Global View Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the Years Ended December 31, 2025 and 2024 and Independent Auditors' Report

DECLARATION OF CONSOLIDATION OF FINANCIAL STATEMENTS OF AFFILIATES

The entities that are required to be included in the combined financial statements of Global View Co., Ltd. as of and for the year ended December 31, 2025, under the Criteria Governing the Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises are the same as those included in the consolidated financial statements prepared in conformity with the International Financial Reporting Standard 10, “Consolidated Financial Statements.” In addition, the information required to be disclosed in the combined financial statements is included in the consolidated financial statements. Consequently, Global View Co., Ltd. and subsidiaries do not prepare a separate set of combined financial statements.

Very truly yours,

GLOBAL VIEW CO., LTD.

ZHOU FA
Chairman

March 11, 2026

Deloitte.

勤業眾信

勤業眾信聯合會針師事務所

110421 台北市信義區松仁路100號20樓

Deloitte & Touche

20F, Taipei Nan Shan Plaza

No. 100, Songren Rd.,

Xinyi Dist., Taipei 110421, Taiwan

Tel: +886 (2) 2725-9988

Fax: +886 (2) 4051-6888

www.deloitte.com.tw

INDEPENDENT AUDITORS’ REPORT

The Board of Directors and Shareholders
Global View Co., Ltd.

Opinion

We have audited the accompanying consolidated financial statements of Global View Co., Ltd. and its subsidiaries (collectively referred to as the “Group”), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, and the consolidated statements of comprehensive income, changes in equity and cash flows for the years then ended, and the notes to the consolidated financial statements, including a summary of significant accounting policies (collectively referred to as the “consolidated financial statements”).

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the years then ended, in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

Basis for Opinion

We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and the Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with The Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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 consolidated financial statements for the year ended December 31, 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

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

Recognition of Rental Revenue

The Group’s main business is the leasing of investment properties; the rentals are collected in advance and recorded as unearned revenue prior to the lessees’ use of the property. Due to a large number of lessees and different lease periods, and manual calculation and recording of rental revenue, there may be a risk of incorrect revenue recognition. Since the accuracy of the recognition of the rental revenue is substantial to the consolidated financial statements, we identified the recognition of the rental revenue to be a key audit matter.

We obtained an understanding of the design of internal controls for rental revenue and tested the implementation of the controls. We reviewed the lease agreements and sent confirmation letters to the lessees, on a sample basis, to verify the correctness of the lease periods and rental amounts in the calculation schedule used by the management to recognize the rental revenue. We checked the accuracy of the recognized rental revenue and evaluated the rationality of the overall rental revenue through analytical procedures.

Other Matter

We have also audited the parent company only financial statements of Global View Co., Ltd. as of and for the years ended December 31, 2025 and 2024 on which we have issued an unmodified opinion.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

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

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

Those charged with governance (including members of the audit committee) are responsible for overseeing the Group’s financial reporting process.

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

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

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

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient and appropriate audit evidence regarding the financial information of entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the group audit work performed. We remain solely responsible for our audit opinion.

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

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

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

The engagement partners on the audits resulting in this independent auditors' report are Xin-Wei Tai and Pei-De Chen.

Deloitte & Touche
Taipei, Taiwan
Republic of China

March 11, 2026

Notice to Readers

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

For the convenience of readers, the independent auditors' report and the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the ROC. 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 consolidated financial statements shall prevail.

GLOBAL VIEW CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars)

	2025		2024
ASSETS	Amount	%	Amount	%
CURRENT ASSETS
Cash and cash equivalents (Note 6)	$ 955,817	48	$ 67,205	4
Financial assets at amortized cost (Note 9)	149,188	8	249,687	16
Trade receivables (Note 10)	1,353	-	4,589	1
Other receivables (Note 10)	43,425	2	32,602	2
Current tax assets	-	-	4,496	-
Inventories (Note 11)	20,048	1	20,368	1
Other current assets	14,059	1	14,131	1
Total current assets	1,183,890	60	393,078	25
NON-CURRENT ASSETS
Financial assets at fair value through other comprehensive income (Note 8)	6,406	-	307,666	19
Financial assets at amortized cost (Note 9)	469,518	24	529,055	33
Investments accounted for using the equity method (Note 13)	-	-	144,947	9
Property, plant and equipment (Note 14)	73,000	4	73,390	5
Right-of-use assets (Note 15)	31,863	1	36,142	2
Investment properties (Notes 16 and 27)	114,690	6	113,990	7
Intangible assets	652	-	-	-
Deferred tax assets (Note 23)	873	-	-	-
Prepayments for equipment	100,000	5	-	-
Refundable deposits	1,204	-	1,213	-
Total non-current assets	798,206	40	1,206,403	75
TOTAL	$ 1,982,096	100	$ 1,599,481	100
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Financial liabilities at fair value through profit or loss (Note 7)	$ 1,500	-	$ -	-
Unearned revenue	8,758	1	10,253	1
Trade payables	1,924	-	2,678	-
Other payables (Note 17)	28,566	2	24,884	2
Current tax liabilities	2,904	-	8,202	-
Other current liabilities	3,126	-	3,704	-
Total current liabilities	46,778	3	49,721	3
NON-CURRENT LIABILITIES
Bonds payable (Note 18)	331,072	17	-	-
Provisions	5,000	-	-	-
Deferred tax liabilities (Note 23)	14,599	1	18,317	1
Guarantee deposits received (Note 26)	32,868	1	34,073	2
Total non-current liabilities	383,539	19	52,390	3
Total liabilities	430,317	22	102,111	6
EQUITY (Note 20)
Share capital
Ordinary shares	630,000	32	630,000	39
Registered capital (pending change)	31,271	1	-	-
Total share capital	661,271	33	630,000	39
Capital surplus	148,429	8	13,373	1
Retained earnings
Legal reserve	448,663	23	444,050	28
Special reserve	59,747	3	59,747	4
Unappropriated earnings	303,520	15	112,953	7
Total retained earnings	811,930	41	616,750	39
Other equity	(69,851)	(4)	237,247	15
Total equity	1,551,779	78	1,497,370	94
TOTAL	$ 1,982,096	100	$ 1,599,481	100

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

GLOBAL VIEW CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

	2025		2024
	Amount	%	Amount	%
OPERATING REVENUE (Notes 15, 21 and 26)
Rental revenue	$ 94,396	72	$ 104,089	75
Other operating revenue	37,552	28	34,128	25
Total operating revenue	131,948	100	138,217	100
OPERATING COSTS (Notes 11 and 22)
Rental costs	38,151	29	36,752	27
Other operating costs	17,334	13	17,711	13
Total operating costs	55,485	42	54,463	40
GROSS PROFIT	76,463	58	83,754	60
OPERATING EXPENSES (Notes 10 and 22)
Selling and marketing expenses	12,664	10	8,397	6
General and administrative expenses	54,491	41	31,451	23
Research and development expenses	4,764	4	2,709	2
Total operating expenses	71,919	55	42,557	31
INCOME FROM OPERATIONS	4,544	3	41,197	29
NON-OPERATING INCOME AND EXPENSES
Interest income	26,874	21	25,089	18
Other income (Note 26)	254	-	865	1
Other gains and losses (Note 22)	16,222	12	10,316	7
Finance costs	(5,182)	(4)	-	-
Share of profit or loss of associates	6,633	5	(4,683)	(3)
Total non-operating income and expenses	44,801	34	31,587	23
PROFIT BEFORE INCOME TAX	49,345	37	72,784	52
INCOME TAX EXPENSE (Note 23)	28,915	22	26,658	19
NET PROFIT FOR THE YEAR	20,430	15	46,126	33

(Continued)

GLOBAL VIEW CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

	2025		2024
	Amount	%	Amount	%
OTHER COMPREHENSIVE (LOSS) INCOME
Items that will not be reclassified subsequently to profit or loss:
Unrealized loss on investments in equity instruments at fair value through other comprehensive income	$ (66,230)	(50)	$ (37,141)	(27)
Share of the other comprehensive loss of associates accounted for using the equity method	-	-	(1,150)	(1)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of the financial statements of foreign operations	(14,584)	(11)	37,477	27
Share of other comprehensive income of associates accounted for using the equity method	-	-	3,210	3
Total other comprehensive income for the year, net of income tax	(80,814)	(61)	2,396	2
TOTAL COMPREHENSIVE (LOSS) INCOME FOR THE YEAR	$ (60,384)	(46)	$ 48,522	35
EARNINGS PER SHARE (Note 24)
Basic	$ 0.32		$ 0.73
Diluted	$ 0.32		$ 0.73

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

(Concluded)

GLOBAL VIEW CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars)

