6670

FUSHENG PRECISION CO., LTD.
AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
WITH INDEPENDENT AUDITORS' REPORT
FOR THE NINE-MONTH PERIODS ENDED
SEPTEMBER 30, 2025 AND 2024

Address: 3F., No. 172, Sec. 2, Nanjing E. Rd., Zhongshan Dist., Taipei City, Taiwan (R.O.C.)
Telephone: 886-2-2507-2211

The reader is advised that these consolidated financial statements have been prepared originally in Chinese. In the event of a conflict between these financial statements and the original Chinese version or difference in interpretation between the two versions, the Chinese language financial statements shall prevail.

EV安永

Building a better working world

安永聯合會計師事務所

11012 台北市基隆路一段 333 號 9 樓

9F, No. 333, Sec. 1, Keelung Road

Taipei City, Taiwan, R.O.C.

電話 Tel: 886 2 2757 8888

傳真 Fax: 886 2 2757 6050

www.ey.com/tw

English Translation of Review Report Originally Issued in Chinese

Independent Auditors' Review Report

To Fusheng Precision Co., Ltd.

Introduction

We have reviewed the accompanying consolidated balance sheets of Fusheng Precision Co., Ltd. (the "Company") and its subsidiaries as of September 30, 2025 and 2024, and the related consolidated statements of comprehensive income, for the three-month and nine-month periods ended September 30, 2025 and 2024 and consolidated statement of changes in equity and cash flows for nine-month periods ended September 30, 2025 and 2024, and notes to the consolidated financial statements, including the summary of significant accounting policies (together "the consolidated financial statements"). Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, "Interim Financial Reporting" as endorsed and became effective by Financial Supervisory Commission of the Republic of China. Our responsibility is to express a conclusion on these consolidated financial statements based on our reviews.

Scope of Review

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

EV安永

Building a better working world

安永聯合會計師事務所

11012 台北市基隆路一段 333 號 9 樓

9F, No. 333, Sec. 1, Keelung Road

Taipei City, Taiwan, R.O.C.

電話 Tel: 886 2 2757 8888

傳真 Fax: 886 2 2757 6050

www.ey.com/tw

The basis for qualified conclusion in the financial statements for the nine-month period ended September 30, 2024

As stated in Note 4(3) to the consolidated financial statements, the financial statements for the same period of certain non-significant subsidiaries included in the consolidated financial statements from January 1, 2024, to September 30, 2024, has not been reviewed by the auditor. As of September 30, 2024, the total assets of these subsidiaries amounted to $2,240,270 thousand, constituting 9.49% of consolidated total assets as of September 30, 2024, and total liabilities of these subsidiaries amounted to $1,279,178 thousand, constituting 14.36% of consolidated total liabilities as of September 30, 2024; the total comprehensive income for the periods from July 1, 2024 to September 30, 2024, and from January 1, 2024 to September 30, 2024, both amounted to $42,655 thousand, representing 3.90% and 1.39% of the total consolidated comprehensive income, respectively. Additionally, the related information of the aforementioned subsidiaries disclosed in Note13 to the consolidated financial statements has also not been reviewed by the auditors.

Unqualified conclusion and qualified conclusion

Based on our reviews, and review reports of the other independent auditors (please refer to the Other Matters paragraph below), except for the financial statements and related information of non-significant subsidiaries for the nine-month period ended September 30, 2024 mentioned in the basis for the qualified conclusion, which may have impact on the consolidated financial statements had they been reviewed by the auditor, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Company and its subsidiaries as of September 30, 2025 and 2024, and their consolidated financial performance for the three-month and nine-month periods ended September 30, 2025 and 2024, and their consolidated cash flows for the nine-month periods ended September 30, 2025 and 2024, in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, "Interim Financial Reporting" as endorsed and became effective by Financial Supervisory Commission of the Republic of China.

EY安永

Building a better working world

安永聯合會計師事務所

11012 台北市基隆路一段 333 號 9 樓
9F, No. 333, Sec. 1, Keelung Road
Taipei City, Taiwan, R.O.C.

電話 Tel: 886 2 2757 8888
傳真 Fax: 886 2 2757 6050
www.ey.com/tw

Emphasis of Matter

As described in Note 6(28) of the consolidated financial statements, the Company and its subsidiaries acquired Proxene Tools Co., Ltd. and its subsidiaries on April 9, 2025, the acquisition date, and measured the identifiable assets acquired and liabilities assumed at their fair value as of that date. However, as of the date of approval for the issuance of these consolidated financial statements, the valuation procedures for the identifiable assets acquired and liabilities assumed by the Company and its subsidiaries are still ongoing. Therefore, according to International Financial Reporting Standard No. 3 "Business Combinations," paragraph 45 and B67(a), if the initial accounting treatment of a business combination is not complete before the end of the reporting period in which the combination occurs, the acquirer shall report the provisional amounts for the incomplete accounting items in its financial statements. Thus, in the consolidated financial statements of the Company and its subsidiaries as of September 30, 2025, the amounts of identifiable assets acquired, liabilities assumed, and non-controlling interests of the acquiree due to the business combination are recognized at provisional amounts, which may be adjusted upon the issuance of the formal valuation report. The accountant did not revise the review conclusion as a result.

Other Matter

The financial statements of certain subsidiaries included in the consolidated financial statements of the Company and its subsidiaries have not been reviewed by the accountant but were reviewed by other accountants. Therefore, the conclusion of this accountant's review of the aforementioned consolidated financial statements regarding the amounts presented in those financial statements is based on the review reports of other accountants. As of September 30, 2025, the total assets of certain subsidiaries amounted to $1,461,002 thousand, accounting for 5.74% of the consolidated total assets. The net operating revenue for the three-month and nine-month periods ended September 30, 2025 amounted to $234,074 thousand and $432,592 thousand, respectively, accounting for 3.97% and 2.07% of the consolidated net operating revenue, respectively.

EY安永

Building a better working world

安永聯合會計師事務所

11012 台北市基隆路一段 333 號 9 樓

9F, No. 333, Sec. 1, Keelung Road

Taipei City, Taiwan, R.O.C.

電話 Tel: 886 2 2757 8888

傳真 Fax: 886 2 2757 6050

www.ey.com/tw

Chang, Chiao-Ying

Huang, Zi-Ping

Ernst & Young, Taiwan

November 13, 2025

Notice to Readers

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

Accordingly, the accompanying consolidated financial statements and report of independent accountants are not intended for use by those who are not informed about the accounting principles or the Standards on Auditing of the Republic of China, and their applications in practice. As the financial statements are the responsibility of the management, Ernst & Young 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.

English Translation of Consolidated Financial Statement Originally Issued in Chinese

FUSHENG PRECISION CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

September 30, 2025, December 31, 2024 and September 30, 2024

(Expressed in Thousands of New Taiwan Dollars)

Assets	Notes	As of
		September 30, 2025	December 31, 2024 (After retrospective adjustments) (Note)	September 30, 2024 (After retrospective adjustments) (Note)
Current assets
Cash and cash equivalents	6	$6,530,250	$7,397,574	$6,085,511
Current financial assets at fair value through profit or loss	6	173,485	170,870	167,238
Current financial assets at amortised cost	6, 8	163,822	15,000	15,000
Notes receivable, net	6	20,643	16,515	11,951
Accounts receivable, net	6, 7	3,801,438	5,361,161	4,635,320
Other receivables		284,390	651,873	690,859
Current tax assets		7,969	7,707	16,242
Inventories, net	6	4,044,608	4,077,040	3,516,530
Prepayments		410,768	219,806	241,268
Other current assets		5,495	1,416	3,408
Total current assets		15,442,868	17,918,962	15,383,327
Non-current assets
Non-current financial assets at fair value through profit or loss	6	106,999	62,817	54,013
Non-current financial assets at amortised cost	6	599	4,533	579
Property, plant and equipment	6, 8	6,864,304	5,802,878	5,729,525
Right-of-use assets	6, 7	720,462	767,762	756,766
Investment property, net	6	24,542	-	-
Intangible assets	6	1,811,074	1,099,545	1,106,829
Deferred tax assets		93,584	75,616	85,276
Prepayments for business facilities		86,929	65,329	105,906
Guarantee deposits paid	7	77,618	85,220	84,872
Other non-current assets, others		237,234	280,864	296,529
Total non-current assets		10,023,345	8,244,564	8,220,295
Total assets		$25,466,213	$26,163,526	$23,603,622

Note: The Group completed the fair value assessment report as of August 23, 2024, the acquisition date, for the acquisition of Alloy Seiko Industry (SZ) Co., LTD. and its subsidiaries during April 2025. Therefore, retrospective adjustments were made to the financial statements for each period from the acquisition date to December 31, 2024. For further details, please refer to Note 6(28).

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

English Translation of Consolidated Financial Statement Originally Issued in Chinese

FUSHENG PRECISION CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Continued)

September 30, 2025, December 31, 2024 and September 30, 2024

(Expressed in Thousands of New Taiwan Dollars)

Liability and Equity	Notes	As of
		September 30, 2025	December 31, 2024 (After retrospective adjustments) (Note)	September 30, 2024 (After retrospective adjustments) (Note)
Current liabilities
Current borrowings	6, 8	$1,542,008	$1,188,095	$1,359,611
Current financial liabilities at fair value through profit or loss	6	593	-	-
Current contract liabilities	6	64,650	44,386	36,214
Notes payable		122	5	-
Accounts payable	7	3,072,860	3,599,725	3,178,586
Other payables	6, 7	1,920,576	2,473,550	2,339,641
Current tax liabilities		865,689	742,636	390,043
Current provisions	6	13,972	22,032	30,377
Current lease liabilities	6, 7	48,410	39,359	37,637
Bonds payable, current portion	6	-	352,783	478,493
Long-term borrowings, current portion	6	46,123	8,160	32,736
Other current liabilities, others	6	186,109	224,433	222,720
Total current liabilities		7,761,112	8,695,164	8,106,058
Non-current liabilities
Non-current portion of non-current borrowings	6	109,456	24,480	26,520
Non-current provisions	6	16,657	10,391	10,306
Deferred tax liabilities		163,468	141,379	136,278
Non-current lease liabilities	6, 7	294,124	322,687	303,338
Net defined benefit liability, non-current		83,174	86,796	68,621
Guarantee deposits received		4,382	376	3,013
Other non-current liabilities, others	6	346,286	185,851	251,129
Total non-current liabilities		1,017,547	771,960	799,205
Total liabilities		8,778,659	9,467,124	8,905,263
Equity
Equity attributable to owners of parent
Ordinary share	6	1,393,870	1,366,582	1,348,273
Certificate of entitlement of new shares from convertible bond		-	7,506	18,309
Capital surplus	6	3,593,121	3,247,601	2,893,721
Retained earnings
Legal reserve		2,631,044	2,252,645	2,252,645
Special reserve		266,902	582,078	582,078
Unappropriated retained earnings		6,703,010	7,483,535	6,201,509
Total retained earnings		9,600,956	10,318,258	9,036,232
Other equity interest
Exchange differences on translation of foreign financial statements		(841,901)	(266,902)	(215,584)
Total equity attributable to owners of parent		13,746,046	14,673,045	13,080,951
Non-controlling interests	6	2,941,508	2,023,357	1,617,408
Total equity		16,687,554	16,696,402	14,698,359
Total liabilities and equity		$25,466,213	$26,163,526	$23,603,622

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

English Translation of Consolidated Financial Statement Originally Issued in Chinese

FUSHENG PRECISION CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three-month and nine-month periods ended September 30, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars)

Accounting Items	Notes	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
		2025	2024	2025	2024
Operating revenue	6, 7	$5,894,733	$7,024,701	$20,946,226	$19,536,739
Operating costs	6, 7	(4,475,820)	(5,149,174)	(15,733,250)	(14,430,111)
Gross profit from operations		1,418,913	1,875,527	5,212,976	5,106,628
Operating expenses	6, 7
Selling expenses		(137,248)	(144,777)	(436,080)	(388,250)
Administrative expenses		(348,623)	(370,323)	(1,050,910)	(1,024,513)
Research and development expenses		(234,116)	(210,749)	(694,491)	(582,384)
Impairment loss (impairment gain and reversal of impairment loss)		882	10,894	2,442	12,374
Total operating expenses		(719,105)	(714,955)	(2,179,039)	(1,982,773)
Net operating income		699,808	1,160,572	3,033,937	3,123,855
Non-operating income and expenses	6, 7
Interest income		39,519	50,924	120,599	148,000
Other income		28,962	23,720	87,894	72,762
Other gains and losses, net		8,072	(150,132)	(276,353)	55,299
Finance costs, net		(19,834)	(13,489)	(48,961)	(38,783)
Total non-operating income and expenses		56,719	(88,977)	(116,821)	237,278
Profit from continuing operations before tax		756,527	1,071,595	2,917,116	3,361,133
Total tax expense	6	(168,729)	(180,244)	(698,330)	(705,648)
Profit		587,798	891,351	2,218,786	2,655,485
Other comprehensive income, net	6
Components of other comprehensive income that will be reclassified to profit or loss
Exchange differences on translation		271,218	202,919	(652,657)	416,219
Income tax related to components of other comprehensive income that will be reclassified to profit or loss		(164)	-	2,763	-
Other comprehensive income, net		271,054	202,919	(649,894)	416,219
Total comprehensive income		$858,852	$1,094,270	$1,568,892	$3,071,704
Profit, attributable to:
Profit, attributable to owners of parent		$485,800	$827,109	$2,021,535	$2,501,963
Profit, attributable to non-controlling interests		101,998	64,242	197,251	153,522
		$587,798	$891,351	$2,218,786	$2,655,485
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent		$721,094	$999,658	$1,446,536	$2,868,457
Comprehensive income, attributable to non-controlling interests		137,758	94,612	122,356	203,247
		$858,852	$1,094,270	$1,568,892	$3,071,704
Earnings per share(NT$):	6
Basic earnings per share		$3.49	$6.09	$14.55	$18.66
Diluted earnings per share		$3.48	$5.94	$14.45	$17.99

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

English Translation of Consolidated Financial Statement Originally Issued in Chinese

FUSHENG PRECISION CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGE IN STOCKHOLDERS' EQUITY

For the nine-month periods ended September 30, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars)

	Equity attributable to owners of parent
	Share capital		Retained earnings				Other equity interest
	Ordinary share	Certificate of entitlement of new shares from convertible bond	Capital surplus	Legal reserve	Special reserve	Unappropriated retained earnings	Exchange differences on translation of foreign financial statements	Total	Non-controlling interests	Total equity
Balance as of January 1, 2024	$1,325,735	$-	$2,211,537	$2,013,994	$421,540	$5,758,438	$(582,078)	$11,149,166	$1,282,232	$12,431,398
Appropriation and distribution of 2023 retained earnings
Legal reserve appropriated	-	-	-	238,651	-	(238,651)	-	-	-	-
Special reserve appropriated	-	-	-	-	160,538	(160,538)	-	-	-	-
Cash dividends of ordinary share	-	-	-	-	-	(1,659,703)	-	(1,659,703)	-	(1,659,703)
Due to recognition of equity component of convertible bonds issued	-	-	(113,549)	-	-	-	-	(113,549)	-	(113,549)
Profit for the nine-month period ended September 30, 2024	-	-	-	-	-	2,501,963	-	2,501,963	153,522	2,655,485
Other comprehensive income for the nine-month period ended September 30, 2024	-	-	-	-	-	-	366,494	366,494	49,725	416,219
Total comprehensive income	-	-	-	-	-	2,501,963	366,494	2,868,457	203,247	3,071,704
Conversion of convertible bonds	-	40,847	777,960	-	-	-	-	818,807	-	818,807
Conversion of certificates of bonds-to-share	22,538	(22,538)	-	-	-	-	-	-	-	-
Changes in ownership interests in subsidiaries	-	-	17,773	-	-	-	-	17,773	89,443	107,216
Changes in non-controlling interests	-	-	-	-	-	-	-	-	42,486	42,486
Balance as of September 30, 2024 (After retrospective adjustments) (Note)	$1,348,273	$18,309	$2,893,721	$2,252,645	$582,078	$6,201,509	$(215,584)	$13,080,951	$1,617,408	$14,698,359
Balance as of January 1, 2025 (After retrospective adjustments) (Note)	$1,366,582	$7,506	$3,247,601	$2,252,645	$582,078	$7,483,535	$(266,902)	$14,673,045	$2,023,357	$16,696,402
Appropriation and distribution of 2024 retained earnings
Legal reserve appropriated	-	-	-	378,399	-	(378,399)	-	-	-	-
Reversal of special reserve	-	-	-	-	(315,176)	315,176	-	-	-	-
Cash dividends of ordinary share	-	-	-	-	-	(2,738,837)	-	(2,738,837)	-	(2,738,837)
Due to recognition of equity component of convertible bonds issued	-	-	(53,655)	-	-	-	-	(53,655)	-	(53,655)
Profit for the nine-month period ended September 30, 2025	-	-	-	-	-	2,021,535	-	2,021,535	197,251	2,218,786
Other comprehensive income for the nine-month period ended September 30, 2025	-	-	-	-	-	-	(574,999)	(574,999)	(74,895)	(649,894)
Total comprehensive income	-	-	-	-	-	2,021,535	(574,999)	1,446,536	122,356	1,568,892
Conversion of convertible bonds	-	19,782	370,289	-	-	-	-	390,071	-	390,071
Conversion of certificates of bonds-to-share	27,288	(27,288)	-	-	-	-	-	-	-	-
Changes in ownership interests in subsidiaries	-	-	28,886	-	-	-	-	28,886	544	29,430
Changes in non-controlling interests	-	-	-	-	-	-	-	-	795,251	795,251
Balance as of September 30, 2025	$1,393,870	$-	$3,593,121	$2,631,044	$266,902	$6,703,010	$(841,901)	$13,746,046	$2,941,508	$16,687,554

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

English Translation of Consolidated Financial Statement Originally Issued in Chinese

FUSHENG PRECISION CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the nine-month periods ended September 30, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars)

	For the nine-month periods ended September 30,
	2025	2024
Cash flows from (used in) operating activities:
Profit before tax	$2,917,116	$3,361,133
Adjustments:
Adjustments to reconcile profit:
Depreciation expense (including investment property)	661,763	619,609
Amortization expense	48,558	29,649
Expected credit loss (gain) for bad debt expense	(2,442)	(12,374)
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	(9,347)	2,977
Interest expense	48,961	38,783
Interest income	(120,599)	(148,000)
Dividend income	(6,145)	(6,590)
Share-based payments	-	38,628
Loss (gain) on disposal of property, plan and equipment	(4,600)	(1,735)
Gain on lease modification	-	(120)
Changes in operating assets and liabilities:
Decrease (increase) in notes receivable	(2,247)	(1,325)
Decrease (increase) in accounts receivable	1,700,290	190,612
Decrease (increase) in other receivable	408,428	(166,480)
Decrease (increase) in inventories	250,480	(314,209)
Decrease (increase) in prepayments	(185,002)	(10,836)
Decrease (increase) in other current assets	(4,079)	3,532
Increase (decrease) in contract liabilities	3,409	(52,194)
Increase (decrease) in notes payable	(171)	(5)
Increase (decrease) in accounts payable	(545,946)	128,169
Increase (decrease) in other payable	(654,602)	73,598
Increase (decrease) in provisions	(1,070)	(3,799)
Increase (decrease) in other current liabilities	(53,013)	194,079
Increase (decrease) in net defined benefit liability	(3,622)	7,944
Cash inflow (outflow) generated from operations	4,446,120	3,971,046
Interest received	120,599	148,000
Interest paid	(41,825)	(24,163)
Income taxes paid	(613,303)	(842,280)
Net cash flows from (used in) operating activities	3,911,591	3,252,603
Cash flows from (used in) investing activities:
Acquisition of financial assets at amortised cost	(156,201)	(5)
Proceeds from disposal of financial assets at amortised cost	56,765	57,579
Acquisition of financial assets at fair value through profit or loss	(42,678)	(11,136)
Proceeds from disposal of financial assets at fair value through profit or loss	173,502	458
Acquisition of subsidiaries (Deduct the cash obtained)	(1,182,458)	17,144
Acquisition of property, plant and equipment	(529,262)	(729,211)
Proceeds from disposal of property, plant and equipment	45,398	34,416
Decrease in refundable deposits	7,980	57,467
Acquisition of intangible assets	(5,850)	(3,220)
Acquisition of right-of-use assets	-	(58,157)
Decrease in other non-current assets	50,500	72,076
Increase in prepayments for business facilities	(21,165)	(73,351)
Acquisition dividends	6,145	6,590
Net cash flows from (used in) investing activities	(1,597,324)	(629,350)
Cash flows from (used in) financing activities:
Increase in short-term loans	698,090	1,192,493
Decrease in short-term loans	(954,491)	(973,606)
Repayments of bonds	(17,200)	-
Repayments of long-term debt	(60,794)	(6,120)
Increase in guarantee deposits received	4,051	-
Decrease in guarantee deposits received	-	(252)
Payments of lease liabilities	(36,686)	(53,780)
Increase in other non-current liabilities	147,738	-
Decrease in other non-current liabilities	-	(107,728)
Cash dividends	(2,738,837)	(1,659,703)
Changes in non-controlling interests	(249,522)	(94,684)
Net cash flows from (used in) financing activities	(3,207,651)	(1,703,380)
Effect of exchange rate changes on cash and cash equivalents	26,060	311,163
Net increase (decrease) in cash and cash equivalents	(867,324)	1,231,036
Cash and cash equivalents at beginning of period	7,397,574	4,854,475
Cash and cash equivalents at end of period	$6,530,250	$6,085,511

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

English Translation of Consolidated Financial Statements Originally Issued in Chinese FUSHENG PRECISION CO., LTD. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the nine-month Periods Ended September 30, 2025 and 2024 (Expressed in Thousands of New Taiwan Dollars unless Otherwise Specified)

History and organization

(1) Fusheng Precision Co., Ltd. (The Company) was established by Coöperatieve Valiant APO Global U.A. on September 14, 2010.

(2) To work in line with the parent company, Coöperatieve Valiant APO Global U.A., to engage in re-organization and specialization to enhance competitiveness and efficiency of management, the Company's board of directors ("Board of Directors") approved on September 14, 2010 the proposed deal to divide and assign the Sporting Goods Divisions (SGD) and Precision Products Divisions (PPD) of Fu Sheng Industrial CO., Ltd. under "Business Mergers and Acquisitions Act" and "Company Act", effective November 1, 2010. The assets, liabilities, all rights and obligations of SGD and PPD, including the existing factories, equipment and employees, were assigned to the Company upon completion of the division and assignment. The Company will continue to operate its business.

(3) The Company's first public offering was approved in October 2017 and its shares were first traded on the emerging stock market on November 30, 2017. The Company's common shares were publicly listed on the Taiwan Stock Exchange (TWSE) on December 18, 2018. The Company's registered office and the main business location are at 3F., No. 172. Sec. 2, Nanjing E. Rd., Zhongshan Dist., Taipei City, Taiwan (R.O.C.) and No. 9, Xingzhong St., Taoyuan Dist., Taoyuan City 330, Taiwan (R.O.C.).

Date and procedures of authorization of financial statements for issue

The consolidated financial statements of the Company and its subsidiaries ("the Group") for the nine-month periods ended September 30, 2025 and 2024 were authorized for issue by the Board of Directors on November 13, 2025.

Newly issued or revised standards and interpretations

(1) Changes in accounting policies resulting from applying for the first-time certain standards and amendments

The Group applied for the first time International Financial Reporting Standards, International Accounting Standards, and Interpretations issued, revised or amended which are recognized by Financial Supervisory Commission ("FSC") and become effective for annual periods beginning on or after January 1, 2025. The adoption of these new standards and amendments had no material impact on the Group.

