	16.79	800,122	3,261,222	-
Fuqiang Electric (Maanshan) Co., Ltd.	Manufacture and sales of electronic telecommunication components	157,150	Investment through the investee company in Mainland China	-	-	-	-	(27)	100	(27)	142,945	-
Fugang Electric (Xuzhou) Co., Ltd.	Manufacture and sales of electronic telecommunication components	1,948,660	Investment through an existing company in the third area	1,948,660	-	-	1,948,660	32,935	100	32,935	4,405,885	-
Dongguan Banrin Robot Technology Co., Ltd.	Manufacture and sales of automated equipment	134,148	Investment through the investee company in Mainland China	-	-	-	-	(9,493)	31.03	(12,462)	98,018	-
Tetubitcom Technology Co., Ltd.	Research, manufacture and sales of communication equipment and accessories	223,580	Investment through the investee company in Mainland China	-	-	-	-	(56,210)	15.38	(17,437)	205,717	-
Suzhou Keyu Rui Automobile Technology Co., Ltd.	Trading and manufacture	11,179	Investment through the investee company in Mainland China	-	-	-	-	(123)	-	(69)	-	-	Note 4
Changzhou Xinwei Vehicle Energy Venture Capital Co., Ltd.	General investments holding	447,160	Investment through an existing company in the third area	-	-	-	-	(9,421)	50	(4,711)	386,524	-	-
Hangzhou Huanta Power Technology Development Services Co., Ltd.	Manufacture and sales of electronic telecommunication components	134,148	Investment through the investee company in Mainland China	-	-	-	-	(3,149)	43.71	(1,376)	118,966	-
Dong Guan HanYang Computer Co., Ltd.	Manufacture of image scanners and multifunction printers and investment of real estate	192,201	Investment through an existing company in the third area	192,201	-	-	192,201	28,485	100	28,485	404,242	-
Dong Guan Fu Zhang Precision Industry Co., Ltd.	Mold development and plastic components business	254,968	Investment through an existing company in the third area	187,495	-	-	187,495	19,948	100	19,948	154,315	-

Table 8 Page 2

Investor in Mainland China	Main business activities	Paid-in capital	Investment method	Accumulated amount of remittance from Taiwan to Mainland China as of January 1, 2025	Amount remitted from Taiwan to Mainland China/Amount remitted back to Taiwan for the year ended December 31, 2025		Accumulated amount of remittance from Taiwan to Mainland China as of December 31, 2025	Net income (loss) of investee as of December 31, 2025	Ownership held by the Company (direct or indirect)	Investment income (loss) recognised by the Company for the year ended December 31, 2025	Book value of investments in Mainland China as of December 31, 2025	Accumulated amount of investment income remitted back to Taiwan as of December 31, 2025	Footnote
					Remitted to Mainland China	Remitted back to Taiwan
Wei Hui Fu Kang Electric Co., Ltd.	Manufacture and sales of parts and moulds of photocopiers and scanners	$ 785,750	Investment through an existing company in the third area	$ 377,160	$ -	$ -	$ 377,160	$ 154,960	100	$ 154,960	$ 1,047,557	$ -
Dongguan Fu Wei Electronics Co., Ltd.	Manufacture of image scanners, multifunction printers, and related accessories	188,580	Investment through an existing company in the third area	166,841	-	-	166,841	26,041	100	26,041	675,434	-
Glorytek (Suzhou) Co., Ltd.	Trading and manufacture	440,020	Investment through an existing company in the third area	429,027	-	-	429,027	126,914	100	126,914	392,925	-
Glorytek (Yancheng) Co., Ltd.	Trading and manufacture	282,870	Investment through an existing company in the third area	282,870	-	-	282,870	437,128	100	437,128	(358,916)	-
Yancheng Yaowei Technology Co., Ltd.	Trading and manufacture	44,716	Investment through the investee company in Mainland China	-	-	-	-	31	100	31	86,708	-
Glory Optics (Yancheng) Co., Ltd.	Trading and manufacture	1,181,464	Investment through an existing company in the third area and the investee company in Mainland China	559,454	-	-	559,454	232,085	100	232,085	582,653	-
Power Quotient Technology (Yancheng) Co., Ltd.	Manufacture and sales of electronic telecommunication components	628,600	Investment through an existing company in the third area	Note 4	-	-	-	11,240	100	11,240	751,628	-
PQI (Xuzhou) New Energy Co., Ltd.	Manufacture and sales of electronic telecommunication components	-	Investment through an existing company in the third area	Note 5	-	-	-	16	-	16	-	-	Note 7
Kunshun Jiawei Info Tech Co., Ltd.	Supply chain finance energy service management	31,431	Direct investment	1,572	1,572	-	3,144	613	100	613	36,541	-
Kunfihan Eastern Rainbow Environmental Equipment Co., Ltd.	Energy technical services	22,358	Direct investment	22,358	-	-	22,358	(6,574)	100	(6,574)	16,220	-
Chengdu Xinfuwei Energy Co., Ltd.	Electric Power Generation	125,720	Direct investment	125,720	-	-	125,720	(1,012)	100	(1,012)	125,969	-