	Ordinary Shares			Retained Earnings					Other Equity
	Number of Shares (In Thousands)	Amount	Registered Capital Pending Change	Capital Surplus	Legal Reserve	Special Reserve	Unappropriated Earnings	Total	Exchange Differences on Translation of the Financial Statements of Foreign Operations	Unrealized Gain (Loss) on Financial Assets at Fair Value Through Other Comprehensive Income	Total
												Total Equity
BALANCE ON JANUARY 1, 2024	63,000	$ 630,000	$ -	$ 13,373	$ 437,684	$ 59,747	$ 136,193	$ 633,624	$ (105,864)	$ 340,715	$ 234,851	$ 1,511,848
Appropriation of 2023 earnings
Legal reserve	-	-	-	-	6,366	-	(6,366)	-	-	-	-	-
Cash dividends	-	-	-	-	-	-	(63,000)	(63,000)	-	-	-	(63,000)
Net profit in 2024	-	-	-	-	-	-	46,126	46,126	-	-	-	46,126
Other comprehensive income (loss) in 2024	-	-	-	-	-	-	-	-	40,687	(38,291)	2,396	2,396
Total comprehensive income (loss) in 2024	-	-	-	-	-	-	46,126	46,126	40,687	(38,291)	2,396	48,522
BALANCE ON DECEMBER 31, 2024	63,000	630,000	-	13,373	444,050	59,747	112,953	616,750	(65,177)	302,424	237,247	1,497,370
Appropriation of 2024 earnings
Legal reserve	-	-	-	-	4,613	-	(4,613)	-	-	-	-	-
Cash dividends	-	-	-	-	-	-	(63,000)	(63,000)	-	-	-	(63,000)
Issuance of convertible corporate bonds recognized as part of the equity item	-	-	-	28,409	-	-	-	-	-	-	-	28,409
Convertible bonds converted to ordinary shares	-	-	31,271	106,647	-	-	-	-	-	-	-	137,918
Disposal of investments in equity instruments at fair value through other comprehensive income	-	-	-	-	-	-	241,960	241,960	-	(241,960)	(241,960)	-
Disposal of investments in equity instruments at fair value through other comprehensive income by associates	-	-	-	-	-	-	(4,210)	(4,210)	11,466	4,210	15,676	11,466
Net profit in 2025	-	-	-	-	-	-	20,430	20,430	-	-	-	20,430
Other comprehensive income (loss) in 2025	-	-	-	-	-	-	-	-	(14,584)	(66,230)	(80,814)	(80,814)
Total comprehensive income (loss) in 2025	-	-	-	-	-	-	20,430	20,430	(14,584)	(66,230)	(80,814)	(60,384)
BALANCE ON DECEMBER 31, 2025	63,000	$ 630,000	$ 31,271	$ 148,429	$ 448,663	$ 59,747	$ 303,520	$ 811,930	$ (68,295)	$ (1,556)	$ (69,851)	$ 1,551,779

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

GLOBAL VIEW CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars)

	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax	$ 49,345	$ 72,784
Adjustments for:
Depreciation expense	17,466	13,448
Net gain on financial assets or liabilities at fair value through profit or loss	(2,070)	-
Finance costs	5,182	-
Interest income	(26,874)	(25,089)
Share of profit or loss of associates	(6,633)	4,683
Gain on disposal of property, plant and equipment	(217)	(101)
Gain on disposal of associates	(26,408)	(45)
Net loss (gain) on foreign currency exchange	16,723	(17,831)
Recognition of provisions	5,000	-
Changes in operating assets and liabilities
Trade receivables	3,072	(273)
Other receivables	(199)	137
Inventories	(56)	1,453
Other current assets	72	(682)
Trade payables	40	(1,219)
Other payables	3,682	3,377
Unearned revenue	(1,495)	(2,482)
Other current liabilities	(578)	18
Cash generated from operations	36,052	48,178
Interest received	16,250	11,439
Interest paid	(13)	-
Income tax paid	(33,107)	(32,787)
Net cash generated from operating activities	19,182	26,830
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of financial assets at fair value through other comprehensive income	285,023	-
Purchase of financial assets at amortized cost	(156,739)	(278,400)
Proceeds from sale of financial assets at amortized cost	298,839	340,723
Disposal of associates	139,461	245
Payments for property, plant and equipment	(18,563)	(1,955)
Proceeds from disposal of property, plant and equipment	15,717	214
Increase in refundable deposits	(15)	(95)
Acquisition of intangible assets	(652)	-
Acquisition of investment properties	(13,264)	(7,992)
Increase in prepayments for equipment	(100,000)	-
Dividends received	-	7,634
Net cash generated from investing activities	449,807	60,374
		(Continued)

10 -

GLOBAL VIEW CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars)

	2025	2024
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of bonds	$ 494,750	$ -
Proceeds from (refunds of) guarantee deposits received	(1,205)	100
Dividends paid	(63,000)	(63,000)
Net cash generated from (used in) financing activities	430,545	(62,900)
EFFECTS OF EXCHANGE RATE CHANGES ON THE BALANCE OF CASH AND CASH EQUIVALENTS HELD IN FOREIGN CURRENCIES	(10,922)	11,115
NET INCREASE IN CASH AND CASH EQUIVALENTS	888,612	35,419
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR	67,205	31,786
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR	$ 955,817	$ 67,205

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

11 -

GLOBAL VIEW CO., LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

1. GENERAL

The Company was incorporated in the Republic of China (ROC) on May 15, 1986. The Company is a manufacturer and seller of electronic dictionaries, and lessor of properties.

The Company's shares were listed on the Taipei Exchange (TPEx) Mainboard from December 28, 2000 until it became listed on the Taiwan Stock Exchange (TWSE) on August 26, 2002.

These consolidated financial statements of the Company and its subsidiaries (collectively, the "Group") are presented in the Company's functional currency, the New Taiwan dollar.

2. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements were approved by the Company's board of directors on March 11, 2026.

3. APPLICATION OF NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS

a. Initial application of the amendments to the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, the "IFRS Accounting Standards") endorsed and issued into effect by the Financial Supervisory Commission (FSC)

The initial application of the Amendments to IAS 21 "Lack of Exchangeability" did not have a material impact on the Group's accounting policies.

b. The IFRS Accounting Standards endorsed by the FSC for application starting from 2026

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

As of the date the consolidated financial statements were authorized for issue, the Group has assessed that the application of amendments to other standards will not have a material impact on the Group's financial position and financial performance.

c. The IFRS Accounting Standards in issue but not yet endorsed and issued into effect by the FSC

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

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

Note 2: On September 25, 2025, the FSC announced that IFRS 18 will take effect starting from January 1, 2028. Domestic entities could elect to apply IFRS 18 for an earlier period after the endorsement of IFRS 18 by the FSC.

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

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

To classify items of income and expenses presented in the statement of profit or loss into the operating, investing, financing, income taxes and discontinued operations categories, the Group shall assess whether it has specified main business activities of investing in particular types of assets and providing financing to customers.
The consolidated 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 for aggregation and disaggregation: The Group 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 Group shall disaggregate items with dissimilar characteristics in the primary financial statements and in the notes. The Group labels items as “other” only if it cannot find a more descriptive label.
Disclosures on Management-defined Performance Measures (MPMs): When in public communications outside financial statements and communicating to users of financial statements management’s view of an aspect of the financial performance of the Group as a whole, the Group shall disclose related information about its MPMs in a single note to the financial statements, including the description of such measures, calculations, reconciliations to the subtotal or total specified by IFRS Accounting Standards and the income tax and non-controlling interests effects of related reconciliation items.

In addition, the following consequential amendments have been made to IAS 7 “Statement of Cash Flows”:

The Group shall use operating profit or loss as the starting point when presenting cash flows from operating activities under the indirect method.
13 -

Interest and dividends received by the Group shall be classified as investing activities, while interest and dividends paid shall be classified as financing activities. However, if, after assessment, the Group has a specific main operating activity, it shall determine how to classify dividends received, interest received and interest paid in the statement of cash flows by referring to how it classifies dividend income, interest income and interest expense in the statement of profit or loss. The total of each of these cash flows shall be classified in a single category in the statement of cash flows.

Except for the above impact, as of the date the consolidated financial statements were authorized for issue, the Group is continuously assessing the other impacts of the above amended standards and interpretations on the Group's financial position and financial performance and will disclose the impacts when the relevant assessment is completed.

4. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

Statement of Compliance

The consolidated financial statements have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and IFRS Accounting Standards as endorsed and issued into effect by the FSC.

Basis of Preparation

The consolidated financial statements have been prepared on the historical cost basis except for financial instruments which are measured at fair value.

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

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

Classification of Current and Non-current Assets and Liabilities

Current assets include:

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

Current liabilities include:

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

14 -

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

Basis of Consolidation

The consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company (i.e., its subsidiaries).

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those of the Group.

All intra-group transactions, balances, income and expenses are eliminated in full upon consolidation. Total comprehensive income of subsidiaries is attributed to the owners of the Company.

Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the interests of the Group and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries.

