GSC — Annual Report 2024

Nov 14, 2024

Stock Code: 2406

Gigastorage Corporation

Parent Company Only Financial Statements and Independent Auditor’s Report for the Years Ended December 31, 2024 and 2023

Address: No. 3, Industrial 1st Road, Hukou Township, Hsinchu County

Phone: (03)598-5510

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

• 1 -

§TABLE OF CONTENTS§

Item Page 1. Front cover 1 2. Table of Contents 2 3. Independent auditor’s report 3～7 4. Parent company only balance sheet 8 5. Parent company only comprehensive income statement 9～11 6. Parent company only statement of changes in shareholders’ equity 12 7. Parent company only cash flow statement 13～15 8. Notes to parent company only financial statements (1) Company History 16 (2) Date and Procedures for Approval of Financial Statements 16 (3) Application of New and Revised Standards and Interpretation 16～20 (4) Summary of Significant Accounting Policies 20～36 (5) Significant Accounting Judgments and Estimations, and Main Sources of Assumption Uncertainties 36 (6) Summary of Significant Accounting Items 37～74 (7) Related Party Transactions 74～79 (8) Pledged Assets 79 (9) Significant Contingent Liabilities and Unrecognized Contract Commitments 80 (10) Significant Disaster Loss - (11) Significant Subsequent Events - (12) Information on Foreign Currency Assets and Liabilities with Significant Effect 80～81 (13) Additional Disclosure 1. Information on significant transactions 81 2. Information on invested enterprises 81 3. Information on investment in Mainland China 81~82 4. Information on major shareholders 82 9. Table of Contents of the Schedule of Important Accounting Items 92～106

Number of notes to financial statements

- - - - - - - 1 2 3 4 5 6〜27 28 29 30 - - 31 32 32 32 32 -

• 2 -

Independent Auditor’s Report

To the Board of Directors and Shareholders Gigastorage Corporation

Audit Opinion

We have audited the accompanying parent company only balance sheets of Gigastorage Corporation (the “Company”) for the years ended December 31, 2024 and 2023 and the relevant parent company only statements of comprehensive income, changes in equity, and cash flows for the years then ended, and relevant notes, including a summary of significant accounting policies (collectively referred to as the “parent company only financial statements”).

In our opinion, based on our audits and the reports of other independent auditors (please refer to the Other Matters paragraph), the parent company only financial statements referred to above present fairly, in all material respects, the parent company only financial position of Gigastorage Corporation as of December 31, 2024 and 2023 and its parent company only financial performance and cash flows for the years ended December 31, 2024 and 2023, in conformity with the requirements of regulations governing the preparation of financial statements by securities issuers.

Basis of Opinion

We conducted our audits in accordance with the Regulations Governing the Auditing and Attestation of Financial Statements by Certified Public Accountants and auditing standards of the Republic of China. Our responsibilities under those standards are further described in the responsibilities of auditors for the audit of the parent company only financial statements. We are independent of Gigastorage Corporation in accordance with the Code of Professional Ethics for Certified Public Accountants, and we have fulfilled our other ethical responsibilities in accordance with the Code. Based on our audits and the reports of other independent auditors, we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the 2024 parent company only financial statements of Gigastorage Corporation. These matters were addressed in the content of our audit of the parent company

• 3 -

only financial statements as a whole, and in forming our opinion thereon, and we do not provide separate opinions on those matters.

Key audit matters of the 2024 parent company only financial statements of Gigastorage Corporation were as follows:

Authenticity of Revenues

As stated in Note 10 to the parent company only financial statements, investments accounted for using the equity method of Gigastorage Corporation amounted to NT$3,363,432 thousand, or 57.08% of total assets as of December 31, 2024, and the shares of losses of subsidiaries, affiliates and joint ventures using the equity method was NT$202,141 thousand, including the losses of subsidiary of NT$184,782 thousand, or 61.32% of net losses before tax from January 1, 2024 to December 31, 2024. The financial status and performance of its subsidiaries would significantly affect Gigastorage Corporation.

The sales revenues of Gigastorage Corporation and its subsidiaries are mainly from the sales of solar conductive plasma and solar silicon accessories. The sales revenues from specific clients and products changed significantly in 2024 and, therefore, we have included the authenticity of the aforementioned revenues as a key audit matter.

We have performed the following key audit procedures:

1. We assessed the effectiveness of the design and implementation of internal control practices related to sales transactions by understanding the related internal control systems and operating procedures related to the sales transaction cycle.

2. To confirm the authenticity of revenue, we selected samples from the sales details, reviewed the original customer orders, shipping documents or export declarations and sales invoices, and examined whether there were any abnormalities in the receivable collections and the customers to whom the sales were made.

Other Matters

The financial statements of certain equity-method investees have not been audited by us, but by other independent auditors. Therefore, of our opinions on the parent company only financial statements referred to above, the amounts included in the financial statements were based on the audit reports of other independent auditors. As of December 31, 2024 and 2023, the above-mentioned investments under the equity method amounted to NT$860,240 thousand and NT$754,362 thousand, or 14.60% and 13.20% of total assets, respectively; the share of the above (losses recognized under the equity method amounted to NT$(81,536) thousand and NT$18,378 thousand, or 27.06% and (5.33)% of net loss before tax, respectively for the years ended December 31, 2024 and 2023.

The financial statements of certain equity-method investees prepared in accordance with different financial reporting framework have not been audited by us, but have been audited by other independent auditors in accordance with different auditing standards. The above-mentioned

• 4 -

financial statements have been converted into adjusted financial statements that conform to the regulations governing the preparation of financial statements by securities issuers and we have performed the requisite audit procedures. Therefore, of our opinions on the parent company only financial statements referred to above, the amounts included in the financial statements were based on the audit reports of other independent auditors and the result of additional audit procedures performed in accordance with the Regulations Governing Auditing and Attestation of Financial Statements by Certified Public Accountants and relevant provisions of auditing standards of the Republic of China. As of December 31, 2023, the above-mentioned investments under the equity method amounted to NT$3,149 thousand, or 0.06% of total assets; the share of the above losses recognized under the equity method amounted to NT$(961) thousand and NT$1,486 thousand, or 0.32% and (0.43)% of net loss before tax, respectively for the years ended December 31, 2024 and 2023.

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

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

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

Those in charge of corporate governance (including the Audit Committee) are responsible for overseeing the reporting process of the financial statements of Gigastorage Corporation.

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

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

• 5 -

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

1. Identify and assess the risks of material misstatement of the parent company only financial statements, whether due to fraud or error; design, and perform countermeasures for assessed risks; and obtain evidence that is sufficient and appropriate to provide a basis of audit opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

2. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control effective in Gigastorage Corporation.

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

4. Conclude the appropriateness of the use of the going concern basis of accounting by the management, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on Gigastorage Corporation to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the parent company only financial statements or, if such disclosure is inappropriate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause Gigastorage Corporation to cease as a going concern.

5. Evaluate the overall presentation, structure, and content of the parent company only financial statements (including related notes), whether the parent company only financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

6. Obtain sufficient and appropriate audit evidence regarding the financial information or the entities or business activities of Gigastorage Corporation to express an opinion on the parent company only financial statements. We are responsible for the direction, supervision and performance of the audit of Gigastorage Corporation, and forming the audit opinion on Gigastorage Corporation.

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

We also provide those in charge of governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all

• 6 -

relationships and other matters that may reasonably be thought to affect our independence, and other matters (including related protective measures).

From the matters communicated with those in charge of corporate governance, we determine those matters that were of most significance in the audit of the 2024 parent company only financial statements of Gigastorage Corporation and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partners on the audits resulting in this independent auditor’s report are Wen, Chih-Yuan and Chang, Ya-Yun.

Deloitte & Touche Taipei, Taiwan Republic of China March 31, 2025

Notice to Readers

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

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

• 7 -

Gigastorage Corporation Parent Company Only Balance Sheet December 31, 2024 and 2023

Unit: NTD thousands

==> picture [1078 x 26] intentionally omitted <==

----- Start of picture text -----

December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
Code Assets Amount % Amount % Code Liabilities and equity Amount % Amount %
Current assets Current liabilities
----- End of picture text -----

1100 Cash (Notes 4 and 6) 1140 Contract assets – current (Notes 4, 20 and 28) 1150 Notes receivable, net (Notes 4 and 8 and 20) 1170 Accounts receivable, net (Notes 4, 8 and 20) 1180 Accounts receivable – related party, net (Notes 4, 8, 20 and 28) 1200 Other receivables (Notes 4 and 8) 1210 Other receivables – related parties (Notes 4, 8 and 28) 1220 Current income tax assets (Notes 4 and 22) 130X Inventories (Notes 4 and 9) 1410 Prepayments (Note 15) 1476 Other financial assets – current (Notes 4 and 29) 1479 Other current assets (Notes 15 and 30) 11XX Total current assets Non-current assets 1517 Financial assets at fair value through other comprehensive income – non-current (Notes 4 and 7) 1550 Investments using the equity method (Notes 4, 5,10, 28 and 29) 1600 Property, plant and equipment (Notes 4, 11, 28 and 29) 1755 Right-of-use assets (Notes 4 and 12) 1760 Investment property (Notes 4, 13 and 29) 1780 Intangible assets (Notes 4 and 14) 1980 Other financial assets non–current (Notes 4 and 29) 1990 Other non-current assets (Notes 4, 15, 18 and 29) 15XX Total non-current assets 1XXX Total assets	$ 218,230 42,162 26,069 4,333 1,651 183 30,962 309,903 23,647 6,605 663,745 7,248 3,363,432 1,136,674 90,362 125,639 461 6,724 497,964 5,228,504 $ 5,892,249	4 - - 1 - - - - 1 5 - - 11 - 57 19 2 2 - - 9 89 100	$ 160,703 95,675 1,529 67,268 8,311 16,641 5,177 77 51,698 295,453 16,537 5,016 724,085 34,496 3,590,432 1,051,427 26,103 152,237 259 2,570 133,894 4,991,418 $ 5,715,503	3 2100 Short-term borrowings (Notes 16 and 29) 2 2110 Short-term notes and bills payable (Notes 16 - and 29) 1 2170 Accounts payable 2200 Other payables (Note 17) - 2220 Other payables – related party (Note 28) 1 2280 Lease liabilities – current (Notes 4, 12 and 28) 2322 Long-term borrowings due within one year - (Notes 16 and 29) - 2399 Other current liabilities (Notes 17, 20 and 28) 1 5 21XX Total current liabilities - Non-current liabilities - 2540 Long-term borrowings (Notes 16 and 29) 2580 Lease liabilities – non-current (Notes 4, 12 and 13 28) 2645 Deposits received 2670 Other non-current liabilities(Note 17) 25XX Total non-current liabilities 1 2XXX Total liabilities 63 Equity (Notes 4, 19 and 24) Capital stock 18 3110 Ordinary shares - 3200 Capital surplus 3 Accumulated losses - 3310 Legal reserve 3320 Special reserve - 3350 Losses to be offset ( 3400 Other equity ( 2 3XXX Total equity 87 100 Total liabilities and equity	$ 204,175 219,695 48,095 38,036 817 9,433 117,683 68,709 706,643 1,200,149 76,260 44,575 10,491 1,331,475 2,038,118 3,509,057 1,699,864 14,689 155,982 1,359,158 ) ( 166,303 ) ( 3,854,131 $ 5,892,249	3 4 1 1 - - 2 1 12 21 1 1 - 23 35 59 29 - 3 23 ) ( 3 ) ( 65 100	$ 212,001 159,713 62,615 71,303 8,142 4,886 96,190 80,248 695,098 1,031,442 21,920 43,650 - 1,097,012 1,792,110 3,509,057 1,500,005 14,689 155,982 1,029,500 ) ( 226,840 ) ( 3,923,393 $ 5,715,503	4 3 1 1 - - 2 1 12 18 - 1 - 19 31 62 26 - 3 18 ) 4 ) 69 100

The accompanying notes are an integral part of the Parent company only financial statements. (Please refer to the audit report dated March 31, 2025 issued by Deloitte and Touche)

Chairperson: Chen, Chi-Ming

Managerial officer: Chung, Kao-Yuan

Accounting officer: Tsai, Jyh- Pyng

• 8 -

Gigastorage Corporation

Parent Company Only Comprehensive Income Statement

January 1 to December 31, 2024 and 2023

(In thousand NT$, but net losses per share is in NT$)

==> picture [443 x 24] intentionally omitted <==

----- Start of picture text -----

2024 2023
Code Amount % Amount %
----- End of picture text -----

4000	Net operating revenues (Notes 4,
	20 and 28)		$	435,091		100		$	893,803		100
5000	Cost of sales (Notes 9, 14, and 21)			366,436		84			784,963		88
5900	Gross profits			68,655		16			108,840		12
5910	Unrealized profits on sales	(		93,264 )	(	21 )	(		78,911 )	(	9 )
5920	Realized sales profits			78,911		18			68,639		8
5950	Realized gross profits			54,302		13			98,568		11
	Operating expenses (Notes 14, 21
	and 28)
6100	Marketing expenses			12,248		3			13,373		2
6200	Administration expenses			119,757		28			123,525		14
6300	R&D expenses			22,821		5			20,034		2
6000	Total operating expenses			154,826		36			156,932		18
6900	Net operating loss	(		100,524)	(	23)	(		58,364)	(	7)
	Non-operating income and
	expenses
7100	Interest income (Note 21 )			1,214		-			913		-
7010	Other income (Notes 21 and
	28)			52,567		12			51,337		6
7020	Other gains and losses (Notes
	4, 10 and 21)	(		16,405 )	(	4 )	(		24,298 )	(	3 )
7050	Financial costs (Notes 21 and
	28)	(		36,073 )	(	8 )	(		25,062 )	(	3 )
7070	Share of profits or losses of
	subsidiaries, associates and
	joint ventures using the
	equity method (Notes 4
	and 10)	(		202,141)	(	46)	(		289,503)	(	32)
7000	Total non-operating
	income and expenses	(		200,838)	(	46)	(		286,613)	(	32)

(Continued on next page)

• 9 -

(Continued from previous page)

==> picture [443 x 635] intentionally omitted <==

----- Start of picture text -----

2024 2023
Code Amount % Amount %
7900 Net loss before tax ( $ 301,362 ) ( 69 ) ( $ 344,977 ) ( 39 )
7950 Income tax expense (Notes 4 and
- - -
22) ( 2,743 )
8200 Net loss for the year ( 301,362 ) ( 69 ) ( 347,720 ) ( 39 )
Other comprehensive income
8310 Items not to be reclassified as
profit or loss:
8311 Remeasurement of
- -
defined benefit plan ( 1,745 ) ( 190 )
8316 Unrealized gains or
losses on investments
in equity instruments
measured at fair value
through other
comprehensive
income 4,986 1 ( 781 ) -
8331 Remeasurement of
defined benefit plans
of subsidiaries under
the equity method 941 - ( 2,144 ) -
8336 Unrealized gains or
losses on investments
in equity instruments
by subsidiaries under
the equity method
measured at fair value
through other
comprehensive
income ( 20,617 ) ( 5 ) ( 48,785 ) ( 6 )
8360 Items that may be reclassified
subsequently to profit or
loss:
8361 Exchange differences on
translation of
financial statements
of foreign operations 27,834 7 ( 8 ) -
8381 Exchange differences on
translation of
financial statements
of foreign operations
of subsidiaries
recognized under the
equity method 18,245 4 ( 10,557 ) ( 1 )
8300 Other comprehensive
income for the year
(net after tax) 29,644 7 ( 62,465 ) ( 7 )
8500 Total comprehensive income for
the year ( $ 271,718 ) ( 62 ) ( $ 410,185 ) ( 46 )
(Continued on next page)
----- End of picture text -----

• 10 -

(Continued from previous page)

Code Net losses per share (Note 23) 9750 Basic 9850 Diluted		2024	%		2023
		Amount $ 0.86 ) $ 0.86 )			Amount $ 0.99 ) $ 0.99 )	%
	( (			( (

The accompanying notes are an integral part of the Parent company only financial statements. (Please refer to the audit report dated March 31, 2025 issued by Deloitte and Touche)

Chairperson: Chen, Chi-Ming Managerial officer: Chung, Kao-Yuan Accounting officer: Tsai, Jyh- Pyng

• 11 -

Gigastorage Corporation

Parent Company Only Statement of Changes in Shareholders’ Equity

January 1 to December 31, 2024 and 2023

Unit: NTD thousands

==> picture [1067 x 568] intentionally omitted <==

----- Start of picture text -----

Other equity
Unrealized gains
Exchange differences (losses) on financial
Capital stock on translation of assets at fair value
Number of shares (in Retained earnings financial statements of through other
Code thousands) Amount Capital surplus Legal reserve Special reserve Losses to be offset foreign operations comprehensive income Total equity
A1 Balance as of January 1, 2022 305,906 $ 3,509,057 $ 1,490,493 $ 14,689 $ 155,982 ( $ 680,196 ) ( $ 112,146 ) ( $ 53,765 ) $ 4,324,114
D1 Net losses for 2023 - - - - - ( 347,720 ) - - ( 347,720 )
D3 Other comprehensive income after tax for 2023 - - - - - ( 2,334 ) ( 10,565 ) ( 49,566 ) ( 62,465 )
D5 Total comprehensive income for 2023 - - - - - ( 350,054 ) ( 10,565 ) ( 49,566 ) ( 410,185 )
M5 Differences between equity price and carrying amount
arising from acquisition or disposal of subsidiaries
(Note 24) - - 1,772 - - - 133 ( 243 ) 1,662
M7 Changes in ownership interest in subsidiaries (Notes
19 and 24) - - 2,702 - - - 62 - 2,764
C7 Changes in associates and joint ventures recognized
- - - - - - -
under the equity method 1,103 1,103
N1 Share-based payment transactions - - - - - - - - -
N1 Subsidiary share based payment transactions - - 3,935 - - - - - 3,935
Q1 Disposal of equity instruments at fair value through
other comprehensive income by a subsidiary - - - - - 750 - ( 750 ) -
Z1 Balance as of December 31, 2023 350,906 3,509,057 1,500,005 14,689 155,982 ( 1,029,500 ) ( 122,516 ) ( 104,324 ) 3,923,393
D1 Net losses for 2024 - - - - - ( 301,362 ) - - ( 301,362 )
D3 Other comprehensive income after tax for 2024 - - - - - ( 804 ) 46,079 ( 15,631 ) 29,644
D5 Total comprehensive income for 2024 - - - - - ( 302,166 ) 46,079 ( 15,631 ) ( 271,718 )
M5 Differences between equity price and carrying amount
arising from acquisition or disposal of subsidiaries
- - - - -
(Note 26) 39,721 1,524 1,042 42,287
M7 Changes in ownership interest in subsidiaries (Notes
19 and 26) - - 1,307 - - - 31 - 1,338
C5 Due to recognition of equity component of convertible
- - - - - - -
bonds issued by a subsidiary 106,567 106,567
C7 Changes in associates and joint ventures recognized
- - - - - - -
under the equity method 51,124 51,124
N1 Subsidiary share based payment transactions - - 1,140 - - - - - 1,140
Q1 Disposal of equity instruments at fair value through
- - - - - - -
other comprehensive income by a subsidiary ( 27,492 ) 27,492
Z1 Balance as of December 31, 2024 350,906 $ 3,509,057 $ 1,699,864 $ 14,689 $ 155,982 ( $ 1,359,158 ) ( $ 74,882 ) ( $ 91,421 ) $ 3,854,131
----- End of picture text -----

The accompanying notes are an integral part of the Parent company only financial statements.

Chairperson: Chen, Chi-Ming

(Please refer to the audit report dated March 31, 2025 issued by Deloitte and Touche) Managerial officer: Chung, Kao-Yuan Accounting officer: Tsai, Jyh- Pyng

• 12 -

Gigastorage Corporation

Parent Company Only Cash Flow Sstatement January 1 to December 31, 2024 and 2023

Unit: NTD thousands

==> picture [440 x 13] intentionally omitted <==

----- Start of picture text -----

Code 2024 2023
----- End of picture text -----

Code			2024		2023
	Cash flow from operating activities:
A10000	Net losses before tax for the year	( $	301,362 )	( $	344,977 )
A20010	Income or expenses having no
	effect on cash flows
A20100	Depreciation expense		79,025		44,850
A20200	Amortization expenses		364		279
A20900	Financial costs		36,073		25,062
A21200	Interest income	(	1,214 )	(	913 )
A21300	Dividend income		-	(	1,078 )
A22400	Share of profits or losses of
	subsidiaries, associates and
	joint ventures accounted
	for using the equity
	method		202,141		289,503
A22500	Loss(gain) on disposal of
	property, plant and
	equipment	(	15 )		479
A23200	Gain on disposal of
	investment accounted for
	using the equity method	(	23,415 )		-
A23700	Impairment loss on
	non-financial asset		15,288		22,220
A23800	Gain on inventory value
	recovery		2,375	(	2,989 )
A23900	Unrealized profits on sales		93,264		78,911
A24000	Realized sales profits	(	78,911 )	(	68,639 )
A24100	Net foreign currency
	exchange loss (gain)	(	3,446 )		59
A29900	Gain on disposal of subsidary		27,953		-
A29900	Lease modification benefit	(	46 )		-
A29900	Gain on reversal of
	non-financial asset
	impairment		-	(	264 )

(Continued on next page)

• 13 -

(Continued from previous page)

==> picture [440 x 13] intentionally omitted <==

----- Start of picture text -----

Code 2024 2023
----- End of picture text -----

A30000 Net changes in assets and liabilities related to operating activities. A31125 Contract assets A31130 Notes receivables A31150 Accounts receivables A31160 Accounts receivable – related party A31180 Other receivables A31190 Other receivables – related party A31200 Inventories A31230 Prepayments A31240 Other current assets A32130 Notes payable A32150 Accounts payable A32180 Other payables A32190 Other payables – related party A32230 Other current liabilities A32240 Net defined benefit liabilities A32990 Other non-current liabilities A33000 Cash arising from operations A33100 Interests received A33500 Income tax paid AAAA Net cash inflow(outflow) from operating activities Cash flow from investment activities: B00100 Acquisition of Financial assets at fair value through other comprehensive income or loss B00200 Disposal of Financial assets at fair value through other comprehensive income or loss B01800 Acquisition of investment accounted for using the equity method B01900 Disposal of investment accounted for using the equity method B02300 Disposal of subsidiary(note 10)

$ 95,675 $ 149,843 1,529 476,909 26,010 43,570 ( 17,688 ) ( 2,095 ) 12,309 ( 14,221 ) 3,527 1,544 18,361 30,771 ( 14,450 ) 18,413 ( 1,589 ) ( 2,349 ) - ( 488 ) ( 14,523 ) ( 7,871 ) ( 2,684 ) ( 3,051 ) ( 7,325 ) 6,912 ( 11,539 ) 45,741 ( 1,381 ) 199 10,491 - 144,797 786,330 1,213 913 ( 106) ( 3,827) 145,904 783,416 - ( 3,306 ) 32,234 3,718 ( 28,500 ) ( 80,333 ) 157,755 - 2,069 -

(Continued on next page)

• 14 -

(Continued from previous page)

==> picture [440 x 484] intentionally omitted <==

----- Start of picture text -----

Code 2024 2023
B02700 Acquisition of property, plant and
equipment ( $ 540,731 ) ( $ 669,952 )
B02800 Disposal of property, plant and
equipment 15 741
B03700 Decrease (increase) in refundable
deposits 360 ( 4,848 )
B04500 Acquisition of intangible assets ( 566 ) -
B06500 Increase in other financial assets ( 11,264 ) ( 2,401 )
B06700 Decrease(increase) in other non-current
assets 1,012 ( 589 )
B07600 Dividends received 12,915 21,075
BBBB Net cash outflow from investment
activities ( 374,701 ) ( 735,895 )
Cash flow from financing activities:
C00200 Decrease in short-term borrowings ( 7,826 ) ( 381,923 )
C00600 Increase (decrease) in short term notes
and bills payable 55,106 ( 21,938 )
C01600 Borrowing of long-term loans 286,390 456,320
C01700 Repayment of long-term loans ( 96,190 ) ( 93,710 )
C03000 Increase in deposits received 925 1,695
C04020 Repayment of lease liability principal ( 14,354 ) ( 4,442 )
C05500 Disposal of equity in subsidiaries (Note
26) 90,588 24,271
C05600 Interests paid ( 30,816 ) ( 22,777 )
C09900 Return of share proceeds from capital
reduction of subsidiaries - 7,968
CCCC Net cash inflow(outflow) from
financing activities 283,823 ( 34,536 )
DDDD Effect of exchange rate changes on cash 2,501 ( 192 )
EEEE Net increase (decrease) in cash and cash
equivalents 57,527 12,793
E00100 Cash balance at the beginning of the year 160,703 147,910
E00200 Cash balance at the end of the year $ 218,230 $ 160,703
----- End of picture text -----

The accompanying notes are an integral part of the Parent company only financial statements. (Please refer to the audit report dated March 31, 2025 issued by Deloitte and Touche)

Chairperson: Managerial officer: Accounting officer: Chen, Chi-Ming Chung, Kao-Yuan Tsai, Jyh- Pyng

• 15 -

Gigastorage Corporation

Notes to Parent Company Only Financial Statements

January 1 to December 31, 2024 and 2023

(Units: NTD thousands, unless otherwise stated)

1. Company History

Gigastorage Corporation (hereinafter referred to as the “Company”) was established on March 26, 1997 and began operations on December 1, 1997. The Company is engaged in the manufacturing of computers and peripherals, international trade, manufacturing and reproduction of data storage media, manufacturing and trading of electronic materials, components and silicon wafers, energy technology services, and non-public power generation. The Company’s shares are listed and traded on Taiwan Stock Exchange.