(2) Standards or interpretations issued, revised or amended, by International Accounting Standards Board ("IASB") which have been endorsed by FSC, and not yet adopted by the Group as at the date when the Group's financial statements were authorized for issue, are listed below.

Items	New, Revised or Amended Standards and Interpretations	Effective Date issued by IASB
A	IFRS 17 “Insurance Contracts”	January 1, 2023
B	Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7	January 1, 2026
C	Annual Improvements to IFRS Accounting Standards – Volume 11	January 1, 2026
D	Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7	January 1, 2026

A. IFRS 17 "Insurance Contracts"

IFRS 17 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects (including recognition, measurement, presentation and disclosure requirements). The core of IFRS 17 is the General (building block) Model, under this model, on initial recognition, an entity shall measure a group of insurance contracts at the total of the fulfilment cash flows and the contractual service margin. The carrying amount of a group of insurance contracts at the end of each reporting period shall be the sum of the liability for remaining coverage and the liability for incurred claims.

Other than the General Model, the standard also provides a specific adaptation for contracts with direct participation features (the Variable Fee Approach) and a simplified approach (Premium Allocation Approach) mainly for short-duration contracts.

IFRS 17 was issued in May 2017, and it was amended in 2020 and 2021. The amendments include deferral of the date of initial application of IFRS 17 by two years to annual beginning on or after January 1, 2023 (from the original effective date of January 1, 2021); provide additional transition reliefs; simplify some requirements to reduce the costs of applying IFRS 17 and revise some requirements to make the results easier to explain. IFRS 17 replaces an interim Standard - IFRS 4 Insurance Contracts - from annual reporting periods beginning on or after January 1, 2023.

B. Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7

The amendments include:

(a) Clarify that a financial liability is derecognised on the settlement date and describe the accounting treatment for settlement of financial liabilities using an electronic payment system before the settlement date.

(b) Clarify how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG)-linked features and other similar contingent features.

(d) Require additional disclosures in IFRS 7 for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income.

C. Annual Improvements to IFRS Accounting Standards – Volume 11

(a) Amendments to IFRS 1

The amendments mainly improve the consistency in wording between first-time adoption of IFRS and requirements for hedge accounting in IFRS 9.

(b) Amendments to IFRS 7

The amendments update an obsolete cross-reference relating to gain or loss on derecognition.

The amendments improve some of the wordings in the implementation guidance, including the introduction, disclosure of deferred difference between fair value and transaction price and credit risk disclosures.

(d) Amendments to IFRS 9

The amendments add a cross-reference to resolve potential confusion for a lessee applying the derecognition requirements and clarify the term “transaction price”.

(e) Amendments to IFRS 10

The amendments remove the inconsistency between paragraphs B73 and B74 of IFRS 10.

(f) Amendments to IAS 7

The amendments remove a reference to "cost method" in paragraph 37 of IAS 7.

D. Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7

The amendments include:

(a) Clarify the application of the 'own-use' requirements.
(b) Permit hedge accounting if these contracts are used as hedging instruments.
(c) Add new disclosure requirements to enable investors to understand the effect of these contracts on a company's financial performance and cash flows.

The abovementioned standards and amendments are applicable for annual periods beginning on or after 1 January 2026 and have no material impact on the Group.

(3) Standards or interpretations issued, revised or amended, by International Accounting Standards Board ("IASB") which have not been endorsed by FSC, and not yet adopted by the Group as at the date when the Group's financial statements were authorized for issue, are listed below.

Items	New, Revised or Amended Standards and Interpretations	Effective Date issued by IASB
A	IFRS 10 “Consolidated Financial Statements” and IAS 28 “Investments in Associates and Joint Ventures” — Sale or Contribution of Assets between an Investor and its Associate or Joint Ventures	To be determined by IASB
B	IFRS 18 “Presentation and Disclosure in Financial Statements”	January 1, 2027 (Note)
C	Disclosure Initiative – Subsidiaries without Public Accountability: Disclosures (IFRS 19)	January 1, 2027

Note: On September 25, 2025, the Financial Services Commission announced in a press release that Taiwan will adopt IFRS 18 in fiscal year 2028. Companies that wish to early adopt may do so upon obtaining approval from the Financial Services Commission.

A. IFRS 10 “Consolidated Financial Statements” and IAS 28 “Investments in Associates and Joint Ventures” — Sale or Contribution of Assets between an Investor and its Associate or Joint Ventures

The amendments address the inconsistency between the requirements in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures, in dealing with the loss of control of a subsidiary that is contributed to an associate or a joint venture. IAS 28 restricts gains and losses arising from contributions of non-monetary assets to an associate or a joint venture to the extent of the interest attributable to the other equity holders in the associate or joint ventures. IFRS 10 requires full profit or loss recognition on the loss of control of the subsidiary. IAS 28 was amended so that the gain or loss resulting from the sale or contribution of assets that constitute a business as defined in IFRS 3 between an investor and its associate or joint venture is recognized in full.

IFRS 10 was also amended so that the gains or loss resulting from the sale or contribution of a subsidiary that does not constitute a business as defined in IFRS 3 between an investor and its associate or joint venture is recognized only to the extent of the unrelated investors’ interests in the associate or joint venture.

B. IFRS 18 “Presentation and Disclosure in Financial Statements”

IFRS 18 replaces IAS 1 Presentation of Financial Statements. The main changes are as below:

(a) Improved comparability in the statement of profit or loss (income statement)

IFRS 18 requires entities to classify all income and expenses within their statement of profit or loss into one of five categories: operating; investing; financing; income taxes; and discontinued operations. The first three categories are new, to improve the structure of the income statement, and requires all entities to provide new defined subtotals, including operating profit or loss. The improved structure and new subtotals will give investors a consistent starting point for analysing entities’ performance and make it easier to compare entities.

(b) Enhanced transparency of management-defined performance measures

IFRS 18 requires entities to disclose explanations of those entity-specific measures that are related to the income statement, referred to as management-defined performance measures.

IFRS 18 sets out enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes. The changes are expected to provide more detailed and useful information. IFRS 18 also requires entities to provide more transparency about operating expenses, helping investors to find and understand the information they need.

C. Disclosure Initiative – Subsidiaries without Public Accountability: Disclosures (IFRS 19)

This new standard and its amendments permits subsidiaries without public accountability to provide reduced disclosures when applying IFRS Accounting Standards in their financial statements. IFRS 19 is optional for subsidiaries that are eligible and sets out the disclosure requirements for subsidiaries that elect to apply it.

The abovementioned standards and interpretations issued by IASB have not yet endorsed by FSC at the date when the Group’s financial statements were authorized for issue, the local effective dates are to be determined by FSC. As the Group is still currently determining the potential impact of the new or amended standards and interpretations listed under A and B, it is not practicable to estimate their impact on the Group at this point in time. The remaining new or amended standards and interpretations have no material impact on the Group.

Summary of material accounting policies

(1) Statement of compliance

The consolidated financial statements of the Group for the nine-month periods ended September 30, 2025 and 2024 have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers (“the Regulations”) and IAS 34 Interim Financial Reporting as endorsed and became effective by the FSC.

(2) Basis of preparation

The consolidated financial statements have been prepared on a historical cost basis, except for financial instruments that have been measured at fair value. The consolidated financial statements are expressed in thousands of New Taiwan Dollars (“NT$”) unless otherwise stated.

(3) Basis of consolidation

The principles of the preparation of the Group’s consolidated financial statements are the same as those of the 2024 consolidated financial report, please refer to the Group’s 2024 consolidated financial report.

The consolidated entities are listed as follows:

Name of the investors	Name of subsidiaries	Nature of Business	Percentage of ownership (%)
			September 30, 2025	December 31, 2024	September 30, 2024
The Company	Sharphope Company Ltd.	Investment holding	100%	100%	100%
The Company	Vision International Co., Ltd. (Note 6)	Manufacture and sale of golf club head	76.1%	62.31%	62.31%
The Company	Gainsmart Group Ltd.(Note 2)	Investment holding	100%	100%	100%
The Company	World Gate Holdings Ltd.	Investment holding	100%	100%	100%
The Company	NFT Technology Co., Ltd.	Manufacture and sale of medical equipment and automotive parts	69.74%	69.74%	69.74%
The Company	Crosspace Co., Ltd.	Selling pure titanium tableware and kitchenware	100%	100%	100%
The Company	Minson Integration, Inc. (Note 1)	R&D and sales of shoes, helmets and protective gear for ice hockey, cross-country motorcycles, baseball, skiing and other sports	65.3%	65.3%	81.08%
The Company	Proxene Tools Co., Ltd. (Note 4)	Manufacturing and sales of hand tools, pneumatic tools, and their related components.	51%	-%	-%
Sharphope Company Ltd.	Extensor World Trading Ltd. (Hong Kong)	International trade	100%	100%	100%
Sharphope Company Ltd.	Vision International Co., Ltd. (Note 6)	Manufacture and sale of golf club head	23.9%	37.69%	37.69%
Sharphope Company Ltd.	Diamond Sports Equipment Co., Ltd (Note 5)	International import and export trade of various products.	40%	-%	-%
Gainsmart Group Ltd.	FS-North America, Inc. (Note 2)	Investment holding	100%	100%	100%
FS-North America, Inc.	FS-Precision Tech Co., LLC. (Note 2)	Manufacture and sale of medical equipment and automotive parts	100%	100%	100%
World Gate Holdings Ltd.	Zhong Shan Worldmark Sporting Goods Ltd.	Manufacture and sale of golf club head	100%	100%	100%
World Gate Holdings Ltd.	Zhong Shan LongXing Precision Machinery Co., Ltd.	Manufacture and sale of sports equipment, automotive parts, molds and other products	100%	100%	100%
World Gate Holdings Ltd.	Zhong Shan Auto Precision Technology Co., Ltd.	Researching and developing and manufacturing of hardware, plastics and printing of packaging	52.5%	52.5%	52.5%

			Percentage of ownership (%)
Name of the investors	Name of subsidiaries	Nature of Business	September 30, 2025	December 31, 2024	September 30, 2024
Zhong Shan Aubo	Zhong Shan Aubo Metal	Anodizing process	100%	100%	100%
Precision Technology Co., Ltd.	Surface Treatment Co., Ltd.
Zhong Shan Aubo	Aubo (Viet nam) Precision	Manufacture hardware and	100%	100%	100%
Precision Technology Co., Ltd.	Technology Company	plastics
Zhong Shan Aubo	Aubo Precision (Hong Kong)	International trade	100%	100%	100%
Precision Technology Co., Ltd.	Co., Limited
Zhong Shan Aubo	Aubo (Chongqing)	Manufacture and sales of	100%	100%	85%
Precision Technology Co., Ltd.	Optoelectronics Co., Ltd.	optical and electronic
		related parts, instruments
		and optical glass
Zhong Shan Worldmark	Zhong Shan Dingxing	Research, development and	100%	100%	100%
Sporting Goods Ltd.	Vacuum Technology Co.,	manufacturing of vacuum
	Ltd.	technology products,
		vacuum coating processing
		and sports equipment,
		metal products import and
		export business
Zhong Shan Worldmark	Alloy Seiko Industry (SZ)	Manufacture and sale	77.51%	77.51%	77.51%
Sporting Goods Ltd.	Co., Ltd. (Note 3)	metalworking (aluminum
		alloy forged products)
Alloy Seiko Industry (SZ)	Alloy Seiko Technology	Manufacture and sale	100%	100%	100%
Co., Ltd.	(Jiangsu) Co., Ltd.	metalworking (aluminum
	(Note 3)	alloy forged products)
Minson Integration,Inc.	Menxon Enterprises	Manufacture and sale of ice	100%	100%	100%
	(Thailand) Company	hockey shoes
Minson Integration,Inc.	Minone Enterprises	Manufacture and sale of	100%	100%	100%
	Company Limited	sports protective gear
Minson Integration,Inc.	Minson Enterprises	Manufacture and sale of	100%	100%	100%
	(Thailand) Company	motorcross boots
Minson Integration,Inc.	Mintech Enterprises	Manufacture and sale of	100%	100%	100%
	Company Limited	plastic injection parts and
		sports helmets
Mintech Enterprises	Menxon Enterprises	Manufacture and sale of ice	0%	0%	0%
Company Limited	(Thailand) Company	hockey shoes
	Limited (Note 7)
Mintech Enterprises	Minone Enterprises	Manufacture and sale of	0%	0%	0%
Company Limited	Company Limited (Note 7)	sports protective gear

Name of the investors	Name of subsidiaries	Nature of Business	Percentage of ownership (%)
			September 30, 2025	December 31, 2024	September 30, 2024
Minson Enterprises (Thailand) Company Limited	Mintech Enterprises Company Limited (Note 7)	Manufacture and sale of plastic injection parts and sports helmets	0%	0%	0%
Proxene Tools Co., Ltd.	Ducrown Industrial Co., Ltd. (Note 4)	Import and export trade	100%	-%	-%
Proxene Tools Co., Ltd.	Winahead Trading Co.,Ltd. (Note 4)	Manufacture and sale of processed steel products.	100%	-%	-%

(Note 1) To comply with the public float threshold required for Minson Integration, Inc. ("Minson Integration") to apply to be listed on the emerging market, the Company's board of directors approved the share release plan of Minson Integration. The Company sold a total of 4,593 thousand shares at $120 per share. After the completion of the share release process in the fourth quarter of 2024, the Company's shareholding in Minson Integration was decreased to 65.30%. Since the Company still maintains control over Minson Integration, the difference of $195,037 thousand between the equity and carrying amount of subsidiaries disposed will be recorded under capital surplus in accordance with the accounting standards. Additionally, the changes in the percentage of equity held by Minson Integration in each financial statement period was due to the change caused by exercising the employee stock options issued by Minson Integration in each period. Refer to Note 6(19) for the relevant share-based payment plan.

(Note 2) In response to the Group's long-term development plan and improve the business structure and performance, the Company approved the liquidation of FS-Precision Tech Co., LLC., a subsidiary of Gainsmart Group Ltd., by a board meeting resolution held on January 26, 2024, and planned to suspend production and enter the liquidation and dissolution procedures in the fourth quarter of 2024. The subsidiary has prepared its financial statements on a liquidation value basis from December 31, 2023. In order to comply with local regulations in the United States, it is proposed to settle the receivables and payables arising from the operations of FS-Precision Tech Co., LLC. and its subsidiary businesses to facilitate the subsequent liquidation and dissolution process. The Company, by a board resolution on June 18, 2025, has increased the capital of its subsidiary Gainsmart Group Ltd. by USD $7,600 thousand and has transferred capital to its subsidiary FS-North America, Inc. and its subsidiary FS-Precision Tech Co., LLC. As of the date of this financial report, the aforementioned capital increase has been paid and the registration of the change has been completed.

(Note 3) In order to develop new businesses, the Company obtained a subsidiary, Alloy Seiko Industry (SZ) Co., Ltd., and its subsidiary, Alloy Seiko Technology (Jiangsu) Co., Ltd., through another subsidiary, Zhong Shan Worldwide Sporting Goods Ltd., upon resolution approved at the board meeting held on July 5, 2024. During the third quarter of 2024, the group remitted share payments to acquire 77.51% stock in Alloy Seiko Industry (SZ) Co., Ltd., and from that quarter onwards, it has been included in the consolidated financial statements. For information related to the business combination, please refer to Note 6(28).

(Note 4) For strategic investment purposes, the Company, by a board resolution made on March 11, 2025, approved acquisition proposal of shares in Proxene Tools Co., Ltd. and its subsidiaries, Ducrown Industrial Co., Ltd. and Winahead Trading Co., Ltd. The record date of this acquisition was April 9, 2025. The Group remitted the share payments during the first quarter of 2025 and completed the equity transfer in the second quarter of the same year, thereby acquiring a 51% stock in Proxene Tools Co., Ltd. Commencing from the second quarter of 2025, Proxene Tools Co., Ltd. has been included in the consolidated financial statements. For information related to the business combination, please refer to Note 6(28).

(Note 5) To develop new businesses, the Company, by a board resolution made on July 5, 2024, approved Sharphope Company Ltd. to invest in Thailand to establish Diamond Sports Equipment Co., Ltd. Sharphope Company Ltd. subscribed to a capital contribution of THB400 thousand on June 25, 2025. As of the date of this financial report, the registered capital is THB1,000 thousand, with a shareholding ratio of 40%. Although the Group holds less than 50% of the voting rights, the Group is able to direct the relevant activities of the investee. Accordingly, the Group has included the company in the consolidated financial statements beginning in the second quarter of 2025.

(Note 6) To meet the operational turnover needs of its subsidiary, Vision International Co., Ltd. (hereinafter referred to as "Vision"), the Company, by a board resolution made on May 8, 2025, approved a direct capital increase in the amount of USD15,000 thousand to Vision. After the capital increase, Vision's registered capital will be USD41,000 thousand, with the Company and its subsidiary Sharphope Company Ltd. holding 76.1% and 23.9% shares of Vision, respectively. As of the date of this financial report, the Company has paid the USD15,000 thousand capital increase to Vision, and the registration of the change has been completed.

(Note 7) To adjust the investment structure in line with the Group's long-term development plan, during the fourth quarter of 2023, Minson Enterprises (Thailand) Company Limited acquired 2 shares from the original Thai individual shareholders of Mintech Enterprises Company Limited, and Mintech Enterprises Company Limited acquired 2 shares each from the original Thai individual shareholders of Minson Enterprises (Thailand) Company Limited, Menxon Enterprises (Thailand) Company Limited, and Minone Enterprises Company Limited.

(Note 8) To strengthen its operating capital, Zhong Shan Aubo Precision Technology Co., Ltd. obtained approval from the Company's Board of Directors on August 14, 2025, to increase the capital of its subsidiary, Aubo (Chongqing) Optoelectronics Co., Ltd. by RMB 11,400 thousand. As of the date of this financial report, the capital injection has been fully paid and the related registration amendments have been completed.

Among the subsidiaries included in the consolidated financial statements, the financial statements of the non-significant subsidiaries, Alloy Seiko Industry (SZ) Co., Ltd. and Alloy Seiko Technology (Jiangsu) Co., Ltd for the third quarter of 2024, have not been reviewed by the accountant. As of September 30, 2024, the total assets of these subsidiaries amounted to $2,240,270 thousand; the total liabilities amounted to $1,279,178 thousand; the total comprehensive income for the three-month periods ended September 30, 2024 was $42,655 thousand, and the total comprehensive income for the nine-month periods ended September 30, 2024 amounted to $42,655 thousand.

(4) The same accounting policies applied in the Group's consolidated financial statements for the nine-month periods ended September 30, 2025, as those applied in the Group's consolidated financial statements for the year ended December 31, 2024, except for the accounting policies below. For summary of other significant policies, please refer to Note 4 to the Group's consolidated financial statements for the year ended December 31, 2024.

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

(b) Income tax expense for the interim period is accrued and disclosed at the rate applicable to the expected gross surplus of the current year, the estimated annual average effective tax rate includes only current income tax expense, while deferred income tax is consistent with the annual financial report and is recognized and measured in accordance with IAS 12 Income Taxes. When there is a change in the tax rate in the current period, the impact of the change in the tax rate on the deferred income tax will be recognized in profit or loss, other comprehensive income or loss or directly recognized in equity.

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated as at fair value through profit or loss. A financial liability is classified as held for trading if:

i. it is acquired or incurred principally for the purpose of selling or repurchasing it in the near term;
ii. on initial recognition it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking; or
iii. it is a derivative (except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument).

If a contract contains one or more embedded derivatives, the entire hybrid (combined) contract may be designated as a financial liability at fair value through profit or loss; or a financial liability may be designated as at fair value through profit or loss when doing so results in more relevant information, because either:

i. it eliminates or significantly reduces a measurement or recognition inconsistency; or
ii. a group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the group is provided internally on that basis to the key management personnel.

Gains or losses on the subsequent measurement of liabilities at fair value through profit or loss including interest paid are recognized in profit or loss.

(d) Revenue recognition

The sales revenue of certain products of the Group is recognized at the contract price less estimated sales discounts. The sales discounts granted to customers are typically calculated based on the cumulative sales volume over a 12-month period. The Group estimates sales discounts based on historical experience, and recognizes revenue only based on the portion that is highly unlikely to result in a significant reversal in the future, with estimates updated on each balance sheet date. The payment terms for sales transactions are usually due 14 to 120 days after the shipment date. Since the time interval between the transfer of promised goods or services to customers and customer payments does not exceed one year, the group has not adjusted the transaction price to reflect the time value of money.

(e) Government grants

Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. Where the grant relates to an asset, it is recognized as deferred income and released to income in equal amounts over the expected useful life of the related asset. When the grant relates to an expense item, it is recognized as income over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate.

Where the Group receives non-monetary grants, the asset and the grant are recorded gross at nominal amounts and released to the statement of comprehensive income over the expected useful life and pattern of consumption of the benefit of the underlying asset by equal annual installments. Where loans or similar assistance are provided by governments or related institutions with an interest rate below the current applicable market rate, the effect of this favorable interest is regarded as additional government grant.

Significant accounting judgments, estimates and assumptions

The same significant accounting judgments, estimates and assumptions have been applied in the Group's consolidated financial statements for the nine-month periods ended September 30, 2025, as those applied in the Group's consolidated financial statements for the year ended December 31, 2024. For significant accounting judgments, estimates and assumptions, please refer to Note 5 to the Group's consolidated financial statements for the year ended December 31, 2024.

Contents of significant accounts

(1) Cash and cash equivalents

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Cash on hand	$3,283	$2,434	$3,101
Checking and savings accounts	6,077,297	6,331,103	3,976,578
Time deposits (Note)	449,670	1,064,037	2,105,832
Total	$6,530,250	$7,397,574	$6,085,511

Note: The contract will expire within 3 months and it must be readily convertible to a known amount of cash and be subject to an insignificant risk of changes in value.

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

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Financial assets mandatorily measured at fair value through profit or loss:
Preferred stocks	$173,485	$170,870	$167,238
Unlisted stocks	1,400	1,400	1,400
Private-placement Fund	105,599	61,417	52,613
Total	$280,484	$233,687	$221,251
Current	$173,485	$170,870	$167,238
Non-current	106,999	62,817	54,013
Total	$280,484	$233,687	$221,251

Financial assets at fair value through profit or loss were not pledged.

(3) Financial assets at amortized cost

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Time deposits	$164,421	$19,533	$15,579
Less: loss allowance	-	-	-
Total	$164,421	$19,533	$15,579
Current	$163,822	$15,000	$15,000
Non-current	599	4,533	579
Total	$164,421	$19,533	$15,579

The Group classified certain financial assets as financial assets at amortized cost. Please refer to Note 6(21) for more details on loss allowance and Note 8 for more details on financial assets at amortized cost under pledge. Please refer to Note 12 for more details on credit risk.

(4) Notes receivables

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Notes receivables arising from operating activities (total carrying amount)	$20,643	$16,515	$11,951
Less: loss allowance	-	-	-
Total	$20,643	$16,515	$11,951

Notes receivables were not pledged.

The Group follows the requirement of IFRS 9 to assess the impairment. Please refer to Note 6(21) for more details on loss allowance and Note 12 for details on credit risk.

(5) Accounts receivable, net

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Accounts receivable (total carrying amount)	$3,803,550	$5,369,550	$4,640,558
Less: loss allowance	(7,001)	(8,890)	(5,845)
Subtotal	3,796,549	5,360,660	4,634,713
Accounts receivable—related parties (total carrying amount)	4,889	501	607
Less: loss allowance	-	-	-
Subtotal	4,889	501	607
Total	$3,801,438	$5,361,161	$4,635,320

Accounts receivable were not pledged.