See Note 12, Tables 2 and 3 for the detailed information on subsidiaries (including the percentages of ownership and main businesses).

Foreign Currencies

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

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

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

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

For the purpose of presenting the consolidated financial statements, the functional currencies of the foreign operations (including subsidiaries and associates) that are prepared using functional currencies which are different from the currency of the Company are translated into the presentation currency, the New Taiwan dollar, as follows: Assets and liabilities are translated at the exchange rates prevailing at the end of the reporting period; income and expense items are translated at the average exchange rates for the period. The resulting currency translation differences are recognized in other comprehensive income.

Inventories

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

15 -

16 -

Investments in Associates

An associate is an entity over which the Group has significant influence and that is not a subsidiary.

The Group uses the equity method to account for its investments in associates.

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

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

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

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

The Group discontinues the use of the equity method from the date on which its investment ceases to be an associate. Any retained investment is measured at fair value at that date, and the fair value is regarded as the investment’s fair value on initial recognition as a financial asset. The difference between the previous carrying amount of the associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the associate. The Group accounts for all amounts previously recognized in other comprehensive income in relation to that associate on the same basis as would be required had that associate directly disposed of the related assets or liabilities.

Property, Plant and Equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost less accumulated depreciation.

Except for freehold land which is not depreciated, the depreciation of property, plant and equipment is recognized using the straight-line method. Each significant part is depreciated separately. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each reporting period, with the effects of any changes in the estimates accounted for on a prospective basis.

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

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Investment Properties

Investment properties are properties held to earn rental and/or for capital appreciation. Investment properties also include land held for a currently undetermined future use.

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

For a transfer of classification from investment properties to property, plant and equipment, the deemed cost of the property for subsequent accounting is its carrying amount at the commencement of owner-occupation.

Impairment of Property, Plant and Equipment, Right-of-use Assets, Investment Properties and Intangible Assets

At the end of each reporting period, the Group reviews the carrying amounts of its property, plant and equipment, right-of-use assets, investment properties and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Corporate assets are allocated to the smallest group of cash-generating units on a reasonable and consistent basis of allocation.

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

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

Financial Instruments

Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instruments.

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

Financial assets

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

a. Measurement categories

Financial assets are classified into the following categories: financial assets at amortized cost, and investments in equity instruments at FVTOCI.

1) Financial assets at amortized cost

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

a) The financial assets are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and

b) The contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Subsequent to initial recognition, financial assets at amortized cost, including cash and cash equivalents, trade receivables, other receivables, refundable deposits and time deposits with original maturities of more than 3 months, are measured at amortized cost, which equals the gross carrying amount determined using the effective interest method less any impairment loss. Exchange differences are recognized in profit or loss.

Interest income is calculated by applying the effective interest rate to the gross carrying amount of such a financial asset.

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

2) Investments in equity instruments at FVTOCI

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

Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in other equity. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments; instead, it will be transferred to retained earnings.

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

b. Impairment of financial assets

The Group recognizes a loss allowance for expected credit losses on financial assets at amortized cost (including trade receivables).

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

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

18 -

For internal credit risk management purposes, the Group considers the following situations as indication that a financial asset is in default (without taking into account any collateral held by the Group):

1) Internal or external information shows that the debtor is unlikely to pay its creditors.

2) Financial asset is more than 60 days past due unless the Group has reasonable and corroborative information to support a more lagged default criterion.

The impairment loss of all financial assets is recognized in profit or loss by a reduction in their carrying amounts through a loss allowance account.

c. Derecognition of financial assets

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

On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss.

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

Financial liabilities

a. Subsequent measurement

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

b. Derecognition of financial liabilities

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

Convertible bonds

Convertible bonds issued by the Group are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

On initial recognition, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible instruments. This amount is recorded as a liability on an amortized cost basis using the effective interest method until extinguished upon conversion or upon the instrument’s maturity date. Any embedded derivative liability is measured at fair value.

The conversion option classified as equity is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognized and included in equity, net of income tax effects, and is not subsequently remeasured. In addition, the conversion option classified as equity will remain in equity until the conversion option is exercised; in which case, the balance recognized in equity will be transferred to capital surplus - share premiums. When the conversion option remains unexercised at maturity, the balance recognized in equity will be transferred to capital surplus - share premiums.

19 -

Transaction costs that relate to the issuance of the convertible notes are allocated to the liability and equity components in proportion to the allocation of the gross proceeds. Transaction costs relating to the equity component are recognized directly in equity. Transaction costs relating to the liability component are included in the carrying amount of the liability component.

Provisions

Provisions are measured at the best estimate of the discounted cash flows of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Revenue Recognition

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

Revenue from the sale of goods

Revenue from the sale of goods comes from sales of electronic equipment. Sales of goods are recognized as revenue when the goods are shipped because it is the time when the customer has full discretion over the manner of distribution and price to sell the goods, and has the primary responsibility for sales to future customers and bears the risk of obsolescence. Trade receivables are recognized concurrently.

Revenue from the rendering of services

Revenue from the rendering of services comes from maintenance services.

The Group provides maintenance services and the revenue is recognized when the services are rendered.

Licensing revenue

The usage-based royalty is recognized as revenue when subsequent usage occurs.

Other revenue

The Group's other income arises from providing procurement services for equipment as an agent. The Group recognizes revenue at the net amount of consideration received or receivable when control of the equipment is transferred to the customer and no further performance obligations remain.

Leases

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

The Group as lessor

Lease payments (less any lease incentives payable) from operating leases are recognized as income on a straight-line basis over the terms of the relevant leases. Rentals received in advance prior to the lessee's use of the leased property are recognized as unearned revenue and are reclassified as rental revenue during the lease term.

The Group as lessee

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

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

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

Lease liabilities are initially measured at the present value of the lease payments, the lease payments are discounted using the interest rate implicit in a lease, if that rate can be readily determined. If that rate cannot be readily determined, the lessee’s incremental borrowing rate will be used.

Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with interest expense recognized over the lease terms. Lease liabilities are presented on a separate line in the consolidated balance sheets.

Employee Benefits

a. Short-term employee benefits

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

b. Retirement benefits

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

c. Termination benefits

A liability for a termination benefit is recognized at the earlier of when the Group can no longer withdraw the offer of the termination benefit and when the Group recognizes any related restructuring costs.

Taxation

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

a. Current tax

Income tax payable is based on taxable profit for the year determined according to the applicable tax laws of each tax jurisdiction.

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

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

b. Deferred tax

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

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

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

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

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

c. Current and deferred taxes

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

MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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

When developing material accounting estimates, the Group considers the possible impact of on the cash flow projection, growth rates, discount rates, profitabilities and other relevant material estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

22 -

23 -

6. CASH AND CASH EQUIVALENTS

	December 31
	2025	2024
Cash on hand	$ 70	$ 110
Demand deposits	155,747	20,188
Cash equivalents (investments with original maturities of 3 months or less)
Time deposits	800,000	46,907
	$ 955,817	$ 67,205

The ranges of market interest rates for cash in bank and time deposits at the end of the reporting period were as follows:

	December 31
	2025	2024
Demand deposits	0.05%-1.25%	0.05%-0.80%
Time deposits	1.60%-1.72%	0.80%-4.20%

7. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

	December 31
	2025	2024
Financial liabilities at FVTPL
Financial liabilities held for trading
Derivative financial liabilities (not under hedge accounting)
Redemption rights and put options of convertible bonds
(Note 18)	$ 1,500	$ -

8. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

Investments in Equity Instruments at FVTOCI

	December 31
	2025	2024
Non-current
Domestic investments
Listed shares
Radiant Innovation Inc.	$ 6,406	$ -
Sunplus Technology Co., Ltd.	-	307,666
	$ 6,406	$ 307,666

These investments in Sunplus Technology Co., Ltd. and Radiant Innovation Inc. are held for medium- to long-term strategic purposes. Accordingly, the management has elected to designate these investments in equity instruments at FVTOCI as they believe that recognizing short-term fluctuations in these investments' fair value in profit or loss would not be consistent with the Group's strategy of holding these investments for long-term purposes.

In 2025, the Group sold its shares in Sunplus Technology Co., Ltd. and Radiant Innovation Inc. for total proceeds of $285,023 thousand and the related unrealized gain on financial assets at fair value through other comprehensive income $241,960 thousand was transferred from other equity to retained earnings.

9. FINANCIAL ASSETS AT AMORTIZED COST

	December 31
	2025	2024
Current
Time deposits with original maturities of more than 3 months	$ 149,188	$ 249,687
Non-current
Time deposits with original maturities of more than 3 months	$ 469,518	$ 529,055

The ranges of interest rates for time deposits with original maturities of more than 3 months were approximately 1.60%-3.10% and 0.80%-4.60% per annum as of December 31, 2025 and 2024, respectively.