The parent company only financial statements are presented in NTD, the functional currency of the Company.

2. Date and Procedures for Approval of Financial Statements

The parent company only financial statements were approved by the board meeting on March 28, 2025.

3. Application of New and Revised Standards and Interpretation

(1) First-time application of International Financial Reporting Standards (“IFRSs”), International Accounting Standards (“IAS”), Interpretations (“IFRICs”) and Interpretations (“SICs”) (hereinafter referred to as “IFRSs”) endorsed by the Financial Supervisory Commission (“FSC”) and issued to be effective

The adoption of the IFRSs endorsed and issued into effect by the FSC will not result in significant changes in the Company’s accounting policies.

(2) IFRSs endorsed by the FSC and applicable in 2025.

New/Revised/Amended Standards and Effective date of IASB Interpretations publication Amendments to IAS 21, “Lack of Exchangeability” January 1, 2025 (Note 1) Amendments to IAS 1 “Classification of Liabilities January 1, 2026 (Note 2) as Current or Non-current”

Note 1: Unless otherwise stated, the aforementioned new/amended/revised standards or interpretation are effective for annual reporting periods beginning after the respective dates.

• 16 -

Note 2: Effective for annual reporting period beginning January 1, 2026 or earlier adoption is for annual reporting period beginning January 1, 2025 is applicable.

The Company assesses that the amendments to other standards and interpretations will not have a significant impact on the financial position and financial performance as of the date of issuance of this parent company only financial report.

(3) The IFRSs released by the IASB but not yet endorsed and issued into effect by the FSC

==> picture [387 x 27] intentionally omitted <==

----- Start of picture text -----

New/Revised/Amended Standards and Effective date of IASB
Interpretations publication (Note 1)
----- End of picture text -----

New/Revised/Amended Standards and Interpretations	Effective date of IASB publication (Note 1)
Annual Improvements to IFRS Accounting	January 1, 2026
Standards—Volume 11
Amendments to IFRS 9 and IFRS 7, “Amendments	January 1,2026
to the classification and measurement of financial
instruments”
Amendments to IFRS 9 and IFRS 7, “Accounting for	January 1, 2026
Nature-dependent Electricity Contracts”
Amendment to IFRS 10 and IAS 28, “Sale or	Undecided
Contribution of Assets between an Investor and its
Associate or Joint Venture”
IFRS 17 “Insurance Contracts”	January 1, 2023
Amendment to IFRS 17	January 1, 2023
Amendment to IFRS 17 “First application of IFRS	January 1, 2023
17 and IFRS 9 – comparative information”
IFRS 18 “Disclosure and presentation in Financial	January 1, 2027
Statements”
IFRS 19 “Subsidiaries without Public	January 1, 2027
Accountability:Disclosures”

Note 1: Unless otherwise stated, the aforementioned new/amended/revised standards or interpretation are effective for annual reporting periods beginning after the respective dates.

Note 2: Unless otherwise stated, the aforementioned new/amended/revised standards or interpretation are effective for annual reporting periods beginning after the respective dates.

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

The amendment provides that if the Company sells or contributes an asset to an associate (or joint venture), or if the Company loses control of a

• 17 -

subsidiary but retains significant influence (or joint control) over the subsidiary, the Company shall recognize all of the gains or losses from such transactions if the aforementioned asset or subsidiary meets the definition of “business” in “business merger” under IFRS 3.

In addition, if the Company sells or contributes an asset to an associate (or joint venture), or if the Company loses control of a subsidiary but retains significant influence (or joint control) over the subsidiary, the Company shallrecognize gains and losses from such transactions only to the extent that they are not related to the investor’s interest in the associate (or joint venture), i.e. they are eliminated to the extent of the Company’s share of such gains and losses if the aforementioned asset or subsidiary does not meet the definition of “business” in “business merger” under IFRS 3.

1. IFRS18“Disclosure and presentation in Financial Statements”

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

-Items of income and expenses included in the statement of profit or loss shall be classified into the operating, investing, financing, income taxes and discontinued operations categories

-The statement of profit or loss shall present totals and subtotals for operating profit or loss, profit or loss before financing and income taxes and profit or loss.

Provides guidance to enhance the requirements of aggregation and disaggregation: The Company shall identify the assets, liabilities, equity, income, expenses and cash flows that arise from individual transactions or other events and shall classify and aggregate them into groups based on shared characteristics, so as to result in the presentation in the primary financial statements of line items that have at least one similar characteristic. The Company shall disaggregate items with dissimilar characteristics in the primary financial statements and in the notes. The Company labels items as “other” only if it cannot find a more informative label.

Increase disclosure of performance measures defined by management when the Company engages in public communications outside the financial statements or communicates management's perspective on certain aspects of the Company's overall financial performance to financial statement users, it

• 18 -

shall disclose information related to performance measures defined by management in a single note to the financial statements. This includes a description of the measure, how it is calculated, a reconciliation to the subtotals or totals specified by IFRS accounting standards, and the income tax and non-controlling interest effects of the related reconciliation items.

3. Amendement to IFRS9 and IFRS7, “Accounting for Nature-dependent Electricity Contracts”

The scope of the amendments is limited to contracts referencing nature-dependent electricity, where the electricity source depends on uncontrollable natural conditions, such as the weather, which expose an entity to variability. The amendment stipulates that if the Company enters into a contract to purchase naturally dependent electricity, exposing it to the risk of purchasing more electricity than needed within a specific period, and the design and operation of the electricity market require the Company to sell unused electricity within a specified timeframe, such sales do not necessarily result in the Company failing to meet the condition of holding the contract for anticipated electricity demand, thus requiring the contract to be treated as a financial instrument. If the Company, within a reasonable period after selling electricity, purchases an equivalent amount of electricity in the same market, it still meets the condition of holding the contract for anticipated electricity demand.

The amendment also stipulates that if the company enters into a contract involving naturally dependent electricity and designates it as a hedging instrument for an anticipated transaction, it may designate a variable quantity of anticipated electricity transactions consistent with the aforementioned contract as the hedged item.

The Company shall retrospectively apply the amendments related to determining whether a contract involving nature-dependent power meets the condition of being held for the purpose of meeting expected power usage requirements. However, it is not required to restate comparative periods, and the impact of the initial application shall be recognized on the initial application date. The provisions related to hedge accounting shall be deferred.

• 19 -

In addition to the above effects, the Company will continue to evaluate the effect of the amendment to other standards on the financial positions and performance of the Company to the date the parent company only financial statements are approved and released, and will make appropriate disclosure after the evaluation.

4. Summary of Significant Accounting Policies

(1) Compliance Statement

The parent company only financial statements were prepared in accordance with the Regulations Governing the Preparation of Financial Statements by Securities Issuers.

(2) Basis of preparation

This parent company only financial report is prepared on a historical cost basis, except for financial instruments at fair value and net defined benefit liabilities recognized at the present value less net defined benefit liabilities recognized at the fair value of plan assets.

The evaluation of fair value could be classified into Level 1 to Level 3 by the observable intensity and importance of the related input value:

1. Level 1 input value: refers to the quotation of the same asset or liability in an active market as of the evaluation (before adjustment).

2. Level 2 input value: refers to the direct (the price) or indirect (inference of price) observable input value of asset or liability further to the quotation of Level 1.

3. Level 3 input value: the unobservable input value of asset or liability.

When preparing the parent company only financial statements, the Company processed the investment in subsidiaries, associates, or joint ventures under the equity method. In order to make the current period’s profit or loss, other comprehensive income and equity in the parent company only financial statements the same as the current period’s profit or loss, other comprehensive income and equity attributable to the owners of the Company in the consolidated financial statements, certain accounting differences between the parent company only basis and consolidated basis are adjusted for “investments using the equity method,” “share of profit or loss of subsidiaries, associates and joint ventures using the equity

• 20 -

method,” “share of other comprehensive income of subsidiaries, associates and joint ventures using the equity method” and related equity items.

• (3) Standards in differentiating current and non-current assets and liabilities

  • Current assets include:

• Assets held primarily for trading purposes;

• Assets expected to be realized within 12 months of the balance sheet date; and

• Cash (excluding restricted cash and cash equivalents and those that are to be exchanged or used to pay off liabilities more than twelve months after the balance sheet date).

Current liabilities include:

1. Liabilities held primarily for trading purposes;

2. Liabilities to be settled within 12 months after the balance sheet date; and

3. Liabilities whose settlement deadline cannot be unconditionally deferred until at least 12 months after the balance sheet date.

Those that are not current assets or liabilities above are classified as non-current assets or liabilities.

• (4) Foreign currencies

For the transactions conducted in a currency other than the business entity’s functional currency (foreign currency), it is to be translated to the functional currency in accordance with the exchange rate on the transaction date when preparing financial statements.

Foreign currency monetary items are translated at the closing rate on each balance sheet date. The exchange differences arising from the settlement of monetary items or translating monetary items are recognized in profit or loss in the period in which they occur.

The foreign non-currency items measured at fair value are translated in accordance with the exchange rate on the fair value determination date and the exchange difference is booked as profit or loss in the period. However, for the changes in fair value recognized in other comprehensive income, the exchange difference is recorded in other comprehensive income.

The foreign non-currency items measured at historical cost are translated in accordance with the exchange rate on the transaction date without the need for a retranslation.

• 21 -

Upon preparation of the parent company only financial reports, the assets and liabilities of overseas operating institutions (including the subsidiaries, associates, or joint ventures in the countries of business operation or those using currencies different from the Company’s) were converted to New Taiwan dollars based on the exchange rate quoted on every balance sheet date. Income and expense items are translated at the average exchange rate for the period and the exchange differences are booked in other comprehensive income.

If the Company disposes of all of its interests in a foreign operation, or loses control over a subsidiary that includes a foreign operation, or retains interests after the disposal of an associate that is a foreign operation which becomes a financial asset and is accounted for in accordance with the accounting policy for financial instruments, all of the accumulated exchange differences related to that foreign operation will be reclassified to profit or loss.

(5)

If the partial disposal of a subsidiary of a foreign operation does not result in a loss of control, the accumulated exchange differences are jointly calculated in equity transactions on a pro rata basis, but are not recognized in profit or loss. In the case of any other partial disposal of a foreign operation, the accumulated exchange differences shall be reclassified to profit or loss in proportion to the disposal. Inventories

Inventory includes raw materials, supplies, finished goods and work-in-process. Inventory is valued in accordance with the lower of cost or net realizable value. When comparing cost and net realizable value, except for the homogeneous inventories, it is based on the itemized lower of cost or net realizable value. Net realizable value refers to the estimated sale price under normal circumstances net of the estimated cost needed to completion and the estimated expenses needed to consummate the sale. The cost of inventory is calculated using the weighted average method.

(6) Investments in subsidiaries

The Company adopts the equity method for investment in subsidiaries. A subsidiary is an entity over which the Company has control.

Under the equity method, investments in subsidiaries are originally recognized at cost; the book value after the acquisition date fluctuates along with the distribution of profit or loss from the subsidiaries and other comprehensive income by the

• 22 -

Company. Additionally, the change in the interests the Company holds in subsidiaries is recognized pro rata to the shareholding percentages.

When a change in the Company’s ownership interest in a subsidiary does not result in a loss of control, it is treated as an equity transaction. The difference between the carrying amount of the investment and the fair value of the consideration paid or received is recognized directly in equity.

The excess of the acquisition cost over the Company’s share of the net fair value of the identifiable assets and liabilities of the subsidiaries constituting the business at the acquisition date is recorded as goodwill, which is included in the carrying amount of the investment and is not amortized; the excess of the Company’s share of the net fair value of the identifiable assets and liabilities of the subsidiaries constituting the business at the acquisition date over the acquisition cost is recorded as gain or loss for the period.

The Company assesses impairment based on the cash-generating units as a whole in the financial statements and compares their recoverable amounts with their book values. If the amount of recoverable assets increased in the future, the reversal of impairment shall be recognized as income. The book value of the reversal of impaired assets shall not exceed the book value before recognition for impairment net of amortization. Impairment losses attributable to goodwill must not be reversed in subsequent periods.

When control over a subsidiary is lost, the Company measures its remaining investment in the subsidiary at fair value at the date of loss of control. The difference between the fair value of the remaining investment and the carrying amount of the investment at the date of loss of control, if any, is recognized in profit or loss for the period. In addition, all amounts recognized in other comprehensive income related to the subsidiary are accounted for on the same basis as if the Company had directly disposed of the related assets or liabilities.

Unrealized gains or losses on downstream transactions with subsidiaries are eliminated in the parent company only financial statements. Gains or losses from upstream and side-stream transactions with subsidiaries are recognized in the parent company only financial statements only to the extent that they are not related to the Company’s equity interest in the subsidiary.

• 23 -

(7) Investments in associates and joint ventures

The term “affiliate” as set forth herein denotes an enterprise which has significant effect upon the Company but is not a subsidiary or a joint venture. A joint venture is a joint agreement between the Company and another company with joint control and rights to the net assets.

The Company adopts the equity method for investment in associates.

Under the equity method, investments in associates and joint ventures are originally recognized at cost; the book value after the acquisition date fluctuates along with the distribution of profit or loss from the associates and joint ventures and other comprehensive income by the Company. In addition, changes in equity in affiliated companies and joint ventures are recognized on a proportional basis to shareholdings.

The excess of the acquisition cost over the Company’s share of the net fair value of the identifiable assets and liabilities of the associates and joint ventures at the acquisition date is recorded as goodwill, which is included in the carrying amount of the investment and is not amortized; the excess of the Company’s share of the net fair value of the identifiable assets and liabilities of the associates and joint ventures at the acquisition date over the acquisition cost is recorded as gain or loss for the period.

If the Company does not subscribe for new shares of an affiliate or joint venture in proportion to its shareholding, resulting in a change in the Company’s shareholding and an increase or decrease in the net equity of the investment, the increase or decrease is adjusted to capital surplus – change in net worth in associates and joint ventures accounted for using the equity method and investments accounted for using the equity method. However, if the ownership interest in an affiliate or joint venture is reduced as a result of subscription or acquisition without proportionate shareholding, the amount recognized in other comprehensive income related to the affiliate or joint venture is reclassified in proportion to the reduction on the same basis as that required for the direct disposal of the related assets or liabilities of the affiliate or joint venture. If the former adjustment is charged to capital surplus and the balance of capital surplus from investments accounted for using the equity method is insufficient, the difference is charged to retained earnings.

The Company assesses impairment by comparing the recoverable amount to the carrying amount of an investment as a whole (including goodwill) as a single asset.

• 24 -

The impairment loss recognized is not allocated to any asset, including goodwill, that forms part of the carrying amount of the investment. Any reversal of impairment loss can be recognized to the extent that the recoverable amount of the investment subsequently increases.

The Company ceases to adopt the equity method from the date its investment ceases to be an associate or joint venture, and its retained equity interest in the associate or joint venture is measured at fair value. The difference between the fair value and the disposal price and the carrying amount of the investment on the date of cessation of the equity method is recognized in profit or loss for the period. In addition, all amounts recognized in other comprehensive income related to the associate and joint venture are accounted for on the same basis as if the Consolidated Company had directly disposed of the related assets or liabilities and joint ventures. If an investment in associates becomes a joint venture or an investment in joint venture becomes an investment in associates, the Company continues to use the equity method without remeasuring the retained equity interest.

Gains or losses from upstream, downstream and side-stream transactions with associates and joint ventures are recognized in the parent company only financial statements only to the extent that they are not related to the Company’s equity interest in the associates and joint ventures

(8)

Property, plant and equipment

Property, plant, and equipment shall be recognized based on cost. Subsequent costing shall be measured on the cost net of accumulated depreciations and accumulated impairments.

Except for owned land, which is not depreciated, other property, plant and equipment are depreciated separately over their useful lives on a straight-line basis for each significant component. The Company reviews the estimated useful lives, residual values and depreciation methods at least at the end of each year and defers the effect of changes in applicable accounting estimates.

When property, plant and equipment is derecognized, the difference between the net disposal price and the carrying amount of the asset is recognized in profit or loss. (9) Investment property

Investment property refers to real estate held for the purpose of earning rent or capital appreciation or both. Investment property also includes land held for future use that is currently undetermined.

• 25 -

Self-owned investment property is initially measured at cost (including transaction costs) and subsequently measured at cost less accumulated depreciation and accumulated impairment losses.

Investment property is depreciated on a straight-line basis.

When investment property is derecognized, the difference between the net disposal price and the carrying amount of the asset is recognized in profit or loss. (10) Intangible assets

1. Acquired separately

Intangible assets with finite useful lives acquired separately are initially measured at cost and subsequently measured at cost less accumulated amortization and accumulated impairment. Intangible assets are amortized on a straight-line basis over their useful lives. The Company reviews the estimated useful lives, residual values and amortization methods at least at the end of each year and defers the effect of changes in applicable accounting estimates. Intangible assets with indefinite useful lives are stated at cost less accumulated impairment.

1. Derecognition

When intangible assets are derecognized, the difference between the net disposal price and the carrying amount of the assets is recognized in profit or loss for the period.

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

The Company assesses on each balance sheet date whether there is any indication that the property, plant and equipment, right-of-use assets, investment property and intangible assets may have been impaired. If there is any indication of impairment, the recoverable amount of the asset should be estimated. If the recoverable amount of an parent company only asset cannot be estimated, the Company is to estimate the recoverable amount of the respective cash-generating unit. Shared assets are allocated to parent company only cash-generating units on a reasonably consistent basis.

The recoverable amount is the higher of the fair value less costs to sell and its value in use. When the recoverable amount of an parent company only asset or a cash-generating unit is less than its carrying amount, the carrying amount of the asset

• 26 -

or cash-generating unit should be reduced to its recoverable amount. The impairment loss is recognized in profit or loss.

When the impairment loss is subsequently reversed, the carrying amount of the asset, cash-generating unit, or contract cost-related asset is increased to the adjusted recoverable amount, provided that the increased carrying amount does not exceed the carrying amount (net of amortization or depreciation) that would have been recognized if the impairment loss had not been recognized in prior years for that asset, cash-generating unit, or contract cost-related asset. Reversal of impairment loss is recognized in profit or loss.

(12) Financial instruments

When the Company has become a party to the instrument contract, the financial assets and financial liabilities are to be recognized in the parent company only balance sheet.

For the initial recognition of the financial assets and financial liabilities, if the financial assets or financial liabilities are not measured at fair value through profit or loss, it is measured at fair value plus transaction cost that is directly attributable to the acquisition or issuance of financial assets or financial liabilities. The transaction cost directly attributable to the acquisition or issuance of financial assets or financial liabilities that are measured at fair value through profit or loss is immediately recognized in profit or loss.

1. Financial assets

The regular transaction of financial assets is recognized and derecognized in accordance with the trade date accounting.

(1) Type of measurement

The types of financial assets held by the Company are financial assets at fair value through profit or loss, financial assets at amortized cost, and investments in equity instruments at fair value through other comprehensive income.

A. Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are financial assets mandatorily measured at fair value through profit or loss. Financial assets mandatorily measured at fair value through profit or loss include equity instruments investments measured at fair value through other non-designated comprehensive profit or loss.

• 27 -

Financial assets at fair value through profit or loss are measured at fair value, while dividends, interests and gains or losses arising from remeasurement are recognized in other gains and losses. Please refer to Note 27 for the determination of fair value.

B. Financial assets at amortized cost

The Company’s financial assets, if meeting both of the following conditions, are classified as financial assets at amortized cost:

• a. Financial assets held under a particular mode of operation and the purpose of holding is for the collection of contractual cash flows; and

• b. The terms of the contracts give rise to cash flows at specified dates that are solely for the payment of principal and interest on the outstanding principal amount.

Financial assets (including cash and notes receivable, accounts receivable, other receivables, other financial assets, and refundable deposits at amortized cost), after initial recognition, are measured at their total carrying amount determined using the effective interest method, less amortized cost of any impairment loss, with any foreign currency exchange gain or loss recognized in profit or loss.

Interest income is calculated by multiplying the effective interest rate by the total carrying amount of the financial assets, except for the following two cases.

• a. Interest income on financial assets that are credit-impaired upon acquisition or creation is calculated using the credit-adjusted effective interest rate multiplied by the amortized cost of the financial assets.

• b. Interest income on financial assets that are not credit-impaired upon acquisition or creation but become credit-impaired subsequently is calculated using the effective interest rate multiplied by the amortized cost of the financial assets from the next reporting period after the impairment.

• Credit-impaired financial assets are those for which the issuer or

• the debtor has experienced significant financial difficulties, defaulted, or where it is probable that the debtor will declare bankruptcy or other

• 28 -

financial reorganization, or where an active market for the financial assets has disappeared due to financial difficulties.

• C. Investment in equity instruments at fair value through other comprehensive income

The Company may make an irrevocable choice at the time of initial recognition for designating the investment of equity instruments not available-for-sale and not recognized by the acquirer under corporate merger and acquisition or with consideration at fair value through other comprehensive income for measurement.