Accounts receivable are generally on 14-120 day terms. The total carrying amount as of September 30, 2025, December 31, 2024, and September 30, 2024, were $3,829,082 thousand, $5,386,566 thousand and $4,653,116 thousand, respectively. Please refer to Note 6(21) for more details on loss allowance of accounts receivable for the nine-month periods ended September 30, 2025 and 2024. Please refer to Note 12 for more details on credit risk management.

(6) Inventories, net

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Raw materials	$1,278,767	$1,098,585	$1,065,748
Work in progress	1,195,324	1,060,634	962,943
Finished goods	922,639	990,654	895,580
Goods	21,234	26,738	22,827
Inventories in transit	626,644	900,429	569,432
Total	$4,044,608	$4,077,040	$3,516,530

For the three-month periods ended September 30, 2025 and 2024, the Group recognized $4,475,820 thousand and $5,149,174 thousand, respectively, in operating cost, including the write-down of inventories of $7,264 thousand and $27,615 thousand, respectively.

For the nine-month periods ended September 30, 2025 and 2024, the Group recognized $15,733,250 thousand and $14,430,111 thousand, respectively, in operating cost, including the write-down / (reversal of) of inventories of $58,307 thousand and $(19,973) thousand, respectively. The reversal is due to destocking of slow-moving inventories.

No inventories were pledged.

(7) Property, plant and equipment

	Land	Buildings	Machinery and equipment	Others	Construction in progress and equipment awaiting examination	Total
Cost:
As of January 1, 2025	$1,459,849	$3,134,846	$5,620,279	$878,516	$264,502	$11,357,992
Additions	-	49,548	212,744	40,370	226,600	529,262
Acquisitions through business combinations	635,586	712,143	300,539	101,623	-	1,749,891
Disposals	-	(1,345)	(132,655)	(39,691)	-	(173,691)
Transfers	-	(70,794)	258,596	23,301	(300,075)	(88,972)
Exchange differences	(3,200)	(130,973)	(346,305)	(22,701)	(23,123)	(526,302)
As of September 30, 2025	$2,092,235	$3,693,425	$5,913,198	$981,418	$167,904	$12,848,180

	Land	Buildings	Machinery and equipment	Others	Construction in progress and equipment awaiting examination	Total
As of January 1, 2024	$1,448,379	$2,393,753	$4,991,647	$866,424	$213,804	$9,914,007
Additions	-	24,530	128,507	67,908	508,266	729,211
Disposals	-	(92)	(132,887)	(22,713)	-	(155,692)
Acquisitions through business combinations	-	450,425	189,256	27,626	-	667,307
Transfers	-	95,383	267,560	(96,869)	(170,813)	95,261
Exchange differences	15,725	92,916	160,510	16,466	29,182	314,799
As of September 30, 2024	$1,464,104	$3,056,915	$5,604,593	$858,842	$580,439	$11,564,893
Depreciation and impairment:
As of January 1, 2025	$-	$1,585,889	$3,382,283	$586,942	$-	$5,555,114
Depreciation	-	85,833	441,982	75,913	-	603,728
Acquisitions through business combinations	-	83,885	148,505	45,742	-	278,132
Disposals	-	(891)	(95,589)	(36,413)	-	(132,893)
Transfers	-	(47,978)	(5,609)	-	-	(53,587)
Exchange differences	-	(65,645)	(188,653)	(12,320)	-	(266,618)
As of September 30, 2025	$-	$1,641,093	$3,682,919	$659,864	$-	$5,983,876
As of January 1, 2024	$-	$1,319,568	$2,963,746	$582,847	$-	$4,866,161
Depreciation	-	60,532	414,563	83,755	-	558,850
Disposals	-	(92)	(101,340)	(21,579)	-	(123,011)
Acquisitions through business combinations	-	45,329	207,464	16,508	-	269,301
Transfers	-	85,735	71,745	(71,746)	-	85,734
Exchange differences	-	63,824	101,807	12,702	-	178,333
As of September 30, 2024	$-	$1,574,896	$3,657,985	$602,487	$-	$5,835,368
Net carrying amount as of:
September 30, 2025	$2,092,235	$2,052,332	$2,230,279	$321,554	$167,904	$6,864,304
December 31, 2024	$1,459,849	$1,548,957	$2,237,996	$291,574	$264,502	$5,802,878
September 30, 2024	$1,464,104	$1,482,019	$1,946,608	$256,355	$580,439	$5,729,525

Components of building that have different useful lives are main building structure, fire protection engineering, air conditioning units and elevators, which are depreciated respectively.

There were no capitalized borrowing costs of construction in progress for the nine-month periods ended September 30, 2025 and 2024.

Please refer to Note 8 for more details on property, plant, and equipment under pledge.

(8) Investment property

The Group’s investment properties is owned investment properties. The Group has entered into commercial property leases on its owned investment properties with terms of between 1 and 3 years.

	Buildings
Cost:
As of January 1, 2025	$-
Transfer from property, plant and equipment (Note 1)	74,254
Exchange differences	(370)
As of September 30, 2025	$73,884
As of January 1, 2024	$92,383
Transferred to property, plant and equipment	(95,261)
Exchange differences	2,878
As of September 30, 2024	$-
Depreciation and impairment:
As of January 1, 2025	$-
Depreciation (Note 2)	1,611
Transfer from property, plant and equipment (Note 1)	47,978
Exchange differences	(247)
As of September 30, 2025	$49,342
As of January 1, 2024	$83,145
Depreciation	-
Transferred to property, plant and equipment	(85,735)
Exchange differences	2,590
As of September 30, 2024	$-
Net carrying amount as at:
September 30, 2025	$24,542
December 31, 2024	$-
September 30, 2024	$-

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Rental income from investment property	$6,280	$-	$13,430	$-
Less: Direct operating expenses from investment property generating rental income	(930)	-	(1,611)	-
Total	$5,350	$-	$11,819	$-

Note 1: For the nine-month period ended September 30, 2025, the Group reclassified certain properties held for the purpose of earning rental income (having signed a one-year commercial property lease agreement) from property, plant, and equipment to investment properties.

Note 2: The depreciation expense for investment properties is recorded under other gains and losses.

No investment property was pledged.

The Group has signed operating lease agreements, and the undiscounted lease payments to be received please refer to Note 6(22).

The Group's investment property is not measured at fair value; instead, only the fair value information is disclosed. The fair value measurement is classified as Level 3. The fair value of the Group's investment property was $71,695 thousand as of September 30, 2025. The aforementioned fair value was estimated internally by management using the income approach. Under the income approach, management adopted a discount rate of 2.47% and a terminal growth rate of 0% in the cash flow projections.

(9) Intangible assets

	Relationship of customer	Technology and Know-how	Goodwill	Computer software	Total
Cost:
As of January 1, 2025	$243,210	$201,410	$760,427	$113,830	$1,318,877
Additions	-	-	-	5,580	5,580
Acquisitions through business combinations	407,837	-	363,247	7,209	778,293
Disposals	-	-	-	(202)	(202)
Transfers	-	-	-	4,614	4,614
Exchange differences	(4,663)	(4,408)	(12,108)	(3,388)	(24,567)
As of September 30, 2025	$646,384	$197,002	$1,111,566	$127,643	$2,082,595

	Relationship of customer	Technology and Know-how	Goodwill	Computer software	Total
As of January 1, 2024	$136,000	$103,000	$500,078	$85,473	$824,551
Additions	-	-	-	3,220	3,220
Disposals	-	-	-	(185)	(185)
Acquisitions through business combinations	118,613	99,220	262,047	5,814	485,694
Exchange differences	208	128	326	1,087	1,749
As of September 30, 2024	$254,821	$202,348	$762,451	$95,409	$1,315,029
Amortization and impairment:
As of January 1, 2025	$74,275	$69,924	$-	$75,133	$219,332
Amortization	16,818	17,164	-	14,576	48,558
Acquisitions through business combinations	-	-	-	6,573	6,573
Disposals	-	-	-	(202)	(202)
Exchange differences	(284)	(243)	-	(2,213)	(2,740)
As of September 30, 2025	$90,809	$86,845	$-	$93,867	$271,521
As of January 1, 2024	$55,300	$51,929	$-	$64,986	$172,215
Amortization	11,100	11,036	-	7,513	29,649
Disposals	-	-	-	(185)	(185)
Acquisitions through business combinations	-	-	-	5,746	5,746
Exchange differences	-	-	-	775	775
As of September 30, 2024	$66,400	$62,965	$-	$78,835	$208,200
Net carrying amount as of:
September 30, 2025	$555,575	$110,157	$1,111,566	$33,776	$1,811,074
December 31, 2024	$168,935	$131,486	$760,427	$38,697	$1,099,545
September 30, 2024	$188,421	$139,383	$762,451	$16,574	$1,106,829

Amortization expense of intangible assets under the statement of comprehensive income:

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Operating costs	$451	$231	$850	$687
Operating expenses
Sales and marketing expenses	-	118	119	356
General and administrative expenses	15,427	9,332	45,859	27,798
Research and development expenses	558	367	1,730	808
Subtotal	15,985	9,817	47,708	28,962
Total	$16,436	$10,048	$48,558	$29,649

(10) Current borrowings

	As of
	Interest Rates (%)	September 30, 2025	December 31, 2024	September 30, 2024
Secured bank loans	0.5%~5.09%	$996,768	$319,427	$265,775
Unsecured bank loans	0.5%~6.96%	545,240	868,668	1,093,836
Total		$1,542,008	$1,188,095	$1,359,611

(a) The Group's unused short-term lines of credits amount to $13,693,953 thousand, $13,189,668 thousand and $12,815,632 thousand, as of September 30, 2025, December 31, 2024, and September 30, 2024, respectively.

(b) Please refer to Note 8 for more details on assets pledged as security for current borrowings.

(11) Financial liabilities at fair value through profit or loss—current

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Held for trading:
Derivatives not designated as hedging instruments
Option—Royalty	$593	$-	$-

For the above financial instrument contracts, please refer to Note 12(8) of the consolidated financial statements.

(12) Other payables

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Salaries payable	$821,263	$1,021,443	$884,156
Accrued expenses	527,234	624,432	543,674
Share capital payable	-	192,026	166,230
Employees’ compensation and remuneration to directors and supervisors payable	93,397	103,015	68,409
Income taxes payable (Note 2)	276,826	-	185,995
Dividends payable	-	272,861	306,195
Other payable — other (Note 1)	201,570	258,154	180,802
Other payable — related parties	286	1,619	4,180
Total	$1,920,576	$2,473,550	$2,339,641

Note 1: Individual items amount not exceeded $50,000 thousand were aggregated as others.

Note 2: The provisional tax payment was remitted by the Group via credit card transfer and had not yet been offset as of the financial reporting date.

(13) Bonds payable

Domestic convertible bonds payable

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Liability component:
Principal amount	$-	$354,300	$482,200
Discounts on bonds payable	-	(1,517)	(3,707)
Subtotal	-	352,783	478,493
Less: current portion	-	(352,783)	(478,493)
Net	$-	$-	$-
Embedded derivative (Recognized in “Financial assets at fair value through profit or loss - non-current”)	$-	$-	$-
Equity component (Recognized in “Equity - Capital surplus”)	$-	$56,392	$76,750

On April 11, 2022, the Company issued zero coupon unsecured convertible bonds. The actual fund raised amounted to a total of $1,680,102 thousand. The terms of the convertible bonds were evaluated to include a liability component, embedded derivatives (a call option and a put option) and an equity component (an option for conversion into issuer's ordinary shares). The terms of the bonds are as follows:

Issue amount: NT$1,500,000 thousand with issue price at par value of $100 thousand per bond.

Coupon rate: 0%

Period: April 11, 2022 ~ April 11, 2025

Important redemption clauses:

A. The Company may redeem the bonds at par value, in whole or in part, after 3 months of the issuance and prior to 40th day before maturity date, if the closing price of the Company's ordinary shares on the Taiwan Stock Exchange (TWSE) for 30 consecutive trading days is at least 130% of the conversion price.

B. The Company may redeem the bonds, in whole, at the early redemption conversion price if the amount of the company's outstanding shares is lower than the conversion price by 10% of the original total issuance amount during the period from the date after 3 months of the issuance and prior to 40th day before maturity date.

Terms of Exchange:

A. Underlying Securities: Common shares of the Company.

B. Exchange Period: The bonds are exchangeable at any time on or after July 12, 2022, and prior to April 11, 2025, into common shares of the Company.

C. Exchange Price and Adjustment: The exchange price was set at NT$210 per share when the shares were issued. The exchange price will be subject to adjustments upon the occurrence of certain events set out in the indenture.

D. Redemption on the Maturity Date: On the maturity date, the Company will redeem the bonds that remain outstanding at the principal amount.

The first domestic unsecured convertible bonds matured on April 11, 2025. Upon maturity, the Company repaid $17,200 thousand, and the bonds were canceled according to the conversion regulations and will no longer be issued. Additionally, the capital surplus - subscription rights in the amount of $2,737 thousand was reclassified to capital surplus - expired subscription rights.

The bonds already exchanged amount to $1,482,800 thousand, $1,145,700 thousand and $1,017,800 thousand, as of September 30, 2025, December 31, 2024, and September 30, 2024, respectively.

(14) Non-current borrowings

Details of non-current borrowings as of September 30, 2025, are as follows:

Lenders	As of September 30, 2025	Interest Rate (%)	Maturity date and terms of repayment
CTBC bank. — Unsecured bank loan	$26,520	2.26%	The terms of repayment are from December 14, 2023, to December 14, 2028, repayment of 5% of the principal is repayable quarterly, and interest is paid monthly.
E.SUN Bank — Secured bank loan	127,625	0.6%	From July 31, 2020, to December 15, 2029, interest is paid monthly.
E.SUN Bank — Unsecured bank loan	1,434	0.6%	From December 30, 2020, to December 15, 2026, interest is paid monthly.
Subtotal	155,579
Less: current portion	(46,123)
Total	$109,456

Details of non-current borrowings as of December 31, 2024, are as follows:

Lenders	As of December 31, 2024	Interest Rate (%)	Maturity date and terms of repayment
CTBC bank. — Unsecured bank loan	$32,640	1.98%	The terms of repayment are from December 14, 2023, to December 14, 2028, repayment of 5% of the principal is repayable quarterly, and interest is paid monthly.
Subtotal	32,640
Less: current portion	(8,160)
Total	$24,480

Details of non-current borrowings as of September 30, 2024, are as follows:

Lenders	As of September 30, 2024	Interest Rate (%)	Maturity date and terms of repayment
CTBC bank. — Unsecured bank loan	$34,680	2.06%	The terms of repayment are from December 14, 2023, to December 14, 2028, repayment of 5% of the principal is repayable quarterly, and interest is paid monthly, from March 14, 2024.
CTBC bank. — Shenzhen Branch	24,576	4.50%	The terms of repayment are from July 21, 2023, to July 21, 2025; interest of 8% with principal is repayable quarterly from October 21, 2023.
Subtotal	59,256
Less: current portion	(32,736)
Total	$26,520

Please refer to Note 8 for more details on the above long-term borrowings under pledge.

(15) Post-employment benefits

Defined contribution plan

Expenses under the defined contribution plan for the three-month and nine-month periods ended September 30, 2025 were $67,109 thousand and $206,419 thousand, respectively, and for the three-month and nine-month periods ended September 30, 2024 were $62,169 thousand and $176,637 thousand, respectively.

Defined benefits plan

Expenses under the defined benefits plan for the three-month and nine-month periods ended September 30, 2025 were $2,118 thousand and $6,456 thousand, respectively, and for the three-month and nine-month periods ended September 30, 2024 were $3,203 thousand and $6,772 thousand, respectively.

(16) Provisions

	Decommissioning, restoration, and rehabilitation	Other provision	Total
As of January 1, 2025	$10,391	$22,032	$32,423
Utilized	-	(8,864)	(8,864)
Additions	-	7,795	7,795
Discount rate adjustment and unwinding of discount from the passage of time	247	-	247
Exchange differences	-	(972)	(972)
As of September 30, 2025	$10,638	$19,991	$30,629
As of January 1, 2024	$10,052	$32,826	$42,878
Utilized	-	(23,930)	(23,930)
Additions	-	20,131	20,131
Discount rate adjustment and unwinding of discount from the passage of time	254	-	254
Exchange differences	-	1,350	1,350
As of September 30, 2024	$10,306	$30,377	$40,683
Current – September 30, 2025	$-	$13,972	$13,972
Non-current – September 30, 2025	10,638	6,019	16,657
As of September 30, 2025	$10,638	$19,991	$30,629
Current – December 31, 2024	$-	$22,032	$22,032
Non-current – December 31, 2024	10,391	-	10,391
As of December 31, 2024	$10,391	$22,032	$32,423
Current – September 30, 2024	$-	$30,377	$30,377
Non-current – September 30, 2024	10,306	-	10,306
As of September 30, 2024	$10,306	$30,377	$40,683

Decommissioning, restoration and rehabilitation

A provision has been recognized for decommissioning costs associated with a factory owned by subsidiary. The Group is committed to restore the site as was when decommissioning the site.

Other provision

According to the management’s judgement and other known reasons, the expected employee occupational injury expenses were recognized as miscellaneous expense and estimated related provisions.

Carbon fees

The Company has been conducting carbon inventory since 2022. Based on the historical information and the assessment of greenhouse gas emissions in 2025, the Company is not subject to carbon fee collection under Taiwan's Ministry of Environment. Therefore, as of September 30, 2025, the Company has not yet been required to estimate related liabilities for carbon fees.

(17) Other non-current liabilities

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Other non-current liabilities - Temporary credits	$315,120	$157,560	$157,560
Other non-current liabilities - others	31,166	28,291	93,569
Total	$346,286	$185,851	$251,129

Other non-current liabilities - Others include long-term deferred income related to assets, which the Group recognizes in profit or loss over time in accordance with accounting policies.

(18) Equities

A. Ordinary share

As of January 1, 2024, the Company's authorized capital was $3,000,000 thousand, and its issued capital amounted to $1,325,735 thousand, representing 132,573 thousand shares issued, each with a par value of $10. All shares are ordinary shares, each carrying one voting right and the right to receive dividends.

The Company issued domestic unsecured convertible corporate bonds on April 11, 2022. For the nine-month periods ended September 30, 2025 and 2024 and for the year period ended December 31, 2024, 1,978 thousand, 4,085 thousand and 4,835 thousand shares with a nominal value of $10 per share were successively requested by bondholders, respectively. As of September 30, 2025, December 31, 2024 and September 30, 2024, there were 0,751 thousand and 1,831 thousand shares, respectively, for which the change in registration had not yet been completed. The bond conversion entitlement certificates of January 1, 2025 and 2024 were amended in the third quarter of 2025 and 2024 with 2,729 thousand shares and 2,254 thousand shares respectively.

As of April 11, 2025 (maturity date of corporate bonds), the accumulated shares been successively requested by bondholders were 8,357 thousand shares with a nominal value of $10 per share.

As of September 30, 2025, December 31, 2024, and September 30, 2024, the Company's authorized capital was $3,000,000 thousand, and its issued capital amounted to $1,393,870 thousand, $1,366,582 thousand, and $1,348,273 thousand, respectively, representing 139,387 thousand, 136,658 thousand, and 134,827 thousand shares issued. All shares are ordinary shares issued in installments, each carrying one voting right and the right to receive dividends.

B. Capital surplus

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Additional paid-in capital	$3,203,422	$2,833,133	$2,693,035
Difference between consideration given/received and carrying amount of interests in subsidiaries acquired/disposed of	270,909	270,909	75,872
Share options	-	56,392	76,750
Changes in ownership interest in subsidiaries	115,602	86,716	48,064
Expired share options	2,737	-	-
Others	451	451	-
Total	$3,593,121	$3,247,601	$2,893,721

According to the Company Act, the capital reserve shall not be used except for making good the deficit of the company. When a company incurs no loss, it may distribute the capital reserves related to the income derived from the issuance of new shares at a premium or income from endowments received by the company. The distribution could be made in cash or in the form of dividend shares to its shareholders in proportion to the number of shares being held by each of them.

C. Retained earnings and dividend policies

According to the Company's Articles of Incorporation, current year's earnings, if any, shall be distributed in the following order:

(a) Payment of all taxes and dues;
(b) Offset prior years' operation losses;
(c) Set aside 10% of the remaining amount after deducting items (a) and (b) as legal reserve;
(d) Set aside or reverse special reserve in accordance with law and regulations; and
(e) The distribution of the remaining portion, if any, will be recommended by the Board of Directors and resolved in the shareholders' meeting.

The policy of dividend distribution should reflect factors such as the current and future investment environment, fund requirements, domestic and international competition and capital budgets; as well as the interest of the shareholders, share bonus equilibrium and long-term financial planning etc. The Board of Directors shall make the distribution proposal annually and present it at the shareholders' meeting. The Company's Articles of Incorporation further provide at least 10% of the dividends must be paid in the form of cash.

According to the Company Act, the Company needs to set aside amount to legal reserve unless where such legal reserve amounts to the total paid-in capital. The legal reserve can be used to make good the deficit of the Company. When the Company incurs no loss, it may distribute the portion of legal serve which exceeds 25% of the paid-in capital by issuing new shares or by cash in proportion to the number of shares being held by each of the shareholders.

When the Company distributes distributable earnings, it shall set aside supplemental special reserve based on the difference between the amount already set aside and other net deductions from shareholders' equity, provided that the Company has already set aside special reserve according to the requirements for the adoption of IFRS. For any subsequent reversal of other net deductions from shareholders' equity, the amount reversed may be distributed from the special reserve.

On March 31, 2021, the FSC issued Order No. Financial-Supervisory-Securities-Corporate-1090150022, which sets out the following provisions for compliance:

On a public company's first-time adoption of the TIFRS, for any unrealized revaluation gains and cumulative translation adjustments (gains) recorded to shareholders' equity that the company elects to transfer to retained earnings by application of the exemption under IFRS 1, the company shall set aside an equal amount of special reserve. For any subsequent reversal of other net deductions from shareholders' equity, the amount reversed may be distributed.

On first-time adoption of the TIFRS, the Company's special reserve amounted to $112,383 thousand. The Company approved at its shareholders' meetings held on June 19, 2025 and June 18, 2024 that in accordance with the articles of incorporation, the difference between the balance of the special reserve previously appropriated upon the first adoption of IFRS and the net amount of other equity contra account was additionally (reversed) / appropriated to the special reserve of earnings, in the amount of $(315,176) thousand and $160,538 thousand.

Details of the years of 2024 and 2023 earnings distribution and dividends per share as resolved by the stockholders' meeting on June 19, 2025 and June 18, 2024, are as follows:

	Appropriation of earnings		Dividend per share ($)
	2024	2023	2024	2023
Legal reserve	$378,399	$238,651
Special reserve	(315,176)	160,538
Cash dividend of common stock	2,738,837	1,659,703	$19.7	$12.5

Please refer to Note 6(23) for details on employees' compensation and remuneration to directors and supervisors.

D. Non-controlling interests

	For the nine-month periods ended September 30,
	2025	2024
Beginning balance	$2,023,357	$1,282,232
Net gains attributable to non-controlling interests	197,251	153,522
Other comprehensive income, attributable to non-controlling interests, net of tax:
Exchange differences on translation of foreign operations	(74,895)	49,725
Significant non-controlling interests due to acquisition	1,074,203	89,443
Subsidiaries appropriated and distributed retained earnings for cash dividends	(278,952)	(94,684)
Share-based payment	-	131,510
Changes in ownership interests in subsidiaries	544	5,660
Ending balance	$2,941,508	$1,617,408

(19) Share-based payment plans

Certain employees of the Group are entitled to share-based payment as part of their remunerations; services are provided by the employees in return for the equity instruments granted. These plans are accounted for as equity-settled share-based payment transactions.

Subsidiary—Minson Integration, Inc. (“Minson Integration”.)