10. TRADE RECEIVABLES AND OTHER RECEIVABLES

	December 31
	2025	2024
Trade receivables
At amortized cost
Gross carrying amount	$ 2,217	$ 5,470
Less: Allowance for impairment loss	(864)	(881)
	$ 1,353	$ 4,589
Other receivables
Interest receivable	$ 42,630	$ 32,006
Others	795	596
	$ 43,425	$ 32,602

Trade receivables

The average credit period of sales of goods is 30 days. No interest is charged on trade receivables for the first 60 days from the date of the invoice. In order to minimize credit risk, the management of the Group has delegated a team responsible for determining credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. In addition, the Group reviews the recoverable amount of each individual trade debt at the end of the year to ensure that adequate allowance is made for possible irrecoverable amounts. In this regard, the management believes the Group’s credit risk was significantly reduced.

The Group measures the loss allowance for trade receivables at an amount equal to lifetime ECLs (excluding special cases where 100% of the loss has been accrued). The expected credit losses on trade receivables are estimated using a provision matrix prepared by reference to the past default experience of the customer, the customer’s current financial position, economic condition of the industry in which the customer operates. As the Group’s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished according to the Group’s different customer base.

The Group writes off a trade receivable when there is evidence indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation. For trade receivables that have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognized in profit or loss.

The following table details the loss allowance of trade receivables based on the Group’s provision matrix.

December 31, 2025

	Not Past Due	1 to 30 Days Past Due	31 to 60 Days Past Due	Over 60 Days Past Due	Total
Gross carrying amount	$ 1,353	$ -	$ -	$ 864	$ 2,217
Loss allowance (Lifetime ECLs)	-	-	-	(864)	(864)
Amortized cost	$ 1,353	$ -	$ -	$ -	$ 1,353

December 31, 2024

	Not Past Due	1 to 30 Days Past Due	31 to 60 Days Past Due	Over 60 Days Past Due	Total
Gross carrying amount	$ 4,589	$ -	$ -	$ 881	$ 5,470
Loss allowance (Lifetime ECLs)	-	-	-	(881)	(881)
Amortized cost	$ 4,589	$ -	$ -	$ -	$ 4,589

The movements of the loss allowance of trade receivables were as follows:

	For the Year Ended December 31
	2025	2024
Balance on January 1	$ 881	$ 933
Amounts written off	-	(100)
Foreign exchange gains and losses	(17)	48
Balance on December 31	$ 864	$ 881

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11. INVENTORIES

	December 31
	2025	2024
Finished goods	$ 10,596	$ 13,154
Raw materials	9,452	7,214
	$ 20,048	$ 20,368

The nature of the cost of goods sold is as follows:

	For the Year Ended December 31
	2025	2024
Cost of inventories sold	$ 17,334	$ 17,711

12. SUBSIDIARIES

a. Subsidiaries included in the consolidated financial statements:

The consolidated entities were as follows:

Investor	Investee	Nature of Activities	% of Ownership		Remark
			December 31
			2025	2024
Global View Co., Ltd.	Global View Co., Ltd. (Cayman)	Investment	100	100	-
Global View Co., Ltd. (Cayman)	Global View Holdings Ltd. (Samoa)	Investment	100	100	-
Global View Holdings Ltd. (Samoa)	Beijing Golden Global View Computer Technology Co., Ltd.	Electronic product development and sales and asset management	100	100	-

b. Subsidiaries excluded from the consolidated financial statements: None.
c. Details of subsidiaries that have material non-controlling interests: None.

13. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

Investments in Associates

	December 31
	2025	2024
Material associate
Radiant Innovation Inc.	$ -	$ 144,947
Associate that is not individually material
Nvtek Electronic Co., Ltd.	$ -	$ 144,947

a. Material associate

Name of Associate	Nature of Activities	Principal Place of Business	Proportion of Ownership and Voting Rights
			December 31
			2025	2024
Radiant Innovation Inc.	Research, development, manufacture and sale of medical devices	Taiwan	-	17.61%

In 2024, the Group held an interest in Radiant Innovation Inc. and accounted for the investment using the equity method. In January 2025, the Group disposed of a majority of its interest in Radiant Innovation Inc. for proceeds of $139,461 thousand and therefore lost significant influence over Radiant Innovation Inc. The Group retained the remaining 4.77% interest as financial assets at fair value through other comprehensive income (Note 8) whose fair value at the date of disposal was $49,993 thousand. The gain (loss) recognized in profit or loss is calculated as follows:

Proceeds from disposal	$ 139,461
Plus: Fair value of retained investment (4.77%)	49,993
Less: Carrying amount of investment on the date of loss of significant influence	(151,580)
Less: Share of other comprehensive income of the associate	(11,466)
Gain recognized	$ 26,408

b. Aggregate information of associate that is not individually material

Name of Associate	Nature of Activities	Principal Place of Business	Proportion of Ownership and Voting Rights
			December 31
			2025	2024
Nvtek Electronic Co., Ltd.	Research and development of electronic fiddarts machines	Taiwan	42.95%	42.95%

Since 2023, the Group's share of losses of Nvtek Electronic Co., Ltd. has exceeded the carrying amount of the investment accounted for using the equity method. Accordingly, the Group has ceased to recognize further losses. As the Group's share of profits for the years ended 2025 and 2024 did not exceed the unrecognized share of losses, the Group continues to suspend recognition of its share of profit or loss of the associate.

PROPERTY, PLANT AND EQUIPMENT

	Freehold Land	Buildings	Research Equipment	Facilities	Other Equipment	Total
Cost
Balance on January 1, 2024	$ 36,989	$ 42,247	$ 309	$ 1,205	$ 9,404	$ 90,154
Additions	-	-	-	1,832	123	1,955
Disposals	-	-	-	(12)	(1,114)	(1,126)
Effects of foreign currency exchange differences	-	353	-	69	375	797
Balance on December 31, 2024	$ 36,989	$ 42,600	$ 309	$ 3,094	$ 8,788	$ 91,780
Accumulated depreciation
Balance on January 1, 2024	$ -	$ 9,743	$ 309	$ 881	$ 6,439	$ 17,372
Depreciation expense	-	748	-	145	558	1,451
Disposals	-	-	-	(11)	(1,002)	(1,013)
Effects of foreign currency exchange differences	-	308	-	35	237	580
Balance on December 31, 2024	$ -	$ 10,799	$ 309	$ 1,050	$ 6,232	$ 18,390
Carrying amount on December 31, 2024	$ 36,989	$ 31,801	$ -	$ 2,044	$ 2,556	$ 73,390
Cost
Balance on January 1, 2025	$ 36,989	$ 42,600	$ 309	$ 3,094	$ 8,788	$ 91,780
Additions	-	-	16,961	611	991	18,563
Disposals	-	-	(16,961)	(32)	(670)	(17,663)
Effects of foreign currency exchange differences	-	(140)	-	(38)	(143)	(321)
Balance on December 31, 2025	$ 36,989	$ 42,460	$ 309	$ 3,635	$ 8,966	$ 92,359
Accumulated depreciation
Balance on January 1, 2025	$ -	$ 10,799	$ 309	$ 1,050	$ 6,232	$ 18,390
Depreciation expense	-	746	1,531	422	651	3,350
Disposals	-	-	(1,531)	(28)	(604)	(2,163)
Effects of foreign currency exchange differences	-	(121)	-	(7)	(90)	(218)
Balance on December 31, 2025	$ -	$ 11,424	$ 309	$ 1,437	$ 6,189	$ 19,359
Carrying amount at December 31, 2025	$ 36,989	$ 31,036	$ -	$ 2,198	$ 2,777	$ 73,000

The above items of property, plant and equipment used by the Group are depreciated on a straight-line basis over their estimated useful lives as follows:

Buildings 20-50 years
Research equipment 5 years
Facilities 3-5 years
Other equipment 2-10 years

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15. LEASE ARRANGEMENTS

a. Right-of-use assets

	December 31
	2025	2024
Carrying amount
Land	$ 31,863	$ 36,142
	For the Year Ended December 31
	2025	2024
Depreciation charge for right-of-use assets
Land	$ 3,486	$ 3,841
Income from the subleasing of right-of-use assets, including the building of leased land (presented in rental revenue)	$ 94,396	$ 104,089

b. Material leasing activities and terms

The Group is a lessee of land for the use of building, office and investment properties with lease terms of 40 to 50 years.

c. Other lease information

	For the Year Ended December 31
	2025	2024
Expenses relating to short-term leases	$ 1,102	$ 53
Total cash outflow for leases	$ (1,102)	$ (53)

The Group’s leases of certain building qualify as short-term leases. The Group has elected to apply the recognition exemption and thus, did not recognize right-of-use assets and lease liabilities for these leases.