Investment in equity instruments at fair value through other comprehensive income is measured at fair value. Subsequent changes in fair value will be recognized as other comprehensive income and accumulated into other equity. In the disposition of assets, accumulated gains or loss shall be directly transferred to retained earnings without classification as profit or loss.

The dividend of the investment of equity instruments at fair value through other comprehensive income shall be recognized as income when the right of the Company in the collection of dividends is ascertained unless the dividend is obviously representing the recovery of the cost of investment in part.

(2) Impairment of financial assets and contract assets

The Company at each balance sheet date assesses the impairment loss of financial assets (including accounts receivable) at amortized cost and contract assets according to the expected credit loss.

An allowance is recognized for losses on accounts receivable and contract assets based on expected credit losses over the life. Other financial assets are first evaluated to determine whether there is a significant increase in credit risk since initial recognition. If there is no significant increase, an allowance for loss is recognized based on the expected credit loss over 12 months, and if there is a significant increase, an allowance for loss is recognized based on the expected credit loss over the duration.

Expected credit loss is a weighted average credit loss based on the risk of default. Expected credit loss in a 12-month period represents the

• 29 -

expected credit loss arising from possible defaults of the financial instruments within 12 months after the reporting date, and the ongoing expected credit loss represents the expected credit loss arising from all possible defaults of the financial instruments during the expected life of the financial instruments.

For internal credit risk management purposes, the Company, without considering the collateral, determines the following circumstances indicating that a default has occurred on the financial assets:

• A. There is internal or external information showing that the debtor has been unable to pay off the debt.

• B. Payments are overdue for more than 90 days, unless there is reasonable and supporting information showing that the delayed default benchmark is more appropriate.

The carrying amount of all financial assets is reduced through an allowance account

• (3) The derecognition of financial assets

The Company has financial assets derecognized only when the contractual rights from the cash flows of a financial asset become invalid or when the financial assets are transferred, and almost all the risks and rewards of the asset ownership have been transferred to other enterprises.

When a particular entry of financial assets measured at amortized cost is removed, the difference between its book value and consideration shall be recognized as income. When particular equity instruments measured at fair value through comprehensive income are entirely derecognized, the accumulated gains of loss shall be directly transferred to retained earnings without being classified as profit or loss.

1. Equity instruments

The equity instruments issued by the Company are classified as equity pursuant to the contractual agreements and the definition of equity instruments.

Equity instruments issued by the Company are recognized for an amount after deducting the direct issuing cost from the proceeds collected.

1. Financial liabilities

2. (1) Subsequent measurement

3. 30 -

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

(2) Derecognition of financial liabilities

When derecognizing financial liabilities, the difference between the carrying amount and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized as profit or loss.

(13) Public dues

Various payments (public dues) levied by the government in accordance with the law are estimated as other liabilities when the taxable transaction or activity occurs. Payment obligations arising over time are recognized as other liabilities periodically, while payment obligations triggered by reaching a specific threshold are recognized as other liabilities when the threshold is met.

(14) Provision for liabilities

The amount recognized as provision for liabilities is the best estimate of the amount required to settle the obligation at the balance sheet date, taking into account the risk and uncertainty of the obligation. The provision for liabilities is measured as the present value of the discounted estimated cash flows to settle the obligation.

(15)

Revenue recognition

The Company, after identifying the performance obligations, had the transaction price amortized to each performance obligation and recognized as income when the performance obligations were fulfilled.

1. Merchandise sales revenues

The Company recognizes revenue when the promised product is delivered to the customer and the customer obtains control (i.e. the customer’s ability to direct the use of the product and obtain substantially all of the residual benefits of the product), based on the price stated in the contract.

The credit period for product sold by the Company is 30 to 120 days. Most of the contracts are recognized as accounts receivable when control of the product is transferred and the right to receive unconditional consideration is available. These accounts receivable are usually of short duration and do not have significant financial components.

1. Revenues from power plant design and construction projects

For real estate construction contracts in which the real estate is under the control of the customer during the construction process, the Company

• 31 -

recognizes revenue gradually over time. Since the cost of construction is directly related to the degree of completion of contractual obligations, the Company measures the progress of completion based on the proportion of the actual cost invested to the expected total cost. The Company recognizes contract assets over time during the construction process and reclassifies them as accounts receivable upon billing. If the amount received exceeds the amount of revenue recognized, the difference is recognized as a contract liability. The retention money withheld by the customer under the terms of the contract are intended to ensure the Company’s completion of all contractual obligations and are recognized as contract assets until the Company’s performance of the contract is completed.

If the outcome of the performance obligation cannot be measured reliably, revenue is recognized only to the extent that the costs incurred to satisfy the performance obligation are expected to be recovered.

• (16) Leases

The Company assesses whether the contract is (or includes) a lease on the effective contract date.

1. The Company is the lessor

A lease is classified as a capital lease when the terms of the lease transfer substantially all the risks and rewards incidental to the ownership of the asset to the lessee. All other leases are classified as operating leases.

Under operating leases, lease payments, net of lease incentives, are recognized as income on a straight-line basis over the relevant lease period.

1. The Company is the lessee

Right-of-use assets and lease liabilities are recognized at the lease inception date, except for leases of low-value underlying assets to which the recognition exemption applies and short-term leases for which lease payments are recognized as expenses on a straight-line basis over the lease period.

Right-of-use assets are measured initially at cost (consisting of the original measurement amount of the lease liability, lease payments made before the inception date of the lease less lease incentives received, original direct cost and estimated cost of restoration of the subject asset) and subsequently at cost less accumulated depreciation and accumulated impairment, and the

• 32 -

remeasurement of the lease liability is adjusted. The right-of-use assets are expressed separately in the standalone balance sheet.

The right-of-use assets are depreciated on a straight-line basis over the period starting from the lease inception date to the end of their useful lives or the expiration of the lease period, whichever is sooner.

The lease liability was originally measured at the present value of the lease payments (both fixed and substantively constant). If the implicit interest rate of the lease is readily determinable, the lease payments are discounted using that rate. If that rate is not readily determinable, the lessee’s incremental borrowing rate is used.

Subsequently, lease liabilities are measured at amortized cost using the effective interest method, and interest expense is amortized over the lease period. If a change during the lease term results in a change in future lease payments, the Company remeasures the lease liability and adjusts the right-of-use asset accordingly. However, if the carrying amount of the right-of-use asset is reduced to zero, the remaining remeasurement amount is recognized in profit or loss. The lease liabilities are expressed separately in the parent company only balance sheet.

• (17) Cost of borrowings

All other borrowing costs are recognized in profit or loss for the period in which they are incurred.

• (18) Government grants

Government subsidies are recognized when there is reasonable assurance that the enterprise will comply with the conditions attached to the government subsidy and that the subsidy will be received.

Government subsidies related to income are recognized in other income on a systematic basis over the period in which the related costs for which they are intended to compensate are recognized as expenses by the Company.

Government subsidies are recognized in profit or loss in the period in which they become collectible if they are intended to compensate for expenses or losses already incurred or to provide immediate financial support to the Company and have no future related costs.

• (19) Employee benefits

• Short-term employee benefits

• 33 -

Liabilities relating to short-term employee benefits are measured by the non-discounted amount of the expected payment in exchange for employee services.

2. Post-employment benefits

Under defined contribution pension plan, the pension amount appropriated during the service years of the employees is recognized as an expense.

The defined benefit cost (including service cost, net interest and remeasurement) of defined benefit pension plan is actuarially determined using the projected unit credit method. Service cost (including current service cost) and net interest on net defined benefit liabilities (assets) are recognized as employee benefit expense as incurred. Remeasurements (including actuarial gains and losses and return on plan assets, net of interest) are recognized in other comprehensive income and included in retained earnings as incurred and are not reclassified to profit or loss in subsequent periods.

The net defined benefit liability (asset) represents the deficit (remaining) of the defined benefit pension plan appropriation. The net defined benefit asset may not exceed the present value of refunds of appropriations from the plan or reductions in future appropriations.

• (20) Share-based payment agreement

• Employee stock options granted to the employees of the Company

Employee stock options are recognized as expense on a straight-line basis over the vesting period based on the fair value of the equity instruments at the grant date and the best estimate of the number expected to be vested, with an adjustment to capital surplus – employee stock options at the same time. If the vesting is made immediately on the grant date, the full cost is recognized on the grant date. The Company reserves shares for employee subscription at the time of cash capital increase and recognizes the date as the grant date when the number of shares to be subscribed by employees is confirmed.

1. Employee stock options granted to the employees of subsidiaries

Employee stock options granted to employees of subsidiaries for settlement with the Company’s equity instruments are considered as capital contributions to the subsidiaries and are measured at the fair value of the equity instruments at the date of grant and recognized as an increase in the carrying amount of the investment in the subsidiary during the vesting period, with a

• 34 -

corresponding adjustment to capital surplus – employee stock options. If the vesting is made immediately on the grant date, the full cost is recognized on the grant date.

(21) Income tax

Income tax expense is the sum of the current income tax and deferred income tax.

1. Current income tax

The Company determines income (loss) for the period in accordance with the regulations enacted by the income tax reporting jurisdictions and calculates income tax payable (recoverable) accordingly.

Additional Income tax on unappropriated earnings calculated in accordance with the ROC Income Tax Act is recognized in the year in which resolutions are made at the shareholders’ meeting.

The adjustment to prior years’ income tax payable is booked as current period’s income tax.

2. Deferred income tax

Deferred tax is calculated on temporary differences between the carrying amounts of assets and liabilities and the tax bases used to compute taxable income.

Deferred tax liabilities are generally recognized for all taxable temporary differences, while deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which income tax credits can be utilized, such as deductions for temporary differences, loss carryforwards and investment tax credits.

Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, associates, and joint agreements, except where the Company can control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for deductible temporary differences associated with such investments only to the extent that it is probable that sufficient taxable income will be available to allow the temporary differences to be realized and to the extent that a reversal is expected in the foreseeable future.

• 35 -

The carrying amount of deferred tax assets is reviewed on each balance sheet date and reduced to the extent that it is no longer probable that sufficient tax assets will be available to allow recovery of all or part of the asset. part of the asset should be adjusted down. Deferred tax assets that are not recognized as such initially are reviewed on each balance sheet date and the carrying amount is increased to the extent that it is probable that future taxable income will be available to recover all or part of the assets.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the liability is settled or the asset is realized, which are based on tax rates and tax laws that have been legislated or substantively legislated on the balance sheet date. The measurement of deferred income tax liabilities and assets reflects the tax consequence resulting from the book value of the assets or liabilities expected to be recovered or liquidated on the balance sheet date.

1. Current and deferred tax

Current and deferred income taxes are recognized in the profit or loss, except for the current and deferred income taxes related to the items recognized in other comprehensive income or directly included in the equity which are recognized in other comprehensive income or directly included in the equity.

5. Significant Accounting Judgments and Estimations, and Main Sources of Assumption Uncertainties

When adopting accounting policies, the Company’s management is required to make judgments, estimates and assumptions that are based on historical experience and other factors that are not readily apparent from other sources Actual results may differ from estimates.

Estimations, and Main Sources of Assumption Uncertainties

• (1) Impairment of Investments in associates

When there is an indication that an investment in an affiliate may be impaired and the carrying amount may not be recoverable, the Company assesses the impairment of the investment immediately. The Company’s management assesses impairment based on future cash flow projections of the associates, including assumptions on sales growth and capacity utilization as estimated by the associates’ internal management. The Company also considers the relevant market and industry conditions to determine the reasonableness of its relevant assumptions.

• 36 -

6. Cash

7.

Cash	Cash
December 31, 2024 December 31, 2023 Cash on hand and petty cash $ 659 $ 403 Demand deposits in banks 217,571 160,300 $218,230 $160,703 Financial assets measured at fair value through other comprehensive income December 31, 2024 December 31, 2023 (after restatement) Investment in equity instruments – non-current Unlisted stocks New Land Packing Corporation $ - $ 59,726 Big Sun Energy Technology Inc. 20,000 20,000 Prorit Corporation 13,798 13,798 Adjustments to the valuation of financial assets at fair value through other comprehensive income ( 26,550) ( 59,028) $ 7,248 $ 34,496		December 31, 2023
Investment in equity instruments – non-current Unlisted stocks New Land Packing Corporation Big Sun Energy Technology Inc. Prorit Corporation Adjustments to the valuation of financial assets at fair value through other comprehensive income	December 31, 2024 $ - 20,000 13,798 ( 26,550) $ 7,248
	(	(	$ 59,726 20,000 13,798 59,028) $ 34,496

The Company invests in the common stock of the Company listed above for medium- to long-term strategic purposes and expects to earn a profit from the long-term investment. The Company’s management believes that it would be inconsistent with the aforementioned long-term investment plan to include short-term fair value fluctuations of these investments in profit or loss, and has therefore elected to designate these investments as measured at fair value through other comprehensive income.

The Company’s financial assets at fair value through other comprehensive income are not provided as guarantee.

Due to its investment strategy, the Company sold and derecognized certain investments in equity instruments at fair value through other comprehensive income. The Information related to the derecognition during 2024 and 2023 is as follows.

Fair value at the date of derecognition. Accumulated gain on disposal of retained earnings transferred from other equity	2024 $ 32,234 ( 27,492)	2023
		$ 3,718 412

• 37 -

8. Notes receivable, accounts receivable and other receivables

Notes receivables Measured at amortized cost Total book value Less: allowance for loss Accounts receivables Measured at amortized cost Total book value Less: allowance for loss Accounts receivable–related party Measured at amortized cost Total book value Less: allowance for loss Other receivables Tax refund receivable Other receivables – other Other receivables – related party	December 31, 2024 $ - - $ - $ 42,162 - $ 42,162 $ 26,069 - $ 26,069 $ 4,230 103 4,333 1,651 $ 5,984	December 31, 2023	December 31, 2023
		(	$ 1,529 - $ 1,529 $ 69,430 2,162) $ 67,268 $ 8,311 - $ 8,311 $ 14,965 1,676 16,641 5,177 $ 21,818

(1) Notes and accounts receivable

The Company’s notes and accounts receivable are not provided as guarantee.

The average credit period of the Company’s product sales ranges from 30 to 120 days.

The Finance Department manages the credit risk of bank deposits, fixed-income securities and other financial instruments in accordance with the Company’s policies. Since the Corporation’s counterparties are determined by internal control procedures and are creditworthy banks and investment-grade financial institutions, corporate organizations and government agencies, there is no significant credit risk.

The Company recognizes an allowance for losses on notes and accounts receivable based on expected credit losses over the life of the receivables. Expected credit losses for the duration are calculated using a reserve matrix, which takes into account the customer’s past default history and current financial condition, the economic situation of the industry, as well as industry outlook. Notes and accounts

• 38 -

receivable are classified into groups by considering the credit rating of counterparties, regions and industries, and a reserve matrix is used to measure the allowance for loss.

If there is evidence that the counterparty is in serious financial difficulty and the Company cannot reasonably expect to recover the amount, the Company shall directly write off the related notes and accounts receivable but shall engage in recourse activities and recognize the amount recovered in profit or loss as a result of the recourse.

The Company measured the allowance for losses on notes and accounts receivable based on the reserve matrix as follows.

December 31, 2024

December 31, 2024	December 31, 2024
Not past due Expected credit impairment loss - Total book value $ 68,231 Allowance for loss (expected credit loss during the life) - Amortized cost $ 68,231 December 31, 2023 Not past due Expected credit impairment loss - Total book value $ 77,108 Allowance for loss (expected credit loss during the life) - Amortized cost $ 77,108		1–30 days past due - $ - - $ - 1–30 days past due - $ - - $ -	31–120 days past due - $ - - $ - 31–120 days past due - $ - - $ -	121–270 days past due - $ - - $ - 121–270 days past due - $ - - $ -	Over 271 days past due $ - - $ - Over 271 days past due 100% $ 2,162 ( 2,162 ) $ -		Total
							$ 68,231 - $ 68,231 Total
Expected credit impairment loss Total book value Allowance for loss (expected credit loss during the life) Amortized cost
					(	(	$ 79,270 2,162 ) $ 77,108

Information on changes in allowance for losses on notes receivable and accounts receivable is as follows:

accounts receivable is as follows:
Balance at the beginning of the year Less: Reversal impairment loss for the year Balance at the end of the year		2024 $ 2,162 2,162) $ -		2023
	(			$ 2,162 - $ 2,162

The changes in the allowance for loss in the year of 2024 and 2023 were due to the combined effect of changes in notes and accounts receivable and the net increase in total carrying amount for different aging risk groups.

• 39 -

9. Inventories

Inventories
Raw materials Finished goods	December 31, 2024 $ 19,105 11,857 $ 30,962	December 31, 2023
			$ 22,954 28,744 $ 51,698

The operating costs related to inventories in 2024 and 2023 were NT$366,436 thousand and NT$784,963 thousand, respectively. The operating costs included gains on inventory value recovery of NT$2,375 thousand and NT$(2,989) thousand. The above-mentioned recovery of net realizable value of inventory is recognized as recovery benefits because the factors that previously caused the net realizable value of inventory to be lower than the cost have disappeared.

No guarantee has been provided for the Company’s inventory.

10. Investment using the equity method

Investment using the equity method
Investments in subsidiaries Investment in associate Investment in joint venture Investments in subsidiaries Giga Solar Materials Corporation Ri Fa Green Power Co., Ltd. Ho Mi Specialty Materials Corporation Giga Energy Co., Ltd. Gigastorage Power Co., Ltd. Global Acetech Co., Ltd.	December 31, 2024 $ 2,578,547 662,953 121,932 $ 3,363,432 December 31, 2024 $ 2,379,400 100,331 94,176 3,659 981 - $ 2,578,547	December 31, 2023
		$ 2,701,113 647,354 241,965 $ 3,590,432 December 31, 2023
			$ 2,512,278 95,357 89,400 929 - 3,149 $ 2,701,113

(1) Investments in subsidiaries

Company name Giga Solar Materials Corporation	Business nature	Main Business Location Hukou Township, Hsinchu County	Percentage of ownership interests and voting rights held	Percentage of ownership interests and voting rights held
			December 31, 2024 37.35%	December 31, 2023 (after restatement)
	Precision chemical materials, industrial plastic products			38.07%

(Continued on next page)

• 40 -

(Continued from previous page)

Percentage of ownership interests and voting rights held

==> picture [388 x 42] intentionally omitted <==

----- Start of picture text -----

December 31,
Main Business December 2023 (after
Company name Business nature Location 31, 2024 restatement)
Ri Fa Green Power Co., Solar Energy Hukou Township, 60.00% 60.00%
----- End of picture text -----

Company name Ri Fa Green Power Co.,	Business nature Solar Energy	Main Business Location Hukou Township,	December 31, 2024 60.00%	December 31, 2023 (after restatement) 60.00%
Ltd.	Related Business	Hsinchu County
Ho Mi Specialty	Precision chemical	Hukou Township,	90.13%	92.57%
Materials Corporation	materials	Hsinchu County
Giga Energy Co., Ltd.	Energy technology	Hukou Township,	100.00%	100.00%
	services	Hsinchu County
Gigastorage Power Co.,	Energy technology	Hukou Township,	100.00%	-
Ltd.	services	Hsinchu County
Global Acetech Co., Ltd.	Solar Energy	Thailand	-	99.99%
	Related Business

On July 11, 2023, the Company invested NT$1,000 thousand in Giga Energy Co., Ltd., and acquired 100 thousand common shares, representing a 100% ownership. The Company invested NT$3,000 thousand in Giga Energy Co., Ltd., and acquired 300 thousand common shares, representing a 100% ownership.

On July 30, 2024, the Company invested NT$1,000 thousand in Gigastorage Power Co., Ltd., and acquired 100 thousand common shares, representing a 100% ownership.

Global Acetech Co., Ltd. resolved to dissolve on April 24, 2025, through a shareholders' meeting and completed liquidation on August 19, 2025, recovering an investment amount of NT$ 2,069 thousand.

Please refer to Note 29 for the amount set as a guarantee for borrowing by the investee subsidiary.

(2) Investment in associates

ment in associates
Investee name Associates of no materiality Whole Max Green Power Co., Ltd. UJGIGA Co., Ltd. Tron Energy Technology Corporation Yusheng Energy Co., Ltd. United Silicon Innovation Corp.	December 31, 2024 $441,272 101,584 52,724 52,056 15,317 $662,953	December 31, 2023
			$443,251 76,035 58,261 54,087 15,720 $647,354

• 41 -

Percentage of ownership interests and voting rights held

==> picture [387 x 32] intentionally omitted <==

----- Start of picture text -----

Main Business December December 31,
Company name Business nature Location 31, 2024 2023
Whole Max Green Power Solar Energy Hukou 26.73% 26.73%
----- End of picture text -----

Company name Whole Max Green Power	Business nature Solar Energy	Main Business Location Hukou	December 31, 2024 26.73%	December 31, 2023 26.73%
Co., Ltd.	Related Business	Township,
		Hsinchu County
UJGIGA Co., Ltd.	Solar Energy	Kaohsiung City	49.00%	49.00%
	Related Business
Tron Energy Technology	Electric buses,	Zhongli District,	2.26%	2.33%
Corporation	diesel	Taoyuan City
	buses/battery
	systems/energy
	storage systems
Yusheng Energy Co., Ltd.	Renewable energy	Taipei City	11.88%	11.88%
	relate business
United Silicon Innovation	Semiconductor	Taoyuan City	21.51%	21.51%
Corp.	reclaim and
	dummy wafer
	business

The Company did not participate in the capital increase of NT$182,126 thousand of Tron Energy Technology Corporation on December 28, 2024, and the shareholding ratio dropped to 2.26%.

The Company did not participate in the capital increase of NT$500,000 thousand of Whole Max Green Power Co., Ltd. on June 13, 2023, and the shareholding ratio dropped to 26.73%.

Giga Solar Materials Corporation, a subsidiary of the Company, is a director of Tron Energy Technology Corporation. It is therefore regarded as having significant influence.

In 2023, the Company assessed the investment in its associate, Tron Energy Technology Corporation, which is accounted for using the equity method. The Company’s management has performed an impairment test on this investment, comparing its carrying amount to the recoverable amount. The recoverable amount of this investment was measured based on its value in use. The value in use was calculated based on the estimated cash flows generated from the associate’s operations and the cash flows from the ultimate disposal of the investment, discounted at an annual rate of 14.7% to determine the present value of the Company’s share. Based on the evaluation, as the recoverable amount was less than the carrying amount, an impairment loss of NT$22,220 thousand was recognized.

• 42 -

This impairment loss has been included in the other gains and losses section of the parent company only statement of comprehensive income.