A. In November 2022 and July 2024, Minson Integration was authorized by the Board of Directors to issue employee share options with a total number of 274 thousand and 322 thousand units, respectively. Each unit entitles an optionee to subscribe for one share of Minson Integration’s common shares. Settlement upon the exercise of the options will be made through the issuance of new shares by Minson Integration.

The fair value of the share options is estimated at the grant date using the Black-Scholes model, taking into account the terms and conditions upon which the share options were granted.

The contractual term of the share options granted under this plan is from the month of issuance up to 2 years, and no cash settlement alternatives are provided. Minson Integration does not have a past practice of cash settlement for these share options.

The relevant details of the aforementioned share-based payment plan are as follows:

Type of agreement	Grant date	Total number of share options granted (in thousands)	Contract period	Exercise price per option	Vesting condition
The first employee stock option plan in 2022	December 1, 2022	274	1.98 years	10	The certificate holder can exercise a certain percentage of the granted stock option within two years after the issuance expires.
The first employee stock option plan in 2024	July 22, 2024	322	0.04 years	65	The certificate holder can exercise a certain percentage of the granted stock option within two years after the issuance expires.

The share-based payment agreement mentioned above was accounted for equity-based settlement.

For the nine-month periods ended September 30, 2025 and 2024, the following table contains further details on the aforementioned share-based payment plan of Minson Integration, Inc.:

	For the nine-month periods ended September 30,
	2025		2024
	Number of share options outstanding (in thousands)	Weighted average exercise price of share options (NT$)	Number of share options outstanding (in thousands)	Weighted average exercise price of share options (NT$)
Outstanding at beginning of period	-	$-	274	$10
Granted	-	-	322	65
Forfeited	-	-	(10)	10
Exercised	-	-	(322)	65
Outstanding at end of period	-	$-	264	$10
Exercisable at end of period	-	$-	-	$-
Weighted average fair value of share options granted during the period ($)	$-		$45.11

The information on the outstanding share-based payment plan as of each financial reporting date is as follows:

As of September 30, 2025: There are no outstanding stock options.

As of December 31, 2024: There are no outstanding stock options.

	Range of exercise price	Weighted average remaining contractual life (years)
As of September 30, 2024
Share options outstanding at the end of the period	$10	0.18

For the share-based payment plan granted in 2024, Minson Integration used the Black-Scholes option pricing model to estimate the fair value of the share options on the grant date. The information on each factor is as follows:

	Grant date
	July 22, 2024
Expected volatility (%)	32.08
Risk-free interest rate (%)	1.49
Expected option life (Years)	0.04
Weighted average share price ($)	110.07

B. For the nine-month periods ended September 30, 2025 and 2024, the Group did not make any cancellations or modifications to the share-based payment plan.

C. The expense recognized for employee services received is shown in the following table:

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Total expense arising from equity-settled share-based payment transactions	$-	$16,233	$-	$20,468

(20) Operating revenue

A. Disaggregation of revenue

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Revenue from contracts with customers
Sale of goods	$5,833,941	$6,783,907	$20,732,332	$19,139,650
Other revenue	60,792	240,794	213,894	397,089
Total	$5,894,733	$7,024,701	$20,946,226	$19,536,739

B. The Group recognizes contract revenue which is at a point in time.

C. Contract balances

Current contract liabilities

	As of
	September 30, 2025	December 31, 2024	September 30, 2024	January 1, 2024
Sales of goods	$64,650	$44,386	$36,214	$20,070

The significant changes in the Group's balances of contract liabilities for the nine-month periods ended September 30, 2025 and 2024 were as follows:

	For the nine-month periods ended September 30,
	2025	2024
The opening balance transferred to revenue	$(38,743)	$(6,434)
Acquisitions through business combinations	16,855	-
Increase in unearned receipted during the period (excluding the amount incurred and transferred to - revenue during the period)	41,794	20,672
Effect of changes in foreign exchange rates and others	358	1,906

(21) Impairment loss (impairment gain and reversal of impairment loss)

A. The amounts of expected credit losses (reversal gains) recognized by the Group in operating expenses are as follows:

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Operating expenses – Expected credit (losses) gains
Accounts receivables	$882	$10,894	$2,442	$12,374

B. Please refer to Note 12 for more details on credit risk.

C. The credit risk for the Group's financial assets at amortized cost are assessed as low as of September 30, 2025, December 31, 2024, and September 30, 2024 (the same as the assessment result in the beginning of the period). Since the counterparties of the Group are all financial institutions such as banks with good credit profile, all of them are calculated based on the expected credit loss rate of 0% and the allowance loss amount is $0 thousand.

D. The Group measures the loss allowance of its accounts receivable (including notes receivables and accounts receivable) at an amount equal to lifetime expected credit losses. The assessment of the Group's loss allowance as of September 30, 2025, December 31, 2024, and September 30, 2024 are as follows:

(a) Considering counterparties credit rating, industry characteristics, the loss allowance of accounts receivable is measured by using a provision matrix. In addition, the provision matrix is expressed aggregately since overdue days interval between each entities in the Group is equivalent. Details for provision matrix are as follows:

As of September 30, 2025

	Not yet due (Note)	Overdue
		Under 60 days	61~180 days	Over 181 days	Total
Gross carrying amount	$3,560,531	$205,308	$60,243	$3,000	$3,829,082
Loss ratio					0.1828%
Lifetime expected credit losses	(377)	(142)	(3,482)	(3,000)	(7,001)
Net carrying amount	$3,560,154	$205,166	$56,761	$-	$3,822,081

As of December 31, 2024

	Not yet due (Note)	Overdue
		Under 60 days	61~180 days	Over 181 days	Total
Gross carrying amount	$4,957,553	$414,478	$11,782	$2,753	$5,386,566
Loss ratio					0.1650%
Lifetime expected credit losses	-	(246)	(5,891)	(2,753)	(8,890)
Net carrying amount	$4,957,553	$414,232	$5,891	$-	$5,377,676

As of September 30, 2024

	Not yet due (Note)	Overdue
		Under 60 days	61~180 days	Over 181 days	Total
Gross carrying amount	$4,404,044	$224,736	$22,049	$2,287	$4,653,116
Loss ratio					0.1256%
Lifetime expected credit losses	-	(203)	(3,355)	(2,287)	(5,845)
Net carrying amount	$4,404,044	$224,533	$18,694	$-	$4,647,271

Note: The Group's note receivables are not overdue.

E. The change of the provision for impairment of notes receivables and accounts receivable during the nine-month periods ended September 30, 2025 and 2024 is as follows:

	Notes receivables	Accounts receivable	Total
As of January 1, 2025	$-	$8,890	$8,890
Through business combinations.	-	805	805
Reversal for the current period	-	(2,442)	(2,442)
Exchange differences	-	(252)	(252)
As of September 30, 2025	$-	$7,001	$7,001
As of January 1, 2024	$-	$23,074	$23,074
Reversal for the current period	-	(12,374)	(12,374)
Written off as uncollectible	-	(5,753)	(5,753)
Exchange differences	-	898	898
As of September 30, 2024	$-	$5,845	$5,845

(22) Leases

A. Group as a lessee

The Group leases various properties, including real estate such as land and buildings and other equipment. The lease terms range from 1 to 13 years. The Group is not subject to any special restrictions.

The Group's leases effect on the financial position, financial performance and cash flows are as follows:

(a) Amounts recognized in the balance sheet

i. Right-of-use assets

The carrying amount of right-of-use assets

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Land	$658,660	$704,810	$718,080
Buildings	61,802	62,952	38,686
Total	$720,462	$767,762	$756,766

During the nine-month periods ended September 30, 2025 and 2024, the Group's additions to right-of-use assets amounting to $37,703 thousand and $151,844 thousand, respectively.

Please refer to Note 8 for more details on right-of-use assets under pledge.

ii. Lease liabilities

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Lease liabilities	$342,534	$362,046	$340,975
Current	$48,410	$39,359	$37,637
Non-current	294,124	322,687	303,338
Total	$342,534	$362,046	$340,975

Please refer to Note 6(24) (D) for the interest on lease liabilities recognized during the three-month and nine-month periods ended September 30, 2025 and 2024 and refer to Note 12(5) Liquidity Risk Management for the maturity analysis for lease liabilities on September 30, 2025, December 31, 2024 and September 30, 2024.

(b) Amounts recognized in the statement of profit or loss

Depreciation charge for right-of-use assets

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Land	$9,426	$8,228	$29,004	$23,110
Buildings	9,056	12,661	27,420	37,649
Total	$18,482	$20,889	$56,424	$60,759

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
The expenses relating to leases of low-value assets (Including the expenses relating to short-term leases of low-value assets)	$2,192	$3,458	$6,760	$11,352

(d) Cash outflow relating to leasing activities

During the three-month and nine-month periods ended September 30, 2025 the Group's total cash outflows for leases amounting to $20,223 thousand and $49,398 thousand, respectively, and during the three-month and nine-month periods ended September 30, 2024, the Group's total cash outflows for leases amounting to $21,440 thousand and $65,132 thousand, respectively.

(e) Other information relating to leasing activities

Some of the Group's agreement contain extension and termination options. In determining the lease terms, the non-cancellable period for which the Group has the right to use an underlying asset, together with both periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option. These options are used to maximize operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the Group.

After the commencement date, the Group reassesses the lease term upon the occurrence of a significant event or a significant change in circumstances that is within the control of the lessee and affects whether the Group is reasonably certain to exercise an option not previously included in its determination of the lease term, or not to exercise an option previously included in its determination of the lease term.

B. Group as a lessor

The Group's leases of self-own investment properties are classified as operating leases as they do not transfer substantially all the risks and rewards incidental to ownership of underlying assets.

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Lease income for operating leases
Income relating to fixed lease payments	$6,377	$1,130	$13,777	$7,595

For operating leases entered by the Group, the undiscounted lease payments to be received and a total of the amounts for the remaining years as of September 30, 2025, December 31, 2024 and September 30, 2024 are as follows:

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Not later than one year	$13,859	$-	$-

(23)Summary statement of employee benefits, depreciation, and amortization expenses by function

	For the three-month periods ended September 30,
	2025			2024
	Operating costs	Operating expenses	Total	Operating costs	Operating expenses	Total
Employee benefits expense
Salaries	$959,833	$338,823	$1,298,656	$977,353	$330,048	$1,307,401
Labor and health insurance	15,430	12,303	27,733	12,676	10,985	23,661
Pension	52,626	16,601	69,227	52,089	13,283	65,372
Other employee benefits expense	108,834	41,528	150,362	124,055	32,711	156,766
Depreciation	185,426	36,858	222,284	170,263	39,500	209,763
Amortization	451	15,985	16,436	231	9,817	10,048
	For the nine-month periods ended September 30,
---	---	---	---	---	---	---
	2025			2024
	Operating costs	Operating expenses	Total	Operating costs	Operating expenses	Total
Employee benefits expense
Salaries	$2,822,606	$1,004,095	$3,826,701	$2,682,095	$930,216	$3,612,311
Labor and health insurance	45,324	36,669	81,993	37,916	33,101	71,017
Pension	163,924	48,951	212,875	144,592	38,817	183,409
Other employee benefits expense	361,050	113,500	474,550	333,249	100,108	433,357
Depreciation	547,026	113,126	660,152	509,960	109,649	619,609
Amortization	850	47,708	48,558	687	28,962	29,649

The depreciation expenses for the Group's investment properties for the three-month and nine-month periods ended September 30, 2025 were $930 thousand and $1,611, respectively, and for the three-month and nine-month periods ended September 30, 2024 were $0 thousand, recorded under other gains and losses.

According to the Articles of Incorporation, no lower than 2% of profit of the current year is distributable as employees' compensation and no higher than 0.5% of profit of the current year is distributable as remuneration to directors and supervisors. Furthermore, no less than 0.36% of the aforementioned employees' compensation shall be allocated for the compensation of non-managerial employees. However, the company's accumulated losses shall have been covered. The Company may, by a resolution adopted by a majority vote at a meeting of Board of Directors attended by two-thirds of the total number of directors, have the profit distributable as employees' compensation in the form of shares or in cash; and in addition there to a report of such distribution is submitted to the shareholders' meeting. If the Board of Directors subsequently modifies the estimates significantly, the company will recognize the change as an adjustment in the profit or loss in the subsequent period. Information on the Board of Directors' resolution regarding the employees' compensation and remuneration to directors and supervisors can be obtained from the "Market Observation Post System" on the website of the TWSE.

Based on profit for the nine-month period ended September 30, 2025, the Company estimated the amounts of the employees' compensation, non-managerial employees' compensation and remuneration to directors and supervisors for the nine-month period ended September 30, 2025 to be 2.05%, 0.36% and 0.04%, respectively, recognized as employee benefits expense. As such, employees' compensation, non-managerial employees' compensation and remuneration to directors for the three-month and nine-month periods ended September 30, 2025 amount to $11,304 thousand, $9,196 thousand, and $375 thousand, $52,304 thousand, $9,196 thousand, and $1,125 thousand, respectively and recognized as salaries expense.

Based on profit for the nine-month period ended September 30, 2024, the Company estimated the amounts of the employees' compensation and remuneration to directors and supervisors for the nine-month period ended September 30, 2024 to be 2% and 0.04%, respectively, recognized as employee benefits expense. As such, employees' compensation and remuneration to directors for the three-month and nine-month periods ended September 30, 2024 amount to $20,131 thousand and $375 thousand, $62,196 thousand and $1,125 thousand, respectively and recognized as salaries expense.

A resolution was resolved at a board meeting held on March 11, 2025, to distribute $93,604 thousand and $1,500 thousand in cash as employees' compensation and remuneration to directors of 2024, respectively. No material differences exist between the estimated amount and the actual distribution of the employee compensation and remuneration to directors and supervisors for the year ended December 31, 2024.

No material differences exist between the estimated amount and the actual distribution of the employee compensation and remuneration to directors and supervisors for the year ended December 31, 2023.

(24) Non-operating income and expenses

A. Interest income

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Interest income
Financial assets measured at amortized cost	$39,119	$50,566	$119,399	$146,925
Financing provided to others (Note)	400	358	1,200	1,075
Total	$39,519	$50,924	$120,599	$148,000

Note: Please refer to attachment 1 for financing provided to others.

B. Other income

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Rent income	$7,183	$2,511	$16,426	$10,886
Dividend income	6,145	6,590	6,145	6,590
Other income - government grants	2,138	701	6,772	5,842
Other income - others	13,496	13,918	58,551	49,444
Total	$28,962	$23,720	$87,894	$72,762

C. Other gains and losses, net

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Gains on disposal of property, plant and equipment	$3,316	$3,612	$4,600	$1,735
Gains/(Losses) on financial assets at fair value through profit or loss (Note)	9,415	(1,724)	9,347	(2,977)
Foreign exchange gains/(losses), net	2,465	(133,948)	(273,952)	127,463
Miscellaneous disbursements	(6,194)	(18,072)	(14,737)	(71,042)
Depreciation of investment properties	(930)	-	(1,611)	-
Gains on lease modification	-	-	-	120
Total	$8,072	$(150,132)	$(276,353)	$55,299

Note: Including balances were arising from financial assets mandatorily measured at fair value through profit or loss.

D. Finance costs, net

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Interest on borrowings from bank	$18,219	$10,071	$41,929	$25,893
Interest on provisions	79	86	247	254
Interest on lease liabilities	1,536	1,148	5,952	3,049
Interest on bonds payable	-	2,184	833	9,587
Total	$19,834	$13,489	$48,961	$38,783

(25) Components of other comprehensive income

For the three-month period ended September 30, 2025

	Arising during the period	Reclassification adjustments during the period	Other comprehensive income, before tax	Income tax relating to components of other comprehensive	Other comprehensive income, net of tax
Will be reclassified to profit or loss in subsequent periods:
Exchange differences on translation	$271,218	$-	$271,218	$(164)	$271,054

For the three-month period ended September 30, 2024

	Arising during the period	Reclassification adjustments during the period	Other comprehensive income, before tax	Income tax relating to components of other comprehensive	Other comprehensive income, net of tax
Will be reclassified to profit or loss in subsequent periods:
Exchange differences on translation	$202,919	$-	$202,919	$-	$202,919

For the nine-month period ended September 30, 2025

	Arising during the period	Reclassification adjustments during the period	Other comprehensive income, before tax	Income tax relating to components of other comprehensive	Other comprehensive income, net of tax
Will be reclassified to profit or loss in subsequent periods:
Exchange differences on translation	$(652,657)	$-	$(652,657)	$2,763	$(649,894)

For the nine-month period ended September 30, 2024

	Arising during the period	Reclassification adjustments during the period	Other comprehensive income, before tax	Income tax relating to components of other comprehensive	Other comprehensive income, net of tax
Will be reclassified to profit or loss in subsequent periods:
Exchange differences on translation	$416,219	$-	$416,219	$-	$416,219

(26) Income tax

A. The major components of income tax expense (income) are as follows:

Income tax expense (income) recognized in profit or loss

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Current income tax expense:
Current income tax charge	$211,924	$220,761	$679,612	$708,111
Adjustments in respect of current income tax of prior periods	(427)	1	21,641	307
Current tax expense (income) related to Pillar Two legislation (Note)	-	(not applicable)	-	(not applicable)
Deferred tax expense:
Deferred tax expense relating to origination and reversal of temporary differences	(42,788)	(40,442)	(2,174)	(2,770)
Tax expense (income) recognized in the period for previously unrecognized tax loss, tax credit or temporary difference of prior periods	20	(76)	(749)	-
Total income tax expense	$168,729	$180,244	$698,330	$705,648

Note : The consolidated financial statements of the group included entities located in countries where the Pillar Two rules have been in effect (including Hong Kong, Vietnam and Thailand), whose consolidated revenue reached EUR 750 million (reaching EUR 750 million for any two years within four tested years), therefore the “International Tax Reform- Pillar Two Model Rules (Amendment to IAS 12)” affected these entities. As of the end of this quarter, the Group assessed that the income tax expense of these entities affected by Pillar Two is not material to the Group, and the specific numbers of the effect will be disclosed upon completion of calculation.

Income tax recognized in other comprehensive income

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Deferred tax expense (income):
Exchange differences on translation	$164	$-	$(2,763)	$-

B. The assessment of income tax returns

As of the reporting date, the assessment of the income tax returns of the Company and its domestic subsidiaries are as follows:

	The assessment of income tax returns
The Company	Assessed and approved up to 2023
Subsidiary—NFT Technology Co., Ltd	Assessed and approved up to 2023
Subsidiary—Crosspace Co., LTD	Assessed and approved up to 2023
Subsidiary—Minson Integration,Inc.	Assessed and approved up to 2023
Subsidiary—Proxene Tools Co., Ltd.	Assessed and approved up to 2023
Sub-subsidiary—Ducrown Industrial Co., Ltd.	Assessed and approved up to 2023

As of September 30, 2025, the Company's foreign subsidiaries, which are subject to foreign tax jurisdictions, have all filed their income tax returns in accordance with the applicable regulations.

(27) Earnings per share

Basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary equity holders of the parent entity by the weighted average number of ordinary shares outstanding during the year.

Diluted earnings per share amounts are calculated by dividing the net profit attributable to ordinary equity holders of the parent entity by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
A. Basic earnings per share
Profit attributable to ordinary equity holders of the Company (in thousand)	$485,800	$827,109	$2,021,535	$2,501,963
Weighted average number of ordinary shares outstanding for basic earnings per share (in thousands)	139,387	135,735	138,963	134,049
Basic earnings per share (NT$)	$3.49	$6.09	$14.55	$18.66
B. Diluted earnings per share
Profit attributable to ordinary equity holders of the Company (in thousand)	$485,800	$827,109	$2,021,535	$2,501,963
Interest expense from convertible bonds (in thousand)	-	1,748	667	7,669
Profit attributable to ordinary equity holders of the Company after dilution	$485,800	$828,857	$2,022,202	$2,509,632
Weighted average number of ordinary shares outstanding for basic earnings per share (in thousands)	139,387	135,735	138,963	134,049
Effect of dilution:
Employee compensation - stock (in thousands)	195	145	270	214
Convertible bonds(in thousands)	-	3,552	740	5,238
Weighted average number of ordinary shares outstanding after dilution (in thousands)	139,582	139,432	139,973	139,501
Diluted earnings per share (NT$)	$3.48	$5.94	$14.45	$17.99

There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of completion of the financial statements.

(28) Business combinations

A. Acquisition of Alloy Seiko Industry (SZ) Co., Ltd. and its subsidiary — Alloy Seiko Technology (Jiangsu) Co., Ltd.

In order to improve operating performance, the Company acquire Alloy Seiko Industry (SZ) Co., Ltd (hereinafter referred to as "ASIC"). and its subsidiary — Alloy Seiko Technology(Jiangsu) Co., Ltd. (collectively referred to as "AS Group") to expand the layout of the automotive components business. Following an agreement between the Group and the shareholders of ASIC, Zhong Shan Worldmark Sporting Goods Ltd.( hereinafter referred to as "Zhongshan Worldmark"), a wholly-owned subsidiary of the Group, participated in the cash capital increase of ASIC and remitted the capital increase funds on August 23, 2024, resulting in the Group holding a 77.51% equity interest in ASIC. For details on the related consolidation structure, please refer to Note 4(3).

The Company and its subsidiaries set August 23, 2024, as the acquisition date to acquire AS Group and measured the identifiable assets acquired and liabilities assumed at their fair values as of that date. The consolidated financial statements for the year ended December 31, 2024 issued by the Group on March 11, 2025, as well as the consolidated financial statements for the nine-month period ended September 30, 2024 issued on November 12, 2024, were both recognized at provisional amounts. The Group completed the independent evaluation and obtained the evaluation report from an independent appraiser in April 2025. The differences between the provisional amounts and the valuation results will be retrospectively adjusted in the consolidated financial statements for the year ended December 31, 2024 and September 30, 2024, as detailed in the explanation below.

The Group elected to measure the non-controlling interest in AS Group at the non-controlling interest's proportionate share of the acquiree's identifiable net assets.

The fair values of the identifiable assets and liabilities of AS Group as at the date of acquisition were as follows:

Fair value recognized on acquisition

Assets
Cash and cash equivalents	$710,268
Accounts receivable, net	349,508
Other receivable	241,562
Inventories	138,969
Prepayments	69,812
Property, plant, and equipment	398,006
Right-of-use assets	90,552
Intangible assets Intangible assets (including customer relationships, patented technologies, etc.)	217,900
Deferred tax assets	5,059
Other non-current assets	5,721
Liabilities
Short-term loans	(421,096)
Contract liabilities	(68,338)
Accounts payable	(348,888)
Other payables	(642,634)
Deferred tax liabilities	(40,887)
Other current liabilities	(1,754)
Long-term loans	(24,534)
Other non-current liabilities	(47,035)
Total identifiable net assets at fair value	$632,191

The goodwill for the AS Group is as follows:

	Amount
Cash consideration	$693,124
Add: non-controlling interests	201,114
Less: identifiable net assets at fair value	(632,191)
Goodwill	$262,047

The amount of goodwill in the amount of $262,047 thousand is expected to result from the synergy of the acquisition.