16. INVESTMENT PROPERTIES

	Completed Investment Properties	Investment Properties under Construction	Right-of-use Assets	Total
Cost
Balance on January 1, 2024	$ 270,416	$ 4,998	$ 37,389	$ 312,803
Additions	7,992	209	-	7,992
Reclassification	4,990	(4,990)	-	-
Effects of foreign currency exchange differences	13,114	204	1,946	15,264
Balance on December 31, 2024	$ 296,512	$ 212	$ 39,335	$ 336,059
				(Continued)

	Completed Investment Properties	Investment Properties under Construction	Right-of-use Assets	Total
Accumulated depreciation and impairment
Balance at January 1, 2024	$ 202,735	$ -	$ 981	$ 203,716
Depreciation expense	6,406	-	1,750	8,156
Effects of foreign currency exchange differences	10,126	-	71	10,197
Balance on December 31, 2024	$ 219,267	$ -	$ 2,802	$ 222,069
Carrying amount on December 31, 2024	$ 77,245	$ 212	$ 36,533	$ 113,990
Cost
Balance on January 1, 2025	$ 296,512	$ 212	$ 39,335	$ 336,059
Additions	13,264	-	-	13,264
Reclassification	203	(203)	-	-
Effects of foreign currency exchange differences	(5,054)	(9)	(769)	(5,832)
Balance on December 31, 2025	$ 304,925	$ -	$ 38,566	$ 343,491
Accumulated depreciation and impairment
Balance on January 1, 2025	$ 219,267	$ -	$ 2,802	$ 222,069
Depreciation expense	8,936	-	1,694	10,630
Effects of foreign currency exchange differences	(3,885)	-	(13)	(3,898)
Balance at December 31, 2025	$ 224,318	$ -	$ 4,483	$ 228,801
Carrying amount on December 31, 2025	$ 80,607	$ -	$ 34,083	$ 114,690

Investment properties are depreciated using the straight-line method over their estimated useful lives as follows:

Main buildings
20-50 years

Air-conditioning units and maintenance works
2-10 years

The Group's investment properties include land and buildings located in Zhonghe and buildings located in Beijing; the investment properties are subleased under operating leases; the lessees do not have bargain purchase options to acquire the investment properties at the expiry of the lease periods.

The fair value of investment properties, which included land, buildings and land use rights in China (presented in right-of-use assets), was evaluated by independent professional valuers as of December 31, 2025 and 2024. The fair value before deducting the provision for land appreciation tax and transfer-related taxes was as follows:

	December 31
	2025	2024
Fair value	$ 2,196,357	$ 2,259,181

The maturity analysis of lease payments receivable under operating leases, including the right-of-use assets - land in Beijing, was as follows:

	December 31
	2025	2024
Year 1	$ 65,595	$ 75,604
Year 2	23,622	23,976
Year 3	8,387	11,292
Year 4	1,470	1,486
Year 5	297	-
	$ 99,371	$ 112,358

17. OTHER PAYABLES

	December 31
	2025	2024
Payables for salaries and bonuses	$ 7,146	$ 3,487
Payables for compensation of employees and remuneration of directors	1,017	1,748
Payables for service fees	883	1,034
Others	19,520	18,615
	$ 28,566	$ 24,884

18. BONDS PAYABLE

	December 31
	2025	2024
Unsecured domestic convertible bonds	$ 352,400	$ -
Less: Discount on bonds payable	(21,328)	-
	$ 331,072	$ -

32 -

The First Domestic Unsecured Convertible Bonds

On June 30, 2025, The Group issued its first domestic unsecured convertible bonds with a coupon rate of 0%, and the bonds were listed for trading on the Taipei Stock Exchange on the same date. The total principal amount was $500,000 thousand, with a par value of NT$100 thousand per bond, issued at 100% of par. The issuance period is three years, and the conversion period is from October 1, 2025 to June 30, 2028. The initial conversion price was NT$48.3 per share and is subject to adjustment in accordance with the anti-dilution provisions. Based on such provisions, the conversion price was adjusted to NT$47.2 on June 30, 2025.

Starting from the day following three months after issuance (October 1, 2025) to 40 days prior to maturity (May 20, 2028), if the closing price of the Group’s ordinary shares exceeds 130% of the then effective conversion price for 30 consecutive trading days, or if the outstanding balance of the convertible bonds falls below 10% of the original total issuance amount, the Group may redeem all the bonds in cash at par value.

After two years from the issuance date (June 30, 2027), bondholders may request the Group to redeem their bonds in cash at par value plus a redemption premium (102.01% of par value).

These convertible bonds comprise both liability and equity components. The equity component is presented under equity as “capital surplus - share options.” The effective interest rate of the liability component upon initial recognition was 2.51%.

At initial recognition, the equity component amounted to $28,409 thousand and was recognized under “capital surplus - share options.” The liability component was further separated into an embedded derivative and a non-derivative liability, which were initially recognized at $3,570 thousand and $463,821 thousand, respectively. As of December 31, 2025, the embedded derivative was measured at fair value, resulting in a gain of $2,070 thousand.

Proceeds from issuance (less transaction costs of $5,250 thousand)	$ 494,750
Equity component	(28,409)
Financial assets	(3,570)
Deferred tax assets	1,050
Liability component at the date of issue	463,821
Interest charged at an effective interest rate of 2.51%	5,169
Convertible bonds converted into ordinary shares	(137,918)
Liability component on December 31, 2025	$ 331,072

19. RETIREMENT BENEFIT PLANS

Defined Contribution Plan

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

The employees of the Group’s subsidiary in China are members of a state-managed retirement benefit plan operated by the government of China. The subsidiary is required to contribute a specified percentage of payroll costs to the retirement benefit scheme to fund the benefits. The only obligation of the Group with respect to the retirement benefit plan is to make the specified contributions.

33 -

20. EQUITY

a. Ordinary shares

	December 31
	2025	2024
Number of shares authorized (in thousands)	177,200	177,200
Shares authorized	$ 1,772,000	$ 1,772,000
Number of shares issued and fully paid (in thousands)	63,000	63,000
Shares issued and fully paid	$ 630,000	$ 630,000
Registered capital pending change	31,271	-
	$ 661,271	$ 630,000

Fully paid ordinary shares, which have a par value of $10, carry one vote per share and carry a right to dividends.

A total of 10,000 thousand shares of the Company's authorized shares was reserved for the issuance of employee share options.

As of December 31, 2025, 3,127 thousand ordinary shares resulted from the conversion of convertible bonds, which the registration of the consolidated financial statements. These shares were recorded as share capital pending registration with the competent authority, and the registration was completed on February 12, 2026.

b. Capital surplus

	December 31
	2025	2024
May be used to offset a deficit, distributed as cash dividends, or transferred to share capital
Issuance of ordinary shares	$ 124,151	$ 9,118
The difference between the consideration received or paid and the carrying amount of the subsidiaries' net assets during actual disposal	2,974	2,974
May only be used to offset a deficit
Dividends unclaimed by shareholders that expired under the statute of limitations	1,243	1,243
Share of changes in capital surplus of associates	38	38
The portion not used for any purpose
Warrants for convertible bonds	20,023	-
	$ 148,429	$ 13,373

c. Retained earnings and dividends policy

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

In accordance with the aforementioned Articles, the dividends policy is to distribute no less than 30% of the distributable earnings to shareholders each year in accordance with the Company’s current and future investment environment, capital requirements, domestic and foreign competition and capital budget, as well as the benefits of shareholders and the Company’s long-term financial planning. Dividends to shareholders may be paid in cash or in shares, with cash dividends paid at a rate of not less than 10% of the total dividends.

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

The appropriations of earnings for 2024 and 2023 approved in the shareholders’ meetings on June 11, 2025 and June 6, 2024, respectively, were as follows:

	Appropriation of Earnings
	For the Year Ended December 31
	2024	2023
Legal reserve	$ 4,613	$ 6,366
Cash dividends	$ 63,000	$ 63,000
Cash dividends per share (NT$)	$ 1.0	$ 1.0

The appropriation of earnings for 2025, which was proposed by the Company’s board of directors on March 11, 2026, was as follows:

	Appropriation of Earnings	Dividends Per Share (NT$)
Legal reserve	$ 25,818
Special reserve	$ 10,104
Share dividends	$ 195,485	$ 3.1
Cash dividends	$ 25,224	$ 0.4

The appropriation of earnings for 2025 will be resolved by the shareholders in their meeting to be held on June 8, 2026.

34 -

d. Special reserve

When IFRS Accounting Standards were first adopted, the exchange differences on translation of financial statements of foreign operations were transferred to retained earnings in the amount of $58,226 thousand and a special reserve of the same amount was appropriated, and reduced proportionately by $90 thousand when the associate was disposed of in 2012. However, when IFRS Accounting Standards were adopted for the first time, the exchange differences on translation of financial statements of foreign operations of the Hong Kong subsidiary was transferred to retained earnings as a negative amount, so the special reserve of $1,611 thousand was appropriated due to the liquidation. In addition, the Group reversed proportionately $1,325 thousand upon the disposal of the associates in 2025.