On November 2024, the Company invested NT$24,500 thousand in UJGIGA Co., Ltd. and acquired 2,450 thousand shares, representing a 49.00% ownership

The aggregate financial information of the Company’s investments in the aforementioned associates, which are not material to the Company, based on their respective shares, is presented below:

		2024			2023
Net income from continuing
operations for the year	$	460		$	7,202
Other comprehensive income	(	67)			17
Total comprehensive income	$	393		$	7,219
Investment in joint venture
	December 31,		2024	December 31, 2023
Affiliates of no materiality
Solmin Green Energy Corp.	$	121,932		$	122,062
Shuoyitai Green Energy Co., Ltd.			-		22,609
Hao Energy Co., Ltd.			-		47,382
Ligao Optoelectronics Co., Ltd.			-		45,072
Jieshuo Co., Ltd.			-		4,840
	$	121,932		$	241,965

(3) Investment in joint venture

==> picture [388 x 65] intentionally omitted <==

----- Start of picture text -----

Percentage of ownership
interests and voting rights
held
Main Business December December 31,
Company name Business nature Location 31, 2024 2023
Solmin Green Energy Solar Energy Hukou Township, 27.77% 50.00%
----- End of picture text -----

Company name Solmin Green Energy	Business nature Solar Energy	Main Business Location Hukou Township,	December 31, 2024 27.77%	December 31, 2023 50.00%
Corp.	Related Business	Hsinchu County
Shuoyitai Green Energy	Development,	Hukou Township,	35.88%	35.88%
Co., Ltd.	installation and	Hsinchu County
	holding of
	energy storage
	systems
Hao Energy Co., Ltd.	Energy technology	Tainan City	-	30.29%
	services related
	business
Ligao Optoelectronics	Solar Energy	Hukou Township,	-	50.00%
Co., Ltd.	Related Business	Hsinchu County
Jieshuo Co., Ltd.	Development of	Hukou Township,	-	49.90%
	solar energy and	Hsinchu County
	energy storage
	systems

On April 14, 2023, the Company further invested NT$30,000 thousand in Solmin Green Energy Corp. and acquired 3,000 thousand shares, with an unchanged shareholding ratio of 50%. The Company did not participate in the capital increase of

• 43 -

NT$226,800 thousand and NT$160,200 thousand of Solmin Green Energy Corp. on February 29, 2024 and August 30, 2024, also the Company sold 1,000 thousand shares on February 29, 2024, and the shareholding ratio dropped from 50.00% to 27.77%.

According to the joint venture agreement, the major operations of Solmin Green Energy Corp. are jointly led by all investors.

The Company did not participate in the capital increase of NT$2,000 thousand of Shuoyitai Green Energy Co., Ltd. on August 21, 2023, and the shareholding ratio dropped from 40% to 38.73%. The Company did not participate in the capital increase of NT$5,000 thousand on December 12, 2023, and the shareholding ratio dropped from 38.73% to 35.88%. According to the joint venture agreement, the major operations of Shuoyitai Green Energy Co., Ltd. shares are jointly led by all investors.

On May 18, 2023 and May 31, 2023, the Company invested in Hao Energy Co., Ltd. for an amount of NT$22,033 thousand and NT$27,300 thousand, respectively, with a shareholding ratio of 30.29%. The Company sold all shares on March 15, 2024.

The Company sold all shares of Ligao Optoelectronics Co., Ltd. on September 30, 2024 to Solmin Green Energy Corp. (Note 28)

The Company sold all shares of Jieshuo Co., Ltd. on February 29, 2024.

The aggregate financial information of the Company’s investments in the aforementioned joint ventures, which are not material to the Company, based on their respective shares, is presented below:

respective shares, is presented below:
Net income (loss) from continuing operations for the year Other comprehensive income Total comprehensive income(loss)	2024 ($ 17,819 ) - ($ 17,819 )		2023
			$ 961 - $ 961

For information on the business nature, principal place of operations and country of registration of the above affiliates and joint ventures, please refer to Exhibit 6, “Information on Investees, Their Locations, Etc.”

The Company’s associates and joint ventures have no pledges as loan guarantees.

• 44 -

11. Property, plant and equipment

			Houses and	Houses and	Machinery	Machinery		Office		R&D	Miscellaneous	Miscellaneous
		Land		buildings	equipment		equipment		equipment		equipment			Total
Costs
Balance on January 1, 2024	$	483,024	$	867,741	$	703,615	$	24,505	$	77,889	$	24,145		$ 2,180,919
Additions		22,753		15,355		101,215		415		3,952		244		143,934
Disposal		-	(	8,090 )	(	4,007 )		-		-	(	127 )	(	12,224 )
Transfer		10,104		40,675		976		-	(	976 )		-		50,779
Balance as of December 31, 2024	$	515,881	$	915,681	$	801,799	$	24,920	$	80,865	$	24,262		$ 2,363,408
Accumulated depreciation and impairment
Balance on January 1, 2024	$	18,019	$	696,844	$	335,620	$	22,085	$	33,021	$	23,903		$ 1,129,492
Depreciation expense		-		10,548		46,721		1,250		8,539		101		67,159
Impairment		-		-		1,826		-		13,462		-		15,288
Disposal		-	(	8,090 )	(	4,007 )		-		-	(	127 )	(	12,224 )
Transfer		-		27,019		16		-	(	16 )		-		27,019
Balance as of December 31, 2024	$	18,019	$	726,321	$	380,176	$	23,335	$	55,006	$	23,877		$ 1,226,734
Net as of December 31, 2024	$	497,862	$	189,360	$	421,623	$	1,585	$	25,859	$	385		$ 1,136,674
Costs
Balance as of January 1, 2023	$	122,346	$	880,289	$	458,210	$	22,081	$	59,740	$	27,055		$ 1,569,721
Additions		364,486		2,783		290,612		3,084		24,490		290		685,745
Disposal		-		-	(	45,207 )	(	660 )	(	6,341 )	(	3,200 )	(	55,408 )
Transfer	(	3,808)	(	15,331)		-		-		-		-	(	19,139)
Balance as of December 31, 2023	$	483,024	$	867,741	$	703,615	$	24,505	$	77,889	$	24,145		$ 2,180,919
Accumulated depreciation and impairment
Balance as of January 1, 2023	$	18,019	$	695,714	$	361,075	$	21,486	$	33,400	$	27,021		$ 1,156,715
Depreciation expense		-		11,116		18,532		1,259		5,962		82		36,951
Disposal		-		-	(	43,987 )	(	660 )	(	6,341 )	(	3,200 )	(	54,188 )
Transfer		-	(	9,986)		-		-		-		-	(	9,986)
Balance as of December 31, 2023	$	18,019	$	696,844	$	335,620	$	22,085	$	33,021	$	23,903		$ 1,129,492
Net amount as of December 31, 2023	$	465,005	$	170,897	$	367,995	$	2,420	$	44,868	$	242		$ 1,051,427

The Company purchased a land located in Hsinpu Hsinchu for development purpose. Due to it is farm land currently, the land is recorded under an individual but designated the Company as rights holder.

Due to the certain product sales decline, the related book value of certain manufacturing equipment is less than the expected cashflows, therefore, the Company recognized impairment loss of NT$15,288 thousand in the comprehensive income statement of other income and loss.

No impairment loss was recognized or reversed during 2023.

Depreciation expense is provided on a straight-line basis over the following useful lives:

Houses and buildings	3 to 56 years
Machinery equipment	3 to 20 years
Office equipment	1 to 5 years
R&D equipment	2 to 9 years
Miscellaneous equipment	5 years

The significant components of the Company’s buildings are mainly the main structure, electrical, mechanical and air-conditioning equipment, which have a useful life of 3 to 56 years and 3 to 11 years, respectively.

Please refer to Note 29 for the Company’s property, plant and equipment provided as collaterals.

• 45 -

12. Lease agreements

(1) Right-of-use assets

Right-of-use assets
Book value of right-of-use assets Land Houses and buildings Transportation equipment Addition of right-of-use assets Depreciation expense of right-of-use assets Land Houses and buildings Transportation equipment Income from subleasing right -of-use assets (included in other income)	December 31, 2024 $ 43,207 45,677 1,478 $ 90,362 2024 $ 76,588 $ 3,103 5,180 745 $ 9,028 ($ 167 )	December 31, 2023
	(	(	$ 2,407 22,759 937 $ 26,103 2023 $ 7,511 $ 133 3,930 473 $ 4,536 $ 75 )

• (2) Lease liabilities

Lease liabilities
Book value of lease liabilities Current Non-current	December 31, 2024 $ 9,433 $ 76,260	December 31, 2023
			$ 4,886 $ 21,920

The discount rate range for lease liabilities is as follows:

The discount rate range for lease	liabilities is as follows:
Land Houses and buildings Transportation equipment	December 31, 2024 2.30%~2.52% 1.50%~2.43% 1.47%~2.50%	December 31, 2023
		2.30% 1.50%~1.85% 1.47%~1.85%

• (3) Important lease activities and terms

Some of the Company’s real estate lease agreements include lease extension options. In determining the lease period, the non-cancellable period of the right to use the subject asset is combined with the period covered by the lease extension option that is reasonably certain to be exercised by the Company. The use of these options allows for maximum flexibility in the operation of management contracts. The majority of the lease extension options available are exercisable by the Company only. The Company re-evaluates the lease period when a material event or significant change in circumstances occurs after the commencement date (that is within the control of the lessee and affects whether the Company can be reasonably certain that

• 46 -

it will exercise an option not previously included in the determination of the lease period).

(4) Information on other leases

Please refer to Note 13 for the Company’s investment property agreements.

Short-term lease expense Total cash (outflow) from leases	(	2024 $ 3,876 $ 19,618 )	(	2023 $ 3,514 $ 8,392)

The Company has elected to apply the exemption from recognition to transportation equipment and office equipment that qualifies as short-term leases and other equipment that qualifies as low-value asset leases and does not recognize the related right-of-use assets and lease liabilities for these leases.

13. Investment property

Investment property is the Company’s own investment property. The Company enters into commercial property leases for its own investment properties. The leases include provisions for annual rental adjustments based on market conditions.

Costs Balance on January 1, 2024 From Property, plant and equipment Balance as of December 31, 2024 Accumulated depreciation and impairment Balance on January 1, 2024 Depreciation expense From Property, plant and equipment Balance as of December 31, 2024 Net as of December 31, 2024		Land $ 64,737 10,104) $ 54,633 $ - - - $ - $ 54,633		Houses and buildings $ 260,618 40,675) $ 219,943 $ 173,118 2,838 27,019) $ 148,937 $ 71,006		Total
	(		( (		( (	$ 325,355 50,779) $ 274,576 $ 173,118 2,838 27,019) $ 148,937 $ 125,639

(Continued on next page)

• 47 -

(Continued from previous page)

Costs Balance as of January 1, 2023 Transfer to Property, plant and equipment Balance as of December 31, 2023 Accumulated depreciation and impairment Balance as of January 1, 2023 Depreciation expense Transfer to Property, plant and equipment Balance as of December 31, 2023 Net amount as of December 31, 2023 Rental income from investment property Less: Direct operating expenses of investment properties that generate rental income in the current year Total		Land Houses and buildings $ 60,929 $ 245,287 3,808 15,331 $ 64,737 $ 260,618 $ - $ 159,769 - 3,363 - 9,986 $ - $ 173,118 $ 64,737 $ 87,500 2024 $ 35,256 ( 2,838) $ 32,418	Land Houses and buildings $ 60,929 $ 245,287 3,808 15,331 $ 64,737 $ 260,618 $ - $ 159,769 - 3,363 - 9,986 $ - $ 173,118 $ 64,737 $ 87,500 2024 $ 35,256 ( 2,838) $ 32,418		Houses and buildings			Total
		$						$ 306,216 19,139 $ 325,355 $ 159,769 3,363 9,986 $ 173,118 $ 152,237 2023
		$
		$
		$
		$
			(				(	$ 33,483 3,363) $ 30,120

Investment property is depreciated on a straight-line basis over the following useful lives:

Houses and buildings 9 to 56 years

Please refer to Note 29 for the investment properties the Company provided as collaterals.

The Company does not measure its investment property at fair value, but only discloses information about its fair value, which is in Level 3 of the fair value hierarchy. The fair value of investment properties held by the Company was NT$329,149 thousand and NT$366,419 thousand as of December 31, 2024 and 2023, respectively. The aforementioned fair values were determined by using the cash flow analysis method and considering both the cost method and the income method, respectively, and the main input values used and their quantitative information were as follows:

Capitalization rate of income

December 31, 2024 December 31, 2023 4.80% 5.00%

• 48 -

14. Intangible assets

Intangible assets
Costs Balance as of January 1, 2024 Acquired separately Balance as of December 31, 2024 Accumulated amortization and impairment Balance on January 1, 2024 Amortization expenses Balance as of December 31, 2024 Net as of December 31, 2024 Costs Balance as of January 1, 2023 and December 31, 2023 Accumulated amortization and impairment Balance as of January 1, 2023 Amortization expenses Balance as of December 31, 2023 Net amount as of December 31, 2023	Computer software
		$ 7,702 566 $ 8,268 $ 7,443 364 $ 7,807 $ 461 $ 7,702 $ 7,164 279 $ 7,443 $ 259

Amortization expense is provided on a straight-line basis over the following useful

lives:

Computer software

1 to 3 years

Summary of amortization by function.

Summary of amortization by function.
Operating costs Administration expenses R&D expenses		2024 $ 19 303 42 $ 364		2023
				$ 46 132 101 $ 279

15. Prepayments and other assets

Prepayments and other assets
Prepayments for equipment Tax overpaid retained Input tax Refundable deposits Net defined benefit assets (Note 18) Others	December 31, 2024 $489,758 278,607 22,118 4,710 3,496 15,783 $814,472	December 31, 2023
			$123,952 290,520 4,526 5,071 4,871 5,423 $434,363

(Continued on next page)

• 49 -

(Continued from previous page)

16. (1)	Current Non-current Cost of borrowings Short-term borrowings Secured borrowings Bank borrowings Unsecured borrowings Line of credit borrowing (Note)	December 31, 2024 $316,508 497,964 $814,472 December 31, 2024 $100,000 104,175 $204,175	December 31, 2023	December 31, 2023
			$300,469 133,894 $434,363 December 31, 2023
				$127,000 85,001 $212,001

The effective annual interest rates of the above short-term borrowings as of December 31, 2024 and 2023 ranged from 2.035% to 2.545% and 1.910% to 2.300%, respectively.

Note: The restrictions on the borrowing contract are as follows:

If the Company’s shareholding in Giga Solar Materials Corporation is less than 35% on both December 31, 2024 and 2023, partial line of loan agreements shall cease to be utilized.

For the Company’ collateral for short-term borrowings, please refer to Note 29.

(2) Short-term notes and bills payable

Short-term notes and bills payable
Commercial promissory notes payable Less: Discount of short-term notes and bills payable	December 31, 2024 $ 220,000 ( 305) $ 219,695	December 31, 2023
	(	(	$ 160,000 287) $ 159,713

The outstanding short-term notes and bills payable are as follows:

December 31, 2024

Guarantee/acceptance agency		Face value		Discounted value		Book value	Interest rate range 2.408%	Collateral	Book value of collateral	Book value of collateral
Commercial promissory notes payable International Bills Finance Corp.		$ 220,000	(	$ 305)		$ 219,695		Giga Solar Stock and other financial assets		$ 321,024

• 50 -

December 31, 2023

==> picture [388 x 24] intentionally omitted <==

----- Start of picture text -----

Guarantee/acceptance Discounted Interest rate Book value of
agency Face value value Book value range Collateral collateral
Commercial
----- End of picture text -----

promissory notes payable International Bills Finance Corp.	$ 160,000	( $ 287 )	$ 159,713 2.198%	Giga Solar Stock	$ 325,171

For the Company’s collateral for short-term borrowings, please refer to Note 29.

• (3) Long-term borrowings

Long-term borrowings
Secured borrowings Medium- and long-term bank borrowings (Note 1) Unsecured borrowings Line of credit borrowing (Note 2) Subtotal Portion due within one year	December 31, 2024 $ 1,240,124 77,708 1,317,832 ( 117,683) $ 1,200,149	December 31, 2023
	(	(	$ 1,070,302 57,330 1,127,632 96,190) $ 1,031,442

• Note 1: The maturity date of the above-mentioned medium and long-term borrowings is to be repaid in batches before the end of May 2037. As of December 31, 2024 and 2023, the interest rates were 2.270% to 2.720%, and 1.845% to 2.520%, respectively.

• Note 2: The maturity date of the above-mentioned medium and long-term borrowings is to be repaid in batches before the end of December 2031. As of December 31, 2024 and 2023, the interest rates were 2.390%, and 2.007% to 2.200%, respectively.

For the Company’ collateral for long-term borrowings, please refer to Note 29.

17. Other payables and other current liabilities

Other payables Salaries and bonuses payable Payable on machinery and equipment Others Other current liabilities Contract liabilities Others	December 31, 2024 $ 16,505 9,569 11,962 $ 38,036 $ 64,993 3,716 $ 68,709	December 31, 2023	December 31, 2023
			$ 17,011 40,533 13,759 $ 71,303 $ 78,344 1,904 $ 80,248

• 51 -

Other payables and other current liabilities

Other current liabilities Refund liabilities Public dues	December 31, 2024 $ 7,028 3,463 $ 10,491	December 31, 2023	December 31, 2023
			$ - - $ -

18. Post-employment benefit plan

(1) Defined contribution plan

The Company’s pension system under the “Labor Pension Act” is a government-administered defined contribution pension plan with 6% of employees’ monthly salaries contributed to the personal accounts at the Bureau of Labor Insurance.

(2) Defined benefit plan

The Company’s pension system under the “Labor Standards Act” is a government-administered defined benefit pension plan. The employee’s pension is calculated based on the bases of years of service and the average monthly salary at the time of approval of retirement. Two bases are granted for each year of service up to (including) 15 years, and one base is granted for each year of service over 15 years, subject to a maximum accumulation of 45 bases. The Company appropriates 2% of employees’ monthly salaries to pension funds, which is deposited by the Supervisory Committee of Labor Retirement Reserve in the name of the Committee into a special account at the Bank of Taiwan. If the balance in the special account is estimated to be insufficient to pay for employees who are expected to meet the retirement requirements in the following year before the end of the year, the difference will be made up in one lump sum by the end of March of the following year. The management of the special account is entrusted to the Bureau of Labor Funds, the Ministry of Labor. The Company has no right to influence the investment management strategy.

The amounts of defined benefit plans included in the parent company only balance sheets are shown below:

balance sheets are shown below:
Present value of defined benefit obligations Fair value of plan assets Net defined benefit assets	December 31, 2024 $ 16,198 ( 19,694) ( $ 3,496 )	December 31, 2023
	( (	( (	$ 18,428 23,299) $ 4,871 )

• 52 -

The changes in net defined benefit assets are as follows:

January 1, 2023 (after restatement) Interest expense (income) Recognized in profit or loss Remeasurement Return on plan assets (excluding the amounts included in net interest) Actuarial gains - Changes in financial assumptions - Adjustments through experiences Recognized in other comprehensive income Employer appropriation December 31, 2023 Interest expense (income) Recognized in profit or loss Remeasurement Return on plan assets (excluding the amounts included in net interest) Actuarial (gains) losses - Changes in financial assumptions - Adjustments through experiences Recognized in other comprehensive income Employer appropriation Benefit payment December 31, 2024	Present value of defined benefit obligations $ 17,923 253 253 - 340 ( 88) 252 - 18,428 232 232 - ( 585 ) 4,359 3,774 - ( 6,236) $ 16,198	Fair value of plan assets ($ 22,595) ( 319) ( 319) ( 62 ) - - ( 62) ( 323) ( 23,299) ( 293) ( 293) ( 2,029 ) - - ( 2,029) ( 309) 6,236 ( $ 19,694 )	Net defined benefit liabilities Benefit assets ( $ 4,672 ) ( 66) ( 66) ( 62 ) 340 ( 88) 190 ( 323) ( 4,871) ( 61) ( 61) ( 2,029 ) ( 585 ) 4,539 1,745 ( 390) - ( $ 3,496 )

The Company is exposed to the following risks as a result of the pension system under the “Labor Standards Act”:

1. Investment risk: The Bureau of Labor Funds, Ministry of Labor invests the labor pension fund in domestic and foreign equity securities, debt securities, and bank deposits through its own management or entrusted third parties, but the amount allocated to the Company’s plan assets is based on the income at a rate no less than the local bank’s 2-year time deposit rate.

2. 53 -

3. Interest rate risk: A decrease in interest rates on government bonds/corporate bonds will increase the present value of the defined benefit obligation, but the return on debt investment in plan assets will also increase, which will have a partially offsetting effect on the net defined benefit obligation.

4. Salary Risk: The present value of the defined benefit obligation is calculated by reference to the future salary of the plan member. Therefore, increases in plan member’s salary will result in an increase in the present value of the defined benefit obligation.

The present value of the Company’s defined benefit obligation was actuarially determined by a qualified actuary and the significant assumptions at the measurement date were as follows.

measurement date were as follows.
Discount rate Expected rate of salary increase	December 31, 2024 1.64% 3.00%	December 31, 2023
		1.26% 3.00%

The amount by which the present value of the defined benefit obligation would increase (decrease) if there are reasonable possible changes in significant actuarial assumptions, with all other assumptions held constant, is as follows

Discount rate Increase by 0.5% Decrease by 0.5% Expected rate of salary increase Increase by 0.5% Decrease by 0.5%	December 31, 2024 ($ 724 ) $ 776 $ 761 ($ 791 )	December 31, 2023	December 31, 2023
	( (	( (	$ 1,104) $ 1,189 $ 1,162 $ 1,091)

The sensitivity analysis above may not reflect actual changes in the present value of the defined benefit obligation because the actuarial assumptions may be correlated and changes in only one assumption are not feasible.

Amount expected to be appropriated within 1 year Average duration to maturity of defined benefit obligation	December 31, 2024 $ 309 9 years	December 31, 2023 $ 322 12 years

• 54 -

19. Equity

• (1) Capital stock

Ordinary shares

Authorized number of shares (in thousands) Authorized capital stock Number of shares issued and fully paid (in thousands) Capital stock issued	December 31, 2024 500,000 $ 5,000,000 350,906 $ 3,509,057	December 31, 2023 500,000 $ 5,000,000 350,906 $ 3,509,057

The issued ordinary shares has a face value of NT$10 per share and each share is entitled to one voting right and receiving dividends.

• (2) Capital surplus

Capital surplus
For loss make-up, payment in cash or capitalization as equity (1) Stock issuance premium Differences between equity price and carrying amount arising from actual acquisition or disposal of subsidiaries Only for loss make-up Recognition of changes in ownership interest in subsidiaries (2) Changes in net equity of associates and joint ventures accounted for using the equity method Not for any purpose Others	December 31, 2024 $ 976,578 128,157 471,125 54,649 69,355 $ 1,699,864	December 31, 2023
			$ 976,578 88,436 362,111 3,525 69,355 $ 1,500,005

1. Such capital surplus may be used to compensate for losses or, when the Company has no losses, to distribute cash or to capitalize equity, provided that the capitalization is limited to a certain percentage of the paid-in capital each year.

2. This type of capital surplus represents the effect of equity transactions recognized for changes in the Company’s equity when the Company has not actually acquired or disposed of ownership interest in the subsidiary.

3. 55 -

(3) Retained earnings and dividend policy

In accordance with the Company’s earnings distribution policy as stipulated in the Articles of Association, if there is any net earnings in the Company’s annual final accounts, the Company shall first pay tax, make up for accumulated losses in the past and then provide 10% as legal reserve in accordance with the law. If the accumulated legal reserve has reached the Company’s paid-in capital, the Company may no longer need to provide legal reserve. The remainder shall be used to provide or reverse special reserve as provided by law. If there are still remaining earnings, the board of directors shall prepare a proposal for distribution of the remainder together with the accumulated unappropriated earnings from the prior years as dividends to shareholders, and submit it to the shareholders’ meeting for resolution.