Cash flows on acquisition:

	Amount
Net cash acquired with the subsidiary	$710,268
Cash paid	(693,124)
Net cash inflow	$17,144

As of the date the financial report was approved, the independent valuation expert has completed the fair value assessment of the identifiable net assets of the AS Group. The result differed from the provisional amounts reported in the consolidated financial statements for the year ended December 31, 2024 and for the period from January 1 to September 30, 2024. Therefore, in accordance with the International Financial Reporting Standards, the Group recognized the provisional goodwill of $248,630 thousand and $236,383 thousand as of December 31, 2024 and September 30, 2024, respectively, and retrospectively adjusted the related financial information. The adjustments are described as follows:

(a) Provisional amount differences:

The consolidated financial statements as of December 31, 2024

	Provisional amounts	Adjustment	The result of valuation
Cash consideration	$693,124	$-	$693,124
Add: non-controlling interests	201,114	-	201,114
Less: identifiable net assets at fair value	(645,608)	13,417	(632,191)
Goodwill	$248,630	$13,417	$262,047

The consolidated financial statements as of September 30, 2024

	Provisional amounts	Adjustment	The result of valuation
Cash consideration	$693,124	$-	$693,124
Add: non-controlling interests	132,526	68,588	201,114
Less: identifiable net assets at fair value	(589,267)	(42,924)	(632,191)
Goodwill	$236,383	$25,664	$262,047

(b) The Group's consolidated financial statements for the comparative periods based on retrospective adjustments are as follows:

Balance Sheet	As of December 31, 2024
	Before retrospective	The amount of retrospective	After retrospective
Assets
Total current assets	$17,918,962	$-	$17,918,962
Intangible assets	1,101,913	(2,368)	1,099,545
Other non-current assets	7,145,019	-	7,145,019
Total non-current assets	8,246,932	(2,368)	8,244,564
Total assets	$26,165,894	$(2,368)	$26,163,526
Liability
Total current liabilities	$8,695,164	$-	$8,695,164
Deferred tax liabilities	143,747	(2,368)	141,379
Other non-current liabilities	630,581	-	630,581
Total non-current liabilities	774,328	(2,368)	771,960
Total liabilities	9,469,492	(2,368)	9,467,124
Total equity	16,696,402	-	16,696,402
Total liabilities and equity	$26,165,894	$(2,368)	$26,163,526
Balance Sheet	As of September 30, 2024
	Before retrospective	The amount of retrospective	After retrospective
Assets
Inventories	$3,548,482	$(31,952)	$3,516,530
Other current assets	11,866,797	-	11,866,797
Total current assets	15,415,279	(31,952)	15,383,327
Property, plant and equipment	5,716,152	13,373	5,729,525
Right-of-use assets	711,414	45,352	756,766
Intangible assets	1,061,640	45,189	1,106,829
Deferred tax assets	80,217	5,059	85,276
Other non-current assets	541,920	(21)	541,899
Total non-current assets	8,111,343	108,952	8,220,295
Total assets	$23,526,622	$77,000	$23,603,622

Balance Sheet	As of September 30, 2024
	Before retrospective	The amount of retrospective	After retrospective
Liability
Other current liabilities	$8,139,113	$(33,055)	$8,106,058
Total current liabilities	8,139,113	(33,055)	8,106,058
Deferred tax liabilities	124,887	11,391	136,278
Other non-current liabilities	632,851	30,076	662,927
Total non-current liabilities	757,738	41,467	799,205
Total liabilities	8,896,851	8,412	8,905,263
Total equity	14,629,771	68,588	14,698,359
Total liabilities and equity	$23,526,622	$77,000	$23,603,622

The aforementioned retrospective adjustments to the consolidated financial statements as of December 31, 2024 and September 30, 2024 were made based on new information obtained during the measurement period regarding facts and circumstances that existed at the acquisition date and that affected the provisional amounts. The difference between the provisional amounts and the formal valuation report is not material to the Group's retained earnings. Therefore, the difference in retained earnings will not be adjusted retrospectively but will be recognized in profit or loss for the year 2025.

B. Acquisition of Proxene Tools Co., Ltd. and its subsidiary

The Group acquired Proxene Tools Co., Ltd. (hereinafter referred to as "Proxene") and its subsidiaries (collectively referred to as "Proxene Group") for strategic investment purposes. The Group obtained 51% of the common stock equity through a public tender offer, with the payment made to the public tender account on March 11, 2025, and the consideration payment and equity transfer were completed on April 9, 2025, resulting in the Group holding 51% of the shareholders' equity in Proxene. Refer to Note 4(3) for the relevant consolidation structure.

The Group elected to measure the non-controlling interest in Proxene Group at the non-controlling interest's proportionate share of the acquiree's identifiable net assets.

The fair value of the identifiable assets and liabilities of Proxene Group as at the date of acquisition were:

Fair value recognized on acquisition

Assets
Cash and cash equivalents	$298,837
Financial assets at fair value through profit or loss	182,960
Financial assets at amortized cost	55,664
Accounts receivable, net	140,258
Other receivable	40,945
Inventories	218,048
Prepayments	5,960
Property, plant, and equipment	1,471,759
Right-of-use assets	28,475
Intangible assets	408,473
Other non-current assets	12,056
Liabilities
Short-term loans	(246,147)
Financial liabilities at fair value through profit or loss	(15,279)
Contract liabilities	(16,855)
Accounts payable	(19,369)
Other payables	(101,525)
Current tax liabilities	(32,760)
Other current liabilities	(14,689)
Lease liabilities	(7,918)
Long-term loans	(183,190)
Deferred tax liabilities	(20,755)
Other non-current liabilities	(12,697)
Total identifiable net assets at fair value	$2,192,251

The goodwill for the Proxene Group is as follows:

	Amount
Cash consideration	$1,481,295
Add: non-controlling interests	1,074,203
Less: identifiable net assets at fair value	(2,192,251)
Goodwill	$363,247

The amount of goodwill in the amount of $363,247 thousand is expected to result from the synergy of the acquisition.

Cash flows on acquisition:

	Amount
Net cash acquired with the subsidiary	$298,837
Cash paid	(1,481,295)
Net cash inflow	$(1,182,458)

As of September 30, 2025, the cash consideration paid by the Group was based on the equity purchase agreement, with the Company paying $1,481,295 thousand in cash to acquire equity in Proxene.

The Group designated April 9, 2025 as the acquisition date for the consolidation of Proxene Group and measured the identifiable assets acquired and liabilities assumed at their fair value as of the acquisition date. However, as of the day the consolidated financial statements were authorized for issue, the valuation procedures for the identifiable assets acquired and liabilities assumed were still ongoing. Therefore, in accordance with paragraphs 45 and B67(a) of International Financial Reporting Standard No. 3 'Business Combinations', if the initial accounting for a business combination is incomplete before the end of the reporting period in which the combination occurs, the acquirer shall report provisional amounts for the incomplete accounting items in its financial statements. Thus, in the Group's consolidated financial statements as of September 30, 2025, the identifiable assets acquired, liabilities assumed, and non-controlling interests of the acquiree resulting from the business combination are recognized at provisional amounts, which may be adjusted upon the issuance of the formal valuation report.

Based on the aforementioned provisional amounts, from the acquisition date (April 9, 2025) to September 30, 2025, the acquiree generated net profit from continuing operations in the amount of $45,054 thousand for the Group. Had the consolidation occurred in the beginning of 2025, the revenue generated by the continuing operations would have been $680,212 thousand and the net profit from the continuing operations would have been $67,689 thousand.

(29) Subsidiaries that have material non-controlling interests

Financial information of subsidiaries that have material non-controlling interests was provided below:

Proportion of equity interest held by non-controlling interests:

Name	Country of Incorporation and operation	As of
		September 30, 2025	December 31, 2024	September 30, 2024
Zhong Shan Aubo Precision Technology Co., Ltd.	China	47.50%	47.50%	47.50%
Minson Integration, Inc.	Taiwan	34.70%	34.70%	18.92%
Proxene Tools Co., Ltd. (Note)	Taiwan	49%	-%	-%

Note: It was consolidated into the consolidated financial statements in the second quarter of 2025.

A. Accumulated balances of material non-controlling interest:

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Zhong Shan Aubo Precision Technology Co., Ltd.	$854,932	$924,296	$966,511
Minson Integration, Inc.	809,248	832,733	498,446
Proxene Tools Co., Ltd.	1,009,278	-	-
Total	$2,673,458	$1,757,029	$1,464,957

B. Profit(loss) allocated to material non-controlling interest:

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Zhong Shan Aubo Precision Technology Co., Ltd.	$67,220	$62,695	$127,315	$125,544
Minson Integration, Inc.	17,318	139	47,081	25,974
Proxene Tools Co., Ltd.	21,286	-	22,076	-
Total	$105,824	$62,834	$196,472	$151,518

C. Dividends paid to material non-controlling interests

For the nine-month period ended September 30, 2025, Zhong Shan Aubo Precision Technology Co., Ltd., Minson Integration, Inc., and Proxene Tools Co., Ltd. declared distributions of $142,638 thousand (RMB 70,000 thousand), $63,246 thousand and $81,585 thousand, respectively, all of which had been paid as of September 30, 2025.

For the nine-month period ended September 30, 2024, Zhong Shan Aubo Precision Technology Co., Ltd. and Minson Integration, Inc. declared distributions of $75,861 thousand (RMB 36,000 thousand) and $18,823 thousand, respectively, all of which had been paid as of September 30, 2024.

D. The aggregated financial information of subsidiaries that have material non-controlling interests was provided blow. This information was based on amounts before inter-company eliminations.

(a) Zhong Shan Aubo Precision Technology Co., Ltd.

(i) Summarized information of profit or loss as follows:

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Operating revenue	$682,803	$730,490	$1,999,691	$1,868,672
Profit from continuing operations	141,519	118,150	268,031	250,465
Total comprehensive income	134,788	110,748	243,504	244,597

(ii) Summarized information of financial position as follows:

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Current assets	$1,565,844	$1,715,946	$1,435,061
Non-current assets	799,808	849,921	834,089
Current liabilities	554,857	619,981	530,410
Non-current liabilities	10,934	-	-

(b) Minson Integration, Inc.

(i) Summarized information of profit or loss as follows:

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Operating revenue	$684,737	$726,673	$2,200,527	$1,867,622
Profit from continuing operations	59,748	6,958	165,194	162,161
Total comprehensive income	83,155	122,533	144,129	264,585

(ii) Summarized information of financial position as follows:

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Current assets	$1,563,924	$1,418,197	$1,370,931
Non-current assets	1,099,133	1,468,401	1,500,912
Current liabilities	871,305	685,325	741,309
Non-current liabilities	87,320	132,372	112,075

(i) Summarized information of profit or loss as follows:

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Operating revenue	$234,074	$-	$432,592	$-
Profit from continuing operations	43,440	-	45,053	-
Total comprehensive income	44,097	-	33,999	-

(ii) Summarized information of financial position as follows:

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Current assets	$637,609	$-	$-
Non-current assets	823,393	-	-
Current liabilities	342,108	-	-
Non-current liabilities	134,211	-	-

Related party transactions

Information of related parties that had transactions with the Group and the significant transactions during the financial reporting periods is as follows:

Name and nature of relationship of the related parties

Name of the related parties	Nature of relationship of the related parties
Fu Sheng Industrial Co., Ltd.	Substantive related party
Fu Sheng Industrial (Shanghai) Co., Ltd.	Substantive related party
Zhong Shan Fu Sheng Electromechanical Co., Ltd.	Substantive related party
Zhong Shan Fu Sheng Machinery Co., Ltd.	Substantive related party
Fu Sheng (Vietnam) Industrial Co., Ltd.	Substantive related party
Worldmark Service Ltd.	Substantive related party
FS-Elliot Co. LLC	Substantive related party
California Air Compressor Company	Substantive related party
FS Compressor (Thailand) Co., Ltd	Substantive related party
Well Base International Limited	Substantive related party
Eclatorq technology Co., Ltd.	Substantive related party
Wu, Chuan-Fu	Substantive related party

Significant transactions with the related parties

Transactions with related parties that are significant in amount or balance, exceeding $10\%$ or $\$5,000$ thousand of the total amount or balance of each type of transaction for the group, should be individually listed, and all the remaining amount or balance should be aggregated and presented collectively.

(1) Sales

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Substantive related party
Fu Sheng Industrial Co., Ltd.	$2,297	$246	$4,452	$1,087
Fu Sheng Industrial(Shanghai) Co., Ltd.	363	49	1,621	166
Eclatorq technology Co., Ltd.	4,762	-	7,842	-
Other	99	-	123	-
Total	$7,521	$295	$14,038	$1,253

The sales price to the above related parties was determined through mutual agreement based on the market rates. The collection period for domestic sales to related parties was month-end 90 days, while the terms for overseas sales were $30\sim 120$ days from FOB shipping point. The collection period for third party domestic sales was month-end $14\sim 120$ days, while the terms for overseas sales were $30\sim 90$ days from FOB shipping point.

(2) Purchases

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Substantive related party
Zhong Shan Fu Sheng Machinery Co., Ltd.	$151	$364	$428	$989
Fu Sheng (Vietnam) Industrial Co., Ltd.	-	-	-	332
FS Compressor (Thailand) Co., Ltd	79	-	340	-
Total	$230	$364	$768	$1,321

The purchase price to the above related parties was determined through mutual agreement based on the market rates. The payment terms from the related party suppliers are comparable with third party suppliers and are between 30~90 days.

(3) Accounts receivable

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Substantive related party
Fu Sheng Industrial Co., Ltd.	$2,480	$501	$607
Fu Sheng Industrial (Shanghai) Co., Ltd.	175	-	-
Eclatorq technology Co., Ltd.	2,234	-	-
Total	$4,889	$501	$607

As of September 30, 2025, December 31, 2024 and September 30, 2024 the outstanding funds were unsecured, interest-free, and subject to cash settlement. There is no guarantee for the receivables of related parties.

(4) Accounts payables

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Substantive related party
California Air Compressor Company	$-	$-	$64
Fu Sheng (Vietnam) Industrial Co., Ltd.	155	84	-
FS-Elliott Co. LLC	-	164	14
Zhong Shan Fu Sheng Machinery Co., Ltd.	130	-	-
FS Compressor (Thailand) Co., Ltd	7	-	-
Total	$292	$248	$78

(5) Other payables

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Substantive related party
Fu Sheng Industrial Co., Ltd.	$241	$1,619	$-
Fu Sheng (Vietnam) Industrial Co., Ltd.	-	-	4,161
Other	45	-	19
Total	$286	$1,619	$4,180

(6) Refundable deposits

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Substantive related party
Fu Sheng (Vietnam) Industrial Co., Ltd.	$62,531	$70,144	$-

(7) Lease

A. Rent Income

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Substantive related party
Worldmark Service Ltd.	$116	$-	$361	$-
Well Base International Limited	-	124	-	369
Other	20	-	20	-
Total	$136	$124	$381	$369

The rental income is generated from leasing the plant to related parties. The transaction conditions are agreed upon by both parties, and the rent is paid monthly.

B. Rent Expense

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Substantive related party
Fu Sheng Industrial Co., Ltd	$315	$315	$945	$945

Rental expenses incurred as a result of leasing from related parties. The transaction conditions are agreed upon by both parties, and the rent is paid monthly.

C. Right-of-use assets

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Substantive related party
Fu Sheng (Vietnam) Industrial Co., Ltd.	$324,629	$373,942	$309,126
Zhong Shan Fu Sheng Electromechanical Co., Ltd.	157,605	172,334	176,005
Wu, Chuan-Fu	2,343	-	-
Total	$484,577	$546,276	$485,131

D. Lease liabilities

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Substantive related party
Fu Sheng (Vietnam) Industrial Co., Ltd.	$268,109	$292,443	$292,833
Wu, Chuan-Fu	2,382	-	-
Total	$270,491	$292,443	$292,833

E. Interest Expense

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Substantive related party
Fu Sheng (Vietnam)	$1,411	$781	$4,447	$1,614
Industrial Co., Ltd.
Wu, Chuan-Fu	10	-	21	-
Total	$1,421	$781	$4,468	$1,614

F. Depreciation

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Substantive related party
Fu Sheng (Vietnam)	$5,838	$5,242	$18,436	$14,548
Industrial Co., Ltd.
Zhong Shan Fu Sheng	1,836	1,989	5,625	5,804
Electromechanical Co., Ltd.
Wu, Chuan-Fu	390	-	584	-
Total	$8,064	$7,231	$24,645	$20,352

(8) Property transactions

Acquisition of fixed assets:

Related party	Property acquired	Acquisition price
		For the three-month periods ended September 30,		For the nine-month periods ended September 30,
		2025	2024	2025	2024
Fu Sheng Industrial Co., Ltd.	Machinery and equipment	$137	$-	$137	$1,300
Fu Sheng Industrial Co., Ltd.	Miscellaneous equipment	-	-	-	105
Fu Sheng Industrial (Shanghai) Co., Ltd.	Machinery and equipment	-	-	940	-
Fu Sheng (Vietnam) Industrial Co., Ltd.	Machinery and equipment	-	4,828	-	4,828
FS Compressor (Thailand) Co., Ltd.	Machinery and equipment	282	-	282	-
Total		$419	$4,828	$1,359	$6,233

The above purchase price was negotiated by the buyer and the seller.

(9) Key management personnel compensation

	For the three-month periods ended September 30,		For the nine-month periods ended September 30,
	2025	2024	2025	2024
Short-term employee benefits	$21,495	$15,171	$62,035	$42,511

Assets pledged as security

The following table lists assets of the Group pledged as security:

Items	Carrying amount			Secured liabilities
	September 30, 2025	December 31, 2024	September 30, 2024
Financial assets at amortised cost - Current	$18,000	$15,000	$15,000	Security deposit for natural gas service, options, project performance guarantee deposits
Property, plant and equipment - Land	344,329	51,495	52,733	Long-term loans and Short-term loans
Property, plant and equipment - Buildings	618,317	285,666	295,487	Long-term loans and Short-term loans
Property, plant and equipment - Machinery and equipment	13,399	-	-	Long-term loans
Right-of-use assets - Land	43,617	44,470	-	Short-term loans
Total	$1,037,662	$396,631	$363,220

Commitments and contingencies

(1) Contingent liabilities

Qingda Construction Co., Ltd. (hereinafter referred to as 'Qingda') contracted with its subsidiary, Proxene Tools Co., Ltd. (hereinafter referred to as 'Proxene'), for the 'Proxene Factory Office New Construction Project' on October 25, 2019. Due to defects in Qingda's work, and after Proxene's requests for repairs, Qingda still refused to make the necessary repairs. Therefore, on September 21, 2023, Proxene applied for mediation. However, Qingda refused to appear in court despite receiving two notices from the Taichung District Court, resulting in Proxene receiving a certificate of unsuccessful mediation on December 13, 2023.

On November 28, 2023, Qingda filed a lawsuit against Proxene, requesting payment for the project cost in the amount of $15,130 thousand, additional cost of $10,526 thousand, penalty of $817 thousand and interest, totaling $26,473 thousand. Qingda also requested the return of a performance guarantee check in the amount of $2,678 thousand.

On December 20, 2023, Proxene filed a counterclaim requesting Qingda to pay for repair costs of $3,367 thousand and to reduce the project price by $576 thousand. Qingda contended that Proxene's claims were time-barred. On February 23, 2024, Proxene submitted a counterclaim preparation document, additionally requesting for a follow-up notice regarding defects discovered by Proxene in October 2023. However, the repair costs are still pending estimation after Qingda's refusal to make repairs. As the case is still pending at the court, as of September 30, 2025, Proxene's present obligations have not been confirmed, and the amount of those obligations cannot be reliably estimated.

Proxene has already recognized $14,470 thousand of the aforementioned project costs as other payable during the project.

(2) Commitments

A. As of September 30, 2025, the Group has unused letters of credit was amounted to JPY139,625 thousand, EUR1,611 thousand and $100,186 thousand.

B. As of September 30, 2025, the Group provided endorsement and guarantee to subsidiaries were amounted to USD66,000 thousand, RMB150,000 thousand and $255,000 thousand. Please refer to Note 13 for more details.

C. As of September 30, 2025, the financial institutions provided the following guarantees to the Group,

Financial institution	Purpose of guarantee	Amount
Bank Sinopac Co. Ltd.	Customs Duty Guarantee	$3,000
Bangkok Bank Public Company Limited	Electricity Usage Guarantee	5,099

D. As of September 30, 2025, the details of the commitments signed by the Group but not yet paid are as follows,

Contract	Contract amount	Payment amount	Unpaid amount
Land use rights and plant buildings	$303,949	$33,183	$270,766
Machinery and equipment, etc.	325,203	289,375	35,828
	$629,152	$322,558	$306,594

Payment amount is recognized as construction in progress and equipment awaiting examination, prepayments for equipment and prepayments.

Losses due to major disasters:

None.

Significant subsequent events:

The Company experienced a workplace safety incident on October 16, 2025, which resulted in injuries and fatalities among its employees. The Company immediately provided emergency medical assistance, reported the occupational accident, and fully cooperated with labor inspections and investigations to determine the cause of the incident. As the scope and amount of compensation remain subject to further investigation and discussions with the families of the affected employees, the existence of a present obligation has not yet been confirmed as of the date of authorization for issue of these consolidated financial statements, and the amount of any such obligation cannot be measured with sufficient reliability.

Others

(1) Categories of financial instruments

Financial assets

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Financial assets at fair value through profit or loss:
Mandatorily measured at Fair value through profit or loss	$280,484	$233,687	$221,251
Subtotal	280,484	233,687	221,251
Financial assets at amortized cost:
Cash and cash equivalents (excluding cash on hand)	6,526,967	7,395,140	6,082,410
Financial assets at amortized cost	164,421	19,533	15,579
Notes and accounts receivable, net (including related parties)	3,822,081	5,377,676	4,647,271
Other receivables (including related parties)	284,390	651,873	690,859
Guarantee deposits paid	77,618	85,220	84,872
Subtotal	10,875,477	13,529,442	11,520,991
Total	$11,155,961	$13,763,129	$11,742,242

Financial liabilities

	As of
	September 30, 2025	December 31, 2024	September 30, 2024
Financial liabilities at fair value through profit or loss:
Mandatorily measured at Fair value through profit or loss	$593	$-	$-
Subtotal	593	-	-
Financial liabilities at amortized cost:
Current borrowings	1,542,008	1,188,095	1,359,611
Accounts payables (including related parties)	3,072,982	3,599,730	3,178,586
Other payables (including related parties)	1,920,576	2,473,550	2,339,641
Lease liabilities	342,534	362,046	340,975
Guarantee deposits received	4,382	376	3,013
Non-current borrowings (including current portion with maturity less than 1 year)	155,579	32,640	59,256
Bonds payable (including current portion with maturity less than 1 year)	-	352,783	478,493
Subtotal	7,038,061	8,009,220	7,759,575
Total	$7,038,654	$8,009,220	$7,759,575

(2) Financial risk management objectives and policies

The Group’s principal financial risk management objective is to manage the market risk, credit risk and liquidity risk related to its operating activities. The Group identifies measures and manages the aforementioned risks based on the Group’s policy and risk appetite.

The Group has established appropriate policies, procedures and internal controls for financial risk management. Before entering into significant transactions, due approval process by the Board of Directors and Audit Committee must be carried out based on related protocols and internal control procedures. The Group complies with its financial risk management policies at all times.

(3) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of the changes in market prices. Market prices comprise currency risk, interest rate risk and other price risk (such as equity instrument).

In practice, it is rarely the case that a single risk variable will change independently from other risk variable, there is usually interdependencies among risk factors. However, the sensitivity analysis disclosed below does not take into account the interdependencies among risk factors.

Foreign currency risk

The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s operating activities (when revenue or expense are denominated in a different currency from the Group’s functional currency) and the Group’s net investments overseas.

The Group has certain foreign currency receivables to be denominated in the same foreign currency with certain foreign currency payables, therefore natural hedge is received. The Group also uses forward contracts to hedge the foreign currency risk on certain items denominated in foreign currencies. Hedge accounting is not applied as they did not qualify for hedge accounting criteria. Furthermore, as net investments in foreign subsidiaries are for strategic purposes, they are not hedged by the Group.

The foreign currency sensitivity analysis of the possible change in foreign exchange rates on the Group’s profit is performed on significant monetary items denominated in foreign currencies as at the end of the reporting period. The Group’s foreign currency risk is mainly related to the volatility in the exchange rates for foreign currency USD. Please refer to Note 12(10) for details on the information of the sensitivity analysis.