REVENUE

	For the Year Ended December 31
	2025	2024
Rental income (Note 15)	$ 94,396	$ 104,089
Revenue from the sale of goods	29,053	27,161
Other operating revenue	8,499	6,967
	$ 131,948	$ 138,217

NET PROFIT

a. Other gains and losses

	For the Year Ended December 31
	2025	2024
Gain on disposal of investments	$ 26,408	$ -
Net gain on financial liabilities at fair value through profit or loss	2,070	-
Net foreign exchange (loss) gains	(5,532)	11,165
Gain on disposal of property, plant and equipment	217	101
Others	(6,941)	(950)
	$ 16,222	$ 10,316

b. Depreciation

	For the Year Ended December 31
	2025	2024
Property, plant and equipment	$ 3,350	$ 1,451
Right-of-use assets	3,486	3,841
Investment properties	10,630	8,156
	$ 17,466	$ 13,448
		(Continued)

36 -

	For the Year Ended December 31
	2025	2024
An analysis of depreciation by function
Operating costs	$ 14,732	$ 12,339
Operating expenses	2,734	1,109
	$ 17,466	$ 13,448
		(Concluded)

c. Employee benefits expense

	For the Year Ended December 31
	2025	2024
Short-term benefits	$ 46,398	$ 27,444
Post-employment benefits (Note 19)
Defined contribution plans	1,866	1,420
Termination benefits	1	306
Total employee benefits expense	$ 48,265	$ 29,170
An analysis of employee benefits expense by function
Operating costs	$ 3,370	$ 2,812
Operating expenses	44,895	26,358
	$ 48,265	$ 29,170

d. Compensation of employees and remuneration of directors

On June 6, 2025, the amendments to the Articles of Incorporation were resolved in the shareholders’ meeting to revise the ratio for the distribution of remuneration to employees and directors. The revised Articles stipulate the Company accrue compensation of employees and remuneration of directors at rates of no less than 1% and no higher than 5%, respectively, of net profit before income tax, compensation of employees, and remuneration of directors.

In accordance with the prior Articles, the Company accrued compensation of employees and remuneration of directors at rates of no less than 1% and no higher than 3%, respectively, of net profit before income tax, compensation of employees, and remuneration of directors.

In accordance with the amendments to the Securities and Exchange Act in August 2024, the amendments explicitly stipulate the allocation of no less than 10% of compensation of employees as compensation distributions for non-executive employees. The compensation of employees and remuneration of directors for the years ended December 31, 2025 and 2024 which were approved by the Company’s board of directors on March 11, 2026 and March 7, 2025, respectively, are as follows:

Accrual rate

	For the Year Ended December 31
	2025	2024
Compensation of employees	1.0%	1.0%
Remuneration of directors	2.0%	2.0%

Amount

	For the Year Ended December 31
	2025	2024
Compensation of employees	$ 339	$ 583
Remuneration of directors	$ 678	$ 1,165

If there is a change in the amounts after the annual consolidated financial statements are authorized for issue, the differences are recorded as a change in the accounting estimate.

There is no difference between the actual amounts of compensation of employees and remuneration of directors paid and the amount recognized in the consolidated financial statements for the years ended December 31, 2024 and 2023.

Information on the compensation of employees and remuneration of directors resolved by the Company's board of directors is available at the Market Observation Post System website of the Taiwan Stock Exchange.

23. INCOME TAXES

a. Major components of income tax expense recognized in profit or loss

	For the Year Ended December 31
	2025	2024
Current tax
In respect of the current year	$ 33,172	$ 37,879
Adjustments for prior years	334	(2,919)
Deferred tax
In respect of the current year	(4,591)	(8,302)
Income tax expense recognized in profit or loss	$ 28,915	$ 26,658

A reconciliation of accounting profit and income tax expense is as follows:

	For the Year Ended December 31
	2025	2024
Profit before tax	$ 49,345	$ 72,784
Income tax expense calculated at the statutory rate	$ 9,869	$ 14,557
Nondeductible expenses in determining taxable income	20	-
Tax-exempt income	(5,281)	(9)
Additional income tax under the Alternative Minimum Tax Act	13,558	-
Unrecognized loss carryforwards and deductible temporary differences	(7,395)	(15,640)
Effect of different tax rates of group entities operating in other jurisdictions	13,050	15,936
Adjustments for prior years’ tax	334	(2,919)
Taxes on income from mainland area	4,760	14,733
Income tax expense recognized in profit or loss	$ 28,915	$ 26,658

b. Deferred tax assets and liabilities

The movements of deferred tax assets and deferred tax liabilities were as follows:

For the year ended December 31, 2025

	Opening Balance	Recognized in Profit or Loss	Closing Balance
Deferred tax assets
Temporary differences
Costs of convertible corporate bonds issued	$ -	$ 873	$ 873
Deferred tax liabilities
Temporary differences
Share of profit of associates
Unrealized exchange gains	$ 16,558
1,759	$ (1,963)
(1,755)	$ 14,595
4
	$ 18,317	$ (3,718)	$ 14,599
For the year ended December 31, 2024
	Opening Balance	Recognized in Profit or Loss	Closing Balance
Deferred tax assets
Temporary differences
Tax loss carryforwards	$ 8,429	$ (8,429)	$ -
Deferred tax liabilities
Temporary differences
Share of profit of associates
Unrealized exchange gains	$ 34,761
287	$ (18,203)
1,472	$ 16,558
1,759
	$ 35,048	$ (16,731)	$ 18,317

c. Unused loss carryforwards for which no deferred tax assets have been recognized in the consolidated balance sheets

The aggregate amount of temporary differences associated with investments for which deferred tax liabilities have not been recognized.

As of December 31, 2025 and 2024, the taxable temporary differences associated with investments in subsidiaries for which no deferred tax liabilities have been recognized were $92,959 thousand and $91,064 thousand, respectively.

d. Income tax assessments

The income tax returns through 2023 have been assessed by the tax authorities.

39 -

24. EARNINGS PER SHARE

The earnings and weighted average number of ordinary shares outstanding used in the computation of earnings per share were as follows:

Net Profit for the Year

	For the Year Ended December 31
	2025	2024
Earnings used in the computation of basic and diluted earnings per share	$ 20,430	$ 46,126
	(In Thousands of Shares)
	For the Year Ended December 31
	2025	2024
Weighted average number of ordinary shares used in the computation of basic earnings per share	63,000	63,000
Effect of potentially dilutive ordinary shares Compensation of employees	8	16
Weighted average number of ordinary shares used in the computation of diluted earnings per share	63,008	63,016

The Group may settle the compensation of employees in cash or shares; therefore, the Group assumes that the entire amount of the compensation will be settled in shares, and the resulting potential shares will be included in the weighted average number of shares outstanding used in the computation of diluted earnings per share, as the effect is dilutive. Such dilutive effect of the potential shares is included in the computation of diluted earnings per share until the number of shares to be distributed to employees is resolved in the following year.

The outstanding convertible bonds issued by the Group, if converted into ordinary shares, would have been anti-dilutive in 2025 and therefore would not have been included in the calculation of diluted earnings per share.

25. FINANCIAL INSTRUMENTS

a. Fair value of financial instruments not measured at fair value

The management considers that the carrying amounts of financial assets and financial liabilities recognized in the consolidated financial statements approximate their fair values.

b. Fair value of financial instruments measured at fair value on a recurring basis

1) Fair value hierarchy

December 31, 2025

	Level 1	Level 2	Level 3	Total
Financial assets at FVTOCI
Investments in equity shares
Domestic listed shares	$ 6,406	$ -	$ -	$ 6,406
Financial assets at FVTPL
Redemption rights and put options of convertible bonds	$ -	$ -	$ 1,500	$ 1,500
December 31, 2024
	Level 1	Level 2	Level 3	Total
Financial assets at FVTOCI
Investments in equity shares
Domestic listed shares	$ 307,666	$ -	$ -	$ 307,666

There were no transfers between Levels 1 and 2 for the years ended December 31, 2025 and 2024.

2) Valuation techniques and inputs applied for Level 3 fair value measurement

Financial Instrument	Valuation Technique and Inputs
Derivative financial instruments - redemption rights and put options	The fair value is estimated using a binomial convertible bond valuation model. The significant unobservable input used is share price volatility. An increase in share price volatility would result in an increase in the fair value of these derivatives.

c. Categories of financial instruments

	December 31
	2025	2024
Financial assets
Financial assets at amortized cost (1)	$ 1,620,505	$ 884,351
Financial assets at FVTOCI
Equity instruments	6,406	307,666
Financial liabilities
Financial liabilities at FVTPL
Held for trading	1,500	-
Financial liabilities at amortized cost (2)	39,430	61,635

1) The balances include financial assets at amortized cost, which comprise cash and cash equivalents, time deposits with original maturities of more than 3 months, trade receivables, other receivables and refundable deposits.