The Company’s policy on the distribution of dividends to shareholders is subject to the Company’s current and future investment environment, capital requirements, domestic and external competition and capital budget, with the interests of shareholders and the Company’s long-term financial planning taken into account. If the distributable earnings for the year reaches 5% of the paid-in capital, dividends shall be paid at a percentage of not less than 20% of the distributable earnings for the year; if the distributable earnings for the year does not reach 5% of the paid-in capital, no dividends may be paid. The percentage of cash dividends paid each year shall not be less than 20% of the total amount of cash and stock dividends paid in that year. The aforementioned dividend distribution percentage may be adjusted based on financial, business and operational considerations.

Please refer to Note 21(7) for the Company’s policy on employee and director remuneration distribution under the Company’s Articles of Association.

The legal reserve should be appropriated until the balance reaches the Company’s total paid-in capital. Legal reserve may be used to make up for losses. If the Company has no losses, the excess of legal reserve over 25% of the paid-in capital may be distributed in cash in addition to capitalization as equity.

The Company specified that when the special reserve is allocated from the net deduction of other equity accumulated in the previous period, if the undistributed surplus in the previous period is insufficient to allocate, the after-tax net profit plus items other than the after-tax net profit of the current period will be added into the undistributed surplus of the current period for the allocation.

• 56 -

The earnings distribution proposals for 2023 and 2022 approved at the general shareholders’ meeting of the Company on June 26, 2024 and June 28, 2023 are as follows:

follows:
Losses to be made up at the beginning of the year Remeasurement of defined benefit plan Net income(losses) for the year Disposal of equity instruments at fair value through other comprehensive income Losses to be made up at the end of the year		2023 ($680,196 ) ( 2,334 ) ( 347,720 ) 750 $1,029,500)	2022
	(		( $533,647 ) 6,580 ( 154,537 ) 1,408 ( $680,196 )

The loss compensation proposal for 2024 as proposed by the board meeting on March 28, 2025 is as follows:

March 28, 2025 is as follows:
Losses to be made up at the beginning of the year Remeasurement of defined benefit plan Net losses for the year Disposal of equity instruments at fair value through other comprehensive income Capital surplus for loss make-up Losses to be made up at the end of the year		2024
		($ 1,029,500) ( 804) ( 301,362) ( 27,492) 1,359,158 $ -

The loss compensation proposal for 2024 is pending the resolution of the shareholders’ meeting scheduled to be held on June 27, 2025.

• (4) Special reserve

Opening and ending balances		2024 $155,982		2023 $155,982

• (5) Other equity items

• Exchange differences on translation of financial statements of foreign operations

Balance at the beginning of the year Generated in the year Translation differences on translation of foreign operations	(	2024 $ 112,516) 27,834	2023 ( $ 112,146 ) ( 8 )

(Continued on next page)

• 57 -

(Continued from previous page)

				2024			2023
	Share of subsidiaries, associates
	and joint ventures accounted
	for using the equity method		$	18,328		( $	10,529)
	Reclassification
	Share of disposal of
	subsidiaries, associates and
	joint ventures accounted for
	using the equity method	(			83)	(		28)
	Other comprehensive income for this
	year			46,079		(	10,565)
	Acquisition or disposal of partial
	interest in a subsidiary			1,524			133
	Change in recognition of ownership
	interest in subsidiaries				31			62
	Balance at the end of the year	($		74,882 )		( $	122,516 )
2.	Unrealized valuation gains or losses on financial assets measured						at fair	value
	through other comprehensive income
				2024			2023
	Balance at the beginning of the year	($		104,324)		( $	53,765)
	Generated in the year
	Unrealized gain or loss
	Equity instruments			4,986		(	781 )
	Share of subsidiaries, associates
	and joint ventures accounted
	for using the equity method			20,617		(	48,785)
	Other comprehensive income for this
	year	(		15,631)		(	49,566)
	Transfer of accumulated gain or loss
	on disposal of equity instruments
	to retained earnings			27,492		(	750)
	Disposal of partial interest in a
	subsidiary			1,042		(	243)
	Balance at the end of the year	($		91,421 )		( $	104,324 )

• 58 -

20. Revenue

(1) Description of Customer Contract

Revenue recognition for the Company is recognized at a point in time. Information on revenue from customer contracts is as follows:

==> picture [387 x 225] intentionally omitted <==

----- Start of picture text -----

2024 2023
Revenue from customer
contracts
Merchandise sales
revenues $181,724 $293,240
Revenues from
construction projects 179,865 533,455
Other operating revenues 73,502 67,108
$435,091 $893,803
Breakdown of revenue from customer contracts
Product type 2024 2023
Revenues from construction
projects $179,865 $533,455
Conductive ribbon 165,227 282,193
Others 89,999 78,155
$435,091 $893,803
----- End of picture text -----

(2) Contract balance

Notes receivable (Note 8) Accounts receivable (Note 8) Accounts receivable – related party (Note 8) Contract assets Power Plant Construction Contract Less: allowance for loss Contract assets – current Contract liabilities Power Plant Construction Contract Merchandise Sales Contract liabilities – current (included in other current liabilities)		December 31, 2024 $ - $ 42,162 $ 26,069 $ - - $ - $ 54,487 10,506 $ 64,993		December 31, 2023 $ 1,529 $ 67,268 $ 8,311 $ 95,675 - $ 95,675 $ 63,732 14,612 $ 78,344	January 1, 2023 $ 478,438 $ 110,414 $ 6,227 $ 245,518 - $ 245,518 $ 31,327 1,362 $ 32,689

The change in contract assets and contract liabilities is mainly due to the difference between the point at which the performance obligation is satisfied and the point at which the customer pays.

• 59 -

The amounts of contract liabilities at the beginning of the year recognized as revenue for the year are as follows:

	revenue for the year are as follows:
21. (1) (2) (3) (4)	2024 Contract liabilities at the beginning of the year Revenues from construction projects $ 10,627 Net losses from continuing operations Interest income 2024 Bank deposits $ 1,214 $ 1,214 Other income 2024 Rental income Investment property (Note 13) $ 35,256 Dividend income - Others 17,311 $ 52,567 Other gains and (losses) 2024 Gain from disposal of equity investment $ 23,415 Net foreign currency exchange gain (loss) 3,559 Gain from lease modification 46 Gain (loss) on disposal and scrapping of property, plant and equipment 15 Impairment loss on non-financial assets ( 15,288) Loss from disposal of subsidiary ( 27,953) Gain on reversal of non-financial asset impairment - Others ( 199) ($ 16,405 ) Financial costs 2024 Interest on bank borrowings $ 29,743 Amortization of discount of short-term notes and bills payable 4,876 Interest on lease liabilities 1.388 Imputed interest on deposit and others 66 $ 36,073		2024				2023
						$ $	$ 14,214 2023 913 913 2023
						$	33,483 1,078 16,776 51,337 2023
						$
					$ ( ( ( ( ( $		- 1,206) - 479 ) 22,220) - 264 657) 24,298) 2023
						$
						$	22,280 2,308 436 38 25,062
						$

• 60 -

(5) Depreciation and amortization

Depreciation and amortization
Summary of depreciation by function. Operating costs Operating expenses Summary of amortization by function Operating costs Operating expenses		2024 $ 55,510 23,515 $ 79,025 $ 19 345 $ 364		2023
				$ 23,026 21,824 $ 44,850 $ 46 233 $ 279

Please refer to Note 14 for the information on the amortization of intangible assets allocated to each single item.

(6) Employee benefit expenses

Employee benefit expenses
Short-term employee benefits Post-employment benefits Defined contribution plan Defined benefit plan (Note 18) Other employee benefits Total employee benefit expenses Summary by function. Operating costs Operating expenses	2024 $122,080 5,012 ( 61 ) 6,273 $133,304 $ 49,055 84,249 $133,304	2023
		$122,500 4,988 ( 66 ) 5,894 $133,316 $ 49,296 84,020 $133,316

(7) Remuneration for employees and directors

In accordance with the Company’s Articles of Association, the remuneration for employees shall not be less than 4% and not more than 8%, and the remuneration for directors shall not be more than 3%.

In 2024 and 2023, no remuneration for employees and directors was estimated due to a cumulative loss in both years.

• 61 -

If there is a change in the amount of the parent company only financial statements after the date of its issuance, the amount is adjusted in the following year in accordance with the rules related to changes in accounting estimates.

Please refer to the “Market Observation Post System” of the Taiwan Stock Exchange for information on the remuneration for employees and directors resolved by the board of directors of the Company.

22. Income taxes from continuing operations

• (1) Income tax recognized in profit or loss

The major components of income tax expense are as follows:

	The major components of income tax expense are as follows:	s:
(2)	2024 2023 Current income tax Generated in the year $ - $ - Adjustments for prior years - 2,743 Income tax expense recognized in profit or loss $ - $ 2,743 The reconciliation of accounting income to income tax expense is as follows: 2024 2023 Net losses before tax from continuing operations ($301,362 ) ( $344,977 ) Income tax benefit of net loss before tax calculated at the statutory tax rate ($ 60,272 ) ( $ 68,995) Non-deductible expenses due to tax purposes 40,236 60,819 Tax exempted income - ( 216 ) Unrecognized loss carryforwards and deductible temporary differences 20,036 8,392 Adjustments to current income tax expenses of previous years - 2,743 Income tax expense recognized in profit or loss $ - $ 2,743 Current income tax assets and liabilities December 31, 2024 December 31, 2023 Current income tax assets Tax refund receivable $ 183 $ 77		2023
			$ 77

• 62 -

(3) Deductible temporary differences and unused loss carryforwards for deferred tax assets not recognized in parent company only balance sheets

Loss carryforwards Expires in 2024 Expires in 2025 Expires in 2026 Expires in 2027 Expires in 2028 Expires in 2029 Expires in 2030 Expires in 2031 Expires in 2033 Expires in 2034 Deductible temporary difference	December 31, 2024 - 514,120 30,249 781,265 1,172,542 728,150 101,410 1,190,182 248,439 1,249,869 $ 6,016,226 $ 160,080	December 31, 2023	December 31, 2023
			493,128 514,120 30,249 781,265 1,172,542 728,150 101,410 1,190,182 248,439 - $ 5,259,485 $ 1,410,296

• (4) The status of income tax assessment

The Company’s Profit-seeking Enterprise Annual Income Tax Returns have

been assessed by the tax authorities up to 2022.

1. Net loss per share

Unit: NTD per share

Basic loss per share Diluted loss per share	( (	2024 $ 0.86 ) $ 0.86 )	( (	2023 $ 0.99) $ 0.99)

The net losses and weighted average number of ordinary shares used in the calculation of loss per share are as follows:

Net losses for the year

Net loss Net losses used to calculate basic loss per share Impact of potential ordinary shares with dilutive effect: Remuneration for employees Net losses used to calculate diluted loss per share	2024 ($301,362) ( 301,362 ) - ($301,362 )	2023 ( $347,720 ) ( 347,720 ) - ( $347,720 )

• 63 -

Number of shares: Thousand shares

Number of shares: Thousand shares
Weighted average number of ordinary shares used in the calculation of basic loss per share Impact of potential ordinary shares with dilutive effect: Remuneration for employees Weighted average number of ordinary shares used in the calculation of diluted loss per share		2024 350,906 - 350,906		2023
				350,906 - 350,906

If the Company chooses to pay employees’ remuneration in shares or cash, when calculating the diluted loss per share, it is assumed that the employees’ remuneration will be issued in shares. When the potential ordinary shares have a dilutive effect, they will be included in the weighted average number of outstanding shares for the calculation of the diluted loss per share. The dilutive effect of these potential ordinary shares will also continue to be considered in the calculation of diluted loss per share before the resolution on the number of shares awarded to employees in the following year.

24. Partial acquisition or disposal of investment in subsidiaries – not affecting control

The Company sold a total of 269 thousand shares in Giga Solar Materials Corporation between April 2023 and September 2023, resulting in a decrease in the shareholding from 38.36% to 38.07%.

The Company sold a total of 667 thousand shares in Giga Solar Materials Corporation between April to December 2024, resulting in a decrease in the shareholding from 38.07% to 37.35%.

Since the above transaction did not change the Company’s control over the subsidiary, the Company treated it as an equity transaction. For a description, please refer to Note 31 of the Company’s consolidated financial statements for the year ended December 31, 2024.

• 64 -

25. Information on cash flow

Changes in liabilities from financing activities

2024

2024
Short-term borrowings Short-term notes and bills payable Lease liabilities Long-term borrowings Deposits received	January 1, 2024 $ 212,001 159,713 26,806 1,127,632 43,650 $ 1,569,802		Cash flow $ 7,826 ) 55,106 14,354 ) 190,200 925 $ 224,051		Non-CashChanges Lease modification Interest expense and amortization of discount $ - $ - - 4,876 73,241 - - - - - $ 73,241 $ 4,876		December 31, 2024
					Lease modification $ - - 73,241 - - $ 73,241
		( (						$ 204,175 219,695 85,693 1,317,832 44,575 $ 1,871,970

2023

2023
Short-term borrowings Short-term notes and bills payable Lease liabilities Long-term borrowings Deposits received	January 1, 2023 $ 593,924 179,343 23,737 765,022 41,955 $ 1,603,981		Cash flow $ 381,923 ) 21,938 ) 4,442 ) 362,610 1,695 $ 43,998 )		Non-Cash Changes Lease modification Interest expense and amortization of discount $ - $ - - 2,308 7,511 - - - - - $ 7,511 $ 2,308		December 31, 2023
					Lease modification $ - - 7,511 - - $ 7,511
		( ( ( (						$ 212,001 159,713 26,806 1,127,632 43,650 $ 1,569,802

26. Capital risk management

The Company conducts capital management to ensure that the Company’s enterprises are able to maximize shareholder returns by optimizing debt and equity balances while continuing to operate. There were no significant changes in the Company’s overall strategy.

The Company’s capital structure consists of net debt (i.e. borrowings less cash) and equity (i.e. capital stock, capital surplus, retained earnings, and other equity items).

27. Financial instruments

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

The management of the Company believes that the book amount of financial assets and financial liabilities not measured at fair value either approaches its fair value or its fair value cannot be measured reliably.

• 65 -

• (2) Fair value information – financial instruments measured at fair value on a recurring basis

The Company does not have assets that are not measured at fair value on a recurring basis. The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis is presented below:

1. Fair value hierarchy.

December 31, 2024

December 31, 2024
Financial assets measured at fair value through other comprehensive income Investment in equity instruments December 31, 2023 Financial assets measured at fair value through other comprehensive income Investment in equity instruments		Level 1 $ - Level 1 $ -		Level 2 $ - Level 2 $ -		Level 3 $ 7,248 Level 3 $ 34,496		Total
								$ 7,248 Total
								$ 34,496

There was no transfer between Level 1 and Level 2 fair value measurements during 2024 and 2023.

1. Reconciliation of financial instruments measured at fair value in Level 3

Financial assets Balance at the beginning of the year Acquisiton Disposal Recognized in other comprehensive income (“unrealized valuation gains or losses on financial assets measured at fair value through other comprehensive income”) Balance at the end of the year	Measured at fair value through other comprehensive income	Measured at fair value through other comprehensive income
	Equity instruments
	2024 $ 34,496 - ( 32,234 ) 4,986 $ 7,248	2023
		$ 35,689 3,306 ( 3,718 ) ( 781) $ 34,496

• 66 -

• Valuation techniques and input values for Level 3 fair value measurement

The following table presents the significant unobservable input values to the Company’s fair value hierarchy for assets measured at fair value on a recurring basis within Level 3 of the fair value hierarchy:

December 31, 2024

==> picture [370 x 36] intentionally omitted <==

----- Start of picture text -----

Relationship
Significant between input Sensitivity analysis of
Valuation Unobservable Quantitative value and fair the relationship between
techniques Input Values Information value input value and fair value
----- End of picture text -----

Financial assets
Measured at fair
value through
other
comprehensive
income
Stocks	Market	Discount for lack	30%	The higher the lack	When the lack of
	method	of		of marketability	marketability and
		marketability		and control, the	control increased
		and control		lower the	(decreased) by 5%, the
				estimated fair	Consolidated
				value	Company’s other
					comprehensive
					income would have
					decreased/increased
					by NT$520 thousand.

December 31, 2023

==> picture [371 x 37] intentionally omitted <==

----- Start of picture text -----

Relationship
Significant between input Sensitivity analysis of
Valuation Unobservable Quantitative value and fair the relationship between
techniques Input Values Information value input value and fair value
----- End of picture text -----

Financial assets
Measured at fair
value through
other
comprehensive
income
Stocks	Market	Discount for lack	30%	The higher the lack	When the lack of
	method	of		of marketability	marketability and
		marketability		and control, the	control increased
		and control		lower the	(decreased) by 5%, the
				estimated fair	Consolidated
				value	Company’s other
					comprehensive
					income would have
					decreased/increased
					by NT$446–NT$2,026
					thousand.

The Company’s finance and investment departments are responsible for conducting fair value tests to ensure that the valuation results approximate market conditions, that the sources of information are independent, reliable, consistent with other resources and representative of realizable prices, and that changes in the value of assets and liabilities that are subject to remeasurement or re-evaluation in accordance with the Company’s accounting policies are

• 67 -

analyzed at each reporting date to ensure that the valuation results are reasonable.

• (3) Type of Financial instruments

Type of Financial instruments
Financial assets Financial assets at amortized cost (Note 1) Financial assets measured at fair value through other comprehensive income Investment in equity instruments Financial liabilities Measured at amortized cost (Note 2)	December 31, 2024 $ 327,526 7,248 1,856,720	December 31, 2023
		$ 283,806 34,496 1,668,045

• Note 1: The balance consisted of financial assets measured at amortized cost, such as cash, notes and accounts receivable and accounts receivable – related party, other receivables, other receivables – related party, other financial assets – current, other financial assets – non-current, and refundable deposits.

• Note 2: The balance consisted of financial liabilities measured at amortized cost, including short-term borrowings, short-term notes payable, notes payable, accounts payable, other payables, other payables – related parties, long-term bank borrowings due within one year, long-term borrowings, and deposits received.

• (4) Objectives and Policies of Financial Risk Management

• The Company’s major financial instruments include investments in equity

• instruments, accounts receivable, accounts payable, corporate bonds payable, borrowings and lease liabilities. The Company’s financial management department provides services to each business unit, coordinates the operation of access to domestic financial markets, and monitors and manages financial risks associated with the Company’s operations through internal risk reports that analyze risk exposures based on risk degree and breadth. These risks include market risk (which includes exchange rate risk, interest rate risk and other price risks), credit risk and liquidity risk.

• 68 -

The Company uses derivative financial instruments to hedge its exposure to risk in order to mitigate the impact of these risks. The use of derivative financial instruments is governed by the policies approved by the Company’s board of directors, which are the written principles for exchange rate risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of surplus circulating capital. Internal auditors review policy compliance and risk limits on an ongoing basis. The Company does not trade in financial instruments (including derivative financial instruments) for speculative purposes.

The financial management department reports to the risk management committee of the Company on a quarterly basis.

1. Market risk

The main financial risks to which the Company is exposed as a result of its operating activities are changes in foreign currency exchange rates (see (1) below) and changes in interest rates (see (2) below). The Company engages in various derivative financial instruments to manage its exposure to foreign currency exchange rate and interest rate risk.

There have been no changes in the Company’s exposure to market risk of financial instruments and the way it manages and measures such exposures.

• (1) Exchange rate risk

The Company’s exposure to exchange rate risk relates primarily to operating activities (when revenues or expenses are denominated in currencies different from the Company’s functional currency) and net investments in foreign operations.

A portion of the Company’s foreign currency receivables and payables are denominated in the same currency, in which case, a natural hedge is created. Currency swap contracts are adopted to manage the exchange rate risk arising from partial foreign currency payments. In addition, the net investment in foreign operations is a strategic investment and therefore the Company does not apply hedge accounting.

The carrying amounts of monetary assets and monetary liabilities denominated in a currency other than the functional currency and the carrying amounts of derivatives with exchange rate risk exposure as of the balance sheet date are described in Note 31.

• 69 -

Sensitivity analysis

The Company is primarily affected by fluctuations in the USD exchange rate.

The following table details the sensitivity analysis of the Company when the exchange rate of the NTD (functional currency) increases and decreases by 1% against each relevant foreign currency. One percent is the sensitivity rate used in reporting the exchange rate risk to the Company’s key management team and represents the management’s assessment of the reasonable range of potential changes in foreign currency exchange rates. The sensitivity analysis includes only foreign currency monetary items in circulation and adjusts their year-end translation by a 1% change in exchange rates. The positive numbers in the following table represent the decrease in net loss before tax if the NTD weakens by 1% against the respective currencies, and the negative numbers for the same amount represent the decrease in net loss before tax if the NTD strengthens by 1% against the respective currencies.

Impact of USD 2024 2023 Income or loss $ 200 $ 482

(2) Interest rate risk

Interest rate risk arises because the Company borrow funds at both fixed and floating rates. The Company manages interest rate risk by maintaining an appropriate mix of fixed and floating rates; however, hedge accounting is not applied because the Company does not meet the requirements for hedge accounting.

The carrying amounts of financial assets and financial liabilities exposed to interest rate risk as of the balance sheet date were as follows:

Fair value interest rate risk - Financial liabilities Cash flow interest rate risk - Financial assets - Financial liabilities	December 31, 2024 $ 85,693 247,942 1,741,702	December 31, 2023
		$ 26,806 179,407 1,499,346

• 70 -

Sensitivity analysis

The following sensitivity analysis is based on the interest rate risk of derivative and non-derivative instruments as of the balance sheet date. For floating rate liabilities, the analysis assumes that the amount of the liability outstanding at the balance sheet date is outstanding during the reporting period. The rate of change used in reporting interest rates internally to the Company’s key management is a 1% basis point increase or decrease in interest rates, which also represents management’s assessment of the range of reasonably possible changes in interest rates.

If the floating rate increased/decreased by 1%, with all other variables held constant, the Company’s net loss before tax would have increased/decreased by NT$14,938 thousand and NT$13,199 thousand for 2024 and 2023, respectively.

(3) Other price risk

The fair value of the Company’s investments in unlisted equity securities may be affected by the uncertainty of the future value of these underlying securities. The fair value of the Company’s investments in unlisted equity securities are measured at fair value through other comprehensive income. The Company manages the price risk of equity securities by diversifying its investments and setting limits on its investments in equity securities, both individually and in the aggregate. Portfolio information on equity securities is provided to the Company’s senior management on a regular basis, and the Board of Directors is required to review and approve all investment decisions on equity securities.

Sensitivity analysis

The following sensitivity analysis is based on the equity price exposure on the balance sheet date.

If the equity price had increased/decreased by 10%, the pre-tax other comprehensive income or loss for 2024 and 2023 would have increased/decreased by NT$725 thousand and NT$3,450 thousand, respectively, due to the increase/decrease in the fair value of financial assets measured at fair value through other comprehensive income or loss.

• 71 -

2. Credit risk

Credit risk refers to the risk of financial loss due to default on contract obligations by the counterparties. The Company’s credit risk is attributable to operating activities (mainly accounts receivable and notes) and financial activities (mainly bank deposits and various financial instruments).

Each unit of the Company manages credit risk in accordance with its policies, procedures and controls over credit risk. The credit risk of all counterparties is evaluated by taking into account the financial condition of the counterparties, the ratings of credit rating agencies, historical transaction experience, the current economic environment and the Company’s internal rating standards. The Company also uses certain credit enhancement tools (such as advance receipts) at appropriate times to reduce the credit risk of specific counterparties.