Note 1: Fugang Electric (Yancheng) Co., Ltd. was liquidated in the first quarter of 2025.
Note 2: Fuqiang Electric (Yancheng) Co., Ltd. was liquidated in the fourth quarter of 2025.
Note 3: Changzhou Fugang Digital Technology Co., Ltd, Hefei Jingzhi Digital Technology Co., Ltd and Yangzhou Biaogan Digital Technology Co., Ltd has completed the registration in the first quarter of 2025. However, there was no capital injection as of December 31, 2025.
Note 4: Suzhou Keyu Rui Automobile Technology Co., Ltd. was liquidated in the second quarter of 2025.
Note 5: The financing amount remitted to PQI's indirect investment of PQI (Xuzhou) New Energy Co., Ltd. were through Power Quotient Technology (Yancheng) Co., Ltd.
Note 6: The financing amount remitted to PQI's indirect investment of Power Quotient Technology (Yancheng) Co., Ltd. was through an existing company in the third area.
Note 7: The liquidation of PQI (Xuzhou) New Energy Co., Ltd. was completed in the third quarter of 2025.

Company name	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
Cheng Uei Precision Industry Co., Ltd.	$ 15,744,052	$ 17,077,991	The Company's investment in Mainland China is not subject to an upper limit as the Company obtained the certificate of scope of operations issued by Industrial Development Bureau, MOEA in accordance with the Regulations Governing the Examination of Investment or Technical Cooperation in Mainland China amended on August 29, 2008.
Foxlink Image Technology Co., Ltd.	1,071,191	1,552,399	1,784,008
Glory Science Co., Ltd.	1,271,351	1,271,351	280,456
Power Quotient International Co., Ltd.	-	685,017	31,848
Shinfox Energy Co., Ltd.	128,864	128,864	841,587
Eastern Rainbow Green Energy Environmental Technology Co., Ltd.	22,358	22,358	131,911

Note 1: The investment was approved by the Investment Commission of MOEA.
Note 2: Investment income (loss) recognised by the Company for the year ended December 31, 2025 was audited by independent auditors.
Note 3: The Company's investment in Mainland China is not subject to an upper limit as the Company obtained the scope of operations certificate of being qualified for operating headquarters issued by Industrial Development Bureau, MOEA in accordance with the Regulations Governing the Examination of Investment or Technical Cooperation in Mainland China amended on August 29, 2008.
Note 4: The investments through the investee company in Mainland China of the Company including: Dongguan Fuqiang Electronics Co., Ltd., Fugang Electric (Maanshan) Co., Ltd., Fu Gang Electronic (Nan Chang) Co., Ltd., Foxlink Automotive Technology (Kunshan) Co., Ltd., Kunshan Fugang Electric Trading Co., Ltd., Kunshan Fu Shi You Trading Co., Ltd., Shanghai Fugang Electric Trading Co., Ltd., Fuqiang Electric (Maanshan) Co., Ltd., Dongguan Banrin Robot Technology Co., Ltd. and Terabitcom Technology Co., Ltd. Except for the investment via the holding companies in Mainland China, other investments shall not be approved by Investment Commission of MOEA.

AI assistant

FOXLINK — Audit Report / Information 2025

52051_rns_2026-05-28_7aa4dd94-7a9f-4dd1-aee2-fc72ef626eed.pdf

CHENG UEI PRECISION INDUSTRY CO., LTD.

Declaration of Consolidated Financial Statements of Affiliated Enterprises

INDEPENDENT AUDITORS' REPORT TRANSLATED FROM CHINESE

Opinion

Basis for opinion

Key audit matters

Valuation of goodwill impairment

Description

How our audit addressed the matter

Assessment of allowance for inventory valuation losses

Description

How our audit addressed the matter

Recognition of construction revenue—assessment on the stage of completion

Description

Other matter - Reference to the reports of other auditors

Other matter-Parent company only financial reports

Responsibilities of management and those charged with governance for the consolidated financial statements

Auditors' responsibilities for the audit of the consolidated financial statements

CHENG UEI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2025 AND 2024

CHENG UEI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

YEARS ENDED DECEMBER 31, 2025 AND 2024

CHENG UEI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

1. HISTORY AND ORGANIZATION

2. THE DATE OF AUTHORISATION FOR ISSUANCE OF THE CONSOLIDATED FINANCIAL STATEMENTS AND PROCEDURES FOR AUTHORISATION

3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS

4. SUMMARY OF MATERIAL ACCOUNTING POLICIES

(1) Compliance statement

(2) Basis of preparation

(3) Basis of consolidation

(4) Foreign currency translation

6. DETAILS OF SIGNIFICANT ACCOUNTS

(1) Cash and cash equivalents

(2) Financial assets at fair value through profit or loss

C. Joint ventures

(13) Impairment of non-financial assets

C. Provision for warranty

D. Decommissioning liabilities

(21) Share capital

B. Treasury shares

(24) Operating revenue

C. Contract assets and contract liabilities

7. RELATED PARTY TRANSACTIONS

(1) Names of related parties and relationship

(2) Significant related party transactions

C. Rental revenue

D. Receivables from related parties

E. Prepayments

H. Lease transactions - lessee

(2) Commitments

12. OTHERS

(1) Capital management

(2) Financial instruments

B. Risk management policies

C. Significant financial risks and degrees of financial risks

(a) Market risk

Foreign exchange risk

Price risk

13. SUPPLEMENTARY DISCLOSURES

14. SEGMENT INFORMATION

(1) General information

(2) Measurement of segment information

(3) Segment information

(4) Reconciliation for segment profit (loss)

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