2) The balances include financial liabilities at amortized cost, which comprise trade payables, other payables, bonds payable and guarantee deposits received.

d. Financial risk management objectives and policies

The Group’s major financial instruments include equity investments, trade receivables and trade payables. The Group’s corporate treasury function provides services to the business, coordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyze exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

1) Market risk

The Group’s activities exposed it primarily to the financial risks of changes in foreign currency exchange rates (see (a) below), interest rates (see (b) below) and other price risk (see (c) below).

There has been no change to the Group’s exposure to market risks or the manner in which these risks are managed and measured.

a) Foreign currency risk

The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities (including those eliminated on consolidation) and derivatives exposed to foreign currency risk at the end of the year are set out in Note 28.

Sensitivity analysis

The Group is mainly exposed to the U.S. dollar.

Had the New Taiwan dollar (the functional currency) strengthened or weakened by 5% against the relevant foreign currencies, the Group’s pre-tax profit would have decreased or increased by $494 thousand and $10,462 thousand for the years ended December 31, 2025 and 2024, respectively. The sensitivity rate used when reporting foreign currency risk internally to key management personnel and representing management’s assessment of the reasonably possible change in foreign exchange rates is 5%. The sensitivity analysis included only outstanding foreign currency denominated monetary items, and adjusted their translation at the end of the reporting period for a 5% change in foreign currency rates.

41 -

b) Interest rate risk

The carrying amounts of the Group’s financial assets and financial liabilities with exposure to interest rates at the end of the year were as follows:

	December 31
	2025	2024
Fair value interest rate risk
Financial assets	$ 1,418,706	$ 816,527
Financial liabilities	331,072	-
Cash flow interest rate risk
Financial assets	155,747	29,310

Sensitivity analysis

The sensitivity analyses below were determined based on the Group’s exposure to interest rates at the end of the year.

If interest rates had been 1% higher/lower and all other variables were held constant, the Group’s pre-tax profit for the years ended December 31, 2025 and 2024 would have increased/decreased by $1,557 thousand and $293 thousand, respectively.

c) Other price risk

The Group was exposed to equity price risk through its investments in equity securities.

Sensitivity analysis

The sensitivity analysis below was determined based on the exposure to equity price risks at the end of the year. If equity prices had been 5% higher/lower, pre-tax other comprehensive income for the years ended December 31, 2025 and 2024 would have increased/decreased by $320 thousand and $15,383 thousand, respectively, as a result of the changes in fair value of financial assets at FVTOCI.

2) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. At the end of the year, the Group’s maximum exposure to credit risk which would cause a financial loss to the Group due to the failure of the counterparty to discharge its obligation is the carrying amount of the financial assets as stated in the consolidated balance sheets.

In order to minimize credit risk, the management of the Group has delegated a team responsible for determining credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. In addition, the Group reviews the recoverable amount of each individual trade debt at the end of the year to ensure that adequate allowance is made for possible irrecoverable amounts. In this regard, the management believes the Group’s credit risk was significantly reduced.

In addition, the credit risk is limited because the major counterparties are reputable financial institutions with good credit ratings.

The Group does not have significant credit risk exposure to any single counterparty or any group of counterparties with similar characteristics. When the counterparties are related companies, the Group defines them as counterparties with similar characteristics.

42 -

43 -

3) Liquidity risk

The Group manages liquidity risk by monitoring and maintaining a level of cash and cash equivalents deemed adequate to finance the Group’s operations and mitigate the effects of fluctuations in cash flows. In addition, management monitors bank facilities and ensures compliance with loan covenants.

The Group relies on bank borrowings as a significant source of liquidity. As of December 31, 2025 and 2024, the Group’s available unutilized short-term bank loan facilities is $59,500 thousand.

Liquidity and interest rate risk tables for non-derivative financial liabilities

The following table details the Group’s remaining contractual maturities for its non-derivative financial liabilities with agreed upon repayment periods. The table has been drawn up based on the undiscounted cash flows of financial liabilities from the earliest date on which the Group can be required to pay. The maturity dates for other non-derivative financial liabilities were based on the agreed upon repayment dates.

December 31, 2025

	Less than 1 Year	1-5 Years
Non-derivative financial liabilities
Non-interest bearing liabilities	$ 30,490	$ -
Convertible bonds	-	359,483
	$ 30,490	$ 359,483
December 31, 2024
	Less than 1 Year	1-5 Years
Non-derivative financial liabilities
Non-interest bearing liabilities	$ 27,562	$ -

TRANSACTIONS WITH RELATED PARTIES

Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Besides information disclosed elsewhere in the other notes, details of transactions between the Group and other related parties are disclosed as follows.

a. Related party names and relationships:

Related Party Name	Relationship
Radiant Innovation Inc.	Associate (Note 1)
Nvtek Electronic Co., Ltd.	Associate
Sunplus Technology Co., Ltd.	Related party in substance (Note 2)
Healthpro Electronic (Beijing) Co., Ltd.	Subsidiary of associate (Note 1)

Note 1: Not a related party since January 2025.

Note 2: Not a related party since December 2024.

b. Operating revenue

Line Item	Relationship	For the Year Ended December 31
		2025	2024
Rental revenue	Subsidiary of associates	$ -	$ 661
Other operating revenue	Subsidiary of associates	$ -	$ 76

For significant transactions between the Company and its subsidiaries and related parties, the transaction prices and terms of payment and receipt are comparable to those for non-related parties.

c. Guarantee deposits received

Relationship	December 31
	2025	2024
Subsidiary of associates	$ -	$ 204

d. Other income

Relationship	For the Year Ended December 31
	2025	2024
Related parties in substance	$ -	$ 54
Associates	-	76
	$ -	$ 130

Other income mainly consists of remuneration of directors and administrative services.

e. Remuneration of key management personnel

	For the Year Ended December 31
	2025	2024
Short-term employee benefits	$ 11,779	$ 4,623
Post-employment benefits	108	-
	$ 11,887	$ 4,623

The remuneration of directors and key executives, as determined by the remuneration committee, is based on the performance of individuals and market trends.

45 -

27. ASSETS PLEDGED AS COLLATERAL OR FOR SECURITY

The assets provided as collateral for the financing facility were as follows:

	For the Year Ended December 31
	2025	2024
Investment properties	$ 11,227	$ -

28. SIGNIFICANT ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

The Group's significant assets and liabilities denominated in foreign currencies aggregated by the foreign currencies other than the functional currencies of the entities in the Group and the related exchange rates between the foreign currencies and the respective functional currencies were as follows:

December 31, 2025		(In Thousands of Foreign Currencies)
	Foreign Currency	Exchange Rate	Carrying Amount
Financial assets
Monetary items USD	$ 314	31.430 (USD:NTD)	$ 9,871
December 31, 2024
	Foreign Currency	Exchange Rate	Carrying Amount
Financial assets
Monetary items USD	$ 6,382	32.785 (USD:NTD)	$ 209,237

The significant realized and unrealized foreign exchange gains (losses) were as follows:

	For the Year Ended December 31
	2025		2024
	Exchange Rate (Functional Currency:	Net Foreign Exchange Gain (Loss)	Exchange Rate (Functional Currency:	Net Foreign Exchange Gain (Loss)
Functional Currency	Presentation Currency)		Presentation Currency)
NTD	31.18 (USD:NTD)	$ (5,532)	32.11 (USD:NTD)	$ 11,165

29. SEPARATELY DISCLOSED ITEMS

a. Information about significant transactions:

1) Financing provided to others: None
2) Endorsements/guarantees provided: None

3) Significant marketable securities held (excluding investments in subsidiaries, associates and joint ventures): Table 1

4) Total purchases from or sales to related parties amounting to at least NT$100 million or 20% of the paid-in capital: None

5) Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital: None

6) Intercompany relationships and significant intercompany transactions: None

b. Information on investees: Table 2

c. Information on investments in mainland China

1) Information on any investee company in mainland China, showing the name, principal business activities, paid-in capital, method of investment, inward and outward remittance of funds, ownership percentage, net income of investees, investment income or loss, carrying amount of the investment at the end of the year, repatriations of investment income, and limit on the amount of investment in the mainland China area: Table 3

2) Any of the following significant transactions with investee companies in mainland China, either directly or indirectly through a third party, and their prices, payment terms, and unrealized gains or losses: None

SEGMENT INFORMATION

Information reported to the chief operating decision maker for the purpose of resource allocation and assessment of segment performance focuses on the types of goods or services delivered or provided. Specifically, the Group's reportable segments were Computer Information Business Department and Asset Management Department.

a. Segment revenue and results

The following was an analysis of the Group's revenue and results from continuing operations by reportable segments:

	Segment Revenue		Segment Income
	For the Year Ended December 31		For the Year Ended December 31
	2025	2024	2025	2024
Computer Information Business Department	$ 36,496	$ 34,094	$ (13,338)	$ (2,481)
Asset Management Department	95,452	104,123	17,882	43,678
Segment income	$ 131,948	$ 138,217	4,544	41,197
Non-operating income and expenses			44,801	31,587
Profit before tax			$ 49,435	$ 72,784

The revenue reported above is generated from transactions with external customers.