As of December 31, 2024 and 2023, the percentages of receivables from the top ten customers to the Company’s total receivables were 80% and 83%, respectively, and the credit concentration risk of the remaining receivables was relatively insignificant.

The Finance Department manages the credit risk of bank deposits, fixed-income securities and other financial instruments in accordance with the Company’s policies. Since the Company’s counterparties are determined by internal control procedures and are creditworthy banks and investment-grade financial institutions, corporate organizations and government agencies, there is no significant credit risk.

1. Liquidity risk

The Company manages and maintains sufficient positions of cash and cash equivalents to support operations and mitigate the impact of cash flow fluctuations. The Company’s management monitors the use of bank financing lines and ensures compliance with the terms of the loan agreements.

Bank loans are an important source of liquidity for the Company. See (2) below for a description of the Company’s unused financing lines.

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

The analysis of the remaining contractual maturities of non-derivative financial liabilities has been prepared based on the undiscounted cash flows (including principal and estimated interest) of

• 72 -

the financial liabilities based on the earliest possible date on which the Company could be required to make repayment. Therefore, bank loans that the Company may be required to repay immediately are shown in the earliest period of the table below, without regard to the probability that the bank will enforce the right immediately. The maturity analysis of other non-derivative financial liabilities is prepared based on the contractual repayment dates.

The undiscounted interest amount of interest cash flows paid at floating interest rates is derived from the curve of the yield rate at the balance sheet date.

December 31, 2024

Accounts payable Borrowing Lease liabilities		Less than 1 year		1–3 years		4–5 years		More than 5 years		Total
		$ 70,443 574,543 11,172 $ 656,158		$ - 531,217 21,422 $ 552,639		$ - 245,800 17,098 $ 262,898		$ - 533,985 47,275 $ 581,260		$ 70,443 1,885,545 96,967 $ 2,052,955

Further information on the maturity analysis of the financial liabilities above is as follows:

Floating interest rate Lease liabilities		Less than 1 year $ 574,543 11,172 $ 585,715		1–5 years $ 777,017 38,520 $ 815,537		5–10 years $ 358,065 47,275 $ 405,340		10–15 years $ 175,920 - $ 175,920		15–20 years		More than 20 years
										$ - - $ -		$ - - $ -

December 31, 2023

Accounts payable Borrowing Lease liabilities		Less than 1 year		1–3 years		4–5 years		More than 5 years		Total
		$ 125,049 490,982 5,285 $ 621,316		$ - 437,388 9,923 $ 447,311		$ - 189,297 9,498 $ 198,795		$ - 495,906 3,768 $ 499,674		$ 125,049 1,613,573 28,474 $ 1,767,096

Further information on the maturity analysis of the financial liabilities above is as follows:

Floating interest rate Lease liabilities		Less than 1 year $ 490,982 5,285 $ 496,267		1–5 years $ 626,685 19,421 $ 646,106		5–10 years $ 321,416 3,768 $ 325,184		10–15 years $ 174,490 - $ 174,490		15–20 years		More than 20 years
										$ - - $ -		$ - - $ -

• 73 -

(2) Financing line

Financing line
Unsecured bank overdraft line (revisited annually) - Amount used - Amount unused Secured bank overdraft line - Amount used - Amount unused	December 31, 2024 $ 191,839 470,189 $ 662,028 $ 1,477,162 36,110 $ 1,513,272	December 31, 2023
			$ 349,141 190,689 $ 539,830 $ 1,258,650 493,890 $ 1,752,540

28. Related party transactions

In addition to those disclosed in other notes, the transactions between the Company and related parties are as follows:

• (1) Name and relationship of related party

Name of related party Relationship with the Company Giga Solar Materials Corporation Subsidiary Ho Mi Specialty Materials Corporation Subsidiary Ri Fa Green Power Co., Ltd. Subsidiary Giga Energy Co., Ltd. Subsidiary Gigastorage Power Co., Ltd.(Note 10) Subsidiary Green Energy Electrode Inc. Subsidiary Whole Sun Green Power Co., Ltd. Subsidiary Hua Hsu Silicon Materials Co., Ltd. Subsidiary Whole Max Green Power Co., Ltd. Associated Ya Fei Solar Energy Co., Ltd. Associated (Note 1) Hunjin Enterprise Inc. Associated (Note 1) Giga Whole Energy Co., Ltd. Associated (Note 1) Whole Wing Energy Co., Ltd. Associated (Note 1) Whole Fund Energy Co., Ltd. Associated (Note 1) Yuandeng Solar Energy Co., Ltd. Associated (Note 1) Landian Solar Energy Co., Ltd. Associated (Not related since 2023.10.19) Lanjing Volt Co., Ltd. Associated (Not related since 2023.10.17) Huiqun Energy Co., Ltd. Associated (Note 1) Yijia Energy Co., Ltd. Associated (Note 1) Licheng Energy Co., Ltd. Associated (Note 1) Tai Ling Energy Technology Corporation Associated (Note 1) Jinyaxing Optoelectronics Co., Ltd. Associated (Note 1) Heju No.1 Co., Ltd. Associated (Note 1) Yunhui Energy Co., Ltd. Associated (Note 1) Mingxiang Energy Co., Ltd. Associated (Note 1) Associated

Lanjing Volt Co., Ltd. Huiqun Energy Co., Ltd. Yijia Energy Co., Ltd. Licheng Energy Co., Ltd. Tai Ling Energy Technology Corporation Jinyaxing Optoelectronics Co., Ltd. Heju No.1 Co., Ltd. Yunhui Energy Co., Ltd. Mingxiang Energy Co., Ltd. Tron Energy Technology Corporation

(Continued on next page)

• 74 -

(Continued from previous page)

==> picture [390 x 24] intentionally omitted <==

----- Start of picture text -----

Name of related party Relationship with the Company
UJGIGA Co., Ltd. Associated
----- End of picture text -----

Name of related party UJGIGA Co., Ltd.	Relationship with the Company Associated
United Silicon Innovation Corp.	Associated
Ligao Optoelectronics Co., Ltd.	Joint venture
Lichao Optoelectronics Co., Ltd.	Joint venture (Note 2)
Suefu Co., Ltd.	Joint venture (Note 2)
Solmin Green Energy Corp.	Joint venture
Solmin No.1 Co., Ltd.	Joint venture (Note 2)
Solmin No.2 Co., Ltd.	Joint venture (Note 2)
Solmin No.3 Co., Ltd.	Joint venture (Note 2)
Shuoyitai Green Energy Co., Ltd.	Joint venture
Jieshuo Co., Ltd.	Joint venture (Not related since
	2024.03.01)
HD Renewable Technology Co., Ltd.	Related party in substance
Certone Heat Solution Co., Ltd.	Related party in substance

Note 1: Whole Max Green Power Co., Ltd. holds a 100% stake in Ya Fei Solar Energy Co., Ltd., Hunjin Enterprise Inc., Giga Whole Energy Co., Ltd., Whole Wing Energy Co., Ltd., Whole Fund Energy Co., Ltd., Yuandeng Solar Energy Co., Ltd., Landian Solar Energy Co., Ltd., Lanjing Volt Co., Ltd., Huiqun Energy Co., Ltd., Yijia Energy Co., Ltd., Licheng Energy Co., Ltd., Tai Ling Energy Technology Corporation., Jinyaxing Optoelectronics Co., Ltd. Heju No.1 Co., Ltd. and Mingxiang Energy Co., Ltd. Whole Max Green Power Co., Ltd. also holds a 99.7% stake in Yunhui Energy Co., Ltd., which was classified as an associate after evaluation.

Note 2: Solmin Green Energy Corp. owned 100% of Solmin No.1 Co., Ltd., Solmin No.2 Co., Ltd., Solmin No.3 Co., Ltd., Ligao Optoelectronics Co., Ltd., Lichao Optoelectronics Co., Ltd. and Suefu Co., Ltd., and is listed as joint venture after evaluation.

(2) Operating revenues

==> picture [387 x 58] intentionally omitted <==

----- Start of picture text -----

Account item Type/name of related party 2024 2023
Sales revenues Associate $ 7,332 $ 2,663
Joint venture 121 466
Subsidiaries 2 -
$ 7,455 $ 3,129
----- End of picture text -----

(Continued on next page)

• 75 -

(Continued from previous page)

==> picture [387 x 165] intentionally omitted <==

----- Start of picture text -----

Account item Type/name of related party 2024 2023
Revenues from Joint venture
construction
projects
Solmin Green Energy $ 107,208 $ 251,856
Corp.
Others 41,854 66,006
$ 149,062 $ 317,862
Other operating Associated $ 18,286 $ 13,185
revenues
Subsidiaries 2,733 2,329
-
Related party in substance 23,526
$ 21,019 $ 39,040
----- End of picture text -----

The above sale prices are agreed upon by both parties and there is no fixed percentage of price increase.

• (3) Other income

==> picture [387 x 169] intentionally omitted <==

----- Start of picture text -----

Account item Type/name of related party 2024 2023
Other income Subsidiaries $ 6,663 $ 5,625
Joint venture 4,655 3,624
Associate 2,042 2,045
Related party in substance 128 -
$ 13,488 $ 11,294
Contract assets
Type/name of related party December 31, 2024 December 31, 2023
Joint venture
Solmin Green Energy Corp. $ - $ 43,773
Others - 5,552
$ - $ 49,325
----- End of picture text -----

(4) Contract assets

• (5) Receivables from related parties

==> picture [387 x 25] intentionally omitted <==

----- Start of picture text -----

December 31, December 31,
Account item Type/name of related party 2024 2023
----- End of picture text -----

Accounts	Joint venture
receivables
	Suefu Co., Ltd.	$	14,173	$	-
	Lichao Optoelectronics		6,544		-
	Co., Ltd.
	Solmin Green Energy		-		5,844
	Corp.
	Others		-		56

(Continued on next page)

• 76 -

(Continued from previous page)

==> picture [387 x 285] intentionally omitted <==

----- Start of picture text -----

December 31, December 31,
Account item Type/name of related party 2024 2023
Accounts Associate
receivables
United Silicon $ 3,281 $ 518
Innovation Corp.
Ya Fei Solar Energy Co., 865 865
Ltd.
Others 474 417
Subsidiaries 732 611
$ 26,069 $ 8,311
Other receivables Subsidiaries
Ho Mi Specialty $ 753 $ 575
Materials Corporation
Giga Solar Materials 190 3,127
Corporation
Others 127 302
Joint venture
Solmin Green Energy 357 1,013
Corp.
Others 56 48
Associate 168 112
$ 1,651 $ 5,177
----- End of picture text -----

No guarantee was collected for the outstanding receivables from related parties. There was no allowance for losses on receivables from related parties in 2024 and 2023 was recognized.

(6) Payables to related parties

==> picture [387 x 128] intentionally omitted <==

----- Start of picture text -----

December 31, December 31,
Account item Type/name of related party 2024 2023
Other payables Subsidiaries
Giga Solar Materials $ 808 $ 1,100
Corporation
Associated 6 -
Joint venture
Solmin Green Energy 3 7,042
Corp.
$ 817 $ 8,142
----- End of picture text -----

No collateral was provided for the outstanding balance of payables to related parties.

• 77 -

(7) Contract liabilities

==> picture [387 x 128] intentionally omitted <==

----- Start of picture text -----

Type/name of related party December 31, 2024 December 31, 2023
Joint venture
Solmin Green Energy
Corp $ 27,127 $ 14,188
Others - 5,498
Associate
Yuandeng Solar Energy 12,647 40,540
Co., Ltd.
Subsidiaries 1,289 -
$ 41,063 $ 60,226
----- End of picture text -----

(8) Other advance receipts

==> picture [387 x 63] intentionally omitted <==

----- Start of picture text -----

Type/name of related party December 31, 2024 December 31, 2023
Joint venture $ 53 $ 70
Subsidiaries 50 44
Associate 41 30
$ 144 $ 144
----- End of picture text -----

(9) Disposal of property, plant and equipment

==> picture [426 x 355] intentionally omitted <==

----- Start of picture text -----

Proceeds from disposal Gain on disposal
Type/name of related
party 2024 2023 2024 2023
Subsidiaries
$ 15 $ 550 $ 15 $ 186
(10) Lease agreements
Account item Type/name of related party 2024 2023
Lease liabilities Subsidiaries
Giga Solar Materials $ 14,020 $ 21,460
Corporation
Type/name of related party 2024 2023
Interest expense
Subsidiaries $ 301 $ 335
Lease modification benefit
Subsidiaries
$ 46 $ -
Rental income
Subsidiaries
Giga Solar Materials
Corporation $ 8,585 $ 16,634
Others 2,874 2,452
Joint venture 184 197
Associate 143 139
$ 11,786 $ 19,422
----- End of picture text -----

• 78 -

The Company leases office space to related parties. The lease terms are determined by agreement between the two parties and the rent is collected monthly.

• (11) Disposal of financia assets

January 1 to December 31, 2024

Type/name of related party Joint venture Solmin Green Energy Corp	Account item Accounte d for equity method investment	Shares Name of shares	Disposal proceed	Gain on disposal
		7,930,000 Ligao Optoelectr onics Co., Ltd.	$ 83,265	$12,049

• (12) Salary for key management

Salary for key management
Short-term employee benefits Post-employment benefits		2024 $ 14,019 600 $ 14,619		2023
				$ 17,987 572 $ 18,559

The remuneration for directors and other key management is determined by the Remuneration Committee based on individual performance and market trends.

29. Pledged Assets

The following assets have been provided as collateral for financing loans and tariff

guarantees for imported raw materials or performance and lease guarantees:

==> picture [400 x 232] intentionally omitted <==

----- Start of picture text -----

December 31, December 31, Content of secured
Item 2024 2023 debts
Property, plant and $ 1,456,354 $ 1,110,622 Bank borrowings
equipment
(including
investment
property)
Shares of subsidiaries 778,081 805,701 Bank loans, short-term
(Giga Solar bills payable and
Materials project performance
Corporation) guarantees
Other financial assets 30,371 19,107 Customs deposits,
performance
guarantee deposits,
security deposits for
leases, bank loans,
etc.
$ 2,264,806 $ 1,935,430
----- End of picture text -----

• 79 -

30. Significant Contingent Liabilities and Unrecognized Contract Commitments

Except for those described in Notes, the Company’s major commitments and contingencies on the balance sheet date are as follows:

• (1) As of December 31, 2024, the outstanding balance of letters of credit of the Company was about NT$9,956 thousand.

• (2) The Company has entered into the following product licensing agreements with the following companies:

following companies:
Company name Industrial Technology Research Institute	Payment of royalties for products Coating-related products	Contract Year December 2005	Valid period 20 years	Calculation of royalties
				Calculated based on product sales, payable annually

31. Information on foreign currency assets and liabilities with significant effect

The following information is expressed in aggregate in foreign currencies other than the Company’s functional currency, and the exchange rates disclosed refer to the rates at which such foreign currencies are converted to the functional currency. Information on foreign currency assets and liabilities with significant effect is as follows:

December 31, 2024 Foreign currency assets Monetary items USD RMB JPY Foreign currency liabilities Monetary items USD December 31, 2023 Foreign currency assets Monetary items USD RMB JPY Foreign currency liabilities Monetary items USD	Foreign currency	Exchange rate	Book value
	$ 628 29 408 18 1,634 29 408 62	32.785 4.478 0.2099 32.785 30.705 4.327 0.2172 30.705	$ 20,598 132 86 595 50,161 127 89 1,916

• 80 -

The Company’s foreign currency exchange gains (losses) (realized and unrealized) amounted to NT$3,559 thousand and NT$(1,206) thousand for 2024 and 2023, respectively. Due to the variety of foreign currency transactions, it is not possible to disclose the exchange gains and losses of each currency of significant impact.

32. Additional Disclosures

• (1) Information on significant transactions:

• Lending funds to others (Exhibit 1)

• Endorsement and guarantee for others (Exhibit 2)

• Marketable securities held at the end of the period (excluding investment in subsidiaries, affiliated enterprises and joint ventures) (Exhibit 3)

• Acquisition or sale of the same security with the accumulated cost exceeding NT$300 million or 20% of the Company’s paid-in capital. (None)

• Acquisition of real estate exceeding NT$300 million or 20% of paid-in capital or more. (None)

• Disposal of real estate exceeding NT$300 million or 20% of paid-in capital or more. (None)

• Purchases or sales of goods from or to related parties reaching NT$100 million or 20% of paid-in capital or more (Exhibit 4)

• Receivables from related parties reaching NT$100 million or 20% of paid-in capital or more. (Exhibit 5)

• Engagement in derivative transactions. (None)

• (2) Information on invested enterprises (Exhibit 6)

• (3) Information on investment in mainland China

• The name of the investees in Mainland China, principal business, paid-in capital, investment methods, capital outward and inward remittances, shareholding, investment gains and losses, investment carrying amount at the end of the period, repatriated investment gains and losses, and investment quota for Mainland China. (Exhibit 7)

• Please refer to Exhibits 1 and 2 and Note 28 for the following significant transactions with Mainland China investees directly or indirectly through third regions, as well as their prices, payment terms, and unrealized profits or losses.

  • (1) The amount and percentage of purchases and the related ending balance and percentage of payables.

• 81 -

• (2) The amount and percentage of sales and the related ending balance and percentage of receivables.

• (3) The amount of property transactions and the amount of resulting gains or losses.

• (4) The ending balance of endorsement guarantee of bills or the provision of collateral and its purpose.

• (5) The maximum balance, ending balance, interest rate range and total current interest amount of financial accommodation

• (6) Other transactions that have a significant effect on the current profit or loss or financial position, such as the provision or receipt of services.

• (4) Information on major shareholders: Name, number and percentage of shares held by shareholders with 5% or more of the shares. (None)

• 82 -

Gigastorage Corporation Lending funds to others January 1 to December 31, 2024

Exhibit 1

Units: NTD thousands, unless otherwise stated

==> picture [1046 x 365] intentionally omitted <==

----- Start of picture text -----

Reasons for the Collateral
Provision of The limit for
Number The lending company of The borrower of funds Transactions Related Highest balance in Balance at the end Actual amounts Interest rate Nature of funds Amount of necessity of short-term allowance for individual funds The limit for total Remarks
funds party or not the period of the period drawn range lending business dealings accofinancial mmodation doubtful accounts Name Value lending funds lending
1 Giga Solar Materials Yancheng Giga Solar Other receivables Yes $ 129,305 $ - $ - - Business dealings $ 615,893 － - None - $ 615,893 $ 2,564,761 －
Corporation Materials Corporation (Note 1) ( CNY 28,876 ) (Note 2) (Note 2)
Yancheng Giga Solar Other receivables Yes 738,870 649,310 626,920 0%~2.5% Short-term financial - To meet the - None - 2,564,761 2,564,761 －
Materials Corporation ( CNY 165,000 ) ( CNY 145,000 ) ( CNY 140,000 ) accommodation operational needs of (Note 2) (Note 2)
subsidiary and Note
1
Godo Kaisha Chiba1 Other receivables Yes 77,663 - - 2.5% Short-term financial - To meet the - None - 2,564,761 2,564,761 －
( JPY 370,000 ) accommodation operational needs of (Note 2) (Note 2)
subsidiary
2 Whole Sun Green Power Sunshine Solar Power Other receivables Yes 530,430 436,993 436,993 2% Short-term financial - To meet the - None - 634,560 634,560 －
Co., Ltd. Generation Co., Inc. ( USD 16,179 ) ( USD 13,329 ) ( USD 13,329 ) accommodation operational needs of (Note 3) (Note 3)
subsidiary
Godo Kaisha Chiba1 Other receivables Yes 81,861 - - 2%~3% Short-term financial - To meet the - None - 634,560 634,560 －
( JPY 390,000 ) accommodation operational needs of (Note 3) (Note 3)
subsidiary
3 Green Energy Electrode Yancheng Green Energy Other receivables Yes 117,771 76,126 76,126 1% Short-term financial - To meet the - None - 67,190 67,190 －
Inc. Electrode Corp. ( CNY 26,300 ) ( CNY 17,000 ) ( CNY 17,000 ) accommodation operational needs of (Notes 7) (Note 7)
subsidiary
4 Wisdom Field Limited Sunshine Solar Power Other receivables Yes 159,991 156,680 156,680 2% Short-term financial - To meet the - None - 157,328 157,328 －
Generation Co., Inc. 1 (USD 4,880 ) ( USD 4,779 ) ( USD 4,779 ) accommodation operational needs of (Note 3) (Note 3)
subsidiary
5 Merchant Energy PTE., Sunshine Solar Power Other receivables Yes 37,703 25,343 25343 2% Short-term financial - To meet the - None - 23,546 23,546 －
Ltd. Generation Co., Inc. ( USD 1,150 ) ( USD 773 ) ( USD 773 ) accommodation operational needs of (Note 3 and 13) (Note 3 and 13)
subsidiary
6 Eiwa Electric Power Co., Giga Solar Materials Other receivables Yes 77,663 - - 2.5% Short-term financial - To meet the - None - 666,000 666,000 －
Inc. Corporation ( JPY 370,000 ) accommodation operational needs (Note 10) (Note 10)
7 Suzhou Giga Solar Yancheng Giga Solar Other receivables Yes 67,170 - - - Short-term financial - To meet the - None - －
Materials Corporation Materials Corporation ( CNY 15,000 ) accommodation operational needs (Note 5 and 12) (Note 5 and 12)
8 Hua Hsu Silicon Materials Yancheng Giga Diamond Other receivables Yes 298,344 265,559 249,166 1%~3% Short-term financial - To meet the - None - 297,944 297944 －
Co., Ltd. Materials Corporation ( USD 9,100 ) ( USD 8,100 ) ( USD 7600 ) accommodation operational needs of (Note 4) (Note 4)
subsidiary
9 Chongqing Shin Tsai New Yancheng Green Energy Other receivables Yes 44,780 - - - Short-term financial - To meet the - None - －
Material Technology Electrode Corp. ( CNY 10,000) accommodation operational needs (Note 5 and 11) (Note 5 and 11)
Co., Ltd.
10 Yancheng Giga Solar Yancheng Green Energy Other receivables Yes 46,646 - - - Short-term financial - Note 1 - None - 77,672 776,722 －
Materials Corporation Electrode Corp. (Note 1) ( CNY 10,417 ) accommodation (Note 9) (Note 9)
----- End of picture text -----

Note 1: It refers to the other receivables recognized instead due to the fact that the receivables of related parties exceeded a certain period of normal credit extension period, and the loan nature was approved by the board meeting.

Note 2: The limit for individual amount of funds lent shall not exceed 40% of the net worth of the lending company, and the total amount of funds lent to companies with short-term financial accommodation needs shall not exceed 40% of the net worth of the lending company. If the lending company directly or indirectly owns more than 50% of the voting shares of a subsidiary or a subsidiary that is included as a consolidated entity under IFRSs, the amount of individual funds lent is limited to 40% of the Company’s net worth; the amount of individual funds lent to other parties is limited to 10% of the Company’s net worth. The amount of individual funds lent to other parties with business dealings is limited to the amount of business dealings.

Note 3: The total amount of funds lent shall not exceed 60% of the net worth of the lending company, and the total amount of funds lent to companies with short-term financial accommodation needs shall not exceed 40% of the net worth of the lending company. If the lending company directly or indirectly owns more than 50% of the voting shares of a subsidiary or a subsidiary that is included as a consolidated entity under IFRSs, the amount of individual funds lent is limited to 40% of the Company’s net worth; the amount of individual funds lent to other parties is limited to 10% of the Company’s net worth.