When NTD strengthens/weakens against foreign currency USD by 1%, the profit for the nine-month periods ended September 30, 2025 and 2024 are decrease/increase by $12,071 thousand and $17,584 thousand, respectively.

Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s debt instrument investments at floating interest rates, bank borrowings with fixed interest rates and floating interest rates.

The Group manages its interest rate risk by having a balanced portfolio of fixed and floating loans.

The interest rate sensitivity analysis is performed on items exposed to interest rate risk as at the end of the reporting period, including investments and borrowings with variable interest rates. At the reporting date, a change of 10% of interest rate in a reporting period could cause the profit for the nine-month periods ended September 30, 2025 and 2024 to decrease/increase by $261 thousand and $413 thousand, respectively.

Equity price risk

The fair value of the Group’s listed equity securities is susceptible to market price risk arising from uncertainties about future values of the investment securities. The Group’s listed equity securities is classified under financial assets measured at fair value through profit or loss. The Group manages the equity price risk through diversification and placing limits on individual and total equity instruments.

At the reporting date, a change of 1% in the price of the listed equity securities measured at fair value through profit or loss could increase/decrease the Group’s profit for the nine-month periods ended September 30, 2025 and 2024 by $1,735 thousand and $1,672 thousand, respectively.

Please refer to Note 12(9) for sensitivity analysis information of other equity instruments or derivatives that are linked to such equity instruments whose fair value measurement is categorized under Level 3.

(4) Credit risk management

Credit risk is the risk that a counterparty will not meet its obligations under a contract, leading to a financial loss. The Group is exposed to credit risk from operating activities (primarily for accounts and notes receivables) and from its financing activities, including bank deposits and other financial instruments.

Credit risk is managed by each business unit subject to the Group’s established policy, procedures and control relating to credit risk management. Credit limits are established for all counter parties based on their financial position, rating from credit rating agencies, historical experience, prevailing economic condition and the Group’s internal rating criteria etc. Certain counter parties’ credit risk will also be managed by taking credit enhancing procedures, such as requesting for prepayment.

As of September 30, 2025, December 31, 2024, and September 30, 2024, amounts receivables from top ten customers represent 67%, 78% and 68% of the total accounts receivables of the Group, respectively. The credit concentration risk of other accounts receivables is insignificant.

Credit risk from balances with banks, fixed income securities and other financial instruments is managed by the Group's treasury in accordance with the Group's policy. The Group only transacts with counterparties approved by the internal control procedures, which are banks and financial institutions, companies and government entities with investment grade. Consequently, there is no significant credit risk for these counter parties.

The Group adopted IFRS 9 to assess the expected credit losses. Except for accounts and notes receivables, the remaining debt instrument investments which are not measured at fair value through profit or loss, low credit risk for these investments is a prerequisite upon acquisition and by using their credit risk as a basis for the distinction of categories.

Financial assets are written off when there is no realistic prospect of future recovery.

When the Company adopted IFRS 9 to assess the expected credit losses, the evaluation of the forward-looking information (available without undue cost and effort) is mainly based on the macroeconomic information and the credit loss ratio is further adjusted if there is significant impact from forward-looking information.

(5) Liquidity risk management

The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of cash and cash equivalents, bank borrowings and finance leases. The table below summarizes the maturity profile of the Group's financial liabilities based on the contractual undiscounted payments and contractual maturity. The payment amount includes the contractual interest. The undiscounted payment relating to borrowings with variable interest rates is extrapolated based on the estimated interest rate yield curve as of the end of the reporting period.

Non-derivative financial liabilities

	Less than
	1 year	2 to 3 years	4 to 5 years	> 5 years	Total
As of September 30, 2025
Current borrowings (including interest payable)
	$1,576,706	$-	$-	$-	$1,576,706
Accounts payables (including related parties)	3,072,982	-	-	-	3,072,982
Other payables (including related parties)	1,920,576	-	-	-	1,920,576
Lease liabilities	49,875	55,037	42,843	260,175	407,930
Guarantee deposits	4,382	-	-	-	4,382
Non-current borrowings (including interest payable)	46,600	75,419	37,182	-	159,201
As of December 31, 2024
Current borrowings (including interest payable)
	$1,235,768	$-	$-	$-	$1,235,768
Accounts payables (including related parties)	3,599,730	-	-	-	3,599,730
Other payables (including related parties)	2,473,550	-	-	-	2,473,550
Lease liabilities	43,003	66,521	29,394	307,803	446,721
Guarantee deposits	376	-	-	-	376
Non-current borrowings (including interest payable)	8,705	16,925	8,221	-	33,851
Convertible bonds	354,300	-	-	-	354,300
As of September 30, 2024
Current borrowings (including interest payable)
	$1,423,925	$-	$-	$-	$1,423,925
Accounts payables (including related parties)	3,178,586	-	-	-	3,178,586
Other payables (including related parties)	2,339,641	-	-	-	2,339,641
Lease liabilities	39,356	46,060	26,600	313,921	425,937
Guarantee deposits	3,013	-	-	-	3,013
Non-current borrowings (including interest payable)	33,339	17,102	12,403	-	62,844
Convertible bonds	482,200	-	-	-	482,200

Derivative financial liabilities

	Less than 1
	year	2 to 3 years	4 to 5 years	> 5 years	Total
As at September 30, 2025
Currency options	$593	$-	$-	$-	$593

As of December 31, 2024 and September 30, 2024, there are no such occurrences.

(6) Reconciliation of liabilities arising from financing activities

Reconciliation of liabilities for the nine-month period ended September 30, 2025:

	Current borrowings	Bonds Payable	Non-current borrowings	Guarantee deposits	Lease liabilities	Total liabilities from financing activities
As of January 1, 2025	$1,188,095	$352,783	$32,640	$376	$362,046	$1,935,940
Cash flows	(256,401)	(17,200)	(60,794)	4,051	(36,686)	(367,030)
Non-cash change	246,147	(335,583)	183,190	-	51,573	145,327
Exchange differences	364,167	-	543	(45)	(34,399)	330,266
As of September 30, 2025	$1,542,008	$-	$155,579	$4,382	$342,534	$2,044,503

Reconciliation of liabilities for the nine-month period ended September 30, 2024:

	Current borrowings	Bonds Payable	Non-current borrowings	Guarantee deposits	Lease liabilities	Total liabilities from financing activities
As of January 1, 2024	$680,793	$1,174,183	$40,800	$3,159	$296,986	$2,195,921
Cash flows	218,887	-	(6,120)	(252)	(53,780)	158,735
Non-cash change	460,784	(695,690)	24,534	-	91,912	(118,460)
Exchange differences	(853)	-	42	106	5,857	5,152
As of September 30, 2024	$1,359,611	$478,493	$59,256	$3,013	$340,975	$2,241,348

(7) Fair values of financial instruments

A. The methods and assumptions applied in determining the fair value of financial instruments:

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used by the Group to measure or disclose the fair values of financial assets and financial liabilities:

(a) The carrying amount of cash and cash equivalents, notes and accounts receivables, accounts payable and other current liabilities approximate their fair value due to their short maturities.

(b) For financial assets and liabilities traded in an active market with standard terms and conditions, their fair value is determined based on market quotation price (including listed equity securities, beneficiary certificates, bonds and futures etc.) at the reporting date.

(c) Fair value of equity instruments without market quotations (including private placement of listed equity securities, unquoted public company and private company equity securities) are estimated using the market method valuation techniques based on parameters such as prices based on market transactions of equity instruments of identical or comparable entities and other relevant information (for example, inputs such as discount for lack of marketability, P/E ratio of similar entities and Price-Book ratio of similar entities).

(d) Fair value of debt instruments without market quotations, bank loans and other non-current liabilities are determined based on the counterparty prices or valuation method. The valuation method uses DCF method as a basis, and the assumptions such as the interest rate and discount rate are primarily based on relevant information of similar instrument (such as yield curves published by the Taipei Exchange, average prices for Fixed Rate Commercial Paper published by Reuters and credit risk, etc.)

(e) The fair value of derivatives which are not options and without market quotations, is determined based on the counterparty prices or discounted cash flow analysis using interest rate yield curve for the contract period. Fair value of option-based derivative financial instruments is obtained using on the counterparty prices or appropriate option pricing model (for example, Black-Scholes model) or other valuation method (for example, Monte Carlo Simulation).

B. Fair value of financial instruments measured at amortized cost

Other than cash and cash equivalents, trade receivables, accounts payable and other current liabilities whose carrying amount approximate their fair value, the fair value of the Group's financial assets and financial liabilities measured at amortized cost is listed in the table below:

	Carrying amount as of
	September 30, 2025	December 31, 2024	September 30, 2024
Financial liabilities:
Bonds payable	$-	$352,783	$478,493
	Fair value as of
	September 30, 2025	December 31, 2024	September 30, 2024
Financial liabilities:
Bonds payable	$-	$353,733	$479,837

C. Fair value measurement hierarchy for financial instruments

Please refer to Note 12(9) for fair value measurement hierarchy for financial instruments of the Group.

(8) Derivative financial instruments

The related information for derivative financial instruments not qualified for hedge accounting and not yet settled held by the Group is as follows:

Option—Royalty

As of September 30, 2025:

Option-royalty are used to manage certain trading exposure positions but are not designated as hedging instruments.

Details of option-royalty are as follows:

Items	Notional Amount (in thousands)	Foreign exchange rate	Contract Period
Sell USD Call / Sell TWD Put	USD 1,700 /NTD 55,590	32.70	From Oct. 2024 to Oct. 2025

As of December 31, 2024 and September 30, 2024, there are no such occurrences.

Embedded derivatives

The embedded derivatives arising from issuing convertible bonds have been separated from the host contract and carried at fair value through profit or loss. Please refer to Note 6(13) for further information on this transaction.

(9) Fair value measurement hierarchy

A. Fair value measurement hierarchy

All asset and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, based on the lowest level input that is significant to the fair value measurement as a whole. Level 1, 2 and 3 inputs are described as follows:

Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities that the entity can access at the measurement date

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

Level 3 – Unobservable inputs for the asset or liability

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between Levels in the hierarchy by re-assessing categorization at the end of each reporting period.

B. Fair value measurement hierarchy of the Group’s assets and liabilities

The Group does not have assets that are measured at fair value on a non-recurring basis. Fair value measurement hierarchy of the Group’s assets and liabilities measured at fair value on a recurring basis was as follows:

As of September 30, 2025

	Level 1	Level 2	Level 3	Total
Financial assets:
Financial assets at fair value through profit or loss:
Preferred stocks	$173,485	$-	$-	$173,485
Unlisted stocks	-	-	1,400	1,400
Private-placement funds	-	-	105,599	105,599
	Level 1	Level 2	Level 3	Total
Financial liabilities:
Financial liabilities at fair value through profit or loss:
Currency options	$-	$593	$-	$593

As of December 31, 2024

	Level 1	Level 2	Level 3	Total
Financial assets:
Financial assets at fair value through profit or loss:
Preferred stocks	$170,870	$-	$-	$170,870
Unlisted stocks	-	-	1,400	1,400
Private-placement funds	-	-	61,417	61,417

As of September 30, 2024

	Level 1	Level 2	Level 3	Total
Financial assets:
Financial assets at fair value through profit or loss:
Preferred stocks	$167,238	$-	$-	$167,238
Unlisted stocks	-	-	1,400	1,400
Private-placement funds	-	-	52,613	52,613

Transfers between Level 1 and Level 2 during the period

During the nine-month periods ended September 30, 2025 and 2024, there were no transfers between Level 1 and Level 2 fair value measurements.

Reconciliation for Recurring fair value measurements in Level 3 of the fair value hierarchy for movements during the period is as follows:

	Assets
	at fair value through profit or loss
	Unlisted stocks	Convertible bond redemption	US dollar aggressive funds	Private-placement funds	Total
Beginning balances as of January 1, 2025	$1,400	$-	$-	$61,417	$62,817
Acquisition for the nine-month period ended September 30, 2025	-	-	-	25,705	25,705
Amount recognized in profit (presented in “other profit or loss”)	-	-	-	18,477	18,477
Ending balances as of September 30, 2025	$1,400	$-	$-	$105,599	$106,999
Beginning balances as of January 1, 2024	$1,400	$-	$403	$42,362	$44,165
Acquisition for the nine-month period ended September 30, 2024	-	-	-	11,136	11,136
Disposal for the nine-month period ended September 30, 2024	-	-	(458)	-	(458)
Settlements for the nine-month period ended September 30, 2024	-	(19)	-	-	(19)
Amount recognized in profit (presented in “other profit or loss”)	-	19	55	(885)	(811)
Ending balances as of September 30, 2024	$1,400	$-	$-	$52,613	$54,013

Total gains and losses recognized in profit or loss for the nine-month periods ended September 30, 2025 and 2024 in the table above contain gains and losses related to assets on hand as of September 30, 2025 and 2024 in the amount of $18,477 thousand and $(866) thousand, respectively.

Information on significant unobservable inputs to valuation

Description of significant unobservable inputs to valuation of recurring fair value measurements categorized within Level 3 of the fair value hierarchy is as follows:

(a) No quantitative information of significant unobservable inputs and sensitivity analysis were available as the fair values of structured investment products and financial products were measured by the unadjusted quotes from transaction counterparties.

(b) The fair value of unlisted securities is estimated using the market approach valuation techniques based on parameters such as the market transaction prices of comparable companies whose business and industry are similar to the investee's and considering the liquidity discount factor.

(c) As the binomial tree model is used by the embedded derivatives to price the fair value, the volatility of the embedded derivatives is a significant unobservable input. A change of 1 basis points of volatility could cause the profit of the Group to decrease/increase by $0 thousand.

(d) The fair value of private-placement funds is estimated using the net asset value and consider the liquidity discount. A change of 1 basis points of the liquidity discount could cause the profit of the Group to decrease/increase by $1,056 thousand.

Valuation process used for fair value measurements categorized within Level 3 of the fair value hierarchy

The Group's Management Department is responsible for validating the fair value measurements and ensuring that the results of the valuation are in line with market conditions, based on independent and reliable inputs which are consistent with other information, and represent exercisable prices. The Department analyses the movements in the values of assets and liabilities which are required to be re-measured or re-assessed as per the Group's accounting policies at each reporting date.

C. Fair value measurement hierarchy of the Group's assets and liabilities not measured at fair value but for which the fair value is disclosed.

As of September 30, 2025,

	Level 1	Level 2	Level 3	Total
Financial assets not measured at fair value but for which the fair value is disclosed:
Investment property (refer to Note 6(8))	$-	$-	$71,695	$71,695
Financial liabilities not measured at fair value but for which the fair value is disclosed:
None.
As of December 31, 2024,
	Level 1	Level 2	Level 3	Total
Financial assets not measured at fair value but for which the fair value is disclosed:
None.
Financial liabilities not measured at fair value but for which the fair value is disclosed:
Bonds payables	$-	$353,733	$-	$353,733
As of September 30, 2024,
	Level 1	Level 2	Level 3	Total
Financial assets not measured at fair value but for which the fair value is disclosed:
None.
Financial liabilities not measured at fair value but for which the fair value is disclosed:
Bonds payables	$-	$479,837	$-	$479,837

(10) Significant assets and liabilities denominated in foreign currencies

Information regarding the significant assets and liabilities denominated in foreign currencies is listed below:

	As of September 30, 2025
	Foreign currencies (thousands)	Foreign exchange rate	NTD (thousands)	Sensitivity analysis	Effect on income
Financial assets
Monetary items
USD	$170,627	30.47	$5,199,005	1%	$51,990
Financial liabilities
Monetary items
USD	131,010	30.47	3,991,875	1%	39,919
	As of December 31, 2024
	Foreign currencies (thousands)	Foreign exchange rate	NTD (thousands)	Sensitivity analysis	Effect on income
Financial assets
Monetary items
USD	$297,432	32.78	$9,749,821	1%	$97,498
Financial liabilities
Monetary items
USD	148,963	32.78	4,883,007	1%	48,830
	As of September 30, 2024
	Foreign currencies (thousands)	Foreign exchange rate	NTD (thousands)	Sensitivity analysis	Effect on income
Financial assets
Monetary items
USD	$195,074	31.63	$6,170,191	1%	$61,702
Financial liabilities
Monetary items
USD	120,951	31.63	3,825,680	1%	38,257

The above information is disclosed based on book value of foreign currency. The exchange rate is determined with reference to the spot selling exchange rate announced by Anue.

Since there were various functional currencies used within the subsidiaries of the Group, the Group was unable to disclose foreign exchange gains and losses towards each foreign currency with significant impact. The foreign exchange (losses) gains was $2,465 thousand and $(273,952) thousand for the three-month and nine-month periods ended September 30, 2025 respectively, and was $(133,948) thousand and $127,463 thousand for the three-month and nine-month periods ended September 30, 2024.

(11) Capital management

The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value. The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust dividend payment to shareholders, return capital to shareholders or issue new shares.

Other disclosure

(1) Information at significant transactions

A. Financing provided to others: Please refer to Attachment 1.
B. Endorsement/Guarantee provided to others: Please refer to Attachment 2.
C. Material securities held at the end of the period: Please refer to Attachment 3.
D. Related party transactions for purchases and sales amounts exceeding $100 million or 20 percent of the capital stock or more: Please refer to Attachment 4.
E. Receivables from related parties with amounts exceeding $100 million or 20 percent of capital stock or more: Please refer to Attachment 5.
F. Others: Business relationship between the parent and the subsidiaries and between each subsidiary, and the circumstances and accounts of any significant transactions between term: Please refer to Attachment 6.

(2) Information on investees

A. Of the investee company directly or indirectly has significant influence or control over, their investee companies’ information: Please refer to Attachment 7.

B. For the investees over which the Company directly or indirectly has control, the related information required under item (1) above, subitems A through F, shall be disclosed. Please refer to Attachments for 1 to 6.

(3) Information on investments in mainland China (written off as a result of consolidated statements):

A. The investee company name, main businesses, paid-in capital, type of the investment, capital inflow and outflow, ownership, investment gains and loss, ending balance of investment, repatriation of investment income and the mainland investment limit scenario: Please refer to Attachment 8.

B. Transactions with the investee companies directly or indirectly through and third country following the occurrence of significant transactions, prices, payment terms and unrealized gains and losses: Please refer to Attachment 9.

Segment information

(1) General information

For management purposes, the Group divides operating units based on different products and services, and divides them into the following two reporting operating departments:

A. Golf Business Segment: This segment is responsible for the manufacturing and sales of golf club head and shafts.

B. Sports Equipment Business Segment: This segment is responsible for the manufacture and sales of boots, helmets and protective gear for ice hockey, cross-country motorcycles, baseball, skiing and other related sports.

The aforementioned reportable operating department did not summarize more than one operating department.

(2) Segment Information

The management individually monitors the operating results of its business units to formulate decisions on resource allocation and performance evaluation. The performance of the department is evaluated based on pre-tax profit and loss. The reportable department's accounting policies are the same as the general accounting policies of the Group.

(3) Reconciliation for segment revenue, income(loss), assets, liabilities and others

Information on reportable segments profit or loss

For the three-month period ended September 30, 2025:

	Golf Business Segment	Sports Equipment Business Segment	Subtotal	Other Operating Segments (Note1)	Adjustment and Elimination	Consolidated
External customer	$4,750,566	$684,737	$5,435,303	$459,430	$-	$5,894,733
Inter-segment (Note 2)	694,513	-	694,513	13,078	(707,591)	-
Total revenue	$5,445,079	$684,737	$6,129,816	$472,508	$(707,591)	$5,894,733
Segment profit	$501,881	$55,415	$557,296	$30,502	$-	$587,798

For the three-month period ended September 30, 2024:

	Golf Business Segment	Sports Equipment Business Segment	Subtotal	Other Operating Segments (Note1)	Adjustment and Elimination	Consolidated
External customer	$5,984,160	$725,767	$6,709,927	$314,774	$-	$7,024,701
Inter-segment (Note 2)	11,957	906	12,863	12,191	(25,054)	-
Total revenue	$5,996,117	$726,673	$6,722,790	$326,965	$(25,054)	$7,024,701
Segment profit	$870,597	$17,975	$888,572	$2,779	$-	$891,351

For the nine-month period ended September 30, 2025:

	Golf Business Segment	Sports Equipment Business Segment	Subtotal	Other Operating Segments (Note1)	Adjustment and Elimination	Consolidated
External customer	$17,486,501	$2,200,377	$19,686,878	$1,259,348	$-	$20,946,226
Inter-segment (Note 2)	2,044,238	150	2,044,388	41,321	(2,085,709)	-
Total revenue	$19,530,739	$2,200,527	$21,731,266	$1,300,669	$(2,085,709)	$20,946,226
Segment profit	$2,006,868	$143,360	$2,150,228	$68,558	$-	$2,218,786

For the nine-month period ended September 30, 2024:

	Golf Business Segment	Sports Equipment Business Segment	Subtotal	Other Operating Segments (Note1)	Adjustment and Elimination	Consolidated
External customer	$16,837,706	$1,866,586	$18,704,292	$832,447	$-	$19,536,739
Inter-segment (Note 2)	20,777	1,036	21,813	35,562	(57,375)	-
Total revenue	$16,858,483	$1,867,622	$18,726,105	$868,009	$(57,375)	$19,536,739
Segment profit	$2,502,456	$181,815	$2,684,271	$(28,786)	$-	$2,655,485

Information on reportable segments assets

	Golf Business Segment	Sports Equipment Business Segment	Subtotal	Other Operating Segments (Note1)	Adjustment and Elimination	Consolidated
September 30, 2025	$20,187,215	$2,684,741	$22,871,956	$2,715,115	$(120,858)	$25,466,213
December 31, 2024	$15,020,612	$2,886,598	$17,907,210	$8,444,612	$(188,296)	$26,163,526
September 30, 2024	$20,676,268	$2,193,077	$22,869,345	$737,695	$(3,688)	$23,526,622

Information on reportable segments liabilities

	Golf Business Segment	Sports Equipment Business Segment	Subtotal	Other Operating Segments (Note1)	Adjustment and Elimination	Consolidated
September 30, 2025	$6,625,047	$954,251	$7,579,298	$1,320,219	$(120,858)	$8,778,659
December 31, 2024	$6,920,962	$817,697	$7,738,659	$1,916,761	$(188,296)	$9,467,124
September 30, 2024	$7,478,622	$854,287	$8,332,909	$576,042	$(3,688)	$8,905,263

During the third quarter of 2024 and the second quarter of 2025, the Group acquired the AS Group, which is responsible for automotive component-related operations, and the Proxene Group, which is responsible for hand tool machinery-related operations, respectively. Although the economic characteristics of these businesses differ slightly from those of the Golf Division and the Sports Assembly Division, the related revenue, profit or loss, and assets of these operating segments have not met the quantitative thresholds required for separate reporting as of the date of this financial report, and are therefore disclosed under other segments.

Note1: Revenue from other operating segments are operating segments that do not meet the quantitative thresholds for reportable segments.

Note2: Inter-segment revenues are eliminated on consolidation and recorded under the "Adjustment and Elimination" column.