Segment profit represents the profit before tax earned by each segment without allocation of non-operating income and expenses. This was the measure reported to the chief operating decision maker for the purpose of resource allocation and assessment of segment performance.

b. Total segment assets and liabilities

The Group is required to disclose the measurement amounts of reportable segment assets and liabilities, except that the Group is not required to disclose the measurement amounts of such assets and liabilities if the measurement amounts of such assets and liabilities are not provided in conjunction with operating decisions.

c. Geographical information

The Group operates in Taiwan and China.

The Group’s revenue from continuing operations from external customers by location of operations and information on its non-current assets by location of assets are detailed below:

	Revenue from External Customers		Non-current Assets
	For the Year Ended December 31		December 31
	2025	2024	2025	2024
Taiwan	$ 2,533	$ 941	$ 179,229	$ 79,692
China	129,415	137,276	142,180	145,043
	$ 131,948	$ 138,217	$ 321,409	$ 224,735

Non-current assets exclude financial instruments, investments accounted for using the equity method and deferred tax assets.

d. Information about major customers

There is no single customer contributing 10% or more to the Group’s revenue for the years ended December 31, 2025 and 2024.

47 -

TABLE 1

GLOBAL VIEW CO., LTD. AND SUBSIDIARIES

SIGNIFICANT MARKETABLE SECURITIES HELD

DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars)

Holding Company Name	Type and Name of Marketable Security (Note 1)	Relationship with the Holding Company	Financial Statement Account	December 31, 2025
				Number of Shares	Carrying Amount	Percentage of Ownership (%)	Fair Value
Global View Co., Ltd.	Stocks
Radiant Innovation Inc.	-	Financial assets at FVTOCI	361,900	$ 6,406	0.76	$ 6,406	-

Note 1: The marketable securities mentioned in this table refer to stocks, bonds, beneficiary certificates, and marketable securities derived from aforementioned items within the scope of IFRS 9 "Financial Instruments".
Note 2: The Company determines the marketable securities presented in this table in accordance with the principle of materiality.
Note 3: For detailed information of investment in subsidiaries and associates, please refer to Tables 2 and 3.

TABLE 2

GLOBAL VIEW CO., LTD. AND SUBSIDIARIES

INFORMATION ON INVESTEES

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars and Foreign Currencies, Unless Stated Otherwise)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Investment Amount		As of December 31, 2025			Net Income (Loss) of the Investee	Share of Profit (Loss)	Note
				December 31, 2025	December 31, 2024	Number of Shares	%	Carrying Amount
Global View Co., Ltd.	Global View Co., Ltd. (Cayman)	Cayman Islands	Investment	US$ 5,250	US$ 5,250	5,250,000	100.00	$ 707,436	$ 47,256	$ 47,256	Subsidiary
	Radiant Innovation Inc.	Taiwan	Research, development, manufacture and sale of medical devices	Note 2	81,246	Note 2	Note 2	Note 2	Note 2	6,633	Note 2
	Nvtek Electronic Co., Ltd.	Taiwan	Research and development of electronic fiddarts machines	80,468	80,468	10,043,013	42.95	-	(1,811)	(Note 1)	Associate
Global View Co., Ltd. (Cayman)	Global View Holdings Ltd. (Samoa)	Independent State of Samoa	Investment	US$ 5,250	US$ 5,250	-	100.00	US$ 22,492	US$ 1,515	N/A	Subsidiary of Cayman

Note 1: Since the Company's share of losses to be recognized for Nvtek Electronic Co., Ltd. (NECL) exceeded the carrying amount of its investment under the equity method in the year ended December 31, 2025 the Company stopped recognizing its share of NECL's further losses. For the current period, the NECL's unrecognized losses remained higher than the carrying amount of the Company's investment in NECL; therefore, the Company continued to stop recognizing its share of NECL's losses.
Note 2: The Group lost significant influence over Radiant Innovation Inc. as a result of the gradual disposal of its shares in January 2025, and accordingly reclassified the investment as financial assets at fair value through other comprehensive income. Please refer to Table 1.
Note 3: Please refer to Table 3 for relevant information on the investees in mainland China.

TABLE 3

GLOBAL VIEW CO., LTD. AND SUBSIDIARIES

INFORMATION ON INVESTMENTS IN MAINLAND CHINA

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars and Foreign Currencies)

Investee Company	Main Business and Product	Paid-in Capital	Method of Investment (Note 1)	Accumulated Outward Remittance for Investment from Taiwan as of January 1, 2025	Remittance of Funds		Accumulated Outward Remittance for Investment from Taiwan as of December 31, 2025	Net Income (Loss) of the Investee	% Ownership of Direct or Indirect Investment	Investment Gain (Loss) (Note 2)	Carrying Amount as of December 31, 2025	Accumulated Repatriation of Investment Income as of December 31, 2025
					Outward	Inward
Beijing Golden Global View Computer Technology Co., Ltd.	Electronic products development and sale and asset management	$ 450,392 (US$ 14,330)	b	$ 220,010 (US$ 7,000)	$ -	$ -	$ 220,010 (US$ 7,000)	$ 47,238 (US$ 1,515)	100	$ 47,238 (US$ 1,515)	$ 706,358 (US$ 22,474)	$ 291,193 (RMB 66,000)
Accumulated Outward Remittance for Investments in Mainland China as of December 31, 2025	Investment Amount Authorized by the Investment Commission, MOEA	Upper Limit on the Amount of Investments Stipulated by the Investment Commission, MOEA
---	---	---
$220,010 (US$7,000)	$462,964 (US$14,730)	$931,067 (Note 3)

Note 1: Methods of investment are classified as below:

a. Direct investment in mainland China.
b. Investment through company registered in a third region (Global View Holdings Ltd).
c. Other methods.

Note 2: The investment income (loss) recognized is based on the financial statements audited by the CPA of the parent company, Global View Co., Ltd.

Note 3: In accordance with the regulations "Principle of Investment or Technical Cooperation in Mainland China", the allowable amount of investment in mainland China is 60% of an investee's net value.

Note 4: The New Taiwan dollar amounts shown in this table are translated at the exchange rate as of December 31, 2025.

AI assistant

G.V. — Audit Report / Information 2025

52272_rns_2026-05-20_c9d851b8-3a9a-4f98-8018-176fa7a766df.pdf

Global View Co., Ltd. and Subsidiaries

DECLARATION OF CONSOLIDATION OF FINANCIAL STATEMENTS OF AFFILIATES

INDEPENDENT AUDITORS’ REPORT

Opinion

Basis for Opinion

Key Audit Matters

Recognition of Rental Revenue

Other Matter

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

Notice to Readers

1. GENERAL

2. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS

3. APPLICATION OF NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS

4. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

Statement of Compliance

Basis of Preparation

Classification of Current and Non-current Assets and Liabilities

Basis of Consolidation

Foreign Currencies

Inventories

Investments in Associates

Property, Plant and Equipment

Investment Properties

Impairment of Property, Plant and Equipment, Right-of-use Assets, Investment Properties and Intangible Assets

Financial Instruments

Financial assets

Financial liabilities

Convertible bonds

Provisions

Revenue Recognition

Revenue from the sale of goods

Revenue from the rendering of services

Licensing revenue

Other revenue

Leases

The Group as lessor

The Group as lessee

Employee Benefits

Taxation

6. CASH AND CASH EQUIVALENTS

7. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

8. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

9. FINANCIAL ASSETS AT AMORTIZED COST

10. TRADE RECEIVABLES AND OTHER RECEIVABLES

Trade receivables

11. INVENTORIES

12. SUBSIDIARIES

13. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

15. LEASE ARRANGEMENTS

16. INVESTMENT PROPERTIES

17. OTHER PAYABLES

18. BONDS PAYABLE

The First Domestic Unsecured Convertible Bonds

19. RETIREMENT BENEFIT PLANS

Defined Contribution Plan

20. EQUITY

23. INCOME TAXES

24. EARNINGS PER SHARE

Net Profit for the Year

25. FINANCIAL INSTRUMENTS

27. ASSETS PLEDGED AS COLLATERAL OR FOR SECURITY

28. SIGNIFICANT ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

29. SEPARATELY DISCLOSED ITEMS

GLOBAL VIEW CO., LTD. AND SUBSIDIARIES

GLOBAL VIEW CO., LTD. AND SUBSIDIARIES

GLOBAL VIEW CO., LTD. AND SUBSIDIARIES

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G.V. Audit Report / Information 2025