• Note 4: The total amount of funds lent shall not exceed 40% of the Company’s net worth, and the amount of funds lent to individual companies that are affiliated with the Company with short-term financing accommodation needs shall be limited to 40% of the Company’s net worth; for other parties, the amount shall not exceed 10% of the Company’s net worth.

Note 5: The total amount of funds lent by Suzhou Giga Solar Materials Corporation and Chongqing Shin Tsai New Material Technology Co., Ltd. shall be limited to no more than 100% of their most recent net worth. The amount of individual funds lent to overseas companies of which the Company and the parent company directly or indirectly hold 100% of its voting shares is limited to 100% of the Company’s net worth. For subsidiaries of which more than 50% of the voting shares are directly or indirectly held and are in needs for short-term financial accommodation as well as those included in the consolidated entities under IFRSs, the amount of individual funds lent is limited to 40% of the Company’s most recent net worth.

Note 6: If foreign currencies are involved, they are converted into New Taiwan dollars at the exchange rate on the date of the financial report (the ending exchange rate is 1 RMB = 4.478NTD; 1 USD = 32.785 NTD; 1 JPY = 0.2099 NTD).

• Note 7: The total amount of funds lent shall not exceed 40% of the Company’s most recent net worth, and the amount of funds lent to individual companies that are affiliated with the Company for short-term financing accommodation shall be limited to 40% of the Company’s most recent net worth; for other parties, the amount shall not exceed 10% of the Company’s most recent net worth.

• Note 8: The amounts of NT$298,947 thousand were recognized as other receivables due to the fact that the receivables of Yancheng Giga Solar Materials Corporation from Giga Solar Materials Corporation exceeded a certain period of normal credit extension period, and the loan nature was approved by the board meetings on January 17, 2025 and March 14, 2025, respectively.

• Note 9: The total amount of funds loaned by Yancheng Giga Solar Materials Corporation shall not exceed 100% of the Company’s net worth in the most recent period. To other parties, it shall not exceed 10% of the most recent net worth.

Note 10: The total amount of funds lent by the Company shall be limited to no more than 2% of its most recent net worth. The amount of individual funds lent to the parent company that directly or indirectly holds 100% of its voting shares is limited to 2000% of the Company’s net worth. For subsidiaries of which more than 50% of the voting shares are directly or indirectly held and which are in need of short-term financial accommodation as well as those included in the consolidated entities under IFRSs, the amount of individual funds lent is limited to 40% of their most recent net worth.

Note 11: Chongqing Xincai New Materials Technology Co., Ltd. was resolved to be dissolved by shareholder decision on February 28, 2024, and completed liquidation and dissolution on April 17, 2024.

Note 12: Suzhou Giga Solar Materials Corporation was resolved to be dissolved by shareholder decision on April 1, 2024, and completed liquidation and dissolution on December 10, 2024.

Note 13: The ending balance of funds lent exceeds the limit. The subsidiary Whole Sun Green Power Co., Ltd. has established an improvement plan on March 28, 2025, and will complete the improvements according to the plan's timeline.

• 83 -

Gigastorage Corporation

Endorsement and guarantee for others

January 1 to December 31, 2024

Exhibit 2

Units: NTD thousands, unless otherwise stated

==> picture [1052 x 163] intentionally omitted <==

----- Start of picture text -----

Party endorsed and guaranteed Percentage of
cumulative Parent Subsidiary Endorseme
Balance of the
Limit for Balance of Amount of endorsement and Limit for company endorsement nt and
Name of the company maximum
endorsement and endorsement and Actual amounts endorsement and guarantee to net Maximum endorsement and guarantee
Number providing endorsement and endorsement and Remarks
Company name Relationship guarantee for a guarantee at the drawn guarantee by worth of the Endorsement and and guarantee for for
guarantee guarantee for the
single enterprise end of the period property most recent Guarantee guarantee for parent Mainland
period
financial subsidiary company China
statements (%)
1 Giga Solar Materials Yancheng Giga Solar 2 $ 6,411,904 $ 1,432,960 $ 6,639,509 Y － Y －
Corporation Materials Corporation (Note 1)
2 Hua Hsu Silicon Materials Yancheng Giga Diamond 2 744,862 89,560 744,862 Y － Y －
Co., Ltd. Materials Corporation (Note 1)
3 Green Energy Electrode Yancheng Green Energy 2 167,975 181,359 167,975 Y － Y －
Inc. Electrode Corp. (Note 1)
----- End of picture text -----

Note 1: According to the “Operating Procedures for Endorsements and Guarantee” of Giga Solar Materials Corporation, Hua Hsu Silicon Materials Co., Ltd., and Green Energy Electrode Inc., the total amount of endorsement and guarantee shall not exceed 100% of the net worth of the current period, among which the endorsement and guarantee limit for a single enterprise shall not exceed 10% of the net worth of the current period, except for the subsidiaries directly or indirectly invested by Giga Solar Materials Corporation, Hua Hsu Silicon Materials Co., Ltd., or Green Energy Electrode Inc. The total endorsements/guarantees by Giga Solar Materials Corporation, Hua Hsu Silicon Materials Co., Ltd. or Green Energy Electrode Inc. to external entities shall not exceed 100% of the net worth of the Company.

Note 2: If foreign currencies are involved, they are converted into New Taiwan dollars at the exchange rate on the date of the financial report (the ending exchange rate is 1 RMB = 4.478 NTD; 1 USD = 32.785 NTD; 1 JPY = 0.2099 NTD).

• 84 -

Units: NTD thousands, unless otherwise stated

Gigastorage Corporation

Marketable securities held at the end of the period

December 31, 2024

Exhibit 3

==> picture [1039 x 470] intentionally omitted <==

----- Start of picture text -----

Type of Relationship with the End of the period
Subsidiaries held marketable Name of marketable securities issuer of marketable Booked account Remarks
securities securities Unit Book value Shareholding (%) Fair value
The Company Stocks Prorit Corporation － Financial assets at fair value through other 666,199 $ 7,248 1.26 $ 7,248 －
comprehensive income – non-current
Big Sun Energy Technology Inc. － Financial assets at fair value through other 8,000,000 - 1.82 - －
Stocks
comprehensive income – non-current
Giga Solar Materials Acro Biomedical Co., Ltd. － Financial assets at fair value through profit or 1,391,000 35,373 2.27 35,373 (Note 2)
Stocks
Corporation loss –current
TIEF Fund, L.P. － Financial assets at fair value through profit or 1,540,000 28,470 7.45 28,470 －
Stocks
loss – non-current
Yuanta/P-shares Taiwan Top 50 ETF － Financial assets at fair value through profit or 8,000 1,566 - 1,566 －
Stocks
loss – non-current
Long Time Tech Co., Ltd. Related in substance Financial assets at fair value through other 8,005,000 122,649 6.71 122,649 －
Stocks
comprehensive income – non-current
Big Sun Energy Technology Inc. － Financial assets at fair value through other 2,250,000 - 0.51 - －
Stocks
comprehensive income – non-current
Foresight Energy Technology － Financial assets at fair value through other 3,200,000 68,544 6.15 68,544 －
Stocks
comprehensive income – non-current
Heron Neutron Medical Corp. Related in substance Financial assets at fair value through other 120,000 24,515 0.09 24,515 －
Stocks
comprehensive income – non-current
Corporate Bond [Apple USD Bonds 4.65% ] － Financial assets at amortized 8,223 7473 －
cost –non-current
Corporate Bond [Abbott Laboraties USD Bonds ] － Financial assets at amortized 8,571 7,870 －
cost –non-current
Corporate Bond Berkshire Hathaway U.S. Treasury Bills － Financial assets at amortized cost –non-curren 7,277 6,564 －
Corporate Bond [Wyeth USD Bonds ] － Financial assets at amortized cost –non-curren 9,245 8,566 －
Corporate Bond [Johnsons USD Bonds ] － Financial assets at amortized cost –non-curren 6,951 6,153 －
Government 4%U.S. Treasury Bills － Financial assets at amortized cost –non-curren 8,428 7,517 －
Bond
Government 4.375% U.S. Treasury Bills － Financial assets at amortized cost –non-curren 8,803 7,862 －
Bond
Government 4.5%U.S. Treasury Bills － Financial assets at amortized cost –non-curren 8,927 7,974 －
Bond
Government 4.625%U.S. Treasury Bills － Financial assets at amortized cost –non-curren 9,230 8,227 －
Bond
Government Abu Dabi Emirates U.S. Treasury Bills － Financial assets at amortized cost –non-curren 7,490 6,584 －
Bond
Hua Hsu Silicon Materials CerTone Heat Solution Co. Ltd Related in substance Financial assets at fair value through other 200,000 2,000 10.00 2,000 －
Stocks
Co., Ltd. comprehensive income – non-current
Green Energy Electrode Phoenix Battery Corporation － Financial assets at fair value through other 500,000 14,715 1.17 14,715 －
Stocks
Inc. comprehensive income – non-current
----- End of picture text -----

Note 1: The marketable securities listed above were not guaranteed or pledged for borrowing or otherwise restricted by contract as of December 31, 2024.

Note 2: At the annual shareholders' meeting of Acro Biomedical Co., Ltd. on June 27, 2024, the board of directors was re-elected. Following the re-election, GigaSolar Materials Corp. no longer serves as a corporate director of Acro Biomedical Co., Ltd., thereby losing significant influence over the company. Consequently, it has been reclassified to financial assets at fair value through profit or loss.

Note 3: For information on investment in subsidiaries and affiliated companies, please refer to Exhibits 6 and 7.

• 85 -

Gigastorage Corporation

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

January 1 to December 31, 2024

Exhibit 4

Units: NTD thousands, unless otherwise stated

Purchase (sales) company	Name of trading counterparty	Relationship		The circumstance of the dealings	The circumstance of the dealings	The circumstance of the dealings	The circumstances and reasons why the trading terms are different from those of ordinary transactions	The circumstances and reasons why the trading terms are different from those of ordinary transactions	Notes and accounts receivable (payable)	Notes and accounts receivable (payable)	Remarks
			Purchase (sales)	Amount	Proportion to total purchase (sales)	Credit period	Unit price	Credit period	Balance	Proportion to total notes and accounts receivable (payable)
Giga Solar Materials Corporation	Yancheng Giga Solar Materials Corporation	Subsidiary	Sales	$ 615,893	17.55%	Monthly settlement 120–180 days	$ -	－	$ 459,888	42.88%	－

• 86 -

Gigastorage Corporation

Receivables from related parties reaching NT$100 million or 20% of paid-in capital or more.

December 31, 2024

Exhibit 5

Units: NTD thousands, unless otherwise stated

==> picture [1036 x 265] intentionally omitted <==

----- Start of picture text -----

Past due receivables from related parties Amount of
Balance of receivables from
Companies recorded as accounts Provision of
Name of trading counterparty Relationship receivables from Turnover rate Method of related parties
receivables Amount allowance for loss
related parties processing collected during the
subsequent period
Accounts receivable and other
receivables
Giga Solar Materials Yancheng Giga Solar Materials Subsidiary $ 1,255,934 4.24 $ 166,945 ongoing collections $ 130,545 $ -
Corporation Corporation
Hua Hsu Silicon Materials Co., Yancheng Giga Diamond Materials Subsidiary 407,914 4.14 158,748 ongoing collections 16,617 -
Ltd. Corporation
Whole Sun Green Power Co., Sunshine Solar Power Generation Co., Subsidiary 474,554 - - － - -
Ltd. Inc.
Wisdom Field Limited (Samoa) Sunshine Solar Power Generation Co., Subsidiary 175,081 - - － - -
Inc.
Yancheng Giga Solar Materials Yancheng Giga Diamond Materials Subsidiary 131,054 - - － - -
Corporation Corporation
Green Energy Electrode Inc. Yancheng Green Energy Electrode Subsidiary 267,095 - - － - -
Crop.
----- End of picture text -----

• 87 -

Name of investee, location, etc. January 1 to December 31, 2024

Gigastorage Corporation

Exhibit 6

Units: NTD thousands, unless otherwise stated

==> picture [1039 x 579] intentionally omitted <==

----- Start of picture text -----

Investor name Investee name Location Principal Business The end of tInihetpeial inriodvestmenTht ame eoundntof last year Shares Holding atPtehreceenntaged of the period Book value Net income (loss) of the investee for the period recoInvestment gain (loss) gnized in the period Remarks
The Company Giga Solar Materials Corporation Hukou Township, Precision chemical materials, $ 790,461 $ 805,825 34,315,909 37.35% $ 2,379,400 ( $ 515,767 ) ( $ 193,177 ) (Note 5)
Hsinchu County
Ri Fa Green Power Co., Ltd. Hukou Township, Solar Energy Related Business 84,000 84,000 9,416,714 60.00% 100,331 8,290 4,974 －
Hsinchu County
Ho Mi Specialty Materials Corporation Hukou Township, Precision chemical materials 93,500 93,500 9,350,000 90.13% 94,176 5,167 4,671 (Note 5)
Hsinchu County
Giga Energy Co., Ltd.. Hukou Township, Energy technology services 4,000 1,000 400,000 100.00% 3,659 ( 270 ) ( 270 ) －
Hsinchu County
Gigastorage Power Co., Ltd. Hukou Township, Solar Energy Related Business 1,000 - 100,000 100.00% 981 ( 19 ) ( 19 ) －
Hsinchu County
Global Acetech Co., Ltd. Thailand Solar Energy Related Business - 1,087,023 - - - ( 961 ) ( 961 ) (Note 7)
Whole Max Green Power Co., Ltd. Hukou Township, Solar Energy Related Business 461,234 461,234 42,510,000 26.73% 441,272 40,467 10,820 (Note 5)
Hsinchu County
UJGIGA Co., Ltd. Kaohsiung City Solar Energy Related Business 98,980 74,480 10,036,082 49.00% 101,584 2,141 1,049 －
Yusheng Energy Co., Ltd. Taipei City Renewable energy relate 50,000 50,000 5,385,000 11.88% 52,056 ( 16,873 ) ( 2,004 ) －
business
Tron Energy Technology Corporation Zhongli District, Electric buses, diesel 95,630 95,630 1,399,200 2.26% 52,724 ( 360,862 ) ( 9,002 ) (Note 5)
Taoyuan City buses/battery
systems/energy storage
systems
United Silicon Innovation Corp. Zhongli District, Semiconductor reclaim and 16,200 16,200 10,000,000 21.51% 15,317 1,609 ( 403 ) (Note 5)
Taoyuan City dummy wafer business
Solmin Green Energy Corp. Hukou Township, Solar Energy Related Business 144,175 154,000 14,674,031 27.77% 121,932 2,628 688 (Note 5)
Hsinchu County
Shuoyitai Green Energy Co., Ltd. Zhongli District, Development, installation and 24,400 24,400 2,440,000 35.88% - ( 114,625 ) ( 22,609 ) －
Taoyuan City holding of energy storage
systems
Ligao Optoelectronics Co., Ltd. Hukou Township, Solar Energy Related Business - 79,300 - - - 6,585 3,292 (Note 7)
Hsinchu County
Hao Energy Co., Ltd. Tainan City Energy technology services - 49,333 - - - 2,694 816 (Note 7)
related business
Jieshuo Co., Ltd. Tainan City Development of solar energy - 4,990 - - - ( 12 ) ( 6 ) (Note 7)
and energy storage systems
Giga Solar Materials Corporation Whole Sun Green Power Co., Ltd. Hukou Township, Solar Energy Related Business 2,723,842 2,723,842 131,616,924 100% 1,586,401 78,476 (Note 2) －
Hsinchu County
Giga Solar Materials Corporation Mauritius General investment 902,730 788,490 28,600,000 100% 794,266 ( 198,685 ) (Note 2) (Note 5)
(Mauritius)
Tron Energy Technology Corporation Zhongli District, Electric buses, diesel 461,875 461,875 6,244,989 10.10% 228,787 ( 360,862 ) (Note 2) (Note 5)
Taoyuan City buses/battery
systems/energy storage
systems
Hua Hsu Silicon Materials Co., Ltd. Xitun District, Manufacturing of metal wire 817,507 817,507 41,500,972 33.69% 251,018 ( 369,259 ) (Note 2) (Note 5)
Taichung products, manufacturing of
electronic components,
trading and other related
businesses
Green Energy Electrode Inc. Hukou Township, Manufacturing and trading of 459,276 459,276 22,588,759 52.81% 88,542 ( 124,622 ) (Note 2) －
Hsinchu County energy materials
ACRO Biomedical Co. Ltd. Luzhu District, Manufacturing and wholesale (Note 6) 58,493 (Note 6) (Note 6) (Note 6) ( 36,834 ) (Note 2) －
Kaohsiung City of medical devices
Yusheng Energy Co., Ltd. Taipei City Renewable energy relate 60,000 60,000 6,462,000 14.25% 62,467 ( 16,873 ) (Note 2) －
business
Green Energy Electrode Inc. Green Energy Electrode, Inc. Samoa General investment 176,342 176,342 6,000,000 100% ( 295,734 ) ( 98,016 ) (Note 2) －
Whole Sun Green Power Co., Ltd. Eiwa Electric Power Co., Inc. Fukushima Prefecture, Solar Energy Related Business 15,070 15,070 - 100% 70,986 14,624 (Note 2) －
Japan
Godo Kaisha Best Solar Chiba Prefecture, Japan Solar Energy Related Business 44,939 44,939 - (Note 1) 39,538 3,365 (Note 2) －
Godo Kaisha Chiba 1 Wakayama, Japan Solar Energy Related Business 96,328 96,328 - (Note 1) 56,963 724 (Note 2) －
Godo Kaisha Merchant Energy NO.8 Fukushima Prefecture, Solar Energy Related Business 69,325 69,325 - (Note 1) 145,600 38,342 (Note 2) －
Japan
Wisdom Field Limited (Samoa) Samoa General investment 1,173,221 1,173,221 37,110,000 100% 393,323 ( 8,573 ) (Note 2) －
Wisdom Field Limited (Samoa) Merchant Energy PTE., Ltd. Singapore General investment 876,296 876,296 28,100,000 87% 51,214 ( 45,803 ) (Note 2) －
WHOLESUN ENERGY PHILIPPIMES Philippines General investment 16,093 - 20,422,500 100% 16,451 54 (Note 2) －
INC.
----- End of picture text -----

(Continued on next page)

• 88 -

(Continued from previous page)

Investor name	Investee name	Location	Principal Business	Initial investment amount	Initial investment amount	Holding at the end ofthe period	Holding at the end ofthe period	Holding at the end ofthe period	Net income (loss) of the investee for theperiod	Investment gain (loss) recognized in theperiod	Remarks
				The end ofthe period	The end of last year	Shares	Percentage	Bookvalue
Merchant Energy PTE., Ltd. Hua Hsu Silicon Materials Co., Ltd.	Sunshine Solar Power Generation Co., Inc. Giga Diamond Materials Corporation (Seychelles)	Philippines Sesel	Solar Energy Related Business General investment	$ 814,827 652,782	$ 814,827 652,782	- 21,200,000	39.93% 100%	( $ 13,362 ) ( 508,697 )	( $ 52,584) ( 139,609 )	(Note 2) (Note 2)	－ －

Note 1: Whole Sun Green Power Co., Ltd. invests in Godo Kaisha Best Solar, Godo Kaisha Chiba 1 and Godo Kaisha Merchant Energy No.8 according to the Japanese TK-GK structure. Although it does not hold voting rights, Whole Sun Green Power Co., Ltd. is endowed with economic beneficial rights and the right to request these parties to consult Whole Sun Green Power Co., Ltd. in advance for major decision-making requests according to the contract.

Note 2: Gains or losses on investments in these companies are included in the investment gain or loss of the subsidiaries.

Note 3: The relevant figures here are presented in NTD. Where foreign currencies are involved, they should be translated into NTD using the exchange rates prevailing at the date of the financial statements.

Note 4: Please refer to Exhibit 7 for information on investees in Mainland China. Note 5: For the investment gain or loss for the period, taken into account were the unrealized gain or loss on intercompany transactions and the amortization effect of the excess of the fair value of identifiable net assets over their carrying amount at the time of original acquisition.

Note 6: At the annual shareholders' meeting of Acro Biomedical Co., Ltd. on June 27, 2024, the board of directors was re-elected. Following the re-election, GigaSolar Materials Corp. no longer serves as a corporate director of Acro Biomedical Co., Ltd., thereby losing significant influence over the company. Consequently, it has been reclassified to financial assets at fair value through profit or loss.

Note 7: Please refer to note 10 for disposal of subsidiaries and joint ventures in 2024.

• 89 -

Gigastorage Corporation

Information on investment in mainland China

January 1 to December 31, 2024

Exhibit 7

Units: NTD thousands, unless otherwise stated

==> picture [1039 x 432] intentionally omitted <==

----- Start of picture text -----

Accumulated Amount of investment remitted or recovered Accumulated Shareholding
investment amount during the period investment amount percentage of Investment gain or Carrying amount of Investment income
Investee name in Mainland China Principal Business Paid-in capital Investment method remitted from Taiwan remitted from Taiwan Profits or losses of the investee for the period the Company’s direct or loss recognized in the investment at the end remitted back as of Remarks
at the beginning of Remittance Recovery at the end of the indirect period (Note 2) of the period the end of the period
the period period
investment
Suzhou Giga Solar Photovoltaic process testing $ - Indirectly invested $ 88,625 $ - $ 88,625 $ - ( $ 4,135 ) - ( $ 233,271 ) $ - $ - (Note 2
Materials Corporation and technical services, through an invested ( USD 3,000 ) ( USD 3,000 ) and 9)
etc. enterprise in the third
region (Mauritius)
Yancheng Giga Solar Photovoltaic process testing 1,043,460 Indirectly invested 701,130 182,030 - 883,160 ( 136,484 ) 100% ( 136,484 ) 776,722 - (Notes 2
Materials Corporation and technical services, ( USD 28,600+ through an invested ( USD 22,900 ) ( USD 5,700 ) ( USD 28,600 ) and 8)
etc. CNY 35,000 ) enterprise in the third
(Note 5) region (Mauritius)
Yancheng Giga Diamond Manufacturing and sale of 652,782 Indirectly invested 652,782 - - 652,782 ( 139,609 ) 100% ( 146,035 ) ( 491,064 ) - (Notes 2)
Materials Corporation wire materials, etc. ( USD 21,200 ) through an invested ( USD 21,200 ) ( USD 21,200 )
enterprise in the third
region (Seychelles)
Yancheng Green Energy Lithium battery material 176,342 Indirectly invested 176,342 - - 176,342 ( 98,017 ) 100% ( 98,017 ) ( 295,742 ) - (Note 2)
Electrode Crop. manufacturing, research ( USD 6,000 ) through an invested ( USD 6,000 ) ( USD 6,000 )
and development, and enterprise in the third
lithium-ion battery region (Samoa)
technology development
and consulting services
Chongqing Shin Tsai New Lithium battery material - Direct invest in mainland 180,210 - 180,210 - ( 4,536) - ( 4,536 ) - - (Note 7)
Material Technology manufacturing, research China ( USD 6,000 ) ( USD 6,000 )
Co., Ltd. and development, and
lithium-ion battery
technology development
and consulting services
Tron Giga (Yancheng) Battery module, battery pack 91,071 Indirectly invested - - - - ( 28,395) 49% ( 13,914 ) 20,556 - －
Energy Co., Ltd. and battery component ( USD 1,530+ through an invested
assembly CNY 10,437 ) enterprise in the third
(Note 6) region (Mauritius)
Cumulative amount of investment remitted Investment amount approved by the Ceiling on investments in Mainland China imposed by the
Company name from Taiwan to Mainland China at the end Investment Commission of the Ministry of Investment Commission of the Ministry of Economic
of the period Economic Affairs Affairs
Giga Solar Materials Corporation $1,088,903 $1,236,630 $ 3,847,142
(USD28,600+CNY45,437) (USD40,219)
Hua Hsu Silicon Materials Co., Ltd. 652,782 652,782 446,917
(USD21,200) (USD21,200)
Green Energy Electrode Inc. 176,342 179,044 100,785
(USD6,000) (USD6,506)
----- End of picture text -----

Note 1: Investment methods are classified into the following three categories; fill in the number of the category that each case belongs to:

1. Invest in Mainland China directly.

2. Invest in Mainland China through companies in third regions. (Please specify the investment company of the third region.)