ATTACHMENT 1: Financing provided to others

(Unit: thousands of NTD)

No. (Note 1)	Financing Company	Counterparty	Financial Statement Account (Note2)	Related Party	Maximum Balance for the period (Note3)	Ending Balance (Note4)	Actual Amount provided	Interest Rate	Nature of Financing (Note6)	Transaction Amounts (Note7)	Reason for short-term financing (Note8)	Allowance for Bad Debt	Collateral		Amount for Individual Counterparty (Note 7)	Financial Amount for Financing Company (Note 7)
													Item	Value
0	Fazheng Precision Co., Ltd.	Ming Fu Cheng Enterprise Co., Ltd.	Other receivables	No	$50,000	$50,000	$50,000	3.200%	1	$64,540	-	$-	Cashier's check provided by third party	$50,000	$64,540	$5,498,418
0	Fazheng Precision Co., Ltd.	Vision International Co., Ltd	Other receivables-related parties	Yes	853,160	853,160	-	3.119%	2	-	Operating turnover	-	-	-	1,374,604	5,498,418
1	Minson Integration, Inc.	Minson Enterprises Company Limited	Other receivables-related parties	Yes	170,000	100,000	-	3.244%	2	-	Operating turnover	-	-	-	170,443	681,772
1	Minson Integration, Inc.	Mintech Enterprises Company Limited	Other receivables-related parties	Yes	180,000	180,000 (Note 9)	-	3.244%	2	-	Operating turnover	-	-	-	170,443	681,772
2	Mintech Enterprises Company Limited	Minson Enterprises (Thailand) Company Limited	Other receivables-related parties	Yes	140,925	140,925	-	-	2	-	Operating turnover	-	-	-	454,188	454,188
2	Mintech Enterprises Company Limited	Menson Enterprises (Thailand) Company Limited	Other receivables-related parties	Yes	65,765	65,765	-	-	2	-	Operating turnover	-	-	-	454,188	454,188
2	Mintech Enterprises Company Limited	Minson Enterprises (Thailand) Company Limited	Other receivables-related parties	Yes	140,925	140,925	-	-	2	-	Operating turnover	-	-	-	454,188	454,188
3	Menson Enterprises (Thailand) Company Limited	Minson Enterprises (Thailand) Company Limited	Other receivables-related parties	Yes	37,580	37,580	-	-	2	-	Operating turnover	-	-	-	215,797	215,797
3	Menson Enterprises (Thailand) Company Limited	Mintech Enterprises Company Limited	Other receivables-related parties	Yes	140,925	75,160	-	-	2	-	Operating turnover	-	-	-	215,797	215,797
3	Menson Enterprises (Thailand) Company Limited	Minson Enterprises Company Limited	Other receivables-related parties	Yes	46,975	46,975	-	-	2	-	Operating turnover	-	-	-	215,797	215,797
4	Minson Enterprises (Thailand) Company Limited	Menson Enterprises (Thailand) Company Limited	Other receivables-related parties	Yes	46,975	46,975	-	-	2	-	Operating turnover	-	-	-	314,457	314,457
4	Minson Enterprises (Thailand) Company Limited	Mintech Enterprises Company Limited	Other receivables-related parties	Yes	140,925	75,160	-	-	2	-	Operating turnover	-	-	-	314,457	314,457
4	Minson Enterprises (Thailand) Company Limited	Minson Enterprises Company Limited	Other receivables-related parties	Yes	46,975	46,975	-	-	2	-	Operating turnover	-	-	-	314,457	314,457
5	Minson Enterprises Company Limited	Menson Enterprises (Thailand) Company Limited	Other receivables-related parties	Yes	18,790	18,790	-	-	2	-	Operating turnover	-	-	-	196,805	196,805
5	Minson Enterprises Company Limited	Mintech Enterprises Company Limited	Other receivables-related parties	Yes	65,765	65,765	-	-	2	-	Operating turnover	-	-	-	196,805	196,805
5	Minson Enterprises Company Limited	Minson Enterprises (Thailand) Company Limited	Other receivables-related parties	Yes	37,580	37,580	-	-	2	-	Operating turnover	-	-	-	196,805	196,805
6	Zhong Shan Worldwide Sporting Goods Ltd.	Alley Soiko Technology (Jiangsu) Co., Ltd.	Other receivables-related parties	Yes	505,040	214,000	107,000	2.800%	2	-	Operating turnover and capital expenditure	-	-	-	541,835	2,167,338
7	Zhong Shan Aabo Precision Technology Co., Ltd.	Aabo (Chengqing) Optoelectronics Co., Ltd	Other receivables-related parties	Yes	21,400	21,400	-	3.300%	2	-	Operating turnover	-	-	-	179,986	719,943
8	Eiransoo World Trading Ltd.(Hong Kong)	Vision International Co., Ltd.	Other receivables-related parties	Yes	700,810	700,810	700,810	3.244%	2	-	Operating turnover	-	-	-	832,301	832,301
9	Prenene Tools Co., Ltd.	Windhead Trading Co., Ltd.	Other receivables-related parties	Yes	30,470	15,235	-	4.000%	2	-	Operating turnover	-	-	-	98,468	196,937
10	Duzewen Industrial Co., Ltd.	Prenene Tools Co., Ltd.	Other receivables-related parties	Yes	16,000	16,000	-	1.8%	2	-	Operating turnover	-	-	-	26,089	26,089

Note 1: The Company and its subsidiaries are coded as follows:
(1) The Company is coded "0".
(2) The subsidiaries are coded starting from "1" in the order.

Note 2: If the economic substance of transactions are financing to others, regardless of which component they recognized as in the financial statements, certain transactions are included herein.

Note 3: Maximum balance of the Company and its subsidiaries' financing to others for the period.

Note 4: Nature of financing is coded as follows:
(1) The financing occurred due to business transactions is coded "1".
(2) The financing occurred due to short-term financing is coded "2".

Note 5: Total amount of the financing is disclosed herein if the financing was related to business transactions. The amount shall mean the transaction amount between the lending entity and the borrower within the most recent year.

Note 6: The reasons and counterparties of the financing are addressed herein as the financing associated with short-term capital needs, such as repayment of borrowings, acquisition of equipment, and working capital requirements.

Note 7: (1) Financing to an individual entity is limited to the amount of the business transaction between the two parties. The transaction amount is the higher of purchase or sale amount between the two parties in the most recent year and is limited to 10% of the Company's net value.

The accumulated total financing provided to others is limited to 40% of the Company's net value.

(2) Financing to an individual entity which has short-term funding needs is limited to 10% of the Company's net worth. These subsidiaries of the Company in which the Company directly or indirectly holds 100% voting rights shall not be subject to the preceding limit in case of short-term funding needs.

(3) Minson Integration, Inc.: Financing to an individual entity is limited to the amount of the business transaction between the two parties. The transaction amount is the higher of purchase or sale amount between the two parties in the most recent year and is limited to 10% of the Company's net value.

The short-term financing shall not exceed 10% of the loan and the net value of the company, the accumulated total financing provided to others is limited to 40% of the Company's net value.

(4) Mintech Enterprises Company Limited: The lending limit to individual parties and the total limit for funding shall not exceed 100% of the Company's net worth, and the lending parties are limited to the parent company and other subsidiaries of the Group.

(5) Minson Enterprises (Thailand) Company Limited: The lending limit to individual parties and the total limit for funding shall not exceed 100% of the Company's net worth, and the lending parties are limited to the parent company and other subsidiaries of the Group.

(6) Minson Enterprises (Thailand) Company Limited: The lending limit to individual parties and the total limit for funding shall not exceed 100% of the Company's net worth, and the lending parties are limited to the parent company and other subsidiaries of the Group.

(7) Minson Enterprises Company Limited: The lending limit to individual parties and the total limit for funding shall not exceed 100% of the Company's net worth, and the lending parties are limited to the parent company and other subsidiaries of the Group.

(8) Zheng Shan Worldwide Sporting Goods Ltd.: The individual loan of a company or firm with business transactions with the Company is capped at the amount of business transaction between the two parties. The aforementioned business transaction amount refers to the higher of the purchase or sale amount between the two parties in the most recent fiscal year, and most net exceed 10% of the Company's net worth. The accumulated total financing provided to others is limited to 40% of the Company's net value. For companies or firms that require short-term financing, the individual loan is capped at 10% of the Company's net worth.

(9) Zheng Shan Aabo Precision Technology Co., Ltd.: The accumulated total financing provided to others is limited to 40% of the Company's net value. The individual loan of a company or firm with business transactions with the Company is capped at the amount of business transaction between the two parties.

The aforementioned business transaction amount refers to the higher of the purchase or sale amount between the two parties in the most recent fiscal year, and most net exceed 10% of the Company's net worth. For companies or firms that require short-term financing, the individual loan is capped at 10% of the Company's net worth.

(10)Eiransoo World Trading Ltd. (Hong Kong): Companies or businesses engaged in transactions with our company are prohibited from engaging in lending activities. The term "business transaction amount" refers to the higher of the purchase or sales amount between both parties in the most recent fiscal year, which shall not exceed 10% of the Company's net value.

The short-term financing shall not exceed 10% of the loan and the net value of the company, and subsidiaries of the Company that directly or indirectly hold 100% of the voting rights shall not be subject to the preceding limit. However, when engaging in fund lending with foreign subsidiaries that are also directly or indirectly wholly owned by the parent company, the total amount of fund lending and individual lending shall not exceed 100% of the Company's net worth, and both the total and individual lending amounts shall not exceed 10% of the most recent financial statement net worth of the parent company. The term of the fund lending shall be limited to one year.

(11)Prenene Tools Co., Ltd.: The total amount of funds lost by the Company shall not exceed 20% of the Company's net worth. The amount lost to individual entities shall be limited to 10% of the Company's net worth.

(12)Duzewen Industrial Co., Ltd.: The total amount of funds lost by Duzewen Industrial Co., Ltd. shall not exceed 40% of Duzewen Industrial Co., Ltd.'s net worth. The amount lost to individual entities shall be limited to 40% of Duzewen Industrial Co., Ltd.'s net worth.

Note 8: If a listed company brings the financing proposal to the board of directors according to Paragraph 1, Article 1 of the Regulations Governing Leaning of Funds and Making of Endorsements/Equarances by Public Companies, the company still needs to disclose the resolution amount of the board in the balance to disclose the risk, even if the funds are not appropriated yet. With the return of the funds afterward, the company should disclose the amount returned to reflect the adjusted risk. If a listed company authorizes the chairman of the board of directors to appropriate or use certain limits of the funds several times in the period of a year according to Paragraph 2, Article 14 of Regulations Governing Leaning of Funds and Making of Endorsements/Equarances by Public Companies, the company still needs to disclose the amount approved by the board.

Note 9: Minson Integration, Inc. exceeded the balance limit due to the restatement of prior financial statements. Although there were no instances of exceeding the limit prior to the restatement, the board of directors resolved on October 17, 2025 to terminate the limit in advance.

ATTACHMENT 2: Endorsement/Guarantee provided to others

(Unit: thousands of NTD)thousands of USD)

No. (Note 1)	Endorsement guarantee	Receiving Party		Limited of Endorsement/Guarantee Amount for receiving party (Note3)	Maximum Balance of the period (Note4)	Ending Balance (Note5)(Note8)	Actual Amount provided (Note6)(Note8)	Amount of Endorsement/Guarantee collaterallized	Percentage of Accumulated Endorsement/Guarantee to Net Equity per latest Financial statements	Limit on the Endorsement/Guarantee Amount (Note 3)	Parent Company Endorsed or Guaranteed for the Subsidiaries (Note 7)	Subsidiaries Endorsed or Guaranteed for the Parent Company (Note 7)	Endorsement or Guarantee for Entities in China (Note 7)
		Company Name	Relationship (Note2)
0	Fusheng Precision Co., Ltd.	World Gate Holdings Ltd.	2	$34,365,115	$487,320 (USD16,000)	$487,320 (USD16,000)	-	None	3.55%	$34,365,115	Y	N	N
0	Fusheng Precision Co., Ltd.	FS-Precision Tech Co., LLC.	2	34,365,115	609,400 (USD20,000)	182,820 (USD6,000)	-	None	1.33%	34,365,115	Y	N	N
0	Fusheng Precision Co., Ltd.	Estensor World Trading Ltd. (Hong Kong)	2	34,365,115	914,100 (USD30,000)	914,100 (USD30,000)	-	None	6.65%	34,365,115	Y	N	N
0	Fusheng Precision Co., Ltd.	Alloy Seiko Industry (SZ) Co., Ltd.	2	16,495,255	385,200 (RMB90,000)	385,200 (RMB90,000)	-	None	2.80%	34,365,115	Y	N	Y
0	Fusheng Precision Co., Ltd.	Alloy Seiko Technology (Jiangsu) Co., Ltd.	2	16,495,255	256,800 (RMB60,000)	256,800 (RMB60,000)	21,400	None	1.87%	34,365,115	Y	N	Y
0	Fusheng Precision Co., Ltd.	NFT Technology Co., Ltd.	2	16,495,255	240,000	240,000	86,520	None	1.75%	34,365,115	Y	N	N
1	Mintech Enterprises Company Limited	Minson Enterprises (Thailand) Company Limited	4	454,188	140,925 (THB150,000)	140,925 (THB150,000)	-	140,925 (THB150,000)	1.03%	454,188	N	N	N
1	Mintech Enterprises Company Limited	Menson Enterprises (Thailand) Company Limited	4	454,188	140,925 (THB150,000)	140,925 (THB150,000)	-	140,925 (THB150,000)	1.03%	454,188	N	N	N
1	Mintech Enterprises Company Limited	Minone Enterprises Company Limited	4	454,188	93,950 (THB100,000)	93,950 (THB100,000)	-	93,950 (THB100,000)	0.68%	454,188	N	N	N
2	Zhong Shan Worldwide Sporting Goods Ltd.	Alloy Seiko Technology (Jiangsu) Co., Ltd.	2	6,502,015	235,400 (RMB55,000)	235,400 (RMB55,000)	209,720 (RMB49,000)	None	1.71%	13,545,865	Y	N	Y
2	Zhong Shan Worldwide Sporting Goods Ltd.	Alloy Seiko Industry (SZ) Co., Ltd.	2	6,502,015	85,600 (RMB20,000)	85,600 (RMB20,000)	42,800 (RMB10,000)	None	0.62%	13,545,865	Y	N	Y
3	Prosene Tools Co., Ltd.	Ducroves Industrial Co., Ltd.	2	295,405	15,000	15,000	15,000	None	0.11%	492,342	Y	N	N

Note 1: The Company and its subsidiaries are coded as follows:
(1) The Company is coded 'O'.
(2) The subsidiaries are coded starting from "1" in numerical order.

Note 2: The relationship between the guarantee of the endorsement and the object to be guaranteed is as follows:
(1) An inventor that has a business relationship with the Company.
(2) A subsidiary in which the Company holds directly over 50% of equity interest.
(3) An inventor in which the Company and its subsidiaries hold over 50% of equity interest.
(4) An inventor in which the Company holds directly or indirectly over 90% of equity interest.
(5) A company which needs mutual insurance having on the construction agreement.
(6) A company in which the Company endorses or guarantees basing on the holding proportion of mutual investments.
(7) The performance guarantee of the preconstruction-rod estate contact between the same industry in accordance with the Consumer Protection Law is jointly guaranteed.

Note 3: The maximum of endorsement guarantee to a single entity is capped at 120% of the Company's net value; 100% directly and indirectly owned subsidiaries are not subject to such limitation, however the maximum amount of guarantee shall not exceed 250% of the Company's net value.

The total guarantee provided externally is limited to 250% of the Company's net value; the total accumulated external guarantee the Company and subsidiaries provided shall not exceed 250% of the Company's net value.

Mintech Enterprises Company Limited: The total amount of guarantees endorsed by the Company shall not exceed 100% of the Company's net worth. The limit for guarantees endorsed to a single enterprise shall not exceed 40% of the Company's net worth.

For subsidiaries in which the Company's parent company directly or indirectly holds 100% of the voting shares, the amount of guarantees endorsed among these subsidiaries shall not be subject to this limit, but still shall not exceed 100% of the Company's net worth.

Zhong Shan Worldwide Sporting Goods Ltd.: The total amount of guarantees endorsed by the Company shall not exceed 100% of the Company's net worth. The limit for guarantees endorsed to a single enterprise shall not exceed 40% of the Company's net worth.

Prosene Tools Co., Ltd.: The total amount of endorsements or guarantees provided by the Company to others shall not exceed 30% of the Company's net worth.

Note 4: The maximum amount of the Company and its subsidiaries' endorsement or guarantee to others.

Note 5: It should be filled in the amount which approved by the Board of Directors. However, it should be filled in the amount which utilized by the chairman, whom authorized by the Board of Directors in accordance with Subparagraph 8, Article 12 of Guidelines for Lending of Capital, Endorsements and Guarantors by Public Companies.

Note 6: Fill in the actual amount drawn from the balance.

Note 7: Fill in "Y" if it belongs to "Parent Company Endorsed or Guaranteed for the Subsidiaries", "Subsidiaries Endorsed or Guaranteed for the Parent Company", or "Endorsement or Guarantee for Entities in China".

Note 8: Foreign currency were exchanged by exchange rate as at balance sheet date.

ATTACHMENT 3: Material securities held as of September 30, 2025 (excluding subsidiary, associates and jointly controlled)
(Unit: thousands of NTD)

Company	Type and Name of the securities (Note 1)	Relationship (Note 2)	Financial Statement Account	As of September 30, 2025
				Shares/Unit	Carrying Value (Note 3)	Percentage of ownership	Fair Value
Fusheng Precision Co., Ltd.	Preferred Shares B - Fubon Financial Holding Co., Ltd.	-	Financial assets at fair value through profit and losses - current	1,666 thousands shares	$103,292	-	$103,292
Fusheng Precision Co., Ltd.	Preferred Stock B - Cathay Financial Holding Co., Ltd.	-	Financial assets at fair value through profit and losses - current	1,166 thousands shares	70,193	-	70,193
Fusheng Precision Co., Ltd.	Private-placement funds - Hoshun Hing Intelligent Mobile Limited Partnership	-	Financial assets at fair value through profit and losses - non-current	NTD 77,955	96,283	1.11%	96,283

Note 1: The securities herein shall refer to stocks, bonds, beneficiary certificates and other marketable securities derived from the above items in the scope of IFRS 9-Financial Instruments.
Note 2: Securities issued by non-related parties are not required to fill in this column.
Note 3: For items measured at fair value, the carrying value is the balance of the book value adjusted by fair value valuation deducting accumulated impairment. For items not measured at fair value, the carrying value is the book value balance of the historical cost or amortized cost after deducting accumulated impairment.
Note 4: Individual items amount not exceeded $50 millions were not be presented.

ATTACHMENT 4: Related party transactions for purchases and sales amounts exceeding $100 million or 20 percent of the capital stock as of September 30, 2025

(Unit: thousands of NTD)

Company Name	Related Party	Transaction Details					Details Different from Non-arns's Length Transactions		Notes and Accounts Receivable (Payable)		Remark
		Relationship	Purchases/Sales	Amount (Note2)	Percentage of Total Sales or Purchases(%)	Payment Terms	Unit Price	Payment Terms	Balance (Note 2)	Percentage of Total Receivable (Payable)
Fusheng Precision Co., Ltd.	Ectensor World Trading Ltd. (Hong Kong)	Parent - subsidiary	Sales	$(206,212)	(1.29)%	T/T 60 days	No significant difference	No significant difference	Accounts receivables	$33,322	1.28%
Fusheng Precision Co., Ltd.	Ectensor World Trading Ltd.(Hong Kong)	Parent - subsidiary	Purchases	4,961,630	39.18%	T/T 60 days	No significant difference	No significant difference	Accounts payable	(1,786,905)	(57.01)%
Fusheng Precision Co., Ltd.	Vision International Co., Ltd.	Parent - subsidiary	Sales	(121,335)	(0.76)%	T/T 30 days	No significant difference	No significant difference	Accounts receivables	51,214	3.44%
Fusheng Precision Co., Ltd.	Vision International Co., Ltd.	Parent - subsidiary	Purchases	6,133,889	48.44%	T/T 30 days	No significant difference	No significant difference	Accounts payable	(640,123)	(20.71)%
Ectensor World Trading Ltd. (Hong Kong)	Fusheng Precision Co., Ltd.	Parent - subsidiary	Sales	(4,961,630)	(65.77)%	T/T 60 days	No significant difference	No significant difference	Accounts receivables	1,786,905	59.93%
Ectensor World Trading Ltd. (Hong Kong)	Fusheng Precision Co., Ltd.	Parent - subsidiary	Purchases	206,212	2.35%	T/T 60 days	No significant difference	No significant difference	Accounts payable	(33,322)	(0.70)%
Ectensor World Trading Ltd. (Hong Kong)	Zhong Shan Worldwide Sporting Goods Ltd	Affiliate Company	Purchases	6,248,271	71.22%	T/T 90 days	No significant difference	No significant difference	Accounts payable	(6,640,076)	(97.29)%
Ectensor World Trading Ltd. (Hong Kong)	Vision International Co., Ltd.	Affiliate Company	Sales	(166,183)	(2.20)%	T/T 120 days	No significant difference	No significant difference	Accounts receivables	34,643	1.16%
Ectensor World Trading Ltd. (Hong Kong)	Vision International Co., Ltd.	Affiliate Company	Purchases	180,863	2.06%	T/T 30 days	No significant difference	No significant difference	Accounts payable	(23,551)	(0.49)%
Vision International Co., Ltd.	Fusheng Precision Co., Ltd.	Parent - subsidiary	Sales	(6,133,889)	(94.13)%	T/T 30 days	No significant difference	No significant difference	Accounts receivables	640,123	80.03%
Vision International Co., Ltd.	Fusheng Precision Co., Ltd.	Parent - subsidiary	Purchases	121,335	3.74%	T/T 30 days	No significant difference	No significant difference	Accounts payable	(51,214)	(4.31)%
Vision International Co., Ltd.	Ectensor World Trading Ltd. (Hong Kong)	Affiliate Company	Sales	(180,863)	(2.78)%	T/T 30 days	No significant difference	No significant difference	Accounts receivables	23,551	2.97%
Vision International Co., Ltd.	Ectensor World Trading Ltd. (Hong Kong)	Affiliate Company	Purchases	166,183	5.12%	T/T 120 days	No significant difference	No significant difference	Accounts payable	(34,643)	(2.92)%
Vision International Co., Ltd.	Aubb Precision (Hong Kong) Co., Limited	Affiliate Company	Purchases	168,392	5.18%	T/T 45 days	No significant difference	No significant difference	Accounts payable	(52,436)	(4.42)%
Zhong Shan Worldwide Sporting Goods Ltd	Ectensor World Trading Ltd.(Hong Kong)	Affiliate Company	Sales	(6,248,271)	(99.17)%	T/T 90 days	No significant difference	No significant difference	Accounts receivables	4,640,076	100.18%
Zhong Shan Aubb Precision Technology Co., Ltd.	Aubb (Viet nam) Precision Technology Company Limited	Parent - subsidiary	Sales	(399,266)	(26.29)%	T/T 30 days	No significant difference	No significant difference	Accounts receivables	357,662	67.68%
Zhong Shan Aubb Precision Technology Co., Ltd.	Aubb Precision (Hong Kong) Co., Limited	Parent - subsidiary	Sales	(948,853)	(62.49)%	T/T 30 days	No significant difference	No significant difference	Accounts receivables	102,928	19.48%
Aubb Precision (Hong Kong) Co., Limited	Vision International Co., Ltd.	Affiliate Company	Sales	(168,392)	(15.10)%	T/T 45 days	No significant difference	No significant difference	Accounts receivables	52,436	23.32%
Aubb Precision (Hong Kong) Co., Limited	Zhong Shan Aubb Precision Technology Co., Ltd.	Parent - subsidiary	Purchases	948,853	77.38%	T/T 30 days	No significant difference	No significant difference	Accounts payable	(102,928)	(78.44)%
Aubb (Vietnam) Precision Technology Company Limited	Zhong Shan Aubb Precision Technology Co., Ltd.	Parent - subsidiary	Purchases	399,266	89.66%	T/T 30 days	No significant difference	No significant difference	Accounts payable	(357,662)	(78.76)%
Minoco Integration, Inc.	Minoco Enterprises (Thailand) Company Limited	Parent - subsidiary	Sales	(118,219)	(6.38)%	T/T 120 days	No significant difference	No significant difference	Accounts receivables	57,807	12.28%
Minoco Integration, Inc.	Minoco Enterprises (Thailand) Company Limited	Parent - subsidiary	Purchases	446,202	29.50%	T/T 30 days	No significant difference	No significant difference	Accounts payable	(44,087)	(21.22)%
Minoco Integration, Inc.	Mintech Enterprises Company Limited	Parent - subsidiary	Purchases	452,084	29.89%	T/T 30 days	No significant difference	No significant difference	Accounts payable	(20,885)	(10.05)%
Minoco Integration, Inc.	Minoco Enterprises Company Limited	Parent - subsidiary	Purchases	157,928	10.44%	T/T 30 days	No significant difference	No significant difference	Accounts payable	(32,329)	(15.56)%
Minoco Integration, Inc.	Minoco Enterprises (Thailand) Company Limited	Parent - subsidiary	Purchases	106,003	7.01%	T/T 30 days	No significant difference	No significant difference	Accounts payable	(13,348)	(6.42)%
Metecon Enterprises (Thailand) Company Limited	Mitecon Integration, Inc.	Parent - subsidiary	Sales	(446,202)	(99.61)%	T/T 30 days	No significant difference	No significant difference	Accounts receivables	44,087	97.18%
Mintech Enterprises Company Limited	Mitecon Integration, Inc.	Parent - subsidiary	Sales	(452,084)	(74.67)%	T/T 30 days	No significant difference	No significant difference	Accounts receivables	20,885	33.99%
Minone Enterprises Company Limited	Mitecon Integration, Inc.	Parent - subsidiary	Sales	(157,928)	(47.77)%	T/T 30 days	No significant difference	No significant difference	Accounts receivables	32,329	98.07%
Minone Enterprises (Thailand) Company Limited	Mitecon Integration, Inc.	Parent - subsidiary	Sales	(106,003)	(16.75)%	T/T 30 days	No significant difference	No significant difference	Accounts receivables	13,348	8.74%
Minone Enterprises (Thailand) Company Limited	Mitecon Integration, Inc.	Parent - subsidiary	Purchases	118,219	20.59%	T/T 120 days	No significant difference	No significant difference	Accounts payable	(57,807)	(41.49)%

Note 1: The above ratios are calculated based on the Company's individual financial statements.
Note 2: It has been written off as a result of consolidated statements.