3. Other methods.

(Continued on next page)

• 90 -

(Continued from previous page)

• Note 2: The investment gain or loss recognized in the current period is based on the evaluation of the financial statements audited by CPAs.

• Note 3: The amount was translated at the exchange rate, at the date of remittance or colletion.

• Note 4: The repatriated investment amount was translated at the prevailing exchange rate, and the investment amount not repatriated was translated at the period end rate of 1:32.785

• Note 5: RMB 35,000 thousand represented the direct investment of cash dividends from the earnings of Suzhou Giga Solar Materials Corporation through a third region (Mauritius) into Yancheng Giga Solar Materials Corporation. The process of application to the Investment Commission of the Ministry of Economic Affairs has been completed. The difference between the paid-in capital and the amount approved by the Investment Commission of the Ministry of Economic Affairs is due to the difference between the exchange rate of USD and RMB on the date of application and the date of remittance.

• Note 6: RMB 10,437 thousand represented the direct investment of cash dividends from the earnings of Suzhou Giga Solar Materials Corporation through a third region (Mauritius) into Tron Giga (Yancheng) Energy Co., Ltd. The process of application to the Investment Commission of the Ministry of Economic Affairs has been completed. The difference between the paid-in capital and the amount approved by the Investment Commission of the Ministry of Economic Affairs is due to the difference between the exchange rate of USD and RMB on the date of application and the date of remittance.

• Note 7: Chongqing Shin Tsai New Material Technology Co., Ltd. completed liquidation in April 2024. On May 29, 2024, the Company recovered an investment amount of USD 5,494 thousand. The difference between the recovered amount and the original investment amount, after deducting accumulated recognized gains or losses, was recorded as a loss on the disposal of investment in a subsidiary.

• Note 8: In July 2024, GigaSolar Materials Corporation received approval from the Investment Commission of the Ministry of Economic Affairs to invest USD 7 million of its own funds in Yancheng Giga Solar Materials Corporation. As of December 2024, USD 5.7 million has been remitted, and the investment has been completed.

• Note 9: Suzhou Giga Solar Materials Corporation completed liquidation in December 2024, the Company recovered an investment amount of USD2,112 thousand. The difference between the recovered amount and the original investment amount, after deducting accumulated recognized gains or losses, was recorded as a loss on the disposal of investment in a subsidiary.

• 91 -

TABLE OF CONTENTS OF THE SCHEDULE OF IMPORTANT ACCOUNTING ITEMS

ITEM Schedule of assets, liabilities and equity items Schedule of cash Schedule of notes and accounts receivable Schedule of other receivables Schedule of inventories Schedule of prepayments and other assets Schedule of Financial assets at fair value through other comprehensive income – non-current Schedule of changes in investment accounted for using the equity method Schedule of changes in property, plant and equipment Schedule of changes in accumulated depreciation of property, plant and equipment Schedule of changes in accumulated impairment of property, plant and equipment Statement of changes in investment property Statement of changes in investment property’s accumulated depreciation Statement of changes in investment property’s accumulated impairment Schedule of changes in right-of-use assets Schedule of changes in accumulated depreciation of right-of-use assets Schedule of changes in intangible assets Schedule of short-term borrowings Schedule of short-term notes and bills payable Schedule of notes and accounts payable Schedule of other payables and other current liabilities Schedule of long-term borrowings Schedule of lease liabilities Schedule of profit or loss items Schedule of operating revenues Schedule of cost of goods sold Schedule of operating expenses Schedule of financial costs Summary of employee benefits, depreciation and amortization expense by function incurred during the period

SCHEDULE OR NOTE NUMBER

Schedule 1 Schedule 2 Note 8 Schedule 3 Note 15 Schedule 4 Schedule 5 Note 11 Note 11 Note 11 Note 13 Note 13 Note 13 Schedule 6 Schedule 6 Note 14 Schedule 7 Note 16 Schedule 8 Note 17 Schedule 9 Schedule 10 Schedule 11 Schedule 12 Schedule 13 Note 21 Schedule 14

• 92 -

Gigastorage Corporation

Schedule of cash

December 31, 2024

Units: NTD thousands, unless otherwise stated

Schedule 1 Item Cash on hand and petty cash Demand deposits in banks	Units: NTD thousands, Abstract Including NT$208,192 thousand and US$286 thousand (exchange rate of 1 USD to 32.785 NTD)	unless	otherwise stated Amount
			$ 659 217,571 $218,230

• 93 -

Gigastorage Corporation

Schedule of notes and accounts receivable

December 31, 2024

Schedule 2

Unit: NTD thousand

==> picture [417 x 218] intentionally omitted <==

----- Start of picture text -----

Customer name Amount
Non-related party
Customer A $ 17,647
Customer B 7,277
Customer C 7,021
Others (Note) 10,217
Less: allowance for doubtful accounts -
42,162
Related party
Suefu Co., Ltd. 14,173
Lichao Optoelectronics Co., Ltd. 6,544
United Silicon Innovation Corp. 3,281
Other related parties (Note) 2,071
26,069
$ 68,231
----- End of picture text -----

Note: The balance of each party does not exceed 5% of the balance of the account.

• 94 -

Gigastorage Corporation Schedule of inventories December 31, 2024

Schedule 3 Item Raw materials Finished goods		Unit: NTD thousand Amount	Unit: NTD thousand Amount	Unit: NTD thousand Amount
		Costs $ 19,105 11,857 $ 30,962	Net realizable value
				$ 19,427 13,082 $ 32,509

• 95 -

Gigastorage Corporation

Schedule of Financial assets at fair value through other comprehensive income – non-current

January 1 to December 31, 2024

Schedule 4

Unit: NTD thousand

Investee New Land Packing Corporation Prorit Corporation Big Sun Energy Technology Inc. Total	Balance at the beginning of the year Number of shares (in thousands) Fair value 2,156 $ 28,300 666 6,196 8,000 - $ 34,496	Balance at the beginning of the year Number of shares (in thousands) Fair value 2,156 $ 28,300 666 6,196 8,000 - $ 34,496	Increase in the year Number of shares (in thousands) Amount ( 2,156 ) ( $ 32,234 ) - - - - ( $ 32,234 )	Increase in the year Number of shares (in thousands) Amount ( 2,156 ) ( $ 32,234 ) - - - - ( $ 32,234 )	Decrease in the year Unrealized valuation gains (losses) on financial assets Number of shares (in thousands) ( 3,934 ) - 1,052 666 - 8,000 $ 4,986	Shareholding % - 1.26 1.82		Balance at the end of the	Balance at the end of the	year
	Number of shares (in thousands) 2,156 666 8,000		Number of shares (in thousands) ( 2,156 ) - -		Unrealized valuation gains (losses) on financial assets ( 3,934 ) 1,052 - $ 4,986			Fair value $ - 7,248 - $ 7,248	Provision of guarantee or pledge None None None	Remarks
				( (	(

• 96 -

Unit: NTD thousand

Gigastorage Corporation

Schedule of changes in investment accounted for using the equity method January 1 to December 31, 2024

Schedule 5

Investments in subsidiaries Giga Solar Materials Corporation Ri Fa Green Power Co., Ltd. Ho Mi Specialty Materials Corporation Global Acetech Co., Ltd. Gigastorage Energy Electrode, Inc. Gigastorage Power Co., Ltd. Investments in associates and joint ventures Whole Max Green Power Co., Ltd. Tron Energy Technology Corporation UJGIGA Co., Ltd. Yusheng Energy Co., Ltd. United Silicon Innovation Corp. Solmin Green Energy Corp. Hao Energy Co., Ltd. Ligao Optoelectronics Co., Ltd. Shuoyitai Green Energy Co., Ltd. Jieshuo Co., Ltd. Total	Balance at the beginning of the year Number of shares (in thousands) Amount 34,983 $ 2,512,278 8,400 95,357 9,350 89,400 7,394 3,149 100 929 - - 42,510 443,251 1,399 58,261 7,448 76,035 5,385 54,087 10,000 15,720 15,674 122,062 - 47,382 7,930 45,072 2,440 22,609 499 4,840 $ 3,590,432	Increasein th	e year Amount $ - - - - 3,000 1,000 - - 24,500 - - - - - - - $ 28,500	Decreasein the year Number of shares (in thousands) Amount Investment income (loss) Disposal gain(loss) ( 667 ) ( $ 90,588 ) ( $ 193,177 ) $ - - - 4,974 - - - 4,671 - ( 7,394 ) ( 2,069 ) ( 961 ) ( 27,953 ) - - ( 270 ) - - - ( 19 ) - - ( 12,915 ) 10,820 - - - ( 9,002 ) - - - 1,049 - - - ( 2,004 ) - - - ( 403 ) - ( 1,000 ) ( 18,000 ) 688 7,908 - ( 51,500 ) ( 816 ) 3,302 ( 7,930 ) ( 83,265 ) 3,292 12,049 - - ( 22,609 ) - ( 499 ) ( 4,990) ( 6) 156 ( $ 263,327 ) ( $ 202,141 ) ( $ 4,538 )	(unrealized) realized sales profits $ 284 - - - - - 116 - - - - ( 37,605 ) - ( 22,852 ) - - ( $ 14,353 )	Actuarial (loss) gain on defined benefit plan $ 941 - - - - - - - - - - - - - - - $ 941	Additional paid-in capital $ 149,370 - 105 - - - 3,505 - - - - 46,879 - - - - $ 199,859		Retained earnings $ 19,591 - - - - - - - - - - - - - - - - $ 338	Exchange differences on translation of financial statements of foreign operations $ 19,883 - - 27,834 - - ( 83 ) - - - - - - - - - ( $ 47,634 )	Unrealized gains (losses) on financial assets measured at fair value through other comprehensive income ( $ 19,591 ) - - - - - 43 - ( 27 ) - - - - - - - ( $ 19,575 )	Balan	ce at the end of the	ye	ar Amount $ 2,379,400 100,331 94,176 - 3,659 981 441,272 52,724 101,584 54,056 15,317 121,932 - - - - $ 3,363,432	Net equity $ 2,394,669 100,271 93,856 - 3,659 981 443,025 24,409 101,581 52,056 6,864 196,493 - - ( 18,521 ) - $ 3,399,343	Pledge status Yes None None None None None None None None None None None None None None None	Remarks
	Number of shares (in thousands) 34,983 8,400 9,350 7,394 100 - 42,510 1,399 7,448 5,385 10,000 15,674 - 7,930 2,440 499	Number of shares (in thousands) - 1,017 - - 300 100 - - 2,588 - - - - - - -										Number of shares (in thousands) 34,316 9,417 9,350 - 400 100 42,510 1,399 10,036 5,385 10,000 14,674 - - 2,440 -	Shareholding % 37.35 60.00 90.13 - 100.00 100.00 26.73 2.26 49.00 11.88 21.51 27.77 - - 35.88 -
																		Notes 1 and 2 Note 2 Note 3 Note 2 Note 2 Note 2 Note 2 Note 2

Note 1: Please refer to Note 29 for the pledge status. Note 2: During this period, the reduction includes disposing of shares in Giga Solar Materials Corporation, Solmin Green Energy Corp., Ligao Optoelectronics Co. Ltd., Jieshuo Co., Ltd. and Jieshuo Co., Ltd.. Global Acetech Co. resolved to dissolve on April 24, 2025, through a shareholders' meeting and completed liquidation on August 19, 2025, recovering an investment amount of NT$ 2,069 thousand. Note 3: On July 30, 2024, the Company invested NT$1,000 thousand in Gigastorage Power Co., Ltd., and acquired 100 thousand common shares, representing a 100% ownership.

• 97 -

Gigastorage Corporation

Schedule of changes in accumulated depreciation of right-of-use assets

January 1 to December 31, 2024

Schedule 6

Unit: NTD thousand

Costs Balance on January 1, 2024 Addition Disposal Balance as of December 31, 2024 Accumulated depreciation Balance on January 1, 2024 Depreciation expense Disposal Balance as of December 31, 2024 Net as of December 31, 2024		Land $ 2,540 43,903 - 46,443 133 3,103 - 3,236 $ 43,207		Houses and buildings $ 40,143 31,399 4,514) 67,028 17,384 5,180 1,213) 21,351 $ 45,677	Transportation equipment $ 1,570 1,286 - 2,856 633 745 - 1,378 $ 1,478		Total
			( (			( (	$ 44,253 76,588 4,514) 116,327 18,150 9,028 1,213) 25,965 $ 90,362

• 98 -

Gigastorage Corporation

Schedule of short-term borrowings

December 31, 2024

Schedule 7

Unit: NTD thousand

Item Secured borrowings Shanghai Commercial & Savings Bank Credit Borrowings Sinopac Bank Taiwan Cooperative Bank		Borrowing Balance $ 100,000 63,825 40,350 $ 204,175	Borrowing period 2024/05/10~2025/05/10 2024/02/22~2025/11/18 2024/07/31~2025/06/29	Interest rate range 2.035% 2.545% 2.278%	Circumstance of pledge and guarantee
					Yes None None

Note: As of December 31, 2024, the Company has unused short-term loan lines of NT$470,189 thousand.

• 99 -

Gigastorage Corporation

Schedule of notes and accounts payable

December 31, 2024

December 31, 2024
Schedule 8 Supplier name Supplier A Supplier B Supplier C Supplier D Supplier E Supplier F Others (Note)	Unit:	NTD thousand Amount
		$ 21,011 8,436 4,476 4,423 3,389 3,248 3,112 $ 48,095

Note: The balance of each item does not exceed 5% of the balance of the account.

• 100 -

Gigastorage Corporation Schedule of long-term borrowings December 31, 2024

Schedule 9

Unit: NTD thousand

==> picture [469 x 508] intentionally omitted <==

----- Start of picture text -----

Balance at the Interest rate Status of pledge or
Item Abstract end of the year Borrowing period range collateral
Bank borrowings
Credit loan from the Enrichment of $ 588,983 2022/11/18~2037/05/23 2.305% The Company has
Shanghai operating provided land and
Commercial and capital buildings as
Savings Bank collateral.
Secured loan from Enrichment of 214,000 2023/10/24~2026/10/24 2.570% The Company has
Bank of Panshin operating provided land as
capital collateral.
Secured loan from Enrichment of 154,286 2023/12/29~2030/12/15 2.270% The Company has
the Shanghai operating provided machinery
Commercial and capital equipment as
Savings Bank collateral.
Secured loan from Enrichment of 130,000 2024/12/13~2028/12/13 2.520% The Company has
the Shanghai operating provided machinery
Commercial and capital equipment as
Savings Bank collateral.
Sinopac Bank Enrichment of 46,434 2024/12/31~2031/12/31 2.390% None
operating
capital
Secured loan from Enrichment of 45,276 2024/12/31~2031/12/31 2.390% The Company has
the Sinopac Bank operating provided machinery
capital equipment as
collateral.
Secured loan from Enrichment of 36,830 2023/10/24~2026/10/24 2.570% The Company has
the Bank of operating provided land as
PANHSIN capital collateral
Secured loan from Enrichment of 33,406 2024/12/31~2031/12/31 2.390% None
the Sinopac Bank operating
capital
Sinopac Bank Enrichment of 31,274 2024/12/31~2031/12/31 2.390% The Company has
operating provided machinery
capital equipment as
collateral.
Secured loan from Enrichment of 14,014 2022/03/28~2037/03/28 2.570% The Company has
the Shanghai operating provided machinery
Commercial and capital equipment as
Savings Bank collateral.
Secured loan from Enrichment of 13,201 2023/06/14~2028/06/14 2.700% The Company has
Taishin operating provided machinery
International Bank capital equipment as
collateral.
Secured loan from Enrichment of 10,128 2023/08/11~2028/08/11 2.720% None
Taishin operating
International Bank capital
1,317,832
Portion due within one ( 117,683 )
year
$ 1,200,149
----- End of picture text -----

Note: As of December 31, 2024, the Company has unused long-term loan lines of NT$36,110 thousand.

• 101 -

Gigastorage Corporation Schedule of lease liabilities December 31, 2024

Schedule 10

Unit: NTD thousand

==> picture [417 x 195] intentionally omitted <==

----- Start of picture text -----

Item Lease period Discount rate Amount
Land 2022.01 〜 2041.12 2.30%~2.52% $ 43,536
Buildings 2019.01 〜 2044.05 1.50%~2.43% 40,667
Transportation 2022.07 〜 2027.12 1.47%~2.50% 1,490
equipment
Total 85,693
Less: Lease liabilities – ( 9,433 )
current
Lease liabilities – $ 76,260
non-current
----- End of picture text -----

• 102 -

Gigastorage Corporation Schedule of operating revenues January 1 to December 31, 2024

Schedule 11

Unit: NTD thousand

==> picture [417 x 130] intentionally omitted <==

----- Start of picture text -----

Item Quantity Amount
Revenues from construction projects 32 thousand units $179,865
(Note )
Conductive ribbon 316 thousand 165,227
units
－
Others 89,999
$435,091
----- End of picture text -----

Note: Of these units, 14 were still incomplete as of December 31, 2024, and revenue was recognized based on the cost of construction inputs.

• 103 -

Gigastorage Corporation

Schedule of cost of goods sold January 1 to December 31, 2024

Schedule 12

Unit: NTD thousand

==> picture [417 x 556] intentionally omitted <==

----- Start of picture text -----

Item Amount
Cost of goods sold for self-produced products
Direct raw materials
Raw materials at the beginning of
the year $ 26,809
Add: Purchases during this year 97,821
Less: raw materials at the end of the
year ( 23,131)
Sales of raw materials ( 397)
Transfer to expenses ( 2,813 )
Raw material consumption during the
period 98,289
Direct labors 32,503
Manufacturing overheads 116,866
Manufacturing costs 247,658
Add: work-in-process at the beginning of
the year 11,318
Less: work-in-process at the end of the
year ( 3,289)
Cost of electricity sold ( 49,424)
Other operating costs ( 16,924)
Others ( 8,029 )
Cost of finished goods 181,310
Add: finished goods at the beginning of
the year 30,341
Purchases during this year 204
Others 771
Less: finished goods at the end of the year ( 15,658)
Construction costs ( 288 )
Cost of production and sales 196,680
Cost of goods sold for trading merchandise
Merchandise inventory at the beginning
-
of the year
Add: Purchases of goods during this year 457
-
Less: merchandise at the end of the year
Operating costs 197,137
Cost of raw materials sold 397
Gain on inventory value recovery 2,375
Cost of electricity sold 49,424
Construction costs 102,020
Other operating costs 16,924
Income from sales of scraps ( 1,841 )
Cost of goods sold $366,436
----- End of picture text -----

• 104 -

Gigastorage Corporation Schedule of operating expenses January 1 to December 31, 2024

Schedule 13

Unit: NTD thousand

==> picture [417 x 245] intentionally omitted <==

----- Start of picture text -----

Marketing Administration
Item expenses expenses R&D expenses
Salary expenses $ 8,263 $ 50,897 $ 10,032
Freight expenses 946 1 2
Insurance expenses 705 5,642 1,060
Service expenses 65 8,322 5
Depreciation expense 40 14,397 9,078
Maintenance expense 10 5,963 264
- -
Utilities expense 11,084
Others (Note) 2,219 23,451 2,380
$ 12,248 $ 119,757 $ 22,821
----- End of picture text -----

Note: The balance of each item does not exceed 5% of the balance of the account.

• 105 -

Gigastorage Corporation

Summary of employee benefits, depreciation and amortization expense by function incurred during the period For the years ended December 31, 2024 and 2023

Schedule 14

Unit: NTD thousand

Employee benefit expenses Salary expenses Employee insurance expenses Pension Remuneration for directors Other employee benefit expenses Depreciation expense Amortization expenses			2024	2024		Total			2023	2023
	Those belonging to operating costs		Those belonging to operating expenses				Those belonging to operating costs		Those belonging to operating expenses			Total
		$ 40,402 4,233 1,564 - 2,856 $ 49,055 $ 55,510 $ 19		$ 69,192 6,356 3,387 1,897 3,417 $ 84,249 $ 23,515 $ 345		$ 109,594 10,589 4,951 1,897 6,273 $ 133,304 $ 79,025 $ 364		$ 40,885 4,253 1,595 - 2,563 $ 49,296 $ 23,026 $ 46		$ 69,191 6,371 3,327 1,800 3,331 $ 84,020 $ 21,824 $ 233		$ 110,076 10,624 4,922 1,800 5,894 $ 133,316 $ 44,850 $ 279

• Note 1: The number of employees for the year and the previous year were 160 and 161, respectively, of which the number of directors who were not also employees was 7 and 8, respectively.

• Note 2: Companies whose shares are listed on TWSE or TPEx should disclose additional information on the following:

• (1) The average employee benefit expense for the current year was NT$859 thousand (“Total employee benefit expense for the current year - Total directors’ remuneration” / “Number of employees for the current year - Number of directors who did not also serve as employees”).

  • The average employee benefit expense for the previous year was NT$860 thousand (“Total employee benefit expense for the previous year - Total directors’ remuneration” / “Number of employees for the previous year - Number of directors who did not also serve as employees”).

• (2) The average employee salary expense for the current year was NT$716 thousand (“Total salary expense for the current year” / “Number of employees for the current year - Number of directors who did not also serve as employees”).

  • The average employee salary expense for the previous year was NT$719 thousand (“Total salary expense for the previous year” / “Number of employees for the previous year - Number of directors who did not also serve as employees”).

• (3) Change in average employee salary expense adjustment of (0.42%) (“Average employee salary expense for the current year - Average employee salary expense for the previous year” / Average employee salary expense for the previous year)

• (4) The Company has no supervisor and therefore does not intend to disclose the salary, remuneration and business execution expenses of the supervisor.

• (5) The Company’s remuneration policy is to provide all employees with compensation and benefits that are at least in line with the average salary level compared to the relevant industry, in order to attract talented and stable employees to continue to work for the Company. Employee compensation includes monthly salaries, quarterly bonuses for operational performance, and employee profit sharing remuneration based on annual profitability. In accordance with the Company’s Articles of Association, the Company shall set aside 4% to 8% as employee profit sharing remuneration and no more than 3% as director remuneration if the Company makes a profit in the year. The amount and distribution method shall be proposed by the Remuneration Committee to the board meeting and approved by the board meeting for payment. Each employee’s allocated employee profit sharing remuneration is determined based on individual duties, contributions, and performance.

• 106 -