ATTACHMENT 5: Receivables from related parties with amounts exceeding $100 million or 20 percent of capital stock as of September 30, 2025

(Unit: thousands of NTD)

Company	Counterparty	Relationship	Ending Balance(Note)	Turnover	Overdue Receivables		Amount Received in Subsequent Period	Allowance for Bad Debt
					Amount	Collection
Extensor World Trading Ltd. (Hong Kong)	Fusheng Precision Co., Ltd.	Parent - subsidiary	$1,786,905	2.39	$-	-	$-	$-
Vision International Co., Ltd.	Fusheng Precision Co., Ltd.	Parent - subsidiary	$640,123	7.22	-	-	$640,123	-
Zhong Shan Worldwide Sporting Goods Ltd	Extensor World Trading Ltd. (Hong Kong)	Parent - subsidiary	4,640,076	1.48	-	-	1,035,980	-
Zhong Shan Auto Precision Technology Co., Ltd.	Auto (Viet nam) Precision Technology Company Limited	Parent - subsidiary	357,662	1.99	-	-	-	-
Zhong Shan Auto Precision Technology Co., Ltd.	Auto Precision (Hong Kong) Co., Limited	Parent - subsidiary	102,928	1.83	-	-	73,918	-

Note : It has been written off as a result of consolidated statements.

ATTACHMENT 6: Significant intercompany transactions for the three-month period ended September 30, 2025

(Unit: thousands of NTD)

No. (Note 1)	Related Party	Counter Party	Relationship with the Company	Transaction Details
				Account	Amount (Note4)	Terms	Percentage of consolidated total operating revenues or total assets(Note2)
0	Fusheng Precision Co., Ltd.	Vision International Co., Ltd.	Parent company to subsidiary	Purchases	$6,133,889	T/T 30 days	29%
0	Fusheng Precision Co., Ltd.	Extensor World Trading Ltd.(Hong Kong)	Parent company to subsidiary	Purchases	4,961,630	T/T 60 days	24%
1	Extensor World Trading Ltd.(Hong Kong)	Zhong Shan Worldwide Sporting Goods Ltd	subsidiary company to subsidiary	Purchases	6,248,271	T/T 90 days	30%
1	Extensor World Trading Ltd.(Hong Kong)	Zhong Shan Worldwide Sporting Goods Ltd	subsidiary company to subsidiary	Accounts payable	4,640,076	T/T 90 days	18%

Note 1: The Company and its subsidiaries are coded as follows:
1. The Company is coded "0".
2. Subsidiaries are coded consecutively starting from "1" in the order presented in the table above.

Note 2: The percentage is determined by the ratio of the transaction amount to the consolidated revenues or the total assets. Items on the balance sheet are calculated by the ending balance to total consolidated assets; items on the income statement are calculated by their cumulative balance to the total consolidated income.

Note 3: We included only the intercompany transactions with amounts exceeding $50 million that represent 10% or more of consolidated total revenue or total assets.

Note 4: The above important transactions have been written off as a result of consolidated statements.

ATTACHMENT 7: Names, locations and related information of invoices companies (excluding investment in Mainland China)

(Unit: thousands of NTD/thousands of USD)

Investor company	Investor company (Note1,2)	Address	Main business and products	Initial Investment		Investment as of September 30, 2020			Net income (loss) of invoices company	Investment income (loss) recognized (Note 3)	Remark
				Ending balance	Beginning balance	Number of shares	Percentage of ownership	Book Value (Note 3)
Fusheng Precision Co., Ltd.	World Gate Holdings Ltd.	Unit 908, 945, Lippo Sun Plaza, 28 Canton Road, Yumekutsu, Kowloon, HongKong.	Investment holding	$349,750 (HKD 93,000)	$349,750 (HKD 93,000)	93,000,000	100.00%	$6,328,872	$271,248	$302,809	(Note 4)
Fusheng Precision Co., Ltd.	Sharphope Company Ltd.	Yerpiu Ide Building, P.O. Box 410, Road Towa, Toroda, British Virgin Island.	Investment holding	1,538 (USD 50)	1,538 (USD 50)	50,000	100.00%	1,243,505	116,470	100,200	(Note 4)
Fusheng Precision Co., Ltd.	Vision International Co., Ltd.	19 Friendship Avenue, Singapore Industrial Zone, Shan Shan An County, Binh Duong Province/Vietnam	Manufacturer and sale of golf club head	1,025,221 (USD 31,200)	530,924 (USD 16,200)	31,200,000	76.10%	1,326,710	34,122	6,234	(Note 4)
Fusheng Precision Co., Ltd.	Gammart Group Ltd.	P.O. Box 957, Offshore Incorporation Centre, Road Towa, Toroda, British Virgin Island.	Investment holding	$24,830 (USD 25,600)	599,096 (USD 18,000)	25,600,000	100.00%	21,651	(8,165)	(8,165)	(Note 4)
Fusheng Precision Co., Ltd.	NFT Technology Co., Ltd.	No. 80, Weixei W. Rd., Gangshan Dist., Kaohsiung	Manufacturer and sale of aerospace precision casing parts	226,000	226,000	13,600,000	69.74%	189,560	(2,362)	(3,863)	(Note 4)
Fusheng Precision Co., Ltd.	Creospace Co., Ltd.	3F, No. 172, Sec. 2 Nanjing E Rd., Zhongshan Dist., Taipei City	Selling pure titanium tableware and kitchenware	1,000	1,000	100,000	100.00%	961	242	242	(Note 4)
Fusheng Precision Co., Ltd.	Minson Integration, Inc.	6F, No. 168, Ruiguang Rd., Neihu Dist., Taipei City	R&D and sales of shoes, holoarts and protective gear for ice hockey, cross-country motorcycles, baseball, skiing and other sports	1,409,227	1,409,227	19,836,000	65.30%	1,973,084	165,194	88,600	(Note 4)
Fusheng Precision Co., Ltd.	Prosene Tools Co., Ltd.	No. 9-2, Lane 893, Zhongshan Road, Beizhuang Village, Shengang	Manufacturing and sales of hand tools, pneumatic tools, and their related parts	1,481,295	-	9,435,000	51.00%	1,413,720	67,689	22,977	(Note 4)
Sharphope Company Ltd.	Ectensor World Trading Ltd. (Hong Kong)	Unit 908, 945, Lippo Sun Plaza, 28 Canton Road, Yumekutsu, Kowloon, HongKong.	International trade	294,166 (USD 10,000)	294,166 (USD 10,000)	10,000,000	100.00%	832,302	89,535	89,535	(Note 4)
Sharphope Company Ltd.	Vision International Co., Ltd.	19 Friendship Avenue, Singapore Industrial Zone, Shan Shan An County, Binh Duong Province/Vietnam	Manufacturer and sale of golf club head	298,900 (USD 9,800)	298,900 (USD 9,800)	9,800,000	23.90%	419,262	34,122	27,545	(Note 4)
Sharphope Company Ltd.	Diamond Sports Equipment Co., Ltd	407th Kuchu Village, Phuza Dans Dist Road, Nan Rong Subdistrict, Nan Rong District, Bantuan Province	International import and export trade of various products	363 (THB 400)	-	-	40.00%	365	(28)	(11)	(Note 4)
Gammart Group Ltd.	PS North America, Inc.	No. 1B, 9 F, Lockerman Street, Dover, Kent 19901, Delaware, USA.	Investment holding	748,282 (USD 23,300)	322,548 (USD 15,700)	10,000	100.00%	21,547	(8,246)	(8,246)	(Note 4)
PS North America, Inc.	PS Precision Tools Co., LLC	3025 East Victoria Street, Rancho Dominguez, CA 90221, USA.	Manufacturer and sale automotive parts and aerospace parts	748,282 (USD 23,300)	322,548 (USD 15,700)	-	100.00%	3,875	(22,486)	(22,486)	(Note 4)
Zhong Shan Aabo Precision Technology Co., Ltd.	Aabo (Viet nam) Precision Technology Company Limited	CN16, No. 12D, N2 Road, Shenfang Third Industrial Zone, Fanzheng, Taoxi Long, Vietnam	Manufacture precision hardware products, plastic products	185,635 (USD 6,500)	185,635 (USD 6,500)	300,000	100.00%	346,299	52,237	52,237	(Note 4)
Zhong Shan Aabo Precision Technology Co., Ltd.	Aabo Precision (Hong Kong) Co., Limited	Unit 908, 945, Lippo Sun Plaza, 28 Canton Road, TST, RLN, HongKong.	International trade	363 (HKD 100)	363 (HKD 100)	100,000	100.00%	129,502	29,385	29,385	(Note 4)
Minson Integration, Inc.	Minson Enterprises (Thailand) Company Limited	No.674, Mno 4, Tanshol Peakisasa, Amphoe Muang Sanmipokare, Sanmipokare.	Manufacture and sale of motorcross boots	280,000	280,000	11,999,998	100.00%	311,124	20,023	20,959	(Note 4)
Minson Integration, Inc.	Monson Enterprises (Thailand) Company Limited	No.688, Mno 4, Tanshol Peakisasa, Amphoe Muang Sanmipokare, Sanmipokare.	Manufacture and sale of ice hockey shoes	230,000	230,000	9,999,998	100.00%	214,401	(33,122)	(33,199)	(Note 4)
Minson Integration, Inc.	Mintech Enterprises Company Limited	No.692, Mno 4, Tanshol Peakisasa, Amphoe Muang Sanmipokare, Sanmipokare.	Manufacture and sale of plastic injection parts and sports helmets	400,000	400,000	19,999,998	100.00%	452,810	46,032	45,100	(Note 4)
Minson Integration, Inc.	Minnie Enterprises Company Limited	No.674, Mno 4, Tanshol Peakisasa, Amphoe Muang Sanmipokare, Sanmipokare.	Manufacture and sale of sports protective gear	189,594	189,594	1,499,998	100.00%	194,290	18,527	18,153	(Note 4)
Minson Enterprises (Thailand) Company Limited	Mintech Enterprises Company Limited	No.692, Mno 4, Tanshol Peakisasa, Amphoe Muang Sanmipokare, Sanmipokare.	Manufacture and sale of plastic injection parts and sports helmets	0	0	2	0.00%	0	46,032	0	(Note 4)
Mintech Enterprises Company Limited	Minson Enterprises (Thailand) Company Limited	No.674, Mno 4, Tanshol Peakisasa, Amphoe Muang Sanmipokare, Sanmipokare.	Manufacture and sale of motorcross boots	0	0	2	0.00%	0	20,023	0	(Note 4)
Mintech Enterprises Company Limited	Monson Enterprises (Thailand) Company Limited	No.688, Mno 4, Tanshol Peakisasa, Amphoe Muang Sanmipokare, Sanmipokare.	Manufacture and sale of ice hockey shoes	0	0	2	0.00%	0	(33,122)	0	(Note 4)
Mintech Enterprises Company Limited	Minnie Enterprises Company Limited	No.675, Mno 4, Tanshol Peakisasa, Amphoe Muang Sanmipokare, Sanmipokare.	Manufacture and sale of sports protective gear	0	0	2	0.00%	0	18,527	0	(Note 4)
Prosene Tools Co., Ltd.	Woodcoat Trading Co., Ltd.	Road No. 6, Tsung Bung Industrial Zone, An Taki Ward, Tsung Bung Town, Tay Nuki Province, Vietnam	Manufacturing and sales of hand tools and their related parts	61,845	-	-	100.00%	156,022	28,762	28,762	(Note 4)
Prosene Tools Co., Ltd.	Decrown Industrial Co., Ltd.	3F, No. 9-2, Lane 893, Zhongshan Road, Shengang District,	International trade of metal hand tools	41,760	-	1,000	100.00%	65,063	37,412	37,414	(Note 4)

Note 1: If a publicly issued company has a foreign holding company and uses consolidated statements as its main financial statement in accordance with local laws and regulations, the disclosure of information about foreign invested companies may only disclose relevant information to the holding company.
Note 2: These who are not in the situation described in Note 1 should fill in according to the following regulations:
(1) The columns of "Invoices company", "Address", "Main business and products", "Initial Investment", and "Investment as of September 30, 2025" should fill in information of the reinvestment of the listed company, reinvestment of every direct or indirect reinvestment of the invoices, and disclose the relationship of the invoices with the Company in the Remark column.
(2) The columns of "Net income/loss) of investor company" should fill in the current profit and loss of the investors.
(3) The columns of "Investment income (loss) recognized" only require profit/loss of the direct investors and all investors accounted for under the equity method.
When filling in the above terms, make sure the profit/loss of direct investor subsidiaries include the profit or loss of their reinvestments that are required to be recognized.
Note 3: It includes the unrealized gross profit of the current and downstream sales.
Note 4: It has been written off as a result of consolidated statements.

ATTACHMENT 8: Investment in Mainland China

(Unit: thousands of NTD/thousands of foreign currency)

Investor company	Main business and products	Total amount of paid-in capital	Method of investment (Note1)	Accumulated outflow of investment from Taiwan as of January 1, 2025	Investment Flows		Accumulated outflow of investment from Taiwan as of September 30, 2025	Net income (loss) of investee company	Percentage of ownership	Investment income recaptured (Note 10)	Carrying value as of September 30, 2025 (Note 10)	Accumulated inward remittance of earnings as of outflow September 30, 2025
					Outflow	Inflow
Zhong Shan Worldmark Sporting Goods Ltd	Manufacture and sale of golf club head	USD 40,900	(2)	USD54,000 (Note 4)	$-	$-	USD54,000 (Note 4)	$147,177 RMB33,984	100.00%	$147,177 RMB33,984 (Note 2)(2)B	$5,491,896 RMB1,268,102 (Note 2)(2)B	$-
Zhong Shan LongXing Precision Machinery Co., Ltd.	Manufacture and sale of sports equipment, automotive parts, molds and other products	USD 2,000	(2)	USD2,000	-	-	USD2,000	(1,769) (RMB 408)	100.00%	(1,769) (RMB 408) (Note 2)(2)B	113,579 RMB26,226 (Note 2)(2)B	-
Zhong Shan DingXing Vacuum Technology Co., Ltd.	Researching and development and manufacturing of vacuum technology products, vacuum coating processing and sports equipment, metal products import and export business	RMB 15,200	(3) (Note 6)	-	-	-	-	10,408 RMB2,403	100.00%	10,408 RMB2,403 (Note 2)(2)B	106,089 RMB24,496 (Note 2)(2)B	-
Zhong Shan Aubo Precision Technology Co., Ltd.	Researching and developing and manufacturing hardware, plastics and printing of packaging	RMB 60,000	(2)	USD5,500 (Note 7)	-	-	USD5,500 (Note 7)	268,031 RMB61,890	52.50%	140,716 RMB32,492 (Note 2)(2)B	957,752 RMB221,149 (Note 2)(2)B	212,538
Zhong Shan Aubo Metal Surface Treatment Co., Ltd.	Anodizing process	RMB 500	(3) (Note 8)	-	-	-	-	5,697 RMB1,316	52.50%	2,991 RMB691 (Note 2)(2)B	28,792 RMB6,648 (Note 2)(2)B	-
Aubo (Chongqing) Optoelectronics Co., Ltd	Optical and electronic related parts, instruments and optical glass	RMB 15,000	(3) (Note 8)	-	-	-	-	(10,589) (RMB 2,445)	52.50%	(5,559) (RMB 1,284) (Note 2)(2)B	27,570 RMB6,366 (Note 2)(2)B	-
Alloy Seiko Industry (SZ) Co., Ltd.	Research and development and production of hardware machinery products, and sales of automotive-related parts	USD 6,667	(3) (Note 6)	-	-	-	-	24,951 RMB5,761	77.51%	19,340 RMB4,465 (Note 2)(2)B	454,397 RMB104,922 (Note 2)(2)B	-
Alloy Seiko Technology (Jiangsu) Co., Ltd.	Manufacturing and sales of automotive parts and related metal hardware products	RMB 63,994	(3) (Note 9)	-	-	-	-	(RMB 13,228) (RMB 3,054)	77.51%	(10,253) (RMB 2,367) (Note 2)(2)B	RMB47,990 11,081 (Note 2)(2)B	-
Accumulated Investment in Mainland China as of September 30, 2025 (Note1)(Note3)	Investment Amounts Authorized by Investment Commission, MOEA (Note3)	Limit on Investment Amount to Mainland China (Note5)
---	---	---
$1,873,905 (USD 61,500)	$1,873,905 (USD 61,500)	$10,012,532

Note 1: The methods for engaging in investment in Mainland China include the following:
(1)Direct investment in Mainland China companies.
(2)Investment in Mainland China companies through a company invested and established in a third region(The investment company in the third region is World Gate Holdings Ltd.)
(3)Other methods.
Note 2: In the column of profit or loss on investment:
(1)The investment still in preparation and not generating profit or loss yet should be noted.
(2)The gain or loss on investment were determined based on the following:
A. The financial report was reviewed by an international certified public accounting firm in cooperation with an R.O.C. accounting firm.
B. The financial statements were reviewed by the audit firm of the parent company in Taiwan.
C. The self-prepared financial statements that have not been reviewed.
Note 3: The amount of this attachment are expressed in New Taiwan Dollars. The exchange rate on the financial reporting date used for translating the amount of investment in foreign currency.
Note 4: It is the indirect investment repatriation amount through the reinvestment company World Gate Holdings Ltd.
Note 5: Maximum investment in Mainland China: 60% of net or consolidated net value, whichever is higher.
Note 6: It is directly invested by Zhong Shan Worldwide Sporting Goods Ltd.
Note 7: The actual remittance amount was HKD 15,000 thousand and RMB 45,000 thousand, equivalent to approximately USD 5,500 thousand.
Note 8: It is directly invested by Zhong Shan Aubo Precision Technology Co., Ltd.
Note 9: It is directly invested by Alloy Seiko Industry (SZ) Co., LTD.
Note 10: It has been written off as a result of consolidated statements.

ATTACHMENT 9 : Transactions with the investee companies directly or indirectly through a third country following the occurrence of significant transactions, prices, payment terms and unrealized gains and losses were as below:

(1) Sale/Purchase:
(Unit: thousands of NTD)

Company Name	Related Party	Transaction Details				Details Different from Non-arm's Length Transactions		Notes and Accounts Receivable (Payable)		Remark
		Purchases/Sales	Amount	Percentage of Total Sales or Purchases	Payment Terms	Unit Price	Payment Terms	Balance	Percentage of Total Receivable (Payable)
Fusheng Precision Co., Ltd.	Zhong Shan Worldmark Sporting Goods Ltd	Sales	$(206,212)	(1.29)%	T/T 60 days	Not applicable		$33,322	1.28%	Note 1, Note 2
Fusheng Precision Co., Ltd.	Zhong Shan Worldmark Sporting Goods Ltd	Purchases	4,961,630	39.18%	T/T 60 days	Not applicable		(1,786,905)	(57.81)%	Note 1, Note 2

Note1 : The above ratios are calculated based on the company's individual financial statements.
Note2 : The above important transactions have been written off as a result of consolidated statements.

AI assistant

FSP Interim / Quarterly Report 2025

52606_rns_2026-05-06_bc0c8284-2e49-47d2-96f9-2e4314674eba.pdf

English Translation of Review Report Originally Issued in Chinese

Independent Auditors' Review Report

Introduction

Scope of Review

The basis for qualified conclusion in the financial statements for the nine-month period ended September 30, 2024

Unqualified conclusion and qualified conclusion

Emphasis of Matter

Other Matter

Notice to Readers

English Translation of Consolidated Financial Statement Originally Issued in Chinese

FUSHENG PRECISION CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGE IN STOCKHOLDERS' EQUITY

A. IFRS 17 "Insurance Contracts"

The consolidated entities are listed as follows:

(14) Non-current borrowings

Decommissioning, restoration and rehabilitation

Other provision

Carbon fees

(17) Other non-current liabilities

(18) Equities

A. Ordinary share

Income tax recognized in other comprehensive income

B. The assessment of income tax returns

B. Acquisition of Proxene Tools Co., Ltd. and its subsidiary

Significant transactions with the related parties

(1) Sales

(2) Commitments

Equity price risk

(4) Credit risk management

Information on significant unobservable inputs to valuation

Valuation process used for fair value measurements categorized within Level 3 of the fair value hierarchy

AI assistant

FSP — Interim / Quarterly Report 2025

52606_rns_2026-05-06_bc0c8284-2e49-47d2-96f9-2e4314674eba.pdf

English Translation of Review Report Originally Issued in Chinese

Independent Auditors' Review Report

Introduction

Scope of Review

The basis for qualified conclusion in the financial statements for the nine-month period ended September 30, 2024

Unqualified conclusion and qualified conclusion

Emphasis of Matter

Other Matter

Notice to Readers

English Translation of Consolidated Financial Statement Originally Issued in Chinese

FUSHENG PRECISION CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGE IN STOCKHOLDERS' EQUITY

A. IFRS 17 "Insurance Contracts"

The consolidated entities are listed as follows:

(14) Non-current borrowings

Decommissioning, restoration and rehabilitation

Other provision

Carbon fees

(17) Other non-current liabilities

(18) Equities

A. Ordinary share

Income tax recognized in other comprehensive income

B. The assessment of income tax returns

B. Acquisition of Proxene Tools Co., Ltd. and its subsidiary

Significant transactions with the related parties

(1) Sales

(2) Commitments

Equity price risk

(4) Credit risk management

Information on significant unobservable inputs to valuation

Valuation process used for fair value measurements categorized within Level 3 of the fair value hierarchy

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FSP Interim / Quarterly Report 2025